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NO. 3799,
NEW YORK, APRIL 16, 1938
VOL. 146.
BROOKLYN TRUST
BANK
COMPANY
°f
Chartered 1866
George V. McLaughlin
THE
The
For
Member Federal Deposit Insurance
TRUST
Corporation
CITY
OF
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
NATIONAL BANK
OF
New York
President
THE CHASE
many
served
years
it has
large number
a
of banks and bankers
as
White, Weld & Co.
Members New York Stock
New York
depository.
Member Federal Deposit Insurance
Corporation
United States
Boston
Government
United States
Securities
Representatives' Offices
Government
Buenos Aires
Paris
correspondent
reserve
Exchange
Amsterdam
London
New York
and
COMPANY
Securities
The
Hallgarten & Go.
Brown Harriman & Co.
BOSTON
FIRST
corporation
Ettabllehmd HSO
SAN FRANCISCO
PHILADELPHIA
London
AND OTHER
BEAR, STEARNS & CO.
Representatives in other leading Cities
Capital Funds
♦
«
and
State
Company
40
Washington
PRINCIPAL CITIES
NewYorkTrust
HOMER & CO., INC.
Chicago
Philadelphia
The
ONE WALL STREET
NEW YORK
Boston
San Francisco
CHICAGO
YORK
Chicago
Street, New York
Telephone: BOwling Green 9-5000
BOSTON
NEW YORK
NEW
Incorporated
63 Wall
Municipal
Bonds
Barr Brothers & Co.
$37,500,000
INC.
Chicago
New York
Exchange Place, New York
IOO
BROADWAY
AVE.
57TH ST. & FIFTH
wertheim & co.
120
Broadway
40TH ST. &
MADISON AVE.
NEW YORK
Amsterdam
European Representative's Office:
8 KING
to
Banks and
Dealers since
New York
London
Service
WILLIAM STREET
1888
HORNBLOWER
&
WEEKS
Established 1888
CarlM.Loeb,Rhoades&Co.
40
Members
NEW YORK
Member of the Federal Reserve System,
Londoa
Paris
Amsterdam
Berlin
the New York Clearing House
Wall Street
NEW YORK
*
BROADWAY
61
LONDON, E. C 4
Association
and of the Federal Deposit Insurance
Corporation
New
Cleveland,
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
Financial
II
Chronicle
April 16,
1938
Leading Out-of-Town
Investment Bankers & Brokers
A. G. Becker & Co.
J. & W.
Incorporated
BIRMINGHAM
Seligman & Co.
Established 1893
MARX & CO
No. 54 Wall Street
Investment Securities
NEW YORK
BIRMINGHAM, ALABAMA
Commercial Paper
London
New York
>
'
Corre»pondent»
SOUTHERN
And
MUNICIPAL
AND
CORPORATION BONDS
Chicago
SELIGMAN
Other Cities
BROTHERS
German External Loan 1924
(Dawes Loan)
press release given out by the German Con¬
General in New York and appearing on April 11, 1938,
notice is hereby given by the undersigned Company that the
Referring to the
sulate
April 15, 1938 coupon appertaining to bonds of the American
Tranche of the Dawes Loan will be purchased on and after that
date at the office of Messrs. J. P. Morgan & Co., New York City,
the option of the holder, at the offices in the United States
of the undersigned Company, provided that the bonds from which
such coupons were detached were domiciled in the United States
on October 1, 1935, and that bonds and coupons are stamped to
that effect.
The purchase price for such April 15, 1938 coupon
will be $25 per $35 face amount of the Dawes Loan coupon, i.e.
the same amount as is being paid by such purchasers for the
October 15, 1935, April 15, 1936, October 15, 1936, April 15, 1937,
and October 15, 1937 Dawes Loan coupons, in accordance with
the announcements published under dates of October 4, 1935, by
Hamburg-American Line North German Lloyd and April 10,
1936, October 13, 1936, April 13, 1937, and October 8, 1937, by
Hamburg-American Line.
DETROIT
REAL ESTATE BONDS
or, at
Charles A. Parcells & Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING,
DETROIT, MICH.
HARTFORD
Specialists in Connecticut
Holders who fail to avail themselves of the present offer may
obtain Reichsmarks for their coupons due April 15, 1938, on the
those
terms
ment
Securities
which
Reichsmarks were offered in pay¬
April 15, 1935, and (unstamped) October 15, 1935,
April 15, 1936, October 15, 1936, April 15, 1937, and October 15,
1937 coupons of bonds of the Dawes Loan.
The present offer
will have no effect upon the possibility of acquiring Dawes Marks
at the customary rate of exchange as heretofore.
same
PUTNAM & CO.
of the
as
on
HAMBURG-AMERICAN LINE
57 Broadway, New York City, N. Y.
April 11, 1938.
'HI
E
THE
ARE
PLEASED
ASSOCIATION
TO
WITH
ANNOUNCE
THIS
FIRM
OF
L. A. MORGAN
HIS
ELECTION
AND
AND
THE
LOS
AS
VICE
DIRECTOR
OF
PRESIDENT
SALES
ENLARGEMENT
ANGELES
OF
THE
OFFICE
Wlliam AIqwer & Co.
tNCOm.POKA.TBD
INVESTMENT
SECURITIES
650 SOUTH SPRING STREET »VANDIKE
LOS
LONG BEACH
SAN BERNARDINO
8103
ANGELES
LA
JOLLA
SANTA ANA
PASADENA
Members New York Stock
6
CENTRAL
ROW
Exchange
HARTFORD
Tel. 5-0151. A. T. T.
Teletype—Hartford 564
ST.
LOUIS
Volume
Financial
146
Chronicle
ni
FEDERAL INTERMEDIATE
*
CREDIT DANK *
'M
DEBENTURES
CONSOLIDATED
"FIRST
Exempt from Federal, State, Municipal
by
NATIONAL BANK
Local Taxes
and
Authorized
an
approved
Act of Congress
March 4,1923 As
BOSTON
Amended
Consolidated debentures
the
are
1784
joint and several obligation of
the twelve Federal Intermediate
i938
*
Credit Banks.
Eligible
months'1
to six
up
A CONDENSED
ma'
turity for purchase by the Fed'
eral Reserve Banks and are ac¬
ceptable
collateral
as
STATEMENT of
CONDITION
Covering all Offices and Foreign branches
as
security
of March 7, 1938
for fifteen day loans to member
banks of the Federal Reserve
System.
Consolidated debentures
for investment
RESOURCES
legal
are
by savings banks
Cash
State of New York.
in the
Eligible
ciary,
State and
150,726,220.79
Municipal Securities
19,060,115.36
and
public funds
Collateral Demand Loans to Banks and Brokers
the
trust,
under
held
$233,065,780.00
United States Government Securities
security for all fidu'
as
Due from Banks
and
authority
Loans, Discounts and Investments
or
15,299,583.57
274,019,966.79
control of officers of the United
Customers' Liability Account of Acceptances
States.
Banking Houses
Accrued Interest Receivable and Other
These debentures have been ap'
9,110,951.65
13,260,967.11
Assets
3,607,362.23
Total
proved as security for deposits
of postal savings funds.
ic Further
can
and
information
$718,150,947.50
circulars
LIABILITIES
be obtainedfrom
$613,871,278.17
Deposits
Liability
Charles R. Dunn
FISCAL
Nassau Street
Acceptor or Endorser on Bills of Exchange..
11,970,700.29
111,178.82
AGENT
New York
•
Reserves, including Interest, Taxes,
Discount and Contingencies
Bank*
For the Federal Intermediate Credit
31
as
Items in Transit with Foreign Branches
City
Dividend, Unearned
12,687,884.23
$27,812,500.00
Capital
51,697,405.99
The
FREE!
TRADERS
TO
$718,150,947.50
figures of Old Colony Trust Company, which is beneficially
owned
are
79,509,905.99
Total
Surplus and Profits.
not
by the stockholders of The First National Bank of Boston,
included in the above statement.
Member
of the Federal Deposit Insurance Corporation
60 RULES
FOR
SUCCESSFUL
STOCK MARKET TRADING
Entirely free and with
to
send you
Successful
how
to
DOWN
thor
a
new
INCREASE
LOSSES.
of
our
"THE
compliments, we wish
24-page booklet. "60 Rules for
Stock Market
Trading," which
PROFITS
CUTTING
BY
Written
by
SEVEN
PILLARS
the
shows
au¬
anonymous
STOCK
OF
SUC¬
MARKET
CESS,"
to
60
these
pointers
fewer
profits,
and
bigger
greater
in
be
the
able
have
you
profit¬
most
ever
done!
fortune
a
the
for
this
ex¬
Yet
it
request
means
of
to
to
your¬
set
book¬
traordinary
ing
It
rules
in
down
let.
you
probably cost
formulate
on
may
reading
would
self
losses
secur¬
trading
ity
is
as
Free
our
introduc¬
interested
traders the most valuable charts on the market—
THE
S/B
Simply
"60
MECHANICAL
ask for
RULES"
Booklet 25
will
reach
and
you
FORECASTER.
your copy
by
return
of the
mail.
Dividends
TAX EXEMPT BONDS
No additional
outlay is necessary
municipal credit hurt by
depression propaganda or excessive
relief demands, if you will use the
amounts usually appropriated for
municipal advertising by directly
appealing to bankers and investors.
Experience in municipal financial
problems and as editor of national
municipal bond and banking publi¬
cations should be of great assistance
in improving the financial position
of your City.
Authoritative infor¬
to restore
mation
and
on
bond
tax
issues
295 Madison Ave.
New York, N. Y.
The
declared
Cumulative
»Tl1>7 Financial Chronicle,
25 Spruce Street,
New York City
of
Directors
has
6% Preferred Stock, Series A
No. 46, quarterly, $1.50 per share
Cumulative
Preferred
Stock, 5% Series
No. 36, quarterly, $1.25 per share
5% Cumulative Preference Stock
No. 25, quarterly, $1.25 per share
payable
on
May 15,
1938, to holders of
April 20, 1938.
record at close of business
Howland H. Pell, Je.,
April 8,1938
HOMESTAKE
Secretary
MINING
Dividend
^
No.
COMPANY
804
The Board of Directors has declared dividend
No.
804
of
thirty-seven
and
one-half
cents
share of $12.50 par value Capital
April 2o, 1938, to stockholders
of record 3:00 P. M. April 20, 1938.
^Checks will be mailed by Irving Trust Com¬
pany, Dividend Disbursing Agent.
($.37M)
Stock,
Box
Board
this day the following dividends:
is
always of in¬
terest to bond buyers.
We can show you that a publicity
service used in conjunction with
your
present
expenditures for
municipal bond advertising will
greatly increase the value of your
ELECTRIC
&
CORPORATION
collections, tax liens
bonds.-Address communications to
SEAMANS-BLAKE, INC.
COLUMBIA
GAS
Per
payable
R. A.
April 5,
1938.
CLARK, Secretary,
w
omtmrrtH
Vol. 146
ARRIL
No. 3799.
16, 1938
CONTENTS
Editorials
page
The Financial Situation
2418
Congress and the Railroads
2430
Bureaucracy Has No Railroad Policy.:
2431
Have Democracies
2433
an
International Mission?.
Comment and Review
Gross
and
Net
Earnings of United
States Railroads
for the Month of February
Annual
serve
New
2435
Report of Board of Governors of Federal Re¬
System
2438
Capital Issues in Great Britain
2434
The Business Man's Bookshelf
2441
Week
2422
on
the
European Stock Exchanges
Foreign Political and Economic Situation
2423
Foreign Exchange Rates and Comment
2427 & 2479
Course of the Bond Market
2440
Indications of Business Activity
2442
Week
on
the New York Stock Exchange
Week
on
the New York Curb
2421
.
Exchange
2478
News
Current Events and Discussions
2455
Bank and Trust
2477
Company Items
General Corporation and Investment News
2521
Dry Goods Trade
2564
State and
2565
Municipal Department-.
Stocks and Bonds
Foreign Stock Exchange Quotations
2481 & 2487
Bonds Called and Sinking Fund Notices...
2482
Dividends Declared
2482
Auction Sales
2520
New York Stock Exchange—Stock Quotations
2488
New York Stock
New York Curb
Exchange—Bond Quotations..2488 & 2498
Exchange—Stock Quotations
2504
New York Curb Exchange—Bond Quotations
2508
Other
2510
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
2514
Over-the-Counter Securities—Stock & Bond Quotations.2517
Reports
Foreign Bank Statements
2426
Course of Bank Clearings
2479
Federal Reserve Bank Statements
2485
General Corporation and Investment News
2521
Commodities
The Commercial Markets and the
Crops..
2553
Cotton
Published Every
'
2556
Breadstuff?
2561
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Selbert, C h a irm a n
of the Board and Editor; William Dana Seibert, President and Treasurer;
William D. Riggs, Business
oJofn
rer offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
vn£L2i'13)* London—Edwards & Smith] 1 Drapers' Gardens, London, E. C. Copyright 1938 by William B. Dana Company,
ftrSul?3®econd-claas matter June 23, 1879, at the post office at New York, N. Y.f under the Act of March 3, 1879. Subscriptions
qLV+klted "hjtea and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
/fTrnand Centra America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
'*4? • Australia and Africa, $20.00 per year. $11.50 for 6 months. Transient display advertising matter. 45 cents
for
,
foreign
Contract and card rates on request.
subscriptionsfand advertisements must be
NOTE:
On account of the fluctuations in the rateslof exchange, remittances
made in New York funds.
The Financial Situation
In Behalf of the Poor
If any one has the
,
of the
nterests
of the so-called under-privileged third
population closely at heart, it ought to be those who direct the
affairs of such organizations as
the New York Association for Improving
the Condition of the Poor.
The survey
of the existing relief situation contained in the ninety-
fourth annual report of this Association, just made public, must, there¬
of ore, be accepted
as
being "disinterested" in the
only to the welfare of the
For this reason,
of
the
and because of the hard
have diverted
a
that
shown in its appraisal
the vigorous
huge public expenditures for relief
large part of the income of the Nation to unproductive
and therefore constitute
uses,
sense
public welfare expenditures,
therein
contained
an eye
poor.
existing system of
assertion
that it has
sense
a
"threat to all employment and
may
seriously impair the standard of living of all American families," should
attract
wide attention.
"Nothing short of doubling the present volume of goods and services
produced, distributed and consumed
standard of
can
realize the goal of
reasonable
living for all," the report adds.
The truth of the matter is, of course,
individuals,
a
has
ever
so
and
no one,
no group
of
much right to complain of public policies that
kill initiative, waste the
resources
the normal economic life and
"under-privileged
that
third"
of the Nation,
development of
about
the
whom
a
or
otherwise hamper
people
as
President
have the
is
same
fond of
so
speaking.
Those groups most
directly affected must usually bear the brunt of
opposition to restrictive and punitive public measures which in recent
have invariably been brought forward in the
years
privileged," and which, until quite recently at
to
name
any
of the "under¬
rate, have
seemed
enjoy the enthusiastic support of the "under-privileged."
Profligacy in public expenditures, large deficits, and various pro¬
grams
habit
involving tinkering with the credit and the
apparently, been left largely for
to worry
men
about, while the
farmer and the like have but
Yet it is the poor,
of their
relief
more
many
concern
the unfortunate,
yea, even
Those who
greater service
case, as
of their infirmities.
in
poor
the indolent who suffer
are
directly engaged in
could render the subjects
than to teach them the truth about
politics and kindred subjects.
quickly in this
the unemployed, the small
applauded those responsible for them.
the condition of the
no
have, by
few financially-minded business
wage-earner,
by far the most from such tactics.
efforts to improve
a
currency,
The truth more effectively and
so many
others, would make them free of
The Financial Situation
so-called Maloney
the
IN APPIIAISIKG the program that of stimulating
brings forth for the purpose the President
now
well to disregard the general economic
marshaled by him in support of the meas¬
recovery, it is
doctrines
They will, of course, be promptly
proposed.
ures
all suggest a
the reform^
continuation of what is usually termed
side of the
Administration policies abated but little,
all.
if at
Old
Same
recognized by all thoughtful observers as the same
old
bill to add to the degree of
control exercised over security dealers,
What
arguments which have been so overworked at
Prescription
really have here seems to be a sort of
we
accompanied by
prescription
Washington for years past, and they will be quickly
confession of failure
identified by students
of further doses of the remedies that have
with fallacies which, in varied form,
nomic thought
in years
time
time to
from
have
of the recent trends of eeopast been thor¬
oughly and convincingly exposed, but which seem
to have
strange tenure of life among the superfi¬
a
Kor need we spend time upon the
cially minded.
appeal of the President for cooperation so far as it
is
in effect
that every one acquiesce in
demand
a
public policies formulated by the New Deal man¬
and work whole-heartedly for their success—
agers
and his
merely, perhaps not even chiefly, because there
not
is
appeal for cooperation is largely just that—
for such
little warrant
human
appeal but because
an
beings do not naturally respond to such ap¬
peals in any important way, and are not likely to do
doubtless merit
is
There
now.
so
that labor leaders and wage earners
their ways,
his demand
but far-reaching amendment of the Na¬
Relations
Labor
tional
in
generally mend
Act,
better still, its
or
re¬
failed
a
Logically the President and his New Deal advisers
of
are
estopped from
course
defending their
deliberately and with malice aforethought or by vir¬
necessity to respond to treatment, since they
tue of
openly and avowedly took over the management
the economy
ceeded
produce inflation
to
and
to undertake
ips, assuring the public that steps looking to this
produce certain desirable and desired
would
end
results in the business
nor
in
community. When these pro¬
in the event produced results neither expected
grams
desired they
reverse
dencies
applied the brakes and set the gears
for the avowed purpose
shown at any
of checking ten¬
Scant interest
undesirable.
thought
On the contrary, the position was
executives.
ness
forward will be
The
field.
helpful
or
program
now
brought
otherwise, quite without
regard to economic fallacies marshaled to support
demands for
it and
The
cooperation under it.
responsibility and therefore to
make the decisions.
The practical business executive
was
sideration
count
must be gauged also with careful con¬
its
of
great deal upon what he describes as placing
a
purchasing
power
consumer
crease
The President seems to
setting.
in the hands of the people to in¬
spending.
His
told that he must see to
Secretary of the
else.
forthcoming—or
it that desired results
In the
vernacular, it
throughout, the New Deal's show.
The President at the very beginning asserted that
was,
effects, to be expected from this newly evolved recov¬
ery program
which was
to assume
obliged
were
practical effects, particularly the immediate
his programs,
that if
facts
in
a
great measure, were experimental,
they failed he would be the first to
and alter
face the
Of
his course accordingly.
course,
such assurances as these were at the time recog¬
nized as worthless, since confession of error is al¬
any
regarded by the politician as professional sui¬
Treasury during the week asserted that an "infla¬
ways
tionary psychology" was desirable at this time in
cide, but political realism does not and cannot
order
the fact that it is
to
existed
put
in
an
the
end to the hesitancy he believed
of
minds
rank
the
file
and
about
was
time in the views of responsible busi¬
plainly taken that it was Government
relations
a
changes in economic inter-relation-
number of other
si)
of
They confidently pro¬
of the country.
in
labor
pro¬
by allegations that business lias failed either
grams
peal, would without question be much more effective
helping to restore peace and efficiency in the
plainly
produce the results promised for them.
to
alter
asking a good deal of public cre¬
dulity to expect it to feel any great
faith in a pre¬
spending what funds they have. Even the New Deal
scription which after full and fair trial has palpably
enthusiasts
failed to
agree,
that
aparently,
government
spending must be supplemented by business spend¬
ing if the desired
in which business
gree
with
plans depends
conditions
the
that
a
under
is to
men
occur.
are
Now the de¬
great deal, naturally,
which
the undistributed and capital gains
provisions of the House bill, the revival at this
time
of
the
least tacit
wages-hours
bill
apparently
with at
support of the Administration, reports
Is
What
What
upon
they believe it likely
of the
prescription
is
is to be
some
any
wit has added.
sort of favorable
suppose
plans
some
kind
timism to
earn a
"psychology" (by which we
world inhabited by adult men
and not a nursery or a finishing school
change Commission, undoubtedly with the knowl¬
of
As to the hope of creating
presided over by a little group of
Mature human
upon passage
The answer
replace existing pessimism), the trouble
laws, and the insistence of the Securities and Ex¬
edge and support of the President,
It?
is meant the development of a spirit of op¬
and women,
concerning revision of the anti-trust
Thought of
thought of all this?
to the effect that the President still
message
Be
Just what one has been obliged to
that has gone before it—only more so,
is that this is a real
a
offered is as
quite simple:
think of all
as
to
coming from Washington within the past few days
of
Yet that such is
now
plain as a pikestaff.
willing to proceed
they will be obliged to operate. The President's
insistence upon
tax
recovery
produce results desired.
nature
the
"serious thinkers."
beings trying as best they may to
living and finding themselves laboring under
artificially created and arbitrarily imposed
handi-
Volume
Financial
146
side are not greatly cheered either by
caps on every
smiles
from
Olympus
fairy stories with happy
or
endings. The business system may, of course, even in
arti-
existing circumstances respond in a degree to
stimulants
ficial
administered
are
into it, if no antidotes
injected
the
at
same
time,
cat-o'-nine-tails in
different story,
be a question, in our view, of finding a feasible
with rewould proceed
But alcohol offered with
with considerable caution.
hand while the other holds a
one
we
the months ahead, the situation might well get
badly out of hand.
The whole program of the President is the more
to be deplored because it is so unnecessary. All that
is required to produce the recovery that the President desires is for government in this country to
initiate a movement in the direction of giving business a rest from arbitrary, unneeded, and poorly designed regulation and restriction. Should such a
course be promptly embarked upon, it would soon
experience fresh in his memory
cent
although
that the business executive
should suppose
plain view is another and wholly
method
Important Considerations
More
Far
hold
weighty considerations, howevei,
more
aie
involved.
The
ultimate, and the really important,
economic
and
social
set forth in the
related to any
consequences
temporary reaction of the
unthinking
probably that the less response
there is the less the
quite sufficient in any event,
at a time when the public debt lias as-
comes
sumed
dangerous proportions, when no one can say
good
with all the manipulative de-
even
ready to its hand, and when no one can say how
vices
go
with this inflationary 11011-
without complete
demoralization of the cur-
much farther
sense
we
can
Everyone familiar with
and credit systems.
rency
is, of course, well aware that even today
the facts
the
keep
longer the Treasury can continue to
credit
its
banking system of the country is kept in a de-
ceptively "liquid" condition by purely artificial deequally apparent to all discerning ob-
is
It
vices.
that
servers
a
greatly disproportionate part of the
energies of the
diverted
has for years past been
Nation
purely non-productive work, with
to
preventing past inflation
from taking
ernmental
A return to constructive gov-
which
policy would relieve the situation from
suffer, and nothing else will do so per-
we now
manently
or
In the absence of such a re-
soundly.
turn, we must expect further damage
from all at-
tempts artificially to produce prosperity by finan-
legerdemain,
no
mediate results may
matter what the apparent im-
be.
enlargement of expenditures now sug¬
enormous
gested
how much
of
disastrously. Certainly, there would be no need
0£ fllIq}ier doses of it.
damage to the Nation will be,
but the harm will be
The
of the program
Presidents message are largely un-
It is true
to them.
2419
Chronicle
result that there is grave
question
as
the
to whether the
capital equipment of the Nation has not been
deteri-
orating instead of improving and growing. That the
suggested would inevitably have the
program
now
effect of
aggravating this evil no one can possibly
deny.
The whole program
is not rendered any less haz-
Federal Reserve Bank^Statement
QOME fairly important changes in the banking
O statistics are recorded this week, but they are
of a minor nature when contrasted with the breathtaking variations promised for the future by President Roosevelt, in his message to Congress, Thursday. Ignoring the simple fact that a superabun-
dance of credit resources already is available for
the needs of the country, the President indicated
that one of his three recovery aims would comprise
a vast extension of credit resources. This is to be
done in two ways, without legislation. "It will be
done," Mr. Roosevelt said, "through the desterilization of approximately $1,400,000,000 of Treasury
gold, accompanied by action on the part of the
Federal Reserve Board to reduce reserve requirements by about $750,000,000." The Federal Reserve
Board, it was added, is willing to take the reserve
requirement step. The Treasury late on Thursday
deposited with the Federal Reserve banks gold eertificates of $1,392,065,461, and that part of the incredible transaction already is on the way to ac-
ardous
by reason of the fact that some $1,400,060,000
of the
proosed expenditures is to be financed with
These measures reflect a simple bankruptcy of
(sterilized gold)
borrowings,
statesmanship. The gold desterilization is, in itself,
a dangerous invitation to unbridle inflation.
Most
desterilization of gold, particularly
of the inactive Treasury gold was accumulated since
the
proceeds of past borrowing
rather
Indeed,
when
than
from
since
income
from
future
coupled with reduction in the reserve require-
complishment.
December, 1936, from foreign and domestic sources,
banks, must very largely increase
in order to protect our credit system from hasty
the
inward and outward movements of fugitive funds,
banks, this aspect of the program renders the wiiole
The step was a sensible one, despite the cost to the
ments of member
the
mountainous
already
project the
more
excess
dangerous.
of
reserves
Whether the immense
potential injury inherent in such a program will be
speedily inflicted,
we
as
to
did
or
whether
wre
shall proceed much
during previous pump-priming periods
adjust ourselves cautiously as best wre can to ex-
isting conditions, remains of course to be seen.
A
Treasury of funds borrowed temporarily to pay for
and sterilize the metal.
emergency,
In the current political
and in the absence of sound thinking, all
this now is thrown to the winds.
Although it is
known and established that our credit resources are
enormous
and capable of caring for requirements
good deal probably depends not upon whether the
far beyond those of 1929, fresh credit on a pro-
President
digious scale is to be pumped into the stream as the
fear
to
these
by his reiterations that there is nothing
restore
can
upon
whether
obviously unsound procedures frighten people
into reckless
of
confidence, but
spending, and
upon
whether the trend
political developments gives the impression that
the
punitive and restrictive aspects of the Newr Deal
have reached and
passed their zenith.
Should
man-
aged economy ideas embodied in excessive regulation receive
a
black eye, politically speaking,
during
suddenly from
certificates.
The bulwark
against an outflow of fugitive funds suddenly is
torn down, despite the Treasury's own statistical
showing that immense pools of such funds are
Treasury spends its funds derived
the
deposit
of
gold
held here.
The promised reduction in reserve requirements
is even more startling, especially in view of the gold
Financial
2420
President
The
desterilization.
assured
that the Federal Reserve Board is
the
mated
at
the
Gold desterilization will
$1,730,000,000.
$1,400,000,000 to that figure, and another $750,-
000,000 is to be poured on top of that, making
of
reserves
cess
It
long.
that
reserves
far smaller level of
was a
caused
Federal
the
Board to order successive increases of
late in 1936 and
that
ous
ex¬
something like $3,800,000,000 prob¬
able before very
excess
early last
Reserve
requirements
It is bitterly obvi¬
year.
great political pressure
required to
was
force at this time and in the current circumstances
inflationary
flagrantly
so
tion of
step
a
as
reduc¬
a
If the Treasury could not be
requirements.
failed for
for
esti¬
are
1,088 bankruptcies involving
were
$15,567,000 liabilities while in February 1,071 firms
re¬
Excess
in the current banking statistics,
serves,
add
place before it is effected.
April 16, 1938
In March there
Congress
willing to take
step, but it will be interesting to see what resig¬
nations take
Chronicle
only
$13,359,000 and in March, 1937 820 failed
$10,922,00(i.
In the industrial breakdown of
figures, it is shown that the construction and
commercial service divisions did not follow the gen¬
eral
trend, the number of disasters in each being
less than
a
In view of this, however, it is
year ago.
apparent that other groups had a somewhat greater
percentage increase than the total.
failures in March
$4,302,000
000
a
Manufacturing
aggregated 203 with liabilities of
compared with 126 involving $2,744,-
as
Retail trade failures
year ago.
to 679 in¬
rose
volving $6,419,000 from 481 involving $3,927,000 in
Wholesale failures did not show
March, 1937.
sharp
a
rise
the retail and manufacturing
as
bering this year 107 compared with 90 last
as
num¬
year;
persuaded to proceed cautiously with gold desteril¬
liabilities, however,
were more
ization, then the proper
$3,395,000 this
and $1,584,000 last. Only 52 con¬
Board
Reserve
demand for
The entire matter requires
a
over
good
to our usual analysis of the
now
banking statistics, we note that
circulation fell
in
$14,000,000 in the week to Wednes¬
day night, which is reassuring in view of the sudden
recorded
increase
a
week
Together with
ago.
a
sharp decrease of the Treasury general account bal¬
and
ance,
one or
made for
a
72 failed for
two items of lesser importance, this
large advance of member bank
reserve
$2,138,000.
service casualties
$873,000 while last year
There
were
47 commercial
involving $578,000 in comparison
involving $529,000 in March, 1937.
Only two of the twelve Federal Reserve districts
cur¬
currency
year
struction firms failed for
with 51
explanation.
Reverting
rent
strong
a
authority to increase requirements
present levels.
deal of
for the Federal
measure
plainly would have been
than double, totaling
had fewer failures than in the
of last
tricts ;
small
the
corresponding month
the Richmond and Kansas City Dis¬
year,
these Districts
never
contribute
more
Chicago District failures showed
rise,
large
March,
numbering 175
1937;
liabilities
an
to
rose
of
the New York District where liabilities
reserves
was
less
no
than
$150,000,000.
Monetary gold stocks of the country advanced $22,000,000 to $12,825,000,000.
and are greater
always much larger than in
The Treasury deposited
any
Winter Wheat
especially
$4,574,000 from
$1,565,000
a year ago
a
In
with 115 in
compared
balances, and the increase for the statement week
excess
than
percentage of the country's total failures.
even
than in
are
nearly
other district.
Crop
$22,999,000 gold certificates with the regional banks
in the
period, making the gold certificate holdings
$9,245,002,000.
reserves
to
With "other cash"
of the
Total
Federal Reserve notes in actual
dropped
deposits
mounted
$55,082,000
of
a
institutions
with
$7,929,631,000,
to
consisting of
a
the
gain of member
by $175,803,000
by $103,292,000 to $140,874,000
foreign bank balances
a
to
$7,472,-
;
decline
a
by $3,995,000 to
$118,-
drop of other deposits by $13,434,000
$198,604,000.
80.4%.
regional
drop of the Treasury general account
010,000; and
to
the
balances
reserve
143,000;
balance
$21,348,000 to $4,136,806,000.
with
account variations
bank
total
up,
regional banks increased $30,180,000
$9,706,178,000.
circulation
also
The
reserve
ratio
remained
at
Discounts by the regional banks increased
$1,584,000 to $12,924,000, while industrial advances
receded
$65,000 to $16,887,000.
ings of bankers' bills remained
of United
total
was
stable at
States
Open market hold¬
at
$550,000, and the
Government securities also
$2,564,015,000, although modest varia¬
tions in the character of the
holdings
were
made.
Business Failures in March
Failures in March
Bradstreet
as
in
more
the
continued
previous month,
than
accounted for
days in the month.
same
a
small
increase being
by the greater number of
As compared with
crop
indicate the third
ernment estimate
average
private
the
corre¬
largest
apearance
bushels
and
it
and placed the
the
continued
its
decline
cession
in
set
April 12,
Government estimate.
754,000,000
sharply
subsequent days;
on
re¬
after the issuance of the
Last December 1 the Govern¬
put of only 630,000,000 bushels.
The improvement
since then is attributable to the
in the outlook
ex¬
ceptionally mild winter.
Acreage
acres, was
last fall to winter wheat, 57,492,000
sown
only
a
trifle less than the record breaking
plantings of the previous fall but whereas there
an
abandonment
a
year
ago
was
of 17.1% during the
winter, only 13% was lost during the 1937-38 winter
season.
Yield per acre
year
and
a
ten
of the current
crop
is placed
comparison with 11.9 bushels last
year
(1927-36)
average
of
12.0
bushels.
The
bushels
1937
is
wheat
winter
the
third
largest
harvest
on
of
685,102,000
record, the largest
having been 1931's output of 820,553,000.
resulting from several
same
as
broke
ment authorities found conditions indicated an out¬
the greatest of any
March since 1933, and the
high
foreign buying later boosted prices but another
marketability
of the other two months of 1938 to date.
crop as
Chicago wheat market
increase of only 32% as compared with
48% in
February; nevertheless this year's insolvencies are
true
On
April 2 when the first private prediction made its
stances
was
in history, the Gov¬
being 725,707,000 bushels and the
sponding month last year, however, March showed
an
crop
forecast, 717,000,000 bushels.
at 12.6 bushels in
as reported to Dun scale
and
about the
on
BOTH official and private forecasters find that
April 1 prospects of the winter wheat
Canadian
official
Circum¬
attending last year's harvest favoring its
were
spring
the anticipated
crop
failure of the
and the small domestic stocks
years
of mediocre
crops.
Un¬
reports of the current Canadian crop, how-
Volume
Financial
146
indicate
ever,
being for
prospect
an
above average production.
Also farm stocks of wheat
883,000 bushels
were
on
April 1 last of 124,-
the highest since 1933 and were
slightly greater than the ten-year (1927-36) average
for
the
they compare with only 71,463,000
date;
bushels
The rye crop
also passed a successful winter and
April 1 its condition was 81% of normal com¬
on
pared with 71% a year ago and 78% average for the
ten years
moved
gains
ago,
on
ward last
of Friday,
Since the close
week
a
the rule, owing to a sharp spurt up¬
are
Advances of two to six points
Saturday.
developed in prominent stocks during that brief and
active
session, owing simply to defeat of the Roose¬
velt Administration
Such
tion bill.
on
gains
the government
were
modified to
reorganiza¬
a
degree on
Monday, and the list was uncertain in the two fol¬
startled
world
the
Thursday
On
sessions.
lowing
Congress regarding recovery measures now held ad¬
spending, lending and pump-priming ex¬
pedients proposed was a modest upswing of stocks.
the
gains
not maintained,
were
changes for the session were small.
and
actual
Yesterday
holiday in all financial markets of the Christian
the
of
Roosevelt
plans
on
now
put forward by President
most welcome to
was
and brokers.
trading
harrassed bankers
In the active session of last
Saturday,
the New York Stock Exchange totaled
nearly 1,500,000 shares, but the full sessions of the
week
nothing
more
instructive than the
financial reaction to the defeat of Mr. Roosevelt
for
bill
the
Railroad
Saturday.
last
weak, owing to the Atchi¬
were
Commodity bonds
application.
which his
than an inflationary "shot in
more
Foreign dollar issues
changed,
quiet and not
were
sharply after the German plebiscite.
In the com¬
modity markets conditions were dull until Thurs¬
day, when speculative buying sent prices generally
higher, in anticipation of the highly inflationary
Foreign exchange
aspects of Mr. Roosevelt's ideas.
reflected
markets
transactions
usual
only
until
Thursday, when weakness of the dollar was occa¬
sioned
foreigners withdrew funds from our mar¬
as
kets in fear of inflation.
On
seven
stocks
high levels for the year while 44 stocks
new
touched
Stock Exchange
New York
the
touched
the New
On
low levels.
new
York Curb
Exchange 16 stocks touched new high levels and 41
touched
stocks
at
Exchange
remained
half-day session
shares;
on
shows clearly the degree to
policies and methods are held responsible
Stock Exchange the sales at
Saturday last
on
were
1,414,480
600,300 shares;
Thursday,
on
on
Wednesday, 638,040
1,009,980
shares;
the New York Curb
"recovery"
Congressional opposition to
pump-priming and to the weak arguments
Roosevelt
On
Exchange the sales last Satur¬
Tuesday, 92,525 shares; on Wednesday, 102,140
on
shares, and on Thursday, 126,640 shares.
The defeat of the
reorganization bill late
appeared instantly,
so
that it is
on
Fri¬
day last had more than a stimulating effect on the
stock market
on
Saturday,
was
as
attested by the
largest for a short session in many months.
It was with the defeat
of the President in mind that the latest
proposals wrere studied.
Friday,
being Good Friday, the Exchange was closed.
the sorry
plight of business.
the
Monday they were 1,098,554 shares; on
on
Tuesday,
shares;
on
unchanged
-^0,
1%.
On the New York
the
Call loans
low levels.
new
Stock
York
New
by the best informed elements of the community for
Mr.
fell
Austrian 7s, which
for
save
volume of
of
were
Thursday, since the Presidential method
meeting depression conditions appears to com¬
much
governmental reorganization, for the
demonstration
further
The
general downward drift,
day were 186,570 shares; on Monday, 182,125 shares;
ending were far less busy.
now
There could be
bullish
would
adjustment 4s, and the denial of the
on
in demand
was
world, and a breathing spell to assay the possibili¬
ties
action
son
of
the
on
excess reserves
The immediate reaction of the stock mar¬
ket to the
a
sharply, Thursday,
was a
gains
especially
fare increase
was
by the message of President Roosevelt to
visable.
But
sizable
securities
were
something like $3,800,000,000.
bond trend otherwise
the arm."
WITH political influences dominant, stock prices
irregularly this week
the New
market.
be increased to
movements
United States Govern¬
indications that member bank
prise nothing
TheJNew York Stock Market
York
ment securities advanced
of
of the crop.
the size
cast
It is too early as yet to fore¬
(1927-36).
market
bond
listed
the
diverse, but characteristic.
after
April 1, 1937.
on
In
decidedly different situation, the
a
2421
Chronicle
Trad¬
interpreted the Congress's action as a rebirth
ers
latter's
the
of
sales, which totaled 1,414,480 shares, the
independence and look forward to
further indications of this
future.
spirit in the immediate
opening, sweeping gains were made
At the
prices advanced further until the closing hour,
by no means certain that the vast expenditures will
be voted.
In a credit sense the President appar¬
and
ently made sure that the greatest possible damage
onrushing tide.
within
price gains of from two to six
for
his
power
would be inflicted immediately,
gold desterilization and a decrease of reserve
It remains
requirements were promised promptly.
to
noted
be
that carrier stocks
further pressure
cation of the degree to
are
Fe,
one
Tuesday that advantage would be
taken of the "income
bond" status of its adjustment
Commerce
again were depressed
Commission
on
decision,
A survey of the market reflected
Upon reflection of
the
market
points for the day.
Saturday's events the course of
Monday indicated that a technioal
on
adjustment was proper in view of the hasty manner
in which stocks were
session.
the
A
As
a
forced upward at the previous
result, reaction became the order of
day and prices declined
from one to three points.
perceptible falling off in trading volume occurred
on
lar.
Tuesday, and the trend of
Save for a mild
prices turned irregu¬
buying spurt in late trading,
equities would have closed the day generally lower.
A scheduled talk by the President on Thursday eve¬
Thursday,
ning and further
denying the application of Eastern roads for an
increase of passenger
liquidation on a modest scale stemmed the
the Inter¬
1995, and payment of May 1 coupons deferred.
Railroad stocks
state
The Atchison Topeka &
of the strongest systems of the coun¬
try, announced
4s of
subjected to
which depression conditions
affecting the railroads.
Santa
were
this week, owing to a startling indi¬
when
fares to 2^c. a mile, from 2c.
undertaken
by
pump-priming experiments to be
the
government
heightened
the
business.
Wednesday's
ses-
anxiety already felt by
2422
sion
Financial
not
was
unusual one,
an
and with the President
still to be heard from brokers
cautiously.
Atchison
interest
bonds
The overnight announcement that the
effect
bad
rail
on
issues
Trade
gains for the day.
Dodge
1938
at
23%
reports
taking
are
on
a
far
so
Steel production for the week
estimated by the American Iron
was
Steel Institute at 32.7% of capacity against
and
32.6% last week, 32.1%
pre-
Thursday after the market managed to
on
16,
favorable cast, but the change
is hardly perceptible.
irregular
Moderately higher levels
Phelps
and
industrial
and
more
ending today
generally,
while industrial shares managed to show
35%,
slightly
payment on its 4% adjustment mortgage
a
April
against 22%.
Topeka & Santa Fe would omit the May 1
had
vailed
against
inclined to act
were
Chronicle
this time last
a
month
ago,
and 90.3% at
Production of electric
year.
power
stage a modest rally in the afternoon, which sent
was
equity prices
1,990,447,000 kilowatt hours for the week to April 9
One of
few
a
up
from
fractions to three
disturbing factors
the Interstate Commerce
Eastern
roads
an
increase
in
passenger
closed.
was
General
a
closed
in
the
preceding
week
and
year.
Car loadings of
fares.
holiday, the
Electric
1,987,753,900
against
2,176,368,000 in the corresponding week of last
Commission to grant the
Yesterday being Good Friday, and
market
points.
the refusal of
was
reported by the Edison Electric Institute at
April 9
tion
on
were
revenue
521,978
cars,
freight for the week to
according to the Associa-
Railroads.
of American
This
was
drop of
a
Thursday at 34% against 32% on Friday of last
week; Consolidated Edison Co. of N. Y. at 20
cars
against 19%; Columbia Gas & Elec. at 5% against
6%; Public Service of N. J. at 29% against 29;
kets, the May option for wheat in Chicago closed
J.
I. Case
1,511
Harvester
at
63%
against
on
Sears, Roebuck & Co. at 58 against 53; Montgomery
& Co. at
32% against 29%; Woolworth at
against 127%.
at
22%
Western Union closed
against
on
at
The
steel
against 28%c. the close
and
National
at
stocks show
Steel
further
closed
against 8.57c. the close
on
on
12.50c.
was
as
against 11.90c. the close
Domestic
Thursday at 10c., the close
Thursday at 42%c., the close
on
Friday of last week.
on
In
the
matter
transfers
gains this week,
Thursday
on
Friday of last week, and spot silver in
per ounce on
on
as
of
the
London
foreign
closed
exchanges,
on
Thursday at 3.16c.
cable
' Thursday
against $4.96 3/16 the close
of last week, and cable transfers
on
on
18 15/16 pence per ounce as against 19 pence
New York closed
20%
closed
copper
Friday of last week.
on
In London the price of bar silver
was
Thursday at 46%
Friday of last week; Inland Steel
on
on
The spot price for rubber
as
Friday of last week.
on
19% against
Distillers
against 60%c. the close
as
as
Thursday at 8.98c.
$5.00 1/16
States
against 43%
Thursday at 29c.
Thursday
against 20.
United
May oats at Chicago closed
Friday of last week.
7%; Westinghouse Elec. & Mfg. at 75% against
72%; Lorillard at 15% against 15%; Canada Dry
at 14%
against 14%; Schenley Distillers at 20
19%,
Thursday at 60%c.
The spot price for cotton here in New York closed
18; Texas Gulf Sulphur at 29% against 29%; Continental Can at 40 against
41; Eastman Kodak at
147 against
136%; Standard Brands at 7% against
against
on
at Chicago closed
corn
Friday of last week.
on
Register at 16 against 14; International Nickel
47% against 43%; National Dairy Products at
at
May
Friday of last week.
against 99%; National
13% against 13%; National Biscuit
Thursday at 84%c. as against 85c. the close
on
128%
Thursday
Cash
at
mar-
on
on
Friday of last week;
Dye at 144% against 137; E. I.
du Pont de Nemours at 105
of the commodity
on
21%
Allied Chemical &
course
Friday of last week.
57%;
Ward
41% against 41, and American Tel. & Tel.
from the similar week of 1937.
As indicating the
Threshing Machine at 75 against 74%;
International
from the preceding week and of 189,101
cars
on
at
Friday
Paris closed
on
against 3.06%c. the close
as
on
on
Friday of last week,
at
65% bid against 60% bid; Bethlehem Steel at
48% against 45%, and Youngstown Sheet & Tube
at
32
against 30%.
Auto closed
on
Thursday at 4 against 3% bid
Tire & Rubber closed
on
at 27
13.
to
on
Thursday at 19% against
Friday of last week; United States Rubber
against 25, and B. F. Goodrich
The railroad shares
are
at
14% against
lower this week
adverse influences enumerated
above.
DRICE trends
*
on
Friday of last week; General Motors at 33 against
30%; Chrysler at 45% against 42%, and Hupp Motors at 1 against
%. In the rubber group, Goodyear
18%
European Stock Markets
In the motor group, Auburn
owing
Pennsyl-
;
most instances, during the four sessions of this holi-
day
week.
on
Thursday at 16% against 16%
Friday of last week; Atchison Topeka & Santa
Fe at 25 against
27%; New York Central at 12%
against 12%; Union Pacific at 61 against
64; Southern
at
Pacific at
7%
11% against 11%; Southern Railway
against 7%, and Northern Pacific at 8
against 8%.
Among the oil stocks, Standard Oil
N. J. closed
on
of
Thursday at 47% against 44% on
Friday of last week; Shell Union Oil at 14% against
12%, and Atlantic Refining at 20% against
18%.
In the
copper group, Anaconda Copper closed on
Thursday at 28% against 26% on Friday of last
week;
American
Smelting
&
Refining
at
38%
Trading
continued
from
Monday
Thursday, at London, Paris and Berlin, with
to
pro-
tracted suspensions for the Easter holidays taking
place thereafter.
again
were
American markets and conditions
observed closely by European traders
and speculators, but
for
a
vania RR. closed
on
stock exchanges in the principal
on
European financial markets favored holders in
no
opportunity
was
of
measures
the
Roosevelt
Administration,
nounced to Congress at noon, Thursday.
however,
more
the
European
favorable, and
fleeted
the
an
increasing
markets
optimism.
an¬
In general,
found
positions
upward trend of prices
Stock Exchange the movement
tant.
afforded
foreign financial reaction to the latest recovery
re-
On the London
was
slow and hesi-
The Paris Bourse, on the other hand, surged
forward briskly when it appeared that the new regime
formed by Edouard. Daladier would receive plenary
powers to
deal with French financial problems. The
German market
was
dull, despite the overwhelming
endorsement at the polls, last Sunday, of the Hitler
program
of expansion in Austria. Business activity
Volume
is
Financial
146
reported
the increase in Britain and Germany,
on
while France
again is struggling with problems
once
being augmented sensationally
ments programs are
all
Arma¬
by widespread sit-down strikes.
occasioned
Europe, and government spending for this
over
to be producing the same sort of
appears
purpose
of
illusions
in industry that government
progress
spending for all conceivable purposes is occasioning
fair
A
degree of activity was reported
the
on
with the price
Exchange, Monday,
Stock
London
nearly all sections of the market.
trend favorable in
Gilt-edged issues were in steady demand, and al¬
most all industrial securities likewise responded
to
Gold and base metal mining is¬
good buying.
rubber and other commodity stocks all did
sues,
well.
proval of Chancellor Hitler's absorption of
There
variations
losses
interest
tinued
trading favorites
Anglo-American
gains about equally numerous.
issues
were
neglected.
The dulness con¬
Tuesday, and changes again were small.
on
equities division showed more declines than ad¬
The
vances
session, and bonds remained dull and
in this
After
a
quiet opening on Wednesday,
prices improved slightly and the closing levels re¬
flected small advances in most sections.
Investment
activities remained
In the pre-
small scale.
a
on
holiday session on Thursday a good tone
The advances were
ties.
prevailed,
upward in almost all equi¬
and levels were marked
small, however, and fixed-
income securities failed to
in
were
with
Fixed-
mostly fractional in equities,
were
and
Austria.
public interest in securities, and
little
was
unchanged.
States.
in the United
2423
Chronicle
join in the movement.
The Americas
good demand in the international section. The open¬
ing
uncertain, owing to profit-
Tuesday was
on
But such
taking induced by the previous, advances.
influences
short-lived and fresh advances ap¬
were
Changes
peared toward the close.
were
small in
gilt-edged issues and commodity stocks were dull,
but the industrial section reflected
good buy¬
some
ing. Transatlantic securities were irregular.
of
crease
activity
An in¬
reported Wednesday, with
was
gilt-edged issues neglected in favor of industrial se¬
curities, which enjoyed a steady demand. Commod¬
also showed wide improvement, while
ity shares
Anglo-American trading favorites led the interna¬
tional
to better levels.
group
session
on
the tone remained firm in most
•market.
departments of the
were
quiet
and
easy
In the industrial section the de¬
Howard the end.
-were
stocks
Gilt-edged
mand for
the pre-holiday
In
Thursday, business was restricted, but
equities continued, but commodity shares
and
dull
International securities
irregular.
forged ahead under the leadership of Anglo-Ameri5
formation
Week-end
of
a
Cabinet
Centrist
Daladier stimulated the Paris
Edouard
Bourse,
situation.
also reflected fair demand.
international securities
a
dull session
Tuesday, prices were lowered
on
slightly in almost all departments of the market.
of the sit-down strike movement was par-
Renewal
'
tially responsible for
the subdued tone.
peaceful conditions in the
When it
no
aggression from elsewhere would be tolerated
a
single moment.
This address was entirely in a
political vein, and although some comments were
made about the observance of pledges, no reference
to
the huge
ican
defaulted dollar debts of Latin Amer¬
countries
Roosevelt
Mr.
"present proudly to the rest of the world a demon¬
stration that the rule of justice and law can be
instrument
an
as
war
that
of national
international
that
necessary;
kinds
be solved through
can
World
undertaken
contractual
insisted. "Yet, we have
obligations to solve these
differences by maintaining peace,
human
firmly resolved to maintain,"
by contro¬
"It shall not be endangered
addde.
versies within our
family; and we will not permit
endangered by aggression coming from out¬
side of our
in
Problems besetting the
much like those encountered
are
and that peace we are
it to be
hemisphere."
the Americas
tions at Rio de
was
The amity that prevails
emphasized also by conversa¬
Janeiro, this week, between Foreign
Wednesday that Premier Daladier would
gain plenary powers to deal with French troubles,
Minister
Jose
and
would exercise
curities increased
demand in
them prudently, buying of se¬
sharply.
The franc was in such
foreign exchange markets that interven¬
Ministers
prevent too sharp
2 to 4
points
equities
were
on
increase.
understanding
the sustained inquiry, and French
were
Inter¬
neglected and not materi¬
ally changed.
The upswing continued on Thursday,
although
a
marked
and
on
scale.
Rentes
were
upward from fractions to nearly 2 francs,
French
national
modest
more
equities remained in demand.
issues again
Inter¬
suffered from neglect in the
final session before the
long Easter suspension.
Changes on the Berlin Boerse were minor, Mon¬
day,
despite the results of the plebiscite for ap¬
Both
reported seeking means for better
and
closer
cooperation
in
Latin
European Appeasement
Rentes gained
marked upward sensationally.
securities
national
an
were
of Brazil and Foreign
Mario Cantilo of Argentina.
American affairs.
tion of the French stabilization fund was necessary
to
all
differences of
peaceful negotiation;
generously interpreted offers a system
security with freedom."
he
policy is not
sanctity of the pledged word faithfully
the
observed and
normal
force; that resort to
the rule of
for
substituted
Oswaldo Aranha
on
The 21
proclaimed,
apparently was intended.
Republics,
American
Minister
appeared
clear that
for
elsewhere, Mr. Roosevelt
Rentes and French
example for
The President also made it
Americas.
on
equities were materially improved at the close, and
In
the rest of the world the
Western
ing the Ministerial Declaration and the reaction of
new
on
day, President Roosevelt held up as an
by
Monday, but trading volume remained small pend¬
Parliament to the
Pan-American
of
trading specialties.
can
IN A SPEECH before the Governing Board Thurs¬
of the
Union in Washington,
BRITISHtheir negotiations for a treaty designed
and Italian authorities concluded this
week
to
settle
outstanding
differences,
drafting is completed signatures
and
after
the
probably will be
There can be little doubt
of the comprehensive scope of this newest arrange¬
ment in European affairs.
In obvious accord with
exchanged next week.
Monday
of Ethiopia.
A Foreign Office communication to the League of
Nations requested that the agenda of the next Coun-
its terms,
for
the British Government moved on
recognition of the Italian conquest
2424
cil
Financial
meeting include the question of the
On the Italian
will be
known
that
other
many
the
Arabia.
It
of international
espects
treaty, such
as
Suez in times
of Avar, and
rights
will
be
published
The terms doubt-
after
soon
The British War
attached.
possibly the extent
Libya.
signatures
are
Secretary, Leslie Hore-
Belisha, will proceed to Iiome next week, and the
ceremonies may
be concluded then.
Meanwhile, it
is apparent that Great Britain has
relying
It
day
speech contained
hint of the capital levies and
no
exchange controls that M. Blum desired.
financial
powers were
of July, so that measures might be taken which
finances of the nation."
its approval
military
aircraft
the British
strength
tries make
be purchased
may
in
States, in order to augment
last
week
of
the
home.
go
defeated
M.
The
Blum,
ex-
regime
Daladier
on
Wednesday by 228 votes to 1, and also moved to
The next few months of French history
adjourn.
in the hands of Premier Daladier.
are
possible.
more
all-night session
an
by 508 votes to 12, and prepared to
pressed
Canada and the United
After
the Chamber approved this request for rule by edict
which
announced in London last Wednes-
rapidly than home indus-
German
Vote
jgALLOTINGlast the enlarged German Reich
in Sunday, and the result
peaceful
French Crisis
are
defense, and the restoration of economy and the
Senate,
no
Plenary
asked, however, until the end
considered "indispensable to the needs of national
intention of
was
that
•
on
military preparedness, and his
the treaty for maintenance of world
upon
peace.
Tuesday, the new Premier placed all emphasis
national safety and
is
Mediterranean, Italian "volunteers" in Spain,
of armed forces in Italian
less
of
coast
affairs will be adjusted in this
in the
assur-
given of recognition of British influ-
along the* southern
ence
of the Interior.
As Vice-Premier, M.
Daladier selected his associate and former Premier,
M. Chautemps.
In his Ministerial Declaration, on
Ethiopia.
side, it is reported in London,
April 16, 1938
Ministry
consequences
arising out of the existing situation in
ances
Chronicle
D
was
repre-
FRENCHrapidly than is usual in settledcountry, rented an even more overwhelming endorsement of
political problems were that rather Chancellor Hitler's Anschluss of Germany and Ausmore
when Edouard Daladier formed
Cabinet last Sun-
a
day to succeed that of the Left Front
Blum
only
regime.
as
two
days after the
fall
The need for hasty action
leader Leon
of
the
was
international prospects for France
Blum
apparent,
not
were
ex-
actly improved by the German plebiscite, while internal problems called
quite as loudly for solution,
By Wednesday of this week Premier Daladier had
completed his proposals for dealing with the
tions, and
rule
a
request for
by decree
Senate.
The
National
was
new
granted
regime
were
form of
to the
Before the votes of
con-
were
to
be seen,
in the
new
suasions
When the Parliament recognized
hour, and
unqualified support
gave
Premier, Frenchmen of all political
seemed
to
join in the example
strike movement diminished.
Foreign
per-
and the
press corre-
spondents all
were
pends, with
possibility that the Parliament which
ended its
a
agreed that
stormy sessions
calmer period im-
a
Wednesday
on
may not
be called back for six months.
Premier
Daladier
is
one
of
the
leaders
of
the
Camille
the
Chautemps, who recently was displaced by
Socialist, Leon Blum, also is a Radical-Socialist,
but M. Daladier
to have the support of
wider segment of the Centrist and
appears
a
moderately Left-
ist groups than his associate.
Blum
regime, M. Daladier
Council
that
would
win
moved
the
stretching from Communism
groups,
gency.
and he
In
was
the
After the fall of the
to
swiftly to form
support
French
aided by the international
critical
problems.
turned to the Finance
under
M.
parties
definitely Rightist
Foreign
placed Georges Bonnet, who takes
of
of
Paul
a
Affairs
a
day
per-
campaign that preceded the
references to the "divine will" that
a
were
little reminiscent of the former Kaiser's
Jews
comments.
not permitted to
were
some
than
more
frequent
vote, and
opponents of Herr Hitler's policies doubtless
many
camps
illuminating idea of the
an
sudden expansion
a
of
proper procedure
the concentration
where those stubborn Germans
manifest
faith
Nazism.
in
Even
liberty
after
all
or
in
these
are
kept who
other creeds than
factors
are
taken
into consideration the plebiscite proved beyond any
question that the desire of both Germany and Austria
expressed by Herr Hitler when he marched
was
into his former homeland and made it part of the
Reich.
Eligible voters in the enlarged Reich
were
calculated at 49,493,028, and 49,279,104 votes actu-
ally
were
counted, with 49,203,757 considered valid,
Affirmative votes
lots
were
48,751,587, and negative bal-
only 452,170.
were
In
greater Germany the
"ayes" totaled 99.08% of valid ballots, and it
that sectionalism
trian
area
ballots
the
was
was
forgotten.
ap-
In the Aus-
proportion of favorable to total valid
99.73%, while in the confines of the
former Reich the proportion was 99.02%.
The balloting was attended by a few amusing in-
cidents, and it
German
pated,
was
followed by
some very
sad
ones,
citizens in all parts of the world partici-
even
to the extent of chartering ships to take
them out to sea,
where they could act without inter-
ference with the laws of the countries of temporary
domicile.
trasts
in
The
holiday spirit of such parties
the
sharpest
possible
degree
with
con-
the
despair that drove General Wilhelm Zehner, former
he
Austrian War Minister, to suicide two days later,
post
was
re-
Ministry, which he occupied
Chautemps, while Albert Sarraut, with
definitely anti-communist views, was placed in the
Every device of
emer-
realistic view
Marchandeau
was never
election, and at the end the "Fuehrer" made
pears
powerful Radical-Socialist party, which occupies the
important Left-Center position in French politics,
There
fervid oratory was utilized by Herr Hitler and his
Nazi associates in the
through
"Cabinet of
spreading strikes in motor and other large
the needs of the
announced last month.
gained
a
taken, sporadic signs of disaffection
industrial plants.
was
dubbed
Defense," and it gained the support of all
the extreme Leftists
among
it
thought likely.
moment's doubt about the plebiscite from the
by the Chamber and
was
parties, in the test votes.
fidence
ques-
three months' period of
a
tria than had been
a
In
Germany it
Anschluss had
War.
was
proudly proclaimed that the
provided
Celebrations
a new
were
ending for the World
held throughout
the
larged Reich, while in international circles it
enwas
realized fully that the power of Chancellor Hitler
Volume
Financial
146
augmented decidedly by the endorsement,
lias been
All eyes were
fixed
on
lor Hitler has made it
he considers the
quite
a
part of the Reich as
being that small country is
the time
attack
from
3,500,000 Germans in that country
Austria. For
considered safe
by the German Nazis, as the integra-
much
as
Czechoslovakia, for Chancelplain on many occasions that
with the rest of Germany necessarily
tion of Austria
will take
There is little reason to doubt,
time.
some
2425jL}
Chronicle
the important rail junction point of Suchow, and the
Japanese struggled desperately to free themselves
from the threat of envelopment. Tsinan, capital of
Shantung Province, was the aim of another Chinese
army, while sizable bands of guerrilla fighters
roamed over much of the rest of that area. Fighting
occurred at many points, but a definite front was
difficult to define, owing to the nature of the operations.
Japanese military
Peiping
at
spokesmen
his lieutenants
would prefer a bloodless coup, similar to the Austrian conquest, and will bide their time until an-
tried to explain the matter away by vague references to changes in plans. The fact seems to be,
however, that the vaunted offensive of the invaders
opportunity presents
has been halted, and the defenders thus are pro-
finally, is doing its
ceeding along their chosen path of making the con-
under
outburst that might be the
flict long, expensive and difficult, in the hope that
the Japanese economy will break down under the
Hitler and
Herr
that
moreover,
favorable international
other
The Czech Government,
itself.
belated best to
its rule and
placate the German minority
prevent any
signal for another German
strain.
expansion move.
Mexican
Spanish Civil War
E
ANOTHER
Spain have been struggling
forces in
OYALIST
desperately for 10 days to hold back the adof General Franco and his insurgent armies,
vance
but in the
appear
more
still to have the upper hand.
drive of the
insurgents was
use
was
loyalists from
It was the turn of the latter
the industrial centers.
to receive some
tive
The enormous
continued, with prog-
by fresh contingents of
slowed
ress
fascists
important battle areas the
aid from foreign sources,
of
made
new
and effec-
airplanes, artillery and
supplies that were widely reported to be
other
reach-
regime from and via France,
contingents were to some degree un-
ing the republican
the
But
new
trained, and the insurgent drive was
halted.
not
diversion
The
loyalists
through
a
impeded but
attempted to create a
strenuous
central
attack in
This maneuver failed to turn the insurgents
Spain.
of cutting through to the Medi-
from their purpose
terranean, and severe blows were
struck at several
insursupplies, for
loyalist reports stated that flame-throwers were
points.
It would seem, moreover, that the
gents also were in receipt of new war
used this week for the first time
such
means
the insurgents
at three points,
the Mediterranean
of
With
Some of
believed to be in danger
loyalist battalions were
encirclement, and the insurents plainly were en-
International
remained unaltered.
chapter
was
written this week in the
Mexico's expropriation of for-
story of
eign-owned oil properties, but it hardly can be said
lugubrious.
reactions
the Mexican
in
Washington
to
while diplomatically correct,
comforting to the
many
erties
were
of
chances
thousands of investors in
transferred
that
prompt
suddenly
qqie vjew taken at Washington is,
events in Latin America.
is
payment."
of course, the
Undeterred by the poor
veit Administration,
the British Government last
protested direct to Mexico City against an
Week
expropriation of British-owned properties "under a
legality formed
0f
veii
issues."
by basing it upon labor
The general right of a government to ex-
propriate in the public interest and on payment of
adequate
compensation
was
not
questioned
by
Great Britain, but it was added that "this principle
does not serve to
justify expropriations essentially
arbitrary in character."
Neglecting the usual diplomatic course of prior
agreement for publication of a note of
this nature,
the Mexican Government made the contents of
British communication available last
Wednesday
a
a
the
Monday, and
contentious reply was published
simiiar manner.
In this note the Mexican Gov-
ernment emphasized heavily the
apan
slim
results of the half-hearted protests from the Roose-
jn
an
but
which
dominant factor in all international reactions to
on
ina
with
remuneration
known in international law as "effective
aspects of the Spanish civil Avar
C
action,
not especially
were
the stocks of American oil companies whose prop-
deavoring to force a hasty retreat.
v
Official
that the tale has become less
and only a few
separated the troops from the sea.
miles
the
in this war.
forced their way toward
sac]
Expropriation
already conceded
point of sovereign rights, and it was
asserted again
INVADING Japanese continuedprecarious in large bolster its weak compensation would be given.made
this Aveek to find that adequate case, the Mexican Government To
their positions difficult and
of the Chinese
areas
territory which they ha\re con-
qnered since the undeclared Avar started last July,
The
Japanese forces that attempted to press south-
ward from Manchukuo and effect a
junction of the
northern and central Chinese areas were in
erable danger at
points
offered
in
times.
Shantung
threats to the
guerrilla warfare
Avas
consid-
At four widely separated
Province, Chinese defenders
invading forces.
an
Extensive
important factor in the
much of the legal fiction of Mexican incorporation
of the principal British oil company.
Most curious
of all, however, was the statement in the reply to
the British Government that Mexico's "capacity to
pay
is
years
a
real and certain fact."
In the light of 25
of default on external obligations, such claims
have an unreal and uncertain aspect, and they cannot be held a contribution to international amity
and fair dealing.
The conclusion is inescapable
raiding parties cut supply and
that Mexican authorities were emboldened to take
communications lines of the far extended Japanese
this equivocal stand in response to British protests
Chinese
tactics,
as
troops and made it necessary
for the Japanese to
by the attitude of the United States Government,
The Chi-
and that circumstance, in itself, ought to provoke
far from
a
string garrison forces all along the lines.
nese
troops rolled up their opponents not
few second thoughts in Washington.
2426
Financial
Chronicle
April 16,
Discount Rates of Foreign Central Banks
1938
Bank of France Statement
THERE have been no changes the foreign week in THE weekly statement dated April 7 showed a
discount
of during the central
49,the
rates of any
banks.
Present
rates
further
the
at
leading centers
shown in the table which follows:
are
record
new
-
culation
Rale in
Pre¬
vious
Established
Rate
Effect
Apr. 15
Argentina,.
34$
Mar.
Batavla
4
July
1 1935
May 15 1935
Aug. 15 1935
...
Belgium..
2
Bulgaria...
6
Canada....
Rate in
Date
Country
Date
vious
Established
Rate
Hungary...
4
Aug. 28 1935
44$
24$
3
Nov. 29 1935
Ireland
3
June 30 1932
44$
34$
34$
7
Italy
44$
May
5
1935
Japan
3.29
18 1936
Apr.
6 1936
3
Jan.
14 1937
5
Feb.
1 1935
54$
July
1 1936
6
34$
Morrocco
64$
May 28 1935
44$
6
Norway
34$
Jan.
4
34$
Poland
44$
Dec.
17 1937
4
Jan.
24 1935
44$
Java
Colombia..
4
July
18 1933
5
Jugoslavia
Czechoslo¬
I
3 y
Jan.
4
Danzig
1 1936
.
.
.
4
Jan.
2 1937
4
Oct.
19 1936
England...
2
June 30 1932
24$
Portugal...
4
Aug.
11 1937
Estonia
5
Sept. 25 1934
54$
Rumania
44$
Dec.
7 1934
6
4
Dec.
..
51938
5
44$
4 1934
44$
South Africa
34$
15 1933
4
3
May
France....
Nov. 12 1937
34$
Spain
5
4
July
10 1935
Germany
54$
Sept. 30 1932
5
Sweden
24$
Dec.
1 1933
3
6
Jan.
4 1937
7
Switzerland
Nov. 25 1936
2
2
14$
Dec.
2 1936
24$
Greece
..
....
Holland
...
balances
and
of
as
on
Friday of last week, and 9-16% for three-months'
bills, as against 9-16% on Friday of last week.
Money on call at London on Thursday was lA%. At
Paris the open market rate
to
was
lowered
Wednesday
on
3%% from 4% while in Switzerland
the rate
re¬
vious year.
francs,
and
circulation
March
in
31
demand
(Easter
circulation
was
year's Eastern
have started
influenced
had
contraction
peakj^holiday
March
was
at
about
taken
havingbeen
28)
expansion
currency
The
present
be said to
can
subsequent to March 23, having been
at
first
by month-end and quarter-end
requirements; since March 23 the increase
culation has amounted to
expansion
then
until
commenced
after
March
in
and
the
peak-date, March 31, expansion
£10,021,499. Also in the week ended
April 13, 1938, hold goldings declined £18,843 and
this, together with the currency rise, brought about
a reduction of
£7,573,000 in reserves.
The reserve
proportion dropped sharply to 19% from 23.1%
last week and 31% a
year ago; on March 31, 1937,
the proportion was
26%. Public deposits increased
£4,898,000 and other deposits fell off £9,259,190;
of the latter amount
£8,495,320 was from bankers'
accounts and
£763,870 from other accounts. Loans
Government securities
£4,250,000 and loans
on other securities decreased
£1,024,221. The latter
consists of discounts and
advances, and securities
which
respectively decreased £521,787 and £502,434.
No change was made in the
2% bank rate. Belowr
are
the
ceding
different items
rose
with
comparisons for
pre¬
Gold holdings
£
Circulation
April 18.
1935
1934
discounted.,
+ 425,000,000 10,752,863,309
7,949,928,274 13,574,809,968
—15,000,000
811,877,276
1,168,279,509
1,308,443,722
—71,000,000 3,754,166,055 3,801,993,173 3,410,954,523
+ 49,000,000 98,143,301,260 86,297,620,400 83,841,285,085
—69,000,000 23,573,734,213 18,058,203,688 10,104,352,312
Temp. advs. with¬
out int. to State.
+ 980,000,000 39,553,974,773 20.003,436.940
.
Propor'n of gold on
* hand to sight liab.
a
+0.01%
on
Treasury
_
gold, 0.9 fine,
gold valuation
327,231,023 314.572, 389 202,379, 419 193 ,044.858 192,076,257
reserve
31.00%
26.74%
2%
2%
2%
40.71%
2%
67.03%
1937, gold valuation has been at
c
Rep¬
rate of 43
mg.
franc; previous to that time and subsequent to Sept. 26, 1936,
49 mg. per franc: prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
per
was
Bank of
Germany Statement
THE statement for the first quarter of April
decrease
145,showed
in note circulation of
a
000,000 marks, which brought the total outstanding
down to
5,476,300,000 marks.
Circulation
aggregated 4,646,106,000 marks and the
ago
fore
4,148,955,000 marks.
a
year
year
be¬
Reserves in foreign cur¬
silver and other coin, investments and other
assets recorded increases of
marks,
18,486,000
146,000 marks, 28,690,000
and
marks
123,736,000
marks
The Bank's gold holdings showed
respectively.
no
change, the total remaining at 70,772,000 marks,
compared with 67,702,000 marks last
809,000 marks the previous
in bills of
in
advances
of
15,702,000
maturing obligations of
other
liabilities
ratio is
now
at
two years ago
son
year
A loss
year.
and 66,shown
was
exchange and checks of 381,739,000 marks,
of
marks,
other
in
daily
78,186,000 marks and
3,127,000
1.38%; a year
1.74%. Below
marks.
ago
we
The
on
reserve
it was 1.58% and
furnish a compari¬
of the different items for three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Reichsmarks
Gold and bullion
April 7, 1938 April 7, 1937 April 7, 1936
Reichsmarks
Reichsmarks
Reichsmarks
No change
67,702,000
20,333,000
18,939,000
+ 146,000
5,297,000
5,763,000
47,611,000
410,358,000
456,533,000
646,672.000
+ 123,736,000 1,359,776,000
_
70,772,000
No change
—15,702,000
Investments
762,625,000
501,700.000
66,809,000
19,526,000
5,495,000
—381,739,000 5,520.113,000 4,728,954,000 4,181,043,000
+28,690,000
181,047,000
225,836,000
166,665,000
+ 18,486,000
__
Notes in circulation
31,914,000
50,442.000
49.92%
2%
—145,000,000 5,476,300,000 4,646,106,000 4,148,955,000
Oth. daily matur. oblig.
Other liabilities
-
—78.186.000 1,245,067,000
815,645,000
—3,127,000
209,891,000
174,599,000
698,966,000
157.349.000
+ 0.05%
1.38
1.58%
1.74%
Propor'n of gold & for'n
curr.
to nore clrcul n
New York Money
Market
DULL conditions this week, in fundsNew York
the remained
market prevailed
money
19.00%
54.96%
b Includes bills discounted abroad,
10-billlon franc credit opened at Bank.
Since the statement of June 29,
.
Bank rate
on
Liabilities—
£
497,248,000 465,694, 083 421,890, 628 392 ,449,184 373.893,653
17,731,000 22,371, 160
9 ,147,332
9,903, 592
14,383,891
Other deposits
139,946,990 134,818, 166 141,480, 223 139 ,687,225 142,197,025
Bankers' accounts- 103,951,338
96,897, 131 104,911, 379 100 ,294,413 103,388,348
Other accounts
35,995,652 37,921, 035 36,568, 844 39 ,392,812 38,808,677
Govt, securities
116,136,164
96,949, 933 106,671, 996
89 ,986,044
79,499,371
Other securities
29,246,166
29,053, 215
15 ,924,634
21,918, 248
16,570,564
Dlsct. & advances
9,598,404
6,906, 004
5 ,923,044
8,755, 790
5,375,078
Securities
19,647,762 22,147, 211
10 ,001,590
13,162, 458
11,195,486
Reserve notes & coin
29,983,000 48,878, 306 40,488, 791
60 ,595,674
78,482,604
to liabilities
45.85%
Includes bills purchased in France,
resenting drafts
Other assets
.
Coin and bullion
Francs
55,806,959,832 57,358,742,140 62,972,019,569
20,193,875
12,997,985
5,540,522
French commercial
Advances
April 17,
1936
Public deposits
Proportion of
April 10, 1936
Francs
+ 3,000,000
_
April 15,
£
April 9, 1937
Francs
No change
Credit bals. abroad.
Silver and other coin
April 14,
1937
April 7. 1938
Francs
Res've in for'n currency
Bills of exch. & checks
ENGLAND'S COMPARATIVE STATEMENT
1938
it
we
Changes
Of which depos. abr'd
April 13,
Below
for Week
Assets—
years:
BANK OF
a year ago
67.03%.
years ago
from
amounted to
on
69,000,000 francs.
45.85%;
BANK OF FRANCE'S COMPARATIVE STATEMENT
cir¬
In 1937 the
17
at
now
years:
rency,
£17,763,000.
of
currents
ratio is
on
when currency
£473,836,760.
The Bank's gold
change, the total remaining at
54.96%, and two
place, the
reached
respectively.
no
creditor
Credit, current accts
248,000, compared with £465,694,083 a year ago.
However, as of April 14, 1937, the post-Eastern
gains
furnish the various items with
comparisons for three
c
£7,554,000, raising the total to £497,-
recorded
Bills bought abroad fell off 15,000,000
against securities of 71,000,000
Note circulation
a
State
to
425,000,000 francs and 980,-
advances
reserve
bills
THE statement for holiday expansion Aprilnote
13
shows
further the week ended
of
a
Cir¬
55,806,959,832 francs, compared with 57,358,742,140
and 62,972,019,569 francs the pre¬
Adv. against securs.
England Statement
francs.
francs last year
b Bills bought abr'd
circulation of
98,143,301,260
advances
francs,
000,000
1%.
Bank of
of
abroad, French commercial bills discounted
holdings showed
a
mains at
of
3,000,000 francs,
was
were
circulation
ago totaled 86,297,620,400 francs
before 83,841,285,085 francs.
Credit
temporary
The
INbills Thursday market discount rates 9-16%
LONDON open
9-16%,
against for short
note
year
and the year
francs
Foreign Money Rates
on
high
3.65
Denmark..
Finland
a
in
which again raised the total to
64$
Lithuania..
Chile
vakia....
Pre¬
Effect
Apr. 15
India
11936
Mar. 11
24$
Country
increase
000,000 francs,
as
available in tremendous amounts to
acceptable bor-
Volume
146
Financial
Chronicle
rowers, who failed once more to put in an appear¬
In the current
ance.
political situation there is
incentive whatever for
mote
enterprises
new
and
tabulations of
bill
outstandings
Rates
for
issue
these
of
commercial paper
paper
Call
at
loans
on a
similar issue sold
the
on
New
York
a
week
Stock
Ex¬
the
90
again
offered at l1/4% for maturities to
were
of
Money Rates
increased
was
ruling quotation all through the week for both
and renewals.
continues
market
for
time
new
money
quiet, no transactions having been reported
this week.
90
The
Rates continued nominal at
134%
up
to
days and 134% f°r f°ur to six months maturities.
Trading in prime commercial
cession amounts to
ately active this week.
has been
Rates
The supply of prime
paper
lighter but the demand has continued good.
Bankers' Acceptances
It
is
that
been somewhat
more
and
plentiful
the
demand
been
has
moderately brisk.
There has been
Dealers'
reported by the Federal Reserve
rates
as
Bank of New York for bills up to
days
and including 90
34% bid and 7-16% asked; for bills running
are
for four months,
and six
change in rates.
no
pointed
European
of
country
fear
banking
comparable
It is not
of
circles
economic,
known
ever
as
so
exists
now
surprising then that
foreign capital
For the most part
away
from
this shifting of foreign
funds represents
temporary flight of capital either
deposit here
temporarily invested in short-term
funds.
or
As yet
movement of
there
further signs of
are no
foreign funds tied
up
a
on
marked
in New York in
longer-term securities.
The
near
prospect of
also favors sterling
in
Anglo-Italian agreement
an
and the lessening of
Europe is likewise helpful.
this side for grain
materials.
The
British
tension
war
It is pointed out that
and in metals the
for copper is
ment
un¬
in favor of the
Meanwhile,
raw
be
to
and increased demand
up
begin to be
pound
as
although
the
THERE have been no changes this week in the
the Federal Reserve
situation
Furthermore,
are
sale
of
money
constantly under
sizable
maintaining
American
several
The
of
Another influence
increased
South
important factor
European
parts of the world
necessity
the
an
against the dollar.
foreign account continues.
the
rearma¬
With the end of April, American
less menacing, hoarding of gold in London
appears
London.
Discount Rates of the Federal Reserve Banks
firming
tourist demands will
centers in all
V
believed
are
largely attributable to British
requirements.
for
holdings of acceptances remain
and other foodstuffs and
interests
heavily absorbing and storing United States wheat
34% for bills running from 1 to 90 days. The Federal
Bank's
the
depression, which gives
percentage of unemployment
a
bill-buying rate of the New York Reserve Bank is
Reserve
in
out
other
no
New York.
9-16% bid-and 34% asked; for five
months, 54% bid and 9-16% asked.
changed at $550,000.
serious
a
bankers report a drift of
on
THE market for prime bankers'week. Bills have
acceptances has
stronger this
been
spending,
sterling might be still firmer at this time except for
heavy European, principally British, commitments
quoted at 1% for all maturities.
are
States
indication of lifting.
no
has been moder¬
paper
United
are
Europeans view the prospect
monetary inflation here, and the wide¬
spread realization that our so-called business re¬
in the United States.
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
loans
with which
concern
large
New York
signs of weakening
sterling and the Continental currencies.
social, and industrial standards has
days and 1%% for four to six months' datings.
$4.9634 and
immediate
,
change held to 1% for all transactions, while time
loans
between
Several factors contribute to the enhancement of the
un¬
of 0.146% dis¬
an average
of
range
pound, of which perhaps the principal elements
The Treasury sold last Monday
were
a
week ago.
The United States dollar shows
ones,
quite
a
in terms of
and bankers'
were
with
$4.96 13-16
pro¬
$100,000,000 discount bills due in 91
against 0.139%
earlier.
of
classes
days, and awards
count
expansion of existing
compared
no
continue their downward trend.
changed this wreek.
an
borrowing in order to
or
2427
balances
in
strengthening sterling is
British
manufactures
which
countries,
have
in
the
enjoyed
trade.
rediscount rates of
for
banks.
following is the schedule of rates
the
various
classes
of
now
in effect
the
at
paper
different
years
of
exceptionally
The movement away
prosperous
export
from the dollar is not
pres¬
ently strong enough to warrant the belief that gold
Reserve banks:
losses will be encountered such
DISCOUNT RATES OF FEDERAL RESERVE BANKS
For the most part current
Rate in
Federal Reserve Bank
Date
Previous
Established
Rate
Effect on
April 15
Boston
1
Philadelphia
IX
Sept.
IX
May
4. 1937
11, 1935
2
Cleveland
Richmond
IX
Aug. 27, 1937
2
IX
Aug. 21, 1937
2
IX
Aug. 21, 1937
2
St. Louis
IX
Minneapolis
IX
Sept. 2, 1937
Aug. 24, 1937
3
Kansas City
IX
Sept.
3, 1937
IX
Aug. 31, 1937
2
San Francisco
IX
Sept.
3, 1937
occurred last fall.
from New York have their origin in central
bank
exchange equalization operations.
2
Dallas
or
and
2
2. 1937
Aug. 27. 1937
2
IX
New York
Atlanta
Chicago
_
Sept.
as
gold movements either to
1H
The
2
Washington Administration has desterilized
the entire amount of
Gold Fund, in
2
which may amount to more
the coming
fiscal
undertaken
Course of Sterling
gold in the Treasury's Inactive
order to finance the 1938-1939 deficit
Exchange
year.
some
than $3,500,000,000 in
The policy of gold sterilization
months
ago
and
now
the actual
desterilization, like other uncertain monetary policies
of
STERLING exchange shows practically no three
new
developments from those of the past
Washington, has caused European misgivings
to
dollar
weeks, although currently the general trend and the
world unrest,
undertone
London
has
as
been
bankers'
of
exchange quotations inclines to favor
against New York.
between
$4.96 3-16
sight, compared with
The
and
/
this week
$5.00 1-16
a range
$4.96 1-16 and $4.9654 last week.
cable transfers has been between
range
for
of between
The
range
$4.9634 and $5.00
for
values.
as
Under existing circumstances of
had these doubts regarding American
monetary policies not been
marked influx of European
aroused there would be
a
funds for investment in
American securities.
British
continue
domestic
markets and industrial
highly satisfactory except in
The British
a
activity
few lines.
public is again showing increased interest
Financial
2428
reflected by the fact that
in industrial issues, as
advanced for
April 16, 1938
LONDON OPEN MARKET GOLD PRICE
on
London
13, industrial stocks in
the 10th consecutive session.
Wednesday, April
Chronicle
Saturday, April
1403.
Activity continues in
of
expansion are
new
compared with
March amounted to 1,115,800 tons,
For the first quarter output was
1937.
March,
in the 1937
period.
Iron output last month was 714,600 tons,
against 693,300 tons in February and 680,300 tons in
March of last year, making 2,169,000 tons for the
first quarter, against 1,934,700 tons in the
1937
3,254,800 tons against 3,104,300 tons
period.
As
British bank loans
activity,
of the end of March reached an
as
The heavy increase in Bank of
England circulation in the past few weeks is due
largely to industrial requirements, though normal
end-of-quarter currency demands and the prepara¬
tions by the banks for the approach of Easter business
eight-year high level.
was
factor.
a
offer in the London open market continues
on
to be taken
largely for account of hoarding interests.
Saturday last there was available £95,000, on
On
Monday £274,000,
on
Tuesday £428,000, on Wednes¬
day £299,000 and on Thursday £142,000.
At the Port of New York the gold movement for
the week ended
April 13,
Reserve Bank of New
as
York,
was as
follows:
Saturday last
>
None
$4.97%
The
range was
sight
bankers'
f°r
and
above
The
14.97 13-16 for bankers'
sight and $4.97%@$4.97%
figures
week ended
for the
are
on
gold held earmarked
$1,050,000.
On
Friday $1,737,000 of gold was received from England.
There were no exports of the metal or change in gold
foreign
decreased
account
held earmarked for
cable
exchange
continued
fund,
as
indicated in the
The day-to-
follows.
THE TREASURY'S INACTIVE FUND
Daily Change
Amount
Date—
7
8__
9
April 11
April 12
April 13.
_
exchange
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
$1,182,974,523
1,182,974,523
1,182,974,523
1,182,974,523
1,182,974,523
1,182,974,523
relatively
continue
steady.
Montreal funds ranged
during the week between a
discount of
a
11-16% and
open
mean
London check
market gold price, and the
MEAN LONDON CHECK RATE
$4.99 11-16@
$5.00 1-16
Friday
on
for
cable
sight bills finished at $4.99%;
for
payment (60 days) at $4.99, and seven-
Cotton and grain for
pay¬
Continental and Other Foreign Exchange
although the franc moved up sharply this week
This
was
especially apparent
Wednesday and Thursday when the range of the
between
was
3.14% and 3.16,
as
compared
3.05% and the high of
low last week of
The firmer tone of the franc was due in
part to the practically unanimous support
The franc moved up even
career
with
9
April 11
161.14
160.11
Wednesday, April 13
Thursday,
April 14.
160.56
Friday,
April 15
relations
labor
in terms of the pound on
French Cabinet began its
major successes in both the parliamentary
Tuesday, when the
and
of Premier
policies by the French legislative chambers.
new
fields.
Firmness
was
also
in
part a reflection of the rise of sterling with respect to
the dollar.
the
was
nothing in the market to indicate that
strength of the franc was caused by a sudden
on
the part
now
was
of the French to repatriate their
domiciled abroad.
believed to have
The demand for
come
rather from hasty
covering of short positions following M. Daladier's
On
success.
Wednesday
and
Thursday
it
was
reported that the French control intervened actively
to halt the
From
uprush in the franc.
Maundy Thursday until Easter Tuesday
business of every
description is greatly curtailed in
centers and on Good Friday financial
markets are closed in England and abroad.
It is,
European
French exchange
Easter
until sometime after the close of the
holidays.
the
favorable
vote
in
the
Chamber
of.
Deputies for the Daladier policies, it was announced
ON PARIS
Tuesday, April 12
and
day grain bills at $4.99%.
ment closed at $4.99%.
Before
price paid for gold by the United States:
Saturday, April
$4.98%
therefore, impracticable to determine the course of
discount of 27-64%.
following tables show the
Paris, the
was
range
60-day bills at $4.99; 90-day bills at $4.98%; docu¬
ments
francs
calculations.
are our own
Canadian
was
Closing quotations
Commercial
transfers.
capital
IN
The
On Friday sterling
range
demand
for
$5.00
were
decision
HELD
was
bankers' sight and $4.99%@$5.00%
transfers.
cable
for
daily Treasury statements issued during the week
on
firmer.
was
The
steady.
$5.00 1-16 for
ended last Wednesday was as
April
London
on
$4.98 3-16@$4.99 9-16 for bankers' sight and
There
foreign account.
Gold held in the inactive
April
Wednesday sterling
Bankers' sight was $4.97 9-16@$4.98 5-16;
transfers were $4.97%@$4.98%• On Thursday
steady.
Daladier's
exports of the metal, but
GOLD
On
transfers.
cable
for
3.13%.
No Change
;
On Thursday there were no imports
Wednesday.
day changes
On Tuesday sterling
The range was $4.97 1-16@
with the
Gold Earmarked for Foreign Account
approximately $5,965,000 of gold was
San Francisco, of which $5,867,000 came from Japan and
at
$4.96%@
$4.96 13-16@
inclined to firmness.
was
on
$98,000 from Australia.
Monday,
against the dollar.
move
THE situation of the French franc has remained
essentially unchanged during the past year or
Note—We have been notified that
rate
fractionally better than previous
was
On Monday the exchanges were inclined
$4.96%.
to
franc
Net Change in
The
35.00
more
$12,073,000
April
April 15_!
day's prices in limited trading. Bankers' sight was
$4.96 3-16 @ $4.96%;
cable transfers
$4.96%@
in terms of the dollar.
62,000 from Ecuador
or
35.00
Friday,
7-APRIL 13, INCL.
1,913,000 from Belgium
for
April 14
Exports
rImports
$10,098,000 from England
received
$35.00
Thursday,
Referring to day-to-day rates sterling exchange on
reported by the Federal
MOVEMENT AT NEW YORK, APRIL
GOLD
(FEDERAL
Wednesday, April 13
$35.00
35.00
35.00
9
@$4.99% for cable transfers.
exceptionally
easy.
Call money against bills has been maintained
for a long time at %%.
Currently 2-, 3-, and 4months' bills are 9-16%, and 6-months' bills are %%.
Money in Lombard Street continues
Gold
Saturday, April
Monday, April 11
Tuesday, April 12
$4.97 9-16 for cable transfers.
industrial
British
of
indication
an
8d.
Holiday
RESERVE BANK)
and 1,109,500 tons in
1,057,600 tons in February
139s. lOd
139s.
BY THE UNITED STATES
PRICE PAID FOR GOLD
British industry, but signs
absent.
Steel production in
Wednesday, April 13
Thursday,
April 14
Friday,
April 15
l^d.
Hd.
139s. lOJ^d.
1403.
9
Monday, April 11
Tuesday, April 12
158.36
158.24
Holiday
that the financial
plans of the French Government
exclude revaluation of the
gold
reserves, any
capital
Volume
Financial
146
levy, suspension of the sinking fund,
of
foreign exchange. The
does
plan
special tax
a
control
or any
Government, however,
new
all citizens not liable to
on
The
military service, but liable to the income tax.
Government's plans
bearer
include
which,
securities,
proposals regarding
new
carrying
not
1
*•
_
of
names
Chronicle
2429
EXCHANGE on fundamental change from the past
the*countries neutral during the
shows
war
few
no
weeks.
These
currencies
firmer
are
as
a
con¬
of the improvement of the pound in terms
sequence
of the dollar.
the volume
The Easter
holidays greatly reduced
of transactions in the
neutral markets.
^
have been constantly used to
owners,
The
special
rule
by decree
granted thejDaladier Cabinet to
powers
are
half months, or
to be effective for three and one-
borrow
extra
an
granted the
francs
10,000,000,000
Bank of France in addition to issuance of
to
power
of
Bank
France
Bank, 5,000,000,000 francs. This
conduct
the
of
vances,
apparently
is
imperative.
was
ad¬
the
therefore
The Treasury
obliged to raise 35,000,000,000 francs before the
M. Daladier is also
revive M. Blum's
compelled by circumstances to
plan for mobilization of contractors'
State
the
on
the various ministries.
eligible
discount
Government likewise
of bills
through discounting
drawn upon
for
These bills
rediscount.
and
proposes
The
are
new
profits earned from armament contracts and
enterprises enjoying legal
upon
practical monopoly, in
or
addition to close control of their sale prices.
Despite the large
accorded to the Daladier
powers
economic
un¬
do the fundamentals of the financial and
as
situation.
The
Government
successful in preventing a
may
prove
further exodus of French
capital, but it is extremely doubtful if it will be able
to
bring about
funds
now
The
any
cable
Bank
guilders in ad¬
by gold deposited at the Bank by the
sight
Amsterdam finished
on
on
Friday
Friday of last week;
°n
againts 55.37J4; and com¬
sight bills at 55.71, against 55.33.
closed at 23.08 for
checks
Swiss
and at 23.08 for
transfers, against 22.94 and 22.94. Copenhagen
or
substantially improve
position of French finances.
following
against 22.16 and 22.16.
shows the
table
against 24.9434 and 24.94344
■
EXCHANGE on the South American countries
shows
developments.
At present the
no
new
South American markets
these countries.
year
shows
last year,
but current figures
continue to rise
are
on
foreign goods.
paper
closed
pesos
Parity
a
3.07
to
official
Friday of last week; cable transfers at 33.23,
The unofficial
against 33.09.
or
free market close
was
Brazilian milreis
quoted at 5.90 (official), against 5.90.
Chilean
exchange is quoted at 5.19 (official), against 5.19.
This Week
Parity gd
Friday,
on
quotations, at 33.23 for bankers' sight, against 33.09
are
b France (franc)
the other hand
proceeds of last year's grain sales
as
converted into
Argentine
Imports
year.
compared with
as
dollar:
Range
the Easter
being compared with
are
2534@25%, against 24.95@25.20.
New Dollar
as
Argentine export trade thus far this
sharp contraction
a
exceptional grain
an
inactive
are
generally prolonged in the capitals of
are
leading European currencies to the United States
Old Dollar
Sweden closed
on
25.76% and cable transfers at 25.763/2, against
25.5834 and 25.5834; while checks on Norway
finished at 25.1234 and cable transfers at 25.1234,
on
of the
relation
Checks
at
effective repatriation of French
domiciled abroad
the precarious
15,500,000
cable transfers at 55.75,
mercial
francs
time the
same
the
from
probably due to loans made to the
55.75, against 55.3734
holidays
Cabinet, the labor and price problems remain
changed,
the
due to the
Bank
collateral.
Bankers'
at
was
Central
to revise tariffs up¬
ward, especially the civic duties, to increase taxation
on
of
was
gold holdings of
checks finished at 22.33 and cable transfers at 22.33,
end of the year.
claims
increase
an
as
the
to
At
which
in
The increase
fund.
fund secured
fund
increase
an
metal
equalization
borrow at the
sum was
and
affairs
ditional authorization
showed
of
showed
practically exhausted at the time M. Daladier took
over
11
4,600,000 guilders.
the
during the last days of his
and received permission to
regime
April
internal
from
an
M. Blum asked for 10,000,000,000 francs from
loan.
the
The statement of the Bank of The Netherlands for
transfer
until July 31.
Government has been
The
taxation.
escape
3.16K
3.92
6.63
13.90
16.95
5.26
8.91
Switzerland (franc)
19.30
32.67
Holland
40.20
68.06
55.37
Peru is
nominally quoted at 2434, against 24.00.
5.26H to 5.26^
22.93)^ to 23.09
Belgium (belga)
Italy (lira)
a
(guilder)
New dollar
16.83K to 16.88
to 55.76
parity as before devaluation of'the European currencies
gold and allowed to "float"
The London check rate
at
158.15, against 161.87
New York
sight bills
on
EXCHANGEreflect chiefly Eastern countriesincon¬
on the Far the fluctuations the
tinues to
pound.
between Sept. 30 and Oct. 3, 1936.
b Franc cut from
4
on
on
on
Paris closed
on
It
was
reported that negotiations directed
toward arranging
June 20, 1907.
Friday
Friday of last week.
In
the French center finished at
with silver
It
is
stated
proximately
credit for the Chinese Government
security
as
that
the
are
under
credits
attempts are being made to open
3.0634.
period of
sight bills and at 16.88 for cable transfers, against
16.84 and 16.84.
were
cable
40.24
for
transfers,
40.1334-
Final quotations
bankers'
in
for Berlin marks
sight bills
comparison
and 40.24 for
with 40.1334
and
Italian lire closed at 5.26J4 for bankers'
sight bills and at 5.2634 for cable transfers, against
5.2634 and 6.2634-
quoted.
3.48%,
Exchange
against
Austrian schillings
on
3.48%;
are no
longer
Czechoslovakia closed at
on Bucharest at 0.7434,
against 0.7434; on Poland at 18.88, against 18.88;
and on Finland at 2.2134, against 2.1934Greek
exchange closed at 0.91%, against 0.9134-
4
year
one
Since last
in New York.
amount
Reports
$10,000,000.
3.16, against 3.06; cable transfers at 3.16, against
Antwerp belgas closed at 16.88 for bankers'
way
will
up
to
indicate
ap¬
that
the credit for
a
at approximately 2% interest.
November the
Chinese
Government
has
obtained funds through direct sales of Chinese silver
coins
the
to
United States
Treasury.
A total of
120,000,000 ounces valued at approximately $50,000,000 has been received and
en
more
is understood to be
route.
Closing
were
quotations
for
yen
checks
yesterday
29.12, against 28.94 on Friday of last week.
Hongkong closed at 31,00@3134, against 30%@30%;
Shanghai at 2734®28, against 2734; Manila at 49.80,
against
49.80;
Singapore
at
58.28,
against
57%;
Bombay at 37.62, against 37.49; and Calcutta at
37.62, against 37.49.
Financial
2430
Banks
Gold Bullion in European
>
Chronicle
April 16,
1938
Transportation Act of 1920, "that the prospective
earning power of the applicant, together with the
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
■
exchange) in the principal European banks as of
of
respective datef of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
are
character and value of the
corresponding dates in the previous
shown for the
in the
opinion of the Commission, reasonable
the
of
ance
within the time fixed
therefor, and reasonable
Of various
suggestions for the
credit in aid of railroad
France
Spain
Nat. Belg--
Swltzerland.
Sweden
Denmark
Norway
_
_
...
£
£
202,379,419
193,044,858
192,076,257
503,776,156
651,077,196
2,327,250
2,959,750
7,741,650
90,487,000
89,107,000
90.773,000
42,575,000
62,992,000
76,593,000
59,469,000
64,963,000
a
Amount held
Dec.
95,412,000
74,271,000
77,135,000
83,531,000
48,182,000
23,891,000
54,033,000
15,971,000
14,800,000
6,550,000
6,554,000
7,394,000
ft 7,398,000
6,602.000
6,603,000
6,585,000
6,576,000
1936. latest figures available,
Bank of Germany are exclusive of gold held abroad,
b Gold holdings of the
the amount of which Is
now
Amount held Aug. 1, 1936. the latest figure abailable.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
c
of gold 0.9 fine, equal to one
within
lees
than
when the gold
a
franc: this was the second change In the gold's value
year,'the previous revaluation took place on Sept. 26, 1936,
value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5 mgs.. approximately 125 francs equaled
£1 sterling at par: on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
was given a
nizes that "a
concerned.
the
It
however, the removal of
proposes,
reductions
grant
Government
With regard to a
and
wages,
Bankruptcy Act might, it is suggested,
is the
gram
creation
suggested long-term
for
two years,
Federal
any
immediate solution of the railroad problem, but
they at least have the merit of showing clearly
of the
some
complexities of the problem and pointing to
directions from which
There is
solution is to be
doubt whatever that years
no
the
made
a
approached.
of delay have
plight of the railroads wTorse, and that
the task of recovery
will be
a
good deal
more
diffi¬
cult than it would have been if it had been under¬
earlier, but it is equally clear that
of
one
of
the railroads
alone, but
transportation policy.
the defeat of the
refrained from
one
of
a
national
Mr. Roosevelt, perhaps with
reorganization bill in mind, wisely
submitting with his
message a
of
a
of
Congress, where it properly belongs.
draft
bill, but placed the whole matter in the hands
is done to
help the railroads and interstate trans¬
portation generally, Mr. Roosevelt
reason
The
If nothing
insist that he is not
can
with
some
wholly to blame.
recommendations of the
Splawn committee,
those for immediate relief and those for
program.
that
a
long-term
Under the first head, it is recommended
$300,000,000
available to
ment
the
of various
or
so
roads
as
security for the advance. Access
to further loans, to
by the Reconstruction Finance Corpora¬
tion, would be facilitated by suspending, for one
be
made
year,
the present requirement that the Interstate
Commerce
Commission, in approving loans, shall
certify that
a
road, "on the basis of present and
prospective earnings,
to meet its fixed
may reasonably be expected
charges without reduction thereof
through judicial reorganization," and substituting
the requirement,
essentially that provided by the
or
the
other unification of proper¬
ties, arrangements for pooling
ings
traffic, joint
or
or
division of
control, collective
or
earn¬
of terminals, shops and
use
facilities, pooling of equipment under
ownership
or
com¬
cooperative
arrangements for the handling of any class of traf¬
fic, like arrangements for purchases and various
accounting and fiscal matters, and the substitution
of motor
tation,
wise."
or
water
whether
transportation for rail transpor¬
by joint
Particular
arrangements
attention
is
to
be
Authority "to carriers in bankruptcy
ship,
and
trunk-line
other¬
or
paid by the
or
receiver¬
operating in
especially those
Western
territory," and the attention of the Com¬
mission is to be
called to any situation
where, in
judgment of the Authority, "consolidations or
unifications
other
tion with
It is
be considered in
should
connec¬
reorganization of bankrupt roads."
apparently expected that the proposed Au¬
thority and the existing Commission would supple¬
ment
serve
enable
or
efficiently, effectively and economically, in¬
more
cluding consolidation
matters of
kinds, the equipment to
or
by cooperative effort to meet such demands
of Federal money be made
purchase of equip¬
properties,
or
adequate and efficient rail service,
for
the
ac¬
cost, required to meet reasonable demands for
carriers
the
supplemented by a draft bill, fall into two classes,
a
Transportation Authority charged with the
reducing operations, facilities
their
new con¬
developed which make the problem not
five
period, of
by the railroads which will "have the effect
mon
ditions have
the
extend
pro¬
for
or
duty of planning, encouraging and promoting
tion
other
taken
ex¬
improved.
velt, in a message of some length, transmitted
Monday probably do not foreshadow
opinion is
no
pressed, but the reorganization procedure under Sec¬
if the President chooses to
on
connection
temporary reduction of salaries
the other hand,
on
state Commerce Commission which President Roose¬
to
in
traffic, and points out that this
The main feature of the
committee of the Inter¬
recog¬
reduction, especially important for Western roads,
would amount, on the 1937 basis, to some
$7,000,000.
Congress and the Railroads
a
charges," but it
question of prime public policy" is here
present land
with
be
The recommendations of
of capital structures designed
to reduce the burden of fixed
tion 77 of the
Congress
re¬
guaranteeing of bonds "issued in volun¬
or
tary reorganization
63,805,000
25,655,000
31.
writing
65,534,000
76,626,000
104.353,000
Total week. 1,064,223,816 1,097,854,279 1,080,275,825 1,224,063,804 1,201,971,481
Prev. week. 1,064,899,659 1,097,814,978 1,086,103,724 1,225,851,511 1,201,278,257
reported at £1,016.650.
of Government
599,825,574
2,438,150
c87,323,000
42,575,000
a25,232,000
122,148,000
89,492.000
75,119,000
27,453,000
6,541,000
7,442,000
use
finances, the committee
gards as "most worthy of consideration" the under¬
314,572,389
c87.323.000
Italy
Netherlands
pro¬
1934
347,628,740
2,521,950
Germany b.
1935
£
£
£
327,231,023
293,720,843
England
1936
1937
1938
assur¬
applicant's ability to repay the loan
tection to the United States."
four years:
Banks of—
security offered, furnish,
par
and
cooperate with each other, and that in
jurisdiction they would not clash.
draft bill drawn up
ever,
provides that whenever
sion of the Commission
merger,
of
either
for
may
to
a
railroad asks permis¬
effect "a
control,"
or
the
Authority
against the
The discretion
or
or
acqui¬
intervene
as
it
also
earnings is
given to the Commission in
enforcing decisions
or
Authority does not
seem
sibility of conflict.
may
application,
when authority to pool traffic
asked.
consolidation,
purchase, lease, operating contract
sition
The
by the Splawn committee, how¬
supporting requests of the
to be free from the pos¬
Volume
Financial
146
The
Although Mr. Roosevelt was, in the main, non¬
regarding the recommendations, he nev¬
committal
ertheless made
significant observations.
some
exercise of "a number of
"in
all
since such powers
Government instead of in the
however, "because for the present it
this time,
is more impor¬
cooperate in preventing serious
bankruptcies among a large number of railroad com¬
panies, great and small." Further, while
"a general
undoubtedly help to keep
many railroads from actual receivership, ... re¬
sumption of traffic at last year's level would not
solve their growing difficulties permanently." Gov¬
upturn in business would
ernment subsidies to the railroads
ownership
and Government
velt
or
for any purpose,
operation, Mr. Roose¬
Business efficiency and
he further said, suggested that all
emphatically opposed.
common
sense,
functions
executive
relating to all transportation
entrusted
be
should
to
one
department,
Federal
while
quasi-judicial and quasi-legislative functions
could
properly be placed under an independent com¬
mission such
as
reorganized Interstate Commerce
a
"Such
Commission.
equipment,
a
advance to the railroads in aid of
guaranty of bonds issued under reor¬
ganization if such use of Government
credit is de¬
public function, creation of a
new administrative agency to plan and promote con¬
solidations or cooperative agreements, and an in¬
cided to be
a
proper
spheres of rail, motor
the respective
quiry into
and water
transportation with a view to eliminating
unfair
wasteful competition
and
or
the
on
"The railroads," Mr. Pelley said, "without
this time
at
for
and securing joint
cooperative service. How far do these proposals
promise to meet the actual needs
of the railroad
submitting
detailed plan providing
a
consolidations, recognize the importance of the
question and the possibility of effecting economies
through that method.
solidations
should
They believe that some con¬
occur,
they do not believe
but
that consolidations should follow
artificial
some
preconceived
Consolidations should result from
plan.
negotiations and the working out of economic law,
bearing always in mind the public interest."
Pelley also pointed out that
tion
highway
cilities
of
Mr.
national transporta¬
a
policy would require, among other things, the
discontinuance
outlays
for
improved
adequate, payment by carriers for the use
are
highways
represent
Federal
of
water transportation where railway fa¬
or
or
waterways in an amount that would
fair return
a
on
the Government invest¬
the abandonment
ment, and
of Government com¬
petition in transportation. The Federal barge lines
the
on
Mississippi and other rivers should, accord¬
ingly, be discontinued.
These
some
are
called
the recommendations propose an im¬
mediate Treasury
comments
whose
Railroads,
message.
action," he added, "would be
highly constitutional."
Summed up,
American
ted, with others, in connection witjpL Mr. Roosevelt's
was,
unconstitutional,"
"create executive authority in a
tant for all of us to
well stated
veiy
by J. J. Pelley, President of the Association of
he
Commission
He did not raise the issue at
President."
was
Splawn committee recommendations were submit¬
probability
fourth branch of the
for consolidation
case
purely executive functions"
Commerce
Interstate
the
bv
remarked,
The
2431
Chronicle
upon
repeal
or
of the matters which Congress
to consider.
Others,
among
is
them the
modification of the long and short haul
clause of the Interstate Commerce Act and limita¬
tion of the power
of
of the Commission over rates, are
primary importance. There is no lack of informa¬
tion upon
which to base Congressional action. What
is needed is what has been needed for many years,
and for lack of which the
has fallen into its
transportation business
present deplorable state, namely,
intelligent decision regarding the kind of trans¬
an
policy the country should have, and a
portation
willingness to enact the legislation required to give
the
policy effect.
situation?
Mr. Roosevelt has declared
his opposition to sub¬
position he is likely
have Congress with him. Government advances
credit might avail to keep some companies out
receiverships by permitting readjustments of
sidies, and if he holds to that
to
or
of
their financial structures,
to
financial load
the
to
have
carry
An
traffic.
ment
as
but they would only add
which the companies would
without producing any increase in
equipment loan, with
the
security, would be a loan
on
new
a
equip¬
security
steadily depreciates under use, and which in
which
no case
ment,
could be sold to recoup
moreover,
the loan. New equip¬
would not produce traffic; it is
a demand for new equipment,
traffic that creates
and it is traffic that the roads
that
true
present
since
a
need.
It is probably
sharp increase in traffic would find
stock
rolling
locomotives and
can
be built in a few
months, the railroads are not likely to place
orders
until
a
traffic volume and earnings
from which the railroads
Government
suffer is due primarily to
policies which have continued to
prolong the industrial and business
until those
or
large
traffic increase is clearly in sight.
The drastic decline in
the
but
equipment inadequate,
cars
policies
are
depression, and
changed Federal subsidies
guarantees would hardly amount even to a
liative.
pal¬
Bureaucracy Has No Railroad Policy
promptly, but published by the Presi¬
Produced
only after inexplicable delay, the report
dent
of the
Commerce Commis¬
three members of the Interstate
designated to improvise a solvent for all rail¬
sion
problems proves to be strangely
road
to
much
observer,
their
own
achieved
themselves,
rare
surprise
the feat
enough
as
the
issues
of
paramount
rates
employees.
and
that
to
when
they function
any
as
only by evad¬
practically
of fare and
of
of agreement among
Commissioners, but apparently did so
ing
incomplete.
Splawn, Eastman and Mahaffie, perhaps as
Messrs.
inescapable
freight and wages of
In this exigency, the President, deviat¬
habit hitherto quite
recommendations, but
has abruptly asserted that Congress is abundantly
equipped with information and that legislative re¬
ing without explanation from a
invariable, has supplied no
lief "at this
session" is imperative, indeed the sole
alternative to "financial and
operating difficulties"
imminently impending. Thus the
Bureacracy, which
for the solution of all
industrial depression and
complete reorganization not merely of
ready with detailed measures
the
complex problems of
even
for the
Chief of the great
for five long years has been ever
Financial
2432
Government but of economic and social
life, has sud¬
Chronicle
April 16,
sanctioned, but,
the meantime, the railroads will
m
denly shrunk before the fifty-year-old question of
have suffered losses of essential
the relations between Government and the
they
and has
lative
railroads,
passed the whole matter along to the Legis¬
Department accompanied by a body of incom¬
are
earnings to which
justly entitled and of which they
deprived only by palpable injustice.
traffic
1938
can
be
Inelasticity in
relations; denial of the right effectively to
plete, conflicting, and obviously inadequate sugges¬
meet
tions
capacity to experiment in adjustments of rates to
emanating from subordinates without real
thority
au¬
legal responsibility, and by supplemen¬
or
tary and critical views of a few earnest men having
official
business
or
towards the
its
within
relations with the railroad in¬
Congress is
Certainly,
dustry.
in
no
aided
way
performance of any task deemed to be
present
obligations
brusque demand for action
highly controversial and
flicts of interest
by this somewhat
in
a
field that is
deeply overlaid by
so
so
con¬
heavily charged with political im¬
the
occasion
shjould be characterized
unique abandonment of the role of omniscience
not be
inexplicable
so
as
might superficially
The insurmountable obstacle
the real
of
of
exposition
Congress
commercial conditions
able ;
or
or
any
actual difficul¬
demonstration.
Defeated
in
the issue of Government reorganization
on
—all these evils
the
railroads
and many
indefensible, that in
where
within
be
White House within
feat of the
conscious
henceforth
will
commitments to
undoubtedly avoid
courses
likely to be
un¬
their
some¬
long continuance.
Discussion
in
humiliating de¬
Congress, if Congress determines
consider action
to
week of the
a
government reorganization bill.
at the
present session, will, of
proceed along accustomed lines and
course,
with
mence
of
matters
Government
only
remote
com¬
consequence.
ownership and operation will lurk omi¬
nously in the background, having the
of
Administration
of
are
aspects remain only
only too apparent. It could scarcely
are
dences
anything of the old authority still remains, this
forced upon
are
expected that they would be proclaimed from the
from its manifest
rapidly waning popular prestige, if in¬
numerous
fact
the
and
deed
others
because their elusive warrant is assumed to lie
House
accumulating evi¬
stop promptly such
shown to be unprofit¬
by statutes and regulations that
alertly
with* daily
to
are
standardization that creates the grossest in¬
despite overwhelming partisan majorities in both
Senate,
and
equalities because it deals equally with unequals;
rec¬
be found in
simplicity of the immediate problem rather
than in either lack of vision
ties
may
may
appear.
to definiteness
ommendation, if keenly sought,
by
subsidized competition; in¬
even
experiments when they
These truths
plications.
That
competition,
opportunist
support
of
una vowed but
doctrinaires
who,
unpopularity, have acquired the
sinister policy of
concealing their aims. Reorganiza¬
finances, with scaling of debts, will be urged
tion of
regardless of the evidence that the
tal securities
have
can
no
par
value of capi¬
consequence
while operat¬
popular.
Yet it has long been impossible to look at
ing expenses and taxes
railroad
conditions
nostrums, not yet anticipated by the approximately
sane, will emerge with surprising support
among the
without
recognizing that the
plainly indicated expedients of relief
cessions in
employment,
fare and
(2)
(1)
are
con¬
and restrictive rules of
wages
upward adjustments in rates of
freight, and (3)
and indefensible
these
of
rates
relaxations of the harsh
rigors of regulation.
expedients
are
immediately
vociferous, but
ties
But
among
Senate
and
not earned. No doubt
the sensible and
House
there
majori¬
sane
need
be
new
real
no
dispute.
The railroad
Plainly, too,
available.
in
are
problem
as
it must be envisaged to¬
day is the simple domestic problem that extends
*
every one
of them is, in its
perficially unpopular.
used, for it is by
own way
and degree,
su¬
"Superficially" is advisedly
doubted,
no means
nor
ought it to
itself from households to nations and is
no
one—the
from
balancing of the budget.
charges for
a
escaped by
How collect,
vast multitude of services, each
be doubted wherever there is confidence in the intel¬
relatively small, enough to meet unavoidable
ligent
common
ditures in
under
conscientious
able
so
lic
of the American people, that
sense
and
sound
leadership
reason¬
adjustments would be explained and justified
convincingly
as
to obtain the vindication in pub¬
sentiment that has been the
of conviction and
courage
purchases of supplies, and interest?
taxes,
How
control
expenses,
by the efficient organization of
labor, by sound buying and administration,
so
charges against income may be reasonable?
in the public life of this
Until
these
most definite
problems can be solved,
other collateral question must be imperatively
postoned. Should such recognition of the verities
every
Scarcely
a year
has passed since the railroads,
un¬
which the event exposes
of the
totally without warrant, granted advances in
wages which added greatly to costs of operation;
better
as
these advances
are
still in force.
At about the
same
indiscriminate reduction in passenger
fares,
compelled by the Interstate Commerce Commission
and made
applicable everywhere regardless of local
conditions
or
the
revenue
requirements of particular
railroads, subtracted other tens of millions
earnings side of the income
accounts.
from the
Delayed ef¬
fectiveness of the freight rates just
approved by the
Commission
cost
the
railroads
about
$100,000,000
situation
to
never
be
refused
have
or
directed
evaded it would
attention
to
the
and of the railroad
tent that it
system of the country to the
ought to be considered
as a
Leadership, in this matter, has apparently been de¬
clined
by the White House and evaded by the
resentatives
sion
wrhom
of
the
the
Interstate
President
Commerce
designated
to
evolve
an
emergency
of
busy planning by inadequate and consequently
that has resulted from half
a
century
inept planners. Yet leadership must be found
where.
inquiry.
Other advances,
now
under suspen¬
sion, will in future be authoritatively approved and
a
plan to supersede all past planning and to resolve
these
suspended pending of¬
rep¬
Commis¬
they might have collected during the period
were
ex¬
single entity.
that
just rates
be
ex¬
tremely critical situation of certain of the railroads,
that
ficial
that
these
der Administrative
pressure
an
wages,
customary reward
country.
time
expen¬
rendering these services, including
some¬
It would be invidious to assert that such
ca¬
pacity is not to be found anywhere in the American
Congress.
After all, the problem is of the simplest;
Volume
common
Financial
146
conviction, and courage are the only
sense,
Are these so scarce in the Congress
step forward to
requirements.
2433
Chronicle
of the United States that none can
merits
tical
to commend it to all nations
as
of their
irrespective
history, traditions, racial make-up or prac¬
every-day experience, any attempt on the part
of dictators to
Have Democracies art
weeks ago,
few
with indifference. There are,
expected to view
doubtless, a good many
people in democratic countries who sincerely believe
when the world was startled
by Germany's sudden appropriation
of Austria and
Czechoslovakia might be next in line, the
fear that
already planted is something which
where it is
democratic nations should not be
International
Mission ?
A
prevent its development and destroy
it
extremity of need?
deliver the Nation from an
that political democracy occupies exactly
certainly the freest, that civilization has yet evolved,
that the future of civilization is in its
opinion was openly expressed,
France, that something ought to be done
Britain and
motives for these expressions were
The
it.
about
especially in Great
mixed, but the burden of the
smaller nations that
lay in its path would probably
be overwhelmed and
dictatorship would reign where
democracies,
ciable
governments with at least an appre¬
or
measure
of political
freedom, had existed be¬
the
and
interesting to note that, prior to the World
generally accepted, not indeed as all that could
were
be
desired, but as legitimate parts of the existing
international order. The
sia had many
government of Tsarist Rus¬
of the characteristics of dictatorship,
suppression of dissent was cruel in the ex¬
House of Com¬
Opposition press for his refusal to
curbed
Czechoslovakia in
A small but de¬
country were attacked.
that
It is
War, governments which were far from democratic
but nobody
give some definite pledge of aid to
case
spread should be resisted and, if possible, effec¬
tively stopped.
treme,
Prime Minister, Neville Chamber¬
lain, was sharply criticized in the
mons
its
keeping, and
organized attempt to undermine it or check
and its
The British
fore.
that any
reproaches was the
if Germany was not checked, the
contention that,
that po¬
sition, that democratic government is the best, and
The
survive.
demanded that it should be
might
abated in order that democracies
or
democratic
Austro-Hungarian monarchy had few
features, but Vienna ranked high among
alarm was felt because,
veloped democratic State, it was said, was appar¬
cultural
notwithstanding that the
great British democracy was in some way duty
throughout the parti-colored aggregation of States
bound to
balanced
ently to be left to its fate
help it.
been
have
There
nupiber of such expressions
a
They were loud and insis¬
during the past decade.
when
tent
Japan Occupied Manchuria, set up the
State of Manchukuo,
new
and defied European and
opinion by challenging intervention by the
world
membership in that
body. They were louder and more insistent when
Italy invaded and conquered Ethiopia and ignored
League and withdrawing from
hesitation, ventured
heard
been
which
sanctions
economic
the
much
They have
repeatedly throughout the civil war in
Spain, and have been directed not only at
behalf of
on
the toler¬
Italian, German and Russian intervention
of
ance
after
the League,
to impose.
one
side
the other, but also at the
or
policy of non-intervention to which Great Britain
and France have
The famous
professedly adhered.
"quarantine" speech of President Roosevelt at Chi¬
Oct. 5, 1937, obviously timed to accord with
cago, on
action
by the League, was a clear expression of the
doctrine that democracies have a
right to curb dic¬
tators, especially if the dictators break treaties,
that
insure
to
tions does not
British
if
for international obliga¬
spread. The refusal of Anthony Eden,
Foreign Secretary, to remain in the Cabinet
negotiations with Italy and Germany were to go
they had been going evoked, for the moment,
as
on
a
disregard
and
considerable response
berlain's declaration
with
in England, and Mr. Cham¬
that, while he had
no
dictatorship, he had to deal with
a
sympathy
world in
which dictators exist neither silenced nor convinced
all
of
The
the
question of the mission of democracies in a
calls fqr
examination.
to shrink from the
the
Certainly, if there is
a
duty
dictatorship, they ought not
task, however difficult or costly
undertaking may be. Duty is a stern master, and
disobedience puts one
form of
in peril.
If democracy, as a
government, has such superior and proven
No
difficulty in
democratic State found
getting on with royalist
Italy, or royalist Spain, or imperial Japan because
forms of
of the
government which those countries
had, nor was it generally felt that Italy,
cause
its democracy
For the radical
be¬
had not gone farther.
change of attitude that we now
it is probable that the violence which has accom¬
see,
panied the establishment of Italian
German Nazism is to a
Fascism and
considerable extent respon¬
It is difficult to make
sible.
men
believe that the Italian
French¬
Englishmen
or
people
whole wel¬
as a
Fascism when beatings, killings and
comed
oil
somewhat
democratic than the others, was a menace
more
were so
castor
freely used in breaking opposition. There
would have been less
hostility to Nazi Germany if
killings and a savage treatment
of Jews had not
On the other
and the control
of industry, business, labor and finance in Germany
are not, after all, so different in purpose from some
figured so prominently in Nazi policy.
hand, the Italian corporative State
of the schemes of
cies have
economic planning which democra¬
tried as to raise the spectre of a
peril, and economic
world
self-sufficiency, or autarchy, is
being too widely sought to justify much resentment
over its German or Italian manifestations.
When,
however, to a
systematic use of brute force in do¬
wholesale making over of the
mestic matters and a
political and economic systems are
added an ag¬
gressive expansion policy and a high-handed course
with nations too weak to resist, dictatorship easily
on
the form of a danger to democracy every¬
where.
There is no doubt
already yielded far to dictatorships
in democracies to curb
no
Joseph II ruled, absolutism heavily over¬
democracy.
great
any
takes
Opposition.
world which has
which
over
and
centers,
one.
that it is
a
danger, and a grave
under
a
dictatorship for the
There is no place
personal liberty, freedom of speech and action, and
ultimate control of government by a free expression
of
of
public opinion at the polls which are the marks
a democratic State.
No form of culture and no
exercise of intellectual
freedom have prospered, or
2434
Financial
indeed been
in
and
safeguarded where dictatorship prevails,
Germany religious freedom has been flam¬
The crucial question, however,
boyantly attacked.
is whether
representative government and political
economic freedom
and
things which
are
ple ought to desire and labor to attain.
effort to repudiate
every
principles takes
ter of
a
moral
mocracies have
view
this
President
with which enlightened de¬
wrong,
an
unquestioned right to deal.
and
Roosevelt's
crusade
proposal of
should be obvious
It
cuted
that
It is
underlies
"quarantine."
a
that, if democracies have
mission, the mission is not
that
one
a
be prose¬
can
It involves, in the first place, in¬
peaceably.
terference in the affairs of non-democratic nations.
There
those who would go
are
intervention
are
criticism, public
open
ment of
by force, but the
non-democratic
a
nunciation
private, of the
govern¬
State, resolutions of de¬
control,
or
dictatorial
a
April 16, 1938
practical
significance is immensely im¬
called
not
for where there
begins where there
regime
intrigues to overthrow
or
flee
dicta¬
a
government and establish another in its place.
There has been
good deal of this kind of interfer¬
a
in recent years,
has had any
but it is difficult to
that it
see
effect in commending democracy to the
peoples at whom it has been directed.
it
hopes to avoid
New
19234
Capital Issues in Great Britain
The
following statistics have been compiled by the Mid¬
land Bank, Ltd.
These compilations of issues of new capital,,
which
subject to revision, exclude all borrowings by the
for purely financial purposes; shares
are
British
Government
issued to vendors; allotments arising from the
capitalization
of reserve funds and undivided profits; sales of
already issued
nothing to the capital resources of the
whose securities have been offered; issues for con¬
securities which add
company
version
or redemption of securities
previously held in the
Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans of municipal and county
United
authorities which
not
are
It has been
specifically limited.
[Compiled by the Midland Bank
lost it
1919....
....
1922
—
1925
1926.....i....
1927.
1928
Year to
March 31
March 31
£11,862,000
69,356,000
25,518,000
24.867,000
14,880,000
13,324,000
21,737,000
23,902,000
34,714,000
41,695,000
..............
1921
3 Months to
£39,886,000
1929
1932 .......
.......i.'.-
democracy to nations that have
its
appeal to those that
never
Ultimately,
no
dict it for
interference
moreover,
surer
NEW
CAPITAL
way
to arouse the
another of
accuse
treaty-breaking,
means
war
war.
spirit than
or
wrong-doing, in¬
suggest that it should
put outside the pale because it rides roughshod
international
indictment may
obligations. The accusations* ^nd
be true
far
as
specific facts
as
but the record of those who make
is
^o,
the accusations
rarely beyond reproach at any of the points where
complaint is lodged, and
nation is not
ral
disposition of
a
code
of
democracies
passed away.
resentative
destined
systems
V 206,153,000
33,105,000
UNITED
KINGDOM
BY
154,468,000
MONTHS
long
and
absolute
more
can
they
and
more
to
July
August
September
agree
to be locked in
the
£33,105,082
24,402,925
6,194,413
11,947,382
11,410,592
24,514,648
20,305,459
7,141,184
1,963,697
£217,221,225
UNITED
Neither
of
mortal
way
great
on
February
_
March
has
3 months.
April—
....
May
June
July
August
seem
October
those
November
December
ISSUES
IN
THE
BY MONTHS
Ceylon
Countries
£
Other
Brit.
Foreign
Countries
Total
on
194,000
8,795,000
17,196,000
15,344,000
20,712,000
4,346,000
8,018,000
22,730,000
18,271,000
16,997,000
£
751,000
964.000
221,000
84,000
33,963,000
19,687,000
6,961,000
194,000
1,715,000
305,000
60,612,000
232,000
27,000
1,356,000
73,000
2,014,000
2,939,000
3,537,000
1,770,000
1,528,000
3,763,000
2,069,000
1,572,000
268,000
19,505,000
128,000
153,000
18,411.000
451,000
30,000
155,000
1,090,000 22,264,000
24,403,000
78,000
6.194,000
568,000
26,944,000
20,939,000
20,211,000
9,546,000
1,487,000
3,060,000 217,221,000
2.405,000
407,000
27.614,000
8,043,000
31,000
2.581,000
17,000
9,756,000
1937—January
February
24.802,000
10,456,000
34.000
1,467,000
10.672,000
11.257,000
42,601.000
65,000
6,453,000
425,000
49.543,000
4,792,000
20,000
11,947,000
11,411,000
24,515,000
20,305,000
of living in
the
one
side
either side will
are
fundamen¬
ineradicable, but Mr. Chamberlain
with
CAPITAL
India and
190,808,000
Year
combat
'
May....
August
seems
to adjust impor¬
Italy and is ready,
appar¬
ently, to negotiate with Germany. Political theorists
satisfy them in such arrangements,
7,135,000
8,313,000
22,611,000
14,558,000
6,503,000
1,000,000
396,000
2,097,000
830,000
678",000
141.000
4,481,000
1,125,000
586,000
53,000
96,000
1,867,000
~2~, 000
November
11,372,000
December
10,667,000
680,000
1,015,000
2,273,000
138,768,000
1.634,000 23.304,000
6,520,000
945.000
13,847,000
6,305,000
3,000,000
87,000
2,402,000
26,672,000
4,032,000
2,402.000
13,141,000
October
tant
KINGDOM
58,398,000
_.
September
a way
£170,906,191
NEW
33,019,000
18.502,000
6,877.000
1936—January
July
finding
OF
£
and Italian Fascism the differences
nevertheless to be
12,400,174
17,824,624
United
March
a
13,855,183
Kingdom
monarchies
a
9,546,101
[Compiled by the Midland Bank Limited]
only widen the breach. Between British democracy
£49,543,248
10,456,037
19.505,122
18,410,698
DISTRIBUTION
3 months..
are as
other, and aggression
will find little to
£60,611,769
£182.824,210
April
controversies
19,248,438
6,391,772
11,217,941
June
and
11,257,125
£7,464,872
one.
might not survive, they
to differ and find
harmony. The dangers
6,961,500
26,943,859
20,939,125
20,211,176
.
December
possibly think well of the other, but
are
1938
19,687,120
7,719,440
4,706,804
12,543,554
October
November..
dictatorship, and into
fall.
1937
£27,614,265
10.671,858
53,909,166
6,682,428
June
The distinction today is between rep¬
government and
1936
£33,963,149
resistance, and from that
from which civilization itself
tal
166,846,000
201,365,000
49,543,000
4,108.238
19,727.811
20.610,166
The natu¬
of those two classes the States of the world
on
41,599,000
60,612,000
£41,598,662
3 months
April.
May
September..
as
114,969,000
128,886,000
12,620,080
12,386,235
March
GEOGRAPHICAL
great problem for democracies today is to
adjust themselves to facts. The old distinction be¬
must
70,275,000
28,925,000
24,943,000
one
The
unless
THE
212,081,000
26,995,000
£16,592/347
nation that feels itself unjustly
attitude the step to war is not a
one
IN
1935
January
Year
the moral
necessarily that of another.
attacked is to stiffen its
tween
ISSUES
240,526,000
258,183,000
335,131,000
373,404,000
208,967,000
114,247,000
69,464,000
45,386.000
12,386,000
6,961,000
11,257,000
6,392,000
1938
February
nation to
one
over
78,028,000
82,945,000
103,362,000
13,448,000
...............
188,350,000
205,123,000
233,692.000
57,399,000
7*081,000
1936......
295.545,000
250,643,000
93,207,000
45,889,000
47,253,000
[Compiled by the Midland Bank Limited]
There is
be
...
1934
had it.
for
58,350,000
13,447,000
12,104,000
—
£101,073,000
344,671,000
147,016,000
33,781,000
26,384,000
1930.
1937
enhanced
or
heavy hand, but it
Limited!
Month of
March
1935
a
cases
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED
KINGDOM
1933..
whom
In all
the figures are based upon the prices of issue.
it has made still harder the lot of those
upon
restored
It is the lesson
war.
irritating, it has provoked official resentment, and
dictatorship has already laid
Tolerance is
accord; its function
differences.
are
1931..........................
has not
is
of tolerance that the world must somehow learn if
1920...
torial
ence
the length of direct
more common forms
protest, organized championship of
or
those who dissent from
from its
or
their
portant for the peace of the world.
radically dif¬
on
something of the charac¬
on
mission
of
If they are,
but
them by setting
or suppress
governmental system founded
up a
ferent
every peo¬
Chronicle
Year
1938—January
...
February
March....
3 months.
32,000
13,000
4,885,000
7,141,000
1.964,000
13,855,000
12,400,000
17,825,000
7,200,000 170,906,000
7,465.000
19,248.000
6,392,000
33,105,000
Volume
Financial
146
Gross and
Net Earnings
attention
Unusual
has
of United Stat
been
paid
the railroad
the
problem in recent weeks, and the reason for
expressions of alarm and apprehension and
many
suggestions for remedial action is appar¬
the many
ent in
cline in
and net earnings for
tabulation of gross
our
So profound was the de¬
of February.
the month
that,
revenues
national basis, nothing
on a
remained for owners oLthe roads
Traffic declined
carriers.
the
faced
after payment of
18 years has so serious a
Not in
taxes.
situation
precipitately
s
severity
pression that already threatens to equal in
the
effect
serious
The
1929.
situation has been
on
the railroads of this
heightened by wage increases to
unknown, and above even the 1929
levels heretofore
Taxes likewise have increased sharply and
figures.
steadilv, and the railroads thus find
freight rates per¬
action.
The modest increases of
mitted
by the Interstate Commerce
noted that such increases
of
Commission are
It should be
be insufficient.
to
known
already
themselves in
loudly calls for sweeping remedial
dilemma that
a
started in
business paralysis that
prolonged
de¬
of last year deepened into a
the "recession"
were
effected at the end
March, and therefore did not figure in February
punitive and strangling expedients and experiments
of this Administration
and
industry
studied
Roosevelt
the
from
problem
business
and
angles and viewpoints throughout (March, and
he requested the members of the
this purpose
for
ICC to submit informal recommendations.
sentatives
of other government
consulted,
as
well
results
The
as
bureaus also were
spokesmen for the railroads,
and
investors in
were
labor
railroad
Repre¬
carrier securities.
transmitted
to
Congress
April 12 by the President, in a special message
contains
only
one or
two suggestions.
of this document is available
and in this
study
on
that
The full text
elsewhere in this issue,
only note that the Presi¬
we can
objects both to subsidies and to government
dent
Unification of the many
ownership and operation.
controls
over
with
concludes
President
the
while
is held advisable.
the carriers
permanent
a
suggestion
And
that,
solutions are studied, Congress
legislation "in
prevent serious financial and operating
might well enact some immediate
order
to
difficulties between
next
now
and the convening of the
There is no indication of what
Congress."
Mr. Roosevelt thinks
might be immediately done by
submission of all the
and memoranda hastily assembled
Congress, and instead only a
various reports
in the course of the
Steps that Congress may take are, of course,
im¬
possible to predict, but it is permissible to hope
that
with
along
consideration
of
the particular
paid the
It is now
too plainly apparent that the railroads merely
suffering in an aggravated form from the diffi¬
problem of the railroads, attention will be
general question of business recovery.
all
are
culties which beset all
quence
of five years of ever-increasing
*
and taxation.
cisely
business, as the direct conse¬
what
change in
regulation
What the railroads need most is pre¬
the
country
needs most, namely, a
governmental direction away from the
If trade
affairs, railroads would share in the gain
essential
the
then
problems
could
be more
This is not to say, of
clearly discerned and solved.
that Congress should not attempt a special
course,
immediate
decidedly
Prompt aid is
poultice for the carriers.
necessary,
but the larger problem is even
pressing.
Operating results for the carriers in February
presented here, and little need be
are
now
the lesson
conveyed by the figures.
for that month
were
said of
Gross earnings
only $250,558,802 against $321,-
149,675 in February of last year, a decline of $70,-.
590,873,
The ordered increases of wages
21.98%.
or
paid by the carriers left the managers
earnings
helpless to
situation, and much of the drop of gross
meet this
reflected in a severe decrease of net
was
before
$77,778,245 in February, 1937, the drop amounting to
$42,072,645, or 54.09%. Naturally enough, all areas
and regions were affected similarly.
We present
the February results below in tabular form, together
For February such net earnings,
earnings.
amounted only to $35,705,600 against
taxes,
figures for that month of last year:
1937
235,620
$321,149,675
214,853,202
85.74%
243,371,430
75.78%
—28,518,228
11.71%
$35,705,600
$77,778,245
—$42,072,645
64.09%
Operating expenses.—
Ratio of expenses to earnings.
Net earnings
Inc. (+) or Dec. (—)
—769
0.32%
—$70,590,873 21.98%
1938
234,851
$250,558,802
February—
Mileage of 136 roads
—
suffered
by the railroads last Thursday, when the I. C. C.
ruled by the narrow margin of 6 to 5 against the
application of Eastern carriers for authority to in¬
crease passenger coach fares to 2% cents a mile from
the prevailing level of 2 cents. At the 1936 rate of
traffic, it was calculated that the proposed increase
Another
would add
regulatory disappointment was
nearly $30,900,000 annually to revenues
of the railroads
the
to
concerned.
The majority held that
proposed fare increase would be hurtful both
the carriers and to the public.
Commissioner
Eastman was among
of his
ment
own
the dissentients, and in a state¬
he indicated that
while his own
of the railroad execu¬
he felt they ought to be entitled to take the
judgment differed from that
tives,
risk of
a
fare increase.
The business
all but
a
trend behind the drastic
universally adverse.
change was
In order to indicate in
simplified form the measure of trade activity in
the revenues of the rail¬
relation to its bearing on
during
roads
the
month
basic industries,
have
give below the
under review we
brought together in the table we
figures indicative of
study.
normal
more
Administration
Gross earnings
many
a
released from the straitjacket
has clamped all
were
this
which
into
Month of
President
and toward
relationship of government and business.
with
results.
for the Month of February
Railroads
more
as
2435
Chronicle
activity in the more important
together with those pertaining to
and livestock receipts and revenue
the month of February,
1938, as compared with the corresponding month in
1937, 1936, 1932 and 1929. On examination it will
be readily seen that the output of all the industries
covered, with the exception of Pennsylvania anthra¬
cite coal
(which was on a somewhat increased
scale) was greatly reduced from February last year,
the falling off in the case of steel production having
grain,
cotton
freight car loadings for
been
(according to the
American Iron and Steel
particularly severe, reaching
figures compiled by the
Financial
2436
Institute)
no
less than 60%.
Chronicle
PRINCIPAL
It follows, too, that
April 16,
CHANGES
OF
■
loadings of revenue freight were on
car
reduced
a
Illinois Central
r
.•
scale.
Eeceipts of cotton at the Southern outports,
having been
greatly increased
on a
Southern
1936
1929
__
364,193
287,542
117,418
466,418
Building ($000):
Constr. contr. awarded b
119,038
188,257
140,419
89,046
361,274
Atlantic Coast Line..
Pa. anthraelte.d...
"
■
South¬
receipts,
Western Pacific
399,074
ern ports (bales).f...
Livestock receipts g:
Virginian
•
Great
247,204
261,252
804,338
Chicago (cars)
...
Kansas City (cars)...
6,644
6,564
2.809
2,553
13,955
5,193
19,361
2,392
1,665
1,738
2,270
4,906
5,793
7,017
Terminal..
Delaware & Hudson
Chicago Great Western.
Central of New Jersey..
Milw St P & S S Marie..
Richm Fred & Potomac.
Central Vermont.
Northern..
...
N Y Ontario & Western.
Total (66 roads)...... $40,929,136
These figures cover
the operations of the New York Central and the
Chicago & St. Louis. Michigan Central,
Cincinnati Northern, and Evansville Indianapolis <St 'xtrre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decreasetof $4,768,665.
a
6,054
...
131,575
129,377
129,015
122,708
120,517
117,554
117,459
112,713
110,549
108,364
Illinois
368,543
368,316
310,391
292,577
291,257
386,096
Omaha (cars)........
Nash Chatt & St Louis..
Monongahela..
430,503
420,862
Detroit Toledo & Ironton
(cars).e x2,155,451 x2,763,457 x2,512,137 x2,228,777 x3,797,183
■
Cotton
607,727
575,986
521,575
494,663
443,(>48
_
Louisville & Nashville
Freight Traffic:
Car loadings, all
__
Grand Trunk Western._
Pittsburgh & Lake Erie.
Wheeling & Lake Erie
Lehigh Valley
27,000,000 42,110,000 41,154,000 28,383,000 47,271,000
3,525,000 3,368,000 6,975,000
4,061,000
6,670,000
...
622,260
Georgia
Alabama Great Southern
Northwestern Pacific
Maine Central
732,808
Elgin Joliet & Eastern..
Pere Marquette.
Coal (net tons):
Bituminous.c
Central of
649,226
Chic Milw St Paul & Pac
186,806
229,459
220,279
216,041
191,471
172,826
167,691
150,162
144,983
141,754
138,276
138,065
Det & Toledo Shore Line
794,715
759,440
N Y Chic & St Louis
St Louis-San Fran (2 rdsj
Boston & Maine
(cars):
Production
(passenger
cars, trucks, &c.).a-_
Automobiles
251,074
250,162
246,985
242,784
...
Wabash
1932
$287,874
269,397
269,364
266,471
265,759
Missouri-Kansas-Texas..
1,469,712 Chic Ind & Louisville
1,118,651 Alton
1,030,175 Denver & Rio Gr Western
1,013,793 Cin N O & Texas Pacific.
844,926 Chic & Eastern Illinois..
_
N Y N H & Hartford...
1937
Decrease
Decrease
Missouri Pacific
1938
1938
Seaboard Air Line
8205,701
Chicago Burl & Quincy.
Reading
bountiful harvests.
February
1938
MONTH
...
compared with a year ago, due to the recent
as
THE
Tnrrence
__
•/..!
'
FEBRUARY,
FOR
a$4,325,617 Chicago & North Western
Pennsylvania
3,263,768 Del Lack & Western
Baltimore & Ohio
3,049,339 Bessemer & Lake Erie...
Southern Pacific (2 rds).
2,529,884 N O Tex & Mex (3 rds)...
Chesapeake & Ohio.....
2,308,182 Chic R I & Pac (2 roads).
Atch Top & Santa Fe___
2,302.438 Western Maryland
Norfolk & Western—...
1,897,139 Northern Pacific
Erie (2 roads)
1,630,907 Texas & Pacific
receipts of the different farm products,
the last-named
scale
'
•
EARNINGS
New York Central
however, were larger, as were the receipts of live¬
stock and
**
NET
IN
leased lines—Cleveland Cincinnati
Western flour and grain
receipts h:
Flour (000 barrels)...
Wheat (000 bushels)..
When the roads
'
1,595
1.663
1,487
1,421
6,316
5,467
23,191
27,215
Corn (000 bushels)
Oats (000 bushels)--.
18,136
9,541
13,240
12,590
30,363
3,939
3,610
4,295
5,000
9,551
Barley (000 bushels)..
6,817
3,631
4,039
1,558
4,819
951
557
1,128
300
1,021
Pig iron production.k._
1,298,268
2,999,218
1,823,706
964,280
3,206,185
Steel ingot production.!.
1,703,245
4,413,832
2,964,418
1,457,710
x736,630
x727,610
Shipments, m.
X673.516
X985.433
X795.282
Orders received.m
X746.219
X872.108
X772.054
arranged in
groups, or geo¬
4,328,713
X563.033
are
1,889
8,850
>
Rye (000 bushels)
.
graphical divisions, according to their location, the
exceedingly unfavorable character of the returns is
strikingly brought out, in
very
Iron & Steel (gross tons):
found that all the three great
■
1
United
States
.
'
States Bureau
of
east
Rocky
of
the
Census,
Mountains),
d United States Bureau of Mines,
x387,950 xl,319,786
x551,724 xl,411,582
X403.373 xl,493,843
c
e
b F. W.
National
Dodge Corp. (figures for 37
Bituminous Coal Commission,
Association of American Railroads,
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
h New York Produce Exchange,
k "Iron Age."
1 American Iron
in each city,
and
Steel
Institute,
National
m
Lumber
Manufacturers Association
reporting mills varies in the different years),
Ill view of the
that
the
when
roads and
of
(number of
Four weeks.
foregoing, it is
systems
the
x
no
surprise to find
figures of earnings of the separate
scrutinized the lists of roads
are
reporting losses in
case
of $100,000, in both the
excess
of the net, are
and
gross
very long
(totaling 72 in the former and 66 in the latter), and
embrace
gross
roads
and
and net), are in
large amounts.
report
the various
out
Only
of the
net, and
for very
show
one
same
even
all
instances for very
earnings in
excess
holds true also in the
then the gains in both
small amounts.
amounts
in
of the net
in many
of
the
or
Pennsylvania
.....
New York Central..
Baltimore & Ohio......
Southern Pacific (2 rds).
the
and regions
ICC.
Southern
Erie (2 roads)
....
Missouri Pacific
Reading..
Chicago Burl & Quincy.
Pittsburgh & Lake Erie.
_
.
Chic Milw St Paul & Pac
Elgin Joliet & Eastern__
Hartford
St Louis-San Fran
Maryland
Delaware &
Hudson
Detroit Toledo & Ironton
(2 rds)
Pacific
Chicago & St Louis.
Wabash
Lehigh Valley
3,552,169
3,010,528
Texas
2,418,917
2,139,808
Chic Ind & Louisville
Seaboard Air Line.
21-102 >47
N O Tex & Mex
2,028,819
i,884,794
1,600,449
Central of New Jersey..
St Louis Southwestern..
1,399,789
1,326,857
1,113,314
1,104,316
1,073,858
1,032,681
974,037
967,478
957,446
Cin N O & Texas Pacific.
Chicago Great Western.
&
Pacific
(3 rds).
.
Missouri-Kansas-Texas..
SUMMARY BY
Month
Boston & Maine
Chicago & North Western
Pere Marquette....
Wheeling & Lake Erie..
_
Louisville & Nashville.
Great Northern
.
_
Grand Trunk Western__
Del Lack & Western
Atlantic Coast Line....
Denver Rio Gr & West..
sys¬
$507,602
478,518
455,855
443,227
417,135
380,987
368,595
333,262
309,449
305,926
286,908
268,167
264,415
214,794
185,951
184,046
Central of Georgia
Alton
183,242
177,479
175,761
171,061
169,455
158,275
157,124
156,077
145,820
134,412
125,654
110,406
104,327
...
Northwestern
Pacific.._
Denver & Salt Lake
Richm Fred & Potomac.
Maine
Central
Utah
—Gross
(10roads)....
Earnings
1937
$
New England region
$
—~
Inc.
(+)
-
■■■■': V'
or Dec.
$
(—)
%
11,046,654
Central Eastern region (18 roads)
13,254,500
—2,207,846
16.65
45,654,590
Great Lakes region (24 roads)
62,413,148
—16,758,558
26.85
47,823,026
58,907,287
—21,084,261
30.59
104,524.270
144,574,935
—40,050,665
27.70
37,473,488
43,096,880
-5,623,392
13.04
14,672,003
Total (52 roads)
20,398,163
-5,726.160
28.07
—11,349,552
17.87
Southern region (28 roads)
(4 roads)
52,145,491
63,495.043
(15 roads)... 25,427,110
Central Western region (16 roads). 46,063,564
29,499,966
—4,072.856
56,828,720
—10,765,156
18.94
26,751,011
—4,352,644
16.27
Western District—
•"
22,398,367
r
;
13.80
93,889,041
113,079,697
—19,190,656
16.97
Total all districts (136 roads)...250,558,802
321,149,675
—70,590,873
21.98
District and Region—
Month of Feb.
..$68,919,633
—Net
1938
Earnings
1938
1937
1937
$
Mileage
Eastern District—
$
Inc.(+)
or
DecA—)
$
%
New England region.
7,976
6,981
1,780,441
3,670,635 —i.890,194
51.49
Great Lakes region..
26,354
26,535
4,941,257
68.04
24,735
24,801
6,878,865
15,462,125—10520.868
16,922,728—10043,863
58,065
58,317
13,600,563
36,055,488 —22454,925
62.27
38,680
38,756
7,761,973
11,190,128
-3,428,155
30.63
6,039
6,048
4,377,860
8,988,471
-4,610,611
51.29
44,719
44,804
12,139,833
20,178,599 —8,038.766
39.83
45,895
56,758
46,092
697,951
2,331,168 —1,633,217
Cent. West, region..
56,887
5,230,510
12,044,615 —6,814,105
56.57
Southwestern region.
29,414
29,520
4,036,743
7,168,375 —3,131,632
43.68
Central Eastern reg'n
Total.
..
59.35
Southern District—
Southern region
Pocahontas region
Total
Western District—
Northwestern region.
Total
70.05
132,067
132,499
9,965,204
21.544.158—11578,954
53.74
Total all districts...234.851
235.620
35,705,600
77,778,245 —42072.645
54.09
NOTE—Our grouping of the roads conforms to the classification of the Interstat®
Commerce Commission, and the following indicates the confines of the different
groups
and regions:
EASTERN
New England
Great
Lakes
New England
a
DISTRICT
Region—Comprises the New England States.
Region—Comprises the section
on
the Canadian
boundary between
and the westerly shore of Lake Michigan to Chicago,
line from Chicago via Pittsburgh to
Central Eastern
and north of
New York.
Region—Comprises the Bection south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
east of a line from
to the mouth of the Ohio
and
Total (72 roads)
a These
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of
$8,933,418.
GROUPS
Northwestern region
Chicago & East Illinois._
Monongahela
Central Vermont.
Island
835,529 Virginian
790,291 Det & Toledo Shore Line
754,683 Pittsburgh & West Va._
727,191 Illinois Terminal
701,134 Alabama Great Southern
686,986
663,268
652,375
625,982
588,513
516,974
516,190
indicated in the
Southern District—
case
Milw St P & S S Marie..
Nash Chatt & St Louis..
___
Illinois Central
boundaries of the
are
1938
of February—
Eastern DistrUt-
of
258,542
244,345
232,305
229,197
Long
The
District and Region-
Decrease
948,383
Chespaeake & Ohio
Norfolk & Western
Atch Top & Santa Fe___
Union Pacific
As previously
footnote to the table:
and net:
gross
a7,820,104 Western Pacific
4,417 873
below.
case
70.05%.
$100,000, whether
Bessemer & Lake Erie...
Chic R 1 & Pac (2 roads).
Western
as
classification of
groups
less than
the roads to conform with the
different
Pocahontas region
Increase
$114,042
Decrease
$10,647,831
is
50%, and in the
no
Southwestern region (21 roads)
decreases, and in both
Mobile & Ohio
Northern
groups
we group
Total (52 roads)
increases
N Y
by
over
region
Total (32 roads)
of
per¬
exceedingly high, reaching
are
Northwestern
Our summary
PRINCIPAL CHANGES IN GROSS EARNINGS FOR
THE MONTH
OF FEBRUARY. 1938
N Y N H &
earnings,
instances well
explained,
In the subjoined table we
excess
both
Moreover, the
cases are
changes for the separate roads and
for
and net earnings alike.
centages of the losses shown, especially in the case
(both
solitary road is able to
gross
single exception, report decreases in
a
gross
regions comprising these districts, with¬
of all classes and in
The losses, too
numerous
increase in
an
$100,000, and the
tems
systems
part of the country.
every
all
as
'
Note—Figures in above table Issued by:
a
it is
as
the Southern and the Western—as well
ern,
Lumber (000 cubic feet):
Production, m
much
as
districts—the East¬
a
line thence
to
River, and north of the Ohio River to Parkersburg, W. Va.,
southwestern corner of Maryland and by the Potomac
the
River to its mouth.
SOUTHERN
DISTRICT
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.
Volume
Pocahontas
Virginia,
Financial
146
Region—Comprises
of Kentucky
east
of the southern boundary of
River north to Parkersburg, W. Va.(
southwestern corner of Maryland and
thence by the Potomac River to its
Oats
Barley
Rye
(bush.)
(bush.)
(bush.)
49,000
814,000
55,000
63,000
44,000
1937
the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
•
section south of the Northwestern Region
of a line from Chicago to Peoria and thence to St. Louis, and north of a line
St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Central Western Region—Comprises the
to the Pacific.
Southwestern Region—Comprises
Corn
(bush.)
158,000
336,000
154,000
14,000
2,000
50,383,000
21,843,000
9,191,000 15,370,000
2,288,000
8.032.000
7.392,000
1,544,000
DISTRICT
Northicestern Region—Comprises
west
Wheal
(bush.)
Sioux City—
1938
'•'v'''"
mouth.
WESTERN
from
Flour
(.bbls.)
the section north
and the Ohio
and south of a line from Parkersburg to the
the section lying between the Mississippi River
Louis to Kansas City and thence to El Paso,
Total All—
1938
3,082,000
19,088,000
1937
3,400,000
13,665,000
As to the cotton traffic
was
Rio Grande to the Gulf of
far
as
Western
fell
Mexico.
roads, taking them collectively, had the
the
grain traffic in
advantage of a very much larger
February the present year, the largest, in fact, for
the month since
Moreover, all the
February, 1932.
this
port receipts of cotton are concerned, but
far below last
overland
Southern roads,
over
much larger than in February, 1937, so
very
south of St. Louis and a line from St.
and by the
2437
Chronicle
year's movement in the case of
It is proper to
shipments of the staple.
state, however, that last year's overland movement
of cotton
the
was
recent
any
largest recorded for February in
in
overland
shipments
Gross
year.
different
cereals, in greater or less degree, helped
February,
swell the
receipts, the increase in the case of corn
177,502 bales in February, 1937, but comparing with
barley having been particularly pronounced.
only 94,484 bales in February, 1936; 52,121 bales in
and of
Altogether receipts of the five cereals, wheat, corn,
at the Western primary mar¬
for the four weeks ended Feb. 26 aggregated
of
kets
years are
the
the
RECEIPTS
and
1932
no
than
less
COTTON
AT
SINCE
AND
PORTS FOR THE MONTH OF
28, 1938, 1937 AND 1936
SOUTHERN
JAN.
TO
1
FEB.
1937
1938
1936
1937
1938
1936
33,258
102,611
111,093
Galveston
In the following table
Since Jan. 1
February
Ports
72,969,000 bushels in the
corresponding weeks of 1929.
Details
for the last six
cotton
set out in the subjoined table:
OF
FEBRUARY
1936, but comparing with 42,639,000 bushels in
in
port movement of
28,169,000 bushels
four weeks of 1937 and
same
159,617 bales against
only
were
1932, and 122,064 bales in February, 1929.
oats, barley and rye,
38,693,000 bushels as against 23,655,000 bushels in
1938,
55,810
264,218
99,706
155,164
77,384
236,672
in
give the details of the Western grain movement
our
usual form:
33,779
82,114
276,574
Corpus Christi
we
2,533
1,086
5,886
4,597
2,628
Beaumont
1,585
9,799
6,783
1,650
11,065
6,783
156,671
132,808
79,371
307,237
294,417
205,037
7,620
20,537
13,743
20,740
36,138
29,125
1,915
11,623
9,430
Houston, &c
New Orleans
Mobile
—
.
735
350
Savannah
2,601
5,295
6.887
4,666
15,094
Charleston.
4,380
4,517
4,997
FLOUR RECEIPTS
11,800
9,071
Flour
Wheat
Corn
Oats
Barley
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
4 Wks.End.
Feb. 26
Rye
(bush.)
206
1938—-
836,000
664,000
5,349,000
1,052,000
734,000
267,000
1937
900,000
377,000
2,318.000
633.000
747.000
877
165
3,706
1,071
548
5,003
1,893
1,721
11,726
3,347
10,079
3,914
8,485
3.383
2,969
Lake Charles
Wilmington
Norfolk
Chicago—
792
573
Pensacola.
WESTERN GRAIN AND
7,919
4,133
....
4,431
52,000
65
Total-.-——
Minneapolis—
8
24
118
15
148
399,074
247,204
261,262
917,846
559,338
672,178
Jacksonville
295,000
1938
1,466,000
2,091,000
508,000
1937
1,449,000
180,000
138,000
632,000
276,000
618,000
135,000
4,000
222,000
59,000
178,000
In the
following table
furnish
we
a summary
of
Dvluth—
99,000
1,366,000
1,000
1938
72,000
5,000
122,000
34,000
88,000
1937
66,000
6,000
415,000
20,000
46,000
1938—
464,000
406,000
191,000
6,000
1937—.
380,000
228,000
418,000
2,000
the
of the gross and net
comparisons
9,000
32,000
1938-—
1937
Milwaukee—
February
earnings of the railroads of the country for each
back to and including 1909:
year
Toledo—
1938
Year
February
--
Given
Year
Cent
(—)
Year
Given
Preced'g
$174,423,831 $161,085,493
174,574,962
202,825,380
909
1938
985,000
2,332,000
950,000
1937
633,000
2,259,000
31,000
910
34,000
1,000
1,025,000
911
+ $13,338,388
+ 8.28
81,871
80,308
+ 28,250,418
+ 16.18
82,149
80,622
202,492,120
—1.70
88,651
87,783
86,351
88,333
86,054
90,921
87,973
245,541
249,795
912
446,000
1938....
467,000
1937
954,000
740,000
3,026,000
1,939,000
428,000
730,000
169,000
6,000
181,000
218,031,094
197,278,939
913
232,726,241
218,336,929
—3,456,863
+20,752,155
+ 14,389,312
914
St. Louis—
209,233,005
210,860,681
267,579,814
233,056,143
—23,823,138
+ 6.59
—10.22
212,173,967
—1,303,286
—0.61
209,573,963
+ 58,005,851
+ 27.67
271,928,066
269,272,382
+2,655,684
+0.98
199,035,257
...
915
Peoria—
195,000
87,000
1,693,000
216,000
269,000
96,000
916
1938
1937
165,000
45,000
1,070,000
114,000
223,000
155,000
917
1938
46,000
2,651,000
1,234,000
166,000
1937
65,000
1,976,000
927,000
130,000
145,000
227,000
101,000
923
77,000
56,000
325,000
924
-
_
—
922
1937
925
Wichita—
926
'
'
.......
1937
777,000
5,000
442,000
1938
17,000
WW*
1937
92,000
285,000
141,000
1,595,000
8,850,000
1,663,000
6,316,000
18,136,000
9,541,000
35,000
24,000
59,000
8,000
1,000
3,939,000
951,000
3,610,000
557,000
Flour
Feb. 26
66.381
+ 21.30
232,957
233,266
+ 72,431,089
+20.76
231,017
—4.51
231,304
235,653
405,200,414
—4,772,834
—1.17
235,625
234,880
400,146,341
445,870,232
+ 44,745,531
+ 11.18
235,399
235,528
+ 31,939,712
+ 7.16
235,506
478,451,607
—24,441,938
+ 5,029,255
—5.10
236,642
235,876
236,031
+ 1.10
236.839
236,529
454,198,055
—19.171,075
234,510
+ 8,723,567
+ 1.90
237,970
236,870
—12,850,859
—2.74
239,584
238,731
474,780,516
427,231,361
336.137,679
456,487,931
+ 18,292,585
+4.00
234,884
242,668
475.265,483
—48,034,122
—10.10
242,348
242,113
427,465,369
—91,327,690
—21.36
242,660
266,892,520
213,851,168
336,182,295
266,231,186
—69.289,775
—20.61
242,312
242,726
240,943
—52,380,108
—19.67
241.189
241,467
934
248,104,297
211,882,826
+ 36,221,471
+ 17.09
239,389
254,566,767
248,122,284
+ 6.444,483
+ 2.59
238,162
241,263
239,433
936
300,049,784
254.555,005
+45,494,779
+ 17.87
237,051
238,280
937
321,247,925
300,021,278
+ 21,226,647
+ 7.07
233.515
234,285
250,558,802
321,149,675
—70,590,873
—21.98
234.851
235.620
929
930
931
Wheat
Corn
Oats
Barley
Rye
(bbls.)
2Mos.End.
+ 9.64
+61,656,597
938
17,000
Total All—
1937
+ 25,148,451
289,392,150
468,532,117
932
1938
66,041
260,627,752
935
Sioux City—
20,000
248,738
459,084,911
927
14,000
928
1938
86,985
244,809
348,749,787
424,172,348
405,001,273
400,430,580
444,891,872
477,809,944
454,009,669
459,227,310
467,808,478
455,681,258
921
Joseph—
1938
86,159
92,300
421,180,876
919
920
+ 10.51
351,048,747
285,776,203
918
Kansas City—
'
Dec.
•Preceding
Per
(+) or
......
Indianapolis-Omaha—
St.
Inc.
Year
of
1937
Mileage
Gross Earnings
Month
Detroit—
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
933
Chicago—
1938
1,587,000
1,821,000
1,279,000
10,568,000
563,000
2,324,000
Net Earnings
816,000
5,975,000
1,497,000
173,000
4.575,000
1,178,000
768,000
of
Year
3,751,000
Year
1938
3,550,000
410,000
290,000
455,000
February
Given
Preceding
1937
1,390,000
298,000
3,570,000
736,000
3,000
10,000
1937
Month
Minneapolis—
Duluth—
Increase
(+) or
(—)
Decrease
+ 111,883,713
Per
Cent
1937
358,000
305,000
243,000
+31.84 "
Milwaukee—
$49,194,760
56,976,253
$37,311,587
910
49,241.904
+ 7,734,299
+ 15.70
911
49,888,584
56,920,786
—7,032,202
—12.35
912
1938
57,411,107
59,461,341
49,135,958
+ 8,275,149
909
1938
145,000
7,000
222,000
68,000
255,000
116,000
8,000
899,000
45,000
103,000
914
915
Toledo—
+ 16.84
57,458,672
+ 2,002,769
+3.48
39,657,965
51,257,053
913
1937
-
59,553,012
—19,895,047
—33.40
39,274,776
+ 11,982,277
+30.50
+ 56.59
1938
702,000
1,265,000
438,000
7,000
28,000
916
79,929,463
51.043,120
+28,886,343
541,000
400,000
1,092,000
4,000
51,000
917
58.904,299
80,331,661
—21,367,362
—26.67
1937—
918
27,305,808
56,250,628
—28,944,820
—51.45
27,623,406
Detroit—
40,666
64,000
7,636,000
2,225,000
1,000
4,644,000
2,275,000
47,000
2,000
1938
1,771,000
1937
1,104,000
1937
48,000
57,000
98,000
St. Louis—
1938
887,000
1,758,000
13,374,000
932,000
221,000
32,000
1937
992,000
1,613,000
4,696,000
1,495,000
403,000
27,000
552,000
659,000
183,000
189,000
4,351,000
2,370,000
260,000
581,000
344,000
5,993,000
3,277,000
348,000
4,182,000
1,907,000
252,000
1938
368,000
699,000
333,000
1937
185,000
171,000
600,000
1938
368,000
214,000
1937
350,000
Kansas City—
1937
—4.13
28,814,420
—1,194,014
27,117,462
—16,428,891
—60.58
9,234,932
+ 11,536,799
+ 124.92
+54,882,820
+ 251.47
76,706,840
21,824,020
923
70,387,622
76.630,334
—6,242,712
924
104,117,278
99,460,389
70,729.908
+33,387,370
104,441,895
—4.981,506
—4.76
—0:03
922
925
—8.14
+47.20-
95,000
121,000
99,480.650
99.518,658
—38,008
927
107,148,249
108,120,729
99,399,962
107.579,051
+ 7,748,287
928
+541,678
+0.50
929
126,368,848
108.987,445
+ 17,381,393
+ 15.94
930
97,448,899
125,577,866
—28,128.967
—22.39
931
Peoria—
1938
-
921
Indianapolis-Omaha—
1
920
10,688,571
20,771,731
919
1938
64,618,641
932
57,375,537
41,460,593
926
933
+ 7.79
97,522,762
—32,904,121
—33.73
66,078,525
—8,702,988
—14,727,011
—13.17
56,187,604
+46.46
—26.21
59.923,775
40,914,074
+ 19,009,701
935
54,896,705
59,927,200
—5,030,495
—8.39
936
64,601,551
55,402,531
+ 9,199,020
+ 16.60
937
St. Joseph—
77,743,876
64,603,867
+ 13,140,009
+ 20.33
938
35,705.600
77,778,245
—42,072,645
—54.09
934
Wichita—
1938
1,806,000
32,000
2,000
1937
974,000
30,000
22,000
-
Financial
2438
Chronicle
April 16, 1938
*
•
Annual Report of the Board
of Governors of Federal Reserve System—Year Marked
by Considerable Shifts in Foreign Viewpoints Toward Future Price of Gold—
Reserve Situation Abroad—Increase in Reserve Requirements During Year
Tlie fact that "the year 1937 was marked by considerable
character
the
St
future price of gold,
accompanied by heavy international movements of floating
money"
is
annual
the
in
noted
for
report
the
calendar
moderate
were
balance
the
The
1937 of the Board of Governors of the Federal Reserve
year
System, presented to Congress under date of April 4.
"This
shifting situation did not develop immediately," says the
"while the outflow of balances
which states that
report,
the
in
last
months
three
of
the
year
comparable
was
in
magnitude with the inflow in the spring, the total capital
outflow
balance
on
gold
less, since
was
securities
of
outflow,
less
than
in
turn,"
in
the
the
autumn
foreigners continued to
the
American
continues
withdrawals
net
of
excess
the
of
volume.
during
this country lost a considerable amount of gold."
also
we
For
following
the
Tripartite
Declaration
in
and
the
Netherlands,
more
settled
there
was
and
international
flights
which
large
The
invested.
It
was
at
period
a
leading security markets in the
foreign
movement
capital
passed
was
in
placed
were
tending to bring gold to the United States
throughout the first quarter of
Both
the
industrial
that
but
1936,
securities
it
States,
vigorous
Argentina
An
additional
time
the
rise
in
the
redemptions
Recovery
markets
for
its
in
the
products
Toward
markets.
the
end
of
1936
it
This
tendency
continued
through
1937.
of
spring
the
the
United
markets
had
price
of
with
combination
States
and
created
regard
gold
be
gold
sustained
a
speculative
situation
a
might
to
of
tendencies
favorable
reduced.
The
to
shift
precipitated
was
inward
in
certain
that
rumors
in
by
the
of
movement
commodity
the
market's
developments
gold
American
expectations
early
in
April.
Substantial
certainty sell
arrived
later
banks
fell
abnormal
floating
of
this
The
the
such
of
the
outlook
began
character
of
contrast
partite
eign
extent
an
discount
market
for
to
that
from
was
gold.
its
the
American
factor
a
the
capital
that
to
Declaration
selling
and
balance
on
of
dollar
flow
of
capital
week
of
other
in
to
the
in
United
of
gold
"parity."
than
abroad.
amounting to
in
rose
the
represented
are
the
cover
the
the
end
carrying
of funds
the
service
items
showed
of
total
net
States,
$775,000,000 of gold,
inflow,
was
the
purpose
factor
private
received
from
balances to
banks,
to
October and
accumulated
taining the
October.
ances
however,
The
autumn
business
*
situation.
gold flow
The
held
with
chart
with
which
the
by
to
the
and
between
in
it.
quarter
of
interrupted
business
earlier
had
favorable,
the
set
than
these
Federal
acquire
banks
of
1937
The
of
the
in
foreign
the
lost
banks
also
the
for
purposes
their
in
year
started
of
a
central
been
quarter
of
the
withdrawal
year.
that
was
of
some
others
for
were
Undoubtedly the chief
the
was
price of gold
as
only;
they
effect
of
took
and
United
the
larger
shift
in
the
foreign
the
altered
result of
a
The
in
vault
has
trade
the
the movement
Certain
spring
foreign
movement
in
prefer¬
leading factor in
diminished
a
during
1937
and
of
of
scale,
sus¬
until
bank
central
other
foreign
the
to
on
had
become
the
middle of
reduce
acute
business
dollar
which
and
became
Private
in
less
balances
September and when in October
their
balances
the
of
Security
balances
continued
transactions,
United
throughout
notwithstanding
a
the
the
the
to
that
process
their
currencies
acquisitions
in these
also
commercial
deposits
of
foreign
credit
in
States.
other
and several
recent
coun¬
The
years.
of currency
shown.
is
In
and
growth.
all
the
For
many
excess
of
their
the
of
of
balances
of
relative
greatest
England these deposits
confirm
Such
this
figures
banks
commercial
reserves
now
of
indication
those imposed
as
ap¬
portion
reserve
1929.
foreign
part
cases
that
in
requirements such
is
degree.
growth
a
larger
even
except
were
available
most
extent
some
an
deposits
they
It
corresponding
represents
countries
are
the
and
banks
as
as
reserve
but in
banks,
France.
in these five countries,
grown
broadly
a
these
in
great
as
reserves
legal
States
have
to
central
at
It
times
bank
United
reserves
are
Amer¬
on
be
as
are
in
to
appear
of
legal requirements.
of customary
levels
reserves
as
of
banks
American
Reserves
Central Bank in
Notes and Deposits
Foreign
Gold
Switzerland: (Swiss francs)
Dec. 31, 1929
Notes
Exchange
Deposits
595,000,000
2,679,000,000
353,000,000
999,000,000
200,000,000
513,000,000 1,531,000,000 1,716,000,000
447,000,000
1,366,000,000
220,000,000
5,000,000
851,000,000
868,000,000
19,000,000
656,000,000
1,175,000,000
3,525,000,000
578,000,000 2,685,000,000
4,308,000,000
685,000,000
245,000,000
266,000,000
539,000,000 1,045,000,000
569,000,000
Dec. 25, 1929
146,000,000
380,000,000
Dec. 29, 1937
326,000,000
505,000,000
Dec. 31,
1937
Netherlands:
(Guilders)
Dec. 30 1929.
Dec.
27, 1937
Belgium: (Belgas)
Dec. 26, 1929-..
Dec. 29,
Sweden:
1937
States
final
drastic
190,000,000
(Kronor)
Dec. 31, 1929-.
Dec. 31, 1937—
...
272,000,000
751,000,000
980,000,000
England: (Pounds sterling)
Note
71,000,000
121,000,000
deposits—Only one of the five banks shows deposits by commercial banks
separately.
The above figures represent the following categories of deposits—
on
Switzerland:
all
deposits; Netherlands and Belgium: deposits other than those of
government; Sweden: deposits other than foreign; England: bank deposits only.
Furthermore,
6fcown.
Gold
yet been
is
There
is
ment
fund
The
in
from
in
in
in
in
20%
of
of
the
increase
the
countries
in
This
is
the
the
is
and the
market
current
parity
prices
Sweden.
a
source
of
constitute the
those
In
bank reserves,
banks,
aside from
1937
appear
of
continuing
ample
world
to
business
or
for
govern¬
stabilization
Sept.
30,
consequently
in
gold,
countries.
the
excess
1937.
in
the
of
the
future gold production
is estimated to have been about $1,250,-
more
double
than
enlargement
market
also
increased.
on
far
questions of
strength
price
those
England
and
therefore,
is,
gold
gold stocks internationally.
considerably
chief
countries
in
fund
($1,400,000,000)
the
yearly output prior to revaluation of the dollar in
is
full
Netherlands have not
stabilization
the
except
central
gold production in
000,000.
the
with
by
£280,000,000
in the table,
of
countries
Sweden
above
held
commercial
redistribution
World
75%
gold
gold amounted to
potential
five
England,
accordance
to
addition
each
the
of
none
reserves
revalued
which
been
had
recession
a
outlook
shifted.
of
In
RESERVES, NOTES, AND DEPOSITS AT SELECTED CENTRAL BANKS
or
prices,
of
autumn
the market's holdings
is
increased
in
reserves
States.
stock
the
potentialities for extensive
undoubtedly represents to
the
institutions;
excess
bal¬
Outflow
American
in
continuation of
acquisitions
upon
the
bank
occurred.
subject to
much
additions
substantial
h'kvd
banks
outside
have
banks.
many
extraordinary
ican
final
At the turn
developing.
readjustment
reserves
reserves
central
notes
of
in
commercial
of
process
the
of
now
considerable
central
commercial
not
the
market
increase
now
were
the
reserves
respects similar to those in the United
some
made
as
the
are
gold
be temporary.
to
the
since
form
growth of
deposits
increase
increae
during
result of the growth in their reserves, which in
a
the
additional
gold
in
funds
reported
of countries comprises the greater part of the current inter¬
that,
and
notes
i3
by the United
balances
in
balances with
parent
As
the
have
This group
national
however,
irregularly
also
are
these
the
in
was
represented
reserves
on
table shows
that
and
reported capital
scare,
crisis
these two countries
tries
but
to France proved
Switzerland,
bank
expansion that
stabilization
published,
French
September, 1936.
further
heavy
however,
foreign
not
capital
new
going
exchange,
from
gold.
The
merchandise.
of
and
France, the Netherlands, and Switzerland increased.
and
Switzerland
Another
funds
even
ceased.
in
on
banks
American
viewpoint
began to be withdrawn in
central
in
the summer,
As
probable
British
losing gold several foreign countries
was
of
are
in
return
the
Netherlands
$580,-
merchandise
the
dollar
was
States,
movement
Reserve
in
largely
participated
to
United
the
decline
in.
also
is
the
*
Holdings
central banks
first
United States
which
larger
States
Autumn
September
It
spring by
the dollar
the United States
While
gaining
figures shown
By
November.
redemp¬
money.
been
in
For¬
the
extent
brokers
the
have
may
amount
had
of
the
commercial banks
the
was
Tri¬
extraordinary
short-term
banks
funds
inflow
summer
shows
gold
extremely difficult in the spring,
relatively large amount of French capital
the
*
In
American
particular
purchases
on
capital.
of
Factors
come.
the
as
eame
considerable
a
been
withdrawals,
speculative attitude
declined,
through
payments to be made abroad
an
United
action
in
of autumn
the
in
a
and
foreign countries.
the
throughout
gold.
balances
and
of
appraisal
flow
nearly
about the
to
in
was
the
for
transferred
Early in July, with the passing of the spring gold
continued
The
the
to
American
reported
movement
That
of
1937
of
market
March
funds
suggested by the fact that during this period,
ence
funds
foreigner's
altered
had
autumn
and
gold
currencies.
May.
of
was,
short-term
return
figures
entire
countries.
central
which
the
in
divided in
was
interests
countries from which it had
same
in
it
private
This
volume
followed
stock
deposits
$680,000,000,
foreign
had
gold-bloc
as
beginning of
from the
spring
redemption of securities—i.e., largely floating
These
foreign
the
at
the
of
turned,
Argentine
country
of
on
amount in the final quarter
same
balances
of
and
the
to
autumn
in
repatriated
widespread
starting
States,
that
year
readjustment
April.
ceased
form
half
securities
in
in
movement
the
of
the
this
to
the
$45,000,000
not
bonds
July,
000,000,
of
price
Gold dishoarding
gravitate
buying of American
tion
and
the
in
the
Treasury at $35 an ounce when it
For a few days purchases by these
country.
to
outflow
reversal
situation,
the
to
substantial
a
money
gold
it.
striking
do
in
on
to
behavior
discussion
to
their
curtailed
were
London
with
the
contributed
French
cash
sales of Russian
gold were being made in London at the
time, and the impression got abroad that the bullion market was
depending
largely on American purchases.
At
this
stage a
question
developed
among American banks
purchasing gold in London whether they could
with
total
central banks
the
By
thereafter
of funds
moderately inward.
that developed was almost wholly in the
the reversal of the spring movement.
The
inflow in the spring but
than
was
leading to speculative develop¬
was
Spring Inflow
to
other
The
Argentine
advance.
the broadened
equities.
commodity
quarter
foreigners;
The flow
also
transferred to this country in the spring
possibility that the dollar price of gold would
a
degree it returned to the
outlook
the
was
funds in retirement of
outstanding obligations
Expanding industrial profits, particularly in the United
certain
first
and
industrial
that the industrial movement
in
by
was
been
be
was
to transfer
underlay
ments
securities
again in nearly the
the
was
the
between
had
this
at
course
1937.
developments
the
gave
country.
apparent
the
with
nations
enabled
this
market
stock
associated
were
be
as
easier
capital
when the opposite possibility—namely, that the price of gold
raised to combat the recession—began to be discussed abroad.
only
way
of
American
November,
in
foreign investment in American
substantial, though diminished, rate.
a
Instead,
of
volume
in
of
funds
ceased.
another
to
be
to
Argentine funds for redemption of dollar bonds in this market.
Argentine operations began in December, 1936, and were in heavy
The
Not
the
year
might
great
1936,
appeared
1937 opened
continuing
influence
the
most of
this
country
idle
September,
France, Switzerland,
relationships
currency
one
get
amounts
peak of
year
transfer
from
to
movement
a
sweeping advances in
the
the
out
in
part
Reserve Situation Abroad
readjustment downwards of the currencies of
as
of
went
little
'
the
stocks.
reduced
foreign
marked
there seemed to
be
played
securities
the buying side.
on
was
in
that had
money
American
capital
It
quote, in part:
time
a
year
From the
"Gold and Capital Movements,"
and
of
for¬
substantial
a
Nevertheless, from Oct. 0 to the end of the
comments in the report on
the
for which
to
rose
"The
"was much
for
exports
eigners had to pay the United States
buyers
market."
report,
capital,
merchandise
be
floating
when
of
exodus
balances.
of
decline,
beginning with the middle of September there
of
operations
transactions
large
form
market
sales
net
of
of
account
stock
For five weeks
movement.
shifts in foreign viewpoints toward the
for
acquire
Reserves
support
require
a
gold.
foreign
in
these
large
it.
in
To
reserves
dollar
of
value
of
the
New production
1934.
the
countries
that
the extent that central banks in
exchange,
and
expansion
aggregate
many
of
other
reserves
countries
credit should
the
are
already
growth
Volume
the
assure
April.
Reserve policy were to
availability of bank credit a6 low rates for current
the principal objectives of Federal
1937
continued
and
banks
of
in
reserves
quirements the report says:
beginning of 1937
the
general
system
Total
the
at
from
shown
It
the
been
for
an
or
rapid but continuous growth since 1933.
more
additional
50%,
33
past,
banking
the
have the basis
still
would
system
of
expansion of more than $5,000,000,000 without recourse to
Federal Reserve banks.
The excess reserves of about $1,500,000,000
potential
a
the
of
increase
1/3%
33
in
increase
an
eliminated
be
would
which
economy.
As
as
an
therefore, support
would unquestion¬
could,
occurred,
requirements
if
on
it
a
which,
credit expansion
a
by
credit expansion
further
of
base
a
reserve
deposits,
bank
constitute
ably
in
scale injurious to the Nation's
;
the
announced the increase of
Board
the
when
case
ments
by
much
balances
considered
Board
whether
in
portfolio
action
be
should
while
taken
ample
were
reserves
a
System's
and
distributed.
well
As
1936, "it is far better to sterilize a part
by the Board in July,
said
was
as
the then existing cir¬
open market
further increase of reserve requirements.
It was de¬
on
reserve requirements
should come first because it
by a
or
that
cided
and
banks
Reserve
correspondent banks.
case it was
decided to eliminate
of the excess reserves, it would be beet, in
to accomplish
this by reducing the
part
cumstances,
superfluous reserves while they are still unused than to permit
structure to be erected upon them and then to withdraw the
of the structure."
these
qf
with
the
with
balances
excess
their
of
were
reserves
their
using
half
as
The
1936, excess
July,
/ av credit
of banking
'■;//."
1
became effective on
May 1, member banks had excess reserves of about $900,000,000, and at
no
time during the
remainder of the year did they fall below $700,000,000.
Yields on Treasury obligations and rates on bankers' acceptances
declined
from the March figure and rates charged
by banks to their
the
at
were
in
increase
level
lowest
requirements
reserve
history.
in
report that "the total volume of
in the
noted
It is
deposits and currency continued to grow and at
to
bank
the begin¬
country's his¬
The report likewise says:
tory."
the year]
supply of
funds continued ample, sharp declines in security prices and
of business prospects made corporations hesitant to offer new
Activity in the capital market declined [in the last quarter of
the lowest levels since the early part of 1935.
While the
investment
uncertainty
to put their
investors reluctant
and
issues
funds to use.
Further extracts from the report
the
In
developments
banking
the
of
tribution
public
their
other
investors
acquired
in
The
an
an
considerably
equivalent
amount
to
during the year and
the decrease in bank
increase in government debt.
To the extent that the
by the public from the banks were paid for out of
shows
table
these transactions, even though they
idle,
the
fully guaranteed
and
direct
■'.■■•'[■v.
in the volume and dis¬
important factor.
Banks reduced
changes
did not represent a diminution
in the
in active use.
money
following
offered
1937
were
decrease of deposits,
a
of
of
holdings
previously been
had
that
funds
resulted
absorbed
the
plus
holdings
securities
debt
security
government
follow:
Developments
Banking
require¬
widely distributed among mem¬
ber
banks, and balances with correspondent banks were twice as large
as
they had generally been in the past.
All but a small number of mem¬
ber banks had more than sufficient excess reserves and surplus balances
with other banks to meet a 33 1/3% increase in reserve requirements.
Of the 6,367
member banks on Jan. 13, 1937, there were only 197
that did not have sufficient funds to meet a 33 1/3% increase in require¬
in
important concern
an
^////*
final
the
After
volume
was
ments
market
bond
administration.
sufficient to constitute the
were
were
V
.
that,
and
1/3%,
.
and currency of more than $30,000,000,000,
if requirements were increased by an
of deposits
expansion
than
the
in
case
.
utilized as fully
basis
the existing excess reserves, if
that
estimated
was
had
deposits
had risen to the highest level on record while time
less
a
the
in
half
about
ning of 1937 was at the highest level in the
represent the most liquid
after increasing rapidly from
outside of banks had
mand deposits
as
position of the
increased by about $2,000,000,000 be¬
1930 and 1937.
Both demand and time deposits declined sharply
1930 to 1933 and subsequently increased.
By the end of 193G de¬
tween
had
reviewed
banking
Governors once more
reserve
public,
the
of
disposal
conditions
stable
1930, were at a higher level than in 1929.
to
Currency
reaction in the latter part of the
of the highest grade also rose; by
a
bonds
to
obligations
these
of
prices
customers
■
and of individual member banks.
bank deposits and currency, which
resources
1933
the
and
- •
by
corporate
amounted
recovery
Requirements
Beard of
the
situation
monetary
'
•
,
Reserve
in
Final Increase
At
by
held
In noting the final increase in reserve re¬
member banks."
the
of the $3,000,-
requirements
of
the
thereafter
"in August, 1936, the Board of
requirements for member
excess
of
of the spring decline and
generally maintained.
Intervention
by the Federal Reserve System in the bond market in
March and April, therefore, helped to stabilize that market.
In recent
years the bond market has become a
much more important segment of
the open
money
market, and banks, particularly money market banks,
to an increasing extent use their bond portfolios as a means of adjust¬
ing their cash position to meet demands made upon them.
At times
when
the
demands increase
they tend to reduce their bond portfolios
and at times when surplus funds are large they are likely to expand them.
Since prices of long-term bonds are subject to wider fluctuations than
those of short-term obligations, the increased importance of bond*,. as a
medium
of investment
for
idle bank
funds makes the maintenance of
July
reserve
order to absorb a part
in
50%
by
000,000
raised
had
Governors
that
notes
report
the year government
interrupted
Prices
declining in the early part of
security prices moved
stopped
prices
remainder of
the
higher,
summer.
rates remained low.
money
The
bond
high-grade
For
gradually
regulate the available
volume of member bank reserves as to avoid the likelihood of injurious
credit
expansion
in the future.
Further adjustment of the country's
reserve structure to the changed conditions that had resulted from
a heavy
inflow of gold from abroad was made by the System in the early part of
the year
through a final increase of reserve requirements for member
banks.
This placed the System in a position to make current adjustments
to developments
in the credit situation through open market operations.
As a result of such operations in April, and again in November, together
with a release by the Treasury in September of gold from its inactive
account at the request of the Board of Governors, the aggregate volume
of idle funds at the disposal of member banks was ample throughout the
requirements of business and at the same time so to
year
other
and
remarks of the report it is stated:
Iii the opening
During
2439
Chronicle
Financial
146
end of
amount and distribution of publiclyobligations of the United States Gov¬
1937 and changes for the first and second
halves of
ernment
at the
the
and for the year as a whole.
Outstanding publicly-offered Gov¬
obligations increased by one and a quarter billion dollars in the
year
ernment
and by a quarter of a billion in the second half.
In
member banks reduced their portfolio of government
securities
by $1,200,000,000 in 1937.
Holdings of non-member banks,
including mutual savings banks, increased by $200,000,000, so that liquida¬
tion of government securities by all banks in 1937 amounted to $1,000,000,000.
Purchases by other investors during the year totaled two and a
half billion dollars.
Of this total $130,000,000 was taken by the Federal
Reserve
banks, $220,000,000 by United States Government agencies and
trust accounts, and $630,000,000 by the large insurance companies.
The
remainder, about $1,500,000,000, an amount equal to the increase in the
first half of the year
the
aggregate,
debt, was
government
tions
other corpora¬
taken by other investors, including
individuals.
and
STATES GOVERNMENT OBLIGATIONS OUTSTANDING
HOLDING BY TYPES OF INVESTORS, 1937 a
UNITED
AND
foundation
j
in
increase
An
would
requirements
reserve
diminish
not
large
the
seeking investment which were
ample to assure the continuance of favorable money rates for capital
purposes.
At the same time, with excess reserves reduced to a manage¬
able figure, the Reserve System would be in a position to take prompt
action
to
bring about current adjustments of the reserve position of
member
banks
to
credit needs by employing the more flexible instru¬
of
volume
of
ment
market
open
bank
view
operations
to
ease
conditions
tighten
or
in
the
Change During
the
effect
after
the
Board's
of
use
Board
The
ments.
the
stated
reserve
order
In
quirements,
that
+ 264
+ 1,504
3,595
—578
—35
—614
5,609
3,167
—421
—294
—715
+ 143
+ 12
+ 155
4,250
+ 225
—20
+ 205
Fed. Res. banks.
16,621
'*—631
—337
—968
banks.....
U. 8. Govt, agencies & trust acc'ts.
Insurance companies
...—
2,564
2,025
3,948
13,505
+ 38
+ 134
Other reserve city
Country banks..■:
Non-member
completed
advance
final
it
was
Board
in
All banks, excl.
absorb excess reserves by means of further
announcing
take
would
it
of
the increase
effect
on
March
on
1
Jan. 30
and
the
half
-
lncl.
mutual
Federal Reserve
All other....
provided
other
» —
banks,
savings banks c,
law to increase reserve require¬
not its intention to request from
under the
that
banks b
banks.
New York City
requirements.
give the banks ample opportunity to adjust to the new re¬
the
one-half
a
Direct and fully
+ 96
+ 225
+ 203
+ 22
+ 453
+ 174
+ 627
+ 1,119
+ 367
+ 1,486
guaranteed obligations which are publicly-offered
city banks only, c Partly estimated.
and interest-
b Central reserve
bearing.
1.
May
on
to
This
increase.
first
power
Congress additional authority to
raising
Year
-1-1,240
Holdings of—
the remaining amount permitted by law, namely, by an
50% of original requirements, or 33 1/3% of the require¬
in
ments
Half
38,663
Obligations outstanding..:
First
Half
requirements by
additional
Second
1937
to raise reserve
Board determined
the
1937
Dec. 31,
Member banks:
considerations,
these
of
■
,
customers
market.
money
In
of
deposits
(In millions of dollars)
#
*
*
Adjustment to Increased Requirements
of
Prices
and
high-grade
corporate
bonds,
Banks, Branches and
long-continued advance, had reached an extraordinarily high level
the latter half of 1936.
Banks in New York City, which had expanded
after
in
Government
States
United
a
security holdings at a rapid rate in the early part of
1936, had begun to sell in the latter part of that year, and continued to
sell in
the early months of 1937.
Late in December and in January
their
government
prices
and
government and high-grade corporate bonds declined somewhat
yields correspondingly increased.
There were further 6ales of
of
their
and other investors for the purpose of
Following the announcement of the increase in
reserve
requirements on Jan. 30, yields of these obligations, as well as
short-term money rates, showed a further slight advance.
.
.
,
In order to stabilize conditions in the money market the Federal Open
Market Committee engaged in a series of open market operations.
Be¬
tween
March
10 and
March 31 it increased the System's holdings of
government securities by
realizing accrued profits.
Treasury
ings
of
bonds
banks
by $104,000,000 and at the same time
by $19,000,000, so
remained unchanged.
Between
Treasury
reduced its hold¬
$85,000,000 and its holdings of Treasury bills
that the total of its portfolio of government securities
Treasury notes by
April
bonds,
4
•
and April
increasing
its
the System purchased $96,000,000 of
account by this amount.
Government
28
the
At
end
of
savings and
mutual
1937
there
were
private banks)
Banking Offices
14,741
(excluding
with 14,968 a
commercial banks
in operation, compared
the decrease amounting to 227, or 1.5%.
The percentage
was slightly lower for National
banks than for other
As shown in the table, there were 5,260 National
banks with 1,484 branches in operation on Dec.
31, 1937.
Other com¬
mercial
banks
(excluding mutual (savings and private banks) numbered
year
earlier,
in
decline
commercial
number
banks.
number of their branches was 1,917.
Branches at the
totaled 3,401, compare! with 3,266 on Dec. 31, 1936.
The net increase in number of branches was 86 for National banks and 49
for other commercial banks.
The increase in number of branches reflected
the establishment de novo of 84 branches and the conversion of 91 banks
into branches, partly offset by the discontinuance of 37 branches.
Most of
the additional branches established during the year were located outside
the head office cities of their parent banks, while many of the discon¬
tinued
branches were located in the head office cities.
Many of the
additional branches
established were located in Pacific Coast States.
9.481,
end
and
of
the
Changes
of
banks
the
year
in the number of banks, branches
are shown
in the following table:
and banking offices by classes
»
2440
Financial
CHANGES DURING 1937 IN THE NUMBER OF BANKS, BRANCHES, AND
BANKING
OFFICES, BY CLASS OF BANK
Chronicle
the week.
April
16,
1938
Among other high-grade issues, Norfolk & West¬
a
ern
Increase
(+)
Dec. 31, 1937
Deer easel—)
or
National
Total member
Banks
Branches
Offices
1,484
5,260
1,081
State member.
6,744
—65
2,074
+30
+80
+ 12
+21
993
*
2,477
6,341
% at 101%.
Railroad bonds in the speculative group
sought lower levels.
Banking
Offices
Branchesb
lost
in 1937
Class of Bank
Banks
4s, 1996, were up 1 at 114, while Virginian 3%s, 1966,
Delaware & Hudson 4s, 1943, dropped
Banking
—35
8,818
5% points at 31%; Lehigh Valley 4s, 2003, lost 3% points
16%; Southern Pacific 4%s, 1981, were off 1% at 37%.
at
+ 42
+ 98
Utility
+ 63
Nonmember:
bonds
have
followed
uncertain,
an
this
course
although net results, with the exception
week,
of
specu¬
7,446
886
8,332
+142
+38
—104
954
38
992
—50
—1
—51
lative issues, were virtually unchanged.
14,741
3,401
18,142
—227
<+135
—92
issues, however, holding .company debentures in particular,
Insured
Uninsured
Exclusive of mutual savings and private banks,
a
b Includes 37 Insured and two
uninsured branches of Morris plan and Industrial banks.
Such branches heretofore
recovered
rather
closed at 60,
up
have not been Included In statistics of branches published by the Board.
vanced
convincingly.
7;
2 to 63%;
The
1937
number
to
by 30.
the
by
Reserve
end
of
the
banks
The
year.
the number
while
65,
member
of
decreased
number
State
by
of
35
National Power & Light 6s,
National
member
banks
5,260
banks
the
number
cipally
by
member
of
banks
consolidations,
admissions
table analyzes the
during
1937
and
mergers
banks
State
of
accounted
were
absorptions,
Federal Reserve
to
and
for
prin¬
increases
membership.
by
The
following
in Federal Reserve membership
increases and decreases
Industrial
the
DURING
bonds
have
Wheeling |5teel
1937
month ago.
Oils
were
One of the largest
National
Number of active member banks at beginning of year
Member
1975,
2026,
rose
gained 3%
firming tendency,
6,376
and
or
3%-point
recovery in
about where they sold
generally up fractionally, although
3%s, 1951, rallied 1% points to 96%.
rises among
medium-grade obligations
Remington Rand 4%s,
Total
1,051
a
the 4-point advance to 91 of the
was
Stats
shown
4%s, 1966, to 88,
the Consolidated Oil
ANALYSIS OF CHANGES IN THE NUMBER OF MEMBER BANKS
1966,
speculative issues have made fairly large gains.
more
The feature of the steel group was a
a
during 1937:
5s,
at 64.
increased
members of the Federal Reserve System on Dec. 31,
National banks and 1,081 were State banks.
Decreases
were
United Light & Power 6s,
during
Of the 6,341
1937,
in
Federal
at
6,341
reduced
was
of
to 70%;
Service
Federal Water Service 5%s, 1954, ad¬
Changes in Membership
4%
Cities
The lower grade
5,325
1956, with warrants.
Prices for foreign bonds have moved within
narrow
limits
Inci eases:
Primary organizations
-
7
—
Reopenlngs of suspended banks
a3
1
6,;,
m
with
10
12
National banks from State member banks
7
2
58
27
63
90
4
-
2
6
Brazilian issues.
Bonds Used in
Decreases:
Suspensions
The
Conversions (including successions):
National banks into nonmember banks
14
National banks Into State member banks
'
mmmm
State member banks into national banks
m
m
2
7
in bond yield
classified according to current ratings by Moody's
6
18
averages,
7
6
Moody's Bond Yield Averages
following is the list of bonds included
14
'
2
90
mm
Investors' Service:
Withdrawals of State banks from Federal Reserve
membership
Among
South American bonds, some strength
developed in Chilean
and
-
Belgian and Danish obligations.
2
58
....
Total increases
suffered by
were
7
m m
State member banks from national banks
-
Italian bonds lost some ground, while small
losses
12
Admissions of existing State banks to Federal Re¬
membership
pronounced weakness in Austrian and Japanese
1
m
issues.
Conversions (Including successions):
National banks from nonmember banks
serve
more
;
■
mm-
Consolidations, absoprtions, liquidations, &c_.—
m
72
RAILROADS
Aaa
Total decreases
-
92
....
Includes
banks,
ore
5.260
the suspended
banks
involved
four
National
United States.
the
Of
banks, two State member
banks,
Total
suspensions
during
the
amounted
year
to
$19,-
728,000, of which $7,379,000 was held by National banks, $1,708,000 by
State
member
banks, $10,156,000 by* insured non-member banks, and
$480,000
the
by uninsured
insured
insurance,
banks
non-member
and
security
in
the
and
end
of
on
loans
1937
the
the
at
stock
close
the
on
banks
year
Dec.
of
by
amounted
31,
the
to
about
debentures
or
of
and
was
compared
$664,000,000.
the
to
and
•
AkdL
''
:
New York Central 4s, 1998
'
in
expenses
the
Atlantic Coast Line 4Ms, 1964
Boston & Maine 5s, 1967
C. C. C. & St. Louis 4
Ms, 1977
Erie RR. gen. 4s, 1996
Illinois Central joint 4
Ms, 1963
N. Y. Central L. S. coll. 3Ms, 1998
Northern Pacific 4s, 1997
New York Central 4Ms, 2013
N. Y. Chicago & St. Louis 4
Pennsylvania RR. 4Ms, 1981
Northern Pacific 4 Ms, 2047
Pitts. Cine. Chic. & St. L. 5s, 1975
Union Pacific 3Ms, 1971
(pi.)
Ms, 1978
Pere Marquette 4Ms, 1980
Southern Pacific, Ore. L.
4Ms,
1977
UTILITIES
with
Dayton Power & Light 3 Ms, 1960
Duquesne Light 3 Ms, 1965
Illinois Bell Tel. 3Ms, 1970
New England Tel. & Tel.
of
Philadelphia Electric 3 Ms, 1967
of
Southwestern Bell Tel. 3Ms,
West Penn Power 3Ms, 1966
Aa
end
$200,000,000
report,
of the Federal Reserve
to which,
as
however,
last,
1105-66.
Arkansas Louisiana Gas 4s, 1951
Gulf States Utilities 4s, 1966
Lake Superior Dist. Pr.
3Ms, 1966
4Ms, 1961
New York Edison 3 Ms. 1965
N. Y. & Queens El. Lt. & Pr. 3
Ms,'65
Pacific Tel. & Tel. "B" 3Ms, 1966
the
made in these columns Feb. 19
was
Baa
Chicago & Western Indiana 4s, 1952
C. C. C. & St. Louis 4s, 1993
Erie RR. cons. 4s, 1996
1964
Montana Power 3 Ms, 1966
Ohio Edison 4s, 1965
Pennsylvania Pr. & Lt. 4 Ms, 1981
Potomac Edison 4M®, 1961
Sioux City Gas & El. 4s. 1966
Southwestern Gas & El. 4s, 1960
Wisconsin Pub. Serv. 4s, 1961
Baa
American Tel. & Tel. 3 Ms, 1961
embodied
are
r.'.i.v-.i'-
Missouri-Kansas-Texas 4s, 1990
Chesapeake & Ohio "D"3 Ms, 1996
Chicago Burl. & Quincy 4s, 1958
receivers
at
1936.
extended reference
pages
Banks
$98,000,000 smaller
reported
reduction
$150,000,000,
in
notes
was
banks
substantial
Figures of earnings and
banks
to
by
Corporation's investment
capital
the amount
Corporation
further
a
deposits of
protected
<<
4s, 1952
Pennsylvania RR. 4Ms, 1970
Western Maryland 4s, 1952
PUBLIC
Investment
This investment
when
1936,
showed
of the
fully
•
debts.
Finance
and
95%
were
'
cons.
Canadian Pacific perp. 4s
Chicago Burl. & Quincy 4Ms, 1977
Chicago & Western Indiana 4Ms, '62
Great Northern 4M», 1976
Louisville & Nashville 3 Ms, 2003
Aaa
Finance Corporation
the Reconstruction
preferred
loans
Outstanding
closed
About
depositors
offsetting
or
banks amounted to $566,000,000.
than
banks.
the
of
preferment,
Reconstruction
At
99.8%
Atlantic Coast Line 1st
Chicago Union Station 3 Ms, 1963
Cincinnati Union Term. 3 Ms, 1971
Detroit River Tunnel 4Ms, 1961
New York Central 3 Ms, 1997
Norfolk & Western 4s, 1996
Pennsylvania RR. 4 Ms, 1960
So. & No. Alabama 5s, 1963
Texas & Pacific 1st 5s, 2000
■;-V%<
and six uninsured non-member banks.
were
bank
in
<-<
Suspensions J
bank suspensions in
59
were
insured non-member banks,
deposits
6,341
bank, and a nonlnsured private bank.
^During 1937 there
47
1,081
;
newly organized State member bank which succeeded two national
an insured nonmember
V::':
? —35
Atch. Top. & Santa Fe gen. 4s, 1995
Chesapeake & Ohio 4Ms, 1992
125
+30
..........
Number of active member banks at end of year
a
33
—65
...
Net change........
Columbus Ry. IT. & Lt. 4s, 1965
Commonwealth Edison 3 Ms, 1965
Connecticut River Pr. 3Ms, 1961
Consol. Edison Co. N. Y.
3Ms, 1956
Detroit Edison 3 Ms, 1966
Louisville Gas & El. 3Ms, 1966
Pacific Gas & El. 3Ms, 1961
South. Calif. Edison 3 Ms '60 (May)
Virginia El. & Pr. 4s, 1955
Arkansas Pr. & Lt. 5s, 1956
Carolina Pr. & Lt. 5s, 1956
Central 111. Pub. Serv.
4Ms, 1967
Illinois Pr. & Lt. 5s, 1956
Minnesota Pr. & Lt. 4Ms, 1978
Mississippi Pr. & Lt. 5s, 1957
Nevada-Calif. El. 5s, 1956
Penn
Central Lt. & Pr. 4Ms, 1977
Peoples Gas Lt. & Coke 4s, 1981
Wisconsin Pr. & Lt. 4s, 1966
INDUSTRIALS
The Course of the Bond Market
Second-grade bonds have continued
the
notable
High
exception
grades
have
Governments
3.07
some
The
is
railroad
some
softness,
The average
likewise
points
above
bond
close
the
to
1937
market
the Atchison stamped
that
this
deferment
new
193S
low
of
is
being
of eight
the
1938
now
at
United States
low,
but
still
low.
has
been
part to the announcement of deferment
on
recovery,
being the rails, which closed lower.
exhibited
the year's low point.
last week's
of
due
in
May 1 interest
not
default,
In spite of the fact
the
issue
settled
to
a
Shell Union Oil 3Ms, 1951
Tide Water Assoc. Oil 3
Ms, 1952
Youngstown Sheet & Tube 4s, 1961
Baa
Armour & Co. (Del.) 4s, 1955
Anaconda Copper 4Ms, 1950
Champion Paper & Fibre 4Ms, 1950
Crown Cork & Seal
Bethlehem Steel 3 Ms, 1966
Crane Co. 3 Ms, 1951
Cudahy Packing 3 Ms, 1955
Fairbanks Morse 4s, 1956
Inland Steel 3Ms, 1961
-
4s. 1950
Goodrich (B. F.) Co. 4Ms, 1956
Goodyear Tire & Rubber 5s, 1957
Republic Steel 4Ms, 1961
Revere Copper & Brass
4Ms. 1956
Wheeling Steel 4Ms, 1966
Wilson & Co. 4s, 1955
Note—Because of the limited number of suitable issues, the Industrial
Aaa group now temporarily consists of three issues and the
Industrial Aa
group of four issues.
adj. 4s, 1995.
National Steel 4s. 1965
Aa
Brown Shoe 3 Ms, 1950
Swift & Co. 3Ms, 1950
Tenn. Coal, Iron & RR. 5s, 1951
Texas Corp. 3Ms, 1951
LorillardCo. 5s, 1951
unsettled,
75%, closing at 76%, off 12% points for
Liggett & Myers 5s, 1951
Socony-Vacuum 3Mg, 1950
Standard Oil N. J. 3s, 1961
however,
so
Proper adjustments have been made in the averages,
that they remain comparable throughout.
Moody's computed
are
bond prices
and
given in the following tables:
bond
yield averages
Volume
Financial
146
MOODY'8 BOND
2441
Chronicle
V. S.
1938
(.Based on Individual Closing Prices)
Bonds
Daily
Averages
120 Domestic
by Ratings
Corporate by Groups *
P. U.
RR.
Baa
A
Aa
Aaa
Corp*
Indus.
120 Domestic
by Ratings
Corporate by Groups •
Domes¬
tic
Averages
30
For¬
Baa
Exchan ge Clos ed
4.77
3.97
3.38
P.
RR.
7.07
A
Aa
Aaa
Corp.
Apr. 15- Stock
Clos ed
Exchan ge
Apr. 15— Stock
1938
Daily
tic
120 Domestic Corporate *
120
AU
120 Domestic Corporate *
120
All
Domes¬
Govt.
AVERAGES (REVISED)
MOODY'S BOND YIELD
PRICES (REVISED)
(Based on Average Yields)
U.
Indue.
87.78
61.98
66.22
97.78
106.17
14-
4.80
3.66
111.64
6.60
87.35
100.53
4.13
14— 110.08
111.64
88.22
62.49
67.08
97.61
105.98
13-
4.77
3.38
3.96
4.74
7.01
6.51
3.67
87.78
100.70
4.14
13— 109.80
88.51
62.76
67.68
97.45
105.98
12—
4.76
3.36
3.96
4.72
6.98
3.67
112.05
100.70
4.15
87.93
6.45
109.71
88.80
63.11
68.27
97.28
105.79
11—
4.74
3.37
3.95
4.70
6.94
3.68
111.84
100.88
4.16
88.22
6.39
11- 109.63
101.58
88.36
63.20
68.17
97.28
105.60
4.75
3.37
3.91
3.69
111.84
6.93
4.16
88.07
4.73
6.40
109.66
9-
1OO.I8
87.93
62.15
67-38
96 94
105.04
8—
4.79
3.37
3.99
4.76
7.05
3 72
111.84
4.18
87.49
6.48
8— 109.69
104.85
7..
4.82
3.37
3.99
4.77
7.14
6.54
4.19
3.73
eign*
12—
9—
-—
—-
—-
*
«.»-
7— 109.81
87.07
111.84
100.18
87.78
61.38
66.80
96.78
87."r8
61.30
66.89
96.61
104.85
6-
4.82
3.36
4.00
4.77
6.15
-—
100.00
3.73
112.05
4.20
87.07
6.53
6— 109.82
87.93
61.55
67.18
96 61
104.85
5-
4.81
3.36
3.99
4.76
7.12
6.50
4.20
3.73
---
112 05
100.18
4.85
3.36
4.01
4.81
7.21
6.59
4.22
3.74
3.37
4.04
4.84
7.32
6.70
4.23
3.75
5- 109.85
87.21
4— 109.68
86.64
112.05
99.83
87.2i
60.80
66.32
96.28
104.67
4„
2„ 109.62
86.07
111.84
99.31
86.78
59.90
65.28
96.11
104.48
2-
4.89
111.64
98.97
86.07
58.70
63 / 3
96.11
104.30
1—
4.95
3.38
4.06
4.89
7.47
4.23
3.76
85 24
6.87
109.58
89 55
61 47
6-.58
98 45
106 73
Mar. 25—
4.72
3.31
3.80
4.65
7.13
6.46
4.09
3.63
63.64
69.48
99.14
107.88
18..
4.63
3.27
3.78
4.59
6.88
6.27
4.05
3.57
1
—
*
•
Weekly—
Weekly—
♦
Mar. 25— 110.34
88.51
113.07
103.56
109 97
89.34
113.89
103.93
90.44
114.51
105.98
92.75
u5.56
72.98
99.48
108.46
11—
4.51
3.24
3.67
4.44
6.67
5.94
3.54
91.66
4.03
11— 110.57
4— 110.70
106 54
94.49
69.58
77.60
100.00
108.46
4-
4 36
3.22
3.64
4.33
6.26
5.54
3.54
5.81
14.93
4.00
94.01
106.92
94.81
70.62
79.20
99.48
108.46
Feb. 25—
4.33
3.21
3.62
4.31
6.16
5.41
5.84
115.14
3.54
94.49
4.03
Feb. 25— 110.50
107.73
94.01
69.58
78.20
98.80
108.08
18-
4.37
3.22
3.63
4.36
6.26
5.49
4.07
3.56
5.78
5.82
18..
z
5.83
18— 110.21
93.85
114.93
93.53
115.14
106.54
93.69
68.87
77.96
98.62
107.69
11-
4.39
3.21
3.64
4.38
6.33
5.51
4.08
3.58
11— 110.18
105.79
92.28
67.68
75.70
98.45
106.92
4„
4.47
3.27
3.68
4.47
6.45
5.87
113.89
3.62
92.28
4.09
110.16
5.70
4„
105.04
92.59
66.41
73.99
98.62
107.69
Jan. 28—
4.50
3.26
3.72
4.45
6.58
5.78
114.09
3.58
91.81
4.08
110.07
5.85
Jan. 28-
94.81
69.99
77.84
100.18
109.05
21-
4.34
3.20
3.63
4.31
6.22
5.76
115.35
106.73
3.51
94.33
3.99
21- 110.52
5.52
95.62
72.32
80.84
100.53
109.24
14-
4.25
3.17
3.58
4.26
6.00
5.28
5.83
107.69
3.50
95.78
116.00
3.97
110.15
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
5.75
14—
7— 109.97
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
72.65
82.13
100.53
109.24
Hlgh1938
4.95
3.38
4.06
4.89
7.54
6.87
mmm
108.27
95.95
3.76
95.95
116.00
4.23
Hlgh 1938 110.71
Low 1938 109.58
104.30
Low
4.24
3.17
3.55
4.24
5.97
5.18
3.97
3.50
mmm
3.96
3.40
3.57
4.04
4.83
4.27
3.96
3.65
mmm
3.97
3.29
3.57
4.12
4.80
4.36
3.98
3.57
85.24
111.64
86.0,
98.9/
58 15
63 73
95.46
100.70
106.36
Apr.15'37
94.01
100.35
107.88
Apr.15'36
1 Yr. Ago
1 Yr. Ago
Apr.15'37 107.76
111.23
107.88
99.31
86.92
100.53 '113.48
107.88
97.95
87.35
100.70
2 Yrs.Ago
2 Yrs.Ago
Apr.15'36 109.92
*
These prices are
yield averages, the latter being the truer picture of the
Tax
of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
bond market
x Discontinued.
thus making the book
ble to all in any way
Systems of the World
Year-book
Including all the States
The Market Place
of the United States
New
415
edition.
York:
Chicago
and
Clearing
House,
Commerce
Inc.
Reminiscences of
pages.
By
$8.75
Alexander
Illustrated.
weighty volume, in massive atlas form with pages
12 by 15 inches, offers the most detailed and comprehensive
information about the tax systems of the world that is to
be found in any one place.
Prepared under the direction of
the New York State Tax Commission for the Tax Research
Foundation, and with the aid of several hundred collabora¬
tors, it presents, in its first 75 pages, with copious notes,
tabular views of each of the 48 States, Hawaii, Puerto R co
and the United States.
Following this come 160 pages of
comparative tax tables of the States, covering every form of
tax and the methods of administration, and including, as
new features of the present edition,
use and compensating
taxes, legal provisions for the custody of State, city and
county funds, freight and passenger car line companies,
the amount and distribution of Federal grants-in-aid to
the several States, and statutory limitations on county,
township and municipal indebtedness.
A third section, of
95 pages, comprises tax charts for some 34 foreign countries,
including the individual States of the Australian Common¬
wealth
the Canadian provinces, Bavaria and Prussia in
Germany, and four subdivisions of Switzerland.
Compara¬
tive tax tables of various countries follow, dealing with the
administration of taxes, budgetary systems, constitutional
provisions affecting taxing powers, treaty restrictions on
taxing powers, and other subjects, while a further section
This
,
presents statistics of tax revenues, debts and
for
the
same
expenditures
the
foreign States.
A final section outlines
Federal, State and local tax system
model American,
as
proposed by various tax authorities, and gives an exhibit of
to a questionnaire regarding it.
The comprehensive
tax inquiry of which the volume is a part is explained at
length in an introduction.
The book needs no commenda¬
tion, for its indispensable usefulness is obvious.
ansAvers
Metal Statistics, 1938
Published
New
The 31st
Edition
Metal
Market,
York. Over 600 pages. $2.00. Editors,
B. E. V. Luty and N. J. Langor.
by
American
annual edition of
"Metal
steel, non-ferrous
metal, fuel and miscellaneous economic subjects, has just
As
a
wealth of information in
handy reference form and furnishes complete data on pro¬
duction, consumption, imports, exports, stocks, price fluctu¬
ations and averages (monthly and annually) together with
data on a varied assortment of economic subjects.
|
The publishers, in keeping with past performance,
have
again made numerous useful additions and improvements,
Dana
veteran
Financial Editor
384
Noyes.
Little,
pages.
Brown
&
$3.50
financial editor of the New
York "Times"
down, modestly but in a delightful style, the
main incidents in his long journalistic career, and his im¬
has here set
pressions of some of the financial and
whom he has come in contact and of
political figures with
stirring events which
He
of the New York "Com¬
chance sent him to write
up the Grant and Ward failure, in 1884.
The field into which
he was thrust he was eventually, by broad and profound
study and daily observation at close range, to make his own,
and by middle life he had become one of the foremost authori¬
ties on American finance and a writer Avhose words carried
weight.
In 1891 he joined the staff of the old "Evening
Post," shortly becoming financial editor, and in 1920, after
29 years of distinguished service of which his great fight
against free silver was perhaps the most striking episode, was
called to the financial editorship of the New York "Times."
During his connection with the "Evening Post" he was a
frequent and highly esteemed contributor to the "Chron¬
unfolded before him and of which he has been a part.
young reporter on the staff
mercial Advertiser" when a lucky
was
a
icle."
■
Close
he has
as
been to events, Mr.
Noyes nevertheless
intention of making his autobiography a
financial history.
He could not well avoid, however, narrat¬
ing in considerable detail the course of such important epi¬
sodes as the Bryan free silver campaign, the inception and
vogue of his "Free Coinage Catechism," of which more than
2,000,000 copies were sold, the panic of 1907, the financial
aspects of the World War period and the decade thereafter,
and the speculative period that culminated in 1929.
His
treatment of these and other subjects follows a method which
his editorial writing early made familiar: a careful review of
the historical background, a clear description and detached
criticism of the events themselves, and an attentive examina¬
tion of the receding wave and the following period of transi¬
tion.
Experience early convinced him that the financial
constituency of a newspaper was "absorbingly interested in
financial origins and analogies," and that a matter-of-fact
disclaims
any
responded to financial writing which, in addition
being accurate, had an attractive literary form.
Of the editors and publishers under whom he served, and
of Wall Street leaders and public men whom he saw at close
to
range,
published.
usual, the book contains
The
a
Boston:
Co.
Wall Street
Statistics", the well
known statistical reference book on iron,
been
increasingly valuable and indispensa¬
associated with the steel and metal
industries.
Legislative and Statistical
of
Information,
7th
...
computed from average yields on the basis
actual price quotations. They
level or the average movement of
A
1938
96.11
Mr. Noyes gives thoughtful pen pictures or
appraisals.
"The Heyday of Wall Street Promoters,"
"Theodore Roosevelt in the White House," "Aftermath of
War, Economic and Political," and "Wild Speculation and
the Panic of 1929" are especially notable as examples of a
high quality of descriptive and critical Avriting.
The New
Deal is still with us, but Mr. Noyes refrains from anything
like a definitive judgment upon it.
The action in the bankHis chapters on
2442
Financial
ing crisis of 1933,
of
ment
while Mr.
he thinks, "the greatest single achieve¬
administration," but he notes that
was,
Roosevelt
the
"never countenanced
Roosevelt
free
...
THE
STATE
TRADE—COMMERCIAL
OF
EPITOME
Friday Niyht, April 15, 1938.
Business
activity showed further
with most
show
to
reductions last week,
trending downward.
Car loadings failed
upturn, and petroleum runs to stills, lumber
lines
ah
cut and steel
production were off, according to the "Journal
of Commerce."
Bituminous coal output made a substantial
gain, and automotive activity
successive
declines.
The
was
weekly
stepped
business
up
after three
index
declined
to 70.3 as
compared with a revised figure of 70.5 for a week
ago and 99.4 for the corresponding week of 1937.
The out¬
standing development of the week, of course, was the "pump
priming" announcement by the President.
It is the general
feeling
business observers that the Administration's
among
program
will bring at least
trends.
The
taken
occur
fact
at
a
that
a
the
temporary change in business
inflationary
are
stexis
being
now
time when both business and prices are at
low levels is regarded most hopefully.
Observers, however,
watching closely the stock market reactions, especially
heavy goods industries. They point out that a market
in the
upswing would revive plans for new issues, pigeonholed
during the recession, for plant expansion programs.
Hopes
for
an
improvement in steel demand later
quarter have been
raised
in the current
on
by developments at
Washington,
particularly in relation to loans to railroads for equipment
and other purposes and renewed
spending for public works
projects, the "Iron Age" says in its current summary of
the
steel
industry.
The survey estimates steel ingot pro¬
duction at mid-week at 32% of capacity, off at least half
a point from a week ago.
"Although sales and production
of automobiles have risen, the improvement has not
gone
far enough to make any appreciable difference in new re¬
quirements of steel," the review observes.
"A steady in¬
crease
in motor car output would, of
course, hasten the
placing of larger steel orders, but no great amount of buy¬
ing is expected until the 1939 models are in production in
latter
the
half
manufacturers
of
of
the
have
Meanwhile, some automobile
apparently deferred the carrying out
year.
large tooling and die
as a
whole
programs,
which for
where he
the
industry
Mr.
relief to the railroads through
or more,
a loan fund of $300,offers promise of eventual railroad buying,
but not much aid for the steel mills is
expected before
summer."
Production of electricity in the United States
amounted to 1,990,447,000 kilowatt hours in the week ended
April 9, a decrease of 8.5% below the corresponding week
of last
year, the Edison Electric Institute reveals.
Among
bright spots in this week's financial news is the second
weekly increase in succession, for the year to date, in pro¬
duction of electricity.
For the week ended April 9, produc¬
tion of electricity
8.5% under the like week of last
year against a drop of 7.8%
in the preceding week as
the
compared with last year.
But the fact that the volume
1,990,447,000 kilowatt hours
ported
for
the
week
April
ended
2,
and
March
also
26,
above
was
in utility circles as a favorable straw in the
wind.
of currently depressed business
generally,
considerable anxiety
the usual seasonal
as
dissents, he dissents with discrimination and dig¬
Noyes's book is heartily to be commended, not only
special interest in finance, but to whoever is.
equipped, by knowledge and experience, for the appraisals
that he makes.
ties, with the Middle West lagging 10% to 15% below last
year's volumes, the New England States 2% to 4% behind,
and
the
The
Association
that
freight
Southern
States
New
York
has
City area.
The temperature for this section
degrees at 4:30 p. m. yesterday, giving New York
hottest April 14 on record, and indicating, the
went to 78
City its
Weather Bureau said, that Easter would be
generally fair
with moderate temperatures.
The government reports state
that widespread, heavy to excessive rains, attended
by uni¬
formly low temperatures, were extremely unfavorable for
farming operations during the early part of the week in
practically all parts of the country from the upper Missis¬
sippi Valley and central and lower Great Plains eastward.
Throughout most of this area spring fanning operations
were
generally at a standstill, while the more advanced
crops
set
were
sections
of
back- by
the
South
the
the
with
temperatures
forecast
by
were
ranging
there
In view
has
year.
been
15%.
follow
Engineer¬
Further increases
predicted
by
and
trucks,
year ago.
"Automotive
compared
with
The Association of
compares
$312,864,712 in March, 1937, and $370,826,059 in the
month of 1930. The March
operating revenues
low those of March, 1937, and
were
same
25.8% be¬
37.4% below March, 1930. The"
estimated volume of retail distribution
2% to 5% above
corresponding 1937 week, with gains ranging from 5% to
8% in the Eastern States, according to Dun &
Bradstreet, Inc.
The upward movement showed
sharp sectional irregulari¬
the
In
many
caused
many
from
63
to
81
destruction
warm
here,
degrees.
The
City, 54 to 68; Salt Lake City, 40 to 48; Seattle. 48 to 60;
Montreal, 44 to 58, and Winnipeg, 32 to 64.
"Annalist"
Prices
Weekly
Index
Advanced
of
Wholesale
Slightly
During
Commodity
Week
Ended
April 13
Prices
irregular last week, with moderate gains being
groups and losses in others carrying
the
"Annalist" Weekly Index of Wholesale
Commodity Trices
up to 81.1 on April 13, as compared with 81.0 (revised) on
April 6 and 94.1 a year ago, according to an announcement
issued by the "Annalist," which added:
were
shown in
some
One of the best advances
was
scored
ously from the lows of last week.
meat
prices advanced slightly.
by rubber, which rebounded vigor¬
Although livestock quotations declined,
Especially weak
were
certain dairy products,
notably butter and milk.
THE
"ANNALIST"
WEEKLY
INDEX
OF
WHOLESALE
COMMODITY PRICES
(1926—100)
AprU 13, 1938
Farm
Food
products
products
was
77.5
April 13, 1937
103.2
71.6
Chemicals.
—_.
_.
All commodities....
Preliminary,
x
88.6
102.5
110.7
X66.8
74.5
88.0
88.6
88.0
70.1
82.8
81.1
Building materials_
82.3
86.4
66.8
_
X85.4
70.9
Fuels
X57.9
*85.4
products
71.3
*57.9
102.5
Textile
*
April 6,1938
77.5
Metals
American Railroads reported
today that 89 Class I railroads,
representing 82.8% of total operating revenues, had estimated
operating revenues of $232,006,029 in March.
This
with
rains
cloudy and warm tonight.
Showers and
cooler Saturday.
Overnight at Boston it was 54 to 80
degrees; Baltimore, 60 to 84; Pittsburgh, 60 to 78; Port¬
land, Me., 42 to 48; Chicago, 60 to 74; Cincinnati, 60 to 78 ;
Cleveland, 64 to 78; Detroit, 60 to 78; Charleston, 64 to 72:
Milwaukee, 46 to 74; Savannah, 62 to 80; Dallas, 56 to 70;
Kansas City, 62 to 74; Springfield, Mo., 62 to 70; Oklahoma
the
Daily News," trade publication, in its weekly estimate of
factory schedules.
It
estimated
this
week's
production
would
be 62,546 automobiles
61,756 last week and 129,068 a
temperatures.
for
was
Revenue
week
low
excessive
floods, with further damage from erosion and
of prepared seedbeds.
Today it was fair and
projects totaling almost $43,000,000 rocket the private con¬
struction volume 342% above last week and
118% above
last year.
Public construction is 6% below the previous
production
of
announced
The outstanding feature of the weather the
been the unseasonably warmweather in
many sections of the country, especially in and around the
week
Miscellaneous
automobile
an
Railroads
1930 figure.
past
ing construction awards for the week of $79,373,000 are the
second highest of the year and are 101% above
last week
and 70% above the
corresponding week in 1937, as reported
by "Engineering News-Record."
Seven commercial building
in
advance
11%.
today
loadings for the week ended April 9 totaled
521,978 cars, a decline of 0.3 of 1% below the preceding
week.
The figure is a decrease of 189,101 cars below the
corresponding week in 1937 and 386,081 cars under the
of
regarded
to whether the trend would
upturn for this time of
week, but tops the 1937
registering
American
of
above the 1,978,753,000 re¬
was
ended
1,975,239,000 for the week
1938
interested in knowing how "the market place," its values and
its excesses, appear in retrospect to an observer exceptionally
recently estimated to aggregate $65,000,000.
The program set in motion by President Roosevelt for tem¬
porary
16,
to readers with
were
000,000
April
nified moderation.
silver coin¬
he adopted it in 1935, manifestly for the pur¬
pose
of conciliating Congressmen from silver-producing
States," and that the court-packing proposal and its ac¬
companying incidents were "hardly the conduct of a states¬
man ."
Where he can commend, however, he commends;
age
Chronicle
X81.0
94.1
Revised.
Freight Car Loadings in Week Ended April 9
Total
Loadings of
521,978 Cars
freight for the week ended April 9'
1938, totaled 521,978 cars.
This is a drop of 1,511 cars
or
0.3% from the preceding week; a decrease of 189,101
cars, or 26.6% from the total for the like week a
year ago,
and a drop of 99,865 cars or
16.1% from the total loadings
for
revenue
the
corresponding week two years ago.
For the week
2, 1938, loadings were 27.4% below those
1937, and 14.7% below those for the
corresponding week of 1936.
Loadings for the week ended
March 26, 1938, showed a loss of 24.3
% when compared with
1937 and a drop of
3.7% when comparison is made with the
ended
for
April
the like week of
same
week of 1936.
The first 18 major railroads to
report for the week ended
April 9, 1938 loaded a total of 245,232 cars of revenue freight
on their own
lines, compared with 245,980 cars in the preced¬
ing week and 340,532 cars in the seven days ended April 10,
1937.
A
comparative table follows:
Volume
Loading of
CONNECTIONS
AND RECEIVED FROM
REVENUE FREIGHT LOADED
2443
Chronicle
Financial
146
4
(Number of Cars)
,463
revenue
freight for the week of April 2, was a decrease
Miscellaneous freight loading totaled
cars
Received from Connections
Week Ended—
Loaded on Own Lines
Week Ended—
220,167 cars, a decrease of 30,800
103,697 cars below the corresponding
below the preceding week, and
week in
of
below the preceding week.
8.6%
cars or
1937.
Loading of merchandise less than carload lot freight totaled 154,314 cars
Apr. 2
1938
Apr. 9
1938
Apr. 10
1937
Apr. 9
Apr. 2
Apr. 10
1938
1938
1937
an
below the corresponding
16,396
18,221
22,283
4,381
4,948
6,150
Baltimore & Ohio RR
22,499
22,267
33,598
11,885
13.353
16,598
15,590
14,017
22,309
16,636
7,063
9,509
Chicago Burlington A Qulncy RR.
Chicago Mllw. St. "Paul A Pac Ry.
Chicago & North Western Ry—
13,016
13,159
14,544
7,854
8,182
16,203
16,742
18,375
5,631
5,545
7.272
8,043
11,976
12,480
17,071
7,585
9,241
10,262
3,309
3,554
1,281
1,593
1,555
for the week of April 2,
the preceding week,
Gulf Coast Lines
Ry.
3,115
—
International Great Northern
2,380
4,566
2,110
2,453
6,278
8.146
cars
below the preceding
1,943
2,253
week in
stock
\
10,948
loading amounted to
41,903
27,576
29,255
4,025
5,251
6,958
8,080
9,853
above the preceding week, and 159 cars
14,344
12,167
21,957
3.417
3,744
4,482
1937.
Pennsylvania RR
46,758
47,214
69,680
28,919
29,977
43,648
4,202
4,075
7,160
3,528
3,694
5,659
3,303
7,824
3,58?
3,091
5,447
23,00''
3,363
22,265
29,145
7.002
8,453
9,280
4.694
4,878
5,238
6,202
6,816
9,229
Louis Ry..
N. Y. Chicago A St.
Ry
Pittsburgh A Lake Erie RR—
Southern Pacific Lines
Pere Marquette
Wabash Ry.
r
of April 2, totaled 7,963 cars, an increase
low the preceding week,
of 104 cars above the preceding
1937.
5,178
cars,
a
decrease of 2,471 cars below the
preceding week, and 7,718 cars below the corresponding week in 1937.
RECEIPTS FROM CONNECTIONS
Coke loading amounted to
(Number of Cars)
3,947
cars,
a
decrease of 149 cars below the
1937.
preceding week, and 6,868 cars below the corresponding week in
'
'
■
'
All districts, reported decreases
Week Ended—
■
in
April 9,
April 21, 1938
1938
1937.
decrease of 3,697 cars be¬
and 14,608 cars below the corresponding week in
Ore loading amounted to
LOADINGS AND
TOTAL
increase of 329 cars
decrease of 139 cars below the corresponding week in
Forest products loading totaled 23,814 cars, a
245,232 245.980 340.532 150.466 157,413 202,866
Total.
a
an
cars,
above the corresponding week in
loading of live stock for the week
In the Western Districts alone,
week, but
loading
below the corresponding
and a decrease of 120 cars
1937.
Live
39,712
week, and 112 cars
totaled 18,675 cars, a decrease of 5,348 cars below
Norfolk A Western Ry
New York Central Lines
week in 1937.
^decrease of 6,327
below the corresponding week
loading totaled 31,571 cars, a
In the Western Districts alone, grain and grain products
in 1937.
9,878
31.00?
Grain and grain products
3,043
13.821
1,775
3,645
11,087
29,967
3,746
Missouri Pacific RR
decrease of 7,872 cars below the
preceding week, and 44,952 cars below the corresponding
2,336
3,652
11,362
1,6
RR
Missouri Kansas-Texas RR
week in 1937.
Coal loading amounted to 73,550 cars, a
Chesapeake & Ohio Ry
Atchison Topeka A Santa Fe
week, but a decrease of 19,944
increase of 1,514 cars above the preceding
cars
compared with the corresponding weeks
1937 and 1930.
April 10, 1937
24,215
25,702
30,486
10.272
10,491
13,101
34.287
36,193
43,587
1930
1937
1938
Illinois Central System..._
St. Louis-San Francisco Ry
3,347,717
2,256,423
2,714,449
4 weeks in
Total
4 weeks in January.
2,155,451
2,763,457
3,506,236
2,222,864
2,986,166
3,529,907
523,489
721,229
885,324
7,158,227
9,185,301
11,269,184
February
4 weeks in March
Week of April 2
Railroads in reviewing the
The Association of American
t
eek ended
April 2, reported as follows:
Loading of revenue freight for
cars.
This
was a
361,835 cars or 40.9% below the same
week in 1930.
FREIGHT
LOADED AND RECEIVED FROM
Toiac
1938.
creases
from Connections
Freight Loaded
Railroads
».
Eastern District—
598
Maine
Chicago Indianapolis A Loulsv.
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West.
579
540
987
1,543
6,765
1,463
2,057
205
275
9,317
1,464
6,913
1,845
1,407
9.933
1,723
12,290
2,492
19
Bangor A Aroostook
Boston A
22
25
33
101
1,180
4,542
9,140
1,624
6,007
10,151
1,060
3,607
7,474
1,727
6,857
5.934
1,397
108
141
988
1,592
4,436
409
399
14,185
5.412
11,563
4,908
321
264
201
1,741
9,399
5,636
1,716
2,158
9,395
3,166
3,216
994
1,069
2,187
2,179
6,059
2,814
193
271
1,555
6,219
2,694
4,081
2,081
40,459
10,651
1,499
4,685
6,301
6,200
2,334
1,324
9,323
3,204
759
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
209
3,511
Erie
Grand Trunk Western
1,574
6,703
Maine Central
Monongahela
Montour
N. Y. Chicago & St. Louis
4,025
Pittsburgh A Lake Erie
3,410
4,075
45,015
12,033
1,390
5,162
8,514
7,417
Pittsburgh & Shawmut
191
406
31,009
8,492
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
Pere Marquette
929
227
9,884
632
Duluth Mlssabe A I. R
401
337
192
204
8,820
8,551
3,532
3,383
567
524
594
8,080
3,044
3,694
36
50
6,816
2,217
115,471
166,791
140,056
125,381
191,569
Green Bay A Western
Lake Superior A
Minneapolis
....
Bingham A Garfield.
22,267
1,368
33,114
27,333
2,741
13,353
18,605
833
2,698
224
370
307
5
7
884
899
1,006
13
18
5,757
7,369
5,169
10,399
13,407
517
551
506
50
68
Denver A Rio Grande Western.
151
255
261
25
38
Denver A Salt Lake
79
123
64
11
63
Fort Worth A Denver
894
2,782
2,920
Co
11,283
6,283
16,362
1,030
56,517
12,144
10,980
1,312
29,977
14,183
i
1,137
49,608
19,727
1,545
3,556
3,495
4,132
5,254
244
333
156
116
1,396
1,573
1,378
1,339
1,447
79,670
70,755
41,675
51,027
18,221
2,684
22,281
3,279
18,488
3,011
4,948
1,918
6,499
2,620
402
281
78
174
13,159
1,654
10,538
2,392
16,243
1,917
11,835
2,960
7,854
8,753
704
991
1,841
2,746
2,234
7,588
2,214
1,335
2,495
9,632
946
14,480
1,283
10,838
2,798
1,020
Central Western District—
685
749
9,540
750
Total
577
1,224
94
1,952
2,804
250
—
480
68,881
66
1,776
2,688
63,562
Spokane Portland A Seattle.
524
850
221
1,740
4,534
7,842
149
/
International
Spokane
369
47,214
401
1,613
4,120
7,524
Minn. St. Paul A S. S. M
Northern Pacific
Alton.......
Pennsylvania System.
684
269
1,419
Ishpemlng
<£ St. Louis
Atch. Top. A Santa Fe System.
Alleghany District-
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
Colorado A Southern
Illinois
4
10
1,098
969
1,119
2,060
1,956
1,062
1,045
1,835
264
378
320
563
423
Missouri-Illinois
Northern
426
1,053
1,472
City
Terminal
Nevada
3,084
1,502
2,819
-
North Western Pacific..
Peoria A Pekln Union
579
......
71
1,825
44
72
161
289
785
673
296
403
17
55
112
•
-
-
-
61
39
3,585
3,353
4~ 438
7,356
90
100,350
153,954
122,824
79,145
120,302
Chesapeake & Ohio
14,017
19,700
18,220
12,167
2,328
18,256
2,938
17,040
3,111
7,063
3,744
1,022
11,871
Norfolk & Western
28,512
40,894
38,368
11,829
17,691
153
296
277
1,088
907
Maryland
Total.
17,737
21,691
17,321
Toledo Peoria A Western
362
296
357
4,941
1,172
5,747
1,368
Union Pacific System...
1
49
2,479
West Virginia Northern
11,271
14,642
12,110
7,072
8,108
Southern Pacific (Pacific)
297
Western Pacific
Virginian
Total.
Total
954
Burlington-Rock Island
Fort Smith A Western
Gulf Coast Lines
217
513
749
662
10,427
12,037
3,782
Coast
Coast Line
5,612
10,134
4,202
382
492
449
1,171
1,011
4,823
2,751
1,025
696
7
14
1,245
1,853
2,135
108,075
90,016
46,996
57,368
Southwestern District—
International-Great Northern..
Northern
Atl. A W. P.—W. RR. Of Alii..
370
1,464
4,866
Southern District—
Alabama Tennessee A
408
1,215
86,016
Utah...
Pocahontas District—
Atlantic
198
448
3,214
Atlanta Birmingham &
190
568
410
5,428
17,123
871
7,743
5,786
4,147
Western
Chicago Mllw. St. P. A PacificChicago St. P. Minn. A Omaha.
Great Northern
4,878
2,359
Union (Pittsburgh)
10,212
3,142
9,139
3,461
2,799
7,272
3,368
1,881
12,247
5,817
7,025
Wabash
Reading
9,241
29,255
11,056
1,669
Rutland
576
14,049
2,250
18,060
3,572
502
976
Long Island
Penn-Readlng Seashore Lines.
15,487
2,356
19,267
3,539
Chicago Great Western..
9,429
603
Valley
12,480
2,563
16,742
2,968
Northwestern District—
Chicago A North Western
395
668
Llgonler
Total
4,395
513
Cumberland A Pennsylvania..
75,031
558
290
Cornwall
63,219
6,455
1,812
1,255
10,599
4,036
Central RR. of New Jersey
96,129
687
148
2,764
754
116,648
9,138
1,243
Gauley
765
676
374
359
Cambria & Indiana
610
162
4,325
1,435
Buffalo Creek A
369
197
Southbound...
4,620
Duluth South Shore A Atlantlc.
342
Bessemer & Lake Erie
544
167
87,363
Winston-Salem
487
2,120
2,538
1,068
Elglu Joliet A Eastern
Ft. Dodge Des Moines A South.
896
Ohio
4,961
16,977
1,086
54
494
&
20,171
3,085
1,658
47,183
14,309
323
Akron Canton A Youngstown.
24,382
355
Southern System
1,744
3,502
25
Pittsburgh Shawmut A North..
Total.
17,759
5,171
4,712
12,327
2,277
17,552
Pittsburgh A West Virginia
Wheeling A Lake Erie
355
8,591
Richmond Fred. A Potomac
Tennessee Central
252
3,113
10,279
Detroit A Toledo Shore Line...
840
350
10,233
374
Piedmont Northern
7,270
391
1,490
Detroit Toledo & Ironton
497
326
9,299
Norfolk Southern....
2,369
8,756
3,262
,
2,079
2,724
1,335
1,152
1,603
2,424
1,352
Mobile A Ohio
Nashville Chattanooga A St. L_
Seaboard Air Line
311
Detroit A Mackinac
Baltimore
■
Southern District—(Concl.)
Ann Arbor
1937
1938
1936
1937
1938
1937
1938
2
Total Loads Received
Total Revenue
from Connections
1936
1937
1938
CONNECTIONS (NUMBER OF CARS;—WEEK ENDED APRIL
Total Loads Received
Revenue
Freight Loaded
Railroads
following
for separate
'
REVENUE
we undertake to show also the loadings
roads and systems for the week ended April 2,
During this period only seven roads showed mwhen compared with the same week last year.
In the
the week ended April 2 totaled 523,489
27.4% below the correspond¬
decrease of 197,740 cars or
ing week in 1937 and a decrease of
Total
235
1,395
Kansas Oklahoma A Gulf
Kansas
City Southern
139
181
156
357
342
108
177
100
222
302
3,309
3,876
1,775
2,133
2,884
2,066
1,593
2,380
1,782
2,657
163
189
146
1,011
892
1,512
2,185
1,999
1,308
1,646
1,714
1,199
1,987
1,787
1,181
1,156
5,124
Louisiana A Arkansas
Louisiana Arkansas A Texas—
146
199
174
401
513
Litchfield A Madison
204
297
267
811
1,058
495
516
531
357
279
1,006
1,382
999
1,785
3,201
1,383
2,139
Columbus A Greenville
275
372
406
370
332
Missouri-Kansas-Texas Lines..
Durham A Southern
190
175
146
302
447
Missouri Pacific
670
96
105
29
51
40
98
118
Quanah Acme A Pacific
St. Louis-San Francisco
115
1,350
815
111
2,493
1,149
144
Florida East Coast
5,356
1,783
St. Louis Southwestern
2,154
7,938
2,407
3,869
2,220
5,006
Galnsvllle Midland
Central of Georgia
Charleston A Western Carolina
CJinchfleld
Georgia
—
763
1,238
815
1,460
274
359
286
525
599
14,178
1,140
9,426
5,083
1,165
12,967
Louisville A Nashville
1,993
22,178
23,234
1,709
Illinois Central System
1,410
16,916
Georgia A Florida
Gulf Mobile A
Northern
Macon Dublin A
Savannah.—
Mississippi Central
Note—Previous year's figures
19,755
17,757
5,965
105
193
204
726
219
172
429
389
Valley
Missouri A Arkansas
112
241
201
223
3,652
11,390
4,590
4,486
2,453
3,126
16,051
14,184
8,146
10,646
307
Texas A New Orleans
6,132
7,277
7,130
2,437
6,430
Texas A Pacific
3,906
4,789
4,502
3,361
4,051
3,252
4,718
184
229
218
65
60
26
24
72
27
26
42,215
55,197
52,597
34,556
41,401
Wichita Falls A Southern
Wetherford M. W. A N. W
3,152
596
112
Midland
revised.
* Previous figures.
Total
2444
Financial
Selected
Income
The
Bureau
Commission
of
Sheet
Items
of
Class
I
Statistics
a
of
the
period indicate all too clearly that this is
Interstate
statement
Commerce
••
Total Income.
-
«
Miscellaneous deductions from
Income
Income available for fixed charges--—.—..
charges:
1937
$50,916,391
Fri.
$49,872,660
$52,589,958
de!32,463,335
1,012,572
def3,494,266
1,007,740
Net Income.-------------------------------- def$33,475,907
def$4,502,006
Other deductions—
------
Total fixed charges.
Income after fixed charges————————
Contingent charges
Depreciation (way and structures and equipment).
Federal
On
*
685,707
1938
336,622,210
15,218,812
513,992,635
2,556,934
62,484,112
50,158,590
balances receivable
Net balance receivable from agents and conductorsMiscellaneous accounts receivable
Materials and supplies
-
--
--
--
-- -- -- --
42,207,289
138,857,000
-- -- -
--
--
The cost
since the
$1,088,775,640 $1,331,635,249
of cereals
summer
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
-------
214,204,413
decreases
0.8%
,
than two years alter date of issue,
of
2.9%
was
533,347,946
7,256,797
Commodity Group
24,986,950
57,954,425
112,785,129
138,731,754
134,195,744
not
def Deficit or other reverse items.
weeks gives little ground for
expecting a prompt recovery."
In the
Company's "Business Bulletin" dated April 15, Col.
the
in part:
was
It
initiated
This
began last August and continued
by
a
severe
drop in stock prices in
was
accompanied and followed by an abrupt
of industrial
production which was
exceptionally
rapid from August through December.
prices fell, and especially those of
in
raw
During the
same
period commodity
materials.
for hoping that the bottom of the business
declines had been reached
and that evidences of recovery
might soon appear.
...
In February
and March it became apparent that the
normal spring demand for new
reasons
was
not
developing, and that there
was
little
new
construction
under way that was financed by
private funds.
Unemployment
greatly increased in the first quarter of this
year.
Railroad freight loadings declined until those of
many roads are about as
low
they
was
in the spring of 1932, at the bottom of the
depression, and
a serious railroad crisis has
developed. In March the prices of second grade
bonds declined sharply with those of the railroads
going to new lows for the
entire depression period and stock
prices dropped far below the levels reached
as
were
in the decline that terminated last
October.
trade declined sharply, and business
a
steady decline which
The volume of international
activity decreased in Europe.
group
and advanced
Prices
.
were
for
pork
most
Cereal & bakery productsMeats
93.2
92.9
93.2
92.9
69.3
98.2
92.9
90.6
93.8
95.4
64.2
118.6
Dairy products
Eggs
81.4
81.9
83.9
83.6
59.8
105.2
57.4
59.4
70.1
64.3
42.7
87.4
Fruits and vegetables.....
Fresh
58.5
58.8
58.8
80.5
52.1
86.9
56.6
56.9
56.8
80.1
51.4
84.7
Canned..
79.1
Fats and oils
82.6
65;3
97.1
61.3
76.0
47.3
101.3
67.7
68.3
69.3
68.5
110.9
69.5
69.5
70.2
80.3
45.0
93.8
65.6
65.9
66.2
65.6
57.4
73.5
78.6
—
All foods
*
79.8
60.6
67.7
_
79.4
59.9
Dried
Beverages and chocolate.
78.4
80.3
85.4
59.8
101.4
Preliminary.
The decrease of 0.7%
in the cost of dairy products reflected
tion in the price decline for butter, which amounted to
1.9%
compared with
6.8%
in
February and
11.1%
lower for all items in the dairy products group.
price of fresh milk
1
cent
a
nominal and
was
the cost of eggs indicates a
creases
January.
Prices
due
primarily to
a
Eggs
are
now
10.8%
Onions
were
Other
Higher costs, re¬
offset by decreases indicated for 25 cities.
The
price
There
navy
An increase of 3.8%
.
,
The average increase
black-eyed
peas
sugar
very
change
amounted to
cities
they
1%
greater
1%
were
noticeably in
than
The price of
.
2.8%
prunes
to
8.6%
decreased
Price changes for other
.
little change in
and sweets
held
cost
steady.
reported.
was
or
more;
lower.
Mobile,
in Atlanta,
than average
as
prices of
The price of
as
1%
oleo¬
;
.
of 0.2%
in food costs for 51 cities combined
the net result of increases in 28 cities,
no
reported for
carrots
of the 15 items in these 3 groups changed as much
margarine advanced 1.2%
cities
was
for
unimportant.
beverages, fats and oils, and
one
Cab¬
significant price changes for the canned items
Other commodity groups showed
only
the net result of opposite
advances ranged from 0.7%
were no
beans 1.7%
were
was
contrary to its customary price movement at this
,
down 8.9%
The cost of the dried items fell off 1.2%
dried items
below
little, with
Lower prices were reported for 9 of the 13 items.
bage decreased 11.7%
potatoes.
were
in the cost of the fresh items
price movements.
,
average
reduction of
a year ago.
decrease of 0.5%
1.2%
as
were
The current decline of 3.5% in
slowing down in the more than seasonal de¬
The average cost of fruits and vegetables changed
relatively
decrease of 0.5% recorded for the group as a whole.
season.
retarda¬
a
for March,
The decrease in the
reported for January and February.
the level of
a
was
in
quart in the price for Buffalo.
for lettuce.
During January and February and in March there were further decreases
the volume of production, but
they were so small as to give justifiable
automobiles
changes
Flour de¬
Mar. 15, Feb.
15, Jan. 18, Mar. 16, Mar. 15, Mar. 15,
1938*
1938
1938
1937
1933
1929
ported from 23 cities,
lasted six months.
volume
in the cost of meats followed
26,847,624
completed the first phase of this renewed depression, and to
have entered upon a second one."
He further says, "the second
phase of this renewed depres¬
sion period which has been
developing during the past six
in
for rice.
unchanged.
Three-year Average 1923-25=100
103,177,442
According to Col. Leonard P. Ayres, Vice-President of
the Cleveland Trust Co., "business
activity appears to have
decline
...■
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
COMMODITY GROUPS
Ayres of Cleveland Trust Co. Sees
Prompt Recovery From Second
Depression Period
It
greatest relative
1.6%
was
slightly lower, and canned salmon decreased 1.2%
480,511,352
4,393,315
P.
September and October
The
for hominy grits and
higher for 14 of the 21 items in the
Little Ground for
through February.
-jjj
bakery products, which has tended downward
between February and March.
while the price of white bread
Sugar and sweets—...
says
31.4%
lower than in
loin roast (13.8% ) and pork chops (10.5% ).
obligations which mature
one
and
116,037,771
Includes payments which will become due on account of
principal of long-term
debt (other than that In Account 764, funded debt matured
unpaid) within six
months after close of month of report,
b Includes
The first
are now
22.5%
of 1937, decreased 0.3%
242,034,366
a
Ayres also
Food costs
.
however,
are,
.
ens
81,342,452
$1,923,506,665 $1,834,140,428
Tax liability:
United States Government taxes
Other than United States Government taxes
Phase of
They
101.4.
18.7% between September, 1937 and February, 1938.
For
beef, the most important sub-group, the current increase was
1.6%; for
pork it was 4.6% ; and for lamb it was 8.4%
The price of roasting chick¬
$160,860,210
223,182,643
69,281,557
249,291,903
60,769,606
662,677,227
5,739,442
506,937,059
4,393,315
96,495,960
25,918,598
18,819,355
,
Miscellaneous accounts payable
Interest matured unpaid
Leonard
It
Com¬
amounted to
$93,913,185
a
Loans and bills payable b
Traffic and car-service balances payable
Audited accounts and wages payable
Col.
1933.
was
The advance of 2.5%
Liability Items—
Funded debt maturing within 6 months
more
85.4.
was
lower for all commodity
groups,
Prices held stable for items in the group.
were
creased
Total current assets...-.--—
Selected
1929, when the index
1,463,986
6,279,672
4,255,803
are
except sugar and sweets, which remain unchanged; fresh fruits and
vege¬
higher than in March,
23,228,458
1.039,215
.....
Other current assets
current food costs
a year ago,
of the 1932-1925 average.
1937, when the index
tables registered the greatest decrease, 29.3%
144,207,889
321.220,955
20,380,114
--
383,387,508
78.6%
was
lower than for March,
pared with
154,763,038
1,831,398
51,978,424
8.0%
was
44,608,638
63,731,853
'
The March index for all foods
6,670,342
29,266,014
Interest and dividends receivable
Rents receivable
was no
stated:
Loans and bills receivable
car-service
An advance of 2.5
%
$682,444,443
Special deposits
Traffic and
152.9
139.3
Holiday.
reported
change.
Divergent price move¬
ments sent food costs up in 28 of the 51
reporting cities and
down in 21," said the Department's report, which further
1937
$661,289,191
Cash
144.6
141.3 1938 High—Jan. 10
»
Low—April 12
-
for 52 and for 2 there
Asset Items—
Demand loans and deposits
Time drafts and deposits
228.1
in the cost of meats resulted in an
increase of 0.2% in the retail food cost index between Feb. 15
March 15, according to a Department of Labor
report from
the Bureau of Labor Statistics made public
April 7.
"For
commodity groups other than meats, costs were lower or
showed little or no change.
Average prices were higher for
30 of the foods included in the index; decreases were
3,476,226
685,707
Investments In stocks, bonds, &c., other than those
of affiliated companies.-—
215.9
High—April 5
Department of Labor.
Balance at End of January
Selected
1937
Increase of 0.2% in Retail Food Cost Index Between
Feb. 15 and March 15 Reported by United States
16,184,300
2,366,307
preferred stock
April 13-..-—-139.6 Low—Nov. 24
139.3
Thurs. April 14
Fri.
April 15
■
3,659,759
Dividend appropriations;
On common stock...
148.3
..-->-139.9 Year Ago. April 15
——
223,471
16,692,013
1,506.343
-
income taxes
140.6 Two Weeks Ago. April 1..-..141.4
April 11
April 12
Wed.
12,520,031
39,846,456
deductions..
8
9--.i-----,--———-141.0 Month Ago/Mar. 15
Tues.
1,820,699
10,274,932
39,372,661
225,067
Interest
April
April
Sat*
Mon.
$49,095,692
roads—
by
follows:
12,066,447
$17,409,325
leased
They
or
They have
on Tuesday,
Moody's Commodity Index advanced to 141.3 this Thursday,
as compared with 140.6 last
Friday.
Silk, cocoa, rubber, corn, cotton and wool advanced, while
wheat, hogs, steel scrap and sugar declined.
There were
no net changes for hides, silver,
copper, lead and coffee.
The movement of the Index during the week was as
$38,849,944
2,266,678
reces¬
so.
by the calling of bank loans
Moody's Commodity Index Slightly Higher
Fixed
Rent for
or
After establishing a new 1937-38 low of 139.3
REGIONS)
$19,666,003
Other Income-----———————-—-——-
by short selling,
resulted for the most part from sales by investors who distrust the prospects
for business profits.
For the Month of January
1938
temporary business
no mere
declines in security prices are evidence that this is
general liquidation of weakly held speculative accounts.
any
steam railways in the United States for the month of
January.
These figures are subject to revision and were compiled
from 136 reports representing 141 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies. The report in full as follows:
$6,932,862
12,733,141
new
have not been caused
totals of selected income and balance sheet items of Class I
Net railway operating Income
The
sion.
showing the aggregate
TOTALS FOR THE UNITED STATES CALL
April 16, 1938
The developments that have taken place so far in the second phase of this
Railways for January
issued
has
Balance
and
Steam
Chronicle
in
and decreases in 21 cities.
There
were
17
cities
where
was
For 2
changes
12 of these cities costs increased, and in 6
Where costs
Scranton and
rose
most,
Milwaukee.
Little Rock and Charleston
price decreases for butter
meats
The
were
and
advanced
declines
certain
most,
of
accounted
more
for by
of the
fresh
Volume
vegetables.
Financial
146
In Kansas City, the decrease
of 1.2 cents per pound in the price of
due chiefly to a reduction
was
products and hides and leather products.
advanced
white bread.
2445
Chronicle
1.1%
A minor
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
The group index is 1%
Mar.
15, Feb.
15,
Jan.
Mar.
18,
16, Mar. 15, Mar. 15,
1938*
1938
1938
1937
1933
New England
76.3
76.5
78.3
81.9
59.8
100.7
Middle Atlantic
79.3
79.0
81.0
85.0
61.0
101.3
other
during the week.
of
a
79.7
79.2
80.9
86.6
58.4
103.1
West North Central
81.0
80.9
82.3
91.0
58.9
103.4
South Atlantic
77.1
77.5
79.2
84.2
58.4
99.7
East South Central
73.0
73.6
75.5
82.7
55.8
100.4
West South Central
77.2
77.1
78.8
83.7
58.6
81.1
80.6
83.4
91.5
60.1
98.0
76.7
76.5
78.6
85.6
62.0
99.0
78.6
78.4
80.3
85.4
59.8
101.4
a
result
101.6
Mountain
Pacific.
than
They
farm
of lower
are
fell 1%.
month
It is 3.9%
and
20.5%
Fairchild
Retail prices
During March, Accord¬
Publications
Retail Price Index
declined 0.7 of 1% in March
as
Index.
Price
Prices
lost about
have
compared
two-thirds of
advance since last year's high.
Latest quota¬
tions show a decline of 6.6% under the 1937 high and con¬
tinue only 3.1% above the 1936 low, it was pointed out in
an announcement issued April 14 by Fairchild Publications,
New York, which said that the latest index, 90.6 (Jan. 3,
1931=100) is the lowest since Nov. 1, 1936.
Retail prices
however, still continue 30.5% above the May, 1933 low.
the
sharp
The announcement continued:
which remained unchanged, each
included in the Index, declined, with women's apparel showing the
group
As compared with a year ago, piece goods and women's
greatest losses.
apparel also showed the greatest declines.
last
However, as compared with
year's high, home furnishings and piece goods, registered the greatest
losses.
infant's shoes,
of blankets and comfortables, women's, men's and
infants' underwear and china, each commodity included in
the index receded during the month.
and
floor
year ago
same
Furs, silk piece goods, men's hats
coverings registered the greatest losses.
The decline under
items also show the greatest
a
The
has been very marked for sheets, cotton piece goods, furs.
losses under last year's high.
1937.
pared with February under January, the indications are for still receding
tendencies, according to A. W. Zelomek, economist, under whose super¬
vision
Index is
the
compiled.
While most of the
adjustment in retail
prices has been completed, he points out that still further easier tendencies
be expected.
to
The rapid readjustment in retail prices has been
a
constructive factor in the sales trend.
THE
FAIRCHILD
Semi-manufactured
year.
month
a
during the week and is
Compared with
ago.
Lubin's
issued
1933
1937
1938
69.4
Composite index..
Feb. 1,
1938
94.5
93.2
remarks
contained
were
Mar.
1,
Decreases of 4.8%
in grains and 0.6%
late
August,
1934.
wheat, steers,
Quotations
hogs, cotton,
and
territory
decrease of
wool.
5%
over
The
for
point reached since
barley,
Apr. 1,
1938
1938
91.2
Higher prices were reported for calves,
potatoes (Boston and Chicago),
oranges,
farm
current
index—68.1—shows
products
the four week period and
decrease of 27.2%
a
90.6
products group index to decline 1%
since the first week of October,
a
the
Pronounced
1935.
to the lowest point reached
No changes
were
reported in prices
gloves, harness, and belting.
in
decreases
prices of blankets, pillow
cases,
and
forced the housefurnishing goods group index to decline 0.9%
sheets,
Average
.
wholesale prices of furniture were stationary.
Wholesale
decreases of
food
0.7%
oatmeal, flour,
lard,
fish,
prices
fell
0.6%
during
largely because of
week
canned corn,
and fresh pork,
cured
granulated
pepper,
coffee, copra, cured
tallow,
edible
sugar,
Lower
evaporated and powdered milk,
and meats
vegetable oils.
and
0.1%
rose
.
Quotations
higher for certain fresh fruits and vegetables, fresh beef (Chicago),
were
mutton, veal and dressed poultry.
This week's food index—72.2—is the
1934.
4,
ponging week of last month and 16.1%
As
and
the
for dairy products and 0.6% for cereal products.
Fruits and vegetables advanced 0.2%
a
result of decreases of 3.1%
It is 2.2%
below the
below that of last
corres-
year.
for anthracite, 1.1% for bituminous coal,
for petroleum products, the fuel and lighting materials
0.5%
index declined
0.6%
group
Coke prices remained steady.
.
The chemicals and drugs group index declined 0.4%
prices for fats and oils.
No changes
were
as a
result of lower
reported in prices of drugs and
and mixed fertilizers.
hemp and
raw
jute, caused the textile products index to fall
Raw silk and silk yarn prices advanced sharply.
.
Falling prices for non-ferrous metals such as pig tin, pig zinc, and quick¬
silver, together with lower prices for plumbing and heating fixtures and
65.1
88.2
87.1
86.1
85.6
89.4
91.1
90.9
90.7
90.2
index to decline
71.8
93.0
92.2
91.4
93.5
92.9
Infant's wear
76.4
95.3
97.2
97.2
96.8
96.8
Home furnishings
70.2
94.7
96.3
95.3
94.6
94,2
Piece goods:
Silks
57.4
Woolens
69.2
85.9
86.4
86.4
85.9
85.8
Cotton wash goods.....
68.6
113.8
109.8
109.6
107.4
106.8
64.1
remained
Sheets
65.0
106.2
102.0
99.9
98.4
98.1
Blankets & comfortables
72.9
1C8.2
109.0
109.0
109.0
109.0
75.0
Women's apparel:
Hosiery
59.2
76.6
76.3
75.5
75.1
Aprons & house dresses.
75.5
105.4
107.9
107.5
107.5
106.6
Corsets and brassieres..
83.6
93.0
93.0
93.0
93.0
92.7
Furs
66.8
113.0
108.8
106.8
102.8
Underwear
69.2
86.0
86.9
86.6
86.6
84.0
87.8
87.8
87.7
64.9
87.6
89.5
89.5
89.3
69.6
92.9
92.7
92.7
92.7
74.3
87.5
87.6
87.4
87.3
metal
products
group
unchanged at last week's level.
declined
3.4%
Crude
during the week.
pulp decreased 0.2%.
and paper and
Wholesale
Advancing prices for yellow and Ponderosa pine lumber and hollow tile
building materials
group
index to rise 1.1%.
Lower prices
were
Cement and structural steel
reported for China wood oil and naval stores.
remained
unchanged at last week's level.
The following table shows index numbers
92.1
Shirts and neckwear
and
prices of automobile tires and tubes were firm.
89.1
Underwear
metals
the
for the main groups of com¬
87.7
Hosiery
caused
The iron and steel and motor vehicles subgroups
.
86.2
76.5
0.1%
99.9
Shoes
implements,
Average wholesale prices of cattle feed fell 4.4%
rubber
caused the
Domestics:
Clothing, hosiery
unchanged at last
week's level.
70.7
65.0
over
Sharp declines in prices of hides, skins, and leather caused the hides and
Women's apparel..
65.0
rye,
peanuts,
period.
year
leather
Men's apparel..
65.0
oats,
corn,
(New York), lemons,
apples
eggs,
sheep, live poultry (Chicago),
cows,
lower
were
onions, and potatoes (New York).
Piece goods
64.9
an
in livestock and poultry prices
caused the farm products group to decline to the lowest
agricultural
87.0
in
which the following is also taken:
0.1%
92.4
3,
year ago,
by the Department of Labor, from
and underwear, and woolen and worsted goods remained
Jan.
a
.
Commissioner
for manila
Apr. 1,
com¬
Continued decreases in prices of cotton goods, together with lower prices
INDEX
JANUARY, 1931=100
Copyright 1938 by Fairchild News Service
May 1,
index
group
Fluctuations in prices of finished products
pharmaceuticals, fertilizer materials,
PUBLICATIONS RETAIL PRICE
materials
raw
The index fell 0.1%
lowest since the week ended Aug.
Despite the smaller decline in March prices under February, as com¬
are
of last
prices were reported for butter, cheese,
With the exception
corresponding'week
below the
respectively.
that
below the level of
4.8%
of shoes, luggage,
With the exception of infant's wear,
a
prices for agricultural commodities, coffee, hides,
below
announcement
with February, and reacted 4.1% under the corresponding
month a year ago, according to the Fairchild Publications
Retail
below
declined 0.2%
below the index for the corresponding week of last
have been less pronounced.
only 0.6%
Prices Declined Further
to
also
prices decreased 0.4% during the week.
This week's index—
74.5% —is 1.5% below that for the week ended March 12 and 17.5% below
it is down
ing
and 6.7%
ago
modities
Preliminary.
Retail
and 4.8%
0.8%
skins, coal, hemp, jute and crude rubber, the
the week ended April 10,
♦
month
a
and foods,"
products
month ago and a year ago,
As
East North Central
below the level of
Industrial commodity prices, as measured by the index for "all
year ago.
commodities
1929
United States
commodi¬
ties, according to the index for "all commodities other than farm products."
Three-year Average 1923-25=100
Regional Area
The building materials group
.
decline—0 2%—was registered for non-agricultural
86.7
modities for the
(1926=100)
Apr.
Hats and caps
69.7
84.0
84.6
84.5
84.5
83.4
Clothing, incl. overalls..
70.1
92.0
95.5
94.5
93.5
92.1
96.8
96.8
96.8
96.8
Socks
74.0
100,7
100.7
100.7
100.7
100.6
Underwear
74.3
93.7
95.0
95.0
94.8
94.8
9
Commodity Groups
1938
Apr. Mar. Mar. Mar.
Apr.
Apr.
11
Apr.
13
19
12
10
1938 ,1938
1938
1938
1937
1936
1935
26
2
Apr.
14
1934
92.9
76.3
1937, April 11, 1936,
April 13, 1935, and April 14, 1934.
Men's apparel:
Shoes
for April 10,
past five weeks and
Infants' wear:
78.5
products
78.8
79.2
79.5
79.8
87.9
79.5
79.9
73.3
68.1
All commodities
Farm
68.8
69.6
70.5
71.7
93.5
76.9
81.0
60.5
73.1
73.4
73.8
72.2
72.6
86.1
80.2
84.5
65.8
Hides and leather products..
92.5
93.4
93.7
94.2
94.2 106.8
95.1
85.9
89.8
67.1
67.7
67.8
67.8
78.6
69.9
68.8
Foods
75.5
Shoes
80.9
91.5
96.0
96.0
96.0
96.0
Textile products._ —
Fuel and lighting materials..
67.0
77.6
78.1
78.1
78.1
78.3
77.1
77.6
74.0
72.9
Furniture
69.4
99.4
101.8
101.7
100.7
100.0
Metals and metal products..
95.9
96.0
96.0
96.1
96.1
96.3
85.9
85.0
86.9
Floor coverings
79.9
113.5
121.8
117.2
115.8
114.5
91.2
90.2
90.7
90.6
90.6
96.8
85.4
84;5
86.5
59.9
Musical instruments
50.6
60.6
61.1
60.5
59.7
Building materials..
Chemicals and drugs
Luggage-
60.1
78.4
80.6
80.2
79.9
78.7
Housefurnishing goods
Elec. household appliances
72.5
81.5
83.1
83.1
83.1
83.0
Miscellaneous
China
81.5
93.2
95.6
95.5
95.0
95.0
77.3
—
Commodity
Week
Prices
Ended
Continued
April
to
9—Index
Decline
Dropped
During
0.4%
commodities
All
commodities
farm
♦
Lowest Level in Past Two Years
78.6
87.0
79.0
80.5
75.4
89.6
89.6
90.3
82.8
81.9
82.8
74.1
74.5
74 5
80.1
68.3
68.4
69.6
71.6
72.4
73.8
89.2
77.0
*
*
74.5
74.8
75.0
75.5
75.6
90.3
74.5
*
*
83.2
83.5
83.5
83.6
87.3
81.6
*
80.8
other
81.0
81.4
81.5
81.6
86.6
80.0
79.6
76.1
other
82.2
82.4
82.7
82.8
82.9
86.3
79.0
77.2
78.9
73.1
*
than
farm products
to
78.4
89.6
73.4
70.9
...
Finished products
All
78.1
89.5
73.1
83.1
Raw materials
Semi-manufactured articles
United States Department of Labor Reports Wholesale
77.6
88.7
-—
than
products and foods..
Not computed.
Wholesale
commodity prices continued to decline during
weakening
prices for farm products, foods, and hides and leather
products, the United States Department of Labor, Bureau
of Labor Statistics' all-commodity index dropped 0.4% to
the lowest level reached in the past two years, Commissioner
Lubin announced on April 14.
"The decline brought the
all-commodity index to 78.5% of the 1926 average/ and
represents a decrease of 1.6% from the corresponding week
of March," Mr. Lubin said.
"Compared with the week
ended April 10, 1937, the general index shows a decrease of
10.7%." The Commissioner added:
the week ended April 9 and largely because of
The decline in commodity prices was quite general as all groups except
building materials averaged lower.
the textile
The decreases range from 0.1%
products and metals and metal products groups to 1%
for
for farm
Wholesale
the
Prices Again Declined During
April 9, Reaching a New Low
Current Recession, According to National
Commodity
Week
Point in
Ended
Fertilizer Association
Continuing the downward trend for the fourth consecutive
price index of the National
Fertilizer Association receded in the week ended April 9
to a new low level in the current recession.
Based on the
week the wholesale commodity
1926-28 average of 100%, last week the index stood at
75.0% (the lowest point recorded in the last four years),
as compared with 75.5% in the preceding week.
A month
ago it registered 76.4% and a year ago 88.2%.
The iVssociation's announcement, dated April 11, continued:
2446
Financial
Chronicle
Price declines during the week were common to most commodity groups,
with
of the principal group indexes declining and
seven
In spite of upturns in meat
prices there was
a
Electric
Below
prices falling to the lowest point reached since the first of
All price changes in the textile group, with the exception of silk,
downward, with cotton goods and yarns, cotton, burlap, and hemp
were
all declining.
A steady decline in the metal price average which began
September continued during the week, reflecting lower prices for steel
the like week
Indexes representing the prices of fertilizer materials
tin, and zinc.
scrap,
its current weekly
in
re¬
light and power industry of the United States for the week
April 9, 1938, was 1,990,447,000 kwh.
This is a
decrease of 8.5% from the output for the corresponding
week of 1937, when production totaled 2,176,368,000 kwh.
The output for the week ended April 2, 1938, was esti¬
mated to be 1,978,753,000 kwh., a decrease of 7.8% from
poultry, and hogs about offset by upturns in
A drop in the price of fuel oil was responsible for the
last year.
last
8.5%
ended
with small declines in eggs,
index of fuel
1938,
port, estimated that production of electricity by the electric
Declining prices for cotton and grains took the farm product
new low for 1938; changes in livestock quotations were slight
cattle and lambs.
April 9,
Year Ago
a
The Edison Electric Institute,
index, reflecting declines in quotations of a wide range of foodstuffs other
a
Output for Week Ended
advancing.
none
small drop in the food price
than meats.
index to
April 16, 1938
a
year ago.
DECREASE FROM PREVIOUS YEAR
PERCENTAGE
and of miscellaneous commodities were also lower last week.
vances;
in the second preceding week there were 39 declines and 10 advances.
WHOLESALE COMMODITY PRICE
WEEKLY
Compiled by the National Fertilizer Association.
Week Ended
Major Geographic
Regions
Forty-one price series included in the index declined during the week
the preceding week there were 36 declines and 10 ad¬
and 13 advanced; in
12.8
New England
Per Cent
Latest
Preced'g
Week
Week
Bears to the
Group
April
Total Index
Month
Year
Ago
Ago
2, Mar. 12, April 10,
9, April
1938
Foods
:v Fats and oils..
25.3
Cottonseed oil
60.2
64.7
75.0
79.6
2.8
15.6
1.7
5.3
69.2
47.1
48.5
50.8
67.1
5.1
18.1
1.3
2.2
4.9
3.8
8.5
7.8
10.2
8.7
Pacific Coast
Total United States.
*
Increase.
117.0
70.6
74.6
80.3
♦80.1
80.8
81.4
77.0
77.4
*58.9
Cent
Change
1938
90.6
59.5
Per
1937
1938
Week Ended
82.6
*76.5
Textiles
8.2
6.4
19.0
80.6
67.2
70.5
Miscellaneous commodities..
10.8
4.7
23.0
88.1
Fuels.
17.3
7.5
5.9
23.1
103.2
66.5
♦64.8
Grains
Livestock
12.8
5.8
17.3
86.4
78.8
Cotton
13.4
*0.5
1.6
Rocky Mountain..—
84.3
12.2
15.2
Southern States
1937
74.0
*65.8
Farm products
23.0
1938
73.6
61.1
—
1938
73.4
..
Week Ended
2.4
Central Industrial
West Central
Each Group
Week Ended
Mar. 26, 1938 Mar. 19, 1938
2, 1938
15.2
Middle Atlantic
INDEX
(1926-1928=100)
Week Ended
Avril
April 9, 1938
1936
1932
1929
from
1937
61.0
83.0
7.1
Metals
*96.2
96.3
96.8
107.9
Feb.
5
6.1
Building materials
82.3
82.3
80.0
94.7
Feb.
12
1.3
94.9
94.9
95.0
95.4
Feb.
19
.3
Chemicals and drugs
Fertilizer materials
*72.0
72.1
72.1
71.3
Feb. 26.
.3
Fertilizers
77.8
77.8
78.7
76.9
Mar.
5
2,035,673
.3
Farm
98.0
98.0
98.0
93.1
Mar. 12
2,014,729
Mar. 19
*75.0
75.5
76.4
88.2
Mar. 26-.
2,017,653
1,975,239
1,978,753
1,990,447
100.0
1
maphinery
All groups
combined
2
Apr.
♦New 1938 low
Apr.
9-------16
Apr.
March
Chain
Sales
Reflect
Current
Trend
in
Retail
1937.
This
index makes
adjustment for the shift in the
season.
All major divisions reported smaller volume of business as
compared with a year ago, and with one exception, all divi¬
sions also showed decline
compared with February.
The index figures by
groups for March compare with
February, and with March, 1937, as follows:
Variety chains—107 in March, against 111 in February
and 111.6 in March, 1937.
Grocery group—98.4, against 98.6 in February and 103 in
March, 1937.
Drug group—124.5, against 128.5 in February and 126.8
in March, 1937.
as
of
Governors of Federal
Reserve System
Department store sales showed less than the usual seasonal
increase from February to March, and the Board's
adjusted
index was 86% of the 1923-1925
in March as com¬
pared with 88 in the preceding month, it was made known
on
April 11 by the Board of Governors of the Federal Reserve
average
System.
1,941,633
1,903,363
1,893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
1,928,803
—7.5
—9.0
—8.7
—10.2
—7.8
—8.5
1,728,203
1,726,161
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
1,683,262
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
Foreign Trade in February—Imports
and Exports
The Bureau of Statistics of the
Department of Commerce
Washington on March 25 issued its statement on the
foreign trade of the United States for February and the two
months ended with February, with comparisons by months
back to 1933.
The report is as follows:
Exports during February
in
February, 1937.
fewer number of
13% greater and imports 41% smaller than
were
Both declined from January levels
shipping days in February
as
result of the
a
The exceedingly wide differ¬
between merchandise exports and imports which have existed in the
ences
past five months continued in
February.
Merchandise exports exceeded
imports by close to 100 million dollars in February and for the first two
months of the year
by 218 million dollars.
Merchandise
Export Trade
Exports, including re-exports, amounted in value to $262,733,000
pared with $289,433,000 in January,
1937.
ruary,
The decrease of 9%
from January in the value of total exports
due to seasonal influences
which
leaf tobacco,
fruits
raw
factured tobacco
in
com¬
1938 and with $233,125,000 in Feb¬
cotton,
were
valued at
February, respectively.
was
largely
particularly affect shipments abroad of
automobiles.
and
Exports of
unmanu¬
$16,315,000 in January and $12,216,000
Exports of raw cotton declined from $34,607,000
$21,162,000; fruits and nuts from $7,290,000
to $5,735,000 and auto¬
mobiles, including parts and accessories from $34,396,000 to $28,088,000
between
January and February.
There
exported
was
also
in
February
smaller amounts of lard, lumber, coal, crude petroleum, iron and steel
scrap,
other heavy iron and steel products, and of certain chemical products than
in
January.
Despite the fewer number of shipping days in February than in January,
exports of
wheat
refined
number of commodities increased in value.
a
and
feed
copper,
wood pulp,
grains,
metal-working
machinery,
This
lubricants,
gasoline,
aircraft.
The announcement of the board continued:
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
at
to
Department Store Sales Increased Less than Seasonally
During March over February, According to Board
—8.0
2,176,363
Country's
Shoe
group—121, against 125 in February and 134 in
March, 1937.
Apparel group—estimated at 115, against 108.8 in Feb¬
ruary and 126 in March, 1937.
1,962,827
1,952,476
1,950,278
—5.4
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
-
of
activity in the field, as measured by the
"Chain Store Age" index, stood at 103.3 for the
month,
compared with 106.4 in February and 108.6 in March of
Easter
7-
May
—6.7
—6.9
2,207,285
2,199,976
Apr. 23
Chain store sales showed further contra-seasonal decline
in March in reflection of increasing adverse influences which
affected trade generally.
The level
2,201,057
2,199,860
2,211,818
Apr. 30
Trade
/
2,082,447
2,052,302
2,059,165
2,031,412
agricultural
true of
was
crude
sulphur,
implements
and
\
Exports of three of the five broad economic classes of merchandise—
crude
in
March,
of
department stores
1923-1925 average=l00:
January,
March,
1938
Index
February,
1938
1938
1937
sales
that
86
88
Without seasonal adjustment
90
70
70
90
wood
were
14%
less than in March last
year,
reflecting
7%
year ago should be made
report
were
by
on
this account.
federal
P. C.
reserve
and
crude materials
Change from Year Ago
1937, while the values of
smaller.
were
In
the
case
fertilizers.
Among
February of this
Stores
value in
metal-working machinery,
commodities
leading
year were
automobiles,
were
smaller
aircraft
in
and
value
lumber, copper, radio apparatus,
cotton,
raw
that
in
included canned salmon, dried and evaporated
office
Merchandise Import Trade
of
Reporting
in much larger
pulp, petroleum and products, iron and steel manufactures, well and
refinery machinery,
Number
Months
exported
lard, wheat, feed grains, feeds, leaf tobacco,
appliances, and coal-tar products.
Number
Three
March*
the commodities
a year ago were
fruit, canned fruit,
districts
of
Cities,
Included
The value of general imports (goods entered for storage in bonded ware¬
houses,
upon
Federal Reserve districts:
Boston
1938 than in February,
opposite in direction to that shown by the class total.
February than
in part the fact that Easter is
three weeks later this year than it was in
1937.
It is estimated that an
allowance for a reduction of about
a
February,
Numbered among
93
77
from
in
manufactured foodstuffs
of each class, however, exports of some leading commodities showed changes
Adjusted for seasonal variation..
Total sales in March
foodstuffs, semi-manufactures and finished manufactures—were larger
value
plus
goods
arrival in
which
entered
the country)
merchandising
channels
immediately
$163,085,000 compared with
amounted to
$170,725,000 in January and $277,709,000 in February, 1937.
—10
—7
New York..
51
32
—12
—7
57
Philadelphia
30
—23
—12
Cleveland
27
12
—20
—12
Richmond
26
11
—14
—6
55
Atlanta
26
—9
—2
27
Chicago
17
—14
—13
St. Louis
85
—5
35
drawals
30
—12
Imports for consumption
sumption channels
(goods which entered merchandising
immediately
for consumption
upon
in Feb¬
1937.
Smaller quantities of many commodities
18
con¬
amounted to $155,941,000 in
February compared with $163,526,000 in January and $260,047
ruary,
or
arrival in the country, plus with¬
from warehouse)
contributed to the decrease of
Minneapolis..
—7
—5
42
Kansas City..
Dallas..
21
4.6%
—9
—5
25
20
—3
clines ranging from 1 to 2 million dollars each, in leading imports, such as
+3
20
8
San Francisco
;
-18
—11
85
27
—14
-9
535
252
from January in the value of total imports for consumption.
copper, crude
rubber and newsprint accounted, however, for
part of the reduction.
Total.
Cocoa, coffee, tea and bananas
larger value in February than in January.
De¬
a
considerable
were
imported in
Burlaps and tin
were
also larger
*
March figures preliminary; in most
cities the month had the
business days this year and last
year.
same
number of
in
value
was
in
February.
A decrease in imports of cane sugar from Cuba
offset by an increase in imports
of
sugar
from the Philippine Islands.
Volume
Financial
146
2447
Chronicle
Imports of practically all leading commodities were decidedly smaller in
both quantity and value than in February, a year ago.
Over four-fifths
Period
or
1935
1936
1937
1938
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
363
338
11
5,067
1,248
1,661
253
612
355
141
611
233
1937 was, however, in crude food¬
sumption in February from February,
These classes of
smaller in value
im¬
ported in much smaller quantity and values were grains, vegetable oils,
oilseeds, coffee, cocoa, undressed furs, hides and skins, crude rubber,
manufactured wool, raw silk, precious stones wood pulp, non-ferrous metals
and fertilizers.
Imports of manufactured foodstuffs (principally because
of reductions in meats, dairy products, feeds and beverages) were 29%
stuffs, crude materials, and semi-manufactured products.
respectively, 46, 48 and 43%
merchandise imports were,
in
February than
Included among principal commodities
a year ago.
value and those of finished
smaller in
manufactures (including newsprint
and various textile manufactures, all of
23,637
2,315
39
3,128
237
346
62
51
13
535
468
203
341
166
77
81
59
695
206
102
32
169
1,593
2,885
1,717
1,547
2,009
April
49
May
June..........
July
August.......
V
214
143
278
204
285
42
129
1,472
117
232
260
268
127
30,084
512
411
527
99
15,052
769
236
236
23,975
27,534
46,020
December......
409
12 mos.end. Dec.
1,960
Increase!. +)
Imports—
January
149,755
122,817
13,543
148,670
April... .....i.
140,065 169,957 155,366
May
7,155
8,211
394
1,222
2.965
4,542
19,085
58,483
2,846
27,708
16,351
17,536
14,080
15,488
8,115
4,490
5,589
11,002
7,795 154,371
28.106 215,825
2,821
3,165
6,025
4,476
4,964
13,501
10,444
4,989
23,981
16,074 175,624
67,524 105,013
30,230
6,574
16,637
October
156,805 171,866 145,623
315,424 218,929 90,709
45,689
48,898
November
210,810
60,065
26,931
4,451
December..
190,180
47,603
2,267
8,427
5,701
10,633
23,151
76,019
354,531 182,816
16,926
91,877
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
June
233,125
262,733
455,789
552,165
+ 96,376
July..i_._.....
277,709
163,085
518,153
333,810
—184,343
1,000
Exports.
Imports..
...........
_
230,538 277,851 262,103
16,287
46.085
August
September
218,355
99,648
Excess of exports
6~2~364
44*584
Excess of imports
1933
1934
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
75,962
52,194
57,070
30.820
33,033
Dollars
2 mos.end. Feb. 272,573
15,365
52,983 241,663
12 mos.end. Dec. 1740979 1144117 1631523
Includino
Re-exports—
172,220
176,223
198,564
222,665
101,513
162,752
163,007
182,024
March
108,015
185,026
April.
..........
May...............
105,217
190,938
179.427
164,151
195,113
192,795
114,203
160,197
165,459
200,772
June
119.790
170,519
170,244
July...............
144,109
161,672
173,230
185,693
180,390
August
131,473
172,126
178.975
September
160,119
171,984
191,313
198.803
220,539
233,125
256,565
268,945
289,922
265,341
268,184
277,031
296,579
October
193,069
206,413
221,296
264,949
332,742
November
184,256
194,712
269,838
226,364
314,695
December
192,638
170,654
223.469
229,800
319.240
222,104
334,972
339,230
380,587
455,789
February
....
2 mos. ended Feb.
Summary of Business Conditions in Various
Comments
as
to business conditions in the
Extracts
Reserve banks
of Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
Dallas and San Francisco:
First (Boston) District
240,444
135,706
132,753
166,832
187,482
152,491
192,774
277,709
158,105
146,523
177,356
198,701
170,500
202,779
286,837
170,533
156,754
191,697
284,901
191,077
286,224
176,631
195,056
265,214
154,918
127,229
119,513
169,030
193,073
245,657
146.643
131,658
161,647
215,701
233,142
October
150,867
129,635
212.692
224,304
November
128.541
150,919
132,258
189,357
169,385
196,400
223.010
186,968
245,161
170,725
163,085
307,474
208.814
January
96,006
February
83,748
March..
94,860
88,412
......
.
........
.
August
September.
.. .......
December.
154,647
106,869
122,197
142,980
...
June...............
July.....
136,109
133,518
.......
business activity
which
prevailed in January, after allowances had been made for
customary seasonal changes," said the Federal Reserve
Bank of Boston in its "Monthly Review" of April 1, adding
that "although activity in some industries continued to
decline, the trends in other industries were either sidewise
"During February the level of general
England was approximately the same as that
in New
upward."
or
333,810
to
54,887 bales
in
February last year.
Increase(+)
(—)
Decrease
Exports and Imports
1938
1936
1937
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
1937
Exports (U. S. mdse.)
Imports for consumption
—
.
229,671
259.958
260,047
155,941
—169,259
to
1937
1938
1,000
Dollars
Exports—U.S.
1,000
1,000
1,000
1,000
1,000
Merchandise—
Dollars
Dollars
Dollars
Dollars
Dollars
195,689
219,063
286,133
159,617
173,560
160,312
179,381
259,958
187,418
181,667
192,405
229,671
252,442
January
118,559
169,577
February
99,423
106,293
March
103,265
April
May...............
111,845
June.....
117,517
July
141,573
August
September..
129,315
157,490
October
190,842
Novem ber
December..
mos.
12
mos.
189,574
159,791
197,020
167,278
181,386
159,128
169,851
167,865
177,006
256,481
264,613
169,683
175,825
273,561
188,860
196.040
217,925
218,184
168,442
220,931
226,666
315,268
448,735
375,070
333,872
329,194
ended Dec. 1,647,220 2,100,135 2,243,081 2,418,969 3,294,795
than
number of wage earners
the production in February last
employed in representative manufac¬
in February was 0.4% larger than
increase of 2.6% was reported in aggregate payrolls by
Department of Labor and Industries.
These changes
Massachusetts
January and
between
smaller
dollar
than the average for the 13-year
February were less
employment increased 2.7% and
by 26.3%.
volume of reporting department stores
England
a
year
and apparel shops in
during February was 6.0% less than in
ago, with decreases reported from each
the corresponding
of the six New
England States.
Second (New
546.091
York) District
92,718
128,976
168,482
186,377
228,680
163,526
84,164
152,246
189,590
260,047
155,941
175,485
194,296
295,705
166,070
199,776
280,899
and
than
in immediately preceding months," said the Federal Reserve
Bank of New York in presenting in its "Monthly Review"
of April 1 its indexes of business activity.
The Bank fur¬
ther stated:
"During February the general level of production
trade continued to decline, but by a smaller amount
Imports for
Consumption
January
April...............
88,107
125,047
153,396
141,247
February^..
....
March.
91,893
.
May.
109,141
147,467
166,756
189,008
278.284
June....
123,931
135,067
155,313
194,311
278.300
July
141,018
124,010
173,096
197,458
262,889
August
152,714
147,599
117,262
180,381
200,783
248,716
218,425
189,806
213,419
226,476
November.....
125,269
149,470
162,828
200,304
212,372
December..
127,170
126,193
179,760
240,230
203,710
.
_ _ .
.
... .
.
2 mos. ended Feb.
488,726
254.023
375,968
320,728
176,882
1,433,013 1,636,003 2,038,905 2,423,978 3,010,038
GOLD
AND
SILVER BY
319,467
MONTHS
Exports, Imports and Net Balance
2 Months Ended Feb.
February
Increase! +)
Decrease
Exports and Imports
1937
1938
(—)
1938
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
174
12
5,241
+ 5,229
120,326
8,211
241,663
15,365
-226,298
120,326
8,036
241,651
10,124
Gold—
Exports
Imports
-
Excess of imports
Imports...
Excess of imports
the
have
first
1,222
588
233
14,080
If,488
16,926
44,196
13,470
15,255
15,703
43,608
—634
+ 27,270
weeks
of
month.
the
activity
copper
Department
store sales appear
to
during March, after adjustment for seasonal
including the date of Easter.
daily rate of steel
January,
production was 9% higher in February than in
representing about the average seasonal rise, cotton textile mill
somewhat more than seasonally, and rayon deliveries increased.
reductions were shown in automobile assemblies, production of
rose
However,
three
declined somewhat further
The
611
after
factors,
Silver—
Exports
in this district were
as were chain store
sales, but mail order house sales showed about the usual seasonal advance.
Merchandise and miscellaneous freight car loadings were practically un¬
changed from the January average, but railway shipments of bulk com¬
modities declined contraseasonally,
and the volume of check transactions
throughout the country decreased more than usual.
Average daily sides of
General Motors Corp. to consumers were 6%% higher than in January.
It appears from preliminary data that business continued at a relatively
low level during March.
Declines of approximately seasonal proportions
occurred in the generation of electric power and in the shipment of bulk
freight over the railroads, and merchandise and miscellaneous freight car
loadings increased less than is usual at this time of the year.
A further
rise in steel mill activity to 35%% at the end of the month was in the
nature of a seasonal movement,
and both the automobile and the cotton
textile industries continued to operate near the restricted levels of February.
Output of bituminous coal was curtailed somewhat less than usual during
store sales in the United States and
seasonal adjustment, than in January,
Department
lower,
233,959
149,288
149,893
137,975
168,683
October
;
total
month
.V
September
the
New
311,211
217,982
ended Feb.
The
The
329,404
267,258
262,173
223,920
less
turing establishments in Massachusetts
in January and an
were
293,374
203,536
192,156
26.4%
...
aggregate payrolls 4.1%.
In February, however, employment in Massachu¬
setts was 21.8% less than in February last year and aggregate payrolls
285,081
189,808
....
... .
160,511
but
in New England during February is estimated
a quantity 19.0% larger than the January
pairs,
period 1925-1937, inclusive, during which
264,627
181.291
......
2
176,490
157,161
167.902
and
11,121,000
total
production
.
1936
1935
1934
the
Mills
year.
been
have
year.
1933
Month or Period
Between January and February cotton consumption
six New England States.
The New England
of
Boot and shoe production
+97,356
319,467
488,726
January
last
months
1,0.00
Dollars
546,091
448,735
three
February was 41.6% less than in the first two
in the New England district during February
consumed 7.0% lees raw wool than in January and considerably less than
was
consumed in February, 1937.
for
total
2 Months Ended Feb.
February
in
increased
Merchandise and Imports for Consumption
Exports of United States
It also had the following to say:
February amounted
as compared with 50,637 bales in January and 88,841 bales
consumption by mills in New England during
Cotton
518,153
380,256
319,323
268,459
ended Dec. 1,449,559 1,655,055 2.047.485 2,422.592 3,083,808
179,754
2 mos. ended Feb.
12 mos.
Reviews''
quoted from the monthly reports of the
are
552,165
Federal
various Federal
Districts, as contained in the "Monthly
of the Federal Reserve banks, are given below.
Reserve
General Imports—
April..
May.
44,196
Districts
Reserve
1,674,994 2,132,800 2,282,874 2,455,978 3,345,034
12 mos. ended Dec.
35,437
289,433
262,733
120,589
January..
8,363
1,000
Month or Period
Exports,
588
2,909
20,842
45,981 3.21,336
7,002 120,326
March
380
18,801
5,241
12
February
1,000
244
138
76
1937
1936
1938
197
86
October
Decrease(—)
Exports and Imports
1937
4
5
242
September
2 mos.end. Feb.
2 Months Ended Feb.
February
174
540
March
170
Balance of Trade
General Imports, and
Re-exports,
Including
46
November
MERCHANDISE TRADE BY MONTHS
Exports,
February
-
1
1
Exports—;
January
smaller
which declined) were 21%
1937.
in value than in February,
Silver
Gold
Month
of total imports for con¬
of the decline of $104,000,000 (40% ) in the value
and zinc, coal output,
electric power generation,, and meat packing
Financial
2448
to
falling off in export business.
a
tool orders also declined, owing
dollar value of machine
The
operations.
.
.
Chronicle
and
Operations turned down sharply in all four textile lines last year, par¬
during the second half.
Wool mill activity—which appears to
the first to enter upon a decline—and rayon production fell to
ticularly
one-third of their peak levels, and cotton and silk mill
activity declined 40% and 50%, respectively*
During the first two
months
of
this year textile
mill operations have gained seasonally or
slightly inore, as is reflected in the lines in the diagram.
(Adjusted for seasonal variations, for year-to-year growth, and where
for price changes)
17%
department
creases,
year
from
last
a
>
Fifth (Richmond) District
its "Monthly
March
of
38
38
38
81r
77
70p
The
61
47
46
106
113
78
72
99
79
66
64p
96
—.—-
95
96
Feb.,
1937
1938
1938
...
Bank
other
many
87
85
85 p
73
71
terially.
73
130
49
85
95p
98p
82
—
46
132r
Wool consumption
Shoes
87
89
82
Meat packing
98
Tobacco products
95
57 P
87
63
50
46
128
115
70
.......
Machine tool orders*
Employment—
101
90
85
84 p
94
Employment, manufacturing. United States
73
66
67p
United States.
.
year
which
Residential building contracts.........
39
19
21
23
65
63
65
37
92r
—
small
a
77
74
Car loadings, other
numbers
than at any
payrolls in
the
on
rolls
ma¬
.
.
in
increase
74
inventories
occurred.
.
..
.
in
.
received
1936 crop.
for the
declined
miscellaneous
reduced
not
reduced
hours
February were small, most markets having closed for
season.
Producers of tobacco received approximately $187,518,330 for
1937 crop, an
increase of $48,651,870, or 35% over $138,866,460
the
YYXY-i
Primary Distribution—
have
idle workers
shortened
and
more,
production declined further in February, both on a monthly and
daily basis, in line with lessened demand for fuel from industry, and was
in the corresponding month in 1937.
In cotton textiles
the rate of operations in
February declined slightly
from the January rate, and production exceeded sales, inventories at mills
increasing after falling in January.
Rayon manufacturers, on the con¬
trary, increased shipments substantially over January shipments, and only
the
--
Non residential building & engineering contracts.
or
Coal
Tobacco sales
Construction—
larger number of
show a
approximately 36% below production
88
71
158
Cement
a
industries
9lp
93
......
data
for
time
stated:
further
Employment
114
........
...
..........—
Cotton consumption
merchandise and
de¬
than
19 sales were down 22%
date was a factor in the
Easter
'
'
smaller
100
-
Bituminous coal
Car loadings,
the
in
payroll
and
14.5%
being
102
-
—
Employee-hours, manufacturing,
February
in
31, reported that "all lines of business
continued in the recession which developed last fall, and
February showed few signs of improvement, but the reces¬
sion appears to have leveled out since the turn of the year."
Jan.,
101
-
Copper
...
sales
variation
but
last year, chiefly due
hours.
employment
these
of
figure.
year,
was
The Federal Reserve Bank of Richmond, in
Dec.,
1937
Electric power
fewer
effects
and New Castle
10%.
Payroll data,
Sharon
City,
and in the four weeks ended March
ago,
latter
.
industrial Production—
Crude petroleum
through
the
store
Oil
the contraction
greater falling off from
a
work
of
showed
trade
Review"
Steel
Indicate
spreading
a
Retail
Erie,
Dayton,
at Cincinnati
necessary
Feb.,
Passenger cars....
Motor trucks..
while
;
where available,
to
have been
approximately
20%;
Pittsburgh,
about
.
April 16, 1938
about
other
most
1%
Retail trade in department stores in February
February, 1937, sales, but held
under
of
lines
Stocks
business.
in
better than
up
department stores at the end of
84
78
72
64
78
94
91
90
February
averaged
105
86
64
64
wholesale
lines
95
84
86
83
85
82
81
75
103
According to the March 31 "Monthly Review" of the At¬
lanta Federal Reserve Bank, "February retail distribution
........
Exports...
8.4%
inventories
Other
96
...
X
registrations.
passenger car
.............
95
93 p
89p
94
87
87 p
106
...
98
62
63 p
68
.....
95
100
....
chain store sales
Mall order house sales.....
New
64
58
57 p
43
35
31p
99p
in the
at
42
Velocity of demand deposits, outside N. Y, City a
Velocity of demand deposits, New York City .a.
time,
62
36
increased
162r
155
155
154p
there
been
148
151
150
148P
103
wages.e.
65
42
both
112r
111
lllp
than
more
the
has
number
larger than
*
Not adjusted for price changes,
a 1919-1925 average=100%.
b 1913 aver.
age=100; not adjusted for trend,
c 1926 average=100%; not adjusted for trend
Preliminary,
r
Revised.
New
York
District
in
noted
were
its
(Philadelphia) District
"Business Review" of April 1 the Federal Reserve
Bank of
Philadelphia stated that "industrial activity in the
Philadelphia Federal Reserve District increased a little in
February and showed some further gains in early March."
Continuing, the Bank also said:
higher rate of operations at manufacturing indus¬
a
tries,
principally those producing non-durable goods.
♦
*
trade sales increased by a small percentage from January to
February but were less than last year.
Preliminary reports for March
show a substantial decline from a year ago,
principally under the influence
.
Retail
of the later
less
active
Easter
than
this year.
season
last year.
shows
sharp
signs
of
declines
demand
for
textile,
active
more
goods.
food,
since
for
several
improvement,
some
producing consumers'
months,
particularly
While
still
in
manufacturing
in
the
and leather products
paper
of
case
relatively
small
has
activity
industries
the
volume,
been
noticeably
January,
Activity in durable goods industries has
reached the lowest level since 1935, but also shows evidence of
steadiness,
as indicated
by the rate of operation and the slight change in payrolls in
March.
year
payrolls
during
expansion
March
and
working hours have shown
February
March.
While
this
measurable
a
due
is
the non-durable goods industries,
in
indicate
and
that
a
few
other
seasonal
principally
to
preliminary reports
important lines registered
a
otherwise,
or
[Cleve¬
March,
were confined to
relatively few lines,
and because such industries as iron and
steel, automobile
parts and accessories, tires, and glass failed to equal the
seasonal gains for this time in other recent
years, general
trade
and
industry in this section continued
at
recent
levels," said the Federal Reserve Bank of Cleveland.
the Bank's
Reports
indicate
that
moderate
"Monthly Business Review"
from
in
industries
some
the
declines
than
the
in
years,
good.
were
and
Total
as
slightly
in
well
Toledo,
Canton
as
the
was
sales
was
in
quite
counties
from
last
month,
From
of
the
failures,
Business
February, but
substantially
were
/
sales
have
been
1.0%
larger
than
United
the
employment
States
workers
of
11.9% less.
and
both
in
between the middle of
to
8%
was
payrolls
of
smaller
that
than
the
in
the middle
and
Labor
Statistics,
year
a
ago,
there increases in
were
1937.
January,
over
payrolls
and
December
Bureau
Only in Louisiana
February
In
than
February
in
the
in
but
January,
.
of
rate
39.2%
was
consumption
mills
oil
in
February
that of
above
production
were at
February last
Alabama
in
and
3.5%
in
Operations
about the January level and
year.
Tennessee
a
than a
less
increased
4.9% in Tennessee, but declined 1.9% in Georgia.
seed
in
year
increased
only
slightly in
ago.
Seventh;;(Chicago) District
,X,--
In noting that "several factors have pointed recently to a
narrowing of the rate of recession that has prevailed since
last fall in the Seventh
[Chicago] District," the Federal
Reserve
has
Bank
of
of March
port"
taken
Chicago, in its "Business Conditions Re¬
25, said that
place in
a
"a
slight upturn
few instances."
in
activity
The Bank went
on
to say:
In
the
remain
heavy
goods
industries
large, but the fact
taken
into
reduction
in
account.
that
margins
output
was
Merchandising
excessive
inventories,
of decline from a year ago
then at a high level should
have continued to effect a
groups
though
even
sales
declines
the
from
corresponding 1937 volurpe have become perceptibly greater.
Industry
last
areas
year
parts,
held
up
were
than
in
and
better
throughout
better condition
the
several
advanced.
the
while
was
between
year
showed
in
latter
in
primary
foundries,
in
of
mills
in
this
was
17% and
district
21% less
declined
than
a
the
year
a
In
■
in
counterseasonal
District had
year-ago
of
in
volumes
February
furniture
21%.
In
both
were
At
as
Paper
February than
more
pronounced.
most
in
industrial
wholesale
trade
gave
evidence
output.
trades
groups
of the
was
wholesale
a
former
increases
in
year
retail
is usual.
trade
January.
in
sales
contrary
was
greater than
and
than
February than
also slightly less in the aggregate.
recorded
the
in
larger
was
groups
to
over
trend
the
for
For the most
declines
Inventories
at
the
from
end
ago.
Eighth (St. Louis) District
leading
variation.
gain
below those of
were
volume in
preceding month,- they
trend,
February, and thai<-inthe latter
however,
indication
industries.
became
sea¬
although
lighter dollar volume of business in
the
Pennsylvania the
considerable
from the
seasonal
a
and
month;
smaller
earlier
light,
been little
has
than
than
in
Department store trade
shoe
retail
a
was
materials
sharply downward trend
with
accordance
There
year
a
automobiles
casting
February
the current period, but remained above a
mid-February employment and payrolls showed a
decline
the
of
smaller
of
shipped
from
At
in
building
the
in
shoes.
less
was
extent.
some
and
decline
the
production
District
declines
furniture,
considerably
was
construction
expansion
and
furnaces,
activity
hand,
Although
ago.
preceding
of
refining decreased
January.
The
other
Seventh
cessation
Seventh
and
stoves
building
improved to
the
January,
small
in
spring
a
in
Fetroleum
part,
western
On
distribution
yet
in
steel,
curtailment
January;
sonal.
district
employment was down 46% from last year; at
33% ; Akron, 28% ; Cleveland. Columbus, Youngstown
in
.
February, and continued less than
of
auto
conditions
and
January,
latest
from
steel,
these smaller
in
agricultural
low
also quote:
centers
iron and
employment
manufacturing
was
and
and
in
from
the
principal
the loss
drop
we
smaller
manufacturing
in
declines
season
most
operations
the
Winter wheat
February
falling off in
and
Retail trade
centers,
the spring
in Ohio
year ago
cities
large
in
with
comparison
heavy metal products.
district
[Atlanta! District increased by
January
consumption of cotton by mills in this district averaged
average
20%
Coal
are
business upturn in this section
Federal Reserve District] in the first half of
seasonal
building
Among manufacturing phases to show increased output in recent weeks
Fourth (Cleveland) District
land
in
and
January to February.
declined
1938
.
Number
were
workers
ago.
about
particularly in payrolls.
"Indications of
from
gains,
some
usual
'
this district
larger
cotton
at
of
...
firms.
of
Daily
0.4%
be
Factory
upturn
ironi
than
in wholesale
the "Review":
the Sixth
ago.
according
payrolls
number
...
seasonal
for
4,200
and
Business at wholesale also has been
~
...
Manufacturing
Following
most
to February.
Wholesale
February, although in each of the past five years
further declines
,were
January,
Alabama and
This upturn reflects
in
liabilities,
year.
States of
of
by
In
in
year.
more
increases
awarded,
is from
amount
decrease
a
year
months
last
There
six
Third
seasonal
and
a
two
period
April 2 issue,
our
2119-20.
pages
this
lower
and
February sales by 49 reporting retail firms increased 9.3% over January,
and were 1.3% larger in dollar value than in February, 1937.
In the
first
February sales of department stores and chain stores in
the
earlier,
year
somewhat
also
contracts
volume of retail trade in
69
50
trade also
p
a
somewhat
there were
The following
51
........
Index of
also
were
residential
in
permits."
The
and
71
_
Composite
stocks
District increased
Sixth
that
trade,
Money Payments—
Bank debits, outside New York City
Bank debits, New York City
General price level.6
Cost of living.!)....
than
Sixth (Atlanta) District
Distribution to Consumer—
Department store sales, United States
Department store sales, Second District.
Chain grocery sales
less
"The
course
industry
according
of
during
to
the
Eighth
[St.
February
St.
Louis
and
Louis]
District
trade
and
the first half of March,"
Federal Reserve Bank, "was
Volume
Financial
146
and irregu¬
downward trends which
began last fall were still very noticeably in evidence."
The
Bank likewise said "production of manufactured goods in a
large majority of lines receded further, a notable exception
being in iron and steel products, which increased moder¬
ately from January to February and have continued the
improvement in March."
The Bank, in its March 30
marked
by
considerable degree of spottiness
a
larity, and considered as a whole,
"Monthly Review," continued, in part:
As contrasted with a
year ago, all manufacturing
lines investigated
recorded broad declines in February, and in a number of instances output
smallest for the month
the
was
Volume
since 1933.
through
distribution
of
,
*
»
and
retail
both
wholesale channels
and the exhibit made was no more favorable than in
production.
The character of buying in all sections of the
district continued to reflect extreme conservatism on the part of merchants
and ultimate consumers.
In all wholesaling and jobbing lines investigated,
failed to
improve,
the
of
case
a
two
and
year
the
for
smallest
affected
directly
than
I
fell considerably below the volume
and in certain classifications were the
month since 1933.
With the exception of a few lines
by seasonal considerations, February volume was smaller
and shoes, February sales
except boots
earlier,
years
January.
in
Minneapolis Federal Reserve Bank, "the
as measured by our sea¬
sonally adjusted indexes, was again lower than in the pre¬
ceding month.
The level of business in the rural sections,"
the Bank noted, however, "was somewhat better maintained
than the level of the district as a whole."
The Bank also
of business in February,
following
the
had
March 28
to
say
its
in
"Monthly Review"
of
:
97% of sales in the same two months last year.
Other indicators of business volume that were
were
5% smaller
.
.
City) District
Tenth (Kansas
Bank
Reserve
Federal
of
Bank further stated:
sales
Retail
sales
Lumber
are
distinctly lower,
reflect
last
summer
low
state
are
although
Eleventh (Dallas)
Reserve
Federal
District
Business Review," dated April 1, the
Bank of Dallas indicated that business
"Monthly
it's
the Eleventh District "declined in February
and in several lines the level of activity was lower than in
and industry in
corresponding the month last year."
In part, the "Review"
added:
after allowance for the usual sea¬
considerably from the January volume, but
exceeded that in February last year by about 2%.
The increase over a
department store sales,
value of
The
variation,
sonal
decreased
maintained in the first two weeks of March. Wholesale trade
February, and continued 10% lower
period of 1937.
Petroleum production and the
construction contracts awarded were lower than in either the
year ago was
little change from January to
showed
than
the
in
value
of
comparable
preceding month or the corresponding
month last year.
Twelfth (San Francisco)
District
store sales in the Twelfth [San
Francisco]
District,
which had been well maintained
throughout 1937,
declined considerably during January,
February and March, after allowance for the usual seasonal
changes, it was stated by the San Francisco Federal Reserve
Bank in its "Business Conditions Report" of March 30
"Value
"This
ment
in
of
department
decline," the Bank said, "indicates that the curtail¬
consumer buying, which was first evident last fall
in
decreased sales
of automobiles, furniture,
household ap¬
pliances, and other durable goods involving a relatively
large unit outlay, has now extended to the miscellaneous
goods handled by department
the following to say:
The
decline
stores."
in consumer buying reflects to
The Bank also had
of
Figures Revised
slight decrease in unemployment was registered be¬
tween January and February, bringing the number of un¬
employed in the latter month to a total of 10,478,000, ac¬
cording to the latest estimates of the National Industrial
Conference Board.
Included in this total of unemployed in
A
2,521,000 workers attached to the Government
labor force, as represented by the Works Pro¬
gress Administration and Civilian Conservation Corps, said
the Board, which, under date of March 29, added:
February
are
emergency
a
decline of 27,000 unemployed
workers from the revised January estimate
(now shown as 10,505,000) for
The Conference Board estimates show
due primar¬
manufacturing, and con¬
struction, which more than compensated for the declines in employment
in transportation, utilities alid in trade, (distribution, and finance.
Employment in agriculture showed an increase of 83,000 between January
and February; employment in manufacturing industries increased 49,000;
employment in construction increased 29,000.
Employment in transpor¬
tation declined 19,000 between January and February; in utilities, 20,000
in trade, distribution and finance, 28,000.
In all enterprise taken together
there was an increase in employment between January and February of
The decline in unemployment during the month was
77,000 workers.
industrial
some
extent the decrease in
and other wage earners during recent
estimates that the total
persons
the Conference Board
employed
labor force of the country, including both
unemployed workers, has been increased by
and
the addition of 5,102,000
since 1929 to a total of 53,390,000.
The distribution of employed workers in
the major fields of activity is
table.
indicated in the accompaning
UNEMPLOYMENT AND EMPLOYMENT (IN
THOUSANDS)
*Fcb.,
1929
Mar.,
Feb.,
Dec.,
*Jan.,
Average
1933
1937
1937
1938
1938
Unemployment total
i
920
14,984
8,116
8,932
10,505
10,478
Employment total_.
u......
47,368
35,586
44,679
44,358
42,835
42,912
i—-
10,660
9,920
10,536
10,293
10,405
10,488
Agriculture
Forestry and fishing
- .
268
Total industry
177
164
158
160
10,998
16,260
15,058
14,270
14,297
1,087
587
764
746
722
709
9,749
9,798
1,058
1.087
..
...... —
.
Transportation
......
10,416
1,198
1,096
1,545
1,889
1,826
940
7,465
7,438
9,060
9,401
9,179
9,170
1,369
1,386
1,356
1,360
940
974
5,860
7,277
7,549
1,383
services..
1,758
8,056
864
7,325
9,160
industries
1,777
'
964
1,167
.
Miscell. industries and
*
11,469
989
2,416
.....
Trade, distribution and finance..
Service
7,013
2,841
11,071
Manufacturing
Construction.
136
18,582
-
Extraction of minerals.
1,114
Preliminary
figures of unemployed originally estimated
10,342,000, were gi ven in our issue of March 12, page 1624.
The January
at
Industrial Conference Board at Reports In¬
Production in February Slightly Below
National
dustrial
r
January
production during the month of^February was
slightly lower than in January, according to the regular
monthly report of the National Industrial Conference Board.
The Conference Board's review of the business situation
states that "preliminary data indicate that output of non¬
durable goods advanced, while production of durable goods
again declined."
In noting this the Conference Board on
March 24 further
Certain of the
said:
industries in which activity has turned
upward'are those
In the 1929-1932
these industries were of no value in
forecasting general recovery, and, consequently, it is impossible to de¬
termine whether or not the slight improvement which has taken place in
them during the past six or seven weeks is of any significance.
The industries in which somewhat improved conditions are noted by the
Conference Board are: cotton textile, silk, boot and shoe, lumber and the
which have led the recovery
depression,
in some past depressions.
however, conditions in
domestic machine tool business.
A
comparison by the Board
non-durable manufactured
of the respective trends in the durable and
goods industries shows that production
of the
Output of durable goods, on the
other hand, continued to advance until August, but subsequently declined
and by January, 1938, had fallen 55% ,
This disparity in activity in the durable and non-durable goods fields
during 1937 was naturally reflected in the difference in the increase in
latter
declined steadily
during 1937.
profits in these two sub-divisions of manufacturing industry.
Examina¬
tion of recently issued reports shows that 489 companies producting non¬
durable goods
secured a profit in 1937 which was
only 1.7% higher than in
companies producing durable goods showed an increase
in profits of 16.2% , despite the drastic curtailment which took place in
their output during the last four months of 1937.
The Conference Board has also analyzed the respective profit situation
1936, whereas 327
be classified as manufacturers of
producers' goods.
This analysis shows that net profits
goods manufacturers actually declined from 1936 to
1937
those companies that can
with respect to
either consumers' or
of consumers'
by 6.8%
of
,
whereas the companies
specializing exclusively in the production
in profits of 31.9% as compared
producers' goods showed an increase
with
months, which,
after
allowance for seasonal
influences, continued in February.
Farm
income,
affected by the substantial
declines in prices of agricultural
products last fall and winter, has also decreased and in January and
February was approximately 10% less than a year ago.
Industrial output
was
practically unchanged in February from the
relatively low level of the preceding month.
In industries supplying con¬
struction materials and other commodities not produced for direct con¬
sumption, such as copper, foundry and machine shop products, and ma¬
income
ary
National
10,478,000—Janu¬
Industrial
lower.
and since they have risen markedly.
of February
In
Industrial Conference Board at
conditions.
of the construction industry.
Farm
Livestock marketings are
since
was
Unemployecl in February Estimated by
Total
due somewhat to weather
above last year, are much below normal.
running much under a year ago.
In the decline
most livestock prices touched bottom in the fore part
marketings,
Grain
the
insurance eales
life
and
income
declines
sharp
largely checked.
production
Public utilities
Kansas City, in its
"Monthly Review" of March 31, reported that "the most
favorable aspect of the business situation in this district
is the improved moisture condition.
Most sections in recent
weeks have had good snows and rains and, while the sub¬
soil is still dry, surface moisture has greatly improved the
farm outlook.
Other conditions are much less favorable."
The
of
.
higher in February than
in the same month last year were flour production, sales of new cars and
trucks
in
North Dakota, electric
power consumption,
warranty deeds
recorded in Hennepin County, shipments of flour from Minneapolis, gold
output, and marketings of grain, cattle, hogs and sheep.
Decreases were
recorded
in
freight car loadings of all commodities except grain and
livestock, mortgages recorded, linseed product shipments, copper and silver
output, the amount of lumber cut, lumber shipments from mills, whole¬
sales of hardware, electric goods, shoes, groceries and drugs and sundries.
The
index
Taking into account the increase in population,
Department store sales in the district during February
dollar volume than in the same month last year.
Sales at the 483
reporting country stores were a little higher than at city stores, the per¬
centages being 86 and 94, respectively.
Nearly all sections of Minnesota
reported increases over the February, 1937, volume, the State total being
more than
3% larger, and the North Dakota total was 101% of February a
year ago, but these increases were not large enough to offset the declines
in the other States;
In the district, January-February, 1938, sales were
in
have been
ily to an increase in employment in agriculture,
According to the
volume
in output originating last summer appear to
In the lumber industry, the seasonally adjusted
unchanged during December, January and Febru¬
ary,
and preliminary data indicate a moderately greater-tlian-seasonal
expansion in output during March.
the
chinery,
this year.
V Ninth (Minneapolis) District
y;';V
2449
Chronicle
1936.
;
is a summary of business trends in February
reported by the Conference Board:
Building contracts as reported by the F. W. Dodge Corp. fell sharply,
after adjustment for seasonal factors, with public utility awards the princi¬
pal item in the decline.
Losses were also sustained in non-residential and
public works projects, but residential building showed a slight rise.
Auto¬
The following
as
mobile,
iron and
print production
ally adjusted,
steel, bituminous coal, zinc, electric power, and news¬
receded moderately. Total machine tool orders, season¬
reached the lowest point since April, 1935,
but domestic
Financial
2450
decline.
the cost
of
month,
prices
the seventh
for
receded
low for the 1937-1938 period.
a new
a
sub¬
Common
averaged slightly higher in February than in the preceding
marked
Security flotations
during the first three
weakness
weeks
of
slightly from the low level recorded in
rose
■'
ference Board in connection with its regular monthly in¬
vestigation of earnings and hours in 25 manufacturing in¬
dustries.
The
Board's
announcement,
issued
April 1,
further stated:
than
during the
of work per.week rather than from any rise in hourly
Total man-hours, however, dropped slightly as a consequence
shipments, and
the pre¬
ended April 2,
corresponding
week
1938,
1937.
of
orders
new
10% below orders of the
were
ering the operations of important hardwood and softwood
In the week ended April 2, 1938, production, ship¬
milis.
and orders as reported by 426 softwood mills were,
respectively, 29%, 29% and 37% below similar items in
corresponding week of 1937.
The Association further
reported:
During the week ended April
feet
of
orders
of
Mills,,
were:
but
but
the
in
Southern
Hardwoods
ended April
all
production,
February
% Change
wood
176,333,000
Pine,
reported
Hourly earnings.Average hours per week
80.710
80.709
32.5
-.—a,
_
33.5
....
,
Weekly earnings..
Workers employed (Index, 1923=100)-
822.98
+ 3.1
80.9
Payrolls (Index, 1923=100)
822.53
84.2
—3.1
57.4
------
Man-hours (Index, 1923=100)
Real weekly earnings
—0.1
57.3
—0.2
West
shipments above output.
Cypress reported
Average hours of work
week showed
per
an
February in 16 of the 25 industries covered.
74.4
—0.9
98.7
-
102.0
totaled
mills.
production
6,019,000 feet,
and
increase between January
The most significant in¬
Last
week's
feet, and
a
industries.
In last
feet and
of these
industries
there
also increases in
were
211,417,000
Southern
feet
Cypress
production
the
in
and
week
All regions reported orders, and
shipments below similar items
ended April 2, 1938, by 436 soft¬
2% above the production of the
the
give
same
week
business
Mill
Production
it
was
and
feet.
6,032,000
feet,
week
were
8,208,000
as
Shipments as reported for the
below production.
175,936,000
were
162,170,000
was
new
feet.
same
was
Reports
production of 426 identical softwood mills
year ago
175,283,000
above
Production
Identical
in the furniture, silk, boot and shoe, paper products and wool
three
27%
or
or
reported for
as
production.
95 hardwood mills
+ 3.3
creases were
man-hours and
above
from
27% below production.
or
shipments,
1937.
165,257,000 feet,
Shipments
8%
or
feet;
Coast,
orders
new
corresponding week of
Reports
+ 2.4
75.1
(Index, 1923=100)--
feet,
170,378,000
181,955,000
All regions but Southern Pine and Northern Hard¬
1938.
2,
mills
same
shipped
feet;
figures for the preceding week
Revised
Lumber orders reported for the week
January
514 mills produced
combined;
171,289,000 feet.
555;
regions
Northern
2, 1938,
softwoods
189,487,000 feet.
orders,
All
and
hardwoods
booked
woods reported
decline in employment in the industries covered.
The changes shown by the Conference Board's figures covering all
wage
earners in the combined 25 manufacturing industries were as follows:
and
with
compared
as
the week
production reported for the week ended April 2,
1938, by 7% fewer mills was 3% below the output (revised
figure) of the preceding week; shipments were 14% below
hour
one
in average hours
3.1%
items in
National
feet ;
This increase in weekly earnings resulted from an increase of
a
lower
were
April 2, 1938,
All
ments
dustrial Conference Board
Average weekly earnings in manufacturing industry rose
from $22.98 in January to $23.53 in February, or 2.4%,
according to figures released by the National Industrial Con¬
of
ended
week
1938
previous week, according to reports to the National Lumber
Manufacturers Association from regional associations^cov-
Average Weekly Earnings in Manufacturing Industry
Rose 2.4% in February According to National In¬
earnings.
April 16,
ceding week.
consecutive
Retail prices and
living showed further declines during the month.
but exhibited
March.
January
Domestic retail trade showed
slightly.
rose
Wholesale
month, establishing
stock prices
the
Cotton and silk consumption, and output of boots and
orders advanced.
shoes and lumber also
stantial
Chronicle
was
161,535,000
226,363,000 feet; shipments were, respectively1,
feet, and orders received, 164,372,000
248,613,000
260,462,000 feet.
employment.
Declines in employment,
hours of work and weekly earnings were par¬
ticularly noticeable in the meat packing, rubber, and machines and machine
Lumber Manufacturing
tools industries.
During Five Weeks Ended
April 2, 1938
Living Costs of Wage Earners in United States During
March Averaged Same
as
in February Reports
National Industrial Conference Board
Living costs of wage
in the United States averaged
February, the increases in the cost
of some items being offset by decreases in the cost of other
items, according to the National Industrial Conference
Board.
The cost of living in March, however, was
1.4%
lower than in March, 1937, and 12.6% lower than in March
1929, but 20.9% higher than during the low point of 1933.
In an announcement issued
April 11, the Conference
the
in March
same
earners
We give herewith data on identical mills for five weeks
ended April 2, 1938 as reported by the National Lumber
Manufacturers Association on April 12:
An average of 532 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended April 2, 1938:
in
as
(In 1,000 Feet)
Production
1938
Softwoods-
Hardwoods-
Board also stated:
Total
Food prices increased slightly, 0.2%
to
the usual
7.9%
but
seasonal
decline.
In
from February to March, contrary
March
of this
lower than in March 1937, and 22.5%
year,
food prices
were
lower than in March, 1929,
31.4% higher than in the spring of 1933.
Rents declined further
in
however, still 3.9%
above
January, 1934, the low point.
above
the
level
They
since February.
of March,
1937,
4.9%
are now
and
They
below the level
Coal prices declined 0.2%
higher than
a
year
1.5%
but
are
of
ascertained
higher than
2.7%
rose
0.3%
in
a
once
a
re¬
as
compared
of reading material,
the prices of
and 8.4%
was
below that
with
26%
was
115.3 cents in March, the
113.8 cents in March
1937
same
an-'
100
,
1938
below
as
reported by
of corresponding weeks of 1937.
below that of the
same
those
24%
of
same
period
below production of the 1937 period.
were
25%
below
showing loss of 25%
and
.
corresponding
weeks
weeks
of
ended
April 2,
1937.
Softwood
1938,
below those of similar period of 1937 and 20%
weeks of 1936.
Soft¬
weeks of 1937
below the records of comparable mills during the
Hardwood output was 15%
Hardwood orders showed
loss of
41%
as
were
orders
23%
in
1938
below the
same
compared with
corresponding weeks of 1937.
April 2,
1938,
gross stocks as reported by 446 softwood mills were
3,806,541,000 feet, the equivalent of 106 days' average production (three
year average
1935, 1936 and 1937),
as
compared wtih 3,361,765,000 feet
April 3, 1937, the equivalent of 94 days'
average
on
production.
On April 2, 1938, unfilled orders as reported by 440 softwood mills were
587,540,000 feet, the equivalent of 17 days'
was
Relative
Indexes of the
Importance
Item
Cost of Living
in
1923=100
% of Inc. ( + )
or Dec. (—)
from
a
Family
'
Feb., 1938
Mar., 1938
Budget
Mar., 1938
Food *
33
80.3
80.1
Housing
+ 0.2
20
87.5
87.8
—0.3
Clothing
12
75.5
76.0
—0.7
Men's
81.7
82.3
Women's
69.2
69.6
—0.6
86.2
86.3
—0.1
86.1
86.3
—0.2
86.4
86.4
0.0
'■:''
with 1,315,664,000 feet on
production.
V: vV':
average
production, compared
April 3, 1937, the equivalent of 38 days'
+
average
?.6:
:'
Feb., 1938
to
Automobile Financing in February
The
dollar volume of retail financing for February 1938»
for the 456 organizations amounted to
$69,592,934, an in¬
crease
Fuel and light
Coal
5
Gas and electricity.
Sundries
97.8
97.5
+0 3
100
86.7
86.7
0.0
115.3
115.3
0.0
Purchasing value of dollar..
Based
—0.7
30
Weighted avge., all items
on
food price indexes of the
United
for March
States Bureau of Labor Statistics
15, 1938 and Feb. 15, 1938.
a Revised series.
Figures on revised basis
July, 1936, may be found in "Cost of Living in the United States.
1914-1936." price 82.50.
for dates prior to
of
crease
of
Report
of
Lumber
Movement,
Week
Ended
April 2, 1938
The lumber
stood at
industry during the week ended April 2, 1938,
51% of the 1929 weekly average of production and
56%
of average 1929 shipments.
Production was about
51% of the corresponding week of 1929;
shipments, about
52% of that week's shipments.
Shipments and new orders
considerable
decline, and
production
slight loss in
1.3% when compared with January, 1938; a de¬
33.1% as compared with February, 1937; and a
decrease of 24.1% as compared with February, 1936.
The
volume of wholesale financing for February, 1938 amounted
to
$73,135,935,
decrease of 9.8% when compared with
decrease of 42.6% compared with Febru¬
ary,
1937, and a decrease of 37.6% as compared with
February 1936.
January, 1938;
a
a
The volume of retail automobile receivables
outstanding
February, 1938, as reported by the 224 organi¬
zations, amounted to $1,012,305,492.
These 224 organi¬
zations accounted for 94.2% of the total volume of retail
financing ($69,592,934) reported for that month by the
at the end of
456
Weekly
showed
25%
1923.
1
*
was
Orders received during the five
Were
1937
872,034 1,162,855 973,321 1,304,999 951,821 1,254,918
those of corresponding weeks of 1937, softwoods
higher than at the low of 1933,
1929.
1938
Shipments during the five weeks ended April 2, 1938,
On
The cost of sundries in March
year.
year ago,
lower than in March,
February,
cents in
0.6%
from February to March, primarily in
increase in the cost
an
The purchasing value of the dollar
as
were
1929, coal prices have been
r+
The index of sundries
which
from February to March, but they
Since March,
ago.
7.9%.
consequence
21%
Orders Received
1937
during the five weeks ended April 2,
hardwoods, loss of 41%
Clothing prices declined 0.7% from February to March, which made
them 0.5% lower than a year
ago, and 22.6% lower than in March, 1929,
but 24.4% above the low of 1933.
duced
------
wood production in 1938
of 1936.
1938
820,494 1,102,244 937,954 1,245,481 920,318 1,201,091
51,540
60,611
35,367
59,518 31,503
53,827
-
Lumber
these mills,
39.6%
March, 1929.
-- --
Production
and
March, falling 0.3%
were,
of
,
-
Shipments
1937
organizations.
Figures of automobile financing for the month of January
were published in the Mar.
19, 1938 issue of the "Chron¬
icle", page 1789.
The following tabulations show the volume of
financing
in January and February, and the first 2 months of
1938,
1937 and 1936, and the amount of automobile receivables
outstanding at the close of each month, January, 1937 to
February, 1938 inclusive.
These figures are as reported to
the Bureau of Census of the Department of Commerce.
Volume
Financial
146
AUTOMOBILE
2451
Chronicle
days later, April 13, the Cardenas Government made
reply ana nobody was surprised to read that it
to return the British-owned companies, basing its
stand on the ground that as a sovereign nation it has the
right to make its own decision as to what cosstituted grounds
for expropriation.
The note also declared that the Mexican
courts were above cavil and their independence was not sub¬
ject to question from any source.
The most important point in the answer, however, accord¬
ing to the Mexican viewpoint, was the declaration that
the
British-financed Mexican Eagle Oil
Co. had been
organized under Mexican law. This point, it was stressed,
automatically prohibits intervention by any foreign govern¬
ment in the expropriation situation.
While declaring that the Mexican Government was pre¬
pared to make adequate recompense for the properties it
had seized under the expropriation decree, the note insisted
that the Mexican Eagle Oil Co. and its subsidiaries must
deal directly with the Cardenas Administration in settling
the question of how much money constitutes "adequate"
Two
FINANCING
Summary for 456 Idential Organizations (a)
known its
refused
Retail Financing
Wholesale
Used and
Financ¬
Year
ing
and
Unclassified Cars
New Cars
Volume
Month
Total
Volume
Volume
Volume
in
Thousand
Number
M
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
Dollars
Dollars
Dollars
1938—
175,292
81,069
73,135 bl80,953
2
Total
53,816
34,141
121,476
34,528
53,716
34,224
127,237
35,368
356,245
138,262
107,532
68,365
248,713
69,896
158,936
127,388
264,751
107,537
155,183
43,872
104,064
109,568
98,313
63,665
264,707
57,612
166,394
46,452
286,324
529,458
211,601
207,881 121,277
321,577
90,324
123,195
February
68,669
69,592
154,205
January
242,444
232,106
93,315
91,671
58,199
57,038
139,274
35,116
34,633
mos.
ended Feb.
1937—
January
February.
2
Total
mos.
ended Feb.
1936—
January
—
117,133
February
103,170
98,953
133,153
recompense.
A unilateral
appraisal of the values of the British, Dutch
companies affected by the expro¬
priation which saw the Cardenas Government assume owner¬
ship of some $450,000,000 of foreign-owned oil companies
was ordered at the same time the note was made public in
and American controlled
2
Total
mos.
240,329
edned Feb.
a
474.5.50
69,749
272,427
202,123 115,237
184,986
b Of this
Of these organizations, 37 have discontinued automobile financing,
29.7% were new cars, 69.7% were used cars, and 0.6% unclassified.
number
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF
AS
REPORTED BY 224
1938
1937
1938
1937
$
MONTH
IDENTICAL ORGANIZATIONS
$
$
S
1,248,800,302
1,266,953,395
1,064,815,488
February...1,012,305,492
1,027,526,044
1,019,141.962
July..
March
1,056,017,095
September..
1,253,926,346
April
1,106,521,475
1,164,568.870
October
1,212,121.145
November..
1,172.679,716
1,217,156,358
December.
1.120.226.647
January
May..
June
...
-
Decrease of
August
.
2.4% in Sugar Consumption in 14 European
During First Six Months of Current
Countries
Crop Year
Consumption of sugar in the 14 principal European
countries during the first six months of the current crop
year,
September, 1937 through February, 1938, totaled
3,717,889 long tons, raw sugar value, as compared with
3,808,058 tons consumed during the similar period last sea¬
son, a decrease of 90,169 tons,
or approximately 2.4%,
according to an announcement by Lamborn & Co.r New
York, which further said:
Sugar stocks on hand for these countries on March
to
1938 amounted
1,
5,009,000 tons as against 4,431,800 tons on the same date in 1937,, an
increase of 577,200 tons, or
approximately 13%
The estimated beet sowings for the current season for the
14 principal
European sugar authority, is placed at 3,973,000 acres, as compared with
5.6%
in the previous
acres
season,
an
increase of 210,000 acres,
or
These countries produced 6,467,000 long tons of sugar last season.
.
The 14 countries included in the survey are Austria,
Czechoslovakia,
France,
Germany,
Holland,
Belgium, Bulgaria,
Hungary,
Irish
Free
State,
Italy, Poland, Roumania, Sweden and the United Kingdom.
Petroleum
and
Its
Products—Texas
Price—-Mexico
Disputes
Seizure—Crude
The Texas Co.
Oil
Co.
British
Production
Cuts
Claim
Crude
in
Oil
Gains
April 9 announced a reduction of one
posted price of Texas Gulf Coast crude oil,
retroactive to April 1, with the new schedule establishing
below 21 gravity crude at 95 cents a barrel, against 96 cents,
formerly.
The company's announcement also disclosed that it has
discontinued its one degree differential below 21 gravity.
The company formerly graded the crude from 18 degrees
upward whereas from now on it carries all crude below 21 at
the same price level.
The company at the same time also posted a flat price of
90 cents a barrel for Eddy, N. M., crude oil.
Texaco pre¬
viously, had posted Lea County, N. M., but not the Eddy
field.
The Lea County price structure remains unchanged
at 78 cents for 21 gravity to Si a barrel for 36 gravity and
cent
a
City on April 13, with President Lazaro Cardenas
stressing the point that his government was prepared to pay
for the properties.
Sharp increases in production in Oklahoma and California
played the principal part in a net gain of 25,100 barrels in
daily average production of crude oil in the United States
during the week ended April 9.
The American Petroleum
Institute reported that production totaled 3,392,350 barrels
daily, against estimated April market demand of 3,361,700
barrels set by the Bureau of Mines and actual production in
the like 1937 period of 3,426,300 barrels.
A gain of 26,150 barrels in daily average production in
Oklahoma lifted the total to 518,000 barrels, against the
State quota of 475,000 barrels and the Bureau's recom¬
mendation of 526,500 barrels.
In California, producers
lifted their output
by 9,900 barrels daily to 714,400 barrels,
against the joint recommendation of 698,700 barrels made
by the Central Committee of California Oil Producers and
the Bureau of Mines.
Texas
on
barrel in the
production climbed 2,450 barrels daily to a total
of
1,323,350 barrels, against the Railroad Commission
allowable of 1,510,337 and the April estimate of the Federal
of 1,329,800 barrels daily.
A rather sharp decline
production slipped 7,550 barrels
to 158,000, against the State allowable of 178,000 barrels
and the Bureau's estimate of 173,000 barrels.
Louisiana
also showed a reduction, dropping 2,250 barrels to 260,200,
against the State quota of 252,275 barrels and the Bureau
figure of 239,800 barrels.
The
National Petroleum Association
ended its semi¬
annual convention in Cleveland April 15 after hearing a
warning voiced against bitter rivalry within the oil industry .
W. T. Holliday, President of the Standard Oil Company
of Ohio, told 200 conventioners that government interven¬
tion threatens the industry unless producers, refiners and
marketing units can curb what he described as "the bitter¬
ness and recklessness developing in their rivalry with each
agency
was
.
European countries, according to advices received from F. O. Licht, the
3,763,000
Mexico
shown in Kansas where
other."
*
"What
of
our
He
arguments advanced in the British note and holding further
that there was no cause for intervention.
It
April 11 that the news columns of the Nation's
disclosed that the Mexican Government had
released the text of the British note without the specific
approval of the British Government, which is unusual in
diplomatic circles.
The note sent from London to Mexico
City, it was disclosed, accused the Mexican Government of
expropriating for political purposes "under a veil of legality
by basing it upon labor issues."
was
leading
It
believed
he
and
new
wells,
Crude oil
essential
of
cause
the oil
was an
an
production and
the
that
excessive production of crude oil
excessive refining capacity and refining
excessive supply of marketing outlets.
industry's troubles
an
price changes follow:
April 9—The Texas Co. posted a 1-cent a barrel cut in the
Gulf Coast crude oil to 95 cents for 21 gravity,
Prices of
Typical Crudes
per
price of Texas
retroactive to April 1.
Barrel at Wells
gravities where A. P. 1. degrees are not shown)
-
SI.27
1.35
— --
1.09
.12.05'Eldorado. Ark., 40
Bradford, Pa
Rusk, Texas, 40 and over
1.25
1.27
1.35
Central
Western Kentucky
1.40
Sunburst.
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
1.30
1.25
0.90
Huntington, Calif., 30 and over—
Lima (Ohio Oil Co.)
Corning, Pa..
Illinois...
.
....
.....
8mackover, Ark., 24 and over.
Darst Creek
—
Field, Mich
Mont
Kettleman Hills, 39 and over
Petrolla. Canada.
1.42
1.22
1.22
1.42
2.10
on
REFINED
PRODUCTS—MOTOR FUEL STOCKS RISE—MEXICAN
papers
was
tolerance and sym¬
problems."
said
(A
Breaking diplomatic precedent by releasing the British
protest over the seizure of British-owned oil wells in
its recent expropriation move, the Mexican Government
followed up this action within a few days by disputing the
more
pathy toward each other and more consideration of the
industry as a whole. There must be a spirit of fair treatment
and give-and-take or we will get nowhere toward a solution
above.
note of
"is
need," he said,
we
indicated
that
the
British
Government
had
re¬
quested that its note and the reply of the Mexican Adminsitration be made public at the same time.
The Mexican
Foreign Office ignored the diplomatic niceties, however,
evidently desiring to have the opportunity to make known
its stand with the simultaneous publication of the British
note to detract from some of the news importance of the stand
taken bv the Cardenas Administration.
SITUATION
FUEL
AIDS
PROVEMENT IN
OIL
MARKET—SEASONAL
IM¬
GASOLINE MARKET GAINING
coupled with the normal
reduction of 645,000
stocks of finished and unfinished gasoline during
week of April, the second such reduction in several
Reduced
refinery
operations
seasonal rise in demand brought about a
barrels in
the initial
months.
The
American
.
Petroleum
Institute report disclosed that
total stocks of finished and unfinished gasoline as
of April 9
92,279,000 barrels.
Stocks of gasoline at refineries
were off 1,224,000 barrels to 59,452,000 barrels with holdings
at bulk terminals showing a gain of 539,000 barrels.
Stocks
were
of unfinished gasoline
barrels.
were
up
40,000 barrels to 7,396,000
Financial
2452
Chronicle
Reports received from refining companies owning 89.0% of the 4,159,000-
Operations of refineries were cut 1 point to 76.5% of
capacity, against 77.5% of capacity in the previous period.
Daily average runs of crude oil to stills dipped 35,(XX) barrels
to 3,110,000 barrels.
A gain of 50,000 barrels in daily
average production of cracked gasoline lifted the total to
745,000 barrels.
'
Although the retail market for fuel oils is suffering from
seasonal weakness locally, the Gulf Coast market has been
improved by the Mexican situation.
With purchasers
afraid of legal complications, many are reported to be turning
to American supply sources for their requirements.
The seasonal rise in consumption of gasoline has brought
about increased hope that demand this year will continue on
a scale ahead of the pace-making years of
1936 and 1937,
both of which saw new highs in the disappearance of gasoline
in the consuming market in the United States.
A distinct note of steadiness in many heretofore weakish
marketing areas has reflected the rise in demand from the
motoring public for gasoline.
Whether the production of
gasoline will be kept down and ample time be allowed to work
off the somewhat top-heavy supplies is a question that only
time can settle but the trade hopes fervently that demand
holds up and some steady reductions are shown in the in¬
ventory totals.
U. S. Gasoline (Above 65 Octane*, Tank Car Lots. P.O.B.
New York
New York-
Oil N. J..5.07Ji
Stand.
April 16, 1938
barrel
estimated
daily potential refining capacity of the
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,110,000 barrels of crude oil daily during the week, and that all com¬
panies had in storage at refineries, bulk terminials, in transit and in pipe
lines
of the end of the week,
as
ished gasoline and
92,279,000 barrels of finished and unfin¬
125,190,000 barrels of
and fuel oil.
gas
Cracked gasoline production by companies owning 94.8%
tial charging capacity of all cracking units
whole,
on a
of the poten¬
indicates that the industry as
a
Bureau of Mines' basis, produced an average of 745,000 barrels
daily during the week.
DAILY
AVERAGE
PRODUCTION
OIL
CRUDE
(Figures in Barrels)
Four
R.
of M..
Dept. of
Stale
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
April 1
April 9,
Previous
April 9,
April 10,
1938
Week
1938
1937
lations
e
Week
(April)
Oklahoma
526,500
475,000
518,000 + 26,150
508.400
Kansas.
173,000
173,000
158,850
—7,550
169,000
57,550
—9,100
Panhandle Texas
641,650
178,750
64,800
70,850
33,500
199,350
119,100
456,700
77,150
+ 4.550
67,350
72,850
29,400
193,100
+ 450
28,550
+ 1,150
East Central Texas
101,500
+ 2,550
99,600
East Texas
430,600
+ 900
429,500
Southwest Texas
229,950
+ 50
229,000
226,000
Coastal Texas
204,100
+ 1,900
201,500
200,500
Total Texas
1,329,800 X1510 337 1,323,3.50
North Texas
West Central Texas—
West Texas
Refinery
190,300
Other Cities—
Texas...
$ 07H
Chicago
5.05
Socony-Vacuura..
.08
Gulf
.08H
New
Orleans.
Tide Water Oil Co
.08 M
Shell Eastern
.07M
Gulf
Richfield OH(Cal )
.07H
Warner-Quinlan..
-.05 H
ports
+ 2,450 1.318,650 1,370,800
07H
.06^-07
.05
Tulsa
North Louisiana
.04H- 04H
Coastal
|New Orleans.S.05K-.05J4
$.05H I Los Angeles..
(Bayonne)
03H- 05
ITulsa
.03J*-.04
Y.
(Bayonne)—
California 24 plus D
Bunker C
$1.05
Diesel
Michigan
132,600
51,400
New Orleans C
Wyoming
46,600
Montana
12,700
4,600
$.90
1.05
1
Colorado
Gas Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
(Chicago—
27 plus
$ 04?* |
28-30 D
iTulsa
New York
*
Brooklyn
*
$.19
.19
...
Not Including 2%
| Newark
|
$.165 i Buffalo
.1851
__
Boston
2,663,000
Total east of Calif..
California
Gasoline, Service Station, Tax Included
s
260,950
245,150
—900
52,250
—3,800
140,800
—500
52,550
—200
50,350
27,550
113,-500
41,150
55,700
12,900
15,300
"—200
4,150
+ 2,000
105,450
3,950
105,800
...3.02H-.03
I
$.053
—2,250
48,350
13,500
4,100
106,950
103,000
106,000
New Mexico
175,100
260,200
252,275
40,000
Eastern
Phlla., Bunker C
(
$1.00-1.25
1,95
70,050
78,6.50
182,300
53,500
138,800
52,350
239,800
Arkansas
Fuel Oil, F.O.B. Refinery or Terminal
N.
—1,100
181,050 .—1,150
Louisiana
Total Louisiana.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
iNorth Texas
$04
New York—
79,150
2,677,950 + 15,200 2,675,450 2,799,300
y698,700
698,700
714,400
+ 9,900
724,250
627,000
$.17
.
city sales tax
Total United States. 3,361.700
Note—The figures indicated
3,392,350 + 25,100 3,399,700 3,426,300
above do not Include any estimate of
oil which
any
might have been surreptitiously produced.
x Allowable effective first of month.
Sunday shut-downs continued throughout
Production
and
Stocks
of
Natural
Gasoline
During
April, except in Texas portion of Rodessa field.
y Recommendation of Central Committee of California Oil Producers.
„
February 1938
The production of natural gasoline showed a material de¬
cline in
February, 1937, according to
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL,
report prepared by
a
WEEK ENDED APRIL 9, 1938
(Figures In thousands of barrels of 42 gallons each)
the Bureau of Mines for Harold
L. Ickes, Secretary of the
in February was 5,833,000
gallons, 42,000 gallons below the average in January, but
486,000 gallons higher than the average of a year ago.
The
greatest decreases in February were noted in Oklahoma City,
Interior.
The
daily
Panhandle and Kettleman Hills districts.
of the month.
Total
Unfinished Gasoline
stocks
of
East Coast.
Oper
At Re¬
aled
age
669 100.0
669
.
C.
P.
P.
Aver¬
Total
and
146
129
88.4
99
76.7
Ind., 111., Ky
529
489
92.4
396
81.0
Oil
Distil.
&C.,
8,571
1,541
11,352
13,503
4,292
Appalachian.
Fuel
Terms., .Wap'tha
fineries
77.1
516
Gas
in
C.
Daily
Reporting
tial
Okla.,
Unfin'd
Finished
Poten¬
Rate
terminals, the total on hand February 28 of 210,714,000
gallons, being 2,772,000 gallons above the total of the first
Stocks of Finished and
to Stills
District
-
Stocks increased at refineries and decreased at plants and
Crude Runs
Dally Refining
Capacity
average
2,915
9,615
1,326
1,672
251
1,295
3,102
,824
7,261
Kan.,
Mo
383
355
201
56.6
134
66.7
2,307
181
289
1,642
833
79/
95.7
710
89.1
11,149
280
1,847
8,433
La. Gulf
(In Thousands of Gallons)
174
168
96.6
123
73.2
1,580
601
428
3,069
No. La.-Ark.
Production
Feb. 28, 1938
Jan.-
Jan.,
Feb.,
Feb.,
At
Jan. 31, 1938
1938
1938
1938
1937
Refin¬
eries
East Coast
At
Plants
&
Ter¬
At
eries
6,300
6", 370
Appalachian
7", 307
Plants
Refin¬
minals
^
Ter¬
6,216
4*350
14,218
210
995
1,103
2,098
1,961
2,310
404
1,764
510
42,568
80,644
69,503
2,562
29,111
2,898
5,021
9,617
53,547 100,889
9,391
42
910
42
63.7
77.6
284
178
70
62
69.7
33
53.2
794
90.9
511
68.5
2,173
12,133
92
746
2*389
1,392
86,553
...
3,702
89.0
2.832
76.5
55,382
24,821
Estd.unrep'd
457
278
4,070
610
4,159
3,110
59,452
25,431
7,396 125,190
4.159
3,145
60,676
24,892
7,356 123,621
z3,119
52,463
21,482
7,411
Reported
11,382
47,159
5,922
126
1,004
126
7,087
Arkansas...
7,766
1,697
Rocky Mountain
5,678
13,677
14,853
3,509
1,812
6,183
11,861
56,805 108,302
51,497
....
Daily
aver.
378
3,939
280
2,530
4,159
4,159
Apr. 9, '38
Apr. 2, '38
S. B.ofM.
U
xApr. 9, '37
x
Estimated Bureau of Mines' basis,
z
252
223
378
248
2,562
1,836
3,150
98,034
98,196
2,186
86,604
Petroleum
Crude
Petroleum
and
1,412
Products,
February,
2,242
163,338 182,112 345,450 306,474 123,942
5,833
5,875
5,855
5,194
barrels)
Daily aver.
94,873
April, 1937 daily average.
962
1,684
10,727
86,772 107,478 100,464
Total (thousnads
oi
7,116 122,660
xEst.tot.U. S
1938
The United States Bureau of Mines in its
Total
536
61,233
14,798
91
903
86,158
4,596
47,342
Louisiana
California
58
89
28,604
Kansas
Texas
3,462
821
minals
38,076
111., Mich., Ky._
Oklahoma.
45
597
Mtn.
Rocky
At
Feb.,
265
California...
Stocks
Jan.-
84.7
69.2
452
Inland Texas
Texas Gulf..
PRODUCTION AND STOCKS OF NATURAL GASOLINE
3,889
4,336
8,255
7,297
139
140
139
124
2,951
2,066
2,559
2.392
monthly petro¬
leum report stated that the production of crude petroleum
declined for the sixth successive month in February, when
the
daily
average
3,380,800
was
barrels,
compared
with
3,419,600 barrels in January and 3,327,600 barrels in Febru¬
ary, 1937.
The Bureau further reported:
Daily
Average Crude Oil Production During Week
April 9,- 1938, Placed at 3,392,350 Barrels
Ended
The
daily
American
Petroleum
average gross
April 9, 1938,
was
Institute
estimates
that
the
crude oil production for the week ended
3,392,350 barrels.
This was a gain of
25,100 barrels from the output of the previous week, and
the current week's figure was above the
3,361,700 barrels
calculated by the United States
Department of the Interior
to be the total of the restrictions
imposed by the various oil
producing States during April.
Daily average production
for the four weeks ended April 9,
1938, is estimated at
3,399,700 barrels.
The daily average output for the week
ended April 10, 1937, totaled 3,426,300 barrels.
Further
details, as reported by the institute, follow:
Imports of petroleum for domestic
use
and
dally
average
of 164,286 barrels, compared with
barrels for the week ended April 2 and
were no
a
daily average of 136,286
147,179 barrels daily for the four
in the week ended
April 2 and with
a
Texas
and
daily
average
of 28,000 barrels
daily average of 7,000 barrels for the
by
Oklahoma
States
showing
was
similar to that of
declines,
California
Probably the most notable record of the month
new
and
was
peak for production in the Louisiana Gulf Coast.
The Sunday shutdowns in Texas were largely responsible for a 30,000-barrel
decline in daily average production in
barrels
field
in
for
the
State.
the chief
was
Oklahoma and
Kansas reflected the
in the trend
declined
a
Mississippi increased,
The daily
even
average output
though prices
were
runs
of every
weaker.
150,000 barrels in February,
gain of about 1,100,000 barrels in January.
than
Declines
Develop¬
responsible for output in Arkansas rising to
February, 1931.
of stocks is related to the
more
of about* 45,000
lowering of allowables.
Refinable crude oil stocks increased about
compared with
one
of large wells in the Wilmington
of the 26,000-barrel gain in California.
ments in the Schuler area were
State east of the
East Texas and
The completion
cause
the highest point since
fact that
in
This change
February production
to stills.
Refined Products
The domestic demand for motor fuel in February was 31,861,000 barrels,
or
slightly below the comparable figure of
exports exceeded expectations,
2,640,000
receipts of California oil at Atlantic and Gulf Coast ports,
for the week ended April 9, compared with a
four weeks ended April 9.
with
the attainment of the
1,150,000 barrels
weeks ended April 9.
There
February record of production
Louisiana increases.
receipts in bond at principal
United States ports for the week ended April 9 totaled
a
The
January,
showed
added
barrels
signs
to
for
February,
of slackening in
finished and
a
1937.
February,
unfinished
reports for March indicate
a year ago.
On the other hand,
totaling 3,931,000 barrels, compared with
stocks
The
increase
"only"
in
gasoline
stocks
6,407,000 barrels being
during the month.
The weekly
further addition of nearly 2,000,000 barrels
in that month, to a total of about 94.000,000 for March 31.
Volume
146
Financial
The consumption of kerosene and fuel
oil
as
a
appointing showing of January, but the daily
This
year ago.
Commission, bituminous coal output during the month of
rallied from the dis¬
group
average was
below that of
because the demand for residual fuel oil declined
was
a
March, 1938, amounted to 26,800,000 net tons, compared
more
with 51,315,000 net
than that of the light fuels
increased.
According to data of the Bureau of Labor Statistics, the price index for
petroleum products in
February, 1938,
January and 59.1 for February, 1937.
The refinery data of this
report
were
year
58.0, compared with 58.8 in
was
as
compiled from schedules of refineries
an aggregate daily crude oil
capacity of 4,026,000 barrels.
These
plants operated at 78% of capacity, compared with the same ratio in Jan¬
DEMAND
OF
ALL
against 4,865,000 tons
February, 1938.
Anthracite
1938.
February,
and 3,539,000 tons in
a year ago
The consolidated statement of the two
aforementioned organizations follows;
uary.
AND
corresponding month last
tons in the
and 27,000,000 tons in
production during March, 1938 totaled 3,995,000 net tons,
having
SUPPLY
2453
Chronicle
OILS
■
Total
Number
for
(Thousands of barrels of 42 gallons)
of
Working
Month
T
•
.
Jan.
Jan.
<fc
dfc
Feb.,
Jan.,
Feb.,
Feb.,
1938
1937
1938
Daily
94,662
191,740
3,401
3,250
Bituminous coal.a
8,225
7,297
Anthracite, b
227
279
474
Beehive coke
110,490
96.965
209,173
199,511
3,564
3,463
3,545
3,382
3,565
147
98,683
3,524
Total production
3,328
4,336
'
Receipts in bond
240
27
27
27
13,141
109
603
3,738
1,732
a Includes for 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,
c Preliminary
d Not available.
1,644
1,485
2,613
2,665
710
478
837
1,188
1,516
114,707
99,890
216,952
205,424
3,652
3,700
3,568
3,677
3,482
7,300
11,293
6,445
18,593
7,930
94,945
103,414
93,445
198,359
3,391
3,336
3,337
3,362
197,494
3,347
Increase in stocks, all oils
Note—All current estimates will later be adjusted to agree with the results of the
canvass of production made at the end of the calendar year.
rv;
complete
Demand,—
March Anthracite
demand.
.
Daily average
Exports :b
Crude petroleum
Refined products
5,328
5,953
3,777
11,281
7,373
8,60o
7,988
6,736
16,593
14,671
31,861
5,017
35,176
32,000
67,037
65,696
Kerosene
5,360
4,226
10,377
9,523
Gas oil and distillate fuels
11,651
12,642
10,572
24,293
25.428
Residual fuel oils
23,627
c25,84i
27,343
49,471
55,462
1,311
1,471
1,486
2,782
3,169
fuel
....
.
...
Wax.-..,-'
172
82
68
197
53o
444
951
964
883
.Asphalt
llo
416
.....
...
1,077
1,027
1,960
1,921
168
223
319
4,348
9,365
8,867
137
189
269
346
1,436
c2,028
1,006
3,464
follows:
442
4,937
132
-
Miscellaneous
151
4,428
oil..
Still gas
Shipments Total 3,467,048 Net Tons
Shipments of anthracite for the month of March, 1938,
as reported to the Anthracite Institute, amounted to 3,467,048 net tons.
This is an increase, as compared with ship¬
ments during the preceding month of February of 410,320
net tons* or 13.42%, and when compared with March, 1937,
shows a decrease of 768,046 net tons, or 18.14%.
Shipments by originating carriers (in net tons) are as
Domestic demand:
...
3,460
Mar.,
303,303
81,012
89,473
82,932
170,485
579,109
385,935
315,900
248,082
147,523
Lehigh & New England RR
185,130
3.467.048
Valley
2,886
2,962
2,890
RR.
of New Jersey
_
Dela. Lackawanna & Western RR.
2,974
Delaware & Hudson RR Corp
Stocks—
petroleum:
Refutable in United States
306,349 C306.195
Heavy in California.d..
Natural gasoline
Refined products
.
c
5,017
4,290
5,017
4,290
255,650
249,107
232,314
255,650
526,576
582,579
158
173
and
1,
Total.
fuels,
Bureau of Foreign and Domestic Commerce,
1938, unmixed heavy crude in California has been
e
PRODUCTION
Comparable figure for Jan.
CRUDE
OF
PETROLEUM
PRINCIPAL
1,
BY
January,
Dally
Total
221
Rest of State...
1,144
STATES
AND
Kettleman
& Feb.
Total
7.9
Aver.
290
39.8
996
1938
9.4
1937
511
32.1
2,110
47.7
1,286
41.5
2,621
1,528
973
34.8
1,070
34.5
2,043
2,103
4,778
1,528
80.5
2,524
81.4
1,611
57.5
1,768
57.0
3,379
3,669
1,136
U
40.6
40.7
2,397
2,584
4,586
Louisiana—Gulf
Coast.
—
Rodessa
Rest of State
21,605
34,547
218
232
39.6
1,128
36.4
2,236
2.5
66
2.1
136
123
170.9
5,680
183.3
10,466
10,582
14.5
411
13.3
817
809
4,96ft
177.4
5,416
174.7
10,384
9,708
44,2
1,311
42.3
2,547
3,165
711
1,020
...
Total Louisiana.
Michigan
42,616
3.7
1,236
Kentucky
709.9
114
406
Kansas
30,019
22,008
3.7
4,786
Indiana
496.3
736.0
70
Illinois
522.6
104
—
....
14,634
1,108
.
...
California.
Total
1,261
15,385
20,60^
—
Rest of State...
Colorado
U.¬
36.4
1,116
36.0
2,136
258.0
7,843
253.0
15,067
New
York.
....
51.0
1,564
50.5
2,993
375
12.1
744
City...
Seminole
3,256
105.0
6,161
Total
444
14.6
14.3
853
....
—
Texas
U.
u
_.UG 5
Panhandle
506
7,688
10,003
126.8
9,281
299.4
17,314
561.6
32,395
Bituminous Coal
18,221
17,409
36,173
7,393
7,949
b4,545
Daily average
5,380
c874
Total, Including mine fuel
897
...
_
1,566
.50.5
3,032
2,871
291.9
17,518
16,801
production df lignite and anthracite
185.0
9,345
5,828
301.5
5,181
188.0
11,009
10,948
Total Wyoming
433.8
14,426
2,063
465.4
26,572
26,685
62.1
66.5
3,801
....
639
20.6
1,498
275:7
16,088
Total United States....
_
76,486
IUI
Jjurpusuo
uwiuiieai
and semi-anthracite outside of Pennsylvania,
account of eight-hour day
and corresponding 13 weeks
1929.
77,090
584
581
290
10.5
9.4
15.7
29.3
992
32.0
1,814
45.0
1,465
47.3
2,726
OF
PRODUCTION
PENNSYLVANIA
BEHIVE
ANTHRACITE AND
COKE
(In Net Tons)
2,831
12
ESTIMATED
1,901
1,261
10
473
7
...
94,662 3380.8
_
of 1937 and
16,168
40,847 1317.7
liltlUUW
2,278
8,546
'.5
—
a
b
4,210
30.7
269.4
822
:uuu
1929
1937
Subject to revision,
c Average based on 5.2 days,
ho'iday
d Sum of 13 full weeks ending Apri 2, 1938,
439
Rest of State.....
1938
7,182 b84,624 134,407 142,329
1.743
1,381
1,099
1,839
8,173
294
Wyoming—Salt Creek
Year to Dale d
a—
52.4
35,639 1272.9
Virginia...
Includes
3,932
535.2
859
Total Texas...
a
123.6
286.9
1,738
Rest of State...
COAL
537
135.4
7,542
Rodessa.
Other
8.0
4,196
1.466
East Texas
West
Calendar
Week Ended
Apr. 2, Mar. 26 Apr. 3,
1937
1938
1938
12,146
PennsylvaniaWest
248
124.7
8,033
Texas—Gulf Coast
SOFT
(In Thousands of Net Tons)
848
9.3
3,492
3,461
Oklahoma
PRODUCTION OF
STATES
UNITED
5,541
14,986
Rest of State.
3,042.496
931
103.8
258
Oklahoma—Oklahoma
ESTIMATED
1,679
13.2
2,905
409
..
Ohio
4.235 094
14,116
369
Mexico
74,453
3,056.728
of 1937.
1,243
7,224
1,429
-
..
Montana
New
a
Jan.
2,254
Hills
Long Beach
Santa Fe Springs
Aver.
1938
Dally
1,335
..
Arkansas-...'
Total
171,063
214,645
weekly report stated that the total production of soft coal
in the week ended April 2, is estimated at 4,545,000 net
tons, a decrease of 835,000 tons from the output in the pre¬
ceding week.
Eight-Hour-Day, April 1, is observed as a
holiday in many soft coal fields, and carloadings indicate
that time worked on that day was about 0.2% of normal.
Production in the week ended April 3, 1937 amounted to
7,182,OCX) tons.
The United States Bureau of Mines in its weekly report
said that production of anthracite in Pennsylvania con¬
tinued to increase during the week ended April 2.
Total
output amounted to 893,000 tons, an average of 178,000
tons for the five working days of the week, April 1 being
considered a full holiday in the anthracite region.
In com¬
parison with the six day week of March 26, the daily rate
increased 69.0%, but was 20.5% less than the rate obtained
in the week of April 3, 1937.
Cumulations for the calendar
year
to date are 2.4% below the corresponding period
14,505,000
1938,
FIELDS
February, 1938
California—Huntington Beach.
144,714
178,593
The National Bituminous Coal Commission in its current
(Thousands of Barrels)
Arkansas—Rodessa
162,722
Weekly Coal Production Statistics
Bureau of Mines; all
f Not available.
barrels,
342,263
193,531
(f)
16,o03
from
exports,
segregated from residual
(f)
b Imports of crude as reported to
d jieginning Jan.
269,776
439,932
286,890
157
supply—
imports
362,004
432,821
526,576
172
...
700,830
702,682
225,894
378,109
538,631
232,314
575,279
172
_
4,961
582,579
d...
From Coal Division,
Revised,
289,972
306,349
el5,026
Total, all oils.
Days'
289,972
15,563
559,201
279,662
Pennsylvania RR
Feb., 1937
1937
966,902
834,450
411,419
299,551
328,227
Lehigh
175,450
2,893
Daily average.
Mar.,
249,884
N.Y., Ontario <fe Western Ry
Total domestic demand
other
Feb., 1938
619,049
Central RR.
a
1938
651,558
618,928
Erie RR
Losses
Crude
12,388,000
918,900
1,986
102 >245
use
average._
Lubricants
d
1,901,000
180,200
354.800
969
Receipts in bond
Receipts for domestic
Coke
51,315,000
4,865,000
1,752
use
products:
Total new supply, all oils
Road
1,134,000
150,600
4,358
23.5
24
131
Receipts for domestic
Motor
12,349,000
320,800
March, 1937 (revised—
Bituminous coal.a
petroleum:
Refined
Total
23.8
27,000,000
3,539,000
104,600
Beehive coke
average.
Imports:b
Daily
148,000
3,670
27
Anthracite.b
Daily
d
993,000
27
Feb., 1938 (revised0—
200,669
93,173
3.420
132
-
106,007
3,381
3,889
average.,
Benzol-a.
Crude
27
3,995,000
99,100
Beehive coke
gasoline.
(Net Tons)
26,800,000
Anthracite.b
Supply—
Domestic production:
Crude petroleum
Natural
of March
(Net Tons)
cMarch, 1938 (prelim.)
Bituminous coal.a
New
Year to End
Day
Days
(Net Ton)
1937
Working
Feb.,
1938
Calendar
Average
per
15.3
---
106.007 3419.6
912
200.669
927
Calendar Year to Date
Week Ended
Apr. 3,
1937
Apr. 2, .War, 26
1938
1938
191,740
Missouri, Tennessee and Utah.
1938
1937
c
1929
c
Penn. Anthracite—
ToG.incl. colliery fuela 893,000 632,000 1,120,000 12,422.000 12,724,000 18,510,000
162,400
242,000
166,300
224,000
178,000 105,300
Daily average
Commer'l product'n b 850.000 602,000 1,064.000 11,831,000 12,088,000 17,177,000
Beehive Coke—
Preliminary Estimates of Production of Coal for Month
of
Daily average.
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous
United States total
March, 1938
Coal
!
a
—
17,800
20,100
59,100
2,967
3,350
9,850
Includes washery and dredge
operations,
of working
324,600
4,109
938,200
11,876
1,588,900
20,116
coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
days in the four years.
c
Adjusted to make comparable the number
Financial
2454
Chronicle
ESTIMATED WEEKLY PRODUCTION OP COAL, BY STATES
allotted
based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
ments and are
meeting which
a
(In Thousands of Net Tons)
current weekly estimates are
(The
tin-control
the
under
plan.
here do
Operators
not
Malaya will lead to
a
prolonged disturbance in the tin market, and the view is entertained in
most
quarters that an amicable settlement will be reached soon.
Consump¬
tion of tin in the United States has shown little if any improvement in the
Week Ended—
Afar.
Mar. 26 Mar. 19 Afar. 27 Afar. 28 Mar. 23
1938 p
1938 p
1937
1936
r
3
2
2
210
-
210
307
204
of capacity.
1923
1929
3
...
last few weeks, with tin-plate mills operating at not much more than 50%
Atoe.
State
Alabama
called for yesterday to protest against the tonnage
was
Malaya
believe the agitation for a higher quota rating by
and State sources or of final annual returnr from the operators.)
A las ka
to
April 16, 1938
s
e
332
Chinese tin, 99%, was nominally as follows: April 7th, 36.750c.;
8th,
37.500e.; 9th, 37.750c.; 11th, 37.900c.,; 12th, 37.250c.; 13th, 37.500c.
8
423
Arkansas and Oklahoma...
15
18
43
14
41
76
79
174
112
152
PRICES
METALS
OF
1.684
<"E.
<fc
M.
J."
195
904
DAILY
QUOTATIONS)
77
Colorado.....
—......
—
1
Georgia and North Carolina
233
„
w...
.
.
i
1
738
255
s
502
292
337
119
57
59
96
102
144
377
430
900
508
634
560
110
-
125
-
268
102
225
215
Maryland
23
27
41
25
51
52
Michigan
12
7
16
n
14
32
41
36
70
54
21
21
45
25
44
35
34
26
820
312
322
637
368
321
740
1.353
1,428
2,864
1,572
Ohio
Pennsylvania bituminous
46
68
2,630
3,249
61
130
79
95
118
14
15
3
4
19
50
38
83
52
70
68
176
197
340
171
208
230
55
Tennessee
Texas.
-
Utah
Virginia
Washington
24
21
34
26
42
74
1,161
2,169
1,320
1,470
1.172
361
433
787
507
643
717
93
83
127
92
100
136
2
2
1
2
84
s7
5,380
5.860
11.418
6,470
8,563
.
_
..
632
.
611
1,226
653
1,090
2,040
6,471
12,644
7,123
9,653
12,804
.
States
c
Total bituminous coal
Pennsylvania anthracite d
Grand total
38.000
4.50
4.35
8
.9.775
9.275
38.750
4.50
4.35
4.00
April
9
9.775
9.275
39.000
4.50
4.35
4.00
9.775
9.400
39.150
4.50
4.35
4.00
•
April 11
April 12....
April 13
9.775
Average
9.775
_.
4.35
4.00
4.50
4.35
4.00
9.367
38.692
4.50
4.35
4.025
The above quotations are "M. & M. M.'s" appraisal of the major United States
based on sales reported by producers and agencies.
They are reduced
markets,
cash. New York or St. Louis, as noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis: that is.
delivered at coasurners' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard. De¬
livered 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 0.350c. per pound
above f.o.b. refinery quotation.
Daily London
pubJshed records of the Bureau
month,
n Preliminary,
r Revised,
of Mines,
Average weekly rate
for entire
s Alaska, Georgia, North
Carolina,
and South Dakota inc.uded with "Other western States."
Copper, Std.
Metals—Zinc Lowered
Week—-Lead Buying
to 4c.
Improves—Copper Steady
which established the quotation for Prime Western at
4c.,
St. Louis, sentiment in non-ferrous metals underwent some
improvement during the last week.
The better feeling was
brought about by the more favorable trend in political events
in Washington and confirmation that a new
spending program
is planned by the Administration.
Foreign copper again
was
quite active, and the market abroad moved slightly
higher, but the domestic situation showed no change.
Lead
enjoyed a fairly active week.
Zinc sold in larger volume at
the reduced price.
Tin prices steadied.
Silver was un¬
changed.
The publication further stated:
Copper
Business In the domestic market continued on a quiet basis during the
last, week, with sales of metal totaling 5,528 tons, compared with 6,313
tons in the previous week.
Total bookings for the first 12 days of April
The trade believes that the seasonal improvement in busi¬
on the part of fabricators continues at a slow
rate, but should the
mild indication of business confidence, now
apparent, grow more construc¬
ness
buying would
nounced
April
In the
soon
become amplified.
Statistics expected to be
foreign field, however, the March figures
indicate deliveries of about
in stocks abroad.
through April 18
Advices froni
125,000 tons, with
are
expected
consequent reduction
a
Holidays in Europe beginning April 14 and continuing
expected to slow down business abroad.
London stated that trade circles there viewed the events
as
constructive to business, and prices responded favor¬
ably.
Some metal was sold on April 13 at 10c., c.i.f., but this was on non¬
competitive business, traders contend.
The domestic, quotation remained
2,417 tons in the preceding week and only 885 tons
market transactions two weeks
previous.
Demand
the lead situation,
F.
H.
Smelting, told stockholders
1,200 tons of lead
4,000 tons of refined lead
on
Brownell,
on
month
a
hand.
April
and
11
at
President of Federal
that
the
the
company
is
has about
moment
Because the domestic production of
lead is not enough to satisfy demand in normal
times, he said, it is advisable
to sell only 60% of the output at current
prices and to stock the remaining
in refined form against better prices that must
in general
come
with any pick¬
business.
Correction—London lead, March 24, three
months,
This correction makes the
average for March
instead of £16.073
as
on
buyers,
£16 2s. 6d.
three months lead £16.075,
38Ui6
4234
170
15*16
15 H
3934
40
174 Vi
1313,6
14 34
170
16
133-6
13
39"i»
40 H
44
1703*
1703*
1711^
16 Va
16
16H
3911 if
43 H
43 H
173 H
39q«
16316
16316
14
13 V*
14 M
Correction--Lead; March 24, threes-months buyers,
more
the
week-end,
inquiries by
coupled
consumers,
with
and
the
lower
sales
price
for the
for
week
zinc,
ended
yesterday will probably total
around 2,000 tons.
Some in the industry
restricting offerings of metal to nearby positions. There were rumors at
one time during the week that a small
lot had been sold at 3.90c., but no
sales at this price have been
reported.
Shipments of the common grades
are
the
week
ended
April
9 totaled
2,365
tons
and
unfilled
orders
were
reduced to 27,158 tons.
'
■
There
Till
prices.
16lA\ March average, three
All are in pounds sterling per long ton (2,240 ib.).
United States Steel Corp. Shipments Larger
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
March, 1938 amounted to 572,199 tons, and increase of 97,476
tons over the February, 1938 total of 474,723 tons.
How¬
ever, when compared with the figure for March,
1937 a
decrease of 842,200 tons is noted, the figure for that month
being 1,414,399 tons.
For the year 1938 to date, shipments
were
1,565,244 tons compared with 3,698,041 tons in the
comparable period of 1937, a decrease of 2,132,797 tons.
In the table below we list the figures
by months since Janu¬
ary, 1934:
*
TONNAGE
OF
SHIPMENTS
OF
STEEL
YEARS
Month
Year 1934
January
PRODUCTS
BY
MONTHS
FOR
INDICATED
February
Year 1936
Year 1937
534.055
721.414
1,149,918
Year 1935
331.777
Year
1938
518.322
385,500
582,137
676,315
1,133,724
474.723
March
588,209
668.056
783,552
1,414.399
572,199
April
643,009
979,907
1,343,644
_......
745,064
591,728
598,915
984.097
1.304.039
985,337
578,108
886,065
1,268,550
July
369.938
547,794
950,851
1,186,752
August
May
June
,
378,023
624,497
923,703
1,107,858
September
370.306
614,933
961,803
1.047.962
October
343.962
686.741
1.007.417
366,119
681,820
882,643
587,241
418.630
661,515
1.067.365
489,070
—(23,750)
—(40,859)
7,347,549
10.784.273
Yearly adjustment. —(19,907)
Total
for
year...
5.905.966
.
Ingot
792,310
12.825.467
Production
Declines—Steel
Sales
Not
Gaining
April 14 issue of the "Iron Age" stated that develop¬
ments at Washington, particularly in relation to loans to
railroads for equipment and other purchases and renewed
spending for public works projects, have raised the hopes of
the steel industry that improvement in business will come
later in this quarter, but the near-term outlook is clouded
by indications that point downward.
The "Iron Age"
further reported:
Steel ingot production tor the country as a whole is off at least a half
point from last week
few
to
32%
districts; steel sales
with March and in
some
of capacity, sharp declines having occurred in
are no more
instances
than holding their
are
own as
compared
smaller in total volume,
and steel
prices, no longer supported by important export buying, have dropped
leading districts.
The "Iron Age" scrap composite has declined
to
$12.58, which is below the lowest level of either 1937 of 1936 and back
to
the quotation of late
meeting in
Paris,
October,
The Interantional Scrap Cartel,
1935.
decided to make
no
further
foreign purchases
time, which points to the possibility of further price declines
ticularly
on
the Atlantic seaboard,
where export sales
at
this
here, par¬
have been
a
con¬
siderable factor in supporting prices.
Although sales and production of automobiles have risen, the improve¬
ment
has
not
gone
far enough to make any appreciable difference in new
requirements of steel.
course,
A steady increase
in motor car output would,
of
hasten the placing of larger steel orders, but no great amount
of
buying is expected until
I '.
moderate demand for tin last week, and, with London
prices
firm, the market moved slightly higher.
Interest centered in
was a
steady to
131116
Prices for lead and zinc are the official buyer's prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
in several
Zinc
brought out
...
_
months, 16.075.
scrap
noted in the issue of
April 7.
Continued quiet in the zinc market
brought another redection in the price
April 8 from 4.15c., to 4.00c., St. Louis.
Encouraging developments in
over
13316
11.
a
on
Washington
13H
137,1
The
St. Louis.
40%
15 M
The buying steadied the market
Quotations continued at 4.50c., New York, which was also the contract
settling basis of the American Smelting & Refining Co.,
and at 4.35c.,
on
15'i#
was
into the picture.
Touching
3 Af
168 X
12
on open-
chiefly for prompt and April shipment and
for the first time in many weeks
larger quantities than carload lots entered
storing about
38-16
Spot
167 J*
169 M
Contrasted with recent weeks, the market for lead
put on an active ap¬
pearance last week.
Sales for the 7-day period totaled 3,728 tons, which
Mining &
42 X
3M
December
Lead
in all directions.
Zinc
Spot
November
unchanged at 10c., Valley.
compares with
38 »nt
3.V/
an¬
are
here and in France
Spot
38-10
7......
8
today will show another increase in domestic stocks, the trade
believes.
(.Bid)
April
Early in
April 14 re¬
ported that despite another reduction in the price of zinc,
tive,
3M
Spot
April
"Metal & Mineral Markets" in its issue of
7,947 tons.
Lead
Tin, Std.
Electro.
e
April
are
Copper
April
Ferrous
Non
Prices
& O, in
thracite from
for
4.50
38.750
to the basis of
Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle district and Grant, Minora', and Tucker counties, c Includes
Arizona, California. Idaho, Nevada, and Oregon,
d Data for Pennsylvania an¬
up
38.500
9.525
.
Includes operations on the N, & W.; C. & O.;
Virginian; K. & M.; B. C. & G.
a
and on the B
to
9.450
9.775
Average prices tor calendar week ended April 9 are;
Domestic copper, f.o.b.
refinery, 9.775c.; export, copper, 9.254c.; Straits tin, 38.433c.; New York lead,
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.100c., and silver, 42.750c.
10.764
6,012
Northern b.
Wyoming.........
Other Western
9.775
April
19
1,057
West Virginia—Southern a
4.15
7
s34
—...
North and South Dakota
St. Louis
April
53
33
Montana
New Mexico...
9.275
St. Louis
New York
122
210
Zinc
Lead
Tin
New York
Dom,,Refy. Exp., Refy.
575
53
92
—
Kentucky—Eastern
Straits
Electrolytic Copper
8
48
.—
Kansas and Missouri
Western
J
1,501
85
Indiana
Iowa..
1
707
595
Illinois
the
year.
Meanwhile,
1939 models are in production the latter half of
some
automobile
manufacturers have
apparently
deferred the carrying out of large tooling and die programs, which for the
industry
as a whole were
recently estimated at fully $65,000,000.
Volume
"Steel"
stay out of the
The program set in
by President Roosevelt for temporary relief to the carriers through
fund of $300,000,000 or more offers promise of eventual railroad
Like the automobile industry, the railroads continue to
steel
market,
motion
a
loan
except
Corp. roads, and 1,200 tons for
1938 are
19345
by the
part of
which has been ordered.
much
at
production has gained one point at
Pittsburgh but has lost
Wheeling-Weirton area it has dropped
and in the Cleveland-Lorain district
Fluctuations elsewhere are of lesser consequence.
to 47%
1926.
since
from 25% to 18%
peen a sharp decline here.
iron, received prior to the raising
the shutting down of some blast furnaces;
There has also
resulted in
In England a
of the duties,
The number
One
One
"IRON
THE
AGE"
PRICES
COMPOSITE
Based
on
wire,
2.605c.
month ago.....—---...--...2.605c.
year ago
2.605c.
-
steel
rails,
bars,
tank plates,
beams,
pipe, sheets and
black
1936
1935.
_
-
and
Ton
April 12. 1938, $23.25 a Gross
$23.25J,
_.
One month ago..—-
.....
One year ago..
2.084c.
Mar. 2
Mar. 10
Oct.
1
2.124c.
Jan.
Apr.
24
'2.008c.
Jan.
2.330c.
9
Mar.
28
Dec.
23.25
23.25(
1936....
1934
Steel
Freight rate increases
changed little.
and
One year ago
-
$20.25
18.73
17.83
Mar. ,9
Nov. 24
Nov. 5
May
1
-
1937
1936
1935
1934
-
Feb.
Aug
May
Jan
16.90
16
11
14
27
1
heavy
and Chicago
..$14.00
21.92
17.75
13.42
13.00
Jan.
$12.58
4
Apr.
12
12.92
Nov. 16
Dec.
21
12.67
June
9
Dec.
10
10.33
Apr.
23
Mar
13
9.50
Mar. 30
Sept. 25
operating rate of steel companies having
98% of the steel capacity of the industry will be 32.7% of
capacity for the week beginning April 11, compared with
32.6% one week ago, 32.1 % one month ago, and 90.3% one
year ago.
This represents an increase of 0.1 points, or
0.3 % from the estimate for the week ended April 4, 1938.
Weekly indicated rates of steel operations since March 1,
1937, follow:
L. ...85.8% June 14.. ...76.6%
8.. ...87.3% June 21.. ...75.9%
Mar. 15.. ...88.9% June 28.. ...75.0%
5.. ...67.3%
Mar. 22.. ...89.6% July
'
Mar. 29.. ...90.7% July
Apr.
5... ...89.9% July
12..
..82.7%
19......82.5%
26... ..84.3%
2......85.5%
Apr. 19......91.3% Aug.
9......84.6%
Apr. 26......92.3% Aug.
May
3......91.0% Aug. 16... ..83.2%
May 10......91.2% Aug. 23... -.83.8%
May 17......90.0% Aug. 30......84.1%
Apr.
12.. ...90.3% July
7......71.6%
May 24......91.0% Sept.
May 31......77.4% Sept. 13... ..80.4%
Jupe
some
been
higher rates
Some confusion as to various
have been taken at old rates,
orders
and
Railroads obtain small increase in revenues from the higher charges
do not
see
their way clear to buy much
tons of rails
conditions.
Missouri Pacific has distributed 32,400
Several other western roads have rail inquiries
to issue but probably tonnages will be
Awards of freight
For first quarter the
in March were 680 units, the best of the year.
total is 814, which compares with 30,933
bought in first quarter last year
1936.
Curtailment of operations in most centers
points to 29%
last week resulted in a drop of
bringing it to 32%
Pittsburgh declined 3
.
Chicago 1.5 points to 31, Eastern Pennsylvania 1
,
among
nearly ready
kept at the lowest possible point.
Central of New Jersey has awarded 2,300 tons of rails.
and 9,582 in first quarter,
financial
equipment under present
point to
6.5 points
Youngstown advanced 3 points to 33
There was no change at Birmingham,
28, Buffalo 2 points to 28, St. Louis 4.1 points to 42.4, Cleveland
to 27 and Wheeling
and
Cincinnatti
>
8 points to 33.
27 points to 45.
and Detroit, 18%
New England 20%
.
18% greater than the February
output, attaining 2,011,840 gross tons, representing 33.84% of capacity.
For first quarter total output was 5,447,351 tons, the lowest for any three
months since the final quarter of 1934.
In first quarter of 1937 production
March
of capacity.
at 85.23%
14,354,969 tons,
was
First quarter output was
than first quarter
below that of the last quarter of 1937 and 62% less
of 1937.
production made a slight gain, reaching 60,975 units, com¬
Automobile
with 57,500 the preceding week,
General Motors made 22,043
with 14,575, Ford 15,-
all others a total of 8,585 compared with 8,010.
softness in steelmaking scrap following practical absence of buy¬
General
ing for domestic or export account, caused prices to
west
and the composite lost 37 cents,
since the end
ished steel composite is
Signs
below
unchanged at $61.70.
appearing in the British steel market of a
are
The fin¬
9 cents, to $38,62.
caused the iron and steel composite to lose
an
decline in both east and
to $12,63, which is 12 cents
This is the lowest figure for this composite
of June, 1936, when it touched $12,47.
The scrap influence
point of November.
revival in demand
Expectation of
trade between these
adjustment in merchant steel bar prices has been
inquiries for export.
Anglo-Italian agreement rouses hope of increased
A downward
countries.
European steel entente.
Steel ingot production for the week ended April 11 was
down 31/2 points, according to the "Wall Street Journal"
of April 14.
The bulk of the decrease was attributed to
sharp falling off at U. S. Steel subsidiaries at Pittsburgh
The drop by the big company is estimated
at 6V2 points, whereas leading independents were down
only one point.
The "Wall Street Journal" further reported:
a
and Chicago.
For the industry the output
pared with 36%
is estimated at 29
is placed at 32 X%
of ingot capacity, com¬
in the week before and 34% two weeks ago.
U. S. Steel
agaiast 36% in t he previous week and 34% two weeks
,
with 35%
ago.
Leading independents are credited
in the
compared with 36%
preceding week and 34% two weeks ago.
The following
percentagerof production
table gives a comparison of the
with the nearest corresponding
,
week of previous years,
together with the
1933—
1937-
1937—
1937—
not moved to anticipate the
were
has been slight.
Low
and Steel Institute on April 11 an¬
nounced that telegraphic reports which it has received in¬
Mar.
ship¬
pending final adjustment.
made by the
21.42!
The American Iron
dicated that the
in effect and delivered prices have
are now
reason
and the Continent is receiving more
melting steel
quotations at Pittsburgh. Philadelphia
No
High
1938..
structurals
above previous months.
Consumers
buying for that
the low
Scrap
$12 83i
13 58|
......
One month ago..
and bids will be opened
This will require
California.
Pig iron consumption shows an increase, some producers finding
ments in March 40 to 50%
pared
Low
(Based on
April 12. 1938, $12 58 a Gross Ton
in
compared with 20,530, Chrysler 14,075 compared
(Based on average of basic Iron at Valley
furnace and foundry irons at Chicago.
Philadelphia,
Buffalo.
Valley
and
Southern Iron at Cincinnati.
$23.25
19.73
18.84
17.90
1937..
Mar
Shasta dam,
for
885 against 14,385 and
High
One week ago
materials
6,850 tons of penstocks.
22%
Low
Pig Iron
One week ago
for
1
13,000 tons of reinforcing bars, 18,000 tons of gate valves and
was
85% of the United States output.
2.605c.
2.330c.
2.130c.
.2.199c.
-
hot
These products represent
rolled strips.
Hioh
1937
Washington and Idaho
Tunnel work at New York is pending, 4,500 tons,
June
Steel ingot production in
Finished Steel
April 12, 1938, 2 605c. a Lb
;Pittsburgh requiring 5,000 tons
bridge repairs in New York has been
has been booked.
66%
operating now, 118, is the lowest in a year.
One week ago...
bridge at
a
4 points in the national rate,
flood of Continental pig
has
Mass.;
has been placed; 3,600 tons of steel for
distributed and 1,550 tons for a bridge connecting
.
point
steel export buying is at the lowest
Britain reports that
Great
ships are coming into the market.
A Pittsburgh barge builder will
addition at Springfield,
cars
Chicago, while in the
is taking steady shipments for
and navy,
four mills.
49,000 tons of steel.
gasoline line being built from Fostoria, Ohio, to Cincinnati
Standard Oil Co. of Ohio will call for 10,000 tons of 8-in. pipe,
A
Steel ingot
private
details has been encountered and
of large
at the bidding stage include some
Federal-financed highway from Harrisburgh to Pittsburgh,
which will ultimately take 50,000 tons " of steel, and relocation of Southern
Pacific tracks at Shasta Dam, to be undertaken by the Bureau of Reclama¬
as
both
the ways and other
now on
Westinghouse Electric & Mfg. Co., has awarded 1,900 tons for a plant
bridge in Florida.'
tion, which will require about
the market in the absence of ton¬
with ship tonnage and material for agri¬
Amer¬
will require
build ten coal barges
and four flush deck barges for stock, which will call for 2,000 tons of plates.
While structural market lags some fairly large tonnages are being placed.
size, such as a
from 61%
consumers,
12, 000 tons of steel.
the heavy steel construction in¬
dustry would have comparatively little work before it.
Lettings of about
25,000 tons of fabricated structural steel in the week were largely of a
public character and included 5,700 tons for trashrack structures for the
Grand Coulee Dam; 3,600 tons for the National Gallery of Art, Wash¬
ington; 2,500 tons for State College buildings at State College, Pa.;
1,940 tons for reconstruction of the Manhattan Bridge roadway, New York;
1,500 tons for a bridge at Fort Worth, Texas, and 1,100 tons for a public
school in Queens, N. Y.
New projects out for bids totaled nearly 18,000
tons, among which are 4,000 tons for a Mississippi River bridge at Rock
Island, 111.; 2,100 tons for a seaplane hanger at North Beach Airport, New
York; 1,600 tons for four bridges in Illinois; 1,000 tons for a New York
World's Fair building for the Belgian Goverment, and 1,000 tons for a
Construction projects not yet
iron and
Export Line is about to place four cargo ships, which
ican
of public projects
Without the Support
heavier
of the
summary
implements the most promising factors.
Shipbuilding,
vessels
the Delaware, Lackawana & Western.
afforded, total rail purchases in
from
cultural
expected to equal those of last year.
not
in its
April 11 stated:
General buying continues to support
nage
steel mills is expected before summer.
Railroad equipment builders have some foreign inquiries, chiefly one for
500 to 1,000 cars from South Africa, also two from South American countries
totaling 130 cars.
Domestic rail orders include 32,400 tons for the Missouri
Pacific, divided among four mills; 4,200 tons for two United States Steel
buying, but not much aid for the
Even if Government loans are
Cleveland,
of
steel markets, on
of rails.
for a few purchases
2455
Chronicle
Financial
146
Sept. 27.. ...74,4%
Jan.
3
25.6%
1%
Jan.
10.
27.8%
Jan
17.
29.8%
Oct.
Oct.
4.. ...66
11...
.
.
63 6%
Oct.
18..
55.8%
Jan.
24
32.7%
Oct.
25.. ...52.1%
Jan.
31
30.5%
—
Nov.
1......48,6%
Feb.
Nov.
8..
..41.0%
Feb.
7
30.7%
14.....31.0%
15......36.4%
Feb.
21..:..30.4%
Nov. 22......31.0%
Feb.
28
Nov. 2r»......29.6%
Mar.
Nov.
Dec.
6.. ...27.5%
7
Mar. 14
.29.3%
29.9%
32.1%
Dec.
13......27 4%
Mar. 21
33 7%
Dec.
20......23.5%
Mar. 28
35.7%
Dec.
27...
.10 2%
April
4.....32.6%
April
7... ...76.2% Sept. 20... -.76.1%
.
11
32.7%
U. 8
Industry
1938
32 X
.v..........
87 X
62
1
42 X
48
41
57
1.935
45 X
•+•
49
+ 1
20
4-2X
1'.:.,..
1933
1932
A.
•
22
50 M
1931
1930 ........i.-.-.
76
1929
84
v
86 X
1927
18X
X
23
—IX
—614
+1
95
+ 3
69
78
+ 1
96
89
—-X
4-2
X
—
1
—
•
"3
V.
—
+ 3
+ 3
X
—2
x
21
—
49 A
—IX
+3
4-2
96
—2
+3
4~ 2
73
1
.
:
21
+ 2
53
—
96
1928
—1
35
X
;+
..............
Independents
+3
91 x
66
1934
Steel
29 X
1936 ..v...........
1937
.
3X
.—
79 X
80
—3
Current Events and Discussions
The Week with the
Federal Reserve Banks
During the week ended April 13 member
balances
increased $176,000,000.
Additions
bank
reserves arose
bank reserve
member
from decreases of $103,000,000 in Trea¬
to
deposits with Federal Reserve banks, $14,000,000 in
money in circulation, $18,000,000 in non-member deposits
and other Federal Reserve accounts and $12,000,000 in
sury
$6,000,000 in Reserve bank
stock.
Excess reserves of
April 13 were estimated to be approxi¬
Treasury cash, and increases of
$22,000,000 in gold
credit and
member
banks
on
mately $1,730,000,000, an increase of $150,000,000
week.
Inactive gold included in the gold stock
Treasury cash amounted
unchanged for the week.
to $1,183,000,000 on
for the
and in
April 13,
Principal changes in Federal Reserve bank holdings of
increase of $6,000,000 in United
States Treasury bonds and decreases of $5,000,000 in Trea¬
sury notes and $1,000,000 in Treasury bills.
The statement in full for the week ended April 13 will be
bills and securities were an
found
on
pages
2486 and 2487.
Financial
2456
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Chronicle
Boston
reporting
week.
Increase
(+)
Decrease
or
(—)
Since
April 13, 1938
-."yv::'Bills
■■■*;■■
•
■
(not
advances
—3,000,000
credited
foreign
to
increase
net
a
banks
1938
District,
$112,000,000
of
declined
$14,000,000
for
in
all
the
weekly
of
reporting
member banks amounted
to
New
$4,000,000
of the principal
summary
assets and liabilities of the
reporting member banks, together with changes for the week
17.000,000
113,000,000 commltm'ts—Feb. 13)
—6,000,000
8,000,000
+5,000,000
and
ended
year
+4,000,000
6, 1938,
April
follows:
Increase
(+)
Total Reserve bank credit
2,602,000,000
+6,000,000
+ 74,000,000
12,825,000,000
+ 22,000,000
Decrease
or
(—)
-Since
.
.
IS,
Chicago
April 6.
A
+ 77.000,000
Including
Other Reserve bank credit
Gold stock
showing
the
+ 2,000,000
1,000,000
2,564,000,000
U. 8. Government securities
banks
in
City.
Borrowings
on
+2,000,000
member
$17,000,000
declined
and
Deposits
York
April 14, 1937
*
13,000,000
discounted
Bills bought
Industrial
April 6, 1938
April
District,
+1,128,000,000
April 6, 1938
2,683,000,000
+ 1,000,000
+142,000,000
7,472,000,000
+176,000,000
+ 571,000,000
Loans—total....—
Money in circulation
6,380,000,000
—14,000,000
—3,000,000
3,542,000,000
—12,000,000
141.000,000 —103,000,000
+ 666,000,000
April 7,1937
Commercial, industrial and agri¬
Treasury cash
;Mar. 30. 1938
Treasury currency-—-
--------
Assets—
$
Loans and Investments—total
Member bank
balances-----
reserve
Treasury deposits with F. R. bank—
$
20,831,000,000
8.677,000.000
—94,000,000
securities
557,000,000
-
-
-11,000.000
Otherwise secured and unsee'd 3,718,000,000
575,000,000
—18,000,000
—696,000,000
cultural loans:
On
+29,000,000
Non-member deposits and other Fed¬
eral Reserve accounts.
5
+ 21,000,000 —1,525,000,000
+ 81,000,000
Open market paper
-13,000,000
413,000,000
-5,000,000
637,000,000
—43,000,000
596,000,000
1,147,000,000
100,000,000
—9,000,000
—3,000,000
—9,000,000
+4,000,000
+22,000,000
...—...
Loans to brokers and dealers In
securities
Returns of
New
Banks in
Member
Chicago—Brokers*
Other
York
City and
for
loans
purchasing
Real estate loans...
Loans
Loans to banks.—----
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the
rent
Chicago member banks for the
cur¬
week, issued in advance of full statements of the member
------
Other loans:
On
securities
Obligations
fully
+ 12,000,000
—21,000,000
—16,000,000
—185,000,000
Reserve with Fed. Res. banks
BANKS
5,687,000.000
—68,000,000
+ 511,000,000
Cash in vault
CITIES
325,000,000
1,929,000,000
—5,000,000
—13,000,000
+31,000,000
+5,000,000
+ 6,000,000
—886,000,000
Liabilities—
New York City
Chicago-
Apr. 14 Apr. 13
Apr. 6
Demand deposits—adjusted
Apr. 14
1938
1938
1937
1938
1938
1937
$
$
$
$
S
$
Assets—
Time
7,605
8,386
1,924
1,935
1,996
Loans—total
3,032
3,103
3,718
593
604
641
—....
industrial
and
—
-
14,274,000,000
5,222,000.000
630,000,000
Domestic
banks.—---
—
215
......
OtherwLse secured & unsee'd
217
24
+ 78,000,000
—66,000,000
+ 277,000,000
a+ 112,000,000
—367,000,000
—19,000,000
—102,000,000
—7,000,000
+2,000,000
*
379
22
#
a+ 1,000,000
5,192,000,000
336,000,000
4,000,000
.—-
Foreign banks.--—-----------
Borrowings..
loans:
On securities
-
Inter-bank deposits:
7,599
agricultural
deposits
United States Government deposits
Loans and investments—total..
Commercial,
-
Balances with domestic banks
(In Millions of Dollars)
Apr. 6
—623.000.000
1,168,000,000
3,089,000,000
Other securities
Apr. 13
—9,000,000
—5,000,000
+ 119,000,000
by
guaranteed
United States Government
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
CENTRAL RESERVE
705,000,000
804,000,000
7,897.000,000
Otherwise secured and unsee'd
U. S. Govt, direct obligations
banks, which will not be available until the coming Monday:
IN
—641,000,000
or
securities
carrying
♦
385
*
Open market paper
146
151
*
25
25
440
503
1,076
29
31
199
201
♦
70
70
118
118
127
12
12
Comparable figures not available,
March 30 figures revised (Cleveland district)
a
*
Loans to brokers and dealers.
1,425
1,426
41
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
73
70
On securities
223
226
*
Otherwise secured <fc unsee'd
193
191
♦
U. S. Gov't direct obligations...
2,987
2,925
Obligations fully guaranteed by
United States Government...
435
435
45
mm
'■
mm
Statement
*
4
Mm
MM
Other loans:
21
22
*
35
35
♦
3,106
949
950
442
100
101
976
95
Other securities
1,145
1,142
1,120
282
280
284
Reserve with Fed. Res. banks..
Cash In vault.
2,891
53
2,817
2,622
601
562
581
54
20
21
29
Balances with domestic banks..
Other assets—net
66
66
77
154
106
161
480
480
469
51
50
67
6,008
6,013
6,300
1,307
1,236
1,433
656
649
671
463
461
447
222
225
124
116
116
2,018
2,197
597
594
594
51
tei'
Liabilities—
Demand
Time
deposits—adjusted
deposits
United States Govt, deposits...
banks.
Foreign banks...
297
298
Borrowings.
Other liabilities
Capital
*
443
-
7
~
—
m
7
5
338
335
401
18
18
24
1,482
account
1,481
1,472
242
242
235
Returns
of
Member
March 31
Cash
on
hand and
on
current account with banks..
Sight funds at Interest
the
of
Federal
selves
with
and
the
figures
covering
the
for
the
Reserve
week,
same
instead
banks
of
them¬
being held
until the
15,794,917.18
13.916.593.46
127,694,354.75
100,662,832.78
229,610,166.88
Treasury bills
Not exceeding three months
228,357,187.53
following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be
compiled.
In the following will be found the
comments of the Board
of Governors of the Federal
Reserve System respecting the
returns of the entire
body of reporting member banks of
the Federal Reserve
System for the week ended with the
close of business
52,364,145.50
1,526,960.03
-
Total
53,891,105.53
Sundry Investments
55,665,120.31
28,679,267.94
117,079,112.65
Sundry bills and Investments:
1. Maturing within three months:
(a) Treasury bUls
(b)
Feb. 28
16.315.889.45
30,787,369.85
126,778,655.73
102,831,511.15
Rediscountable bills and acceptances:
1. Commercial bills and bankers acceptances
Between three and six months
Preceding Week
As explained above, the statements of the New York
and
Chicago member banks are given out on Thursday, simul¬
taneously
20,906,770.13
22,174,222.86
Time funds at interest:
Banks
Reserve System for the
of the
ASSETS
Gold in bars
Total
Complete
as
The following is the statement for March 31 as
compared
with the previous month, as contained in Associated Press
advices from Basle April 4 (figures in Swiss francs at
par):
2.
Comparable figures not available.
International
end of March, issued April 4.
Cash on hand and on current
account with banks at the latest date is given as
22,174,223
Swiss francs, against 30,787,370 Swiss francs Feb. 28.
m
-
for
it is shown in the Bank's statement of condition
■
•»
..
Bank
of March 31
as
Assets of the Bank for International Settlements, Basle,
Switzerland, decreased during March to 644,030,934 Swiss
francs March 31, from 646,849,623 Swiss francs Feb.
28,
Inter-bank deposits:
Domestic
of
Settlements
96
2,086
Condition
of
15
34,417,540.90
107,365,516.97
2.
Between three and six months:
Treasury bills
26,929,460.67
(b) Sundry investments
Over six months:
37,118,947.19
3.
31,134,873.90
45,774,898.90
35,756,131.53
54,929,804.12
55.120,542.53
(a)
(a)
(b)
Treasury bills
-
Sundry Investments...
-
Total
300,776,232.24
Other assets:
1.
2.
26,962,859.04
Guaranty of central banks
Sundry items
on
bills sold—
934,663.98
978,172.67
226,362.91
53,057.56
1,161,026.89
1,031,230.23
644,030,933.57
646.849,623.07
125,000,000.00
125,000,000.00
April 6:
The
ing
condition statement
cities
shows
April
6:
tural
loans
of
decrease
a
tanks,
and
the
Chicago
all
reporting
in
of
$68,000,000
increase
an
decrease of
a
$112,000,000
member
the
of $24,000,000 in
commercial, industrial and agricul¬
$43,000,000 in loans to brokers and dealers in
securities;
$119,000,000 in holdings of United States Government direct
Commercial,
declined
weekly reporting member banks in 101 lead¬
following principal changes for the week ended
Total assets.
LIABILITIES
and
obligations;
banks;
of
of
reserve
balances
with
$66,000,000 in government deposits, and
to
domestic
banks.
in
New
Loans
York
to
brokers
City and
$96,000,000
$119,000,000
New
at
Reserves:
1.
Legal
2.
Dividend reserve fund
3.
General reserve fund
Total
and
$10,000,000
at
in
all
States
York
Government
City,
$57,000,000
direct
in
the
obligations
Chicago
1.
District
and
$14,000,000
decreases
the
of
Cleveland
4.
District,
and
a
declined
$63,000,000
member
the
Philadelphia
$125,000,000
District
in
were
Kansas
increase of
(a)
in
City,
credited
New
to
$15,000,000
179,186,966.86
York
City and
$66,000,000
at
all
domestic
in
the
banks
Cleveland
increased
District
$62,000,000
and
reporting
in
$14,000,000
in
New
the
173.850,148.11
2,703,578.61
1,170,325.14
1,021,582.75
1,243,066.31
3.082,239.98
2,191,907.89
4,325,306.25
9.623,220.20
9,441,395.02
1,424,455.09
40,876,400.79
Between three and six months
(b)
(c)
Not exceeding three months
Sight
——-
Total
2.
3.
44,011,962.22
3,817.585.69
Central banks for account of others:
Sight
Other depositors:
(a)
(b)
Chicago
largely offset
in New York City and
$11,000,000 each in
City Districts, all reporting member banks
$6,000,000 for the week.
Government deposits
130,783,301.14
39,249,261.28
Short term and sight deposits (various currencies):
1. Central banks for their own account:
the
banks.
Deposits
York
net
in
of
262,931,243.78
6,950,871.81
127,410,948.67
44,825,146.38
French Government guarantee fund
reporting
increased
23.183.521.77
154,333,750.00
77,166,875.00
997,800.00
30.432.818.78
3.308,162.32
2.
3.
Not exceeding three months
Sight..-
$87,000,000
and
showing
23,183,521.77
259,236,298.65
at
all
deposits-adjusted
6,315,304.73
12,630,609.44
153,126,250.00
76,563,125.00
938,000.00
28,608,923.65
.
securities
reporting member banks, and declined $12,000,000 in
Cleveland District and
$10,000,000 in the Boston District.
Holdings
obligations fully guaranteed by the United States
Government increased
$11,000,000 in the Chicago District and
$12,000,000 at all reporting
member banks.
Holdings of "other securities" decreased
$13,000,000 in
New York City and
$16,000,000 at all reporting member banks.
demand
4.237,607.60
6,315,304.73
12,630,609.44
-
Long-term commitments:
the
in
4,237,607.60
._
Annuity trust account deposits
German Government deposit
French Government deposit (Saar).
$24,000,000
dealers
$43,000,000
in
of
Increases
reserve fund
Total
United
in
up
increase
an
banks.
of
Federal
Capital paid
banks.
and
agricultural loans declined
$6,000,000 in New York City, and
member
$39,000,000
in
$31,000,000 in balances with domestic
deposits credited
industrial
District,
Holdings
by
...
Decreases
increase of
an
Reserve
Total
Total...
Sight deposits (gold)
Miscellaneous:
1.
2.
Guaranty on commercial bills sold
Sundry items.
-
Total
Total liabilities
1,402,467.27
42.300.855.88
—
45,414,429.49
.644.030,933.57
646.849,623.07
Volume
Financial
146
Liquidation of Austrian National Bank
Announced to
Bank for International Settlements
The liquidation of the Austrian National Bank was offi¬
cially reported to the Board of Directors of the Bank for
International Settlements on April 11; the directors stated
that
changes were made on the service of international
Austria under the trusteeship of the B. I. S., accord¬
no
loans to
ing to Associated Press advices from Basle, Switzerland, to
the New York "Times" of April 12 which added:
The Directors noted that the annual report as of March 31 showed a
profit of about 9,000,000 Swiss francs (approximately $2,070,000) in gold
and proposed that the Genera' Assembly distribute a 6% dividend.
Loan to Be Paid by Germany
Those of Oct. 16—New York
Stock Exchange Rules on Bonds
April 15 Coupons on Dawes
Same Manner as
in
In
issued April 11, the German Con¬
York made known that Germany will
announcement
an
sulate General in New
the April 15 coupons on the German external loan, 1924,
in the same manner as those
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. 9,
page 2312.
The announcement of the German Consulate
General of April 11 follows:
pay
or
the so-called Dawes Loan,
of Oct. 15,
Purchase of coupons of German
External Loan 1924 (Dawes
2457
Chronicle
Loan) in
definitive settlement
.
.
additional amount equal to
an
.
six months'
such bonds will be paid to the
holders of the bonds upon such Plan becoming effective and the deposit of the
bonds in assent thereto," according to the statement of the Polish Financial
interest at the rate of
per annum on
Counsellor.
Funds to pay coupons due
are
of 4J£% per annum
agents. The
deposited an additional amount in guilders
at the rate of K% per annum for ultimate
April 15, 1938 on the basis
held in guilders in Amsterdam,
Republic of Poland has also
equal to six months' interest
according to the joint fiscal
payment to assenting bondholders.
$521,500 of
Due June
Belgium External Loan 7% Gold Bonds,
1, 1955, Drawn for Redemption June 1
Holders of 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 $521,500
principal amount of these bonds have been drawn by lot for
redemption at 107^% out of moneys in the sinking fund on
June 1, 1938.
Of the bonds drawn, $405,500 principal
amount, according to advices from the Belgian Government,
are held by it.
The balance of the drawn bonds, amounting
to $116,000, will be redeemed and paid at the redemption
price upon presentation and surrender on or after June 1,
1938, at the offices of the sinking fund administrators.
Attention is called to the fact that on April 7, 1938,
$39,500 principal amount of the bonds
previously called,
still unredeemed.
were
United States of America.
With reference to the
the following is
communicated herewith:
Coupons maturing April 15,
stamped
manner
tranche of Dawes
will mature on April 15, 1938,
purchase of coupons of American
(German External Loan 1924) which
Loan
1938, of American tranche of Dawes
Loan,
"USA Domicile Oct. 1, 1935" will be purchased in the same
those coupons of the same tranche which matured Oct. 15,
as
Holders of such bonds and coupons will
1937.
therefore have the oppor¬
maturing April 15, 1938, against dollars at J. P.
Morgan & Co., New York City, or at any of the American offices of the
German steamship company Hamburg-American Line, on or after the date
tunity to sell their coupons
The purchase price will be $25 per
of maturity.
$35 face amount of the
coupon.
marks may
Dawes
be acquired at the customary rate
heretofore, according to the regulations
of exchange as
in effect.
Following the issuance of the above announcement the
on kSecurities of the New York Stock Exchange
Committee
adopted several rulings affecting the
loans; the rulings follow:
NEW YORK STOCK
bonds of the Dawes
EXCHANGE
Domicile Oct.
been received that the coupons due
April 15, 1938, from
gold bonds, due 1949, stamped "USA
1, 1935," will be purchased on and after that date, upon
for the coupons
the customary rate of exchange
as heretofore, according to the regulations in effect:
The Committee on Securities rules that the "stamped" bonds be quoted
Dawes marks may be acquired
"plain" bonds and "stamped" bonds at
ex-interest $25 per
the
$1,000 bond on April 16,1938;
"plain" bonds be quoted ex the April
15, 1938, coupon on
April 16, 1938; and
That the bonds shall continue to be dealt in "flat" and to
settlement of transactions made
Oct. 15, 1938, and
be a delivery in
beginning April 16, 1938, must carry
the
subsequent coupons.
ROBERT L. FISHER, Secretary.
Adjustment of Poland's
Permanent
on
7% Stabilization Loan of 1927
Basis
Agents—Reduction of Interest Rate to
Among Proposals
4^t %
proposal for adjustment of Poland's Stabilization Loan
of 1927 (Dollar Tranche) on a permanent basis, "fair to its
creditors and within the limits of its capacity to pay," is set
forth in a letter, authorized by the Polish Minister of Finance,
dated April 14, and addressed by the Financial Counsellor
of the Embassy of Poland in the United States to the Bankers
Trust Co., New York, and the Chase National Bank of the
City of New York, joint fiscal agents for Poland's 7%
Stabilization Loan of 1927 (Dollar Tranche).
The proposal
is to take effect with April 15, 1938 coupon maturity and
A
method by which bondholders may be able to
realize interest at a rate not less than $5.50 per annum per
$100 bond. An announcement bearing on the letter said:
a
General terms of the offer, still to be
include reduction of the interest rate
authorized by the Polish Parliament,
to 4H%
per annum,
continuance of
with a provision that through
the multiple currency provision the bondholders shall receive not less than
$5.50 per $100 bond, extension of the maturity date to April 15, 1968, and
modification of present sinking fund and amortization provisions to cover
the extended maturity.
The offer as a whole will be set up in definitive form
the
multiple currency provisions of payment,
within the next few months
in a further note to
bondholders, the letter
action, the city believes that the
city, wish to see the plan
to be proposed by the city.
If the plan is unsatisfactory,
can always resort to such action as they may deem neces¬
ahead with any such
the bondholders
bonds will, in fairness to the
sary.
♦
'
Drawing of Portion of Benigno
7% First Mortgage Bonds
May 1
Italiana Trust Co., New
Commerciale
Banca
Crespi, Societa Anonima
of 1926 for Redemption
Bankers Trust Co. and
the Chase National Bank, is
fiscal agents, have
circumstances, they "would be prepared to
by them of a plan for definitive
settlement on the general basis set forth in the letter," addressed to them
by the Finance Counsellor of the Polish Embassy.
Upon the acceptance of the definative agreement as a whole by bond¬
holders, the offer will apply to coupons beginning with the April 1938,
maturity.
As the plan cannot be completed by this date, however, bond¬
holders may either wait until such time as the plan has been made effective,
or receive payment of the April 15, 1938 coupon in cash on a basis of 4H%
signified that, in view of all the
recommend to bondholders the acceptance
(in accordance with the Plan dated March 27, 1937, as
Oct. 15, 1937), or in exchange for 3% funding bonds.
"In the case of bondholders who elect to surrender their April
per annum
for cash without
waiting for the final submission of the
amended
15, 1938.
nlan for
York^ as
Crespi, Societa
fund bonds of
1926, due May 1, 1956, that bonds of 5,000 lire principal
amount each, totaling 315,000 lire, have been drawn by lot
for redemption through the sinking fund on May 1, 1938.
Payment of the drawn bonds at their principal amount will
be made on Lire cheque on Italy, or, at the holder's option,
in dollars at the buying rate for Lire cheque prevailing on the
day of presentation at the office of the fiscal agents, 62-64
fiscal agents, is notifying holders of Benigno
Anonima 7% first mortgage 30-year sinking
William Street, New
York City.
♦
by
Changes in Amount of Their Own Stock Reacquired
Companies Listed on New York Stock and New
York Curb Exchanges
The
New
York Stock Exchange
issued on April 13 its
monthly list of companies listed on the Exchange reporting
changes in the reacquired holdings of their own stock.
A
previous list was given in our issue of March 26, page
The following is the list made available by the Exchange on
1961.
April 13;
Shares
'
Reported
13,863
3,200
American
---3
American Colortype Co., common...—40,000
American Chicle Co., common...2,600
American Woolen Co., 7% preferred
——— 16,515
Anaconda Copper Mining Co., common.
244,803
Atlas Corp., common
73?'££5
6% preferred
,o'9o£
Company—
Air Reduction
Co., Inc., capital
—
-
Co., common
— ...
Agricultural Chemical Co., capital
Alpha Portland Cement
----
-
Atlas Powder Co., common--...---—--—-.---- —--------
5H% preferred..
Belding Heminway Co., common
Barker Bros.,
J. I. Case
Co., common
---
------
Co., Inc., common
$5 preferred
Co. common
Continental Motors Corp. common
—
Continental Steel Corp. common
Curtis Publishing Co. preferred — ..
Davega Stores Corp, common....—
.
——
5% preferred—
Dei8el-Wemmer-Gllbert Corp. common-....-.-.
Congress Cigar
.—
Continental Diamond Fibre
-
Manufacturing Co. common
Electric Boat Co.
—
——
-
common
Smelting Co. preferred — —.
Florsheim Shoe Co. class A common —.....
General Motors Corp. common
General Theatres Equipment common
Federal Mining &
12,303
2«900
48,600
b36Y
49,000
11,900
58
33,713
1,500
Detroit Edison Co. common—
Duplan Silk Corp. common
Report
*f'3®3
5,000
1,503
25,114
None
6,285
244,748
tI'«o9
13,687
1,086
o'i™
3,547
-
Tool Co., prior preferred.
Peabody & Co., Inc., common
Consolidated Oil Corp.
Eaton
13,487
516
—
Chicago Pneumatic
Cluett,
Shares
Previously Per Latest
-
■
Commercial Solvents Corp., common
states.
coupons
The letter states in part:
future.
Proposed in Letter Sent to
Fiscal
provides
requested by
have already
Loan, 1924, 7%
amount of coupons; that
That
action
Holders who may
of readjustment
presentation at the office of Messrs. J. P. Morgan & Co. or at American
offices of Hamburg-American Line, at the rate of $25 for each $35 face
from
bondholders' committee.
authorized such action are
urged to rescind such authority for the time being. The
forthcoming plan of readjustment, according to the letter,
was
submitted on April 8 to the Foreign Bondholders'
Council, Inc., for its consideration, and is expected to be in
definitive form for submission to bondholders in the near
take
than
holders of the above
April 13, 1938.
Notice having
Readjustment Plan
Through its New York representative, the City of Cor¬
doba, Argentine Republic, has addressed a letter to holders
of its 7% external bonds, due 1957, urging all holders to
await a plan of readjustment soon to be announced, rather
Before rushing
Committee on Securities
German External
City of Cordoba,. Argentina, Urges Holder of Its 7%
External Bonds, Due 1957, To Await Forthcoming
,---
—
—
—
5,400
5,793
82,000
1
47,268
3,255
300
782,747
None
3,172
*630
None
55,700
53,500
5,100
71
o'k««
3,500
798
b,l6l
6,287
82,500
14,250
47,274
3,327
500
831,045
2,800
2458
Financial
Shares
.........
Gotham Silk Hosiery Co., Inc., common..........
W, T. Grant Co. 6% preferred..-.--.--...-.-.-..;—...—.
guished
54,779
........
Hecker Products Corp. common (v. t.)—...
J-inance
Corp.
23,075
common
473
163,448
—
Interstate Department Stores, Inc., preferred
Julius Kayser & Co. common..—..........
S. H.
1,271
23,775
...
International Harvester Co. common--.
500
...
91,120
5,748
Lebn & Fink Products Co. common....—
Corp. common..
Loose-Wiles Biscuit Co. 5% preferred...
Ludlum Steel
Co.
common..
6,599
... ...
The
Stock
—
....
—
Other than
518
Initiated
500
Remington Rand, inc., $4.50 preferred
Safeway Stores, inc., 5% preferred
6% preferred
7% preferred
W. A, Sheaffer Pen Co.
——.....
42,012
43,512
35,541
...
3,389
109
—
...
701
—
1,407
.......
1,417
3,014
common
2,694
2,770
38,698
% preferred
...
Thompson Co.,
common.:.,
entries in
NEW
...
1,546
...
.......
—
1,706
FOR
_
352
None
....
;—
...
Round-lot
None
37,318
1.
Initiated
2,766
1,590
...
—
.
on
of
members
the Exchange
Allied International Invest. Corp. $3 conv.
pref...
American General Corp. common
$2 preferred
on
except
the floor—Bought
transactions
342,750
1,651
—
...
146,643
2-10
3,752
None
..
100
1,341
346
57-75
452,220
482,360
934,580
Total round-lot transactions of members,
except transactions
of odd lot dealers in stocks In which
2,051.215
1.
In round
lots—Bought
136,180
Total
71-100
2.
411,140
In odd-lots
(Including odd-lot
861,166
Sold.
933
8,825
10,175
5,296
6L5s, 1941 $84,000
999.281
Total...
21,805
5,196
1,860.447
$78,000
.
.
9,800
8,700
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT OF
Week
1,999
1.003
.
Ended
IN
March
19,
207
Trunz Pork Stores,
2,148
1,990
_
215
17.200
2,462
11,600
transactions of members,
except
specialists in stocks in which registered:
Initiated
on
33,550
floor—Bought—__
Sold
Curb
March 19 by members for their
dealers
the Stock
on
on
the New
Exchanges during the
Exchange,
own
was
York
49,730
on
transactions,
the
higher than in the
fire-
the Stock Exchange during the
week
Commission
noted, or 19.47% of total
Exchange of 5,267,000 shares.
This
compares with 1,254,272 shares of stock
bought and sold on
the Exchange for the account of
members during the pre¬
vious week, which was
16.90% of total transactions that
week of
On
their
3,709,480 shares.
the
own
amount
New
York
account
of
Curb
In
6tocks
in
3.91
which
108,945
131,080
Total
240,025
12.98
Total round-lot transactions for accounts of all
members:
Bought
143,485
Sold
202,360
Total
345,845
18.70
Odd-lot transactions of specialists in stocks in which
registered:
Bought
52,150
Sold
58,329
Total
*
110,479
The term
partners,
a
"members"
includes
including special
Percentage
of
all
Exchange members, their firms and their
partners.
members'
transactions
to
total
Exchange transactions.
In
members' transactions is
compared with
the total Exchange volume for the reason that the total of
members' trans¬
actions Includes both purchases and sales, while the total
Exchange volume includes
only sale
calculating these percentages the total of
twice
Exchange members
traded
during the week ended March
19 to
for
the
345,845
924,620 shares,
a
shares, against total transactions of
percentage of 18.70%.
In the week ended
March 12 member
trading on the Curb
of total transactions of 659,200
having amounted
Exchange was 16.39%
shares, the member trading
216,100 shares.
by the Commission is in the series of cur¬
figures being published weekly in accordance with its
to
The data issued
rent
specialists
registered—Bought
account, except odd-lot
the
on
of
Sold
ended March 19 amounted to
2,051,215 shares in 100-share
transactions
72,270
transactions
week ended
ceding week ended March 12, it was announced
yesterday
(April 15) by the Securities and Exchange Commission.
Member trading
Total
Stock
1.81
22,540
Member
Round-lot
a
12,000
Total
Initiated off the
Trading on New York Stock and New York
Curb Exchanges
During Week Ended March 19
Per
Cent
924.620
21,550
8,453
2.
Percentage of trading in stocks
Total for
transactions of
the floor—Bought
Sold
5.505
6,811
....
the Exchange
11.700
.
4,380
.
Round-lot
1.
STOCKS
1938
Week
on
2,307
2,019
_
ALL
MEMBERS * (SHARES)
v:
Total volume of round-lot sales effected
17.000
.....
Inc., capital
Wentworth Manufacturing Co., conv.
preferred..
Williams (R. C.) & Co., Inc., common..
YORK
5,100
1,709
NEW
10,000
.
.
3.90
specialists):
600
21,750
.......
transactions of
Bought
1,640
2,528
932
Kaufmann Department Stores, Inc., preferred
—
274,960
.....
Sold
6-10
$7,100
1,000
.
19.47
Transactions for account of odd-lot dealers in stocks in which
registered:
24,213
None
.
Rustless Iron & Steel
Corp., common..
Seeman Brothers. Inc., common
Sterchi Bros. Stores,
Inc., 6% 1st preferred—
944,375
1,106,840
Total
$88,000
1.639
.
Oilstocks, Ltd., capital.:
8,87
17,018
International Products Corp., preferred
International Utilities Corp., $1.75 preferred
............
3.94
which
Total.
34
$5,100
A—_——...j-;.—^v---
In
registered—Bought.
32-75
889
24,200 46-100
......
stocks
registered—Bought
53
11,791
.
common
In
Sold
352
.
Knott Corp. common
specialists
5,200
.
,
conv.
of
Sold
1,841
...
Klein (D. Einil) Co.,
Inc., common
Kleinert (I. B.) Rubber
265.400
414,805
transactions
6.66
149,405
13,797
4,100
..........
701,830
....
71-100
5-10
13,697
..
common
__
Initiated off the floor—Bought
Sold
Round-lot
Shares
Davenport Hosiery Mills, Inc., conv. preferred
587
Dejay Stores, Inc., common
289
Driver Harris Co., preferred
2
Equity Corp. $3 convertible preferred.
11,599 6-10
Henry Holt & Co., Inc. class A...,.—:—.
16,948
Hygrade Food Products Corp., conv. 6s, A, 1949. ..$58,000
York
•
of
.
Total
Report
1,900
.143,517 26-100
...
—
Art Metal Works, Inc., common
New
Per
Cent
359,080
Total
Per Latest
1,000
.
Crown Central Petroleum Corp. common..
Crown Drug Co. common
and
STOCKS
5,267.000
2,615
Shares
preferred.
ALL
Sold
584
2,209
...
Reported
Michigan Gas & Oil Corp. common
New Process Co. common.
—8-.. —
IN
(SHARES)
1938
1,750
Previously
Langendorf United Bakeries, Inc.,
19.
'
484
Exchange announced on April 13
fully-listed companies have reported
changes in the amount of reacquired stock and bonds held:
Co.,
transactions
carry
specialists and odd-lot dealers in stocks in which registered:
None
...
Curb
A
March
Total for
Week
following
Conv. 6s, B, 1949..
Common
Ended
Total volume of round-lot sales effected
2.
Rosenberger, Inc.,
single report may
EXCHANGE—TRANSACTIONS
ACCOUNT OF MEMBERS •
Week
Initial report.
$2.50 preferred
STOCK
None
......
S. S. White Dental M an u fact
taring Co., capital.
2d
YORK
a
classification.
one
1,560
1,350
Vulcan Detinning Ce., 7% preferred
Wheeling steel Corp., 6% preferred
5%
91
633
32,800
......—......—.—
York
than
more
36
•
Industrial Alcohol Co., common
Class
48
286
no traasactlons
The number of reports in the various classifications
may total more than
260
30
United States Leather Co., 7% prior preferred
United States Steel Corp., common.
.
-'
102
273
—
the number of reports received, because at times
28,942
...
...
Class
specialists:
floor
Initiated off floor
35,941
...
Transamerica Corp., capital
Truscon Steel Co., common
Colin
on
"Note—On che New York Curb Exchange the round-lot transactions of
specialists
"in stocks in which 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 Stock
Exchange odd-lot
dealer, as well as those of the specialist.
,
345
27,100
-
Shell Union Oil Corp,
New
as
862
197
3,600
.
....—.....
Standard Investing Corp. common
Standard Oil Co. (Indiana), capital
the
Curb
Exchange
1,083
Reports showing
445
—
Real Silk Hosiery Mills, inc., 7% preferred
Reliable Stores Corp. common.
The
New York
Slock
Exchange
Reports showing transactions:
As specialists*
Peoples Drug Stores, Inc., tt'A % preferred
that
follows:
as
i
1,600
4,525
week,
the,ticker volume (exclusive of rights and
Number of reports received
None
the ticker.
same
New York
J
4,321
19,800
on
1,762
Plymouth Oil Co., common-.—Raybestos-Manhattan, Inc., common
*
larger than the volume reported
These reports are classified
5,121
—
round-lot
total
data published are based upon reports filed with the New York
Exchange and the New York Curb Exchange by their respective
members.
...
preferred....
preference
The
ticker.
the New York Stock Exchange
Exchange total round-lot volume in the
2,400
...
$3
the
on
6,341
—
.—...—
Outboard Marine & Manufacturing Co. common
.
by
19
warrants).
2,900
U. S.
7.5%
was
On the New York Curb
4,623
Norfolk & Western Railway Co. adjustment 4% preferred—.. —i'
Nor walk Tire <fc Rubber Co. common
John R.
reported
924,620 shares exceeded by 6.4%
...
..........
-
■
volume
None
R. H. Macy & Co., inc., common..............:—
McCall Corp. common—....
7%
the
5,267,000 shares,
3,300
—
.....
Mission Corp. common
from
volume for the week ended March
1,120
88,120
.
.....
Kress & Co. common
Life Savers
volume in the table for the New
None
3,836
........
2,775
Household
1938
York Stock Exchange and the New York Curb
Exchange represent the vol¬
ume of all round-lot sales of stock effected on those
exchanges as distin¬
Report
-
prefened
86
16,
None
heported
Inc.,
April
The figures given for total round-lot
Per Latest
Previously
Company—
General Time Instruments Corp. common......—
6% preferred
Gimbel Brothers,
Chronicle
Shares
program embodied in its report to
on the
Congress in June, 1936,
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the
week ended March 12
were
given in these columns of
April 9, page 2289.
The SEC in making available the
for the week ended March 19 said:
figures
Odd-Lot
Trading
on
New York Stock Exchange During
Week Ended April 9
On
April
14
the
Securities
and
Exchange
Commission
made public a summary for the week ended
April 9, 1938,
of the daily corrected
figures on odd-lot transactions of
odd-lot dealers and specialists in stocks, rights and warrants
on
the New York Stock
Exchange, continuing a series of
current
figures being published weekly by the Commission.
figures for the week ended April 2 appeared in these
columns of April 9, page 2290.
The data published are based
upon reports filed daily with
the Commission by odd-lot dealers and
specialists.
The
Volume
Financial
146
ODD-LOT TRANSACTIONS
DEALERS
ODD-LOT
OF
SPECIALISTS
AND
IN STOCKS. RIGHTS. AND WARRANTS ON THE
NEW YORK STOCK
EXCHANGE—WEEK ENDED APRIL 9, 1938
2459
Chronicle
offsets, is effected for the bona fide purpose of profiting from a curren
difference between the price of the security
and that such right of
by another security
PURCHASES
SALES
issued to all holders of any class of securities of
or was
the issuer"
(Customers' Orders to Sell)
(Customers' Orders to Buy)
Paragraph (D) of Rule X-10A-1
Trade Date
ATo.
Value
Shares
No. Ord.
Value
Shares
Ord.
"(D).
any
amended, reads
as
234,993
6,672,572
4,608
135,625
4,380,678
5
7,851
175,511
5,403,735
4,187
117,203
3.881,773
person owns the
April
6
6,194
139,183
4,118,851
3.476
101,087
3,382,894
as
April
7
4,218
93.851
2,568
78,484
2,595,785
April
8 and 9
:
15,166
396,438
3,023,104
11.877,915
12,629
368,994
11,417,727
Total for week..
44,169
1,039,976 $31,096,177
27,468
801,393 $25,658,857
security sold and intends to deliver such security as soon
is possible without undue inconvenience or expense;
respect of
sale, for
a
(2)
any
member in
in which he has no interest, pursuant to
an account
order to sell which is marked
an
follows:
hereof shall not apply to (1)
(A)
sale by any person, for an account in which he has an interest, if such
4
April
10,740
as
The provisions of paragraph
April
...
sold and the security owned
acquisition was originally attached to or represented
'long'; (3) any sale of an odd-lot; (4) any
sale by an odd-lot dealer to offset odd-lot orders of customers; (5) any sale
by
odd-lot dealer to liquidate a long position which is less than a round lot,
an
provided such sale does not change the position of such odd-lot dealer by
SEC
House Committee
Urges
Matthews
Commissioner
Expedite Passage of Maloney Bill Providing Reg¬
ulation of Over-the-Counter Markets—Comptroller
to
Tremaine of New York State
Effect
of
Inter-State
House
The
considered
Opposes Bill Because
State and Municipal Financing
on
Commerce Committee
the
Maloney bill to provide for a regulatory
among
over-the-counter dealers and brokers.
Passage of the measure by the Senate on March 31 was re¬
ported in these columns April 2, page 2136.
George C.
Matthews, Commissioner of the Securities and Exchange
Commission, appeared before the House Committee on
April 11 and urged the passage of the bill. Associated Press
Washington advices of April 11 summarized Mr. Matthews'
testimony as follows:
mechanism
special arbitrage account by
gested by 10 members of the Investment Bankers
Massachusetts
20
Association and a group
these
He said
dealers.
groups
of the SEC to suspend a trade to cases of "wilful viola¬
would limit powers
tions"
Island
Rhode
and
of the Exchange
The Senate bill permits suspension simply
Act.
Mr. Matthews took issue with dealers in municipal issues who
complained
Maloney bill would tend to interfere with State and city securities.
"Protests
were
received by the Senate
of various States and cities
On
on
Committee from the fiscal officers
this account," he told the sub-committee.
stated that Morris S. Tremaine, Comp¬
was taking the lead among
State and city officials in a move to prevent regulation by
the SEC of dealings in municipal bonds.
The New York
"Herald Tribune" from which we quote added in part:
April 11 it
was
troller of the State of New York
This
made known yesterday, as a group
was
before
House
the
Committee
bill, which affords
means
a
of dealers in these exempt
opposition in hearings
to express a similar
securities left for Washington,
Interstate
on
The
Commerce.
Maloney
for SEC control, passed the Senate 10 days
and its House counterpart comes up for Committee hearings today.
ago,
,
letters to Senator Francis T. Maloney and to Chairman Clarence
Mr. Tremaine takes
In open
F. Lea. of the House Interstate Commerce Committee,
the
view of the amended Maloney bill already expressed
same
the
because Senator Wagner assured his colleagues that the
Senate,
jections
by dealers in
Only 10 minutes consideration was given the measure by
municipal bonds.
dealers
of
been met.
had
or
(7)
any
sale of
a
security for
who then owns another security
presently will be, entitled to acquire an equiva¬
or
lent number of securities of the
such sale,
exchange which is
of such
same
class
the securities sold; provided
as
the purchase which such sale offsets, is effected for the bona
or
fide purpose of
profiting from
a current
difference between the price of the
security sold and the security owned and that such right of acquisition was
originally attached to
represented by another security or
or
was
issued to
all the holders of any class of securities of the issuer."
The foregoing amendment shall be effective immediately.
By the Com¬
mission.
San
Francisco
Curb
solve—To
Exchange
Consolidate
Exchange—Plan
Members Vote to Dis«
San
With
Provides
to
Francisco
Improved
Stock
Service
to
Member Firms
The San Francisco Curb Exchange
announced
"on' AprirT
that its members have voted in favor of dissolution.
It is
estimated
that upon disposal of its r al estate investment,
the Curb will disburse in excess
f $200,000 to its members in
final
for violations of the law.
the
approval
person
a
Public and Economies
fci The Commissioner said the agency strongly objects to a change sug¬
sale of a security on a national se¬
any
the
another national securities exchange which is the
on
by virtue of which he is,
irregular practices and dishonest conduct.
of
(6)
with
principal exchange market for such security;
Matthews spoke of the necessity of checking
Mr.
effected
equalize the price of such security thereon with the current
price of such security
Asserting that the measure would not result in regulation of State and
municipal securities,
exchange
necessary to
a
this week
than the unit of trading;
more
curities
ob¬
in good faith, Mr.
Although made
Tremaine declares that the statement was not accurate.
liquidation. At such time as the Curb Exchange ceases
the Curb's announcement states, its unlisted
stocks will be transferred to the Stock Exchange, without
any interruption in local trading
facilities.
Stocks now
formally listed on the Curb Exchange will be invited to
effect listing on the Stock Exchange, which should likewise
assure
uninterrupted local trading.
The announcement
operations,
went
on
to say:
Although the San Francisco Curb Exchange has been uniformly success¬
ful in its
operations, Federal legislation has eliminated important elements
responsible for the original creation of the curb market.
It is no longer a
simple matter for securities to be admitted to unlisted trading, and formal
listing requirements are
now
almost identical for all national exchanges.
Because of these changed conditions, and since the
already members of both
are
and should furnish
highly logical
majority of local firms
exchanges, the consolidation plan appears
improved service to the public,
with
San Francisco will thereafter have one of the
economies to member firms.
largest exchanges outside of the city of New York.
-v*
Reference to the plan
Curb Exchange by the
made in
our
for absorption of the San Francisco
San Francisco Stock Exchange was
issue of March 26, page 1961.
Many Officials Oppose Dill
"The bill
was
opposed by a great many State and city officials from one
end of the country to the other,
as
supervisor of the finances af the municiplities of the State have not
been disposed
number
"I
municipal
officials who have
protested against the
by a Federal agency
unalterably opposed to the regulation
am
transactions
of such
and
of this legislation.
in
State and municipal securities,
regulation
upon
not
the bond dealers but because of its effect upon the
financing of the States and their political subdivisions.
much
bonds in the open market
unfavorably upon the public bodies which issue these bonds.
will react
of the most
One
important factors determining the value of the security is its
ready marketability and it is absurd to think that
tend to restrict the
of
I have had too
experience as Comptroller of this State not to realize that anything
which retards the free flow of State and municipal
an
of
because of the effect
legislation which will
marketability of State and municipal bonds will not have
unfavorable effect upon current market
prices and thus increase the cost
financing."
future
York
New
Feb.28
of, and I feel sure that my views are concurred in by a great
State
of
enactment
Commercial
of
by
"My objections to the bill as Comptroller of New York
Maloney states.
and
Paper Outstanding as Reported
Federal Reserve Bank—Total of
$296,600,000 March 31 Compares with $292,600,000
Value
of which I was one," the letter to Mr.
issued on April 13
showing the total value of
outstanding on March 31:
The Federal Reserve Bank of New York
the
following
announcement
commercial paper
Reports received
total of
by this Bank from commercial paper dealers show a
$296,600,000 of open market paper outstanding on March 31,
1936—
1937-
-
1938—
*
Ju!y
5296.600,000
Mar. 31
31
30
Feb.
28
292,600,000
June
Jan.
31
299,300,000
May 31
Apr
1937—
+.
.
30
Mar. 31
284,600,000 Oct.
Amends
Short
Exemption
Certain
to
From Price
Selling
Rules
to
Arbitrage
Give Limited
Transactions
290,400,000 July
Restrictions
Securities and Exchange Commission on April 8
an amendment to its short selling rules making
PI The
$279,200,000
311,000,000
Feb.
28
267,600,000 June
-323,400,000
Jan.
31
243,800,000 May
Apr.
$215,200,000 Mar.
announced
limited exemption
from the price restrictions of the rules.
The exemption, the
Commission explained, applies only to bona fide arbitrage
transactions in a security effected, under the circumstances
described in the exemption, by persons who own rights or
privileges entitling them to acquire that security.
Such
transactions are not, however, exempted from the provisions
of the rules relating to the marking of orders as "long" or
Oct.
The text of the
Commission's action follows:
PThe SEC, deeming it
in it and necessary
necessary
for the exercise of the functions vested
Aug. 31
do, pursuant to authority conferred upon it by the
Securities Exchange Act
of 1934, particularly Sections 10 (A) and 23 (A)
thereof,
the word
the
(D) of Rule X-10A-1 by striking out
"or" before the figure "(6)" and by inserting immediately before
hereby amends paragraph
period at the end thereof a semicolon
"or (7) any
security by virtue of which he is, or presently will
be, entitled to acquire an
as
and the following:
sale of a security for a special arbitrage account by a person
who then owns another
the securities sold;
equivalent number of securities of the same class
provided such sale, or the purchase which such sale
1936Dec.
31
.
Decreased $14,372,997
$292,742,316 March 31—Decline of
$103,729,353 Under Year Ago
Volume of Bankers' Acceptances
During March to
bankers' acceptances de¬
$292,742,315 March 31 from $307,115,312 Feb. 28, according to the monthly report of the
Acceptance Analysis Unit of the Federal Reserve Bank of
New York, issued April 11.
This decrease during March is
the fourth consecutive monthly decline.
As compared with
last year the March 31 total is $103,729,353 below March 31,
1937, when the acceptances outstanding amounted to $396,During
March the volume of
creased $14,372,997 to
471,668.
The decline during
and appropriate in the public interest and for the pro¬
tection of investors so to
331,400,000
329,000,000
Sept. 30
available to certain arbitrage transactions a
"short."
31.
31..
286,900,000 Sept. 30
285,000,000 Aug. 31
31
Dec.
$191,300,000
198,800,000
.197,300,000
205,200,000
31
187,600.000
30......168,700.000
31
184,300,000
30. i\
173,700,000
31
.180,200,000
$324,700,000 Nov. 30.
Nov. 30
SEC
1938.
figure for March 31 compares with $292,600,000
outstanding on Feb. 28, 1938, and with $290,400,000 at
the close of March, 1937.
Below we furnish at two -year comparison of the figures:
This
in
all
classifications
March in the volume was due to losses
of credit excepting those drawn for
domestic shipments and bills based on goods stored in or
shipped between foreign countries.
The year-to-year loss
is attributed to decreased credits in all classifications ex¬
cepting those drawn for dollar exchange with import bills
showing the greatest decline of around $69,(XX),000.
The
following is the report for March 31 as issued by the New
York Reserve Bank on April 11:
Financial
2460
Chronicle
ACCEPTANCES OUTSTANDING—UNITED STATES
—BY FEDERAL RESERVE DISTRICTS
BANKERS
DOLLAR
$80,000,000
April
than
more
the
16,
1938
equity in
before, owing to in increase in
year
the TVA.
RFC and Affiliated Agencies
Feb. 28. 1938
Mar. 31, 1938
Federal Reserve District
Mar. 31,1937
The
$28,423,917
New York
2.
8.
$29,766,073
$44,384,744
209,208,741
1. Boston
218,601.026
278,430,837
11,167,682
1,959,081
10,639,959
Chicago....
2,232,899
11,676,752
939,924
3.342,481
1.571,868
1,984,651
16.757,408
1.430,176
Atlanta
7.
1,023,670
813,271
6.
17,242,322
2,639,068
974,412
1,621,063
1,517,155
Cleveland
Richmond
12.445,693
2.430,125
Philadelphia
4.
6.
-
8.
St. Louis
9.
Minneapolis
10.
Kansas City
11.
Dallas
—
387*868
1,465,105
$307,115,312
$396,471,668
Decrease for month, $14,372,997.
Decrease for year, $103,729,353.
A
Feb. 28, 1938
much
1936 ;
Mar. 31,1937
Imports
$90,976,797
$96,239,816
Exports
74,703,281
77,720,187
$160,024,332
83,592,723
8,301,604
7,945,384
11.718,346
Domestic warehouse credits
54,573,468
1.814,792
61,848,117
1,605,264
60,997,241
75,638,530
loan
HELD
BILLS
BY
ACCEPTING
RATES
ON
""BANKERS'
PRIME
APRIL
11,
Days—
30.
Days—
A
7-16
150
7-16
The
180
9-16
%
this
9-16
9-16
1937—
Mar. 31
$359,004,507
343,694.299
Jan.
June 30
Mar. 31
315,000.590
-
31
Nov. 30
Dec. 31
June 30.....
July
330.205.152
349,053.490
372.816,963
Sept. 30
Oct.
27
$387,227,280
316,631,732
315.628.440
308.112,141
31
Aug. 31
Aug. 31
Apr. 30
May 29.....
Oct.
30
companies,
as
a
the
loans
decline
net
343,065.947
of
Sept. 30
States
385,795.967
"Land
Feb.
j933
364,203,843
351.556.950
Jan.
31
28
307.115,312
Mar. 31
1,
1940)
made than
325,804,395
Feb.
292,742,315
exceeded
of
The
Dec.
of
proprietary
the
by
31,
this
1937,
Authority,
Works
organized
estate
increase
and
and notes
were
1937,
in
the
not
of
held
for
1936.
The
of
and
equity
sale
$620,000,000.
been
loans
1937.
in
that
so
tions
in
made
loans
and
and
declines
investments
in
home
1937,
in
by
the
less
in
Corporation
loans
did
of
the
1937 than
loans
that
cotton.
on
in
of
Reconstruction
1936.
were
in
There
the
was
stockholders.
the
these
form
a
Real
during
bonds
of
in
farm
Loans to
Finance
1934-35
production
also^ the outstanding loans of Federal
member institutions.
was
loans
during
1937
mortgage
loans
agencies
financial
institu¬
Corporation
and
of banks
Further liquidation of
made
Agricultural
its
declined
Commodity Credit
partly offset
by
new
outstanding increased
Home
Loan
banks
as
United
The
States
to
Federal
obtain
funds
to
lend to
Out of the total
at
the
end
of
public housing agencies.
of outstanding loans and investments of
$8,560,000,000
1937, $7,810,000,000 was held by three groups of agencies,
namely:
(1)
the
(3)
The
RFO,
together
with
certain
affiliated
corporations,
'
agricultural
various
loans
agencies
to'
amounted
accounted
and
;
farm
mortgage institutions under
The institutions under the FHLBB.
of
the
FCA;
terminated
of
amount
of
balances
the amount
before
until
June
13,
to
It
accounted
for
1937.
in
A
reached
was
peak
in
and
reduced
were
of
home-
private
refinancing program
a
banks
1937,
Dec. 31,
on
by $370,000,000 in
$2,400,000,000.
was
year
1937 and
These
with the exception of most of the
1934,
which
on
have
which
1936.
authorized
actions
foreclosure
.
.
granted
12-year
a
of
title
outstanding
of
reduction
was
over
loans
transfers
voluntary
and
the
of
moratorium
a
reamortized
been
foreclosures
three-fifths
August,
FHLBB include
to
15 years,
in
that
about
in
owners
Federal Home Loan
27,
April
1936,
appears
lend
which
.
.
owners
be amortized
are
made
.
Home Owners' loan Corporation,
outstanding at the end of the
loans
loans
period.
.
home
to
.
.
1936.
12,
of the
loans
$200,000,000.
IIOLC loans
loans
mortgage
Loans
emergency
directly to home
June
on
was
$2,880,900,000, of which $2,060,-
banks,
Loan
and the
loans
new
Voluntary repayments and foreclosures
Mortgage
Home
made
were
Outstanding
were
Agricultural
its affiliated
than
farm
end
of
loans
the
by
Corporation
.
Agricultural
$358,000,000
by
the
of
RFC and
other
Bank—and
$580,000,000
totaled
the
total,
corporations and banks
investments of
under
the
Of
at
this
in
year.
.
outstanding
loans
the
at
from
appropriations
end
1937
of
loans
were
rehabilitation
Rural
Congress.
Farm
Security Administration, formerly the Resettlement Ad¬
amounted to $123,000,000 as compared with $87,000,000 a
earlier.
Emergency
by the FCA,
for
and
those
Export-Import
$30,000,000
of
Loans
than
above,
discussed
of the FOA.
special
the
ministration,
year
loans
were
agricultural
financed
CCC and the
loans
increase
an
other
investments,
agencies—The
1937,
Other
and
mortgage
the supervision
V
Loans
Farm
reserves
for
Board
the
of
Marketing Act
Federal
loans and drought relief loans, administered
crop
outstanding in the amount of $72,000,000 after reserves
were
uncollectibles.
Agricultural
old
Revolving
transferred
were
uncollectibles;
these
Federal
Fund,
in
Farm
1933,
totaled
principally
are
Board
which the
to
and
of
$26,000,000
loans
the
of
assets
the
after
cooperative
to
marketing associations.
Other Loans
A major
rural
end
discussed above is made
part of loans not
electrification
trification
the
loans,
had
Administration
of
1937,
smaller
on
Dec.
carried
by
the
the major
1937,
31,
Treasury
wartime railroad
and
outstanding
of shipping loans,
of
The
about
a
year
a
earlier.
recoverable
Rural
Elec¬
$30,000,000
disbursed
was
States Maritime Commission
than
as
up
loans.
loans
of which
part
standing loans of the United
agencies, the
Federal
Deposit
Tennessee
Waterways
The
Valley
government's
Authority,
Corporation
the
amounted
equity
Panama
$580,000,000,
to
in
USHA,
$10,000,000
housing
and
miscellaneous
Corporation, the Federal Sav¬
three
Railroad
of
these
Co.
$270,000,000 at the
agencies,
and
end
the
of
the
Inland
1937,
or
which
in
1937.
were
at
Out¬
$7,000,000
Wartime
asset
railroad
remained
unchanged
Act
which
organized
was
in
1937,
of loans which had been taken
project
transferred.
enabling
ings and Loan Insurance Corporation, and the FHA
totaled $290,000,000.
Certain other government
corporations and agencies are primarily
operating
organizations.
also
The
similarly
for
Insurance
the year
and
and
the remaining $170,000,000.
g°vernrnent's proprietary share in agencies which
are, have been, or
will be engaged
primarily in lending amounted to $3,500,000,000 at the
end of 1937.
The equity of the United States in the
assets of three insur¬
ing
loans
which
amount.
The
Other
loans
Federal
permanent
the
loans
in
,
PWA;
(2)
smaller
of
loans of which are
be made until
may
first mortgage loans of the Federal Land banks.
their
to
Further
investments were made in savings and loan
Housing Administration insured a large volume
of privately made home
mortgage loans, and the United States Housing
Authority was given the power to issue obligations
guaranteed by the
associations.
and
and
banks
Land
(the
loans"
outstanding
Short-Term
Public
reflected
holdings of preferred stock, capital notes and debentures
much
A
the
all
$90,000,000 less than
or
mortgage and
during the emergency period.
others
Federal
Corporation
since 1932.
any year
new
are
loans of
principally
were
outstanding
in
Mortgage Loans
permanent
Commissioner
declined
in
whose
Housing
by $290,000,000
Liabilities
of
assets
private
of
States
liabilities.
increased
$6,010,000,000 at the end
decrease
reflected
1937
on
Practically
United
the
previously
assets
$4,070,000,000
was
over
to
$150,000,000
had
combined
property
of
transfer
of
which
States
$160,000,000
the
statement
total
a
of
United
earlier.
year
that
other
to
year
the
from
in
combined
moderate
a
resulted
Administration
Treasury's
the
increase
an
increase
Loan
the
Mortgage
Bank
financing institutions,
Board of Governors of the Federal
of
FHA
by the
Government lending agencies under the supervision of the
the
interest
purchases of
Disaster
through
Loans
agencies amounted to about
reduced by $60,000,000 to a total of
were
by Government Corpora¬
April issue of the "Reserve Bul¬
In part, the "Bulletin" went on to
say:
letin."
businesses
commercial
and
securities
the
Farm
Federal
as
000,00
in
largely
homes.
during
held
notes
loans
known
reduced by $370,000,000 in 1937, or nearly as
1936, and at the end of the year amounted to
System
during
to increase
public, and the acquisition of
by the RFC.
There was also a
$12,000,000 in short-term notes of the CCC outstanding.
emergency
v
were
Reserve
and
Outstanding loans of the RFC Mort¬
affiliated
and
Farm,
348,026.993
Dec. 31.....
343,881.754
344,419,113
31
says the
industrial
to
$31,000,000,
United
of
Outstanding
"Total outstanding loans and investments in stock of
financial institutions by government corporations and credit
$8,500,000,000,"
RFC funds continued
from
constructed
RFC
guaranteed
decrease
Agencies at End of Year in Stock
of Financial Institutions $8,660,000,000-—Reduction
in
Year
of
$370,000,000 Reported by Board of
Governors of Federal Reserve System—Proprietary
Interest of United States $4,070,000,000
in
other
Outstanding loans for self-liquidating projects
years.
by
the
of
$34,000,000
tions and Credit
as
and
companies, building
financial institutions
loan
mortgage
loans and
$140,Funds returned to the Treasury were somewhat larger than
result of earnings of the RFC.
The principal other changes in
and liabilities of these agencies were an increase of $45,000,000
RFC
$346,246,657
Nov. 30
401,107,760
396,471,668
395,031,279
Total Loans and Investments
much
increased
railroads
RFC loans to
1936.
to
Home
agencies
private
1937—
30
Feb.
Apr. 30
May 30..... 330.631.460
July
us,
bankers'
1936—
in
loans
newly
on
summary,
the assets
furnishes a record
acceptances outstanding at the
close of each month since March 31, 1936:
of
than in
to
obligations
such
of
of the RFC amounted only to $65,000,000 as
insurance
increased
000,000.
A
%
following table, compiled by
volume
by the PWA
made
were
transfer
further small reduction in the outstanding amount
was a
RFC
$43,000,000,
loans
investments
in
of the
of
$6,000,000 at the end of the year.
In
Dealers'
Buying Rates Selling Rates
120..
7-16
90
debentures
and
notes
Corporation, which was formed at the time of the floods in 1937, amounted
Dealers'
A
60..
1937
in
.
$100,000,000.
loans
new
the
agency
preceding
by
Co.
insured
1938
Dealers'
Buying Rates Selling Rates
in
as
gage.
ACCEPTANCES
to
Dealers'
$140,000,000
to
.
capital
by
irrigation districts by $13,000,000.
9,511,824
MARKET
.
stock,
by $11,000,000, and loans to refinance indebtedness of drainage, levee and
8236.112.518
Decrease for month
of
hand,
classes of loans made
Four
93,118,302
_
CURRENT
the PWA,
borrowers.
other
increased
8142,994.216
Bills of others.
Total
1936.
in
the RFC, four
for whose loans
of
investments
and
amounted
agent,
1937
$215,000,000
with
associations,
1937
BANKS
Own bills
amount
other
miscellaneous
certain
between foreign countries
funds,
preferred
during
through the
compared
of
goods stored In or shipped
on
smaller
the
on
slightly, but there
63,892,473
2,364.567
62,372,373
Dollar exchange
Based
reduced
were
investors
Domestic shipments
distributing
with $500,000,000
in
and
loans
supplies
crop.
ACCORDING TO NATURE OF CREDIT
Mar. 31, 1938
it
This was a much
smaller amount of net repayment than was received in 1936, when a fewvery large banks completely retired their preferred stock.
RFC loans to
banks and loans to aid in the reorganization or liquidation of closed banks
were
also reduced further by $50,000,000, as compared with a reduction
of $180,000,000 in 1936.
Outstanding loans on commodities by the RFC,
CCC and Export-Import Bank also declined somewhat less than in 1936,
in part as a result of the new loans made by the CCC on the 1937 cotton
28,151,815
$292,742,315
Grand total..
outstanding
as
investments
banks
2~,~4*41~352
24.704.039
in
which
to
acts
compared
RFC
646.035
25,307,083
RFC
as
"
12. San Francisco
decrease
corporations
the
properties
valued
loans
been
No
empowers
had
it
to
at
held
over
the
at
from
$110,000,000
end
the
which
of
PWA,
were
made
issue
by the USHA under the
$500,000,000 of obligations
guaranteed by the United States.
$22,439,300
of
Federal Land Bank 4% Bonds to Be
Redemption May ^Announces Governor
Myers of FCA
Called for
Federal
land
bank
bonds
totaling $22,439,300 will be
May 1, it was announced on April
14 by W. I. Myers, Governor of the Farm Credit Administra¬
tion.
On that date this issue, bearing 4% interest, will
called for redemption on
Volume
have
Financial
146
been
10 years.
The call will be par¬
the banks in amounts ranging from
$620,000 to $5,111,000, according to an announcement issued
April 14 by the FCA which went on to say:
outstanding
ticipated in by eight
banks of callable bonds
about $800,000,000 of their individual bonds into consolidated securities bearing a
lower rate.
Last year approximately $168,100,000 of bonds were paid off
in cash, the funds being obtained from amortization of the principal of
farmers' loans, repayments and short-term borrowings.
Borrowers' re¬
payments are continuing to exceed amounts used to make new loans.
The banks calling the $22,439,300 issue on May 1 will retire it with
about $14,500,000 of their own cash, borrowing the balance on short-term
During 1935 and 1936 the banks refunded
since April, 1937.
loans.
•
.
Springfield; Columbia, New Orleans
bonds callable on May 1.
Governor Myers stated that the
and Spokane banks have no
Liquidation of 28 Receiverships of National Banks
Completed During March, According to Acting
Comptroller of Currency
Acting Comptroller of the Currency,
Marshall R. Diggs,
announced
on
makes
a
This
restored
closed or
total of 1,037 receiverships finally
solvency since the banking holiday of March, 1933.
to
Act¬
of 80.1% of total liabilities,
aggregated $392,239,494, or an average return
of
received
creditors
unsecured
dividends
amounting to
an
average
Dividends distributed to creditors of all active
66.38% of their claims.
1938, amounted to $3,230,468.
paid and distributions to depositors of all receiverships
1933 to March 31, 1938, amounted to $901,040,131.
receiverships during the month of March,
Total
dividends
from March
16,
the 28 National banks liquidated and
restored to solvency during March:
The following are
finally closed
or
BANKS LIQUIDATED AND FINALLY CLOSED
SOLVENCY DURING THE MONTH OF MARCH,
INSOLVENT NATIONAL
OR
RESTORED TO
Total Dis¬
Per Cent
bursements
Total Dls-
Dividend
of
Bank
Per Cent
Date
Name and Location of
Including
bursem'ts
Declared
to Total
to All
Failure
Offsets
Allowed
City National Bank, Georgetown, Tex.
11-21-32
City National Bank, Oshkosh, Wis...
b First National Bank, Compton, 111.,
I-31-33
Bank, Mebane, N. C_
First National Bank in Florence, S. C.
8-16-33
b First National
II-1-33
1-11-32
Nat. Bank, N. Y. ,N.Y.
7-21-33
Peoples National Bank, Brookneal.Va.
b First National Bank, Elmore, Ohio.,
10-31-30
Huttig, Ark..
Lincoln Nat'l Bank, Avella, Pa
b First Nat. Bank, Grantsville, Md__
Nat. Bank of Commerce,Garnett,Kan.
Planters Nat. Bank, Clarksdale, Miss,
b First Nat. Bank in Ponca City, Okla.
Bank, Dunkirk, Ohio...
First Nat.Bk.in Blooming Grove,Tex
8-23-33
b First National Bank,
9-13-33
Winder, Ga._
Bk.,Watertown,WIs.
b First Nat. Bank, Finleyville, Pa
b First Nat. Bank, Hart, Mich
First National Bank, Corinth, Miss...
First National Bank, Adams, Minn.,
b First National Bank, Swayzee, Ind..
Germantown National Bank, Germantown, N. Y
—
First National Bank, Dearborm, Mich.
Westmont Nat. Bank, Westmont, N.J.
a First Nat. Bank, Smithfield, Ohio.,
a First National Bank, Robinson, 111..
Winder National Bank,
sold, or
of assets
1-15-34
89.0
74.1
91.02
77.0
on
excess
proved the timeliness
that
trading in and out of the securities market is absolutely inconsistent with
the investment function of a bank.
I should like here to stress that this
rule applies just as much to large institutions as it does to sma.l banks.
No matter what the size of an institution its securities should be bought
from the investment point of view, to be held to maturity.
The basic
rising market.
is not concerned about and does not
95.11
85.5
ties of investment quality.
95.29
93.71
73.86
55
insured banks are of Baa or better quality.
73% of the securities held by these banks are of A or better credit qual¬
ity
Market depreciation of securities bought for investment, with a
credit standing that indicates payment at par at maturity and continuity
of dividend payments, is of no practical significance in a well-run bank.
1,845,197
1,153,838
200,074
upon
50
106.3
9-14-33
427,374
98.2
10-30-31
838,003
205,970
63.02
9-32
12-26-33
346,466
106.28
108.26
1-22-32
427.738
526,141
246,104
64,594
107,675
86.97
68.45
92.91
88.8
97.5
55.45
76.61
60.77
92.13
of the
Interest earned on securities
34.3
66.3
50.666
88.018
$8,451,808.57 representing an
Corporation's operations from
follows:
banks of recent drops in bond prices is unwarranted. The Corporation
criticize market depreciation in securi¬
$35,302,939.58
incl. furniture and equipment purchased..
12,684,538.98
banks
withdrawing
from
the funds
151,023.33
administrative expenses
$22,769,423.93
Estimated deposit insurance losses and expenses, including payoffs,
loans, and purchases of assets
±
14,317,615.36
Earned income in excess of
Earned income in excess of all expenses
& losses to Feb. 28,1938..
Deposit insurance assessments, including only earned portion
Feb. 28, 1938 and exclusive of unearned, collected assessments
June 30, 1938 in the amount of $12,783,895..
shows that about
ot $100,000,000
$8,451,808.57
to
to
announcement of April
14:
will be issued in bearer form only and in
of $1,000, $10,000, $100,000, $500,000 and
They (the bills)
(maturity value).
No tender for an amount
tender must be
on
the basis of
in multiples of
92,251,513.73
amounts or
$1,000,000
less than $1,000 will be considered.
Each
$1,000. The price offered must be expressed
three decimal places, e.g., 99.125.
100, with not more than
Fractions must not
be used.
from incorporated banks
responsible and recognized dealers In invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
Tenders will be
and trust
accepted without cash deposit
companies and from
bank or trust company.
for receipt of tenders on
received at the Federal Reserve
April 18, 1938,
banks or branches thereof up
announcement of the accept¬
able prices will follow as soon as possible thereafter, probably on the follow¬
ing morning.
The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
to the
closing hour will
be opened and public
will be advised of the acceptance or
rejection thereof.
price offered for Treasury bills alloted
Reserve banks in cash or other immediately
must be made at
available funds on
submitting tenders
Payment at the
the Federal
April 30,
1938.
The Treasury
bills will be exempt, as to
principal and interest, and any
sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
gain from the
$100,703,322.30
or
Treasury Bills—To Be
Immediately after the closing hour
and profit from sales of securities, after
to
A recent survey made by us
Thereabouts, of 91-Day
Dated April 20, 1938
Announcement of a new offering of $100,000,000, or there¬
abouts, of 91-day Treasury bills, dated April 20, 1938, and
maturing July 20, 1938, was made on April 14 by Secretary
of the Treasury Henry Morgenthau Jr.
Tenders will be
received at the Federal Reserve banks or the branches thereof,
up to 2 p. m.
Eastern Standard Time, April 18, but will not
be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will, on their maturity dates, be payable at
their face amount without interest.
There is a maturity of
two series of bills on April 20 in amount of $50,015,000 and
$50,130,000.
The following is from Secretary Morgenthau's
New Offering
all tenders
$28,618,400.60
expenses
allocated
June30,1934..
by the accepted
should find no cause for alarm in
Most of the current concern about the effect
'
deducting amortization of premiums
Administrative expenses,
These men, who have been guided
22.05
113.39
100
portfolios.
market drops.
87H% of the securities held by
of investment income over all expenses and losses to
recapitulation
namely:
56.85
104.75
12-27-34
safety of principal and
We maintain that shifts
68.35
1- 4-34
5-31
be sought.
made for one purpose only;
52.92
100.86
3-31
bank security holdings should be
71.57
Chairman Leo T. Crowley an¬
as
We have likewise emphasized on many occasions
75.54
The figure of $100,703,322.30 reported
well
as
I believe that subsequent events have
56.23
77.36
6-
1937
speculation in
toward taking profits on a
252.737
262,115
100.75
Sept. 11, 1933 through Feb. 28, 1938
Add
medium and low-grade securities with a view
491,031
97,131
7-
tendencies of a sizeable
It will be recalled that during the early part of
warned repeatedly against the dangers of
the Corporation
temporary
that date.
A
minority of bankers.
principles of institutional investment
306,685
1,001,516
654,774
10-19-31
Only a relatively small pro¬
provement of bank assets lies in the speculative
ment of their
the Corporation's condensed balance sheet as
1938, includes assessments in the amount of
$92,251,513.73
United States Government securities constituted another 25.2% •
Bank loans appear on the whole to be sound.
73.633
12-30-32
8-
1937
banks of the
of the assets of the insured commercial
portion of the securities held by the banks are of a low credit status.
The chief danger to consummation of this program of progressive im¬
denominations
April 8.
28,
country.
27.5%
92.03
11-10-33
3-26-34
Cash and due from banks at the end of
during the past four years.
constituted
a large part of their
acceptable assets have
occurred
banks' books of
For the most part sound and
banks to offset the growth in deposits which has
83.57
and collect stock assessment covering deficiency in
to complete unfinished liquidation,
b Formerly in con¬
exceeds $100,000,000,
Feb.
our
banks
The revival of values and Improved
by the RFC and by local investors.
been taken into
largely by
nearly comparable amount of new capital into our
61.2
Surplus of the Federal Deposit Insurance Corporation
surplus
of
a
quality of the bank's portfolio.
Fortunately, most bankers realize the necessity for conservative manage"
$92,251,514
as
injection of
tne
In the quality of the
Nearly two billion dollars of bad assets have been
This house-cleaning was made possible
eliminated since 1933.
To Improve the
Surplus of Federal Deposit Insurance Corporation as of
Feb. 28* 1938 Statement Exceeds $100,000,000 Chair¬
man
Crowley Reports—Assessments Amounted to
on
The past few years have seen a notable improvement
assets held by our banks.
52.5
3-7-31
1-26-31
100.1
1636.
nounced
by insured banks were of Baa invest¬
rating, or better, and that 73 % were of A or better
quality. He declared that price declines for securities likely
to be paid at par with no defaults of interest and of "no
practical significance in a well run bank."
In discussing the possibility of reducing FDIC assess¬
ments, Mr. Crowley said that this rests upon the Corpora¬
tion's carrying through a program of correcting difficult
situations promptly and thus avoiding the accumulation of
problem-cases and building up an adequate reserve fund.
In his address, Mr. Crowley said, in part:
in
Reference to the liquidation of National banks completed
during February was made in our issue of March 12, page
now
of the securities held
ment
certainty of income are the factors to
100.5
servatorship.
The
address before the bankers forum of the New York
principle of any investment policy should be that
74.6
105.2
Receiver appointed to levy
value
an
chapter of the American Institute of Banking. Mr. Crowley
pointed out that a recent survey showed that about 87.5%
93.51
10-25-33
b Wisconsin Nat.
a
in
74.85
11- 8-33
3-25-32
86.21
104.3
the market
63.92
368,135
108,217
b First Nat'l
b
$121,677
2,948,813
178,280
145,041
920,971
216,143
273,646
Liabilities Claimants
Corporation believes un¬
current concern about
depreciation of bonds of investment quality carried in bank
portfolios, Leo T. Crowley, FDIC Chairman, said on April 13
of that warning.
;:0"
1938
b Douglaston
The Federal Deposit Insurance
warranted most of the
accumulated debris.
depositors and other
1,037 receiverships, exclusive of the 42 restored to solvency,
Total disbursements, Including offsets allowed, to
while
Quality Held by Insured Banks—Leo
T. Crowley Says Concern Is Largely Unwarranted
bank earnings likewise helped clear the
ing Comptroller Diggs stated:
creditors of these
Investment
April 11 the completion of the liquidation of
receiverships during the month of March, 1938.
28
of Bonds of
FDIC Not Worried by Market Depreciation
or
This is the third cash redemption by the land
2461
Chronicle
Financial
2462
deduction, or otherwise recognized, for the purposes of
shall be allowed
as a
any tax now or
hereafter imposed by the United States or any of its
sessions.
pos¬
April 16, 1938
projected telegraphic call
Government depositaries for $60,000,000
upon
from credits created by the
sale of securities was canceled, and the decision
reached to continue at least for this week, the usual issue of
■
Department Circular No.
Treasury
Chronicle
418.
as
Treasury bills.
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
President
?:■
Roosevelt
In
"Fireside
Plans
issue.
Outlined
in
Message
♦
v
Secretary
tenders
received at the Federal Reserve banks and the
were
2 p. m., Eastern Standard Time,
The Treasury bills are dated April 13 and will
July 13.
Previous reference to the offering was
made in our issue of April 9, page 2292.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of April 11 had the following
April 11.
mature
Much of what President Roosevelt had to say in
on
branches thereof up to
on
to say:
Total applied for
$197,199,000
Total
accepted
$100,188,000
Range of accepted bids:
High
99.972
Equivalent rate approximately 0.111%
Low...
99.961
Equivalent rate approximately 0.154%
Average price99.963
Equivalent rate approximately 0.146%
(72% of the amount bid for at the low price was accepted.)
Congress
sage to
on
of Government outlays of
relief for
Morgenthau
Mexican
Silver
Says
Sale
In
U.
S.
Has
This
Not
Barred
Country—Recent
Change Had to Do Only With Suspension of Silver
Agreement
Secretary of the Treasury Morgenthau was indicated as
saying on April 14 that the Treasury has not barred Mexican
silver from sale in this country.
Jt is stated that Mr. Mor¬
genthau, in clarifying his recent announcement that the
Treasury had suspended arrangements for the purchase of
>5,000,000 ounces of silver monthly from Mexico, said that
Mexico
can
Treasury
still offer its silver for sale to the United States
on
the New York silver market.
Press advices from Washington from which
said:
"We buy all silver offered to
us
on
fixed each day," the Secretary said.
we
have
no
The Associated
we
quote, further
the New York market at the price
"That has always been
our
policy and
change in mind."
In effect, the only change made by the suspension of the Mexican silver
agreement, he explained, was to eliminate the 5,000,000-ounce quota which
Mexico advance
gave
assurance
of how much silver it could sell the United
States Treasury each month.
For
an
ounce
on
the New York market,
$4,512,000,000 in furtherance of
unemployed and to bring about business recovery,
repeated in his "Fireside Chat" broadcast throughout
night the same day.
The message to Congress
appears in full elsewhere in these columns to-day.
In his
fireside talk reiterated his recommendations to Congress,
and he declared that "it is going to cost something to get
out of this recession this way, but the profit of getting out
of it will pay for the cost several times over."
"It is worth
the Nation at
while
said
remember"
to
President
the
"that
The
an ounce.
ferred to in
our
was re¬
issue of April 2, page 2142.
annual
last
It is true that the National debt
in 1937 than in 1932.
year
more
increased 16 billion dollars, but remember that in that in¬
must be included several billion dollars worth of assets
crease
eventually will reduce that debt"
.
.
No doubt
"you will be told that the government spending
program of the last five years did not cause the increase in
our
National income.
They will tell you that business
revived because of private spending and investment.
That
is true in part, for the Government spent only a small part
of the total.
But that government spending acted as a
trigger, a trigger to set off private activity."
In his "Fire¬
side Chat" the President observed that "Democracy has
disappeared in several other great Nations—disappeared
not because the people of those Nations dislike democracy,
but because they had grown tired of unemployment and in¬
security, of seeing their children hungry while they sat help¬
less in the face of government confusion, government weak¬
ness through lack of
leadership in government."
"Not only
he
.
said
future
our
soundness"
economic
of
soundness
democratic
he
said
"but
the
very
institutions
depends on the
determination of our Government to give employment to
idle men."
"Your Government, seelang to protect de¬
mocracy," he added "must prove that government is stronger
than the forces of business depression."
our
At the conclusion of his "Fireside" talk the President said:
I believe we have been right in the course we have charted.
our
suspension of the Mexican silver agreement
the
National people's income was 30 billion dollars
but after suspension of the Mexican
agreement the price was cut to 43 cents
mes¬
was
than two years the Treasury fixed the price of silver at 45 cents
more
his
April 14, urging the adoption of a program
which
Secretary
Upon
for Ad¬
Appropriations for Relief and Business
Recovery—-Says Government Seeking to Protect
Democracy Must Prove Stronger than Forces of
Business Depression
000,000 91-Day Treasury Bills Dated April 13—
$100,188,000 Accepted at Average Rate of 0.146%
of the Treasury Henry Morgenthau Jr. an¬
April 11 that the tenders to the offering of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$197,199,000, of which $100,188,000 were accepted.
The
Dilates
Congress
ditional
Tenders of $197,199,000 Received to Offering of $100,-
nounced
Chat"
to
of building
purposes
a
greater,
a
more
stable and
a
To abandon
to sail ahead,
For, to reach
I feel
a
sure
tolerant
more
America would be to miss the tide and perhaps to miss the port.
I
propose
that your hopes, I feel sure your help are with me.
port, we must sail—sail, not lie at anchor; sail, not drift.
The Presidents "Fireside Chat" follows:
Secretary
Morgenthau
Sterilized
Reserve
Releases
Gold—Defers
$1,392,000,000
Reduction
in
of
Federal
Requirements
I had hoped to be able to defer this talk until next week because, as we all
The release
by Secretary of the Treasury Morgenthau
of approximately $1,392,000,000 of gold in the steriliza¬
tion fund was made known on April 14, at which time it is
stated Mr. Morgenthau called a conference for
Wednesday
next (April 20) of Treasury officials and the Executive
Open
Market Committee of the Federal Reserve System.
Stating
that through the Treasury action the purchasing
power of
the Treasury's desterilized gold
poured into trade channels,
although the buillion itself did not leave its vaults. Asso¬
ciated
Press
advices from Washington
April 1.5, added in
part:
currency backed
by the
metal.
possible because gold is the only international standard of value
has
survived
beads,
corn,
centuries
of
experimentation
with
such
articles
as
copper and silver.
Treasury action was in furtherance of the announce¬
by President Roosevelt in his message to Congress on
April 1.5, which we give elsewhere in this issue, and in which
ment
he said:
proposed immediately to make additional bank
available for the credit needs of the
country.
This can be done
It will be done through the desterilization of
without legislation.
approxi¬
mately $1,400,000,000 of Treasury gold, accompanied by action on the
part of the Federal Reserve Board to reduce reserve
requirements by about
$750,000,000. The Federal Reserve Board informs me that
they are willing
so.
These measures will make
commerce,
In
more
abundant the supply of funds for
industry and agriculture.
advices
from
its
Various
Administration
sending of the President's
be
In this decision I have been strengthened by
delay.
no
thought that by speaking tonight there may be greater
and tne nope
it is not
of Easter
may
inappropriate to
agencies
message
the
encourage peace wnen so many
of
For four-and-a-half
recovery.
only in the past
seven
that
years
recovery
months that it has received
proceeded apace.
a
Secretary Morgenthau conferred at length with Chariinan Marriner
S.
Eccles, \ ice Chairman Ronald Ransom, Edwin A.
Goldenweiser, director
Gardiner, of the Federal Reserve Board: Assistant
Secretary Wayne C. Taylor, General Counsel Herman
Oliphant, Bernard
Vernstein, George C. Haas and Harry A. White, Research and
Statistics
Division, and special assistants to the Secretary, Herbert E. Gaston
and
Cyril B. Upham, of the Treasury Department.
the result of the discussion the mechanics for
by telegraph
to
various
Federal
Reserve
It is
visible setback.
And it is only within the past two months, as we have waited patiently
become apparent
it, that it has
that government itself can no longer safely fail
to take
aggressive government steps to meet it.
This recession has not returned
deep
distress
speculation
Your
and
money
have
been
have
us
to
the disasters and suffering of the
in the bank is safe; farmers
greater
purchasing
are no
dangers
power;
longer in
of
national income is almost
minimized;
security
50%
higher
responsibility
for relief.
But
freinds
the
I
know
or
that
of you have lost your jobs
many
members of your families
Government
pretend not to
and
felt in others.
did not
see
these things.
propose that
I know that the
some
localities seriously but that they have been scarcely
But I conceive the first duty of government is to protect the
economic welfare of all the people in all
my message
haVe seen your
or
lose their jobs, and I do net
present difficulties has been uneven; that they have affected
our
some groups
shall
sections and in all
groups.
I said in
opening the last session of Congress that if private enterprise
provide jobs this spring,
that I would not let the people
Government would take
down.
up
the slack—
We have all learned the lesson that
government cannot afford to wait until it has lost the power to act.
I
have
sent
message
a
of far-reaching
importance
to
the
I want to read to you tonight certain passages from that message,
and to talk with
you
about them.
I analyzed the causes of the collapse of 1929 in these
words:
'•'>
''AY
■
v;)
"Over-speculation in, and over-production of practically every article or
used by man
millions of people had been put to
work, but the products of their hands had exceeded the purchasing power
of their pocketbooks
Under the inexorable law of supply and
demand, supplies so overran demand which would pay that production was
compelled to stop.
Unemployment and closed factories resulted.
Hence
instrument
of research, and Walter R.
thinking
us are
Five years ago we faced a very serious problem of economic and social
In that message
took
immediate steps, following the
to Congress at noon, to get that
pro¬
of mind
peace
be more real at firesides everywhere, and that
of the Prince of Peace.
Congress.
14,
gram started.
As
should
there
Therefore,
Washington bureau, April
New York "Journal of Commerce" said in
part:
gold
human beings and the prevention of numan suffering that I have felt that
the
effect of
Administration
resources
people of the
say to you, tne
than in 1932; and government has an established and accepted
The
to do
But what I want to
country, is of such immediate need and relates so closely to the lives of
beginning of 1933.
was
which
The
know, this is Holy Week.
to see whether the forces of business itself would counteract
The Treasury got a spendable credit for the metal
by depositing in the
Federal Reserve System a simple memorandum,
promising to pay on
demand an equivalent amount of gold certificate
This
Five months have gone by since I last spoke to the people of the Nation
about the state of tne Nation.
.
.
.
.
the tragic years from 1929 to 1933."
I
pointed out to the Congress that the national income—not the Govern¬
ment's income, but the total of the income of all the individual citizens and
families of the United States—every farmer, every worker, every banker,
distributing the freed
banks
were
developed,
a
every professional man and every person
investments—that
national
income
who lived
amounted,
in
on
income derived from
the
year
1929,
to
81
Volume
dollars.
billion
a
1932 this had fallen to 38 billion dollars.
By
Third, to add 100 million dollars to the estimate for Federal aid highways
Gradually,
few months ago, it had risen to a total of 68 billion
and up to a
2463
Chronicle
Financial
146
in
dollars—
of the amount I recommended in January.
excess
Fourth, to add 37 million dollars over and above the former estimate of
pretty good come-back from the low point.
63 million dollars for flood control and reclamation.
I then said this to the Congress:
consumers'
goods brought into the picture early in 1937 certain highly undesirable
practices, which were in large part responsible for the economic decline
which began in the later months of that year. Again production outran the
parts of the country.
ability to buy.
economic
in both durable goods and
"But the very vigor of the recovery
Fifth, to add 25 million dollars additional for Federal buildings in various
In recommending this program
for this over-production. One was fear—fear
abroad, fear of inflation, fear of nation-v ide strikes. None of these
"There were many reasons
of
war
fears have been borne out.
of
;
in
Production
•*....
important lines of goods outran
many
the
the same
power of the Nation lagged
"Thus by the autumn of
We in America know that
behind.
"
.
and I repeat it to you, the people
of Representatives
that all the energies of government and business must be directed to in¬
creasing the national income, to putting more people into private jobs, to
giving security and a feeling of security to all people in all walks of life.
I am constantly thinking of all our people—unemployed and employed
alike—of their human problems of food and clothing and nomes and educa¬
went on to
point out to the Senate and the House
tion and health and old age.
You and I agree that security is our greatest
need—the chance to work, the opportunity
in our business—whether it be a very
of making a reasonable profit
small business or a larger one—-the
possibility of selling our farm products for enough money
our
for our families to
well-being of
I know these are the things that decide the
decently.
of that kind cannot be a lasting one except
basis of business fair dealing and a basis where all
share in
help you attain
deep
and because I know that the people themselves have a
conviction that secure prosperity
a
need to act together,
operation of democratic government is equal to the task of protecting
the
security of the people.
Not
only
future economic soundness but the very soundness of our
our
democratic institutions depends on the
to
give employment to idle
in
defending their liberties at
lies in the protection
protect democracy,
forces of business
determination of our Government
Tne people of America are in agreement
men.
any cost,
and the first line of that defense
Your Government, seeking to
of economic security.
Government is stronger than the
must prove that
depression.
History proves that dictatorships do not grow out of strong and successful
If by democratic methods
governments but out of weak and helpless ones.
people get a government strong enough to protect them from fear and
ment
from top to bottom
prosperity, I repeated to the Congress today that neither
it nor the
enough to protect the interests of the people, and a people
strong
strong enough and well enough informed to
over
We
having to sacrifice
liberties into the bargain.
our
century of our
and free
timber
mineral
republic
short of capital, short of
we were
production, but we were rich in free land,
The Federal Government rightly
wealtn.
assumed the duty of promoting business and
relieving depression by giving
subsidies of land and other resources.
tradition of substantial
But today the
of rich land to give away and we have
spend large sums to conserve our land from further
from our earliest
help
government
to
days we have had a
system
our
of private enterprise.
government no longer has vast tracts
discovered that we must
The situation js also very
plenty of capital, banks
erosion and our forests from further depletion.
different from the old days, because now we have
Chief Executive can afford,
and insurance companies
during the past five years,
American people. In our rehabilitation
and of agriculture, in our provisions for adequate
and cheaper credit for *11 types of business, in our acceptance of national
responsibility for unemployment relief, in our strengthening of the credit
of State and local government, in our encouragement of housing, slum
clearance and home ownership, in our supervision of stock exchanges and
ductive
"To weaken or destroy great reforms which,
security and prosperity
rich Nation; we can afford to pay for
a
are
the first
workers and short of industrial
free
maintain its sovereign control
its government.
witnout
In
im¬
Therefore, the only sure bulwark of continuing liberty is a govern¬
patient.
Thus,
people.
Therefore, I am determined to do all in my power to
that security
on
But in order to preserve them we
problems of the Nation boldly, and to prove that the practical
to meet the
starvation, their democracy succeeds, but if they do not, they grow
of the country tonight.
all
Finally , in despera¬
democratic institutions can be preserved
.
All of this I said to the Congress today
live on
and made to work.
own
our
.
.
"
I
they had grown
their children hungry
insecurity, of seeing
and
they sat helpless in the face of government confusion, government
weakness, through lack of leadership in government.
1937 the Nation again had stocks on hand which
could not buy because the purchasing power of the
consuming public had not kept pace with the production
"During the same period .
.
.
.
the prices of many vital products had
risen faster than was warranted. .
.
.
.
In the case of many com¬
modities the price to the consumer was raised well above the inflationary
boom prices of 1929.
In many lines of goods and materials, prices got so
high that buyers and builders ceased to buy or to build.
the economic process of getting out the raw materia^, putting
them through the manufacturing and finishing processes, selling them to
the retailers, selling them to the consumer, and finally using them got
completely out of balance.
The laying off of workers came upon us last autumn and
has been continuing at such a pace ever since that all of us, Government
and banking and business and workers, and those faced with destitution,
recognize the need for action."
.
I am thinking
tion, they chose to sacrifice liberty in the hope of getting something to eat.
the consuming public
.
Nation, but also of their personal
democracy and of the recent trend in other parts of the world away
our
while
The buying
of abnormally stimulated demand.
type
tninking not only of the immediate
am
Democracy has disappeared in several other great nations-—not because
This meant, of course, that the steel mills of the Nation ran
24-hour basis, and the tire companies and cotton factories speeded up
meet
I
of the
people
precious possession of all Americans.
tha people of those nations disliked democracy but because
their sales.
a
the
tired of unemployment
only turned out a normal increase of finished cars, bur encouraged the normal
increase to run into abnormal figures, using every known method to push
to
of
most
from the democratic ideal.
ability of the public to purchase them.
For example, through the winter
and spring of 1937 cotton factories in hundreds of cases were running on a
three-shift basis, piling up cotton goods in the factory and in the hands of
middlemen and retailers. For example, also, automobile manufacturers not
on
needs
liberties—the
loaded with idle money; plenty of industrial pro¬
capacity and several millions of workers looking for
jobs;
It is
Government strives to put idle
have been effected on behalf of the
following tradition as well as necessity, if
of the banking structure
money and idle men to work, to increase our public wealth and to build
up the health and strength of the people—and to help our system of private
public utility holding companies and the issuance of new securities, in our
provision for social security, the electorate of America wants no backward
steps taken.
.
"We have recognized the right of labor to. free organization, to col¬
lective bargaining; and machinery for the handling of labor relations is now
in existence.
The principles are established even though we can all admit
that, through the evolution of time, administration and practices can be
improved.
Such improvement can come about most quickly and most
peacefully through sincere efforts to understand and assist on the part of
labor leaders and employers alike.
"The ever-increasing evolution of human society will doubtless bring
forth new problems which will require new adjustments.
Our immediate
task is to consolidate and maintain the gains achieved.
"In this situation there is no reason and no occasion for any American
to allow his fears to be aroused or his energy and enterrpise to be paralyzed
by doubt or uncertainty."
I
to
came
the conclusion that the
present-day problem calls for action
and by the people, that we suffer from a failure
buying power.
It is up to us to
both by the' Government
of consumer demand because of lack of
economic upturn.
create an
spiral?"
-
three groups of measures and I will summarize the
includes
year
the same rate of expenditure as at present
at
additional
money
for
Works
the
Conservation Corps, in order
cost
the
Progress
That
ad¬
Administration;
Administration; additional allotments
and
for the National Youth Administration,
These
intended to keep the
expenditures for work relief and similar purposes during the
ditional funds for the Farm Security
camps now
more money
for the Civilian
that it can maintain the existing number of
in operation.
a
Congress
billion and
on
a
quarter more than the estimates which I sent to
bank
reserves
About $1,400,000,000 of
available
for
the credit
needs of the country.
gold now in the Treausry will be used to pay these
expenses
credit will
be made available to
of the
and $750,000,000 of additional
the banks by reducing the reserves now
Government,
additional
required by the Federal Reserve Board.
These two steps taking care of
are
in our judgment
sustained
relief needs and adding to bank credits
insufficient by themselves to start the National on a
upward movement.
r
Therefore, I came to the third kind of Government
sider to be vital.
action which I con¬
I said to the Congress-
I cannot afford to equip ourselves with two rounds of am¬
If we stop at relief and credit,
find ourselves without ammunition before the enemy is routed.
If we are fully equipped with tne third round of ammunition, we stand to
win the battle against adversity."
"You
and
may
The third proposal is to
of the Nation by
make definite additions to the purchasing power
providing new work over and above the continuing of the
First, to enable the United States
immediate construction of about
Housing Authority to undertake the
$300,000,000 of additional slum clearance
projects.
i
to
think back to the experiences of
ceeded
Relief,
It is
renew
a
public works
counties and cities.
by starting as quickly as
of needed permanent public im¬
program
possible about one billion dollars worth
provements in States,
the early years of this Adminis¬
expressed about the rising
remember the doubts and fears
But to the surprise of the doubters, as we pro¬
to carry on the program which included Public Works and Work
the country grew richer instead of poorer.
worthwhile to remember that the annual national people's income
of Government.
expenses
30 billion dollars more in
be included
1937 than in 1932. It is true that the national
remember that in this increase must
16 billion dollars, but
debt increased
several billion dollars worth
of assets which eventually will
public improve¬
billion dollars of permanent
ments—schools, roads, bridges,
tunnels, public buildings, parks and a host
in every one of the 3,100 counties in the
United
meet your eye
States.
No doubt you
past five years
will be told that the Government
spending program of the
did not cause the increase in our national income. They
business revived because of private spending and invest¬
true in part, for the Government spent only a small part
will tell you that
That is
ment.
of the total.
But that Government
spending acted as a trigger to set off
That is why the total addition to our national produc¬
and national income has been so much greater than the contribution
private activity.
tion
of
Government itself.
the
of that thought I said to the Congress today:
that we do not believe that we can get an ade¬
quate rise in national income merely by investing, lending or spending public
"I want to make it clear
all of
that private funds be Put to
funds are entitled to a fair profit."
It is essential in our economy
recognize that such
us
work and
expendi¬
receipts will go up."
made to business was
the land of all the people.
And the Government contribution of money
which we now make to business ultimately comes out of the labor of all
the people.
It is, therefore, only sound morality, as well as a sound dis¬
tribution of buying power, that the benefits of the prosperity coming from
this use of the money of all the people should be distributed among all the
As
national income rises,
tures will go
"let us not forget that Government
down and Government tax
The Government
contribution of land that we once
well as at the top. Consequently, I am again
Congress will enact at this session a wage and
hour bill putting a floor under industrial wages and a limit on working
hours—to ensure a better distribution of our prosperity, a better distribu¬
tion of available work, and a sounder distribution of buying power.
You may get all kinds of impressions in regard to the total cost of this
new program, or in regard
to the amount that will be added to the net
people—at the bottom as
national
It is
old work.
Second,
This year you,
12 billion dollars less than
year.
If you
tration you will
was
1929 and the Spring of 1933.
of this country, are making about
expressing my hope that the
munition where three rounds are necessary.
we
last
funds.
Jan. 3.
Second, I told the Congress that the Administration proposes to make
additional
but t' e
In pursuance
appropriations, made necessary by increased unemployment, will
about
100 billion dollars between
the people
>
First, I asked for certain appropriations which are
coming fiscal
something to get out of this recession this way
the cost several times over. Lost
working time is lost money.
Every day that a workman is unemployed,
or a machine is unused, or
a business organization is marking time, is a
loss to the Nation.
Because cf idle men and idle machines this Nation lost
of other things
I went on to propose
recommendations.
Government
It is going to cost
profit of getting out of it will pay for
reduce that debt and that many
should the Government help to start an upward
"How and where can and
enterprise to function.
a
debt.
big program.
Last autumn in a sincere effort to
bring Govern¬
income into closer balance, the Budget
I worked out called for sharp decreases in Government spending.
In the light of present conditions those estimates were far too low.
This
new
program adds $2,062,000,000 to direct Treasury expenditures and
anotner $950,000,000 to Government loans—and the latter sum, because
ment
expenditures and Government
they are loans,
will come back to the Treasury
in the future.
Chronicle
Financial
2464
The net effect on the debt of the Government is this—between
April 16, 1938
rule of
justice and law
July 1, 1939—15 months away—the Treasury will have to raise less than
to
as an instrument of
$1,500,000,000 of new money.
ferences of all kinds
Such
many
addition to the net debt of the United States need not give con¬
an
to
cern
and
now
offers
times over in increased buying power and eventually in much greater
Government tax receipts because
I repeat that
increased citizen income.
to 80 billion dollars a year
majority of State and
if
We nave the
if the Nation obtains
a vastly
this citizen income can be raised
It shall
which exists elsewhere.
Yet,
same
ma¬
have undertaken
we
our
be
not
endangered by controversies within
family; and
our
we
be endangered from aggression coming from outside
hemisphere.
This,
objective of all of
a common
an
forms
us,
lasting foundation for the
a
international understanding unique in the world.
The
American peoples, who today fortunately live as good neighbors, not only
enjoy a privilege, but undertake a heavy responsibility.
Fortunate in being
.
.
"We need more than the materials of recovery.
tional will.
We need
to
demands of
head
raise
to
economic
our
level—our
citizens'
capacity is limited only by our ability to work together.
group,
us
our
heavy
If
test.
a grave
world,
on the
our
good fortune
will must be strong.
gained independence because
sacrifice rests also
to
on
fathers
were
ideal.
our
Some part of that duty
willing to sacrifice
We have progressed far along the path that
us.
kads to government by the people in the interest of all the people.
democratic system has conferred on all of us
liberty within the law.
standards
Our
income.
doctrines and from the horrors of
their lives and all they possessed for a great
how¬
ever just, can be satisfied unless that group is prepared to share in finding
a way to produce the income from which tney and all other groups can be
paid, .
.
.
.
You, as the Congress, I, as the President, must by virtue
of our offices, seek the national good by preserving the balance between all
groups and all sections.
"We have at our disposal the national resources, the money, the skill of
no
of conflicting
tumult
republics, nevertheless, face
continue,
na¬
All Of
recognize nationally that the
tne
the American
is
united
a
from
remote
armed conflict—from the tragedies whose shadows lie
'
"We need to
and
different
not
are
problems, the same differences, even the
same
maintenance of
I am sure business will help.
hand
the American republics
obligations to solve these normal human differences by main¬
will not permit it to
of
"
help.
peaceful negotiation; that the
taining peace; and that peace we are firmly resolved to maintain.
the national Government and the overwhelming
focal governments will be 'out of the red.' The higher
purchasing power—the citizens' income of today—is not sufficient to drive
the economic system at higher speed. Responsibility of government requires
us at this time to supplement the normal processes and in so supplementing
them to make sure that the addition is adequate.
We mast start again on a
long steady upward incline in national income.
And in that process, which I believe is ready to start, let us
avoid the pitfalls
of the past—the over-production, the over-speculation
and indeed all the extremes which we did not succeed in avoiding in 1929.
In all of this. Government cannot and should not act axone. Business must
.
citizens in
controversy
contractual
the national income goes the faster will we be able to reduce the total of
Federal and State and local debts.
Viewed from every angle, today's
.
300,000,000
terial for
unanimously recognize the fact that the Federal debt, whether
us
resor r
that international dif
necessary;
from other human beings.
What I said to the Congress in the close of my message I repeat to you.
"Let
policy is not
be solved tnrough
system of security with freedom.
a
The
of tne increase in the citizen income.
It be 25 billions or 40 billions, can only be paid
be substituted for the rule of force: that
can
can
sanctity of the pledged word faithfully observed and generously interpreted
citizen, for it will return to the people of the United States
any
war
of
We
are
international
centuries has taught
What is needed
an
Our
inestimable gift of individual
vitaliy concerned with preserving the high
restraint
and
morality,
which
the
lesson
of
is the first requirement of peaceful relationships be¬
tween nations.
"The time has
come to bring that will into action with every driving force
And I am determined to do ray share.
Certain positive requirements seem to me to accompany
Now,
at our command.
"
.
.
.
.
"There is
placed on all of us the duty of self-restraint
That is
the discipline of a democracy.
Every patriotic citizen must say to himself
or herself, that immoderate statement, appeals to prejudice, the creation of
unkindness, are offenses not against an individual or individuals, but
offenses against the whole population of the United States.
"Self-restraint implies restraint by articulate public opinion, trained to
distinguish fact from falsehood, trained to believe that bitterness is never
a useful instrument in public affairs.
There can be no dictatorship by an
individual or by a group in this Nation, save through division fostered by
Such division there must
hate.
.
.
.
I
constantly talk with those who come to tell me their
own
are
I
human.
points of view—
with those who manage tne great industries and financial institutions of the
citizens without high position who
this house.
come to
And
constantly i seek to look beyond the doors of the Wnite House, beyond ti
officialdom of the National Capital,
their
in
women
My friends,
ever
have
travelled the
men
I want to be sure that neither battles
blind
me to an
nor
and
times.
country over many
enemies, my daily mail bring to me reports of what you
my
thinking and hoping.
office shah
I
homes.
into the hopes and fears of
e
are
burdens of
intimate knowledge of the way the American
people want to live and tne simple purposes for which they put me here.
In
these great
problems of government
I
try
not
to forget
work
have
can
their children
keeper,
decent job to take care of themselves and their homes and
a
adequately; that the farmer, the factory worker, the store¬
station
the gas
manufacturer,
the
man,
and
purpose
ability
Governments will
our
be in the great capital of Peru.
American
conferences
relationships between
merchant—big and
the
a
are
civilization is founded,
signs of
maintain
to
strength
serene
independence and
have
once more
assemble.
This time it will
During these turbulent
be
to
come
our
instrument
an
several nations.
opportunity to counsel together.
I
all of
in
our
our
the Inter-
years
for
bringing
In Lima
assure
we
that
we
you
United States have found peculiarly welcome the views,
ever
have
in
a
the
the opinions, the
sister republics.
Public opinion
countries benefits from learning with greater frequency and
in greater extent
the thoughts, the desires, the needs of the peoples of the
other American nations.
In constant testimony of our mutual
communications.
in
progress
friendship and trust is
The North,
Central
and
the increasing
South
voices which reach us through the air are those of friends.
time ago the
people of the United States
were enabled to
American
Only
hear
short
a
gracious
a
broadcast to them by my friend the President of Argentina.
message
few days later
A
they listened to the address delivered to them by the Minister
Affairs of Brazil, whom
of Foreign
we
had been privileged to have in Wash¬
ington as Brazil's Ambassador during the past thrqe
His significant
years.
words were applauded in every American home.
Our ideal is deomocratic liberty.
that what
really counts at the bottom of it all, is that the men and women willing to
great
so
National and international law and
Particularly I am glad that in December of this present year representa¬
country—with those who represent the farmer and the worker—and often
with average
our
friendly advice of the statemsen of
their deepest problems
try always to remember that
in
tives of all of
forget that I live in a house owned by all the American people
never
which
deornocracy.
renewed
and that I have been given their trust.
I
—confidence
closer the
Finally I should like to say a personal word to you.
of this American Hemisphere must make
we
upon
morality are not the restraints of weaklings; they
.
be."
never
than ever before,
vibrant, productive and dynamic.
are
.
more
plain that these principles,
the will—if we have that will.
Our method is increased understanding.
ship.
and not otherwise,
So
Our instrument is honor
the great
in
effort
common
rights of our liberties and build
ment of humanity
and
safeguard in this
we
our
friend¬
Our basis is confidence.
new
world
civilization fcr the advance¬
throughout the world.
small—the banker who takes pride in the help he gives to the building of
his Community—that all these can be sure of a reasonable
for the savings they earn—not
they
as
I
today
nor tomorrow
profit and safety
alone, but
hear
can
your
unspoken wonder
to where we are headed
as
people's problems; but it is my job to try to understand those problems.
I
always
everyone
try
to
lemember
that
reconciling
differences cannot
Because I do not expect too
completely.
I
mucn,
the greater interest of all the people
satisfy
disap¬
am not
But I know that I must never give up—that I must
pointed.
never
let
down, merely because that might be
for the moment the easiest personal way out.
I believe
our
we
purpose
have been right in the course we have charted.
of building
a greater, a more
stable and
a more
I feel
ahead.
a
sure
tnat
your
To abandon
tolerant America,
would be to miss the tide and perhaps to miss the port.
reach
Committees
I
propose to
hopes and your help are with me.
port, we must sail—sail, not
President Roosevelt
tie at anchor, sail, not drift.
to
Chairman
of
House
Revision Bill Urges Retention
Profits and Capital Gains Tax
April 13 intervened in the Senateby sending identical letters
to
Senator Pat Harrison and Representative Robert L.
Doughton, Chairmen, respectively of the Senate and House
conferees, in which Mr. Roosevelt demanded retention of
both the undistributed profits tax and the present method
of taxing capital gains as income.
The text of the President's letter is given below:
House conference
sail
For to
Letter
Tax
on
Undistributed
of
in tnis
I cannot expect all of the people to understand all of the
troubled world.
Roosevelt's
President
far ahead
as
can see.
The Revenue Bill
as
on
on
the tax bill
it passed the House and the Revenue Bill just adopted
by the Senate differ in many particulars.
I
of fundamental
While differences in detail
can,
be ironed out in conference committee without sacrifice
confident,
am
principles, in two major respects important principles of
I wish to bring these two matters briefly
fairness in taxation are in issue.
President Roosevelt in Address Before
Governing Board
to
of Pan American Union Declares America Will Not
Permit
Aggression from Outside—Says "Our
Is Democratic Liberty"
In
address
an
that
"the 21
justice and law
that resort to
that
Washington, President Roosevelt
American republics present
the rest of the world
to
a
international
proudly
demonstration that the rule of
be substituted for the rule of force;
an instrument of
policy is not necessary;
differences
of
all
kinds
can
be
solved
through peaceful negotiation; that the sanctity of the pledged
word faithfully observed and generously interpreted offers a
system of security with freedom."
"We have un¬
dertaken contractual obligations to solve
normal
human differences by maintaining peace and that
peace we
are firmly resolved to maintain," said the President who added:
.
.
not
be endangered by controversies within
will not permit
of
our
There is
.
our
.
family; and
we
it to be endangered from aggression coming from outside
more
fitting occasion than the present for
We
Western
which
me to
greet
have learned in this
Hemisphere what community of interest really
worked for it, created it, and we now glory in it.
Pan American Day is set aside as
means.
We
nave
|^operly, tnerefore,
an
annual
testimony to the significance
the American family of nations has for the world.
Never
was
that
significance
greater
than
today.
republics present proudly to the rest of the world
upon
Nor is it fair to subject the salaried man and the merchant to
gains, large or small, at the same flat rate, to the particular advantage of
the
taxpayer who otherwise would pay much higher surtax rates.
In other words, as a matter
of earnings
of principle, if additional wealth in the form
from business, such as dividends, interest or
wages,
is taxed at
progressive rates then capital gains should also be taxed at progressive
rates.
The
than
law treats capital
present
dividends,
gains very favorably—more favorably
salaries earned over similar periods of time.
interest or
The advantage given to
a
bill this
a
The
21
American
tijie
as
compared to
Under the Senate
.
preferential advantage is further increased by reducing the tax to
flat rate,
no
matter how large are the taxpayer's capital gains
or
how
large his other income.
For example, a man who
a
would have to
man
makes a capital gain in a given
pay a tax
recovery,
we
of not more than 15%
;
year amounting
while at the
same
who makes capital gains of $500,000 in a given year will also
tax of not more than
15%
.
Desirable as it is to foster business
should not do so by creating injustices in the tax system,
particularly injustices at the expense of the man who earns his income—
injustices to the advantage of the man who does not.
2.
Corporation
devise
a
Taxes—For
many
years
the
Congress
has
sought
to
fair system for taxing incomes from business, whether received by
individual
demonstration that
capital gains under the present law,
ordinary income, in many cases runs as high as 50%
time the
friends of the 20 other American Republics.
This
progressive surtaxes upon their earnings and at the same time to tax capital
pay
There could be no
pay.
in taxing the salaried man and the merchant
their incomes and taxing at far lower rates the profits on the capital of the
speculator.
to $5,000
hemisphere.
The President's address follows:
my
fairness
no
.
.
It shall
Capital Gains—For many years the country has accepted without
1.
question the principle of taxation in accordance with ability to
can
war as
attention at this time.
principle applies to all forms of additional wealth accruing to individuals.
April 14 before the Governing Board of
on
the Pan American Union in
declared
Idea
your
proprietors,
corporation is
a
by partnerships, or by corporations.
Legally the
separate entity from the individuals who own it.
while individual proprietors
Hence,
and partners are taxable at the usual normal
Volume
Financial
146
the entire incomes of their
tax and surtax rates upon
taken out of the business or left in it, the
wall which prevents the
businesses, whether
Chinese
corporate charter sets up a
the shareholders who
actually distributed to the share¬
earnings from being taxed to
really own them, unless those earnings are
holders in the form of dividends.
Thus
tions
and
wide
a
unfair
basically
disparity between the taxation of
proprietors and partnerships on the one
individual
the other is created, unless some
on
corporation earnings appears in
hand, and of corpora¬
provision for taxing undistributed
the law.
corporations are taxable on their earnings at a normal rate
whether the earnings are paid out in dividends or not.
are declared, the individual stockholders who get the earnings
At present,
from
8%
to 15%
If dividends
pay an
,
additional normal personal income tax.
enough, they pay
If their incomes are large
progressive surtaxes also. Consequently, the Treasury
corporation does not distribute earnings, whereas
stands to lose where the
if earnings were
distributed, the Treasury would
collect additional taxes
of the stockholders.
'
Moreover, with no undistributed profits tax, the partnership, or indi¬
vidual proprietor, is discriminated against as compared to the corporation.
Finally, with no undistributed profits tax, the avoidance of surtaxes
the
on
time raise
of
of
corporation becomes a readily available device for
brackets who seek legally to keep their
taxpaying purposes and to hide their actual
profits by leaving them in the corporations they own.
For these reasons and others, I recommended the undistributed profits
tax in 1936 and the Congress adopted it.
Modifications shown by experience
to be desirable, in particular the exemption of small corporations, should be
made, but the principle of the tax is sound, and it should be retained in our
tax system.
Otherwise we grant a definite incentive to the avoidance of
personal income tax payments through methods which are legal, but which
are contrary to the spirit of the principle that every citizen should pay taxes
be
would be encouraged to resume the
earnings in the past, and
practice in
made available from Government funds
equipment, the equipment to be the security for the
-;.Hr^VY'V ..
2. That for 12 months the RFC be empowered to make loans without certification
by the ICC that the railroad can meet Its fixed charges.
3. That other forms of Government credit be considered from the point of view
1. That approximately $300,000,000 be
advance.
under this
This
as
passed by the House gives a
provision.
means
that
for growth
and growing corporation
young
earning up to
discretion of its directors set aside all its earnings
Moreover, under the House bill, corporations
of $25,000 can also accumulate reserves for legitimate
and expansion.
with incomes in excess
by paying an additional tax
of only from 1% to 4% on undis¬
tributed earnings.
There
are many
bills which will improve the
other provisions in the two
and the efficiency of its administration.
Some
pending amendments grant unjustifiable exemptions from a fair general
rule, complicate the law, and should be eliminated.
It is most important,
however, to hold fast to that which is good in the tax system.
Equal
taxation of incomes of similar size, and equal taxation of corporations and
equity of the tax system
individual taxpayers are
The
axiomatic.
profits tax and the reduction of the tax
of the tax on other forms of income strike at
repeal of the undistributed
capital gains to a fraction
on
the root of
fundamental principles of taxation.
Business will be
helped, not hurt, by these
suggestions.
Faithfully,
against reduction of railroad wages.
under Section 77 of the Bankruptcy Act receive
suggest consideration of the establishment
reorganizations.
That reorganization procedure
6.
the attention of the Congress, and they
of a single court in charge of
The long-term program suggested
1. That
and
and coordination.
amended to broaden the powers of the
earnings or traffic, to eliminate "the con¬
unifications; that the Authority be permitted to
Intervene in such proceedings before the Commission, and make recommendations
through the Commission to the President and the Congress.
3. That the Authority investigate economy and all types of transportation, en¬
courage special fitness and abate destructive competition.
4. That attention be given to railroad financial abuses now under Investigation.
That the Interstate Commerce Act be
2.
Commission with respect to pooling of
solidation plan" and to approve
report of the three members of the Interstate Commerce Com¬
I am transmitting also certain com¬
full
mission
transmitted herewith, and
is
have been
which
ments
made by others
Letter to the President from the
(b)
March 29, 1938.
Ernest G. Draper,
transmitted a special
message to Congress, forwarding at the same time a report
by a speciai committee composed of Interstate Commerce
Commissioners Splawn, Eastman and Mahaffie, suggesting
an
immediate and long-range program of action designed
to provide relief to the railroads of the Nation.
The Presi¬
dent
told
the Congress that immediate legislation
was
needed to "prevent serious financial and operating diffi¬
culties between now and the reconvening of the next Con¬
gress," but he did not formulate any specific program, and
he implicitly left it to Congress to outline legislation that
Roosevelt
President
would meet the needs
on
April
11
of the carriers.
Congress a number of
committee's report, many of which
were more or less critical.
In recalling a proposal of the
original governmental reorganization bill which would have
placed the Interstate Commerce Commission under the De¬
partment of Commerce for administrative purposes, the
President said that the ICC had been vested with a number
also transmitted to
Roosevelt
written comments on the
in
of
"are, in all probability, unconstitutional
that they create executive authority in a fourth branch
the government instead of in the President."
The Presi¬
powers
dent's
To
which
message
the Congress
follows:
of the United States:
month I have consulted with a large number of indi¬
viduals on the increasingly difficult problem of our railroad transporta¬
tion.
As the Congress is aware, the relationship of the Federal Government
to the railroads has been for 50 years through the medium of the Interstate
Commerce Commission.
This distinguished body was originally set up
with the primary purpose of ending serious abuses on
the part of the
carriers, such as rebating and cut-throat competition.
As the years went by the Congress, from time to time, has extended the
authority of the Interstate Commerce Commission, vesting in it other quasiDuring the past
and juasi-judicial powers and giving to it also a number of
purely executive functions.
While the latter powers are, in all proba¬
bility. unconstitutional in that they create executive authority in a fourth
branch of the government instead of in the President. I do not at this
legislative
Administrator of Farm Security,
March 31
1938.
Memorandum to the President from Henry
Savings Bank, New York City.
(g) Memorandum to the President from J, J.
American Railroads, April 4, 1938.
(f)
(i) Statistical data from the ICC relating
portation in the United States in the year 1936,
In
far
60
Pelley, President Association
of
Brotherhood
to revenues and expenses of trans,
separated between types of transport.
in regard to the railroad
information
as
Bruere, President of the Bowery
Harrison, President
Letter to the President from George M.
Railway and Steamship Clerks, April 2, 1938.
(h)
problem is concerned,
after year,
troubles of
the whole,
steadily more difficult since before the World War.
It is true that a
general upturn in business would undoubtedly help to keep many railroads
from actual receivership.
But it is also true that resumption of traffic
at last year's level would not solve their growing difficulties permanently.
Most of us have definite objection to government subsidies to the rail¬
roads to enable them *to meet the interest on their outstanding bonds or
for any other purpose, and most of us also oppose government ownership
Congress, year
obtained more information.
The
but they have been getting, on
probably no other subject to which the
there is
study or
lias
devoted
the
railroads
and
operation of the railroads.
more
not
are
new,
I do.
suggestions made by the three
The
ask
I
letters
the
in
made
consideration of the fact that matters
special
your
wider sense
its
in
members of the Interstate Commerce
thereon
be read in the light of the comments
appended thereto.
Commission should, of course,
departments or agencies of
PresidentJjRoosevelt Transmits to Congress Report
Urging Legislation for Relief of
Railroads—In
Sending Recommendations of Special Committee
Fails,
However, to Submit Specific Program—
Committee Suggests $300,000,000 Loans for Pur¬
chase of Equipment—Opposition by President to
Government Ownership and Operation
with whom I have talked:
of the Treasury, March 25,1938.
Chairman of the RFC, March 28, 1938.
(c) Letter to the President from the Chairman of the SEC, March 28, 1938.
(d) Memorandum to the President from Assistant Secretary of Commerce
(a) Letter to the President from the Secretary
transportation
of
by the Commissioners includes;
be created for two years to plan
companies to eliminate waste, aid consolidation
Federal Transportation Authority
a
promote action by railroad
FRANKLIN D. ROOSEVELT.
Mr.
rate by eliminating land grant reductions.
Justified in expressing an opinion for or
5. That the Commission does not feel
of
any
$25,000 per year can in the
purposes
1
That Government traffic pay the full
4.
(e) Memorandum to the President from
flat exemption from the undis¬
profits tax to those smaller corporations which make net earnings
up to $25,000 per year.
Out of the total of 200,000 taxpaying corporations,
approximately 176,000 are exempted from the undistributed profits tax
The bill
-v
'
•
of public policy.
the future.
tributed
Commerce Commission and
somewhat hurriedly and
Mahaffie to present,
and
Eastman
for the purchase of railroad
The
particularly undesirable to eliminate the undistributed
profits tax at this time in favor of a flat rate of tax, representing an increase
in the tax burden on many small corporations and on all corporations which
follow established American practices of divided distribution, and a decrease
in the tax burden of many large corporations, which have hoarded their
would
Splawn of the Interstate
Chairman
invited
relating to this serious situation—and I have
kept the Chairmen of the appropriate committees of the Senate and House
of Representatives informed of the report.
Summarized, the three members of the Interstate Commerce Commission
recommended as a means of immediate relief the following:
in accordance with his means.
It
preventing serious
informally, recommendations
in the higher surtax
personal incomes down for
all
bankruptcies among a large number
present it is more important for
for the
because
issue
companies, great and small.
railroad
I
through the use of the
net
that
to cooperate in
us
Commissioners
personal income tax returns
those persons
2465
Chronicle
are
now
relating to
dealt with by the following
the government:
1. The Bureau of Public Roads
of the Department of Agriculture.
of the Department of Commerce.
The Bureau of Air Commerce
2.
3. The United btates
4. The Division of
Maritime Commission.
Transportation of the Bureau of
of the Department
merce
Foreign and Domestic Com¬
of Commerce.
Commission.
Service of the Department of Commerce.
Navigation and Marine Inspection of the
5.
The Interstate Commerce
6.
The Lighthouse
7.
The
of
Bureau
Department of
Commerce.
agencies deal
These
with special phases of
transportation rather than
broader national aspect. Some of the
legislative, some are judicial.
From the point of view of business efficiency, Buch as a private corpo¬
ration would seek, it would seem to be the part of common sense to place
all executive functions relating to all transportation in one Federal depart¬
ment—such as the Department of Commerce, the Department of the
Interior, or some other old or new department.
At the same time all
quasi-judicial and quasi-legislative matters relating to all transportation
transportation problem in its
functions are executive, some are
the
could properly be placed under an
Interstate
Commerce
Commission.
independent commission—a reorganized
And such action would be highly
constitutional.
refer to this, not
I
by way of
recommendation, but only as one
method
study.
In the meantime, and until it has been possible for the Congress to
make any and all studies for permanent solution of the railroad problem,
some immediate legislation is, I believe, necessary at this session, in order
to prevent serious financial and operating difficulties between now and the
convening of the next Congress.
which should
receive congressional
FRANKLIN D. ROOSEVELT.
White
The
Washington
A
President
The
three members, brought from two of them a suggestion that it
given further study.
This was on a proposal by Commissioner
the
should
be
the Commission be reorganized with a permanent Chairman
rearranged to expedite the handling of cases.
endorsing the suggestion the President did not recommend it.
that while it would seem common sense to place all agencies now
that
Splawn
with
While
said
bureaus
with
dealing
ment,
the
transportation problems under a single Federal depart¬
purpose might be achieved by placing all such quasiquasi-judicial functions under an independent but reorgan¬
the
same
legislative and
ized
himself directly to only one of the recom¬
committee's report, one which although concurred in
addressed
the
is
mendations
He
York
with
Roosevelt's report as follows:
Mr.
and
dispatch of April 11 to the New
on the suggestions transmitted
commented
"Times"
by
11, 1938.
House, April
commission.
\
constitutional," the President said.
He reiterated his opposition to government ownership of the carriers
and proposals that Federal subsidies be provided to enable the railroads
"And
to
meet
such
action would
interest
charges
be highly
and
for other purposes.
2466
Financial
Kudu Legislation Held
Among congressional
leaders
Unlikely
the opinion
tion
the
at
in
proposal
a
Chairman
Wheeler
of
could
legislation
May 10
not
to
remain
was
help
Interstate
if the tentative adjournment date of
goal of Administration leaders in Congress.
predicament
support of the suggested
of
the
carriers,
of action.
course
its
It
ran
causes
a
description of
and
arguments
in
found for instance that:
was
"The continuing decline In the spread between revenues and
expenses along with
the current loss of traffic have, generally speaking, resulted in
the destruction of
railroad credit," and "few railroads are in a position to borrow."
found that three-fourths of the steam locomotives of Class I
roads
than 17 years old, resulting in increased
operating costs.
Of
the adequacy of rolling stock the report said;
It
was
were
more
"Should business in the near future equal or
materially exceed the peak load!
which occurred during the week ending Oct. 2,
1937, when approximately 850,000
cars were loaded, which Is within 50,000 cars of the
number which could be handled
with existing equipment, it is probable that a serious car
shortage would
occurr."
Officials Submit Criticism
The
separate
themselves
criticisms
the
cf
proposed solutions
heads of five Federal
railroad
of
them
constituting
in
dilemma,
were filed
by the
agencies and by spokesmen for railroad
Government
management, labor and
Officials-
report, several
the
of
investors.
submitting
Chairman
of
the
RFC;
Secretary
William
O.
,
American
Railroads; George M. Harrison, Chairman of the Railway Labor
Executives Association, and Henry Bruere, President of the
Bowery Savings
Bank
New
of
We
are
York.
as
summary of the
Be it enacted
Behalf
of
Industry—Text of
Bill
struction Finance
"Sec. 5d.
signing by President Roosevelt of the bill broadening
the lending powers of the Reconstruction Finance
Corpora¬
columns
announced
a
on.
April 13.
the bill
on
The completion of Con¬
April 8
on
was
noted in these
week
ago, page 2294.
Following the adoption of
without a record vote, by the Senate on April 1
(referred to in our April 2 issue, page 2139), the House
passed the bill on April 4 by a vote of 339 to 6.
Differences
the bill,
between the Senate and
reason
tive
on
for the return of the bill to the
Goldsborough in
This is the
a
same as the
tracts
be made
as
to loans
without the
There is
no
to
an
one
ap¬
proval of the ICC."
Further debate in the House on
April 8
is quoted in part as follows from the
"Congressional Record":
Mr. Mapes,
Standing alone without the law before us it is difficult to
tell just what this additional
paragraph in the Senate bill, which was not in
House bill, does.
It refers to Section 5 of the RFC
Act and loans made to
railroads as provided in that
section.
The Senate
paragraph apparently prohibits all loans to railroads
except
they may now be made under other
provisions of the RFC "Act.
I ask
the gentleman from
Maryland [Mr. Goldsborough] if it is his construction
of the
paragraph and the existing law that with the
as
passage of the
paragraph
the RFC will not be able to
make any loans to railroads that
it is not
authorized to make.
Mr. Goldsborough.
I know there is no
loans to railroads made under
this bill.
change in the present law
now
as
to
Mr. Mapes.
Mr.
/
While it is intended by this law to loosen
the requirements
making loans to small industries are
concerned, it is not intended
loosen it in any particular
cerned.
Is that
a
as
far
as
making loans to railroads
are
con¬
correct statement ?
Goldsborough.
That is exactly
correct.
Jesse H. Jones Chairman of the
RFC, who witnessed the
signing of the bill by the President, is quoted as
saying:
The
new
for capital
law enables
us
investments.
to
We
make capital
can
loans, not for capital stock but
buy securities, but our interpretation of
the act would not permit
purchase of stock in private business.
we mean a
definite promise to
pay at some fixed time.
It is difficult to make
we
an
By securities
estimate of demand for this
type of loans,
but
would like to lend to enable
manufacturers to carry inventories, and avoid
dumping them.
In other words, the RFC would
the possible necessity of
like to make loans to
manufacturers with
go
ahead and produce
something,
sell it.
immediately to
meet the
Indicating that it
compete with
would
seek to
Jones
banks, Mr.
restrict
its
want to do all the
a
view to encouraging them
and not feel
charges
was
added:
We do not
encouraging the employment of iabor the Cor¬
with,
Corporation
States,
may determine,
make loans to, or
o
con¬
municipalities, and political subdivisions of States,
municipal law, such loans
or
purchase of their securities,
or
one
or
more
or contracts
otherwise,
and
to be made
for
Corporation is authorized to bid for such securities.
such
The
through
purpose
the
Corporation is
further authorized
tions
of,
and
and empowered to purchase the securities and
obliga¬
make loans to, any business enterprise when capital or
to
credit, at prevailing rates for the character of loan
applied for, is not other¬
wise available: Provided, That all such
purchases of securities and obliga¬
arid all such loans shall be, in the opinion of the board of directors,
or so secured, as reasonably to assure retirement or
repayment; may be made or effected dither directly or in cooperation with
tions
of such sound value,
or
other
lending institutions through agreements to participate
or
by
the purchase of participations, or otherwise; shall be made
only when, in
the opinion of the board of directors, the business
enterprise is solvent;
shall
and
be made
under such
conditions,
terms,
and restrictions
the
as
corporation may determine: Provided further, That in carrying out the
provisions of this section, the Corporation may purchase securities and
obligations, and may make loans, with such maturities as the Corporation
may determine, notwithstanding any other provision of law,
June 30,
but
no
1939,
on
loans.
that
'
the intention of the RFC
Jones said that the
not
to
they would have to
of business
(1)
obligations,
purchases
on
to prohibit
or
on
disbursement of funds
loans,
or
on
commitments
determine;
agreement
any
or
agreements to
loans, made under this section prior to the close
June 30, 1939, or such earlier date,
performance of
purchases of
on
or
(2) to affect the validity
to participate in
purchase
any
or
loan
authorized by this section.
"Nothing in this section shall be construed to authorize the Corporation
(1) to purchase,
any securities or
the
or
to make any commitment
or
agreement to purchase,
obligations of any railroad engaged in interstate
obligations of which may be purchase
or
commerce
guaranteed by the Corporation
under section 5 of this Act only with the
approval of the Interstate Com¬
Commission,
merce
ment
to make a
or
(2) to make
any
loan,
loan, to any such railroad
or any
or
commitment
to any
receiver
or agree¬
or trustee
thereof."
President
Roosevelt Asks Congress to Adopt "PumpPriming" Program—Involving Over $4,500,000,000—
Envisages Government Lending, Spending and
Credit
Expansion
as
Stimulant
to
RecoveryMessage Says $1,400,000,000 Treasury Gold Could
be
Desterilized, and Says Increase in National
Debt
Would
Not
Exceed
$1,000,000,000
Would
Reduce Federal Reserve Requirements
President Roosevelt, in a special message to
Congress on
April 12, urged the adoption of a $4,512,000,000 program
combining Government lending, spending and credit ex¬
pansion, in
and
to
an
effort to provide for relief of the unemployed
stimulate
prelude
to
a
business
His
recovery.
"fireside chat"
on
the
message
night
which he explained his plans in a Nation-wide
That
address
is
reported elsewhere in
was
a
of April 14, in
this
broadcast.
issue
of
the
"Chronicle."
Associates of the President said the program
proposed to
Congress would not increase the National debt by more than
$1,000,000,000.
It
would
include
the
use
of
the
approxi¬
mately $1,200,000,000 sterilized gold and $200,000,000 free
gold now held by the Treasury.
Mr. Roosevelt said that
the general objective of his plan is to increase the National
income within
a
year or
two from the present rate of $56,000,-
000,000 to
approximately $80,000,000,000 annually.
Expenditures and allotments under the proposal included
those for maintenance of relief, expansion of
credit, and the
of public works, with additional funds for certain
New Deal recovery agencies.
He blamed the current de¬
revival
pression principally on over-production without a correspond¬
ing increase in buying power, as well as unwarranted increases
in some prices.
Fear of foreign wars, of inflation and of
Nation-wide strikes were largely responsible for
over-pro¬
duction, he said, adding that none of these fears^Was justified.
For direct relief, Mr. Roosevelt asked an
appropriation of
$1,550,000,000, to be allocated as follows:
For the WPA for the
For the Farm
seven
months
beginning July 1 next.
__
..$1,250,000,000
Security Administration
175.000,000
For the National Youth Administration
to
Corporation
lending to "slow" credits.
Mr.
lending business in the world. We want to
o-operate with the banks and would like to
have them do the lending.
We
or on such earlier date as the President shall
provision of law terminating any of the functions of the Corporation
be construed
make such
to rail¬
change from the House bill except in that
Goldsborough added that "this Senate bill is word for
word the House bill, with the
exception of a perfecting amend¬
put in by the Senate.
It is to make certain that there
could not be loans to railroads
by the RFC without the
to
the
as
Federal, State,
the
amendment which retains
railroads; that is, loans
ment
as
amended
as
follows:
as
States, munici¬
palities, and political subdivisions of States, and with public corporations,
boards, and commissions, to aid in financing projects authorized under
approval of the Interstate Commerce
Mr.
far
or
with public agencies and instrumentalities of
House, Representa¬
particular.
as
That section 5d of the Recon¬
For the purpose of maintaining and promoting the economic
restrictions
RFC bill that the House passed 3 or 4
days ago
Avith the exception that the Senate has
added
Commission.
in Congress assembled,
poration is authorized and empowered, under such terms, conditions, and
statement to that body April 8 said:
the present provision of law
roads cannot
follows:
as
ACT
House
measures again
brought the
April 8, at which time the House
accepted it in the form passed by the Senate.
In explaining
bill before the House
the
reads
measure
Corporation Act approved January 22, 1932,
stability of the country
or
The
was
law, the
by the Senate and House of Representatives of the United
States of America
securities and
tion
would like to have the banks take the
we
We have not done that before.
To amend section 5d of the Reconstruction Finance Corporation Act,
amended, to authorize loans to public agencies, to provide credit facilities
shall
President Roosevelt' Signs Bill
Widening RFC Lending
gressional action
1938
loan to go to his bank and try to
for business enterprises and for other
purposes.
on
a
committee's recommendations.
in
a
"The powers granted to the Corporation by this section shall terminate
giving elsewhere in this issue
Powers
failing that,
AN
banks
opinions included
Morgenthau, Jesse H.
Douglas, Chairman of the
Securities and Exchange Commission; Ernest G.
Draper, Assistant Secretary
of
Commerce, and Will W.
Alexander, Farm
Security Administrator.
Responses were submitted by J. J. Pelley, President of the Association of
Jones,
who needs
(U. S. C., title 15, ch. 14), is amended to read
Described
Through the 00-page report of the Commissioners
revenue
said
enacted,
the
Predicament Is
the
Committee
man
with the RFC,
As enacted into
their fixed charges.
Commerce
conference of railroad management and labor
desired legislation, but suggested that major
a
be
the roads meet
Senate
work out
representatives to
matter up
unanimous, although not
important railroad legisla¬
agreed that the only possible field of
relax statutory limitations on the lending
Finance Corporation to authorize advances for
the
considering calling
was
was
get the loan and,
no
to
purchases and to
equipment
he
It
present session.
lay
of the Reconstruction
power
April 16,
would like to have the
was
expressed for quotation, that there would be
action
Chronicle
75,000.000
For the Civilian Conservation Corps,
50,000,000
The amounts mentioned above would be in addition to the
regular 1938 appropriations already made by Congress.
The President next proposed the
expansion of private
credit
facilities
and
bank
complish in the following
resources.
manner.:
This
he
would
ac¬
Volume
Financial
146
2467
Chronicle
First,
their hands had exceeded the
Second
the result that
by desterilizing $1,400,000,000 in Treasury gold;
by Federal Reserve Board reduction of reserve
requirements by about $750,000,000, and
Third by a better co-ordination of Federal banking super¬
vision activities and the simplification of regulations to
expedite private loans, particularly to small businesses.
He mentioned in this connection the part which the Re¬
construction Finance Corporation is expected to pay under
the new Glass Law, making $1,500,000,000 of Federal funds
available for loans to business and industry.
Mr.
Roosevelt further advocated a revival of Public
constructing useful pro¬
be begun within six jnonths and completed
within a year later.
He asked for this purpose $300,000,000
for the United States Housing Authority and, for the PWA,
$450,000,000 to be used as a direct grant to States and muni¬
cipalities, and authority to lend $1,000,000,000, with the
provision that loans and grants together should not exceed
Administration activity by
Works
jects which
supply and demand, supplies
production
set forth in the President's message would
Treasury expenditure of $2,062,000,000, of
than half would be made from the desterilization
themselves
unceasingly,
more
of gold.
In addition
of $9-50,000,000.
the Treasurv would make total loans
/•
advance of his
special message to Congress on relief
Thursday (April 14), and his "fireside chat" the
same
night, President Roosevelt on April 11 held a con¬
ference with Congressional leaders, at which time he was
said to have agreed that a $1,250,000,000 appropriation
would be needed for relief work for the first seven months
In
needs
on
of the fiscal year beginning July 1 next.
The appropriation
would be for the WPA alone said Washington Associated
only
not
1929 to 1933.
actually securing
Thus
the
started
spiral
stopped—and
was
It
April 11 which also stated:
with
compares
not
In 1928 the national income
was
'
Congress in January to cover the entire new fiscal year and
being spent for the WPA and other relief activities this
$1,500,000,000
fiscal year.
The White House conference also agreed that an additional
should
fiscal
$50,000,000
appropriated for the Civilian Conservation Corps for the next
be
enable the CCC
This would
year.
to maintain its
existing 1,250
Otherwise, Democratic leaders said, 300 camps would have to
camps.
abandoned
Later
Since the low point of 1932, each year including 1937, has shown a steady
increase in the income which
In 1937 the total of
At
the
Nation
produced, reflected in increased
salaries, in increased dividends, interest and individual's income.
wages and
citizens' income had risen to 68 billion dollars,
our
the end of 1936
the efforts of the Government to
the Nation's purchasing power and in stimulating
well
At that time United
Press accounts from
Washington said
the Nation's relief needs were fully
The complete economic picture and
explored, it was said,
and Mr.
Roosevelt recognizes the situation to be
and the need for remedial
The
conference
was
given
an
action immediate.
large
a
of the
measure
Government's
tinge by
international
the presence of
President's
will deal with the international economic outlook, chiefly
the basis that other Nations do not have unemployment
on
because their
jobless have been absorbed in armaments factories.
Others
who
took
in the conference 'were Secretary of Agriculture
part
Henry A. Wallace, Secretary of Treasury Henry Morgenthau,
of Interior
Harold L.
Jr., Secretary
Ickes, Chairman Jesse H. Jones of the RFC, WPA
Secretary James Roosevelt.
Harry L. Hopkins,
vigor of the
brought
goods
began in the
later
1937
certain
Journal" said:
Secretary Morgenthau said yesterday the business situation calls
kind of Government aid,
the
for
President
to
His statement
announce.
There
of
were
months
of that
Again
year.
Congressional
leaders, conferred
in the
near
future.
was
made after what
by Senator Barkley who,
been borne out.
have
and these
with
asked for CCC to prevent
President
Roosevelt on the
There
were
other
causes and
February; $50,0.00,000 will also be
following advices to the
from its Washington bureau April 12:
larger scale.
causes
1927,
same paper
of
recession.
Secretary refused to discuss pending
proposals for
a
spending
indicated that Mr. Morgenthau's acceptance
Pump-Priming is predicated
on
two reservations,
that if Government
spending and financing are involved, he be the boss of how the financing
secondly, the spending not be exorbitant.
is done; that,
The President's Message to
To the Congress
The
The
encouraged the normal increase to
known method to push
Current
events,
if allowed to run undisturbed,
will
con¬
security of our people and the stability of our economic
It is because the course
of
our
by
economics has run adversely for half a year
ourselves to turn it in the other direction before the situa¬
becomes more definitely serious.
When this
Administration took office, it found business, credit and agri¬
culture in collapse.
tion in and
by man.
in the
The collapse had followed on the heels of over-specula¬
over-production of practically every article or instrument used
During the processes of over-speculation and over-production—
*20s—millions of people had been put to work, but the products of
up
much
For example, through
cases were
cotton goods in the factory and
For example, also,
automobile
ran
on
a
This meant, of
24-hour
but
into abnormal figures, using every
run
their sales.
basis, and
speeded up to meet the
that the steel
course,
the tire companies and
of abnormally stimulated
same type
The buying power of the Nation lagged behind.
Thus by
the autumn of 1937 the nation again had stocks on hand which
the consuming
public could not buy because the purchasing power of the
M
During the same period prior to last autumn, the prices of many vital
had risen faster than
products
which
undoubtedly
12 cents
a
price of steel
was
For example,
warranted.
be produced at
can
a
up
from|l0
to 17 cents a pound.
The
products of many kinds was increased far more than was
justified by the increased wages of steel workers.
commodities the price to the consumer was raised
boom prices
copper—
profit in this country for
pound—was pushed up and
In the
of many
case
well above the inflationary
In many lines of goods and materials, prices got so
of 1929.
high that buyers and builders ceased to buy or to build.
Once more, as
in 1929, the economic process of getting out the raw mate¬
through the manufacturing and finishing processes,
putting them
rials,
selling them to the retailers, selling them to the consumer, and finally using
completely out of balance.
got
States fearing
The Government
of the United
just such an event had issued warnings in April, 1937, against
practices of over-production and high prices.
these
The Federal Reserve
System curtailed banking credit, and the Treasury commenced to
"sterilize"
gold as a further brake on what it was feared might turn into a run-away
inflation.
." 1
The simple fact is that the
laying off of workers came upon us last autumn
and has been continuing at such a pace ever
since that all of us, Government
banking and business and workers, and those faced with destitution,
and
<|
recognize the need for action.
It should be noted in fairness that since Jan.
1, 1937, the President has
recommended to the Congress only four measures of major importance to
the business of the country:
1. Legislation to stabilize agriculture.
proved by me two months ago.
2. Legislation to end serious
This was enacted last summer.
A
comprehensive law was ap¬
loopholes in our personal income tax laws.
Legislation to put a floor under wages and a ceiling over hours of labor
and
Tax legislation to remove inequities from the undistributed profits
3.
in industry,
4.
especially
tax,
measure
as
they
affect
the smaller
been
Both
this
businessThave
of Government and business must be directed to increasing
Government and
I
of business.
No other measures affecting
proposed.
national income;
the
type
and the third are still under consideration by the Congress.
The record speaks for itself.
to
putting more people into private jobs; to giving
of security to all people in all walks of life.
Business Must Go Hand in Hand with Recovery
believe that improvement
in Government and business practices must
recovery—that they should be, and will be, a definite
aid to recovery.
While I do not wish in this message to over-emphasize
some of the needs, I do want to say that I believe that we must be definitely
aware of certain of them—the elimination of future tax exempt bonds of
all kinds of Government agencies; the subjecting of Government salaries
go
hand in hand with
serious under¬
of monopolistic
practices and price fixing.
These are no new subjects; nor have I any¬
thing to add to them except the statement that their solution will help and
of all kinds to Federal and State income taxes; a
and wages
taking to
solve the railroad problem and the problems
business.
At the same time,
people, its business system and its national life disintegrate.
that we owe it to
Nation
mills of the
cotton factories
not hurt
National Administration has promised never to stand idly
and watch its
tion
Congress follows:
prosperity of the United States is of necessity a primary concern of
Government.
life.
on a
manufacturers not only turned out a normal increase of finished cars,
of the United, States
tinue to threaten the
None of these
of 1937 cotton factories in hundreds of
three-shift basis, piling
in the hands of middle men and retailers.
Secretary of Treasury Morgenthau that the situation in
close associates
a
security and the feeling
Priming to the prevalent theory that the Government must spend to combat
the
fear—fear
of over-production,
1928 and 1929
and spring
on
All the energies
Government spending "has changed" yesterday signalled the
official conversion of the Administration's outstanding opponent of Pump-
campaign,
outran
was
In other words, production in many important lines of goods
ability of the public to purchase them.
winter
running
regard to
While the
One
ill-advised practices was a repetition,
small scale, of what had happed in
a
closing of 300 camps in June.
We likewise take the
the
undesirable
differed in each industry.
causes
The net result of these
on
Senator Barkley said $1,250,000,000 would be aske
for WPA for seven months ending next
A statement by
he
with
Chief Executive is expected to deliver to Congress
relief message which the
production
for this over-production.
many reasons
abroad, fear of inflation, fear of nation-wide strikes.
war
fears
White House in "the past 18 hours."
The declaration also followed a statement
other
for some
but how it was going to be done was something
said had been his third conference at the
highly
in large part responsible for the economic decline which
were
ability to buy.
them,
reported from Washington that at a White House
of Congressional
leaders on April 11, VicePresident Gardner opposed further proposals for huge Govern¬
ment spending and that he warned the President that such
a program would
be likely to endanger Federal credit and
jeopardize the chances of the Democratic party in the
Autumn elections.
At his press conference on April 12.
President Roosevelt denied the reports of a difference of
opinion with Vice President Gardner.
In advices from Washington April 12 the "Wall Street
was
conference
so
could.be
in both durable goods and consumers'
recovery
into the picture early in
practices, which
"
i'
It
activities
spending
Over-Production in 1937
But the very
to
Secretary of State Cordell Hull, and it was reported that the
relief message
business had become
recognized that both the business community and the Government felt
consuming public had not kept pace with the production.
:
a#/
aid in increasing
materially reduced.
extended conference
an
but
ajhalf.
less than 40 billion dollars.
demand.
(April 12) the President held
with five Cabinet officers and others.
critical
be
July 1.
on
national income.
merely stopped,
80 billion dollars; in 1932 it had fallen to
outran the
estimate of $1,000,000,000, submitted to
budget
a
of credit,
upward course—a trend lasting through four years and
on an
the
Press accounts,
reservoirs
the hands of the consuming public and
equitable distribution of the
more
a
downward
reestablishing
to
but to putting purchasing power in
for direct
which
Unemployment and closed factories
Hence the tragic years from
Starting in March, 1933, the Congress and the Administration devoted
that
The program
call
Under the inexorable law of
.
demand which would pay that
overran
so
compelled to stop.
was
resulted.
can
$1,000,000,000.
purchasing power of their pocket books, with
huge surpluses, not only of crops but also of buildings and
goods of every kind, overhung the market
of both
I must repeat what I believe the overwhelming
Houses of the Congress
Chief Executive can
majority
will agree to—that the Congress and the
ill-afford to weaken or destroy great reforms which,
during the past five years,
have been effected on behalf of the American
banking structure and of agriculture,
for all types of business,
acceptance of national responsibility for unemployment relief, in
our strengthening of the credit of State and local government,
in our en¬
couragement of housing, slum clearing and home ownership, in our super¬
In our rehabilitation of the
people.
in
in
our
provisions for adequate and cheaper credit
our
vision
of
stock
issuance of new
of America
We have
bargaining;
exchanges
and public utility holding companies and the
securities, in our provision for social security, the
wants
no
electorate
backward steps taken.
recognized the right of labor to free organization, to collective
and machinery for the handling of labor relations is now
in
Financial
2468
through the evolution of time administration and practices can be im¬
that
and no occasion for
any American
we
that the national income which
economic picture will be different.
will be greatly
income goal.
Hundreds of
will be employed in private industry, hundreds of
thousands more people
need of relief, and consumer demand for goods
I do not set 80 billion dollars as the national
It ought to rise in the next decade to more than 100 billions.
stimulated.
I want to make it
national
clear that we do not believe that we can get
by investing, lending
income merely
adequate
an
spending public
or
It is essential in our economy that private funds be put to work
and all of us recognize
that such funds are entitled to a fair profit.
As citizen income rises,
will go down
let us not forget that Government expenditures
and Government tax receipts will go up.
Measures
How and where can and
should the Government help to start
These will not put
upward
more money in the hands
public than we are spending in the current fiscal
they will prevent men and women
from being thrown out of work
year,
on
July 1.
appropriation of $i,25),000,000 for 'the™'Works
Progress Administration, to be used during the first seven months of the
Tan recommend
an
year.
Such a grant is ammunition of the highest grade for
It will not greatly increase the present rate of expendi¬
ought to be sufficient to care for the additional men and women
fiscal
on
ture, but
recession.
who have come or are
coming to an end of their unemployment insurance
payments.
For the Farm Security Administration an appropriation of $175,000,-
I call your
attention to the fact that these appropriations will avert the
laying off of people now receiving assistance from the Federal Government.
same
category of stopping the downward spiral, I also place the
authorization recently given
for the lending of money to business enter¬
prises by the Reconstruction Finance Corporation.
I do
so
but, in all probability only the smaller part of the loans, will enable
businesses to
In
employ more people or start new enterprises.
the second category
the Administration proposes immediately to
make additional bank resources available for the credit needs of the country.
can
zation of
It will be done through the desterili-
be done without legislation.
on
ments
by about $750,000,000.
the part of the
Federal Reserve Board to reduce
that they are willing to do so.
reserve require¬
The Federal Reserve Board informs
These
the supply of funds for commerce,
measures
will make
more
industry and agriculture.
selves, however, monetary measures are insufficient to start us
As
a
drive the economic system at
on a
again
I
sustained
assist and expedite
three
In addition, I
am
requesting that the
hope, my aim on stabilized recovery through
my
a
steady
And in that
and indeed all the extremes
In all of this,
did not succeed in avoiding in 1929.
Business must help.
I
Government
am sure
business
will help.
"We need
more
than the materials of recovery.
We need
a
united National
will.
We need to
just,
recognize nationally that the demands of no group, however
be satisfied unless that group is
can
prepared to share in finding
a way
produce the income from which they and all other groups can be paid.
to
You,
Unjust claims defeat themselves.
the Congress, I,
as
as
the President,
by virtue of our offices, seek the National good by preserving the
must
balance between all groups aDd all sections.
We have at
disposal the National resources, the money, the skill
our
of hand and head to raise our economic level—our citizens' income.
capacity is limited only by our ability to work together.
The time has
of relief and the expansion of credit
sufficient—but in my judgment other
rounds
come to
Our
measures are essential.
ourselves with two rounds of ammunition
bring that will into action with every driving force
The responsibility for making
this National will effective rests
If
necessary.
fully equipped with the third round of ammunition,
we
stand to win
labor,
Every man and
in the professional fields.
or
States
has
the
of the Nation by providing new work:
(a) I ask for certain amendments to the United States Housing Authority
to permit the undertaking of the immediate construction of about
$300,000,000 of additional projects.
The Federal Housing Administration
is prepared to increase the already mounting volume of home and apartment
Act
construction.
(b) I ask for a renewal of Public Works projects.
I believe that by the
expenditure of $450,000,000, and the granting of authority to loan up to
$1,000,000,000 to States and their subdivisions, a vast number of well
thought out, needed and permanent public improvements can be under¬
taken this summer and autumn.
I believe that the aid of the Federal
Government should be put in optional form—either the existing method of
45% grant and 55% loan, or the advancing of the whole sum as loans to
States and their subdivisions without interest.
Under such a plan the
Federal Government would assume the payment of interest and the bor¬
rowing authority would assume the payment of the principal by amortization
rental.
Certain positive requirements seem to me to accompany the
There is placed on all of us the duty
And the
will—if
we
We still rely
of self-restraint.
on
personal responsibility—a responsibility guided by a common conscience.
That is the discipline of a democracy.
himself
to
the
herself,
or
Every patriotic citizen must
immoderate statement,
that
creation of unkindness,
are
an
say
prejudice,
appeals to
offenses not against
individual
or
in¬
dividuals, but offenses against the whole population of the United States.
Use of power
use
its
by
any group,
however situated, to force its interest
or to
strategic position in order to receive more from the common fund
the common fund justifies,
its contribution to
and not
an
aid to
Self-restraint
our
is
an
attack against
National life.
implies restraint by articulate public opinion,
trained to
distinguish fact from falsehood, trained to believe that bitterness is never a
by
or
a
group
There
can
in this Nation, save
be no dictatorship by
through
division
an
fostered
Such division there must never be.
by hate.
Amid the voices which now seek to divide gr»up from group, occupation
from
occupation, section from section, thinking American s must insist on
effort in
a
common
endeavor and
a
faith in each other.
common
Let every business man set out to use
confidence in his fellow
not how work can be
man
stopped but how it can be made to proceed smoothly,
Let every public official consider that his task is
continuously and fairly.
use
his
authority
so
that the service he renders is adapted
abuses and helping honest
move
of
his strength of mind and heart and his
and his country.
Let every labor leader find
Let every one of
effort.
a
successful democracy, face a troubled world.
Elsewhere schools
My conviction
speech and
a
on
They tell
us
the free exchange of views will destroy democracies.
the contrary is that the
United States retaining free
free exchange of views can furnish a dynamic example of suc¬
cessful government, provided the
Nation can unite in practical
when the times call for united action.
its
to curbing
work together to
the life of the Nation forward.
that free speech and
in
us
thought contend that democracy is doomed to failure.
spiritual
purpose,
The driving force of
a
measures
Nation lies
made effective by free, tolerant but unremitting
national will.
In the Western
Hemisphere the good neighbor policy has so strengthened
the American Republics
Can that good
that a spiritual unity in our relations now prevails.
neighbor message be accepted and practised in our national
life?
If
we
accept that high and
successful
answer
to
splendid road this free democracy will give
the fears and
minds and souls of meD and women
Under either method the ultimate cost to the
Federal Government and
approximately the same.
It is m"y thought that the total ultimate out of pocket cost to the Federal
Government by either or both methods should be limited to one billion
dollars, and furthermore that no loans or grants should be made on any
State or local projects which cannot be started within six months of the
date of the enabling legislation, and completed within a year or a year and
in the United
have that will.
We,
solely to definite additions to the purchasing
woman
privilege of making this will productive.
great
beneficiary will be the whole of the American people.
the battle against adversity.
This third proposal relates
omevery
individual whether in the Government or in industry, or in finance, or in
to
find ourselves without ammunition before the enemy is routed.
are
What is needed
And I am determined to do my share.
at our command.
we
power
supple¬
long steady upward incline in national income.
overproduction, the over-speculation
common
If we stop at relief and credit,
we are
so
We must start
which I believe is ready to start, let us avoid the pitfalls of the past
individual
the financing, particularly, of small business
You and I cannot afford to equip
or
a
we
consider such simplification of regulations
The first two categories—maintenance
where
on
have set
super¬
I come, therefore, to the third category which I consider to be vital.
prove
Responsibility of government
which
By them¬
enterprises.
might
higher speed.
menting them to make sure that the addition is adequate.
than
abundant
I hope that Federal banking
part of better administration
Securities Exchange Commission
will
be able to reduce the
we
Viewed from every angle, to¬
this time to supplant the normal processes and in
us at
useful instrument in public affairs.
vision can be better coordinated.
3.
national income goes the faster will
day's purchasing power—the citizens' income of today—is not sufficient to
requires
me
upward movement.
may
The higher the
total of Federal and State and local debts.
approximately $1,400,000,000 of Treasury gold, accompanied by
action
as
whelming majority of State and local governments will be "out of the red."
because the
businesses which are in grave danger of
shutting down and throwing people out of employment.
Some of the
greater part of such loans will go to
money,
questionings which today trouble the
the world over.
FRANKLIN
D.
ROOSEVELT
to the States and their subdivisions is
a
half from the commencement of work.
(c) I recommend the appropriation of $100,000,000 to the Bureau of
Public Roads for highways in excess of the amount I have previously recom¬
mended in the budget for the fiscal year 1939, but I request that this addi¬
tional amount be used only for projects which can be definitely started
this calendar year.
(d)
mates
works
a
the over¬
Is the will.
For the Civilian Conservation Corps the sum of $50,000,000 addi¬
tional to
maintain the existing number of camps now in operation.
In this
be paid if the Nation obtains
I repeat that if this citizen income can
be raised to 80 billion dollars a year the national Government and
the full fiscal year.
(d)
This
40 billions, can only
or
vastly increased citizen income.
For the National Youth Administration the sum of $75,000,000 to
2.
billions
.
000 for the next fiscal year.
(c)
unanimously recognize the fact that the Federal debt, whether
us
be 25
but
They will stop the spiral from continuing Its downward course:
cover
loan and grant basis will reduce the item in the first
a
—the
an
the first category I place additional appropriations for the fiscal
beginning July, 1938.
(b)
Let
it
process,
Proposed to Congress
the Congress three groups of measures:
of the consuming
next
loan basis instead of
cannot and should not act alone.
I propose to
attack
$950,000,000
public works undertaken on a
mounting of our citizens' income and our citizens' wealth.
spiral?
year
550,000,000
300,000,000
38 billions
was
1937 is now running at the lesser rate of about 56
80 billion dollars in the course of the next
two the whole
In
$100,000,000
—..
States Housing Administration
It should be noted that State and local
calls for action both by the Government and by
thousands fewer will be in
1.
Security Administration
United
suffer from a failure of consumer demand.
classification and increase the item in the second classification.
1932, 68 billions in
funds.
Farm
Public Works Administration.
billions. If it can be increased to
rise in
Loans from the Treasury for work:
2.
years ago.
people.
or
25,000.000
$2,062,000,000
reemployment of this spring is not proceeding fast enough
Therefore the problem
year
37,000,000
Federal buildings
economic upturn.
It cannot be disputed
in
100,000,000
Highways
Flood control
forged and laid out on the bench.
the tools already
The hoped for
the
75,000,000
50,000,000
450,000,000
_
-
be aroused or his energy and enterprise to be paralyzed
this immediate time
to create an
Conservation Corps
Public Works Administration—
Our immediate task
by doubt or uncertainty.
Our situation is vastly different from that which we faced five
us use
$1,250,000,000
75,000,000
Youth Administration
Civilian
In this situation there is no reason
At
National
doubtless bring forth
Ifc The never-ceasing evolution of human society will
new problems which will require new adjustments.
is to consolidate and maintain the gains achieved.
to allow his fears to
of these recommendations falls into two categories:
Expenditures from the Treasury for work:
Works Progress Administration
Farm Security Administration
labor
leaders and employers alike.
April 16, 1938
1.
Such improvement can come about most quickly and most peace¬
proved,
fully through sincere efforts to understand and assist on the part of
Let
A summary
established even though we can all admit
The principles are
existence.
Chronicle
I recommend an appropriation of $37,000,000 over and above esti¬
for the immediate undertaking of flood control and reclamation
to be expended on projects already authorized by this or former
Congresses.
(e) I recommend the appropriation of $25,000*000 additional for Federal
buildings.
The
White
House—April
14, 1938.
Senate Committee Favorably Reports to
Trust Indenture Bill—Endorsed
Senate Barkley
by SEC
The Barkley Trust Indenture Bill was ordered favorably
reported to the Senate on April 12 by the Senate Banking
and Currency Committee.
The bill is one of the measures
on which hearings were held before the Committee last year,
and on which Congressional action was deferred with the
adjournment of Congress in August.
In a reference to the
bill in our issue of Aug. 28, page 1352, it was stated that it
Volume
prescribes elegibility requirements for the corporate trustee
under indenture, and gives the Securities and Exchange
Commission authority to prescribe minimum requirements
of an indenture under which securities are issued.
In advices from its Washington
Voting
and
3
high standard
of diligence and efficiency now observed by leading trust institutions, the
bill proposed to accomplish this objective by requiring that all trust in¬
dentures filed as part of the Securities Act registration statement conform
and two
prescribed set of standards.
its
to
as
...
in the fact that six months after
enactment no issue of securities registered with SEC shall be allowed
become effective unless the security has been issued under an indenture
application for qualification is effective.
to which an
1
release
for
Provisions
their own interest.
for the
satisfaction
thereof, must be subject to restrictions deemed necessary
and discharge
the protection
term
under the indenture, and for
There must be an adequate definition of the
of investors.
"default," thus preventing relaxation of better present-day
Items bearing on
for
standards.
the bill (in addition to the one in August)
appeared in these columns June 12, 1937, page 3938; June
19, page 4093 and July 3, page 43.
y:
'
from back home, the oppo¬
protests
steadily during five days of general
measure
civil service
the
system.
minute.
last
March 28 'by a seven-vote
measure's fate
,
denying the dictatorship charges, the President, in Warm Springs, Ga.,
time, made public a letter to an unnamed friend in which he said
In
the
at
bill
constitutionally suited to be a dictator.
not
was
He
said
at
"proved
based
a
referred
the
of
If
be purchased by
the Senate cannot
organized telegrams
misrepresentation."
thousands
to
vote
when
of the
conference, earlier, that the Senate's passage
press
that
direct
on
He
eve
property,
of mortgage
substitution
or
issuance of additional securities
"
thrown into an uproar.
three weeks of heated debate which left the
until the
members
.
'
:^
''-
was
debate
Roosevelt
destroy the American form of democratic government
the
powers,
after
uncrtain
the bill provides that the obligor must
in
bondholders
the
letter of
of
6 Pro¬
Democrats,
days of reading amendments, charging it would give Mr.
endanger
he
record the in¬
denture according to law.
It must make reasonable informative periodic
reports to its bondholders, such as better companies now make to stock¬
holders.
It must make available to the trustee information as to the
names and addresses of bondholders, thus facilitating concerted action by
thousands
fought
''''V
The Senate passed its version of the measure
margin
importance of the measure lies
In general terms
bloc
dictatorial
and
';v.
announced the House
was
Inspired by
sition
The
vote
108
*
Republicans, 191 Democrats, 2 Progressives
no
were
Farmer-Laborites.
As the
Republicans,
88
were
2 Farmer-Laborites.
Against recommittal
bureau April 12 the New
Designed primarily to bring all indenture trustees up to the
recommittal
for
gressives and
York "Journal of Commerce" said in part:
to a
2469
Financial Chronicle
146
on
of
they took
enacted, the bill
which deluged Senators on the
more
were received
by House
telegrams
Thousands
passage.
the bill
up
would
five days ago.
have given
the President powers to "stream¬
trans¬
and administration.
It would have given him authority to appoint six "annonymous" admin¬
istrative
assistants at
annual salaries
of
$10,000 each and created a
line"
the
executive
department
interest of
various
agencies
in
the
Department of
Welfare
to
promote
ferring
consolidating and
reorganizing,
by
economy
health,
sanitation and unemployment
relief.
The hottest
office
an
of
expenditures,
a provision which would have set up
post-auditing powers over government
fight centered around
General
Auditor
Comptroller
the
stripping
with
General
of much of his
present
power.
Action of House in Recommitting
Regarded
Shelving
as
Reorganization Bill
Measure—-President
of
Says Developments "Offer No
for Personal Recrimination"
Roosevelt
Occasion
Dissension
present
also
arose
over
section
a
which
would
have
abolished the
bipartisan Civil Service Board for a single administrator.
motion was introduced by Representative John
recommittal
The
opposition
Y.),
N.
(Rep.,
and
leader
n
Taber
ranking minority member of
the
Committee, after the Administration had won a series of
major victories during the reading of amendments.
Reorganization
April 9, in recommitting to
the House Select Committee on Government Organization
the Administration bill to reorganize the agencies of the
Federal Government is viewed as killing all possibility of
further consideration of the legislation at this session.
It
was
observed in United Press accounts from Washington,
The action of the House, on
April 9, that opponents pointed out that it is unlikely that
the Administration will attempt to revive it at the next
The passage of
opposition to compromise amendments.
Following
action the President, in a letter to Majority
no
House
Rayburn of the House (Dem., Tex.), commended
fight," and said there would be no
Leader
the latter for his "fine
The letter follows:
"personal recrimination."
8am
Dear
1
:
Thanks
the
for
fine
Will
fight.
The
With
this
single objective in
approval.
i
question presented is solely one of policy. Therefore, the legislative
of yesterday offer no occasion for personal recrimination,
The
developments
be
should
there
and
none.
FRANKLIN
D. ROOSEVELT.
Charles W. Hurd, Washington advices to
"Times"
the New
said, in part:
O'Connor of the Rules Committee,
Chairman
organizer and leader of the
bill, but
thought that the opponents would gain their ends through a disagreement
by conferees over the bill passed by the Senate and that about to be
dissident
voted
Democrats,
by the House.
upon
buried
that
pressing
by
motion
the
to
defeat
of the
...
that the bill would be
possible motion to reconsider,
coupled with a motion to table
O'Connor quickly made certain
Representative
completely
ultimate
for
hopeful
was
and not subjected to
a
immediately,
motion
chorused
followers
His
reconsider.
"aye,"
thereby
fore¬
bill again, and incidentally killing
bill over which the Senate had labored
closing the House from bringing up the
just
as
dead
the
reorganization
weeks.
for
bill
The
no
was
more
than
a
shadow of
the
reorganization
authority
by President Roosevelt last year, and it was amended so
represented only a strongly diluted semblance of the Senate's bill.
requested
it
that
In
voted to give the President more than the
House, which usually plays the role of Administration follower.
In
addition, the leaders had accepted this afternoon an amendment
this
case,
the
Senate
had
the old practice of giving Repre¬
patronage list of first,
amendment, reported to have
been approved at the last minute by the White House, in effect repealed
President Roosevelt's executive order specifying that the top-ranking man
which,
in
sentatives
second
receive
from
a
and
effect,
control
third
have
would
the
over
class
restored
highly
postmasters.
important
This
appointment to each vacancy, and
list of three approved applicants.
Before
the
opposition
Seeks
Retention
A conference committee of the House
considered differences in res epctive
sion bill,
vote
on
Bill,
of
Prin¬
which
was
and Senate this week
versions of the tax revi¬
approved by the Senate without a record
In its Senate form the measure is regarded
satisfactory to business men than the bill previously
April 9.
approved by the House on March 11, as reported in these
columns March 12, page 1639.
The bill was sent to confer¬
ence
the
by the House on April 12. Principal differences between
versions was in the Senate's elimination of the
two
undistributed profits tax
forces had acted to recommit the
.
and its modification of the capital
Indications that President Roosevelt would fight
retain the principle of the undistributed profits tax and
gains tax.
the
graduated tax
the
on
capital gains were seen on April 13,
President sent
letter to the Chairmen of the
a
Senate Finance Committee
and the Ways and Means Com¬
mittee, in which he said that
"the present law treats capital
gains favorably—more favorably than dividends, interest or
salaries earned over similar periods."
Mr. Roosevelt de¬
clared in his letter that "there is no fairness in taxing the
salaried man and the merchant upon their incomes and
the profits on the capital of the
taxing at far lower rates
speculator."
the bill is given elsewhere in this
He contended also that it is unfair
The President's letter on
issue of the
"Chronicle."
subject salaried men and merchants to progressive sur¬
their earnings, while taxing capital gains at a flat
rate.
Mr. Roosevelt also wrote that repeal of the principle
of the tax on undistributed profits would grant "a definite
incentive to the avoidance of personal income tax payments
to
taxes on
through methods which are legal but contrary to the spirit
of the principle that every citizen should pay taxes in
accordance with his means."
Senate debate on the tax revision bill was described in
issue of April 9, pages 2295-96.
A Washington dispatch
April 9 to the New York "Herald Tribune" reported
passage of the measure by the Senate as follows:
our
of
The Senate late
today, without a record vote, passed its
of the omnibus tax
made an urgent appeal to the
House to give the President "a vote of confidence" by pass¬
ing the measure.
At the same time a similar appeal was
made by Speaker William B. Bankhead (Dem., Ala.), who
said:
"Say what you please,
.
this proposition has
been jockeyed into the position
.
.
.
that a vote against
this bill and a vote to
recommit it would be a repudia¬
tion
of the confidence of the American people in
our
President and of the Democratic party."
The vote
whereby the bill was recommitted was 204 to 196, with 29
members not
voting.
From United Press advices from
Washington. April 9, we take the following:
Revision
ciple of Undistributed Profits and Capital Gains
Levies—Urges Adoption of House Bill
authorized selection to be made
bill, Representative Rayburn
...
Roosevelt
—President
when
York
Tax
Considers
After Senate Passes Measure Without Record Vote
to
Very sincerely yours,
From
2134.
Committee
Conference
as more
thank the Speaker and the
bill is intended to simplify and improve the public
view I have given it my earnest
reorganization
page
t
also
you
others.
service.
issue,
same
1939, because its enactment would then
come too late to give the President sufficient time to effect
reorganization.
In an item in our issue of April 10 (page
2296) it was noted that the House had recommitted the
bill after President Roosevelt had indicated that he would
the
2, page 2136; the President's letter dis¬
avowing any intention to be a "dictator" was given in the
session in January,
offer
the bill by the Senate was referred to in
of April
issue
our
Administration
an
amendment
future issues of
and forced to accept
the tax-exemption feature from ah
designed
to
remove
Federal securities.
The amendment,
of Idaho, was
sponsored by Senator William E. Borah, Republican,
adopted by a vote of 34 to 33 at the very
session decreed
modified version
Final action, however, did not come until
revision bill.
leaders had been taken by surprise
close of a six-hour
by the Democratic leadership to push the measure
ference with the House
into con¬
and toward final enactment as soon as possible.
.
A
to
Bennett C. Clark, Democrat, of Missouri,
of State and municipal issues was defeated,
companion effort by Senator
permit government taxation
41 to 23.
which
The debate on
were
both proposals was based on constitutional issues
resolved to the satisfaction of the Senate
by tne conclusion
might free its own issues from tax-exmpt fea¬
tures, it was without authority to tax the issues of States and cities.
The votes on securities tax amendments came after the Senate rejected
all other maior amendments to the bill as reported by its finance com-
that, while the government
2470
Financial
Chronicle
mittee, providing for outright elimination of the undistributed profits tax
and
to tne flat levy
return
a
of 15%
viction of Dr.
relief sections designed to constitute what Senator Harrison bad said should
be
"bill
a
By
raise
of 59 to 18 the Senate declined to accept
$230,000,000 from processing taxes imposed
raise the funds needed to
assure
wheat, cotton,
on
corn,
"parity" farm prices under the agricultural
adjustment act of 1938.
Also the Senate, for the fourth
as
many years, rejected the pro¬
of Senator Robert M. La Follette Jr., Progressive, of Wisconsin, to
broaden tne tax base by increasing the surtaxes in the middle
brackets and
lowering the personal exemptions for individual taxpayers.
After a conference with his advisers, Senator Harrison also
accepted an
by Senator Key Pittman, Democrat, of Nevada, to change
amendment
the capital stock and excess profits tax to the extent of
permitting a revalua¬
tion of capital stock as of the year of 1938 and for
every two years there¬
after.
Under existing law, which had not been changed in either the House
or Senate version of the tax-revision bill, a
capital stock valuation is re¬
The effort to write in the processing taxes
was
fended off successfully by
Senator Harrison's contention that the question
was one for joint considera¬
Agriculture and Tax Committees of the House and Sen te.
It
tion of the
had
imposed
on Dr. Francis E. Townsend, sponsor of an oldpension movement, for a contempt of a House Com¬
mittee which was conducting an inquiry into the affairs of
his organization.
The case in question was referred to in
the "Chronicle" of Feb. 19,
page 1179.
In United Press ac¬
counts from Washington April 11 it was stated:
Barring a Presidential pardon, Mr. Townsend will begin his sentence
within a few days when the Supreme Court announces its formal orders
to the Circuit Court of
for his
place without mature consideration, he said, in the
pending bill,
which is a revision of the Federal tax
structure, with the general Treasury
goal of receipts aggregating $5,330,000,000 in mind.
no
Major provisions of the bill
compared with
For corporations, the measure eliminates the
principle of the undistributed
a flat
18% income tax.
A special credit allow¬
is devised for corporations
having a net income of less than $25,000.
Such corporations would receive a credit of
10% of the difference between
profits tax and substitutes
to be deducted from the actual
18%.
The House bill provided special treatment for
small corporations, exempt¬
ing those with incomes of less than $25,000 from
undistributed-profits
tax.
Such corporations would pay
1214% on the first $5,000; 14% on the next
$15,000 and 16% on the remaining $5,000.
Under present law corporations
pay a normal corporate income tax
graduated from 8 to 15%, and a surtax on undistributed
profits graduated
from 7 to 27%,
according to the
amount not
paid
with
income
out in dividends.
of
$25,000
or
a rate
dends.
This is the so-called 16-20
plan, meaning that
pay
of 20%, with
a credit of
4%
on
the
more
imposes
House
version
earnings distributed in divi¬
corporation would
16% if it distributed all its earnings and
20% if it distributed none.
Actually, however, the minimum effective
there is
rate
a
would
be
16 2-3%
dividend credit for the tax itself.
no
since
For the complicated formula of
present law in covering capital gains and
losses and the revised table of rates in
the House bin, the Senate bill sub¬
stitutes
an
flat
a
15%
alternative,
purposes
gains from
on
held longer than
assets
18 months.
low-bracket taxpayer could include in his
income for
a
only one-half of the
net
long-term capital gains.
than 18 months may be carried forward
for
short-term capital gains of such
year.
assets held less
As
to
tax
one year to
offset
by "death sen¬
tence" provisions of the
utility holding company act, whereby certain
security and property transactions will be
exempt from immediate capitalgains taxation.
The net effect will be not to
exempt gains from tax but to
postpone taxation until subsequent
voluntary realization.
It continues Federal estate and
gift taxes as in present law, throwing
out the House cut to
16Vz% in credits allowed the State for death duties
paid.
a
United States Supreme Court Denies
Government Peti¬
tion for Review of
Ruling on Bankhead Cotton
to Study Status of Football
Control Act—Tribunal
Ruling in Other Cases
The U. S.
Supreme Court on April 11 denied the Federal
Government's petition for review of the
constitutionality
of the Bankhead Cotton Control Act,
repealed by Congress
in 1936, after the high court invalidated
the Agricultural
Adjustment Act.
From United Press advices from Wash¬
ington April 11
The Senate disapproved House
provisions continuing estate and
gift;
exemptions.
quote:
we
The Government's petition said the review
of 470
odd suits for refund
of the Act.
In
discussing Congressional remarks on the
a Washington dispatch of
April 13 to the
"Timoy"
envi*
President's
New York
was
desired in order to clear
paid by cotton growers under
the
Act
opportunity to
amine the
problem of government control
over
was
reex¬
agriculture in the light of
the court's
new
Robert H,
Jackson, who signed the review petition, denied this motive
was
pro-Administration majority.
However, Solicitor (General
in mind in seeking the review.
Specifically, the petition sought review of a Fifth Circuit Court of
Appeals
decision affirming a $223 refund awarded
by the Western Texas Federal
District Court to Lee Moor, El Paso
County cotton producer, whose chal¬
lenge to the Act's validity was pending before the
high court at the time
Congress repealed the law but subsequently was dismissed.
Other rulings by the Supreme Court on
April
as follows in United Press
advices:
summarized
11,
were
Accepted for review another challenge of the ratification of
the pro"'
posed Federal child labor amendment,
involving Kentucky's ratification.
A review of Kansas'ratification
already has been accepted.
md
Set aside the conviction of Joe
Hale, negro,
McCracken
order for
a
County,
new
trial,
Ky.,
Circuit Court.
based
was
on
gaged
or
a
in
by
State
universities,
is
a
charges of murder in the
embodying
an
"V
intercollegiate football,
"essential
an
"gi/antic commercial activity."
ernment's petition that it review
on
The reversal,
Hale's charges that Negros were barred
systematically from serving on juries.
Agreed to study the question whether
rulling in favor of the "essential
letter,
of taxes
The suits
were brought on grounds that
unconstitutional and the taxes therefore
illegally collected.
It was noted that the case would
give the court
Net losses from
The Senate bill also extends from
two to three years the
period in which
a company
may claim tax benefits while in
process of liquidation.
It affords
special relief for companies forced into
partial liquidation
tax
April 12 that
on
that the President pardon Dr. Townsend was
letter addressed this week by Senator McAdoo
Attorney General Cummings.
status
Capital Leva Raised
corporations
stating
as
A request
contained in
terms
On
reported
was
he would go to Washington late this week to
begin serving
his sentence for contempt of a
Congressional committee.
ance
income and the remainder taxed at
Under customary procedure a mandate
♦
approved by the Senate,
similar provisions in the House bill, are:
as
$25,000 and their actual income, the credit
Appeals.
imprisonment would be issued immediately.
Dr. Townsend
three years, and it would not fall in 1938.
every
Pardons
age
time in
gram
quired
President
The United States Supreme Court on April 11 issued an
order refusing to review the validity of a 30-day sentence
rider drafted to
a
1938
Townsend—Old-Age Pension Sponsor
Must Serve Sentence Unless
for business recovery,"
a vote
16,
United States Supreme Court Refuses to Review Con¬
capital gains, and carrying other
on
April
governmental
as
fen-
function"
The Court granted the Federal Gov¬
Fifth Ciscuit Court of
Appeals decision
government function"
theory, and exempt¬
ing the University of Georgia and Georgia School of
Technology—Georgia
Tech—from paying Federal admission taxes on
gate receipts of athletic
contests.
The
will be argued this
spring.
case
Says Senate Will Stand Fast
Chairman Harrison of the Senate
Finance Committee, who directed the
through that chamber,
measure
immediately
conferees
would
amendments.
insist
.
.
the
upon
announced
that
the
that the letter would
"not prevent
however,
ing the
Means
Committee, said
was
course requested
working out
a
good bill."
that if House conferees
insist upon follow¬
by the President a prolonged
struggle is in prospect.
Representaive Treadway,
ranking Republican member of the
Ways and
and Senator
Exploitation
Dome and
the letter makes
agreement
"almost impossible,"
Vandenberg, Republican, of
Michigan, took
Senator Harrison's
reply, scribbled
newspaper men after this
on
a
sheet
a
similar view.
of paper,
was
handed
morning's first meeting of the
conference, along
It said:
The President is
entitled to his views.
one else the same to
theirs.
expressed
expressed in
Of course, he accords
to every
his letter did
coincide with
the sentiment
majority of the Senate.
My views are
well known and need not
be repeated again in
detail.
The Senate conferees
will insist in
conference on the amendments
adopted in the Senate.
I am sure that
the wnoie desire and
aim of ail the
conferees, representing both the Senate
and the
House, is to work out a
bill wnich will be
encouraging to business.
I believe that the
repealing of the undistributed
profits tax and the
modifications of the capital
gains
tax,
as
business."
adopted by the Senate, will
help
Representative Treadway made
a statement
which read:
'The President's letter to
the conferees on
the tax bill is additional
evidence of the merits of the
House action last week
in defeating the reor¬
ganization bill.
He again shows a
desire to exert his
authority and influ¬
ence over the
legislative branch and
even
Houses.
The letter is most
unfortunate for
It practically tells the
and
it
likewise
these two
"Never
the
impossible
a
conference between the
favorable
tax
and
Ickes.
we
From United Press advicBs from
quote:
The General Land Office
on
a
In
Private
Teapot
have
the
House method of
taxing capital gains,
Senate conferees that
they must yield upon
I
result of the
President's indiscretion."
mile
one
of
naval helium
or
Washington April 2
notified to reject all applications for
was
lands within
petroleum and military
the
exterior
oil
boundaries of naval
reserves.
The Secretary's order followed a
Federal Court ruling in California
which declared section 36 in the Elk Hills
territory to be Government prop¬
erty and assessed
the
Section
16
Standard Oil Company of California
in
the
same
Office Commissioner Fred W.
The one-mile restriction
draining of Federal oil
The restrictions
set
was
Oil Reserves in
the Interior in
resources
first
were
area
was
Johnson to be
who estimated that it would afford
on
an
$6,000,000 in
similarly classified
by Land
United States property.
recommendations of mining experts
adequate margin of protection against
by private
concerns outside the reservations.
recommended
by the Pommission on Naval
May, 1924, and later re-emphasized
|)y the Department of
October, 1933.
.
The court, ruling, handed down at
Fresno, Cal. on Dec. 4
last, upholding the Government's title to land in the Elk
Hills Petroleum field and
Oil
denying the claim of the Standard
Company of California, was referred to in these columns
Dec.
18, page 3906.
Secretary Morgenthau Disagrees with Report of Special
Railroad Committee—In Letter
velt,
the
known the
Executive to force his views
upon a
The result will be
far-reaching and arouse much resentment
people.
An agreement
between the conferees seems
almost
as
Prevent
two
outstanding differences.
conference.
among
a
to
result of the conference.
House conferees to
insist upon the retention
of the
notifies
before
to
Reserves
Cal., and other Naval petroleum and helium reserves were
on
April 2 by Secretary of the Interior Harold L.
damages.
not
by the overwhelming
undistributed profits
Oil
s
issued
,
views
Nation
Regulations to prevent private Sexploitation of the Na¬
tion's petroleum reserves at
Teapot Dome, Wvo., Elk Hills,
and gas leases
to
with the President's
letter.
1 he
of
Elk Hills
.
Representative Doughton, Chairman of the
Ways and Means Committee
upheld Mr. Roosevelt's right to
express his views to the conferees and said
The consensus,
Secretary Ickes Issues Regulations
Senate
adoption by the conferees of the Senate
of
A
tary
was
from
was
Secretary
attached
message
dent's
to
President Roose¬
Creation of Special Department
Transportation
letter
which
road
He Suggests
to
of
the
President
to Congress
on
Treasury
Morgenthau,
Roosevelt's
special rail¬
April 11, said that the Secre¬
"frankly" disappointed by the report of the Presi¬
special
committee,
which
lie
described
as
an
"over-
Volume
Financial
146
cautious approach to the pressing
national problem of trans¬
portation.He suggested the creation of a new Department
of
Transportation to solve the financial and operating prob¬
lems
of
the
railroads.
with
comments
regard
these columns,
to
April 9,
with
accordance
March
on
pages
said:
transmitted
instructions
I
to
me
by James Roose-
commenting briefly on the transportation
am
and Mahaffie.
Frankly, I am disappointed by this report, and it is my strong feeling
that the over-cautious approach to the pressing national problem of trans¬
portation embodied in the committee's recommendations can only intensify
the
for
need
action
drastic
Eastman
Splawn,
Messrs.
by
at
date.
later
a
recommendations for
immediate
action, in particular with the first two recommendations, I
prefer to confine my specific comments to recommendation number seven.
First, I do not feel that creation of the type of temporary Federal
While
I
national
our
that
the
"If
department,
could
take
and
I
realize,
and
useful
any
vigorously to
move
facilities.
its
to
immediately
Page
full
35
logical
of
a
properly
the
report
conclusion,
it
This
work such as is outlined
various administrative duties in
undertaking
to
conduct
of
scattered
now
the government
throughout
the
executive
.
•
."I
.
many
.
no
see
.
reason
a
project
of
.
.
Transportation Act, 1920,
That the prospective earning power of the applicant,
together with the
character and value of the security offered, furnish, in the opinion of the
Commission, reasonable assurance of the applicant's ability to repay the
loan within the time fixed therefor, and reasonable protection to the United
States.
That of suggestions
for the
railroad financial condition, the
such credit be
in
of Government credit in improving
use
most worthy of consideration is that
one
used "by underwriting or by the guaranty
so
voluntary reorganization
of bonds issued
designed to reduce the
of capital structures
burden of fixed charges"; that whether the Government would be justified
in
engaging its credit to the extent
organizations
on
an
extensive
policy; and that
on
this
in
necessary
scale
That existing statutes
4.
so
aiding voluntary re¬
question of prime public
presents a
desire the views of
question the President may
Government officials dealing directly with credit
and financial problems.
be appropriately amended to remove the re¬
quirement for land grant reductions in connection with the movement of
Government traffic.
at
The reduction
on
this account for
1937 is estimated
$7,000,000, and for the most part affects roads in the Western District,
where financial conditions
That
reduction,
a
salaries, such
as was
worst,
are
temporary
or
deduction,
made in 1932, would be
railroad
in
and
wages
of very definite and
a means
positive relief to the carriers; but in view of the present policy of the law, as
reflected in the Railway Labor Act, and in the absence of a full hearing of
both the managements and the men, the Committee does not feel justified
in
expressing
opinion either for
an
The view is,
against such
or
a
reduction
deduction.
or
however, expressed that both parties wish to be fair in the
pending negotiations,
consideration
"in
and
reaching
all relevant matters,
their conclusions
will take
into
including the direct and indirect con¬
the railroads and their operations and to both the employees
who
in service and those who have been laid off."
6.
.
for delaying
this strongly
indicated
are now
That there
are
opportunities for improvement of the reorganization
prccedure under Section 77 of the Bankruptcy Act, and that Congress may
well give attention to this matter, including, perhaps, the
court to have
one
e^ablishment of
charge of railroad reorganizations.
action.
The
yours,
H. MORGENTIIAU JR.
is
may
a
of such
time to get it under
which would provoke
much
considerations
.
,
Sincerely
A
"that
earnings,
prospective
and
present
magnitude
that "The creation
states,
is
requiring
however,
.
desirable
of
sequences to
report also
the
as
of
involving
discussion,
and
serve
create
department of the government.
new
transportation
department
difficulty,
way
the
over
to
..."
departments
While
a
to
power
carried
were
addition
in
with
connection
new
the
Congress
transportation
idea
might involve the creation of
below,
of
report would
the
in
request
you
Transportation with
of
Department
coordinate
that
urge
basis
the
be substituted
5.
I
on
through judicial reorganization," and that substantially the requirement
and
Second.
new
several
with
envisaged
Authority
Transportation
purpose,
states
sympathy
in
am
suspended that the Commission, in approving, must certify
railroad,
reasonably be expected to meet its fixed charges without reduction thereof
3.
the
1938,
24,
submitted
report
such
President:
My dear Mr.
/ velt,
railroads are mentioned in
2294-95.
In his letter to the
the
to
President, Mr. Morgentliau
In
ment be
in connection with loans under section 210 of the
Congress is referred to else¬
where in this issue of the "Chronicle."
Previous executive
President's message
The
2471
Chronicle
summary
special committee's
of the
recommendations
7.
That
the Federal Trans¬
as
portation Authority, be created for a period of 2 years, with power in the
President
given in another item in this issue.
Long-Term Program
body of three members, to be known
a
extend its life
to
5
to
years,
for the
purpose
of planning,
by railroad companies with
couraging, and promoting action
a
en¬
view to
eliminating the waste caused by the fact that the railroad system of the
Railroad
Credit
Corp. Made Liquidating Distribution
April 15 of $367,558
this
on
1% on
$302,205
paid in cash
and $65,353
carriers' indebtedness to the Corporation, it
amount
credited
Corp. made a liquidating distribution
April 15, amounting to $367,558. Of
was
"coordination",
interest at particular
the pooling
this
being described
places
was
C. Denies Eastern Roads Rate Increase
the
to
pooling or division of railroad earnings or traffic, to eliminate the
unifications it finds will promote the public interest.
whatever
an
decision.
the Commission is also given power to
require "coordinations", not covered
No provision is recommended for the compulsion of con¬
by Section 5.
is directed to report
the Authority
but
solidations,
increase
would
have
increased
the
revenues
of
the
$29,961,080 annually if traffic continued at the
1936 rate.
Spokesmen for the Association of American Rail¬
roads were "very much disappointed" with the decision.
The
application of the Eastern railroads was based pri¬
on the need for more revenue, as argued by all the
marily
railroads in the recent freight-rate
case
in which the
com¬
mission
granted increases upward of $175,000,000 instead
the $169,000,000 requested.
The second reason urged by the lines was the spread of
of
1
cent
a
service.
mile between the base fares for coach and Pullman
They held that the difference
was so great
it diverted
traffic from the Pullman to coach class.
The majority was composed of Chairman Splawn and Com¬
missioners Meyer, Aitchison, Porter, Lee and Caskie.
Com¬
missioners
Eastman, McManamy, Mahaffie, Miller and
Rogers dissented.
I
Below
of the recommendations
Special Committee, com¬
posed of Inter State Commerce Commissioners Walter M. W.
Splawn, Joseph B. Eastman and Charles D. Mahaffie,
suggesting measure for the relief of the nation's railroads.
Elsewhere we give the message of President Roosevelt
transmitting the report to Congress and likewise we give
under a separate head in this issue a letter of Secretary
Morgenthau to the President bearing on the report.
The
summary of the Committee's recommendations follows:
we
in
give
the
the
summary
report
of
investigate the relative economy, and
the
of rail carriers, motor carriers, and water carriers
be encouraged for purposes for which they are specially fitted,
discouraged for purposes for which they are not well fitted, and their
destructive
competition.
desirable, the Authority is directed to
this end is found to be necessary or
report accordingly.
three forms of
use
It is also directed to report upon the extent to which the
transportation are supported, directly or indirectly, by the
of Government funds, and to report
Means
1.
That facilities be provided, as was done under the
Recovery
Act,
for
the
purchase
equipment and appliances as
Government funds,
and that, say,
2.
the
Recommendation#
desirable.
Other powers
8.
of investigation are given to the Authority.
directed to the subject of railroad "financial abuses",
Attention is
which is
under investigation by the Senate Committee on Interstate
now
Commerce, and to the fact that this Committee may
forward
recommendations
with
Certain suggestions are
9.
for
of railroad
The desirability of subjecting
National Industrial
well as cars and locomotives, by the use of
the equipment to furnish the security for the advances;
$300,000,000 be made immediately available for this purpose.
That for a period of 12 months, in
connection with certain loans by
Reconstruction Finance Corporation to railroads, the present require¬
correction
be expected to come
of such conditions.
all important forms of transportation to
emphasized.
is
^
Farm Foreclosures in Last
from
Similar
Quarter of 1937 Show Sharp
Period in 1936 and 1934,
According to Governor Myers of FCA
the industrial
Despite
recession, farm foreclosure sales
nearly one-fourth less during the last quarter of 1937
than during the last quarter of 1936 and 40% less than the
were
corresponding period of 1934, according to Governor W. I.
Myers of the Farm Credit Administration.
Estimates based
on reports
from agricultural counties including 25 to 30%
of all farms in the United States, showed that farm fore¬
closure sales dropped from approximately 16,500 in the
fourth quarter of 1934, to 13,000 in the fourth quarter of
1936, and to 10,000 in the corresponding period of last year,
said an announcement issued April 3 by the FCA, which
continued:
foreclosures,"
the largest decline,
equipment, including shop
the
offered in this connection.
equal and impartial regulation by a single agency of the Government
farm
of Immediate Relief
the facts in regard to this matter
in Government policy with respect thereto which it deems
and any changes
"Practically all classes of mortgage
Summary of
and
joint
with a view to abating wasteful and
In the event that further legislation directed to
cooperative use be promoted,
Summary of Recommendations For Relief of Railroads
contained
the Com¬
transportation service, or any class thereof, in order that the use of each
for
may
Declines
Proposed By Special Committee Headed By Chair¬
man
Splawn of ICC.
through
if it finds that such compulsion is
desirable, and to submit a draft of appropriate legislation
fitness in other respects,
and
railroads
The Au¬
thority is given power to intervene in such proceedings, and upon its petition
The Authority is also directed to
increase in
coach fares from 2 to 2.5 cents a mile was denied on April 14
by the Interstate Commerce Commission in a six-to-five
The
common
so-called "consolidation plan", and to permit the Commission to approve
necessary or
C.
a
it is proposed to amend Section 5 of the Interstate
mission to the President and Congress,
application of the Eastern railroads for
"cooperation in
Commerce Act to broaden greatly the powers of the Commission with respect
on April 2 by E.G. Buckland,
President. This
brings the total amount distributed to $56,971,440, or 77^2%
of the fund originally contributed by the carriers participat¬
ing in the Marshalling and Distributing Plan, 1931.
Of
this total $29,654,195 has been returned in cash and $27,317,245 in credits.
I.
as
with respect to particular matters", such as
or
of traffic or unified terminal operations .
In aid of this program,
was
announced
The
companies.
Such action would include consolidation or other unification of companies
and
The Railroad Credit
of one-half of
Nation is owned and operated by a large number of independent
Governor
43%.
lenders showed a smaller number of
"Insurance companies had
Myers stated.
The Federal land banks were next with a 34%
decline."
Relative to the proportion
1935, foreclosures by
for other types
of lenders during the last quarter
by the Federal iand banks
the lowest relative levels.
Land
Bank
of the total farm mortgage debt held on Jan. 1,
commercial banks and individuals were higher than
Commissioner
of 1937; while foreclosures
and "miscellaneous" groups of lenders were at
The actual number of foreclosures sales by the
was
the only one to show an mcrease from a
2472
year
Financial
due to
ago,
the circumstance that payments of principal,
Chronicle
hitherto
The
deferred, began to fall due In 1937.
foreclosure
sales
was
gen
ral
except for a slight increase shown In the Berkeley
district, which includes California, Nevada, Arizona and Utah.
trict, however, has shown
substantial decrease since
a
The
This dis¬
the
The mosb
1934.
It
56% reduction.
is
Act
Steel
Steel"
"Little
in
Directs
of
Republic
Corp.
Strike
Reinstatement
of
Violated
Last
Wagner
Year—Board
Strikers—-T.
M.
Girdler
Corporation Indicates Board's Ruling Will Be
^0 Contested
The
National
Labor
Washington
it
In our issue of
noted
was
ordered
the
said
that
represented
of
week ago
a
NLRB,
in
(April 10), page
ruling April 6,
a
Steel Co. of Chicago to bargain with
Organizing Committee (which the Board
that if
majority
a
In the
Committee
the
of
agreement
an
tract with the union.
ate
the
Inland
the Steel Workers
directed
April
on
3603 and 3770.
2300,
Inland's
employees),
reached, to sign a
was
and
con¬
charges the S. W. O. C. (affili¬
for
Industrial
Organization)
filed
with the Board against the Republic Steel the union did not
claim to represent a majority of the
employees. Therefore,
the Board, in the Republic case, did not order the
company
to deal with the union.
T. M. Girdler, Chairman of the
in
the
Wagner
Act
ordered
The
courts.
Associated
Press)
Board decided
that
eight
on
the
the
counts
corporation
and,
other
among
reinstate
to
(we quote from
Republic had violated the
5,000
O.
I.
other
or
with
unions.
Mr.
Girdler,
his
in
The statement of the
Saturday
sign
a
[April
NLRB in
9]
contract with
its decision
that it
the S.
W.
does
O.
Last
such
tactics
the
interesting
be
unfair
an
by the
and
because
sit-down
labor
the
fact
testimony
offered
the
that
as
strikes
the
Board
in
whole
a
under which
the
in
other
In
this
convinced
are
labor
the
the
reflects
Board
the
its
hearings
great
gave
have
to
seems
and
The
Board's
its
representing
who
men
announcements
always
decision
employees
They
procedure which
who
the
is
who
not
were
out
the
of
course
have
jobs at
order
Unfortunately,
depression, and
the
strike
the
to
and
the
is
as
the
their
effect
a
last
illegal
or
work
are
the
now
the
notice
steel
plants
our
of
are
C.
I.
that
0.
the
of
reinstate¬
stated
who
public
in
We
have
been
had
acts.
those who last summer,
plentiful,
stayed
leaders.
strike
To
has
away
these
been
reestablishing
soon
their
and
industry
operating
is
at
the
in
employees who
our
throes
of
a
severe
extremely reduced rates.
have
C.
use
I.
We
guilty of violence and who menaced the
workers during the strike.
members
explosives,
Penitentiary;
stated that
former members
or
and that
of
some
the court records show that
indicted
were
these
men
are
for the
now
possession
in
the
NLRB
union
so-called
that
And
that
12
yet,
in
should
are
use
the
be
of
these
reemployed
in
now
of
face
the
with
facts,
the
the
Board
execption
of
decided
the
six
that
all
these
of
the
one
who
man
three
men,
of
pleaded guilty to the destruction
The
is
rather
Ohio
of
Guard
County and of
curious
that
shutting
startling to find Republic held responsible
National
Stark
Another
were
can
be made
now
the company and
that the corporation
alleged
as
to
in
the exact
its employees are
had violated the Wagner Act in
particulars:
through
support
"back-to-work"
of
the
Massillon
committees
orders
desist
and
cease
the
in
Law
three
Issued
corporation
from
Order
and
League
and
plant cities.
by Board
take the
to
interference with
To
disestablish
"Plan
of
involved,
well
as
with back
To
completely
Employee
following steps:
the
self-organization of its
its successors at the five plants
joint "Central Council of Employee Representatives."
a
as
27
collective bargaining agencies the so-called
as
Representation" and
named
employees allegedly discharged for union activity
less other earnings, for the period May 4 to May 25, 1937.
employees of the Canton Tin-Plate Mill and the Massillon
pay,
reimburse
Works for wages lost between May 19 and May 25, due to the shutdown of
these plants.
their
upon
May
on
,
reinstate
with
back
application,
25,
and
from
pay
all
the
of
touch
Republic
was
down certain
shut
down just
is
and
the
the
cities
given
of its
mills
prior to the
the
to
responsible
constituted
the
for
in
of
law
Canton
decision
the
Canton
and
the
actions
authori¬
Massillon.
if
in
"little
Massillon.
steel"
These
by
mills
strike—one because of the breakdown
of
plant s power facilities and the other because of a
strike which shut
down the chief customer of that
particular plant.
The Massillon plant wa6
opened and
in
operation
before the
strike
started.
8,
1938,
5,000
less
other
employees
earnings,
who
struck
thereafter,
of
To
working forces.
W.
decision
0.
found
of
notices of
post
The
S.
necessary,
C.
them
compliance in the
excludes
complaint
from
the
five
plants
order
relief
seven
for
60 days.
workers
named
in the
the ground that local law enforcement agencies
on
guilty of the
of explosives and the malicious destruction
use
$300 of property.
declined,
should
be
not
incidental
however, to
granted
to the
serious acts
of
accept, the
company's
other strikers who
contention
that
relief
pleaded guilty to lesser offenses
strike, holding that the
company
was
guilty of far
more
violence, notably the Massillon shootings.
Detroit Street-Car Strike Ends After 32 Hours—Union
Wins 44-Hour Week and Other Concessions
A
strike
of
Detroit
street-car
which
operators,
almost
crippled the city's transportation facilities, was ended on
April 8 when strikers voted to call off their 32-hour walkout
and restore service immediately.
Union officials ratified a
settlement agreement that provided for the 44-hour week
and collective bargaining.
In listing the terms of the agree¬
ment, Associated Press advices of April 8 from Detroit said:
The peace formula was worked out in
Reading early this morning.
conference with
a
It did not touch
which is awaiting action in the Michigan
Mayor Richard
the seniority question,
on
Supreme Court, but it provided
other concessions.
Yesterday's loss of
at
revenue
by the Detroit Street Railway
was
estimated
$25,000 by Arthur Tifford, assistant general manager.
Strikers meeting this morning ratified the settlement by a
standing vote
in a closed session.
The settlement contained these provisions:
Reduction of the working
jobs and
move
men
from
week to 44 hours, which would create
the
extra
lists
to
steady posts.
more
Formerlyjno
fixed schedule of hours prevailed.
Collective bargaining rights over both bus and street
the Amalgamated if it can
prove
it has
a
Rush
hour automobile
fares this
traffic
car
personnel for
majority of the bus operators.
already has sole bargaining rights covering street
car men.
again jammed Detroit's main thorough¬
morning.
Detroit advices of April 7 to the New York
described the beginning of the strike as follows:
Not
a
trolley
progressed,
avenues
into operation from 4
car came
the
or
a. m on.
became
crowded
with
"Times"
As the morning
embarrassment of the public became acute.
stopping to pick up workers
by the Board's conten¬
strikes
and
for
enforcement
April
estimated
discharging other employees hired after the
and giving preferential positions on employment lists
without discrimination to any who cannot be reinstated because of reduc¬
strike
^
tion
take the fullest time allowed
to
action.
Through a donation of tear and vomiting gas to the city of Massillon.
Through activities relating to the fatal shooting of three members of a
group in
Massillon and the wounding of an undetermined number
the group by gunfire and gas fumes.
To
attempt
of the Board to place responsibility upon Republic for a
between city police and the C. I.
0. at Massillon is, we
believe,
wholly unsupported by the evidence.
Some 40 pages of the Board's
report
are given over to a
very labored effort to construe the
evidence as placing
sole responsibility for the riot
upon Republic.
ties
of vital importance
will adopt to protect its employees in their
the rights of the company.
We will, however, take
Orders
It
riot
the
are
company
ruled
The decision
penitentiary, who pleaded builty to the possession
explosives and
property.
It
at
was
strike
Ohio
nine pleaded guilty to
obstructing the United States
pleaded guilty to assault and
battery; 67 pleaded guilty
to rioting; six pleaded
guilty to malicious destruction of property; five
pleaded guilty to obstructing railroad
tracks, and nine pleaded guilty to
carrying concealed weapons.
mails;
of
O.
discourage union organization.
Through its incitement of violence for terrorizing union adherents.
By its attempts to turn civil authorities and business interests against
the
were
Board, in its decision,
0.
of
not
possible.
as
fellow
The Labor
of
I.
Through the discriminatory discharge of 27 workers at these plants.
By its shutdown of the Canton tin-plate mill and the Massillon works
to
men
lost
reem¬
of
whom
C.
on
However, it is astounding that the Labor Board should direct the
as
ployment of employees who
and
of
course
of all rights to which
following
It
summer.
men
still
was
other labor
since
men
the
Through its domination of employee organizations in its Ohio plants at
Massillon, Canton, Youngstown, Warren and Cleveland.
inde¬
worked
seven
that
that the closing of two small
under the law.
The
the
company
own
any
principle
clearly
was
strike
of work
are out
while
insistence of
in
the
back to work.
go
desirous
accounts
credence
formed
reinstate all
guilty of violence
ended
their
are
character
which
that
wrong
the general
strike,
on
who today
men
strike
they should
and
date
Indicating the findings of the Board, advices from Wash¬
ington, April 9, to the New York "Times" said, in part:
To
today as collective bargaining
major part of the company's employees, and
a
always advocated
went
during
Board's
lives
wishes
company
its
preserve
full advantage
"
'
,
exist
said that the company would
Many of the
from
has
company
of
.
disregarded evidence
as much
right to act in that capacity as has
The courts will have to decide this question.
group.
and
leadership
one-sided
functions
should have
the
late
this
at
immediate announcement
no
rights and to
entitled
this
determine
to
Therefore,
tion
the
with
organizations.
organizations,
after
to
resort
our
situation
which
opposed
industries
that
us
company.
not* negotiate
pendent
Board
attacking the company and
by
We
strike
learn
to
brought to the fore by the decision
rights of
To reinstate
because,
were
J
of
Wagner Act,
the
ment
circumstances
employees, to the rights of our company and to the
rights of all employees and all employers throughout the United States.
summer.
contract
men
to
practice" is
last
company
0. convinced
refusal
company
to sign the C.
I. 0.
knew that the majority of our
we
employed by the C. I.
decision
the
must
the
immediate
plants,
issues
to
Republic Steel Corp.
irresponsible.
The
for
reasons,
signature
violent
the
Republic refused
summer
other
among
"to
taken
in
find
not
C.
complete justification of the stand
of
Under
without
employees.
case
was
O.
I.
blow.
takes the company to task for openly and publicly 6tating to
employees its position with respect to the- issues of the strike.
I do
believe that the courts will permit the Labor Board to nullify the
right of free speech guaranteed by the Constitution.
statement,
said:
to
C.
itself
its
join
The Board
things,
strikers
back pay from April 8, to break
up employee representation
plans at five Ohio plants and to stop practices which would
lead employees to think they were not free to
join the
C.
the
preserve
out
not to
its
Republic Steel Corp., in a statement issued at Cleveland on
10, indicated that the Board's ruling would be con¬
tested
to
in
the final
was
hope
locked
and
coercing them
not
April
the
"This
not
mills
employees.
The
Relations
Board, in a ruling issued
9, held that the Republic Steel
Corp. violated the Wagner Labor Relations Act during the
"little steel" strike last spring.
The strike was referred
to in these columns May 29 and June 5 last year,
pages
in
its
involving 3,000 employees, made it necessary to call a
against Republic and three other steel companies involving 125,000
strike
Rules
membership
says:
could
that moment in such danger of extermination
Republic
NLRB
down
action."
rapid decline during 1937 occurred In the New Orleans district where there
was a
their
Board
union
Republic shut
says
the purpose of intimidating and
discontinue
or
April 16, 1938
Board
employees for
Governor Myers said the decline in farm
for the entire country,
Labor
Streets and
private automobiles, many of the drivers
or
shoppers who attempted to reach offices
homes by "thumbing rides."
Traffic
congestion
described by officials
room
on
homes.
buses
or
during
as
car
morning and afternoon
the worst the city has experienced.
taxi cabs,
Both street
the
rush
hours
was
Crowds sought
while thousands were forced to walk to their
and bus services
are
part of a city-owned system.
The strike, called by members of the Amalgamated Association of Street
Electric Railway and Motor Coach Employes of
America, resulted from
Volume
all street car and
the union's demand that it have sole barg aining rights for
the single seniority
and bus men—approved several months ago by
bus employes and from tne union's impatience because
system for all street car
Detroit
voters—has
drivers.
been
legal moves made by the bus
delayed by the
y!"C'X
■
Feud
union, an affiliate of the
Labor, and the Motor Coach Operators Associa¬
tion,
because it would enable many of them to transfer to the
take
the
over
Conference
bus division and
The coach drivers are resisting
jobs of coach operators.
would be in jeopardy.
system seniority because their jobs
not'have before him all the statistics
of
By F. H. La Guardia
Headed
Mayors
countries."
$3,000,000,000
Urges President Roosevelt to Support
Program To Relieve Unemployment
car
The platform men demand system seniority
independent group.
an
did
background with regard to the Latin-American
Employee Groups
PTA bitter feud has existed between the street
American Federation of
believe that Mayor La Guardia
A :''y
:
Between
2473
Chronicle
Financial
146
A request to
President Roosevelt that he support a pro¬
calling for an appropriation of $3,000,000,000 to re¬
lieve the unemployment situation was made on April 8 by
members of the United States Conference of Mayors.
The
gram
appearing in Washington was headed by Fiorello H.
Guardia, Mayor of New York.
According to United
Press accounts from Washington Mr. La Guardia said he
advised the President that revival of the Progress Works
group
La
Mayor LaGuardia of New York Urges Federal Financing
of Exports to Latin America—Says Plan Would Aid
Recovery—Secretary Hull is Critical of Suggestion
—Views of Secretary Roper
suggestions
Secretary of State Hull on April 12 criticized
night by Mayor Fiorello LaGuardia
of New York, that the Federal Government promote busi¬
ness recovery by subsidizing exports to Central and South
made
the preceding
on
Mr. LaGuardia, in
America.
'
a
Nation-wide broadcast on
April 11, urged "immediate action" to halt the decline of
prosperity and said that Federal financing of exports to
Latin America would regain markets which almost have been
lost to foreign countries, chiefly those under dictatorial rule.
Mr. Hull, at a press conference, revealed that he did not
consider the suggestion in accord with his "liberal" trade
program.
The
"Journal
quoted Mr. LaGuardia
as
Commerce"
of
of
April
12
follows:
"that the exports of Europe and the
"It is obvious today," he said,
Our own
Orient to South America are subsidized directly or indirectly.
competition.
exports have steadily wilted before this kind of
It means only
"To meet it does not mean that we enter on a trade war.
acting in self-defense to maintain the arteries of trade which
nourish our
industries, and which are the material basis for the ideals we cherish,
own
for ourselves and our
have established a
"debt control" in South America and that from this "it is only a step to
political control."
"I suggest an immediate survey
of present and possible needs in Central
can
ascertain the fullest extent of all
possible orders for goods that we can sell.
The buyers in Central and South
available
and South America," he said.
America
can
"We
be given the benefit of prices lower than any now
'
from these competing sources.
sold—whether
be
they
be
automobiles,
machinery,
typewriters,
food products,
tobacco products,
paints, papers,
and all manu¬
factured commodities for which there is a market anywhere in the Western
Hemisphere.
Range Broad
be unusually broad.
"The range of the goods required for export would
They would come from every section of the country.
Funds for this purpose
Fair and reasonable prices, based on
and must, be made available.
can,
production costs, and a fair profit, should be paid for these manufactured
goods.
"A Government agency could properly allocate these orders to
and farm agencies
all
over
factories
These orders would be placed on
the country.
the basis of the number of new workers put on
the job.
Workers re-employed
by reason of this increased production would be paid prevailing wages.
"The manufactured goods would
The Government
would absorb the difference."
incurred from the severe curtailment of our Latin American trade and from
increased relief costs to those unemployed by this loss of trade.
reporting Mr. Hull's comments, a Washington dispatch
of April 12 to the New York "Times" said:
if the policy of subsidizing exports and the
program
of general
equality of commercial treatment were not mutually exclusive, Mr. Hull
direct answer, but admitted that there might
a
be something to the
question.
As
for
LaGuardia's
Mr.
assertion
that
the
United
States
was
losing
ground in Latin American markets, Mr. Hull said that his program was
making progress.
It has long been
sidized exports.
B.
Sayre,
known that the State Department does not favor sub¬
This position
Assistant
was
Secretary of
stated as recently as Jan. 9 by Francis
State in charge
of Reciprocal
Trade
which have adopted export
subsidies has shown that this method creates more
problems than it solves,"
Policy Includes All Countries
"liberal"
La Guardia's proposal,
Secretary Hull restated his
policy.
several
years,
States,
relationship,
every
he said,
the 21 American republics, including the
have been undertaking to develop the fullest cooperative
politically,
economically,
educationally,
culturally
other way which might prove mutually desirable.
and
The policies
in
are
applicable not only to Latin America, but to all other nations..
His
program,
conditions
he declared,
contemplates the only sure road to stable
of peace through a structure of international law and order,
based on certain fundamental principles
and resting on a ground-work of
economic appeasement and security.
According to April 13 advices to the "Times" from
Washington the proposed plan of Mayor LaGuardia was
disapproved by Secretary Roper.
On April 13 the "Times"
advices added:
He stated at his press
American
conference that the only way to promote South
trade was through the "good neighbor"
and reciprocal trade
agreement policies now being followed by the State Department.
"I am confident Mayor La Guardia was prompted by worthy objectives
in his
plan as reported in the press to expand the markets of American
goods through an export
culties
question that the full effects
which
of the
decline have not yet been felt."
"We again repeat that we
localities
to
provide aid to
States and
Federal funds
the unemploymentable
feel it is the responsibility of the
and that
the unemployables
should not be made available for
relief to
direct
group.
"There
are some
who would have the Federal
Government do it all but
should be
relief load but are
also making substantial contributions to the Federal WPA program."
The Mayors who accompanied Mr. La Guardia to the White House
were Harold Burton of Cleveland, Daniel W. Hoan of Milwaukee, Maurice
J. Tobin of Boston, B. F. Dickman of St. Louis, Joseph D. Scholtz of Louis¬
do not subscribe to that viewpoint, and
in this connection it
pointed out that cities are not only carrying the direct
ville and R. L. Chancey of Tampa.
Mayors Richard L. Reading of Detroit and Ross
invited and their
were
names
D. Rogers of Amarillo
but they
appeared on the joint statement
'
proposed conference of the Mayors
with President Roosevelt was made in these columns a week
brief reference to
A
of
2292, in which the recovery and
page
ago,
Harry L. Hopkins, of the WPA was also
R. Wilson, Ambassador to
Germany to Join in Reciprocal
Hugh
relief proposals
referred to.
Germany, Urges
Trade Policy
Hugh R. Wilson, United States Ambassador to Germany,
speaking April 13 at a dinner of the American Chamber of
Commerce in Berlin, urged Germany to cooperate in the
reciprocal trade agreement program as a means of promoting
international peace.
Mr. Wilson cited the United States
"good-neighbor" policy toward Latin-America and the
reciprocal trade program as aspects of a "constructive"
foreign policy.
In part Ambassador Wilson said:
^
jhTFrom the earliest days of recorded history to the present_time, inter:
nationafcommercial relations have been an increasingly important factor in
promoting the welfare of mankind.
Today there is no greater fallacy
fare Dy
than the belief tnat foreign
desirable, and that a nation can best promote
producing within its borders anything
trade is
its wel¬
regard
that it needs without
quality.
to cost or
trade, and not as an
practice this policy do so in
default of foreign
end desirable in itself.
wrought^by exaggerated protectionism has been
events'of eight years ago. I am convinced that
international comthe post-war period was to a nigh degree responsible for the
The havoc that can be
failure of the world to
merce
during
ravages
the
of an unprecedented depression.
...
Although there has been a substantial measure
the low point of tne
to*
considerable
a
the
of uneven recovery from
unfortunately been based
and other atificial
economic instability in many parts of
depression, this recovery has
extent
upon
armament
There is still dangerous
stimulants.
subsidy," he said.
"However, most of the diffi¬
which he mentions can be and, in my opinion, will be overcome
through the operations of the reciprocal trade agreement program.
I must
.
eliminate excessive obstructions to
measures
world.
We in America are now
doing what we can
toward remedying this situation
of the past.
have embarked upon a course of policy
and toward undoing the errors
To attain this
end we
promote the return to
;
normal and profitable commercial
designecUto
relations between
V,-
■
.
We chose the
trade agreements as the
The choice was deliberate and based
method of negotiating reciprocal
principal Instrument of this
policy.
the profound conviction that no more effective and constructive
method could be found.
We are working on these agreements with deter¬
mination and painstaking care,
Discussing Mayor
For
evidence of a slackening
upon
he said.
United
They told him that
"serious".
in industrial and business activity
occurred in recent months, there is no
countries.
Agreement Negotiations, in an article in the New York "Times".
"Practical experience in numerous countries
Mayors conferred breifly
Williams.
The Mayors said that although there is "some
in the precipitious rate of decline
amply demonstrated by
In
avoided
with Assistant PWA Administrator Aubrey
the unemployment situation in their cities was
Even those nations which
The cost to the United States, he said, would be less than the loss now
Asked
also quote:
neither necessary nor
be sold by the Government to exporters,
prices to meet the subsidized competition from abroad.
at
we
was
After their conference with the President the
of goods that
agricultural implements, tools, furniture, shoes, wearing apparel, cotton
goods,
Press
.
"Our Government can place orders for the manufacture
may
city
did not attend.
neighbors—democracy and peace."
LaGuardia pointed out that some nations
Mayor
York
we
York
New
on a large scale was desirable and that New
ready to use $100,000,000.
From the United
Administration
for
more.
.
Much progress has been made,
and we hope
.
prolix on the subject of the trade agreements, hence
I shall try to state the policy concisely—we negotiate with each country on
those articles which are of particular interest to it in its shipments to
the United States and on those of particular interest to us in our shipments
to the foreign land.
We negotiate on the basis of the unconditional mostfavored-nation clause.
There is the policy in a nutshell.
On this basis we are prepared to conclude trade agreements with all
Perhaps I have been
nations of the
world.
Each nation which comes in
and removal of barriers.
widens the scope of
reduction of tariffs
Frank Says Americans Mean to Make Govern¬
Their
"Servant,
Not Their Sovereign"—
Tells New York Bond Club Both Radical and Re¬
Dr. Glenn
ment
actionary Demagogues
Are Abhorrent—Says "New
Liberalism" Has Gone Authoritarian
The
intend to . keep their Government
the sovereign" of their lives, Dr. Glenn
American people
"the servant and not
Frank, Chairman of the Republican Program Committee,
told the Bond Club of New York at a luncheon on April 14.
He declared that this Nation will not embrace the creeds of
•
Financial
2474
Italy, Russia or Germany, nor will it give its loyalty "to any
single-track crusade for an overbearing individualism, a
buccaneering groupism, or a tyrannical, bureaucratic stateism."
The major task of the present generation, Dr. Frank
said; is to make clear the relationship between the individual
citizen, the organized group and the State, as well as to make
it "expressive of the deepest and soundest traditions of the
American spirit."
Now, more than at any time in American history, Dr.
Frank said, we cannot "afford the luxury of the
demagogue,
whether he is a reactionary demagogue or a radical dema¬
gogue in question."
From Dr. Frank's address we also quote in part:
Chronicle
Richard Whitney Begins Sentence of 5 to 10 Years for
Grand Larceny—Ex-President of New York Stock
Exchange Eligible for Parole in About Three Years
Richard
Stock
a
definite groundswell of skeptical
very
have
concern regarding certain trends that
growingly manifest in the ranks of what, for want of a better
been
be called the new liberalism in American politics.
new liberalism, I don't speak solely of the Roosevelt
I am speaking of a school of thought and a school of
action
name, may
When I
speak of the
Administration.
represented
refer.
by the attitudes and methodologies to which
shall
I
bearing his
each
in its
origin
is not
a
or
a
and
phy and to the proceeds of
a
liberal
politics when the reins of power
are
government
given to that
> Speaking with the utmost candor as
or
a
liberal movement in
movement.
American, not
an
the most important single fact about the
as a
partisan, to me
liberalism is that in recent
new
its liberalism has gone authoritarian without
admitting it, and I hope
without fully realizing it.
It has, in my honest judgment, ceased to
be
liberal except in its vocabulary, and this is
why I venture that judgment.
The initial objective of liberalism was to free
men and their
enterprises
from arbitrary political overlordship.
A later objective of liberalism was
to free men and their enterprises from
arbitrary economic overlordship.
But a genuine liberalism must be the relentless foe of
both arbitrary political
power
The
and arbitrary economic power.
liberalism has gone authoritarian in recent
years, not only in its
policies, but in the spirit with which it deals with men and
affairs.
It has
the
on
April 11 in the Tombs 'Prison, New York City,
following day
noted
was
pronouncements with the authoritarian error of
in¬
It has developed the authoritarian habit of
branding every dis¬
senter as heretic and traitor to the national
well-being. It has shown a
growing liking for the authoritarian doctrine of the
leader, only here it is
called "party discipline."
It has the authoritarian belief,
honestly held,
in the all-dominant state as the savior of
mankind.
fallibility.
or
others.
This
The
finally, the
the
advices said:
but it
necessary,
was
he
as
wanted it
liquidating
seeking to liquidate all
or
firing squad, but
at least with
and
he
as
insisted
be.
Meanwhile,
of
in the Federal Court there
over
Whitney
bankruptcy
was some
delay in the filing
schedules.
Reference
to the indictments against Mr. Whitney, to
pleaded guilty, was made in our issue of March 26,
I>age 1975.
District Attorney Thomas E. Dewey filed a
review of the case in the General Sessions Court on
April 9.
Mr. Dewey indicated that he would recommend "a substan¬
tial and punitive sentence" for Mr. Whitney.
In his memo¬
which he
randum
The
Mr.
Dewey said, in conclusion:
investigation by
the District Attorney leads to the conclusion that
by the defendant into ventures outside the field of his brokerage
the entry
business
requiring
the ultimate
was
with
means
the
continuous
of the
cause
which
to
addition
of
large
failure of his firm.
finance such
and
ventures
of
amounts
capital
The defendant had
therefore
resorted
no
the
to
misappropriation of the property of his customers and his friends.
With
full
of
course
knowledge of the
he embarked
consequences
on
deliberate
a
criminal
conduct, covering a period of six years, involving
larcenies, frauds and misrepresentation and the falsification of books and
financial
the
Furthermore,
by
of
reason
amounted to
District
Attorney recommends
punitive sentence.
and
innuendo,
statements.
defendant his conduct has
The
the
positions
held
by
betrayal of the public trust.
a
that the
court
In part, the
to
impose
substantial
a
memorandum also said:
It
liberalism has betrayed the orthodox
authoritarian
new
Mr.
same
not
was
should
sarcasm, and a wholesale indictment of men's motives.
And
was taken to Sing Sing Prison at
his term.
In the "Sun" of April 12
serve
that
Whitney, refusing the offer of his
attorney, Charles H. Tuttle, to make arrangements for him
to make the trip alone, insisted on going like
any other
prisoner and, accordingly, left the Tombs shackled with
increasingly invested its
It has the authoritarian habit of
grand larceny to which he had
...
new
opposition, not with castor oil
was
Ossining, N. Y., to
it
partisan either
a reactionary
concern, because this
liberal, humane and progressive
people.
York
brokerage firm
sentenced in General Sessions Court
April 11 to five to ten years' imprisonment
on
the night of
in its scope, and it is not
stand-pat people; it is
New
the
of
of the
guilty.
The sentences were fixed concurrently on
each count, meaning that Mr. Whitney, if he has a record
of good behavior, will be eligible for parole within three
years, four months after the date of sentencing.
He spent
now
This people is therefore keenly interested in what
happens to the philoso¬
head
plead
it
no sense
former
two indictments of
on
President
former
and
name,
...
This skeptical concern which is nation-wide is in
years
Whitney,
Exchange
in New York
I dislike to speak with the blunt directness that candor makes
necessary,
but I think It must be obvious to everyAmerican who is at all in touch with
the realities of popular reaction that there is today in the United
States
April 16, 1938
is
difficult
fix
precise
a
date
to
mark
the
beginning
the
of
impatience with parliamentary procedure, not by
open protest, but by driv¬
ing again and again for the approval of measures without so
financial
having been read.
the defendant on loans which over the entire
period
aggregated $15,462,000, plus the interest charged against his debt balances,
amounted to $948,126.13.
Only a very small proportion of this amount
much
as
their
for
Respecting these trends, which, in
specting these trends,
a
my
Judgment,
are
indisputable,
re¬
truly liberal, humane and progressive people cannot
sincerity and with the best intentions
but become concerned, for with
every
in the
world, these trends, gentlemen,
objectives of a liberal republic.
are
away
difficulties
From
the
account
As
These trends have resulted in a disturbed
people.
A disturbed people is
hesitant economically, and as a
people, we have to decide which way we are
major
total
interest
his
firm.
paid
.
.
.
by Richard Whitney & Co.
of
for
use
in
on,
by
loans
to go.
the defendant and
the
went
time
ments,
of
1938
to
required
was
from, not towards, the
1931
the
regular Stock Exchange business of the firm.
of the extent of the defendant's commit¬
reason
became
increasingly difficult to make or to renew, and the
financing and refinancing his outside ventures occupied the
business.
Are
to go towards the situation in which
the government will be
afraid of the people, or a situation in which
the people will be afraid of the
government ?
I am afraid we are
we
drifting too rapidly into the latter.
The situation, economic and
political, today calls for very calm intelli¬
gence.
It requires an adjournment of the bitterness
that has been generated
in recent
months, because men do not think responsibly when
they
gaged in smearing their opponents.
sense
of narrow,
happy situation
This is
no
are en¬
time to play politics in the
partisan maneuvering for tactical
advantage.
problem
of
The firm
and
of
portion
as
the
defendant's
time
the
to
exclusion
of
not able to withstand the constant drain
upon
was
his
its
regular
resources,
early
as June 29, 1931, the date of the last articles of copartnership
Whitney & Co., it had a deficiency in working capital of
approximately $950,000.
Thus it is apparent that at the very formation of
the present
partnership in 1931 the firm was hopelessly insolvent on the
Richard
of
basis of
its
actual
working capital.
But that
obtain, gentlemen, only if all groups in both the
political
and economic picture come with clean
hands and open minds and
seriously
consecrate themselves to
finding the policies that will and the policies that
Attorneys for Mr. Whitney and for his defunct brokerage
can
firm
of
Richard Whitney & Co.
filed bankruptcy schedules
at the Federal Build¬
April 12 with Referee Irwin Kurtz
on
will not work to get this economic
machine going again, and then
scrapping
the unworkable policies without
any attempt upon the part of
anybody to
justify plain failures and adopting the workable
policies, regardless of the
source from which
they
ing, listing liabilities for the firm of $7,654,659.50 against
assets of $1,161,345,.69, and, for the convicted broker, liabili¬
ties of $5,646,719.23 with assets of $1,077,432.63.
We quote
The time plainly calls for a very high quality of
impersonal thinking with
only the nation's welfare considered
by statesmen and by economic
continued, in part:
may
be suggested.
^
leaders
alike.
from
the
New
York
Efforts to ascertain
his
Defeat of
Reorganization
Bill
Viewed
firm
were
unsecured,
"Herald
the
exact
unavailing
of
some
amount
the
in
Tribune"
face
of
of
the
a
of
April 13, which
failure
maze
of
of
the broker
loans,
secured
and
and
the
Victory
obligations of the firm, others bearing only Mr.
Whitney's indorsement, and the remainder bearing the joint responsibility
Executive Branch of Government
precise
as
Great
Moral
by New Yoik Chamber of Commerce—
Opposed to Centralization of Autocratic Power in
the
of
and
Speaking for the Chamber
New
York, which took
of
Commerce of the State of
leading part in the fight against
the Reorganization
Bill, Charles T. Gwynne, Executive
Vice-President, made the following comment on the defeat
of the measure:
The defea
being and
We have
a
tribute to the pave
a
reorganization of government
which would simplify the
present unwieldy structure with its
overlapping
and duplication of the work of
economy and greater
centralization
and
autocratic
in
power
of the Government and will
continue to do so.
Now that the
Reorganization Bill has gone the
measure,
it is to
be hoped that Congress
constructive legislation
co-operation
with
will
has
consistently opposed
the
Executive
branch
way
and
a
sound
genuinely
solution of the unemployment
problem, all of which will help to restore
confidence and give industry the
incentive it needs to do its job of
getting the country back on its feet.
of
receivers
President
some
of
the
of
for
grounds
on
who
D.
firm's partners
that
signed
the
New
the
on
company
York
Stock
March
8,
that
the
Exchange
would
not
months.
he
the
a
signed its schedule,
the
sixth, John J.
court writ to set aside the order of adjudica¬
never
a
partner in the brokerage house.
was
schedule
were Mr.
Whitney, S. Kingsley Rodewald,
Mygatt and Daniel G. Conden.
Morgan, Henry D.
Liabilities
claims of
Federal
bonds,
of
as
the
the
in
firm
show
in
bank
due
for
Firm
in
on
bills,
open
'
-
claims
of
$5,785,001, secured
$1,190, and $962 owed the
taxes.
forth
deposits,
$148,075
debts
set
are
of
unsecured
owed to employees,
wages
Governments
firm
$131,818
as
$584,256 in
$196,425
in
promissory
accounts.
stocks
personal
notes
Cash
on
and
negotiable
property,
and
$1,500
securities,
hand
was
and
listed
$1,348.
In
the liabilities
unsecured
State
claims
taxes
The
and
of
of his
of
personal bankruptcy schedule Mr. Whitney listed
secured claims of $620,000, Federal and
$3,638,914,
$22,804,
and
accommodation
(meaning obligations he indorsed
paper
or
in
total
guaranteed
for
amount
of
others).
former
stocks and
broker's
personal assets were set forth as
$784,170 in
negotiable bonds, $240,000 in real estate, $30,000 in bills, notes
due, $500 in cash, household furnishings, animals, automo¬
securities
biles
and
$5,000;
in
State
machinery,
$97,921
of
$.1,867,500,
and
Assets
of the court packing
looking to equitable taxation, closer Government
business
for
$1,359,000
devote itself to
opinion
former
brokerage house, at the time of failure
five
The liabilities
administrative departments and make for
efficiency, but the Chamber
of extreme
the
McManus, having moved for
tion
in
questioned the need of
the
was
of
of pa blic
progress.
never
his
known
Edwin
Reorganization Bill is
It
status
Only
Those
of the
opinion in the American democracy and is
reassuring evidence that there is
sufficient independence in the
Congress to be relied upon to do the right
thing in an emergency, regardless of party
policies or political pressure.
The Chamber feels that a
great moral victory has been
won; that right
and justice have prevailed in a
crusade which had as its
goal the killing
of a measure which a
majority of the people believed dangerous to our
democratic form of government and
against the best interests of national
well
be
a
two;
trust,
farm
implements worth $10,000,
insurance
$2,500.
policies,
$1,000;
bank
debts due him
deposits of
on
$1,261,
open
account,
and
property
Volume
Mr.
Financial
146
Whitney
appeared
April
on
6
Kurtz,
Irwin
before
Federal referee in bankruptcy, to furnish tlata as to his per¬
sonal loans and loans to his firm.
On April 4 Mr. Kurtz
signed
order
an
$18,300
of
possession
to the New York Yacht Club
which were still in the
returning
registered
securities
the day of the
collapse.
Mr. Whitney, testifying before Mr. Kurtz
on March 30, is said to have indicated that in borrowing
$1,682,000 last November from his brother, George Whitney,
of Richard
& Co.
Whitney
on
2475
Chronicle
New York City continued to show a net gain
in forces, the seasonal ex¬
factories
pansion noted in February in both men's and women's clothing
fell
off
upswing
was
busier
were
and
In women's millinery and underwear factories the
considerably.
Most textile mills in Utica
additional workers in the steam and hot water heating
and
last month.
greater than
even
&c., groups heldped to offset layoffs in other
automobile, airplane,
metal industries.
V
;■.
,
firm's
Employment
Payrolls
—5.1
—3.8
belonging
he revealed to the latter the misuse of securities
Rochester
to the
gratuity fund of the New York Stock Exchange.
Securities
The
on
April 6 that it had ordered a public hearing,' under the
Securities Exchange Act of 1934, into the circumstances
The examina¬
surrounding the failure of the Whitney firm.
tion
O.
—3.0
Buffalo
—1.6
+2.8
Syracuse.
—0.7
—1.4
Binghamton-Endicott-Johnson City
—0.5
—2.7
+0.2
+0.2
+ 6.4
■New York City
Utica..
Jr.,
Subsequently
examiner.
trial
conducted at the offices
hearing
the
New
Commission in Wash¬
the
of
Richard Whitney admitted today,
borrowed
had
he
His
their
paid off the
He
he
had,
used
him
$1,082,000
a
he
when
the
he
that
for
breach
this
12,
One
of the
called
the
unwise
New
York
"We
SEC
inquiry
into
his offices at
his
Dick.
a
needs
merging
firm
your
wanted
Two
to
his
run
in
much
as
business
later
years
30-day basis.
a
on
work well,
not
his
This loan
as
own
was
but has bad judg¬
I
wonder
Richard Whitney
& Co."
partner.
the
if you
Cochran that such
Mr.
Whitney
was
of
and
Whitney's seat
April
the basis of
long number of extensions.
a
York
the Stock Exchange
was
sold
on
12 at $59,000.
New
on
State
Factory
Showed Little
Net
Employment and Payrolls
Change from Mid-February to
G.
little net change in employment
and payrolls
of February
to the middle of March, according to a statement made
public in Albany April 11 by Industrial Commissioner
Elmer F. Andrews.
This statement followed a preliminary
tabulation covering 2,051 representative factories throughout
the State, which report each month to the New York State
Department of Labor.
Commissioner Andrews continued:
was
The March period over the last 23 years has shown an average increase
in employment and a gain of about 3.0% in payrolls.
This
March four out of the 11 major industry groups, namely puip and paper,
textiles,
stone,
clay
glass,
and
and
manufactures,
wood
gains of oyer 1.0% and ranging.up to 12.0%.
very
little net change since February.
machinery
group,
The New
March
indexes
reports
York State
77.1.
was
corresponding
the
on
far
as
loss of almost 3.0%
payroll
of the years
average
index
under the
porting factories
were
number of
em¬
direction
of
Dr.
E.
B,
was
These
100.
This month's
on a
of
three
Reductions in Employment
Two
March.
in
seven
of
the
Endicott-Johnson City,
the
greatest
net
this month.
gains
districts,
however,
Shields
&
in
both employment
and payrolls
Utica had
of
any
district
caused by curtailment in men's
and apparatus
clothing factories, although most metal
Electrical machinery
and railroad equipment and repair shops in Albany-Schenec-
showed
mills reported
particularly
heavy
substantial net gains.
reductions,
net
while knit
drastic reductions in
Although most metal and machinery
Syracuse,
most
a
few concerns, their payrolls showed net increases.
metal
and
machinery
factories
changes, which resulted in a small net loss.
chemical factories
shoe
and
Drysdale
Drysdale,
G.
Years—Gayer
&
White, Jackson
Y.
Paul
Co.;
&
Shields,
Dominick
Dominick,
Philip
Dominick;
&
W.
Beane.
of
outside of said
each
years
metropolitan
:
Pigeon, Estabrook & Co., Boston, Mass. ;
Year—Richard
Years—Ralph
of
the
H.
San Francisco, Calif.
of five years—William D.
Cavalier & Co.,
Fund,
Gratuity
for the term
Bros.
Scholle
St'holle,
II.
William
Cavalier,
Trustee
Kay, Richards & Co., Pittsburgh, Pa.;
Newbold's Son & Co., Philadelphia, Pa,
Davis,
Paul H.
Davis & Co., Chicago, 111.;
Richards,
S.
Taylor, W.
Years—Paul
Three
William
William R.
Richmond, Va.
Davenport & Co.,
Newbold
and who shall
area,
firms registered on the Exchange having their
partners in
three
One
C.
be members or non-members of the
Governors, who shall
limited
Nominations
last year were
of
described in the "Chron¬
April 17, 1937, page 2589.
The Nominating Com¬
mittee, consisting of Robert B. Flinn, Chairman; Robert J.
Iiainershiag, Secretary; Thomas R. Cox, Beverley M. Eyre,
William B. Haffner, Ilenry I'icoli and John W. Walters, in
a
statement on the current nominations, said:
icle"
To
of
the
Members
While
report
of the Exchange:
perhaps unusual for a Nominating Committee
is
it
comment
to
circumstances
themselves
unusual
so
in making its
recommendations, this committee believes that
its deliberations were conducted were
to
warrant
this departure from customary
its
on
which
under
as
practice.
These
circumstances
by
and
large
the
its
to lead
as
The
convincingly to the conclusion
the Exchange had
of
approval
of
the
that
the
members
are
given us a clear
Organization
Study
This we have regarded
positive and overwhelming.
evidence
unmistakable
such
members
wishes.
their
to
as
were
the
Committee's report was
complete accord with
in
that they desire
only in
organization and administration, but also in its attitude toward the
of
character
progressive
its
and
recommendations,
Exchange itself as an institution to reflect that character not
public's interest in its affairs.
The Nominating Committee, therefore, conceived of its work as a duty
to the members to see to it that they would have an opportunity in the
elections
to
take another
forward step in applying the prin¬
metal
but
increases in
factories
employment.
in
were
the. clothing
and
only
slight
layoffs in most
concerns.
Binghamton-Endicott-Johnson
Although
reported
There
men's clothing
Almost all
City
millinery
Conway Committee report.
We have adhered to
those
principles, believing that in so doing we would best serve the
members of the Exchange and thus the institution in which we are all so
were
group
in
forth
ciples set
vitally
show
itself
in
the
interested.
Examination
goods
industries in Buffalo reported net losses in employment, caused largely by
curtailing
A.
Exchange,
be general or
principal
places of business outside of said metropolitan area and engaged in a
business
involving direct contact with the public, two for the term of
one year each,
two for the term of two years each, and two for the term
Six
forthcoming
Rochester's employment and payrolls
and machinery industries reported reductions also.
In
Jacob C. Stone, Asiel &
Goldman, Sachs & Co.
Beckers, Spencer Trask & Co.;
Kurt
.
A large part of the net declines in
tady-Troy
Binghamton.
Allen Wardle.
Harding, Smith, Barney &
Co.
Fenner
Russell,
the
New York City had very slight net gains in both forces and
payrolls.
was
Syracuse and
showed net losses of less than 1.0%
R.
B.
Charles
;
Hancock, Lehman Bros,; Robert V.
M.
Years—Robert
mandate
in Most Industrial Districts in March
Gengler
each:
years
that
industrial districts reported net losses in employment
Oliphimt & Co.;
H.
Weinberg,
J.
Year—John
Two
as
Five out of the
Benjamin H.
& Co. ;
Pierce
A.
Curtis.
re¬
of $10,031,662.
Rossiter, Jas.
Years—William
In¬
total weekly payroll
E.
Robert P.
Coleman & Co.;
Joseph Klingenstein, Wertheim & Co.; Robert L. Stott, Wagner, Stott & Co.
Six Governors, who shall be non-members of the Exchange, residing in
the metropolitan area of the City of New York, and who shall be general
or
limited partners in firms registered on the Exchange engaged in a
business involving direct contact with the public, two for the term
of
one year
each, two for the term of two years each, and two for the term
These
as
of Statistics and
Patton.
employing 381,337 workers
70.3.
Jr.,
Boylan, Clement, Curtis & Co.; John A. Coleman, Adler,
the
1925-27
collected and analyzed in the Division
are
formation,
as
.
Bartlett
Harry K. Smith, Shearson, Hammill & Co.;
On the other hand, the metals and
Department of Labor's index of employment for
The
based
are
a net
net
Four other industries showed
of the largest in the State
one
ployees is concerned, reported
reported
five for
each:
E.
Sidney
Three
in New York State factories from the middle
of about 1.0%
each, five for the term of two years each, and
year
Co.;
Two
There
Governors, for the term of one year—-William
Governors, who shall be members of the Exchange, five for the
Years—Joseph D.
Trigg,
Mid-March
Board of
Year—Edward
residing
Mr.
the
of three years
Three
Mr. Wellington
The Exchange
follows:
as
Co. ;
way.
from
modern
in
Jr., A. G. Edwards & Sons.
one
term
Winton
combination
a
time
the first
was
new
nominations
Martin
One
headstrong
This
the Board
the annual
be filled at
to
Brinton, Brinton & Co.; R. Lawrence Oakley, Maynard, Oakley & Lawrence;
&
Whitney borrowed $110,000
Mr.
&
Cochran
him:
Merge Firm
to
Wellington said that he told Mr.
would
partner of Wellington
told
business,
good
with
the
regaining
1932 the late Mr.
or
good
a
disclosed
the testimony of H. G. Well¬
was
very
Whitney,
was
circumstances
Street and
He
it
.
Exchange and
has
He
Refused
Mr.
.
Morgan &
Richard
of
Exchange,
the
.
Wall
23
investments.
consider
would
Stock
the
"Herald
the
partner in J. P.
speculations
highlights of the hearing
love
all
in
ment
term
a
Stock
Wellington disclosed that in 1931
him to
the
Two
the
of
Governor of
a
Mr.
Co.
McC.
to
Exchange,
entire
an
Chairman of
that
advices
the
Board was nominated for one
William McO. Martin of St. Louis was nominated
Fifteen
year,
New Board
Chairman, together with 15 Governors.
listed
he said,
them,
his brother
to
Gay Issues
nominations for
11 announced
of
May 9.
on
election.
for
One
over
concern
resumed
a
election
George Whitney lent
and Mr. Whitney now owes
1931 the late Thomas Cochran,
as
President
at
kept
He
admitted
agreement,
November last
in
collapse of Richard Whitney & Co.
ington,
the
Chairman—Charles R.
as
W.
Governors— Names
of
Pledging Support to
April
on
Governors
history that
the securities
returned
of
$2,897,000.
expressed
five-time
did not.
their
Washington, April
Tribune" said, in part:
today
to
loans.
new
of
he
if
made
was
From
early
asked
was
loan
them
of
more
of
total
but
after
some
him
Co.,
them
return
Martin
Committee
Nominating
Exchange
Nominating Committee of tlie New York Stock Ex¬
change
.
.
and
friends
<
he admitted
months
Notwithstanding
As
three
loans for which he had pledged the securities and taken
owners,
had
.
without security so that he
money
asked by Gerhart Gesell, SEC counsel, whether he had
was
he
few
a
brother George;
from
back.
said
their
and
borrowed
The
agreement under which
an
....
Whitney
securities
+4.6
..
Board
Statement
hearing before the Securities and
a
he broke
him the
gave
securities
owners.
Mr.
to
$650,000 from his
brother, he said,
redeem
at
year
Stock
New
McC.
quote, in part, as follows from the New York "Post":
Exchange Commission, that last
York
Picks
As to the hearing in New York City on April 8 we
ington.
could
.....
...
......
.....i.
begun in New York City on April 8 before Samuel
was
Clark
was
—7.2
Albany-techenectady-Troy
Exchange Commission announced
and
March.' 1938
February to
City
that
are
most
also
as
amended,
of
Governors
;+
the
of
of
list
the
candidates
of
various
interests
\
whom
represented in the list of candidates.
we
and
were
a
we
represented
have nominated will
in the membership
Under the constitution
required to nominate 27 members of the new Board
of the Board.
This is a larger group than a
Chairman
to select at one time.
The
have selected speaks for itself.
It may
he interesting to the membership to know, however, that of the 16 floor
members (including the Chairman) whom we have nominated, eight have
Nominating Committee is normally called upon
character
of
the
group
which
we
2476
Financial
before
never
served
served
than
more
elected, three of
have served
never
full
and
each.
Of
of
the
Of
term.
nominees have
term
one
served before,
Governors,
as
one
our
the
six
and two have served
the
six
eight
others
non-member
Berved
only
Governors,
nominees,
one
be
to
constructive
suggestions,
us
four
have
J.
purpose
would be
of
and Exchange Commission on April 14
appointment of James J. Caffrey as Adminis¬
trator of the New York Regional Office of the Commission.
Mr. Caffrey has been Administrator of the Commission's
Boston Regional Office since March, 1936.
He succeeds
Ernest Angell, who resigned on March 8 to return to the
private practice of law in New York, which was referred to
in our March 12 issue, page 1652.
The SEC also announced the appointment of Hector J.
Dowd as Assistant Administrator and John H. Kelly as
Head Attorney in the New York office.
Joseph P. Rooney
will serve as Acting Regional Administrator in the Boston
The
Securities
announced the
importantly by the fact which
is united in its recognition of its
for
institution.
office.
The Governing:
♦
Committee of the New York Stock Ex¬
change at its meeting on April 13 unanimously authorized
Charles R. Gay, President, to issue the following statement,
which was sent to all members of the Exchange:
Norman
peculiar difficulty, has now completed Its task.
President Roosevelt
since
and sincerity with which 4t has discharged the heavy responsibility placed
Feb. 15.
The retiring members of the Governing Committee, as a group and as
individuals, pledge loyal support and complete cooperation to the new
administration of the Exchange.
of Feb.
Governing Committee of the New York Stock Ex¬
change on April 13 decided to reduce all salaries paid em¬
ployees on a graduated scale ranging from 5 to 12%, effective
today (April 16).
Employees whose salaries are above $15
per week will be affected and no salary will be cut below $15.
Last week the Finance Committee of the New York Curb
Exchange ordered a reduction of salaries for the second time
this year, effective April 9.
All employees earning more than
$25 per week were reduced 10%.
Earlier this year, Feb. 5,
the Exchange cut all salaries over $15
per week from 10 to
15%, as was noted in these columns of Feb. 5, page 836.
It is understood that this
100
W.
A.
new
reduction will affect less than
employees.
^
White to
Club of New York
William
Allen
,■
Speak at 125th Dinner of Economic
White
will
be
on
the
April 26
guest of honor and
a
speaker at the 125th dinner of the Economic Club of New
York, at the Hotel Astor, New York City, April 26.
The
subject for discussion for the evening will be "Can It Happen
Here?"
Speakers are expected to give their views on
whether a dictatorship is possible in the United States.
Other speakers will be David Cushman
Coyle, economic
consultant for the present administration in
Washington,
and George E. Sokolsky, author and lecturer.
The annual
election of officers of the Economic Club will be held at the
Present officers of the Economic
Club of New York are: Paul D.
Cravath,
conclusion of the dinner.
President; David
Presidents; George V. Denny,
Jr., Treasurer, and Robert Erskine Ely, Executive Director.
Members of the executive committee are:
George Blumenthal,
Curtis E. Calder, Louis K. Comstock, H. P.
Davison, W. S.
Farish, Moses H. Grossman, W. Averell Harriman, Malcolm
M. Muir, George W.
Naumburg, E. C. Sams, Arthur Hays
Sulzberger, Frank E. Vanderlip, Jr., Allen Ward well and
the
as
Chairman of the Ameri¬
new
Mr. Davis succeeds to the post left vacant
death of Rear Admiral Cary T. Grayson last
the
in its hands.
The
April 12 announced the appoint¬
on
Red Cross.
can
earnestness
York Stock Exchange Reduces Salaries of Em¬
ployees 5 to 12%—New York Curb Exchange Again
Cuts Employees' Salaries
jv-;
Davis
ment of Norman H. Davis
The membership of the
Exchange is under a debt of gratitude to this Committee for the
H.
Appointed Chairman of American
Red Cross by President Roosevelt—Succeeds Late
Cary T. Grayson
The Nominating Committee of the New York Stock Exchange, facing a
problem of the greatest seriousness and working under circumstances of
New
Appointed Regional Administrator
Regional Office of SEC
Caffrey
New York
personalities
disregard
to
J.
term each.
more
even
Mercantile Commerce Bank & Trust
*
Co. of St. Louis.
This spirit has been of great aid to us in our
altogether and to seek to accomplish
the best interests of the Exchange as a public
public responsibilities.
results which
but
that the Exchange
1938
and three
Naturally, the task of selecting an entire Board at one time (with the
exception of the three public representatives and the President) as against
one-fourth of the membership ordinarily selected by a Nominating Com¬
mittee^ has been a difficult one. The committee has held daily sessions
almost continuously for the last month.
We have heard members of the
Exchange, partners of firms, business men and other persons with no
connection with the Exchange.
We have been impressed throughout not only by the widespread interest
of the membership in assisting our deliberations by their thoughtful and
became clear to
April 16,
William P. Sharpe, Correspondent,
has
one
partners
as
out-of-town
never
Chronicle
Mr. Grayson's
19,
page
1179.
death was noted in these columns
President Roosevelt said that Mr.
Davis, who has held the title of Special Ambasador for the
United States, would continue to be available to the White
House and the State Department in an
advisory capacity.
Mr. Davis was appointed by President Hoover in 1932 as
United States
delegate to the Geneva Disarmament Con¬
ference and in 1933 President Roosevelt named him Chair¬
man
of the American delegation.
He also headed the
American
delegation to
the
London Naval Conference in
1935.
,
Member
Banks
serve
in
District
Group 2 of New York Federal Re
Elect
to
Class
AJ Director—Vacancy
Caused by Death of E. K. Mills
Owen D. Young,
Chairman of the Board of the Federal
Reserve Bank of New York, on April 11 issued a circular
to member banks in the Second Federal Reserve District
calling attention to an election to be held to fill the vacancy
caused by the death of Edward K. Mills, in the office of
Class A Director for the term ending Dec. 31, 1938.
Mr.
Mills, who was President, of the Morristown Trust Co.,
Morristown, N. J., was elected a Class A Director of the
Federal Reserve Bank of New York by members in Group 2,
and this group, comprising institutions with capital and
surplus of $301,000 to $1,199,000 will choose his successor.
Each bank in Group 2 is permitted to nominate a candidate
on or before
May 12 and on May 14 copies of the list of can¬
didates for the office of Class A Director will be mailed to
all banks in
Group 2, and balloting will begin May 16 and
days closing at 12 o'clock noon on May 31.
The ballot must be executed by an officer authorized to
cast the vote.
The banks in Groups 1 and 3 will not partici¬
pate in this election.
Reference to the death of Mr. Mills
continue for 15
was
made in
our
issue of March 12, page 1651.
Sarnoff and Leon Eraser, Vice
Wendell L.
Willkie.
♦
Chamber of Commerce of State of New York Elects
24
to
W. F.
Kurtz, President of the Transylvania Co. of Phila¬
elected President of the Reserve City Bankers
Association on March 30, and Keehn Berry, Executive VicePresident of the Whitney National Bank of New Orleans,
was
chosen Vice-President, it is learned from Associated
Press advices March 30 from Belleair, Fla., to the Florida
delphia,
was
''Times-Union" of March 31.
were
John W.
a
three-year term:
Lang Wharton, Executive Vice-President of the First National Bank of
Dallas.
,
.
Joseph S. Maxwell, Vice-President of the New York Trust Co. of New
York City.
Morton M. Prentis, President of the First National Bank of Baltimore.
Doty, President of the Foundation Co.; Roy S.
DurStine, President of Batten, Barton, Durstine & Osborne,
Inc., and Frank K. Houston, President of the Chemical
San Francisco.
Bank & Trust Co. of New York.
Memphis.
Others elected
were:
T. Rieber, Chairman of the
Board, The Texas Co.
Camille Dreyfus, President, Celanese
Corp. of America
Fletcher M. Montgomery,
President, Hat Corp. of America
Walter P. Jacob,
President, General Bronze Corp.
J. B. Sullivan, Jr., Vice-President of the Crocker First National Bank of
;
Norfleet Turner, Executive Vice-President of the First National Bank of
treasurer will be named
Arthur W. Packard
Annual
President, Payson & Co.
Vice-President, E. Gerli & Co.
Jones, Vice-President, Enna Jettick
Shoe Co.
Charles R. Hebard
Edwin C.
Vogel, Chairman of the Executive
Committee, Commercial
Investment Trust Corp.
York,
savings at
tion
of
on
of
the
sity,
Monetary
in
savings
mutual
banks,
May 4, 5 and 6, to discuss the outlook for
Savings
Banks.
The three-day conference
in
17
States.
About
1,000
delegates
are
Among the speakers announced will be
Kemmerer, Professor of Economics and Director
Bureau
who
depositors
together officials and trustees of mutual institu¬
operating
Edwin W.
Savings Banks to Hold
May 4-6
New York
the annual conference of the National Associa¬
Mutual
will bring
of
in
than $10,000,000,000 of deposits, will meet in
expected to attend.
John E. Gerli,
Buford H.
New
more
A
president.
new
Conference
Representatives
holding
tions
Charles S. Payson,
by the
National Association of Mutual
Clarence G.
Stoll, Vice-President, Western Electric Co.
Ralph T. Crane, Vice-President, Brown, Harriman &
Co.
Benjamin Moore, President, Chelsea-Moore
Corp.
Ralph Dudley, President, Curtis Electric
Corp.
Kenneth P. Budd, Executive
Vice-President, William Iselin & Co.
Thomas Dickson, of Dickson & Eddy
„
O. J. Schroeder, Secretary, is a permanent officer of the Association.
George W. Gerlach, President, Manhattan
Storage & Warehouse Co.
George W. Luft, President, George W. Luft Co.
/
The advices continued:
The following were elected to the Association's Board of Directors for
Harry M. Addinsell, Chairman of the
Executive Committee of the First Boston
Corp.; Robert L.
Clarkson, Chairman of the Board of American Express Co.;
!
City Bankers
Association
Membership
The Chamber of Commerce of the State of New
York at
its monthly meeting on
April 7 elected 24 to membership;
among whom
W. F.Kurtz Elected President of Reserve
will
of
International
address
the
Position—Where
Finance, Princeton
conference
We
Are
on
and
"Our
Where
Univer¬
American
We
Are;
Volume
Financial
m
Going"; General Hugh S. Johnson, the speaker of the eve¬
ning at the banquet, May 5, will talk on the general
nomic
and
eco¬
M. S.
political outlook from his point of view;
Szymaczek, member of the Board of Governors of the Fed¬
eral Reserve
to
means
Federal
Arthur S. Gatehouse, of Gatehouse Brothers, Inc., on
April 14 was elected a Trustee of the East New York Savings
Bank, Brooklyn, N. Y., to fill the vacancy caused by the
death of John Middleton.
♦
System, will discuss what the Federal Reserve
banking,
Home
H.
and John
Loan
Bank
Fahey,
Board
and
of the
Chairman
Chairman
of
the
Board of Directors of the Home Owners' Loan Corporation,
will address the conference
on
the new trend in the
mort¬
field during recent years.
gage
2477
Chronicle
Second Annual Dinner of New York Security
Association to Be Held
Traders'
April 22 at Hotel Astor
F'A large attendance is looked "for at the Secon(TAnnual
Dinner of the New York Security Traders' Association to be
held at the Hotel Astor on April 22, according to Foster
Webster, Chairman of the Dinner Committee.
Last year
there was an attendance of 1,100, including about 250 from
various affiliated organizations throughout the country.
The Security Traders' Association of New York consists of
400 members and represents a cross section of the trading
fraternity of Wall Street.' Among the guests who are ex¬
pected to attend are: Charles R. Gay, President of the New
York Stock Exchange; Fred Moffat, President of the New
York
Curb
Exchange; Ernest Angell; Sherlock Davis,
Assistant Director of the Trading and Exchange Division of
the Security and Exchange Commission; Kenneth C. Hogate,
Editor of the Wall Street Journal, and Ambrose V. McCall,
Assistant Attorney General of New York.
Norman G. Hart, who
Royal Bank of Canada for the past four years,
appointed senior agent for the bank in this city.
Mr. Hart, who was born in Nova Scotia, began his banking
career with the Royal Bank of Canada, at Antigonish, N. S.,
in 1905.
Thereafter he served in various capacities at a
number of branches including Montreal, Toronto, New York
and London, England.
In June, 1919, he became Assistant
Manager of the bank's Paris office. Two years later he went
to Barcelona, Spain, as Manager, and in 1928 was appointed
Manager of the Paris office. He returned to Canada in 1934
to become Manager of the Toronto branch, which position he
now relinquishes
to assume his more important duties in
branch of the
has been
New York.
♦
-
In
condition
its
statement
Bankers
Inc.,
Announces
Appointment of Uniform Practice Committee and
Committee on Quotations for District 13
Conference,
Frank F. Walker, Chairman of the Investment Bankers
Conference, Inc., District No. 13 Committee, announces the
appointment of the Uniform Practice Committee and the
Committee on Quotations for the District.
District No. 13
embraces the States of New York, New Jersey and Con¬
necticut.
The Uniform Practice Committee, which will
deal with the issuance of rulings for uniform trading in and
delivery of securities in the over-the-counter market, will
include the following:
Harry W. Beebe, Chairman, Brown Harriman & Co., Inc.; Clarence E.
—
as
'
of
March
V"'
31,
the
Corn
Exchange Bank Trust Co. of New York City reports total
deposits and miscellaneous liabilities of $301,253,533, and
total resources of $334,973,269, compared, respectively, with
$292,526,346 and $325,972,477 on Dec. 31,1937. Cash items
are reported as $108,948,598, against $97,089,223, and hold¬
ings of United States Government securities as $130,100,000,
against $131,350,000. Capital is unchanged at $15,000,000,
but surplus and undivided profits are increased to $18,309,241
from $18,052,039 at the end of last year.
'
Investment
has been Manager 6f the Toronto
7^—♦—
Fisher, Second Vice-President of the East
River Savings Bank, New York, since 1917, died on April 7
after an illness of several weeks at his home in Brooklyn,
N. Y.
Mr. Fisher started his business career with the firm
of W. R. Grace & Co. and later was a Vice-President of the
Frederick G.
previous to his retirement in 1924.
He was also a
Co., Director of the
Trading Co. of London, Director
Member of the Executive Committee of the Kings
company
President of the American South Pacific
British and South Pacific
and
County Trust Co., Brooklyn, N. Y. and former Vice-Presi¬
and Director of Grace National Bank, New York.
Mr. Fisher had been a Trustee of the East River Sayings
dent
Bank since 1917, and a member of
as well as Second Vice-President.
the Executive Committee
Unterberg, Vice-Chairman, C. E. Unterberg & Co.; Theodore Bernstein.
Carl M. Loeb,
Rhoades & Co.; James Currie, Jr., Hoit, Rose & Troster;
Co.; John C. Montgomery, The First
Herbert M. May, Herbert M. May &
Boston Corp., and J. Lawrence Pagen, Blyth & Co., Inc.
The Quotations Committee, which will deal with the fur¬
nishing of quotations of over-the-counter securities to news¬
and other agencies, will comprise;
papers
Richard C. Rice, Chairman, J. K. Rice, Jr. & Co.; Frederick Barton,
Eastman, Dillon & Co.; Abraham Eller, Salomon Bros. & Hutzler; Louis
A.
Gibbs,
Munds,
Winslow &
Potter,
and Percival J.
Steindler,
P. J.
Steindler & Co.
The
-—♦—
■
■
'ffii
The East River Savings Bank, New York, on April 11
celebrated the 90th anniversary of the granting of its charter
by the New York Legislature on April 11, 1848. The bank
opened its doors on May 22, 1848, at 145 Cherry St. At
first the bank was open three afternoons a week and was
manned entirely by Trustees who volunteered their time to
conduct the affairs of the bank.
On the first day of business
13
accounts
opened totaling $566; today the
were
functions
of both
these committees
formerly
were
sponsored by the New York Security Dealers Association,
but were taken over by the Conference on Feb. 8, 1938,
as noted in our issue of Feb. 12, page 1003.
Frank L. Scheffey is Executive Secretary, Investment
Bankers Conference, Inc., 44 Wall Street, New York.
bank
nearly 189,000 depositors with total deposits as
April 1 of $164,000,000.
The bank's announcement in the matter further stated:
serves
In addition to distributing
during the celebration weeks,
mementos of the Bank
brochure entitled "The First 90
Years,"
all five offices will display exhibits including
miscellaneous displays com¬
and trustees, as well as
memorative of the period
The celebration was
a
of
of the 1840's in New York.
begun at a luncheon given
April 11 at the Main
of the Bank for all employees of
of service. These include William E. Campion, Francis
P. Bosco, William G. Terlinde, Gaetano Zampariello, Andrew Benzoni and
Julius Heynen.
The guests of honor were Mr. Campion who has served the
institution since 1899, and Mr. Van Brunt, Vice-President, Secretary and
Trustee.
Mr. Van Brunt holds the distinction of being the third Secretary
Office, by Joseph A. Broderick, President
30 years or more
ITEMS
ABOUT
COMPANIES,
TRUST
BANKS,
&c.
Arrangements were made April 14 for the transfer of a New
York Stock Exchange membership at $63,000.
The previous
> transaction was at $59,000, on April 12th.
in the 90 years
of the Bank's existence.
*_
^
—
Arrangements were completed April 13 for the sale of a
membership in The Chicago Stock Exchange at $1,700, un¬
changed from the last previous sale.
*—
F* Eli
V
Whitney DeBevoise
was
elected
a
Trustee of the Bank
of New York and Trust Co., New York, on April 12.
Heidelbach, Ickelheimer & Co., New York, private bank¬
in their condition statement as of March 31, show defposits of $3,529,147 and total assets of $7,873,661, the chief
items of the latter being: Cash on hand and deposits in banks,
$2,356,689; United States Government, State and Municipal
securities, $2,020,879, and loans secured by collateral,
$2,462,541. The institution is capitalized at $2,000,000 and
has a surplus of $2,040,699.
ers,
1
Frank E. Wheeler, Vice-President of the Grace
National
Bank, New York, died suddenly in Asheville, N. C. on April
He
10.
was
65 years old.
A native of Brooklyn, N. Y., Mr.
Wheeler had been associated with the Fifth Avenue Bank of
the Nassau National Bank in Brooklyn, the
Union Exchange National
Bank of New York. For a brief time he was a bank examiner
for the New York Clearing House Association.
Mr. Wheeler
New
York,
Hanover National Bank and the
joined the Grace National as Vice-President in January,
1924.
For the last 16 years he had also been an executive of
W. R- Grace & Co., operators of the Grace Line.
Mr.
Wheeler was also a Vice-President and Director of Nitrate
Agencies Co., Inc.
4
jm
'
':i
■
V
it,
.
Bankers
Broad St., New
& Loan Association, 25
York City, has leased the three-story bank¬
Federal
Savings
ing building at the northeast corner of Maiden Lane and
Nassau Street, it was announced on April 11 by C. Harry
Miners, President of the Association at a luncheon in cele¬
organization's 48th anniversary. The building
and will be ready for occupancy
April 25. Mr. Miners states that sudden revival of interest
in home building and home buying have compelled the Asso¬
ciation to enlarge its quarters and facilities.
Our institution,
which was founded in 1890 as the Bank Clerk's Co-operative
Building and Loan Association, has enjoyed a most successful
career.
Beginning with an investment of $1,772 by 292
bank clerks, who set out to help each other buy homes, we
have just ended our 48th year with $4,010,350 in assets and
more than 6,000 members."
bration of the
is
»
,£
The
now
being renovated
'
y-v..
♦
by Gardner Taylor, President of
the First Federal Savings & Loan Association of New York,
of the removal on April 11 of the institution's Savings Division
ArLrLouncement is made
to large new quarters on the ground floor of the RCA Build¬
ing at 30 Rockefeller Plaza. The Mortgage Loan Division,
serving home-owners and other mortgage borrowers, will
remain in the
floor
new
The
of the
Association's original offices on the mezzanine
building.
The proposed opening of the
same
quarters was referred to in our April 2 issue, page 2148.
office of the Savings Division is located at 39 West
new
49th St.,
the RCA
directly accessible from the
Building.
♦
main floor lobby of
Financial
2478
Wissman,
Charles
Vice-President and Secretary of the
Savings Bank, Brooklyn, has been elected Presi¬
dent by the Board of Trustees to succeed the late Manasseh
Miller.
Mr. Wissman, a Trustee of the bank since 1911, is
Prudential
Mr. Wissman has in the
the institution's fourth President.
past served on various of the bank's committees.
elected Vice-President in 1931 and
of the Finance Committee in 1937bank
He
was
appointed Chairman
was
Other officers of the
George Dressier, First Vice-President; Louis P.
Buck, 2nd Vice-President and Comptroller; August Hasenflug, 3rd Vice-President and Secretary, and Dr. Anton F.
Mannel, Treasurer. In addition to Mr. Wissman, the Board
of Trustees is composed o** Louis P. Buck, George Dressier,
William J. Elliott, Charles W. Gans, William H. Gehring,
August Hasenflug, William S. Irish, William It. Miller, Dr.
Anton F. Mannel, Lewis H. Pounds, Walter A. Miller,
Joseph Vollkommer and William H. MacMurray.
are
April 16,
Chroniclt
the opening, directors of the new trust company
Prior to
Mr. Kiesling formerly for several years was
other officers.
head of the
also
Philadelphia loan agency of the RFC and was
Other officers of the new bank include:
of New York City.
Bartlett
L.
President West
(former
«
National Bank,
Ozone Park
press advices from
J.
F.
T.
(April 1) that
of
New
of
York
the
to
Washington, D. C„
O'Connor,
Ozone Park
defunct
(Borough of Queens), N.
Comptroller
April 1 stated:
on
Currency,
the
of
Y.,
announced
Deposit Co.), Vice-Presidents;
E. Robert Trudell Jr. (for¬
Camden
Safe Deposit & Trust Co.),
Treasurer of the
mer
Elmer J. Williams (former Vice-President
and Secretary of the West Jersey Trust Co.), Secretary.
Reference was made to the approaching union of these
banks in our issue of March 19, page 1816.
and
Treasurer,
•
^- v;':^'S;
March 30 the receiver of the Ozone Park National Bank
on
authorized
was
receivership.
to
pay
third
a
dividend of 8%
Norfolk, Va., was changed to the Southern Bank of Norfolk,
an announcement by Harry O. Nichols, Presi¬
dent of the institution.
The "Virginian-Pilot," in noting
according to
this, quoted Mr. Nichols as saying, in part:
We
have
public
their
elected
was
President of the Merchants
National Bank & Trust Co. of Syracuse, N.
April 5,
retired from the presi¬
William II. Kelly, who
but continues with the institution
succeeding
dency
Y.,
the Board
of
Directors,
on
Chairman
as
newly-created office.
a
of
of
the
in
the
lias been
April
Mr.
1889.
6,
Kelley
Democratic State Committeeman
a
born
was
since
May
1807.
9,
He
1910.
to $200,000, consisting of 20,000 shares of preferred stock A
of the par value of $4 each, 1,600 shares of preferred stock B
of the par value of $12.50 a share, and 8,000 shares of com¬
stock of the par value of $12.50 each.
Charles A. Kidder, retired member of the banking firm of
Kidder, Peabody & Co. of Boston, died in Concord, Mass.,
on
April 10 in his eightieth year. Mr. Kidder, who retired in
1929 after 38 years in the banking business, was born in
Boston and was graduated from Harvard
University in 1879.
Shortly thereafter he joined Kidder, Peabody & Co., but
resigned in 1889 and did not rejoin until 1901. He then be¬
came Manager of the firm's transfer
department, an office
he held untii his retirement.
The
largest bank
undertaken
yet
merger
Federal
by the
Deposit Insurance Corporation culminated in the opening
for
business
April
on
Camden, N. J.
The
den
Safe Deposit
Co.,
opens with
000,000
total
through
the
11
new
of
the
& Trust
Co.
The
a
West
Co.,
Trust
Jersey
deposits and nearly $40,made
was
merger
advance of about $12,000,000 by
an
Trust
of the Cam¬
merger
the
and
about $35,000,000
resources.
Camden
new
institution,
possible
the FDIC and
subscription of $3,500,000 of new capital by the Recon¬
Finance Corporation.
The merger has been ac¬
struction
complished without any interruption of business and with¬
out
inconvenience
to
the
customers
All
deposits of the Camden
the
West
Safe
Jersey Trust Co.
either
of
in
the
Stockholders of the two merged banks elected
Board of Directors
institution.
Deposit & Trust Co. and
available
are
bank.
new
temporary
a
April 7.
The official announcement
by the FDIC continued, in part:
The
on
results from
merger
series
a
of
negotiations and conferences between
the hanks and
supervisory authorities.
tion
of
the
FDIC and
Commissioner
The
the
head
of
be
May,
RFC, the
Safe
operated
of
the
by the
and
.
&
Trust
Co.
have
The
taken
by
maintain
The
new
that
will
Corporation
offices
bank
in
will
no
N.
active
maintained
Camden.
consolidation.
in
Six
Camden
in
participa¬
and the State
the
approved
be
in
Trust
home
the
branch
others
and
Co.
and
as
most
regarded
taken
over
by the
orderly
manner
in
an
as
collateral
to
the
to
Reserve System
of
offices
at
Cape
J.
Those
be
Camden
have
will
Co.,
Deposit &
examined.
assets
remainder, to be liquidated
been
will
been
bank
as
addition
have
bank, three
new
Gloucester,
Assets of the. Camden Safe
^
acceptable
bank
new
Deposit
Haddonfield
Trust
In
Federal
Banking and Insurance
office
Camden
will
the
for
facilitate
obligation
its
ad\ance
West
the
liquid
Camden
Jersey
and most
Trust
by the FDIC,
advance.
liquidation
liability
or
of
The
its
the
on
Co.
have
FDIC
collateral.
$12,000,000
made
by the FDIC.
The Corporaton expects to be reimbursed
through liquidation of the assets is has taken over from the two
outgoing
banks.
_
Dle FDIC participated in the Camden merger
the
Corporation in the Banking Act of
given
^
assets
the
of
insured
hanks
Corporation's
losses.
terms of
will
be
the
asked
law
to
on
order
This
July 1,
extend
in
to
facilitate
power
1938.
It
the provision
will
is
at
be
by virtue of the
1935
mergers
to
loan
and
terminated
power
upon
to
the
minimize
under
present
expected, however, that Congress
least
until
friends
have complete facilities
for
the
we
of
any
will continue
banking
and
handling
the
in
the
managmeent
of
to serve
our
customers and
operation
or
the public
heretofore.
As
Norfolk
kind
Mr.
are
Nichols, the officers of the
E.
H.
Church and
(Manager
Assistant
Frank
Southern
W.
Evans,
of
the Ocean
View
Branch),
and
J.
L.
Fleet,
Cashiers.
Announcement
was
made in Cleveland, Ohio, recently of
the appointment of Lewis F.
Laylin
of the Central National
Mr. Laylin, who is leaving the
Laylin & Carr, will take up his new
"Money & Commerce" of April 2, from
department
Ohio.
The New York State Banking Department on April 1
approved plans to increase the capital stock of the Madison
County Trust & Deposit Co. of Oneida, N. Y., from $100,000,
consisting of 8,000 shares of the par value of $12.50 each,
mon
our
The Syra¬
"Post" of April 0, from which this is learned, also said :
bank was opened March 11, 1851.
Mr. Kelley became Presi¬
dent May 2, 1921,
Mr. Melvin has been a director since 1930.
He was
Euclid,
adequately
not
general
that
in
order
did
a
Vice-Presidents; L. T. Smith, Cashier, and Otto X. Ba 11anee
Merchants
at
and
change
no
addition to
of
we
name
transacting
business.
be
manner
same
selected
name
know that
former
our
bank,
commercial
a
new
that
time,
some
is
the
will
bank,
Bank
cuse
born
and
hanking
There
for
this
would
In
Crandall Melvin
felt,
that
signify
to creditors
This dividend, he stated, would distribute $102,400
The receivership has heretofore paid dividends of 05%.
5,500 claimants.
As of April 7, the name of the Southern Savings Bank of
business,
today
Trust
Henry Knepper (former Vice-President of the Camden Safe
"♦
With reference to the affairs of the
Jersey
Co.), John Annis (former Executive Vice-President of the
Camden Safe Deposit & Trust Co.), Stanley T. Wratten
(former Vice-President of the West Jersey Trust Co.), and
The Marine Midland Trust Co. of
Binghamton, N. Y.., on
March 30 wras authorized by the New York State Banking
Department to open and maintain a branch office in Bing¬
hamton after Aprd 1.
National Bank
Vice-President of the Chase
formerly
Ernest
selected
Robert J. Kiesling President and
elected
and
met
1938
July 1, 1940.
Head of the legal
Bank of Cleveland,
law firm of Herbert,
duties on April 15.
which this is learned,
as
also stated:
Mr. Laylin for seven years was Special Counsel in riie
ment of
Columbus, Ohio, and four
General of Ohio.
years was
City Law Depart¬
Chief Counsel for the Attorney-
Before he formed his partnership at Cleveland he was
Counsel for the liquidator of the Union Trust Co. of that city.
Neville Blakemore, Assistant Trust Officer of the Kentucky
Title Trust Co. of Louisville, Ky., for the past four years, on
March 25 became a Vice-President of the First National
Bank of Louisville of which the trust company
is
an
affiliate,
it is learned from the Louisville "Courier-Journal" of Mar. 26.
THE
Curb
CURB
EXCHANGE
market
prices were inclined to move downward
during the fore part of the week due largely to profit taking
following the strong week end close.
Partial recovery was
apparent on Tuesday and many of the market leaders worked
slowly upward. Mining and metal shares were in demand
and there was considerable interest apparent in the industrial
specialties group. Humble Oil was the strong spot of the oil
stocks and there were some modest gains among the pre¬
ferred issues of the public utilities.
Spirited buying and substantial gains all along the line
were the
outstanding features of the curb market dealings
during the abbreviated session on Saturday.
The advances
were
and
more
pronounced
the mining and metal stocks
Co. of America forging ahead 4
among
oil issues, Aluminum
points to 76
while Humble Gil climbed upward 8 points
to 67.
Many popular industrial specialties were higher and
there was a sharp demand for the public utilities.
The
volume of transfers rose to 187,000 shares against 92,000
during the previous short session.
Noteworthy among the
stocks closing on the side of the advance were Pittsburgh
Plate Glass, 834 points to 71; Singer Manufacturing Co., 4
points to 117, and United Shoe Machinery, 434 points to 64.
Mixed prices were in evidence during most of the trading
on
Monday, and while there were numerous gains scattered
through the list during the morning session, many of the
speculative favorites lacked support and gradually drifted
downward and lost a goodly portion of Saturday's brisk
advance.
Newmont Mining was particularly active and
gained 3J4 points at 50; Safety Car Heating & Lighting
moved ahead 5 points to 67, and South Penn Oil advanced
234 points to 34.
Other noteworthy gains were Todd Ship¬
yards Corp., 334 points to 4734; Empire Gas & Fuel 7%
pref., 234 points to 4434> and Standard Cap & Seal Corp.,
2 points to 1534The transfers for the day were 182,275
shares.
Market movements were generally downward during the
morning dealings on Tuesday, and while a partial recovery
was registered
by some of the more active issues, there was a
fairly long list of trading favorites on the side of the decline
as
the session closed.
was
310,
with 79
The total number of shares traded in
advances,
128 declines
and
103
stocks
unchanged.
The transfers were approximately 93.000
shares, against 182,000 on Monday.
Prominent among the
Volume
issues showing
declines
were
2479
Chronicle
Financial
146
Aluminium Ltd., 2M points
to^86; Electric Bond & Share pref., 2lA points to 46; New
Jersey Zinc, 3J4 points to 51; Niles-Bement-Pond, \lA points
to 30; LTnited Gas pref., 5Yi points to 76; Royal Typewriter,
1 point to 35, and Lynch Corp., 1 point to 27.
** The Trend of the market turned upward on Wednesday
manufacturers, merchants and others
abroad will find it advanta¬
Bankers,
interested in trade
to
geous
use our
world-wide banking facilities.
MANUFACTURERS
gains ranging from 1 to 5 or more points were scattered
through the list.
Trading continued light, however, as
interest dropped off toward the end of the session.
Public
utilities were stronger, especially in the preferred group
and there was considerable interest apparent in the mining
and metal stocks and industrial specialties.
Among the
and
FOREIGN DEPARTMENT
BROAD STREET, NEW YORK
55
Member Federal Reserve
Deposit Insurance Corporation
Member Federal
pref., 4 points to 48.
Irregular price movements characterized the
trading on Thursday, and while prices reached
Power 1st
a
brief period, the rally soon
the
from
Country and Monetary
to
72Yi on Friday a week ago; American Cyanamid B at 21,
against 20; American Gas & Electric at 233^, against 21
Carrier Corp. at 22, against 19%; Creole Petroleum at 21%,
against 193-1; Fisk Rubber Corp. at 5%, against 5%; Humble
(new) at 66, against 59; Lake Shore Mines at 50, against
49%; New Jersey Zinc at 52%, against 51; Newmont Mining
Corp. at 53, against 48; Niagara Hudson Power at 6%,
against 6; Sherwin-Williams Co. at 84, against 73%, and
United Shoe Machinery at 67, against 59%.
The New; York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on Good
Oil
Friday.
,
TRANSACTIONS AT THE
DAILY
NEW
•
a
.168428
.168563
.168685
.012450*
.012500*
.012500*
.012500*
.012525*
.012500*
.034816
.034832
.034826
.034825
.034825
.221537
.221943
.222060
.222200
.222737
.223134
Engl'd, pound sterl'g 4.962833
.021895
Finland, markka
4.972041
4.974250
4.977291
4.989458
4.999010
.021958
.021967
.021965
.022025
.022018
Belgium, belga.
lev
Bulgaria,
Czechoslov'ia, koruna
krone
Denmark,
.030700
.031028
.031045
.031472
.031541
.031595
Germany, relchsmark
.401195
.401473
.401625
.401704
.042014
.402255
Greece, drachma
.009085*
.009100*
.009101*
.009103*
.009130*
.009117*
Hungary,
.197775*
.197775*
.197750*
.197775*
.197775*
.197750*
.052605
.052603
.052605
.052605
.052607
.052606
.553675
.554860
.555167
.555207
.556021
.557220
.249347
.249814
.249931
.250077
.250670
.251111
.188500
.188500
.188500
.188600
.188566
.188683*
.044879
.045027
.044962
.045043
.045075
.045283
.007342*
.007321*
pengo
lira
Italy,
Netherlands, guilder-
krone
zloty
escudo
Portugal
Rumania, leu
.007328*
.007342*
.007335*
.007414*
Spain,
peseta
Sweden, krona
.057500*
.057000*
.057500*
.057500*
.057500*
.058125*
.255745
.256229
.256341
.256477
.257070
.257568
Switzerland, franc
.229312
.229689
.229933
.229951
.230178
.230720
Yugoslavia, dinar
.023200*
.023225*
.023290*
.023300*
.023225*
.023280*
A cio
A8I8
—
China—
.270000*
.270000*
.268750*
.268750*
.271250*
.273750*
Hankow (yuan) dol
.270000*
.270000*
.268750*
.268750*
.271250*
.273750*
Shanghai (yuan) dol
.270000*
.270625*
.269062*
.269062*
.270312*
.271562*
.270562*
Chefoo fyuan) dol'r
Tientsin (yuan) dol.
.268000*
.267750*
.265687*
.266187*
.268687*
Hongkong, dollar.
.306906
.307343
.307468
.307625
.308375
.309406
.374378
.374764
.375473
.290737
.374646
.375112
.375343
Japan, yen
.289085
.289192
.289731
.289900
.290444
Straits Settlem'ts. dol
.577500
,578250
.579187
.279250
.580312
.582000
pound
: 3.954312
New Zealand, pound. 3.985375
3.961437
3.964000
3.865000
3.973062
3.982812
British India
rupee..
Australasia—
Australia,
Cuba,
{Number
Foreign
April 15, 1938
Foreign
Government
Corporate
of
Domestic
Monday.
Tuesday.
.
Total
$1,015,000
22.000
1,048,000
22,000
92,525
978,000
5,000
27,000
1,010,008
982,000
46,000
10,000
1,038,000
30,000
1.005,000
954,000
126,640
Thursday
Friday
_ -
-
6 "0.000
$4,915,000
Jan.
1 to April
690.000
1,686,400
13,045,231
52,679,286
$9,701,000
$88,280,000
$167,419,000
94,000
305,000
2,344,000
4,851.000
Foreign corporate.—
107,000
134,000
2,143,000
i'.'.-i-... ■£.. vi.
$5,116,000
$10,140,000
$92,767,000
$177,182,000
CURRENT
—Announcement is made of the
Hoyne,
NOTICE
organization of a new Stock Exchange
& Co. which will conduct a general
Mellinger
investment
Formal opening
will be Monday.
Partners include Thomas Maclay Hoyne II, Everett E.
Mellinger and Henry H. Cone Jr.
The firm are members of the New York
and Chicago Stock Exchanges.
The new firm renews an association between
Messrs. Hope and Mellinger who were originally associated with Colvin
& Co. in Chicago from 1922 to 1927.
In the latter year Mr. Hoyne joined
Stranahan, Harris & Oatis, remaining until late 1930 when Oatis, Hoyne
& Co. was organized.
In 1932 he organized T. M. Hoyne & Co., Inc.,
business with offices at
municipal
and has acted as a
initially associated with the new firm in
executive
in
in
the bank division; Howard A. Emig and Edwin S. Ford in the sales division;
and Stephen Bachar, Gilbert E
Egbert, Norman A. Fuller and John W.
Johnson in the trading division.
All except Messrs. Emig and Ford were
previously with Winthrop, Mitchell & Co.
Messrs. Emig and Ford
previously with T. M. Hoyne & Co., Inc.
■
James A. Kennedy formerly of Colvin & Co. and for the past
were
bond
cashier
of
Winthrop,
Mitchell &
Co.,
has been
several
named
.999166
.234142*
.237857*
.991445
.991406
.991601
.992851
.993024
.330887*
.331325*
.331691*
.331833*
.332283*
.333275*
.058450*
.058825*
.058760*
.058760*
.058560*
.058700*
.051680*
.051680*
.051680*
.051680*
.051680*
Chile,
.051725*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.546450*
.546500*
.546500*
.546500*
.546450*
.546500*
.653333*
peso—official.
'*
"
Colombia,
export
.
peso
.
.653847*
.654558*
.654684*
.655591*
Uruguay. peso
Nominal rate,
a
.657698*
No rates available.
FOREIGN
EXCHANGE
RATES
of Section 522 of the Tariff
of 193 ), the Federal Reserve Bank is now certifying
Pursuant to the requirements
of the Treasury the buying rate for
We
record for the week just passed:
daily to the Secretary
cable transfers in the
give below a
BANK
Preliminary figures compiled by us,
pared with a year ago.
based upon
CLEARINGS
this week will again show a decrease com¬
telegraphic advices from the
chief cities of the
indicate that for the week ended today (Saturday,
April 16) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
country,
28.4% Jielow those for the corresponding week last year.
Our preliminary total stands at $4,729,569,854, against
$6,605,162,310 tor the same week in 1937.
At this center
there is a loss for the week ended Friday of 28.9%.
Our
comparative summary for the week
follows:
"
Per
Clearings—Returns by Telegraph
Week Enaxng April 16
—
—:
-
— -
-
-
-
Philadelphia
Boston
..
__
Kansas City
St. Louis
San Francisco_____
Pittsburgh
—.
Detroit.....
—
_.
Cleveland
Baltimore
Other cities, five days....—
Total ail cities, five
1937
$2,179,658,996
Cent
...
days
All cities, one day__
Total ail cities for week
...
$3,064,342,267
-28.9
202,297,381
296,229,282
-31.7
243,000,000
156,522,434
68,300,577
333,000,000
-27.0
211,319,000
-25.9
-26.5
69,700,000
107,940,000
73,780,711
67,103,935
92,980,632
87,100,000
139,127,000
126,913,848
-22.4
111,203,096
-39.7
69,993,260
44,284.633
New York
Chicago
1938
93,630,421
62,024,917
-25.2
$3,282,581,927
658,726.285
$4,617,870,463
854,023,245
-28.9
$3,941,308,212
788,261,642
$5,471,893,708
1.133,268,602
-28.0
$4,729,569,854
$6,605,162,310
-28.4
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
-20.0
-41.9
-28.6
-22.9
-30.4
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to lie estimated.
In the elaborate detailed statement, however, which we
until
cashier and office manager.
Act
.999166
.230714*
Eleven cities, five days
floor broker during that period.
who will be
capacities include Arthur C. Cooper and Burton Tilden, Co-managers,
the bond division; Donald C. Bauder, manager, and Julius W. Boeckh
years
.999166
.228257*
231 South La Salle St., Chicago.
bonds and which is being dissolved with the
organization of the new firm.
Mr. Mellinger was with Colvin & Co.
from 1922 to 1931 when he went with Winthrop, Mitchell & Co.
He
became a partner of that firm in 1936 in charge of their bond division.
Mr.
Cone Jr. has been a member of the New York Stock Exchange since 1925
specializing in
Others
.999166
.225128*
COURSE OF
4,912,000
firm,
.995481
.999166
Bank clearings
$4,915,000
government..
i
.995372
.990546
dollar.
15
1937
1938
Bonds
Domestic.....—
Total
.994110
$5,116,000
$107,000
894.000
1937
1938
Stocks—No; of shares.
...
.993942
Curb
Exchange
Foreign
4.950000
.993822
HOLI DAY
Week Ended April 15
Sales at
4.013500
4.936770
.999166
—
peso...
rnllreis
Brazil,
*
Total
York
21,000
HOLI DAY
-
4.003958
4.927812
South America-
102,140
.
_.
Wednesday
New
1,004.000
182,125
..... _
.3995941
4.926875
.231785*
peso-....—
Newfoundl'd,
'
$18,000
None
3,995500
.993088
Argentina, peso
$997,000
186,570
Saturday
.3993187
4.924479
North America—
Mexico,
Shares)
.034818
France, franc
Canada, dollar...
Week Ended
$
a
a
a
.168551
.168305
South Africa, pound. 4.913854
Bonds {Par Value)
Stocks
$
Africa—
CURB EXCHANGE
YORK
Apr. 15
Apr. 14
$
a
Poland,
compared with Friday of last week prices were higher,
Aluminum Co. of America closing last night at 73, against
Apr. 13
$
$
.168486
Norway.
As
%
$
Europe—
Austria, schilling
Apr. 12
Apr, ll
Apr. 9
373^.
York
fp-a".i:
Unit
previous close were
Interest continued to center around the mining and metal
stocks as Newmont Mining moved upward 3 points to 51,
and Aluminium Ltd. pref. edged up 2% points to 103.
Industrial specialties were fractionally higher and public
utilities of the preferred group attracted some buying.
Out¬
standing among the advances registered at the close were
Cities Sendee pref., 2 points to 31; Electric Bond & Share
pref., 2% points to 48; Mead Johnson, 4% points to 95;
Sherwin-Williams, 4 points to 84, and Nehi Corp., 2 points
RESERVE
1930'
1938, INCLUSIVE
Buying Rale for Cable Transfers in New
United States Money
Value in
Noun
curb market
higher levels
petered out and the changes
largely in minor fractions.
APRIL 15.
TO
1938,
9,
FEDERAL
UNDER TARIFF ACT OF
BANKS TO TREASURY
APRIL
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
System
Clearing House Association
Member New York
2K points to 26M; Sherwin-Williams, 6M points to 80;
Singer Manufacturing Co., 3 points to 222; United Shoe
Machinery, 3% points to 67%, and Tennessee Electric
London,E.C.3
Office: 1, Cornhill,
European Representative
shares closing on the side of the advance were Consolidated
Gas & Electric of Baltimore, 2 points to 62; Ohio Brass B,
for
COMPANY
TRUST
PRINCIPAL OFFICE AND
different countries of the world.
present further below we are able to give final and complete
for the week previous—the week ended April 9.
For that week there was a decrease of 21.5%, the aggregate
of clearings for the whole country having amounted to
$4,885,014,541, against $6,225,060,757 in the same week in
results
2480
Financial
Chronicle
April 16,
1938
Outside of this city there was a decrease of 18.6%,,
1937.
Week Ended April 9
the bank clearings at
this center having recorded a loss of
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 record a decline of 23.0%, in the Boston
Reserve District of 19.9%, and in the Philadelphia Reserve
District of 25.0%.
The Cleveland Reserve District registers
a drop of 24.3%, the Richmond Reserve District of
13.6%,
and the Atlanta Reserve District of 15.5%.
In the Chicago
Reserve District the totals are smaller by 18.4%, in the
St. Louis Reserve District by 16.2%, and in the Minneapolis
Reserve District by 6.4%.
In the Kansas City Reserve
District there is a loss of 24.4%, in the Dallas Reserve
District of 13.3%, and in the San Francisco Reserve District
of 15.3%.
In the following we furnish a summary by Federal Reserve
We
23.5%.
Clearings at-
group
Inc. or
1937
1938
Dec.
1936
1935
%
Seventh Feder al Reserve D istrict
Chi cago
363,073
+12.9
299,968
400,268
91,632,856
—28.1
2,985,281
1,172,354
—20.3
79,034,253
2,481,143
1,195,948
80,302,687
2,379,321
Detroit..-Grand
Rapids
Lansing
1,118,515
964,942
Ind.—Ft.
Wayne
Indianapolis^.
South Jt>end
—
409,824
65,856,810
Micn.-Ann Arbor
17,038,000
1,298,791
3,893,126
—
—4.6
1,118,469
—13.7
19,309,000
1,534,012
—11.8
Chicago....
267,811,975
Decatur....
850,776
3.206,386
la.—Ced.
19,506,407
1,089,768
Rapids
Des Moines
9,217,657
Sioux City..-
3,887,744
391,429
111.—Blooinington
1,210,579
734,131
—23.9
4,545,662
4,057,806
—4.3
18,570,360
17,426,318
851,131
.
977,757
14,173,000
—15.3
5,112,983
20,378,959
1,091,350
10,119,448
3,475,340
361,747
325,404,981
Terre Haute,
Wis.—Milwaukee
1,910,521
1,020,707
725,377
13,132,000
—0.1
1,035,910
912,678
—8.9
7,135,269
7,156,853
+ 11.9
3,710,464
3,032,130
+8.2
269,849
374,322
—17.7
279,207,844
235,545,779
—0.1
<702,067
689,700
4,125,382
2,664,141
1,024,213
4,137,353
1,230,565
—22.5
Rockford
16.8
978,471
773,504
Springfield
1,186,427
1,537,920
—22.9
1,098,345
1,027,736
401,132,111
491,816,831
-18.4
420,752,271
371,886,658
Peoria
districts:
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
Week End. Aprl
Federal
1st
2ud
3rd
Reserve
Boston.
New
1938
1937
S
9, 1938
S
Dists.
214,112,242
12 cities
York.13
2,907,738,824
Dec,
1936
1936
%
$
f
267,349,509
—19.9
3,776,480,189
—23.0
Eighth Federa I Reserve Dis trict—St. Lo uis—
Mo.—St. Louis.
223,645,792
2,978,604,594
3,492,112,026
PhlladelpbialO
Cleveland.. 5
301,728,901
402,324,763
—25.0
284,508,461
229,999,147
303,790,946
—24.3
298,980,866
212,238,503
6th
Richmond
116,552,817
134,896,228
—13.6
106,330,502
99,771,909
6th
„
Atlanta
6
10
132,046,741
156,319,118
—15.5
113,660,016
Chicago ...18
401,132,111
491,816,831
—18.4
420,752,271
116,910,797
139,527,756
—16.2
9th
Minneapolis 7
90,212,825
96,340,064
—6.4
78,171,403
109,238,369
144,424,646
—24.4
118,194.123
27,606,500
11,769,575
25,919,196
13.394,587
x
x
x
4
11th Dallas
111,303,783
57,824,034
66,713,270
—13.3
50,165,363
—19.1
532,000
490,000
139,527,756
—16.2
113.608,075
111,303,783
245,077,437
—15.3
209,710,929
112 cities
4,885,014,541
6,225,060,757
—21.5
4,996,332,395
2,563,373,015
—18.6
2,113,516,209
1,978,816,424
321,113,592
279,268,515
Canada
32 cities
add
now
our
357,863,655
434,879,368
—17.7
detailed statement
—11.5
2,682,768
—8.9
50,846,628
54,334,106
23,504,282
23,413,656
+ 0.4
21,024,841
2,072,421
2,043,363
19,513,609
1,764,114
N. D,—Fargo
years:
612,303
+ 5.9
597,663
630,146
617,512
639,2y6
—3.4
2,108,503
2,284,872
—7.7
626,468
2,140,163
411,564
2,294,836
90,212,825
96,340,064
78,171.403
82,102', 174
Total (7 cities)
First Federal
Tenth Federal
City
95,517
118,722
—19.5
126,356
130,634
—3.3
120,661
93,246
2,453,306
2,982,731
—17.7
2,652,014
25,438,258
30,714,440
—17.2
31,238.811
2,697,806
—5.6
Hastings...
Lincoln......
1936
1935
Fall River
Lowell
New Bedford.
Springfield
Worcester....
Conn. — Hartford
595,760
1,757,092
+ 7,
1,919,961
3,221,510
14.6
2,334,844
99,724,310
27.7
75,729,229
82,513,988
2,821,780
2.765.726
501,637
642,334
—21.9
574,338
584,008
439,790
801,290
.1
629,876
516,140
229,213,534
194,045,259
183,067,561
109,238,369
144,424,646
—24.4
118,194,123
118,629,116
697,441
341,394
629,657
3,200,819
1,763,267
11,582,482
3,714,616
—23
579,819
1,541,704
32,159,408
—18.
374,163
316,040
662,044
3,665,818
—12.
Total (10 cities)
773,555
—13.
—4.9
1,928,100
—8.5
—9.2
N.H.—Manches'r
8,763,100
658,011
Total (12 cities)
214,112,242
R. I.—Providence
—21.
781,068
394,710
12,758,769
4,020,892
10,792,500
581,340
New Haven
3,390,86i>
1,959,740
1,479,858
180,451,920
101,450
2,751,052
2,546,124
Pueblo
546,995
1,887,125
Mass.—Boston..
—34.
132,830
72,109,839
2,776,490
Wichita......
Mo.—Kan. City
St. Joseph
Colo.—Coi. Sprgs
793,642
—
2,126,273
26,570.675
1,877,021
J 2,380,589
Kan.—Topeka.
or
Dec.
,622,406
Portland
—7.6
640,992
600,354
3,086,783
1,775,543
8,300,578
3,243,311
2,560,870
1,273,257
Eleventh Fede
Texas—Austin...
rai
Reserve
District—Da lias—
2,752,255
8,123,600
960,023
8,198,000
Galveston....
+ 13.2
896,341
Wichita Falls.
267,349,609
—19.9
223,645,792
7,814,964
1,210,225
38,610,640
—15.9
5,809,773
2,312,000
13.0
1,583,000
1,006,499
877,2o2
+ 14.7
683,y42
628,499
3,000,732
3,776,370
20.6
2,267,783
1,786,147
>.713,270
-13.3
50,165,363
42,527,618
5,272,860
1,139,000
York-
8,990,643 + 109.9
—5.8
1,013,156
—12.5
—42.9
212,111.784
Feder al Reserve D istrict—New
1,609,39O
8,004,611
2,011,000
Ft. Worth...
50,133,637
6,733,114
Dallas...
1,408,476
43,664,213
9,646,698
6,345,767
—18.8
.
La.—Shreveport.
Total (6 cities).
N. Y.—Albany..
18,870,960
Binghamton...
954,260
27,800,000
808,369
—19.7
26,900,000
25,000,000
Twelfth Feder
630,140
534,502
+ 17.9
621,743
615,845
Jamestown
633,708
626,231
+ 1.2
476,009
Wash.—Seattle..
Spokane.
2,799,454,672 3,661,687,742
—23.5
—1.0
,882,816,186
6,579,778
—3.4
3,299,546
•520,396
,398,711,565
6,057,731
3,176,715
+55.9
57,824,034
818,062
34,600,000
Elmlra..
Buhalo
New York
Rochester
Syracuse
Westchester Co
7,632,758
3,773,679
7,707,759
3,906,469
4,320,380
+ 1.8
2,610,222
3,055,351
404,181
19,378,998
—13.9
332,675
2,260,690
2,266,445
350,000
Newark.......
4,412,940
4,399,320
347,852
15,796,438
—18.5
Northern N. J.
23,032,097
30,479,980
-24.4
14,679,452
28,610,299
J.—Montclalr
2,830,148
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San
al Reserve D ostrict—San
Franc isco—
Francisco.
29,590,438
35,713,721
17.1
28,674,028
6,976,000
8,247,000
—15.4
7,178,000
894,477
Yakima.....
19,656,730
26,332,080
Conn.—Stamford
N.
Reserve Dis trict— Kans
Neb.—Fremont
Reserve Dlst rict—Boston
Me.—Bangor....
Second
.
Omaha
Inc
1,623,967
648,569
.
Helena
Clearings al1937
+ 1.4
1.882,714
Mont.—Billings
Week Ended April 9
1938
Minn eapolis
2,975,732
64,370,843
S. D.—Aberdeen.
showing last week's
figures for each city separately for the four
—
2,634,025
58,627,513
St. Paui;._...
5,377,527,989
2,085,559,869
Total
Reserve Dis trlct
Minneapolis...
194,665,848
Y. City.....
Ninth Federal
Minn.—Duluth..
42,527,618
207,517,733
Outside N
We
113,608,075
6
Fran..11
12th San
978,199
—8.6
801,649
593,601
26,547,087
11,866,751
3,680,949
3,573,244
118,325,000
29,358,557
17,292,637
-9.6
25,469,603
21,472,490
3+4
13,107,089
12,696,329
4,187,054
4,314,448
138,457,000
12.1
—
3,341,173
120,719,167
7,972,000
3,793,514
17.2
24,807,106
-14.5
3,414,468
2,952,205
Third Federal
2,543,520
1,519,436
1,620,758
—-6.3
1,334,686
1,198,352
1,804,154
2,196,740
17.9
2,748,500
1,420,506
207,517,733
245,077,437
—15.3
209,710,929
194,665,848
San Jose
2,740,197
Reserve Dlst rict—Philad elphia
Pa.—Altoona
388,606
318,431
218,558
1,105,794
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
..
.
Scranton
Wilkes-Barre.
.
York
N. J.—Trenton..
Total (10 cities)
Fourth
413,960
423,424
—23.0
—6.1
—31.9
389,000,000
1,265,708
2,487,349
—24.9
275,000,000
+8.9
905,048
257,188
957.488
319,000,000
1,245,171
—35.2
2,114,060
—16.6
823,861
916,868
1.348,618
2,569,100
1,886,059
3,918,000
—28.5
—34.4
1,091,685
2,251,000
402,324,763
—25.0
284,508,461
328,433,234
1,378,230
1,610,985
790,579
x
50,144,519
74,586,246
—24.8
—38.9
.
—24
88,391,762
—15.6
12,242,200
—10.5
2,489,758
—41.0
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
x
92,839,552
229,999,147
x
134,615,567
303,790,946
x
—31.0
-24.3
48,649,451
70,221,059
11,079,400
1,427,836
x
45,231,700
61,494,615
10,501,400
1,321,959
x
167,603,120
93,688,829
298,980,866
212,238,503
—17.1
220,330
126,841
—22.5
2,249,000
27,043,131
2,082,000
27,973,393
C.—Wash'g'n
Total (6 cities).
116,552,817
134,896,228
Sixth Federal
Term.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nville.
Ala.—Blrm'ham.
Mobile...
Miss.—Jackson..
Vicksburg
La.—NewOrleans
Total (10 cities)
—12.4
—17.9
894,768
1,037,762
—14.8
53,686,539
49,573,085
18,978,828
—11.1
22,236,734
—13.6
106,330,502
x
134,696
30,690,039
132,046,741
Inc. or
1938
Dec.
1936
8
Canada—
1937
%
%
$
-10.2
1,020,767
18,747,000
22,366,023
1,619,045
—19.0
99,771,909
—8.9
-15.9
-31.7
—1.0
-34.1
-13.0
x
2,701,198
12,539,040
39,900,000
949,075
728,828
15,000,000
16,659,084
1,122,527
2,675,364
13,403,859
39,600,000
940,336
776,634
13,115,000
12,860,706
957,594
x
S
121,765,609
165,010,248
—26.2
109,232,301
90,366,551
116,119,216
128,905,864
—9.9
83,491,813
70,487,741
Winnipeg.
48,858,303
51,615,874
—32.0
28,068,00^
41,274,388
Vancouver
19,187,609
21,062,232
—8.9
17,140,378
12,824,503
Ottawa.
23,503,750
26,127,011
—10.0
20,596,549
17,693,406
Quebec
5,688,963
5,914,380
—3.8
4,222,292
Halifax
2,689,303
2,793,203
—3.7
2,168,986
1,901,092
Hamilton.
5,625,347
6,120,362
—8.1
4,008,099
3,334,248
Calgary
4,897,002
6,417,075
—23.7
4,766,935
1,905,490
2,120.019
—10.1
5,768,513
1,616,735
Victoria
1,963,949
1,885,592
+ 4.2
3,346,450
—5.3
4,428,301
3,811,654
1,395,244
1,528,579
2,030,097
3,603,880
2,415,102
Regina
3,340,678
1,837,461
3.168,795
4,597,181
—3.7
4,049,086
2,990,837
376,679
3,879,003
325,817
—1.7
Brandon
+ 15.6
258,265
Lethbridge
464,806
477,505
—2.7
441,143
394,103
1,296,847
1,516,523
—14.5
1.332,251
1,183,203
502,467
771,531
—34.9
465,715
1,060,607
1,087,051
—2.4
773,662
786,826
836,926
821,118
+ 1.9
598,056
508,859
Saskatoon
Moose Jaw
Brantford
2,820,794
253,144
423,792
-12.8
104,906
100,524
-14.2
23,955,358
27,315,319
113,660,016
New Westminster
724,035
667,439
+ 8.5
604,483
605.997
221,813
723,265
241.069
—8.0
232,826
,192,248
697,431
+ 3.7
607,613
555,331
Peterborough
727,442
+ 16.6
Kitchener
1,229,969
1,235,019
—0.4
966,974
840,387
Windsor
2,842,526
3,018,609
—8.3
2,582,616
2,268,559
363,969
336,506
+ 8.2
307,490
Sherbrooke
847,995
563,000
749,508
792,355
—5.4
Kingston
652,968
629,411
+ 3.7
551,767
Chatham
684,499
608,339
+ 12.5
522,599
468,208
Sarnia
544,686
512,126
+ 6.4
504,408
470,277
Sudbury
917,101
881,069
+ 4.1
672,190
730,888
357,863,655
434.879.368
—17.7
321,113,592
279,268,515
Moncton
111,745,336
—15.5
636,627
331,098
634,884
Prince Albert
x
154,537
35,774,205
156,319,118
1935
Medicine Hat
3,571,917
18,221,427
53,400,000
1,444,197
x
377,527,989
978,816.424
Week Ended April 7
Fort William
Reserve Dist rict—Atlant
3,207,344
16,594,586
44,900,000
986,036
827.116
18,551,000
14,747,945
1,407,979
,113,516,209
Edmonton.
Reserve Dlst rict—Richm ond—
359,039
Md.—Baltimore.
-18.6
London
2,722,000
35,811,493
1,486,308
67,694,820
26,822,568
C.—Charleston
—21.5 4,996,332,395
Clearings at-
St. John
297,505
Richmond
085,559,869 2,563,373,015
Montreal.
2,110,000
31,361,971
1,219,970
57,706,978
23,856,393
Va.—Norfolk
885,014.541 6,225,060,757
Outside New York
x
66,051,659
Youngstown...
(112
cities)
x
Toronto
1,468,730
Columbus
Mansfield
Pa.—Pittsburgh
x
409,386
-
10,960,100
Cleveland
total
1.202,537
2,440,000
301,728,901
Grand
2,004,596
948,353
292,000,000
357,819
1,624,091
Feder al Reserve D istrict—Clev eland
Cincinnati..
2,978,604,594 3,492,112,026
449,707
568,917
236,816
1,067,367
Ohio—Canton
D.
+ 1.1
Santa Barbara.
Total (11 cities)
2,907,738,824 3,776,480,189
2,711,323
116,281,505
1,857,286
Stockton......
Total (13 cities)
S.
;>
677,000
116,910,797
Total (4 cities).
118,629,116
x
548,000
Quincy..
82,102,174
10th Kansas City 10
71,500,000
—14.0
—21.5
371,886,658
St. Louis
73,700,000
32,993,676
18,557,080
111,745,336
7th
8th
—15.9
14,575,692
.
111 .—Jacksonville
328,433,234
4th
87,300,000
28,387,105
Teuu.—Mem phis
212,111,784
73,400,000
Ky.—Louis vide..
Total (32 cities)
*
Estimated,
x
No figures available.
506,814
•
499,767
Volume
THE
We
Financial
146
ENGLISH
reprint
Samuel
GOLD
circular of
weekly
the
Montagu & Co. of London, written under date of
STOCK EXCHANGE
LONDON
THE
MARKETS
SILVER
AND
the following from
2481
Chronicle
Quotations of representative stocks as received by cable
each day of the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Apr. 11
Apr. 12
Apr. 13
Arp. 14
British Amer Tobacco.
£326,407,160
on March 23 showing no change as compared with the previous Wednesday.
In the open market conditions were quieter than of late and about
£1,900,000 of bar gold changed hands at the daily fixing during the week.
Although there was a fairly steady demand from the Continent most of the
gold
against notes amounted to
reserve
104/-
47/104/-
Cable & W ordinary...
Canadian Marconi
£6234
£6434
£6334
Central Min & Invest.
£2334
68/9
41/6
£734
47/9
4
Cons Goldfields of S A.
Courtaulds S & Co
De
Beers.
Distillers
offerings were taken for shipment to New York.
Co
-V;
Per Fine Oz.
Per Fine Oz.
140s. lj^d.
March 25...
140s. 2d.
March 30
March 26
140s. Zyd.
Average
...139s. lid.
140s. 1.33d.
140s. 3d.
The following
were
registered from midday on March 21 to midday on March 28:
Exports
Imports
British East Africa
New Zealand
British
Guiana
£4,925,587
143,187
415,713
1,846
Peru
Venezuela.
.....
Other countries
France
Netherlands
Switzerland
,
Soviet Union
Other countries
London
22
Co
Midland
Box
Rand Mines
Rio Tinto
£734
97/—
13/20/—
4/1/6
21/9
136/-
£2234
-
£734
£2234
98/6
13/3
20/6
Al¬
l/5
22/9
136/£2254
63/-
62/6
61/6
£834
£1534
17/92/6
£3534
£3634
Holiday
£834
£1554
£834
£15
17/92/6
Royal Dutch Co
70/42/-
96/12/9
20/4/1/6
22/136/-
136/—
£2234
62/6
£834
£1534
Ry..
17/93/9
16/9
93/134
£37
£37
£434
£434
23/434
37/6
23/9
23/734
37/9
24/23/3
£7
£734
£734
£754
£434
Shell Transport
£434
Unilever Ltd
37/6
United Molasses
24/-
.
37/6
•
24/9
23/734
Witwatersrand
Areas
MONEY HOLDINGS
TREASURY
The
£5,486.333
£9,204,306
The SS. Maloja which sailed from Bombay on
the value of about
Bay
Imp Tob of O B & I..
West
5,501,049
15,436
108,689
119,163
1,136,164
15,111
Belgium
Hudsons
4/£23
£734
Vickere
France
Switzerland
226,820
41,692
22,609
Mexico
68/9
41/-
1/6
Rolls Royce
,
£23
4/-
Roan Antelope Cop M.
United States of America.
£1,470,601
32,316
513,011
10,823
10,822
Australia
Holiday
A
Metal
.
and exports of gold,
the United Kingdom imports
British South Africa
Ltd
Gaumont Pictures ord.
139s. lid.
March 29.
March 24..
March 28..
Ford
107/£6334
4/£2334
70/734
41/9
4/-
h
96/12 /3
20/6
Klectric & Musical Ind.
Quotations:
48/6
48/3
104/-
Boots Pure Drugs
GOLD
The Bank of England
Fri.,
Thurs.,
Apr. 9
March 30, 1938:
following compilation, made up from the daily Gov¬
ernment
statements,
shows the money holdings of the
Treasury at the beginning of business on the first of January,
February, March, and April, 1938:
March 26 carries gold to
£366.000
Jan. 1, 1938
Feb. 1, 1938
Mar. 1, 1938
Apr. 1, 1938
$
Holdings in U. S. Treasury
$
$
$
SILVER
There
sudden
was a
characterized
agreement under
monthly
change from the calm conditions which had recently
Net gold coin and bullion-
the
Net silver coin and bullion
the market when it
which the
The decision
made
statement
done in the
only
course
the
was
more
evidenced
there
outlook
caused
18%d.
nothing that
that
abrogation of the
following the
18Kd.
Mexico had
for
deliveries
months' quotation
occurred
per
Although the price
pounce.
This, together with reports of conversations in Mexico between
Government
which it
little
to be held
and
representatives
United
the
hoped that there would be
was
confidence and
more
some
some
496,763
15,105,485
520,683
5,420.655
6,805,089
8,239,899
7,692,171
5,998,147
8,604,052
7,445,745
Net subsidiary
silver
6,341,825
Cash balance in Treas— 2,092,452,732
account
156,039.431
Treas'y
bonds.
Treasury notes and cer¬
tificates of Indebtedness
775,514.000
208,509,682
16,458,071
30,584,389
1,850,681
2,521,891
180,582,678
Dep. in National banks—
To credit Treas. U. S—
17,367,894
28,432,051
28,285,688
1,976,216
3,130,072
2,720,221
15,079,865
34,364,041
To credit disb. officers.
Cash in Philippine Islands
1,751,548
Deposits in foreign depts.
2,816,504
Net
cash
*
as
Includes
373,381,867
15,522,535
1,697,503
Treasury
in
3,161,905,368 3,133,261,184 3,124,157,839 3,287,287,602
and in banks
149,480,479
183,681,115
189,064,409
Deduct current liabilities.
outlook obscure, particu¬
811,207,000
775,731.000
168,389,919
834,858,000
Dep. In Fed. Res. banks—
146,944,053
2,972.840,959 2,949,580,069 2,974,677,360 3.140,343,549
April 1 $457,562,220 silver bullion and $4,518,082 minor, &c.,
on
coin
Included In statement "Stock of Money."
Unless and until some definite pronounce¬
regard to future policy any forecast as to future move¬
PUBLIC
.COMPARATIVE
impracticable.
DEBT STATEMENT
(On the basis of daily Treasury statements)
The following were the United
Kingdom imports and exports of silver,
registered from midday on March 21 to midday
on
March 28:
Imports
United States of America_a£904,815
Aden and dependencies
a 11,666
£10,762
5,637
Canada
Central .and South America
7,430
Japan
Czechoslovakia
a2,419
6,229
Other countries
43,667
b22,038
7,930
9,105
Belgium
France
Germany.
Other countries
31. 1917,
Pre-War Debt
Gross debt.-----Net bal. in gen.
Gross
debt
fund—-
fund—.
£925,129
Computed
Debt
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
$12.36
capita.
rate of int.
—
$250.18
$129.66
2.395
Gross debt per
£113.398
Lowest Post-War
War Debt
Was at its Peak
net
less
bal. in gen.
When
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
1,118,109,534.76
74,216,460.05
6,829
;/,T;T
Dec. 31, 1930,
Aug. 31, 1919,
Mar.
Exports
Australia
4.196
3.750
Interestbearing debt outstand¬
per annum on
Coin not of legal tender in the United Kingdom,
b Of which
156.039,431
156,039.431
2,137,725.233 2,089,227,924 2,054,472,788
Dep. In spec'l depositories
Available cash balance
buying price for foreign silver.
a
2,293,764,664 2,245,267,355 *2210 512,219
156,039,431
Less gold reserve fund
unchanged.
ment is made with
—
Minor coin, &c
from
Ambassador,
States
Events of the week have rendered the market
is
671,666
15,796,550
503,006
efforts of conciliation, gave
demand from India today enabled prices
larly in view of the uncertainty regarding the United States Government's
ments
585,833
15,117,262
313,718
considerably above London
further reduced to 43 cents yesterday, it was
parity and some offers of silver made to America at the London price were
a
468,803
16,794,520
Net Fed Res. bank notes
received after the close of the market on the previous
news,
foreign silver from 45 cents to 44 cents
accepted.
943.824
Net Federal Reserve notes
yesterday
evening, that the United States Treasury had lowered its buying price for
was
Net National bank notes.
result,
a
as
was
A further fall of 1 J^d. and 1 5-16d.
respective
the
—
1,747,660.257 1,746.660.907 1,711,653,554 1,690,901,985
485,240,920
498,619,541
512,424,052
4b7.867.809
2,021,683
4,424,793
3.149,555
3,645,646
Total cash in Treasury. 2,248,492,163
agreement
shortage of buyers and,
a
fall of ^d. in the cash and ll-16d. in the two
and
official
Net United States notes
~
arrangementT""
tolQ^sd. and 19 7-16d., respectively.
to
making
discontinued from
be
disconcerting in view of the
by the
by general selling and
was a
March 28 that
expropriation of oil properties would cause the
United States to change the silver
bearish
would
Mexico
week previously
a
of her
on
States Government had been
United
purchases of silver from
April 1.
The
became known
£13,333 in coin not of legal tender in the United Kingdom.
ing (percent)
Quotations during the week:
IN
LONDON
IN
NEW
March
YORK
A
Cash
March
24
March
25
March
26
March
28
March
29..
March
30
—
Average
2 Mos.
20^d.
20%d.
-20%d.
_19^d.
._A8%d.
18^d.
19.583d.
Gross
20y*d.
20 1-16d.
20Hd.
19 7-16d.
lSy8d.
18^d.
19.333d.
March
23
45 cents
March
24
was
25
45 certs
ENGLISH
March
26
March
28
March
29-
In general
43 cents
Gross debt per
recorded during the period
MARKET—PER
reported by cable, have been
April 9
Silver, per oz__
18%d.
Gold, p. fine oz.1408.1 Md
Consols, 2H%- Holiday
Mon.,
April 11
18JSd.
140s.
as
$268.98
a$289.91
a$289.17
2.573
—
2.563
2.563
rate
per annum on
ing (percent)
Subject to revision.
CABLE
follows the past week:
Thurs.,
Fri.,
April 12
April 13
April 14
18J*d.
18 15-16d.
Wed.,
£74%
£7 AH j
£102H.
£75
1960-90
Holiday
£112^4
£11234
The
price of silver
£103
VOLUNTARY
£103
£11234
STOCK
ISSUED
Amount
Holiday J
Holiday
£102 %
PREFERRED
$200,000
5—The Baraboo National Bank, Baraboo, Wis
Sold to Reconstruction Finance Corporation.
April
Hd. 139s.l034d. 139s.l0d. 139s. 8d.
£74^
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
•
The
April 15
18 13-10d.
Tuts..
British 334%
War Loan
1938
of Int.
interestbearing debt outstand¬
Computed
daily closing quotations for securities, &c., at London,
Sat..
31,
$32,902,515,740.64 $34,658,056,432.34 $34,415,958,605.93
fund
capita.
NATIONAL
as
March
$34,728,244,042.41 $37,632,733,792.66 $37,556,302,154.55
3,140,343,548.62
2,974,677,360.32
fund...
1,825,728,301.77
Gross debt less net bal.
No quotation
44 cents
!
$4.97^ and the lowest $4.95Md.
FINANCIAL
debt..
Net bal. In gen.
a
The
Feb. 28, 1938,
Last Month
45 cents
March
The highest rate of exchange on New York
from March 24 to March 30
1937,
31,
Year A go
(Per Ounce 0.999 Fine)
(Bar Silver per Ounce Standard
£11234
Apr.
LIQUIDATIONS
$50,000
5—First National Bank in Stanford, Ky
Common stock
$25,000
■
British 4%
States
on
the
BarN.Y. (for.)
U.
per
ounce
days has been:
Closed
42J4
4234
4234
4234
64.64
64.64
64.64
64.64
Holiday
by Stanford State Bank,
Stan¬
37,500
$27,500
stock
10,000
Preferred stock
Effective
D.
Succeeded
6—The First National Bank of Stroud, Okla
Common
64.64
April" I1938"."" Liq? Agent:" Willi am" A." McGough,
Stanford, Ky.
ford, Ky.
Apr.
same
S. Treasury
(newly mined)
Effective
(in cents) in the United
G.
Apr. 2,
Dodds,
1938.
Liq. Agents: George Clarkson and
of Stroud, Okla.
Succeeded by The
both
First State Bank, Stroud, Okla.
2482
Financial
REDEMPTION
CALLS
AND
SINKING
Chronicle
April 16,
NOTICES
list of
a
bonds, notes and 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":
Company and Issue—
,,
Date
■
u
Amer. Investment Co. of III. $2 con v. preference
stock—Apr.
Ames Holden Tire & Rubb. Co., Ltd., 1st mtge. 7s,
1943—May
Page
27
2194
Share
Hamilton Watch Co. preferred (quar.) —
Hancock Oil of Calif., class A & B (quar.)_ —
Class A & B extra
Hartford Times. 5%% Pref. (quar.)
Havana Electric & Utilities Co., 6% cum. pref.
Haverhill Electric Co
-
Holeproof Hosiery, 6 2-3% pref
Home Insurance (quar.)
Extra.
2355
Hormel (Geo. A.)__
1389
2358
1233
2360
1546
1872
Preferred A (quar.)_
Horn (A. C.) Co. 1st prior
pref.
2d partic. pref. (quar.)
1
__
_____
Interchemical Corp., 6% pref. (quar.)
Ironrite Ironer Co., 8% pref. (quar.)__
2373
2211
1403
2049
Knickerbocker Insurance Co
Kobe, Inc., 5%
Kroger Grocery
6% preferred
7% preferred
Lane-Wells Co.
_
_
—
1569
2388
5c
;
pref. B (initial, quar.)
& Baking Co
(quar.)
(quar.)
(quar.)
Lawbeck Corp. 6% pref. (quar.)
Libbey-Owens-Ford Glass.
_____
40c
81H
40c
81H
_
.
Lincoln National Life Ins. Co. (quar,)_
Loew's Boston Theatres (quar.)
15c
___.
—
25c
30c
2c
81H
6c
(quar.)
18Hc
McGraw Electric Co
25c
-
Mclntyre Porcupine Mines (quar.)
McNeel Marble 6% partic. pref.
(quar.)
Mercantile Stores Co., Inc.. 7% pref. (quar.)_.
Merchants & Manufacturers Fire Insurance
Announcements this week.
_
_
__
$6 prior lien stock—______
—
_.
Michigan Public Service 7% preferred
6% preferredMoody's Investor's Service pref. (quar.)
Muskogee Co. 6% cum. pref. (quar.)__._
National Bearing Metals Corp.
7% pref. (qu.)_.
National City Lines. Inc., $3
pref. (quar.)
National Cylinder Gas Co
National Investors Corp. (Md.)
National Money Corp. A (initial)
—
DIVIDENDS
_
Dividends
first
we
are grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
we
show
the
Then we.follow with
dividends
a
second table in which
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are
given under the com¬
Corporation and Investment
pany name in our "General
News Department" in the week when declared.
The dividends announced this week are:
Per
Name of Company
Share
Adams
(J. D.) Mfg. (quar.)
Adams-Mi 11 is Corp
Preferred (quar.)__________-—
_
15c
25c
_
Alaska Packers Assoc. (quar.)
Altorfer Bros., conv. pref. (no action)
—
Aloe (A. S.) Co. (quar.)-_
American Fidelity Co. (quar.)
81%
$1
Apr. 18
Apr. 22
2 Apr. 22
May 10 Apr. 30
May
Apr.
Apr.
Apr.
May
American General Equities (quar.)
15c
10c
_
Appleton Co., 7% pref. (quar.)
Associated Electrical Industries, Ltd.—
Amer. deposit rets, for ord. reg.
(final)
Atlantic City Electric Co. $6 pref.
(quar.)
____
__
36.2c
2 Apr. 21
14
8
15 Apr,
6
2 Apr. 20
Apr.
15 Mar
15 Apr.
15 Apr.
—
-
_
.
23
—
.-
—
(quar.).
Corp. (no action)
Preferred (quar.)
Best & Co., Inc.
May
2 Apr. 12
May 10 Apr. 22
May 20 Apr. 25
May
2 Apr. 20
May 16 Apr. 25
Apr. 14 Apr.
9
Apr. 20 Apr.
9
May
2 Apr. 25
May
Apr. 15
May
Apr. 15
June
May 26
Sept.
Aug. 26
40c
-
Beverly Gas & Electric.
Biddeford & Saco Water Co.
814$
82%
$1
31c
Atlantic Coast Line RR., pref.
(s.-a.)
Atlantic Macaroni Co., Inc.
Atlas Plywood
May
50c
American Stove Co. (reduced)
Holders
May
May
50c
_....
75c
_
(quar.)
Blum, Inc., pref. (quar.)
Brentano's Book Stores, Inc., 11.60 class A
(qu.)
...
Bullock Fund, Ltd....
$1H
31 He
40c
10c
Bunte Bros.,
5% pref. (quar.)
5% pref. (quar.)
5% pref. (quar.)..
Calgary Power., 6% pref. (quar.)
California Water Service Co. 6%
pref. (quar.)..
Canadian Insurance Shares, Ltd.—
Canadian Investment Corp.. Ltd.
(quar.).
Canadian Investment Fund, Ltd
Special
_
—
_
—
_
Carborundum Co. (reduced)
Carman & Co., Inc., class A
Central Tube
May
Apr. 14
May 15 Apr. 30
Apr. 15 Apr.
1
May
2 Apr. 18
May
2 Apr. 16
May
2 Apr. 16
t50e
;___
3c
Chain Store Investment
Corp. $6 4$ pref. (qu.).
Champion Paper & Fibre Co. (no action)
Preferred (quar.)
_
Colonial Life Insurance Co. of Amer
Columbia Gas & Electric Corp..
5% pref
6% pref. A (quar.
—_
_
(quar.)__
Consolidated Oil Corp., $5 pref. (quar.) —
Continental Can Co., Inc., com.
(quar.)
Cooksville Co., Ltd., 5% pref.
______
(quar.)____._
_____
Light—
6% preferred (quar.)
54$% preferred (quar.)
De Met's. Inc., 824$ preferred
Distillers Corp. Seagrams, pref. (quar.)
Dividend Shares, Inc.-____„
Diversified Royalties of America
(quar.).
Equity Fund, Inc. (quar.)..
*.
Felin (J. J.) & Co., Inc.,
7% pref. (quar.)_
Fidelity Fund, Inc....
Firemen's Insurance Co.
(Newark, N. J.)
First All-Canadian Trustee Shares
50c
SIM
tS2M
SIM
SIM
Mar. 31 Mar. 22
June
1 May 14
Apr. 25 Apr.
May
1 Apr.
July
1 June 15
Apr.
8 Apr.
7
May 15 Apr. 20
May 15 Apr. 20
May 16 May
2
June
1 May 15
June
1 May 16
May
1 Apr. 23
M ay 1 6Apr. 30
June 30 June
lc
Apr.
15 Mar. 31
5c
May 16 May
7
Apr. 15 Apr. 11
May
2 Apr. 20
May 14 Apr. 20
25c
(s.-a.)
15c
7 Mc
_
_
17
Apr. 16
Apr. 16
Apr. 25
Apr. 25
Apr. 15
...
.
_______
General Foods Corp. (quar,)__^____
Apr.
25c
_
15
15
May
May
May
May
May
t55c
Freihofer (Wm.) Baking Co.
7% pref. (quar.)..
Fulton Industrial Security 834$ pref.
(quar.)..,.
General BakingCo._
Georgia RR. & Banking (quar.)
Globe & Republic Insurance Co.
(quar.)
SIM
SIM
—__
_._
SIM
68 %c
Nov. 25
S3
______
__
SIM
SI M
Cuban Tobacco, 5% pref
Cumoerland County Power &
_
SIM
S3
SI H
Columbia Pictures Corp. §2% conv. pref.
(qu.)_
Consolidated Oil Corp. preferred
Dec.
SIM
t Ac
tAc
May
May
Apr.
10c
87 Mc
10c
■50c
______
S2M
12Mc
75c
814$
81%
75c
10c
15
2 Apr.
2 Apr.
20
20
1 Mar. 26
May
2 Apr. 15
May
2 Apr. 16
May 16 Apr. 25
Apr. 15 Apr.
1
Apr. 30 Apr. 20
9
1
15
15
30
30
16
16
21
16
21
15
6
2 Apr. 20
1 Apr. 22
2 Apr. 20
5
Apr. 15 Apr.
2 Apr. 15
May
2 Apr. 15
May
6
Apr. 11 Apr.
Apr. 25 Apr. 20
1 Mar. 19
Apr.
June
1 May 10
1 June 17
July
1 July 20
Aug.
Apr. 22 Apr. 12
1 Apr. 20
May
June 15 May 31
May
2 Apr. 26
Apr. 23
May
May
Apr. 16
June 17
July
May
Apr. 25
May
May
Apr. 15
Apr. 30 Apr. 20
May 16 Apr. 22
Apr. 29 Apr. 25
Apr. 29 Apr. 25
1 Apr. 20
May
June
1 May
2
7
Apr. 15 Apr.
May 16 Apr. 30
Apr
Apr. 20
Apr.
6
Apr.
Apr. 15
May
Apr. 15
May
May
Apr. 15
May
2,Apr. 15
2
May 16 May
June
May 14
Apr. 15
May
May
Apr. 16
Apr.
Apr. 11
May
May
May
_ _ _ _ _ _
_ _ _
2c
10c
Apr.
Apr.
Apr.
Apr.
Mar. 31
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
81%
_
__.
81%
—
Noyes (Chas. F.) Co. 6% preferred
t45c
Okonite Co__.
Oliver United Filters class A (quar.)__
814$
conv.
50c
pref. (s.-a.)
...
5%% preferred (quar.).
Patchogue-Plymouth Mills
—.
35c
30c
37 4$c
34%c
Apr.
27 Apr.
1 Apr.
81%
June
1 May
75c
Quarterly
Prentice (G. E.) Mfg. Co.
814$
.___
50c
Procter & Gamble Co. (quar.)
Quarterly income Shares, Inc. (quar.)•__
Quebec Power Co
Republic Investors Fund pref. A & B (quar.)
Reynolds (R. J.) Tobacco
—
—
—
—
—
50c
.—
—
Common B
Apr. 30
Apr. 30
May
2
May
2
May
2
May
2
May 10
May 16
May 16
May
qPX
Penman's, Ltd. (quar.)
—
Mar. 31
31 %c
Pearson Co.. Inc., 5% pref. A (quar.)____._
Peerless Woolen Mills 6%% pref. (s.-a.).__
—
_
—
30c
t25c
15c
60c
_-___
Rich's, Inc. (quar.)
Risdon Mfg. Co. 7% pref. (quar.).
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
60c
50c
May 16 May
May
2 Apr.
Apr. 15 Apr.
May 14 Apr.
May
2 Apr.
May 16 Apr.
May
2 Apr.
May 16 Apr.
May 16 Apr.
May
2 Apr.
Apr.
25c
81%
San Carlos Mill, Ltd
_
20c
—
Schwitzer-Cummins Co. (action deferred)
SI %
SI %
SI
10c
25c
____.
_;
Franklin Fire Insurance (quar.)
Extra A,
•
SI H
SI H
jfquar.)
Northern RR. of New Hampshire (quar.)
Nunn-Bush Shoe 5% pref. (quar.)
Orange Crush, Ltd., 70c.
When
10c
874$c
75c
m3A
t814$
16
15
2
50c
Outboard Marine & Mfg. Co. common...
Pacific Gas & Electric 6% pref. (quar.)
Payable of Record
50c
814$
81?$
7 4$c
20
16
124$c
New Brunswick Telephone Co.
(reduced)
New Process Go
Preferred
t35c
81H
814$
Michigan Bakeries, Inc. (irregular)
____
Michigan Gas & Elec. Co. 7% prior lien stock...
1905
25c
30c
Loew's London Theatres Ltd., 7% pref
Wiles Biscuit, pref. (quar.)
Common (reduced)
Preferred
12Mc
IHc
$m
__
1389
1896
95c
10c
2226
-
12^c
81K
50c
Lorain Telephone Co. (quar.)
Louisiana Power & Light $6 pref. (quar.)
Lucky Tiger Combination Gold Mining
Lumbermen's Insurance (Phila.) (s.-a.)___
Manufacturers Trading Corp. (quar.)
2550
2c
——
1
May
May
May
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
June 20 June
81
_'
2383
2 548
20c
__
__
Loose
2384
2221
2385
1890
May
May
May
May
—
King Oil Co
2544
2383
120
June
—
—
14
June
-
Jewel Tea Co., Inc., common
(quar.)______
Extra
Apr.
Apr.
9
May
2
May
2
May 16
May 16
$1H
SHc
%\H
Kittanning Telephone Co. (quar.)
1722
37 He
50c
2538
2378
2379
2214
2379
2216
63c
t50c
25c
May
2
May 16
$1H
Horne (Joseph) Co.
6% pref. (quar.)
Humberstone Shoe Co., Ltd. (quar.)
Johnson Ranch Royalty (s.-a.)
Kalamazoo Stove & Furnace
Kansas City St. Louis & Chicago RR.
6% pref.
Keystone Custodian Funds, B-2 (semi-ann.)
2378
t75c
— .
2363
2363
1548
2205
1874
1875
2208
2370
....
6SHc
45c
—
(quar.)
1
June
15c
1
June
__
Biltmore Hats, Ltd., 7% preference stock
Caterpillar Tractor Co., preferred stock warrants
June
June
20c
—
_____
__.
Holders
Payable of Record
S1H
25c
^
„
May 14
Apr. 30
City Stores Co. 6% coll. notes, 1944—
Apr. 21
Commonwealth Utilities Corp., 6% series A, 1938
May
1
Consumers Natural Gas Co., coll. trust 6s, 1944
May
1
(W. H.) Davey Steel Co. 1st mtge. 6s
Apr. 20
Denver Gas & Elec. Light Co. 1st mtge. bonds, 1951
May
1
Denver Gas & Electric Co., gen. mtge. 5s, 1949-..
May
1
(Jacob) Dold Packing Co. 1st mtge. 6s, 1942
May
1
Equitable Office Building Corp., 5% debs., 1952
May
2
Framerican Indust. Development Corp.. 20-yr.
74$s 1942 -July
1
Godchaux Sugars, Inc., 1st mtge. 5s. 1947
May
1
(H. L.) Green Co. 7% preferred stock
.May
1
*
Indiana Bloomington & Western Ry., pref. 1st mtge.
4s.Apr. 25
Kansas Power & Light Co. 1st mtge. 44$s, 1965
May
1
Kings County Elevated RR. Co. 1st mtge. 4s, 1949
Apr. 22
Lake Erie Power & Light Co., series C, 1952
May
1
(Glenn L.) Martin Co., 6% notes 1939
May 23
Minneapolis Brewing Co. gen. mtge. 64$s, 1939
June
1
Monongahela Ry. Co. 1st mtge. bonds, series A, 1960
May
1
National Baking Co. 1st mtge. 66, series A & B, 1941
May
1
National Distillers Products Corp. 10-year
44$s
..—May
1
New Orleans Public Service Inc. gen. lien
44$s
May
3
Nor. Indiana Gas & Electric Co. 1st mtge. 6s, 1952
May
1
Northern Paper Mills 1st mtge. serial 5s
May
1
*
Omaha & Council Bluffs St. Ry. Co. 1st cons.
mtge. bds.May
3
Pearl River Valley Lumber Co. ref. inc.
bonds, 1945..-Sept. 1
Pittsfield Coal Gas Co. 1st mtge. 5s, 1952
June
1
St. Joseph Ry., Light, Heat & Power Co., 1st
5s, 1946
July
1
*
St. Louis Rocky Mountain & Pacific Co. 1st
mtge. 5s
May 12
St. Mary's Cement Co., Ltd., 1st
mtge. 6s, A, 1948___May
1
San Diego Water Supply Co. 1st
mtge. 5s, 1955.
May
1
(Robert) Simpson Co., Ltd., 1st mtge. 5s, 1952__
July
1
Spang, Chalfant & Co., 1st mtge. 5s, 1948
May 16
*
Swift & Co. 1st mtge. 3%s, 1950
May 16
.James Talcott, inc., 54$% preferred stock-..
.May
3
Tokheim Oil Tank & Pump Co. 4%
% debs.. 1947
May 31
United States Rubber Co. 1st mtge. 5s, 1947
July
1
Virg nia Power Co 1st 5s, 1942.....^
June
1
(Raphael) Weill & Co., 8% preferred stock
Sept.
1
Wolthausen Hat, Ltd., 1st 7s, 1943
May
2
Appalachian Power Co.. 1st 5s, 1941
*
When
Per
Name of Company
Below will be found
1938
FUND
Securities Acceptance Corp. of Omaha,
(qu.)._.
11
20
20
15
15
25
15
22
15
25
30
30
20
20
16
5
21
1
25
15
25
16
25
25
20
1 Mar. 19
May
2 Apr. 20
May
2 Apr. 20
2
May 14 May
___
Silex Co. (quar.)__
Simpson's, Ltd., 6%% preferredSonoco Products (quar.)
Sovereign Investors, Inc
Sterling, Inc. (quar.)
25c
37 4$c
July
July
June
10
June
10
10c
6% preferred (quar.)
Shareholders Corp. (quar.)
Apr.
Apr.
8
Apr. 30
Apr. 23
25c
—
—
81%
124$c
May
May
Apr.
Mar. 28
lc
May
5c
May
20c
May
May
20c
Texas Hyd/o-Electric Corp.
$3H cum. pref
Union Oil of California (quar.)
May
f25c
Apr.
30c
United Pacific Insurance (Seattle)...-^—:___..
United States Fire Insurance Co.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
814$
Mar.
Mar. 25
50c
May
Apr.
Apr.
Apr.
19
16
Apr.
15
Extra
_
_
_
______
$1H preferred (quar.)
37 4$c
56 %c
Stouffer Corp., $2H class A (quar.)
Super Mold Corp. of California (quar.)
— —
—
(quar.)
United States Plywood
;____
United States Steel 6% class A pref.
(quar.)
Walton (C.) & Co. 8% pref. (quar.).^
__.-_
—
75c
Apr.
—
__.
Woolworth (F. W.) Co. (quar.)
Worcester Salt Co. 6% pref. (quar.)
81
60c
Wheeling & Lake Erie Ry. 5H% Pref. (quar.)..
4% prior lien (quar.)
May
May
May
May
May
May
June
Apr.
25
81%
—.
Wentworth Mfg. Co. $1 conv. pref. (quar.).___.
Weston (Geo.), Ltd., pref. (quar.)
Below
124$c,
Apr.
30
23
23
23
21
25
16
22
May
May
3
82
25c
81%
81%
16
May
1
Apr. 15
Apr. 23
Apr. 23
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.
we
Per
Name of
Share
Company
Abraham & Straus, Inc
374$c
Holders
(quarterly)—L.
(quarterly)
7% preferred (quarterly)....
Amalgamated Sugar. 5% pref. (quar.)
Amerada Corp. (quar.)
American Bakeries Corp. 7% preferred (s.-a.)__
-
—
preferred
American Can Co. (quar.)
June
June
Sept.
Sept. 15
50c
__
American Car & Foundry Co. preferred
Apr. 20
Apr.
5
Apr.
5
50c
Inc. (quar.)_.-
Quarterly.
Quarterly
7% preferred
Mar. 31
May
May
May
Dec.
Dec.
15
81%
81%
81%
.Tune
June
15
Sept.
Sept. 15
Dec.
Dec.
12 4$c
May
Apr.
50c
Apr.
Apr.
16
15*
83 4$
July
May
Apr.
June
15
15c
Extra
Aluminum Mfrs.,
Apr.
Apr.
15c
1
81%
50c
Fund Second
Alabama Power Co. 85 pref. (quar.)
Alaska Juneau Gold Mining (quar.)
Apr.
10c
Administered
7%
When
Payable of Record
;
81
24$%
15
15
15
Apr, 25*
Apr. 16
Volume
Financial
146
Per
Name of
Share
Company
American Cities Power & Light, class A
Payable l-64th share class B, or cash.
American Distilling Co., 5% pref. (s.-a.)
2 Apr. 12
May
Apr. 15
June
May 25
Sept.
Aug. 25
Dec.
Nov. 25
—
(quar.)_
American States Utilities preferred
25c
American Thermos Bottle
$1
$2H
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Archer-Daniels-Midland Co. pref. (quar.)
Argo Oil Co
Associated Telephone Co., pref. (quar.).
$1%
20c
31 He
-
10c
Atlantic Oil Investment
Atlantic Refining Co., conv. 4H% pref. A
Atlas Powder Co. pref. (quar.)
SI
$ 1H
$1%
Ault & Wiborg Propr'etary preferred (quar.)
30c
25c
Bangor Hydro-Electric (quar.)
(quar.)
15c
$1H
Bartgis Bros Co
Beatty Bros.. 1st preferred (quar.)
12Hc
Belding-Heminway Co. (reduced)
Bell Telep. of Canada (quar.)
Beneficial Industrial Loan pref. A (quar.)
Bensonhurst National Bank (quar.).
I$2
87 He
75c
Biltmore Hats, Ltd., 7% preferred
Birtman Electric Co. (quar.)
Preferred
(quar.)
Bloomingdale Bros., Inc
Blue Ridge Corp. $3 conv. pref. (quar.)
Opt. div. lr32 sh. of com. or cash.
Bon Ami Co., class A (quar.)
Class B (quarterly)
Boston Edison Co. (quar.)
Bourjois, Inc., $2M preferred (quar.)
Brewer (C.) & Co., Ltd. (monthly)
British Columbia Telep. Co.—
6% 2d preferred (quar.)
Broadway & Newport Bridge Co. (quar.)
5% preferred (quarterly)
Brooklyn Teleg & Messenger Co. (quar.)
Buffalo Niagara & Eastern Power, 1st pref. (qu.)
Bullock's, Inc., pref. (quar.)
Burroughs Adding/Machine Co
Calamba Sugar Estates (quar.)
California Packing Corp. (quar.)
—
—
1.16 2-3
25c
$1H
18Hc
75c
Apr.
15
6
8
4
20
June 25
12
5
23 Apr.
2 Apr.
May
2 Apr.
May
2 Apr.
May
2 Apr.
May
2 Apr.
May
Apr. 30 Apr.
May
Apr.
Apr. 30 Apr.
Apr. 16 Mar.
Apr. 30 Apr.
20
15
15
11
5
15
30
30
15
15
31
31
20
20
15
5
9
31
9
31
9
15
15
5
5
20
5
5
May 18
Apr. 18
Apr. 15
May
May
July
June 20
Oct.
Sept. 19
Jan.
Dec.
19
May
Apr. 20
June
Sept.
Sept.
May
May
Aug.
Aug.
Dec.
Nov. 10
June
10
10
10
10
Dec.
Nov. 10
May
May
Apr. 20
May
2
May
2
—
Apr.
Apr.
Apr.
Apr.
21
14
9
9
Apr. 14
May 14
Commonwealth Util. Corp. 6H% pref. C (qu.).
June
Community Public Service
Concord Gas Co., 7% preferred
Confederation Life Assoc. (Toronto) (quar.)
Quarterly
Quarterly
Coniaurum Mines (interim)
Connecticut River Power Co., 6% pref. (quar.).
Consolidated Amusement, Ltd. (quar.)
Consolidated Chemical Industries class A (qu.).
Consolidated Cigar Corp. prior pref. (quar.)
Preferred (quar.)
Consolidated Edison of N. Y., $5 pref. (quar.) —
Consolidated Laundries, pref. (quar.).
Consolidated Oil Corp. (quar.)
Consolidated Royalty Oil (quar.)
Coon (W. B.) Co
Preferred (quar.)--Corn Exchange Bank Trust Co. (quar.).
Corn Products Refining (quar.)
Cresson Consol. Gold Mining & Milling (quar.).
Crown Cork & Seal Co., Ltd. (quar.)
Crum & Forster pref. (quarterly)
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Davenport Water Co. 6% preferred (quar.)
Denver Union Stockyards Co. 5H % pref. (qu.)Dentist's Supply Co. of N. Y. (quar.)...
May 16 Apr. 25
May 16 Apr. 30
June 30 June 25
Sept. 30 Sept. 25
Dec.
30c
37 He
S1H
tlK
$1X
20c
5c
15c
75c
75c
2c
25c
$2
50c
31 Dec. 25
Apr. 30 Apr.
June
May
May
Apr.
Apr.
May
May
Apr.
June
May
May
Apr.
May
Apr.
May 14 Apr.
Apr. 25 Apr.
Apr. 30 Apr.
Apr. 30 Apr.
May
2 Apr.
Apr. 20 Apr.
May 15 Apr.
May 16 Apr.
20
16
20
15
June
June
Sept.
2 Apr.
May
May
Aug.
partic. pref.
—
15
15
15
16
July
1
Doehler Die Casting
Dome Mines, Ltd
Domestic Finance Corp. $2 cum. pref.
Dow Chemical Co., common
—
Dunlop Rubber, Am. dep. rec. (final).
Bonus-
Dec. 20
Sept.
Aug. 10
May 18
Aug. 18
Dec.
—.,
June 20
Sept.
(quar.).
May. 20
July
Nov. 18
Apr. 18 Apr.
1
Apr. 20 Mar. 31
May
Apr. 26
May 16 May
2
2
May 16 May
Apr. 27 Mar. 23
Apr. 27 Mar. 23
June 23
Oct.
Sept. 22
Apr. 20 Apr.
8
May
" Apr. 20
June 30 May 31
Apr. 25 Mar .18
May 14 Apr. 30
May
Apr. 11
May
Apr.
4
May
Apr. 15
1
May
Apr.
9
Apr. 25 Apr.
6
Apr. 20 Apr.
2 Apr. 15
May
Apr. 29 Apr. 27
Apr. 29 Apr. 27
May 2 Apr. 23
1
Juiy 11 July
10 Oct.
Oct.
1
May
1
May
2
May
Apr. 20
1
15
May
1
Mar. 15 Mar.
5
—
25
20
Hecker Products Corp. (quar.)
Hercules Powder, pref. (quar.)
—
Apr. 30 Apr.
Apr. 30 Apr.
May 2 Apr.
May 14 May
May 16 Apr.
May 16 Apr.
Apr. 29 Apr.
May 27 May
Hershey Chocolate Corp. (quar.)
Preferred (quarterly)
Hibbard, Spencer, Bartlett & Co. (monthly)--Monthly
Monthly
Hoilmger Consol. Gold Mines, Ltd
Jamaica Water
t$3H
—
Quarterly
QQarterly
Lincoln
.
m
—— — —
——————
PrintlngCoTpreferred"(quar.j
Link Belt Co
Preferred
Loew's
Inc.. pref. (quar.)
30
30
30 Apr.
4
14 Apr. 22
2 Apr. 16
Apr. 15
2 Apr. 15
2 Apr.
2
Apr. 20*
1 Apr. 20*
2 Apr.
8
20 Mar. 31
20 Mar. 31
Apr. 20
May 16 May 10
30c
30c
5c
40%
Mar. 31
June
1 May 10
Sept.
1 Aug. 10
Dec.
1 Nov. 10
May 10 Apr.
Apr. 30 Apr.
May 2 Apr.
5 Apr.
May
June
1 May
Apr. 28 Apr.
June
1 May
Sept. 1 Aug.
,
Dec.
1 Nov.
$1H
June
lJay
$1H
1 May
$1.84 June
1 May
June
34c
|4c June 1 Apr.
1 Apr.
62Hc May
$1H
May
Apr.
toC Apr. 22 Apr.
40c
May
2 Apr.
15c
May
2 Apr.
June 30
S1H
$1H
$1H
$154
25c
25c
25c
14
15
11
15
25
9
21
22
21
10*
10
10*
30
20
20
15
11
11
Sept. 30
Dec. 31
May
2 Apr. 20
May 15 May
5
5
Aug. 15 Aug.
Nov. 15 Nov.
5
15 June
4
June
tiff
Sept.15 Sept.
3
5
15
Dec.
15 Dec.
ih4
May
2 Apr.
12 He
25c
$1
Apr. 25 Apr. 15
$1H
30c
30c
30c
87 He
May
2 Apr. 14
Apr. 22 Apr. 12
May
2 Apr. 20
May
Apr. 26
Aug.
July 26
26
Nov.
Oct.
May
Apr. 14
June
May 14
25c
25c
10c
June 15
July
Apr. 20 Apr.
1
Apr. 26 Apr. 12
May 14 Apr. 29
(quar.)
Lion Oil Refining Co. common (quar.)
Little Long Lac Gold Mines, Ltd
8
8
15
20
20
12
11
15
15
t75c
25c
jtd.
Kootenay Belle Gold Mines, Li "
Kress (S. H.) & Co. (quar.)
Special preferred (quar.)_Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co 7% pref. (quar.).
Landls Machine (quar.)
Quarterly
Quarterly
7% preferred (quar.)
7 % preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Lazarus (F. & R.) & Co
Lehigh Portland Cement Co., com. (qu.)
Lehigh & Wilkes-Barre Corp. (quar.)
Lerner Stores Corp. pref.(quar.)
Lincoln National Life Insurance (Ft. Wayne)
17
$1H
30c
$1H
—
9
3
25
25
19
Dec. 31
Apr.
May
May
May
May
May
May
May
May
Apr.
Apr.
—
Participating dividend
Apr. 18
Apr. 22 Apr.
Apr. 22 Apr.
May 1 Apr.
Apr. 25 Apr.
May 2 Apr.
May
2 Apr.
Apr. 21 Apr.
May 2 Apr.
May
Apr.
June
July
Oct.
Sept.
Jan.
Supply Co. 7H% pref. (s.-a.)._
Jantzen Knitting Mills (quar.)
Preferred (quar.)
15
14
6
14
June 24 June 14
Extra
Holly Sugar Corp. preferred (quar.)
Homestake Mining Co. (monthly)
Horder's, Inc. (quar.)
Horn & Hardart (N. Y.) (quar.)—
Idaho-Maryland Mines Corp. (mo.)
Illinois Northern Utilities, 6% pref. (quar.)
$7 junior preferred
Imperial Life Assurance Co. (Canada) (quar.)-_
Quarterly
Quarterly
Incorporated Investors (irregular)
Indiana Pipe Line Co.
International Cigar Machinery
International Metal Industries 6% cum. pref—
6% conv. pref. series A
Internat'l Nickel Co. of Canada preferred
Internat. Utilities Corp. $7 prior pref. (quar.)..
$3 H prior preferred (quar.)
—
Interstate Dept., Stores, pref. (quar.) —
Iowa Electric Light & Power, 7% preferred. — - 6H% preferred B
6% preferred C
Iowa Union Electric Co., 6% pref. (quar.)
Iron Fireman Mfg. (quar.)
Quarterly
Quarterly
Island Mountain Mines, Ltd
Jacobs (F. L.) Co., stock dividend
Kirkland Lake Gold Mining
1
25
Apr. 15
Hawaiian Agricultural Co., (mo.)
Hawaiian
Pineapple
-
Klein (D. Emd) preferred (quar.)
Kokomo Water Works Co. 6% pref. (quar.)
20
20
19
22
Oct.
May
—
16
30
30
10
11
20
25
25
Hat Corp. of America pref. (quar.)
Hawaii Consol. Ry. preferred A (quar.)
Gunmar Gold Mines, Ltd
Harbison-Walker Refractories Co pref. (quar)
Hartford Electric Light
—
21
4
15 June
June
Apr.
Apr.
Apr.
Apr.
2 Apr.
$1H
June
--■
35c
40c
$15%
Nov. 19
June
15c
35c
Quarterly
Green H. L. Co. (quar.)
Preferred (quarterly)
7% special preferred (quar.)
7% special preferred (quar.)
Kendall Co.. cumul. & partic. pref. ser. A (qu.
Participating preferred A
Dec.
_.
9Hc
9 He
Kemper-Thomas, 7% special pref. (quar.)
Oct.
1
Oct.
Dec. 23 Dec. 23
(semi-ann.)
Class B (initial)
Great Lakes Engineering Works (quar.)
Great Southern Life Insurance Co. (quar.)
16
1
2 Apr. 20
June 15 June
May
Corp., $5 preferred (quar.)
Kaufmann Dept. Stores
June 30 June 20
May
-
General Metals Corp. (quar.)
General Mills, Inc. (quar.)
15
Jan.
Pepper Co. (quar.)
Quarterly
Quarterly
Preferred (quar.)
1
July
Semi-annually
(quar.)
Glen Aid en Coal (irregular)
Goldblatt Bros. (opt. div. stock or cash)
Gotham Credit Corp. (N. Y.) class A (quar.).-
30
6
May
July
May 21
Apr. 15
Apr. 11
June
(quar.)
Dr.
Preferred
6
20
20
21
Nov.
_ _
General Crude Oil Co. (initial)
General Electric Co_
8
Apr. 20 Apr.
Sept.
Aug.
May
Apr.
Aug.
July
$2H prior preferred (quar.)
82H prior preferred (quar.)
Froedtert Grain & Malting Co., Inc.—
Participating conv. preferred
Fuller Brush 7% pref. (quar.)
7% preferred (quar.)-Gardner-Denver Co. common (quar.)-
Mar. 31
Nov. 15 Nov.
(quar.)
Canadian Industries. Ltd., A & B (quar.)
Canadian Tube & Steel Products, 7 % pref
Carolina Clinchfield & Ohio Ry. Co. (quar.)-.-.
Central Hudson Gas & Electric (quar.).
Stamped certificates (quar.)
Central Investors Corp. (reduced)...
Central New York Power preferred (quar.)
Central Power & Light 7% pref...
6% preferred
Central & South West Utilities, $7 prior lien
$6 prior lien
C C C & St. Louis Ry. preferred (quar.).
Centrifugal Pipe Cor^>. (quar.)
Quarterly
Quarterly
Century Ribbon Mills pref. (quar.)
Cerro de Pasco Copper
Cincinnati Sandusky & Cleveland RR. pref
Cincinnati Union Terminal 5% pref. (qu.).
5% preferred (quar.)
5% preferred (quar.)
City Water Co. of Chattanooga 6% pref. (qu.)_Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly).
Cluett, Pea body & Co
Coast Breweries, Ltd. (quar.)
Coca-Cola Bottling Co. (St. Louis) (quar.).
1%
8
Apr. 25 Apr. 16
July
1 June 18
Oct.
1 Sept. 17
Jan.
3 Dec. 24
May
2 Apr. 15*
June 30 June 15
June 10
July
Oct.
1 Sept. 10
Apr. 22 Apr. 10
Apr. 30 Apr. 20
Apr. 30 Apr. 20
May
Apr. 15
Apr. 25 Apr. 15
Apr. 25 Apr. 22
May 16 Apr. 22
Apr. 20 Apr.
5
June 30 June 23
June 22
July
General Telep. Allied Corp. $6 pref. (quar.)
Gillette Safety Razor pref. (quar.)
Gimbel Bros., preferred (quar.)
Apr. 16
Mar. 31
June
Apr.
June
July
May 16 Apr.
May 16 Apr.
Oct.
1 Sept.
Apr. 30 Apr.
Apr. 25 Mar.
Apr. 16 Mar.
May
2 Apr.
May
2 Apr.
Apr. 30 Apr.
Apr. 16 Apr.
Apr. 20 Apr.
May
2 Mar.
Apr. 20 Apr.
Apr. 20 Mar.
Apr. 30 Apr.
May
2 Apr.
May
2 Apr.
Apr. 20 Apr.
Apr. 20 Apr.
Apr. 30 Apr.
May 16 May
Aug. 15 Aug.
Preferred
Diamond Match Co
First Security Corp. of Ogden. cl. A & B (s.-a.)_
Fisk Rubber Corp. preferred (quar.)
25c
87 He
50c
12
Nov.
■
2
16 May
25 Apr. 20
May
May
May
2 Apr.
Apr. 25 Apr.
Apr. 25 Apr.
May
2 Apr.
May
Apr.
Oct.
Sept.
Oct.
Sept.
June
May
May
Aug.
Ford Motor of Canada, 5H% pref. (semi-ann.)
Franklin Rayon Corp.
prior pref. (quar.)
30 Apr. 15
30 Apr. 15
June
Payable of Record
-
General Motors
—
Quarterly
Quarterly, j
7% preferred (quar.)
7% preferred (quar.)..
7% preferred (quar.)
Derby Oil & Refining preferred
Detroit Hilisdale & Southwestern (s.-a.).
Empire & Bay State Teleg. Co. 4% gtd. (qu.)..
$1
Empire Casualty (Dallas) (quar.)
25c
25c
Quarterly
25c
Quarterly
Employers Group Assoc.. (quar.)__
25c
Emporium Capwell Co. 4H% pref. A (quar.)__
56 He
4H% preferred A (quar.)
56Hc
4H% preferred A (quar.)
Eureka Pipe Line Co
Fansteel Metallurgical Corp., $5 pref. (quar.)-_
S1H
Farmers & Traders Life Insurance (Syracuse)
82 H
Quarterly
$2H
Federal Mogul Corp.
10c
Federated Dept. Stores
25c
Preferred (quarterly)
$ 1.06H
Fibreboard Products. Inc., 6% prior pref. (qu.)_
$1H
Filene's (Wm.) Sons Co
25c
Preferred (quar.)
$1.18H
Fire Assoc. of Philadelphia (s.-a.)
$1
23
Apr. 15
May
Apr. 15
May
Apr. 25 Apr. 15
5
June
May
May
May
May
*1H
-
Firestone Tire & Rubber Co
First National Bank of Jersey City (quar.)-- -First National Bank (Toms River, N. J.) (qu.)__
May 14
Apr.
ttlH
S1H
$1H
$1H
$1
11
12
20
15
6
June 30 June 30
75c
Cambria Iron Co. (semi-annual)
Commonwealth Edison Co.
15
8
14*
15
15
16
Apr. 20
May
May 16 Apr. 16
May
2 Apr. 15
$1H
$2H
SI H
Canada Iron Foundries, Ltd.,
Commonwealth Investment Co
_
June 25
July
July
Apr.
Apr.
May
May
Apr.
$1
62 He
$2
68He
(quar.)
pref. (quar.).
Canada Northern Power Corp., Ltd. (quar.)
7% cum. preferred (quarterly)
Canadian Bronze Co., Ltd., common (quar.)
Apr. 25 Apr.
May
2 Apr.
Apr.
May
May
Apr.
Apr.
May
May
Apr.
May
Apr.
May 31 May
Apr. 30 Apr.
Apr. 16 Apr.
May
Apr.
(E.I.) & Co., $4H Pf. (qu.)
Debenture stock (quarterly)
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.).
...
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
Holders
When
Share
Dominion Tar & Chemical, pref. (quar.)
May
25c
$1M
$1M
SI M
25c
$1H
20c
30c
37 He
20c
50c
50c
$1%
: f68Mc
-
Preferred
Per
Name of Company
du Pont de Nemours
Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly).,.
7% preferred A (quarterly)
American Equitable Assurance (reduced)
American Gas & Electric Co. pref. (quar.)
American Home Products Corp
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry
American Ship Building Co.
American Smelting & Refining Co
Barnsdall Oil Co.
Holders
When
Payable of Record
37 He
American
Preferred
2483
Chronicle
2484
Financial
When
Per
Name of Company
Share
Little Miami RR., special guaranteed (quar.)--
June
—
—
July
1 Sept. 21
3 Dec. 24
Jan.
Apr. 20
May
Mar. 19
2 Apr.
June
14
Sept.
Sept.
Dec.
Nov. 21
Dec.
(quar.).—
Extra
(quar.)
Extra
Lord & Taylor, 2nd pref. (quar.)
Louisville Henderson & St. Louis RR
May
May
Aug.
Aug.
Nov. 21
June
i
5% refunding participating pref.
1 June 21
Oct.
.
5% refunding participating pref.
10 Nov. 25
10 May 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
.........
Extra
10 May 25
Sept. 10 Aug. 25
Dec.
.
20
20
20
20
May
Apr. 16
Aug. 15 Aug.
1
Aug. 15 Aug.
1
July
1 June 21
Oct.
1 Sept. 21
...
5% preferred (seml-ann.).
Lunkenheimer Co., 6)4% preferred (quarterly).
6M% preferred (quarterly)
6J*% preferred (quarterly)
Lyon Metal Products, Inc., 6% pref. (quar.)..
McCall Corp. (quar.)..
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)..
McCrory Stores Corp. preferred (quar.)
McKenzie Red Lake Gold Mines, Ltd
McLellan Stores Co., pref. (quar.)
Mabbett (G.) & Sbns 7% 1st & 2d pref. (quar.).
Magnln (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)
Jan.
1 Dec. 21
May
2 Apr.
May
2 Apr.
May 31 May
Aug. 31 Aug.
15
15
30
30
Nov. 30 Nov. 29
May
1 Apr.
26 Apr.
May
1 Apr.
July
1 June
May 15 May
Aug. 15 Aug.
11
30
Nov. 15 Nov.
5
7
Messenger Corp. (interim)
Metropolitan Storage Warehouse Co..
Apr.
Apr.
May
May
May
May
May
May
May
Mid-Continent
June
Preferred (quarterly)
Marconi International Marine CommunicationAmer. dep. rec. for ord. reg. (final)
...
Massachusetts Investors Trust
Maytag Co. $3 pref. (quar.)
1st $6 pref. (quar.)
Melville
Shoe
Preferred (quar.)
Merchants Refrigerating Co. 7% pref. (quar.)..
Petroleum
Milwaukee Elec. Ry. & Light Co. 6% pf. (qu.)._
Monmouth Consol. Water $7 preferred (quar.).
Monsanto Chemical Co. $4 H class A pref. (s.-a.)
Montana Power Co. $6 preferred (quar.)
5
5
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
May
June
1 May
1 Apr.
15
15
15
15
23
30
18
2
15
2
10
12
May
Apr. 30 Mar. 31
1 July
July
1
Oct.
1 Oct.
1
Jan.
...
2 Jan.
2 Apr.
2
Morrs & Essex Extension RR, (s.-a.)
Morris Plan Insurance Society
(quar.).
May
Quarterly...
Quarterly
Munising Paper Co. 5% 1st preferred (quar.)..
Mutual Chemical Co. of Amer. 6% pref. (qu.)_.
6% preferred (quar.)
6% preferred (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
National Casket Co., Inc. (semi-ann.)
National Distillers Products (quar.)
National Funding, class A & B, (quar.)
Sept.
22
1 May 27
1 Aug. 27
Dec.
1 Nov. 26
May
2 Apr.
June
Class A and B (extra
National Lead Co. pref. B (quar.)...
National Paper & Type. 5% pref. (seml-ann.)
National Power & Light, $6 pref. (quar.)
New York Merchandise Co.
28 Dec.
June 15 June
Dec.
Apr. 20
Mar. 31
2 Apr. 22
Aug. 15 July 30
2 Mar. 28
May
—
June
1 May 20
1 Apr. 15
May
June
(quar.)
1 May 16
2 Apr. 20
May
Apr. 30 Apr. 15
May 16 May
2
Aug. 15 Aug.
1
Nov. 15 Nov.
(quar.)
(quar.)...
Northern States Power (Del.) 6% pfd. (qu.)
7% preferred (quarterly)
Northwestern Yeast (liquidating)...
2d preferred (quar.)
Pacific American Fisheries, Inc.
Pacific Finance Corp.
I!
pref. (semi-ann.)....
(quar.)
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Cordage Co. (quar.)
Pollock Paper & Box Co. 7% preferred
7% preferred (quar.)
7% preferred (quar.)
12
12
15 June
55c
55c
June
$1X
June
$1H
tSIM
t$lK
32 Kc
25c
Philadelphia Electric, $5 pref. (quar.)...
Common (quar.)
Piedmont & Northern Ry.
(reduced)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pitts. Ft. W. & Chicago
Ry. 7% pref. (quar,)..
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
~~
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
;
15
Apr. 22
May
2
May
2
May
2
May
2
Apr. 20
May 12
May
2
May
2
May
2
Apr. 30
May
2
May
2
May
2
May 16
May
2
May
May
May
May
May
75c
7% A preferred7% A preferred...
7 % A preferred
Potomac Electric 7% pref. (quar.)
6% preferred (quar.)
Dec.
June
16Hc
...
(s.-a.) _II.I
Pennsylvania Power Co., $6.60 pref. (mo.)
$6.60 preferred (monthly)
$6 preferred (quar.).
Peninsular Telephone Co. common.
cum.
Sept. 15
20c
Pan American Airways
Corp.
Passaic & Delaware Extension RR.
15
15
31
31
May 15 May
15c
5% pref. (quar.).
Series A preferred (quar.)
$6 preferr 6d
Pacific Public Service 1st pref.
(quar.)
30
16
27
June 15
Liquidating
Liquidating
Oahu Railway & Land Co.
(monthly)
Monthly
Oceanic Oil Co
(quar.)
Ohio Public Service
5>*% pref. (quar.)
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Onoinea Sugar Co.
(monthly)
Oro Plata Mining Corp., Ltd.
(initial).
Outlet Co. common (quar.)
1st preferred (quar.)
6K% series preferred (quar.)
Pacific Lighting Co. (quar.)
Pacific Power & Light 7% pref
1
May 19 Apr.
June
1 May
June 10 May
May
2 Apr.
May
2 Apr.
Apr. 20 Mar.
Apr. 20 Mar.
Norfolk & Western Ry. preferred (quar.)
North American Edison Co. preferred
(quar.)..
North River Insurance
Northern Illinois Finance Corp. common
Common
6
May
....
Philadelphia Co. 6%
15
May 15 Mar. 30
2 Apr. 15
May
Apr. 20 Mar. 31
(quar.).
Preferred
16
Sept. 28 Sept. 15
Niagara Hudson Power Corp.—
6% 1st pref. & 5% 2d pref. ser. A & B (quar.)
1900 Corp., Class A (quar.)
Class A (quar.).
Class A
20
June 28 June
Neiman-Marcus Co., 7% pref. (quar.)
Neisner Bros., Inc., conv. pref.
(quar.)
Newberry (J. J.) Co. pref. A (quar.)
$2
40c
$1H
SIM
$15*
SI H
20c
Apr.
7
15
15
15
15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
9
30
21
21
21
15
15
15
15
20
18
18
15
20
22
20
20
20
Apr.
Apr.
Apr.
Apr.
May
May
June 15
July
May 15 May
5
Aug. 15 Aug.
Nov. 15 Nov.
May
2 Apr.
Apr. 25 Apr.
May
2 Apr.
May
2 Apr.
Apr. 20 Apr.
Oct.
1 Sept.
July
5 June
Oct.
4 Sept.
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
June
15
10
10
12-10-38
3-10-39
6-10-39
9-10-39
Mar. 31
June 15
Sept.
Sept.
Dec.
Apr.
Apr.
50c
15c
$1
50c
15c
$15*
20c
St. Louis
Bridge Co., 1st pref. (s.-a.)
3% 2nd preferred (semi-ann.)
$3
SIM
SIM
SIM
SIM
SIM
SIM
87 Mc
-
Preferred (quarterly)
Sharp & Dohme pref. A (quar.)
Shawinigan Water & Power (quar )
Sheaffer (W. A ) Pen Co
8% pref. (quar.)
Simpson (R.) 6% pref. (semi-ann.)
Skelly Oil Co preferred (qua* )__
Smith (S. Morgan) Co. (quar.)
Solvay American Corp. 5K% preL (quar.)
Southern California Edison Co., Ltd. (quar.)
Southern Canada Pwr Co., Ltd.—common (qu.)
6% cumul. partic. preferred (quarterly)
Southern Indiana Gas & El. Co. 4.8% pref.(qu.)
Spiegel Inc. pref. (quar.)
Standard Brands, Inc., pref. (quar.)
Standard Fire Insurance Co. (N. J.) (quar.)
Stanley Works 5% pref. (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)—.
Sun Ray Drug Co. (quarterly)
15
2
M
$1
SI
SIM
37 Mc
120c
15
June
10
Apr.
15
20
June
15
June
15
Apr. 20
Apr. 20
June
16
Sept.15
Dec. 17
May
Apr.
May 16 Apr
Apr. 20 Mar.
May
2 Apr.
May
Apr.
May
May
Aug.
Aug.
53
uarterly
Quarterly
Apr.
Oct.
52
!;
15
15
15
Apr.
Jan.
20c
,
15
May
May
July
May
May
July
July
May
May
July
25c
Securities Corp. General $7 pref. (quar.)..
1
21
June
3717c
Nov.
_
15
25
31
14
4
1
1
Nov.
1
May 16 Apr. 15
May 15 Apr. 20
May 16 Apr. 30
1M%
Apr. 16 Mar. 19
1.2% May
Apr. 15
1
SIM June 15 June
June 15 June
1
SIM
75c
Apr. 23 Apr. 16
31Mc May 16 Apr. 30
43 Mc
May
2 Apr.
7
43 Mc
7
May
Apr.
20c May
Apr. 15
Preferred (quarterly)
May
Apr. 16
Syracuse Binghamton & New York RR. gtd
May
Apr. 22
Mar 17
Tacony-Paimyra Bridge pref. (quar.)„
May
Telautograph Corp
May
Apr. 15
Thatcher Mfg., pref. (quar.)
90c
May 16 Apr. 30
Toledo Edison Co. 7% pref.' (monthly)
58 l-3c May
2 Apr. 15
50c
6% preferred (monthly)
2 Apr. 15
May
41 2-3c May
5% preferred (monthly)
2 Apr, 15
Tung-Sol Lamp Works pref. (quar.)
20c
2 Apr. 19
May
United Biscuit Co. of America pref. (quar)
1 Apr. 15
May
United Bond & Share Ltd.. common
20c
July 15 June 30
United Dyewood Corp. pref. (quar.)
1 June 10
July
SIM
Preferred (quarterly)
Oct.
1 Sept.
SIM
9
Preferred (quarterly)
Jan.
3 Dec.
9
SIM
United Investors Realty Corp., class A (quar.)
Apr. 22 Apr. 12
United Light & Railways, 7% prior pref. (mo.).. 58L3c
May
2 Apr. 15
June
7% prior preferred (monthly)
58 l-3c
May 16
7 % prior preferred (monthly)
58 l-3c July
1 June 15
6.36% prior preferred (monthly)
53c
2 Apr. 15
May
June
6.36% prior preferred (monthly)
53c
1 May 16
53c
6.36% prior preferred (monthly)
1 June 15
July
6 % prior preferred (monthly,
50c
2 Apr. 15
May
June
6% prior preferred (monthly)
50c
1 May 16
6% prior preferred (monthly)
50c
1 June 15
July
United New Jersey RR. & Canal (quar.)
$2M July 10 June 20
United Profit Sharing, pref. (s.-a.)
50c
Apr. 30 Mar. 31
United States Hoffman Machine pref. (quar.)
68Mc May
2 Apr. 20
United States Pipe & Foundry Co., com. (quar.)
June 20 May 31*
50c
Common (quarterly)
50c
Sept. 20 Aug 31*
Common (quarterly)
Dec. 20 Nov. 30*
50c
United States Sugar Corp., pref. (quar.)
SIM July 15 June 15
Universal Commodity Corp. (monthly)
5c
May 27 Apr. 10
Universal Leaf Tobacco Co., Inc. (quar.)
75c
May
2 Apr. 20
Utica Chenango & Susquehanna Valley RR
May
2 Apr. 15
Vapor Car Heating Co., Inc., 7% pref. (quar.)..
June 10 June
$15*
1
7% preferred (quar.)
$15*
Sept. 10 Sept. 1
7% preferred (quar.)
Dec. 10 Dec.
1
Vermont & Boston Telegraph Co
July
1 June 15
Virginian Ry. preferred (quar.)
May
2 Apr. 16
$15*
Vulcan Detinning pref. (quar.)
SI 5*
Apr. 20 Apr. 11
Preferred (quarterly)
SI 5*
July 20 July 11
Preferred (quarterly)
Oct. 20 Oct. 10
$15*
Walgreen Co.
25c
May
2 Apr. 15
Preferred (quar.)
June 15 May 25
si 5*
Waltham Watch Co., 6% pref. (quar.)
$15*
July
2 June 25
6% preferred (quarterly)
Oct.
Sept. 24
Prior preferred (quar.)
Mar. 26
Apr.
Prior preferred (quar.)
SI 5*
June 25
July
Prior preferred (quar.)
Oct.
$15*
Sept 24
Warren Foundry & Pipe (quar.)
50c
May
Apr. 15
Washington Gas Light (quar.)
30c
May
Apr. 15
$4H cumul. conv. pref. (quar.)
SI 5*
May 10 Apr. 30
Washington Ry. & Electric 5% pref. (quar.)
June
$15*
May 16
June
5% preferred (semi-ann.)
$25*
May 16
Weill (Raphael) & Co., 8% pref. (s.-a.)
$4 Sept.
West Jersey & Seashore RR. (s.-a.)
June 15
$15*
July
West Michigan Steel Foundry, 7% prior pref
175*c May
Apr. 15
West Penn Electric Co. 6% preferred (quar.)
$15*
May 16 Apr. 22
7% preferred (quar.)
$15*
May 16 Apr. 22
West Penn Power Co., 6% pref. (quar.)
SI 5*
May
2 Apr.
5
7% preferred (quarterly)
$15*
May
2 Apr.
5
Westinghouse Air Brake Co., quarterly
25c
Apr. 30 Mar. 31
Quarterly
25c
July 30 June 30
25c
Oct. 31 Sept. 30
Quarterly
Westminster Paper Co. (seml-ann.)
25c
1
May
Westvaco Chlorine Products preferred (quar.)
2 Apr. 11
375*c May
Wilson & Co. $6 preferred
75c
2 Apr. 15
May
Wilson-Jones Co. Inc
—k.
25c
2 Apr. 25
May
Winsted Hosier Co. (quar.)
2 Apr. 15
$15*
May
Extra—
50c
2 Apr. 15
May
Quarterly
1 July 15
$15*
Aug.
Extra
50c
1 July 15
Aug.
Nov.
Quarterly.
1 Oct. 15
$15*
—
371S
■_
_
—
—
"8
_
-
_
ilM
_
_
_
-
_
_
—
„„
-
-
Extra
50c
Winters & Crampton Corp., cumul. conv. pref—
Winters & Crampton Corp., conv. pref
Wisconsin Telep. Co., pref. (quar.)
WJR The Good-Will Station (quar.)
15
15
20
20
...
May
May
Apr.
Apr.
May
25c
'
25c
25c
25c
—
...
—
Yuba Consol. Gold Fields (reduced)
*
Nov.
185*c
185*c
$15*
40c
Wrigley (Wm.) Jr. Co. (monthly).
Monthly
Nov. 21
Dec.
25c
75c
Roos Bros., Inc. (Del.), $6>* pref. (quar.)
Rose's 5,10 & 25c. Stores
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 25 Mar. 31
May
2 Apr. 20
May
2 Apr. 20
May
2 Apr. 20
May 12 Apr. 14
May
2 Apr. 21
May
Apr. 15
May
Apr. 15
May
Apr. 12
$15*
$25*
Richmond Insurance Co. of N. Y
Rochester Button Co. preferred (quar.)
Rockland Light & Power (quar.)
Roeser & Pendleton. Inc (quar.)
Monthly
Monthly.
Monthly
Monthly
Sept.
May
May
No par common.
Quaker Oats Co. preferred (quarterly)
Railway Equipment & Realty Co.—
6% 1st preferred (quar.)
Rath Packing 5% preferred (s.-a.)
Raymond Concrete Pile (quar.)............—
Preferred (quar
Reading Co., (Quarterly)
Reliance Mfg. Co. (111.) (quar.)
Rhode Island Public Service Co. (quar.)$2 preferred (quar.)
$6 preferred (quar.)
Servel. Inc pref. (quarterly)
Preferred (quarterly)
16 Mar. 31
Mar. 31
Apr.
Apr.
July
25c
May
58 l-3c May
50c
May
41 2-3c May
75c
May
75c
May
S1H
May
—
Holdert
Payable of Record
$1**
—
12-10-39
Dec
SIM
SIM
SIM
SIM
Power Corp. of Canada, Ltd., 6% cum. pf. (qu.)
6% non-cumul. partic. preferred (quar.)
Prosperity Co., Inc., pref. (quar.)
—
Public Electric Light (quar.)..
Public Service Co. of Colorado 7% pref. (mo.)..
6% preferred (monthly)
5% preferred (motnhly)
Public Service of Nor. 111. $60 par common
-
May 20
Aug. 20
June
When
Share
Company
1938
-----
*
Apr.
(quar.)I.
Per
Name of
Mar. 31
Apr.
May
Montreal Light, Heat & Power Consol. (quar.).
Moore (W. R.) Dry Goods (quar.)
Quarterly
Quarterly—
20
16
Apr.
...
April 16,
Holders
Payabl, of Record
June
Speclal guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital..
Original capital....
......—..
Lock-Joint Pipe Co. 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
lone Star Oas Corp....-.....-....-.-.-....
Preferred (quar.)
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)...
Chronicle
25c
_
Oct.
15
16 Apr. 30
16 Apr. 30
30
30 Apr. 25
2 Apr. 20
June
May 20
June 20
July
Aug.
July 20
Sept.
Aug. 20
25c
Oct.
10c
May
Sept. 20
Apr.
6
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
York
Weekly Return of the New
Clearing House
The weekly statement issued
by
Clearing House is given in full below:
City
*
•
Clearing House
Capital
week and the corresponding
comparison with the previous
date last year:
Time
Deposits,
Deposits,
Average
Average
Profits
Members
of the Federal Reserve
of business April 13, 1938,
Apr. 13, 1938 Apr. 6, 1938. Apr. 14, 1937
Net Demand
Surplus and
Undivided
following shows the condition
The
Bank of New York at the close
in
FOR THE
ASSOCIATION
York
New
the New York
of
Federal Reserve Bank
Condition of the
City
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED SATURDAY, APR.
9, 1938
OF
STATEMENT
2485
Chronicle
Financial
146
Volume
$
$
I:
Assets—
from
Gold certificates on hand and due
Bank of N Y <fc Trust Co
20,000,000
National City
Chem Bank & Trust Co_
77,500,000
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
42,419.,500
Cent Hanover Bk&Tr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
10,000,000
Bank
12,092,000
38,050.000
175,554,000
143,337,000
13,372,700
445,214,000
25,862,300
58,493,500 01,436,654,000
456,758,000
54,625,900
181,690,100 61,264,321,000
467,151,000
45,129,300
c667.725.000
70,476,200
237,156,000
18,052,000
6,000,000
Bank of Manhattan Co.
90,000,000
3,854,483,000 3,900,810,000 3,425,053,000
United States Treasury.*
Redemption fund—F. R. notes
Other cash t----
8,149,000
55,343,000
95,837,000
1,243,000
83,470,000
1,417,000
107,493,000
1,417,000
112,583,000
-
3,509,766,000
Total reserves..................... 3,968,483,000 4,009,720,000
55.780,000
Bills discounted:
25,467,000
2,658,000
6,315,000
Secured
Govt, obligations,
U. 8.
by
109,384,500
466,640,000
61.732,200
448,495,000
50,000,000
Irving Trust Co
Continental Bk & Tr Co
5,809,000
40,429,000
4,158,700
128,391,400 dl.865,019,000
47,235,000
3,660,300
e729,732,000
76,932,400
4,000,000
100,270,000
Chase National Bank—
500.000
Fifth Avenue Bank—
Bankers Trust Co
25,000,000
Title Guar & Trust Co.
10,000.000
1,265,200
13,165,000
12,500,000
9,021,000
27,798,700
96.026,000
269,837.000
7,000,000
7,000,000
8,247,400
8,932,000
70,677,000
77,596,000
•
5,000,000
Marine Midland Tr Co.
New York Trust Co
Comm'l Nat Bk <fc Tr Co
Publlo Nat Bk <fc Tr Co
*
907,225,8001 9,243,167,000
523,189,500
Totals
companies, Dec. 31, 1937.
Includes deposits in foreign branches as follows:
are
6,467,000
215,000
4,287,000
215,000
4,306,000
1,501,000
5,449,000
228,523,000
337,636,000
179,696,000
226,763,000
339,091,000
180,001,000
196,815,000
339,719,000
173,127,000
745,855,000
745,855,000
709,661,000
752,907.000
753,310,000
723,078,000
65,000
3,914,000
65,000
2,855,000
127,366,000
9,923,000
13,565,000
88,000
5,194,000
197,051,000
10,088,000
12,640,000
Industrial
a
Bonds
Treasury notes
671,516,000
Total bills and securities
Due from foreign banks
week
which
Federal Reserve notes of other banks—
The
Bank premises
All other assets
Total
OF
HOUSE WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY. APR.
8, 1938
NATIONAL AND STATE BANKS—AVERAGE FIGURES
IN
CLEARING
206,649,000
9.923,000
13,989,000
Uncollected items
the figures for the week ended April 8:
NOT
market
advances
United States Government securities:
31, 1937; trust
9* M
$284,584,000; 6 $88,757,000;
York Clearing House.
not members of the New
INSTITUTIONS
2,934,000
Bills bought in open
52,931,000
number of banks and trust companies
are
658,000
2,550,000
bills discounted
Total
10,047,000
34,693,000
3,124,000
publishes regularly each
The New York "Times"
following
452,000
Total U .8. Government securities..
9,791,000
46,142,000
2,262,000
35,088.000
2,193,000
C$3,659,000; d $121,053,000; e $37,343,000.
a
2,482,000
direct or fully guaranteed
Other bills discounted
National, March 7, 1938; State, Dec.
As per official reports:
returns of
2,173,000
377,000
Treasury blUSb.^..................
First National Bank
as8et8...................^.^. 4,955,930,000 4,916,804,000 4.457,905,000
Liabilities—
888,469,000
917,692,000
910,950,000
Deposits—Member bank reserve acc't... 3,442,991,000 3,358,788,000 3,106,805,000
43,930,000
186,975,000
90,395,000
U. S, Treasurer—General account
33,681,000
44,421,000
42,406,000
Foreign bank
72,257,000
163,780,000
149,841,000
Other deposits
F. R. notes in actual circulation
Loans,
Disc, and
Investments
Dep. Other
Including
N. Y. and
Elsewhere
Banks and
Gross
Trust Cos.
Deposits
Bank Notes
$
$
$
$
21,551,900
National
Sterling
Res. Dep.,
$
Manhattan—
Grace
Other Cash,
National—
118,400
7,435,700
1,896,900
27,142,000
21,871,000
450,000
7,250,000
736,000
Total deposits.
4,305,607
223,435
2,169,033
255,005
5,829,465
6,301,000
4,917,000
Trade Bank of N. Y.
271,000
1,663.700
737,400
8,076,100
_
People's National-..
95,000
703,000
522,000
5,640,000
198,160,000
50,946,000
51,943,000
7,744,000
8,210,000
2,344,000
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
Deferred availability items
r«4
Brooklyn—
Lafayette National.
3,725,633,000 3,753,964,000 3,256,673,000
26,617,000
FIGURES
TRUST COMPANIES—AVERAGE
Disc, and
All other liabilities
Res. Dep.,
Loans,
Y. and
Banks and
Trust Cos.
$
Ratio
Deposits
$
%
total
of
to
reserve
deposit and
85.6%
Manhattan—
Federation
12,115,848
Fulton
17,918,900
13,075,500
1,618,262
1,677,048
456,400
1,567,921
24,381
States
for
69,024,900
10,742,538
12,893,192
996,300
15,143,171
70,831,706
3,249.000
37,587,000
2,183,719
12,949,866
58,000 115,968,000
42,691,403
82,603,000
33,114,636
Kings County
t "Other cash" does not include Federal Reserve notes or a
*
United States Treasury for the gold taken
Jan. 31, 1934, devalued from
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 are certificates given by the
over
Empire, $9,079,800; Fidu¬
Includes amount with Federal Reserve as follows:
7,839,000
bank's own Federal
Reserve bank notes.
100
ciary, $1,429,979; Fulton, $7,143,600; Lawyers,
ad¬
vances
Brooklyn—
Brooklyn
4,186,000
purchased
industrial
make
to
84.7%
118,000
4,191,000
Commitments
22,014,200
41,428,800
28,150,700 *14,339,300
63,766,256 21,117,290
Lawyers
United
*2,054,176
*7,443,500
3,619,000
760,300
51,624,200 *11,014,900
225,382
9,345,102
Fiduciary
Empire
liability on bills
foreign correspondents
Contingent
85.8%
188,000
F. R. note liabilities combined
%
$
51,260,000
51,474,000
7,744,000
9,260,000
2,546,000
51,943,000
7,744,000
8,210,000
2,129,000
Gross
Elsewhere
Investments
190,479,000
124,177,000
50,945,000
Total liabilities.................... 4,955,930,000 4,916,804,000 ',457,905,000
Dep. Other
N.
Cash
Capital paid in
$13,619,400.
from the Reserve banks when the dollar was, on
cents
to
59.06 cents,
these certificates
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
items of the
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors
the Federal Rescue System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which
week later.
also give the figures of New York and Chicago reporting member banks for a
we
Commencing witm the statement of May 19, 1937, various changes were made in the breakdown of
described in an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
of
loam as reported in this statement,
which were
the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and chose located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
The changes in
amounts of
securities.
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,
be segregated as "on securities" and "otherwise secured and unsecured."
industrial, and agricultural loans" and "other
loans'
would each
A more detailed
"Chronicle," page 3590,
explanation of the revisions was published in the May 29. 1937, issue of the
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal Reserve Districts—
Total
Boston
New York
ASSETS
$
$
$
$
$
Atlanta
Chicago
$
1938, (la Millions of Dollars)
$
Dallas
San Fran.
$
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
Phila.
$
LEADING CITIES BY DISTRICTS. ON APRIL 6.
$
$
%
20,831
8,456
1,091
1,762
613
552
2,960
653
379
642
490
2,067
623
3,513
442
704
242
285
927
304
160
251
231
995
557
Loans—total
1,166
8,677
Loans and investments—total
37
230
48
48
12
12
44
48
9
17
10
42
3,718
250
1,532
160
238
98
143
517
138
66
138
137
301
2
34
m
Commercial, Indus, and agrlcul. loans:
On securities-
Otherwise secured and unsecured-.
Open market paper
413
80
165
25
14
12
4
43
10
6
18
637
21
509
17
23
3
6
36
5
1
4
2
10
Loans to brokers and dealers
Other loans for purchasing or carrying
securities
596
32
274
34
37
17
15
83
12
8
12
15
57
1,147
83
224
58
171
30
28
87
47
5
21
21
372
100
4
70
2
5
1
2
7
6
26
47
11
10
75
Real estate loans
Loans to banks
Other loans:
256
56
705
On securities
48
123
28
mmrnmmm
12
2
1
13
804
60
253
50
45
41
49
63
27
53
27
34
102
Otherwise secured and unsecured-.
7,897
1,168
3,089
389
3,149
303
739
273
160
1,449
204
166
232
175
658
obligations
19
486
86
61
39
32
173
49
14
47
33
129
135
1,308
260
258
59
75
411
96
39
112
51
285
69
162
107
344
United States Government
Obligations fully guar, by U. 8. Govt.
Other securities
Reserve with
—
Federal Reserve Bank..
301
5,687
325
Cash In vault
'
2.942
251
362
145
105
768
131
69
67
17
36
18
11
50
11
6
12
10
18
118
286
123
82
210
170
232
203
J
Balances with
1,929
140
179
589
84
103
36
37
82
23
16
22
26
968
6,564
760
989
401
321
1,943
393
241
460
389
845
5,222
Time deposits
143
76
14,274
Demand deposits—adjusted
127
1,297
domestic banks
Other assets—net
LIABILITIES
119
264
1,057
286
743
199
181
871
185
121
145
130
1,040
23
145
23
7
18
25
790
242
120
329
mmm mmm
630
12
233
23
18
5,192
222
2,088
267
319
203
202
336
United 8tates Government deposits..
12
10
299
5
1
8
21
:
Inter-bank deposits:
Domestic banks
Foreign banks
—
1
mm mm mm
mm
91
-
172
mmmm
238
11
1
787
Other liabilities...
Capital account
1
3
4
Borrowings
*■■■
23
347
15
18
24
6
3,624
240
1,609
227
351
92
89
367!
8
6
3
5
311
90
56
93
82
328
2486
Financial
Chronicle
April 16,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
on
Thursday afternoon, April 14,
The first table presents the results
for the System as a whole in
week last year.
comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
The second table shows the
Reserve note statement
Reserve
Agents and the Federal Reserve banks.
returns for\the
latest week
appear
in
our
The comments of the Board of Governors of the Federal Reserve System
department of "Current Events and Discussions
upon
the
April
14,
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 13, 1938
April 13,
Total
Mar.
23,
1938.
:
reserves..
-----
-
9,222,003
9,140
444,855
9.212,708
473,506
Yf :
9,197,203
9,874
477,843
9,706,178
9,675,998
9.696.088
9,730
3,194
7,741
3,599
11,340
$
9,245,002
$
16,
Mar.
1938.
12,924
Redemption fund (Federal Reserve notes)
Other cash
1938.
9,140
452,036
hand and due from U. S. Treas.x
on
Afar. 30,
1938.
'Yi'Y
ASSETS
Gold ctfs.
April 6,
1938.
Thru ciphers (000) omitted
Mar. 9,
1938
$
Mar.
2,
1938
YY:iY'
$
3
Feb. 23,
1938
Feb.
10,
1937.
1938
-
$
$
9,600
478,179
9,178,601
9,104
471,610
9,173,603
9,308
455,851
9,107,600
9,155
439,441
9,163,600
9,155
441,200
8,843,894
10,656
9,684,920
9,670,381
9,659,315
9,038,762
9,010,196
9,013,955
9,134,223
8,174
3,866
6.415
3,108
5,193
2,956
5,360
3,053
0,471
3,163
6,661
3,487
6,300
9,789
3,620
1,259
12.040
9,523
8,149
8,419
9,634
10,148
0,920
11,048
9,874
9,188,602
279,673
Bills discounted:
Secured
by
direct
S. Government obligations,
U.
fully guaranteed
or
—
Other bills discounted--.-
—
Total bills discounted
Bills bought In open market.-
—
——
—
United States Government securities—Bonds-
Treasury notes
—
-—
Treasury bills
Total U. 8. Government securities—.
Other
550
550
550
542
542
542
550
550
548
3,522
16,887
16,952
17,177
17,314
17,259
17,357
17,453
17,517
17,536
22,544
785,588
779,639
1,165,691
618,785
733,320
1,165,691
665,004
732,320
1,165,691
660,004
723,595
1,164,191
1,185,103
670,229
714,683
1,175.103
674,229
714,083
1,175,103
1,190,343
676,229
702,683
1,185,103
076,229
702,083
1,160,691
617,736
Industrial advances.—
674,229
606,619
2,564,015
2,564,015
2,564,015
2,504,015
2,564,015
2,504,015
2,564,015
2,664.015
2,564,015
2,486,583
2,694,376
2,592,857
2,693,782
2,591,394
2.589,965
2,590,333
2,591,652
2,592,230
2,592.019
2,523,697
689,621
securities
Foreign loans
on
gold
------
Total bills and securities
—
Gold held abroad
Uncollected
Bank
"*"l69
"""170
"""l77
"""177
"""109
169
"""171
19,683
19,889
531,219
44,852
17,644
19,509
742,758
44,806
47,978
20,138
502,834
44,837
42,940
20,613
520,270
44,795
45,831
568,503
44,861
16,155
493,619
44,929
42,130
40,698
500,039
44,861
49,250
46,646
44,634
20,903
687,258
44,950
43.834
13,073,630
Due from foreign banks
Federal Reserve notes of other banks
12,899,603
12,900,789
12,914,581
13,115,457
12,801,020
12,910,102
12,807,932
13,003,090
12,550,625
170
16,632
603,496
Items
premises
All other assets
—
Total assets
44,865
"""178
"""230
20,621
780.351
45,872
45,631
LIABILITIES
Federal Reserve notes in actual circulation
4.130,806
4,158,154
4.121.705
4.119,858
4,124,888
4,134,017
4,144,084
4,126,230
4,119.086
4.176,094
Deposits—Member banks'
7.472,143
7.296,340
7,311,529
7.328,137
7,310.761
7,215.592
6,900,752
244,166
122,005
212,038
292,237
117,228
198,121
263,023
103,356
222,136
180,851
117,260
272,052
7,215,012
184.501
124,158
296,461
7,240,498
140,874
118,010
198,604
7,333,050
269,686
113,661
198,646
155,041
145,809
297,060
187,286
152,080
301.712
142,271
7,929,631
7,874,549
7,919,115
7,914,943
7,917,252
7,880.924
7,820,132
7,839,008
7,856,670
7,248,319
655,841
133,495
147,739
27,683
32,950
9,491
517,044
133,298
147,739
27,683
32,950
8,180
510,023
133,302
147,739
27,683
32,950
8,272
530,381
133,306
147,739
27,083
724,619
496,700
133,265
147,739
27,083
597,702
133,217
147,739
495,425
776,110
32,985
679.755
133,193
147,739
27,683
32,985
5,379
13,073,636
12,899,603
80.4%
523
reserve
account
United States Treasurer—General account-
Foreign banks
Other
—
deposits—
Total deposits
—...—
Deferred availability items..
Capital paid in.^..—
—
Total liabilities—
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
—
foreign
liability
on
93,622
bills
purchased
32,950
133,297
147,739
27,683
32,950
7,721
7,029
8,307
32,984
5,961
133,217
147,739
27,682
32,985
5,646
12,900,789
12.914.581
13,115,457
12,861,020
12.910,162
12.807,932
13,003,090
12,550,625
80.4%
80.5%
80.5%
80.4%
80.4%
80.6%
80.4%
80.3%
80.0%
330
82
222
630
040
640
830
1,010
)2,982
12,920
13,110
12.904
12,911
112,995
13,031
13,078
13,108
19,211
11,274
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities...
Contingent
111,674
9,703
10,289
•
for
correspondents-.
Commitments to make industrial advances...
27,683
3
132,168
145,854
27,490
36,177
8,413
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Total bills bought in open market.
8,093
7.755
10,424
426
428
419
424
398
253
454
584
719
768
894
893
59
299
247
320
373
300
464
575
228
336
482
447
330
320
332
273
299
84
11,340
12,040
9,523
8,149
8,419
9,634
10,148
9,920
11,048
47
47
93
101
152
297
""220
2,715
224
47
46
170
253
255
"""449
"""379
""297
86
75
93
116
198
371
"""402
"""356
353
3,522
156
59
395
550
550
550
542
542
542
550
550
548
1,510
1-15 days industrial advances
16-30 days industrial advances
31-60 days Industrial advances
1,563
1,777
1,898
1.577
1.343
1,590
1,676
1,670
781
274
64
72
416
752
470
163
174
233
502
343
346
330
274
402
692
687
446
545
552
640
610
463
447
354
365
383
668
14,096
advanoee
192
462
—
61-90 days industrial advances
Over 90 days industrial advances
Total Industrial
7,815
558
445
429
12,924
1-15 days bills bought in open market
16-30 days bills bought in open market
81-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
0,579
625
507
342
Total bills discounted
6,489
365
466
Over 90 days bills discounted
7,817
412
430
14,143
14,353
14,388
14,473
14,541
14,637
14,621
14,622
20,416
16,887
61-90 days U. 8. Government securities
Over 90 days U.S. Government securities
Total U.S. Government securities..
16,952
17,177
17,314
17,259
17,357
17,453
17,517
17,530
72,472
82,166
175,878
282,846
56,482
56.383
80,903
72,472
56,482
158,638
183,218
2,078,774
126,282
90,644
129,204
183,568
2,034,317
40,367
174,018
120,256
173,474
2,055.900
138,671
158,638
52,437
292,688
1,958,805
63,623
173,474
287,477
1,983.058
104,218
56,383
130,562
194,321
2,072,531
40,157
144,987
1,950,653
63,623
72,939
192,321
287,451
1,947,681
2,081,562
2,326,858
2,564,015
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
2,564,015
2,664.015
2,564,015
2.564,015
2.504,015
2,564,015
2,564,015
2,564,015
2,486,583
183,568
„
22,544
12,277
23,740
71,271
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
_
—
I-
mmmmmm
Total other securities..
Federal Reserve Notes—
Issued to Federal Reserve Bank by F, R.
Agent
Held by Federal Reserve Bank
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U.S.
Treas..
By eligible paper
United States Government securities
Total collateral
•
"Other
cash"
4,443,518
306,712
4,453,791
295,637
4,436,672
314,967
4,441,195
321,337
4,439,952
315,064
4,459,063
325,046
4,458,426
313,742
4,450,417
324,187
4,458,159
338,473
4,474,511
298,417
4,136,806
In actual circulation
4,158,154
4,121,705
4,119,858
4,124,888
4.134,017
4,144,684
4,126,230
4,119,686
4,176,094
4,489,632
4,501,632
4,509,632
4,536,632
7,308
10.949
20,000
4,536,632
9,144
25.000
8,665
15,000
4,532,632
8,466
25,000
4,510,132
10,741
15,000
4,532,632
7,088
10,000
4,536,632
10,223
25,000
25,000
52,000
4,524,855
4,527,373
4,532,981
4,549,720
4,563,940
4,566,098
4,570.776
4,570.297
4,573,081
4,487,632
11,780
25,000
4,524,412
does
not
Include
Federal
Reserve
"
notes,
t
Revised
8,349
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
cents on Jan. 81, 1934, these
certificates being worth lass to the
extent of the difference, the difference
tself having been appropriated as profit by the Treasury under
provl Ions of the Gold Reserve Act of 1934.
*
These
are
Volume
Financial
146
2487
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (iConcluded)
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 13,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Gold
certificates
on
hand
and
Boston
Neva Yort
$
%
Cleveland Richmond
Phila.
I
ASSETS
%
$
Atlanta
Chicago
%
S
S
%
%
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
$
%
1938
due
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash *
Total reserves
-
494,914 3,854,483
412
1,417
499,909
822
504
554
112,583
29,872
40,283
541,983 3,968,483
9,245,002
9,140
452,036
530,603
719,615
•
46,657
9,706,178
678,828
263,026
166,472
703,849
368
438
29,097
13,717
1,449
39,933
180,627
745,231
256,250
171,607
257,898
605
914
29,372
222,677 1,675,099
505
1,152
16,842
69,798
14,891
8,991
292,952
240,661 1,745,402
273,394
181,512
285,715
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
9,730
2,162
2,173
1,541
794
762
448
1,255
111
252
67
165
Other bills discounted
3,194
152
377
714
239
271
493
15
40
50
303
239
301
12,924
2,314
2,550
2,255
1,033
1,033
941
1,270
151
50
555
306
466
550
41
215
56
51
24
19
68
3
2
16
16
Total bills discounted-.
Bills bought In open market
Treasury
2,615
4,287
3,214
850
1,741
121
682
160
545
457
910
1,305
56,670
228,523
64,504
42,888
34,136
84,943
36,528
27,077
66,994
337,636
179,696
95,302
50,722
63,366
50,438
125,502
44,039
59,238
33,725
26,842
66,794
53,969
28,723
40,006
617,736
83,731
44,561
38,185
56,416
29,806
1,160,691
75,334
111,305
21,292
30,026
23,438
98,981
52,679
2,564,015
184,962
745,855
210,528
245,877
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
2,594,376
notes
189,932
752,907
216,053
247,811
142,777
112,497
119,534
88,972
125,655
98,515
220,464
6
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
170
Bank
65
17
16
7
16,632
items
12
437
3,914
835
1,085
782
2,064
279,259
21
2,192
663,496
Fed. Res. notes of other banks—
Uncollected
39
16,887
785,588
Industrial advances
U. 8. Government securities—Bonds.
60,391
206,649
50,561
58,682
50,360
24,289
82,531
2,680
2,108
2,032
44,806
Total assets
2,987
9,923
4,794
2,895
13,989
5,464
5
5
1,219
1,274
463
1,405
27,870
16,759
28,989
25,602
30,813
4,558
2,329
1,506
3,136
1,288
4,318
1,917
1,680
2,018
1,648
3,320
4,061
492,453
5,061
2
962
383,657 2,118,281
426,265
291,393
446,792
6,177
47,978
premises.
All other assets
2,895
.
808,327 1,038,447
798.637 4,955,930
13,073,636
12
2
.
308,148 1,005,306
LIABILITIES
F. R. notes In actual circulation
4,136,806
309.638
910,950
310,941
411,851
193,742
149,501
962,463
177,599
136,674
164,611
78,343
330,493
Deposits:
Member bank
7,472,143
386,003 3,442,991
394,034
221,941
187,661 1,001,758
2,726
.10,410
14,036
4,128
196,689
119,311
236,242
182,816
586,693
3,475
3,539
3,986
2,775
2,744
3,420
3,420
8,374
1,270
5,383
2,713
3,107
183
2,255
13,272
197,015 1,027,474
209,086
129,117
242,620
191,235
617,136
16,139
29,355
32,997
4,145
3,613
934
27,416
3,934
3,892
1,270
1,776
282
605
140,874
Foreign
Other
bank.
deposits.
.
.
Total deposits
4,038
90,395
4,511
118,010
U. 8. Treasurer—General account-
516,004
2,269
8,492
42,406
11,559
10,851
5,072
198,604
reserve account
5,314
149,841
4,404
7,393
3,682
403,847 3,725,633
414,508
536,517
235,443
60,925
9,405
198,160
48,962
57,433
48,159
24,158
83,186
50,946
12,278
13,358
4,949
4,451
13,080
28,951
3,897
9,900
51,943
13,466
14,323
4,964
5,626
22,387
4,667
2,874
1,448
7,744
4,411
1,007
730
1,429
545
8,210
2,000
3,177
3,409
1,401
2,903
3,153
1,001
1,603
1,215
1,929
600
2,344
1,761
781
386
7,257
1,005
305
477
372
808,327 1,038,447
492,453
383,657 2,118,281
426,265
291,393
446,792
7,929,631
Deferred availability Items
655,841
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
133,495
147,739
27,683
Reserve for contingencies
All
other
32,950
liabilities
9,491
Total liabilities
798,637 4,955,930
13,073,636
Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, ad vs..
4,748
2,500
573
1,142
8,797
10,149
9,805
2,121
2,000
308,148 1,005,306
38
188
51
48
23
18
1,473
4,191
121
1,507
1,526
16
181
12
15
15
37
489
523
12,982
39
295
268
2,882
62
•"Other cash" does not Include Federal Reserve notes.
FEDERAL
RESERVE NOTE
STATEMENT
'
'■
•
Three Ciphers (000) Omitted
Federal Reserve Bant of—
-
Tstal
Issued to F. R. Bank by F. R. Agent
Cleveland Richmond
Phila.
t
$
%
337,837 1,010,624
99,674
28,199
328,743
Atlanta
Chicago
%
J
434,576
17,802
22,725
10,217
16,649
26,139
5,355
10,823
10,773
46,647
309,638
910,950
310,941
411,851
193,742
149,501
962,463
177,599
136,674
164,611
78,343
330,493
4,487,632
341,000 1,015,000
2,482
2,255
337,000
438,000
205,000
128,500
177,000
91,500
404,000
834
973
159,000 1,000,000
709
1,265
191,632
1,798
50
553
291
459
177,553
91,791
404,459
306,712
988,602
166,150
banks:
hand
on
and
due
from United States Treasury
Eligible paper
U. S. Government securities
11,780
25,000
Total collateral
United
States
338,798
343,255 1,017,482
438,834
205,973
Treasury Bills—Thursday, April 14
Bid
15,000
169.709 1,001,265
United
for discount at purchase.
are
Transactions
April 27 1938
4 1938
May
11 1938—
May
18 1938
May 25 1938
1 1938
June
81938
June 17 & 18 1938
0.15%
—
June 22 193«
0.15%
0.15%
0.15%
0.15%
July
6 1938
July
13 1938
July
-----
20 1938
Stock and Bond
•
Figures after decimal point represent
pointl
one
Ashed
Bid
PARIS
15 1940...
IK%
101.1
101.3
Mar. 15 1940---
m%
101.31
102.1
101.18
101.20
Mar. 15 1942...
1 H%
102.15
102.17
1H%
101.19
101.21
Deo.
IH%
101.12
101.14
Sept. 15 1942...
Deo.
15 1939...
June
15 1941...
Dec.
15 1941...
Mar. 15 1939...
Mar. 15 1941...
June
16 1940...
101.25
Dec
Sept. 15 1939...
15 1942
Quotations of representative
102.22
102.24
2%
103.20
103.22
2K%
102.12
...
151939
1H%
1H%
101.11
101.13
June
101.23
101.25
Sept. 15 1938...
1H%
101.23
101.25
June
BERLIN
102.14
2H%
101.23
101.25
2J*%
15 1938
STOCK
101.14
101.16
Apr.
Apr.
Apr.
9
11
12
Apr.
13
Per Cent of
Handels-Gesellscbaft
(61*%)
125
130
125
129
Berliner Kraft u. Llcht (8%)
Commerz-und Prlvat-Bank A. G. (5%)
162
116
127
163
116
126
121
143
132
119
161
155
121
.144
132
arl 14
161
153
162
117
127
121
143
132
114
160
152
79
119
80
198
—
153
79
119
80
198
233
--
--
130
.—162
117
126
Deutsche Bank (5%)
121
Deutsche Erdoel (6%)
———143
Deutsche Relchsbahn (German Rys. pf. 7%) 132
Dessauer Gas
(5%)
119
161
Dreedner Bank (4%)
Farbenlndustrle I. G.
Geefuerel
(7%)
(6%)
Hamburger Elektrlzltaetswerke
Hapag
-
Mannesmann
-
Roehren (434%)
Nordeutscher Lloyd
(8%)
Rhelnlsche Braunkohlen (8%)
Relchsbank
Salzdetfurth
Siemens A
x
(6%).„
Halske (8%)
Ex-dlvldend.
(8%)
152
152
78
---118
79
198
208
210
BOURSE
Francs
154
152
120
80
198
--
167
210.
Apr.
Apr.
14
15
5,900
6,300
6,500
1,031
1,025
1,105
1,175
ffrK"™!::
S
Paris" et
22.400
Canal (le Suez cap
Cle Dlstr d'Electrlclte
--
167
212
212
1>3^0
— —
Citroen B
Comptolr Natlonale d'Escompte
741
737
Cntv
Commercial
de France.
-
465
fa
490
759
228
479
1,520
Lyonnalse.------------
SdiySoSS.3ecap
Holl-
-day
Energle Electrlque du Nord
Energle Electrlque du Littoral—
170
180
211
448
1,380
1,240
263
493
212
222
471
1,450
1.330
438
1,380
1,230
261
4J2
648
748
180
A
R
284
51.)
190
1,370
305
533
611
Ry-
609
638
663
i.i»
825
764
348
Kuhlmann
^rTqume.:::::
Nord
uso
818
763
348
1,190
845
790
349
1,220
850
800
351
20
20
20
ItlhiiiS1,975
20
1,900
1,945
70.60
67.40
66.80
71.30
70.10
67.25
66.50
71.10
73 90
75.40
72.25
91.25
71.90
88.50
74.50
93.00
75.80
5.790
5,850
5,860
5,800
1,920
982
57
76
1.910
J78
61
<6
2,010
i-048
60
2,100
1,08V
78
64
85
1.240
1,232
1,328
4'874
520
106
370
68
520
115
394
77
o21
PftthA
Dftnitftl
Rentes.
Perpetual 3%
—
Rentes 4%. 1917
121
143
154
153
79
121
81
198
233
167
1,310
26
424
Orleans Ry 6%
117
127
132
114
160
fl
'
23
428
Generale
m
22,600
24,000
626
Transatlantlque..
Cle
III
m
22.400
585
1(11o
Cle Generale d Electriclte
Lyon (P L M)
125
129
163
Apr. 12 Apr. 13 Apr. 14 Apr. 15
Francs
Francs Francs
Francs
6,000
Credit
Par
125
130
Allgemeine Elektrlzltaets-Gesellschaft 4%..124
Berliner
Exchange,
Des Pays Bas
Banque de
Credit
EXCHANGE
Closing prices of representative stocks as received by cable
ich day of the past, week:
.
Stock
2503.
stocks as received by cable
Apr. 11
Comrlerei,"""IllTHE
New
of the past week:
each day
Bank of France
Ashed
Bid
Rate
Maturity
101.3
101.1
...
York
Francs
101.23
IH%
1 H%
\%%
15 1938
New
Apr. 9
Int.
Rate
Dec.
32ds of
more
or
int.
Maturity
the
Averages—See page 2503.
THE
Quotations for United States Treasury Notes—Thursday, April 14
a
on
0.15%
June 29 1938
the
at
Daily, Weekly and Yearly—See page
0.15%
—
Securities
Exchange—See following page.
Ashed
Bid
.
June 15 & 16 1938
143,550
191,743
Government
States
York Stock
Ashed
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
April 20 1938
111
10,000
4,524,412
quoted
June
377.140
189,308
11,709
203,959
by Agent as security
Gold certificates
May
89,116
175,434
142,029
%
%
$
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
S
$
4,136,806
circulation
for notes Issued to
Rates
New Yort
$
4,443,518
Held by Federal Reserve Bank
Collateral held
Boston
%
Federal Reserve notes:
In actual
'
■
;
Rentes 4%
Holiday
.
1918
1932,"a!
Rentes 4^ %,
Rentes 41^%
1932 B
Rentes 5%
"I
1920
Ro?L?Dutch
-
Sa'nt Gobaln C A C
Schneider & Cle
Soclete
Francalse
Ford
—
Societe Generale Fonclere
Soclete
Lyonnalse
Soclete
Marseillaise
Tubize Artificial Bilk
preferred..
Union d'Electrlclte——
Wagon-Llts
-
520
107
370
68
>
69 50
68.50
1,972
Zn'ln
70.50
70.10
94.50
...
411
84
Holl**
day
April 16,
2488
1938
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
computing the range for the
account is taken of such sales in
year.
in the day's range, unless they are the only
"
United States Government Securities
No
of the day.
transaction
,
the New York Stock Exchange
on
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
furnish
we
a
Apr. 11
Apr. 9
Daily Record of U. S. Bond Prices
Apr. 12
Apr. 11 Apr. 12 Apr. 13 Apr. 14 Apr. 15
Daily Record of V. S. Bond Prices
Apr. 13 Apr. 14 Apr. 15
Apr. 9
High
(101.31
101.30
116.ia
116.17
102
102.2
102.2
Low.
110,8
116.4
116.1(
116.13
116.17
Low.
*101.31
101.27
101.28
102.1
102.2
Close
116.8
116.5
116.14
116.13
116.17
Close
101.31
101.30
101.31
102.1
102.2
*2
7
Total sales in $1,000 units...
13
18
28
116.5
High
Treasury
4KB. 1947-52
116.14
2
1
Total tales in $1,000 units
Treasury
2 Ms, 1948-51
101.3
(High
101
2
;.r.73
101.13
101.5
101.4
107.2C
107.21
107.2C
107.26
Low.
»
107.D
107.2C
107.26
107.23
Low
101
(Close
314s, 1043-45.—......
>
107.1*
107.21
107.26
107.26
Close
101
9
Total sales in $1,000 units...
9
39
8
30
201
112.15
High
100.23
100.22
100.24
100.27
101.10
)
(High
1«J
Total tales in $1,000 units...
j
112
High
111.21
Low.
111.26
112
Close
111.26
112
Total tales in $1,000 units...
,IC
4s. 1944-64
112.7
8 KB.
1043-47.,
_
Low.
100.23
100.22
100.22
100.27
100.27
Close
100.23
100.22
100.23
100.27
101.10
1
Total talet in $1,000 units...
1
23
4
99.27
99.30
108.1
108
57
103.11
103.16
103.24
103.8
103.10
103.13
103.8
103.14
103.24
Low.
Close
.....
(High
"
,
,
101.5
101.5
101.3
105.14
105.13
105.14
Holi¬
105.14
day
24
105.8
■
....
5
104.4
105.24
105.23
105.24
105.24
105.23
105.24
1
11
Total sales in $1,000 units...
107
107
106.31
Close
107
106.31
2
1
Total tales in $1,000 units.
;
High
8MB, 1046-49.
.
106.30
107.1
106
"\
100.3
Mortgage
105.22
105.29
Low.
105.22
105.28
105.22
105.29
*1
Low.
| Low.
107.8
[Close
Total sales in $1,000 units...
103.9
103.9
103.10
103.13
103.9
103.10
103.12
103.20
6
29
86
101.9
101.10
101.14
101.15
101.9
101.9
101.11
101.11
101.14
101.15
107.13
I Close
101.11
107.20
110
Total sales in $1,000 units...
Home Owners' Loan
1
22
(High
107.10
107.11
107.10
107.8
107.11
107.12
107.15
[Close
107.10
107.8
107.11
107.13
107.19
Total sales in 11.000 units...
1
|
3
101.9
101.10
13
..
-
-
101.11
101.9
_
101.8
101.8
101.11
101.9
-
3
30
8
■
101.9
(High
..(Low.
[ Close
2Mb. 1942-44
(Lo w„
13
4
101.11
107.12
1
103.20
103.13
101.11
(High
107.12
107.8
Total tales in $1,000 units...
103.10
103.10
103.10
2Mb. series B. 1939-49 ..(Low.
107.20
Home Owners' Loan
314s. 1941
t3
....
103.13
ClOBe
54
107.12
107.8
102.9
103.10
High
3s, series A, 1944-52..
102.9
'J'iz
.2.
Total sales in $1,000 units...
Home Owners' Loan
106.8
16
(High
3
102.9
Low
106.8
Total tales in $1,000 units...
103.9
17
....
Close
105.28
Close
3Ms. 1940-62......
103.8
1
High
2MB. 1942-47
52
14
High
103.5
(High
106.6
Total tales in $1,000 units...
103.7
103.8
103.6
....
103.9
( Low.
[Close
Federal Farm
106.3
106.3
103.8
Total sales in $1,000 units...
106.6
106.1
106
""
3s. 1942-47
6
105.30
"
[Close
.
107.1
—
Low.
........
106.30
106.30
A Low.
Federal Farm Mortgage
107.2
106.31
103.5
6
-*fS-
;■
(High
104.4
jw..
104.8
3
[Close
I
Low.
1941-43...—....
104.8
■
23
Low
3s, 1944-49
day
35
104
105.13
..
Holi¬
101.18
6
104
104.2
105.24
Mortgage
101.16
101.10
104
104
Total sales in $1,000 units..
Federal Farm
101.10
■'„
2
Low.
7
High
™
5
Close
105.24
110
101.18
:
High
Federal Farm Mortgage
3 Ms. 1944-64
99.27
100.7
101.10
101.3
101.5
100.7
8
101.5
i Close
2Ha, 1948
104.2
10
Total tales in $1.000 units.
3 Ha.
~
105.13
105.5
(High
m
•» M
27
Close
8 Ha. 1940-43.....
■»
.
105.13
105.8
Total tales in $1,000 units
26
.(Low.
104.5
18
105.7
99.27
44
Total sales in $1,000 units.....
104.1
103.31
0..4
105.8
99.27
99.27
10
44
103.30
103.30
J 105.7
99.26
99.25
104.16
103.28
[Close
99.23
99.26
9
Low.
(High
99.24
Total tales in $1,000 units
104.16
104.5
[Close
......Low
.......
2Xa. 1945.
26
Total tales in $1,000 units...
„
.
108.8
101
„
Low.
•
.
09.26
High
108.6
108
60
99.26
Total sales in $1,000 units..
108.8
103.30
3s, 1046-48
.
Close
2 Ha, 1949-53
29
(High
■
_
High
4
3s, 1951-65
2 Ha. 1966-59........
110.23
III!
Total tales in $1,000 units...
101.13
112.15
110.22
Close
(High
.-(Low.
(Close
101.4
101.5
101.5
101
100.30
112.15
14
110.23
Total sates in $1,000 units...
101.2
100.30
112.1
Low.
........
.: -
112.7
5
High
8Ha, 1946-66
1
2 Ms, 1951-54.
101.8
v";-
i'—
101.11
19
3 Ms, 1944-48 .........
_
_
107.11
26
107.13
107.19
I High
101.31
101.31
101.31
102.2
101.26
101.25
101.29
101.30
102.2
(Close
101.27
101.27
101.29
102.1
102.12
Total tales in $1,000
units...
13
37
High
103.30
103.28
104
2 Ms. 1945-47
Low.
103.29
103.28
103.28
103.29
104.1
11
4
8
1
5
16
13 /•.-i'-.
6
-
-
f Deferred delivery sale
above
table
includes
only sales of
Transactions in registered bonds
Treas. 3Ms, 1946-56.. 110.12 to 110.12
Treas. 3Ms. 1943-47.. 108.3
to 108.3
coupon
were:
[1 Treas.2Ms, 1945-47.
103.25 to 103.25
99.25
99.25 to
| 2 Treas. 2Ms. 1949-53.
104.22
104
103.29
Total sales in $1,000 units...
bonds.
8
24
104.2
Close
,
m
13
Odd lot sales,
Note—The
102.12
| Low.
2J4s, 1955-60.......
Total sales in $1,000 unus...
*
104.4
United States
16
Treasury Bills—See previous
United States
104.22
48
Treasury Notes, &c.—See pievious
page.
page
New York Stock Record
%LOW AND HIGH BALE PRICES—PER
SHARE, NOT PER
Monday
Tuesday
Apr. 9
Apr. 11
Apr. 12
Apr. 13
$ per share
S per share
*39
41
$ per share
per share
'39%
42
*39
'27
40
*27
33%
34
8
8«2
42
STOCKS
NEW
$ per share
8%
*30i8
40
4034
*30ig
*33
40
*34
8i2
17l2
8&{
81S
20
19
19
178
4478
7S
18
8%
18
1912
17g
1
19%
178
44
2
47%
45
44%
1
*78
Par
"loo
10
934
*100
118
834
Us
9i2
8%
8i2
*8
*9%
14l2
*6%
|141
8i2
1
1012
15
147g
634
14258
8
10%
6
8M
12
7
8
1078
63s
10
115
9%
t
97g
115
H4
934
"lis
*8%
*7
9l2
*7U
*9l2
8i2
lli2
15U
14%
6%
6
141l2 144
*8
934
*
9
8%
Us
Adams
6,300
300
Adama-MUlis
600
Adarees-Muitigr
1934
2
10,400
*7g
1
Stock
140
9l2
1078
63g
1%
"lis
10
10%
*
Air
300
li4
1
l's
8
8
8
y
75g
7h
8%
lli2
*9%
12
10i2
15
16
i0i8
1534
*67g
678
142U
634
8i4
7
14212 14334
*7
678
*8
1078
11
IH4
*11%
Friday
6i2
6I4
6%
$2.50 prior conv pref.Nc par
Alegheny
Allen
1,500
11,200
43
43
43
43
*42
50
41
4318
1378
4038
47%
3938
41%
41
43
40i4
423g
13
33,400
1314
13
13
13
13
2
2
2
2
1478
6H2
55i2
1234
5H4
*12lg
15
*63
63
Allied Stores
300
427g
1378
2i8
1478
*12i2
2
1478
63
63
56
56%
12l2
50i2
1314
*
5012
1378
2
*12
63
63
*53
57
1234
50i2
2
*12%
61l2
*51
13
50l2
Bid and asked prices:
1212
5H4
no sales on
*45
15
*1412
63'4
64%
5%
Looo
55
55
1234
1214
121?-
2,300
49%
50l2
*48L
50%
400
Am Agrlc Chem
a Def. delivery,
n
65
Mar
Nov
69
Mar
52
Jan 14
43*4 Dec
7% Nov
85
Aug
10% Jan 10
x20»4 Jan 20
New stock,
36
16%
Feb 23
1% Oct
44% Nov
4%
Jan
80%
Jan
Oct
5%
Jan
68% Jan 10
1% Jan ~
%
2
Mar
8
Oct
Oct
15*4
Jan
Feb
Aug
7
1
Oct
11
Oct
69*4
Feb
Jan 12
11
Oct
69
Feb
Jan 12
10
Oct
10%
Oct
13
Oct
58% Feb
62% Feb
45% Mar
23?8 Apr
Nov
258% Mar
Jan
Jan 17
6%
14% Jan 19
10
93s Jan 12
57
100%
166
Jan
Jan 12
1%
177g
17%
17%
Mar 31
10
Feb
Jan 24
2
978 Jan 17
Mar 31
63% Jan 11
51*4 Jan 11
15% Jan 11
34% Mar 31
11% Apr 1
1U Mar 26
50
3% Jan 11
24
Mar 30
3
Jan 12
7%
6%
49
34
Oct
5%
Feb
Dec
17% Aug
Oct
33% JaD
217g Mar
Oct
Dec
85
Mar
Oct
83%
Jan
8%
Oct
39*4
Jan
1%
Oct
87« Mar
Oct
52% Mar
1147g Mar
19
72i2 Feb 21
51% Nor
par
49
Mar 26
66
53%
Oct
101%
..10
10
Mar 30.
157g Jan 15
10
Oct
41%
Jan
55
50
Dee
75%
Feb
50
Cash
Oct
23
145
38
1
(Del)..No
r
28%
412 Mar 26
No par
preferred
Oct
8% Mar 28
No par
22% Mar
17%
176% Jan 10
05s Jan 10
7
No par
;
Mar 31
Mar3l
100
.
American Bank Note
6%
Nov
37
17% Jan 12
2
124
No par
preferred
Amerada Corp
310
i In receivership,
1
6% conv preferred.
"
6512
this day.
Corp
8
Mar 30
115a Mar 31
4i2 Mar 30
par
Amalgam Leather Cos Inc
1,500
55i2
1234
.
No
Inc
Allls Chalmers Mfg
Alpha Portland Cem
900
2%
Co
Allied Chemical A Dye. No t>a>
AlPed Kid Co
..5
Allied Mills Co Inc
No par
300
43
Steel
Industries
share
36
Mar 11
21 »<
6l2 Apr
war. 100
per
Mar 11
36
97
No par
Highest
share %
146
5H% pf A without
43
1378
178
Corp
per
45
133s Feb
834 Mar 31
5
400
$
share
..100
78 Mar 31
6% Mar 30
2,700
11%
6%
6l2
par
600
9
1034
6ig
11
9
40*4 Mar 31
% Mar 30
5 H % pf A with $40 war. 100
6,000
*8
4
5 H % pf A with $30 war .100
144%
9
1% Jan
per
vickshurg RR Co-_100
Allegheny
800
9
A
$
600
7%
141
10
No par
.No pa:
Way El Appliance..N«
share
2,200
Good
814
10%
16%
Corp
per
0*4 Mar 30
14% Mar 31
16% Mar 31
Alaska Juneau Gold Mln___10
4*160
Closed—
No par
No par
A.bany & Susq RR
"
8i2
*634
*6l2
"ri'ioo
Exchange
105
Express
Advance Rumely
Air Reduction Inc
2,100
46
Year 1937
Lowest
Highest
36% Feb 4
30% Mar 23
32
Apr
1
par
25
8%
44i2
97s
115
Straus....No
Acme Steel Co
Ala
934
&
17i2
2
$
Abbott Laboratories ...No par
Abrahsm
40
8%
46
*78
Lowest
17%
1934
19%
2
Range for Previous
Basis of 100-Share Lots
On
EXCHANGE
200
40
83s
*17lg
*18i4
178
1
4034
40
40
*17
Range Since Jan. 1
STOCK
Shares
*27
19
YORK
Week
$ per share
40
Apr. 15
*32
18
1
40
the
Apr. 14
I
Friday
Thursday
35
18*2
178
46%
*78
178
Wednesday i
35
33i2
18
48
Sales
CENT
for
Saturday
saie.
Jan
49% Anr 131
z
Ex-div.
y
Jan
Mar
Ex-rights
8
3
$
Jan
Called for redemption.
Volume
LOW
AND
HIGH
SALE PRICES—PER
NOT PER
SHARE,
NEW
Apr. 11
$ per share
30
32
163
32%
31%
*109% 115
83i2
86%
163
161
161
Week
$ per share
Shares
86
88%
4,400
163% *159
163%
19%
7,100
2,100
7,300
17*4
18%
17%
19%
17%
18%
18%
19
3634
1212
373s
127g
36
38%
37
37
2:34%
35
18%
3334
34
12
12%
11%
12
12
12
12
13
*75
...
*95
100
98
98
23
*15
23
*
11
11%
*77
79%
3U
79%
3%
*3%
*170
300
314
17i2
*170
98
23
*15
6%
10%
*10%
300
3%
3%
3%
18%
17%
17%
*170
300
*170
3
3%
3%
16
16
18
Nov
2
Oct
5
Oct
17
Jan
177
Jan 22
Jan 22
175
Oct
225
Mar
4,100
3%
18
7%
*7
7%
7%
7%
13%
13%
*13
13%
10
400
2%
15l2
2%
234
10%
2%
10%
23
16%
34
34
34%
16%
35%
2%
16%
3,000
151
14%
10%
234
15%
13%
10
36
1,600
*134
*14%
15
6
6
52
12%
12%
16%
*50%
12%
3%
3»8
3%
27
103
101
25
2412
4%
28%
101
25%
4%
22
1214
1%
*14
*6
6%
18%
50%
13%
3%
6%
18
17%
54
13%
50%
*12%
3%
3%
4
23%
20%
12%
21
13%
4%
4%
11%
159%
*
159%
45
Amer Mach A Fdy Co.-No par
10
31%
6,900
Amer Metal Co Ltd...No par
10234
100
340
*
*139
4734
*139
*139
2134
6%
*2434
35%
110
48
23%
21%
20%
2334
7
*7%
734
7
27
25%
25%
*25
108
106% 106%
18
*15%
12934 131%
*15
128
37
111
4734
—
-
-
-
*139
21%
7
*7%
25%
25%
108
108
*107% 108
*15
18
18%
129% 126% 128
68
6834
*67
69%
68
70
70
70%
68%
135
*131
5%
*60
5%
5%
838
8
8
75
*60
438
i 4
129%
5
fc 31%
ft 27%
m
4%
*131
135
5
8%
8%
70
75
28
29
29%
6%
*27%
26%
31%
*438
4%
6
638
*131
5%
7%
29
30
134
5%
5%
*28
31%
27%
26%
70
Amer Ship Building
7% Mar 26
2234 Apr 1
28% Mar 31
14% Jan 12
35% Jan 11
6684 Jan 12
7%
24%
31%
*27%
26%
31%
28%
27%
2634
*33
39%
39
16
*14%
15%
*14%
98
98
*98% 104
*99
104
*12
14
*11
*11
15
2%
*24%
*2%
2%
26%
—
25
120
120
5
90"
S634
86"34
*86%
5i8
*863g
4
*24
„
5%
5%
4%
*99
*119
-
-
*2%
88
*89
5%
4%
6% preferred
100
Type Founders Inc
10
Elec.No par
1,600
15,000
103,600
No par
No par
$0 1st preferred
American
Woolen
——100
Zinc Lead A Smelt
1
Preferred
Amer
$5 prior conv
25
Mining..50
pref..
Anaconda Copper
No par
AnchorHockGlass Corp No par
$6.50 conv preferred-No par
Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.No par
Andes
""loo
400
25%
10
_
90"
200
5
15,100
1,000
111
Mar 30
58
Mar 30
5334 Mar 31
130
Apr
1
6
20
4
15% Mar 31
6% Mar 31
21% Mar 30
101% Mar 31
12% Mar 30
378 Mar 28
Anaconda W A Cable
13%
7
Jan 17
Am
200
101
Mar 29
4534 Apr
Am Water Wks A
600
1534
*119
Tel eg Co...100
American Tobacco
25
Common class B
25
500
H 37
25
10,600
100
;
Amer TeJep A
1,700
Good
Friday
29
101
25%
Closed—
30
*12
4
4%
5%
37
6%
*14%
15%
•
"3",200
Exchange
No par
Refining..100
Am Sumatra Tobacco.-No par
100
4%
30%
30
104
88
88
"4%
39%
15%
*12%
*2%
24%
5,300
75
5%
35
*120
5%
734
*
500
130
Stores
Preferred
400
Stock
134
5%
7%
6%
16
234
*131
6
35
26
American Sugar
6
1634
*2i8
*2434
American
100
30
34%
*120
700
100
103
preferred
6%
II,500
Co.-No par
Co.No par
Refg.No par
—---..100
25
Amer Steel Foundrles.-No par
7%
25%
107% 107%
16%
16%
126% 128%
*68% 69
70
70%
*29
27%
Snutf
American
«*
7%
8%
"4%
preferred...
500
200
Mill
100
Amer Smelting A
28J00
70%
4%
30%
4%
.
American Rolling
2234
5%
*
-
preferred
100
Armour<tCo(Del)pf 7% gtdlOO
Armour A Co of Illinois
5
7%
70
Mar 30
2
3% Mar 31
Apr
23% Mar 31
4% Mar 30
25
Mar 26
2l58 Mar 31
29
Mar 29
1034 Mar 31
97
Apr 6
Jan 17
131
Oct
Nov
Jan 11
24
Dec
104%
Oct
31
117% Mar 14
18% Jan 17
149»4 Jan 10
71
Jan 10
7284 Jan 11
139% Feb 15
778 Jan 21
13% Jan 12
86
Jan 20
1
6
378 Mar 26
28% Mar 28
Jan
18
Jan 15
121% Mar
2
Jan 12
30
*47%
69
*50
69
34
*28
34
Assoc Investments
Co.-No par
27
Mar 30
35
*72%
75
*73
75
72
Mar 29
80% Feb 24
72
Jan 22
28
~29%
28%
30%
27
28%
*70%
24%
5% pref with warrants..100
$5 pref without warrants 100
Atch Topeka A Santa Fe.-lOG
2:7334 Mar 14
42
Jan 12
6334
5434
5434
55%
52
53%
183g
20
18%
18
18%
5%
*5
8
8
*8%
*70%
*70%
9
1914
5U
5%
19%
5%
9
5'4
8%
8%
20
104
*100
638
6%
*3834
397s
38
38
105
*5l4
3i2
*2i4
*1334
19%
*100
6%
5%
65
20%
103
634
*5
20%
19%
101% 101%
6%
6%
*_
80
"6%
6%
55
*53
-
-
--
40%
25%
43%
17
18
20%
5%
9%
20%
7
500
3%
100
80
"5%
53
*70%
24
6
"2^566
53
100
«.•»
-
30,300
41%
25%
42%
16%
17%
5%
3,300
1,484
8%
500
*5
8%
20%
2034
8,500
200
102% 102% *100% 103
7
7
634
6%
39
39
39
39
39
39
*38%
40
*37
40
*37%
40
*38
6,100
39%
*37
40
*104% 110
*104% 110
IO0I4 *104% 110
*5
5%
5%
5%
5%
5%
5%
4
4
4
4
*3%
334
3i2
234
234
*2%
2%
*2%
2l2
2%
1,400
100
10634 10634
*5%
6
300
4
4
1,100
*2%
100
234
14%
3%
14%
3%
3%
3%
5,100
8
7%
838
7%
7%
7%
7%
7%
22,700
63S
6
6%
5%
6%
7%
534
5%
5%
6%
5%
14,200
7%
6
*14%
15
14%
4
Mar 29
Apr 14
68% Mar
5
22% Mar 31
40% Apr 13
4%
Oct
2%
Oct
8% Jan 12
Jan 12
6
31
31
7%
31
7%
31
7%
*30
*89%
7%
6%
7
*30
32
94%
*89%
94%
32
9412
16
7i2
*24%
13%
10%
*89%
94%
16i2
♦88
14%
1534
14%
15%
15%
16%
7%
6%
6%
7%
7%
7%
7
28
*25%
28
13%
212%
1334
10%
1034
1034
109
109
1334
*91
110
1334
106%
*91
25
25
*97
100
*6%
7
79%
*77
11%
11%
1634
17
14%
97
6%
*77
11%
*17
95%
"7,166
7%
1,300
28
28
*25%
25%
*25%
12%
12%
12%
1234
1234
*11
11
11
10%
10%
110
*109
109% 109% *109
1434
1434
14%
1434
1434
*85
*91
94%
93%
93%
25%
58
Dec
68% Mar
83
Nov
33
Dec
7184
Dec
72
5
Jan 10
Jna 14
70
11,900
11%
400
66%
4934
46%
14%
*14%
*98
101
6%
79%
11%
*77
79%
1034
17%
33%
45%
*14%
11
17%
14%
*97
6%
*76%
18
Oct
784 Jan 11
5
Oct
100
25
4% conv pref series A...100
Atlas Corp
1
6% preferred
60
14% Jan 10
9
Oct
24
Mar
1
10178 Apr 12
107
Jan
8
5%
preferred
Atlantic
Refining
584 Mar 30
43
3834
Mar 26
36
Mar 29
48
105
Jan
3
119
4% Apr
No par
Atlas Tack Corp
Automobile.-No par
No par
Austin Nichols
$5 prior A
Aviation Corp of Del
No par
(The)..3
18
Jan 11
7%
39%
Nov
101
Dec
7% Jan 12
Mar 28
6% Jan 12
4%
3%
2
Mar 25
3% Jan 19
2
Sept
12% Mar 30
2% Mar 29
20% Jan 25
4% Jan 10
15
DtC
4734
49%
1434
87
87
1434
88%
*19%
20
*18%
19
14%
13%
14%
*12%
12%
18%
12%
13
12%
12%
12
12%
11%
17%
*13
17%
62
14%
12%
17%
62
*13
*38
62
26
2634
25
26%
19%
22%
20%
21
*38
24%
20%
4934
1434
88%
62
*37%
62
25%
26%
2534
*19%
20%
20
Oct
36,300
t In receivership,
1,500
q
Mar 30
Apr 9
11 % Mar 30
9
Apr
30% Mar
29%
94% Apr
2
103% Feb
534 Mar 31
7784 Mar 19
8% Mar 29
Oct
Oct
17«4 Jan
96% Jan
Nov
90*4
Dec
Oct
7%
Oct
83
Jan
82%
Dec
14%
Jan
8%
8% Jan
Oct
15% Mar 31
26% Mar 31
Mar
15
Oct
40% Feb
29
Dec
Mar 31
65% Jan
41
Oct
14
Oct
19
40
13
Mar 30
16%
75
Mar 31
98% Jan
85% Nov
No par
18
Mar 30
28
Jan
17%
Jan
22% Dec
13% Nov
9'4 Mar 30
10% Mar 31
13% Apr 4
37% Mar 31
20% Mar 31
153g M ar 31
Boeing Airplane Co.
Bobn Aluminum A Brass
New stock,
108
4
9
92% Feb
No par
a
Jan
1
Black A Decker Mfg Co No par
Def. delivery,
115
20
100
Bloomlngdale Brothsrs.No par
B'umenthal A Co ore!
100
27%
20%
Dec
(Del).No par
preferred
preferred
Blaw Knox Co
*38
20%
5%
7%
Blgelow Hani Carp Ind.
17%
25%
Bethlehem Steel
1,000
1,200
*13
7«4
Mar 23
Oct
No par
Best A Co
5,400
17%
Oct
10i2 Ian 12
5
20
w
1234
*13
12%
10%
25
Creamery
13%
20
20
*13
Feb 23
50
900
19%
19
Beech Creek RR
200
13%
12%
Bid and asked prices; no sales on this day.
47%
*14%
*88
12% Mar 30
109
Beneficial Indus Loan.-No par
14%
Dec
Nov
1,400
48%
89
9
"6", 700
1,500
76,200
Mar 22
10
*76%
33
95
20
79%
11%
17%
Jan 21
Jan
Beech Nut Packing Co
32%
Oct
86
16% Feb
1284 Jan
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx
Aviation
5
17
30
30
100
32
Feb 23
10% Mar 30
600
17
34
21% Mar 29
6%
11
Mar 31
...100
25
No par
1st preferred--..
w
Oct
29
5
105"
32
20%
1834
87
10
*6%
*98
17%
1034
13«4 Jan 11
6%
105
33%
86
86
10
10% Jan 11
9
S5 preferred
Oct
1034 Feb 23
Mar 31
5% Mar 29
Cigars Inc..—No par
Beatrice
Oct
Mar 30
4
50
preferred
5)4%
Barnsdall Oil Co
Bayuk
5
8%
5
No par
Barker Brothers
Dec
2% Oct
3% Sept
3
Sept
-13
10
Oct
1
3
100
Conv 5% preferred
Barber Co Inc
Oct
38
3
100
50
100
preferred....
Bangor A Aroostook
4%
Deo
Jan 11
Mar
Loco Works..No par
Voting trust ctfs
Baltimore A Ohio
Oct
101% Sept
9% Jan 10
..100
5% conv preferred
fAuourn
14
No par
Atlas Powder.
100
79%
11%
17%
86%
85
1,100
15
94%
Dec
27% Jan 12
50
110
Dec
32% Nov
6% Mar 26
1784 Mar 31
100
13%
6
49
34%
*
16%
6%
35
14%
94%
*23
97
34%
48%
*38
1434
300
32
15%
7%
*25%
34%
*13
110
*30%
*89%
3,800
6%
Dec
69
Assented
7i2
Nov
Mar 31
Baldwin
7
Oct
7% Jan 21
5% Jan 13
80
53
Oct
4% Mar 25
Atlantic Coast Line RR...100
20
15
3%
14%
3%
*1434
3%
14%
3i2
100
preferred
39
4%
Atl G A W I SS Lines..No par
50
3%
3U
5%
4,000
24% Mar 26
5% Mar 25
2% Mar 30
Oct
Feb
*28
*.50
*
"MOO
30%
Der
11684 May
96
75%
*3%
28%
22
Oct
Oct
Dec
94% Jan 31
69
7
3%
80
"5%
65
28%
2%
Dec
34
734
3%
MarlO
Oct
7
57
*72%
*634
50
Oct
10
6% Jan 10
Jan 1?
*28
28%
3%
preferred
39
72
*50
28%
634
7%
24% Nov
93
75%
75
Oct
100% Jan 18
69
40
*50
Oct
Jan 11
33%
*55
6
*38%
75
Oct
8
96
10778 Jan
*72%
*50
40
*50
4%
82
Oct
11
60
*28
80
"5%
66
*
40
90%
128% May
x27%
3684 Jan 11
*50
6i4
*
29%
634
3%
39%
Dec
Jan 10
40
76t2
*55
*3%
334
80
"6~
634
38%
*27%
27%
634
*3%
90%
58®4
Oct
70
*314
♦
2734
6l2
39
Dec
3%
34
31
6i2
*50
Oct
57
Dec
Oct
*28
30
38%
75
Oct
140
25%
*72i4
*70i4
39
$6 conv pref
14
Oct
Dec
3534 Feb 23
8% Jan 10
3% Feb 24
30% Jan 13
Jan
7%
3%
Mar 31
Apr
22%
6% Jan 12
2
Mar 30
Dec
46
19
20
122
125
Mar
Mar 31
82
Oct'
Dec
Nov
2
.52
10
119
41
139% Apr 5
3484 Jan 10
1184 Jan 18
No par
100
Armstrong Cork Co.--No par
Arnold Constable Corp
5
Artloom Corp
No par
Preferred
100
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred
-100
3812
*27
Oct
American Seating
37,500
*25
183s
134
«
21%
108
5%
734
34l2
1634
,15
*139
126% 128%
69
*67%
7034
69%
69%
*131
-
-
22%
7%
25%
*16
68
69
-
«
Oct
140
Jan 12
165%
180
36
36%
3834
3734
*110% 112
*110% 120
*46% 48
*46% 48
22%
6
900
934
26%
37%
Oct
9%
14% Feb 23
Oct
934
110
Oct
26
Dec
26%
*47
Oct
31
16%
10
110
Dec
3
Jan 12
Jan 12
Jan 12
10
47
26
Jan 12
2078
1,200
1,400
47
Jan
Nov
15% Mar 31
67%
17%
17%
165
Mar 30
100
Mar 24
Jan 18
33
16% Mar 31
Oct
2484 Nov
Dec
67
9%
100
Mar 31
Jan 12
63%
68
17
3884
105%
29%
7%
40%
Mar 30
3
Jan 12
Jan 15
68
27
Oct
5%
Oct
78
66%
9%
Oct
10%
15%
66%
17
63
14% Jan 10
227g Jan 15
66
x27
Mar 31
13% Mar 30
58
Mar 29
66
934
Dec
25
4conv pref
100
American Safety Razor..18.50
68
17%
9
.
Oct
684
14%
Mar 29
Am Rad & Stand San'y.No par
$5
Oct
Oct
14
2
Jan 11
778
314 Mar 29
19
preferred
preferred
Preferred
6734
1634
28
20
No par
No par
?6
Oct
Oct
Oct
23% Feb 25
74% Jan 17
99i2 Mar 30
Amer Power A Light ...No par
~~7~706
17%
23
American News Co new No par
3,100
2,500
70,300
Mar
Dec
1%
2% Feb 26
2% Mar 31
100
preferred
conv
13,200
1734
*9%
6%
4%
17
*27
Amer Mach A Metais..No par
23%
21%
20%
12%
11%
159%
25
17%
17%
Preferred
Jan 14
18
Jan
Oct
Mar 31
100
1,100
5,700
17%
10%
28%
100
1,000
17%
10
Ice
6% non-cum pref.
13%
17
2534
35%
li2 Mar 30
1334 Mar 28
4% Mar 30
12% Mar 29
American
Jan 13
3784
No par
26
3034 Mar 26
51%
3%
4% Jan 13
American Home Products...1
Amer Internet Corp ...No par
17%
*16%
Mar 29
American Locomotive.-No par
17
17
12
3,100
18
26%
36%
3734
109% 109%
60
6% .preferred.
Jan
38%
2%
20%
32%
Jan 18
12
Mar 29
68%
Oct
14%
784
1934 Feb 25
2
13,000
~17%
26
Mar 26
9i2 Mar 25
1
6%
4%
22%
13%
159%
10
10
18%
3
21%
12%
No par
preferred
13%
23%
21
$6
Jan
Dec
684
25% Feb 25
11% Jan 14
13i8 Mar 29
5% Mar 30
23% Mar
30»4 Mar
33% Jan
99% Mar
13% Jan
1384
2%
17%
4% Jan 13
No par
No par
preferred
Amer Hawaiian SS Co
200
6
177
214 Mar 30
17%
51%
4%
22%
21%
200
100
American Hide <fe Leather
400
134
29
23%
European Sees...No par
$7
400
15%
1%
*13%
15%
28
28%
28%
*100
102% *100
*98% 103
25
*24
*24
25%
25%
24%
*
x
36
30
4%
23%
20%
12%
25
1%
15
6
18%
52
2734
24%
15
16%
55s
1634
50l2
12l2
318
*95
1%
14%
*16
78
$7 2d preferred A
600
*7%
8% Mar 30
10
Amer A For'n Power...No par
I,400
7%
Mar 29
9
100
Amer Express Co
300
10%
1%
Jan
80
14%
14%
Apr
Aug
29
6% Jan 17
738
.
112
434 Jan 12
10%
17
150
Oct
20% Dec
6% Oct
8% Oct
12% Oct
Feb 19
*13%
36
Oct
Mar 29
8
35%
Oct
90
100% Jan 24
105% Mar 15
19% Feb 7
4
IOI4
234
15%
z35%
*1%
104% Feb
3384 Aug
11%
86
2l2 Mar 25
15
2%
Oct
Jan
Amer
7%
20
36
Jan 16
17% Jan 17
88i2 Mar 31
19i2 Feb 7
4% Mar 29
6% 1st preferred
*978
2%
*15%
35%
*134
Feb
American Encaustic Tiling..1
1412
*9%
71
American Crystal Sugar
7%
3%
*15%
3%
*15%
Jan
Oct
Feb
1,900
"
3%
*170
300
174
Feb
3",900
10%
79%.
7%
Oct
8
8O84
8% Feb 21
1334 Jan 15
16»4 Jan 12
83
Jan 18
10%
3%
15178
15%
Feb
50
89% Feb 18
No par
Chicle
121
600
*77%
3%
*3%
3%
American
160
Dec
27% Jan 12
9% Mar 29
100
preferred
Oct
Dec
69
167
Mar 31
27
100
Am Chain A Cable Inc.No par
28
109
1,200
11%
*3%
No par
share $ per share
3
42% Jan
6%
79%
9
American Car A Fdy
Preferred
per
1034
6
11
3%
100
$
share
per
125% Feb 2
91% Feb 23
23i4 Mar 31
Apr 11
Jan 3
Mar 30
Mar 30
25
Preferred
$
J(AUegCo)25
American Colortype Co
10
Am Comm'l Alcohol Corp.,20
*77
*3%
Can
Lowest
Highest
share
per
114l2
7034
160i4
12%
100
Am Coal Co oi N
23
10%
338
9
6%
10%
"""366
99%
79%
10%
*77
3%
338
*3%
9
98
6
American
5%
*15
10%
5 H% conv pref
*80
-
*95%
6
10%
12
1H2
*77
'.
-
98
10%
6-%
10%
6
1034
m
23
*95
*
6%
6
10*8
*80
*67
*67
$
Am Brake Shoe «fc Fdy.No par
200
86
84%
163% *158
Par
40
116
*114
Lowest
2,700
31%
31%
115
115
84
83%
32
31%
115
*158
Apr. 15
$ per share
31
30%
115
114% 114%
84%
84%
Apr. 14
$ per share
$ per share
Thursday
Apr. 13
Apr. 9
$ per share
Range for Previous
Year 1937
On Basis
STOCK
YORK
EXCHANGE
the
Friday
Wednesday
Tuesday
Apr. 12
Range,'Since Jan. 1
of 100-Share Lots
STOCKS
Soles
CENT
for
Monday
Saturday
2489
New York Stock Record—Continued—Page 2
146
r
5
5
Cash sale,
x Ex-dlv
Jan
15% Mar
9
Oct
17«4 Jan
15%
Dec
50
50
Deo
35% Jan
16
Oct
30
21
Oct
Feb
Jan
y Ex rights.
1 Called for redemption.
New York Stock Record—Continued—Page 3
2490
AND
LOW
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
April
STOCKS
Range Since Jan. 1
jor
NEW YORK STOCK
On Basis of 100-Share Lots
Friday
the
Monday
Tuesday
Apr. 11
Apr. 12
$ per share
$ per share
$ per share
Wednesday
Apr. 15
Week
$ per share
Shares
Thursday
13
Apr
Apr
$ per share
83
83
84
84
84
84
*84
84
*4214
»10i4
45
*42%
10%
45
4434
4434
11%
11
11
16%
1634
2134
*40%
*978
16%
2134
44%
12%
1634
12
16
1733
16%
21
22%
3%
1078
21%
3%
*212
1634
75g
1634
2134
3%
16%
16
21
3
3
16
16
7%
18&3
*2414
8%
1934
7%
18
19
17%
734
18%
26
25
25
25
25
*30
7%
31%
3178
31%
*1%
*5%
134
5%
*1%
5%
8%
31
5%
8%
8
8
*3214
22
12%
34%
13%
8
733
4%
4l2
35
20
1478
8
2134
20%
16
15%
16
16%
2%
7
*6
10
18
;8ig
8%
1978
634
7
6%
6%
*18%
20
18%
3%
18%
3%
8
*6
*10%
3%
834
3%
8%
11%
15%
50
19%
6
6
117«
1478
46%
1%
7%
11%
137g
50
11%
14%
*38
6%
573
32
32%
1%
11%
14%
50
*38
6%
32%
6-%
*45%
1%
7%
11%
1434
7%
*31
50
6
6
32%
32%
*5%
578
6
6
*35
40
*35
40
*35
40
75
*65
75
*65
75
*64%
75
*5%
6
*5%
4
3414
2512
33%
7
99
23
24
2838
29%
1
35
"20*
24%
1012
*8
1
75%
10
8,700
*50
53
*22%
3%
*98
9
'6%
24%
*7%
84
*3
3%
*3
3%
*3
*1%
6
*1%
6
11
S4
11
11
3%
34
134
*34
*8
*1212
4
1%
*8
9%
14
*13
14
*29
40
4%
*29
*8
*13
4%
35
4
*27
1%
1%
938
*8
14
*13
14
*4
4%
J'm,
-
•
58
*55
58
58
*10658 108
*..
102
*106-% 108
106-% 10634
21
21
20
20
*18
*61
72
*61
72
*61
36i2
*12i2
36
37%
*12%
115
*120
102
16%
1067g 107% *107
19
18
*18%
72
*61
121
115
*58
*79
9%
*80
20
18%
19
*82
*82
x
2()78
19
19
90
90
90
28
"12%
5
812
*5l2
16
16%
63
11%
*29%
5U
*51
x
"§9%
*82
36
*93
23
♦
x__
~1234
1634
16%
64%
1134
16
*5
1%
3314
231.1
20
*90
x
63
x
512
65
"29%
57l2
29%
*85
94i8
35
36
35
*95i8 100
7U
1%
31
23
57l2
29%
*85
30
9418
3534
*9512 100
7U
1%
3134
23l2
on
714
1%
3U2
24
7i2
1%
3H2
24i2
this day
9934 Apr 11
Apr
19184 Aug
12934
Jan
100
Feb
10514
Aug
13
Dec
Dec
1918
821*
7
4U4 May
115
June
Jan
11
Jan 10
Oct
8
48% Mar
Jan
Jan
8% Jan 10
4
Oct
51 *
Jan 20
31*
Oct
Apr 2
46i* Jan 11
3484
Dec
8683 Mar
4% Mar 30
883 Jan 10
3is
181*
10312
Oct
Oct
2353
3
Jan
17i2 Mar 31
Apr 5
I884 Mar 31
99
104
3212 Feb 23
106
Mar
4
Mar 23
301* Jan 12
12% Jan 11
27ig Mar 30
23is Mar 26
48% Mar 2
38% Jan 17
7
6,600
%
li2
%
23s
184
95
Sept
Dec
2513 Nov
5
Oct
z40
Nov
31
Oct
2434 Jan
141* Mar
115
Jan
Feb
82
Feb
111
Feb
63U June
48
Feb
901* Mar
687* Mar
20
Oct
2i*
Dec
I8I4 Mar
123s May
14
Mar 30
12
Mar 29
27
3% Mar 30
Mar 29
Jan 11
10
Dec
Dec
Oct
Jan 12
2%
Dec
1278 Jan 15
Oct
33
Feb
Jan 17
634
28«4
Dec
45
Aug
Jan 20
84
Dec
I84 Jan 10
45s
32ia
1U
27a
2%
Jan 11
1%
Oct
Jan 12
1
1284 Jan 12
I684 Feb 18
573 Jan 12
12
Oct
3
Oct
37
36
Feb 23
6i2
Mar 22
2
Mar 24
384 Jan
7
58
Apr
15% Mar 26
7514 Feb 23
261* Jan 10
76
Oct
Dec
Feb 18
47i8 Mar
Feb 25
24i2 Nov
1314 Dec
1101* Dec
9384 Oct
Jan 17
7i« Mar 30
par
100
80
No par
conv preferred
Beacon Oil
1178 Jan 12
95i2 Jan 4
Feb
26
20
Jan
IU4
5%
Mar 29
9
1
Mar 30
27% Apr
1
884 Jan
1134 Jan
9i2 Jan
2214 Jan
2114 Jan
76
Jan
151* Jan
34
Mar
5% preferred
Commercial Credit
100
57
10
23
Mar 30
38'4 Jan
100
84
Mar 28
95
3,300
a
5% Mar 30
Commercial
14,400
1,700
Invest Trust.-No par
*6
n
New stock,
r
65
Jan
Jan
Jan
Jan
Oct
Dec
Jan
501*
Feb
41
Deo
2978 July
1327g June
1701*
59
Apr
June
2534 Mar
1041* Jan
8284 Feb
11234 Mar
45
Apr
5178 Feb
2714 Mar
8
Dec
30
Jan
758
1634
Dec
29
Jan
Dec
32
1658
Dec
65
Aug
31i2 Aug
Nov
12534
Apr
10
Oct
Dec
1458
Oct
39i2
461s
2078
Jan
2534
z6812
64i2
303s
Oct
108
Jan
Dec
101
Jan
Dec
Mar
80
Dec
4484 Jan
34
Deo
6914
114
80U
Jan
Jan
Jan
Jan
Jan
Jan 31
99
Mar
86
Dec
10
Jan
5
Oct
21U
Jan
1
Mar 29
2
Jan
1
Oct
4%
25
25
Cash sale.
3
983 Jan
79
Apr
113
578 Mar 30
Mar 31
34
Oct
7553
Jan
Jan
90
preferred series...No par
Commonwealth Edison Co
Mar
31*2 Mar 31
$4.25 conv pf ser '35.No par
Solvents-.No par
Commonw'lth A Sou
No par
Def. delivery,
Dec
29
"V, 100
"moo
Dec
18
6li2 Apr 14
Comra'l
Oct
98*4 Nov
Columbia Gas A Elec..No par
6% preferred series A... 100
~5~4o6
81*
95
Jan
5334 Apr
preferred.No par
4 H% conv preferred
Jan
96
13
Columbian Carbon v t & No par
Columbia Plct v t c
No par
94i8
66i2
2783 Jan
314 Mar 31
414 Mar 29
4
Apr 1
13i2 Mar 29
100
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.50
Class B
2.50
conv
4
1i778 Feb 14
2OI4 Mar 24
9% Mar 30
No par
1st preferred
Apr
15i2 Feb 17
Mar 31
13i4 Mar 31
88
100
Aug
Act
90
Jan 25
preferred
179
103l2
Oct
45
3
July
105s Mar
82
41
Jan
74
48
Jan 27
Feb 18
58
Feb
48i8 Aug
59
No par
No par
Feb
Feb
92
Deo
125
A
Oct
May
10234 June
Mar
191*
67,400
1,400
24
Dec
2
1714
32i2 Mar 29
10i2 Mar 31
45
Jan
221* Jan
1578 Mar
80
Dec
54
27i2
13514
213g
57
Feb
884 Mar
Oct
67*8 Feb 3
60
Feb 28
100
10i8
Dec
Oct
Mar 28
S2.75
31
Oct
11
5
383 Mar
Oct
105% Mar 30
4%
200
714
13s
Dec
46i8
Jan
Jan
314 Mar
714 Mar
633 Mar
19i2 Feb
131* Jan 12
59
Mar
32
53
63i8 Jan 15
Mar 30
4
1'8
7g
10
Colo Fuel A Iron Corp.No par
100
40
31
Oct
353s Mar 31
..No par
...100
Colorado A Southern
10
62
434 Mar
13i2 Mar
5
Jan
111
Colonial
5%
Oct
Oct
«4
2
178 Jan 10
1
Mar 31
Mar 28
5%
33
2378
1
3
Mar 25
Collins A Alkman
2,800
95
31
1% Jan 10
1
6
Mar
2% Jan 22
63 Mar 31
Us Mar 28
No par
100
683 Jan 10
8
6%
2034
Dec
Mar 28
100
Equipment
89
Jan 26
Mar 26
2
5
5
3«4 Jan 13
67g Mar 31
25
Jan
1U Feb 23
Mar 23
par
22
89
Mar 18
878 Mar 31
% Mar 28
84 Mar 26
34 Mar 29
No par
Colgate-Palmoflve-Peet No
82
J In receivership,
Mar 23
80
No par
Class
36
3512
*96i8 100
7U
1%
91*
90
Jan 12
Coca-Cola Co (The)
30
600
573s
30%
Feb
3583 June
187g Jan 12
25i2 Jan
Cluett Pea body A Co..No par
Preferred
100
900
120
*85
Jan
102
94
"5,266
~i~7o6
x
4
Clev A Pitts RR Co
7% gtd.50
Special guar 4%
50
Climax Molybdenum..No par
72
1,800
x
Jan
12i2 Mar 26
Mar 12
1,600
63
92
112
1114
62
Dec
7
5i8
8I4
538
61i2
97
106
65
5%
Dec
Nov
Clev El Hlum $4.50 pf.No
par
Clev Graph Bronze Co (The) 1
*1514
5%
Mar 15
Nov
97
98
1234
63i4
III4
103
80
40
179
28
*30
Mar 30
3
55% Jan 10
Mar 26
16i2
1H4
9
97% Jan 20
109% Mar
Mar 28
*1514
6434
3
75
5i8
*6i4
33
98I4 Jan
150
1,300
63
02i2 Mar 31
295gMar31
10018 Jan 4
Mar 26
6
*30
Oct
131* Nov
27* Oct
75
16i8
1612
*1034
90
Jan 11
4% Jan 12
100
6
33
Jan 17
18
Mar 29
2l2 Mar 25
Mar 28
16'8
*2914
5I4
86
13
150
163s
1612
63i2
1034
6312 Apr 14
Jan 12
16
5i2
Jan
18i* Mar
5214
24
11
834
6U*
Dec
10*8 Mar 26
"l234
13i4
534
Nov
Jan
Dec
100
City Stores
534
*6i8
*5l2
16
Bid and asked prices: no
sales
te=rr'
19%
95
*15i4
*62i2
IOI4
534
100
534
8i2
*80
1712 Mar
453
400
18
*64
83
28
"l3"
13
*6i8
5i2
33
64l2
57%
30%
94%
36%
19%
*90
x
28
13l4
5%
8%
9%
778
1%
3134
*80
28
61
Oct
371*
95
No par
25
preferred
Clark
"166
10734
13
85
Dec
67*
7% Feb 25
1
5% preferred
36%
*80
44
Jan 15
37% Jan 28
100
preferred
700
115
85
conv
500
.
80
Jan 11
8% Jan 10
Jan
Feb
4i2Mar 3
3414 Mar 28
100
6H% preferred
City Investing Co
"
9ig
912
91
26U Mar 29
100
Chrysler Corp
City Ice A Fuel
102
1934
72
100
No par
C C C A St Louis Ry Co...l00
*
44
36
Chlckasha Cotton Oil
10
Chllda Co
...No par
20
37
3534 37
37
37%
39%
12
12
12%
1178
12
1178
*113
*112% 115
115
*113
115
121
121
119
119
119% 119%
120
120
*58
*58
*58%
*58%
9%
934
834
9%
8%
8%
8%
878
1234
115
*
102
Jan
Jan 11
1984 Feb 23
Mar 30
Chile Copper Co
100
234
16%
102
100
preferred
6%
1,200
58
*2%
234
100
No par
Chicago Yellow Cab
.130
16
5
29
tChlc Rock Lsl A Pacific...100
7% preferred...
100
500
65%
65%
234
25
100
$3
~
1,500
16
100
No par
Chicago Pneumat Tool No
96,700
58
■
-
11%
*52
*
.
46%
43%
11%
65%
278
1578
Feb
38% Mar
Preferred
200
46
44%
*11%
65%
*234
3783
Oct
5% preferred
100
tChlcago A North West'n.100
3,600
4478
11%
*55
Dec
958 Apr 1
12i8 Mar 30
40is Mar 24
tChlc Ind A Louisv 4% pf.100
Chicago Mall Order Co
6
tChlc Mil St P A Pao-.No par
3,700
4%
66
*14
10
Mar 31
514 Mar 30
tChlcago Great Western..100
4% preferred
...100
300
«,
27
11%
3
Jan
Jan 10
Preferred series A
400
14
4
65%
58
2013
tChlc A East HI Ry Co
6% preferred
—
27
12
15%
52i8 Sept
6i8 Feb
Oct
Chesapeake Corp
Chesapeake A Ohio Ry
400
40
64%
3
Dec
Oct
Mar 31
1
1
6% prior preferred
100
Cham Pap A Fib Co 6% pf 100
Common
No par
Checker Cab
5
1,900
*27
4534
15
1
4
45
50
Preferred
300
1178
64%
3
Jan 10
Jan 11
preferred
Certain-Teed Products
1%
1%
43%
15
Feb 18
5%
Cerro de Pasco Copper.No par
9%
12
*52
48%
■
700
46
234
«.
1
65
*14
«**•
40
12
34<3 Mar
Dec
24%
49%
2%
10%
1584
15>8 Mar 30
Oct
Mar 29
10,500
27
12
42%
Oct
4
10
~
*62
44%
Oct
12%
18U
497*
314 Mar 31
890
1%
3%
14
4%
6
24
Century Ribbon Mllls_.No par
1,900
10
*8%
1%
1%
1%
9%
II83 Jan 10
8^900
%
9%
*23%
%
1%
*1%
7s
914 Feb
3384 Mar
Jan
1%
*234
%
I8I4
Oct
Oct
3614 Mar
214
Jan
1%
1%
Oct
16U
Jan 10
10714
4184
1%
78
Mar
513
Feb 23
483
June
1%
1%
1%
8% Feb 25
96
500
78
Feb
Mar 26
1,500
134
1%
4514
7
1,100
%
Oct
10
Central RR of New Jersey.100
Central Vloleta Sugar Co...19
—
34
134
*1%
,
Jan
Feb
Jan
1%
27
Feb
1134
39
125s
10%
*23%
353s
Oct
Dec
3914
1%
*23%
Oct
184
61*
Oct
*%
278
22
65i4 Mar
4514 Jan
183s July
Oct
34
9%
*lt2
138
%
9%
Jan 12
Jan
2
1%
27«
Jan 17
16
684
15
3ii Jan 15
Feb
24
%
9%
20
9i2 Feb 26
2014 Jan 10
Jan
13
3
1%
9%
27
4
Jan 11
1433
98
Oct
Dec
Oct
Dec
4i2 Jan 12
105
Jan 25
%
278
3214 Mar
Ocq
Oct
2l2
2414
1014
28
1%
10
214
683 Jan 20
Mar 26
%
27
35
6478
Jan
Mar 31
*1%
1%
278
9%
934
683 jan 12
Jan 11
Deo
2
%
*22%
76
20
1%
10
27
Central Agulrre Assoc..No par
Central Foundry Co
1
Central 111 Lt 4*4% pref-100
%
1%
3%
Jan
Jan
24l2
24i2 Feb
11713 Mar
52
1%
1%
*234
1%
8U8
50
36<4 Jan 11
19>4 Jan 12
6,000
Friday
6
*10%
*1%
10%
11
Oct
62% Feb 26
-
•»»'«.
■
3%
6
11
Oct
61*
8
Mar 31
5%
""400
3%
10%
%
-
Good
1
34
%
Dec
6
Jan
600
«.
2%
3%
*%
34
Jan 10
9»4
Mar 28
80
*2
*13g
34
Jan 24
10
Jan
'
*68%
*%
1
2%
Jan
400
•
28%
80
Jan
1021*
5234
Mar 31
7 % prior preferred
Co
10
Closed—
34
27%
*%
53
Dec
46
8%
34
2834
2%
Dec
Dec
1512
Mar 30
Celotex
6,500
1934
34%
*65
7
21
.100
99
i 9%
1
Jan 13
6
m
1,200
Exchange
678
2634
"
2%
Jan
13
20
5
28%
80
Jan
Dec
Oct
Stock
4%
*_
*%
*2%
*%
Jan
8
3812
20
preferred
100
Celanese Corp of Amer.No par
700
102
*6%
*4%
*3%
34
*75
mm •«.
23
3
35
27
*23
V
19
287g
%
47
Oct
Dec
'
96%
34
2%
Dec
1
512
par
No
5%
13,900
28
Participating preferred..100
Byron Jackson Co
No par
California Packing
No par
Caterpillar Tractor
200
Jan 20
Feb
Feb
Jan 13
2% Mar 30
Case (J I) Co.
Preferred
4,600
42
6
1
1%
*234
9i2
600
Dec
41
534 Mar 31
165u Mar 30
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
200
22
11
6
Capital Admin class A
"266
Feb
Jan 13
2314
5978
53i*
ll2 Mar 28
4% Mar 26
634 Mar 30
10
300
3%
Aug
Oct
138s
634 Mar 29
30
Canadian Pacific Ry
Cannon Mills
__
34
Oct
18
2Ui Jan 11
Mar 31
Mar 31
conv preferred
Byers Co (A M)
Dec
7
Jan 20
37
314 Mar 31
No par
Canada Sou Ry Co
14
2734
%
I
700
12,100
64%
19
9
Co
157a
Jan 11
9«4 Jan 13
Mar 31
Mar 29
Mar 25
Mar 26
Butte Copper A Zinc
200
50
3
3
*138
160
2,400
35
*7%
9
*1684
10i8
3414
5i2
578
75U
Jan
2«4 Jan 13
U8 Mar 25
358 Mar 26
53g Mar 30
.100
tBush Term Bldg gu pf ctfs 100
5%
1,300
1,700
103
2434
Watch
34
3
Feb
Jan 13
22i4
1078
26%
30ii
Mar 30
18
Debentures
500
6
*61
20
Mar 29
Mar 26
Butler Bros
1,800
10134 10134
13%
14%
99
'
-
.14,400
z33
24%
«.
1134
35
"19%
-
1,300
2,600
104
*
21
"
m
14%
29%
80
-
40
678
505* Aug
1584 Mar
Mar 26
Callahan Zinc-Lead
*95
634
Jan
Oct
J Bush Terminal
103
4%
28
Dec
14
Calumet A Hecla Cons Cop. .5
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
6
104
34%
6%
*7%
2%
34
*95
Dec
3
3
9,500
35
28
*66
2%
104
99
9
*33
34%
82
*58
*2i8
*12
24
*
99
22%
*8
9
*65
25
*
"22"
*734
3312
*95
*3%
4%
6%
6%
2534
99
*358
35
7
2234
438
104
34
35
658
4%
*95
16
2284
4«4 Jan 10
14i2Mar31
50
40
71
195s Jan 12
28i2 Jan 10
Mar 23
25
5,100
14
Aug
par
1«4
*3%
25
100
.....No
8
63%
15
14%
15
*13%
*13%
13%
15%
3%
3%
3%
3%
3%
*3%
3%
74
78%
73
74% 76%
76
75%
*101
104
*101
*10012 104
104
*101
104
42
40
40
39% 42%
38%
39%
41%
102
♦101
*101
102
102
101% 101% *101
13
13
13%
1378
13%
13%
13%
14%
*61
*61
96%
*61
*61
96%
96%
95%
20
*18
1834
19
19%
18%
19
*18%
*50
58
55
*48%
54
49%
49%
*49%
2358 23%
23% 24
23% 24
2378
2378
3
3
3%
3
3
3
3%
278
*9934 102
9934
9934
*98% 102
*98% 102
9
9
*6
*7%
*6%
9
9%
*7%
5
5
412
*4%
4%
4%
4%
478
77
104
m,
6%
32%
*35
Dec
Burlington Mills Corp
1
Burroughs Add Mach__No par
50
1%
7%
11%
1378
*37%
11
1,100
7
50
7%
Apr
137* Jan 13
15l2 Mar 26
1314 Mar 31
500
1934
46%
1%
461*
No par
No par
19
19%
134
Bui ova
Bullard
1978
19%
93
Oct
..No par
preferred...
1,100
8
*46
Oct
39
4,000
2%
778
7%
Budd Wheel
4,500
,
16
3%
8%
40
4
,
7
3%
*6512
1412
*314
*95
630
2034
16%
8%
100
preferred
Budd (E G) Mfg
11,400
2,900
19
19
*35
*5l4
478
17
7%
57g
31%
31
*6%
*10%
1978
678
7%
4
1578
8%
1573
No par
.
37
16%
1%
6%
31
80
25
7%
11%
Bruns-Balke-Collender.No par
Bucyrus-Erle Co
6
16
46
14
Brown Shoe Co
3,600
25%
20%
46
*38
100
800
778
*15%
19%
19%
19%
48
$6 preferred series A .No par
Brooklyn Union Gas..-No par
34%
778
*2
7634
448s Jan 12
2
5
7%
*75
9212 Jan 12
5
Boston A Maine RR——100
734
*25
19%
*38
600
1,700
8
15%
1%
7%
5,700
15%
16%
19*2
*4534
Hz
714
11%
14%
8
28
25
16
5
6
28
13%
share
per
Jan
Bristol-Myers Co
22%
8
25
16
16
Corp
Highest
share
per
Apr
Brooklyn A Queens Tr.No par
56 preferred
No par
Bklyn-Manh Transit. .No par
778
22%
*1234
*24
8%
28
16
Borg-Warner
$
95s Apr 1
155s Mar 31
16i2Mar31
........1
Borden Co (The)
share
per
82
100
3%
8%
2634
*25l2
Bond Stores Inc
Year 1937
Lowest
40
..No par
..No par
...
600
1,000
4%
35%
378
20%
3%
773
B
$
share
per
53s Mar 31
1234 Mar 30
1%
*30
Class
$
Range for Previous
Highest
Bower Roller Bearing Co..17
Bridgeport Brass Co
No par
Brlggs Manufacturing. No par
Brlggs & Stratton
No par
6
83*
.
19
3%
7,400
14,600
200
31%
434
35%
378
2034
1578
8%
1534
2%
*734
1534
2%
*6%
*10%
678
2%
1,000
8%
6
7%
*15
8%
*2
16%
*1%
80
4%
16
1534
8
10
7
18
8
8%
2%
9,900
200
19%
25%
31%
34%
734
35%
378
20%
15%
10
9l8
634
4%
36
15%
*8%
2%
*6
4
20%
16%
2
4%
35%
378
39%
10,100
3
*23
2234
12%
*75
4%
2034
8
157g
7%
80
17
23
8%
8
34%
7%
300
Bon Ami class A.
60
1%
5%
2234
12%
*32%
734
7%
13
*75
434
4%
378
1%
5%
22%
7%
7%
8%
80
36
36%
378
21%
151*
334
734
773
*75
84.
22%
12%
*32%
34%
7%
878
8I4
8%
21
23%
13%
34%
134
12%
7%
1773
187S
Par
140
16
26
31%
134
512
8%
13
W-
734
1778
31
31%
5l2
*2158
16%
778
Lowest
84%
44%
*978
16%
21%
*2%
3
*24
*1%
84%
*41%
22%
*2%
16%
14
$ per share
1938
EXCHANGE
/a*
Saturday
Apr .9
16,
22% Mar 30
*
Ex-dlv.
y
4214 Jan
120
Jan
25i8 Feb
Ex-rlghts.
J Called for redemption.
Volume
AND
HIGH
SALE
Monday
PRICES—PER
Tuesday
Apr. 9
Apr. 11
Apr. 12
$ per share
$ per share
$ per share
5
6%
20%
*6
7
5%
5%
1934
6%
2034
7%
*6
734
*7
*5
20%
20%
*6
20%
Shares
6%
20%
7%
*6
8%
15%
*7
*6
Apr. 15
share
15%
1484
6%
14%
6%
7
6%
6%
*73
15%
14%
64
*58
*684
64
*58
75
*6%
""20
90
89%
384
89%
*3%
9%
2884
9
*93
103
*93
3%
8%
103
*93
*93
3%
3%
3%
3%
*3%
3%
%
%
%
%
%
%
3%
3%
3
3
13
79%
*76%
12%
12
12%
134
77%
12%
11%
1%
76
76
42%
41
4134
1%
*75
41%
79
134
*10734 109
7
7%
27
27%
27%
1%
1%
1%
7
7%
26%
J1*
*11%
27%
12%
*47
26
48
26%
27%
12%
*1034
28
47%
47
1
12%
59%
59%
60
163
*62
*7%
2634
64
*62%
65
27%
25
26
*59%
2534
65
25%
80
80
80
*75
90
%
7
4
*334
3%
%
63
*60
17
%
734
30
3%
700
*60%
4%
16%
15
5%
2,100
43%
2,100
4%
434
44,000
16%
4%
17%
4%
16%
538
200
17%
Apr
25
a:53
Apr
$2.25 conv pref w w..Wo par
Pref ex-warrants
Wo par
55
*50
55
*50
55
*50
55
*50
52
31%
*19
31%
*18
31%
*18
*18
18%
17%
18%
17%
*5
534
5%
5%
14%
534
*14%
*14%
14%
7
7
734
734
105% 105% *105
-
-
-
534
*14%
14%
14%
*105
7
7
105
105
7
20%
22
20%
21%
1934
20%
20
20%
21
10
21%
10%
*21%
10%
20%
21
10%
10%
1034
21%
10%
934
10%
934
10%
9
5%
6%
5%
6%
1%
2
5%
*1%
2
*1
84
85
8184
84%
4
*3%
4
*3%
*5%
*5%
*34%
1634
3134
22%
35%
6%
6%
2134
*5%
1634
32
*30%
*34
22%
25%
21%
*34%
22%
35%
7
7%
7%
7%
14%
70%
14
14%
*68
*65
70%
*13%
14
*14
14%
14%
30
*30
*534
8
*5%
7
16%
49%
*5%
38%
39%
37%
39%
37%
97
98
94%
94%
*92%
*16%
18
4834
49%
19
*17
50
684
17
8%
*8%
9
*%
%
*%
%
*%
%
*%
%
*%
2%
%
*%
%
800
*5%
1634
30%
30%
2134
22
7%
300
2,800
300
7%
800
3.400
1334
13%
*68
70%
*14
15
30%
300
6,600
5234
51%
6%
*6
6%
40%
39
4134
37,400
96%
96%
96%
1,000
19%
*16%
19
100
9
%
*%
------
%
------
%
------
*2
3
2
2
14
*10
12
*10
12
*10
12
*10
*100
109
*100
109
103
103
*103
113
*103
110
100
103
132
132
200
12
102
105%
102% 105%
*131% 132% *131% 133
112
*111
112
112%
3
2%
101% 104%
10134 10534
133
13334 *131% 134
112
*109% 110% *111
112
*111
116
116
*115% 116
11512 115%
5%
4%
142
5
142
143%
144%
15%
*115
5
15%
2%
14-%
2%
2%
17
16
143
141% 143%
"15%
5
2%
16%
234
2%
7%
7%
3%
3%
3%
734
8%
7%
8
2938
2634
24
25
22%
28%
22%
27%
27%
28
28
3%
3%
8%
8%
28%
1%
21
1%
21%
*33
35
*95
103
3%
4
41%
42
43
44
*45%
48
16%
738
*3
1%
20%
20%
*100
3%
40
*41%
*45%
35
103
40
44
48
24
24
26%
25
26
1
*1
27%
1%
*1
35
38%
*41%
*45%
4
7%
734
11
7%
7%
11
*1%
1%
10%
*1%
1%
1%
1
1%
1%
6
6%
534
6
10%
*28
8%
25
24
28%
24%
2734
2434
27%
8%
*7%
8%
*234
*3%
7%
10%
*333s
*100
103
3%
4
3
1
21
2%
4%
*25
21
20%
*33%
2%
3%
8%
24
2%
3
734
24
2%
4%
8%
22
2%
4
7%
22
2
3
3%
28
1%
4
3%
*3
27%
1%
4
3%
10,100
1,200
32,600
3,100
1,500
28%
1%
3
5.400
8%
2834
9
3%
16%
7%
28%
*100
4
334
3%
38%
44
48
9
234
*3934
4334
*45%
*1%
2%
4
4%
*234
334
3
334
7%
10%
21%
35
35
103
4
41%
4334
48
2
2%
4
3
23
28
28
27%
8%
*8
1%
5%
*70
79%
70
70
60
*46
57
54
54
*90
98%
97
3%
3
1%
13s
1%
1%
*14%
16%
*
15
15
*90
3%
*2%
98%
*90
3%
3
1%
1%
1434
1434
Bid and asked prices; no sales on
*1
5%
*8
67
234
4%
*2%
8%
67
3%
234
,24
*45
*90
*1%
2434
28
62
2%
48
10%
1%
70
3%
*46
98%
26%
*70
53%
Dominion Stores
Ltd..No par
300
44%
""766
2
234
4%
3
334
7%
11%
1%
1,600
Class
100
800
1%
8%
Du P
3.900
25
26%
2,300
8%
200
200
53%
1
100
Co
4
Eltlngon Schlld..
Wo par
Electric Auto-Lite (The)
5
Electric Boat
3
Elec & Mus Ind Am shares
Electric Power & Light. Wo par
$7 preferred
Wo par
$6 preferred
No par
Elec Storage Battery..Wo par
Elk Horn Coal Corp newWo par
El Paso Natural Gas
3
Endlcott-Johnson Corp
50
5% preferred.
.100
Engineers Public Service
1
preferred....Wo
$53^ preferred w w..Wo
$6 preferred
No
Equitable Office Bldg..No
$5 conv
Erie Railroad
4%
1st preferred
par
par
par
par
100
100
100
preferred...
100
Preferred
98%
3
3%
T,300
Federal Motor Truck..Wo par
3%
500
Federal Screw Works..Wo par
1%
900
3%
3%
*234
1%
14%
1%
1%
14%
*1434
300
16
{ In receivership,
a
Federal Water Serv A..No par
Federated Dept Stores .Wo par
Def. delivery,
n New
stock,
r
Cash sale,
29
Oct
5838 Mar
Oct
22
May
12%
Oct
30
May
Feb 28
Jan 20
29%
Jan 24
76%
Oct
36%
Oct
40%
Feb
Dec
23
Apr
10
Oct
29
Mar
584
96
Mar
25
Feb
Oct
41%
Jan
22% Jan 11
16%
Oct
4634
Feb
60% Feb
35
Oct
6
Dec
57% Dec
1238 Mar
1
8% Jan 20
Oct
26%
46% Jan 21
Mar
2
Jan
77%
14334 July
112
79% Nov
22
Mar 26
Deo
55
21
Jan 10
Jan
Jan
12% Jan 17
8%
Dec
39%
3
3
8
%
Oct
138
Jan
%
Oct
Feb
1%
Oct
3%
8%
17%
% Feb 11
% Jan
% Feb 28
% Jan
Mar 25
3% Jan
10
Jan 28
10
Oct
115
Jan 27
106
Nov
123% Feb 23
Nov
130
Oct
135%
107%
Oct
112
Oct
115%
115% Mar 10
116% Mar
1
7% Jan 12
3
Jan
180%
Marl6
Jao
122
98
137
1
109%
Jan
Jan
Feb
Nov
Jan
17
Mar
Jan
5
144
Nov
198
Aug
169
5
Oct
167
3% Mar 31
121% Mar 31
Apr 14
150
Apr
164
Nov
2%
Feb
21% Jan 15
10% Mar 30
Mar 23
13% Mar 30
Mar 30
2% Mar 30
6% Mar 29
22% Mar 31
18
Feb
Oct
6% Mar 25
6
Feb
Dec
18%
30
Oct
87% Jan 27
2
Jan
5
Mar 25
15
Mar 30
Jan
116%
60%
Mar 30
157
Oct
Dec
27
4634 Apr 5
4% Mar 29
109% Apr
11134 Jan
24% Maj
10% Feb
1»4
88%
4
2
Oct
6
Jan
Jan 12
Mar 31
2134 Mar 31
%Mar 26
17
Feb
3
33
Apr
6
15%
Dec
37%
484 Jan 12
21% Jan 12
10% Jan 17
4
Jan 11
234
Dec
16
14%
Dec
45%
Feb
384
Oct
16
Feb
3%
Oct
7%
Feb
6%
Oct
26%
Jan
Mar
13% Jan 12
43
Jan 12
27
Oct
92%
Jan
Jan 14
24
Oct
87
Jan
22
Oct
44%
Jan
14%
Oct
29
Jan
40
31% Mar
1% Apr
9
22% Mar 22
8
33
Nov
60
Feb
106% Jan 18
6% Jan 14
100
Nov
115%
Jan
3
Oct
1734
Jan
38% Mar 31
40
Mar 31
49% Jan 12
54
Jan 12
41
Oct
45
Nov
Mar 29
62% Jan 10
2% Jan 11
684 Jan 6
51
Nov
94% Apr 5
2% Mar 29
46
l%Mar 29
2
Mar 26
234 Mar 30
100
$6
Federal Mln & Smelting Co 100
Oct
Jan 12
67
preferred
8
13
Mar
Fajardo Sug Co of Pr Rico..20
Federal Light <fe Traction...15
8%
Nov
31'i Mar
17
26
Exchange Buffet Corp .No par
Fairbanks Co
25
Jan
27
34
19% Mar 31
3
Ex Cell-0 Corp
109
75
100
5
Co—...—5
Oct
19% Nov
20% Nov
8
Fairbanks Morse & Co. Wo par
Evans Products
Oct
6
2% Mar 30
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
% Feb 10
3% Mar 30
4% 2d preferred
Cleaner
Eureka Vacuum
18% Nov
96%
Jan 26
15
Nov
3
Feb
Apr
Feb
90% Mar 31
1.3034 Mar 31
6% cum preferred
Eaton Manufacturing
24
Oct
14
31
Oct
Deo
6
66
12
Oct
8%
54%
6
30
Oct
Dec
2
12%
Jan
100
Wo pur
4
39%
Jan 10
16
8% Mar 28
103
Apr 12
preferred
de Nemours(EI)A Co.20
12
18
10
17
11- Mar 18
100
100
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills
5
Eastman Kodak (N J).Wo par
70
75
A No par
No par
Mar 30
5
Jan
Jan
Jan
Jan
36% Mar 16
9% Jan 12
3
5
No par
100
SUk
6% non-voting deb
$4.50 pref
360
534
B
{Duluth S S & Atlantic
6% preferred
Dunhlll International
700
700
No par
Dresser (SR)Mfg oonv
3,700
2,300
11,900
Wo par
Douglas Aircraft
Dow Chemical Co
*90
3%
*234
this day.
600
42%
11
1%
1%
*5%
23%
"7" 400
4
41%
*43%
10%
*50
3
3%
734
334
100
103
*100
7%
*1%
*7%
20%
35
*3%
714
1%
1%
534
23%
*1%
*1%
5%
700
1,100
2,200
1%
21%
*63
*2%
2,400
2,400
1534
8
28
*26
1%
*33%
16
No par
10
169
169
14%
16%
734
4,400
144% 148
145
A
Dome Mines Ltd
300
2,300
Wo par
No par
Co
Doehler Die Casting Co Wo par
200
60
14%
7%
7%
2%
26,800
4%
"l4%
7%
16%
2%
Class
20
14%
2%
15%
2l2
Dixie-Vortex
Duplan
116
115
4%
*169
"l4
14
2%
*2%
116%
434
*169
*169
*169
5
5%
Ltd No par
5% pref with warrants.. 100
Distil Corp-Seagr's
200
%
*8%
*%
9
*10
*2%
6% participating pref
25
Diamond T Motor Car Co.-.2
130
17%
30%
17%
2034 Jan
Dec
4%
5%
39%
26%
Mar 30
25
31% Jan
Match
12
8% Feb 25
2% Jan 10
Jan 12
5% Mar 25
Wo par
Diamond
6
108
3% Mar 21
100
A.-Wo par
5% preferred
Devoe & Raynolds
------
200
Co.—100
Det & Mackinac Ry
------
35%
35
51
*%
9
Mar 31
------
Oct
Deo
15% Jan 11
17% Jan 12
Mar 26
90
284
25% Feb 25
25
Jan 20
Mar 31
1
7%
*8%
*%
9
4
Oct
3
70
107
7% Mar 29
76
Detroit Edison
Dec
8
9% Feb 17
Mar 30
9
{Denv & R G West 6% pf.100
100
1634
14
10
100
Delaware Lack & Western..50
21%
35%
95%
*16%
17
*8%
85
70%
14%
30%
17%
20
Preferred
Diesel Wemmer-Gllbert
300
31
*16%
50%
*5%
3834
95%
50
48%
1734
800
4
*30
39%
*16%
17
*16%
Good
Friday
%
3
7
102% Jan 3
17-% Mar 31
1934 Mar 29
3,700
*3%
14%
30%
16%
43,300
2,500
Dayton Pow«kLt4H% pf-100
Deere & Co new..
Wo par
Oct
Nov
80
15% Jan
6% Apr
134
4
13%
14%
140
13% Mar 31
4% Mar 29
13% Mar 29
5%
86
*66
70
14%
30
30
30%
14
13%
*62
...5
Conv 5% pref
25
Davison Chemical Co (The).l
Delaware & Hudson
*5%
*30%
2134
35%
7%
1634
31%
22%
5%
*1%
Cutler-Hammer Inc new No par
21
52% Feb 21
2234 Mar
1
24% Jan 10
Mar 31
18
5,500
9%
*84%
*3%
8534
31%
5%
1%
*1%
4
30%
10%
834
10%
Wo par
700
Closed—
10%
9
5%
534
1%
*3%
*81
105%
21%
20%
2134
2134
9
9%
3% Mar 30
12% Mar 30
48% Jan 11
preferred..
47% Jan
25% Apr
Jan
7%
50%
5%
,18%
3
.1
-.1
Deo
18% Jan
4
438 Mar 31
12% Apr
Davega Stores Corp
Exchange
734
*6%
87
A
Jan
Oct
Mar 29
pref..100
Curtlss-Wrlght.
66%
Dec
Mar 29
Jan
Dec
8%
60
39
jan
Feb
57%
3
Packing
.....50
Curtis Pub Co (The).. No par
Preferred
Wo par
2-O/1
100%
12% Jan 12
% Feb 14
5% Mar 31
Jan
37
Dec
30%
3334 Jan 12
Mar 29
115
Feb
Aug
34
4
Jan
56%
28% Nov
Jan 17
87
Jan
10% Mar
Nov
6%
10
500
5%
14%
105
21%
2134
2,600
Stock
18
1734
5%
*14%
534
105%
*734
-
1734
1734
534
10%
19% Mar 31
Apr 8
Cudahy
$8
21
Jan 11
70
No par
100
Sugar
Preferred
31%
18
31%
18%
Jan 11
100
(The)..
Cuba RR 6% pref
Cuban-American
Class
Jan 14
25
72% Jan 12
44% Jan 11
94% Jan 17
1% Jan 7
13% Feb 7
5% Jan 10
100
Preferred
Cuba Co
98
58
Crucible Steel of America.. 100
Cushman's Sons 7%
*18
5
Wo par
$5 conv pref..
Oct
Mar 31
85
Crown Zellerbach Corp
3
21% Apr 5
5% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
100
5% conv preferred
Cream of Wheat ctfs...No par
Jan
71%
171%
22% Nov
88% Dec
Jan 31
Feb
Oct
Feb 25
19
July
77
Apr
50%
29%
25
Co
Crane
35% Mar
153
166% Feb 21
484 Jan 12
234 Mar 26
No par
4234
3%
49
Oct
9%
65% Jan 17
Jan
Dec
Jan
Jan
Feb
Oct
4684 Nov
Jan 12
Jan
Feb
Oct
Oct
%
24
16% Jan 10
56
1
1
Apr 12
162
100
Preferred
Coty Inc
Jan 12
82
1% Jan 15
34% Jan 11
Mar 26
10
65
Feb 23
110%
Mar 19
40
Corn Products Refining
5
21% Mar 30
5
Corn Exch Bank Trust Co..20
29,000
*50
*14%
1
1
Motors
Continental Oil of Del
180
*42
41
65
*13%
5%
14%
4%
17
15%
600
%
3%
60
1534
4%
4%
4%
4%
100
*6%
14%
5%
5%
40%
9.600
85
%
41
1334
5
40%
200
4
734
60
63
200
27%
*75
%
334
1334
5%
40
40
Continental
300
68
25%
2634
*6%
334
%
734
*60
15
5
40
16%
63
*1334
5%
5%
40
7
*60
15%
*13%
*%
*6%
3%
%
7
5%
23
Jan
6% Apr
16
Jan 12
85
5
21% Mar 30
Continental Insurance-..$2.50
5,500
9%
*63
64
*%
7
*334
106%
107
No par
28%
30
*72
Feb 21
9% Jan 17
54.50 pref
Continental Steel Cor p. Wo par
32
Apr
6%
No par
934
13%
69%
108%
2584
No par
*27%
Oct
3
IO984
Crosley Radio Corp
*29
Jan
Feb
Oct
Crown Cork & Seal
9%
1%
Dec
Dec
Oct
900
29%
Jan
10%
Oct
37%
1,900
9,300
200
105%
Oct
%
45'4 Jan 12
2,300
2,600
Dec
2%
100
65% Mar 31
36% Mar 30
20
22
Mar 31
10
Continental Diamond Fibre..5
""310
Jan
100
preferred
8%
Continental Can Inc
8,100
30
Apr
378s Apr
3784 Jan
7%
9%
17%
Oct
29%
29
Oct
Oct
Oct
7%
29%
7
1
7%
9%
10% Jan 10
101% Feb 21
7% Jan 7
% Jan 4
5% Jan 12
7%
600
31
Mar 30
Jan
10«4
400
33
9%
Feb
16% Jan 15
2% Jan 13
23%
*30
13%
16% Jan 18
93%
*30
Oct
108
1% Mar 29
27%
10
3%
Nov
9% Mar 31
8% Mar 26
B
23%
33
92
No par
Class
92
2734
96% Jan 8
534 Jan 15
Continental Bak class A No par
26%
27%
Jan
49%
83% Jan
Container Corp of America.20
23%
29
18>4
25% Jan 14
Oct
92% Aug
92
7%
Oct
Dec
1
6234 Apr
28
734
Jan
4%
21%
1% Jan 11
Oct
*90
27%
684
6% Jan 12
Mar 31
Mar 26
Deo
*22
27%
*22
3%
31
90
Mar
79s4
91
3%
334
9%
2734
Mar
95
86% Jan 21
2,600
13,200
*30
69
26%
*72
100
3%
3%
*27%
10
9%
87
Oct
3
23%
3%
26%
28%
163
162
Consol Coal Co (Del) v 10..25
800
61
59%
*161% 165
33
28«4
300
2,400
•47
47
2834
*30
6,500
4,000
2,400
12%
11%
11%
47
162
7%
27%
12
5934
23%
7%
8
29
12%
12
81
Jan
Oct
63
258Mar31
% Mar 21
2% Mar 19
5% preferred vtc
100
Consumers P Co$4.50 pfNo par
15
*75
81
*77
12
91
2234
8
*12
12
500
3%
3%
3%
18%
65
9834 Mar 24
{Consolidated Textile..Wo par
14
Oct
Jan 15
7
Consol RR of Cuba 6% pf.100
2,800
46
91
*89
91
""366
%
134
1%
1%
134
134
80
78
*76%
77% *7634
40
39
39%
40%
4034
*10734 109
*10734 109
*10734 109
*7
*7
*7
7%
7%
7%
26
27
25%
25% 25%
25%
1%
1%
1%
1%
1%
*1%
2634 28
2634 27%
27% 2734
12
12
*11%
*10%
12% *11
47
23
22%
3%
%
4034
47%
59
59%
59%
5934
*161% 164
*161% 164
4
4
4
*334
27% 28
27% 2834
*89
3%
12%
11%
11%
1%
26.800
77
109
109
81
*76%
1234
12%
9%
103
484
Jan
89% Apr 14
2% Mar 30
Consol Laundries Corp
5
Consol Oil Corp
Wo par
$5 preferred
Wo par
*93
Ja 117
4% Mar 26
par
%
*11
12%
*11
3%
400
No
preferred..
3%
*3
*11
3%
12
103
89%
21,300
2,700
834
3%
*33g
%
13%
3%
*11%
*76%
19%
89%
*312
$5
July
Mar 19
1
90
Jan
26
68
17
90
22
Oct
80
1
89%
Dec
8
1
w w
90
5%
5
$2 partlc pref.
Wo par
Consol Edison of N Y._Wo par
90
19%
Jan
Consol Film Industries
20
Dec
Apr
600
20
7%
Jan
71
400
19%
Feb
19%
55
1%
1934
share
per
45% Mar
8
4% Mar 29
Wo par
6%
19
7% preferred
QH% prior pref
Mar 29
1%
20%
9%
103
73
Consolidated Cigar
5
share $
Oct
Dec
8
434 Mar 30
*6%
73
19%
6
4
11
1%
2034
9%
Conn Ry <fe Ltg 4 H % pref.100
Consol Aircraft Corp
1
6%
75
20%
*334
Mar 29
*6
6
9%
10
100
4%
20
10% Feb 23
19% Jan 17
6
*1%
*73
*1%
3%
61
per
7% Jan 14
24% Jan 22
1
Wo par
1%
75
*1%
1%
684
9%
6%
6%
61
64
6%
*3%
1634
$
$ per share
share
Mar 29
100
100
*58
*1%
6
18,500
1,200
per
3% Apr
Lowest
Highest
15
Congress Cigar
884
•
$
Conde Nast Pub Inc...Wo par
Congoleum-Nairn Ino..Wo par
734
15%
6%
Par
400
2,600
Year 1937
100-Share Lots
Lowest
6
74
1%
*6%
15%
684
64
*58
75
*73
8%
15%
On Basis of
Week
"
7
7
EXCHANGE
$ per share
per
6%
20%
634
*6%
*20
7%
$
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Apr. 14
$ per share
*20
NOT PER
SHARE,
Wednesday
Apr. 13
Sales
for
LOW
Saturday
2491
New York Stock Record—Continued—Page 4
146
Mar 29
6% Mar 30
April
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
1% Mar 31
12% Mar 30
x Ex-dlv.
v
40% Jan
884 Jan
6% Jan
5% Jan
10% Jan
11% Apr
I84 Jan
2
6
6
13
10
14
11
Jan 15
11% Jan 12
33% Jan 7
33% Feb 18
1%
4%
8%
5
3
Dec
Oct
Oct
Oct
Oct
6%
Dec
1%
Oct
34% Mar
634
Jan
53s
Jan
1
Oct
7%
Oct
28
Jan
23%
Oct
71%
Jan
26
Oct
70
Jan
293g
Jan
10% Jan 14
7%
Oct
75% Feb 25
75
Mar 15
7234
Dec
103
Jan
60
Nov
160
Mar
90
Oct
129
Apr
2
2
4% Jan 12
4% Jan 12
96i2 Feb
Oct
11%
Feb
2%
Oct
11%
Feb
8
1%
Oct
6
Jan
18% Jan 11
14«4
Dec
2
Jan
4384 Mar
Called for redemption.
New York Stock
2492
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page 5
NOT PER CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Apr, 9
Apr. 11
Apr. 12
Apr. 13
Apr. 14
Apr. 15
Week
$ per share
$ per share
S per share
*70
7234
S per share
I per share
i per share
Range Since Jan. 1
Shares
70
70
26
27
*70
74
26
27
►
21
18*
18%
1834
19%
78
78
78
78
287s
287g
15%
23%
16
15
23%
217g
22
17
1834
18
76
28
28
157g
14%
*197g
15%
21
*15
18
♦15
18
2
2
2
22%
2234
22*4
24
94
91
91
15%
137g
1434
*55
*15
9
9
*50
3
3
*26
2434
29%
25«4
n%
♦50
60
3%
*22%
*91%
137g
61
2
24
93
14%
61
*1*4
i-i
28%
15
157g
217g
*2734
14%
217g
23%
93
800
14,800
600
18
23%
*91%
24%
93
1434
14%
61
3%
25%
25
26%
26
1,600
26
*50
5,100
61
3
*3
*25%
2934
26%
25
25%
29%
26%
1%
1%
1%
*1%
3%
11%
3%
117g
3%
12%
3%
12%
3%
3%
8%
33*
*10%
11%
12
12
12
*12
1134
127„
*10%
12
*12
13
12
12
88
88
*85
90
*85
90
90
90
90
40
5
5
6
6
6%
1,500
*25
25
26
"""760
3
2%
*82
v;' 6%
*82
35%
8%
8
*116
116
3%
8
8
16
*20
300
4,800
34%
78
7g
26%
%
*25
30%
*25
*52
55
52%
11834
*118
32%
1187g
3334
31 %
11234 11234
*22% 25
*4%
5
8%
8%
35%
8
734
115
4
35
35
Z734
115
115
4
4
8
1534
734
734
16%
*41%
*3%
7%
*15%
*41
45
434
8%
1%
*157g
20%
19%
11%
*16%
11%
834
*54%
6%
112
112
112
112
28
30
30
30
5
5
4*4
5%
*8%
*45
1%
17
16
18%
1%
11%
17
57
6%
*40
19
20
11%
9%
9
634
1%
*15%
17
10%
18%
*38
2
3
3
3
*58
70
*58
14
1%
20%
213g
11%
19
38%
2%
2
*85
16
20
49
*38
95
21%
9%
57
*5%
57g
*83
3434
734
16
112
2934
5%
*85
20%
12%
17%
11%
1,900
8
18%
*85
3%
11%
8
16%
95
18
*3%
*10
300
40
6
2,000
90%
35%
1434
13%
42
1834
11
*15%
10%
95
1%
17
8
2,600
40
900
8%
16%
5,700
700
*56
634
6%
49
*43
95
1%
*15
1%
Foster-Wheeler
Francisco Sugar Co
105,200
700
1,200
120
600
16
16
11%
11%
87g
11%
9
834
57%
6%
*56
9%
58
634
*56
634
50
*45
49
1734
18
39
18%
*38%
40
6%
2
2
2
3
3
*3
*58
70
*58
13
13%
41
42
2
3%
70
1312
*44
18%
14%
18
100
2,950
11%
900
200
■Stock
9
58
7
50
Exchange
40
*58
3%
Good
Friday
41
41
43
20
18%
187g
18%
19%
75
18-%
74%
75
75
75
3%
*51%
74%
3%
66
1
334
334
*52
*1%
1034
*13
21
*20%
12
3%
62
1
1%
1
3%
4%
334
4
4
4
1%
1034
1434
21%
1%
*10%
1%
11%
12%
334
*1%
10%
1%
*1%
1%
10%
1319
10%
10%
11
13
13
21
*20%
13%
21%
2034
24
12
22
12
25
21
12
157S
17%
25
12234
*35
17%
16%
35
*12%
21%
*20%
1178
15%
22
24%
♦
50
♦30
50
21
12
16%
25
25
122
122
*35
16%
35
21%
16%
*30
21%
*20%
1178
1534
*25%
*120
21%
21
1178
16
28
122
*1534
9%
10%
8%
8%
8%
*7g
1%
1
1
1
1
*1234
5
*4
147g
12
*24%
26%
*24%
*30
35
*32
6
6
6%
16
16
*79"
*15
94
►
94
89
19%
*120
19%
132
5
5%
*53
60
1%
*83
2
86
6%
*80%
*140
6%
83
*
17
26%
34%
5%
53
*17g
*86
6%
*80%
6%
83
45
45
129% 129% *129% 134
*397g 43% *397g
51
17
*100
7
15%
*102
101
7
16%
110
17%
23%
*100
67g
53 %
197g
8%
*46%
49
*467g
*867g
6%
3334
*1%
*3%
35%
4%
*1%
*3%
25
25%
24%
7%
634
634
78
8%
13
17g
8%
31
31
.4
4
*32
.35
6
6
*40
80
*15%
*23%
*100
*634
54
89
4.%
55
1934
434
*53
434
55
86
*84%
6%
*80%
51
80%
17%
*40
2
89
51
80%
17%
24
24
101
*100
7
16%
110
80%
17%
2434
101
7
7
*15%
*100
16%
110
95
8%
*4714
*8678
32%
6%
33%
*1%
134
*1%
4%
*3%
2434
67g
78
778
4%
25
*3%
Bid and asked prices;
29%
*5%
No par
% Mar 30
25
pref series A. No par
General Mills
No par
preferred
118
10
preferred
112
No par
Printing Ink
4
1
preferred
JaD
4
7
Apr
21% Mar 30
......No par
9
13gMar 30
Railway Signal...No par
1234 Mar 30
85% Mar 19
1834
*4%
*51%
9 '
*87
7
6%
7
33%
34
2
25
20
6%
4%
25%
7
1
8%
1478
4834
89%
7
734
*12
29%
5%
no sales on this
Dec
34
Oct
33% Jan 17
1% Jan 11
28% Nov
30
3
33
Nov
57% Jan 11
48
Oct
117
May
Feb
122
Mar
5
38% Jan 15
110% Mar 5
31% Jan 18
57g Feb 24
978
106
%
28%
3
21%
3%
Jan
Jan
647g
44%
334
64%
6578
Jan
Feb
Jan
Jan
Jan
124
Feb
Dec
70%
Feb
122%
Oct
60%
15%
Feb
Jan
Feb
Oct
z99
1%
Oct
19
Dec
8%
8
52%
Oct
111
Jan 11
Feb
2% Jan
Oct
126% Mar
152
110
Mar
Jan
Dec
5%
Jan
Feb
Feb
26% Jan 15
16
Oct
90
85
Nov
No par
133g Mar 29
20% Mar
14
Oct
65%
117%
534
487g
General Refractories...Wo par
Gen Steel Cast $6 pref.Wo par
15% Mar 31
28
18
Oct
70%
13
28»4 Jan 10
$6
100
1
preferred
1
Gen Theatre
Eq Corp..No par
Gen Time Instru Corp.Wo par
Mar 31
1
7% Mar 29
51
Mar 29
No par
5
Oct
88
Jan
Oct
Dec
3334
4378
Feb
14% Jan 15
8
Oct
24 '•
Aug
Feb
No par
9i2
11% Feb 26
8
Feb 26
56
Mar 29
01
9%
Jan 13
207g
Oct
6%
Dec
88% Feb
29% Mar
90% Mar
43
Mar 28
58
49%
Oct
13
Mar 30
27% Jan 11
19%
Dec
50
37
1
134 Mar 26
51% Jan 19
43
(Adolf)
...1
Goebet Brewing Co
1
Apr
3%
2% Mar 30
Jan 10
Oct
1%
37g Jan 11
Jan
Oct
Jan 10
No par
4)4% conv preferred
Jan
Jan
16
Jan
13%
Jan 10
Mar 29
Oct
Jan
6
14
20
Gillette Safety Razor..No par
$5 conv preferred
Wo par
preferred
Jan 10
4
Jan 10
8% Mar 23
9
Brothers
2
1478 Mar 23
General Tire & Rubber Co. .5
Gobel
Mar 25
Jan 18
51%
58%
Jan
Oct
6%
Feb
2
Oct
z83%
1234
Dec
8%
Jan
Feb
Jan
Jan 10
22
Dec
$3
conv
Jan 17
19% Jan 15
57% Jan 15
Dec
16%
Oct
89
Feb 28
72%
3%
Dec
DPC
13%
55
Oct
96
Mar 30
478 Jan 11
2% Mar 31
1
1
Mar 31
8
Mar 30
No par
10% Mar 30
10
19
Apr
5
20
Jan
3
9% Mar 30
12% Mar 31
23% Apr 8
Great Western Sugar_.Wo par
Preferred
100
122
Apr 12
Jan 22
23
Jan 12
Jan 24
15% Jan 12
26% Jan 12
32
Jan 14
127% Jan
6
89
60
No par
Feb
16
167g
11% Mar
134
Jan 10
8
Mar 29
19
Jan 12
25
Printing
24% Mar 28
28
Mar 11
30
34
6%
preferred
100
Hanna (M A) Co $5 pf.Wo par
Harbison-Walk Refrac.Wo par
6% preferred
100
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.Wo par
Helme (G W)
25
Preferred
100
Hercules
Motors
$4
conv
58
8%
3,500
4834
8834
7%
13,500
2,700
134
108
92
Oct
105
18
Oct
126% Feb 28
z734 Jan 19
121
Dec
Apr
50% Mar 31
138Mar 30
7934 Mar 29
5% Mar 25
83
140
Apr
2
Jan
8
Jan
58% Mar
140
Feb
5
Oct
8
55%
Dec
107
Feb
284 Jan 11
1%
Oct
8
Jan
07
95
Feb
Feb 24
81
Nov
1784
Jan
Dec
117% Aug
15% Jan
Feb 25
86
Dec
126
152% Feb 17
166
77g
94
Jan 17
5%
129
Nov
Mar 26
17
Jan 11
11
Oct
4234 Mar 31
12634 Jan 19
58
Jan 11
50
Nov
125
May
10
13"
Feb
1
Feb
Jan
39%
Feb
64
Dec
Jan
83
Nov
111
Jan
Mar
Dec
Oct
37
June
preferred
17
No par
98
14
Mar 26
100
102
Mar 16
48% Apr
6
stk.No par
t C..25
5
100
......100
r
Oct
102
Mar
65% Jan
Mar 29
Mar 30
34 Mar 30
6% Mar 30
12
23
Oct
Oct
Jan
5234
Feb
120%
Jan
3034 Mar
43% Jan
11434 Mar
5334 Deo
Jan
21
Dec
41
Jan
117g
Jan
6
Oct
27%
Feb
52% Mar
44
Oct
73
Jan
78%
Dec
94
Mar
90
Feb
2% Jan
7% Jan
2534 Apr
10
434
37
1%
3%
Oct
17%
Oct
Oct
9012 Mar
5% Jan
15% Jan
Oct
23%
Oct
Jan
4
l7g Jan
12% Feb
1%
Dec
8
Oct
Jan
Feb
4% Aug
38
Mar
6
20
Jan
16
Oct
Mar 30
38
Jan
34
Dec
72
7*4 Feb
5
Dec
25% Mar
Apr
3% Apr
x
109
z3934
Feb
25
Jan
1
Cash sale,
Dec
Jan
5
Nov
784
15%
8%
3
93
Jan
53%
20% Mar 30
100
Leased lines 4%
100
RR Sec ctfs series A... 1000
h New stock,
11
16%
15%
25% Jan
Mar 31
100
Illinois Central
25% Apr
100% Mar
23% Mar 30
1% Apr 6
5
preferred
Mar 30
46% Jan 4
83% Jan 26
..100
v
1
17% Mar 31
par
No par
5% preferred
Houston Oil of Texas
Jan 10
534 Mar 26
12.50
B
com
Jan 31
6
..Wo par
6% preferred series A
150
Nov
6
Jan 15
20
Hupp Motor Car Corp
delivery
95
Jan
93
100
a Def.
Jan 18
96
25
100
16% Mar 25
9,900
8,100
5%
Feb
4
4
7
4% Mar 30
Hudson Bay Mln & Sm LtdlOO
Hudson Motor Car
No par
290
Feb
preferred...Wo par
7,000
5,900
7%
1
Jan
Feb
31
135%
67«4
Howe Sound Co
5%
2534
36
20%
Dec
Hudson & Manhattan
4%
Oct
Dec
39%
Household Fin
3434
434
1734
>
43% Jan 20
Houdallle-Hershey cl A.No
Class
7
.
Mar 28
Hollander <fc Sons (A)
600
Jan
21% Jan 15
Mar 19
Holly Sugar Corp
7% preferred...
Homestake Mining
8",800
Oct
Jan
Jan
80
1,000
20%
12
23% Dec
26% Apr
6
434
Apr
120
HInde <fe Dauche Paper Co. 10
Holland Furnace
Wo par
5%
17% Mar
59% Mar
3434 Feb
40
1,666
7%
59
No par
Chocolate
conv
Oct
Oct
Oct
Mar 29
15
No par
Hercules Powder new..No par
6% cum preferred
100
%
Jan
7
Feb
3%
12
8834 Apr
Hat Corp of Amer class A..1
6H% preferred w w
100
Hayes Body Corp
2
Hershey
16
93
Mar
Oct
Dec
25
1
98
7%
7g Mar 31
Ar»r
Nov
42% Jan
145% Mar
64% Mar
39% Mar
7%
100
110
Oct
Dec
834 Apr 11
6% preferred
Hackensack Water
4,000
Dec
21% Jan 12
Jan 12
2578
20%
23%
129
11% Mar 15
Feb 16
101
Dec
45
6
10
Jan
22%
7% Mar 31
7% Feb 4
28
1,200
2,200
47%
13% Mar 30
10
Jan
28% Mar
5634 May
34% Mar 29
Jan 22
15
Oct
1
preferred class A
Feb
Dec
100
7%
Jan
Jan
434
1934
Greyhound Corp (The).No par
Guantanamo Sugar
8% preferred
Mar
10
Greene Cananea Copper
40
Mar 28
2,800
Oct
50% Sept
15% Oct
40
Mar 25
200
1%
100
3
60
Oct
Green Bay & West RR
Green (H L) Co Inc
12
2,700
3
Jan 11
100
"""600
1%
47% Mar
141
'
pref series ...No par
preferred
50% Mar
8734 Mar
46
5% preferred
20
Gt Nor Iron Ore Prop .Wo par
Great Northern pref
100
5)4%
Feb
Feb 23
100
"6", 166
Dec
115
24
1
Granby Conso! M 8 & P...6
Granite City Steel
Grant (WT)
80
72
..100
Grand Union Co tr ctfs
3
15% Mar 31
No par
Graham-Paige Motors
Feb
Gulf Mobile & Northern
io
9
t In receivership,
Dec
Feb
Mar
Feb
10
5%
55
*37g
5%
Oct
22
z99
*an
28
100
8%
13%
29%
day
66
Feb 23
120% Feb 11
45% Jan 10
400
19%
*10%
29%
65
48%
89
77g
14
32% Mar
Oct
Dec
132
14%
29%
Oct
Oct
13
400
25
24
2%
6%
14%
Jan 10
10
6%
678
78
7%
1
78
72
Feb
Feb
1734
56%
Jan 10
Feb
Jan
5%
500
20%
8%
*4778
*86%
6%
33%
*1%
*3%
5% Jan 12
13
257g JaD 12
86%
19%
153
2734
80
*7%
1534
Oct
Oct
51
*101
Oct
Oct
80
*100
5
117
10
*40
*15%
24%
Jan 15
Mar 11
Jan
Jan 11
"""760
35
*87
Oct
Nov
33
106% Jan
19% Feb
15% Mar
105% Jan
6%
178
13%
18%
z27%
26
*120
5%
91
31% Nov
9
Mar 31
101% Apr
No par
Feb 11
Oct
123
634 Mar 29
No par
Gen Public Service
3
25% Mar 31
Gen Outdoor Adv A...No par
Common.
Mar 25
5034 Jan
100
General Motors Corp
Mar 30
Mar 25
1«4
5
Gen Gas & Elec A
Mar 31
Apr
1
Mar 31
Mar 31
*47%
*867g
5
Foods
Mar 30
5
49
95
30%
100
12
56
*12
35
207g
108%
27%
2278
100
No par
preferred...
10
20%
834
preferred
General Cigar Inc
Mar 30
Hamilton Watch Co...Wo par
55
1578
31%
11
Hall
20%
8
5
20
8%
49
*13
Nqpar
Cable
A............No par
700
55
7%
1
General
6% Mar 31
Apr 12
2% Mar 31
534 Mar 31
300
20%
25
115
15
8%
6%
par
94
*20%
7%
45% Jan 10
*90
132
Oct
97
*13
19
Nov
4
Mar 29
16
*87
88
Mar 29
94
*120
Jan 17
7% Jan 12
7% Jan 10
4% Mar 31
*90
19
Dec
Jan
82
*13%
89
Dec
90
MarlO
15%
132
3
11%
10%
4% Mar 29
94
5434
20%
9%
35
85
Jan 17
16
Jan 12
30
4%
11%
*5%
5
10«4 Jan 20
Mar 30
9% Mar 29
2
1,700
13
*32
15% July
z39%June
2% Mar 31
10
34 Mar 29
200
*25
Jan
7% Mar
Feb 21
1%
13
Jan
48%
Oct
55
25,400
4,300
*378
73
Oct
1%
2% Mar 30
52% Mar 30
97g
8%
*11
Oct
0%
Gotham Silk Hose
100
6%
6:
6%
6%
85
83
*80%
83
147% *120
147% *120
147%
11%
11%
*11
11%
11%
12%
44
44
43%
4434
43%
44%
*129% 134
*129% 134
*129% 134
7%
78
1
13
♦
33
378
14%
26%
*25
6%
6
*16
9
15
378
*11
32
*80%
*102
1934
7
101
*13
13%
26%
*1
20%
Mar 31
*115
16
54%
634
81%
17%
24%
8578
110
8%
4
1%
*17g
16
1934
95
438
55
*102
53
*867g
1834
90
12%
24%
*87
*120
17
2
46%
17
15
*90
53%
11%
24%
*6
5%
45
*80
32
19%
132
147%
11% 12%
84
*25
15%
94
147% *114
*80%
4.
*11
6
89
19%
*120
*1278
4%
12
*1
9%
8%
Jan 21
14% Feb 9
2% Jan 12
35
1,200
40
9%
27
3
29
No
$6
4
Jan
6
5
1st preferred
General Bronze
General
Feb
Mar 29
5% preferred
No par
Goodyear Tire & Rubb. Wo par
$5 conv pref erred ...No par
2,000
19,600
16%
*30
35
9%
8%
Jan
Mar 31
50
35
35
97g
834
32%
10
300
16
*35
Oct
Jan
70
600
26%
16%
18
135
Oct
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
600
122
50
9%
8%
1,400
2,100
3,200
22
*1534
97g
17%
1434
26%
18
$6
100
i"l",700
2034
1178
*120
Jan 21
Mar 30
No par
Preferred
1%
4%
1%
11%
13%
*35
8%
*334
117g
77%
3%
16%
9%
*1234
1%
28
1978
22%
9%
1%
No par
preferred
Glldden Co (The)
"
62
50
8%
*11
3%
*52
1%
12234 123
*30
3%
*62
1
12%
17%
17
66
1%
16%
*35
3%
*52
1
1%
4%
4
334
66
Jan
284
1,200
20
76
83
Oct
Dec
1,200
43
1834
77
Jan
Dec
1
Gen Amer Investors
Glmbel
15", 700
1,000
25,600
14%
20%
18%
40
2% Mar 31
Apr 13
25
10
3",800
Closed—
2
3834
187g
43
100
70
13%
5% Jan 12
40% Jan 13
Gen Am Transportation
General Baking
$5
Oct
11%
preferred
0%
Oct
Oct
66
prior pref. Wo par
4,400
1878
*38%
*134
3%
76
*42
1,500
5,900
80
Feb 26
Jan 18
6% preferred
Gen Realty & Utilities
4,800
27
90
65
10
5,2o6
1%
1634
21%
20%
33% Jan 10
No par
Gen
"
Mar 29
Mar 25
20% Jan 12
7% pf 100
2,700
95
16
11%
39
14%
70
1%
107% Feb
52% Mar
46% Feb
58% Feb
39% Mar
978 Feb
58
Apr
98
Sept
54% Feb
Mar 31
Galr Co Inc (Robert)
conv
Dec
Jan 10
Oct
Mar 29
Gamewell Co (The)
No par
Gannet Co conv $6 pf ..No par
Gar Wood Industries Inc._.3
$0
Dec
15
5
Jan
3
18
No par
1,600
22
21
Dec
Jan
Feb
41% Mar
11
General
"""166
Nov
26%
11%
85
$6 2d preferred
No par
Gabriel Co (The) qi a ..No par
cum
3934
Oct
50
Free port Sulphur Co
7%
90
45%
Dec
16%
Jan 11
share
per
1087g Mar
Oct
10
F'k'n Slmon&CoInc
Class
Oct
22%
No par
12,400
600
*15
19%
11%
z6 5
347g Feb 11
1834 Feb 10
29% Jan 12
2178 Apr 11
15
Apr 7
1% Mar 26
Machinery Corp
100
434% conv pref
—100
$3
92
Apr 14
No par
No par
1,000
*1078
21
76
24% Mar 30
107g Mar 26
General Electric—
30
16
10%
20
19%
70
1%
*15
Jan 18
Highest
share %
per
25% Jan 15
No par
81,400
112
11
197g
21
40
2%
3%
10
5%
8%
*102
10334
134
178
18%
19
*85
z79
$
20
Food
7%
"""706
5%
734
16%
21%
20%
11%
21
9
57
*85
4
share
10% Mar 31
t Follansbee Brothers.-No par
$6
"4"loo
11534 *116
119
4%
3%
3%
834
*8%'
8%
8%
*102
101% 102
10334 *102
10334
134
134
1%
1%
134
134
18
19%
18%
18%
19%
19%
101% 101%
17g
17g
300
45
*417g
45
23
23
22% 22%
*22%
26
*110% 115
*110% 114
*110% 115
35%
32% 337g
33% 35%
33%
35
26%
25% 26%
20
2012
26%
2634
1
1
1
%
%
%
7g
*25
30% *25
40%
50% *25
50%
52% *52% 55% *5234
65% *53%
54%
119
119
119
*118
119
118
118
33%
31% 32%
32
32% 33%
33%
11234 11234
25% 25%
834
94
35
1%
114
33
3534
26%
*82
*1%
23
114
25%
534
90
47%
23
24%
115
5%
5%
*83%
8%
*40
*111
5%
534
16
16
48
5%
5%
116
.8
16
5%
37%
3%
*42
90
5%
93
34%
77g
119
3%
1%
6
6
91
35
*1%
$ per
33% Feb 23
10
National Stores..No par
Fllntkote Co (The)
Florence Stove Co
Fuller (G A)
1%
077g Jan
6% preferred series A—100
First
J7 conv preferred
j
3%
Firestone Tire <fe Rubber
50
25%
14
share
per
Lowest
22% Mar 30
Florshelm Shoe class A.Wo par
"""400
2
14%
*52%
Dept Stores 4H % Pf—100
Fidel Phen Fire Ins N Y..2.50
300
217g
*134
93
~3~706
28'4
15%
*15
23
Fed
f
Highest
Flleoe'a (Wm) Sons Co. No par
76
28
Par
2,400
18%
83
*20
Lowest
21
*18%
*78
Year 1937
EXCHANGE
100
26
187g
17
18%
72%
25%
*
84
2
14%
*70
26
21
*76
♦16
*90%
7234
26
*12%
2834
2834
X;
*70
26
21
25%
♦
21
Range for Previous
On Basis of 100-Share Lots
STOCK
YORK
April 16, 1938
Ex-dlv.
2
y
Ex-rlghts.
67% Mar
Jan
1 Called for redemption.
Volume
LOW
New York Stock Record—Continued—Pag^ 6
146
2493
HIGH
SALE
PRICES—PER
Apr. 12
Friday
Apr. 15
Week
$ per share
S per share
$ per share
$ per share
Shares
Apr. 9
$ per share
$ per share
534
187S
534
0i2
18
1734
18i4
18
18
18
72
72
72
72i2
70
72
72
72
*125
138
*127
138
65
65
*65
68
*6
1834
10*8
334
4*8
6434
10
1034
334
334
138
1034
334
90*2
3
3
3
3
9ig
95»
87g
9l2
2l2
234
4lg
19
90l2
*2l2
20
19
234
19
13612 136i2
19
137
59
62
146
137l2
59
*140
*143
10l2
35g
35g
334
17i2
*86*2
18
534
934
334
378
17i2
*8612
18
534
63tg
*25g
3
*1734
1978
13712 137i2
59i2
61i2
434
234
5
234
4*2
5
23g
27g
83s
8*4
83g
453g
4614
4h
234
8*8
8'g
*128i2 135
6
6*8
4i2
314
87g
234
18
18
140
142
6U2
*143
145
234
8>8
*25s
90*2
47g
2i2
*18ig
142
6Ug
6314
*143
145
Jan
47i2
Apr
1,100
Ingersoll Rand
No par
60
Mar 25
86
Jan 14
72
Nov
144
Feb
100
135
0
132
Oct
143
July
10
138
67*2
700
6%
preferred
Inland
No par
Steel
434
47g
4
19
90*2
3*4
93g
25g
22
Inspiration Cons Copper.. .20
20
400
15,300
600
6%
•
64
1,500
25,400
-
-
700
3*2
22
24
*33g
2378
334
27g
24
25
*3ig
314
400
Mar 31
Internat
No par
Harvester
100
100
700
International
76
*53
68
27,000
5,400
*31
31*2
*31
155s
1458
*1414
71
*52
*53
80
73g
7h
73g
75g
83g
68
*8i2
*1834
*113
7*2
73g
7*8
7*4
7*4
7*4
73g
87S
80
*8
19*4
7
758
*68l2
958
*52
72
7*8
7*4
834
87g
*63
978
19
*11314
48ig
115
*48
51
48
50
67
69
66I4
687s
56
57
734
*137g
-
mm
-
57
15
1478
147g
*1195g
55
15
*11934
8
-
734
15i2
-
1834
67
*48i2
6634
12512 *124
55
53l2
14
1312
-
18*2
*11934
mm
734
-
*14
~
734
*11934
77g
73g
7*2
2,800
9i2
30
200
Inter type
600
58
*487g
400
58
12,100
6934
67*2
12512 *124i2 125*2
6834
53*2
14*2
■mm
»
-
8
54
14*2
*11934
7*2
$6
55*2
500
14*2
2,.500
734
Corp
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn...l0
City P & L pf ser B No par
Kayser (J) <fe Co
*60
65
*62
65
*62
65
*62
65
7
7
*6
7
*6
7
458
*21 >8
*15g
*21
22
*21
22
2
2
2
2
8*4
24
134
8*4
8534
734
75g
45g
*82i4
325g
*7&8
21
*178
434
4*2
*82*4
3234
778
89*2
3378
8
21
2*8
*15
20
*15
48
*15
48
*15
48
14
14
13
14
*12
13
*12i4
163g
13*2
16*4
*3*4
*25
16>8
*318
5*2
16*2
16*2
1634
4i2
27
16*2
27
27
*3*8
26*2
153s
26*2
15*4
16*4
15*4
157g
12
12l2
12
12i2
20
20
20
18*8
IOI4
13
13
13
13
165a
1634
165g
17
IOI4
*4
434
434
'
*100
\mmmm
414
*100
15*2
15l2
1212
*17
1018
*334
1238
IOI4
12i2
*35g
127g
167g
*10014
1712
zl7i2
434
1012
47s
414
4i2
*100i4
414
34
*34
78
*34
25jj
27g
24i2
234
234
23i2
25g
23i2
—
-
-
-
■
"
234
23i2
7*2
234
25
734
22
22
24
8
22i«
22
22
28l2
2938
28
29
7l2
7l2
734
2914
7
7
27
27
*26
27
*88
92
*88
93
9H2
157
157
19
*16
27
2734
3314
34
16
16!8
92i2
160
94
160
1
3434
314
I6I4
*99
157g
lh
35l2
312
16*4
103i2
16is
140
*125
*1434
33i2
*99
16
*125
140
1484
15ig
3514
35
36
16
17
27
27
I6I4
*28
♦15i2
3834
106i2 *103
10312
I6I4
16l2
32
*1165g 126
8I4
22
28ig
7ig
2812
7lg
*26
Us
35
3ig
*15l2
♦98
1534
*126
145g
*34
"""766
17*2
1,400
434
~2~ 200
78
100
234
1,400
3,800
25
3734
5,200
Lone Star Cement Corp No par
*314
153g
3l2
153g
1.000
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
16
I6I4
29
29
♦116&8 126
16U
*27
1658
34
♦1165s 126
19
*27
7%
16*2
34
""760
1,100
1,600
200
1958
2914
20
"V, 300
20i2
187S
1912
19
29
2734
2812
11
115s
2812
*1134
2918
12i2
♦11&8
2334
223g
23
*23l8
245g
25
138
2214
13g
1112
225g
13g
*ll4
13g
*114
1*2
6
*6
678
*6
678
6
6
*5t2
6I9
200
884
*7i2
83g
7l2
7i2
*7i2
8
*6i2
8*4
30
4i8
*3lg
*1012
414
1®8
57g
*34
*35g
1*2
217g
15g
15g
134
534
6
Us
5
US
23
77g
8's
1734
18*4
3
3
30
11
6
12
*10
4
11
31*2
*34
*35g
10
*7g
22i2
75g
17
*234
30
1*8
5
10i«
1*2
23
978
10
83*
8
67
*58
Us
5
10
*7S
1*2
21i2
2134
*34
*35g
97g
*7g
8
8
1914
185g
3*2
*234
2534
*24ig
412
19
93
3434
4i2
1934
1934
*77
93
4i2
*19
10*4
105g
10U
IOI4
8
8
*734
8
8
*59
08
*59
3134
253g
163l2
163l2 *163
35
34i2
*3334
414
65
*7g
22
3034
35
1*2
*34
*35g
*10
75g
1812
25*4
*163
Us
5
10
22
*75i2
zl0i4
*77
>
•
10
3034
31
35
93
*34
*3%
*234
*3034
35
*77
534
358
32
19
*158
*234
26
19
1*4
534
3
165
*1834
15g
55g
7h
26
4l2
1^4
1812
*163
1034
534
7*2
26
*33g
5'2
17*4
163
4
11
*u2
8*8
25
41 ?.
4
*10i2
17*2
163
*43s
4
12
1*4
*61
4i2
20
93
10»4
8
65
*215g
3H2
23U
163
34i2
4i2
19
*76i2
97g
77g
*61
29U
2,600
1212
300
25
1*2
4
1034
1*4
6
1,400
1,000
1,900
200
1,000
3,700
Ludlum
10
1,200
8*4
5,700
2012
3U
3U2
2412
46,300
19
100
1,100
1,200
40
1,200
1,700
400
93
10
77g
1,400
1,100
47i2
Jan
Dec
Jan
Oct
2414
2778
4U2
10'g
Dec
24
8
5
Dec
1784 Mar
15U Jan 12
1934 Jan 12
Oct
14
2778 Mar
5U2 Feb
Jan 12
1278 Jan 10
6
102
Oct
Jan
Feb
9
934
Oct
Dec
97
634 Feb 25
U8 Jan 12
4'4
514 Jan 13
283g Jan 12
278
2234
11
Jan 14
Oct
Dec
203
Jan
Jan
Mar
Feb
245g Mar
Jan
Dec
18i2
Jan
Dec
43i2 June
21.3s Feb
Oct
8
384
Oct
5g
zl8
3434
23
151
23i2 May
Jan 12
I8I4
Oct
83i2
5
Jan 12
Nov
33
Oct
2678 July
Dec
8778 Aug
1
393g Feb 21
32
9984 Nov
June
Oct
45g Feb 23
2ig
Oct
21
Jan 12
17>8
Dec
106
Jan 18
18
Jan 14
13
Mar 30
22
Mar 29
31
1165s Mar 30
126
Jan
11
13
10
12
7
Jan 21
Aug
14
15g Jan 17
140i2Mar
17i2 Jan
56i2 Jan
2114 Jan
63
Feb
435g
1O012 Jan 14
Mar 31
Jan
Oct
Apr 14
2l2Mar28
I434 Mar 31
,97
Mar 31
1334 Mar 31
125
Apr
1
12i2 Mar 31
30*8 Mar 29
175
15i2
527g Jan 12
26
Oct
May
Feb 28
42i2 Mar
20
2
110
Jan
37s Feb
7514 Mar
1034 Jan
4314
Jan
Oct
101
153a
125
110
Dec
285g
14734
28'4
Feb
Jan
99
Mar
Oct
14i2
Oct
48i2 Nov
13ig
Oct
2034 Oct
12318 Nov
36
Feb
132i2 Feb
62i4 Mar
Mar 29
2434 Jan 12
2478 Mar 30
323g Feb 28
25
10
Mar 26
13l2 Feb 10
307g Jan 11
8U
Oct
58i4 Mar
153s Jan
18i2
Oct
63
10
No par
No par
Gard. .No par
Magma Copper
10
Manatl Sugar Co
1
18U Mar 31
34 Mar 29
No par
45g Mar 30
J Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt
25
534 Mar 26
Maracalbo Oil
ll4 Mar 31
Marine
Exploretlon..l
Midland Corp
5
5
Mandel
Bros
Martin
(Glenn L.)
—100
May Department Stores—10
preferred..
—Wo
33 preferred w w
No
33 preferred ex-warr.Wo
36 1st cum. pref
Wo
McCall Corp
No
McCrory Stores Corp
Maytag Co
6% conv preferred
68
Jan
Jan
12U Jan 13
234 Jan 11
9i2
114
Oct
295s
Jan
Oct
Mar 31
7*2 Jan 11
5U
Oct
034
1414
Feb
Feb
6
7
lig Jan 31
0i4 Jan 13
,1284 Mar U
184 Jan 13
84
Dec
Oct
20
Jan
6'4
13g
Dec
Oct
39
Jan
Mar 30
Jan 28
5i2Mar 30
1418 Mar 30
2i2Mar 26
9
29
97g
Jan 14
Jan 12
3
24
7U
10
Dec
Dec
Oct
Jan
3i2 Mar
678 Mar
6184 Mar
3078 Mar
2914 Apr
1378 Jan
Jan 26
21i2 Jan 3
45g Jan 24
3714 Jan 15
27i2 Mar 10
105
Feb 23
28i2 Mar 31
3i2 Mar 26
42i2 Jan 15
67$ Jan 12
3384
Dec
66i4 Mar
4i2
Oct
15i2
Jan
20U
25
Mar 29
1934 Mar 31
Mathleson Alkali Wks.No par
7%
10
10i2
7g Mar 30
1834 Mar 30
No par
No par
Masonlte Corp
2012 Jan 13
1078
39
5g Jan
1
Co
Martin-Parry Corp
Dec
Oct
3*2 Feb
6% 2d preferred
Marlln-Rockwell Corp
Marshall Field A Co.—Wo par
6
Oct
100
100
100
1
7
Jan 10
Mar
Mar 15
9
4U
100
preferred
6% prior preferred
2
Jan 13
25gMar26
9
Dec
Jan
4184 Mar
Madison Square
Mack Trucks Inc
Dec
May
Macy (R H) Co Inc
6%
1*2
Dec
14
173g
260
36
41J
10
No par
preferred
Market Street Ry
1>8
163
Steel
MacAndrews A Forbes
5
10l2
22i2
100
1
Louisville A Nashville
6%
19
...100
10
100
preferred.
(P) Co
preferred
Louisville Gas A El A..No par
*11658 126
11
11
5%
Lorillard
135
15*8
Oct
Feb
22
Mar 31
103
No par
35i2
2834
4
No par
3i2
1534
32
35i2 July
295g Jan
157s Jan
Deo
Jan 12
84 Mar 26
36.50 preferred
50
Mar 25
33
Inc
9
12ig Mar 31
No par
36
1434
29
No par
Co
Apr
141% Mar 31
20U Mar 26
Inc
*3ig
1134
*10
Belt
Loew's
200
2934
6
Link
Mar 30
Mar 30
157
Liquid Carbonic Corp ..No par
Loft
307g
16l2
Dec
*2
Jan
165g
*126
Apr
93s Mar
71
Feb
-.100
Preferred
1,800
15lg
Oct
Dec
Aug
lis
33
is4
29
355g
135
4634
3
114
I6I4
33
Dec
20
Feb
113i4
35l2
33g
*1434
1784
15
Oct
3912
3,100
22l2Mnr 4
2&8 Jan 10
Dec
40'g
16
20i2 Mar
23
25
81i2Mar 31
25
700
103i2
Oct
83i2
300
400
5i2
82
Mar 29
81
5
Corp
1,400
*126
Jan
693g Mar
27 ig Feb 25
Jan 10
Savers
Series B
16
145g
Jan
109i2
102i2 Jan 11
107
Jan
5
Life
36
35
19i2
Dec
28*4 Nov
100
6
Liggett A Myers Tobacco..25
41
140
Oct
80
Jan
16
1578
4
Jau 14
4314 Jan 10
97„ Jan 12
Jan
3534
*101
05a Jan 10
87
1538 Mar
"l'joo
12,500
Feb
79
16i2
16
67g Mar 29
Jan
Jan
233s
6858
3514
100
17g Mar 29
1938 Mar 30
Llbby McNeill A Llbby No par
40
103
4
i2 Mar 26
110
Oct
3514
*157g
16
Oct
5
1612
100
Nov
7
Jan 10
Lima Locomotive Wks. No par
103l2
1578
80
Jan
Mar
9
Lily Tulip Cup Corp... No par
1
Mar 18
984 Jan 10
73
2714
Dec
100
103
35
Nov
335g
4,300
U8
447g
Oct
13
Jan 11
16
4034
Oct
15
42
2812
105
14<8
Jan
275g Mar
16
105
3
I8I4 Jan 12
14i4 Jan 12
20
1934 Mar 30
28
1%
Mar
2314 Mar 31
18
106
Jan
Mar
29
5
No par
Lemer Stores Corp
100
Jan
Mar 29
3
Prod Corp
Fink
Lehn &
700
2878
*16
46
121
Oct
Llbbey Owens Ford Gl.No par
700
10,200
21
*7
95
8.4
29U
2312
1&8
preferred..—100
50
No par
6% conv preferred
50
Lehman Corp (The)
1
conv
Lehigh Valley Coal
28l2
18
Dec
Apr
5
28
Lehigh Valley RR-
22i2
287g
"
Feb
22
13i2 Mar 30
8I4
900
Jan
130
11
5
Jan
64»4 Nov
1
1238 Mar 31
Jan
126
10i2 Jan 12
Mar 26
871«
155
Jan
Apr
Aug
Mar
183g Jan 18
6
Jan 12
No par
Bryant
Dec
49
Mar 30
9
Lehigh Portland Cement...25
Lee Rubber & Tire
22ls
273g
7U
7U
3
30
127
65>s Nov
120
15)8 Mar 31
2i2 Mar 26
No par
4%
mm
4'g
Feb
li4 Mar 29
1258 Jan 7
8i2Mar 31
314 Mar 26
IOI4 Mar 31
Lambert Co (The)
Lane
1,700
205s
*11
preferred
19
Oct
Sept
Jan
Apr
15'g
100
5%
6i2 Mar 31
2Qi2
xl Hf
Feb
85g Nov
115i2
30
40
Friday
1578
Jan
Jan
19i2 Jan 10
11914 Apr 2
984 Feb 25
Mar 26
127g
*159
Jan 10
15
*35g
1278
mm
78
171* Jan 17
18
Jan 12
11*8
1712
*100U
414
4i8
78
*84
234
234
24
2358
Jan
Jan 10
Mar 29
105g
17i2
22
Good
12lo
2118
6
80
267g Mar 30
80
8
300
94U
163
35
3I2
16U
*17*2
Mar 26
3
1
B
Kennecott Copper
53i2 Mar 11
125i2 Mar 14
Laclede Gas Lt Co St Louis 100
Closed—
27
155g
2
2
63
Apr 5
434 Mar 29
8
60
2,100
16*2
4*8
12l2 Apr
107g Apr
Jan
3,400
70
Exchange
92l2
35
36i2
15*4
*10
14
27
41
3t2
*1584
*3i8
rnmmm'mm
93
35
3558
1612
*26
100
400
Stock
48
*89
34
1>8
1334
1,200
8*4
23
17S
8
117
Noj>ar
Keystone Steel <fe W Co No par
Kimberly-Clark
No par
Kinney (GR)Co.
1
38 preferred
No par
35 prior pref erred ...No par
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (S H) <fe Co
No par
Kroger Grocery & Bak. No par
50,800
*26
2712
1
434
127g
*16
35
27
27
27
I6I4
11
178
Class
Mar
Kendall Co S6 pt pf A ..No par
89*2
93
92l2 »*89
94
93
*93
92l4
*15812 161
*15812 161
*26
*16
16
8I4
1934
*88
18
15ig
♦1165s 126
7lg
29
413s
106lC *103
*103
7*s
26l2
*16
40
39
8
734
2134
28'4
90
23
4*8
*10l2
84
78
16-3g
26
15*2
45g
4i2
*5g
*314
26
12i2
197g
*11
*17
103g
1014
*35g
412
*21
preferred
5
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l conv cl A.l
1,200
4*2
118
Mar 29
Kaufmann Dept Stores.$12.50
200
3338
4934 Apr 1
I2i2 Mar 25
12
200
32
I
April
4414 Mar 30
100
200
4*2
*82i4
1712 Apr
115
Mar 31
1134
4-'s
Dec
5
14
89*2
343s
8&8
6i8 Mar 30
100
City Southern
18
45g
Oct
Jan 24
11
♦823a
325s
778
Oct
63g
Mar 29
*13*2
4*2
Oct
4
85a Feb 26
133g Jan 12
58
*15
8912
Feb
65
8i2 Feb 26
4
122
14i2
34*4
110
Jan 25
4
Feb
6
100
17
4*4
68'4
512 Feb
46'2Mar 30
No par
1134
33*4
734
Mar
No par
*11
*82
62
Jan 15
*13i2
200
Oct
24
1
*16
'mmmmmm
16
26i2
13*4
7
493g
Jan 17
Dec
14
65
Oct
20
Nov
17
*6*4
30
12
9
*11
*60
Oct
70
*1234
634
19i2
28i2Mar31
2312 Apr 14
3534 Jan 24
Jan 18
♦16
634
Jan
Feb
48i2 Jan 21
Jan 11
1
Feb
884
12
Preferred
4%
10
57i2
2834
34
Mar 28
Dec
68i2 Sept
75
15-r>8
1378
1234
137g
Oct
Feb 10
*11
1334
Dec
Apr
9>8 Apr
Mar 31
13U
16
29i2
214
18
8
*11
1334
Jan 21
Jan
19U Sept
63
preferred
Kansas
6
4>8 Sept
Johns-Manvllle
Kan
mmmm
4i2 Sept
39t2 Jan 12
Jewel Tea Inc
50
210
834 Sept
Jan
73''8 Mar
13534
No par
Preferred
40
1277g May
6I4 Dec
3618
107i2
Island Creek Coal
20*4
mmrn'm
Nov
52S4 Feb 23
13518 Mar
1
97g Jan 12
100
8*4
834
19U
Jan
37
Jan 19
414 Mar 29
Interstate Dept Stores. No par
68*4
*11314
Aug
162
1678
367g Mar 31
Foreign share ctfs.—Wo par
8*2
m
-
120
Nov
15U Apr
18s4 Jan
100
100
No par
Jan
53i2 Nov
138
Oct
No par
preferred
189
Oct
Shoe
100
Apr
Apr
127«2 Nov
Oct
International Silver
8*8
18*2
918
63i2
178
28i2 Mar 25
1912 Mar 31
7%
7
*7*8
v
Oct
3
No par
preferred
68*4
8*4
75
*11314
•
48'8
54
8*4
*8
V—
66
123*4 12314 *12314
*6814
9
1834
115
1878
8*8
*8
7*8
8*8
68*2
8
68*2
115
12334 12334
145s
28i2 Mar
Oct
18*4
6
Jan 12
No par
Inter Telep & Teleg
31*2
1512
*5214
Oct
2
Jau 11
214 Mar 30
600
31l2
15
6
Jan 21
734
185gMar31
5%
Jan
4*8
-.100
15*4
30*2
147«
3
No par
5% conv pref
*14i2
30
Jan 11
Mar
Feb
6
1334 Jan
0414 Apr
llli2 July
lli2 Mar
H7«
Internat Rys of Cent Am..100
1514
23
Jan 21
No par
C
152
Jao 17
Oec
3318
Mar 25
132
15
B
31*2
32
*20l2
2 ig
131U Mar
634Mar31
2
-.1
Corp.
9
3i8 Mar 31
Int Mercantile Marine. No par
Mining
Mar
15484
70
50'4 Mar 31
141
.25
Int Hydro-Elec Sys cl A
Internat
International Salt
31 ig
24
Dec
Int Business Machines. No par zl30
300
3314
*20
92
29
"""240
*31*8
21
0
Mar 26
100
23*2
31*4
32ig
21
Jan
15
Prior preferred.
32l4
32i8
24
95
Mar 26
32i4
23i2
31*4
35
*21
Oct
2
Voting trust ctfs
*317g
20
4»4 Jan 12
Agricultural.. No par
Internat
17" 800
3*2
Jan 12
Mar 16
Preferred
26*4
25
Mar 29
Class
253g
Oct
678 Mar 30
Inter Paper & Power Co
2334
33g
Oct
1*2
2
Int Nickel of Canada. .Wo par
33g
37«
634 Jan 13
83
64,200
25l2
33g
4*2 Jan 19
100
Class
2434
Oct
No par
Iron
Preferred
lb", 300
6U
No par
Rubber
5834 Nov
13*2 Jan 12
37« Jan 17
Interlake
145
5
Jan
5ig
Mar 30
15
26.700
87g
83g
138
3-ig Apr 1
278 Mar 26
..1
475g
4534
4612
45ig
473g
45lg
46*2
46l4
135
*133
*132ia.l35
*128*2 135
*128*2 135
6
6
65g
534
63g
53g
,534
57g
*27g
3
8
Jan 10
78l2 Jan 12
153g Jan 11
No par
preferred.
Intercont'l
600
144
m.
Feb
87«
57i2 Mar 31
7ig Mar 30
t Interboro Rap Transit-.. 100
2,000
8I4
share
22U
3
87g
*212
per
Oct
Dec
Interchemlcal Corp
9U
Highest
I
15
1,300
314
share
Jan 18
Insuranshares Ctfs Inc.
9012
per
22
Mar 29
4
3,900
2,100
*234
87g
$
1438 Mar 31
334
*88
share
No par
358
*312
per
Industrial Rayon
Indian Refining
334
*18*2
%
600
*35g
33g
Lowest
Highest
'
share
2,100
38,000
18
per
6*4
115g
35g
9
138
*65i4
$
185g
73
10*2
I7i2
9012
314
18*g
72i2
lllg
4
*86i2
*27g
85g
6i2
Lowest
Par
103g
18
*143
146
*5i2
Range for Previous
Year 1937
Range Sirice Jan. 1
On Basis of 1 00 Share Lots
EXCHANGE
Thursday
Apr. 14
Tuesday
*125
*136i2 138
64
62i4
6412
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Apr. 13
Monday
Apr. 11
534
NOT PER
SHARE,
Sales
for
AND
Saturday
157
par
184
20
Oct
Oct
22
Dec
142
May
74
Feb
41'4
Jan
165
Jan
par
17
Mar 28
25
Jan 10
Dec
44
Jan
par
20
Mar 29
20
Mar 29
June
45
Jan
par
75
91I2 Feb 10
Nov
111
Jan
Dec
36
Jan
5
884 Mar 31
par
Apr
10
Jan 18
6
Mar 23
10
Jan 11
61
1
100
Mar 31
79
Jan 18
llU
734
z66
Oct
Oct
24i# Feb
106U Mar
.
Bid and asked prices; no sales on this
day.
J In receivership,
a Def. delivery,
n New stock,
r
Cash sale,
z
Ex-dlv-
v
Ex-rlghts.
T Called for redemption^
New York Stock Record—Continued—Page 7
2494
AND
LOW
HIGH
SALE PRICES—PER
SHARE, NOT PER
CENT
BTAPTTfl
Sales
NEW
for
Apr
Apr. 11
Apr. 12
% per share
14
14%
*8%
*37*2
16*2
7%
38*2
17%
6%
6%
6%
32%
7%
38
32%
6%
*08*2
10
17
33
*56%
60
38%
32*2
16
6%
*32
33
6%
747g
10*2
58*2
10%
59
59
97g
*56*2
*46*2
6*4
*68%
10%
*56*2
59
*47
41
40%
40%
*37%
42
4*2
18%
47g
*4*2
19*2
19*2
41
59
4*4
18%
*12
14
34
6%
4*2
19
97g
900
McGraw Elec Co new
1
10
500
McGraw-Hill Pub Co..No par
7
Mar 26
39*8
40*2
16*2
2,800
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
35% Mar 25
16
67g
32%
4,700
McKesson A Bobbins..
5
53g Mar 29
6%
6%
400
*68%
10%
747g
10*4
58%
50
*57
20
5%
44l2
50
*96
534
1,700
500
5% conv 1st pref
42
8%
19
20
85
85
85%
85%
93
*87%
*86
93
93
5
5*4
48
6*8
5
5%
43
97g
77«
7*2
*40
87g
10*2
10*4
8
13%
18
*47g
*87
18*2
151*4
12%
12%
75
*65%
15
13*2
108
108
*106*4
6
5*2
4
*3*2
20%
512
4
20%
*12
20%
16
65S
2112
67g
22%
8%
*12
12
*08
37*2
15%
13%
*106
18
Milw El Ry A Lt
*12
22
163
13234 *130
1634
6l4
17
*%
*i8
5034
18%
%
%
51%
19%
24l2
*24
+65
75
*65
*60
77
20*4
*156
13234 *129
*60
24i2
634
17
6%
*l4
**8
51
18
12
5%
8%
9
10*2
77g
5%
*40
8%
*8%
*67
70
*37%
15%
15%
16
13%
13
17*2
18
*12
18
21%
20%
*156
132%
16%
6%
*14
5034
17%
51*4
18*4
25
25
70
*65
13212 132*2
17*4
17*4
6*8
6%
**8
*4
*4
*4
17
6*2
*2
*4
6*4
%
*4
5134
187g
*156
*14
25
25
26 '
70
*6534
70
*68
19
*60
*65
18
18
*17
65
*58
33%
*32
33%
*101
103
*32
*101
*32
33*8
103
*101
*5i4
10
*6*4
10
13l4
27%
1334
297g
13
29
1334
30*4
13
1334
1134
11%
19%
22,
3i2
87S
*103
22%
334
1234
1134
18%
21%
*2%
9
9
20
111
38
*103
*6
12%
*25
137g
12%
19*4
21%
i
11%
17%
*21
334
9%
112
%
*3
*8*8
*103
%
57
12%
*101
10
Nat Distillers Prod
6,300
9,600
Nat Enam A 8tamping.No par
Nat Gypsum Co
1
National Lead
10
100
6%
40
3,300
438
43g
4%
4%
1
*78
612
634
6%
6%
1
*40i2
4412
Sg
*150
5j
156
*10U2 105
1678
18
*49*8
50
778
8*4
•
*86
91
80
80
8*4
87g
*27*8
30*2
4
42
44*2
*79
92
8*4
*27%
*
9*4
3012
2
2
17
*15
12
I23g
26*2
24%
9*2
*86
5
10
100
5l4
23
18*4
*122*8 127
12
24*2
9%
*86
*5%
20
*125
8r%
9
♦37*2
40
40
1134
12%
11
*40
46
*114
834
*40
12%
25%
11%
23%
10
9*4
100
*86
5
534
22
127
19%
*125
9
8%
39
40*8
12%
*8
*3*2
15*2
*6
*10
*
~5Q ~
8*2
4*4
15*2
6*2
12%
N Y Air Brake
1,100
Oct
Dec
Mar 30
110
7
104*2
Oct
1
12%
12
25
24
9%
*86
5%
*5*8
20*8
20
127
126
834
834
39
5%
~2~ 300
49*4
8
4
15
16
6
*10*4
6*2
12%
7*2
*4
15%
*5*2
*1034
5%
2034
126
preferred
Mar 29
Jan
9%
*5%
20%
300
20
50
126
834
12
700
*40
46
7%
4%
15%
6*9
1178
on
Dec
Jan
109
Jan
37
Mar
Mar 29
Mar 25
Mar 30
Mar 25
% Mar 26
56
Jan 10
39
Jan 10
55% Mar
22% Jan 10
38% Jan 12
Oct
72
Mar
30% Nov
100
Jan
26*2 Feb 17
4% Jan 11
1134Mar 1
15
115% Feb 26
% Jan 10
110
61
Jan 18
88%
Jan
Jan 10
30
Oct
Jan
5
63*2 June
102% May
4
73
Oct
180
Oct
272
102
Apr
114
Jan 11
Jan 13
2
99
Apr
9
93>4 Jan
31% Jan
1
Mar 28
1334 Mar 25
122
Jan 14
13% Jan
3
Jan
22
Jan
12% Jan
96
Mar
7% Jan
247g
Jan
128% Mar
63s Mar 31
12
Jan
1
66
Jan
Mar 30
10
Jan
50
Jan
100
40
Mar 30
66*2 Jan
6
Mar 30
11% Jan
Pacific
10
2% Mar 26
5% Jan
15
15
70
No par
10*2 Mar 25
334 Mar 29
9% Mar 26
177g Feb
8% Jan
14% Jan
No par
Pacific Finance Corp (Cai).lO
n
New stock,
r
Cash sale,
97g
30
1%
Oct
Dec
Oct
36% Mar
53*2 Jan
07g Mar
6*2
90
Oct
Nov
5*2
Oct
20%
Oct
125
0%
48
1234
Nov
Oct
Dec
Dec
Jan
73
Apr
26%
Feb
114
Feb
19% Mar
45% Jan
140
Feb
24% Mar
97
28
Mar
Jan
x
Ex-div.
v
Ex-rights.
44
Dec
75
Jan
114
No par
Pacific Amer Fisheries Inc.—5
120
Jan
Nov
Owens-Illinois Glass Co..12.50
100
Jan
105
t
3278 Feb
42% Jan 26
Def. delivery,
104%
O
227g Apr
40
a
Oct
40
700
6%
93
Jan
Oct
Outlet Co
11
Oct
Oct
7,400
t In receivership,
Jan
3
9
7%
534
Jan
Feb
57%
17%
15
4
*10%
Jan
347g
24
50%
6%
14% Oct
48% June
147g Jan
30*4 Apr
10
*2
91
10i2 Jan 10
Feb
4
Jan
Jan 13
1%
198
Jan 13
83*2 Apr
par
Feb
106% Jan 17
54%
7*2 Mar 30
100
June
Feb
112% May
4% Mar
Jan 12
20% Mar 31
Feb
Oct
63s Mar 31
Apr 2
13g Mar 30
No par
26*2
678
19*2
76*2
Oct
22
Mar 26
9% Mar
1
7%
11
Feb
3
4
*5%
Jan
97
62
27
Jan
2
Dec
Oct
100
135
Oct
54%
4%
8
11
Oct
31% Mar
127g Jan
25% Jan
%
6% Jan 10
4*2
this day.
Oct
6
1% Jan 15
10% Jan 24
92
No par
1st preferred
2d preferred
Oct
Oct
4934
15
Oct
2%
2
80
100
Feb
Oct
234 jan 10
4
98%
Jan
14
4*2
15
Nov
4134
Feb
15%
1334 Mar 31
4534 Apr 1
5% Mar 30
conv
Coast
29
Oct
Feb
Sept
197* Jan 12
4834
*7%
49%
9
10%
1% Mar 31
2% Mar 30
No par
Preferred
7
19% Jan 15
1st pref.-No par
Outboard Marine A Mfg
5
*115
Oct
Nov
5*4 Mar 26
Mar 30
50'
100
3
99*2 Nov
101
No par
preferred..
4% Jan 14
10% Jan 20
Oct
Jan 18
2
Telegraph...50
Steel
$5.50
Dec
Jan 10
123a Mar 31
Omnibus Corp(The)vto No par
6%
75
12
Mar 29
Otis
80*g
Dec
106
% Mar 18
Mar 25
Otis Elevator
30
Dec
75
3
Jan
100
preferred A
Dec
63%
Feb 23
75
Mar 24
135
Oppenhelm Coll A Co.-No
20
46
Jan
64% Mar
100
8%
300
Jan
1
Dec
10,000
7,600
2%
32
10
100
Oct
Jan 14
Jan
Co
Feb 25
*2 Sept
% Sept
40
100
Oil
7
Mar 31
par
No par
Jan
87
1234 Mar 30
9
Jan
Oct
Oliver Farm Equip
46
Jan
14%
Dec
Ohio
12
Oct
Jan
Dec
10,800
12
5
Jan
617s
6%
Norwalk Tire A Rubber No par
Preferred
50
126
8% Jan 12
16*2
62
18
100
preferred....
Northwestern
*39
4
Jan 11
22%
7
No par
Northern Central Ry Co
Northern Pacific
17,600
7,800
Mar
Feb 11
10
North Amer Aviation
1
No Amer Edison $0 pf.No par
28,200
21
44
70
Adjust 4% pref
....100
North American Co...No par
6% preferred..
50
36,100
2,100
Oct
23i2 Jan
100
""960
18
12%
13%
57%
J Norfolk Southern
6
24
84
1
Feb
Norfolk A Western
7%
30
934
*86
Apr
Mar
7
150
85% Feb 26
46
*115
Bid and asked prices: no sales
9%
100
18*
July
Dec
100
10
38
Oct
127
100
1234
25%
Dec
4*2
Jan
200
20
1734
9
136
No par
*40
47
77g
11%
24
25'
171
% Jan 5
434 Mar 29
38
Mar 31
""166
Mar
Feb
7«4 Feb
29% Jan
Oct
9% Mar 31
20
Mar 26
No par
t N Y N H A Hartford
1,000
8%
30*2
2%
Oct
28
N Y Lack A West Ry Co..100
12
46
*115
4
12%
25%
7%
*2
5%
758Mar 31
15% Mar 29
Apr 5
No par
$ N Y Investors Inc...No
57
*38
*40
46
9*2
100
1234
48
*27%
5% Feb
153
6
N Y A Harlem
89*2
*15
7% Jan 11
Jan 20
100
60
20
Mar
159
Feb
58
0% preferred series A...100
NYC Omnibus Corp..No par
200
81
Oct
12
234 Mar 28
1
New York Dock
""266
4
13
Jan
Jan
3334 Jan
103*2 Feb
57% Aug
387S Feb
26% Feb
112% Mar
112
May
24% Mar
1078 Jan
3
100
800
1%
18% Jan 10
1534 Jan 12
18%
33% Mar
35
5
New York Central
No par
N Y Chic A St Louis Co... 100
62,700
*2
Jan 11
106*2
Mar 30
Mar
167
20
..100
44i2
*27%
*1%
Oct
Dec
May
13034 Feb 7
13% Mar 29
1
44*2
*15
6%
17
145
Oct
150
Conv preferred
100
J NY Ontario A Western..100
2%
6
5
Feb
2
17% Mar 29
N Y Shipbldg Corp part stk..l
*12
*114
4634
Co
100
20
1034 Jan
20% Jan 21
157
Oct
5
No par
No par
2,300
30*2
24
20*4
1
*15
47*2 Mar
Oct
'
112% Mar
Mar 29
Jan
Oct
8
1
5% pref series A
{ New Orl Tex A Mex
Newport Industries
13~306
914
*84
x24%
6
10
2
634
*27%
*1%
20
*134
60
112
*75
Oct
Jan
Feb
Mar
79% Mar
*7g
8%
30%
2%
71
29% Mar
300
91
Oct
Dec
4
Nelsner Bros Inc
10
81
3
44
Mar 31
6 34
8
Jan 17
7%
4
70
1
*77
20%
Mar
47% Feb 24
12% Jan 10
15% Feb 18
13% Jan 11
Mar 31
Mar 30
Mar 30
Feb
108%
17
63
0%
834
90
Apr
1
100
*7g
6%
81
Nov
102
23% Feb 17
100
...
3%
8%
2
17
*78
50
Jan 12
21
prior preferred
prior preferred
1
*
Jan 12
Dec
4
91
57
104
17%
Natomas
33%
%
1
*%
%
*%
%
*%
%
*14178 160
*143
145
145
145
*146
160
101*2 101l2 *101*2 105
*101% 105
*101*2 105
16%
18
16%
17%
16%
17%
1634
17%
*49
*49%
50
50
49
49
49
49
7%
8
8
7%
7%
8%
7%
8*2
*
91
36*2
11% Apr
4H% conv serial pref...100
Newberry Co (J J)
No par
13%
Mar 31
15% Aug
99% Mar
Dec
23
1%
3%
42
Oct
Dec
9%
14% Mar 31
1%
42
4%
60
99% Aug
26% Nov
1%
42
Mar
55
200
101
1
N Y Steam $0 pref
$7 pref series A
*40
Feb
51
% Jan 12
62s4 Jan 12
600
2,600
15»
20
% Feb 11
National Tea Co
3
1%
Oct
Dec
Jan
% Feb 10
4484 Mar 31
800
17*2
2178
*49i2
134
*3*2
Jan
17% Mar 31
100
5H%
3
58
38*2
Nat Rys of Mex 1st 4% pf.10
5,400
17
*53
Feb
Oct
5% 2d preferred
..100
National Steel Corp
25
National Supply (The) Pa..10
$2 preferred
40
100
"
2178
57
10
No par
6% preferred B
100
Nat Mall A St'l Cast Co No par
National Power A Light No par
1,100
3*4
9*8
*%
No par
preferred
7% preferred A
2,800
*8
12%
11%
106%
105%
3%
3%
100
1,500
11
*103
Jan 17
65
100
5,500
12%
*2
Mar 25
6
15% Mar 31
150
100
Good
26
9
pref
Friday
11%
10*4
112
cum
7% pref class A..
7% pref class B_.
Nat Dept Stores
10
26
*%
Dec
66*2
3*2
Nat Dairy Products...No par
20
28
9
Feb
Dec
3,600
12%
11%
18%
21%
3%
*103
Mar
40
36%
%
12%
8%
15%
Oct
Oct
12%
*2
69
Dec
Dec
13%
11%
17%
22%
3%
9
Oct
21
Aug
10
112
30
13
13*2
16
105
39
13
21%
3%
x71
90
*5*4
1078
1
Acme
Mar 29
4
37% Mar 29
634 Mar 30
7*2 Mar 22
8*8 Mar 30
Nov
Feb 25
7*4 Jan 15
6
6% Mar
12% Mar
40% Jan
107% Aug
109
Sept
Oct
Dec
Feb 23
Jan 17
39% Jan 13
14*2 Feb 23
Apr
9% Mar
34% Mar
Mar 25
91*2
113%
37%
30%
21% Jan 10
95
16% Mar
Aug
2% Jan
6% Mar
6% Jan
34
Apr
108
Oct
17% Jan 10
Jan 31
28
i%
67g
A101
*5i4
12%
Jan 11
Jan 12
Jan
Dec
43
13
57%
134
"1%
103
9
3%
17
48% Mar
Oct
5%
1%
1%
12%
80
29
*%
*
*32
33%
103
834
11% Jan 10
28g Jan 8
Oct
Mar 31
65
834
2
Dec
Dec
10,300
25
*58
3% Jan 12
64% Jan 13
0%
65
15
10% Apr
900
20
*8*4
%
%
Jan 13
Deo
37% Apr 12
28
*58
1%
1% Jan 12
17%
Oct
Dec
%
Nat Bond A Invest Co.No par
80
*16
834
4%
50
Jan 10
Jan 11
Mar 25
7%
"
65
3*8
Mar
Mar 30
Nat Aviation Corp....No par
National Biscuit
....10
12,600
20
"~3%
Mar
124
5% pref series A w w
100
Nat Bond A Share Corp No par
Nat Cash Register
No par
19
*58
3*4
120
Oct
100
Closed-
5134
*16
*3*4
Nov
98%
400
%
*4
51*4
1734
*2514
Jan
53
2
4
National
163
**8
5134
Oct
9% Apr 7
3434 Mar 26
Nashv Chatt A St Louis..100
300
132% 132%
*15%
17*2
6*8
6%
51%
18*2
*60
"3%
163
Jan 26
106
26
Murray Corp of America... 10
13,100
21%
163
22
91
1
Mfg Co Class B
380
6%
20%
Oct
Jan 12
84
35% Mar
Feb
Nov
Mar 31
8
Myers (F A E) Bros.—No par
Nash-Kelvinator Corp
5
1,800
14
105*4 Feb 28
734 Jan 12
60
Jan
72% Mar
26*4
15
Mar
67
41
Oct
Oct
4%
87
11% Mar 29
Murphy Co (G C).....Nopar
5% preferred
.100
20
21%
3
Jan
10% Mar 31
1
15,800
Exchange
6%
65
♦8*2
Dec
33% Nov
47% Mar
Jan 11
Jan 12
Jan 12
$7 conv preferred...No par
Munsingwear Inc
.No par
200
6%
Co
300
Stock
6*4
20
*31
3%
Oct
Dec
14
1
% Jan 3
21% Jan 10
14
Jan 10
5
Brass
Mar 31
%
par
Wheel
5
Jan
Mar 31
25
50
5,000
13%
*12
Motor
Mueller
Mullins
500
41
108
68% Mar 31
No par
Corp..No
94%
Mar 25
Mar 30
24% Mar 31
(J) A Co
Motor Products
1,800
41
Mar 30
25
2,000
8
77g.
10
Mar 26
Mar 29
111
2,300
3,600
8%
10
Mother Lode Coalition. No par
19,300
3,400
10
1%
434
a4
1%
No par
preferred
Morris A Essex
10
9%
10
Jan
Mar 31
Morrell
100
43
<*4
Montg Ward A Co Inc No par
70
*58
9
Mar
16*2 Jan 13
% Mar 28
11
100
100
20
$4.50
987g
5%
3i2
*8i2
*1612
312
3
10%
6% Jan 11
23
2
3
*8 Feb
100
Monsanto Chemical Co
4,700
51,800
*97
68
13
Preferred series A
600
Mar 31
No par
I Missouri Pacific—.
5% conv preferred
Mohawk Carpet Mills
290
68
15%
Mo-Kan-Texas RR
900
Mar 20
100
Mission
700
99
4
35
preferred.No par
7% preferred
...100
4% leased line ctfs
100
Corp
..No par
-
1,700
6,000
5%
*37
*106
'
-
200
300
46
conv
Minn St Paul A S 8 M
11%
43%
77g
75
$6.50
100
19%
19*2
18%
19%
1517g 1517g *150
153
*12
13%
*12%
13%
37*2
15*2
13%
108
5,000
46
8%
77g
19%
15178
4% conv pref series B—100
Minn Mollne Pow Impl No par
mm
1
Apr
94% Jan 26
49% Jan 28
100
Apr 1
Minn-Honeywell Regu.No par
•
Mar 30
76
pf-lOtf
6%
10
"
16
..100
2,300
11*2
*42l4
8%
10
47g
46
6*2
21
*130
8*2
8% cum 1st pref
Mar 19
12% Mar 30
Midland Steel Prod...-No par
93
107% 107%
10734 *106*4 10734 *106% 107% *106% 107%
5
5%
5*8
5%
6%
5%
5%
4
4
*3%
4
4
*3%
*37g
21*4
20%
207g 319% 20
19%
20%
*156
163
*40
Mid-Continent Petroleum-.IO
170
11%
43%
5%
43
10
612
*156
43%
*97
10
*151
1534
1334
108
46
534
10
39
5
45%
*10%
45
*9*2
*7*4
18*4
18
151
*106
Feb
1
4,800
1,500
20
80*8'
10'%
1514
Jan
163g
16% Apr
17%
17
20
108
1
Jan 17
10%
13%
86
Jan 11
10
15
Dec
1178
22%
27%
101%
16%
*106
37%
43%
85
39
Jan 13
534 Mar 31
98*4
40
*48
14
98
75
93% Aug
2634 Mar 30
98
*38
101
5
9734
*65l4
Dec
5
42%
12
Feb
Deo
Dec
Merch & Min Trans Co. No par
45lg
11*2
12
Apr
10
Miami
45%
*10*8
*4178
I87g
*151% 1517g
Jan
Jan
60
Mesta Machine Co
10
778
18%
19
66*2
10,800
20
Jan
Oct
Dec
32% Apr 1
3% Mar 30
50
Copper
47*2
0
78*2
Jan 19
"""606
17%
8*2
28% Dec
Jan 25
14
86
10
Oct
Jan 12
34*4
9%
11
■!
Dec
5%
15
*33
43
878
Oct
18%
72
Jan
*11
20*8
43
30*8
share
per
21
Sept
28% Jan
42% Jan
42it Mar
16% Mar
61
50
14
8%
17*4
Dec
4
634 Mar 26
Apr 5
55
34
9
Dec
734
Mar 20
*11%
8%
11
42
(The)
11
112%
3434
84
*33
8%
17%
19%
534
Co
Mengel
Mar 15
15
10% Jan 12
46*8 Feb 1
26% Jan 12
8% Jan 10
35*8 Feb 23
8% Jan 15
Highest
share $
per
14
*87%
61%
6%
Apr 12
..No par
4%
Lowest
share
33
8%
98
42
Apr 1
Mar 26
per
33
11%
4278
*11
5
70
$
*11
9
5l4
*45*g
28
1
preferred
No par
$5.50 pref ser B w w.No par
Melville Shoe
No par
""360
Mar 29
14
No par
Stores
conv
Mead Corp
$6 pref series A.
2,000
......
61
62
62
6278
62% *60
62%
60%
62%
120
*10212 120
105% 105*4 *105
*105
*102% 120
107
6
6
534
634
534
534
6
5%
5%
5%
*42
45
45
*38
44
43l2 *40
4312
*40% 44
*%
*3g
*3s
%
%
*%
%
*2
*%
%
3/
*h
*%
*%
%
*%
%
*%
*5g
»4
*%
%
*%
%
♦13
14
14
*13
14
*13
14%
14
13%
13%
2%
2%
2l4
23g
2%
2%
2%
2%
2%
2%
6
634
634
73g
6
7i8
634
6*4
6%
6%
1
1
li-i
1
*1
*7g
*7g
1%
1%
1%
*n2
1%
178
134
1%
1%
1%
1%
*1%
1%
14
14
13%
13%
13%
13%
13%
13%
13%
13%
75
77
75
75
75%
77%
7434
75%
73%
75%
♦111
114% *111
114% *111
114*g *111
114% *111
114%
30
3034
3234
3034
3234
31%
33
31%
J118 32%
*23
29% *24
293g
247g
247g *23
29
29% *23
34
32
32
*31%
*3134 33*2 *31% 33
*27% 31
%
%
13%
143g
14
14%
14
1434
13%
1334
14%
14%
97«
10U
*10
10%
1034
10
97g
10%
10
10*2
13i2
14%
1334
14
1434
14%
1334
15
14%
14%
5
6%
19%
16%
20%
93
McLellan
per
100
$3 conv preferred
900
59
85
17
3,200
42
Range for Previous
Year 1937
Highest
9
6*2
$
34
8
20*2
83%
Par
Shares
14
33%
9%
Lowest
Week
15
$ per share
13%
*47%
*37%
4%
18%
47g
Apr
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
EXCHANGE
9
32%
59
4
*8634
38%
16*8
67g
31%
6*2
16*8
6%
31%
7
the
Friday
share
Jan 31
13%
878
38%
16*2
6%
70
18
16%
19%
8%
70
4
82
8%
6%
18
8*2
13%
8%
*38*4
38*2
17%
Apr. 14
$ per share
13
747g
*56*2
*46%
377g
33
13
13%
14*2
8%
13
6*2
59
*11
Apr
Thursday
S per share
*68*2
97g
6%
747g
10%
*45
377s
Wednesday
$ per share
9
$ per share
13
Tuesday
Monday
Saturday
April 16, 1938
May
Nov
Dec
Oct
Oct
115
June
61%
z9%
2%
7*2
4
Oct
10*2
Dec
103% Aug
23
15%
40
27*4
3234
Jan
Feb
Mar
Feb
Jan
U Called for redemption
/
Volume
Saturday
Apr. 11
25
26%
34
35
12%
12%
95%
12%
95%
34%
11%
*95
105
134
4%
12
12
12
12
800
Pacific Mills
*96% 100
133
133
*97
105
100
Pacific Telep & Teleg
*133
134
105
133
10%
4%
4%
4
4
4%
7%
7%
1
1
,
*7
*7
8%
♦7
H4
*1%
1%
1
1
1
34
35
35
*34%
36
36
*35
3534
*90%
7%
93
77g
*90%
81%
*70
80
*70%
*90%
734
8
734
*76
80%
80%
9
8%
8%
9
8%
7%
8%
8%
18
34%
16
2%
34%
1634
2%
34%
17%
2%
34%
1634
134
*1*4
l?g
*1*4
2%
34%
17
1%
4%
*934
434
434
434
2%
214
34%
15%
*1%
5
434
10%
10
5
*44
47
36%
92%
8
6,300
800
20
18
2%
16%
2
2
17b
4%
*9%
35%
16%
1%
43g
10
Parke Davis & Co
Parmelee Transporta'n.No par
10
400
5
5
5%
5
5
2,300
*45
47%
46
47
400
*95g
4
No par
Coal & Coke Corp...10
55
61
2%
4
18%
11%
18%
*134
2%
37g
4%
17%
187g
17%
18
17
17%
16%
1634
20,100
25
25
25
25
25
25%
25%
400
27
25
Peoples Drug Stores...No par
20
6% cum pref
100
People's GL4C (Chic).. 100
16%
11%
17%
*23
18
18
11
111%
26%
5
8'%
834
61%
2%
*1%
6234
2%
4
4
4
3,300
Penn-Dlxie Cement-No par
800
$7 conv pref ser A ...No par
Penn G1 Sand Corp v t c No par
4
17%
*11
12
*17
*11
12
26%
5
*2
5
*8%
23
10
"""506
23
140
*19%
22
*12%
15
*2
934
*8%
11
9
9
23
23
*23
25
22
15
10%
25
23
22
23
22
*23
22
22
*19
23
*19%
*12
15
*11
15
*11%
15
*11%
97s
1034
10%
1034
97g
97g
6%
10%
6%
6%
6%
6%
21%
223g
*6
;
23
2334
22
*31
33%
*28%
33%
*40
63%
*50
63
2
2234
27g
233g
22%
23%
23,500
*32
33%
*32
33%
*50
62
*57
62
2
*1%
*2%
38
%
863g
84%
2
27g
2%
"""166
*%
20
2%
1,000
4,700
86
8684
85
85%
85
85%
87
%
89%
*4
7
*4
7
*4
7
*4
7
*4
7
50
*46
50
*46
50
50
50
*46
59
50
♦46
35
15,900
*2
4
100
*36
47
40
■■
34
353g
3%
*2
3%
*2
6
6
*21%
23
*45
47
5
> 5
*21
*5%
44%
4%
*4
*8
9
8%
14
14
*1342
25
25
*24
25
1%
1%
8
1%
*40
52
9
42
9
*6%
1%
%
*%
%
1734
17%
17%
17%
17%
17%
*8%
10
*8%
9
*8%
8%
9
2
8%
2
2
2
1
1
1
2%
3%
%
2%
2%
6%
7%
7%
77g
3
3
3
3%
634
7%
634
734
7
7
73g
7%
22
22
213g
44%
45
4434
22%
45%
30
29
22
2334
21
21%
46%
46%
46%
47%
118% 119
30
29%
87%
87%
102% 102%
2934
89
89
10334
104
*101% 103% *101% 103
*112% 115
*113
115
*113
*136
139
*136
139
*136
113
113
*112% 116
26%
10%
10%
81%
*78
133g
*11
4534
46%
45%
2%
3
27g
13%
*12%
6
3
3%
11
27g
19%
*17%
18%
*17%
*13
14
*13
13
13
12
12
*20
22
*20
22
*20
22
*20
22
*15
16%
1834
"MOO
11%
50,600
3
15,700
100
700
*20
22
15
15
""966
16%
16
16%
16
20
20
20
20
20
*20
25
*20
30
600
20
17
17
16
16
*16
17
*16
17
100
*16
4
4
*3%
58
*35
*3%
*35%
58
*35%
*34
1
11
1
6%
1
*5%
6%
*%
*3%
4
577g
*35%
*7g
1%
3%
577g
*35%
1%
*%
*6%
57%
1%
9%
6%
6%
11
*6
10%
*6
3%
4
7%
7%
100
"""166
100
*6%
7%
*634
10%
*9%
10%
10%
10%
97g
9%
200
11%
12%
12%
12%
12%
12%
7,500
12
12%
55%
55%
300
54
*8%
12%
55%
51
*38
2
2
*39
51
*38
51
15%
2%
15%
52
52
*57
65
59%
11%
11
*20
30
25
*18
*
78
*
15%
53
*
78
62%
13-%
"l3%
1334
*80
86
*80
86
6%
6
38%
*53
38%
55
14%
14
48
*50
53
62%
*51
62%
11%
*50
1034
6%
63g
39%
39
55
*53
11%
1034
"13%
85
6
38%
*53
*7
*.___
*
57g
*
85
*80
86
*80
85%
6%
100
6%
39%
55
8%
39%
38%
39
7,200
3,700
55
53
53
20
8%
7
7
100
5%
8%
57g
6%
14,300
*8%
8%
700
6%
6%
39
*53
*7
5%
57g
534
8%
8%
*8%
8%
16%
7%
16%
*16%
17
*16%
17
*16%
17
18%
18%
18
18%
*17%
18%
*17
18%
*1%
1
1
1%
1%
•
2%
*1%
2%
31%
31%
1
78
2
*1%
%
1
134
2
*134
Bid and asked prices; no
s"
sales on this day.
*18
*1%
31
32
%
2
6
17
2%
*1%
31%
*%
33
62
800
6%
31%
78
14
8%
2%
200
"13%
6
32%
22%
100
62%
13%
*7
*1%
11%
300
2,400
"13%
6%
31%
11%
22%
8
8%
53
65
60
6,500
51,600
13%
9%
*7
2%
14%
53
78
30
45
*51
30
62%
*
*20
78
*20
62%
"13%
147g
14
137g
12
11
2
2
48
59%
14%
45
2%
2%
2
2%
*48
*52
55%
51
*39
*51
*7g
1%
62
I
Mar
7
100
17
300
19%
800
2%
32%
"d.600
1
900
1%
800
{ In reoelvershlp,
50
5
100
No par
100
<fc Co..
preferred
Rets (Robt)
let
Corp.—No par
Mfg Co
—10
a Del. delivery,
Remington-Rand
1
Preferred with warrants. .25
Rensselaer & Sar RR
Co ... 100
9
50
—10
7% preferred
...100
5>£ % preferred
100
Reynolds Metals Co—No par
5H% conv pref
100
Reynolds Spring
;
1
Reynolds (R J) Tob class B.10
Common
10
Rhine Westphalia Elec & Pow.
Richfield Oil Corp
No par
Ritter Dental Mfg.
.No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
Rutland RR 7% pref—100
Class A
—
{St Louis-San
6%
n New
...—10
Francisco—100
preferred
100
stock, r Cash sale
Oct
4
8% Jan 10
20%
50% Mai; 10
7% Jan 17
36
Jan 17
25
Oct
7% Feb 26
61
Mar
1
4
Dec
Jan
8
35
Mar 30
Oct
Dec
Oct
4%
48*4 Dec
Jan 25
165
Apr
174
Mar 14
87g Jan 10
172
Dec
Mar 30
16% Jan 12
8
Oct
Feb
106
2
Apr
46
Jan 10
32
Dec
8
9
26% Jan 10
45
Jan
6
23
Dec
84 Nov
8
Jan
1*8
Oct
Mar 24
*97%
Apr
8%
%
Oct
Oct
*4 Jan 19
Mar 2
II
Jan 5
12
Jan 15
13
Oct
9
20
Dec
Oct
7
3% Jan 13
Jan 21
Mar 25
84
2%
5%
6%
20
Oct
43%
Oct
114% Mar
303g Oct
35% Jan 13
98% Jan 12
108
Jan 6
86% Mar 31
102% Apr 14
Oct
Oct
Oct
Oct
Oct
1%
1% Jan 22
4% Jan 17
10% Jan 10
10% Jan 15
31% Jan 17
50% Jan 11
121
Apr 4
30
25
25
30
39% Mar 31
91
Oct
Oct
103%
123% Jan 13
143
Jan 14
8
Mar 29
112
Dec
8
2% Jan 11
l%Mar
434 Mar
4% Mar
1334 Mar
132
Dec
30
Jan 13
1
12
112
Oct
4%
7
Jan 12
Apr
117
Oct
132
Sept
MarlO
110
June
113
2134Mar29
8% Mar 31
83% Mar 31
307g Jan 17
85
7
Mar 29
12
Mar 31
10% Jan 24
16% Jan 14
7% Jan 11
Oct
Oct
25%
133g Jan 11
98% Jan 18
13%
434Mar 31
60% Jan 31
24
61
Jan
37% Mar 31
2% Mar 30
63
Feb 25
17% Mar 31
95g Apr 1
2334 Jan 15
24% Jan 11
29% Jan 18
Mar 30
18
6% Jan 11
Jan 13
22
1234 Mar 31
834
Oct
Oct
Dec
434 Oct
5*4
96% Dec
Dec
44
2%
Oct
19% Dec
20
Dec
26
Dec
18%
Dec
Dec
Dec
Mar 22
30% Jan 15
30
5
234 Mar 25
34% Mar 29
% Mar 29
5
Apr
1
27% Jan 25
4% Jan 10
23
Jan 21
39
Dec
3
1
Sept
18
15
Apr
5% Mar 30
97g Apr 14
9% Mar 30
50
Apr 5
45
Apr 14
11% Mar 31
39% Mar 29
58
Apr 4
77g Mar 30
17% Mar 30
Joseph Lead
Oct
17g Dec
Oct
27
Apr 13
24% Jan 12
Corp...No par
6% conv preferred... —100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Republic Steel
St.
Nov
30%
234 Mar 18
36
Oct
5%
42% Jan 10
1% Mar 30
Car
Oct
65
50% Mar
5
Reo Motor
Oct
Oct
%
95% Feb 23
6% Feb 18
3
25
4% 2d preferred
Hosiery
Dec
1*4 Dec
2%
Mar 29
117
4% 1st preferred
Real Silk
Oct
11
2% Feb 19,
4% Jan 12
5% Mar 29
1% Mar 26
s4 Feb 8
50
50
Reliance
7
13
56
Dec
37% Jan 12
65
Jan 5
% Mar 26
7
Apr 12
1
Mar 25
Reliable Stores
10%
*50
Dec
34% Nov
Mar 31
25
Amer...No par
B
No par
pref.-No par
{Radio-Keith-Orph
No par
Raybestos Manhattan. No par
Rayonier Inc
1
$2 preferred...
--25
400
*8
55%
Oct
30
18% Nov
9
20% Apr
11% Apr
$3.50 conv 1st
Preferred
7%
634
i
7% Mar 29
—No par
Quaker State Oil Ref Corp. .10
Reading
Oct
9
31% Jan 10
25
Mar
5
No par
No par
;
Oct
3
Oct
163
Radio Corp of
16%
*3%
22
3
7% Mar
3
171% Jan 26
$5 preferred
12%
Dec
Oct
41.
100
100
-100
preferred....—.
6%
16
*16
9
37% Jan 11
3% Mar 30
Purity Bakeries
"s'aoo
19%
Oct
27
110% Sept
34% Jan 12
4% Jan 12
15
Jan 12
3% Mar 31
22
Apr 6
No par
(The)
Pure Oil
Oct
20
4
112% Feb
Oct
13% Dec
3
40
No par
Pullman Inc
47%
37g
*17%
*12%
187g
6%
45
27g
*17%
16,300
18,500
100
47
Feb
Oct
9%
4
8% preferred
Pub Ser El & Gas pf $5.No par
13%
6
*55
46%
1834
*11%
100
46%
8%
*8%
1%
2%
15
24% Jan 10
15% Jan 11
24% Jan 15
31
Oct
Nov
57% Nov
Jan 11
5
20% Jan
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J ..No par
81%
*79
13%
6%
6
3%
4534
47
100
10%
*55
5% conv 2d pref
Procter & Gamble
7% preferred
10%
81%
834
2%
37
73% Feb 25
2% Jan 10
30% Jan 18
-.5
50
1st pref
30
28%
*12
6%
100
*55
100
*55
conv
100
28
834
5%
6% preferred
10%
8%
8%
Oct
13% Jan 11
2
cl A .No par
No par
$ 5 preferred
29%
*79
83
*75
63g
6%
6%
100
10%
834
133g
8%
834
6%
10%
83
12% Jan 8
5% Jan 10
47% Feb 25
Jan
Oct
8
27% Mar 31
{Postal Tel & Cable 7% pf-100
Steel Car Co Inc..l
800
28
29%
10%
28%
4
4% Mar 30
Pressed
400
*11012 116
*110% 116
*111% 116
3,800
Class B
137
136
137
137
139
620
Porto Rle-Am Tob
7%
Oct
6s4 Jan 12
Mar 28
115
115
115
*113
115
303g
2834
10%
2934
88
*87i4
88
88
Oct
1%
8
1,600
46
104
12
Feb
Feb
29% Aug
2% Jan 10
"3", 400
15,400
1,000
2,000
3,100
21
88*4
2034 Feb 23
3gMar 31
Mar 31
7%
20
30
Oct
15
2%
45%
88
28
373g Mar
Plymouth Oil Co
5
Pond Creek Pocahon. .No par
Poor & Co class B
No par
600
8
29%
3
8%
4434
16% Jan 10
1
*7
~
Oct
Mar 25
200
8
L
Jan
1
Mar 29
5,000
*7
mm
34%
6
2%
8
119% 11934 *119
29%
29% 29%
Oct
52
200
*7
120
120
*119% 120
Jan
18%
100
8%
*84
2%
7%
78
Jan
Jan 20
""l30
17%
*1%
Jan
26*4
Pittsburgh & West Va
100
Pittston Co (The)
No par
%
8
8%
8
2%
2834
Oct
55
unstamped
Jan
10978 Mar
38% Jan 15
15
Jan
6
48
....100
25
preferred
6%
Mar
8
Apr 12
Corp...— 1
Pittsburgh United
90
200%
2% Mar 26
% Mar 26
75% Mar 29
W & Chi
Conv pref
0
834
8%
*2
Friday
9
8%
*%
9
9
360
52
*37
52
*%
10%
%
*55
900
*%
1%
Good
3,300
2,600
140
25%
25
7
1%
*35%
Closed—
14
*13
«8
7
7
*24
25
%
%
%
%
18
i
%
*12%
140
1%
10%
25%
17%
23g
8%
8
10
58
83g
*75
Pitts Term Coal
9%
25%
14%
97g
9%
*3g
8%
8
103
400
7
25
9
%
177g
*34
420
~~6%
32% Nov
x95
Sept
Jan
4%
Oct
Mar 28
Corp No par
%
7
May
17%
Oct
Mar 23
1% Mar
Preferred-.-.-.
9
7
121
3% Jan 10
60
No par
100
..—100
Pittsb Screw & Bolt ...No par
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
100
1st Bcr conv prior pref 100
Ft
Oct
8%
24
30
$5 conv pref
Pitts
173
~6%
25
1%
*35%
134
52
*2
Pitts Coke & Iron
20
48
*45
♦
173
""6%
*%
%
18
17%
Stock
5%
6% preferred
100
Oct
80%
175g Mar 31
100
100
25
5%
49
*45
173
27
14% I 14
26
26
*%
*4%
*18
6%
*5%
25%
1434
24
9
200
5
7%
10%
"7"
25
*1%
5
24
Exchange
934
*36
5
24
■
.
49
*45
*
173
10
*%
20
634
*5%
45
45
*
10%
*8
44
2534
67g
14
*42
4%
*24
*5%
173
25
44
Oct
1
12% Jan 10
97% Jan 10
123g Jan 10
26
26
26
26
434 Jan
...
200
6
7
29
734 Mar 30
10
No par
7% preferred..........100
Phillips Petroleum
No par
Phoenix Hosiery
6
Preferred-.._
100
Pierce Oil 8% conv pref... 100
Pillsbury Flour Mills.....25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
200
22
*40
25%
634
"~6%
24
6
*21%
6%
Oct
8% Mar 29
Phillips Jones Corp
*21%
44%
*4
634
52
*45%
49
*24
2934
♦
21%
21%
*45
36
*5%
21%
Feb 11
Jan
Feb
12%
4
30%
15
Philip Morris & Co Ltd...
22
6
*5%
21%
6
33%
3%
35
35
*33
35
*28%
*6*4
35
*28%
*2
2%
2%
347g
33%
34
33
35%
335g
22% Mar
134 Mar
5% Mar
173gMar
10
12
25
7
15
Jan
2934 Apr
1134 Dec
Jan 21
94
14% Mar 31
19% Mar 28
110
Mar 29
{Phlla Rapid Trans Co
50
7% preferred
50
Phila & Read C & I__—No par
2
*1%
*234
%
*1%
*2%
*%
%
38
6%
500
60
60
2%
*1%
2%
38
*1%
*2%
%
"i"(flo6
6%
6%
22%
10%
42
Mar 30
10
100
Pere Marquette
*..100
5% prior preferred.... .100
5% preferred—
100
Pet Milk..
No par
Petroleum Corp of Am
5
Pfelffer Brewing Co ...No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref_..50
$6 preferred
No par
80
10%
6%
149
1% Mar 24
Peoria & Eastern
3634
*30
2
1,900
26
*2
Apr
Jan
Jan
Feb
Jan
Jan
2% Mar 30
10% Mar 30
50
Pennsylvania RR
5
5
*2%
8%
300
112
112
Penn
500
19%
12
17%
17%
111% *11134 11634 *11134 H634
*25%
28
26
25%
25%
25
25%
*2%
6234
*1%
37g
*11
111
♦111
61%
2%
17
11
Penney (J. C)
5,700
62
133
15%
5%
9%
1%
55%
Mar 31
62%
*1%
37g
Jan 28
Jan
152
Mar 30
2%
61
Nov
Mar 26
41
603g
6234
110
834Mar 31
3
Penick & Ford
45
3%
Jan
Jan 31
140
No par
Peerlees Corp
45
.
Oct
3% Mar 30
No par
Patino Mines & EnterprNo par
Pathe Film Corp
2,200
45
4%
45
No par
Rust Proof Co.-.2.50
Parker
200
4%
4%
1
1
Park Utah C M
5,500
1,500
1,100
23g
34%
*15%
6% 2d preferred
Park & TUford Inc
Jan
10%
5334
447g
Mar 31
90% Mar 11
534 Mar 31
65 Mar 26
6% Mar 31
16 Mar 29
1% Mar 30
31% Mar 31
13 Mar 31
1% Mar 29
100
10
6% 1st preferred
400
38
Oct
29
1
Paramount Pictures Inc
Oct
116
34 Mar 25
27% Mar 26
100
preferred
4% conv
8%
8%
23g
35%
17
35
200
35,400
81
81
18
2%
10
10
10%
5
4%
4%
35
*90%
7%
{Panhandle Prod & Ref No par
8% conv preferred
100
Paraffine Co Inc
No par
share
per
22
z3434
16% Jan 11
10 Mar 18
3% Mar 30
7 Mar 29
Pan-Amer Petrol & Transp._5
160
35
*17
18
20
*18
21
20
100
share $
per
Jan 14
40
zl32%Mar30
Packard Motor Car -..No par
600
1
93
77g
7934
834
*34
93
8
93
Pac Western Oil Corp
700
35%
36
100
100
10
19.600
34%
35
*33
36
*86
7%
No par
$
share
per
28% Jan 10
z2234Mar30
32% Mar 31
9% Mar 30
87
Apr 1
No par
Corp
Ltg
6% preferred
70
11%
4%
7%
11%
11%
8*4
-
3534
35
*10%
10%
1
38
Pacific
25
Pacific Gas & Electrlo
35
*7
36
3,800
2,400
4
3434
133
11%
4%
11%
4%
12
4%
11%
3 per share
25%
2434
25%
$
share
per
Lowest
Highest
Lowest
$
Par
Year 1937
109-Share Lots
On Basis of
Week
Shares
25
*92
133
133
S per share
EXCHANGE
3434
117g
25
*133
f[Friday
Apr, 15
»
NEW YORK STOCK
the
25%
26%
3434
25i2
34%
11%
$ per share
$ per share
S per share
$ per share
Thursday
Apr. 14
Wednesday
Apr. 13
Tuesday
Apr. 12
Monday
Apr. 9
STOCKS
for
Previous
Range for
Range Since Jan. 1
Sales
SHARE. NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
2495
New York Stock Record—Continued—Page 8
146
75
Mar 28
41
Us Jan
Oct
3%
Jan 10
7%
934 Jan 10
7*4
Dec
Dec
11% Jan 12
9*4
Oct
11
157g Feb 25
67% Feb 24
667g Jan 22
8%
69
Feb
Feb
Oct
Oct
75% Jan 15
65
Dec
124
Jan 13
60
Dec
110% Mar
73
47% Mar
8
9
Oct
Jan
8
26
Dec
98
85
Jan 21
78*4
Dec
139
21
7
21
Jan 11
Jan 8
Jan 11
Jan 7
Jan 10
Jan 10
Jan 19
Jan 11
Jan 10
Jan 12
Jan 12
60
1234
847g Feb 18
80
4% Mar 30
10%
3334 Mar 30
51% Jan 31
46%
58%
3
8%
Mar 25
7%
7% Apr 11
14% Mar 30
13
Mar 31
20*4
11*4
23*4
2%
40%
1%
3
Jan 10
Nov
Oct
Nov
Apr
493g Apr
17% Jan
37
17*4 Jan
1% Mar 25
9%
1*4
12%
87% Jan
1% Mar 31
2534Mar 31
34 Mar 23
110
Jan 10
3
64% Jan
5
Dec
20*4 Jan 15
62% Feb 24
1034 Mar 30
6% Feb
Oct
61% NOV
Apr
Apr
95*4
Jan
30*8
Jan
112
Jan
Jan
57g
Dec
34%
40%
Dec
58
Oct
67
Jan
10% Nov
14
Feb
65
4%
8*4
Oct
Dec
Dec
17% Oct
18%
1
Oct
26% Nov
1
Oct
1%
Oct
6%
31%
19%
38
9«4
65
Jan
Oct
Feb
Deo
June
Feb
Mar
4*4 Mar
1% Feb
sEx-dlv. y Ex-rights. 1 Called for redemption.
New York Stock
2496
WW
AND
HIGH
Saturday
Apr 9
Monday
Apr. 11
$ per share
*3
*3
18
14%
SHARE,
*2%
18
14%
15
STOCKS
NEW
Apr. 15
$ per share
% per share
$ per share
3%
18
♦6
14%
*2%
Par
3%
*6
12
Mar 30
23% Jan 12
18
Dec
46
Jan
58
Mar 29
81
Jan 2C
70
Dec
103
Mar
68
Mar 24
93
Jan 18
86
Dec
113
Jan
100
79
Mar 26
105
Feb 11
*98
Dec
113
Feb
66
*71
75
82
82
11%
20%
"""130
11%
19%
12
20
76
1,100
6,500
74%
74%
400
%
5,000
11%
19%
19%
19%
20
73
73
74
11%
.V1
'%
*4%
%
37
*%
13
19%
20
20
76
*73
*73
%
%
5
37
%
*11%
%
%
5
37
6%
37
♦11%
%
5
*4%
36
2
H
*1%
19
21
*18%
20%
19
3%
55%
3%
57%
3%
54%
13%
3%
57%
13%
*3%
4
54%
55%
13%
*1%
%
%
%
2
1%
12%
13%
13%
13%
13%
14
13
53
53
*46%
4
4
4
40
40
*38%
40
8
7%
8
*20%
12%
25
7*2
22
22
12%
13%
98
98
4%
7
6%
17
15%
*2%
15%
23%
*85%
2%
95
1534
*11%
21
16
2%
15%
6%
90
*84
90
59
53
94
*90
*15
11%
13%
113
♦111
2
2
21
21
10%
13%
113
*111
2%
20
7%
11%
*19%
1258
8%
12%
23
*2%
*36
3%
3
*6%
10
21%
19%
10%
35
35
19
7%
*52%
17%
7%
8%
11%
*19%
*5%
7
18-%
18%
9%
9%
33%
7%
7%
50
50
15%
15%
7%
97%
7%
7%
97%
*96%
*2%
3%
*97
2%
2%
3%
8%
98%
2%
*2%
6%
12%
17
17%
16
3%
6%
12%
16%
*1
1%
28%
29%
34%
*1
1%
28
28%
29
29%
34%
47%
*28
*18
22
*18
193
56
56
58
9
*55%
8%
7
*6
47
56
48
21%
56
8%
7
7%
4%
11%
8%
*6
8%
47
123%
12
3%
6%
16
16
1%
*1
1%'
29
29%
29%
7%
7
*6
*6
9%
42%
5%
6%
7
40%
3%
31
8%
9
18%
*5%
*35
*4%
6%
38%
3%
30%
8%
8%
16
7-
7%
7
6
5%
5%
5%
9%
*5%
42%
5%
6%
40%
3%
30%
*35
5%
6%
38%
3%
*29%
8%
8%
8
8%
16
16
20
19
*54%
60
*54%
*3%
4
*3
4
45
*35
40
35
5%
*6
3%
80
*4%
7%
19%
28%
3%
23
14
1%
4
10%
2%
10%
13%
81
10%
39%
10
5%
*
8%
6,900
17
300
400
19
3%
15
30
10
10%
238
10
2%
*8%
12%
79
95
13
81
10
5%
*5%
7
3%
*4%
28
28
25%
7%
1%
49
66
19%
67%
4%
7
3%
25
7%
*1%
*46%
69
20%
24%
2034
10
2%
20%
24%
19%
and asked prices:
9%
64%
185*
65%
67%
20%
23
no
*3
40
*35
3%
3%
*7%
1%
*35g
10%
30
1%
4
10%
2%
13
2%
*9%
13%
13%
79
79
9%
10
9%
39%
10
39
9%
5%
7
5%
*6
3%
4%
20%
28%
3%,
25%
7%
2
49
*47
9%
48
200
6,900
3,900
3,500
3%
*
5%
*45*
*6%
*27%
33s
26
7%
2
7
3%
~6~, 200
100
47%
10
66%
63%
193g
60%
67
67
65
20%
23%
20%
20%
23%
on
24%
this day,
Dec
50
Jan
Dec
28%
Feb
8%
7%
101
Jan 14
10
Oct
65
Jan
Jan 12
14
Oct
72%
Jan
1
Jan 13
Jan 12
26
Jan 15
53%
Dec
5%
6%
Dec
6%
Oct
33%
Jan
3
Oct
20
Feb
Dec
4
50
Feb
50
Feb
Feb 15
27% Dec
26% Oct
3()% May
43
Dec
Feb 24
42
Nov
76
Mar
19%
Dec
48
Mar
Jan
7
%
Jan 13
6778 Jan 24
125
44%
118
Aug
9
Oct
29% Jan 13
18
Oct
3% Jan 11
1%
17% Jan 10
247* Feb 25
878 Feb 7
187g Jan 10
27
8
20%
28% Mar
Oct
33% Mar
23% Jan
6%
Dec
7
Jan 18
4
Jan 10
41
4
Oct
5%
34%
Oct
2
Oct
7
Mar 30
10% Feb 21
6% Mar 31
11% Feb 10
48
Oct
64
13% Mar
Mar 31
24% Mar
15
Mar 30
54% Mar 29
55
No par
278 Apr 13
24% Feb 23
58% Feb 21
4% Jan 17
56
55
Apr 12
2% Mar 31
10
15
Mar 24
100
1
Mar 31
25
3% Mar 30
8% Mar 28
par
1% Mar 28
No par
5% Mar 30
10
10% Mar 29
No par
78
Feb 16
8
Mar 31
31% Mar 30
8
Mar 30
4
Mar 30
4% Apr 1
2% Mar 30
No par
No par
80
Feb
8
4% Jan 12
15
2%
par
Jan 13
Mar 24
Jan 13
5% Jan 12
15% Jan 15
3% Jan 8
3%
2%
36
1%
4
10
Nov
(;ct
Sept
Oct
Dec
Oct
1%
Oct
85
72
Dec
10% Jan
40% Jan
21% Feb
98% Aug
Jan 13
137S Jan
48% Jan
12% Jan
7%
Jan
9% Jan
4% Jan
83
Jan
6% Jan
10% Jan
6
24
Jan
31% Feb
8%
Oct
28%
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
5%
3%
Dec
22% Jan
27% Jan
11% Mar
82
4%
7
18%
25
Oct
Dec
Oct
Dec
Oct
Nov
a Def.
Dec
94
Jan
Mar 25
101? Jan
7
Oct
25
Mar
57
17% Mar 31
55% Mar 31
21% Feb
88% Jan
80
Nov
100
65
Apr 14
81
Jan
78
Oct
No par
20
Mar 30
23% Jan
22
Nov
27%
10%
n
New stock,
r
Cash sale,
1% Mar 26
Mar 31
Mar 31
19% Mar 30
x
Mar
17%
39
100
delivery,
50
Oct
Jan
7% Mar 30
5
Mar
44
Union OH California
Union Pacific
United Aircraft Corp
Jan
12
26% Mar
40% Mar
Mar 30
2%
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
Union Carbide A Carb.No par
4% preferred
Union Tank Car
109%
Jan
800
900
Feb
6
600
1,000
57.900
Feb
Sept
8% Jan
15% Mar
28% Feb
Oct
16
25
40
Jan
Jan
13%
Ulen A Co
23,800
6,200
4,500
93%
13%
Feb
Oct
Mar 31
Mar 29
Mar 25
Mar 29
41
Mar
16% Jan
15% Jan
54% Mar
6%
5%
16%
25%
2%
No par
44
13% Jan 11
15% Jan 6
3% Mar 28
10
Oct
Jan
Oct
13
No par
1
Dec
17%
15% Jan
57% Feb
8% Jan
15% Mar
65% Apr
9% Mar
23% Oct
6% Oct
5% Oct
15% Nov
18% Dec
No par
1
Jan
Jan
Oct
Oct
47
Jan 19
7% Mar
5%
Oct
4% Jan 10
Jan
Jan
20% July
61% Feb
7%
Oct
34
77%
125
47% Mar
4%
Mar 30
Jan
39%
4%
26
Jan
Feb
Oct
2%
Jan 11
75
21
.17%
Dec
Jan 12
44%
Jan
Oct
17%
10% Jan 11
8% Jan 11
32% Mar 30
2% Mar 29
.
Dec
Jan 13
.
Jan 11
conv pref
Avenue Ry
Oct
14% Mar 10
5% Feb 18
35
Oct
337*
35%
35%
54%
8
.100
95% Apr
48% Mar
Oct
16% Jan
Oct 107%
Dec
Mar 31
Apr
Jan
12% Jan
14% Mar
32% Mar
4% Mar 31
20th Cen Fox FUm CorpNo par
6,700
20
t In receivership,
4
$1.50 preferred
No par
Twin City Rap Trans.-No par
Preferred
100
Twin Coach Co..
1
2,600
20%
253*
sales
39
Jan
Oct
3% Mar 30
Truscon Steel
710
66
20%
24%
Aug
Oct
5
$6 preferred
Truax Traer Coal
1,100
62%
68
5
34
1,500
103*
69%
19%
68%
9
7,600
48
10%
68%
19%
434 Mar 30
Mar 29
50
100
2
10
Apr 13
Mar 30
1
300
4%
7%
20%
29%
35*
28%
7%,
67%
19%
62%
10%
66%
Ltd
Transamerlca Corp
2
Transcont A West'n Air Inc.5
Transue A WUlIams St'l No par
Tlr-Contlnental Corp..No par
9,000
88
20
22% Mar 30
International
7
15
Tlmken Detroit Axle
10
TImken Roller Bearing. No par
3,200
10
8
834 Mar 31
17% Mar 30
$3.50 cum pref
Tide Water Assoc Oil
$4.50 conv pref-
600
10%
*6
3%
2
938
40
538
1
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
1,600
13%
79%
35
11% Jan 12
7% Jan 12
$3 div
"MOO
2%
23%
Dec
5
5% Mar 29
Third
500
4
10%
Oct
10
Jan 12
3% Mar 30
Thermold Co
100
1%
36
10
Jan 12
1
Preferred
2,800
30
Feb
2%
2%
No par
Mar 29
Jan
Feb
94
The Fair
20
3%
9%
7
7%
40
i
11
978 Mar 31
17% Mar 31
134 Mar 26
9%
31
Jan 10
59% Mar 4
11% Jan 12
45
Mar
Dec
Thatcher Mfg.
$3.60 conv pref
""600
4
39%
5%
4%
7%
*1%
*78
10
20%
28%
3%
26%
7%
3%
1338
10
*4%
*6%
28
9
39%
20%
*26
2%
9%
88
7
*27%
68
69
1%
*3%
3%
20
10%
68%
73
*8
2
4
88
358
26%
7%
1%
3
*
434
7%
21%
28%
3%
25%
3%
3%
80
9%
5%
*35
3%
*7%
*1%
*3%
1%
4
2%
Feb
5% Mar 30
119% Feb
Jan
Mar
Nov
6% Mar 29
No par
Mar
Mar
Mar
Nov
1
Telautograph Corp
60
7%
19%
231*
8%
8%
19
3%
Mar 29
Mar 30
Oct
Jan
73% Sept
19% Dec
16
Tennessee Corp
6
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A OH
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
6,200
2,000
7,300
5%
Oct
49
5
Without warrants
100
29%
8%
*54%
35
49
10
Symington-Gould Corp ww__l
2,200
31,600
Oct
Feb 26
1
Apr 8
Mar 31
Mar 29
10
Talcott Inc (James)
53^% preferred
6%
39%
3%
19
7%
19%
*15
358
29
% Feb
25% Mar 31
Swift
8
60
5
10%
16
*434
6%
38
Mar 29
24%
32%
3934
17%
Superior Oil
200
42%
5%
*54%
88
65
*5%
*35
*17
3%
9%
*46
8%
8%
16
8
42%
5%
6%
39%
3%
29%
8%
8%
19
39%
11
29%
8%
10% Mar 30
13
Superior Steel
..100
Sutherland Paper Co
lo
Sweets Co of Amer (The)
50
Swift A Co..
25
5,900
3,000
5%
Dec
21% Jan 11
9% Jan 10
Stokely Bros A Co Inc
3,900
7%
60
10%
68
30
3%
6%
558
*17
20
48
*6%
38%
7%
5%
*54%
40%
3%
*4%
6%
39%
3%
8%
No par
No par
5
Stewart Warner
""loo
173*
24
19%
10
33s
*6
*35
16%
24
Mar 31
Sterling Products Inc
100
8
17%
2
Standard Oil of New Jersey.25
Starrett Co (The) L S._No par
3,700
65%
43%
60%
65%
11%
77%
27
11% Jan 10
61
4% Mar 30
Studebaker Corp (The)
25
Jan
3%
6%
11%
22%
26%
Stand Investing Corp..No par
Standard Oil of Calif.-No par
Standard Oil of ludlana
25
"MOO
r39
No par
No par
Stone A Webster
60
39%
9%
4%
*534
1%
24
*80
7%
1%
20%
2%
*8%
12%
3%
7%
*68
*1%
*3%
10%
80
7%
47%
10%
65%
19%
65%
15
9%
42%
5%
16
3
3%
17
*24%
7%
*19%
3%
17
24%
Mar 30
107%
Standard OH of Kansas
2%,
29
Mar 14
Mar 18
24
7
*35
2,600
200
32%
1%
35%
1%
21% Jan 17
15% Jan 10
1% Mar 30
24
8
6%
5%
Friday
24
734 Mar 31
94
$4 preferred
$6 cum prior pref
$7 cum prior pref
12%
21%
19% Mar 26
15% Mar 30
1
23
*7
Jan 21
No par
Tobacco
22%
2%
8
46
No par
Coram
Sun Oil
*7
Jan 14
3% Jan If
Mat 30
$4 50 preferred
6% preferred
100
Sunshine Mining Co
...10
Superheater Co (The)..No par
2%
2% Mar 29
6% Mar 31
48% Apr 7
12% Mar 31
6% Mar 31
1
120
8
16%
24%
preferred A..No par
100
12
32
19% Apr 13
29
Jan
Jan
Oct
Oct
2,900
3,000
10,100
3,400
*20%
22% Jan 12
Feb
155
Oct
17%
Jan 12
Stand
25", 300
130
June
6%
42%
Oct
12
2%
12%
21%
9% Mar 31
Jan 12
{Stand Gas A El Co
51
11%
*20%
140% Mar 26
24% Jan 10
115
Oct
Oct
124
21%
Jan 10
Oct
9
1134
11%
28
1%
20%
17
11%
*20%
2%
Oct
Mar
9
conv
54% Jan
40% Feb
29% Feb
23% Aug
Oct
13
110
15
11%
2%
12%
23%
4
9%
Jan 10
4
10,400
*46
Jan
16%
113% Feb 28
3% Jan 13
Mar 26
10,800
*123
Dec
Mar 25
5
124
10
2
8
*123
Mar
15% Jan 15
13% Jan 15
4
3,700
83*
6%
124
11%
22%
2%
Mar
1
7,700
58
*123
12%
24%
21%
7%
9%
5
12
5%
9%
8
4%
197
120
Oct
Standard Brands
400
22
6%
7r»8
434
Nov
June
13
19% Mar 31
No par
Apr
96
Apr 14
128
par
Mar
4%
67
Jan 12
100
Good
48
8
7
7%
5
57%
8%
*20%
12
6%
37
7%
57%
82% Jan 12
100
13%
2
Conv $4 50 preferred. No par
9,100
21%
7
81
*6
Feb
21% Jan 10
Spiegel Inc
12,000
46%
102%
No par
400
Closed—
30%
*19
Nov
5% Mar 30
Square D Co class B
42
124
17
2%
*912
12%
57%
8%
7
4%
25
+9
47%
22
83
Exchange
14
50
17
1%
*3%
10%
"46%
88
No par
360
1%,
29%
29%
I
Feb
Sparks VVlthlngton
Spear & Co
$3
1,800
16,300
16%
29
Apr
58
Jan 13
1% Mar 29
16% Mar 26
Mobile & Ohio Stk tr ctfs 100
Splcer Mfg Co
12,300
Stock
*1
*25
*18
*
7%
7%
60%
8D Mar 30
Spalding (A G) & Bros.No
210
16%
42
47%
2,500
17
98%
2%
3%
6%
Dec
100
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c..t..l
20,100
52
16%
7%
*96%
2%
3%
6%
*12%
*47
*24%
3%
49%
16%
46%
"""166
35
50%
16%
Oct
26%
$5.50 preferred
100
34% Feb
105% Feb
17% Mar
26
Jan 13
No par
5% preferred
1st preferred
l",606
21%
19%
10%
7%
*1
29%
200
Oct
93
8% Mar 29
25
Nov
5%
Feb
Feb
34% Jan to
10% Mar 31
111
100
Southern Railway
"
7
7%
7%
98%
2%
3%
6%
Southern Pacific Co
100
2%
50
17
*35
34
100
40,000
13,100
7,100
3%
*47
25
8%
8%
35
15
28%
29%
34%
*19%
18%
10
13
5%
16%
*15
10
8% preferred
Southern Calif Edison
91
Jan
44
20% Jan 10
Apr
10
So Porto Rico Sugar...No par
Feb
17%
Mar 31
13
South Am Gold & Platinum. 1
"""606
40%
47
*24%
*4%
21%
19%
preflOO
14
65
8
93% Mar 11
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5
Oct
Oct
17% Oct
2% Nov
15% Dec
22
Mar 28
45
No par
Mar
Dec
14% Nov
24% Jan 11
3% Jan 17
18% Mar 31
*84
Apr 1
Smith (A O) Corp.........10
Smith & Cor Typewr_..No par
75
11%
22%
2%
11%
*7
39%
3%
30%
6
6%
6 % preferred - * » .......100
Sloss Sheff Steel & Iron...100
1,600
7%
11%
2%
♦
25
3,200
27
*5
7%
13
27%
28%
100
11%
*2%
*36
2%
14
*12%
8%
7%
4%
5
50
123% 123%
11%
12%
21
24%
2%
2%
*21
46%
8%
*6
*47
*28
50
*15
2%
3%
7%
3
7%
16
15%
*19
*33
52
6%
27%
28-%
10
Skelly Oil Co
$6 preferred
2%
10%
41%
75
*19%
18%
33%
*13%
*28
♦
75
20%
7%
7%
3%
37,200
2%
*5%
16
98
"""400
14%
"l.OOO
""600
111
7
51
*2%
3%
10
*18
17%
8%
10
7%
~20h
3,500
12
3
t
2% Apr 5
14% Mar 30
Feb
42% Mar
120
24%
Slmms Petroleum.........10
Slmonds Saw & Steel ..No par
*11
11%
19%
6%
7,500
60
44
27% Jan 27
1
Jan
Dec
3%
Jan 14
9% Feb 17
"""500
16
7%
Union Oil
5% Jan 10
48
9% Jan 11
93%
10%
Oct
Dec
Mar 30
Apr 13
34
Dec
15
60
G34Mar 12
20% Apr
12%
JaD 11
Jan 14
18% J an 11
60
10%
19%
*36
3
z38
Oct
66
Feb
Feb
2% Jan
8% Jan
54% Apr
11% Mar
9H% Aug
3% Oct
49% Nov
101% Jan 27
*15%
8%
2%
No par
Oct
20%
Mar 20
*90
12
Mar 26
45% Mar 31
3%
23%
45%
Oct
16
Feb 25
Mar 30
89
13%
9% Mar 30
10
No par
%
1%
5% Jan 14
65% Feb 25
16% Jan 12
4% Mar 31
12% Mar 30
16
13%
27%
10
94
11
%
2% Jan 13
Mar 30
$3.50 conv pref ser A. No par
Shattuck (Frank G.)..No par
Sheaffer (W A) Pen Co.No par
Shell
Oct
34% Nov
3
93
62
12
47
pref........No par
Sharpe <fc Dohrne
Oct
Jan 24
No par
400
1,300
24%
*84
conv
%
3%
5Vi% conv preferred. .100
Sliver King Coalition Mines.5
Simmons Co
No par
6,700
16
23%
11%
23
3%
5%
33%
7%
11%
41%
75
10
12%
258
30
20
19%
20
19%
*131% 150
*131% 150
*21%
21% *21% 22
*3
21%
19%
10%
33%
16
2
*36
5%
25
14%
14%
*97% 100
6%
6%
16
16%
*2%
2%
111
3%
*20%
18%
»
25
2
41%
3
300
1,200
113
21
2,600
7%
2
7%
12%
4
38%
*111
53
7%
97%
11%
25
2%
6%
75
*20%
12%
3%
*36
41%
234
*
11%
7%
11%
*19%
4
$5
400
7%
2
*131% 160
*131% 150
*131% 150
21% 21%
21
21
21% 21%
12
Sharon Steel Corp
113
1%
21
1,800
*37%
89
*10%
13%
13%
7,100
53
4
Jan 11
Jan
29
15% Mar 29
3% Mar 29
Seagrave Corp
No par
Sears, Roebuck & Co..No par
Servel Inc
..1
12%
Jan
42
1 % Mar
27% Mar
51% Mar
98% Mar
Dec
1
7%
Mar 30
34% Mar 28
% Jan 6
Seaboard Oil Co of Del.No par
300
22,100
13%
24
♦11
10%
5,800
3%
*47
25
15%
12
20%
3
100
58%
13%
13%
4
56%
71
3%
8
*90
Feb 23
55%
38%
*84
15%
*11
■?
13
23
94
15
12
*10%
13%
14
13%
55%
54
,
24
85
% Feb 10
No par
4
13%
14%
*97% 100
6%
6%
15%
16%
*2%
2%
16%
*15%
99
*6%
15%
*2%
15
11
1%
*97%
17
*11
12
13%
+111
13%
2%
16%
23%
15%
*10%
13
70% Mar 31
JSeaboard Air Line
4-2% preferred
700
*22
*15%
22%
60
*90
25
*90
90
52
*22
Dec
No par
1%
*7%
Oct
22
Scott Paper Co
1%
19%
*38
11
6
420
56%
8
54
16
24
*84%
39
4
37%
1%
4
Jan
27% Jan
.100
2,200
4%
*38%
*7%
13%
97%
7%
97%
6%
16*4
*2%
15i2
23%
4
8% Mar 29
16% Mar 25
8% preferred
%
19
No par
100
*%
19%
10
SchenJey Distillers Corp
5
5>£% preferred
...100
jSchulte Retail Stores
1
5
%
12%
13%
*48%
5318
100
*36%
18%
*3%
55%
13%
53
%
*4%
37
*1%
1%
51
15%
%
19
12%
%
5
*4%
37
36%
20% Mar
37% Mar
100
*00
75
10%
share
per
Oct
Nov
100
60
*73
73
3%
No par
60
75
82
5% Jan 26
Highest
share $
per
6% preferred
7% preferred
Savage Arms Corp
70
*74
82
$
5% preferred
*60
75
82
$ per share
Mar 26
10
14%
70
*74
82
share
per
2
Lowest
3,300
14%
*60
75
82%
11%
Year 1937
Highest
5% preferred
Safeway stores
70
82
$
JSt Louis Southwestern.-.100
18
14%
1938
Range for frevious
Basis of 100-Share Lots
Lowest
♦60
82
Range Since Jan. 1
On
STOCK
Shares
*2%
April 16,
EXCHANGE
*73
81%
YORK
Week
18
14%
Sales
the
3%
*6
CENT
Thursday
Apr. 14
Friday
Apr. 13
$ per share
3%
NOT PER
Record-Continued-Page 9
for
Wednesday
Apr. 12
*6
15%
PRICES—PER
Tuesday
% per share
4%
*6
SALE
Ex-dlv.
y
2%
Jan
59% Feb
12% Jan
80
Mar
Jan
Ex-rights.
1% Oct
46% Nov
87a Dec
61% Nov
17% Oct
Oct
Jan
6% Jan
100% Jan
18% Sept
111
28%
Feb
Feb
148% Mar
99%
Jan
31% Feb
35% Mar
1 CaUed for redemption.
ak
Volume
HIGH
Apr. 11
Apr. 9
$ per share
$ per share
634
9
67g
634
6%
8i2
16
*7i2
157g
157g
157g
*11134
♦11134 115
16
16
*112
—
45
45
44?g
45
15
1434
15
*13
234
234
27g
2734
27ig
28U
6I4
6%
57g
234
27
6ig
6I4
4%
37g
37g
28%
28l2
27
287g
62
62
5934
97g
60%
4
10
10'4
334
334
6
4
*65
6'g
*65
73
*65
73
1%
*%
1>8
♦%
Us
514
5i2
6
6ig
*434
67g
8ig
66i2
8i2
*7lg
SI4
73g
73g
*7
69
*25
4
I6I4
1534
1534
157g
16%
"2" 900
*414
4%
4i2
634
412
67g
43g
4i2
700
6i2
7ig
60
28iZ
*52i2
27
29U
4ig
25i2
43g
27
24«4
2614
693g
64ig
67i2
63
5514
54
55
58
6534
5334
58ig
44%
46
46i2
104
457g
4412
103l2 1037g
105i2
3014
42
*405g
2834
2,600
1,400
7,000
United Eng & Fdy
6
No par
100
3
U S
Freight
7%
U S Leather
No par
Partic A conv class A.No par
Prior preferred
U S Pipe A
414
20,000
U S Realty A Imp
255g
277g
69,000
U S Rubber
6734
6512
24,900
5334
5334
69%
56%
8% 1st preferred
U S Smelting Ref A Min
4
45ig
47%
116,300
102%
5,300
34
1,700
44U
4714
102i2 10334
100
*31
*3U2
34
700
60
*58
62
*58
1,200
4034
4034
40
405g
40®8
43g
*43g
45g
4&g
4%
1,000
15g
1«4
134
1»4
134
134
1,500
1U2
1U2
*10
12
*10
1U2
55
50
50
*51
58
*54
56
*134
*31
*13314 138
138
*135
32
*30
34
34
31
3U2
34
34
78
84
34
34
%
34
*5g
34
14l2
*%
*18ig
14l2
18
*17
1514
145g
22
*18
22
*17i2
1414
15i2
14i2
30
*18ig
18
1812
*17
19
35
*31
33i2
*3278
14
14
*13t2
14i2
*13i2
312
20i2
2U4
20
2114
*10514 109i2
105
10514
18i2
*33
37g
3i2
334
27g
7i2
8I4
7is
*103ig
*103ig 113
*103ig 113
*38
*3914
4712
4712
*37i2
♦11634
*11634 118
*11634 118
2
134
Ug
I84
134
2lg
*U4
*6i2
I6I4
2
*Ug
*7ig
7i2
*74
2lg
*Ug
7i2
18
75
23g
734
11
27g
*7
*177g
I8I4
*17%
175g
17%
*74
75
*74
75
7414
65g
6®g
67g
*36i2
*18i4
3634
37
1834
1834
lUg
*10
1034
♦10
1034
*18i4
*103g
234
30
27
8l4
5ig
212
*6i2
63g
234
27g
634
38
37
234
29
30i2
29
53g
5
27i2
234
*27
2i2
*29ig
5
5ig
35
2%
234
28i4
2®8
*6
834
*634
8i2
20
2034
*1934
*125g
2212
1434
2314
2112
*1314
22l2
1^8
2U2
153g
23%
2
*15g
13g
*Ug
30
*71
72
*77
78
92
92
*29
71
*78ig
9U2
78
78
80
*117
119
118
13
13
21
2U2
105
*60
70
68.
1812
197g
*31
*30
8i2
7
13%
21%
*60
70
19
23g
z20%
21
*1934
*13i2
22i2
*15g
14
*13
23
*15g
Ug
2
♦Ug
Ug
71
*71
*29
72l2
80
78ig
91
91
7D2
78l4
78i2
9U2
*80
*91
81
80
118l2 118l2
2.
u2
*31
13
13%
21%
21%
*60
105
65
70
18%
19%
2,800
1,800
334
20%
Good
Friday
7
2,500
""166
1,100
1734
74U
7%
19,800
800
37
1834
1034
23,100
210
4,800
.100
7
600
21
100
14
225g
2
7U2
*70i2
72
*75
86
70
*92i2
9412
82
118l2 118i2 *117
30
121
114
114
357g
*31
13
*13
22%
21%
105
*60
65
*60
19
18%
357g
*167g
*3%
*4%
*s4
*2%
21%
22%
74%
11
Mar 30
1
17
Mar 30
♦40
45
45
45
*45
49
"""166
*14
15
147g
147g
14
14
200
9
8
8%
8%
8%
9
8
8
*7%
8%
134
134
134
*1%
134
1%
12
1314
2i4
2
47g
4ig
*41
2i2
2lg
47g
414
48
134
*11
214
2l4
5
4%
41
13
*117g
*2%
2%
47g
2%
2%
5
4
4%
41
*40%
12
13
2%
2%
2%
2%
5
47g
4
4%
43
z40
12
2%
2%
5
4%
40
8%
*8
134
*1134
*2%
2%
5
4
*37
14
14%
13%
14
*13%
137g
13%
1334
41%
42 ig
407g
42
41%
4134
41%
4134
13%
40%
147g
15%
14l2
15%
62%
13%
14
14
14%
14
3134
35%
5H% cpr
Wheeling Steel Corp—No par
60
♦30*g
35
""400
*34%
40
400
68
68%
73
73%
25%
1234
lUg
12%
11%
80
80
80
13%
14
15
13%
1334
313s
33%
31
33%
30
71
*64
71
*65
71
14%
14
1134
37g
*
13%
147g
123g
lUg
12%
11%
3%
334
3%
3%
14
30%
3234
no sales on
71
14%
11%
1134
3%
3%
this day
Aug
Feb
1
1714
Oct
123i2 Mar
10i2 Apr
115i2 Jan
29'2 July
Jan II
3%
Jan 27
140
*65
$4
conv
preferred..-No par
5
6% conv preferred
$6
1
10
12%
71
1334
1%
14%
*3%
37g
J In receivership,
27'4
347g
Dec
Feb
Jan
70
Dec
115
Apr
90
Dec
126
Aug
65
Mar
Oct
Dec
9034
15
Jan 13
14i2
Oct
23i2 May
13 'a
Jan 12
6
Oct
333g
5
11
Jan 21
li4 Mar 31
3
Jan 22
8i2
15g
Oct
Oct
Mar 29
95
Apr 4
Mar 26
6% Mar 31
7% Apr
884 Mar 31
158 Mar 30
2
Mar 29
43g Mar 26
126% Aug
187g
,
Jan
6>4
Jan
I84
Oct
7
2
Dec
4%
4%
Dec
Oct
12U
67g
Jan 10
Jan
46'g
11
Jan
Feb
684 Mar
21% Jan 24
234 Feb 25
3
Oct
Aug
5i2 Sept
Sept
12
Feb
3
Mar 24
584
32
Mar 30
60U
Jan 6
Jan 21
49*4
Dec
9I84 Mar
10'g Mar 29
36
Jan
3
19U
Jan 17
l()i2
Dec
13*4
34
Dec
65*8
Jan
12
Oct
47
Jan
54iz
Oct
&
10
10
1114 Mar 29
Mar 29
42
1
r C
ash sale.
pref 41^%
Prior pf 4 Vi % conv
n New
21 'g
Jan
May
100
Co
WorthlngtonPAM(Del) No par
Preferred A 7%
100
a Vet, delivery,
9
Mar 19
Jan
4
39
Nov
Zonite Products Corp
25,200
"
31i2 Nov
1034
Oct
Mar
Jan
30*8
Oct
19
9
90
2,000
5
15i2 Jan 18
32*4 Jan
Jan
170
Oct
10*4
55
No par
61,900
88%
113
17% Jan 16
Jan
167®g
87'8 Nov
Inc......No par
preferred
Prior
6784 Mar
75
12
WUcox Oil A Gas
11% Mar
83»2
Oct
Jan 14
45
Mach...No par
Oct
Dec
1784
59
$5 conv prior
White Sewing
1'2
22 ig
27*4 Jan 12
Jan
4
1,000
14
32%
Feb
103
28*4 Jan 10
27% Jan 16
10978 Jan 15
14% Mar 26
Zenith Radio Corp
400
*80
1334
109
Oct
19
Mar 31
75
4,700
700
26
14
31
1134
37g
Bid and asked prices
13%
810
70
117g
10
9~300
7834
80
*63
14
108
Oct
76
116% Mar 24
6
li2 Mar 18
27
26
70%
25%
12%
♦13%
Oct
88
3
121
Mar 30
13
series... 10
series. 10
Wright Aeronautical...No par
Wrlgley (Win) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire..No par
Youngstown 8 A T
No par
5^% preferred
100
Youngst'wn Steel Door.No par
*68
1184
31%
*64%
76%
70
80
80
15
25
12%
80
*67%
Mar 31
White Dent'l Mfg
Wroolworth (F W)
*51
*23%
100
6,300
37
*66
84
3
Jan
97»4
16% Mar 31
1534 Mar 31
6134 Mar 31
103
Mar 31
137g
41%
15%
35
Aug
3
102l2 Jan
preferred.......... 100
Union Telegraph. 100
Westlngh'se Air Brake.No par
Westingbouse El A Mfg
50
1st preferred
-.50
6%
Western
Woodward Iron Co
5,200
Jan
Feb
84i2
11*4 Mar
1,800
62%
72
Nov
23i2 Mar
4*4 Mar
Wrllson A Co
*34%
25%
73 ig
Oct
200
*30%
70
Jan 24
Mar
56
!0212 Jan
Mar 29
116
Oct
75
Feb
214
July
23U
Oct
1,500
5,100
4
*47
70
74
1
1% Jan 28
3578 Feb 24
1
40%
3334
*23%
ll4 Mar 26
1 % Jan
3
25i4 Mar 31
71
Apr 8
70
Apr
1
83% Apr 1
Feb
984
5l2
Willys-Overland Motors
30%
*66
1214
700
62%
72
50*4 Aug
Oct
1®8 Jan 11
1,600
33%
26
3814
Oct
% Mar 23
400
127g
2%
2%
5%
"30%
66%
*78
900
33%
665g
Oct
2ig
100
Western Pacific..
White Rock Mln Spr ctf No par
30%
71
lllg
20
Oct
500
33%
26
46
Dec
6,200
3014
*
Oct
258
87g
3134
*47
16
14%
8%
35%
62i2
*47
Jan 14
24 >2
16l4 Mar 31
pref..-No par
(The S 8).20
White Motor Co
1
134
Jan
Jan
Nov
Nov
Apr 12
15
Jan
35U
9
17i2 Jan 17
2984 Jan 17
3
Jan 12
Mar 31
100
47
Jan
12<4
Feb 23
Preferred
*14
18
6912
Oct
2%
4% Jan 13
1312 Jan 13
412 Jan 10
9
Jan 10
50
*40
15g
99'g Mar
Oct
Dec
484
33
258 Mar 31
3
Mar 25
100
8%
Dec
90
15
615g July
26«2
60
49
I884 Mar
Jan 18
z27
*14
Oct
Jan
Mar 31
*45
Feb
Dec
71*4
314
Feb
Mar 19
4,000
49
82i2 Aug
Feb
65
19%
Feb
Oct
18
Mar
10*4
60
70
19%
197g
20
18%
16
503g
5% conv pref erred... ...30
Wheeling A L E Ry Co
100
*60
Oct
Dec
Oct
700
*75
18% Mar
2
"""700
100
Jan
10% Mar
Oct
Jan 13
13
*75
122%
Oct
Oct
24
100
Feb
Oct
7*4 Jan 10
Jan 13
134 Mar 31
Jan
Mar
Oct
40
llli2
98
778
48
100
Dec
Jan
17
Mar 31
20
pref. 100
Mar
32*
334 Mar 26
Mar 26
23
preferred
135
198g Feb 18
Jan 15
9% Mar 30
*75
*8
81
31% Mar 28
100
77g
Jan 24
3*4
West Penn Power 7%
Jan
Dec
6%
Mar 26
....100
100
37
2%
38s Feb
5
2
preferred...No par
1234
Oct
2%
No par
preferred
preferred
Dec
2
A..No par
West Penn El class A..No par
Feb
115
11734
16%
Snowdrift No par
Apr
Apr
12%
74%
Oct
June
50
Mar 18
5
Jan
May
8
Mar 21
Jan
47
Oct
2%
57
Mar 26
Class A
105
Jan
113
No par
Westvaco Cblor Prod..No par
13
58%
3
Weston Elec Instrum't.No par
*60
Jan
Oct
3584 Nov
15*4 Jan 11
700
357g
2%
18%
13
*31
Jan
Oct
105
100
5
6%
47g
16
14l2 Apr 13
53g Jan 21
..No par
t Warren Bros
No par
$3 convertible pref.-No par
Warren Fdy A Pipe.
No par
Waukesha Motor Co
5
conv
Oct
%
Jan 22
42
8
Preferred
7%
6%
Dec
84
Jan 17
*11
*75
9%
25
18
100
100
734
(H) Good A W Ltd No par
No par
2d preferred
*75
85g
Jan
210
*21%
19%
77%
108
115
13%
65
23%
Oct
8i2 Feb 23
447g Jan 15
Western Maryland
300
Jan
29
4l2 Mar 30
30
Mar 31
Co... 10
100
7,300
6,900
39,800
Jan
164
115
22%
105
1%
86
Nov
No par
4%
2%
May
Nov
9«4
1U Jan 7
1% Jan 10
Mar 31
234
$3.85 conv pref
7
23
21
47
135
20U Jan 10
$4
Oct
4
Mar
Mar 30
1
Western Auto Supply
"""800
Feb
Jan
158 Mar 23
300
3%
84%
15i4 Mar 29
74
Mar 29
Warner Bros Pictures
50
8%
Oct
117i4 Jan 11
700
17%
Feb
Oct
No par
^ % pref with warrants 100
Class B
160
82
"9%
1
"278"
13i2 Jan 14
Apr
37
100
100
100
Ward Baking class
30
82
100
Walworth Co
200
78i4
9412
Jan
150
46
534 Mar 31
Wesson Oil A
Oct
Feb 25
Feb 24
60
I5g Apr 13
5% Mar 26
100
Mar 29
--.-1
100
Jan
126% Mar
48% Nov
100%
l475g Mar 11
54
Jan 12
Mar 26
105
...No par
30
75%
Dec
58
2% Jan 10
9
234 Mar 29
1534 Mar 30
pref ...No par
Wells Fargo A Co
30
30
Mar
72% Mar
14
100
u2
Feb
105
14t4 Mar 31
30% Mar 30
100
2
*Ug
118
44%
Wayne Pump Co
Webster Elsenlohr
3,300
227g
Dec
62% Nov
No par
Walk
Oct
43%
Oct
Walgreen Co
600
5%
3134
25g
20
8
14%
100
Waldorf System
1,200
Mar
71
x2384 Feb 15
Preferred
"""366
Mar
Jan
19%
39% Mar
No par
preferred
fWabash Railway.
5% preferred A
5% preferred B
4
Mar
72%
Oct
5
5% preferred
200
112
Oct
3%
Oct
Virginia Ry Co 6% pref.-.100
Vulcan Detinning
100
Preferred
100
700
Dec
24
9%
Va El A Pow 16
Closed—
65
Jan 17
20*8 Jan 12
Virginia Iron Coal A Coke. 100
80
Oct
ll%Mar 31
160
Exchange
Oct
6%
5
Chem
Va-Carollna
6%
Oct
3%
5
16
Vanadium Corp of Am.No par
300
Stock
2
33
47g
13
30
357g
Victor Chem. Works
*25g
28l4
234
11312 U3l2 *11212 113% ♦113% 114% *113% 114
167g
167g
1634
16%
167g
1634
16%
1612
3%
3%
*3%
3%
*3%
3%
3I2
*3I4
7
7%
*4%
6%
*4%
7%
*4lg
*5i4
1
1
*1
*1
1
1%
1
u4
2%
*2
2%
*2%
2%
*2%
2i4
214
21
22
23
21%
22
22%
207g
23%
23
21
22%
21
22%
24%
21%
2134
77
72
74%
7534
73%
7634
77%
753g
*114
117
113
113
113% 114
113l2 114
13
12
*11%
12
1134
*1134
1U2
1134
357g
Vlck Chemical Co
200
*2914
2214
*29
118
5'g
2U4
30
8U2
2I2
33
13
13g
5
300
3
22
2
*Ug
*29lg
*32
7
7i2
*18l2
26i2
234
234
I5g
*714
7
Van Raalte Co Inc
34l2
200
43% Feb
15% Mar
22% Mar
Mar
16%
35% Feb 26
81
Mar 21
3
27% Mar 30
i2 Mar 30
58 Jan 3
No par
100
Sales
Preferred
107ig 107%
7i2
38
3Ug
5%
26
312
19i2
lUg
1834
5
*14
1834
612
37
107g
234
303g
3414
*18i2
3714
7
6i2
37
7,300
8
*6%
*1015g 113
-
*18l2
34
500
15
15
*17
3312
futilities Pow A Light A....1
8%
*65g
*1015g 113
113
*38
*40
47l2
47i2
47i2
*U634 118
*11634 118
118
u2
u2
u2
134
u2
214
2U
2%
2i4
*2%
6
6
7
*Ug
*Ug
*7
75
1714
775g
4
6
177g
2ig
15i4
70
6*8 Jan 10
85S Mar 30
Mar 31
Mar 28
Universal Pictures 1st pref. 100
25
23% Mar
Dec
32
48
1,100
*%
*18lg
1412
234
*15g
8I4
*7
214
25
1412
35g
312
20
1934
IO6I4 107
134
15g
15
3i2
3i2
19i2
1914
105l2 105l2
3
2I2
84
Feb
Dec
65g Jan 13
138
"160
Vadsco
172
5-%
29 7g
42
100
1534
18i2
34
Feb
10% Jan 13
66
Feb 18
Mar 31
No par
preferred
78
35
35
34
19
3312
3312
Universal Leaf Tob
8%
164% Nov
Jan
Jan
137
53
9
1% Mar 26
Feb 3
Universal-Cyclops Steel Corp 1
200
3U2
84
*%
100
54
*134
*13314 138
138
1U2
138
.•
Nov
Jan
87g Jan 11
37
No par
pref A
54
*11
20%
3478
35g Mar 30
United Stores class A ..No par
12
Oct
34*4 Mar 5
42
MarlO
4U
*45i2
3%
Oct
29i2 Mar 30
2
*10
100% Feb
6%
4038 Mar 18
4%
*38
Nov
70
4%
25
1
15g
*38
Dec
16% Feb
24«4 Mar
Oct
No par
new
4i2
*38
Oct
5%
114% Jan 10
Ug
38
3%
%
Mar 29
434
38
Jan
Mar 31
15$
40
1137g
95
45g
*38
Oct
38
Stockyards Corp
conv
101
100
7% Pref. new
$6
Jan
3
Jan
No par
United
100
17
70ig Mar 5
62% Jan 25
Preferred
U S Tobacco
Mar
63
8684 Mar
35U Jan 12
23*4 Jan 15
z4434 Mar 31
z55
Mar 31
50
Preferred
U S Steel Corp
26»4 Apr
106% Feb
9% Mar
Oct
169*4 Feb
Mar 29
45% Jan
Oct
Oct
4
Mar 22
21
100
50
Deo
2%
Oct
Jan
278 Mar 31
No par
No par
Oct
6%
Jan
Jan
Mar
778 Jan 12
Feb 15
21% Mar 30
20
16
9
72
50
100
Foundry...
Oct
1% Jan 18
13% Mar 31
3i4 Mar 30
5% Mar 26
U S Industrial Alcohol.No par
8%
4678
52
Mar 31
25
50
Oct
74
Jan 11
7434 Feb 21
18214 Mar 28
4% Mar 29
100
preferred
7%
U S Hoffman Mach Corp...5
35
Oct
5
10
55
20
Mar
Deo
24
3% Mar 26
534 Mar 30
No par
U S Gypsum
Feb
2
67g Jan 12
8% Jan 17
1
65
Apr 14
»4 Mar 23
100
-
Feb
91
Jan 12
106
4i2 Apr
100
No par
preferred
U734
Dec
05l2 Feb 25
llSg Jan
5
35
Mar 26
No par
preferred
6 >4
Mar 14
10
Jan
Oct
Jan
Feb
17%
07g Jan 10
8'4 Mar 30
No par
United Paperboard
USA Foreign Secur
30%
25%
8
80% Jan 10
1
Mar 31
50
No par
Conv
Apr
Mar 26
2178Mar31
United Fruit
United Gas Improvt
$5 preferred
273g
414
*53
42
♦41
mm-m
55
2634
2534
64i2
103l2 10414
3112
3U2
3U2
30i2
30i2
42
*53
58
58
58
45ig
55
28
*4
41g
4i2
27i2
66
58
60
634
3
first
3>4 Jan
4% Mar 29
60
Oct
3634
73g Jan 12
5
24%
31%
15
3218 Jan 12
4?8 Mar 30
10
5^% conv pref
27lg
2734
4
700
*52l2
634
60
*52i2
26i4
26ig
55
10
*1534
4i2
6®g
73g
60
*52i2
28i2
5,500
6812
67
16
1534
43g
4i2
6612
500
7
7
8I4
470
1
100
U S Dlstrlb Corp
6
*5
Corp
Oct
110
22U Mar 31
United Electric Coal Cos
$5
200
Ug
*12
68
3,600
6512
65
6
100
800
*16212 164
1621, 162i2 *162i2 164
6%
*6
*6
6U
634
634
30
*25
*25
30
*25
30
634
*25
1734
4i2
7ig
10
30
*6
30
17
67
66
69i2
66l2
*162i2 164
7
6i2
500
1,800
10,800
u8
*5
*162i2 164
28l2
59U
97g
United Dyewood
Preferred
58
70
*%
*%
United Drug Ino
Oct
7
49% Feb 23
19% Jan 10
Mar 26
2
No par
No par
5
share
per
5%
Mar 29
114
Highest
$ per share $
share
8*4 Jan 5
per
10% Feb 26
19% Jan 11
4
1234 Apr
United Carr Fast Cor p. No par
$3 preferred
Jan
39
No par
United Corp
T.OOO
4U
*28
597«
1458 Mar 31
1103s Jan 20
United Carbon....
70
4
29
Preferred-
$
6^4 Mar 31
No par
100
Bosch
United Biscuit
1,000
6I4
6U
*68
414
10
97g
934
*10134 103
102l2 102i2 *10134 103
*37g
4
37g
37g
37g
37g
6
6
6
6
57g
6lg
10ig
6
73
534
*65
6
6
6l2
59
27%
27
6
500
23,700
2,600
2.200
27g
212
10
*101% I02i2 *10214 10212
4
15
4lg
60
1,500
45
15
70
*27
27l4
2714
*58
4412
25g
2734
*68
4
37g
"V.666
10
15
*6ig
6'g
70
*67
70
157g
United Amer
*110%
5
No par
Un Air Lines Transport
Loioest
Highest
$ per share
5
Mar 30
Par
1937
Year
100-Share Lots
On Basis of
Lowest
7,500
714
9
16
634
*7i2
451*
21*
27l2
*5%
57g
6ig
65g
6ig
*60
73
*65
534
Shares
16i2
113
*14
234
2734
27
6
$ per share
9
45
15i«
25g
Apr. 15
$ per share
67g
*157g
x\ 13
-
45
44
*13
«
Apr. 14
61*
*7i2
9
EXCHANGE
Week
Apr
$ per share
$ per share
6%
*7l2
7ig
♦8
Apr. 12
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
Thursday
Wednesday
Tuesday
NOT PER CENT
SHARE,
SALE PRICES—PER
Monday
Sales
for
AND
LOW
Saturday
2497
New York Stock Record—Concluded—Page 10
146
stock,
Mar 28
28i4 Mar 30
5512 Mar 30
61% Mar 31
2034 Jan 31
83g Jan
71
3
Mar 30
938 Mar 31
24
Mar 30
62% Mar 31
11% Mar 29
234
Mar 31
Jan
1 Ex-dlv.
3
4378 Feb 23
20
Feb 25
66
Jan 25
Dec
11212 Mar
35i2 Feb 24
46
Jan 10
34
Dec
40*4
Dec
3')»4
Dec
54
Nov
Jan 10
38
Oct
128
Mar
94
5812
Oct
76
Jan
9
21*4
Dec
62t2
15>g
Jj»n 21
7%
Oct
373s
Jan
Feb
93
Jan 11
68
187g
Jan 10
43*4
Jan 12
12i2 Dec
34i2 Nov
46®g Feb
10l7g Mar
75
Jan 26
70
Oct
115
117g
2'g
Dec
69
Mar 12
28
Mar
22% Jan 10
17% Jan 12
584 Mar 7
v Ex-rlghts. 1
Dec
Oct\
142
Jan
Jan
43*4 Aug
9U
Jan
Called for redemption.
2498
April 16,
YORK
Bond
NOTICE—Prices
are
"and
NEW
STOCK EXCHANGE
Record, Friday, Weekly and Yearly
Intercut"—except for Income
and defaulted bonds.
Cash and deferred delivery gales are disregarded in the week's
range,
the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they
No account is taken of such sales In computing the
range for the year.
i
unless they are
occur.
,
.
BONDS
N.
Y.
STOCK
Thurs.
Weet's
Last
'
EXCHANGE
Week Ended Apr
15
Range
Sale
Thurs
or
Range
Thursday's
Price
Bui
<k
Low
Oct.
Treasury 3%s—Oct.
Treasury 4a
Dec.
Treasury 3%s—Mar.
Treasury 3%s
June
Treasury 3s...--Sept.
N.
Y.
Jan. 1
High
NO.
116.17
19
Low
STOCK
Range
Sale
Week Ended Apr. 15
Bid
High
O
O
116.17 116.4
107.26 107.18
107.26
116 ,4
117.27
Copenhagen (City) 5s
1952 J
107 .2
108.19
26-year gold 4 %s
112.151
32
111 22113.14
1110.15
108.8 1108
110.23
32
110 .8
♦Cordoba (City) 7s
♦7s stamped
107 .18108.30
103 ,26105.1
Cordoba (Prov) Argentina 7s.. 1942 J
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
1944 M
S
30
104.16
75
105.14
46
105 .2
105.24 105.23
105.24
13
105. 21106.13
107.1
106.30
107.2
11
106 .29107.14
External 5s of 1914
106.6
105.30
106.6
69
105. ,27107.4
106.8
71
105 .19100.24
107.20 107.8
107.20
133
107.19 107.8
102.12 101.25
107.19
50
104.22 103.28
102.2
101.27
101.13 100.30
101.13
107.24
108.15
95
101 .26102.27
87
101, 27102.30
287
100. 26102.2
101.10
102
100 .14 101.27
100.7
143
99 ,18100.14
103.24
145
102 .14103.27
101.18
48
101
104.8
32
103.9
21
103.4
101.23
23
23
1963 M N
J
J
102.9
138
103.17
103.9
♦External
s
f 7s series D
1946
J
♦External
s
f 7b 1st series
♦External
sec s
1957
o
Antwerp (City) external 5s
1958
Argentine (National Government)—
6
3
6
7%
1
0
1
6
7%
7%
6%
"6H
6M
D
S f external 4Ha
B f extl conv loan 4s Feb
5M
5%
*"5M
f 7s...
♦Bavaria (Free State) 6 Ms
S
79%
iom
104%
99 M
99M
32
32
1957 J
J
104
104%
38
99%
60
96% 102
36
58
28
104%
104%
J
104%
D
103 M
111
Bergen (Norway) extl s f 6S..1960 M S
♦Berlin (Germany) s f 6 Ms
1950 A O
♦External sinking fund 6s... 1958 J D
♦Brazil (U 8 of) external 8s
1941 J D
♦External a I 6Ms of 1926—1957 A O
f 6Ms of 1927-. 1957 A
(Central
Ry)
Brisbane (City) b f 5s
D
1957 M
Sinking fund gold 6s
20-year a f 6s
1958 F
A
D
1962 J
80
3
84
1
28
12
13%
13%
34
12%
13
23
99%
99%
32
98%
111
21%
105%
104%
115%
101%
21%
21%
14%
100»16
21
21
21
13%
13%
13
12
"12 %
S
1950 J
Budapest (City of) 6s
21M
O
1952 J
57
104%
1945 F A
..1949 M S
External 30-year s f 7s
80
90%
78%
88%
79
88%
99
106%
98% 100%
78%
77M
104%
1955 J
f 6s
7
94% 100%
..1955 J
Belgium 25-yr extl 6 Ms
98 %
101
100%
D
15%
101
19%
105%
23
73
100
108
55
100
107%
21
5
7
15
91
107% 115%
102%
19%
23%
24
18%
23
12%
10%
19%
10%
19%
10%
19%
100
96% 102
64
95
78
98
15%
S
14%
*65
80
81
85
8
*60
71
1961 F
A
60%
78%
*69
73
1977 M
♦6s stamped
S
72%
♦6 Ms stamped
4M-4M8
f 4%a-4%s
Refunding a
1976 F A
External re-adj 4%s-4%s—1976 A O
External s f 4%s-4%s
1975 M N
f $ bonds
1984 J
J
♦Stabilization loan 7 Ms
1960 A
5s
O
1952 M N
Aug 15 1945
F
107%
110%
A
1944
J
♦Farm Loan 6s ser A
Apr 15 1938 A O
(Rep)—Extl s f 7s
1942 M N
♦Chile
52%
53
32
31%
35%
32%
107
100%
J
♦Carlsbad (City) sf 8s
..1954
J
♦Cent Agrlc Bank (Ger) 7s
1950 M S
m ♦Farm Loan s f 6s..July
15 1960 J
J
•Farm Loan a f 6s
Oct 15 1960 A O
53
2
9
107%
26
110%
100
J
1967
36%
53%
*33%
1961
30-year 3s
39%
51
55%
32
1968 MN
Canada (Dom of) 30-yr 4s
54%
*36%
23
53
J
..1967 J
53
53%
53 %
Bulgaria (Kingdom of)—
♦Secured sf 7s
60
79%
70%
70%
70%
72%
51%
110%
31
99%
100
99%
"95"
94%
*
100
66
100%
99%
29
95
7
35
40
"35"
29
35
29%
34%
35%
105% 110
109% 113%
98
101%
98% 102%
97% 101
92%
97%
35
"4
62%
35
38
3
29
32
26
25M
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
1
32%
'34"
"39
26 M
26
"34"
♦
27%
28
*25%
A
*76
20%
*16
104%
1945
11%
1946
J
♦Hungarian Land M Inst 7Ms. 1961
♦Sinking fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7Ms.. 1944
♦Extended at 4%a to
1979
M N
*12%
*12%
f 5s
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
"§6"
*24
..^1908
s
1
26
*21%
J
Irish Free State extl
153
*25
1964
1908 F
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
...1940
♦Heidelberg (German) extl 7 Ms '50
Helslngfors (City) ext 0%s
1960
Hungarian Cons Municipal Loan—
♦7 Ms secured a f g
♦7s secured s f g
23%
26%
O
(Cons Agrlc Loan) 0Ms....1958 J D
♦Greek Government s f ser 7S..1904 M N
♦6s part paid..
26%
23%
*20
*
IVI N
■
80
21%
17%
104%
12%
14
18
15%
F
A
*34%
F
A
32%
1900 M N
*116%
1951 J
D
ser B '47 IVI
S
Italian Public Utility extl 78—1952 J
J
Japanese Govt 30-yr s f 0%8—1954 F A
Extl sinking fund 5 Ms
1905 IVI N
78%
39
32%
78%
73
60
61%
13
68%
69%
79%
72
"66""
75%
71
59
46
57
57%
58
9
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
O
37
38
5
A
22%
2
D
22%
74%
7%
*1%
1%
7%
2%
1%
1%
*
♦Medellin
D
(Colombia) 6 Ms
1954 J
♦Mexican Irrlg assenting
4%s.l943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q
♦Assenting 5s large
♦Assenting 5s small
7%
J
J
1%
*1%
1
3
*1%
34
"2
....
♦4s of 1904
1954 J
D
♦Assenting 4s of 1904
1954 J
D
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦§Treas 0s of '13 assent(large) '33 J
♦
{Small
J
Milan (City, Italy) extl
0%s_—1952 A
Minas Geraes (State)—
♦Sec extl s f 6 Ms..
♦Sec extl s f 0 %s
1958 M
♦Montevideo (City) 7s
1952 J
1959 M
*1%
2%
1%
1%
2%
O
60%
59%
61%
40
S
7%
7%
7%
7%
43%
16
1%
1%
J
J
S
7%
D
♦6s series A
1959 M N
New So Wales (State) extl 5s._1957 F A
Externa! s f 6s
Apr 1958
Norway 20-year extl 6s
1943
*37
*34
9
50
102%
102
102%
9
102%
101%
102%
21
105%
105%
105%
4
35
103%
23
'105%
105%
103%
'101%
101%
102
17
101%
102%
10
21%
5
64
15
18%
15%
20
15
18%
15%
16%
13%
11
15
16%
16%
16%
16%
18%
7
14%
12%
18%
13%
D
8
15%
see page
*90%
O
16%
For footnote
.1949
1944
18%
*14 M
16%
>
14
14%
5
10
1
O
12%
16
14
13%
14
36
1962 M N
12%
16
14
13%
14
3
1960 M
13%
13
13%
D
*20
21
21
13
14
21
12%
8
f
4%s
f ext loan
12%
12
23
23
23
22%
22%
22%
23
29
10
15%
29
10
15%
23
23%
23%
1
17%
1
10%
15
A
100%
100%
J
D
102%
102%
F
A
1963 F
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 0s
1952
Oriental Devel guar 6s...
Extl deb 5 %s
Oslo (City) s f 4 Ms
Panama (Rep) extl 5%s
♦Extl s f 5s ser A...
1953 M
S
21
"55%
1958 M N
55%
51
57%
7
19
52
6
1955 A
O
100%
101
11
1953 J
D
102%
102%
1903 IVI N
37
1
*40
1963 IVI N
♦Stamped
♦Pernambuco (State of) 7s*....1947 IVI s
♦Peru (Rep of)
externqJ 7s
1959 M S
♦Nat Loan extl s f 0slst ser..1960
♦Nat Loan extl
12
12%
12%
"23""
4s
s
"§7"
16%
11%
19%
11
30
S
A
93%
*105%
1965 A
15
1947 F
103%
D
21%
1950 IVI
14%
♦6s extl s f gold..
Jan 1961 J
J
♦Colombia Mtge Bank 6Ms... 1947 A O
♦Sinking fund 7s of 1926
1946 M N
103%
*90%
1949 J
German Govt International¬
es Ms of 1930 stamped
1905 J
♦5%s unstamped
1905
♦5 %s stamp(Canad'n
Holder) '05
♦7s part paid
♦Sink fund secured 6s
97
20%
102%
...1941
External 7s stamped
7s unstamped
28
106
External sink fund 4 Ms
53
O
*95
105%
External
24
Oct 1961 A
*21%
105%
20-year external 6s
17
S
J
1948
68
22
32%
17
M
22
32
17
♦8inklng fund 7s of 1927
dep
*58%
28
15%
♦6s of 1928
5%s 2d series
1909 A O
♦Dresden (City) external 7s... 1945 MN
29%
14%
17
1951 J
62
13
17
♦Cologne (City) Germany 5 Ms. 1950
Colombia (Republic of)—
70
62
37
•17
A
64
*51
44
J
1961
*60
O
17
A
♦Guar alnk fund 6s
♦Chilean Cons Munlo 7s
♦Chinese (Hukuang Ry) 5s
5
29%
1961 F
D
60
65
30
1961 J
1961 J
1
60
*55
60
15%
♦Extl sinking fund 6s...Feb
♦Sink fund 6%s of 1926
♦Guar sink fund 6s
86
91
29%
♦Ry ref extl
♦Extl sinking fund 6s_.Sept 1961 M
S
♦External sinking fund 6s... 1962 M S
♦Externa! sinking fund 6s...1963 M N
♦Chile Mtge Bank 6Ms
1957 J D
91
29%
18%
18%
Jan
41
17
O
f 8s
1909 A
3
2
115
97
2d series sink fund 5%s
1940 A O
Customs Admins 5%i 2d ser. 1901 M S
6%s 1st series..
11
29%
29%
A
sinking fund 6s... 1960
98
97
23
*56
52 %
53
104%
Lower Austria (Province) 7Ms. 1960 J
101%
102%
..1961 M
♦Buenos Aires (Prov) extl 6s... 1961 M
s
98%
M S
{♦Stamped extd to Sept 1 1935.
Dominican Rep Cust Ad 5%B—1942 M 8
1st ser 5 %s of 1926
1940 A O
89
1956 M N
External 6s of^927
External g 4%» of 1928
5%
11
47
O
J
7%
45
A
..1957 M
7
5
96
78 %
1972
7%
4%
89%
A
1955 J
6
1
2
89
1972 F
8 f extl conv loan 4s Apr
12
5M
94 %
1971 M N
Australia 30-year 5s
4
6%
6%
6%
6%
5%
5%
5%
O
f 7s 3d series. 1957
23
10%
23%
17%
23
99% 102
100&S2
O
f 7s 2d series. 1957
22%
14
6%
6%
6M
*"
♦External
43
103%
104.16
100 H
"T%
J
10-year 2Mb
25-year 3%s
7-year 2Mb
100
1955
External g 4 %8
Apr 15 1962
Deutsche Bk Am part ctf 6s...1932
7Ms unstamped
22%
J
s
71
♦E! Salvador 8s ctfs of
1945
3% external
102%
EstODla (Republic of) 7s
J
1967
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 0%s...l953 IVI N
French Republic 7 Ms stamped. 1941 J D
f 7s series C
f
102
102.14
f 7s series B..—1945
s
102
102.8
s
External
9
1942
101.8
♦External
s
78%
101.5
s
♦External
78
55
♦External
♦7s
80
78
35
♦Antloquia (Dept) coll 7s A—.1946
s
78
O
101.11
O
External
78
1942 A
Denmark 20-year extl 6s
External gold 5 Ms.
101.8
1948 A
s
62%
O
J
A
Austrian (Govt's)
D
1951 A
101.15
f Akershus (Dept) Ext 5s
»
1945 J
102%
68%
103.20 103.9
101.15 101.9
♦Gtd sink fund 6s
w
102%
104.12
Agricultural Mtge Bank (Colombia)
sec s
101
J
103.22 104.26
Govt. & Municipals—
♦External
101
1953 J
A
1947 F
*103%
Sinking fund 5 Ms
Jan.15
♦Public wks 5%s—June 30
Czechoslovak (Rep of) 8s..—.
Sinking fund 8s ser B
102.9
102.9
1
A
*103.22104.16
♦Gtd sink fund 6s
17%
A
103.28104.30
103.20
17%
"36
81
1949 F
J
1 1939-1949 F
1942-1944 J
46%
81
1949 F
ser
1 1944-1952 M N
May
2Mb series B_.Aug.
2Ms series G
"43""
103 .25104.31
134
104.22
Loan Corp—
3s series A
Foreign
102.12
102.2
107 .4
107
A
40
82
1951 M N
External loan 4%s ser C
105.22
56
95%
93%
A
S
1 1942-1947 M
Mar.
Home Owners'
106.11
93%
A
1957 F
106.8
101.10 100.22
Treasury 2Ms—Deo. 15 1949-1953 J D 100.7
99.23
Treasury 2 Ms..
Dec. 15 1946 J D 103.24 103.8
Treasury 2 Ha
1948 M S 101.18 101.3
Federal Farm Mortgage Corp—
3%s
Mar. 15 1944-1964 M 8 104.8 104
3s
May 15 1944-1949 M N
103.5
15 1942-1947 J
111.27
108.8
104.16 103.28
105.14 105.5
1953 IVI N
1957 F
No.
96%
J
..Jan.
High
D
39
112.15 111.26
-
Asl
<fc
Low
D
3s
or
Thursday's
Price
15 1946-1956 M S
15 1943-1947 J D
15 1951-1955 M S
Treasury 3s,....June 15 1946-1948 J D
Treasury 3 Ha—June 15 1940-1943 J D
Treasury 3%s__.Mar. 15 1941-1943 M S
Treasury 3%8—June 15 1946-1949 J D
Treasury 3%s—Dec. 15 1949-1952 J D
Treasury 3%s
Aug, 16 1941 F A
Treasury 3Ms
Apr. 15 1944-1946 A O
Treasury 2Ms..-Mar. 15 1955-1960 M S
Treasury 2%s
Sept. 15 1945-1947 M S
Treasury 2%s—Sept. 15 1948-1951 M S
Treasury 2M»---June 15 1951-1954 J D
Treasury 2%s—-Sept. 16 1956-1959 M S
♦
Week's
Last
EXCHANGE
Foreign Govt- & Mun. (Cont.)
15 1947-1952 A
15 1943-1945 A
15 1944-1954 J
Treasury 4%s
BONDS
Since
A sled
U. S. Government
2%s
1938
17
s
6%
f 0s 2d ser._1961
♦Poland (Rep of) gold 0s
♦Stabilization loan s f 7s
9%
3
8%
58
8%
16
8%
46%
1940
1947
♦External sink fund g 8s....1950
8
9%
8
8%
47
9
65
48%
66
5
47%
48%
6
2503.
£
Volume
146
New York Bond Record—Continued—Page 2
3
BONDS
N.
Y.
STOCK
fe 0
Last
■si
Price
EXCHANGE
Week Ended Apr. 15
Prague (Greater City) 7%s
a
Low
8%
6%
6%
1952 M N
f 78..1941 A
1947 F
_
3
19
22
14
104%
11
106%
106%
5
29%
29%
1
7%
A
1968 J
.8%
7
6%
20
5H
10H
6%
7
6%
102% 108H
103% 109 H
♦Berlin Elec El & Undergr 6 Ha 1956
Beth Steel cons M 4Ha ser D..1960
25
31
Cons mtge 3Ha series E
3 Ha a f conv debs
7%
J
5%
6H
60
73
23
23
12
4
23
38
29%
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3H8—1966
Bklyn Manhat Transit 4Ha.-.1966
Bklyn Qu Co A Sub
con
M N
M N
1941 J
7
.
7H
.
10
7%
11%
5%
10%
J
*14%
25
Bklyn Union El 1st g 6s
Bklyn Un Gas 1st cons g 5s
1950 F A
.1945 M N
Debenture gold 5s
1st lien A ref 5s eeries B
1950 J
13H
16H
J
8%
8%
8%
24
7H
13 H
S
9
9
9
1
7%
13
Brown Shoe
J
7%
3
6%
Buffalo Gen Elec 4 Ha ser B
Secured
1940 A
O
23
11H
47H
24H
24
26
28
D
D
1962 M N
1962 M N
J
28
7
24%
1
*23
24H
s
24%
26
D
F
A
F
-
A
-
24%
-
*42
—
28
28
102%
102%
26
26
46
48
20H
20H
33H
33H
1950 F
s f 5 Ha
Tokyo City 5a loan of 1912
f 5 Ha guar
Buff Nlag Elec
F
3 % -4-4 H %
—
-
M N
40%
38%
F
A
J
J
A
O
....
m
«.
♦Warsaw (City) external 7s
F
98
68
79
D
79
105%
110%
62
79%
105%
79
110
*106%
106%
106
19%
21%
*7%
8
16%
7%
8%
*66"
73
95%
105% 107%
111
19H
78%
108%
106%
111%
106%
44
10
9
7%
85
85%
30%
26%
42
35%
30%
1955
75
30%
1952
40
79
102
1962
83H
83%
87%
26
1957 J
U 3%
113%
113%
IS
111
July 1969 J
116 H
115%
118%
116%
18
119
114% 117%
13
117
121
116
120%
15
4
29
100%
48 H
40
conv
1960
gu
deb 5s
50
10
41
64 H
21
-
41
64
-
-
40 H
63
H
41%
54
39
63
40
10
38 H
50
40
42 H
Canadian Nat gold 4 Ha
Guaranteed gold 6s
Guaranteed gold 5s
Guaranteed gold 5s
27%
45
45%
4
40 %
62
55%
58%
29
63 H
65
27% 100
118H
Oct 1969 A
*118%
1970 F
116
Guar gold 4Hs
June 15 1955 J
Guaranteed gold 4 Ha
1956 F
Guaranteed gold 4%s._Sept 1951 M
79
35%
114%
114%
7
113%
113%
31
121%
122%
78%
78%
93%
111%
111%
96%
97%
90%
1960
1949
Caro Clinch A Ohio 1st 6s
90%
1938
1st A
cons g
6a
ser
"5
122%
Dec 1 1954 J
Collateral trust 4 Ha
{♦Car Cent 1st guar 4s
116%
113H
J
J
1946 M
1944 J
6s equip trust ctfs
Coll trust gold 5s
119
114H
Canadian Northern deb 6 Ha...1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4 Ha
25
79
83
61
86%
104%
109
60
60 H
47H
100»,« 104
69%
56%
64%
100
99
2
27%
D
69
102%
4
40
A
J
61
102%
38%
-
35%
102%
43
*
—
106
~79~~
40%
M N
45%
12
44
104%
102H
42
*
39
101
1966
*40
.
5%
5
1940
42
41%
1
48
{Bush Term Bldgs 5s
41%
A
M N
41
Cal Pack
51%
M N
7
102%
45%
Calif-Oregon Power 4s
56%
♦Uruguay (Republic) extl 8s...
41
29
43
*100 ho
45
22%
60 H
53%
m —
23%
23%
59
99 H 104%
42%
•
*65%
101%
98%
101H
*
Consol 5s
24
60
of
deposit
{Bush Terminal 1st 4s
34%
34%
31
41%
49
„
J
3Ha series C..1967
107%
30
A
Buff Roch A Pitts consol 4 %s_.1957 M N
{(♦Burl C R A Nor 1st A coll 5s 1934 A O
87
88%
105
25
53%
J
F
82
3
3
42%
■
43%
105
53
211
8
49
M N
101
29
1961 A
TTrondhleim (City) 1st 5Ha_.
29
28 H
103
J
1971 J
1952 M S
O
45
A
1981
Canada Sou cons gu 5s A
Taiwan Elec Pow
102
D
1957 M N
f deb 3Ha
♦Certificates
37
7
40%
102 %
1947 M N
1968 J
7%
25%
24%
29%
J
1st lien A ref 6s series A
11%
*7%
1957 M N
30
gtd 6s. 1941 M N
♦7s extl Water loan.1956 M
s
31
105
A
31
24
♦6a extl Dollar loan
External
30%
31
F
*19%
1952 M N
extl
28
99% 103%
92%
95%
31
J
7%
7%
64
San Paulo (State of)—
sec
22%
67
105
O
1st 5s stamped
♦7s series B
27%
14
100
D
1961 A
6%
J
♦8s secured extl
21
85%
1st g 4%s series JJ
A
J
7
93
1st M 5s series II
♦Roumanla (Kingdom of) 7a__.1959 F
♦Saarbruecken (City) 6s
1953 J
Sao Paulo (City of, Brazil)—
8 Ha
1946 J
erbs Croats «fc Slovenes (Kingdom
27%
27%
92%
..1944 J
Big Sandy 1st 4s
Boston & Maine 1st 5s A C
g
28
84%
10H
10H
10H
6%
17s
High
26%
20%
85 H
13
62%
s
Ix>w
2
93
7H
7%
♦Sinking fund
Since
2
1962
6
62%
J
No.
1966
13
O
..1936 J
Hig
Range
Jan. 1
29
27%
100%
14
D
§♦88 extl loan of 1921
05 to
27
7
1952 A
f
Is
Asked
27%
1955
8%
1967 J
s
♦Debenture 6s
29
28
6%
7
1966 M N
♦6 Ha extl secured s f
&
Low
29
1967 M S
1955 M N
♦7s extl loan of 1926
♦8s extl secured
Thursday's
Bid
3 Ha. .1943
cons
8
O
D
Range or
Sale
Price
12
29%
♦7s municipal loan
Rome (City) extl 6 Ha
19
22 %
23
104
O
♦Extl sec 6 Ha1953 F
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
K C
NO,
High
Belvldere Delaware
22
_
S
1946 A
15
♦Berlin City Elec Co deb 6 Ha.. 1951
♦Deb sinking fund 6Ha
1959
22
21%
EXCHANGE
11H
62
104%
STOCK
Week Ended Apr.
10%
98 H
3
_
Y.
5H
a67
21%
A
1950 M
w
N.
7H
5
c67
a07
O
f g
No.
*6%
♦Rio de Janeiro (City ofl 8s
s
Jan. 1
Week's
Last
BONDS
Since
GQ&a
High
<k
J
♦Rblne-Maln-Danube 7s A
♦6s extl
Range
k2
Ask
Thursday's
Bid
D
♦Prussia (Free State) extl 6 Ha. 1951 M S
♦External s f 6s.
...1952 A O
Queensland (State) extl
25-year external 6s
Thurs.
Range or
Sale
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City ol)8s
1961 J
♦Extl loan 7%s
___1966 J
2499
Week's
Thurst
*15
33
114% 118%
112% 116%
111
115%
120% 125%
73
95
30
112%
97%
15
99
92
90%
15
89
86%
40
99%
99%
99
A.Dec 15 1952
9
80
115%
98
99
82%
82%
90
103%
111% 114%
104
99
40
"20
82%
6
47%
98% 101%
98
108
COMPANIES
Carriers A Gen Corp deb 5s w w 1950 M N
44
46%
58
37%
62%
91
94
10
90
95
D
92
92
92
1
90
94%
F
A
98
98
98
10
98
101%
A
O
70
70
7
J
D
*101
108
J
M
J
D
8
J
D
A
O
A
O
A
O
F
A
J
D
conv
5s.
*36
50
*30
39%
*
.
«.
«.
5
97%
-
-
-
-
-
-
61
96
35%
103%
54
57
90
76
19
52%
90
45
44
-
25
O
O
M
78
105
6
62
52
52%
70
100
39
85
«.
■
-
O
A
A
♦Coll &
A
97%
......
22
22
*
8
72
101%
O
*79
88
A
*79
81%
M
S
101%
-
-
-
-
-
-
-
-
„
102%
18
38
-
'
242
101" 109"
A
*35
40
J
D
64
64
59
76%
J
D
26
20
26
F
A
58
50
50
1981
1947
♦Cent Branch U P 1st g 4s_...1948
{♦Central of Ga 1st g 5s..Nov 1945
♦Consol gold 6s.
1945
♦Ref A gen 5 Ha series B
1959
M
J
8
*26%
8
J
44%
45%
D
97
M N
102
102
♦Mid Ga A At Dlv pur m
♦Mobile Dlv 1st g 5s
J
91
91%
47
43
97
2
20
94
14
58 H
95
99
80
104%
98 H
112%
113
61
A
O
100%
100%
100%
96
112% 113H
99% 102%
J
D
100%
100
100%
109
99 H 101H
J
J
99
3
87
O
103%
103%
89
5
104
129
98 H 107
84
97
102H 105
♦Anglo-Chilean Nitrate—
Jan
Q
{Ann Arbor let g 4s
26
25%
25
J
24%
*
26
10
25
4
25H
24%
91%
52
88
95
J
J
91%
90%
91%
27
86 H
94 H
A
O
99%
98%
102%
419
Nov
(Del)
100
90%
75%
75%
75%
75%
89
-
«.
10
8%
5
7%
7
36%
22%
10
10
18%
97%
98% 112
107%
91%
93
106%
106%
12%
5%
3%
6%
60
107%
56
107
10
60
70
1
107
108
36
89
100
3
105% 108%
30
A
30
46
26%
15
20%
34%
24%
"162"
30
25
"25"
24%
4
19%
101%
102
1
33
29
101
105%
70
70
*
1960 FA
Guaranteed g 6s
73%
44
65
97%
98
"43%
"43%
47
61
"39% "74%
M N
(♦Cent RR A Bkg of Ga coll 6s 1937
M N
5s extended to May 1 1942
Central Steel 1st g s f
1941
M
*50~~
*113
M N
1948
8s
Certain-teed Prod 6 Ha A
*
Champion Pap A Fibre deb 4Ha '50 M S
Ches A Ohio 1st
Ref A imp mtge 3Ha ser
1939
1992
D..1996
1996
con g
5a
General gold 4 Ha
*62" ~64"
59%
119%
114
49
67
99
106
M N
104
1C4"
104%
M
S
111%
110%
113
M N
91%
90%
F
A
M
116%
60
98%|
57
S
21
103% 106
110% 121
91
92
90
92%
85%
97
106
106
103%
101% 115
85%
97
S
May 1940
Potta Creek Branch 1st 4s—1946
98
91%
-
*
Through Short L 1st gu 4s—1954 A
41
8
A
-
*._._.
Q**
Cent Pacific 1st ref gu gold 4s__1949 F
Craig Valley 1st 6s
F
1st M s f 4s ser C
1962
31
M
100
*7
J
1987 J
Ref A lmpt M 3 Ha ser E
M N
A
*5
63
100
38 H
99 H
4%
1966 A
1961 J
1987 J
{♦Cent New Eng 1st gu 4s
113
98%
68.1947
Cent Illinois Light 3 Ha
Central of N J gen g 5s.
General 4s
M N
99
*4%
1951 F
87
Amer Telep & Teleg—
3Ha debentures
O
A
1946 J
1941 M
1941 M
Cent Hud G A E 1st A ref 3 Ha. 1965 M S
92%
35
102%
"9%
Central Foundry mtge 6s
Gen mortgage 6s
Central N Y Power 3Ha
M
i
M N
♦Chatt Dlv pur money g 4S..1951 J
♦Mac A Nor Dlv 1st g 6s
1946 J
79
105%
*15%
1959 A
♦Ref A gen 5s series C
80
96
89
F
Celotex Corp deb 4 Ha w w
Cent 111 Elec A Gas 1st 6s
_
14
102%
A
F
102
101
26
67%
41%
81
Cart A Adlr 1st gu gold 4s
RAA Dlv 1st con g
4s
1941
101%
101%
1989
1989
2d consol gold 4s
Warm Spring V 1st g 6s
113
Atchison Top & Santa Fe—
M N
76%
J
D
J
D
J
D
J
D
J
J
J
J
100%
M
8
99%
J
D
*
J
J
*
J
J
M
Conv 4s of 1905.
8
*._.
*
89
89
87%
89%
98%
100
99%
94%
94%
—
•
94
.
9
78
97%
7
99%
101
13
104%
39
113%
95
*73%
2
98
-
—
82
-
_
75%
26
General 4s
97
104 H
1st A ref 4 Ha aeries B
1977
101
1st A ref 58 series A
87 H 106 H
98
103 H
100
112H
99H 112
84 H
97
73
104H
71H
94
55%
55%
61%
19
55
70
69
70
14
63
88
55%
55%
56
14
45
76 H
D
77 H
J
J
19%
15
14H
31H
J
J
15
16%
27
14
J
51%
52
11
60 H
60
15
30
81%
85
-—1958 M
S
J
18%
J
J
J
*14
*
19%
80%
*
M N
A
A
O
-,-r-
-
....
99
98 H
102
39%
43%
87
39 H
78 H
19%
40
M 6e series F.
J
10
10
10
10
15
J
*10
20
10
13
J
J
*9
10%
10
14%
3
7%
7%
86%
16%
M N
J
*5
J
J
*4%
J
J
D
¥
5%
6
22%
3%
70
*89"
72
112
112
21%
138
15H
♦Gen 4s series A
22%
♦Gen 4 Ha series E
23
May 1 1989 J
♦Gen 4Ha series F
May 1 1989
J
*20%
39 H
{♦Chic Mllw St P A Pac 5s A.. 1975 F
9
40
47
76
40
82 H
24 '
97
17
46
♦Conv ad) 5s
...Jan 1 2000 A
{♦Chic A No West gen g 3Ha.. 1987 M N
3
20
38
37
38%
19
32 H
70
J
29%
29%
71
J
69H
3
30
46
67
16
38 H
♦Gen 5s stpd Fed lnc tax
M
8
18%
18%
J
106%
106%
15%
1534
J
97
97
J
9934
9934
A
A
O
-
-
*40
-
*
O
J
-
17%
262
21
220
5
106%
11H
34
15
39
106 H 112H
99
12
95
106
100
44
99
108
60
-r
-
-
_
99%
40
48
99 H 100
116
115%
116%
18
126%
125%
126%
14
115H 119H
125H 128H
1987 M N
..1987
(•Secured 6 Ha
1936
♦1st ref g 5s
May 1 2037
♦
1st A ref 4 Ha stpd.May 1 2037
♦1st A ref 4Ha ser C.May 1 2037
♦4Ha stamped
♦Conv 4Ha series A
1949
36
25
25%
35%
34%
9%
198
3%
141
2%
21
13%
18
43
13%
18%
16
16
J
D
13%
4%
13%
14%
17
16%
17%
"15%
"15%
9
9
9
22
18%
22%
17%
15
14
7
j
D
7%
J
D
8%
8%
5%
18%
15%
*15% "2
9%
8%
M N
7%
16%
x
16%
M N
M N
30
22%
15
*12
35%
24%
14%
*14%
♦Gen 4Hs stpd Fed lnc tax..1987 M N
21%
A
8%
3
21
20%
*33
20%
15
♦Stpd 4s non-p Fed Inc tax 1987 M N
26 H.
34%
18%.
18%
F
J
1987 M N
34
J
8
D
34
♦General 4s
23%
15
25%
20%
20%
May 1 1989 J
23%
*20%
May 1 1989 J
♦Gen g 3 Hs series B__May 11989 J
19%
M
112
Cblc Milwaukee A St Paul—
21%
J
15%
11%
J
40
J
For footnotes see page 2503.
18
12
J
D
J
1st 4 ref 5s series C.
67%
16%
D
J
Rei & geD
83
11
109%
90
90%
8%
17%
7%
16%
71% 108
S
O
J
4 H»
105
94
*63
M N
Conv
109
84
95
11%
A
D...
93%
87
*52
11
96%
84
84
J
>J
Ret <k gen 5s series
26%
94% 107%
99% 111%
M
♦Gen 4 Ha series C
Southwest Dlv let 3 %s-5s.
15
96%
94
F
{(♦Chicago A East III 1st 6a—1934
{♦C A E 111 Ry (new Co).gen 68.1951 M N
♦Certificates of deposit...
Chicago A Erie 1st gold 5s
1982 M N
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
1966
♦1st A gen 6s series B..May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L S A East 1st 4 Ha
1969
20
102%
31
J
Illinois Division 4s
95%
100%
93%
1971
MN
J
18
18%
100%
93%
89
M N
General unified 4 Ha A.
Chic Burl A Q—111 Dlv 3
1949
H8—1949
1949
Chic A Alton RR ref g 3s
75 H 103H
98 H 102
----
73
73
110H
75 H 103
5%
24
1
275
12%
7
6%
3%
11%
11%
•
7%
April 16, 1938
New York Bond Record—Continued—Page 3
2500
Weel's
Thurs
BONDS
N.
Y.
fe|
EXCHANGE
15
STOCK
K
Last
Range or
Sale
Thursday's
Bid
Price
&
{♦Den A R G West gen 5s.Aug 1955
♦Assented (sub J
to plan)
♦Ref A lmpt 5s ser B...Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 4 34s—1947
^ILWAD"BONDS
Ask
High
Low
6Bennett
'Bros. & Johnson
II
t
•-■a.
Week Ended April
Range
fi
031
No.
A
A
534
6
20
6
27
4
734
16
534
O
534
J
*334
IVI
s
F
A
112
42
5
Trrvate Wire
One Wall Street
12
10734
10434
10834
25
10434
10454
3
E._——...1952 A O
1965 A O
3 34s ser G ..1966 M S
ser
♦Detroit A Mac 1st Hen g 4s—1995 J
D
J
D
1995
♦Second gold 4s......
Randolph 7711
Detroit Term A Tunnel 4343--1961
Teletype •>- Cgo. 343
T. 1-761 H* SBell System
10854
108
Gen A ref mtge
133 So. La Salle St.
Connections
T>Igby 4-3200
10834
Gen A ref M 4s ser F
Gen A ref 5s
Chicago, III.
Y.
Tork,
Dow Chemical deb 3s........ 1951 J
Duquesne Light 1st M 334s—1965
Week
l nurs
Last
BONDS
N.
Week Ended Apr.
Range
Sale
EXCHANGE
STOCK
Y.
Bid
&
Low
paid
"ilVc
1988
1934
A
O
M
Ed El 111 Bklyn 1st cons
1
High
1734
24
J
J
634
V
934
6 </»
22
5
734
20
534
654
634
29
534
834
434
354
454
76
3
534
1
55
58
58
D
1951
734
1934
1834
mm'mm
♦Conv g 434s_.1960 M N
Ch St LA New Orleans 5s
1951 J D
June 15 1951
1434
1434
95
D
69
*45"
D
Chic T H & So'eastern 1st 5s..1960 J
M S
Inc
41
..Dec 1 1960
Cldcago Union Station-
6034
4
7854
67
40
mmmrn
86
5434
1944
10354
10334
104
6
10234 10734
1st mtge 48 series D...
1963
105
105
10534
9
103
110
10254
10134
102 54
50
100
109 34
9854
3
7954
37
334s
.1963
series E
.1951 M
guaranteed
1952 J
Chic & West Indiana con 4s..
98
m m m
78
78
scries D— .1962 M S
1st A ref M 4348
1943 A
Childs Co deb 6s.
{♦Choc Okla & Gulf cons 5s.
Cincinnati Gas & Elec 3348-lst mtge 334s
.1966 F
A
D
4s.
_
.1942 M N
C_. .1957
series D. .1971
Cln Un Term 1st gu 5s ser
lst mtge guar 3 Ms
10334
•
-
N N
IVI N
Clearfield & Mah 1st gu 5s— .1943 J
m m mm
18
10254
*10734
*10154
71
10334
10734
0834
1434
14
20
10234 10454
10654 10834
102
mmmm'm
10854
8
104
8
_
9234
4834
4
mmmm
104
*
100
71
10834
10854
mmmmmm
J
5434
*9
mmmmmm
9834 10534
8634
6434
O
1967 J
con gu
*7434
.1952 IVI N
.
....
Cln Leb & Nor 1st
«r m
102
10734 109
10434 10834
75
.1993
D
.1977
General 6s series B
D
.1993
Cleve Cln Chic A St L gen 4s.
J
"49"
49
5234
38
4334
J
9734
97
9734
26
97
Ref A lmpt 4 Hs series E
Cairo Div 1st gold 4s.. .... .1939
Cln Wabash A M Div 1st 4s .1991 J
*
*
St L Div 1st coll tr g 4b..
Cleve-Cliffs Iron 1st mtge 454b
Series 11 3Hs guar
Series A 434 s guar
.1942 A
105
11
11054
.1948 M N
mmmrn
■
mm m
96
mm'
9734
103 34 106
J
Series C 3^3 guar
„
...»
O
.1942 J
7834
"
96
11034
O
m mmmrn
59
105"
105
J
Cleve Elec Ilium 1st M 354 S-- .1965 J
Cleve A Pgh gen gu 4 Ha ser B. .1942 A
"
*
7354
10254
mmmmm
10434
m mm¬
mrn mm mm
9054
9254
9254
70
*60
mm
mmmrn
8254
*
m
.1950 M N
59
6
108
59
6934
J
.1990 M N
Spr A Col Div 1st g 4s_-_... .1940 M S
J
W W Val Div 1st g 4s
.1940 J
61
Series
-----
O
J
1
1
1
I
1
1.
1
a
1
10634 108
10654
mmmm
*100
*
mm
mm
10134
9954
m
*
.
m -
-
*
Cleve Union Term gu 534s_... .1972
1st s f 5s series B guar....... .1973
O
1st s f 4 3^8 series C
Coal River Ry 1st gu 4s
.1977
o
.1945
D
*102
Colo Fuel A Iron Co gen s f 5s. .1943
A
*
"8034
8134
o
.1970 A
1
*10234
A
Gen A ref mtge 4 34 s series B 1981
Cleve Short Line 1st gu 4 34s.
.1961
10934 11154
77
6934
I6l
104 34
23
77
10554
7834
16
7134 102 34
6554
9234
72
mmmrn
45
"mmmmm
-m
mmmrn
mmmrn
100
mmmmrn'
10134
50
1
50
65
.1980 IVI N
35
35
36
15
30
4734
Columbia G A E deb 5s...May 1952 IVI N
Debenture 5s
Apr 15 1952 A O
89
8854
9034
8834
9334
9134
44
8834
99
10
89 34
98
90
27
8554
9034
♦5s Income mtge
Colo A South 434s series A
Debenture
Jan 15 1961 J
5s
Columbia AHV 1st ext g 4s.
1948 A
Columbus A Tol 1st ext 4s....1955 F
.
.
90 34
J
8854
O
*100
A
10954
10634
10634
105
106
5
11254 H254
10634 10934
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3^8...1951 A O
10534
9634
D
10054
9534
10034
43
10034
112
J
IOI34
101
10134
19
26
112
11334
11234
11234
11234
1
112
113
*11034
11034
11034
254s debentures
1942 J
Commercial Invest Tr deb 334s 1951 J
Commonwealth Edison Co—
1st mtge g 5s series A
1st mtge 5s series B
J
.1953
1954
1st mtge g 434s series C
1st mtge g 4 34s series D
1st mtge g 4s series F....
96
112
D
..1956 A
O
1957 J
J
.1981 IVI
8
11034
41
""7
105
9534
108
9854
9934 10134
100
10454
109 J4 112
10954 11134
106
107
59
105
1st mtge 354s series H_
Conn A Passum Rlv 1st 4s
1965
10354
10534
15
10254 10734
1943
*60
Conn Ry A L 1st A ref 4 34s
1951
Stamped
434s.._.
guar
Conn Rlv Pow
1951
107
mm mm mm
8 f
354s A
-.1961
Consol Edison (N Y) deb 3Mb. 1946
334s debentures
1956
<•• ••
of Upper Wuertemberg 7s
{♦Consol
conv
1956
J
1951
deb 334s
D
Ry non-conv deb 4s. .1954 J
♦Debenture 4s
...1955 J
♦Consolidation Coal
8
f 5s
1st mtge 334s
s
5
64
13
*1134
*1134
1960 J
J
1951 J
..1942 J
42
10454
10434
102 34
100
102
D
86
A
J
10234
......
D
734s series A extended to 1946... J
3454
D
6s series B extended to 1946..l_. J
Dayton Pow A Lt 1st A ref 3 34a 1960
Den Gas A El 1st A ref
g
{♦Consol gold 434s
10434
103
102
9934
10154
84
2954
1
mmrnm
mmmrn
20
rnmrnm
42
9
10454
10434
10254
100
10234
86
10
15
13
105
14
103 34
10334
2
3134
3454
29
41
21
45
36
3634
3
106
10634
3934
8
139
10834
10
J
J
J
1951 IVI N
J
J
-
10834
*10334
*10734
10754
10734
1134
1134
*10
2034
2434
9234 10034
1134
1 7 34
1134
1134
16*4
1134
1534
1534
40
54
10434 108
10134 104J4
9834 10154
9834 10634
6
10234
31
9754 10334
10534 108
5
19
D
3134
10754
10454 107
10554
10054 10334
10234
104 34
36
10734
100
24
O
1971 J
1969 J
1936 J
1936 J
40
45
1943 IVI N
For footnotes see page 2503
40
f 5s...1951 IVI N
4s
13
1
1969 J
s
Penna tax
cons
A
34
9634
13
J
1st A ref 434s
1st mortgage 434s
35
*1134
1952 J
Del A Hudson 1st A ref 4s
Del Power A Light 1st 434s
10534
2434
1950 M N
Cuba RR 1st 5s g
103
9434
J
1951 F
f 4s
10134
9934
24
J
1943 J
Crown Willamette Paper 6s
Cuba Nor Ry 1st 534s
as to
9834
10534
mmmrn
9634
1966 M N
1946 J D
Container Corp 1st 6s
15-year deb 5s.
Crane Co s f deb 334s
10734 10734
mmmm
10534
24
J
Consumers Power 3%s.May 1 1965 IVI N
1st mtge 334s
May 1 1965 IVI N
1st mtge 3343
1970 M N
Stamped
100 34
O
..1955 A
♦Debenture 4s__
{{♦Den A R G 1st
*104
10054 101
85
*10754
*10734
1956 J
.
♦Debenture 4s
Crown Cork A Seal
•
10054
9834
10534
Consol Gas (N Y) deb 434s
1951
♦Consolidated Hydro-Elec Works
Consol OH
M m
10854
83
91
9934 10234
103
10634
10234 104 34
31
43
3134
5434
41
5834
35
52
10554 108
28
54 34
10634 10854
103
10354
mmmmm
mmmm
mmmmm
mmmrn
10734
2
10654 10834
10734
3
107 34
1254
34
854
14
106
10
10734
10834
15
16
10754
7234
J
J
F
2
A
9734
99
O
15
O
*
J
*
.........1940
{♦Erie RR 1st cons g 4s prior. .1996
♦1st consol gen lien g 4s
1996
O
o
1953
o
1967
1975
1955
IVI N
70
90 34
102 34 10334
131 34 131H
*26
94 34
10154
10754 10<>3*
10234 10334
J
...1953
1953
23
10854
10634 108
"3
103
*
—.—1965
10254 105
106
104
10254
98
37
33
109
1
IVI N
D
107 34 109
11054
10334 10734
107
109
*132
J
354
42
30
107 34
70
*10234
—
Series C 334s
♦Conv 4s series A
♦Series B
conv
4s series D.^
1927
1930
Jersey 1st s f 6s
♦Ref A lmpt 5s of
♦Ref A lmpt 5s of
7954
9554
102
J
3734
37
37 34
17
33 34
J
1834
18
20 34
53
16
1534
16
14
13
51
1534
*1034
16
16
1234
3634
80
1134
13
103
954
43
1334
118
954
4234
AO
1534
1134
1134
J
J
1134
*31
♦Genessee River 1st s f 6s..1957 J
J
4634
IVI N
1938
Palrbanks Morse deb 4s
IVI
F
A
J
D
1st 5s 1942
5s International series
1942
1st lien s f 5s stamped
1942
1st lien 6s stamped
1942
30-year deb 6s series B
1954
Federal Light A Traction
7s—....-—-----1946
1943
{♦Florida East Coast 1st 4343--1959
4754
50
4734
4634
85
8854 10154
59
6154
99
97
102 54
93
93
92
97
95
92 34
9234
9354
90
97 34
IVI
S
*9334
IVI
s
9354
IVI
S
96
96
8954 100
75
7534
75
85
94 34
9354
9534
55
40
40
49
58
96
D
9354
*34
J
IVI
D
S
*4934
56
66
354
734
36
354
654
1754
254
254
254
134
2
134
154
554
534
M N
*234
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
*134
534
554
454
4
1982
(Amended) 1st cons 2-4s
J
TFramericanlnd Dev 20-yr 7 34s 1942 J
J
*134
*
J
Fort St U D Co 1st g 4 34*
1941
6s—1956
Gas A El of Berg Co cons g 5s.
.1949
105i«
10534
39
40
*91
9854
60
J
D
A
J
10134
Gen Pub Serv deb 534s
1939
Gen Steel Cast 534s with warr.1949
J
44
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
J
{{♦Ga Caro A Nor 1st ext 68.-1934
J
25
85
9934
10
39
46
48
8
40
48
46
48
48
23
39
48
10234
102
10254
38
10134
103*4
10154
10134
102
46
10!
103 34
97 34
90
'
91
2
89
79
38
57 34
21
4234
*1434
4534
50
20 34
*1434
28
13
25
O
32
32
34
8
2534
34
D
85
8834
55
7834
98
D
8754
9154
92 34
51
IVI N
103 34
J
91
10354
J
104
*75
85
*1434
94
84
9934
10154 10534
80
7434
28
106
J
106 34
D
F
J
A
70
68
J
.1961
1952
J
.1973
1976
1977
General mtge 4s series G—
1946
Gen mtge 4s series H
....1946
J
97
97
J
85
85
J
General 4348 series D
General 434s series E
Gen mtge 3 54 s series I
90 34
46
A
Gotham Silk Hosiery deb 5s w w '46 IVI 8
Gouv A Oswegatchle 1st 5s
1942 J D
78
J
J
71
68
10254
8
"65*" *77*"
14
64 34
44
97
III34
104
71 34
71 34
74
81
6934
9034
8954
83 34
140
79 34
1 03 54
74
6554
78
18
77
6554
74
J
Feb
84
16
7534
80
80
18
7954
6934
"69*34
58
78
74
J
1967
♦Green Bay A West deb ctfs A
97
10254
A
F
♦Good Hope Steel A Ir sec 7S..1945
Goodrich (B F) conv deb 6s—1945
General 5s series C
100
90
91
J
Great Northern 434s series A.
General 534s series B
18
46
"47"
IVI N
.1941
Grays Point Term 1st gu 58... 1947
Gt Cons El Pow (Japan) 7s
1944
1st A gen s f 634s
1950
102"
4534
9034
J
D
4954
*11634
102
1948
3s.'46
....... 1951
Grand R AI ext 1st gu g 4 34s.
20
*35
7s Jan 15 1945 J
♦Sinking fund deb 6 34s
1940 J
1st mtge 434s.
1956
Goodyear Tire A Rub 1st 5s. .1957
10534
103 34 103 34
103
105
O
Gen Amer Investors deb 5s A. .1952 F
Gen Cable 1st 8 f 534s A
1947 J
♦20-year s f deb 6s
Gen Motors Accept Corp deb
2
102
M N
Galv Hous A Hend 1st 534s A .1938 A
15-year 334s deb
105
9834
9834
60
54
Francisco Sugar coll trust
2154
S
♦Certificates of deposit-..
Fonda Johns A Glov 4 34s
1952
{§♦ Proof of claim filed by owner
53
Ml
{♦Fla Cent A Penin 5s
1974
7 0 34
87
*59
Fiat deb s f
♦1st A ref 5s series A
21 *4
9634
B
1954
1956
♦3d mtge 434s
Ernesto Breda 7s
mm, mm
8154
9854
"56"
O
10654 108
10654 10654
*
J
♦Gen Elec (Germany)
*
1950 FA
D 3Ms guar
Gen 4 34s series A.......... .1977
2
O
J
334» ser B—BD0
5s stamped...
Erie A Pitts g gu
{♦N Y A Erie RR ext 1st 4s. 1947
Guaranteed 4s........
1st mtge 354 s
A—1951
1965
El Paso A S W 1st 5s
♦Erie A
.f. fed
''V. V'
1939
Ed El 111 (N Y) 1st cons g 53..1995
Electric Auto Lite conv 4s—.1952
Elgin Joliet A East 1st g 5S....1941
♦Gen
7854
5034
mmmrn
7141
.40
05
86
6954
*
10
A
10654
10754
102 34
>15
15
1956 M N
4s
El Paso Nat Gas 434s ser
51
7
mm
Memphis Div 1st g 4s
42
47
634
S
♦Certificates of deposit
_.
T^ow
14
614
{♦Secured 434s series A.....1952
5s..
1534
*14
mmmmmm
§♦ Refunding gold 4s
♦Certificates of deposit
gu
No.
44
43
{♦Chic R I A P Ry gen 4s
♦Certificates of deposit
Gold 3 34s
Jan.
Div 1st 4s..1948
East T Va A Ga Div 1st 5s
Since
Asked
High
East Ry Minn Nor
Range
stpd
{{♦Chicago Hallways 1st 5s
Feb 1 1938 25% part
|
or
Thurspay's
Price
15
s
102 34
15
J
8
734
1034
100
9954
D
{{♦Dul Sou Shore A Atl g 5s..1937 J
"37
*20
1
High
11154 11354
37
*30
*
IVI N
434
3
4
80
*15
11134
D..1961
Low
5
F
11134
Detroit Edison Co 434s ser
Since
Jan.
7034
*45
Feb
734
Greenbrier Ry 1st gu 4s
1940 M N
Gulf Mob A Nor 1st 534s B...1950 A O
9954
66
74
95
6
64
82
54
60
54
734
7
10
"80"~
55
81
*10434
♦Debentures ctfs B
1st mtge 5s series C.
1950 A
Gulf A S I 1st ref A ter 5s Feb 1952 J
O
1952 J
1961 A
*60
Gulf States Steel
s
f 4 34s
1966 A
10-year deb 434s....1946 A
Hackensack Water 1st 4s
1952 J
Gulf States Util 4s series C
1949
1999
Hoe (R) A Co 1st mtge
1944
{{♦Housatonic Ry cons g 5s—1937
Houston Oil sink gund 5 34s A.1940
♦Harpen Mining 6s
Hocking Val 1st cons
Hudson Coal 1st
s
g
434s
Hudson Co Gas 1st g 5s
81
O
92
81
3
76
82
88
O
101
100
101
28
O
10134
101
10134
28
10034 10354
108
10834
10934
13
108
3
52
60
3634
3854
100 34
J
J
J
108
108
53
O
M N
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36 34
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D
1962
J
9954
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53
3634
100
1654
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11834
M N
9934
27
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J
J
A
91
9134
J
1949
f 5s ser A
5954
55
9054
60
60
85
J
Stamped
2
10334
27
11954
39
99 34 10134
13
30 34
1
11834 120 34
36
11834
4434
16
40
56
1334
1434
46
1154
2354
10734
10834
12
Hudson A Manhat 1st 5s ser A.1957
F
A
"4434
♦Adjustment Income 5s.Feb. 1957
A
O
1334
334s ser B..1970
1951
A
O
10834
J
J
♦
91
85
98
J
J
*
85
88
9334
Illinois Bell Telep
Illinois Central 1st gold 4s
1951
Extended 1st gold 334s
1951
1st gold 3s sterling
1951
Collateral trust gold 4s_.
1952
Refunding 4s
1955
Purchased lines 334s
1952
Collateral trust gold 4s
1953
Refunding 5s..
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
1950
1st gold 3 343
A
43
*7754
O
10634 109
95
I
93
IVI
s
A
O
"46"
42 54
11
3 7 54
54
M N
3754
3754
3
3454
4954
6
32
J
I
J
50
"37"
4234
M N
M N
30
4234
1
39
4534
5554
30
32 34
137
23
3854
78
7954
72
72
73
75
39
F
A
J
D
*76
84
Litchfield Div 1st gold
J
J
*63
8154
Louisv Div A Term g
J
J
3s...l951
334S--1953
gold 3s
1951
F
1st
St Louis Div A Term g 3s—1951 J
J
Gold 334a..
1951
Omaha Div
Springfield Div 1st g 334s—1951 J
Western Lines 1st g 4s
....1951
F
A
J
J
J
A
*.____
70
♦III"
*11111
*zzzzz
*11111
5954
7454
72 54
90
6954
Volume
New York Bond Record—Continued—Page 4
146
BONDS
N.
Y.
EXCHANGE
STOCK
fe-S
«
15
Week Ended Apr.
£
*■<0.
Last
<&
Low
©
031*5
High
No.
Low
37
36M
40 *
121
29
35
34 M
106 M
37 M
106*
16
28
1940
ind. Bloom & West 1st ext 4S--1940
*
1950
*
*
.
6
20
§♦ 10-year 6s
7%
conv
1953 IVI
107*
"87
12*
90"
13*
100M
{♦Man G B & N W 1st 3Ms.-.1941 J
1947 A
f 6s
s
Metrop Ed 1st 4Mb ser D.....1968
Metrop Wat Sew & D 5 Mb
1950
M
O
42 M
56 M
{§♦Met West Side El (Chic) 4s. 1938 F
A
5
42*
53 M
♦Mex Internat 1st 4s asstd..-.1977 M
14
15*
22
10
23
47 M
49 M
90
40
58*
♦Miag Mill Mach 1st
48
4
40
56
stamped
1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
♦1st 53 series B——-1956
Int Agric Corp 5s
♦1st g os series C
Int
Merc
& B--.1947
1955
Internat Paper 5s ser A
Ref
f 6s series A
s
.—1956
—
—
deb 6s.—.-1944
s f 6s..---1941
Marine
A
76
70
101* 106
1st lien & ref 6*s
1947
Int Telep & Teleg deb g 4 *8.-1952
Conv deb 4 Ms
1939
—------1955
Debenture 5s
{♦Iowa Central Ry 1st & ref 4s. 1951
65
100 *
5
100
100 *
15M
16M
42
13
19*
74
J
O
3H
3*
J
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J
01M
58 *
42
J
41*
J
38
2*
14 *
18 M
81
5*
19
14
"61*
43
19
90
48 *
72*
26
37
51
83
84*
27
80 M
94 *
66
69
21
54
81
81
81
1
77
83 *
82
g83
c83
083
7
80
94
84
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F
4
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A
A
1st 5s B—1972 IV! N
Int Rys Cent Amer
31
100 *
75
M N
A
A
♦4s (Sept 1914 coupon)
1977
1956 J
f 7s
s
r
a
M
1940
1951
Jack Lans & Sag 3 Ma
1st gold 3 Ms
1952
Ref & impt 4 Ms series C
1979
{♦Mid of N J 1st ext 5s
1940
Milw El Ry & Lt 1st 5s B.. —1961
1st mtge 5s—
1971
{§*Mil & No 1st ext 4Ms(1880) 1934
1st ext 4Mb-.—^—-1939
Con ext 4Mb
—.1939
{♦Mil Spar & N W 1st gu 4S...1947
IVI
1959
4s
4*s A.. 1961
1990 A
Kan City Sou
♦Karstadt
O
♦Ctfs
w
w
w
w
♦Ctfs with
$925)-.
(par
warr
Keith (B F) Corp 1st 6s
—-
50
93*
►
6
48
78*
38
90
98*
90
90
"~2
22
29 M
1CM
27 H
62 M
71*
84
"24_"
24
20 M
20 M
2
9
62 M
66
54 M
56 M
57
104M
113
103*
104M
104M
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"l9~*
104*
4
19
24 M
2
*25
80
J
"so""
87
20 M
95
Stamped...--------——« 1961 J
27
1st & ref 6s series A
Plain---.—----.
4 *s
1961
■
J
1997 A
4s...
Kings County Elev 1st g
1st & ref6Hs
O
———
1949 F
A
..
{♦Kreuger & Toll secured 5s
1959
Uniform ctfs of deposit-,
Laciede Gas Light ref & ext 5s. 1939
C
5mb series D
Coll & ref
101
98
100*
100
103*
100*
92 M
IVI
A
82
96
87*
85*
27 M
81
27*
97
87 *
27 M
82
103*
17
27
31M
2
80
90 M
53 M
28
48
61*
51
53 H
14
47
60
45
41*
47 M
44
53 *
44
80
89
95 M
95M
90
88 M
51M
A
53 *
*42,
to.. 1947 J
.
Lake Sh & Mich So g 3
1941
*
J
1997 J
Ms
D
"88 M
88M
102
1975
1 st mtge i ncome reg —
Lehigh C & Nav st 4mb A---- 1954 J
Cons sink fund 4 Ms ser C_ — 1954 J
♦
Lehigh & New Eng RR 4s A... 1965 A
..
5
5
4
6*
2
2
2
3
2*
3
26 M
20*
24*
32 M
52
52
48
71
51
53
48
65
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89
85
95
26M
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O
9
J
IVI
J
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S
J
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9*
7*
14*
3*
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65
67*
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67*
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69
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J
J
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52
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J
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33*
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38
55
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17
25*
17
23
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117
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15*
23
11
17
25*
16
23
J
J
A
O
{♦Mo Pac 1st & ref 5s ser A—.1965 F
♦Certificates of deposit.♦General
30 M
32
A
17*
ivi's
't*
s
17M
5*
17*
15*
3*
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iVI
17*
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deposit--
of
16
16
15*
1975
series F—-—-1977
4s.
1978 MN
♦1st & ref 5s series G
"25
4
18
19
deposit
♦Conv gold 5 Ms— ♦1st & ref g 5s series
1949
1980
H
deposit—
♦1st & ref 5s series I
—1981
MN
A
O
18*
"~4m "io:
*23* "34*
48
67
28*
48*
42*
47
F
A
18*
4%...July 1938
•
4Ms
♦Secured 5% notes
Mohawk & Malone 1st gu g 4s.
6*
50
16*
25*
23
M
M
1991
15*
10*
11*
*54*
S
M
16*
25*
15
23
70
15*
21*
80
A
1977
1938
19*
18*
MN
{♦Mobile & Ohio gen gold 4s.-.1938 M
♦Montgomery Div 1st g 5s..1947 F
♦Ref & Impt
3
8
70
*15
♦Certificates of deposit
Mo Pac 3d 7s ext at
4
23
19*
♦Certificates of
S
Monongahela Ry 1st M 4s ser A "60
Monongahela West Penn Pub Serv
S
1945 M
42 M
~66"" "99M
IVI N
15*
12
8*
15
9
15
57*
101
58
64*
*99
100*
101
101
...-—-I960
1st mtge 4*3-...
101*
debentures.......——--1965
14*
99
107*
104
88*
88 M
88*
86*
99*
84
73
74
3*3.1966
Montreal Tram 1st & ref 5s..—1941
J
85*
85*
J
99*
98
1955
Gen & ref s f 5s series B
1957
Gen & ref s f 4Ms series C..1955
Gen & ref s f 5s series D.-..1955
Morris & Essex 1st gu 3 Ms
2000
ConstrM 5s series A.-.
1955
Constr M 4 Ms series B
-1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% -.1941
A
74
A
94*
74
A
69
Montana Power 1st & rer
Gen & ref
Lautaro Nitrate Co Ltd—
Lehigh & N Y 1st gu g 4s
N
J
6b
Lake Erie & Western RR—
2d gold 5s...---
50
90 M
91*
A
1942 F
5s 1937 extended at 3%
20
*14
J
98
44
53 M
1942 F
Coll tr 6s series B—
78
91* 100*
96
1960 F
i
Coll tr 6s series A
71
98 M
A
1953 F
Coll & ref 5Ms series
"74"
97 *
100
100
5 Ma
♦Certificates of
*98
D
1945 J
1947 F
95
*90
1941 J
1951 M N
4s..
95
153"" 155"
91*
1954 J
Kinney (G II) 5*s ext to
3 Ms collateral trust notes.
74
74
*
Koppers Co 4s ser A
Kresge Foundation coll tr
60
14
J
♦1st ref 5 Ms series B
♦Certificates
*151*
1954 J
Kings Co Fighting 1st 5s
51
14
14
J
1946
101 *
"14"
IVI
J
1949
1978
{1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 5s series A
1959
Mo Kan & Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A
1962
40-year 4s series B
1962
Prior lien 4 Ms series D
1978
♦Cum adjust 5s ser A
Jan 1967
♦25-year
♦1st & ref 5s
93 H
99*
1961 J
unguaranteed
int
97
77
1938 J
1938 J
5s
1st cons 5s gu as to
95
Kings County El L & P 6s
cons
♦
♦
102
24 M
108 M 108 M
105
Kentucky & Ind Term 4*s_— 1961 J
14 M
23*
80
"2
41
27
19
ivi's
44*
64M
103* 108 M
106 *
104
40
42
24 M
1943
1946
.•
89*
19*
98*
60
63 M
3
54 M
1987 J
Kentucky Central gold 4s
99*
99*
14*
55
42M
(Rudolph)
♦Ctfs
103
61
14*
100*
100*
77
205
48
«
51
52 M
92
•
to»
95
50
{♦M St P & S3 M con g 4s int gu '38
6*
•
95
51
1*
1
61*
S
1
I
61*
14*
F
2
*
1
61*
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IVI
2
103*
5*
101
{♦MIIw & State Line 1st 3Mb.-1941 J
—1949
99*
90
e
{♦Minn & St Louis 5s ctfs...--1934 M
99*
100
e
♦1st & ref gold 4s
62 M
1st 6s... 1943 M N
strnp (par $615)-- 1943
stmp (par $925).. 1943 M N
109
90
99*
♦Ref A ext 59 yr 5s ser A... .1962 Q
103 *
D
100
90
"99*
90
J
J
J
69*
67
1950 J
Apr
1960
1st 4s
Kansas Gas & Electric 4*s... 1980
J
71
20 M
1st gold 3s----- 1950 A
Ref & impt 5s
97
91
103*
88*
39*
O
Kansas City Term
84
94*
104
97*
157
O
1936 A
70
'65'" "96""
70
90
M
81 M
93
4s.
{{♦K C Ft S & M Ry ref g
♦Certificates of deposit
J
IVI N
50
D
4s..
Kanawha & Mich 1st gu g
93
70
*20*
-
♦1st
J
Jones & Laugtilin Steel
75
85
"2
5*
D
47 *
79
48 *
S
James Frankl & Clear 1st
M S
80 M
J
J
93
Michigan Central Detroit & Bay
48 M
O
High
S
15
1
Low
95*
94*
99*
*5*
A
144
City Air Line 4s
1947
Interlake Iron conv deb 4s
92
95*
94*
103 M
48 M
No.
25
"70""
s
103*
51
Since
Jan.
03
80
IVI
48
102
of deposit
Internat Hydro El
J
48*
Range
ll
70
*68
#
O
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr.. 1945 IVI N
Asked
High
91M
-1959 IVI N
1st ext 4s
48 M
O
Or
*80
4s.-.1939 IVI N
Manila RR (South Lines)
51
102M
A
Thursday's
Bid
s
48
-.1932
notes. .1932
—- —
♦Certificates
106 M
46 M
42
100
96
{Interboro Rap Tran 1st 5s.-.1966
♦Certificates of deposit
Range or
Sale
Price
Low
Marion Steam Shovel
96
{♦Ind & Louisville 1st gu 4s
1956
Ind Union Ry 3*s series B—1986
Inland Steel 3*s series D
1961
:
cjs
15
Manila Elec RR & Lt s f 5s
1963
1963
111 & Iowa 1st g 4s
Last
EXCHANGE
STOCK
Week Ended Apr.
High
1st & ref 4*8 series C
Illinois Steel deb 4 *s
Y.
Jan. 1
Joint 1st ref 5s series A
§♦10-year
N.
Since
©
Asked
St L <fc N O—
111 Cent and Chie
Ind
BONDS
Range
is
Thursday's
Bid
Week's
Thurs.
Range or
Sale
Price
2501
Week's
Thwrs.
s
f 5s series A
A
J
92*
96* 101
74
74
56
50
71 *
49*
42*
49*
62
74
D
"56""
56
M N
49*
M N
42
M N
*111*
1944 F
"94""
94M
.—
1954 F
*27
45
1964 F
21
22
18M
39 M
------
1974
22
22
20
40
Leh Val Harbor Term gu 5s.—. 1954
31
39
31
62
Nash Chatt & St L 4s ser A
37
40
35
50 M
16
21
11M
30 M
J
Nassau Elec gu g 4s stpd..—-1951 J
Nat Acme 4Mb extended to
1946 J D
Nat Dairy Prod deb 3*8 w w._1951 IVI N
"97*
96
18
22*
23 M
54*
13
32
Nat Distillers Prod deb
IVI N
103*
103
40
National Rys of
37
Lehigh Val Coal 1st & ref s
1st & ref
s
f 5s
f 5s.
1st & ref. 8 f 5s.
1st & ref s f 5s.----
-
1940
J
2003
2003
M N
..-—-2003
5s—.1941
—1965
Liggett & Myers Tobacco 7S.—1944
IVI N
Leh Val N Y 1st gu g
Lehigh Val (Pa) cons
General
General
cons
cons
4mb
g 4s
4mb
5s.
Leh Val Term Ry lstgu g
Lex
&
East
1st 50-yr 5s gu.
J
16 H
M N
A
O
A
'19 M
19M
O
A
O
5s
1951 F A
Liquid Carbonic 4s conv debS—1947 J D
*30
*
10
26M
106
18
17
17
45
U3M
128*
121*
128M
122 M
128M 131
105
Little Miami gen
4s Beries A.-.1962
Loews Inc s f deb 3 Ms
1946 F
Lombard Elec 7s ser A
1952 J
A
1950
Long Island gen gold 4s
1938
Unified gold 4s--.
-*-----1949
Guar ref gold 4s
—1949
4s stamped ...
------—1949
A
O
*
J
D
121M 126
99
*100h«
106H
M N
Long Dock Co 3Ms ext to
—
94 M
99 M
59 M
55 M
63 M
65
75
90
96M
100 M 100 M
M
S
*
87
85
87
IVI
S
*-—
77 M
77M
88 M
83
1944
deb 7s
Louisiana & Ark 1st 5s ser
126*
S
A
O
A
1951
A—.1969 J
1966 M
Louisville Gas & Elec 3 Ms
Louis & Jeff Bdge
1945
Co gu 4s
77
IVI
J
126*
116
"67
67
S
101*
*
s
116
8
♦4s April 1914 coupon off
♦Assent warr & rets No
Nat RR of Mex prior
♦Assent
warr
1965
1
73 M
21
101*
21
105
93 M
90
New Orl Pub Serv 1st 5s ser
1980
1945
s
*.
M
S
*—-
J
J
*-—
4s..-1952
1955 IVI N
Div 4s
E16MS--1944
F
*
A
McCrory Stores Corp s f deb 53.1951
McKesson & Robbins deb 5 Ms. 1950 IVI N
Maine Central RR 4s ser A—1945 J
J
A
...I960
Feb 11957
{♦Manhat Ry (N Y) cons 4s. .1990
♦Certificates of deposit
♦Second 4s
2013
For footnotes see page
2503.
74 M
104
104
A
J
O
D
20 H
105*
.
■
:
•
105 *
*45
J
*37
J
O
27*
25*
99
97 M 101M
96 *
80 M
47M
93M 100M
80
55
20
28 M
120* 122*
94
104* 108
105*
58
58
50
14
98*
21
47
76
90
92
J
49*
51
27*
25*
91*
D
92
64*
34
86*
84*
41
25
92
98*
27*
31
22
36
31
1
1
32
25*
A
C————1956
♦.1st 4 Ms series D—_—.1956
♦1st 5 Ms series A
1954
♦Certificates of deposit
*24*
27
22
35*
33*
25
25
A
25*
23
28
29*
22
37
26*
F
O
30*
35*
—
91*
44
♦1st 5s series
122* 125
f 92
o
♦Certificates of deposit
J
Newport & C Bdge gen gu 4 Ms 1945
N Y Cent RR 4s series A
1998
25
19
19M
20*
39
17*
32 M
10-year 3*8 sec s f
19*
22
16M
31*
Ref & impt 4Mb series
10
14
Ref & impt 5s
24
O
o
98
*43
24*
i
A
.1954
♦1st 5s series B
18
M N
29*
D
{{♦N O Tex & Mex n-c inc 5S-.1935
80
95
'
24*
24*
112
111M
98 M
95*
96*
D
ser
111
75
24*
39*
82
99
D
4Ms
78
111M
26
4 Ms A 1952
A--1952
1st & ret 5s series B
1955
New Orleans Term 1st gu 4s.-.1953
105* 107 M
85
104
IVI N
Manati Sugar 4s s f
F
N O & N E 1st ref & imp
82
gold 3s
Mob & Montg 1st g 4 Mb
119*
*20
*24*
123*
IVI N
N J Pow & Light 1st 4Mb- —-I960
New Orl Great Nor 5s A—.--1983
75
St Louis Div 2d
Gen mtge
N J Junction RR guar 1st
102
75
100
iio*
82
122
4s..l986
105
65
*
107*
65
119
105*
122
B——-—1961
99 M
87
34
A
103
*22*
124
"23
1946
105
*116*
105
J
82 M
75*
74M
2003
D
M N
J
1*
""I* "2*
1*
J
81*
Paducah & Mem Div 4s
Lower Austria Hydro
1*
J
3*
1*
J
1st g 4 Mb series
2*
2*
O
{♦New England RR guar 5s—1945
♦Consol guar 4s
1945
New England Tel & Tel 5s A..1952
9
70M
106
1*
O
A
79*
101M 104
104* 107M
60 M
115
*71
100
""* "2*
2*
D
88 M
70 M
98
92* 101
1*
3
J
100 *
o
Atl Knox & Cin
*1M
*1*
5s—1948
87
o
South Ry Joint Monon
1954
{♦Naugatuck RR 1st g 4s.
100
o
77
2*
Newark Consol Gas cons
87
E
*1
J
1926
1914 coupon off---1951
♦Assent warr & rets No 4 on '51
100
C
117
J
5 on '77
♦4s April
J
2003
1st & ref 4Mb series
28
96*
2*
1951
♦4s April 1914 coupon on
o
1st & ref 4s series D—------2003
104
68
18
18*
100*
97*
lien 4Mb—
& rets No 4 on.
1940
1st & ref 3*s series
*99
1977
1977
♦4s April 1914 Coupon on
—2003
1st & ref 5s series B
61
62
18*
18*
129M
115M 122 M
126
Louisville & Nashville RR—
Unified gold 4s
105
*40
A
Mexico-
♦4Ms July 1914 coup on
1957
♦4Mb July 1914 coup off.---1957 J
♦Assent warr & rets No 4 on '57
Nat Steel 1st coll sf 4s—
Lorillard (P) Co
5s...
F
88 M
126*
IVI
F
—
-
95 M
59
96
D
4Mb—1945
IVI N
♦4Ms Jan 1914 coup on.. —1957
118""
110M
102 M
105
1978
55*
112* 113*
114*
series C
Conv secured 3*s
A
1946
2013
2013
1952
110* 111*
*110*
A
57*
57
65
49
55
82
O
63
■
63
33
63
91*
O
42 M
42
66*
48*
178
38*
65*
O
47 M
47*
54
175
44
73
IVI N
54*
53
59*
146
53
84
A
New York Bond Record—Continued—Page 5
2502
Thurs.
BONDS
N. Y.
Last
Inter st; Period
STOCK EXCHANGE
15
Week Ended Apr.
Week's
&
IjOW
J
Hud River 335s..
N Y Cent &
Debenture 4s
n y Chic & St
F
7835
4034
O
4034
35
34
10035
100
10534
F
A
46
45
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9835
9234
10235
10134
102)5
102
J
D
F
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11335
11334
Greenwood Lake 5s..
2000 IVI N
gold 3)48--—
1973 IVI N
N Y Lack & West 4s ser A
1973 IVI N
434s series B
---------1942 IVI N
NYLE&W Coal & RR 5)4s1943 J
J
♦NYLE&W Dock & Impt 6s
1941 M S
N Y & Long Branch gen 4s—
1939 A O
{♦N Y & N E (Bost Term) 4s.1947 IVI S
{♦N Y N H & H n-c deb 4s.—
1947 M 8
♦Non-conv debenture 3)48-1954 A O
♦Non-coDV debenture 3)4s--
4s—- 1955
1956
♦Non-conv debenture 4s
1956
♦Conv debenture 334a—
J
IVI N
J
♦Debenture 4s
♦Harlem
------
1955 J
D
1942 A O
{♦N Y Providence & Boston 4s.
N Y & Putnam 1st con gu4s— 1993
{♦{N Y Susa & West
{♦2d gold 4)4s
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♦Terminal 1st
N Y Telep 1st
1st ref 6s.
gold 5s..
& gen s f
4)4s—
O
-
—
*1335
-
13
-
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—
stamped
------ -- -
-
-
-
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—
16
23
——————
'
635
16
♦Certificates of
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48
1
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114
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99
44
South 1st g 5s—1941
1st cons g 4s
1»96
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1961
No Am Edison deb 5s ser A... 1957
IVI N
O
A
114
F
A
99
IVI
S
100)4
B—Aug 15 1963
Nov 161969
North Cent gen & ref 5s..----1974
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1974
♦{Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 & sub coupons. 1945
F
A
103)4
M N
98)4
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1
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1
1
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—
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100
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47
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96)5
111)4
D
F
93
101)4
J
D
Ontario Transmission 1st 5s.-.1945 IVI N
Oregon RR & Nav con g 4s.—1946 J
Ore Short Line 1st cons g 5s.--1946 J
D
103
103
1
11135
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J
10
97
....
5
105
11
J
J
11034
11034
11035
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Ore-Wash RR & Nav 4s
1961 J
J
9735
76
1962
J
J
9635
62)4
96)4
Otis Steel 1st mtge A 434s
61
62)4
24
Pacific Coast Co 1st g 5s...... 1946 J
D
Pacific Gas & El 4s series G... 1964 J
D
107 34
10634
107 H
66
D
103)4
103
10334
88
100
100
33
Guar stpd cons 5s.
1st & ref mtge
1946
334s ser H... 1961 J
1st & ref mtge 334s ser I—. 1966 J D
Pac RR of Mo 1st ext g 4s.__. 1938 F A
110
3
55
-
-
-
Pacific Tel & Tel 334s ser B...
Ref mtge 334s ser C
A
O
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J
D
10335
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J
J
103
103
Panhandle Eastern Pipe L 4s..
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s
98
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A
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------
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103)4
10
103
3
Paramount Broadway Corp—
1st M
s
f g 3s loan ctfs
Paramount Pictures deb
334s
conv
J
J
IVI
6g...
debentures..
8
Paris-Orleans RR ext 534s
Parmelee Trans deb 6s
IVI
s
A
O
Pat & Passaic G & E cons 5s...
IVI
s
♦Paullsta Ry 1st ref s f 7s
Penn Co gu 334s coll tr ser B_;
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IVI
5835
S
F
A
J
J
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ser
E trust ctfs..—.
28-year 4s_.
F
A
33 34
35
------
*11534
119
60
10134
------
*
*
For footnotes
see
page
2503.
100
*
85)4
60
102)5
0
9
....
4
6
101
____
9434
------
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^=
82)4
------
D
Guar 4s
80
------
D
Guar 334s trust ctfs D
1947
4s.-.1940
♦Income 4s
April 1990
Peoria & Pekin Un 1st 535s.--1974
Pere Marquette 1st ser A 5s—1956
1st 4s series B..
1956
1st g 4 35s series C
1980
Phelps Dodge conv 335s deb... 1952
Peoria & Eastern 1st cons
-
1943
1974
1977
1981
Phila Co sec 5s series A
— 1967
Pbila Electric 1st & ref 335s—-1967
{♦Phlla & Reading C & I ref 5s. 1973
♦Conv deb 6s
...--.1949
{{♦Philippine Ry 1st s f 4s
1937
Pllisbury Flour Mills 20-yr 6s. .1943
Pirelli Co (Italy) conv 7s.
1952
Pitts Coke & Iron conv 435s A.1952
4s
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10335
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1940
1942
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Series D 4s guar
gold
1953
1957
4s—----I960
Series I cons 435s.—
1963
Series J cons guar 4 35s
1964
Gen mtge 5s series A
-1970
Gen mtge 5s series B
1975
Gen 435s series C
1977
Pitts Va & Char 1st 4s guar... 1943
Pitts & W Va 1st 435s ser A—.1958
1st mtge 435s series B
1959
1st mtge 435s series C.
I960
.—-
104
105
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109
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1948
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series C
1974
D
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1977
S
Port Gen Elec 1st 4 35s
- -- -1960 M
J
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J
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106
39
38
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108
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1951
J
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{♦Providence Term 1st 4s
1956
Purity Bakeries s f deb 5s
1948
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for deb 6s & com stk (65% pd)___
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 435s series A
1997
Gen & ref 435s series B
1997
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:
55
10135
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A. 1950
1961
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76
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series C
1956
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1946
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110
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1952
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1953
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gold 4s. .1939
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.1962
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1948
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1949
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1955
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70
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1952
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82
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1946
1948
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1943
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1st mtge 4s
1967
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——.1972
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1966
2
18
------
7034
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Peop Gas L & C 1st cons 6s
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1
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deposit
93
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16
1937 F
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1966
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1955
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1950
Niagara Share (Mo) deb 5)4sNord Ry ext sink fund 6348— 1950
1961
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122
64
...
—
13
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1940 F A
1943 IVI N
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1946 J
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Rock 1st 6s
Ref mtge 3Mb ser
6s
J
21
7934
*
------
1956 M N
—---
1st mtge 5s.-
N Y Trap
A
—
99)4
——————
1965 M N
El Lt & Pow 3 34s.
1958
{N Y Rys prior lien 6s stamp-1951
N Y & Rlchm Gas 1st 6s A
1947
N Y Steam 6s series A
1951
1st mtge 5s
N Y Queens
-
62
1992 M S
ref g 4s
♦General 4s
—
80
IVI N
{♦N Y Ont & West
—
91
*
D
J
30
11335
*41
1957 IVI N
of 1927— 1967
R & Pt Ches 1st 4s. 1954
♦1st & ref 434s ser
124)4
*42
*
J
1940 A O
1
51
10234
102)5
■
J
6s—
♦Collateral trust 6s
♦Conv debenture
103
100
10335 10934
55
3934
44
9835
6835
40
May 1 1948
series C.
1970
435s.---I960
General 4>5s series A.—.—1965
General 5s series B
1968
Debenture g 435s
___1970
General 4)4s series D
1981
Gen mtge 434s series E——1984
4s sterl stpd dollar
Gen mtge 334 s
7
1
9335
Low
J
A
62
95
J
1948 J
2
J
2734
77
No,
81
O
Since
Jan.
101
A
74
25
*15
*
NY & Harlem
1
46
46
------
21
80
101
435s A. 1977
33
90
High
D
434s.-I960
Penn Glass Sand 1st M
Pa Ohio & Det 1st & ref
Pennsylvania RR cons g 4s.___1943 IVI N
Consolid gold 4s
1948 M N
30
Range
eS
Asked
&
Penn-Dixie Cement 1st 6s A—1941 M S
434s series B
1981
Pennsylvania P & L 1st 4 35s.-.1981
5135
Bid
Low
High
9434
98)4
6535
*8234
Range or
Thursday's
Sale
Price
15
Week Ended Apr.
1938
Week's
Thurs.
Last
N. Y. STOCK EXCHANGE
84
58
74
98)5
O
♦Non-conv debenture
8
46
1946 IVI N
♦N Y &
10
105)4
O
H & Pow g 58.
1949
money gold 4s—
121
102
105)4
A
N Y Gas El Lt
17
79)4
A
A
....
E —
Erie—See Erie RR
-
39
7334
39)5
1965 A
D
-
6035
*6734
------
-
48
59
------
-
44
46
O
A
69
60
A
1st lien & ref 3)48 ser
Purchase
77 M
6
F
Serial 5% notes.—— —
Certificates of deposit—-
N Y &
48
150
*58
O
A
1951
gold 4s—
N Y Edison 334s ser
8135
7834
4834
F
5s series B
N Y Dock 1st
7734
78)5
*_--.-
M S
F
Low
42
A
A
No.
High
BONDS
Range
Sjnce
Jan. 1
77 35
A
A
series A—
Ref 435s series C—-----3-year Os
---Oct l
4s collateral trust-—--—
1st mtge 335s extended to—
N Y Connect 1st gu 434s A
Asked
43)5
J
O
F
Ixjuis—
Ret 5)5s
1st guar
J
J
A
—
4)5s ser A..—.
Lake Shore coll gold 3)4s-Mich Cent coll gold 3)5s-_Ret & impt
Bonds Sold
Thursday's
Rid
I
_
Range or
Sale
Price
April 16,
«
91
St Louis Iron Mtn & Southern—
♦{Rlv & G Dlv 1st g 4s
♦Certificates of deposit
1933
IVI N
48
*65
04
55
02
15
15
44
12
J
J
1835
65
68
10
♦Certificates of deposit.
1950
j" j
"1035
♦Certificates of deposit—
♦Con M 435s series A
-1978 IVI s
♦Ctfs of deposit stamped..
{St L SW 1st 4s bond ctfs
1989 MN
J
♦2d g 4s inc bond ctfs.-.Nov 1989 J
J
{♦1st terminal & unifying 5s_1952 J
♦Gen & ref g 5s series A_____1990 J
10
1035
10
66)5
11)4
10
lien 4s A.. 1950
♦Prior lien 5s series B
28
59)5
{♦S L Peor & N W 1st gu 5s... 1948
St L Rocky Mt & P 5a stpd—1955
{♦St L-San Fran pr
4935
11
,
735
835
735
50
*28
1635
935
1635
935
835
15
5
735
1334
1534
1335
41
9)5
10)5
9)5
51)5
77
v
50
1
835
89
5135
36
11
1835
"20
12
834
7
735
634
14
1135
0735
2035
25
45
34)5
2435
1335
9
17
Volume
New York Bond Record—Concluded—Page 6
146
Thurs.
BONDS
Last
N. Y. STOCK EXCHANGE
1
Range
BONDS
Since
A1,
N. Y. STOCK EXCHANGE
Thursday's
Price
Bid
Asked
&
D
03
*
<§
1
Jan.
No.
High
Low
St Paul & Duluth 1st con g 4s..l968 J
Thurs.
Range or
Sale
*a.
Week Ended Apr. 15
2503
Week's
Low
Last
Week Ended Apr.
J
{♦St Paul & K C Sh L gu 4%s.l941 F
A
*6%
----
8
IVI
Virginian Ry 3%s series A
1966
{{♦Wabash RR 1st gold 5s
♦2d gold 5s
9%
9%
1939 IVI N
1939
1954
St Paul Minn & Man—
1940 J
1972 J
t Pacific ext gu 4s (large)
J
2
Bid
&
98
102%
109% 118%
High
No.
102%
MM
42%
23%
61
High
Low
99% 105%
44
*
7
42
23%
2
23%
67%
35
45
"45"
....
S A & Ar Pass 1st gu g
109%
___1943
J
San Antonio Pub Serv 1st 6s.—1952
J
4s
50%
—
--
-
1946 J
{♦Schulco Co guar 6%a
♦Stamped
♦Guar
s
J
J
A
O
A
1946
O
♦Stamped
1950 A
Oct 1949 F
.
A
—
—-
O
1959
A
109%
11%
*10%
10%
-
2%
108
--
♦Ref & gen 4 Ma series C
1980 AO
109% 116
18
2%
41
4
--.1935 F
1951 M S
1952 J D
Shlnyetsu El Pow 1st 6%s
{♦Siemens & Halske
♦Debenture
s
s
.1935 J
1951 M
1946 F
1941 F
f 7a
f 6%s
♦Silesia Elee Corp 6%s
Silesian-Am Corp coll tr 7s
Simmons Co deb 4s
S
-
-
105%
A
1947 J
J
1946
1951 A O
So Pac coll 4s (Cent Pac coll)..1949 J D
1st 4%s (Oregon Lines) A.-.1977 IV! S
Gold 4^s
1968 IVI s
Gold 4%s
1969 IVI N
Gold 4%s
1981 M N
10-year secured 3%s..
1946 J J
1950 A
San Fran Term 1st 4s
So Pac RR 1st ref guar 4s
1st
1955
1955
..1994
1956
..1956
4s stamped
Southern Ry 1st cons g 5s
Devel & gen 4s series A
Devel & gen 6s
....
45
105% 108%
106% 108%
40
40
99%
48%
36%
52%
36%
69%
42
76
42
31%
6
37%
36
259
30
37%
35%
41%
41%
63%
63%
168
30%
63
White Sew Mach deb 6s.
56
57%
29
51
83%
83
85
16
77
104%
{♦Wilkes-Barre & East gu 5s.. .1942
Wllmar & Sioux Falls 5s
1938
Wilson & Co 1st M 4s series A..1955
63%
67%
27
55%
"el"
64
60%
93
35%
193
23%
47%
39%
101
26
A
38
37%
43%
96
28
*
—
37%
M S
J
-
-
-
-
—
-
1961 J
D
J
D
J
J
J
93
100
102
95
15
106
■
.___
•
^
m
72
104%
1980 J
103%
72%
J
114
72
during
107
3
28
x
J
1946
Trenton G & El 1st g 5s
:1949
Trl-Cont Corp 5s conv deb A.. 1953
Tyrol Hydro-Elec Pow 7%s._.1955
Toronto Ham & Buff 1st g 4s..
56%
11
24%
Guar sec
s
J
77
♦
1st lien & ref 5s
—
97
35-year 3 Ma debenture
-
....
week and not Included In the yearly
Impaired by maturity,
t The price
200 pound unit of bonds. Accrued Interest
nearlng maturity.
105%
*8%
------
*116%
105%
107%
106%
107%
98
98%
-
—
-
110
-
York Stock Exchange,
New
the
at
Railroad &
State,
United
Total
Mlscell.
Municipal &
Stales
Bond
For'n Bonds
Bonds
Bonds
Shares
8
67
107% 114%
100%
82
9
110
96
85
85%
25
84
105%
21
75%
37
71
34
*108
108%
20
20%
111%
104%
105%
75
67%
*107%
IVI N
-
-
107%
69%
60
108
19%
27
114
107
143
77%
81%
109%
Utah Power & Light 1st 5s
1944
A
1947
1959
D
49
$2,229,000
4,020,000
21,320,000
$10,500,000
5,712,000
45,894,000
404,678,000
$62,106,000
$532,408,000
$1,218,726,000
—
Stock and Bond Averages
27%
36%
27%
36
38
8
27%
38
77%
23
73
86%
stocks and
81%
49
78%
49
25
45
87%
50%
as
45
50%
47%
49
27
80
77%
80
10
4s series A....1955 F
A
*177,599,046
$213,655,000
131,656,000
873,415,000
-
103% 106%
6
49
Below
are
the
daily closing averages of
bonds listed
on
-J
1
1
I
1
00
•
OO
1.
Exchange
compiled by Dow,' Jones & Co.:
Bonds
10
l1•
1
representative
the New York Stock
Stocks
'
"t
10
1
"107%
—
-
—
-
107%
*35
-
26
107%
90
*
49%
1%
2%
-
-
-
Date
Total
61
20
Tolat,
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
45
55
20
Rail¬
trials
106% 109%
35
52
*
O
2
1%
30
Indus¬
1%
J
A
70,913,639
$48,743,000
78,987,000
Correction—The 1937 figures shown in
39
O
J
*6,677,160
4,761,354
this tabulation in last week's issue were
the volume of transactions for the week ending April 2, 1937, The figures for thd week
ending April 9 which should have appeared there can be found in the April 10, 1937,
issue, on page 2426.
)
*
36
A
2003
*
Total
36%
A
——....1958
_
79%
81%
{♦Utll Pow & Light 5%a
{♦Debenture 5s
15
1937
1938
827,569,000
Government.
State and foreign
75%
_
77%
Jan. 1 to April
1938
1937
1938
Bonds
49
O
Cons s f 4s series B._
1957 M N
J
{{♦Vera Cruz & P lstgu 4%a..l934 J
J
J
{♦July coupon off..
M N
Virginia El & Pow 4s ser A
1955
Va Iron Coal & Coke 1st g 5s... 1949 IVI S
■
35
1944
$27,569,000
,
Stocks—No, Of shares.
35
-
D
$2,229,000
$4,020,000
$21,320,000
Week Ended April 15,
Exchange
36
-
36
1951
A.-.1947
J
103
14
1052732 106
105"32
4,761,354
95%
70
Va & Southwest 1st gu 4s
5,930,000
HOLI DAY
HOLI DAY
Railroad and industrial
84
J
1st cons 5s
107%
97
109% 116
18
S
cons g
953,000
...
■
86%
S
U
118%
117
104% 108%
M
Vandalla
5,724,000
716,000
Sales at
61
IM
Vanadium Corp of Am conv 5s.1941
667,000
4,261,000
$128,000
New York Stock
108
9%
9%
52
J
♦Sink fund deb 6%a ser
743,000
1,009,980
.
Friday
105
108%
75
Utah Lt & Trac 1st & ref 5s
235,000
4,314,000
....
Thursday
80
25
9%
O
♦Sec a f 6 Ma series C.
246,000
914,000
638,040
1,414,480
Total
106%
O
♦Un Steel Works Corp 6%a A.. 1951
$3,729,000
5,343,000
3,673,000
976,000
600,300
$4,528,000
6,565,000
4,822,000
1,098,554
Wednesday
Sales
$671,000
Saturday
97
117
A
1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s
1944
{{♦United Rys St L 1st g 4s.-.1934
U S Pipe & Fdy conv deb 3 %a,1946
f U S Rubber 1st & ref 5s ser A. 1947
__
included
96
85%
86%
week.
during the current week and not
108%
94
70
United Biscuit of Am deb 5s... 1950 A
United Cigar-Whelan Sts 5s.
103%
31%
....
106%
reorganized under
securities assumed by such companies.
No sales transacted during current
Number of
Ended
Tuesday...
—————— -
103
....
------
-
5%
100%
1951, April 11 at 38.
Monday.
63%
118% 118%
-
39
68%
S
-
44
Stocks,
Week
April 15, 1938
80
100
*
8
5
96
9%
97%
Daily, Weekly and Yearly
102
65
------
1970 A O
1971 M N
8%
6%
6%
104
105%
— -
5
96%
14%
6%
the yearly range:
Transactions
102
>49%
-
105
105%
June 2008 M
—
105
*3%
IVI N
delivery sales transacted
8%
96
99
*104
A
..June 2008 M
1st Hen & ref 4s..
7%
15%
6%
-
13
Bonds selling flat.
Deferred
in
73%
98
....
105
*115%
1962
J {♦Union Elev Ry (Chic) 5s—1945
Union Oil of Calif 6s series A... 1942
3Ma debentures...:
.....1952
Union Pac RR 1st & Id gr 4s... 1947
34-year 3Ma deb...
95%
63%
*93
1945
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3%s
8
2
14
85
107% 109%
----
6%
104%
71
9
— —
—
96% 100%
26
being In bankruptcy, receivership, or
Friday's bid and asked price.
'
IVI N
1952 F
f 7s
123
57%
55%
*...
D
J
101*1*
§ Negotiability
34
3%
71
100%
*100%
IV
•'
*4%
J
1961
z
88%
85%
72
34
5%
*50
J
"
6
D
7%
100
10
*8
Ex-interest.
98% 104
....
85
100
1950
1942 M S
—'
10
92%
2
75
74
93
4
116%
88%
71%
5
100%
Tol W V & Ohio 4s ser C
79%
91%
transaction during current week,
a Deferred delivery sale; only
current week,
n Under-the-rule sale; only transaction during
Scullin Steel 3s
73
72%
•
103% 106%
10
26
------
105% 110%
6
99%
*106
J
{ Companies reported as
81
15
*64
1960
105% 105%
—
58
100
98%
99M
"16"
Section 77 of the Bankruptcy Act. or
100% 108%
1
88
5%
1953
—
----
J
88
Tokyo Elec Light Co Ltd—
1st 68 dollar series
—
payable at exchange rate of $4.8484.
114
111
75
72%
J
Tol & Ohio Cent ref & imp 3Ma
109
—
.V'
Cash sale; only
r
transaction
87%
70%
73%
*82
1937
Tol St Louis & West 1st 4a
—
100
represented Is the dollar quotation per
73
D
1952
A
current week,
100
95
73
Jan 1960
*104%
*105%
—
No sales.
100%
46%
3
107
107
73
Tex Pac Mo Pac Ter 5%s A—1964 M S
J
17
72%
104%
81%
,
*
-
1
111%
100%
100%
72
1977 A
Gen & ref 5s series D___
S
5
—
range:
103% 106%
-----
111%
-
M
105
52
-
D
H Bonds called for redemption or
1979 A
52
S
119% 125
41
87%
*103%
J
Gen & ref 5s series C
J
M
105% 107%
2
98
85
85
F
Gen & ref 5s series B
63
J
Cash sales transacted during the current
e
14
IVI
J
56 %
~54~M
J
1st mtge sf 4s ser C
105
26
58
55%
97%
J
75%
52
J
{♦Sup & Dul dlv & term 1st 4s '36 IVI N
♦Certificates of deposit
103%
9
101
98
105%
J
70
24
49
J
J
6%
{♦ Wor & Conn East 1st 4 Ma—1943
3
101
*80
IVI
F
20%
3
S
J
Youngstown Sheet & Tube—
101
*119
A
4
55
IVI
60
106% 109%
106
Tenn Elec Pow 1st 6s ser A....1947 J
23
54%
59
88%
80
18
10%
100%
-—--— -
56
60 M
4s—1961
98%
23
D
28
100%
97%
44
57
IVI N
20
68%
72%
J
5
60
102
102
101
15%
51%
48%
47%-
85
58%
108
9
------
21
18
93
108%
17%
61%
61%
60%
*92
97%
101
*101%
-
16
D
35
18
—
A
-—
4
....
107%
108
-
97%
14
59
1949
Wisconsin Publ'c Service
65
60
101%
-
-----
37%
*77
60%
D
♦Studebaker Corp conv deb
J
79
—
17%
59 %
1960
64%
99
J
{♦Wis Cent 50-yr 1st gen 4s
♦Certificates of deposit
63
68%
73%
33
76
99%
1947
Conv deb 3%a
35
17
100%
73%
IVI N
F
101% 104%
58
75
1940 M N
Winston-Salem S B 1st 4s
"48% "83"
32
Staten Island Ry 1st 4%s
Tide Water Asso Oil 3%a
93%
91
■•v
36
B..1964 J
S
Western Union g 4%a
102%
16%
S
67
43
49%
So'western Gas & Elec 4s ser D.1960 M N
1960
♦5s assented
O
IVI
106% 108%
11
1
107%
71%
71%
73M
J
A
72
95%
-
118%
17
O
A
J
87%
91%
93%
-
99%
U8M
*110M
106M
MM
102 M
1946 IVI
4s
88
*89%
32%
♦{Spokane Internal 1st g 5s...1955 J
Staley (A E) Mfg 1st M 4s
1946 F
1952
1977
1943
1946
Western Maryland 1st 4s
{♦Western Pac 1st 5s ser A
A
1938
*AdJ Income 5s
104%
91% 100
64%
J
107% 110
105%
109%
99
99 %
1961
..1966
1952
1950
25- year gold 5s
1951
30-year 5s
1960
♦Westphalia Un El Power 6s—1953
West Shore 1st 4s guar
..2361
Registered.
2361
Wheeling & L E Ry 4s ser D
1966
RR 1st consol 4s—......-.1949
Wheeling Steel 4%s series A
1966
90
83
121M
West Va Pulp & Paper 4 %s....
West N Y & Pa gen gold
22
—
108%
121% 123
98% 102%
116
120%
109% 110%
A
1950
1967
1st & ref 5%s series A
111% 120%
107%
—-
106
121%
104% 108
106%
1938 M S
{♦Third Ave RR 1st g 5s
26
111%
106%
1951 J
Third Ave Ry 1st ref 4s
106
~"56~~
Mobile & Ohio coll tr 4s
4%s._.1939
1st cons gold 5s
1944
Gen refund s f g 4s..———1953
Texarkana & FtSgu5%a A...1950
Texas Corp deb 3%a
1951
Tex& N O con gold 5s
1943
Texas & Pac 1st gold 5s
.2000
99%
105%
A
St Louis Div 1st g 4s
Term Assn of St L latg
90%
J
East Tenn reorg lien g 5s
1943
6s. 1945
Swift & Co 1st M 3%a
1950
Tenn Coal Iron & RRgen 5s... 1951
Tenn Cop & Chem deb 6s B...1944
Tennessee Corp deb 6s ser C...1944
31
*87
-
43%
88
107%
J
1956
1996
Standard Oil N J deb 3s
79%
105%
O
J
Devel & gen 6%a_.
Mem Dlv 1st g 5s
So*western Bell Tel 3%a ser
16
101%
37
29
121M
F
1939
f 5s
s
1st mtge 3Ma series I..
22
1st mtge pipe line 4 Ma
33
33
104
..1945
1945
4s
guar
1st mtge 4s ser H
103
D
68%
79%
105%
75
77%
102%
J
Southern Kraft Corp 4%s
Southern Natural Gas—
82
63%
31
_68%
69
106
23
64
103
Southern Colo Power 6s A
71
56
72
67 M
*103 M
40-year
Gen mtge 3%s
95
*105
-------
61%
70
104%
91
Westchester Ltg 5s stpd gtd
61%
20%
3
84
81%
93%
105%
100
70
70%
54
19
64
64
-
95
1961 IVI S
1965 F A
1st mtge & ref 4s
«
83%
1950 A
1962
96% 101%
28
*24%
—
-
10
6%
10%
102
60
60
West Penn Power 1st 5s ser E.. 1963
71
A
South & North Ala RR gu 58—1963 A
South Bell Tel & Tel 3%s
Southern Calif Gas 4%a
1
13
♦III—'
*
II
*l07%
1st
.....
1951 J
Socony-Vaeuum Oil 3 Ma
124
7
"6% "13"
"9%
*
4%
J
1952 A
Skelly Oil deb 4s
98%
60%
60%
10
Wash Term 1st gu 3%a
6%
2%
97%
98%
9
6%
"l6"
MM
{♦Warren Bros Co deb 6s.....1941 IVI S
2000lF A
Washington Cent 1st gold 4s...l948 Q IVI
Wash Water Power
Shell Union Oil deb 3%s
10
Warren RR 1st ref gu g 3 Ma
9%
22
2%
39
O
D
1939 M S
Warner Bros Pict deb 6s
10%
y
5%
O
1955 A
6s debentures..
8
15
*3
Walker (Hiram) G&W deb 4%s.l945 J
Walworth Co 1st M 4s_..
1955 A
17%
4%
8%
6
30
4
3%
3%
A
75
----
♦Certificates of deposit...
14%
11%
13%
11%
6%
10
10%
20
14
4
*14
♦Certificates of deposit
31
9
7%
9
1978 A O
♦Certificates of deposit
♦Ref & gen 5s series D
91%
*5%
9M
*5%
9 M
*5M
9M
*5M
1976 FA
30
26
-
2
7%
s
deposit
23
11
16
5%s A. 1975 IVI
gen
of
♦Ref & gen 5s series B
20
3%
6%
6%
7
♦Certificates
*20 ~"
S
16
*4
1945 M S
IVI
16
5%
2%
4%
30
{♦Wabash Ry ref &
112%
----
12
45
20
50
1941
1941
25
----
-
45
51
*
110%
110
1
32%
4%
♦Certificates of deposit
{♦Alt & Birm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs__.1935 F A
♦Series B certificates.
----
109%
—
O
♦Certificates of deposit
♦1st & cons 6s series A
18
18%
31%
*26%
1989 M N
{{♦Seaboard Air Line 1st g 48..1950 A O
{♦Refunding 4s
----
45
*___
.1941
♦Toledo & Chic Dlv g 4s
81%
109% 110%
10
107
*24
Scioto V & N E 1st gu 4s
{♦Gold 4s stamped
♦Adjustment 5s
5
109
*12%
18%
J
1 6 43s series B
109%
*104
45
15
54%
109%
108%
109%
-
Santa Fe Pres & Pben 1st 5s_„1942 M S
23
10%
109%
50%
1965 M N
San Diego Consol G & E 4s
98
98
J
♦Des Moines Div 1st g 4s....1939
♦Omaha Dlv 1st g 3 Ma
St Paul Un Dep 5a guar
♦Det & Chic Ext 1st 5s
101M
1
Jan.
Asked
Low
98
7%
6%
2
Since
Thursday's
Price
High
93
----
9%
7%
Range
Range or
Sale
15
♦1st lien g term 4s
94%
23
—
{♦St Paul E Gr Trk 1st 4%s—1947 J
Week's
HOLI- DAY
Apr. 15.
-
116.82
21.39
17.85
36.41
103.96
88.11
44.25
102.55
84.56
Apr. 14.
21.61
17.64
35.99
103.96
88.86
44.55
102.45
84.96
Apr. 13.
114.85
103.96
89.85
45.17
102.25
85.31
Apr. 12.
..
■
113.88
22.40
17.82
36.06
Apr. 11.
Apr.
9
112.93
22.48
17.83
35.88
103.88
90.01
46.40
102.01
85.58
115.32
22.75
18.44
36.64
103.95
90.19
46.75
102.13
85.76
New York Curb
2504
Exchange—Weekly and Yearly Record
APm u, m*
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the following extensive list we furnish a
complete record of the transactions
on
the New York Curb Exchange for the
week beginning on Saturday last (April 9, 1938) and ending the present Thursday (April 15,1938), Friday, being Good Friday
and a holiday on the Exchange.
It is compiled entirely from the daily reports of the Curb Exchange itself, and is intended
to include every
security, whether stock
Thurs.
Par
for
oS Prices
Low
High
Price
B
25
3 4$
100
64$
com_--_l
common—*
64$
5$
4$
14$
S3
6%
55
20
Blumenthal (8) & Co
Bohack
Mar
84$
Jan
7%
14$
Jan
Borne Scrymser
2
54$
4$
1
4$
Mar
Mar
4$
Jan
7%
2d pi eferred
Ltd common.*
100
6% preferred
494$
Jan
Mar
64
Jan
Jan
Mar
24$
14$
4$
Jan
Brewster
Feb
Bridgeport Gas Light Co. *
Bridgeport Machine.....*
16
"88"" ""86"
"89"
103
103
103
Mar
104$
Jan
Feb
250
Apr
106 4$
Jan
154$
Mar
164$
Mar
Mar
54$
Feb
Mar
954$
Mar
1*450
50
67
944$
8
""400
Feb
103
Apr
Mar
4$
44
124$
Jan
Mar
14$
Jan
Mar
64$
52
Feb
Mar
104$
Jan
2
4$
200
24$
24$
18 4$
400
164$
14$
17
18
800
10
n-v
14$
"204$ "244$
21
Amer Foreign Pow warr...
Amer Fork & Hoe com—*
*
Amei Gas & Elec com
1
preferred...-----1
"10", 100
Mar
3
Feb
Apr
Jan
{Brown Co 6% pref
Feb
Jan
Mar
14
55
Anchor
Wupperman-.l
Apex Elec Mfg Co com...*
Appalachian El Pow pref. *
..*
10
264$
Jan
Mar
34$
Jan
Bruce (E L) Co com
Ji.n
27 4$
Jan
Mar
264$
Feb
Bull
154$
Bunker Hill & Sullivan 2.50
Burco
107 4$
325
34$
200
107
Mar
5
Jan
26
Mar
23
Mar
274$
Jan
Mar
13
Jan
Mar
1,100
10
Mar
145$
Mar
24
""750
224$
114$
164$
56
4$
Apr
23
Jan
Apr
635$
Feb
19
50
4$
•
20
54
2,600
1,100
64$
34$
64$
1,500
?$
4$
4$
Mar
%
Apr
900
Jan
5
Mar
3
Mar
4$
5,500
58
104$
34$
12
200
34$
34$
34$
1,000
34$
'""260
"99"
99
«!•
Tooo
4$
700
3
3
3 4$
1,200
34$
3
34$
6.000
54$
300
-
5
5
65
65
64$
4
4
—
94$
94$
-.1
Jan
Capital City Products
Carib Syndicate...
Carman <fc Co class A
Corp warrants
Plywood Corp
24$
36
1
5
Avery (B F)
34$
74$
Jan
14$
Jan
Carnegie Metals
Jan
1?$
7?$
5
Jan
Jan
4
Feb
24$
Jan
4
Jan
10
common
Babcock & Wilcox Co
Carrier Corp
Carter (.J W)Co common. 1
Casco Products
*
Jan
Feb
Jan
MAf
44$
Jan
Mar
7
Jan
Mar
72
Jan
1
Jan
Cent Hud G & E
*
100
84$
Mar
•ii
Mar
'22?$
224$
Jan
Cent Ohio
Jan
Cent Pow & Lt 7% pref 100
Cent & South West Util 50c
4$
Apr
15$
Jan
34$
preferred
30
Baldwin Rubber Co com.l
Mar
84$
Jan
14$
Barlow & Seellg Mfg A...5
Corp...l
Jan
>n
Jan
Mar
4$
70
Mar
Centrifugal Pipe
1
com
1
74$
~5~A
Mar
67
Mar
Jan
24$
Mar
Mar
5$
Jan
Mar
Chic Rivet & Mach
Mar
24$
84$
Jan
74$
4$
64$
Mar
900
4
Mar
84$
16
44$
Mar
30
Jan
Mar
14$
164$
Jan
Mar
Jan
Apr
5
Apr
22
Mar
24
34$
34$
200
14$
7 4$
24$
1,100
4$
16
200
1
16
100
100
2 4$
100
18
22 4$
94$
14$
10 4$
4$
Jan
24$
Apr
15
Fet>
174$
Apr
Mar
14$
16
34$
214$
15$
40
.
654$
Mar
85
30
68
60
Mar
80
Apr
32
8,000
174$
200
44$
Apr
400
64$
194$
14$
Mar
154$
Mar
25
•
45$
44$
34$
Mar
Apr
7
2,000
4$
Mar
Mar
"11
1,700
20
20
24$
24$
64 ?$
45$
10
20
50
25$
1,400
59
65
Apr
Apr
3
"I§"4$
11
114$
400
81
310
6
400
Mar
14
184$
794$
64$
Mar
Feb
34$
82
44$
234$
69
104$
Mar
124$
72 4$
Mar
84
754$
54$
Apr
90
Apr
84$
50
64
Mar
774$
14$
14$
500
1
Mar
4$
2,400
Apr
4$
44$
54$
300
3
Mar
64$
25
6
Mar
54$
x70
14$
71
7..
12
12
8
10
150
4$
8
Apr
24$
15
75
9
3
Mar
74$
Mar
4
54$
6
34$
34$
Mar
5
5
34$
Chief Consol Mining
Mar
25?$
27?$
14$
250
204$
Mar
39
1
40,300
Mar
2
29
314$
1,300
13
Mar
Preferred
31
Preferred BB
290
134$
Mar
20
Feb
Mar
93
Jan
224$
Apr
244$
Apr
24$
600
114$
Apr
1,900
44$
Mar
95$
100
1
Mar
11,200
1
Mar
50
74$
Mar
1,300
44$
Mar
Mar
14$
$6 preferred
1
214$
Mar
*
Prelerred B
Jan
94$
100
Mar
Jan
Mar
Mar
ChJIds Co preferred
24$
54$
4$
Cities Service common—*
24$
100
100
Jan
Jan
60
300
4$
Jan
5,500
7
53
7
514$
4$
21
Mar
110
Jan
40
21
Mar
97
514$
84$
74$
Jan
1
Feb
144$
64$
100
204$
.4
—
2
Mar
*
20
Mar
—
City Auto Stamping
*
City & Suburban Homes. 10
Controller Co
»n
404$
34$
324$
504$
50
29
Feb
72
55
25
26
Feb
67
1,100
4
Mar
24$
54$
504$
55
504$
*
Mar
5
54$
1
16
Mar
1
Jan
6
34$
20
54$
14$
14$
74$
54$
Jan
Claude Neon Lights lnc—1
Feb
Jan
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
15$
Jan
Cleveland Tractor com...*
44$
24$
Jan
Jan
Clinchfleld Coal Corp. .100
Club Alum Utensil Co—*
"14$
1*
Mar
Jan
Cockshutt Plow Co com..*
7
Mar
6
J~n
64$
Mar
3 4$
45$
17
10
84$
34$
11
12
3
34$
500
400
Mar
63 4$
Mar
Mar
64$
Jan
14$
12
Mar
24$
Jan
Colorado Fuel <fc Iron
84$
Mar
Jan
24$
Mar
Jan
conv
"la
Purchase warrants
warr.
10
10
$2.50 conv pref
*
Blrdsboro Steel Foundry &
Machine Co com
100
500
For footnotes see page 2509
Jan
119*$
Feb
Columbia Oil & Gas
Mar
64$
Apr
16
74$
16
3,200
25
4
44$
2
2
200
14$
14$
400
1,200
Mar
Feb
354$
34$
Mar
65$
2
Apr
4
34$
14$
10
Mar
1,700
14$
4
24$
"44$
4
100
34$
Mar
44$
44$
44$
900
34$
Mar
24$
24$
52
100
52
45
Mar
74$
61
48
Mar
60
Commonwealth & Southern
20
Mar
Conv 5%
524$
534$
150
34$
24$
34$
5,700
24$
Mar
4$
4$
6,800
4$
4$
Jan
preferred.. 100
Warrants
1
....
•11
Mar
14$
Jan
Commonw Dlstribut
1
4$
4$
Mar
4$
Jan
194$
20
50
94$
Mar
10 4$
Jan
20
21
300
Mar
304$
Mar
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
300
64$
10
64$
5
165
Apr
30
*
com
Apr
1144$
1,200
2,800
4$
10
24$
24$
£1
pref
144$
"50
1,700
Columbia Gas & Elec—
44$
6%
54$
116
14$
30 4$
Colt's Patent Fire Arms.25
16
Colon Development ord—
147
116
14$
Rosenberger Inc.*
4
Berkey & Gay Furniture. 1
34$
Tr«
19
Char is Corp
24$
14$
pref
com
34$
18
Cherry-Burrell
3,000
100
Bliss & Laughlin com
Apr
Mar
Chamberlin Metal Weather
51
Bell Tel of Pa 64$ % pf. 100
Benson & Hedges com
*
common..
24$
14$
50
22
*
4$
1
Bell Aircraft Corp com._.l
14$
200
63
100
*29.100
Mar
67
200
7% 1st pref
100
Beaunit Mills Inc com..10
Bell Tel of Canada
Jan
Conv preferred
Conv pref opt ser
400
Baumann (L) & Co com..*
Aircraft Corp
18
19
624$
6% pref without warr 100
7% preferred
100
34$
134$
54$
14$
1
Steel... 1
1004$
Mar
Mar
Cohn &
7%
Bardstown Distill Inc
3
Apr
10
24
4$
67?$
624$
Cent States Elec com—.1
34$
"3", 400
224$
23
24$
18
1
Steel Prod
1,000
1,000
24?$
200
7
*
com
1
114$
Clark
warrants for com.
Apr
2
Cent Maine Pw 7% pieflOO
Cent N Y Pow 5% pref .100
ht
20
184$
61
Jan
634$
17
1,200
1st preferred.
Cities Serv P & L $7 pref.*
20
13
14$
10
14$
14$
34$
7% 1st partlc pref...100
Celluloid Corp common. 15
$7 div preferred..
*
44$
13
14$
12
9
39
Celanese Corp of America
44$
1035$
Feb
7
*
common
new
*
--*
—
Strip Co....——.....5
10
com—_. .5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Baldwin Locomotive—
(E W)
$6 preferred...
Castle (A M) com
Catalin Corp of Amer
164$
24$
174$
14$
300
Apr
44$
1
4
Warrants
20
44$
34
19
24
*
—
com
Mar
25
Aviation & Trans Corp__.l
Axton-Flsher Tobacco-
Bliss
common
Mar
W....25
Apr
Feb
34$
Jan
Carolina P & L $7 pref—*
34$
600
Mar
24$
74$
700
"lOO
24$
16
5
1,900
Mar
4$
*
200
10
4$
84$
12?$
—-*
Class B.
Carnation Co
Jan
4$
64$
17
4$
84$
%
14$
74$
5
*
Mines
Products
Automatic Voting Mach..*
Blauner's
Feb
95$
64$
17
4$
24$
"35"
20
1
4$
3
8
22
14$
100
24$
24$
"34"
*
25c
70
Atlantic Coast Line Co..50
16
24$
1
59
25
Jan
Jan
5
400
*
B non-voting
400
67
300
20
shs.£i
Apr
18
14$NvMar
34$ Alar
74$
Apt
96
Apri
4$ Maf
24$ Mar
Amer dep rets pref
Calamba Sugar Estate. .20
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
5$
Atlan Brlmlngham & Coast
67
64$
65$
16
Burry Biscuit Corp.. 124$c
v t c...*
»»,
67
31
Cables & Wireless Ltd—
4,400
54$
33
Mar
Apr
250
Burma Corp Am dep rets..
26 4$
84$-' "Mar
35$
Jan
154$
194$
Cable Elec Prods
Canadian Marconi
1
Mar
700
--.*
Bellanca Aircraft
2644
*
pref
convertible
10
3,500
1
RR Co pref
100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Bickfords Inc
Jan
75
Option warrants
Conv
Jan
Mar
Apr
Assoc Laundries of Amer.*
Beech
Mar
Elec—
Bath Iron Works
Feb
88
Jan
Apr
16
30
4
184$
Mar
4$
214$
Industries
Stainless
274$
Warrants.
Apr
24$
25
64$
Barium
Mar
*
Inc common
1114$
25
64$
Purch
224$
1st preferred-
$3
700
114$
$5
Feb
Mar
24
4
New
Jan
25
6?$
3?$
Amer deposit rcts....£l
A
204$
200
5
Feb
Ashland Oil & Ref Co
Class
Jan
274$
33
50
Niag & East Pr pref25
Feb
200
Arkansas P & L $7 pref...*
w
18
18
Buckeye Pipe Line
14$
125$
Art Metal Works com....5
1
Apr
14$
28
4$
jArcturus Radio Tube.--1
Arkansas Nat Gas com...*
164$
Mar
*
Post Fence
6% preferred
6% pref xw
21
300
1
Mar
4$
*
Silver
284$
Apr
184$
*
$6 preferred
Mar
54
6
Automatic
85$
Mar
254$
Brown Rubber Co com— 1
4$
*134$
19?$
Preferred
Jan
84$
194$
*
American Thread pref
28
600
Amer Potash & Chemical.*
Austin
Apr
Mar
274$
16
300
?$
*
Preferred
Class A pref
4,500
11
.1
10
Amer 8eal-Kap com
2
Am Superpower Corp com *
1st preferred
*
Apr
214$
144$
100
Republics
16
8
...25
Mfg Co common 100
Amer Pneumatic Serv
Atlas
44$
274$
15
100
14$
preferred
Amer Maracalbo Co
Amer Meter Co
Atlas
Apr
88
64$
284$
Brown Fence <fc Wire com. 1
Apr
14$
234$
Laundry Mach...20
25
preferred
400
Jan
*
Class B
4$
25
Amer Lt & Trac com
$5
Vs
24$
3
dep rets ord reg--10s
British Col Power class A.*
104$
Amer Ihvest of Illinois...*
Common.....
Class A._......
Feb
Mar
».•
204$
254$
3 4$
pi ef erred
Assoc Gas &
104$
Tobacco—
Amer
234$
*595$
34$
100
Amer Hard Rubber Co..50
Elec
254$
54$
81
dep rets ord bearer£l
104$
224$
107
American General Coip 10c
Associated
54$
Apr
Mar
400
Amer dep rets reg....£l
British Celanese Ltd—
14$
234$
*
Preferred
A
Mar
14$
Registered...........
Am
27 4$
1
B
Cyanamld class A. 10
Common class
24$
18
Mar
3,300
16
17
Angostura
74$
900
....100
Brown Forman Distillery.
-25
American
124$
"900
............--
Mar
56
2%
Class A with warrants.25
Prefer red
Mar
Mar
14$
British Amer Oil coupon..
British
3
Jan
14$
74$
34$
Brillo Mfg Co common...*
4$
Am Cities Power & Lt—
Amer
7% preferred
44$
14$
164$
"64$"
34$
"e"
Class A.............
Class A
Jan
4
200
25
'64$
Corp class B..—_..*
104$
4$
-*
$5.50 prior pref
*
Amei Centrifugal Corp..l
6%
7
Am
10c
10c
common
preferred
Amer
Apr
Mar
24$
90
Capital—
Common class B
$2
11
"166
—100
Mar
100
$2.50
Preferred.
93
Book Co
Class B
94$
44$
34$
58
100
Class
94$
Aeronautical...
2,000
1,200
"7?$ "7?$
Mar
50
114$
44$
Brill
?$
"74$
24$
164$
Bright Star Elec cl B_— *
10 4$
Arner
-
Jan
?$
A——.—
—
Feb
94$
Class
-
9
4$
Ainer Box Board Co com
114$
Breeze Corp
34$
16
Mar
10
Brazilian Tr Lt & Pow...*
54 4$
Feb
94$
Mar
104$
100
-100
15
94$
A
1st preferred
Mar
Apr
Mar
1
4$
404$
504$
4$
Apr
14$
394$
44$
24$
Feb
eom.-l
$3
Feb
High
Mar
34
300
com
Mar
American Airlines Inc.-.10
Class
Co
Bowman-Blltmore
300
154$
-.100
Mfg---*
77 4$
97
100
64$
Bourjois Inc
Jan
7
96
34
6
100
25
124$
73
Low
1
34
1st preferred.'
Jan
Feb
73
Range Since Jan. 1, 1938
Shares
(H.C) Co com...*
154$
700
10
25
common.
Goods
American
Mar
Jan
Mar
2
A
American Beverage
American
*
Jan
Jan
17
Price
1
44$
Aluminum Industries com *
Aluminium
Ridge Corp com
$3 opt. conv pref
324$
84$
preference
Aluminum
Blue
4$
com
conv com
Co
Feb
114$
54?$
Products com
Aluminum
34
Jan
pref
conv
Par
444$
Invest
Class A
Week
Apr
Allied luternat Invest com*
Allied
for
of Prices
Low
High
Feb
Alles A Usher Inc com..
Alliance
Week's Range
Sale
24$
200
preferred
Sales
Last
High
Mar
23
900
14$
1 4$
Ala Power $7 pref
36
20
1,000
Southern..60
Gt
Low
T 000
Conv preferred...
Warrants......——Alabama
Thurs.
STOCKS
(Continued)
Shares
264$
34$
26
Air Devices Corp
Investors
dealings occurred during the week covered:
Range Since Jan. 1, 1938
144$
344
Agfa Ansco Corp com..—1
Ainsworth Mfg common..5
Air
26
26
Mfg class A-*
*
Aero Supply
any
Week
20
Acme wire v t c com
Class
Week's Range
Sale
STOCKS
bond, in which
or
Sates
Last
it*
Mar
9
Mar
Mari
11
Feb
Mar
94$
215$
Jan
Mar
Jan
21
4$
4$
"I.
100
16
44$
4$
Feb
4$
Mar
28
184$
Mar
224$
4$
Apr
1
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 2
146
Thiers
STOCKS
Last
(Continued)
Sale
Par
Price
Week's Range
Range Since Jan. 1, 1938
for
Week
of Prices
Low
High
Low
Shares
Cities Service Co.
High
Compo Shoe Mach—
V t c ext to
Common
1946
115*
Consol Biscuit Co
4
Consol Copper Mines
5
Consol GELP Bait com *
5% pref class A
45*
60
100
Consol Gas Utilities
1
Consol Mln & Smelt Ltd .5
Consol Retail Stores
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com...*
125*
300
45*
55*
200
62
8,800
400
1135* 1135*
20
5*
535*
350
2)4
100
"i k "i'k
35*
2)4
35*
4
1,000
$3
*
Jan
70
Jan
Jan
115
Jan
Apr
1
Jan
485*
25*
Apr
645*
Mar
35*
6)4
65*
65*
700
"5
"ioo
com.. 10
815*
Jan
Mar
15*
Jan
25*
Mar
65*
Jan
STOCKS
Last
Week's Range
for
Jan
(Continued)
Sale
of Prices
Low
High
Week
Apr
80
5%
conv
25*
25*
700
*
com—
Mar
5*
Mar
85*
7 5*
15*
7)4
15*
4
Feb
Mar
95*
Jan
Mar
545*
Mar
Mar
Jan
Mar
95*
175*
Feb
Mar
75*
Jan
45*
45*
Mar
—5
Crocker Wheeler Elec
225*
Jan
Mar
35*
Jan
75*
100
Mar
Jan
3)4
Fruehauf Trailer Co
Feb
Jan
55*
1,300
35*
Mar
85*
Jan
h<
800
*u
Mar
5*
100
400
200
Davenport Hosiery Mills.*
6%
65*
7
500
Derby Oil & Ref Corp com*
25*
3
1,700
^
Prpfprrprl
1
6% pref ww
20
Detroit Gray Iron Fdy—1
15*
500
"2k "25*
"266
15*
Det Mich Stove Co com__l
Detroit Paper Prod
1
Detroit Steel Products—*
1,000
Distillers Co Ltd
12
12
Feb
General Alloys Co
Jan
Amer dep rets ord
*
10
100
1]
54
15*
54
45*
25*
485*
245*
Mar
35*
Jan
Mar
295*
Jan
Mar
Jan
106
Feb
10
Jan
5*
Jan
Mar
85*
135*
Jan
65*
Jan
55*
Mar
Mar
2
Mar
Apr
Mar
Jan
Apr
Jan
385*
65*
105*
15*
Feb
22
Feb
75*
40
Jan
Jan
35*
58
Jan
Feb
15*
200
15*
Mar
25*
100
165*
Mar
195*
Jan
Mar
14
Feb
$6
preferred
conv
175*
165*
Mar
35*
35*
$5
Glen Alden
Godchaux Sugars class A. *
Class B
*
Feb
16
Jan
Mar
9
Jan
13
Jan
155*
Jan
Jan
47
Mar
115*
Mar
Coal
preferred
Consol
S3
15*
54
55*
75*
10
67
Jan
63
Jan
205*
Jan
Non-vot
7%
com
*
stock
25*
25
100
25
*
1st preferred
Gt Northern Paper
Greenfield Tap & Die
76
Jan
5
55*
900
Mar
5
Apr
Mar
45*
65*
41
Jan
Feb
6 5*
65*
Jan
Jan
29
31
200
26
Mar
35
Jan
125*
135*
600
10
Mar
175*
Feb
89
13
89
10
89
5*
«.
93
Apr
2
Jan
16
Jan
'ii
Jan
Feb
5*
1,100
25*
Feb
Apr
195*
Jan
135*
Mar
205*
5*
55*
Mar
15*
Jan
Jan
Mar
95*
Jan
35*
1,800
Mar
65*
Jan
Mar
49 5*
1245*
36
40
42
119
119
50
1175*
Apr
27
42
27
250
265*
Mar
700
45*
Mar
75*
3
5
725
33
54
Mar
65
Jan
Guardian Investors
1
•u
Feb
•u
33
Mar
425*
72
Feb
80
Jan
88
Gulf Oil Corp
25
Jan
5*
Mar
500
35*
Apr
65*
Apr
Jan
Feb
S6
135*
Jan
Hall
Lamp Co
4,100
7
Hartford Elec Light
Hartford Rayon vtc
31
Jan
Hartman Tobacco Co
Jan
5*
Mar
25*
Mar
Mar
51
""800
150
14
175
13
3*
800
6
65*
1,100
28,900
35*
Jan
Jan
Jan
14
Jan
1
Hat Corp of Am cl B com. 1
Hazeltine Corp
*
Hearn Dept Store com...5
6% preferred
50
Hecla Mining Co
25c
Apr
14
Feb
Helena
15*
Jan
Mar
26
Jan
Mar
24
Jan
45*
Jan
Harvard
Brewing
Mar
15*
Jan
Class
Mar
10 5*
Jan
Heller Co
400
36
Mar
505*
Feb
42
Mar
58
Jan
2
Mar
4
Jan
25*
200
2
Mar
4
Jan
35
50
165*
Mar
500
25*
Mar
55*
Preferred ww
15*
15*
400
15
15*
250
51
49
16
45*
"7)4
22
Feb
Mar
24
Jan
815*
Jan
52
Mar
preferred..
Hubbell (Harvey)
150
28
48
Feb
43 5*
40
435*
Feb
495*
465*
42 5*
45
250
28
Jan
50
Feb
46
350
32
Jan
52
Feb
195*
Apr
22
Feb
65*
5*
Mar
105*
Feb
75*
225*
Mar
13
Jan
Mar
31
Jan
Jan
28
435*
65*
5*
85*
75*
5*
85*
2,800
400
50
25
25
300
Mar
"u
Feb
Jan
*i#
5*
5*
100
45*
35*
85*
45*
6
1,050
25*
35*
85*
1,700
'u
13,300
5*
Mar
Apr
5*
5*
115*
15*
15*
100
35*
135*
Apr
6
Mar
45*
Mar
9
Jan
30
400
500
2", 600
...*
165*
85*
65*
Mar
Mar
75*
Mar
65*
8~
31
205*
Mar
105*
7
Mar
800
6
Mar
300
27
Mar
375*
Mar
425*
12 5*
8
500
55*
115*
Mar
13
Mar
145*
105*
300
95*
Mar
14 5*
Mar
22
225*
99
99
95*
66
62
3 5*
95*
67
55*
Feb
4
300
215*
Jan
24
30
985*
Jan
4
5*
1005*
100
8
Mar
11
2,800
1,000
66
Mar
70
Mar
5*
45*
Mar
5*
Jan
Mar
754
Feb
Jan
754
3
4
25*
75*
Hummel-Ross Fibre Corp 5
Mar
55*
Jan
700
15*
Mar
25*
Jan
150
1954
Jan
Mar
65*
*
{Huylers of Del Inc—
1
Common
7% pref stamped
100
7 % pref unstam ped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
5%
50
preferred
Dlv arrear ctfs.
Lead...*
35*
165*
55*
Mar
65*
100
Inc...5
Humble Oil & Ref
15*
Apr
5*
40
75*
305*
*
Hardart..
Mar
500
18
31
10
&
15*
35*
12
685*
25*
65*
55*
75*
12?*
Jan
1,400
30
13
25*
15*
16
45*
10
Hussman-Ligonier Co
25
3)4
Hollinger Consol G M...5
195*
Empire Dist El 6% pf.100
Empire Gas & Fuel Co—
Apr
».«
Jan
Apr
15*
A
Jan
Jan
100
15*
Heyden Chemical.
10
Hires (Chas E) Co cl A...*
Hoe (R) & Co class A...10
1
-.1
114
Hewitt Rubber common..5
800
15*
Mar
2
...25
common
1,300
15*
Mar
9
*
A
3
35*
1)4
100
*
Rubenstein
105*
5*
45*
41
20
25*
10
100
50
10
Co
2%
25*
495*
6,300
*
11
43
20
1,000
15*
365*
81
Apr
25
550
185*
11
345*
25*
Mar
Mar
21
1
355*
6
25
1
2
700
16
105*
55*
preferred
Mar
55*
Gulf States Util S5.50 pref *
200
65*
95*
5%
15*
20
3
135*
45*
Illinois
Jan
21
35*
14'
Apr
33 54
300
2
Mar
400
12
Mar
45*
1754
Jan
45*
75*
45*
400
Jan
Jan
6
75*
100
Illuminating Shares cl A..*
354
55*
Mar
1354
Jan
48 54
*
Jan
Jan
3
13
15*
Jan
495*
Feb
Feb
85*
1954
Mar
19
Mar
Mar
Imperial Chem Indus—
Zinc
1,100
4
Mar
2
Mar
3 H
Jan
65*
Mar
85*
Apr
Imperial Oil (Can) coup..*
165*
17
165*
8
Fanny Farmer Candy coml
Mar
205*
Jan
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
165*
165*
100
13?*
14
200
135*
Mar
1454
Feb
£1
355*
355*
100
32
Mar
Jan
375*
85*
Mar
115*
135*
Feb
16
Mar
Mar
*
5
5
200
4
Mar
65*
Jan
5
55*
55*
200
45*
Mar
8 5*
Jan
Am dep rets ord
32
Jan
32
Jan
15
Mar
23
Jan
75*
reg..£l
Registered
Britain
Compress &
&
Ireland
7
Indiana Pipe Line
1
175*
175*
100
115*
Mar
1
*ie
*i«
100
5*
Jan
145*
*n
Jan
10
pf.100
7% preferred..
100
Indpls P & L 65*% pf-.lOO
40
395*
45*
485*
Apr
60 5*
Jan
Mar
75*
635*
Jan
7
1,200
100
15
Mar
155*
654
Apr
Jan
Jan
Indian Ter Ilium Oil—
25
Fiat Amer dep rights
Fire Association (Phila).lO
$6 preferred
Mar
100
Jan
Ftsk Rubber Corp
Apr
45*
Mar
13
Fidelio Brewery
100
%
Mar
Warehouse Co com
Mar
Mar
Grocery Sts Prod com..25c
10
Ferro Enamel Corp
55*
285*
Feb
Electrographlc Corp....
Fansteel Metallurgical
Fedders Mfg Co
Jan
Jan
2
Horn
Federal
88
Jan
Mar
Mar
Jan
1
Apr
755*
1
Jan
1
Mar
900
75 5*
6
Falstaff Brewing
44
Mar
175*
20
1)4
Fairchild A viation._.
Mar
110
Feb
Wallower
Jan
38
extend.*
{Grand Nstlon'l Films Inc I
Grand Rapids Varnish...*
Gray Telep Pay Station. 10
Mar
7% preferred
14
Mfg Co—
4
Evans
55*
Vtc agreement
65*
3
485*
35*
Empire Power part stock.*
Emsco Derrick & Equip..5
Equity Corp com
10c
Esquire-Coronet
1
Eureka Pipe Line com
50
European Electric Corp—
Option warrants
Mar
58
55*
*
preferred-
Gorham
68
8% preferred
10
78
*
395*
455*
48
*
100
.100
100
100
Jan
85*
65*
*
*
6% preferred
65*% preferred
7% preferred
Jan
15*
265*
Mines. .1
Gorham Inc class A
Elec Shovel Coal S4 pref..*
Elgin Nat Watch Co
78
*
Holophane Co common..*
Holt (Henry) & Co cl A..*
Horn (A C) Co common.. 1
Electrol Inc vtc
70
47
Mar
13
1
ww.
Feb
Mar
40
*
Co
Jan
Feb
Jan
Mar
30
Jan
Mar
*
preferred—
Jan
22
"566
preferred
-.*
Georgia Power $6 pref...*
Gilchrist
Mar
24
35*
$5 preferred
pref
"115* "12"
100
6% preferred A
Jan
Mar
50
Jan
15*
$3
Jan
Mar
5*
General Tire & Rubber—
2
15*
10
34
Apr
^pr
65
34
Gen Water G & E com...l
14
14
5*
41
*
Mar
Jan
9
500
400
Gen Rayon Co A stock...*
General Telephone com_20
$3
300
*
preferred
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
Mar
95*
Mar
15*
15*
65*
conv
Jan
Jan
185*
115*
5*
Gilbert (A C) common...*
Preferred
*
Mar
95*
485*
"I
105*
$6
Jan
Feb
15*
5*
100
....
2
....
Apr
95*
805*
.*
5*
Eisler Electric Corp
1
Elec Bond & Share com..5
Elec P & L 2d pref A
75
87
108
Economy Grocery Stores.*
Option warrants
Electric Shareholding—
Common
Mar
5*
12
100
Iron.25
Class A
305*
Jan
Mar
reg.£l
Haloid Co
.*
Mar
75*
115*
Jan
200
*
$6 preferred
Mar
*
Feb
155*
75*
Elec Power Assoc com—1
Jan
Mar
Gen Fireproofing com
35*
48
95*
Edison Bros Stores
Jan
Jan
11
7
General Investment com.l
245*
15
75*
*
$7 preferred series A...*
$6 prelerred series B—*
Easy Washing Mach B—*
Jan
18
Jan
Mar
48
95*
Eastern States Corp
Mar
Mar
Feb
Mar
155*
10
Malleable
145*
55*
85*
165*
Mar
15*
East Gas & Fuel Assoc—
45*% prior preferrd.100
6% preferred
100
150
15
65*
105*
25*
95*
48
55*
Common.
Mar
Great Atl & Pac Tea—
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur
*
Eagle Picber Lead
Jan
65*
18
Jan
1,200
7% preferred
Duke Power Co
Apr
5
100
Jan
5*
67
100
Dubilier Condenser Corp. 1
145*
185*
115*
3
Dominion Textile com..
Driver Harris Co
Apr
85*
Gen Electric Co Ltd—
Feb
100
Diaper Corp
25*
Jan
Apr
100
18
Domin Tar & Chem com.*
55* % preferred
preferred
105*
15*
225*
25*
1
Dobeckmun Co com
conv
5%
$7
£1
Dominion Steel & Coal D 25
4%
Goldfield
Divco-Twin Truck com..l
Mar
Jan
Preferred............10
Diamond Shoe Corp com.*
Distilled Liquors Corp—5
15*
75*
25*
5
10
De Vilbiss Co com..
Feb
Mar
3
20
Jan
*185*
86
14
175*
185*
Mar
28
2
19
Mar
preferred...100
25
Detroit Gasket & Mfg
14)4
15
Gatineau Power Co com..*
Mar
35*
Dennison Mfg 7% pref-100
Jan
*
preferred-
conv
Mar
18
1
55*
300
7
1
Mar
11
35
Class A
Dejay Stores
Mar
Gameweli Co $6 conv pf..*
>u
6J*
Jan
45*
Jan
95*
65*
200
7
15
preferred
1
102
6)4
100
85*
415*
Jan
25*
100
25*
85*
25
High
Mar
5
265*
Curtis Mfg Co (Mo)
5
Cusi Mexican Mining..50c
1,200
165*
165*
25*
1
85*
7
t c. *
Dayton Rubber Mfg com.*
$3
Low
26
Jan
35*
"266
'"5*
400
5
Fuller (Geo A) Co com___l
15*
15*
45*
165*
300
165*
5
16
5*
Darby Petroleum com...5
(.Peter) Brew Co
Jan
275*
9
375*
Franklin Rayon Corp____l
Froedtert Grain & Malt—
135*
Mar
15*
16 5*
*
12
Mar
10
6 54% preferred
B
Conv
5*
"166
Range Since Jan. 1, 1938
Shares
Motor of France—
Amer dep rets... 100 frcs
Common
175*
Cuneo Press Inc
Eastern
Class
Ford
35
reg..£l
Jan
200
9
com
v
Am dep rets ord
Ford Motor of Can cl A..*
Jan
5,800
"35* "35*
Price
Florida P & L $7 pref....*
Ford Motor Co Ltd—
25*
215*
25
Cuban Tobacco com
55*
3
Co com..25c
Preferred.
Mar
55*
ht
Crown Cork Internat A..*
Crown Drug
1
Jan
72
195*
5*
215*
1
Crowley, Milner & Co—*
Crown Cent Petrol (Md)-5
Mar
12
*
Croft Brewing Co
15*
2,300
£1
Cramp (Wm) & Sons com. 1
Crystal Oil Ref
6% preferred
Par
Sales
Jan
Mar
55
IX
50
preferred
Courtaulds Ltd
Creole Petroleum
Thurs.
Jan
5*
45*
19
2)4
Teletype: N. Y. 1-1943
Mar
Fox
1
Common
Street, New York City
HA 2-6383
15*
Corroon & Reynolds—
$6 preferred A
Cosden Petroleum
60 Wall
Jan
14
5"
WILLIAM P. LEHRER CO., INC.
Jan
53
*
*
prior preference
65*
BOUGHT—SOLD—Q VOTED
Feb
65*
600
6
Preferred
and
Feb
45*
35*
55*
Cook Paint & Varnish—*
Copper Range Co
Copperweld Steel
Mar
15
Mar
1135*
70
{Continental Secur com..5
com
55
Jan
75
Cont Roll & Steel Fdy—*
$4 preferred
35*
35*
"loo
52
Cont G & E 7% prior pf 100
Continental Oil of Mex___l
Cooper Bessemer
Mar
11
500
5*
2)4
2505
Sales
445*
1
55*
100
535*
46
5J*
535*
55*
535*
2,700
50
Mar
Mar
Mar
Indiana Service 6%
125*
30
135*
10
10
11
Feb
16
82
Apr
8854
Jan
Non-voting class A
*
154
Mar
154
Jan
Class
*
154
Mar
15*
Feb
54
Mar
54
Mar
Feb
854
Jan
485*
Mar
6154
Jan
B
Industrial Finance—
Vtc common..
7%
preferred
...1
For footnotes see page 2509.
7
100
Insurance Co of No Am. 10
533*
53
54
600
New York Curb Exchange—Continued—Page 3
2506
Last
Week's
Sale
of Prices
Low
High
Par
International Cigar Mach
Price
19 X
lav,.*
Hydro-Elec—
Pref $3.50 series
50
A stock purch warrants.
Internat Metal Indus cl A *
17
X
IX
Rangel
12 X
IX
for
Low
Shares
12X
1,000
16 X
Mar
1,100
X
Apr
11
12X
1,300
8X
X
6
2
IX
25
24X
2
20%
Apr
Feb
Apr
Par
Jan
22
Jan
International Products..
3X
1
Internat Radio Corp
7X
Jan
Feb
3X
400
7
7X
1,000
17?*
X
7
3?<
31?*
Mar
31
Mar
2X
Mar
*
*
Jan
Nat Auto Fibre com
1
Jan
Mar
9?*
Jan
25X
Li
Feb
28?*
Mar
Feb
X
Jan
2%
Mar
800
3X
Mar
60
25?*
2X
Mar
X
400
ru
Jan
13X
13X
9X
9X
X.
X
50
115*
100
7X
100
X
3X
Mar
100
26
~~~3~% "m
Equip..1
3X
3%
"800
X
13%
Irving Aur Chute— ...-.1
A....*
1
Jeannette Glass Co-.---.*
3X
ht
4
4%
4%
5
3,500
2
IX
2
400
4
Feb
Jan
4?*
Jan
66
69 X
40
2
29
66
68
100
preferred
Jones & La ugh 11 n Steel. 100
2X
200
20 X
10
700
29
Kansas G & E 7%
pref. 100
Keith(G E)7% 1st pref. 100
Kennedy's Inc
5
Jan
National P & L $6 pref.
15J*
12?*
Jan
Mar
National Refining Co—25
Nat Rubber
Mar
X
Jan
7X
3?*
Jan
Mar
Jan
Jan
National Sugar Refining.*
National Tea 5?* % pref. 10
63
Apr
73
Jan
National Transit
Apr
86
Jan
Nat Tunnel & Mines
Apr
3
Jan
Nebel (Oscar) Co com
Jan
21?*
3%
1
Jan
Mar
OX
30
ox
99~
1?*
Mar
3?*
Jan
ux
ox
1
Lackawanna RR (N J). 100
3X
»u
Jan
Mar
6
Feb
1?*
Jan
2X
Mar
15?*
Jan
ox
Mar
400
14X
OX
25?*
'"ho
10 X
95
Mar
2X
Lane Bryant 7%
100
ox
400
2X
6", 700
1,300
Preferred-
New Jersey Zinc
Feb
*
*
3X
Oil
Line Material Co
._.-*
1
25
7i t
16
*
Lion Oil Refining
Lipton (Thos J) class A.
6%
preferred
22 X
10X
20X
Lit Brothers common
*
Mar
102?*
12?*
Jan
Locke Steel Chain--
Feb
Mar
11
Jan
Lone Star Gas Corp
46
Feb
N Y
45X
Mar
68?*
Feb
Mar
3?*
85?*
Jan
OX
IX
Feb
Mar
Jan
Packing
Louisiana Land & Explor.l
Jan
Common
~"l"66
Apr
25
Jan
McWiIliam8
Dredging
*
Mead Johnson & Co
*
5
Memphis Nat Gas com
Memphis P & L $7 pref...*
1
Mar
Mar
2?*
21
Jan
Mar
""266
7X
Mar
10?*
Jan
8X
4,300
Mar
10?*
Jan
7%
1,600
OX
OX
Mar
9?*
Jan
-10
Class B
Class A pref
*
Jan
100
31
42
Jan
Nipissing Mines
27 J*
Mar
34 X
Jan
Noma Electric
1?<
200
IX
Mar
2?*
Jan
7X
7X
3,800
ex
Mar
9?*
Jan
Mar
X
Jan
100
28
"266
20X
100
4%
400
20?*
Jan
46?*
47?*
200
38 X
Mar
63
Jan
~~3~X ~~4~X
""600
24
Mar
X
IX
Mar
Apr
Feb
17
38
Jan
45
19?*
Jan
7?*
Mar
3X
Mar
Common.—
Feb
45*
2X
Marl
5X
Jan
Mar
hi
Feb
Mar
50
32
Mar
41?*
Feb
12?*
Apr
Jan
400
4?*
75*
18?*
6?*
9?*
Jan
8
*
$6 preferred
North Amer Rayon
Class B com
900
1?*
X
Mar
200
12%
Mar
Feb
Feb
111
Jan
300
29?*
Mar
47
Feb
200
3?*
45*
X
48?*
Mar
0
Mar
7?*
X
35?*
37?*
4?*
5
400
40?*
10
Apr
10
25
36
Mar
62
Jan
Apr
15
Apr
85
Mar
102
Jan
Mar
10
51
55 J*
2,400
45?*
Mar
72?*
Jan
1?*
03X
400
1?*
Mar
25*
Jan
1?*
"53"
42
3,600
Mar
72
Mar
19?*
2
7
Jan
5?*
100
Mar
10
Jan
23
23
200
20
Mar
30
Jan
Jan
92
20
92
Apr
Apr
10
92
101
82?*
83?*
90
81
Apr
7?*
7?*
0?*
100
5
Mar
4
Jan
10?*
OX
OX
72X
7X
72%
5?*
4,100
Jan
Jan
Jan
Mar
8?*
79
66
X
500
Jan
Jan
Jan
•h
Feb
Jan
X
Apr
1?*
Feb
4%
300
3?*
89 X
Mar
0?*
89?*
Jan
"31?*
i'joo
24?*
7?*
15*
Apr
38?*
9?*
Jan
Mar
2?*
Feb
Mar
4?*
Jan
X
1?<
Jan
31
Mar|
Mar|
37?*
12?*
4X
31
30"
Mar
24
Jan
11?*
Mar
23?*
Feb
9X
24
100
Mar
Nor Central Texas Oil—5
Jan
Nor European Oil com—1
Nor Ind Pub Ser 6% pf.100
Mar
7% preferred
7?*
2?*
Jan
Northern Pipe Line
Jan
7?*
Feb
Jan
Jan
9X
400
25
3X
500
1?*
7?*
90
Mar
Mar
Mar
3?*
Mar
52
Apr
3?*
12
Jan
Jan
107?*
4?*
Jan
Mar
50
X
50?*
54
X
Jan
54
"~9X "lOX
65
Jan
Oilstocks Ltd
Mar
19
Jan
Oklahoma Nat Gas com. 15
Mar
1?*
Jan
Mar
4
Jan
50
"800
66
Apr
77
Jan
Mar
6
Feb
14?*
13?*
24?*
34?*
945*
109?*
112?*
1015*
Jan
6J*
8?*
100
18
26?*
125
23?*
Apr
91
Jan
300
102
Apr
109?* 109?*
95
98?*
400
109?*
Apr
20
94?*
Jan
~~8~X "S%
"400
400
188?*
8?*
0?*
Mar
7%
100
21?*
Jan
31
Feb
90
102
7X
Feb
93
Mar
102
7%
104
*
175
X
30X
Mar
X
2,100
X
Mar
Pacific Can Co
Jan
X
IX
Jan
X
Mesabl Iron Co
Feb
Pacific G & E 6% 1st pf-25
Apr
29X
Feb
25
Metropolitan Ddlson
*
75
Oil
2%
2X
6
e
X
2,200
1,400
2?*
200
X
X
X
5?*
1,700
X
*u
10
Jan
Apr
Mar
50
75
Apr
Jan
com
*200
Mar
6?*
Jan
$1.30 1st preferredPacific Tin spec stock
Mar
8?*
Jan
Pan-Amer Airways
Msr]
X
Jan
Pantepec Oil of Venez
1
Paramount Motors Corp.l
5
Feb
4
Jan
2X
800
IX
X
7u
X
900
X
Apr
Mar
4X
3%
OX
4X
500
3X
OX
100
OX
Apr
»u
10
Feb
Aprj
5?*
Apr
Jan
*
*
Parkersburg Rig & Reel—1
Co
65
Mar
*14?*
Mar
Mar
49
Jan
100
4?*
Mar
1,900
27?*
20?*
Mar
Mar
49
10
40
Apr]
Apr
91?*
9?*
10?*
25*
5?*
14?*
25?*
14?*
5?*
5?*
25?*
15
5?*
Jan
12?*
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Mar
4
Jan
Jan
Mar
4?*
Jan
58
31
24?*
Mar
Jan
Apr
100
Jan
Mar
Jan
6?*
17?*
800
Jan
305*
275*
105?*
Mar
13,200
Jan
Feb
3?*
65*
3?*
Jan
Jan
Feb
45*
Jan
14
16
1,300
200
Feb
15
Jan
Mar
19
Jan
Jan
23
Jan
18
15
13
21
15
Mar
22
22
2?*
22
100
24?*
Jan
100
Mar
4
Jan
26
Jan
Feb
110
Feb
24
*
21
110
2?*
——
Preferred
Mar
5%
Patchogue-PlymouthM ills*
A—*
Class B
Mar
28X
Pender (D) Grocery
Peninsular Telph com
9X
5%
27%
...10
Parker Pen Co
2?*
Jan
Mar|
15?*
Jan
Jan
Mar
98?*
28
Pacific P & L 7% pref. 100
Pacific Public Service
*
X
Mar
3?*
Midland Steel Products—
$2 non-cum div shs
*
25
5?*% 1st preferred—25
Pacific Ltg $6 pref
-*
X
Metal Textile Corp new 25c
New partlc preferred.. 15
Bumper Corp—1
25
-1
"46"
Jan
200
3
~37~
Mar
11
20?*
..100
1,100
Mar]
Jan
23?*
50
2X
Jan
Apr
50
'
*
2X
$3 preferred
'11
Jan
47*
100
10?*
5
com.
Jan
X
5"6O6
Ohio Edison $6 pref
Mar
43
Jan
20?*
B com..*
*
Ohio Oil 6% pref
100
Ohio Power 6% pref—100
Ohio P S 7% 1st pref—.100
6% 1st preferred--—100
Apr
Feb
4
50
Engineering. .*
Novadel-Agene Corp
*
Brass Co cl
Mar
3X
Northwest
16?*
42
100
—100
10
Mar
200
200
42
Mar
IX
31?*
42
6% prior preferred
4X
Feb
31?*
50
No Am Utility Securities.*
Jan
11?*
47
1,500
3
"166
300
150
1
19
300
Mar
1,300
19
300
IX
900
3?*
*
Jan
OX
95
3X
31?*
1?*
3?*
1
Nor Sts Pow com cl A.. 100
52
IX
1?*
3?*
Overseas Securities
2?*
Jan
Penn Edison Co—
1
1
800
1
Mar
80?*
1?*
Jan
1
7X
OX
7X
400
6?*
Mar
8?*
Mar
8?*
*11?*
Feb
Penn Gas & Elec cl A
1?*
Mar
Mar
Penn Mex Fuel Co
Feb
2?*
29?*
Feb
24 X
Mar
Penn Traffic Co
Feb
76
Mar
Pennroad Corp vtc
Jan
107
29
29
100
Minnesota P & L 7% pf 100
Miss River Power pref. 100
Missouri Pub Serv com
75
104
2?*
Mar
2?*
Jan
Jan
Mar
Voehrlnger—
$2.50
OX
Molybdenum Corp
.1
Monarch Machine Tool..*
4X
IX
12X
IX
5
12X
IX
Jan
2,200
3?*
Mar
100
12?*
Mar
400
1?*
Mar
Monroe Loan Soc A...
Montana Dakota Util—.10
IX
4?*
120X
For footnotes see page 2509
9?*
4?*
19
Jan
Oliver United Filters cl B_*
*
Mar
Mar
Jan
Montgomery Ward'A
Jan
70
Jan
Monogram Pictures com.l
Jan
94?*
01
50
X
Common
Mar
Mar
1?*
5?*
Mock, Jud,
Jan
1?*
Jan
50c
Jan
18
50
4?*
Midwest Oil Co
10
Midwest Piping & Sup...*
Mining Corp of Canada..*
Minnesota Mining & Mfg.*
Apr
4?*
02 X
Mar
Mid-West Abrasive
Mar
125
2
Mid vale
60
91?*
6% conv pref
Oldetyme Distillers
ox
Mar
88?*
Mar
Class B vtc
—*
Midland Oil conv pref
*
Middle West Corp com
5
Jan
Jan
Mar
"25
23?*
*
Mar
40?*
Mar
Middle States Petrol—
Class A vtc
X
~Io"~
21
Preferred
Jan
Feb
100
Participating preferred.
2X
OX
Mar
X
15
X
X
Jan
1
Jan
5,800
cl A..*
45
Sugar Co
3
2?*
4?*
Steel Tube..2.50
Jan
Jan
Jan
ui«
13?*
Mar
Gas & Oil
Mar
2?*
3
Michigan
Michigan
Michigan
Michigan
Feb
1,000
Merchants & Mfg cl A...
Mexico-Ohio
2
Jan
13
"io"
1
—
13?*
$0 pref
Jan
39
Feb
1?*
3?*
Mar
18
1
\4X
5X
95
40
3
12?*
5
-——5
-
9
Mercantile Stores com...
0X% A preferred... 100
Jan
Mar
Mar
Nor Amer Lt & Pow—
Apr
VX
50
Merritt Chapman & Scott *
Warrants
145*
2
100
325
IX
Mar
Ohio
3X
Feb
200
1,400
14
9X
9
15
X
5
common
32
9
95
Apr
Apr
Niagara Share—
29
20X
4X
IX
Jan
100
X
Niles-Bement Pond
7X
OX
37
400
Class A opt warr
Class B opt warr
31X
"17X "l7X
1
May Hosiery Mills Inc—
$4 preferred w w
*
McCord Rad & Mfg B.__*
Jan
Apr
17?*
4?*
5% 1st pref...——.100
5% 2d preferred-----100
5% 2d pref cl B
100
45
1
1,300
11?*
Niagara Hudson Power—
Jan
£1'
Master Electric Co
Mar
Feb
*
Massey Harris common..*
17X
14
300
*
1,200
5
20X
IX
*
7
13?*
6% pf.100
26?*
IX
Mass Util Assoc v t c
Mar
N Y Water Serv
Jan
1
Marlon Steam Shovel
13
New York Transit Co
Jan
Mar
X
Jan
Apr
OX
12%
1
Founders shares
Feb
»»ii
5
Apr
Mangel
Margay OH Corp
Jan
Mar
Mar
100
reg
1
110
37?*
-*
$6 preferred
15?*
X
Communlca'ns ord
13?*
3X
x
Marconi Intl Marine
Mar
N Y Shipbuilding Corp—
16?*
X
preferred
Jan
X
ox
Nineteen Hundred Corp B1
27
Mapes Consol Mfg Co...*
Jan
7
hi
7% pref--100
10?*
19?*
50
7
Marj
X
13?*
2?*
N Y Merchandise.-.—-10
4,800
1
conv
Feb
Mar
Mar|
17?*
8
8
N Y & Honduras Rosario 10
22X
Majestic Radio & Tel
$5
Apr
1?*
IX
Lucky Tiger Comb G M.10
Lynch Corp common
5
Stores
3
Jan
Feb
Apr
3?*
500
5
7
1
IX
7X
Jan
39
13 X
Warrants
29
31X
*
Jan
12X
8X
City Omnibus—
200
100
X
7%
*
7% preferred
100
6% pref class B.....100
Apr
3
2,600
IX
7
*
Long Island Lighting—
Common
Loudon
1,200
"s'x ~~8%
8
Jan
10
N Y Auction Co com.—*
Mar
11X
19
IX
5
—.1
25
16 %
17
"mi ~ig%
Loblaw Groceterias cl A..*
Lockheed Aircraft
4X
x
..
19%
121
Mar
Mar
1?*
New Mex & Ariz Land—1
9
X
12?*
300
Develop.-.25
Le Tourneau (R G) Inc.-l
Mar
6
*
Jan
12?*
N Y Pr & Lt
.......*i
Lehigh Coal & Nav
100
hi
100
Newmont Mining Corp. 10
New Process Co com
*
65
Lefcourt Realty common. 1
Leonard
New England Tel & Tel
New Haven Clock Co
Jan
Mar
Langendorf United Bak—
new
120
$2 pref
ux
Jan
3X
7% pf—100
Assoc.—*
6% preferred..-—-.100
~49~x "hi'x
50
40
New Engl Pow
500
~99~~
Feb
%
300
Nev Calif Elec
2,700
3X
ox
Jan
9?*
5?*
Jan
15
Jan
2%
39
Koppers Co 6% pref..-100
Kress (8H) & Co
10
X
J17X
Nestle Le Mur Co cl A—*
Mar
2X
3%
Feb
7?*
2
2
Neptune Meter class A.--*
42
Feb
Mar
Kleinert (I B) Rubber ColO
Lakey Foundry & Mach —1
pref-.100
Nebi Corp common
*
Nelson (Herman) Corp.-5
100
Klein (D Ernll) Co com..*
Lake Shores Mines Ltd.—1
Jan
1
Kirkl'd Lake G M Co Ltd 1
Kreuger Brewing Co
Mar
Jan
35*
108?*
pref-100
Jan
7?*
11?*
OX
X
22
2X
Nebraska Pow 7%
21?*
Apr
4
100
28X
1
Mar
*
Mar
200
1
—1
Knott Corp common...—1
Kobacker Stores common.*
Mar
12.50
Jan
2
Mar
*
IX
7X
100
5% preferred D
Kingston Products
Kirby Petroleum.
7?*
6?*
12?*
*
Jan
43?*
108?*
Navarro Oil Co
Jan
145
20
Nat Union Radio Corp—1
Jan
68
21
5X
Kings Co Ltg 7% pf B 100
900
'766
Conv part preferred—*
National Steel Car Ltd—*
06
Mar
4
Feb
4?*
1
Apr
Marl
Feb
4X
8,800
8
Mach...—*f "~3X
common
Mar
5X
7X
1
Breweries
Nat Service
*
—
IX
107
Ken-Rad Tube & Lamp A *
107
4?*
National Container (Del).l
National Fuel Gas.------*
02%
Jonas & Naumburg-.-2.50
0
OX
National City Lines com.l
$3 conv pref
50
Jan
Jan
Mar
33?*
8
4108
7X
1
0?*
X
28
27
X
OX
5
Nat Mfg & Stores
com—*|
National Oil Products
4
Feb
Jersey Central Pow & Lt—
5X% preferred-.—100
6% preferred
100
X
3X
National Baking Co com.l
Nat Bellas Hess com
1
6
1,500
Interstate Hosiery Mills--*
Italian Superpower
Jacobs (F L) Co..
Mountain Sts Tel & Tel 100
Murray Ohio Mfg Co——*
Muskegon Piston Ring.2?*
Machman-Sprlngfllled —*
0
20
Interstate Power $7 pref..*
Investors Royalty
1
Iron Fireman Mfg v t C..10
Feb
Jan
Mar
X
8
Vitamin... 1
Home
4?*
8?*
X
Feb
Marl
J—n
145
{Mountain States Power.*
5
31
Feb
100
Mountain City Cop com 5c
Mountain Producers
10
Apr
Mar
Mar
100
7
X
Warrants series of 1940—
Class B
33
Mar
High
Apr
21?*
X
7
International
Low
28
50
Moody Investors pref
Jan
—1
$1.75 preferred
$3.50 prior pref...
29X
Shares
Mtge Bk of Col Am shs...
Jan
29X
*
*
Class A 7% pref
100
Moore (Tom) Distillery_.l
Mar
1?*
X
A
Class B
Price
Montreal Lt Ht 6c Pow..*
Mar
IX
Internat Safety Razor B._*
International Utility—
Kingsbury
Week
23
5,400
4,800
Registered
7%
for
of Prices
Low
High
24 X
Pow warr
International Petroleum.
Interstate
Week's Range
Sale
Moore Corp Ltd com
Internat Holding &
Class
Last
High
Internat
Internat Paper &
Range Since Jan. 1, 1938
STOCKS
(Continued)
Range Since Jan. 1, 1938
Week
1938
16,
Sales
Thurs
Sales
Thurs
STOCKS
(Continued)
April
120X 127
50
122
Feb
Apr
Mar
18?*
6?*
13
Mar
Feb
Mar
2X
Jan
2
Jan
5?*
Jan
140
Jan
Mar
25?*
3?*
Apr
8?*
Feb
2?*
Mar
2?*
Mar
15*
79?*
Mar
2?*
90?*
Jan
Mar
74
Mar|
82
75
122
Apr
149?*
Jan
100
59
Mar
72?*
J^n
$2.80 preferred
Mar
$5 preferred
*
1
--*
*
Co———50
Pa Water & Power Co
Peppered Mfg Co
3?*
3?*
400
2.50
Pa Pr & Lt $7 pref
$6 preferred
Penn Salt Mfg
3?*
—
1?*
1?*
82?*
81?*
124
62
*
100
Perfect Circle Co———*
124
"~57k
2
82?*
125?*
62
57?*
07%
24
24
4,400
200
50
100
54?*
24
Apr
Mar
77
24?*
Jan
Jan
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 4
146
STOCKS
Week's Range
Last
Sale
(Continued)
Par
Low
STOCKS
Range Since Jan. 1, 1938
for
Shares
High
Last
(Continued)
Week
of Prices
Price
2507
Thurs.
Sales
Thurs.
Low
Week's 'Range
Sale
Par
High
Sales
2E
of Prices
High
Price
Low
Range Since Jan. 1, 1«38
for
Week
Llw
Shares
High
—
1
Pilaris Tire & Rubber
3 %
500
3%
7%
3%
Apr
4%
Mar
6%
600
3%
300
3%
Mar
7%
Jan
Feb
115%
Mar
Mar
31%
Feb
Sonotone Corp
2%
Mar
Jan
——------1
2%
Soss Mfg com
4
500
2%
1%
Mar
100
10%
Mar
21
13%
600
*10%
Mar
17%
Jan
Jan
1%
Jan
"3 H
Mar
3%
Jan
i
«•<•<•»
-
6%
*» ■*••• *»
"moo
2%
6%
6%
1,200
5%
Jan
Mar
39
6%
"moo
4%
Mar
Southern Union Gas
34%
Mar
9%
62%
Jan
370
Jan
Southland Royalty
4%
Mar
7%
Jan
South Penn Oil
64
71
Jan
2~,200
!:■/>
>
"2% "3%
"""boo
%
90
%
Apr
1%
Jan
Mar
8%
Jan
500
Feb
18%
Metals of Amer—*
11U
Mar
1%
Jan
Jan
Mar
14%
Feb
Feb
95
Feb
18%
Apr
Jan
Mar
Mar
37
9%
Mar
18
100
'll
Apr
»i«
Jan
Standard Invest $5%
4%
500
3%
Mar
6%
Jan
Standard Oil (Ky)
6%
4%
6%
100
Mar
200
7%
6%
Jan
5
6%
3%
91%
Feb
98
22
Jan
35%
22%
Mar
Common class B
Mar
99%
Feb
Feb
3,500
27%
27 %
29
16
15%
16%
430
80
1%
11%
95
100
1st preferred
34%
26
24%
300
25%
Apr
Mar
Jan
Feb
100
23%
Mar
36%
27%
25%
Mar
2
Feb
Feb
140%
Feb
Jan
Apr
Mar
Feb
Mar
Jan
Jan
Jan
Jan
$1.60 conv
100
4
3
6
6%
3%
Mar
5%
2
800
35
34
1,100
106
300
Spring
%
27
13%
"18"
"9§"
23H
Mar
34
Feb
25
10%
Mar
17%
Feb
Apr
7%
Jan
Mar
7
Jan
Sterling Brewers Inc
90
Mar
100%
Jan
Sterling
Feb
140
Feb
Stetson (J B)
"14"
""166
13 %
Mar
15%
7%
Mar
10
%
13%
Feb
%
Mar
%
Jan
%
10 %
Feb
16
Feb
30
%
%
100
14%
15%
200
29
1 %
50c
4%
5%
24
22%
200
800
""%
2%
"2% "2% ""266
!%
%
1%
2%
700
Steel
pref
Rustless Iron &
Apr
12
Jan
5
Mar
14%
Jan
16%
3,300
15
Mar
18
Jan
6%
16%
94%
Mar
%
Mar
Mar
"l7% "l8~"
T266
95%
50
Mar
7
28%
4
Jan
Feb
•11
Jan
Jan
2%
Mar
Mar
%
Apr
1%
Jan
Mar
6%
Jan
1
Mar
2%
Jan
Samson United Corp com
Tobacco Prod
Tobacco Securities
Apr
13%
Mar
7%
Jan
Jan
1H
Mar
1,200
1%
Mar
3%
Jan
2%
Mar
9%
*!•
Jan
Feb
100
•i«
400
30%
Apr
49
Jan
4%
Mar
6
Jan
7,
7%
2,300
:
Jan
"2%
"2% "2%
%
»ie
62
"%
"2%
%
%
2%
""".WO
2%
Mar
%
Mar
48
700
5,100
3
Mar
Mar
1,100
150
68
5
Mar
%
2%
42
Mar
*ii
Mar
*i«
6%
Mar
9%
Jan
3%
200
2
Apr
3%
Apr
4%
5%
3,100
2%
11%
Jan
Jan
5%
Apr
12%
Jan
2%
Apr
4%
Jan
Mar
29
Jan
Mar
7
Mar
63%
1%
3%
2%
Jan
Jan
10
100
8
Mar
22
400
19
Mar
Jan
Seem an Bros Inc.
Unexcelled Mfg
Jan
Union Gas of
Jan
Union
Jan
Feb
25
Feb
18%
Jan
5%
700
16%
3%
Jan
4%
Mar
7%
Jan
%
400
H
Mar
1%
1%
Jan
1
1
h
12%
*
Mar
1
1,000
%
Mar
7,600
2%
:
Mar
12%
50
2
Mar
12%
Apr
35
Jan
Mar
1%
Jan
%
1
6
'50'
6
100
.50
50
200
50%
100
"9%
Jan
7%
300
7
Jan
10
Mar
100
8
Mar
13%
Feb
Mar
Apr
3%
36%
Feb
Jan
11
Jan
Mar
7
Feb
10
2%
2%
5,150
29%
100
16%
Jan
4
28%
700
Mar
6%
Jan
600
26%
Feb
29%
Jan
%
600
%
Mar
%
Jan
1
18%
4%
1,200
6,400
%
14%
Mar
1%
Mar
21%
Jan
Mar
300
4%
Mai
6%
paid-in
25
44
Mar
48
Jan
97
20
Mar
102
Jan
4
600
96%
3%
Mar
4%
Jan
1,200
6%
Mar
200
7%
Mar
12%
10%
Jan
Mar
9%
10%
8%
600
3
Mar
61%
Feb
1%
Feb
——
Jan
»u
Jan
$3
1st preferred
Milk
—
85%
87%
99
*
United
Molasses
5%
5%
Feb
1%
2%
2,500
1%
Jan
2%
Mar
7
7%
2,500
Mar
10%
JaD
18%
18%
Mar
20
Jan
99
80
84
550
66
Apr
90
Jan
United
50
107
Jan
111%
Apr
Jan
%
Jan
5%
Jan
8%
Apr
16%
110% 111%
5% cum pref ser AAA 100
Silex Co common.
Mar
16%
Mar
8%
,--*
8%
500
2%
5%
Jan
*
1%
400
Simplicity Pattern com— 1
3
3
200
100
216
222
40
1%
Simmons IF ware & Paints *
Singer Mfg Co..
Singer Mfg Co Ltd—
Amer dep rets
1%
1 %
Mar
2%
Mar
212
4%
ord reg.£l
For footnotes see page
2509
dep rets ord
2
2%
5%
2%
6
56
30
85%
Apr
95%
98%
Mar
Mar
Mar
243
5%
Jan
Jan
Ja
Jan
Jan
Mar
103
Jan
Jan
2,900
Jan
*11
Mar
1%
Jan
Mar
3%
Jan
2
4%
Jan
Mar
7%
Jan
300
•11
Mar
Mar
%
7%
Mar
7%
23%
TM
7%
5%
Mar
11%
Jan
""5% "l"
""260
1%
100
900
""%
"7%
7%
23
300
22
Apr
2
23%
Mar
3%
Apr
5%
35
Jan
Jan
Jan
1%
Mar
7%
2%
2
1%
Mar
2
Mar
1%
Mar
Jan
Feb
"366
Mar
Mar
15
Jan
Jan
Jan
6%
14%
Mar
2%
Mar
4%
Mar
2
Mar
4
Jan
30
"10% "ii"
200
Mar
2%
12%
%
11%
3%
12%
5%
7%
3
7%
3
Mar
34
Feb
10
Jan
11,300
100
12%
Jan
Jan
%
800
%
%
"ii
%
Mar
%
Jan
3%
3%
14,400
2%
Mar
5%
%
2
11,700
200
%
2%
2%
4,100
2
2%
4,500
5,600
69
1,000
%
63
62
'"2%
%
81%
76
20
Mar
Mar
100
1%
Jan
Jan
Jan
•n
Mar
1%
1%
Mar
3%
Jan
Apr
13%
Mar
4%
26%
Jan
Jan
17%
Jan
62
Apr
-77
Jan
17%
20
18%
18%
25
Jan
230
%
18%
%
7%
1%
200
%
Feb
1
Jan
7,900
2%
Jan
8%
Feb
2,200
3
Feb
Class
6%
reg.—
228
Shipyards cl A—1
B—
1
1%
6%
1%
1%
50%
Jan
20
Mar
77%
Jan
Jan
42%
Feb
6%
6%
Jan
875
40%
40
United Specialties com... 1
3%
700
2%
1
4%
3%
5
1,000
3%
Mar
39
Jan
Jan
Mar
67%
40%
67
6%
Jan
Mar
63
25
Preferred
U S Foil Co class B.
Simmons-Broadman Pub—
Conv preferred
Am
United Shoe Mach com.25
%
Feb
%
United Profit Shar new 25c
Shreveport El Dorado Pipe
Line stamped
—25
Feb
Mar
United N J RR & Canal 100
200
5%
18%
~84"
16%
1%
Co-——
4%
7%
com..25
Feb
*i«
Products...*
4H
Sherwin-Williams
Mar
3%
preferred.._-—*
2%
Shawlnigan Wat & Pow.
50
Mar
10
50
Corp warrants....
United
%
Mar
Feb
Mar
2%
44
125
46%
*
Clgar-Whelan Sts.. 10c
49%
4
5
15%
1%
2%
$3 cum & part pref
1
400
Feb
Transport
Warrants
Un
Jan
48
5
Sts.l
(Pa)—
50
Mining..5
Denn
Jan
6%
2%
<70-....10
common...*
Seversky Aircraft Corp—
2%
29%
97
8%
Canada.—*
Aircraft
United
Mar
300
1
12
7%
4
United Chemicals com—*
$6
Selfridge Prov Stores—
Amer dep rets reg—--£1
Feb
450
Jan
Mar
2
9
1%
7%
48
"97
Investmei|t com..*
$17.50
1%
50%
600
""%
Mar
Jan
Jan
2
4%
Option warrants—.....
United G & E 7% pref. 100
United Lt & Pow com A.*
Common class B__
*
8%
60%
Jan
8%
%
17%
Jan
Mar
Jan
Mar
26%
%
3%
Mar
3%
5%
3%
1
$7 pref non-voting.*
Mar
Mar
11
United
%
5
2
200
10
United Gas Corp com..
48%
Mar
7%
4%
6
29%
2%
Jan
1%
600
—
Jan
4%
17
Apr
8%
9
Union Premier Foods
1st
1
Allotment certificates—
Sentry Safety Control
1
30 %
2%
stock.....25
200
1,200
3%
1%
2
preferred
Union Traction Co
Hardware—1
Common..——-——-1
Convertible stock—..5
80c div.
Jan
25
Seiberling Rubber com...*
Selby Shoe Co
Selected Industries Inc—
Inc...*
Tubize Chatillon Corp—.1
Class A
1
15
113
*
*
""2% "2%
Trunz Pork Stores
29%
113
Jan
6
*
Ulen & Co ser A pref—.—*
Series B pref
*
816
—
600
Tung-Sol Lamp Works... 1
Mar
10
■
5
3%
2%
Co..-.10
Jan
Mar
21%
1
Common
4%
1%
1%
300
7
4%
100
7% preferred A
Trl-Continental warrants..
1%
Jan
3%
500
400
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
Trans Lux Pict
Screen—
Transwestern Oil
300
8%
Jan
Trust—
Jan
""loo
Jan
600
3%
ord reg—-£1
Am dep rets def reg—£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Jan
Jan
1%
5%
/:
Am dep rets
Jan
Mar
Jan
50
1%
%
Jan
Jan
99%
1%
24%
4%
Exports..-*
4
92
Jan
Mar
Jar
FeL
"2"
"2
22
9%
38
Apr
22
9
5
Tobacco Allied Stocks-
Jan
35
1
—-*
25
Scranton Elec $6 pref
*
Scranton Lace common..*
Scranton Spring Brook
Water Service pref-.--*
Scullin Steel Co com
*
general.
Jan
Feb
1
11%
Mar
7%
2%
1
Constr*
Ti«
900
%
37
Tishman Realty &
96%
5%
%
5
Thew Shovel Co com
Apr
5%
Scovill Mfg
■'
5
35
7%
Jan
$3.30 class A
Mar
100
2%
5
5
Savoy Oil Co—Schiff Co common
100
Apr
2,300
1
Swan Finch Oil
TUo Roofing Inc..
"""160
2
2%
1
*
Ryan Consol Petrol
*
Ryerson & Ilaynes com.. 1
Safety Car Heat & Lt
*
St Anthony Gold Mines.. 1
St Lawrence Corp Ltd...*
$2 conv pref A.------50
St Regis Paper com
5
7% preferred-------100
Seton Leather
Feb
4
Typewriter..-----*
Shattuck
Mar
2%
11%
2%
%
12
Oil
1
5%% conv pref.
50
Superior Ptld Cement B—*
participat.*
Corp—-15
Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A..
Taylor Distilling Co
1
Technicolor Inc common.*
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref—100
Texon Oil & Land Co
2
Feb
90
~r
Sullivan Machinery
Feb
Mar
1
12
Stroock (S) Co
Sunray
%
1,600
Co com
(Hugo) Corp
Sunray Drug Co..
4
-*
1
Russeks Fifth Ave
$5.50 prior
Mar
Stinnes
.-1
-1
*
5
*
*
*
Inc
Jan
Jan
9%
G&E6%pfD 100
Roeser & Pendleton Inc.-*
Rome Cable Corp com—5
Roosevelt Field Inc
5
Root Petroleum Co
1
81.20 conv pref
--20
Rossia International
*
Segal Lock &
Feb
Gas Co-
Voting trust ctfs
Securities Corp
Jan
Mar
14",600
Rochester
Warrant*!
3%
19
Mar
3%
Reeves (Daniel) common.
$2.50 conv
Mar
Jan
%
Pile—
1
1
Feb
11
50
1st preferred
"""16
%
Reybarn Co Inc
2%
2
50
si#
2d preferred
;
20
Sterling Aluminum Prod.l
5
4%
*
Rio Grande Valley
Apr
Prod—
Reynolds Investing.
Rice Stix Dry Goods
Richmond Radiator
Mar
Jan
com...20
(The) Corp v t c
Co common..*
6%% preferred
100
Sterchl Bros Stores
*
137
5
93"
new..50c
Eng'g—5
Jan
22%
18
8
B
100
5
$3 conv preferred
Royal
%
Feb
75
26
B---—-
Reliance Elec &
Jan
%
%
16
Wholesale Phosp
& Acid Works
13%
Reiter-Foster Oil
Jan
Jan
Mar
200
Stein (A) &
24
Jan
1%
600
8%
16
Starrett
*
*
%
4%
Jan
2%
U%
8%
2
5%
Jan
—
Jan
Mar
3
18
6
Feb
Raytheon Mfg com
Red Bank Oil Co
Reed Roller Bit Co
Feb
400
1
1
78
Common...———
»n
20%
Standard Steel
89
Raymond Concrete
Jan
Feb
20%
Standard Silver Lead
Jan
Class
22%
12%
%
Apr
Class A
Jan
Mar
39
200
"id
89
Quebec Power Co
*
Ry & Light Secur com. — *
Railway & Util Invest A..1
Apr
Mar
15%
1
*
76
27
7%
15%
94%
7% pi lor lien pref...100
§Pub Util Secur $7 pt pf- ~
Puget Sound P & L—
Tim. *
Pyrene Manufacturing.-10
Quaker Oats common
*
6% preferred
100
3
Mar
%
95%
6% prior lien pref... 100
Rainbow Luminous
Feb
%
11%
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
-.100
Standard
preferred
preferred
Jan
1%
3%
pref*
Standard Tube cl
60
Public Service of Okla—
Puget Sound Pulp &
Mar
5%
28%
19%
%
35
preferred—20
Standard Products Co
Jan
Common
$6
Mar
400
4
2%
1
Common
Standard Pow & Lt
Mar
103%
1st preferred
100
Pub Serv of Nor 111 com..*
7%
$5
3%
Preferred
2
100
-*
preferred
—
Public Service of Colorado-
10
140
*
*
*
Standard Cap & Seal com. 1
Conv preferred
10
Standard Dredging Corp—
4
$6
35%
Stahl-Meyer Inc com
Standard Brewing Co
100
18%
ht
preferred
6%
3%
Jan
Mar
Spencer Shoe Corp
4%
Indiana—
6%
Am dep rets
3%
11%
*10
1
preferred..
Jan
Mar
2%
reg—£1
ord bearer £1
Mar
37
Prudential Investors
$6
1%
3%
Am dep rets ord
21%
2%
2
Prosperity Co class B—
Provldence Gas..:
17 prior
—25
Mar
•11
95
100
Public Service of
Mar
800
200
1%
*
2%
2%
800
3%
%
3
Canada— *
Corp
1,400
2%
25%
24%
26
Co.—5
11%
"2%
*
1
Producers
Mar
55
500
1 :
Prentice-Hall Inc
Pressed
1%
4%
1%
Mar
Spanish & Gen Corp—
l
5
1st preferred
Pratt & Lambert Co
Premier Gold Mining
Mar
3%
700
So West Pa Pipe Line..50
"
6%
6%
13
35%
1%
3%
100
South New Engl Tel.—100
Southern Pipe Line
.10
"7l"
25c
common—5
Mar
1%
1%
2%
preferred
40%
5%
Inc....Polaris Mining Co
Power Corp of
Mar
Jan
13
2%
5%% pref series C
25
Southern Colo Pow cl A. 25
35
Plough
Powdrell & Alexander
5% original preferred.25
6% preferred B
25
37%
1
Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Forgings
Pittsburgh & Lake
Potrero Sugar
Mar
88
Southern Calif Edison—
7%
6%
Jan
2%
~37~~
50
Pitts Bess & LE RR
Pittsburgh
3%
3
Postage
Pitney-Bowes
-
Jan
14
Pines Wlnterfront
JVl.CtGr
Jan
1
common.*
1
Mines Ltd--1
Pierce Governor
Pioneer Gold
3%
14
14
88
South Coast Corp com.-.l
12
A——10
Mills—*
1
1
.1
Solar Mfg. Co
Phoenix Securities—
Conv pref series
Smith (H) Paper
5%
29%
com
Phila Elec Co $5 pref
Common
Sioux City G & E 7% pf 100
112%
*
*
Phila Elec Pow 8% pref 25
Phillips Packing Co
*
Philadelphia Co
3%
Jan
New York Curb
2508
Last
SaU
Par
Price
U 8 and Int'l Securities.
1st pref with warr
*
50
U 8
pref.-.---——*
Playing Card
10
.1
Range
of Prices
Low
High
for
Week
1st pref
conv
150
42
Mar
1
Mar
MOO
400
K
200
IK
IK
300
K
Verde Exten...50c
1%
United
Wall
2
10
IK
Universal Corp v t c
1
*2%
Universal
Paper..
Universal Consol Oil
-
IK
IK
1,600
"214
""500
Price
57
Jan
Feb
1%
Jan
Feb
5
i&
1
Kl
Jan
Feb
>11
Mar
Jan
1%
Feb
Mar
2%
Jan
11
Jan
IK
Jan
Jan
Mar
3%
Jan
Universal Products Co...*
10
Mar
16%
1%
43%
Class B
conv
200
1
Mar
33
125
31
Mar
1
"ik
Mar
1%
Mar
K
500
36%
1
l
K
22 K
13
Jan
Jan
Jan
Jan
Mar
K
Mar
2
100
IK
2214
15%
300
50
300
7
'
1%
22%
11
2%
%
K
i
2,500
*
IK
7%
7K
...
Apr
Jan
Cudaby Packing 3*fs 1955
Delaware El Pow 5%«.195«
Mar
3%
1%
77%
Feb
Jan
Jan
Det City Gas 0s ser A. 1947
5s 1st series B
.1950
Mar
Jan
Mar
3%
11%
83
Jan
Jan
1%
Mar
Mar
Apr
7
Jan
Jan
Apr
18%
70
Jan
57%
99%
83,000
100
Apr
15,000
11,000
52
Mar
104
67
■
94%
Jan
97%
125%
Apr
127%
8,000
103%
Jan
106%
2,000
104%
Apr
106%
123
1,000
120%
Feb
123
71%
92%
99%
166%
58%
70
72%
101% 101%
91
90%
53%
53%
91%
92%
99
99%
108% 108%
10,000
87,000
54
1,000
101
5,000
Apr
63%
Mar
65%
80%
Feb
90%
103
Apr
100
47
Mar
90%
97%
Mar
96%
4,000
Mar
103%
5,000
108%
Apr
109%
5,000
10,000
55
Feb
Jan
1%
Edison El 111 (Bost) 3%s '65
Elec Power A Light 5s.2030
8
Jan
Mar
75
Jan
%
4%
""260
4 %
400
2%
Apr
Mar
72%
107%
62%
1952
6% s series A
78
1953
Erie Lighting 5s
1967
Federal Water 8erv 5%s '54
Finland Residential Mtge
Mar
Mar
Firestone Cot Mills 5s. 1948
Firestone Tire A RUb 5s '42
Jan
Jan
Feb
Florida Power 4s ser C 1966
Florida Power A Lt 5s. 1954
63
59%
{98% 102
100
{90
85%
85%
76%
78%
%
5%
Feb
Jan
59,000
67
Jan
79%
Jan
23,000
106
Apr
108%
Feb
Mar
71%
104%
102%
90%
35,000
53%
97%
Apr
98
Mar
24
83%
Mar
45,000
71%
Apr
83
43
Apr
56
Jan
Jan
Feb
Mar
Mar
103*"
51
105
105%
63%
63%
15,000
102% 102%
105%
First Bohemian Glass 7s '57
2%
7%
5%
106
{47%
Banks 6s-5s stpd...l061
Mar
72
Mar
%
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1950
22%
9%
Mar
Mar
2,000
Jan
1,100
4
%
73%
107%
Empire Dist El 5s
IK
103
5,000
K
71%
Empire Oil A Ref 5%s. 1942
Ercoie Marelll Elec Mfg—
Feb
105%
Mar
Jan
Jan
Apr
Mar
91
1%
Jan
Mar
13,000
7,000
93
93%
101
5
Jan
19%
93
Feb
6%
Jan
100
Feb
4%
~~4~K "Ik
'3%
57
7,000
1
2%
67%
1
Williams (It C) A Co....*
Williams Oll-O-Mat Ht..*
Mar
Mar
3%
Mar
150
1K
40
40
5,000
Mar
9
IK
80,000
48,000
2,000
Mar
"""26
19 K
*71
Feb
Feb
1%
3%
1%
2%
*
*71."'
102%
Jan
Mar
4%
Jan
Western Tab A Stat—
_...*
Mar
91%
59
4%
1%
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1950
6%
30%
Westmoreland Coa' Co...*
Apr
60%
♦Deb 7s
Apr
8
100
86%
59%
100
4%
Mar
Mar
900
Mar
Mar
4%
%
1%
7%
1
900
Mar
43
105
57
Aug 1 1952
♦Certificates of deposit
4%
300
Feb
♦6%B
Jan
Apr
6
3K
Feb
05
Detroit Internat Bridge—
Mar
100
2%
3,000
91%
Mar
123
58
Denver Gas A Elec 58.1949
700
3K
Jan
Mar
47%
43%
42%
105
Cuban Telephone 7%s 1941
Cuban Tobacco 5a
1944
16
Western Maryland Ry—
Weyenberg Shoe Mfg
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1940
22%
l K
2
•
88
8,000
104% 105
105
1954
stamped...1943
Apr
Mar!
7K
.....
1
1.25
Vot tr ctfs corn
ser A
Jan
K
Western Air Express
1
Western Grocery Co...20
West Texas Utl ISO pref..*
West Va Coal A Coke....*
Gen mtge 4%s
6s
Jan
Mar
99%
87
Consol Gas Utll Co—
Feb
1%
-.1
99%
102%
101% 102%
58
61 %
61
94%
95%
{123
130
99%
1939
17%
2%
Apr
6
7% 1st preferred
5h
%
*
Wentworth Mfg
♦Commerz A Prlvat 5%s'37
Com'wealth Subsld 5%s '48
Community Pr A Lt 5s.'57
Community P 8 5s... 1900
Conn Light A Pow 7s A.'51
x7
Waltt A Bond class A...*
Wellington Oil Co
54%
Mar
83
5
Bros-Brower..l
Mar
54%
5%
1%
59
"lOO
"m
7% preferred
100
Wahl (The) Co common.*
Wayne Knitting Mills
Jan
K
99
1949
5%
Petroleum...1
pref.. 100
Vogt Manufacturing
*
Waco Aircraft Co..
Welsbaum
Jan
%
400
...1943
5%s. 1952
High
Apr
Consol Gas El Lt A Power-
Jan
2,900
Va Pub 8erv 7%
Walker Mining Co
44
68
5% 8
(Balt: 3%s ser N
1971
Consol Gas (Bait City)—
Mar
"k
Venezuela Mex Oil Co..10
Class B
Feb
Line
Cities 8erv PAL
Jan
%
2%
•i.
m
...5
Wagner Baking vtc
2%
Cities Service Gas 5%s.'42
Cities
Service
Gas
Pipe
Jan
Mar
IK
k
K
Van Norman Mach Tool-5
Venezuelan
1
Feb
IK
1
pref......
"ik "Ik
ht
7% preferred.......100
Valspar Corp com
1
$4
.IK
"l'oo
99
55
54%
Jan
57%
94%
Jan
Utility Equities Corp....*
Priority stock........*
Utility A Ind Corp com..6
Conv prefer red
7
fUtll Pow A Lt common.. 1
97%
52%
52%
57%
1969
Mar
IK
94
58% 254.000
48,000
57%
57% 50,000
19,000
95%
58%
..1958
Debenture 5s
8
32
55%
55%
54%
1950
Debenture 5s
8
32%
Conv deb 5s
Jan
Mar
*
60
Jan
Mar
Mar
pref...*
57
3%
%
23
8
Utab-Idaho Sugar.......6
5s.....1906
4%
Feb
3
Utah Pow & Lt $7
60
1955
Service
Low
80
82
88
Mar
8
Utah Radio Products
6s series B
Range Since Jan. 1, 1938
%
{76
{80
Mar
Universal Pictures com...l
Insurance
Cincinnati St Ry 5%s A '52
Cities
1938
Week
IK
7
T
1 %
for
of Prices
Low
High
2
3*
*
United
Mar
300
22
"114
t c
v
%
Week's Ra>»ge
Sale
High
IK
U 8 8tore8 Corp com
17
Low
Shares
200
50
IK
Last
BONDS
1
(Continued)
3K
2)4
47
1%
U 8 Rubber Reclaiming..»
United 8tores
Range Since Jan. 1, 1938
%
*i«
•it
U 8 Lines
IJ 8 Radiator com
Week's
16,
Sales
Thiers.
Sales
Thurs
STOCK!
(Concluded)
April
Exchange—Continued—Page 5
3,000
102
Mar
105
Feb
103
3,000
1,000
102%
102%
Mar
105%
Jan
Apr
105%
104
103% 103%
{30
85
2,000
102%
58
105%
Feb
Apr
71 %
' Jan
Mar
95
Jan
85
Mar
80
80
"l'ooo
76
Apr
81%
80%
81%
67,000
74
Mar
Jan
Jan
%
Apr
1
Jan
8
Jan
10
Jan
5s ex-warr stamped. 1944
Gatineau Power 1st 5s. 1956
Deb gold 6s. June 15 1941
Wilson Products Inc.....!
7
Mar
9%
Jan
Wisconsin P A L 7% pf 100
00
Mar
66%
Feb
3%
7%
Jan
Jan
Gen Pub Utll
6%s A. 1950
66%
6%
Jan
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s.1943
"66"
87%
Jan
Gary Electric A Gas—
%
4%
%
Jan
400
Jan
92
80
1,300
Feb
Feb
2
fWll-low Cafeterias Inc..l
Conr
preferred
..*
Wilson-Jones Co
K
K
*
Wolverine Portl Cement. 10
Wolverine Tube com
2
3K
*1#
"~K
8K
200
2K
2K
200
2
Mar
4K
2K
4K
900
3%
5 %
Mar
Woodley
Petroleum
__i
Wool worth (F W) Ltd—
100
Apr
.
Yukon Gold Co...
14%
6K
7%
6,100
1K
7K
..5
1%
200
Mar
"~6%"
Mar
1%
Mar
16%
Jan
*8%" "Feb
2%
Jan
BONDS
Abbott's Dairy 6s
1942
Alabama Power Co—
1st A ref 5s
.1940
1st A ref 5s
1051
1st A ref 5s........1950
1st A ref 5s
1908
{102% 103
93
92%
82 K
82
83%
80
80
75
76
71
71%
......
4%s.._i__1967
71
Aluminium Ltd debt 6sl948
Amer G A El debt 5s..2028
107
Am Pow A Lt deb 0S..2O16
68
Amer Radiator
Amer
4%s__1947
Seating 6s stp..l940
107 K
107
Associated Gas A El Co—
Conv deb 5%s
1938
6,000
65
General Pub Serv 6s_.1953
76
76
77
9,000
1,000
53,000
28%
26%
40,000
1,000
62
Hackensack Water 5s. 1977
Apr
Jan
6%s ex-warrants.._1943
Houston Lt A Pow 3%s.*66
104
Feb
112
Jan
Apr
102
Feb
Jan
92%
Mar
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A... 1949
0s series B
1st A ref
5%s
28
Feb
1st A ref 5s
20%
21%
Mar
29
Jan
8 f deb
Mar
34%
Jan
26%
Apr
1949
111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
Mar
Apr
B.1954
C...1956
ser
ser
6s series A...
0%s series B
54,000
21
Mar
33
Jan
29
2,000
23
Apr
36%
Jan
66
69
62
Apr
80%
Jan
95
95
8,000
2,000
92%
Feb
96
Mar
5s series C___
1951
Indiana Gen Serv 5s__1948
Indiana Hydro Elec 5s 1958
5,000
96%
Apr
100
Mar
Indiana A Mich Elec 5s.'55
5s
91
91
t77
88
67
72
2,000
90
95
Mar
Works—
♦Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A... 1955
1st M 6s series B...1957
i960
Bethlehem Steel 6s... 1998
84,000
57
Mar
79
Feb
111 K
118 K
121
132
110% 111%
118% 118%
120% 122
132
138%
18,000
7,000
11,000
8,000
70%
75
8,000
"59""
58
59
11,000
Broad River Pow 5s..1954
83
83
83
110%
117%
1950
Ind'polls P L 5s
ser
A. 1957
Apr
114%
Jan
0%b series C_.
Apr
Jan
122%
Feb
7s series E
85 K
Mar
7s series F
130
Jan
140
Mar
Interstate Power 5s...1957
70
Apr
85
Jan
jan
67
Feb
1,000
55%
71%
Mar
87
Jan
103% 103%
102% 103
83%
85%
28,000
101%
Mar
104%
Mar
28,000
30,000
100%
Mar
108%
Jan
2,000
113%
73
Mar
98
Jan
Mar
115
Jan
Debenture 6s
1952
5s series
D
5s series B
Jan
Jan
Mar
Jan
Jan
107%
Jan
85%
Jan
Mar
33%
Mar
11,000
21%
83%
Feb
23%
88%
Mar
*5*,000
97%
Apr
96
48
6,000
48
6,000
71
82%
71%
81
83
80%
86
71%
71
86
71%
4*6*,000
105
Apr
Feb
Mar
99%
Feb
103
Apr
105%
Mar
Apr
12%
Apr
12%
43
Mar
43
Mar
107%
85%
63
62%
Jan
Jan
Jan
110
Feb
Apr
100
Jan
18,000
79
Apr
94%
Jan
76
Mar
Jan
10,000
68
Mar
91%
85%
,000
79
Mar
89
Jan
84
Apr
64
Apr
,000
,000
109
,000
76
76
.000
104% 105
,000
108%
75
104%
110
{109% 112
"51"
104
48,000
109
"76*"
Feb
Mar
98
47
82%
105%
Jan
Mar
91 %
78
109%
81
Apr
107%
Mar
111%
Jan
Feb
Jan
Mar
Jan
Jan
Jan
104%
52
*600
45%
Mai
58
Jan
49
'*61%
49
52
,000
43
Mar
58
Jan
58
61%
104% 105%
,000
,000
49%
100%
Jan
64%
Jan
Apr
106%
Jan
Apr
58%
Mar
Apr
60%
107% 107%
1981
86
86
7,000
85
Mar
Jan
88
4,000
9,000
59,000
88
28%
88%
70%
85%
29%
30%
Italian Superpower 6s. 1963
Jacksonville Gas —
40
96
Jan
31,000
Mar
41
Jan
75,000
24
Mar
41
Jan
42
15,000
32%
Mar
40%
Jan
105% 106
{105% 108
6,000
105%
105%
Jan
107
Jan
107%
29
1954
"29 %
Cent States PAL 5%s '53
Chic Dist Elec Gen 4%s'70
40 K
1961
Chicago A Illinois Midland
Ry 4%s A
i960
Feb
Mar
Mar
Jan
73
Jan
63%
{106
4%s series H.
90
Mar
4,000
Apr
Isotta Fraschlnl
72%
Jan
64
69
Mar
Jan
Jan
28%
Mar
Jan
Apr
48
Mar
57%
99%
91%
Mar
Mar
18%
22%
92
93
79%
23%
35
41
90
Apr
66%
41,000
32,000
39
20%
Jan
3,000
Apr
70
Jan
Mar
107
3,000
92
82
60
"l'ooo
68
39%
21%
Mar
95
94%
85%
85 K
56%
51%
93
18,000
Cent Ohio Lt A Pr 5s__1950
Cent Power 5s ser D..1957
48
1,000
65
9,000
39,000
Jan
4,000
55
93
94
101%
51
56%
{51
{90
88
Mar
50
56%
51
1901
92%
108%
Jan
Jan
5s series B___
4%8 series C._
Kansas Elec Pow
1947
1901
43%
35%
102
102%
Jan
Jan
Jan
99
6,000
98%
Jan
60%
5,000
52%
Apr
03
78
Jan
85
Feb
39
Jan
40
Feb
30%
Jan
42
35%
100
90
43%
35%
102
95%
98%
99%
97
99%
3%s. 1900
1947
Feb
99
Kansas Gas A Elec 6s.2022
Kansas Power 5s
Mar
Jan
60
{80
7s... 1942
6s 8tamped...
1942
Jersey Central Pow A Lt—
105%
106%
69%
98%
96 K
106%
97
{111
114%
95%
96
*3*8",000
Jan
2,000
32
Feb
22,000
40,000
100
Apr
106
Jan
Apr
105%
Jan
1,000
97
Mar
99
Jan
112
Mar
98%
"3*666
95%
65
115
Mar
Apr
101%
Mar
Mar
Kentucky Utilities Co—
{85
101K
2509
88
101% 103%
43
1927
Feb
71%
76%
47
4%s series F
1958
Iowa-Neb LAP 5s... 1957
96%
87%
page
33%
63
33%
3,000
12,000
85
99
108%
{108
"96"
90
88%
85%
83%
85%
1950
94
see
Jan
Interstate Public Service—
88
For footnotes
23%
4,000
48
International Salt 5s. .1951
1955
1908
*
32
48
.1952
1950
1st A ref 4Kb ser P. 1907
5s series E
I ♦Chic Rys 5s ctfS
107%
3,000
.1957
122%
5s series Q
Chic Jet Ry A Union Stock
Yards 5e
1940
Jan
107
12%
Iowa Pow A Lt 4%s._1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
6s series B...
93%
12%
1903
120%
113% 113%
103 K
103
Cedar Rapids M A P 5s *53
Central 111 Public Service—
Cent Pow A Lt 1st 5s. 1950
Cent States Elec 5s...1948
Apr
Apr
Jan
International Power Sec—
Birmingham Elec 4%s 1908
Birmingham Gas 6s... 1959
Canada Northern Pr 5s.'53
Canadian Pac Ry 6s..1942
Carolina Pr A Lt 5s... 1950
Indiana Service 5s
♦Indianapolis Gas 5s A 1952
70
85
23*666
1957
1st Hen A ref 5s
Feb
Mar
104%
1953
28
29
1947
Feb
54
40
{93
1947
26
5s without warrants. 1947
62
4,000
3,000
23%
{84%
May 1957
Indiana Electric Corp—
68 K
97%. 97%
30%
3,000
57
{33%
5%s
29
Avery A Sons (B F)—
1,000
63
107% 107%
84
82%
90
20%
26%
107%
1947
107
Jan
30%
88%
68
Jan
98
Jan
Apr
Jan
Houston Gulf Gas 6s__1943
41%
Mar
50
37%
Jan
95%
78
7,000
Mar
Jan
Jan
Jan
66,000
29
Jan
Mar
Feb
78
30
108%
86
96%
Jan
76
Apr
Mar
Guardian Investors 5s. 1948
107%
30
74
Jan
65%
Feb
Apr
16,000
62
Jan
59
Feb
27,000
Jan
65
Jan
*5*666
87%
Apr
81
36
Apr
Mar
Jan
89%
75%
Jan
52
65
98%
Jan
52%
Hall Print 6s stpd
34
73
75
li'ooo
{107% 112
♦Hamburg Elec 7s...1935
♦Hamburg El Underground
A St Ry 5%s
1938
Heller (W E) 4s w W..1940
98%
101 %
Apr
53
Jan
88%
Mar
59
Jan
36
100
{51%
Jan
107%
Jan
Feb
{51
91%
79
89
104%
101%
99%
Grocery Store Prod 6s. 1945
Guantanamo A West 6s.'58
86%
88%
"27"
86
92
Jan
27 K
85%
Apr
Mar
26
55
Apr
104%
24%
26%
26%
62%
Apr
9,000
"3*660
30,000
30%
83%
Apr
Apr
Mar
63
78
♦Gesfurel 6s
..1953
Glen Alden Coal 4s... 1965
Gobel (Adolf) 4%s.._1941
78
11,000
26
197?
ex-warrants
66
81%
50%
Georgia Power ref 5s._1967
Georgia Pow A Lt 5s._1978
70%
106% 107
83
1968
5%s
65
{74
68%
83%
50%
76%
81
i960
5s series C
100
{60
5,000
3,000
Mar
79
5%s_A'55
4%s.l955
Atlantic City Elec
3%s '64
Locom
100
9,000
58 %
26
Conv deb 5%s
Baldwin
100
Jan
106
1949
5s with warrants
Deb 6s series B.....1941
General Bronze 6s....l940
99
32,000
78
102
3,000
Jan
106%
83
Feb
14,000
64,000
100
89
12,000
13,000
83
Assoc T A T deb
Atlanta Gas Lt
103%
40,000
54,000
25 K
Registered.
Debenture 5s
Jan
68
05
26
4%s C...1948
Conv deb 4%s
Conv deb 5s
102
t109% 110%
Ark-Loulslana Gas 4s. 1961
Arkansas Pr A Lt 5s. .1950
Associated Eleo 4 %s__ 1953
93
106% 107%
100% 107%
83
Appalao Power Deb 0s 2024
Conv deb
81
102% 103%
100
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd._1950
Amer dep rets
5c
6% preferred
£i
Wright Hargreaves Ltd..*
1st A ref
80
103%
100
44%
84
5,000
8,000
101%
42
Apr
95
Jan
68
106%
Jan
6%s series D
5%s series F
Apr
52%
Jan
5s series
I
1948
85
...1955
.1969
"69"
71
16,000
85
85
1,000
{77
1st mtge 58 ser H... 1961
Apr
80
68
69
20*666
80%
Jan
Apr
97
Jan
78
Mar
90
Jan
65
Mar
79
Jan
84%
Volume
New York Curb Exchange—Concluded—Page
146
BONDS
Last
(.Continued)
Lake Sup Diet Pow
for
of Prices
Range Since Jan. 1,
High
Jan
93
97*
Mar
Louisiana Pow A Lt 5s 1957
101*
27,000
84
Apr
103
Jan
25
Mar
25
Mar
85
1,000
2,000
12,000
25
85
102*
91*
25
Lexington Utilities 58.1952
96*
84
Apr
97*
Jan
101
Apr
104*
Mar
Apr
100
102* 103*
89*
90
100* 101*
Memphis Comml Appeal—
Deb 4*8
1952
98
Metropolitan Ed 4s E.1971
4s series O
1965
Middle States Pet 0*8 '45
Midland Valley RR5S.1943
60*
1,000
82
84
102
102*
84
85
Mllw Gas Light
93
94
Minn PAL
84*
84.
86
87*
66*
87*
90*
64*
66*
1955
Miss River Pow 1st 5s. 1951
77* 77*
109* 109*
57*
62*
109*
Missouri Pub Serv 5s. 1960
Montana Dakota Power—
62*
5*8
1944
♦Munson SS 6*8 ctfs.1937
Nassau A Suffolk Ltg 5s '45
90
12%
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s. 1947
6s
1948
Conv deb 5s
...1950
72
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
Jan
99
Mar
S'weetern Lt A Pow 5s 1957
93*
Apr
83
Jan
So'west Pow A Lt 6s..2022
63
62
95*
87
Apr
89
Apr
Feb
82
Apr
116
Mar
Apr
Apr
50
Apr
63
Feb
88*
Jan
95*
Jan
83
Apr
92*
Jan
Apr
100
Jan
61*
Mar
75
Jan
70
Mar
87
Jan
87*
109
Jan
110
Jan
54
Apr
68
Jan
Apr
86
Mar
88
47*
5*
Feb
Feb
95
Jan
86*
Jan
44
1,000
6,000
Jan
76*
44*
Jan
Jan
Mar
109*
Jan
Apr
111
48
94
108
10,000
1,000
23,000
46
Apr
Mar
62*
58*
1,000
25,000
47
Jan
95
73
47
Jan
Jan
116
47*
106*
Jan
75*
~3~, 000
46*
93
106*
101*
~<l666
Apr
80*
69
Apr
Apr
115*
40
Jan
Mar
116
93*
75*
118
57*
Feb
Jan
Feb
Jan
Feb
57*
58*
Feb
Mar
40
2,000
104*
Mar
Apr
39*
Feb
47*
27,000
103* 103*
73*
74*
1,000
102
Feb
20,000
70
Mar
85
Jan
Mar
87
Jan
76
1942
90
90
73
69
73*
74
3,000
7,000
90
♦Income 6s series A. 1949
N Y Central Elec 5*s 1950
New York Penn A Ohio—
8,000
77*
1954
86*
New Orleans Pub Serv—
5s stamped
*91*
♦Ext 4*s stamped.1950
N Y P A L Corp 1st
4*8 '67
N Y State E A G 4*8 1980
*45
105*
88
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
Nippon El Pow?6*s._1953
91
Jan
Feb
71 *
Jan
98
Feb
100*
Mar
76
.
Marl
105
78,000
Apr I
88
9,000
6,000
Apr
84
Jan
Jan
Apr
Mar
Mar
80*
Jan
40
Jan
53*
105*
Jan
113*
Jan|
62*
70
Apr
30
Mar
103*
112*
~2~, 000
Feb
108*
97*
Jan
No Amer Lt A Pow—
6*8 series A
*70
34*
1956
Nor Cont'l Utll 5*s._1948
No Indiana G A E 68.1952
Northern Indiana P S—
6s
series
C
*106
94*
93*
1966
5s series D
1969
4*s series E
1970
74*
37*
95
93*
88*
98
98*
104* 104*
80*
80*
*104* 104*
N'western Pub Serv 5s 1957
Ogden Gas 5s
1945
Ohio Power 1st 5s B__ 1952
6,000
93
„
4*8.1977
1st 5s
1979
1971
6s series D
1954
Penn Water A Pow 5s. 1940
4*s series B
Peoples Gas L
48
series
4s series D.
..1961
"79*.
Electric
1966
4*s series D
4*s
series E
1980
ser
F.1981
I960
61,000
18*
Mar
54*
30*
1940
104*
50*
Apr
10,000
50*
39
Jan
46*
Mar
21,000
104
Apr
106*
106*
Jan
Feb
2,000
50*
44
2d stamped 4s
1946
Super Power of 111 4*8 .'68
1st 4*s
1970
Tennessee Elec Pow 5s 1950
44
104* 105
104* 104*
43
Jan
Apr
76
4,000
26,000
103*
75
65*
Feb
78
Jan
67
66*
67
6,000
57*
Feb
80*
Feb
54
54
54
4,000
48*
Apr
61
Feb
82*
Mar
~76~~
Tenn Public Service 5s 1970
Tefnl Hydro-El 0*8..1953
Texas Elec Service 58.1900
Texas Power A Lt 5s.. 1956
97*
Tide Water Power 5s.. 1979
Tletz (L) see Leonard
Toledo Edison 6s
1962
Twin City Rap Tr 5*8 '52
Ulen Co—
106*
54*
Conv 0s 4th Btamp.1950
United Eleo N J 4s...1949
84*
97*
$85
86*
37,000
98*
57,000
*74
84*
2022
79
34*
55*
♦United Industrial 6*s.'41
♦1st s f 6s
1945
Mar
Mar
75*
100*
104*
99*
Jan
Jan
Jan
Apr
86*
Jan
30,000
106
Feb
53,000
106* 107
53
54*
44
Mar
108*
63*
Jan
Jan
34*
2,000
112* 113
55*
55*
$25*
40
26*
26*
12,000
34*
113
.1956
94
90*
95
30
Mar
112*
Apr
47
Jan
114*
60*
Jan
Feb
52
Mar
24
3,000
Feb
25
Mar
28
Mar
Jan
64
6,000
56
Mar
63*
65
10,000
57*
Apr
98*
98*
98*
19,000
94*
Feb
100*
Jan
69*
68*
69*
21,000
64*
Feb
78*
Jan
104* 104*
1959
Un Lt A Rys (Del) 5*8 '52
United Lt A Rys (Me)—
23
61
65
1974
~i~66o
64
United Lt A Pow 6s... 1975
9,000
96
Feb
100*
Jan
1952
1973
72*
75
Jan
Jan
62
63*
3,000
53*
Jan
70
Jan
67*
67*
1,000
64
Feb
78
Jan
76*
76*
76*
75
Feb
82
Jan
81
80
81
2,000
7,000
75
Apr
90*
78
78
78*
14,000
75
85
Jan
65
65
1.000
65
Apr
Apr
84*
Feb
Utah Pow A Lt 0s A..2022
1944
Va Pub Serv 5*s A.. 1946
1950
1946
Jan
Waldorf-Astoria Hotel—
♦5s Income deb
1954
Wash Gas Light 5s...1958
104*
100
Feb
12*
Mar
6,000
103*
Apr
105*
Jan
4,000
106*
Jan
107*
Mar
26,000
99*
Apr
106
Jan
107* 107*
Wash Ry A Elec 4s... 1951
Wash Water Power 6s 1900
19
6,000
16
16*
104* 104*
101
Jan
Jan
33
34
7,000
32*
Apr
Jan
104
Feb
West United G A E 5*8 *55
Wheeling Eleo Co 5S..1941
Wise-Minn Lt A Pow 5s '44
39*
105*
105*
Jan
Wise Pow A Lt 4s
107
Jan
Yadkin River Power 6s '41
Jan
♦York Rys Co 5s
91
Feb
106*
100
97
2030
103
Apr
107*
104*
Feb
Jan
21,000
105*
86*
10,000
1,000
96
Feb
58*
Apr
11,000
1107 *
103* 105*
89*
87*
1966
i6~,665
96
97
58*
58*
23*
23*
1,000
23
58*
1937
23 *
3,000
107*
107
90*
Apr|
105*
Jan
Jan
Mar
Jan
Feb
73
Jan
Apr
Mar
80
84*
Feb
95
Jan
Apr
103*
Jan
4,000
114
Mar
82
Mar
116*
88*
Feb
Mar
~4"OO6
113
Apr
113*
Feb
81,000
55
Mar
76
79
I
79
113*
62
80*
99
82
107
84*
76
94*
|
FOREIGN GOVERNMENT
Mar
67
101
34*
Jan
Jan
Jan
22,000
74*
Mar
88
Jan
78
Mar
90
Mar
3~2~66o
76
Apr
87
Jan
5,000
1,000
82
Apr
96
Jan
75
Mar
91 *
Jan
99
Mar
107*
Feb
93
Mar
103*
Jan
Mar
108*
Jan
83
80*
84*
*6*
J12*
66
20*
Mar
21*
Feb
t50
75
70
Mar
76
Feb
150
7*
75
7*
♦Prov Banks 6s B..1951
26*
26*
1,000
1952
*25*
27
98*
98*
19"666
1947
1951
♦7s stamped
1952
♦7*s stamped
1947
1948
♦Cauca Valley 7s
7*
♦6 series A
1955
98*
..1953
98*
Danish 5*s_.
107
106*
Apr
109
Jan
84
18,000
78*
Mar
91
Jan
91*
Feb
♦Hanover (City) 7s... 1939
21*
Jan
♦Hanover (Prov) 6*8.1949
♦Lima (City) Peru 6*s_'58
$20*
9*
$10
82*
6,000
6*
7*
Mar
Mar
113
30,060
111
Jan
66
66
1,000
15,000
66
Apr
53
Apr
54
109
89*
90
21*
21*
52
52
89*
Feb
24.
133*
133* 136
110*
110* 110*
104* 104*
$7*
74
♦Medellin 7s series E.1951
Feb
♦Mendoza 4s stamped-1951
Jan
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
Apr
Apr
107*
Jan
Apr
Mar
107*
Jan
Jan
101*
Mar
Jan
21*
Jan
65
Jan
137*
110*
7,000
6,000
9*
..1958
♦Maranhao 7s
Feb
130
17,000
20*
61
21*
58*
45
58
21*
21*
108
Jan
107
102
21*
1947
100
Jan
105*
$42
1952
6*8
♦Secured 0s
Apr
19
3,000
*45
Mar
79
20*
107* 107*
*101
10*
113*
100*
105* 106*
External
♦German Con Munio 7s '47
48
1,000
6,000
5s
Feb
Jan
Apr
113
103*
Apr
107
Apr
104*
♦Issue of Oct
"75"
0*
80*
Jan
Apr
9*
Feb
22*
3,000
101*
Apr
100*
Jan
Mar
53*
Feb
19*
19*
Jan
8,000
Jan
23
2,000
20
Jan
23
Mar
19
52
21*
21*
21*
22*
59*
22*
Jan
22*
Mar
Apr
Jan
13*
18*
Feb
1,000
2 ~66o
9*
16*
9
9*
16*
7*
6~666
75
9
Feb
64
Feb
77
Mar
Feb
23*
Mar
Jan
23
18*
Apr
15*
Jan
$11
....1931
14
96*
Mar|
102*
Feb
Mar
10*
Jan
Apr
10*
*
*
Mar
96*
96*
Mtge Bk of Denmark 5s '72
1958
23,000
98
♦Parana (State) 7s
$8
8*
7
♦Rio de Janeiro 6*8.-1959
$6*
7*
6
$*
*
*
♦0*s certificates...1919
♦5*s
1921
$*
*
*
*
*
54
13*
13*
$*
Mar
103* 104
14",000
102* 103
104* 104*
30,000
101*
Mar
104
104*
Apr
106*
Mar
101 *
Mar
69*
65*
Jan
63
93*
Jan
Mar
*
Feb
Mar
Apr
1,000
11*
Jan
13*
6,000
11*
Jan
13*
Jan
Mar
1
65
Jan
Jan
'
13*
Jan
Jan
Mar
*
*
45
Jan
Mar
Jan
Apr
13*
13*
13*
Jan
Feb
60*
1949
...1961
17,000
*
Jan
Jan
Jan
12,000
Jan
Jan
12*
$48*
103
Mar
16*
♦5*s certificates...1921
103*
Mar
$13
♦Mtge Bk of Chile 6s. 1931
♦Santiago 7s
Feb
25
♦Santa Fe 7s stamped-1945
Jan
Mar
Apr
25
Feb
102*
101*
Jan
28
Jan
98*
98*
♦Russian Govt 6*s.__1919
Mar
27
Apr
25
21
$22
$22
1927
6s stamped
Apr
Jan
80
1,000
Danzig Port A Waterways
Jan
106
27,000
1.000
Jan
Cent Bk of German State A
106*
85
17 H
20
Buenos Aires (Provlnce)-
14,000
53
104*
23*
23*
23
1946
♦20-year 7s...
2,000
36,000
6,000
112
*22*
Jan
$20*
♦20-year 7s
♦Baden 7s
94*
*106
105*
107*
Agricultural Mtge Bk (Col)
101*
106* 107
107
Feb
28
85
76
101
101*
......
1978
1st A ref 4*s
4*s series I
30*
West Newspaper Un 6s '44
Public Service of N J—
5s series C
72*
Mar
Jan
Mar
82
76
6s. 1954
6% perpetual certificates
Pub Serv of Nor Illinois—
1st A ref 5s
1950
Apr
36
Jan
100
69
*80*
"80*
Potrero Sug 7s stmpd.1947
Power Corp (Can)4*sB '59
♦Prussian
54
37,000
Jan
100
*100* 100*
*29
31
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 08...1948
4*s series F
50
57*
44*
89*
5,000
58
62
f*Peoples Lt A Pr 5s.. 1979
♦Pomeranian Elec 6s.. 1953
Portland Gas A Coke 5s '40
Potomac Edison 5s E. 1956
Marl
Mar
2,000
113
1961
Phlia Elec Pow 5*s. 1972
Phila Rapid Transit 6s 1962
Pledm't Hydro El 6*8.'60
45
74*
100*
*72*
..1908
1981
43*
40,000
A Coke—
B___
66
AND MUNICIPALITIES—
6s series A
1950
Deb 5*s series B..1959
Penn Pub Serv 6s C..1947
55
Mar
West Texas Utll 5s A 1957
114* 114*
1941
Penn Electric 4s F
Penn Ohio Edison—
Mar
37*
36*
103*
Apr
83
9,000
39*
102
Jan
96
6,000
46,000
31,000
3,000
Feb
Apr
103*
44
45
Mar
104*
Jan
65
43*
42*
90
Feb
Mar
55
Mar
45
♦Starrett Corp Ino 5s. 1050
Stlnnes (Hugo) Corp—
6s
Mar
39
97
Mar
100
69
27*
55
38
105*
1,000
101*
Pacific Coast Power 5s '40
Pacific Gas A Elec Co—
69
43*
27*
Mar
8,000
Jan
104*
4,000
Marl
97
97*
103*
29,000
45
Mar
93
97
59,000
9,000
5,000
Mar
44*
79
55*
40
: 96*
80*
93*
81
43*
58*
45
West Penn Traction 5s '60
Apr
102
1.000
57*
1st ref 5s series B
98*
95*
42*
4*8
Apr
62
57*
0s series A
95
93
45
Standard Investg 5*8 1939
IStandard Pow A Lt 081957
0*8
6*8
100*
Feb
95*
*44~"
United El Serv 7s
Apr
Mar
85
1,000
3,000
3,000
♦Certificates of deposit
Debenture 6s
1951
Debenture 0s_Deo 11966
6s series A
106*
100*
110
47
45
"44~"
Apr
Apr
106*
103*
Jan
107
~3~o66
45
1935
2d stamped 4s
2,000
102*
102*
High
95*
92
34*
90*
♦Certificates of deposit
♦Convertible 6s
West Penn Elec 5s
Apr
25,000
12,000
18,000
10,000
104
$34
Jan
86*
104* 104*
98
97*
87*
89*
Penn Cent LAP
Mar
93*
1st A ref 4*s ser D. 1956
Okla Nat Gas 4*s..,1951
5s conv debs.......1940
Okla Power A Water 5s.*48
Pacific Invest 5s ser A. 1948
Pacific Ltg A Pow 58.. 1942
Pacific Pow A Ltg 5s.. 1955
Palmer Com 6s
1938
Park Lexington 3s ...1964
100
4,000
97~66O
1st 6s series B
108*
18,000
105*
105
Apr
Feb
105*
107
87
North'n States Pow 3*s '67
N'western Elec 6s stmpd'45
13,000
61,000
106* 107*
104
I ♦Stand Gas A Elec 6s 1935
6s series A
64
105* 106
88
89*
104* 104*
*113
115
55
55*
Feb
64
92
81*
93*
Mar
82
47
New Eng Power
3*8.1961
New Eng Pow Assn 5s. 1948
Debenture 5*s
67
v.:71^-
116
104*
104*
107*
Apr
2*
.
44*
44*
108* 108*
115
till
80*
Apr
Apr
Mar
79
3
89
70*
62*
Deb 5s series B
2030
l4Nat Pub Serv 5s ctfs 1978
101*
24*
100
3,000
70*
Nebraska Power 4*s.l981
6s series A
2022
Nelsner Bros Realty 6s '48
8,000
Low
S
103* 104
103* 104
103* 104'
67*
9,000
39,000
10,000
16,000
7,000
2,000
8,000
91
88
88
Nat Pow A Lt 6s A...2026
1945
Ref M 3*s. May 1 1960
Ref M 3*s B.July 1 '60
104*
1,000
9,000
52*
1st Aref 5s
Debenture 3*8
Apr
Feb
7,000
85
52*
Mississippi Pow 5s...1955
Miss Power A Lt 5s... 1957
Mar
So'west Pub Serv 6s..1945
.'.
9,000
101*
102*
52*
93*
4*s_.1967
4*s
1978
71*
55
3,000
1,000
100
73,000
97
2,000
87
81*
101*
79*
Mar
100
5,000
87
Memphis P A L 5s A..1948
Mengel Co conv 4*s_1947
98
60
87
81*
Range Since Jan. 1. 1938
Week
24*
23,000
*24*
Marlon Res Pow 4*8.1954
McCord Rad A Mfg 6s '45
Southeast PAL 6s.-.2025
Sou Calif Edison Ltd—
for
of Prices
High
Loto
1st A ref mtge 4s
1900
Sou Counties Gas 4*8 1908
89*
6,000
Mansfield Min A Smelt—
♦7s without warr'ts.1941
JFerifc's Range
Sale
Price
89*
90
7*s._1940
Sales
Last
(Concluded)
High
Low
%
$95*
Llbby McN A Llbby 5s *42
Long Island Ltg. 6s... 1945
BONDS
1938
Week
Low
3*s '66
Lehigh Pow Secur 6s__2026
♦Leonard Tletz
Week's Range
Sale
Price
2509
6
Thurs.
Sales
Thurs.
*103
104*
104
Apr
104*
Feb
♦7s
Pub Serv of Oklahoma—
4s series A
1966
Puget Sound PAL 5*s '49
67*
let A ref
4*s
ser
D.1950
61*
64
68
2,000
50,000
61*
100
1st A ref 5s aeries C.1950
64*
61*
18,000
43,000
99* 100
58*
59
53
Jan
•
Queens Boro Gas A Elec—
5*s series A
♦Ruhr
*70*
*28*
Gas Corp 6*8.1953
♦Ruhr Housing
6*8..1958
4*8.*79
San Antonio P S Pc B.1958
12*
104*
San Joaquin L A P 6s B '62
Sauda
Falls 5s
26*
21
109* 109*
Safe Harbor Water
|*St L Gas A Coke 6s. 1947
74*
35
*22
.1952
78*
1955
12
12*
104* 104*
*127* 130*
111* 111*
25*
Feb
Mar
28*
25
110*
Mar
Apr
Mar
11,000
108*
Jan
15,000
3,000
9*
Apr
12*
Feb
102*
128*
Jan
105*
Mar
111*
Mar
"i",666
Feb
128*
Feb
112
the
26
26
28
26
26
1,000
6,000
25
26
21*
Jan
26
Mar
99
99
99
2,000
96*
Apr
102
Jan
z42
42
106*
Apr
Apr
107*
Jan
101*
Marj
105*
Mar
salee
x
not
a
Deferred delivery sales not Included in year's range,
Included
Ex-d'Vldend.
♦Saxon
Pub
Wks 6s.. 1937
Scullin Steel 3s..
Servel
Inc 5s
1951
1st
102*
4*s series B
1968
4*s series D...1970
103*
Sheridan Wyo Coal 6s. 1947
55*
1st
8ou
38*
2,000
*106* 107
1948
Shawlnlgan WAP 4*8 '67
Carolina Pow 5s. 1957
Jan
50
♦
16",000
6,000
102
Mar
105*
Mar
103* 103*
55* 55*
2,000
102
70
70
Mar
104*
Mar
2,000
54*
Mar
63*
Jan
1,000
70
Mar
77*
Jan
year'z range,
r
Cash sales not Included
n Under
n year's
fro Bales were transacted during current week.
Bonds being traded flat.
0
Cash sales transacted during the
current week and not
Included In weekly or
yearly ranger
Nosaies.
V
Under-the-rule sales
transacted during the current week
and not Included in
weekly or yearly range:
Nosaies.
a
'l
'■
transacted during the current week and not included
v-'f
Deferred delivery tales
■r.-I.V
In weekly or yearly rangeNo sales.
Abbreviations
Used Above—"cod,"
certl.dcatee of deposit;
'cons," consolidated,
"cum," cumulative; 'conv," convertible; "m," mortgage; "n-v,' non-voting
"v i c, 'voting trusts ertlflcmtes "w 1." when issued; 'w w," with warrant*
without warrants.
I
in
Ex-lntereet.
I Reported In receivership.
Jan
102* 103*
103
103*
y
$ Friday's bkl and asked price,
Feb
Scrlpp (E W) Co 5*8.1943
rule
Mar
♦Schulte Real Est 68..1951
No par value,
range,
stock;
*
2510
Financial
Chronicle
April
16,
1938
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
Closing bid and asked quotations, Thursday, April 14
Bid
Unlisted Bonds
38th
B'way
St
Ask
Unlisted Bonds
Bldg—
78
1945
75
Bryant Park Bldg 6Nfll945
11 West 42d St 0KB-1945
26
-■
„
Park
29
Place
?ml H.Davis & ©a
Dodge Corp—
Income bonds v t c
Members
6
10 East 40th St Bldg 5sl953
250 W 39th St Bldgs 6s '37
New York Stock
77
10
Exchange
12%
So.
La
Exchange
Sales
Week's
Range
of Prices
Sale
Par
Trice
Low
High
(Concluded)
Stocks
for
Range Since Jan. 1,1938
Week
Shares
Low
14 %
•
15%
802
N
15%
Par
*
for
of Prices
Low
High
Week
Price
Brager Elsenberg Inc com *
Consol Gas E L A Pow
*
6% preferred
100
High
20
Finance Co of Am A
100
%
Jan
1,163
%
%
1
2%
Mar
2%
Apr
1
9%
Mar
17%
Jan
Aviation
20%
61%
301
60 N
90
32
Feb
20
Jan
55%
112H
150
4%
Mar
104
75%
Mar
.500
627
9%
11%
65
6%
Mar
35
N
Feb
2%
2,100
1%
Mar
1%
Mar
113
44
5
5
90%
9%
15%
9%
16
6H
6N
p.
23 N
70
Mar
%
88
"is*
1
30
100
Jan
Jan
8%
104 N
Jan
Belden Mfg Co com
Jan
Bendlx Aviation
Apr
9%
Mar
17%
Feb
JaD
3K
Mar
4N
Jan
IN
IN
150
1
Mar
%
%
100
% Mar
IN
2N
Jan
1%
in
750
IN
Mar
2N
Jan
7%
7K
9%
7%
450
7U
10%
10%
10
5
com
Berghoff Brewing Co
1
'11%
10N
1
Blnks Mfg
Co cap....
7
Jan
"4%
Bliss A Laughlin Inc cap. 5
Jan
%
Jan
Jan
200
Jan
Formerly Cord Corp
Barlow A Seelig Mfg A com 5
Bastlan-Blesslng Co com.*
3
1M
36 N
"l%
Trans C cap
Feb
7
Feb
Mai
Mai
N
27
3%
1%
115
Apr
High
7
Api
3%
_
A
Low
5%
350
30
Automatic Washer com..3
68
113
1
Common class A
Jan
14%
20
60%
Manu Finance 1st pref..25
2nd preferred
*
Mar Tex Oil
17%
1%
113
.5
com
Houston Oil pref
Mar
13%
Eastern Sugar Assoc com.l
Fidelity A Deposit
12%
Range Since Jan. 1,1938
Shares
200
6
5H
Athey Trass Wheel cap.
Automatic Products com
"2 %
*
Sales
Week's Range
Aro Equipment Corp com 1
Asbestos Mfg Co com
1
304
Bait Transit Co com v t c. *
1st pre! vtc
Black A Decker com
CHICAGO
Last
Associates Invest Co com.4
Arundel Corp.
St.,
Sale
Thurs.
Stocks-
Salle
Thurs
April 9 to April 15, both inclusive, compiled from official sales lists
Last
Chicago Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
10
Baltimore Stock
SECURITIES
Listed and Unlisted
Ask
Internal Commerce Bldg—
6NB
W
_
*
„
CHICAGO
Bid
8
8
Apr
Jan
ION
700
8
Mar
13
Jan
700
7
Mar
13
Jan
400
8%
Mar
14N
Jan
11%
7%
600
4%
200
5N
Mar
8H
Mar
Mar
6N
Jan
16
50
12N
Mar
22 N
Jan
23
5,350
16N
Mar
28%
4%
4
Borg Warner Corp—
Jan
(New)
5
com
1
2
2
100
50
215
215
10
Merch A Miners Transp.
Monon W Penn P S 7% pf25
13
13 %
22N
22%
m
1N
29%
9%
3
1%
Apr
5
47%
Jan
Mar
11 %
Jan
Mar
IK
82
74
Mar
94%
Jan
Jan
Cent 111 Pub Serv pref...*
Central 111 Sec conv pref..*
82
59 N
Apr
75
Jan
8%
Mar
15%
Jan
w
20N
Jan
Central 8 W—
2,152
23
Castle & Co (AM) com. 10
650
39%
7%
1%
Apr
240
1%
16
Mercantile Trust Co
Mt V-Woodb Mills
com
100
Preferred
100
New Amsterdam Casualty6
No American Oil
39 %
9 ^
l
1
com
Northern Central Ry_._50
Penna Water A Pow com.*
U S Fidelity A Guar
2
N
77
IN
77
"UH
195
11%
10
21
2%
Mar
80
64
11
Apr
80
63
215
Jan
215
Apr
16 %
V
Class A
Jan
Bruce Co (E L) com
Jan
3
Burd Piston
Butler Brothers
Ring
5% conv preferred
Bait Transit Co 4s (flat) '75
A5s flat
1975
21 n
19%
2%
76,000
15
Mar
23K
Jan
23
21X
24
10,600
15%
Mar
27
Jan
Boston Stock
140
12
1%
IN
91%
91 %
3
Jan
5%
Jan
Mar
8%
21H
Jan
10
2
6,950
28 %
200
52%
550
Chic A N-West Ry com 100
1
Jan
51 %
Feb
4
Apr
6N
Jan
1
Mar
91N
15%
IN
25 N
38N
51
Apr
Mar
Last
Week's
Sale
Stocks-
Par
Range
of Prices
Price
Low
High
Range Since Jan. 1,1938
for
Week
Mar
Mar
21N
Jan
Mar
Low
IN
%
100
N
100
%
5%
Mar
...*
*
Commonwealth
Common
40c
Assoc Gas & Elec Co A
1
...
Amer Tel A Tel
100
123%
Boston A Albany
Boston Edison Co
100
100
118
Boston Elevated
100
54
Boston
74
Prior preferred
100
Copper Range..
25
10
32c
Mar
80c
Feb
52
N
Mar
Vs
Apr
HON
Mar
149 %
Jan
Consolidated Biscuit
Mar
108%
Jan
Continental Steel
124
Feb
Jan
Jan
111
173
54
55
205
15%
70
60
108
Apr
Jab
48%
13%
Mar
7K
7N
8
79
5%
Mar
3
3
3
240
Mar
9
2%
8%
12
30
160
7K
Mar
50c
200
Jan
_
Common
_
...
Goldblatt Bros Ino com..*
Feb
310
1%
1
Jan
•
50c
Apr
24
Feb
Mar
1J4
com. 10
Helleman Brew Co G cap. 1
Borders Inc com........*
5%
5%
100
5
Mar
9
Jan
100
IN
Mar
2N
Jan
Hupp Motor
100
10c
Jan
26c
Jan
Illinois Brick Co
(new)__l
com
15c
21%
21N
21N
30
18%
Mar
24 N
Jan
111 North Utli pref
s t c
4%
91
116
8%
Jan
5H
Feb
88%
Jarvls (W B) Co cap.
Jan
Katz Drug Co com..
1%
"~55c
1%
41
48c
55c
645
81
Mar
IN
37c
Mar
102
Jan
2N
79c
Jan
1N
20
1%
3N
Jan
25
40c
42c
45
30c
Jan
44c
Mar
._*
11%
12H
105
9N
Mar
16H
Jan
684
14N
Mar
24 %
.... .....
16%
IN
Apr
6%
Kentucky Util Jr cum pf 50
A
16%
18%
Jan
La Salle Ext Unlv com.
2%
2%
90
2
Mar
4%
Jan
9%
270
9
Jan
Mar
8%
859
5K
10N
11K
7%
23%
Union Twist Drill Co
5
United Shoe Mach Corp.25
'66%
23
24%
160
17
17 H
Utah Metal A Tunnel
Waldorf System
1
Warren Brothers
*
18
35
62%
67
773
40
25
Mar
40
51
Jan
10
Apr
27
Jan
Apr
20 N
77 N
Feb
Jan
Lion Oil Ref Co com
Jan
38N
41K
Jan
Loudon Packing Co
Common
*
85c
90c
400
55c
Mar
IN
Jan
Lynch Corp
6%
7%
35
5N
Mar
Jan
2%
2%
132
IN
Mar
Jan
1%
__._5
com
300
800
4,050
250
6%
15 N
200
1,500
Chicago Stock Exchange
Sale
Stocks—
Par
Price
for
(new)
Adams Oil & Gas
*
com
Advance Alum Castings..6
Aetna Ball Bearing cora__l
Range Since Jan. 1,1938
Week
Shares
Pub Serv Co pref 100
Armour A Co common
6
For footnotes
see
page
40 N
400
5N
......
5%
50
3
3%
300
5
5
2513.
2N
Jan
Mar
23 %
Jan
8N
16
Jan
Mar
Feb
Jan
Jan
14
9%
100
11
Jan
350
8%
N
Mar
%
6%
Mar
2
Jan
400
5
Mar
8N
Jan
40
100
%
Jan
108
14N
Mar
29
Jan
300
11%
Mar
18N
Jan
3N
650
3
Mar
5N
Jan
6%
6
Mar
200
14N
410
5N
Mar
75
7N
21%
3N
2K
10
7N
22
350
50
4N
IN
2N
26
7N
20
Apr
12
Jan
28%
3N
Mar
K
Feb
100
Jan
75
Mar
Mar
5N
300
200
Jan
Feb
65
600
IN
16
Jan
5
Mar
IN
Mar
3H
Mar
Feb
Mar
30
Jan
7N
7%
8%
300
7N
Mar
10
Feb
7%
150
6
Mar
9
Jan
2%
21%
IN
28K
3%
22
IN
250
28 K
26
Apr
4
Jan
600
16N
Mar
25
Jan
100
IN
ADr
9
100
243^
Mar
34
Feb
26
Mar
31
Jan
10
2
T
5%
Mar
9N
Jan
2N
Mar
4N
Jan
750
IN
Mar
3
Jan
6,000
4H
Mar
7
Jan
N
Mar
2
Jan
3
Feb
5
Jan
IN
3,650
1,550
1
2%
2%
2%
Corp cap
5
purchase warrants
5%
5%
5%
%
%
1,750
Middle West
Low
High
Conv preferred A
Midland Utli—
•
6% prior lien....... 100
36%
Apr
4N
Mar
7K
2
Mar
4K
46
Mar
Jan
Jan
Modine Mfg com..
.
*
150
4
Mar
SO
8
Mar
7N
11%
Jan
Jan
40
25
Apr
35
Jan
Natl Republic Inv Tr pref *
48
48 N
430
46
Apr
56
Jan
National Standard com. .10
5%
2,450
Jan
National Union Radio coml
Mar
6N
1
4 •
600
......
40
1
Feb
1
80
1
Feb
IN
Jan
5%
50
5N
Apr
7N
Feb
20 K
300
Apr
27 N
Jan
38
126%
1
5%
19
...
5
3%
1
1
"5%
Monroe Chemical Co pref *
Montgomery Ward cl A__*
Muskegon Motor Spe com *
8
3N
4
100
com
25
4N
6
Apr
4%
8
"48"
Mar
Mar
1
14%
12%
N
8N
25
-Hilled Laboratories com..*
Altorfer Bros Co conv pf._*
Amer
39
Jan
Jan
Jan
60
12
7N
7% preferred A
40 N
4N
Mar
7N
3N
Minn's-Moline Po Im
*
16
Mar
Midland United Co—
Abbott Laboratories—
Common
2%
7
4%
Common...
Sales
Range
of Prices
Lore
High
10
Jan
8%
Stock
Week's
Mar
Mlckelberry's Food Prod—
April 9 to April 15, both inclusive, compiled from official sales lists
Last
Apr
Jan
Mar
__*
Marshall Field com
Jan
7
5%
Mer A Mfrs Sec cl A com.l
Thurs.
Jan
24
26
22
McQuay NorrlsMfgcom.*
2%
8N
4N
4%
200
4%
Mar
12%
5%
26
♦
cap..*
6%
*
2N
"8%
Llbby McN A Libby__.10
Lincoln Printing Co—
Mar
17N
50
.5
Le Roi Co com
1%
2%
15
50
1
Lawbeck 6% cum pref.100
9%
7%
•
Preferred
22
5
*
,»
Mar
Jan
800
75
Kingsbury Breweries cap.l
25
(new)
Feb
34
6N
3N
...
com
Jan
21
6K
14
"7%
Kerlyn Oil Co
14N
Mar
104 % 104 N
18
17%
100
Kellogg Switch A Sup com*
Preferred.
100
..
Mar
5%
12%
9%
6
25
Ken-Rad T A Lamp com A*
Mar
Mar
7N
ION
16
15
""%
1
857
30
6N
"~6%
1
Indep Pneu Tool
Colony RR—
50
"15%
*
4%
88%
1%
15
6K
Hubbell Harvey Inc com.5
2
15c
N Y N H & Hartf RR_. 100
Shawmut Assn T C
Stone A Webster
1%
xl6
Harnischfeger Corp
2
i
North Butte.........2.50
3
Gossard Co (H W) com..*
Great Lakes DAD com..*
Jan
Mar
Narragansett Racing Ass'n
Torrlngton Co
com
Feb
1H
11
Hathaway Bakeries—
IN
18
Gen Finance Corp com___l
Gen Household Utli—
9%
50
10N
Gardner Denver Co
Jan
8%
Jan
♦
Jan
Apr
Feb
16N
Mar
Mar
Feb
20
Mar
30
Mar
Feb
Apr
6N
Jan
8%
2%
18%
14
8N
Apr
27c
Jan
10
200
2N
2%
19
Jan
10N
Mar
275
25
15K
Mar
1%
3
IN
New England Tel A Tel 100
"3%
15
Four-WheelDriveAuto cplO
19
Apr
5%
300
Fuller Mfg Co com
15%
Isle Royal Copper Co
25
Maine Central com
100
Mass Utilities Assoc v t c. 1
10N
Fox (Peter) Brewing com.5
Feb
50c
Jan
11%
1
Jan
23
19
6%
350
400
Mar
30 H
Mar
23 N
50c
7
13%
5
Mar
14 %
25
*
Feb
150
20
15
50
*
4
5%
2
UN
3N
203
15
1 %
Preferred...
100
5%
1%
24
1%
Class B
4%
12%
6%
FitzSimmsAConD&Dcom *
20
4%
11N
Jan
Feb
100
Elgin Nat Watch
Jan
9
Mar
350
Jan
51K
170
10
1,150
3
Mar
20
50
Feb
3K
Mar
2%
11%
Jan
4%
4%
8N
2%
42K
17
25
Mar
20%
200
348
20
27 %
Mar
3N
4%
8N
2N
15
9%
12
*
com
48 N
25 N
26%
Pennsylvania RR
Qulncy Mining Co
;
Class A.'_i....._-.:.'i-*
Dodge Mfg Corp com
*
Eddy Paper Corp
Eleo Household Utli cap. 5
2%
Mar
14N
800
11H
50
Cunningham Dr Stores. 2%
Dayton Rubber Mfg com.*
22
250
100
*
Old Dominion Co
Pacific Mills Co
Vtc part shs pref
7,300
4%
16
*
....
24%
16%
3%
23K
150
Jan
GeorglanInd(The)cl A pf 20
(Ctfs of dep) 1.
com
24%
"4%
13%
Jan
7%
20
Old
1
10N
Jan
10 M
Mar
19%
26%
Inc
25
com.
30
12%
Mar
24
Mayfl'r-Old Col Cop...25
Mergenthaler Linotype..*
New
9%
13%
Apr
5%
4%
•
Jan
30
400
605
47
Gillette Safety Razor.
Jan
7,500
2
19
662
17
100
14 N
7N
*
65
Apr
Mar
19
5N
2%
*
Mar
1
14 N
9
48%
Preferred
1%;
58%
98
Deep Rock Oil conv pref.
7
*
Employers Group
General Capital Corp
Feb
10
Dixie Vortex Co com.....*
4N
Eastern Steamship com..*
Jan
30
Jan
7%
100
Jan
Jan
1%
Jan
5
4% % prior preferred 100
6% preferred.
100
East Mass St Ry—
1st preferred
64
98 N
4%
East Gas A Fuel Assn—
Common.
%
10
Consumers Co—
66
20 %
75
115% 118
~
;'64-;V.:
98
Compressed Ind Gases cap*
3,787
15%
r«;—.
IN
Jan
Edison—
40c
Boston A Maine—
Class B 1st pref std.. 100
Boston Personal Prop Tr. *
Calumet A Hecla.
26
64
"l%
%
%
126% 131%
74
Herald-Traveller.*
Feb
Chicago Towel Co—
Cities Service Co com
Amer Pneumatic Service—
Feb
Mar
40
7N
Jan
34
Jan
%
Convertible pref
High
2%
Jan
59 N
Mar
7%
Common capital
Shares
Jan
Mar
Chic Rivet & Mach cap. -.4
Sales
Jan
2H
97
5N
15N
Chicago Rys. part ctfs 2 100
Thurs.
Mar
25
12
50
Jan
Mar
200
16
Mar
14NMar
3
13 N
IN
17%
150
28 N
.
9%
Mar
41 %
2,000
12
"2"
.
Mar
3
5%
450
16
51%
....
5
4%
Mar
6N
150
3
Cherry-Burrell Corp com.5
Chicago Corp common...*
_
April 9 to April 15, both inclusive, compiled from official sales list8
100
19 N
1%
Preferred
*
Chic Flexible Shaft com..6
Exchange
19
8
22%
500
45%
Jan
Mar
1,750
44 %
5
.....
5%
17
750
3N
7%
18
45%
Common.....
*
9
3
6%
19
30
Central States P & Lt pref *
Chain Belt Co com
..*
100
150
8%
1
10
Prior lien pref
Bonds—
17
..*
com
6%
17%
6%
*
Jan
25%
Apr
Brown Fence A Wire com .1
38
41N
Feb
5%
17
10
11
11
38
Apr
200
126
Apr
140
100
126 % 126 %
11
Apr
11
4
Mar
6N
Jan
Jan
6N
Mar
23 N
Jan
N
Jan
5%
250
5%
15K
5N
1,390
17K
250
%
N
500
5
Nat Pressure Cooker Co..2
18
Jan
3N
13N
%
Apr
Mar
.
Jan
Apr
Volume
146
Financial
Thurs.
Week's Range
of Prices
Low
High
Week
Price
Par
Thurs.
for
Sale
(Concluded)
Range Since, Jan. 1,1938
Low
Shares
8%
90
Noblltt-Sparks Ind com..5
North American Car com20
15%
16%
2%
550
12
Mar
50
2
Mar
9%
23%
Mar
Jan
Apr
Jan
Jan
12
12%
150
12
Apr
6%
1,400
5
Mar
9%
50
8%
Mar
11
9%
Feb
Jan
2%
12%
8%
9
*12
Northwest Bancorp com..*
Northwest Utll 7% prettOO
Ontario Mfg Co com
Mar
6
*
com
8%
Stocks
High
8%
2%
13
_.*
11
11
100
Parker Pen Co (The) comlO
Penn El Switch conv A..10
14
14
50
14
Jan
11
Apr
14%
14%
Mar
Apr
9%
13
13
50
_*
4
4
300
Perfect Circle (The) Co..*
Pub Serv of Nor 111 com. .*
24
24
420
Penn G & El
Corp A
Common.
com
74
*74
95
94
Raytheon Mfg 6% pf
Reliance Mfg Co—
5
v t c
Rollins Hos Mills com
1
8
8
Slgnode Steel Strap—
Cumul pref
%
58
600
2
Convertible preferred.20
Sunstrand Mach Tool com5
15
13
9
350
7%
Apr
13
Jan
100
22%
Mar
27
15
3%
25
17%
1,700
Mar
18%
300
14%
Feb
16%
%
Mar
1%
50
1%
Mar
2
%
12%
600
Jan
%
100
1
Mar
300
15
Mar
1%
20%
Jan
75
Mar
3%
12%
150
73%
2%
2,100
9%
Mar
%
20
Apr
523 W. 6th St.
UNION TRUST BLDG.
Los
Cln.
Tel.
Sys.
Thurs.
1
Last
Range
Sale
20
Cln Gas & Elect pref
Cin Street Ry
ices
LOW
16
100
Par
"78"
Hilton Davis
9%
105%
Feb
9
Mar
Apr
100%
5
Jan
Jan
81
Mar
1%
8
1
125
10
Apr
30
6
Mar
9%
120
Mar
76
5
12%
Jan
25%
Jan
Mar
13
3%
Apr
5%
7
23
6
Jan
7
Feb
17
Jan
32%
Jan
14%
25
14%
30
39
30
Mar
96
100
96
30
92
Jan
15%
2.50
10
*
*
2%
47
47
;___*
2
2%
Rapid
20
Playing Card
15%
10
%
33
%
Manischewtlz
Randall B
10
Mar
%
Jan
17%
1
Jan
Jan
10%
1%
Mar
6
39%
Mar
50%
.Jan
133
1%
Mar
3%
Jan
47
20
3
18
Apr
21
Mar
23%
1!
23%
40
1%
38
1%
50
Preferred
Jan
Feb
100
Jan
10
Mar
10
2%
2%
Apr
12%
6
*
5%
5%
30
5
10
U S Printing
Jan
7
4
14%
P & G
Jan
Apr
30
National Pumps
Jan
10%
6
;
Kroger..
Magnavox
Mar
1%
13
Mar
7%
22%
70
Jan
Apr
3%
75
23
Jan
Jan
Mar
3%
100
Kahn 1st pref
U S
31
Mar
5
5
...
Hobart A
18%
Mar
6%
200
8
22%
12
Mar
91
210
3%
Feb
5%
18%
10%
1%
8
.
Mar
11
Jan
Mar
Mar
17
Apr
Jan
Jan
3%
Apr
2%
Jan
20
Jan
Chicago Board of Trade
Teletype L.A. 290
Sales
Week's Range
for
of Prices
Low
High
Week
Price
3
26
26
Range Since Jan. 1,1938
*
Shares
26
-
■
-
■
Low
High
2% Mar
Feb
27%
52%c Mar
100
80
29%
1.00
Jan
2%
Mar
1
com..
65c
65c
65c
100
10
2%
2
2%
500
1%
Mar
500
15%
Apr
17
16
17
4
Jan
20
Jan
Feb
7%
7%
7%
300
6%
Mar
9%
8%
9%
1,000
7%
Mar
8
8
8
200
2
8
7%
8
400
6%
Mar
10%
Mar
77%c
60c
Mar
95o
Jan
341
65c 77%C
341
5,800
341
10
Apr
340
Apr
8%
10%
Mar
Jan
10
Jan
399
Jan
10
32%
31%
33%
400
25%
Mar
*
8%
8%
8%
100
6%
Mar
9
Mar
7%
7%
7%
200
7
Jan
9
Feb
com
com
*
Hupp Motor Car Corp
1
10c
Jan
5
Klnner Airpl & Motor
1
Lincoln Petroleum Co..10c
4
4
4
29
29
100
3%
Mar
Jan
37%
5
Jan
30%
1,200
25%
Jan
30%
87 %c
7c
87 %c
1.00
300
87%c
Mar
1.50
Jan
6c
7C
3,000
5c
Jan
70
7c
7c
7c
200
6c
Mar
12c
Apr
Apr
13c
Mar
27
Jan
23%
Feb
Apr
3
Jan
Mar
7
Feb
13c
13c
1,500
10c
Apr
18c
Jan
Lockheed Aircraft Corp_.l
High
15
101
78
10
*
Hatfield prior pref
Part pref.
Jan
San Francisco Stock Exchange
3
Hancock Oil A com
98
36
92
■
*
54
11%
36%
32%
Gladding-McBean & Co..*
Globe Grain & Milling..25
Mar
3%
82
8%
75
*
;
3
3%
15
Crosley Radio
Goldsmith..
100
3
General Motors
Low
283
8
9%
Feb
Farmers & Merchs Natl 100
Range Since Jan. 1, 1938
for
16%
91
10
345
1%
17
Jan
Mar
9%
1%
1%
5%
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
Week
99
91%
Gibson Art
2%
1%
Mar
Consolidated Oil Corp...*
Consol Steel Corp pref...*
363
Shares
23
Cin Union Stock Yard
Eagle-Picher Lead
/
15
25
2%
17
Sale
Jade Oil Co
20
3%
50
9%
Last
Byron Jackson Co...
*
Claude Neon Elec Prods..*
Sales
99
20
.....
50
Cln Telephone
Cin Tobacco Ware
High
3%
Champ Paper & Fibre...
Champ Paper pref
100
Churngold
*
11
461
Jan
Mar
Angeles Stock Exchange
Berkey & Gay Furn Co
Cincinnati Stock Exchange
Amer Ldry Mach
15
Barker Bros 5% % pref..50
CINCINNATI
6711—Bell
*
Mar
135
Bandinl Petroleum Co...l
April 9 to April 15, both inclusive, compiled from official sales lists
....
9
30
19
Thurs. I
General Paint
Aluminum Industries
140
629
16
Jan
7%
April 9 to April 15, both inclusive, compiled from official sales lists
Jan
BALLINGER & CO.
Price
4
Los Angeles
Jan
Cincinnati and Ohio Listed and Unlisted Securities
Par
20
Lot Angeles Stock Exchange
Bolsa-Chica Oil A
Stocks—
7%
Exchange
Feb
79%
5%
17%
Trading Markets in
Cherry
33
7%
4%
9%
33
Jan
3
Apr
Apr
.2
York Stock
Jan
Member* Cincinnati Stock Exchange
Phone
Mar
25
32%
*
Stocks—
Active
2
12
20
5
1
Jan
1%
17%
3%
11%
*""§%
%
17
75
Zenith Radio Corp com..*
255
25
7%
4%
*
Jan
4%
Jan
1%
Wleboidt Stores cum pref *
Woo da 11 Indust com
2
Mar.
Feb
Feb
......5
*17%
2%
Jan
14
Jan
1%
*
Apr
Feb
1,600
Veu>
Jan
15
•
12
18%
3%
MEMBERS
Jan
1%
_
2%
2
Mar
Wm.Cavalier&Co.
Jan
16%
7
100
25
Feb
Mar
Util & Ind
common
Feb
1%
1%
com
Jan
17
73
7%
Utah Radio Products com *
Common
28%
Jan
100
15%
1%
Wahl Co
Apr
Mar
72
25
17 %
2
50
3
2%
Jan
Mar
7%
12
3
Weinberger Drug Inc....*
Feb
13%
800
2%
12
cu pflOO
______
100
3%
Jan
63%
-
12
12
25
pref
5%
Mar
13%
10
...
Mar
21%
300
Trane Co (The) com
Mar
10
17
72
Standard Dredge com
Mar
3%
Mar
7%
23%
15
1%
64
2
47%
23%
30
Swift & Co
Jan
800
72
Walgreen Co
Mar
Jan
Jan
1,200
Sou Bend Lathe Wks cap 5
conv.
Feb
8%
2%
Southwest Lt & Pow pref
International
1%
11%
57%
.
15
Jan
Mar
2%
55%
2%
198
74
Jan
40
57 %
16
81%
7%
100
60
1
Jan
15%
Van Dorn Iron Works
1
Sears Roebuck & Co com.*
Jan
31
SM A Corp
60
cap__l
Serrlck Corp cl B com
4
Apr
Reliance Elec & Eng.
Rlchman Bros
go"
1
Apr
___3
Feb
Jan
2
24
Peerless Corp.
141
10%
65
Jan
Mar
Jan
100
*
129
High
8
2
*
20
Low
14
25
Ohio Confection A
Seiberllng Rub 8%
8
2
*
Jan
30
8
Range Since Jan. 1, 1938
Shares
24
Jan
29
High
1
_
Apr
350
Low
_.*
Mar
.
100%
10%
Price
25
.
Apr
10%
Weelc
._*
National Refining
National Tile.
Ohio Brass B
Jan
Mar
Apr
for
of Prices
.
74
74
Week's Range
Medusa Portland Cement *
Metro Paving Brick
*
Monarch Machine Tool..*
85
10 X
St Louis Natl Stkyds cap.*
Swift
Leland Electric
Lima Cord Sole & Heel
McKeeA GB
Warren Refining.
-..10
...
Schwltzer Cummins
Mar
Par
50
1
%
24
30
74
95%
136%
136
136%
3%
(Concluded)
400
74
74
*
100
com
Preferred..
Common
*74
60
;
Quaker Oats Co
Sales
Last
Sale
Nineteen Hundred cl B...1
Nor 111 Finance
2511
Sales
Last
Stocks
Chronicle
7%
7%
8
300
6%
Mar
Los Ang Industries Inc...2
Los Ang Investment Co. 10
2%
2%
2%
900
2
Jan
10%
3%
Mar
4
4
4
200
3%
Mar
4%
Feb
Mascot Oil Co
1
Menasco Mfg Co
70c
70c
70c
400
60c
Feb
75c
Jan
1
1.05
1.00
1.10
1,900
80c
Mar
1%
Jan
Mt Diablo Oil M & Dev..l
55c
55c
60c
1,500
55c
Mar
70c
Jan
1
20c
20c
20c
200
21c
Mar
30c
Jan
-—1
92%c
90c
95c
700
80c
Mar
1.20
1
40c
30c
40c
1,800
30c
Mar
49c
Jan
10
10%
10%
10%
200
9%
Mar
Jan
pref25
Republic Petroleum com.l
5%%|pref.
50
Richfield Oil Corp com...*
28%
4%
28%
28%
100
14%
29%
33%
33
Occidental Petroleum
Oceanic Oil Co
-
-
Pacific Distillers Inc
Pacific Finance
com
Pacific G & E 6% 1st
28
Mar
Jan
Feb
1,200
3
Mar
105
30
Mar
5%
37%
Jan
33%
6
5%
6%
2,200
5
Mar
7%
Jan
1%
1%
1%
100
1.10
Mar
Jan
Roberts Public Markets..2
2%
2%
2%
300
2%
Mar
2%
3%
Ryan Aeronautical Co—1
1.10
1.10
1.10
100
1.05
Mar
Wariants
Samson Corp B com
*
Security Co units ben int..
Sierra Trading Corp...25c
Signal Oil & Gas Co A
*
Sontag Chain Stores Co..*
4%
4%
Jan
Jan
1%
Jan
1
1
1
40
60c
Mar
1
Apr
25
25
25
20
<N co £
Mar
29
5c
Mar
7c
25
8
7c
7c
2,000
Jan
Jan
12c
8
25
200
8
23%
100
7%
Jan
8%
Jan
700
19%
25%
23%
Mar
Feb
So Calif Edison Co Ltd.25
21%
21%
22
25
25
6% pref A..25
26%
24%
25%
26%
24%
20
500
24%
500
Feb
25
Mar
Jan
300
11%
28%
11%
28%
Southern Pacific Co...100
12%
500
28%
9%
Mar
24%
27%
25%
30%
21%
*
29%
28%
29%
400
25%
Mat
33%
1
Superior Oil Co (The) ...25
Transamerlca Corp
2
2%
2%
2%
400
2%
Mar
Mar
Jan
6% pref B
5%% pref C
So Calif Gas
Standard Oil of Calif
Sunray Oil Corp
28%
30
9%
Apr
Apr
Apr
30
27
9%
200
10
2,000
8%
Mar
900
17%
Mar
100
6%
Jan
3%
36%
12%
21%
11%
300
2%
Mar
25
19%
19
19%
10
11
11
11
Yosemite Ptld Cement pflO
3
2%
Feb
Jan
Jan
Jan
Jan
3%
Union Oil of Calif
Universal Consol Oil
Ohio Listed and Unlisted Securities
Jan
3
.
Mar
26
Feb
Jan
Feb
Mining—
19c
6,000
12c
Mar
1
11c
11c
lie
500
IOC
Mar
22c
Jan
Imperial Development.25c
2%C
1%C
3%c
57,000
lc
Mar
3%c
Apr
Blk
Mammoth
Coasol.lOc
Cardinal Gold..
Members Cleveland Stock Exchange
18%c
18%c
22c
Jan
Tom Reed Gold
0 WOOPcb
25c
20c
25c
443
20c
Mar
20c
Mar
Zenda Gold
OILLIS
1
1
4%c
4c
4%c
4,000
3c
Mar
9c
Jan
Mar
Unlisted—
Amer Rad & Std Sanitary.*
12%
12%
12%
100
28%
28%
28%
200
Mar
14%
36%
Feb
50
(The) (Del) 3
3%
3%
3%
100
3
Mar
4%
Jan
Cities Service Co
*
1%
1%
100
1
Mar
2
Jan
Curtlss-Wright Corp
4%
4%
400
3%
Mar
Anaconda Copper
Aviation Corp
Union Trait Baildlnf, Cleveland
9%
.
22%
1
International Tel & Tel--*
7%
7
7%
200
5%
Mar
North American Aviation. 1
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
1%
4%
8%
17%
7%
8%
1,000
6
Mar
6%
7%
10%
Last
Sale
Par
Stocks—
Price
17%
200
15
Mar
21%
6%
6%
300
5
Mar
7%
Jan
14%
15%
200
14%
Apr
15%
Apr
Standard Brands Inc
*
7%
14%
7%
7%
100
7%
Apr
9%
Jan
1
5
5%
200
5%
Apr
24%
25
Apr
6%
24%
Apr
25
*
100
Cleveland Ry
75
Liw
*
45%
45%
Mar
61%
Jan
5
5%
5%
Mar
7%
Jan
8
11%
Apr
20%
64%
Jan
32
Jan
16
35
14%
52
55
44
Mar
22%
22
23
152
20
Apr
14%
925
11
Mar
10%
14%
"U3"
13%
Jan
Mar
15
*
United Aircraft Corp
U S Steel Corp..
Warner Bros Pictures
High
48%
100
Cliffs Corp vtc...
8%
Range Since Jan. 1,1938
for
Week
Shares
49%
1
Cleve Cliffs Iron pref
of Prices
High
8%
Amer. Coach & Body—5
Clark Controller
Week's Range
*
Radio Corp of America
Sales
Low
Jan
5%
5%
Detroit Stock
200
25
45%
100
5%
100
38%
3%
Dow Chemical pref
Apr
Exchange
Sales
Thurs.
Jan
10
5
Apr
13
Mar
Last
Week's Range
for
113
113
25
109
Jan
115
Mar
Sale
61
45
60
Jan
70
Mar
of Prices
Low
High
Week
60%
Elect Controller&Mfg...*
Jan
April 9 to April 15, both inclusive, compiled from official sales lists
10
Colonial Finance
Jan
17%
6%
Studebaker Corp.
Exchange
April 9 to April 15, both inclusive, compiled from official sales list8
Thurs.
Jan
Apr
*
Republic Steel Corp___._*
North American Co
Cleveland Stock
Jan
Stocks—
Par
Price
*
21
21
216
20
Apr
21%
26
26
10
26
Apr
35
Feb
Hanna M A $5 cum pref.
*
88
88
92
Feb
Auto City Brew common. 1
42c
42c
*
*
5%
31%
Jan
Baldwin Rubber common. 1
6%
6
Range Since Jan. 1, 1938
Low
High
Feb
Greff Bros Cooperage A..*
Shares
Faultless Rubber
Harbauer Co
Interlake Steamship
Kelley Isl Lime & Tra
Lamson & Sessions
—
.
For footnotes see page
80
88
Apr
5%
18
5
Jan
6%
32%
200
27
Mar
44%
Jan
125
14%
Mar
Briggs Mfg common
*
Burroughs Adding Mach.*
3%
Mar
18%
6%
Jan
300
Jan
Burry Biscuit com—12%c
15
*
4%
---*
2513.
Allen Electric common.-.1
5%
95c
95c
95c
535
"i«
Jan
Jan
2%
500
1,169
%
4%
Jan
Mar
9%
17%
6%
19%
2,550
13%
Mar
26
Jan
16
19
43c
1%
%
16%
1,114
15%
Apr
20%
Jan
2%
725
1%
Mar
3%
Jan
2%
Jan
Jan
Financial
2512
Chronicle
April 16,
Sales
Thurs.
Range Since Jan. 1, 1938
Last
:
Detroit Stock
'
(Concluded)
Buhl Building
Shares
detroit
Sales
Week's Range
Hale
(Concluded)
Stocks
Par
..6
of Prices
High
Low
Price
46
Low
-
common.
42%
13%
Consolidated Paper com. 10
Consumers Steel.........
1%
100
com....
14
1
~2H
Det Paper Prod corn..... 1
Ex-Cell-O Aircraft com*.8
1%
84%
2%
2%
Det-Mich Stove
corn
2%
11
Federal Mogul common.. *
led Motor Truck com...*
Frankenmuth Drew com..l
Trailer.
Fruehauf
1
Gar Wood Ind common..3
220
5
70c.
400
98%
7%
Renner Co
Jan
Shamrock Oil & Gas
Jan
Standard Steel Spring
Apr
37
77
Mai
2%
1,100
2
Jan
2%
2,330
85
1%
9
Mar
110
6
Mar
3%
300
2%
1%
1,300
7%
7
5%
83 M
31%
33%
3%
3%
5%
3
m
1
Jan
mm
1%
Jan
Vanadium Alloy Steel
10%
Jan
mm
Westlnghouse Air Brake._*
7%
Jan
4%
1%
Feb
Apr
Jan
Mar
43%
6%
3%
1%
Jan
1%
Mar
10
1%
3
50
Jan
3
Jan
9%
1%
Jan
Jan
Apr
90%
•£-2'W Mar
100
Jan
Mar
4%
1%
5%
1%
100
70%
332
6%
17%
7%
405
5%
Mar
9
Jan
17%
10
15%
Mar
20
Mar
56
85c
Mar
Jan
Jan
Jan
1%
90c
mm
90c
100
2%
8%
26%
mmrnm
mm
United Engine & Foundry 5
Mar
Mar
Apr
Mar
5%
1%
6%
*
90c
64%
m
1%
70
..1
1
1,745
mm
5
5%
4%
155
416
Jan
108
Mar
102
11
1%
2%
8%
800
1%
Apr
4
Jan
20
6%
Mar
9
Jan
195
Mar
Mar
2%
Mar
3%
%
Mar
1%
Jan
70c
mm
m
35
35
23%
1,150
71%
1%
76%
Westlnghouse El & Mfg.50
35
20%
mm
23
Mar
Jan
34%
45
76%
327
62%
Mar
2%
200
1%
Jan
107%
Mar
Jan
27%
Apr
15%
Jan
Mar
Jan
%
mmrnmmm
*
29
22
75
Jan
Mai
2%
25%
Feb
3%
3,745
2,876
98c
1%
2,200 ,:'v:
51c
59c
600
2%
1
Jan
1%
1%
5%
_.l
3%
13%
10%
4%
Feb
Mar
1
Goebel Brewing corn
Graham-Paige com
Plymouth Oil Co
15%
Mar
1%
7
Grand Valley Brew corn..l
Jan
Mar
87c
1%
3
3%
13%
Jan
4%
1%
600
3
mm mm
9
27%
2%
mmmm
m
Mar
130
5
1%
mm
m
_
Jan
360
34%
1%
2%
Jan
105
200
1
1
Jan
Apr
6%
1,790
7%
Jan
.
80c
Feb
96
147
99
33%
r;"f< 5
5
_'.*
14
Jan
Jan
11
70c
*
com
Apr
Mar
9%
1,030
8%
7%
Jan
200
Mar
17
10%
*
Pittsburgh Brewing com .*
Pittsburgh Forging CO
1
Pittsburgh Oil <fc Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
650
7
1
com
Jan
690
10
General Finance com
General Motors
62%
1%
7%
3%
3%
Mar
36
2,764
1%
1
Det & Cleve Nav com...10
Detroit Edison
46
Feb
60C
5
515
70c
.5
Penn Federal
Chrysler Corp
20
5,050
1,550
9%
m
NatlFlreprooflng Corp...5
High
Mar
90C
6
17
75c
8
mm
Mountain Fuel Supply.. 10
Shares
Mar
10%
6%
100
98%
Mesta Machine Co
Jan
464
70c
mmm
McKinney Mfg Co
Range Since Jan. 1. 1938
for
Week
Mar
11%
1%
9%
13%
8%
5%
9%
Duquesne Brewing com..5
Follansbee Bros pref...100
1
Koppers Gas & Coke pf 100
Last
15
Mar
Mar
17
Fort Pitt Brewing
Thurs
Jan
Mar
24%
80c
5%
...10
Lone Star Gas Co—
High
39
95
8
Columbia Gas & Electric.*
Telephone: Randolph 5630
Low
31%
11%
12%
.__*
1
Devonian Oil
Week
28%
*
-
_*
Byers (A M) com
Carnegie Metals Co
Chicago Stock Exchange
Exchange
for
of Prices
Low
High
Price
Par
Blaw-Knox Co—
New York Curb Associate
Week's Range
Sale
_/-
Armstrong Gork Co.,.,
Members
Exchange
V-
Stocks
watling, Lerchen & Hayes
New York Stock
■,
1938
■.
Mar
38
Jan
Jan
2%
8%
250
2
Mar
3%
450
6
Mar
11%
Jan
7
6%
7%
905
5%
Mar
Jan
Hurd Ixick & Mfg com...l
40c
40c
47c
1,300
37c
Apr
9%
v*.
Pennroad Corp vtc__
1
.......
Jan
Jan
8%
Hudson Motor Car com..*
Unlisted
Hall Lamp common
Houdaiile-Hersliey
Kingston Prod
*
B...
st. louis markets
Jan
2%
2%
1,865
1%
Mar
53c
57c
800
40c
Mar
1
95c
1
600
81c
Mar
3%
%
1%
McAleer Mfg common...*
McClanahau Oil com.—.1
40c
40c
100
40c
Apr
1%
Jan
39c
35c
40c
1,200
25c
Mar
%
Jan
55c
70c
850
40c
Mar
%
Jan
4%
Feb
2
i. m. simon & co.
Jan
53c
Masco Screw Prod com.._l
common.
Klusel Drug common
.1
■
■
1
Mich Sugar common.
*
Mlcromatlc Hone com___l
Mid-West Abrasive
5Cc
com
*3"
Business Established 1874
Jan
Enquiries Incited
MEMBERS
3
3%
450
2%
Mar
1
1%
14%
650
1
Mar
Jan
New York Stock Exchange
150
11
Mar
18%
Jan
St. Louis Stock Exchange
5%
4%
"I'h
Packard Motor Car com.. *
Parke Davis common
*
6%
4%
2,600
4%
Mar
Jan
2,320
1,043
3%
Mar
31%
Jan
7%
5%
37%
Feb
12
Jan
34
34%
7
7
7
6%
Apr
Penin Metal Prod com
2%
2
2%
2,500
1%
Mar
3%
6%
590
4%
Mar
7%
2%
315 North Fourth St., St.
■.
Louis, Mo.
Jan
6%
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
Jan
Parker Wolverine com...*
all
on
Mid-Western and Southern Securities
14%
1
Motor Products common. *
Murray Corp common.. 10
Jan
Jan
1
Pfeiffer Brewing com....*
Prudential Investing com.l
Reo Motor common.....5
T%
Rick el (H W) common...2
River Raisin Paper com..*
"3%
Scotten-Dillon
com.....
1%
1%
200
934
Apr
2
165
1%
Mar
2%
Jan
3%
3%
630
2%
Mar
4
Jan
2%
3
725
2,
Mar
4%
Jan
22
25%
25%
100
com
1
'2%
2%
2%
2,090
1%
1
3%
3%
3%
2,060
3
1
1
95c
1%
2,059
Union Investment com...*
United Shirt Dist
*
com
Universal Cooler B
Warner Aircraft
4%
4%
100
4
3%
3%
275
1%
2%
1,175
2%
1%
1
90c
80c
90c
200
65c
Mar
Wayne Screw Prod com..4
2
250
Wolverine Brew
com
1
26c
28c
250
Wolverine Tube
com
2
4%
4%
200
1%
Thurs.
Last
Week's Range
for
Mar
Sale
of Prices
Low
High
Week
Jan
Mar
6%
4%
Mar
Mar
3%
1%
Jan
Par
Price
100
Stocks—
109
Apr
Jan
A S Aloe Co pref
*
American Invest com
Conv pref
3%
Jan
Brown Shoe com..
Jan
%
Jan
Burkart Mfg com
Apr
6%
Jan
Established
Columbia Brew
1874
„
Members
_
'm
m
new york
lSlS.Walnut Street
SO Broad Street
McQuay-Norris corn
Par
for
Price
Low
High
Range Since Jan. 1,1938
Shares
Low
American Stores
*
American Tel & Tel
100
Barber Co
10
Bell Tel Co of Pa pref-.lOO
Budd (E G) Mfg Co
*
Budd Wheel Co
_..*
Chrysler
Corp
Curtis Pub Co
128 %
.5
4%
*
5%
25%
33%
Horn&Hardart (NY) com *
Lehigh Coal & Nav..____*
Lehigh Valley
50
Nat Power & Light
.*
4
Penna Salt Mfg
50
Penn Traffic common. .2%
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
25
%
29 %
Salt Dome Oil Corp..
Scott Paper
1
18
*
37
Tonopah Mining...
1
Transit Investment pref
United Gas Impt com
*
Preferred
Mar
Mar
60
13%
Apr
187
114%
Mar
517
3%
Mar
4%
420
46%
5%
1,324
24%
28
15
163
2%
Mar
4
7%
Jan
31%
41%
24%
4%
6%
8%
2%
35%
21%
3%
Mar
46
3
Mar
Feb
6%
125
4%
Mar
2%
3,101
2,245
1%
14%
Mar
2%
10
*
102%
Westmoreland Inc
*
8%
Westmoreland Coal..
*
7%
35%
%
37
%
%
1%
2%
2%
9%
10%
102% 103
8%
8%
8%
285
123
2%
112
29%
Mar
Jan
Feb
Mar
Jan
32%
Feb
Mar
Feb
Jan
2
Apr
3,489
10%
Jan
87
35%
%
%
1%
8%
99%
7%
7%
Mar
Mar
Feb
Mar
4%
7%
24%
43%
5,130
181
61
379
Jan
Jan
Jan
1%
Jan
Apr
2%
Mar
Mar
3%
5%
6
26
Jan
32
25
2%
23%
Jan
65
Jan
3%
30%
3%
28
Mar
Mar
10%
9%
Feb
60
75
Mar
Jan
Feb
30%
31%
552
28%
Apr
4%
4%
10%
6%
1,123
10%
100
7%
7%
25
515
m
m
m
m
m
12%
rnmm
m
mm
mm
m
m
mmmmmm
m
mmmm
m
Price
Mar
S3,000
t United Railways 4s. 1934
of Prices
High
com
*
15%
Arkansas Natural G pfd 100
For footnotes see page 2513.
14%
5
Feb
Jan
11%
Apr
11
Jan
Mar
Apr
18
Mar
Apr
15
Jan
26
10
25
Apr
32
10
285
9%
Apr
13
10
300
8%
Feb
10%
Mar
Apr
Apr
Mar
Mar
96
25
5
5
40
4
100
100
Jan
Apr
100%
5%
15
6%
6%
Jan
100
Apr
102
65
6
Mar
7
Feb
19
Apr
19
19
8
19
Apr
m
55
55
23
55
Apr
62
Jan
':mmmmm
40
40
8
40
Apr
40
Apr
3%
38%
Apr
_
m'm
m
m
m
4%
~~38%
38%
100
4%
38%
100
Apr
.
Jan
7%
40%
5
97
25
121
122
171
119%
Mar
5
5
120
4%
Apr
19%
Mar
27
Jan
Apr
28
Jan
97
Apr
101
Feb
97
*122"
23%
23%
24
330
20%
20
21
4,000
123%
7%
Feb
Mar
Jan
20
& Co.
Dean Witter
Private leased Wirt*
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago BoardofTrade
NewYork Curb Exchange (AssoJ, San Francisco Curb Exchange, HcmoluluStock Exchange
San Francisco
Oakland
Tacoma
Seattle
Sacramento
Stockton
Honolulu
NewYork
Portland
.Fresno
Beverly Hills
Los Angeles
Ppsadena
Long Beech
San
Francisco Stock
Exchange
April 9 to April 15, both inclusive, compiled from official sales lists
Jan
Sales
Thurs.
Stocks-
Par
Week's Range
Range Since Jan. 1,1938
for
of Prices
Low
High
Week
Price
Low
Shares
High
Range Since Jan. 1,1938
Alaska Juneau Gold Min 10
10%
10%
10%
290
9
Mar
13%
12%
12%
12%
3%
267
12
Assoc Insur Fund Inc.-.10
Atlas Imp Diesel Eng
Liw
11%
4%
Mar
Mar
5
Bank of California N A. .80
High
Bishop Oil Co
Allegheny Steel
8
Apr
10%
7%
Anglo Cal Nat Bk of S F.20
Loxo
Jan
4%
;
100%
100
36
11%
12%
9%
Apr
14
15
12%
10
Apr
10
270
15
26
m
8%
Jan
Thurs.
Par
Apr
19
50
8%
Bonds—
Jan
Apr
April 9 to April 15, both inclusive, compiled from official sales lists
Stocks-
Jan
60
201
60
.
Jan
11%
106%
Pittsburgh Stock Exchange
Sale
21
Apr
20
8
Sale
Week's Range
Mar
Apr
19%
Last
Last
Apr
Mar
Jan
Mar
Bond-—
Elec & Peo tr ctfs 4S..1945
20
3%
29%
30
30
31
100
Sterling Alum com
1
Wagner Electric com... 15
Mar
Jan
Mar
Mar
3%
100
'*
_
4%
100
Jan
Feb
Apr
162
810
com
Preferred...
Apr
4%
Jan
Feb
30%
144%
2%
116%
105
505
Securities Inv
Mar
1.00
*
S'western Bell Tel pref. 100
Jan
5
Feb
141
126
58
100
.....
com
21
Apr
Mar
1,823
200
Jan
Mar
3%
85
Jan
Jan
6%
5%
63%
Mar
33%
22%
18%
125
125%
2%
2%
114% 115%
29%
30%
3
2%
3%
5%
17%
18%
Mar
100
2d pref
Scullin Steel
Mar
4%
3%
14%
m
Jan
4%
31%
%
I
Jan
Mar
4%
32%
11%
149%
16%
119%
36
Mar
16%
Philadelphia Traction...50
*
6%
111%
6%
"l
Phila Rap Trans 7% pref 50
United Corp common
40
884
42%
5%
22%
3%
.
Pennroad Corp v t C.....1
Pennsylvania RR
.50
15%
15%
115% 116%
4%
4%
4
"46 %
Elec Storage Battery..100
General Motors..10
common
7%
6%
12Q}4 131%
Apr
10%
20
36
m
1st pref..'
32%
80
;
4%
4%
Jan
m-mmmmm
*
Inc pref.. 100
122
12%
4%
Apr
mm
Scruggs-V-7
34%
12
Apr
Apr
m
10
34
34%
40%
60c
mmmmmm
Cai^om
23
Jan
85
MidjWeet Pipe & Sply cm *
St Louis
High
Apr
33
100
mi'mm
100
20
232
60c
*
Rice-Stlx D jpds com
1st pref.."
170
34%
11%
mm
Natl Bearing Metals pf.100
Week
20
36
m'm'm'
Mo Ptld Cement com...25
Sales
of Prices
Apr
Mar
20
34%
60c
m
—
20
com
109
11%
m
m
*
Laclede-Christy Clay com *
April 15, both inclusive, compiled from official sales lists
Week's Range
High
Feb
32
imL
*
Knapp Monarch pref....*
Philadelphia Stock Exchange
Sale
Low
106
109
6%
27%
11%
m
Key Co com
Laclede Steel
Stocks-
m' m
8%
Landis Machine com....25
Last
Range Since Jan. 1, 1938
Shares
60
mmmm
_
philadelphia
Thurs,
m
Griesedleck-West Br com.*
International Shoe com
to
m
mmmm
Hussmann-Ligonier com. *
Hydraulic Pr Brick comlOO
York Stock Exchange
Philadelphia Stock Exchange
April 9
mm
mm
""29%
1
com..
m
.
mmrnm
5
com
m
mmrnm-■
m
*
Ely & Walker D Gds com25
Emerson Electric pref-_100
Falstaff Brew
mm
m'mmrnm
1
10
Dr Peppercorn..
DeHaven 8k Townsend
mm
mmmm
*
Century Electric Co
109
mmmm
25
Chic & Sou Air L pref. ..10
Coca-Cola Bottling com..l
New
Sales
Jan
Apr
1%
%
4%
Exchange
Jan
4%
1%
Mar
%
St. Louis Stock
April 9 to April 15, both inclusive, compiled from official sales lists
Jan
4
Apr
Mar
"3 ~%~
._*
com
27
Jan
Tivoll Brewing com
Tom Moore Dist com
Standard Tube B
Jan
1%
2
10
Telephone Central 3350
21%
Jan
6%
Jan
Byron Jackson Co
Calamba Sugar com
3
6%
173
3
6%
173
7
173
Feb
Mar
19
Jan
740
2%
Jan
4
Feb
365
4%
Mar
9%
Jan
5
171
Mar
190
Jan
5
4%
4%
4%
100
3%
Mar
5%
Mar
...»
16%
15%
2,615
13%
Mar
19%
Jan
20
18%
18%
16%
18%
17
Mar
21
Jan
218
Volume
146
Financial
Thurs.
Par
Week's Range
for
Sale
(Concluded)
2513
Sales
Last
Stocks
Chronicle
of Prices
Thurs.
Week
Price
Low
High
Range Since Jan. 1, 1938
Low
Shares
Stocks
High
(Concluded)
Par
19%
19%
19%
668
15%
Mar
24
Jan
47
47
47%
100
45%
Apr
50
Jan
Caterpillar Tractor com..*
Chrysler Corp.
5
42
42
42
382
30
Mar
52%
Jan
43%
43%
43%
104% 104%
4%
4%
361
37%
Mar
62%
Jan
Jan
106%
Feb
z
4%
9%
10%
1,031
104%
9%
4%
64%
_.
65
64
10
232
101
So Calif Edison com. ...25
5%% preferred
Stearman-Ham
Mar
Jan
Studebaker Corp com
7%
Mar
12
Jan
Mar
73
Jan
United Aircraft Corp
U S Petroleum
56
440
U S Steel
Di Giorgio Fruit com... 10
S3 preferred
4
4
3%
v'
404
3
Mar
Jan
5%
Vicn Co
24
25%
m
5
•
23%
22%
23%
120
18%
Mar
28
Jan
Warner Brothers
10%
10%
29%
11
640
9%
Mar
14%
Jan
50
26%
Mar
34%
Mar
10%
Feb
Apr
24
770
25%
»
-*
-
w
8
25c
370
24%
1%
25%
Feb
27%
Jan
Mar
8%
Jan
Mar
60c
Jan
Mar
7
Jan
4
25%
590
1.05
1,450
75c
Mar
1.55
Jan
45%
1.00
44%
Jan
Apr
Mar
15c
800
5
24
7%
145
24c
5
-
-
High
Mar
874
40%
Mar
60%
Jan
19%
Mar
26%
Jan
1%
200
1
Mar
5%
5%
200
4
Mar
7%
Jan
8%
8%
15
Apr
11%
Feb
3%
Jan
Jan
6%
799
26
1%
West Coast Life Ins.. ....5
405
24%
25%
1.05
M
25
com
100
Emporium Cap well Corp.*
19%
24
25%
1
100
com
598
8
»
Lore
Shares
21%
25c
1
Range Since Jan. 1, 1938
for
Week
High
21%
62 %c
3%
.
Low
21%
...25
Range
of Prices
Price
6% preferred
-.-25
Standard Brands Inc.
Crown Zeller Corp com...5
Preferred
*
Week's
Sale
California Packing com..*
Preferred
.50
Cst Cos G & E 6% 1st pf 100
Creameries of Amer Inc..l
Sales
Last
4%%
pref
cum
w
w...50
30
30
Emsco Derrick & Equip..5
Ewa Plantation Co
20
38
38
38
Fireman's Fund Indem.-lO
33%
33
33%
Fireman's Fund Insur—25
69
69
70
7%
7%
7%
*
10
38
46%
Feb
no
33
Mar
36
Jan
40
62
Mar
76
Jan
22%
22%
28%
Galland Merc Laundry—*
22%
10
10
33%
33%
8%
972
25%
Mar
38
8%
22%
32%
7%
3%
22%
General Motors
General Paint Corp com..*
Golden State Co Ltd
,-*
1,035
6%
Mar
9
3%
899
2%
Mar
4%
com
Apr
30
29
30
200
25%
Mar
25
24%
25
465
20%
Apr
17
17
17%
1,567
13%
Mar
%
10
1
1
1
300
15
common.
Sugar Plant
33
8
8
8
60
3%
3%
3%
8%
No par value
& Ex-stock dividend.
r
Cash sale—Not included In range for year,
Listed,
Jan
x
Ex-dividend,
y
Ex-rights.
t In default.
Mar
24%
Mar
Honolulu Oil Corp.
Hutch
19
*
—
Pineapple
Hunt Bros
Mar
*
Hancock Oil Co.
Hawaiian
3%
17
......
z
Food Mach Corp com__.10
758
5
Jan
Jan
Comparative Figures of Condition of Canadian Banks
Jan
30
Apr
29%
Jan
19
Jan
In the
following
we compare
the condition of the Canadian
figures for Jan. 31, 1938,
banks for Feb. 28, 1938, with the
and Feb. 27,1937:
Jan
1%
8
Apr
17
Jan
3%
Apr
3%
18%
STATEMENT
CONDITION
OF
THE
OF
BANKS
OF
THE
Apr
DOMINION
OF CANADA
Langendorf Utd Bk inc B. *
LeTourneau (R G) Inc-.-l
16
16
16%
Libby McNeill & L com..*
1
7%
7
7%
7%
7%
8
*
2%
*
%
Lockheed Aircraft
Lyons-Magnus Inc B
Magnavox Co Ltd
(I) Magnin & Co com
%
%
%
10
916
13
Mar
206
6
Mar
8%
Jan
5%
Mar
10%
Jan
1,245
%
%
10
300
150
%
404
10
Apr
295
%
8
Apr
1%
Jan
%
193
Jan
Jan
Mar
13
Jan
Marchant Cal Mach com.5
10%
10%
10%
10%
10%
10%
100
8%
9%
Mar
Market St Ry pr pref..100
Meier & Frank Co
10
Jan
14%
10%
8%
8%
200
Mar
9%
4%
4%
880
3%
Mar
7%
Jan
7%
Mar
9%
Mar
10%
13%
Feb
$
5,772,049
4,097,318
5,928,733
5,026,652
5,394,483
4,443,220
9,869,367
10,955,385
9,837,703
47,200,535
188,750,724
6,839,066
24,098,742
103,186,355
52,224,022
198,986,327
6,490,048
26,279,486
98,994,323
38,352,680
195,044,747
5,885,703
22,425,298
90,442,219
Jan
Nat Automotive Fibres.. 1
V 7%
1938 Jan. 31, 1938 Feb. 27, 1937
$
Elsewhere
Apr
8%
Feb. 28,
Current gold and subsidiary coinIn Canada
Natomas Co—.——.——*
9
4%
8%
North Amer Oil Cons...10
12
11%
9
707
12
497
'
O'Connor Moff att & Co AA *
8
8
8
70
7%
Mar
Oliver United Filters B...*
4%
4%
4%
150
3%
Mar
Paauhau
5
5
110
5
5%
5%
5%
5%
100
4%
26%
1,383
15
Sugar
Pacific Can Co
*
Pacific G & E common..25
25
25
27%
27%
28%
2,212
5%% preferred
25
Pacific Lighting Corp com*
6% preferred
*
26%
26%
26%
349
35%
34%
35%
101% 102
4%
4%
15%
15%
98
99%
35%
36%
1%
1%
1,193
6%
1st preferred
25
102
Pac Pub Ser (non-v) com.*
1st
4%
*
15%
Pacific Tel & Tel com..100
99%
Paraffine Cos
35%
preferred
*
com
Plg'n Whistle pref
—*
1%
Ry Equip & Realty com..*
6%
Rayonler Inc common..-1
90
Jan
Jan
Jan
Cheques on other banks
Apr
Loans to other banks In Canada, secured,
7
Jan
Mar
27
Mar
25%
Mar
28
32%
Mar
Jan
99
Mar
Jan
Jan
40
Jan
105
Jan
'
3%
Mar
13%
Mar
17%
Jan
30
87%
Apr
119%
Jan
82 cum pref
12%
Mar
29%
Jan
6
42
Jan
Feb
2%
Jan
5
Mar
6%
Feb
9%
Mar
25
Jan
Mar
29%
Jan
Mar
5%
36%
Jan
14%
7%
Republic Petroleum Com.l
5%% preferred
50
1
22
300
4%
4%
4%
18
2,329
2%
33
Richfield Oil Corp com...*
8 J L & Pwr 7 % pr pref. 100
33
33
10
12%
Rheem Mfg Co com
12
13
2.100
9%
Mar
2,611
4%
Mar
6%
5%
6%
113
113
102%
6% prior pref
100
Schleslnger Co (B F) pref 25
Shell Union Oil
21%
102% 102%
3
113
3
30
Mar
10
3
111
10
102%
20
Mar
Apr
115
Feb
Jan
3
Apr
4%
Jan
13%
12%
13%
340
10
Mar
16%
Feb
*
24
23%
24%
570
20
Mar
24%
Apr
1,537
Soundview Pulp Co com. .5
15%
15%
15%
100
76
70
76
Sou Cal Gas 6% pf ser A.25
So Pac Golden GateB
*
28
%
%
Southern Pacific Co cap 100
11%
10%
13
Standard Oil Co of Calif..*
29%
Super Mold Corp of Calif 10
18
Tidewater Ass'd.Oil com 10
13%
10
Preferred
TransamericaJCorp..
28
Mar
23
Jan
60
Mar
83
Feb
180
28
11%
40
27
Apr
%
876
%
Jan
9%
Mar
28%
29%
1,732
2,748
25%
Mar
18
18
105
13
Mar
12%
13%
556
10%
Mar
2
9%
Union Oil Co of Calif.__25
19%
9%
18%
1,558
17%
Mar
Union Sugar Co com
Universal Consol Oil
25
13
12
13
510
9%
Mar
10
10%
10%
6%
3%
3%
11%
3%
815
Victor Equipment com.._l
Preferred
.5
600
2%
7%
Mar
_ .. _
Waialua Agricultural Co 20
Wells Farero Bk & U T.100
9
31
260
19%
7,133
8
9
9
31
31
40
30
%
22%
33%
19%
15%
12%
Jan
Jan
Mar
Jan
Jan
Feb
21%
22%
11%
Mar
Jan
257%
350
Jan
Mar
Mar
28%
257% 260
Mar
30%
4%
Jan
10%
41%
Jan
Mar
Apr
Mar
balance
due
4,466,224
4,834,126
3,837,676
33,271,851
27,930,153
23,920,997
68,220,746
72,343,802
163,978,160
correspond¬
United Kingdom
Government
Dominion
and
Provincial
Government securities
1,140,726,202 1,136,402,137 1,123,381,752
Canadian municipal securities and Brit
foreign
and
colonial
public
se¬
curities other than Canadian...
175,312,774
124,396,972
169,971,661
127,465,916
179,091,727
119,640,614
70,175,923
50,839,025
737,103,210
169,165,441
72,007,500
50,619,626
731,456,128
167,651,272
118,821,683
67,808,315
691,687,139
167,565,468
21,629,620
20,230,637
18~,070^303
92,781,509
87,074,708
95,232,131
10,007,681
8,478,205
4,269,897
10,002,138
8,495,300
4,265,483
11,947,061
8,817,753
4,135,445
73,507,738
73,482,652
75,024,848
61,520,557
61,245,489
75,551,022
5,989,535
11,229,744
5,989,535
11,305,405
7,046,512
9,727,642
1,936,153
Railway and other bonds, debs. A stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, deben¬
1,973,769
1,809,041
tures, bonds and other securities of
sufficient
marketable
value
to
cover
Elsewhere than in Canada
Other current loans A discts. in Canada.
Elsewhere
Loans to the Government of Canada...
Loans to Provincial governments
Loans
to
cities,
towns,
municipalities
and school districts...
Non-current
loans,
estimated
loss
pro¬
vided for
Real estate other than bank premises..
Mortgages on real estate sold by bank.
Bank
premises at
not
more
than
cost
less amounts (if any) written off
Liabilities of customers under letters of
credit
as
Deposit
per contra
with
the
Minister of Finance
for the security of note circulation
Shares of and loans to controlled
cos...
Other assets not Included under the fore¬
going heads
Jan
285
and
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
a
105%
with
ents in the United Kingdom
Jan
Jan
made
from other banks In Canada
Due from banks and banking
Ish,
*
com
Signal Oil & Gas Co A
including bills redlscounted
Deposits
Jan
1%
1,045
21%
25
14
United States <fe other foreign currencies-
Jan
Jan
28%
30%
10
Deposits with Bank of Canada
banks.,
Mar
23
400
Notes of Bank of Canada
12
'
6%
-
10%
6%
149
6%
12%
-
Notes of other
925
610
Total.
Dominion notes
—
Total assets
3,244,973,907 3,238,617,145 3,329,043,731
Jan
Liabilities
San
Francisco Curb
Notes In circulation
Exchange
April 9 to April 15, both inclusive, compiled from official sales lists
A
Thurs.
Last
Sale
Stocks-
Par
American Tel & Tel
100
American Toll Bridge
Price
126 %
Range
of Prices
Low
High
for
Range Since Jan. 1 1938
Low
High
126 %
131 %
452
111%
Apr
149%
Jan
70c
Jan
1
55c
55c
58c
1,800
46c
Mar
Anaconda Copper Min__50
27%
27%
27%
826
22%
11
Mqr
36
12
260
11
Apr
17
3%
4
1,964
3
Mar
5%
Jan
25c
28c
1,100
22c
Apr
28c
Apr
.10
2%
2%
100
1.85
Mar
2.40
Apr
2%
12%
12%
200
Anglo National Corp......
Bancamerlca Blair
2
1
Becker Pump Co
Bolsa Chica Oil A
.
Bunker Hill & Sull
Calif Art Tile A..
8
...
8
45
10%
8
Mar
Jan
Jan
Jan
17%
Jan
10
Feb
z
Carson Hill Gold..
.1
18c
18c
19c
1,500
15c
Apr
30c
Jan
2
Central Eureka Min.___l
1.85
1.80
1.85
400
1.65
Jan
2.35
Jan
2
Preferred
Cities Service Co
.1
1.80
com
1%
Claude Neon Lights
Consolidated Oil
1
.
4,055
9
40
General Metals
Grt West El-Chem
100
1%
1%
9%
1%
Domlnguez Oil Fields
z
1.80
1%
1
International Cinema
2.35
Jan
Mar
2%
Jan
-2%
Jan
405
7%
Mar
9%
Jan
100
39%
Apr
J^n
Feb
Mar
oo£
20
44%
Mar
59
250
58c
Mar
82c
Jan
"5%
5%
5%
736
4.95
Mar
6%
37,659^176
50
5c
5c
295
6
100
Jan
Jan
3c
Apr
34c
7%
7%
178
6
Feb
8%
34,720", 572
639,653,053
655,514,404
Deposits by the public, payable after
notice or on a fixed day In Canada
1,614,569,798
Deposits elsewhere than In Canada
393,353,260
Loans from
other
banks
in
Canada,
secured, including bills redlscounted..
Deposits made by and balances due
Elsewhere
than
In
16,147,655
and
Acceptances and letters of
standing
credit
10,976,021
41,179,994
880,264
30,616,240
61,520,557
4,023,949
2,957,603
133,750,000
145,500,000
61,245,489
4,039,068
2,548,826
123,750,000
145,500,000
75,511,002
3,080,868
2,949,327
11,979,732
694,414
out¬
—
fund
Capital paid up
Total liabilities
13,887,265
the
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
or reserve
14,414,248
11,605,161
42,657,393
801,757
Canada
Bills payable
Rest
,590,927,550 1,563,829,859
398,768,908
420,797,381
to
other banks in Canada
Due to banks and banking correspond¬
ents in the United Kingdom
133,750,000
145,500,000
>3,233,175,389 3,228,852,595 3,319,104,063
38c
35c
38c
900
27c
Mar
50c
Mar
1
2.10
2.05
2%
1,945
1%
Mar
3.20
Jan
33%
635
Note—Owing to the omission of the cents In the official
reports, the footings In
the above do not exactly agree with the totals
given.
Feb
..._1
International Tel & Tel
Italo Petroleum
48,804,068
634,068,054
Jan
8%
50
1
2
Mar
1%
70c
8
50
1
Idaho Maryland Mines
1
150
70c
2.50
com
Holly Development
z
40
1.65
114,945,308
Advances under the Finance Act
United Kingdom
z
114,238,885
34,980,927
Deposits by the public, payable on de¬
mand in Canada
Week,
Shares
98,272,885
32,579,300
ducting adv. for credits, pay-lists. Ac.
Balance due to Provincial governments.
Sales
Week's
101,981,677
Balance due to Dominion Govt, after de¬
Preferred
Jan
CURRENT
NOTICE
33 %
33%
32%
Apr
39%
Feb
—John E. Wheeler, member of the Chicago Stock
Exchange, has joined
Ernst & Co.'s Chicago office in association with Willson
9c
9c
995
6c
Mar
14c
Jan
manager, it is announced.
"21c
21c
21c
5,100
15c
Mar
38c
Jan
Mountain City Copper, ,5c
6
1,810
4
Mar
John E. Wheeler & Co. at 105 South La Salle
St., and has been
6%
Mar
9%
9%
Jan
s%
5%
8%
6
North Amer. Aviation
of the Chicago Stock
Kennecott Copper Min
2
Kinner Air & Motor
M J & M & M Consolld
Oahu Sugar Co
1
.
1
.
1
26
....20
z
Occidental Pete—
z
Pac Coast Aggregates..10
2
Pacific Distillers
1
s%
26
250
55
26
23c
23c
300
20c
1.65
2.00
3,718
35c
45c
700
Apr
35
Jan
Mar
Mar
30c
Jan
45c
1.40
Jan
2.00
Jan
25c
Mar
50c
Pac Port Cement pref. .100
2
Ryan Aeronautical
Schumacher Wall Bd pref.
47
47
1
.
17
44%
Jan
47%
Mar
6
6%
705
Mar
7%
Jan
3
3
Apr
100
4%
2%
1.05
1.05
100
1.05
Apr
1.45
Jan
8%
8%
100
7%
Apr
10%
Jan
Apr
member
infthe
Bank and then with the
Jan
3
"ex
Radio Corp of America
Radio Keith Orpheum
a
Exchange since 1928,
Prior to that he was
business extension department of the Continental and
Commercial National
has acted
_.l
G. Todd, branch
Mr. Wheeler until recently headed his own
firm,
as
active issues
buying department of Ames, Emerich & Co.
He
floor specialist during the past 10
years for many of the most
listed on the Exchange.
Ernst & Co., whose local offices are
La Salle St., are members of the New York and
Chicago stock
exchanges, New York Curb Exchange and The Chicago Board of
Trade.
They conduct a general brokerage business dealing in stocks, bonds and
at 231 South
commodities in all markets.
Financial
2514
April 16,
Chronicle
1938
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing: bid and asked quotations, Thursday,*April 14
Alt
nut
Alberta—
Province oi
Province of Ontario—
ma
JaD
1 1948
/46
47%
5s
Oct
4%s
Oct
1 1956
/43%
45
6s
Sept 16 1943
115
5s
May
1 1959
120
1 1962
106* 107*
5s
July 12 1949
97
99
4s
June
4%s..-
Oct
11953
91
92%
4%a
Jan
1942
...
121%
Price
9
Low
Shares
High
15
9
8
Feb
9
115
Apr
86
92
Province of Quebec—
94
79
79
15
80
Feb
08
99
25
99
Apr
Ottawa Electric Rye
113
15 1961
30%
31
11
33
Mar
35
Jan
49%
50
45
49%
Apr
50
Feb
9%
Mar
15
Jan
Ottawa L H & Pow
100
89
92
4%s
Mar
2 I960
2 1959
90
92
4s
Feb
1 1958
108* 109*
106% 108
Penmans....
4*s
May
1 1961
109* 110*
Price Bros A Co Ltd
...Dec
of New
Range Since Jan. 1, 1938
for
Week
Ontario Steel Products.
1 1941
..June 16 1954
os
rov
Par
of Prices
Low
High
Ottawa L H & P pref... 100
Aug
5a
i
Stocks CConcluded)
Week's Range
Sale
110* 111%
province of Manitoba—
»%s
Sales
Last
Ask
be
Prov of British Columbia—
1
Exchange
Thurs.
Brunswick—
105
104%
12*
*
11%
100
Quebec Power
Prov of Saskatchewan—
6s
*
T5~~
*
10*
12*
506
10*
12
37%
2,780
37
Canada..*
Preferred
106%
103
Apr 15 1960
Apr 15 1961
Province of Nova Scotia—
4%s
4%e
*
...
Power Corp. of
79
14
15
Jan
Jan
101%
Jan
Mar
16*
460
34
Mar
50
Jan
384
14
Mar
18
Feb
8%
..Mar
1
1960
78
76
75
77
Regent Knitting
5
5
25
5
Mar
9*
Jan
74%
76
Holland Paper pref.... 100
100
100
15
101
Feb
102%
Feb
103
103
25
95
Feb
100
Feb
6*8
106% 108
113% 114%
..Sept 15 1962
Nov 15 1940
1 1951
Saguenay Power pref. -.100
St. Lawrence Corp
*
4%s
6s
..June 16 1943
4*s
Oct
A
Railway Bonds
Alt
St Lawrence Paper pre! 100
95*
Pacific
Shawlnlgan W & Pow
Canadian Pacific Ry—
Ity—
79 *
4s
perpetual debentures.
68...
Sept 15 1942
4%s
103*
4%s
July
1 1944
68
96 %
112%
Deo 15 1944
5a
4%s
Sept
Deo
._4.Juiy
94%
1 1946
1 1954
1 1960
97*
97*
91
92
*
Bonds
Canadian National Ry—
114%
116* 117
114
1951
1956
1956
1957
1 1969
4%s
1
June 15
Feb
1
July
1
68
July
68
Oct
1 1969
5s
Feb
1 1970
119
0%s
113% 114%
116* 116 * f
118* 119%
4%s
4%s
Sept
4%s
Ait
Bio
Canadian Northern Ry—
1 1946
July
,122%
Feb
30
650
24
Apr
48
Jan
18%
32%
19%
1.951
17*
Mar
21%
Feb
11%
80
10
Mar
16
Jan
20
105
Jan
120
Mar
108
108
12
12
30
64
631
60
10
10
26
100
.
11%
Mar
13*
Jan
56
Mar
69
Jan
54%
Mar
63
Jan
35
10
Apr
10
Apr
3
Mar
610
5
v::v
1.50
1.50
100
Preferred
2.00
1.50
1.50
5
7%
*
*
B
1.50
1.50
.
8%
72
4%
*
Viau Biscuit.....
Winnipeg Electric A
122
18%
Jan
20
It
"32%
17
Mar
62%
59%
*
Jan
5%
Mar
18
12
Tooke Bros pref
Mar
2%
25
64
United Steel Corp
Alt
1,945
1,025
20
*
Steel Co. oi Canada
Dominion Government Guaranteed
3*
12
20
100
Preferred...
3%
10%
Southern Canada Power.. *
Preferred
Bin
3*
12
Sherwin Williams of Can 25
A. it
Canadian
preferred——50
St Lawrence Flour Mills..*
7%
78
455
1.50
Mar
Jan
6
1.50
Mar
3
Jan
Mar
2*
Jan
Mar
14%
Jan
1.50
Apr
1.25
7
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
Jan
1
107* 108*
Banks—
98
59
59
100
160
Commerce
97
50
Canadienne
1962
119%
100
Canada
......
........100
Montreal
-—100
Royal.....
Exchange
Jan
58
60
Feb
12
160
Jan
162 %
25
160
Apr
178
202
167
197
Mar
208
Jan
295
173"
161
160
200
200"
Nova Scotia—.......100
Montreal Stock
36
59
160
160
297%
19
297
Jan
305
Feb
41
170
Mar
191*
Jan
171% 173
Feb
Jan
April 9 to April 15, both inclusive, compiled from official sales lists
Sales
Thurs.
Range Since Jan. 1 1938
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
High
HANSON BROS Canadian Government
INCORPORATED
5
10
5
Apr
7
60
9%
Feb
11
Jan
105
Municipal
Feb
10
105
10
*
Agnew-Surpass Shoe
5
10
Acme Glove Works Ltd-.*
ESTABLISHED 1883
Public Utility and
Agnew-Surpasa Shoe—
100
*
Preferred
Alberta Pac Grain A
Amal Elec Corp
Associated
2%
pref ...50
Breweries
*
mmmmmm
mmmmmrn
9
Bathurst Power & Paper A*
Bawlf (N) Grain
Bell
8%
10
British Col Power Corp A.*
28%
*
3*
Bruck
Silk
*
Mills
Building Products A
mm*
*
m
» «.
Canadian Celanese
...
'm
3
3
44
9
7
106
m
11
*
Jan
1,560
50
225
11%
7
1.15
147
70
35
24*
9*
9%
21%
3
8%
35
60
140
741
326
80
77
Mar
Mar
Mar
1.75
166
Mar
12%
27*
Apr
33%
3%
Mar
2%
Mar
38
7*
89
17%
2
Apr
Mar
Apr
Mar
Mar
5
4
62%
12*
110
19%
3%
Jan
Jan
Feb
Feb
Thurs.
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Jan
Jan
6% cum pref
Aluminium Ltd
12
Jan
40
Feb
105
Mar
106
7*
18%
Mar
Mar
11*
23*
100
Price
Apr
Jan
Mar
Corp Ltd
*
Beauharaols Pow Corp
*
Brewers & Distill of Van..6
Asbestos
11
12
395
11
Mar
20
Jan
90
97
Apr
106
Jan
British Columbia
*
Brit Amer Oil Co Ltd
100
Packers*
3%
3
3%
1,195
2%
Mar
4%
Jan
2*
3*
710
1.50
Mar
4
Jan
Canada Malting Co
*
8
8
8
6*
6
6%
Canadian Locomotive
-
-
Canadian Pacific Ry
Cockshutt Plow
25
*
9*
Con Mln A Smelt
20
56*
new
100
8%
52%
100
60
100
Apr
100
Apr
70
6
Mar
10%
Mar
3,797
5
Mar
8%
Mar
11*
Jan
Mar
64*
JaD
40
86
Feb
55
52
55
410
47
19%
3*
6%
18%
Dominion Coal pref
26
Dominion Steel A Coal B 26
"26%
■
mmmrnmm
12*
Dom Tar A Chemical...-*
Dominion Textile
*
Eastern Dairies
7*
*
Dryden Paper
*
Electrolux Corp.
Enamel & Heating
Famous Players C
1
19%
"""5*
9*
540
56%
3,472
2%
Mar
6%
Jan
Jan
7%
Feb
Mar
1,207
12
440
85
50
60%
15
*
30
30
35
104
104
5
Gatlneau
♦
8
47
6%
1.25
Canada Starch Co Ltd. 100
Cndn Breweries Ltd
*
5
*
100
Preferred
5*
1.10
Mar
235
23*
Apr
8
8
20
8
Apr
178
178
40
178
Apr
Cndn Industries B
.._*
16%
17
500
16
Mar
26
Jan
Cndn Marconi Co
1
1.20
1.25
150
95c
11*
6*
12%
12,970
1.190
9
Mar
16%
Jan
Cndn Power & Paper In v. *
50c
50c
12
1.00
4*
Mai
10
Jan
Cndn P & P Inv5 % cm pf.
7
7
20
7
Apr
8
61
60
Mar
70
Jan
Can
5*
7
465
3
Mar
8
4
Mar
8%
Jan
Apr
1.35
Jan
7% cum pref
..100
Catelli Food Pr 5% cm pf 15
13
40
5%
770
1.00
20
13%
1,685
1.50
65
24%
30
12%
300
8*
528
80
6*
6
6
55c
Vlckers Ltd
_
•
Jan
24%
Apr
Consolidated Paper Ltd.*
8*
Mar
16%
Mar
10%
Mar
84
5*
6
6
21
Mar
Apr
15
3
Jan
75
Mar
815
5
Mar
8*
Mar
20
5
Mar
7%
Jan
1,375
4
Mar
8%
Jan
18
Mar
30
Jan
25
7
Apr
8
Apr
2
Mar
2
2
100
310
90c
Mar
1.00
5%
10,593
3%
Mar
6%
*
25
25
Feb
Dominion Stores Ltd.
?
6
Donnaoona Paper A
•
10
24
Mar
5
6
15
4%
5
1,082
3*
4%
Ea KootenayP 7%cmpfl00
9
4
B
5
Jan
Falrchlld Aircraft Ltd
6
Jan
Fleet Aircraft Ltd
*
7
16
Feb
Ford Motor Co of Can A.*
17
mmmmmm
91
91
5
90
Mar
98
Feb
Foreign Powers Sec Corp.*
24%
16%
13*
7%
26
20%
Mar
28%
Mar
Fraser Cos Ltd
15
Mar
19%
Feb
23
23
Mar
8*
/4r
D
4
5
16%
40c
"l3"
Mar
8*
3*
Mar
6%
270
3
Mar
6*
Jan
9
5
9
Feb
9
Feb
4
5
3%
Apr
7%
6%
Jan
5*
2,335
200
4%
Jan
396
14*
Mar
8%
18%
Jan
Feb
50C
Feb
40c
5
368
16%
Jan
15
3,769
10
Mar
17%
Jan
GenSteelWare87%cm pflOO
65
45
Mar
70
Jan
20
20
20
125
20
Mar
23
Jan
13
13
15
Jan
14*
Feb
7%
29%
52*
31*
Jan
Inter-City Baking Co.. 100
Feb
Intl Paints 5% cum pfd-20
13
24%
International Pow pref. 100
75
75
75
45
Lake of the
12
12
12
880
120
120
5
90
23
47%
13,226
37
Mar
25*
5,147
23*
Mar
75
10%
120
Apr
Feb
Mar
Apr
Mar
6%
Intl Utilities Corp A
84
Feb
Internatl Utilities Corp B.l
16%
Jan
Lake St John P & P
Apr
Lake Sulphite
120
*
75c
17
70c
17
50
12
Mar
100
6
Mar
75c
1,025
55c
Mar
17
10
Mar
40c
Mar
275
7
Mar
17
Jan
36%
36%
80
32%
Apr
50
Feb
88
S8%
24
80%
Jan
92%
Feb
100
1.75
Apr
Mar
2%
6%
Feb
5%
7%
Mar
15%
Jan
Mar
99%
Mar
Mar
4%
Jan
14
Feb
MacLaren Pow & Paper..»
Mitchell (J S) pref
Mtl LH4P Consol
100
109
109
109
3
109
Apr
109
Apr
*
29
1,882
27
Mar
31
Jan
Montreal Tramways
100
80
80
84
166
85
Apr
89
Feb
Maesey-Harr 5% cum pflOO
McColl-F Oil 6% cum pflOO
Melchers Distilleries Ltd.
2
2
2
38*
37
38*
657
34%
Apr
41%
Jan
10
6
6
6
414
41
41
Co Ltd..*
10
10
455
National Steel Car Corp..*
39*
38
40*
Niagara Wire Weaving...*
28
28
28
Noranda Mines
•
55%
*
28
Preferred
100
53*
2§
150
55%
55
38
Mar
41
Jan
Mitchell (Robt)
2,040
31
Mar
41%
Feb
Mar
31
Jan
6% cum 1st pref
Feb
Quebec Tel & Pow A
*
"T%
9%
1.00
Jan
Jan
Power Corp of Canada
26%
Jan
2*
600
Jan
Preferred
12%
125
60c
11
29*
Jan
9%
Mackenzie Air Service
750
7%
Jan
31
3%
Feb
12
Mar
Jan
1.00
Mar
9
3%
975
12
4%
13
8*
40c
3%
6
12
Ogllvie Flour Mills
Mar
6%
*
mrmmmmm
9
Feb
45%
25
Jan
13
Jan
25
Preferred
40c
52
Jan
47%
28%
Jan
7
17
13%
7*
*
*
Mar
Jan
52
13*
»
National Breweries
3
Jan
15
20
*
5*
Jan
Feb
52
3,200
Internat-Pet Co Ltd
*
35
Feb
*
*
Voting trust ctfs
7%
Intl Nickel of Canada
......
5
13%
23
100
Feb
1.25
4%
Dom Engineering Wks
14*
mm
2
1.15
5%
Mar
mm
Jan
234
8
Mar
13*
Jan
27
10%
m'rn
Jan
Feb
8
11*
320
2.00
22
235
2,509
1.35
Jan
Mar
8
1,025
17*
Mar
Jan
Mar
27
13
110
202
Apr
Mar
Jan
7%
6*
Celtic Knitting Co Ltd
*
Commercial Alcohols Ltd. •
Mar
11*
1.25
228
Inaust Accep Corp
Oil
8%
Cndn General Invests
Jan
13%
17*
Preferred
6%
1.65
34
Jan
6
26
McColl-Frontenao
Mar
50
225
15%
12
*
Massey-Harrls
6
6%
1.30
25*
32%
12%
13%
*
*
Feb
25
mrnmmmm
Imperial Oil Ltd
Woods
Jan
110
Mar-
5*
Hudson Bay Mining
Imperial Tobacco of Can.o
Preferred
-£1
Feb
36
Jan
*
EasternDairies7%cm pflOO
6
mrnmmmm
Gypsum Lime A Alabas..*
Howard Smith Paper
68%
Mar
Mar
80
*
Holiinger Gold Mines
Apr
27*
103
11
8
100
Hamilton Bridge
Jan
21
11*
12
*
Mar
85
520
1.50
*
Preferred
14
Jan
581
5
Jan
Jan
14%
24%
13%
Foundation Co. of Can
General Steel Wares
21%
10
83%
59%
27
7%
Feb
6*
17
13*
25%
1.00
Prod..*
Corp..*
Gurd (Charles)
Mar
60
12
60%
Jan
Apr
1,372
85
12
Jan
19
87%
65%
60
*
•
3%
6%
Corp 7 % cmpf 100
Cndn Dredge & Dock Co
Distill Corp Seagrams
Dominion Bridge
Mar
14%
87%
2%
Jan
6*
Can No P
9%
12%
87%
Calgary Pwr 6% cu pfd 100
Canada & Dom Sugar Co.*
3%
mi*
High
Mar
4.060
1.452
*
•
mm
Low
1.00
1.65
100
Canadian Indust Alcohol.*
Class B
Range Since Jan. 1, 1938
Shares
1.45
1.65
Abltlbl Pow & Paper Co..*
Mar
7
Par
Stocks—
Jan
Mar
3,470
Sales
Jan
Jan
7
4,435
April 9 to April 15, both inclusive, compiled from official sales lists
Jan
30
11
Montreal Curb Market
Jan
165
24%
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottawa
Jan
499
106
56
97
11*
Preferred 7%
100
Cndn Foreign Inv pref. 100
Apr
12*
10%
265
340
17*
8%
.25
Preferred
Jan
Montreal
Apr
30
255 St. James St.,
Mar
4
Apr
3*
3*
17*
2%
35
Cndn Bronze pref
100
Canadian Car A Foundry. *
110
Mar
26
5
28%
28
89
3
•
Mar
2
60
7%
17*
__60
104
25
2,178
90
(new).*
Preferred-.
Canadian Bronze
9
1.50
89
100
Preferred
m
9*
Canada North Pow Corp.*
Canada Steamship
12%
43
mm
43
*
Canada Cement
2%
26
152% 153
9
10%
Brazllllan Tr Lt & Power. »
B
12*
1.50
*
100
Telephone
2%
26
5
4,485
48
Mar
62
28
715
23
Mar
31
Feb
150
10
145
Mar
150
Mar
*
No par value.
100
93%
93%
16
*
3*
3*
15
92
4*
Volume
Financial
146
2515
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Week's Range
Last
Sale
Stocks (Concluded)
of Prices
High
Feb
21
1.00
1.10
100
Walkerville Brewery
1.50
225
*
Walker-Good A Worts (H) ♦
105
37
37 a
...
1.10
Jan
19
Feb
*
B
lc
Mar
3Hc
Jan
68c
Mar
80c
Apr
Canada Permanent
33c
Feb
25c
17c
Mar
44c
100
35c
Mar
Jan
7«c
6Hc
8HC
7 He
4,300
13,500
80
5c
24 M
24H
365
24 H
Apr
Consol Cblbougamau
Dome Mines Ltd
*
36
Jan
63
63
20
58
Mar
72
Jan
133
135
37
133
Mar
150
Jan
2
Mar
*
103
14H
162
158
30
*
4H
5
58
4
16H
17
90
16
Mar
41c
Feb
Mar
8
229
6H
Apr
10 H
9H
11
1,865
7H
Mar
HH
25
24 H
21H
24 H
690
18 H
Mar
23
25
25
26
150
22
Apr
35
47 H
5c
6c
1.59
1 05
2.43
2.41
2.52
7,000
17,100
5,450
3Hc
1.50
1.96
Mar
5 50
5.50
75
4.90
Mar
6.95
Jan
Canadian Wineries
1,300
9,240
4,100
28o
Mar
55 He
Feb
Cariboo Gold
50
Mar
6HC
Jan
1.68
Mar
*
Canadian Ind Alcohol A..*
Canadian Malartlc
C P R
Mar
Apr
27c
Feb
99c
1.50
Jan
826
46 H
Mar
58H
Feb
Mar
1
3.70
3.20
3.80
3.75
3.55
3.75
33c
32c
35c
2.00
2.00
30Hc
500
Pato Consol Gd Dredging 1
Pend Oreille M & Met.-.l
T.70
1.58
1.75
Perron Gold Mines Ltd...l
1.47
1.30
1.47
Pickle Crow Gd M Ltd.„l
4.15
4.10
Jan
Feb
44
80c
Mar
2.75
Mar
6.40
Jan
2.90
Mar
4.30
Feb
Cons
30c
Mar
620
Jan
Consumers
1.55
Apr
2.70
Jan
Cosmos
3,900
12,825
1.40
Mar
2.65
Jan
Crows Nest Coal
1.02
Jan
1.77
25c
Darkwater
Jan
1.33
Feb
1
Mar
4.60
Jan
Denlson Nickel Mines
1,100
7,300
10c
Mar
420
Jan
Distillers Seagrams
3Hc
Apr
6H0
Feb
11c
4Hc
2.35
2.32
2.37
...1
1.19
1.06
1.22
18c
19c
Sladen Mai
*
Stadacona (new)
*
Sullivan Cons Mines Ltd.l
21c
1.23
Stadacona-Rouy n
~63c
60c
1.03
1.10
3.05
3.10
4.60
4.70
1
Sylvanlte Gold
Teck-Hughes Gold
4.70
1
25c
*
W rlght-Har greaves
Mar
33c
Mar
96c
Mar
1.78
Jan
2.05
Mar
3.40
Jan
880
Mar
1.39
Mar
170
Apr
44c
Jan
Mar
64 H
Mar
199 H
18
Apr
24
Feb
29
31H
30
29
Apr
38
Feb
*
Apr
66c
Apr
17,200
Mar
1.23
Mar
200
2,70
Mar
3.60
Feb
Dom Steel Coal B
275
4.40
Apr
6.60
Jan
Mar
38c
Jan
19c
790
1,848
11
Mar
16
Jan
1,927
66 H
Jan
75
Max
194
7
47 H
Apr
60
Feb
Apr
206
Okalta Oils Ltd
*
*
30
32
101
1.00
1.00
1.00
12H
U'A
5H
12H
DominlonTar..
6H
100
4.75
Apr
5.00
Apr
Mar
430
Jan
Mar
8.10
Jan
East Malartlc
58C
2.15
2.40
3.10
Jan
56c
2,700
400
Mar
70o
Jan
Fanny Farmer
8,300
22,735
430
Feb
65 He
1.40
Mar
Mar
9
Mar
260
4H
Mar
8%
7
35
4H
llHo
Mar
7C
Jan
16H
6
4,175
Apr
Jan
Jan
10
260
Mar
12,345
9,300
Mar
15C
Jan
53,724
1.05
Jan
1.70
Mar
270
2%
Mar
1.46
3
Falconbridge
Apr
Mar
33
29
2%
17c
3
Feb
5
2.40
2.52
29,140
1.97
Mar
3.25
Mar
5.50
5.75
1,180
4.70
Mar
6.95
Jan
17H
18H
1,322
16
Mar
21H
8Hc
8HC
6,600
6Hc
Mar
14o
Jan
22c
27c
22,000
22c
Apr
27c
Apr
22c
Mar
Mar
Mar
2.00
1.59
llHc
•
2.43
Mar
1.86
34
101
Apr
10c ll%c
15c
East Crest Oil
6.55
1~57
Dorval Slscoe
220
100
Mar
Apr
1.00
5
Feb
7c
Jan
101
5
Feb
19 H
Apr
25 H
11
25
5,150
Apr
3Hc Mar
295
101
95c
Mar
Jan
*
Federal-Klrkland
Fernland Gold
1.65
1.78
400
1.45
Mar
2.20
Jan
Firestone
10c
1,500
9Hc
33 %
Mar
17c
Feb
24c
1
42 H
2,185
Mar
47 H
Feb
Toronto Stock
Exchange
April 9 to April 15, both inclusive, compiled from
..100
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1938
for
Gatlneau Power
5
Apr
Apr
40
Apr
Feb
7c
Apr
20c
Mar
18H
Jan
19c
7,400
1,545
8,900
14H
17c
130
Mar
210
Feb
31c
35c
5,100
27c
Mar
530
Feb
8
8%
123
6H
Feb
10H
80
81H
84
74H
Mar
6H
50
5
Mar
8%
Mar
80
Mar
230
Jan
3Hc
Mar
5c
Mar
680
Jan
Feb
*6H
•
"81H
...100
General Steel Wares
6H
.*
1
"l9c
....1
Glenora
High
Low
Feb
35
35c
4c
Gillies Lake Gold
Shares
3
15
7c
Pete
Preferred..
Week
20
6,000
18c
18c
17
Francoeur
official sales lists
5
40
16HC
1
A
Foundation
Sales
Thurs.
Jan
13Hc
Mar
35
Petroleum...25c
Preferred
Ford
Jan
5
18c
Fleury-Bissell
39 H
Sale
18
...—1
1
FontanaGold
Price
16
2,000
Dominion Stores
4lHc
42 X
Par
310
4Hc
32
29
10c
Last
189
16H
4c
29
700
1.75
*
295
16H
30
29
28c
Jan
460
14H
60
7.10
Mar
73
53
*
Preferred
Mar
13 X
Dominion Scottish Invest 1
60c
800
Feb
23 HO
Jan
19c
49 H
100
Preferred
Jan
40
14
100
Dominion Foundry
54He 59Hc
1.13
1.39
1.36
Stocks—
8,300
Jan
51H
*
Dominion Bank
56c
Home Oil Co
Royalite Oil Co
41,975
22c
12c
3,250
62c
21c
Dominion Coal pref
25
Dominion Explorers.....1
27,200
2.25
*
______—. ....—.
14c
53 Ho
21c
192
58c
*
Petroleum.
Jan
46 H
178H
95
Eldorado
•
Feb
84
100
5.00
52c
54c
Dalhousle Oil Co Ltd
56 H
25c
Jan
Jan
420
3,526
1
Preferred
10,791
Oil-
Calgary A Edmonton
3,800
Mar
19
Easy Washing
Brown Oil
26c
20o
1.84
16
18
Petroleum
26c
28c
.1
Wood Cad
Davles
7.10
*
Ventures Ltd
28c
5.00
27c
1
Thompson Cad
20c
3,100
8,240
3,500
47,650
16,980
66c
1.06
Mar
184
Dome Mines
20c
Mar
11H
14c
5.15
Mar
1.08
1.10
25
66c
Mar
72c
2.60
20c
2,150
14
52 H
56
184
Mines
3.90
1.13
Jan
1.40
1.30
100
525
1
1
1
2.25
*
860
Sberrltt-Gordon..
Slscoe Gold Mines Ltd
Jan
Mar
175
182
5
4,000
Shawkey
Jan
11H
1.45
13
100
Gas
88c
1
1.31
14
Chlbougama
Smelters
3.05
11c
430
Mar
1.30
595
Feb
Feb
Consol
4.20
3Hc
Mar
1,205
9
8H
1.45
•
84c
.*
Feb
260
7
35c
32Hc
»
2.95
Red Crest
Pacalta
Mines..
Bakeries
88c
Read Authler Mine
Davles
Conlaurum
2.95
Reward Mining
720
9,600
*
Ltd..l
Preston East Dome
Jan
58c
"56c
Coniagas Mines
Cons
43c
55c
1:05
Mar
Feb
26c
Mar
80c
45c
1,800
1
35H
Feb
Mar
38c
Cockshutt Plow
130
150
35c
1
Jan
1,200
Feb
3.20
8H0
Feb
1.04
73c
Jan
Mar
2.10
5,400
5c
38 H
Mar
700
14,075
11c
6.50
1.00
54c
60c
2.64
10c
Mar
38 H
Feb
60c
Mar
1
Mar
2.25
2.50
3.50
5
Jan
3H
Jan
10c
Chemical Research
'
8H
Mar
2.57
Central Porcupine
Ltd *
1
Mar
2
300
1,200
3Hc
Pandora Cad
5
1.65
2H
2.10
475
Pamour Porcupine M
6,573
2H
200
O'Brien Gold
6H
5H
Central Patricia
Mar
2,200
9,915
1,600
4,200
Feb
2.01
Castle Trethewey....
170
10c
800
65c
Jan
5,500
1.28
6H
Chromium
62 He
4H
Mar
2~.6I
3c
*
Mar
74c
l
4.10
Mc Watt era Gold
2H
25
3c
Lake
Jan
1,345
3H
95c
4.00
Mackenzie-Red
Mar
H
95c
3
3 H
Lamaque-Contact Gold..*
Mclntyre-Porcuplne
Jan
MaJ
3.25
Jan
7H
•
100
Mar
Jan
9
*
475
Jan
Jan
Feb
5%
17H
preferred
2d
26c
Feb
Jan
Can Car A Foundry
Preferred
52 H
60
Jan
177
Apr
Canadian Cannerslstpref20
Mining
•
Commonw'lth Petroleum^
Macassa Mines
Mar
162
Canadian Canners
Mar
50 %
157
Cndn Bk of Commerce.100
Jan
50
Mar
2,260
Jan
50%
~50%
Mar
18H
1.35
16
Feb
Mar
1
1.70
Mar
1.20
16
Feb
3.20
35c
Mar
1.30
16
150
43 He
6Hc
22
1.27
Mar
10c 10Hc
1.07
1.03
12
9Hc
Mar
31c
Apr
Mar
17
1.10
Jan
24o
6 He
6H
35
Mar
200
6c
384
Mar
2.12
Klrkland Gd Rand Ltd... 1
226
8
5C
400
Jan
3H
3
7H
18
77c
28c
Jan
18
2H
8
....
1.59
Lake Shore Mines.......1
3
18
Canadian Dredge
1
134"
.100
Breweries
Preferred
26c
1
Klrkland Lake Gold
108
Mar
9H
3Hc
2.60
Falconbridge Nickel
*
Francoeur Gold M Ltd.—*
J-M Consol Gold
13
Apr
29
Canadian
52 H
5c
Duparquet Mining Co
1
East Malartlc Mines.....1
Eldorado Gold M Ltd
Mar
89
Feb
25c
9C
26c
1
1
Central Patricia Gold
7
30
130
Canada Wire B
2.50
Central Cadlllao G M Ltd 1
97c
5Hc
8c
9c
Jan
82
90
30
9
Canada Steamships....—*
Can Steamship pref....50
Jan
Mar
29H
Jan
30
46
90
Feb
1,500
7,000
6,800
II,650
97c
5Hc
Capitol-Rouyn Gold..
1
Car tier-Malar tic G M Ltd 1
Apr
90
10c
Feb
24H
Mines
Gold
40
30
13H
57c
44
*
*
Canaaa Malting
Canada Packers
21c
44
Jan
100
Jan
Mar
3H
50
67c
42c
44c
(1936)..1
Dredging...5
Can Malartlc Gd M Ltd..*
Bulolo
31
3H
3H
44
90c
8c
Feb
Canada Bread
19
27,985
26,550
lJic
Corp.*
Bouscadlllac Gold Mines. 1
4H
48c
90c
Big Missouri Mines
Mar
40c
25c
1
Beaufor Gold
3
2.45
44c
lHo
Bankfield;
Jan
40
2.15
1
90c
Alexandria Gold
62c
2.40
Calmont
1,500
J.,000
I,100
5,300
*
...1
3.10
Mar
....25
Calgary A Edmonton....*
Preferred
Aldermac Copper Corp
23 H
Mar
33c
Jan
Oils
Feb
Apr
1.80
41
19
19
Burt (FN)
High
Low
Shares
Jan
Canada Cement..
56c
46c
Price
Par
1.15
Mines—
Brownlee
(Continued)
1.60
Mar
18
10
18%
Jan
106
Mar
32M
495
38
18 H
Walker-G & W $1 cm pf._*
Week
Jan
1.00
1.35
103
for
of Pr ices
Low
High
Apr
104X
1.10
1.50
104
pf 100
Stocks
High
Low
United Distillers ot Can..*
Sou Can Pow 6% cum
Week's Range
Sale
Shares
1938]
Range Since Jan. 1,
Last
1,1938
Range Since Jan.
for
Week
Low
Price
Par
Sales
Thurs.
Sales
Thurs.
8 He
17
15c 19Hc 281,300
4c
2,800
3Hc
Feb
Feb
84
Jan
God's Lake Mine
•
1.35
1.75
14H
12H
14H
*
6% preferred
Acme Gas & Oil
1.75
100
ADltlbl
9Hc
lHc
10c
1,160
8H
Mar
19 H
5,200
7c
Mar
10c
Apr
1.00
Mar
2H
AJax Oil A Gas
1
Alberta Pacific Grain
A P Consolidated Oil
*
1
Aldermac Copper
•
54c
Amm Gold Mines
1
21c
Anglo-Can Hold Dev
Anglo-Huronlan
*
*
Arntfleld Gold
Ashley Gold
l%c
2c
4,000
lHo
Mar
4Ho
Mar
25c
...1
Alton Mines Ltd
9c
Jan
Jan
1,723
32c
6,200
18c
Mar
26c
Jan
24c
1.40
1
1
10
16
16
16
24c
24c
4,170
2
Jan
20c Mar
2H
43c
40c
43c
7,200
Goldale Mines
1
19c
19c
20c
2,700
14c
Mar
27Ho
500
30c
Jan
43o
Jan
50c
38c
38c
38c
l
1
Gold Belt
25c
24c
26c
17,400
22C
Mar
400
Feb
5%c
5c
6c
12,500
5C
Mar
120
Jan
Gold Eagle
Good fish Mining
*
54
52 H
54
72 M
Jan
50
Goodyear Tire
53
52 H
53 H
38
51H
Mar
56
Jan
5c
5c
6c
1,500
40
Mar
9Hc
Feb
6c
6c
600
5c
Mar
8c
Feb
7Hc
6Hc
7Hc
2,000
50
Mar
110
7H
81
4H
Mar
12
Mar
33
...
Preferred..
Mar
36He
•
310
Jan
Graham Bousquet
—1
55c
47,215
40c
70c
Feb
20c 23 He
29,400
18Hc
Jan
270
Mar
Granada Mines
1
14,447
95c
Mar
1.65
Jan
Grandoro
•
Jan
Great Lakes Paper
48c
1.19
1.45
Mar
Mar
4.15
150
Feb
33c
Mar
5c
Mar
10c
Jan
3.25
3.25
196
3.10
17c
17c
3,400
5Hc
6c
1,000
Astorla-Rouyn
1
2%C
2Hc
3c
6,300
2Hc
Mar
4Hc
Jan
Auglte-Porcuplne Gold
1
35c
33Hc
37c
82,100
20c
Mar
44o
Feb
Bagamac Mines
Bankfield Cons
1
15Hc
13o
Mar
27c
1
85c
3,350
37,609
Mines
•
"2l"
Preferred
Gunnar
Gold
82c
90c
62o
Jan
1.03
5H
3Hc
Gypsum Lime A Alabas.. *
Halcrow-Swayze
1
1
*
Jan
Harding Carpets
*
Feb
Hard Rock....
J
62
Apr
16
Jan
Jan
Jan
21 H
205
75c
,i
Hamilton Theatres
15c 15Hc
7
160
79c
4,725
6lc
Mar
1.09
5H
6H
4H
Mar
8H
Jan
2c
3 He
1,240
17,000
Mar
19H
25
1
1
Apr
3c
1
Apr
1H
2c
Mar
Jan
310
2H
Apr
3H
Jan
2 .05
1.98
2.17
91,440
1.10
Jan
2.54
Mar
lOHc
10c
lie
4,900
90
Mar
170
Mar
1.14
1.14
100
1.00
Mar
1.40
Feb
12c 14Hc
9,300
8c
Mar
20c
Jan
13H
Mar
Mar
17H
14H
Feb
11
Jan
3
3
~
58 H
13
Harker
1
Bank of Montreal
100
200
202 H
64
195
Mar
207
Jan
Hedley Mascot Gold
Bank of Nova Scotia
100
291
295
22
290
Mar
305
Jan
Highwood-Sarcee
1
*
Bank of Toronto
100
235
235
5
234
Mar
249
Jan
Hlnde A Dauch
*
14H
14H
12H
14 H
13H
1.15
1.40
Mar
1.40
20c
22c
7,200
170
Mar
370
23c
24c
6,400
22o
Mar
330
Jan
2,050
20 H
Mar
28 H
Mar
Apr
67 M
Jan
Mar
8H
Jan
60
Bank of Canada
Base Metals Mln
—
58 H
200
30c
*
Bathurst Power A
*
*
100
Beatty Bros A
1st preferred
*
Bell Tel Co of Canada, 100
Beauharnols
—
Bloodgood Klrkland
Big Missouri...
1
1
1.15
50
1.19
5,200
60c
Feb
Mar
450
Feb
Feb
200
2
1.05
10H
Mar
Mar
1.49
Jan
5
12H
Home Oil Co..
•
1.32
Homestead Oil
1
22c
Holllnger Cons
1
9
50
9
Mar
15
Jan
Howey Gold
97
97
97
5
97
Apr
106
Jan
Hudson Bay Mln A Sm..*
Huron A Erie
3H
154
32c
.....
3
3H
237
Mar
2
5H
Jan
166 H
37c
45,300
200
Feb
50c
Feb
Imperial Bank
44c
44c
750
300
Mar
580
Jan
Imperial Oil
152
9
1 '""8c
7HC
8.40
154
9H
30
198
146 H
Mar
105
9
Apr
11H
10
30
Apr
34
8Hc
8.50
9,800
70
Mar
120
Mar
Jan
8.40
10
B A Oil
•
"l9H
Preferred
690
8 00
Mar
9.15
Feb
2,512
7H
Mar
13
6H
220
18H
19H
7,785
16H
Jan
International Nickel
Jan
5
7H
Feb
International Pete
Mar
21H
Jan
*
*
•
Brown Oil pref
100
Buffalo-Ankerlte
.....1
Buffalo-Canadian..
*
Bunker Hill
•
28H
British Dominion Oil
He
11c
Brown Oil
54c
51 He
Intl Utilities A
Burlington Steel
Burry Biscuit
*
12He
60
15
11c
2,600
7c
Mar
15c
Jan
Jan
Jelllcoe
58c 157,175
15
60
39c
Feb
68 Ho
Jan
J
Mar
28
46
Mar
13HC 14 He
2,505
11c
Mar
34
70
Mar
3Hc
3Hc
3Hc
5,500
2Hc
Mar
17H0
5 Ho
17c
15c
17c
4,500
13c
Mar
220
HH
11H
25
9H
Mar
13
Jan
2H
2 H
200
Apr
3
Jan
14 He
"2H1
Jacola
28 H
25 H
59
60
33
2
6H
2
Mines
Cons
Kerr Addison
jl
6H
190
Mar
15
Mar
13H
Mar
17H
13H
14
265
Mar
"~47H
25
7
7
70
4
73
73
5
68
Apr
100
6%
100
11
99
Jan
K
214
19H
14H
9H
76
45
47 H
27.292
37
Mar
102H
52 H
24H
25 H
10,430
23
Mar
2,500
32o
Feb
53c
Jan
6,300
15c
Jan
40C
Mar
60c 117,240
38 Ho
Jan
820
Mar
4,900
5H0
Mar
50
10H
Mar
15
24c
25c
55c
55c
11
Mar
8H
36c
1.81
Jan
Mar
31H
6
1
Jan
Mar
Apr
35c
6c
Jan
Mar
Mar
6
6Hc
Jan
6H
23 He
1
1
*
Jan
25
6Hc
11
1
170
Jan
Jan
Jan
1.75
1.83
47,749
1.35
Mar
2.30
Mar
2,300
60o
Mar
1.50
Jan
24,152
45c
Mar
1.50
Jan
Jan
Kirk Hud Bay
—1
91c
91c
91c
Jan
Klrkland
Lake
1
1.06
1.05
1.09
No par value.
57
22
16H
13H
Feb
♦
9lc
6,456
198 H 200
17H
1
1
M Consolidated
Kelvlnator
73
100
*
*
*
IntI Milling pref
10H
9
200
100
International Metals
Jack Walte
Brit Col Power A..
25
6H
100
•
5
*
Imperial Tobacco
Jan
6H
*
•
5
60
100
20%
30 He
30
Brewers A Distillers
..100
'25%
160
1,960
32,640
Jan
100
Traction.:
Jan
9
._*
Brasll
57 Ho
9
pref
Bobjo Mines....
Bralorne Mines
20,950
8%
1.11
Biltmore Hats
B lit mo re
35c
8H
*
Seattle Gold
58 H
2516
Financial
Chronicle
April 16,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
ThursJ
{Continued)
Week
1
Lake Shore.....
36c
—1
5053
•
393
Ijake Sulphite
Lamaque Contact..
100
Lava
*
—
Low
2,800
8,607
46
100
•Yv 2
28c
2,000
Jan
590
Mar
Mar
55
58 H
Jan
5c
56
Feb
74c
Mar
60
Jan
Mar
Jan
65
Feb
Par
{Concluded)
Preferred
993
Wlltsey Coghlan
77
1
35
493e
65
70
90c
91c
90c
Mar
Feb
753c
89*c
400
6C
Mar
15c
Jan
83c
85c
12,900
60c
Mar
1.12
3.95
4.10
5,865
3.90
6 00
21 53
375
199*
24
195*
20
15
100
18
Mar
2193
Jan
10
15
Apr
15
Apr
18c
84
3c
Feb
1.50
•
_•
Littie Long Lac
Loblaw A
B
219*
1993
•
Loews (Marcus).......100
15
500
1.13
*
__
Toronto Stock
Jan
.1
4.15
4.00
4.15
9,750
3 50
Mar
5 55
April 9
to
3.40
3.65
76.424
1.30
Jan
31c
3.90
Mar
30c 3353c
8,800
5,000
25c
Mar
49c
Feb
153c
Apr
4c
Jan
Mar
43c
Jan
23c
7.30
7,045
6 50
Mar
8.20
Feb
20c
3,400
150
Mar
30c
Feb
Exchange—Curb Section
Apr
35*c
Apr
Sales
Jan
393c
Mines
East-.
*
lHc
153C
1 9*c
Maple Leaf Gardens
.*
-.10
35*c
6 ys
353c
39*c
105
653
700
*
2.50
1.85
2.75
Preferred
Maple Leaf Milling..
Preferred...—
Maraigo
12 93c
.....*
100
Preferred.......
5
35*
Mines...
Massey Harris..
693
38
Mr-Coll Frontenar
3
4
1253c 13 53c
59*
653
35
Apr
7
Canada Bud
Mar
2 J3
Jan
Canadian
5
Feb
Coast Copper..
Mar
1993c
Mar
79*
Mar
Jan
Consolidated
17,500
2,590
1253
450
889*
65
23c
40 X
38 53
96c
Low
9c
4*3
Feb
Marconi
28
Mar
Jan
11
Mar
14
Feb
Dalhousle
Jan
93
Feb
0;11
42,100
3c
Mar
693c
Mar
9c
Jan
10
95c
Mar
1.40
Jan
2.50
375
2.00
Mar
4.00
Jan
4,500
4,394
9*
393
Mar
19*
Mar
593
Mar
7
Apr
82
Dominion Bridge
68
"52c
Mar
27C
Jan
Foothills
♦
1,046
3593
Mar
45
Jan
Hamilton Bridge
*
Hamilton Bridge pref..100
Honey Dew
70
50c
'
•
2,150
1
30
55c
26
259*
80c
6
33
40c
200
80c
6
6
68
1,775
50
33
32 93
Apr
1.05
16,970
69c
Mar
1.10
Jan
20c
20,050
18,400
10c
Mar
24c
Mar
Humberstone.
66c
32c
Jan
80c
Mar
Mercury Oil
14c
Malroblo.
13c
14c
2,550
12c
Apr
18c
Jan
7c
7c
753c
1,500
8c
1.90
Jan
1.75
1.90
5,209
1.45
Mar
2.49
Jan
3c
3c
1,000
2)*c
Mar
4 93c
Jan
Oil Selections
1.000
15c
Mar
20c
Jan
Pawnee-Klrkland
1
18,205
1.60
Mar
2.56
Mar
Pend Oreille
1
1
2c
2c
500
1
100
19*c
2c
8,000
Mining
Corp
—
Mlnto Gold..—........
*
-
18c
Monarch Oils.........25c
Moneta Porcupine
Moore Corp..
1.95
1
*
......100
A
Morris
KIrkland..
26
145
28
145
145
10c
1
Muirheads
18c 1853c
1.85
2.00
'""2c
National Brew pref
2c
2c
25
38
143
Mar
415
20c
2,500
2c
1
118
1593c
*
118
15c
253c
18c
5
118
14c
Mar
31
181
32
Mar
419*
293c
Mar
4J*c
Jan
193c
193c
193c
2,500
lc
Jan
2c
Jan
1.70
1.55
1.74
25.035
1.30
Mar
2.62
1
9*c
Mar
3c
193c
Apr
Feb
29*c
Jan
Robt Simpson pref
Mar
Jan
Rogers Majestic
Shawlnlgan WAP
Paving
393
380
3
Mar
150
18
Mar
2193
293
293
1993
293
130
2
Mar
49*
40
31
Mar
31
9 9*c
Mar
25c
30
Mar
42
....
Supertest ord
*
Temlskamlng Mines
United Fuel pref
1
Mar
49*c
Jan
Mar
38c
Mar
Mar
55 K
5553
:
33
33
32
13 93c
1393c
14c
3,000
349*
152
Jan
*
2.15
Noranda
Nordon
....
Mines
OIL..
8c
Norrnetal
Apr
14c
12,000
2c
Mar
393C
Apr
70c
50c
Mar
14
Jan
28c
5,700
13,600
27c
Anr
31"
8.00
8.10
1,025
8.00
Apr
8.10
Apr
35*
35*
Gold
25
Mar
39*
62
Omega Gold....
Orange Crush pref
1
Apr
39*
Mar
3.60
3.25
3.80
21,335
2.75
Mar
5.45
1.76
1.55
1.82
20,200
1.23
Mar
2 30
Jan
311c
,369*c
39c
18,825
31c
Mar
460
Feb
4
Feb
5 93
Jan
Jan
1.45
Mar
1
....*
453
"
1.25
5
165
Jan
Industrial and Public
Bid
/459*
Beauharnols Pr Corp 5s *73
BeU Tell Co of Can 5s. 1955
76 93
—
65
7713
95
96 93
104
10593
Minn A Ont Paper 6s. 1945
/28
Montreal Island Pr 593* '67
10193
13,700
8c
Mar
17c
Feb
17.425
2.90
Mar
4 10
Fob
Malartlc
1
1293c
1093c
4893c
11c 1253c
15,400
793 <•
Jan
20c
Jan
Canadian Inter Pap 6s '49
Canadian Lt A Pow 5s 1949
1053c
12c
10c
Mar
Mar
Canadian Vlckers Co 6s '47
45c
49c
41,275
38e
Mar
69c
Feb
Cedar Rapids M A P 5s '53
113
16c 1953c
1.30
1.49
34.550
12 t*c
Jan
23C
Mar
Consol Pap Corp 593s 1961
38
I
.1
1
179*c
1.49
Pickle Crnw...1
4.20
3.80
Mar
5
10
Jan
735
2.X0
Mar
3.30
Mar
25c
12h(
3753c
1
2.00
1.95
2.06
...1
92c
83c
96c
60c
60c
3.00
2.98
3.00
12c
12c
18c
21c
♦
Read Authler
"i5c
Red Lake G Shore
*
Roche Long Lac
21
Royal Bank
100
Royallte Oil
1
172 53
42
1961
96 93
-
76
Mar
2.41
Feb
99*
Mar
15
Jan
10,800
30c
Mar
35c
Feb
4,050
1.81
Mar
2.42
Feb
58,500
70c
Mar
1
14
Feb
East Kootenay Pow 7s 1942
Eastern Dairies 6s,
1949
Eraser Co 6s...Jan 1 1950
Gatineau Power 5s.-.1958
600
50c
Mar
98c
Mar
Gt Lakes Pap Co 1st 5s '55
88
Mar
4 55
Jan
700
2.60
10c
iDt Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
101
1,925
Apr
45c
Jan
37,985
18c
Mar
36 He
Jan
293
Feb
52c
29*
15
52c
3,326
21
10
13c
172 53 175
2
21
11,800
9
Jan
39 93c
Jan
Apr
10c
170
Jan
Feb
64c
25
24e
190
1956
59*8
6493
4793
No OH'
39*8
1956
39*8
1973
Montreal Tramway 5e 1941
Ottawa Valley Pow 59*s'70
889*
30
•
„
_
40 93
102
40
10193
9693
9593
99
100
106
■
m
49*s *59
101
1967
104
10093
10293"
100
100 93
49*8 ser B
1966
Shawl nlgan WAP 4t*s '67
Smith H Pa Mills 49*8 '51
1025* 10393
101
10293
Dec
1
United Grain Grow"5s.l948
-•••»«.
1951
•
52
97
103 93
90
1961
46
Provincial Pap Ltd 59*s '47
Saguenay Power 49*8 A '66
67
9493
1939
Power Corp of Can
96
1039*
42
(150
value) 3s
5s
1 37
34c 3753c
M.
39
7493
45
4g
par
45
Dom Gas A Eloc 6938-1945
Donnaconna Paper Co—
Montreal LHAP
102
95 93
19,300
United Secure Ltd
89*8 '52
Winnipeg Elec 6s.Oct 2 '64
102
-
102
-
—
-
-
80
84
619*
629*
66
"■
m
-
«
48
KlH>
...
Or»™-
Feb
Feb
Mar
CURRENT
Jan
5$
405*
42 53
2,120
349*
Mar
4893
12c
13c
7,200
10c
Mar
20c
Mar
NOTICES
JaD
12c
San Antonio...
1
1.25
1.25
1.30
3,025
1.11
Mar
Shawkey Gold
1.55
Jan
1
2053c
20c
22c
9,400
19c
Mar
34C
Mar
I
1.12
1.24
57,236
95c
Mar
Sherrltt Gordon.
101
1.77
12c
*
St Anthony
693s ex-stock
104 93 1069*
103
103 93
91
92
125*
21
1
1941
Canada North Pow 5s. 1953
1.70
2 9*
"528
l
_*
Canada Bread 6s
12
Red Crest Gold
Reno Gold.....
Riverside 811k
Feb
7,310
~L74
Relnhardt Brew
1.76
4.25
*
1
Prospectors Airways
Jan
3.05
1
Royalties
1.02
4.10
Power Corp
Preston E Dome
23,700
22c
3.00
Pioneer Gold....
Powell Rouyn
Premier
5,500
99 93
29*8 to '38—69*! to '49
Massey-Harris Co 5e_.1947
12c
Paymaster Cons.
A St
98
Manitoba Power 69*8.1951
Maple Leaf Milling—
McColl Frontenac Oil 6s *49
3.70
Payore Gold
Hid
MacLaren-Que Pr 51*8 '61
73
~
57
1.10
Perron Gold
Thursday, April 14
94
3.50
1
Utility Bonds
55
953c
Paulore Gold
Jan
Feb
93
11c
Partanen
Jan
1.50
46
11193 11293
1.06
460
Jan
Mar
1958
Burns A Co 58
3.65
18,100
Jan
Feb
Calgary Power Co 5s..1960
•
1.10
Apr
Ask
Abitlbl P A Pap ctfs 6s '53
Alberta Pac Grain 6s. 1946
Porcupine
.
1.25
50
Closing bid and asked quotations,
•
Oils
1.25
4
Feb
*
Oro Plata
Prairie
48
1
Okalta Otis
31
*
Mor
28c
39*
100
Walkervllie Brew
Jin
353c
*
.
Northern Empire Mines.. 1
North Star OH pref.
6
Pamour
7c
3c
62c
"3
1
..*
Northern Canada.....
Pacalta
8c
6,266
1,500
1
Norgold Mines.....
O'Brien
53
Apr
393
1893
Jan
18c
..
Jan
Jan
Feb
115
393
Feb
1.65
110
Feb
r
1893
3593c
293c
10
Mar
*
126 93
750
115
115
27
60
*
Mar
2,000
Jan
5,000
35c
2,400
24c
49*
393c
23c
Mar
299*
Apr
1.90
12c
409*
Apr
29*c
Feb
39*
Ritchie Gold
22c
lT3c
2893
Robb-Montbray..
1.80
Jan
Feb
3793
4
Jan
1.80
500
le
299*
3993.
Feb
"22c
13c
Jan
60C
2093
*
17c
...5
3,000
Feb
Apr
Mar
*
35 93
...1
19*c
40c
12
National Steel Car
150 9*
N Iplssi rig
20
Montreal LHAP
Mar
New Golden Rose
100
Jan
13c
Apr
20,600
40c
169*
Feb
"l3c
Apr
7c
40c
169*
193c
Jan
65c
893
509*
*
Apr
17,600
40c
169*
Jan
Mandy Mine
Standard
100
Nay bob Gold..
Newbec Mines....
175
10c 1453c
20c „ 25c
*
Murphy G,old.
5c
329*
Mar
Mar
13c
1
Mar
45c
5
62c
— —
69c
45
65c
Jan
Jan
Mar
219*
3,400
189*c
.......
Jan
125
1.20
V*
593
*
869*
17c
...
High
12c
•793
McWatters Gold
McVlttle-Grabam
j
2.25
Paper
*
Corrugated Box pref...100
50
Low
493c
7
..1
_
Shares
1.20
5
Cobalt Contact_
Range Since Jan. 1, 1938
High
39*c
1
Apr
12
McKenzle Red Lake
Price
*
153
879*
405*
Week
4c
3
586
c
for
of Prices
...1
165
38
23
Brett Tretbewey
Week's Range
Sale
Par
745
125*
McDougall Segur.......*
Mclntyre Mines...
6
Last
Stocks—
5
88 5*
23 c
100
Preferred
Merland OIL.
Jan
93
April 15, both inclusive, compiled from official sales list
Jan
3.40
Madsen Red Lake.......l
Manitoba A
Jan
3.15
Apr
9,400
Thurs.
MacLeod Oockshutt.-.-.J
Macaasa
Mar
4J*o
Apr
70
Feb
Feb
.
393c
Feb
209*
Apr
Mar
7.00
3£>c
Apr
Feb
4.05
7.25
Ymlr Yankee Girl....,
83c
29c
Wright Hargreaves
793c
25c
•
"oic
28c
14
Mar
193C
5
High
Mar
77
10,300
2.00
1.50
70
9
■
1,000
...t
1
Low y
571
2c
4c
493c
100
Range Since Jan. 1, 1938
Shares
77
2c
*
Winnipeg Electric A..
for
Week
10
993
♦
Wood (Alex) pref.
Wood Cadillac
Range
of Prices
Low
High
100
White Eagle
1
Oro
Gold
Week's
Price
0
Westons
Feb
13
Mar
Mar
379*c
10
Stock!
High
Mar
3c
25
10,300
63
Sales
iMSt
Sale
Shares
58
45c 46 53 c
63
Range Since Jan. 1, 1938
....—1
Cap Gold...
Lebe)
Leltch
353
353c
58
46c
Lapa Cadulac........... 1
Laura Secord..
515*
353
35*c
..
Landed B anklng
38c
50
Exchange
Thurs.
for
of Prices
Low
High
Price
Par
Gold
Lag una
Week's Range
Hale
Stocks
Toronto Stock
Hales
Last
1.06
1.80
Jan
—G.
John
M.-P.
E.
Murphy
Parker
have
&
Co.
become
announce
general
that
partners
George
A.
Garrett
and
in their firm resident in
Washington, D. C. and that their Washington office has been moved to
Fifteenth Street, N. W., the former offices of Harriman & Keech.
815
Simpsons pref
..100
Slsooe Gold
75
78
50
71
Apr
95
Jan
1
8py Hill Royalties
2.32
2.30
2.36
11,915
2 05
Mar
3.40
Jan
1
1.17
1.03
1.22
78,650
86c
Mar
1.38
8c
7c
853c
Apr
24c
Jan
8c
7c
8c
16,900
3,100
7c
25c
.......
Stadacona
63c
60c
7c
Garrett previously was a Washington
partner in
its
Straw Lake Beach
1
Sullivan Cons
1
Supersllk A
*
853c
9c
5,200
693c
2.55
*
532
60
853c
'
Sudbury Basin
Sudbury Contact..
6453
60
2.35
2.60
3,300
2 00
13c
12
Apr
55c
56
and
Mr.
Parker
54
2.5c
Jan
67c
Apr
Jan
Jan
Mar
6393
I59*c
& Co. and will operate their office as a branch at 1 Wall
Jan
been
associated
under the management of A. D. Watts.
Mar
3.80
Jan
wires from New York to
Apr
13c
1,000
1.09
13,550
85c
Mar
1.23
Mar
2.00
25
1.25
Mar
3.05
2.25
Mar
2.90
3.05
4,845
2.60
Mar
3.60
Feb
10c
Harriman & Keech
has
Washington office of G. M.-P. Murphy & Co. since 1926.
6993
1.02
1.06
*
with the
1923
Apr
2.00
*
predecessor firm since
Mar
7,643
62
60
25
65c
64
Steel of Canada
Preferred
Mr.
and
Mar
....1
SladeD Malartlo,.
Slave Lake
Mar
19c
Mar
—C. C.
Fields &
Exchanges,
Co., members of the Toronto and
announce that
Vancouver
Stock
they have acquired the business of A. D. Watts
St., New York City,
The firm will have direct private
Toronto, Montreal, Chicago, Winnipeg, Calgary
and Vancouver.
25
16
3c
Apr
Jan
1
135*
25*c
135*
Tasbota
—Benjamin F. Lewis, one of the incorporators of Lewis, Pickett & Co., is
retiring from that firm and is forming a new firm to engage in the under¬
writing of municipal revenue bonds and other municipal securities of the
3c
6,000
Teck Hughes
Texas Canadian.
2e
Feb
4.75
Central States.
4.60
3 93c
Jan
•
4.75
4,990
4.40
Mar
•
1.23
5.70
Jan
1.23
1.28
4,550
1.10
Mar
Tip Top Tailors..
1 57
Jan
*
10
Mar
139*
Feb
1.78
Mar
Sylvanlte Gold.
1
Tamblyns
•
12
Toburn Gold.
2.00
Toronto Elevators..
*
Toronto General Trusts 100
To wag mac
2.00
500
155*
1453
155*
310
12
Mar
17
Jan
75
75
5
73
Mar
85
Feb
Union Gas
40c
45c
"l~5l
5,600
1
1.45
1.51
6,200
1253
*
129*
20c
18c
•
493
4
United Oils.......
United Steel
85
75
Exploration.. 1
Uchi Gold
12
13
13
21c
710
14,300
33c
Mar
2.90
660
Jan
Jan
90c
Jan
1.90
11
Mar
169*
Jan
Mar
26c
Jan
13c
Mar
493
1,465
Ventures
•
4.95
4.75
5.10
4,911
4 00
Mar
Vulcan Oils.
7.40
Jan
l
1.00
1.00
1.04
1,950
90c
Walte Amulet.
Walkers
Apr
1.25
1.40
1.30
1.45
16,322
1 02
Mar
2.14
Jan
3793
189*
365*
379*
1,408
309*
Mar
1893
10c 1253c
353
353
209
17
Mar
449*
199*
Jan
Frizel. have become associated with Security Adjustment Corp..
Brooklyn.
—Beer
&
Co.,
members
New
Preferred.,
....*
Wendlgo Gold..
1
Western Canada Flour... *
Preferred
West flank Oil
100
10c
"30
1853
29
•
14c
14c
West Turner Petro1eum50c
14c
1053c
30
3
8,900
25
Mar
8c
2
Mar
Mar
6
18c
49*
Jan
Jan
Jan
28 93
Feb
14,600
993c
Mar
340
Jan
14c 162,700
8c
Mar
14c
Jan
16c
Stock
Exchange,
announce
the
—Associated Bank Counsel
announces
135 West Wells St., Milwaukee, Wis
—Jackson & Curtis
with them
as a
announce
the opening of its new offices at
Egbert A. Brown will be in charge.
that Evar L. Linder has become associated
securities trader in their
—Penington, Colket & Wisner
Chicago office.
announce
that William J. Doherty is now
associated with them in their bond department-
Feb
20
35
York
removal of their offices to the fourth floor of 42
Broadway, New York City.
Jan
*
—William H. Elliott, formerly with the Prudence Co.,
Inc., and Henry
Schroeder, formerly with G. L. Ohrstrom & Co. and Smith, Malone &
Feb
—Baar, Cohen & Co.
way,
announce
the removal of their offices to 39 Broad¬
New York City.
—H. W. Tenser & Co. announce the removal of their offices to 60 Broad
St., New York.
Volume
Financial
146
Quotations
on
New York
Over-the-Counter Securities—Thurs. April 14
New York Bank Stocks
City Bonds
97%
99% 100%
1
a4%s Apr
a4%s Apr
96%
Jan
1 1977
a3%s
a3%s
a3%8
a3%s
a3%s
1X3% 8
July
1 1975
May
1 1954.
101% 102%
Nov
1 1954
Mar
1 1960
101% 102%
100% 102
1 1974
a4%s June
15 1976
a4%s Feb
1 1977
a4%s Jan
100% 101%
a4%s Nov
July
1 1976.
103
a4s
May
1 1957
a 4s
Nov
1 1058
106% 108
107% 108%
a4s
May
1 1959
15 1976
Jan
a 4s
Oct
1 1960
109% 111
111% 112%
1 1962
111% 112%
1 1964
100
100
115
75
98
National Bronx Bank...50
37
42
31%
National Safety Bank. 12%
29%
—13.55
City (National)
Commercial
Flatbush National
11
55
24%
26%
22
24
12%
16
20
775
10
50
Peoples National
Public National
1615
.25
Trade Bank
46
36
100
14
12
9
141
725
100
---
47
Penn Exchange
135
First National of N Y..100 1575
115
National. —100
Sterling Nat Bank A Tr.26
26
24%
12)4
National.. 100
Fifth Avenue
114%
114
Merchants Bank
115% 116)4
116
117)4
116% 117)4
111% 112%
1 1980
a4%s Sept.
a4%s Mar
a4%s Mar
113 %
1 1957
Klngsboro
48
Chase
115%
1 1957
1 1963
a4%s Mar
1 1965
a4%8 June
1 1967
a4%s July
15 1971
a 4%s Dec
1 1979
14%8 Dec
107% 108%
110%
109
1 1977
May
a4s
1 1981
a4%8 Mar
a4%s May
a4%s Nov
106
114
05
22%
40
Bensonhuret National. ..50
114% 115)4
115% 116)4
15 1978
Ask
Bid
Par
Ask
20%
Bank of Yorktown__66 2-3
113% 114%
113% 114 %
113% 115
15 1972
Bia
Bank of Manhattan Co. 10
112 % 113%
1966
a3s
Par
Ailt
Bid
Ask
Bid
2517
Chronicle
New York Trust
117% 119
Companies
119% 121
'
Par
Banca
Fulton...
94
Bk of New York A Tr__100
340
44%
10
5
100
County
Brooklyn
74
79
6%
220
224
Irving.
46%
7
Bronx
195
100 §219
11
10
Kings County
349
100
Guaranty
102
Bankers
a*
.4
Bid
tar
Ask
Bid
Itallana.100
Comm
100 1600
1640
12
28%
32%
20
20
Lawyers
62.70 lees
1
World
3a 1981
62.75 less
1
4%s April 1940 to 1949.
Improvement—
4s Mar A Sept 1958 to'67
Canal Imp 4s JAJ '60 to '67
5s Jail A Mar 1964 to '71
62.90
Highway Imp 4)4a Sept *63
131%
Canal Imp4)48 Jan 1964..
Can A High Imp 4)4a 1965
131%
...
128%
...
...
43%
34
30
50
60
25
11%
14%
New York
25
46%
82%
85%
11%
12%
Title Guarantee A Tr. ..20
5%
20
46%
47%
Underwrlters
100
Empire
62.10
123
m
.
10
20%
21%
United States
100 1485
..50
Colonial Trust
+ m
Highway
A Highway—
89%
41%
Corn Exch Bk A Tr
Ask
War Bonus—
3a 1974
Canal
86%
Continental Bank A Tr. 10
Bid
Ask
Bid
__20
Chemical Bank A Trust. 10
Clinton Trust
Central Hanover
New York State Bonds
Manufacturers
Preferred
110
113
Chicago & San Francisco Banks
...
Par
Bid
Pur
Atk
Port of New York Authority
Bank
Gen A ref 2d
3%a '65
3)4a *76
ser
Gen A ref 3d xer
1939-1941
-MAS
61
178
183
111
Bk of Amer
Insurance
112)4
tar
4%s
FRANCISCO
8AN
50
100
.MAS 50.75 to 2.00%
1942-1960
I
1
NT*->__12%
41%
43%
D
Bid
bia
Hit
Companies
Ask
Par
|
ser
3s 1976
Gen Aref 3)4b
1977
George Washington Bridge
4)4s aer B 1940-53. M N
98%
MAS 51.00 to 2.00%
107)4 109)4
MAS
1939-1941
1942-1960
111%
110
10
96%
10
1%
2%
10
40%
83%
42%
Home Fire Security
Aetna
Homestead Fire
10
13%
Aetna Life
10
23
24%
Importers A Exporters...6
11%
7%
Agricultural
99%
ser
Aetna Cas A Surety
26
61
65%
Ins Co of North Amer... 10
52
American Alliance
Gen A ref 4th
Inland Terminal
520
E
Tunnel 4)48 aer
103%
104%
290
490
100
A»k
106% 107%
100% 101%
98
96%
A«
270
Northern Trust Co...
184
Trust.—33 1-3
A
First National
Bid
Holland
154
Continental niinols Natl
Bonds
A*k
.1
i>.
1
Harris Trust A Savings. 100
100
A Trust
Gen A ref 4s Mar 1 1975.
1535
123
42 A '46
Barge C T 4%s Jan 1 1945.
Barge C T 4s Jan
Port ol New York—
6%
85
75
«...
American National Bank
bio
48%
10
18%
19%
20%
21%
Knickerbocker
6
10
American Equitable
American Home
American of
—5
10
Newark—2%
8
9%
10%
5
2
1
In«._12)4
40
43
5
37
40
Lincoln Fire
Maryland Casualty
Mass Bonding A
12
8%
54%
11%
2%
4%
3%
Bui
Philippine Goveruoieni4s
4)4s Oct
4)4 a July
102
1959
1952
5a
1955
Apr
Feb
103%
100% 102
102
105%
1941
107
108
1952
5)48 Aug
5e
101%
103%
109%
63.50
6s
Honolulu
28
Merch Fire Asaur com
10
21%
6%
Merchants (Providence)..5
4
Automobile
10
36%
24%
22%
38%
Merch A Mfrs Fire New'kS
25
26
National Casualty
10
17%
19%
National Fire
10
50
52
American
Bid
A»l
100
1946
27
American Reserve
American Surety
United States Insular Bonds
U 8 Panama 3s June 1 1961
116
.*sk
3.00
118
110% 112%
109
2%
Baltimore Amer
Govt of Puerto Rico—
4%s July 1952
5s
July 1948
Re-Insurance. 10
110%
5%
6%
25
Boston
73
520
2
National Liberty
20
National Union Fire
76
100
Bankers A Shippers
530
2
New Amsterdam Cas
108
3s 1947
110%
111
Federal Land Bank Bonds
79
2.60
22%
24
10
New Hampshire Fire
15%
16%
10
20
10
22%
23%
New Jersey
New York Fire
5
23%
25%
Northern
1%
2%
Bid
Ait
ma
Ask
JAJ
101 %
101)4
4a 1946 opt
109% 110%
JAJ
101 % 101)4
4b 1958 opt
100
3s 1956 opt 1946
MAN
3)4s 1955 opt 1945.-MAN
101% 101)4
3s 1955 opt 1945
3a 1956 opt 1946
1944.....JAJ
1938
MAN
4%s 1958 opt 1938
MAN
100%
101% 102%
37
5
Excess
10
Federal
4%
33%
North River
National.25
Pacific Fire
25
93%
97
10
67%
69%
94
Preferred Accident
5
13%
15%
Providence-Washington. 10
28
30
Reinsurance Corp (N Y).2
5%
21%
17%
23
*90
45%
47%
Fireman's Fd of San Fran25
68
71
5
5
Firemen's of Newark
Franklin Fire
7%
22%
8%
23%
Republic (Teias).
10
10
5
5
6
172
181
Rhode Island
21
Rossia...
17
18
St Paul
35
37
Seaboard Fire A Marine..6
5
Globe A Republic
5
•
99% 100%
100%
99
Atlantic 3s
f40
45
/40
45
California 5a
100
102
Central Illinois 5s
/26
29
Burlington 5a
4%s
/5%
Chicago 4%s and 5s
1 afayette
t
hid
'•
81
Lincoln 4%s__
82
5s
North Carolina 6s
99
Ohio-Pennsylvania 6s
6%
Seaboard Surety
10
26
62
65
...5
21
22%
8
9
.
100
400
450
100
379
389
11
12%
44
46
43%
26%
46%"
10
21%
231
Travelers
85
10
27%
29 •
U S Fidelity A Guar
10
Hartford Steam boiler—10
Home
6
62%
64%
U S Fire
47
49
U S Guarantee..
10
24
25%
Westchester Fire
2 60
100%
27%
102% 105%
4%
3%
Co..2
Sun Life Assurance
Halifax
Hartford Fire
9%
20
18
10
Springfield Fire A Mar..25
Stuyvesant
5
Security New Haven
Hanover
/49
Oregon-Washington 6s
12%
22%
84
99%
98%
99% 100%
New York 5b
11
--16
Great American
Ail
99% ioi
5«.
7%
18%
Great Amer Indemnity...1
2d preferred
HA*
bid
*L
7
5
32
19
Globe A Rutgers Fire... 16
6%
19
5
Fire A Marine...25
30
10
Glens Falls Fire
3s
116
110
Northwestern
Fidelity A Dep of Md—20
Fire Aasn of Phil a
10
Georgia Home
Atlanta
15
Phoenix
General Reinsurance Corp5
Bank Bonds
37%
5%
35%
Gibraltar Fire A Marine. 10
Joint Stock Land
25%
39%
39
Revere (Paul) Fire
102)4 102%
10
75%
18%
21%
New Brunswick
19%
Eagle Fire
100
2
16%
10
Camden Fire
7%
6%
95
12.50
6
10
City of New York
2%
Employers Re-Insurance 10
Con version
108%
3s 1946
U S converslo'
Carolina
Continental Casualty
115% 117%
4)4® Oct 1956..
6
8%
23%
37%
34%
13%
Connecticut Gen Life
Hawaii
7%
4
27%
55
101
101
Pacific Coast of Portland 5s
100
Denver 5a
99% 100
Pac Coast of Salt Lake 6s..
100
First Carollnaa 6a
96
98
Pac Coast of San Fran 5s..
100
100
102
Pennsylvania 6s
100
101
Phoenix
105
107
106
107%
100
Dallas 3s
Flret of Fort Wayne
4%s__
Firet of Montgomery 5a
97%
99
Flret of New Orleans 5a
99
100%
Flret Texaa of Houston 5e.
99
100
Flret Trust of Chicago 4 %s
Fletcher
—
Potomac 3s.............
/26
San Antonio 3s
100
77
76
Southwest 58.
74
77
Southern Minnesota 5s
100
102
73
Fremont 4%s..j
5s
Greenbrier 5a
86
4%s
96
:
m
I Surety
Guaranteed Mortgage Bonds and Debentures
Bid
A i ueu
Mtge Got
28
100%
80
16%
99%
99
100%
99% 100%
99% 101
Nat Union Mtge Corp—
2~6».
Series A 3-6a
83
2-3s
interstate Deb
Corp—
1945
Corp 2-6s'66
Mortgage Bond
Inc 2-58
Nat
100
Atlanta
40
Co of Md
1953
New York
50
43
44%
(all
1963
issues) 2-5s
73
Potomao Cons Deb Corp—
77
...1953
42
45
42
45
3-6s
48
Potomac Franklin Deb Co
1953
3-6s
50
ture
85
Corp 3-6s
Realty
1963
series)
/21
....100
50
Bond
A
Mortgage
1953
25
Realty
45*
Unified Deben Corp 5s 1955
deb 3-6s
73
Nat Deben Corp
72
Atlantic
Deb Corp 3-fle
42
12
Deben¬
1963
Potomac Maryland
3-6S.1963
10
42
34
Corp 2-5s '63
Nat Cons Bd
42
44
55
22
Bid
100
Atlantic
100
40
50
North
Dallas
100
72
75
Pennsylvania
100
18
Denver
100
20
25
Potomac
100
70
100
42
47
San Antonio
43
46
Flret Carollnaa
100
3
0
Virginia
Fremont
100
1%
Virginia-Carolina..
31%
33%
75
Dee Moines
...
Lincoln
100
%
1
Carolina
Funding
Ask
tar
Ask
72
Corp
Bond
Potomac
Bondholders part ctfs
(Central
Bid
1954
Series B 2-6s
75
52
55
Potomac
Par
1954
_
Potomac Deb Corp 3-6s '53
Cooti Inv DebCorp 3-0s'fl3
Empire Properties
Joint Stock Land Bank Stocks
Ask
Bia
As*
in<—
1953
Arundel Bond Corp 2-5s '63
Arundel Deb Corp 3-6s
63
Associated Mtge Cos Inc—
Debenture
3-6s
1963
ooof
Inv Bd Corp 2-6s '53
An series
98
5s
Virginian 5s
Virginia-Carolina 3s
88
93
Illinois Midweet 5«
Iowa of Sioux City
/14%
Union of Detroit 4 %s
99% 100%
Greensboro 3a
~
.
99% 100%
St Louis 5s
99% 101
100% 102%
3%s
6s
4%s
1
•
5
1
60
Telephone and Telegraph
1%
70
Pai
3
Am Dlst Teleg
Preferred
iN J) com.*
100
Bid
80
84
Bid.
15
FIC 1%8—May 16
F I C l%<
June 15
FIC 1%S—July 15
FIC1%S—Aug 15
FIClHi—Apr
1938 6.20%
1938 6.25%
1038 6 .25%
1938 6 .30%
1938 6.30%
Bid
Ask
1
•
1
1
I
•
t
«
I
til
1
t
F I C
1%8.-Sept 15 1938 6.35%
Oct
151938 6 .40%
FIC 1%S—Nov 15 1938 6.45%
FIC l%s
PIC
l%s—Dec
F I C 1 %s-._Jan
•
58
85%
88%
Mtn
1
108
25
Engl Telep... 100
13
128% 131
S'western Bell Tel pref. 100
119% 123
Preferred A
Rochester
Telegraph... 100
States Tel A Tel.. 100
72
107
I ! •I
i
For footnotes see page
2520.
...
15
Telephone—
10.50 1st pref
So A Atl Telegraph
Sou New
•
1
18 1939 6 .55%
100
Peninsular Telep com
43
Int Ocean
1
111
118
37
31
1
15 1938 6.50%
24
107
115
Gen Telep
Ask
1
21
100
Pac A Atl Telegraph
50
Allied Corp—
-*
$6 preferred—
11
155
27
Debeutures
19
26
»
115%
Emp A Bay State Tel—100
Franklin Telegraph
100
Federal Intermediate Credit Bank
Ask
bia
17
150
7% pref—100
Cuban Telep
1 UT
York Mutual Tel. 100
New
113
of Canada.—100
Bell Telep of Pa pref-.-100
Bell Telep
Stocks
Ask
Wisconsin Telep
7% pf.100 *115
,
16
117
2518
Quotations on Over-the-Counter Securities—Thursday April 14—Continued
Railroad Bonds
Guaranteed Railroad Stocks
3o$epb Walkers Sons
Members T^evi "York St<xk
120 Broadway
Tel, REctor
.1940
32
35
.1955
95
100
.1956
70
.1951
56
.1961
86
89
Cleveland Terminal A Valley 4s
.1995
35
40
Connecting Railway of Philadelphia 4s.
.1951
103
...
Since1855^
"
74
Chicago Indiana A Southern 4s
Chicago St. Louis & New Orleans 5s—
Chicago Stock Yards 5s.
2-6600
STOCKS
Sn
.1943
Cambria A Clearfield 4s
Exchange
GUARANTEED
NEW YORK
91
78
Boston A Albany 4Mb.
Boston A Maine 5s
J?
Dealers in
Asked
Bid
89 H
..—1939
Atlantic Coast Line 4s__
7
62"
>•»*
Duluth Missabe A Iron Range
96 H
95 M
N«
Guaranteed Railroad Stocks
Florida! Souther n ;4s
72
67
1945
~
Mm
(Guarantor In Parenthesis)
M
Illlnols'Central—
DIv.'A'Termlnal 3Hs
Louisville
1953
Bid
67
63
1950
Indiana Bllnols A'lowa 4s
Dividend
Par in Dollars
70
Asked
1978
82
75
.1959
110
KansasIOklahoma A^Gulf 5s
Alabama A Vlcksburg (Illinois Central)
100
0.00
50
56
Albany A 8usquebanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitta)
Beech Greek (New York Central)
100
100
10.60
96
105
0.00
25
30
Memphis Unlon'Statlon 5s
New London}Northern'4s
.1940
97 H
60
2.00
26
30
New York A
.2000
97
100
100
8.75
73
78
New York Philadelphia A Norfolk 4s.
.1948
82
86
Norwich A Worcester 4Hs
.1947
91
94
.1939
49
52
Boston A Albany
(New York Central).
Boston A Providence (New Haven)..
100
8.50
40
Canada Southern (New York Central)
100
Carolina Cilnchfleld A Ohio common 6% stamped..100
Cleve Clnn Chicago A St Louis pref (N Y Central)..100
2.86
38
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
60
60
2.00
Harlem)3Hs_
......
—
5.00
62
5.00
65
73
3.60
63
67
Pennsylvania"A"NewVYorkTCanal 5s.
Philadelphia A Reading Terminal 5s.
Pittsburgh Bessemer A Lake Erie 5s.
Portland Terminalj4s..——
36
42
113M
99 H
39
43
26
2.00
36
Fort Wayne A Jackson pref (N Y Central)
100
6.60
45
52
Georgia RR A Banking (L A N-A C L)
100
900
125
135
100
4.U0
37
42
100
60.00
.1941
103
.1947
114
.1961
85
87
Providence A Worcester 4s
.1947
78
82
Terre Haute A Peoria 5s
.1942
Toledo Peoria A Western 4s
Delaware (Pennsylvania)
68
.1907
75
Terminal |4 Ms
Toronto Hamilton A Buffalo 4s.
.1957
104
.1951
105M
am
am
mm m
102
100
'
Lackawanna RR of N J (Del Lack A
Western).
Michigan Central (New York Central)
Toledo
760
28
33
Unlted New JerseylRallroad
6.00
50
56
Vermont
60
4.00
77
80
West
00
4.60
30
-
-
-
96 H
900
3.876
100
35
Morris A Essex (Del Lack A Western)
60
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
-
106
94 H
.1946
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
60
1.50
60
3.00
7.00
140
7 00
153
160
100
...100
6.82
40
120
128
100
3.00
60
05
100
0.00
120
128
Original
100
100
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
10.00
210
220
6.00
45
50
>0.50 preferred
>7 preferred
5.00
65
65
40
45
85
39
43
45
6.00
80
.1990
15<j"
100
103
101
.1940
73
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
Preferred
Preferred
Rensselaer & Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
36 H
&:Canai;3Ms.
Valley 4 Ms
VlrginlafATPittsburghMs
38)4
Public
Par]
54 h
Arkansas Pr A Lt 7 % pref *
64 h
Associated
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
Utlca Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)..
Gas
A
Alt
55 m
66 H
Electric
*
preferred
2h
4H
4%
Atlantic City El 0%
...100
5.00
45
50
pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec >7 pref. *
60
60
Preferred
Bid
pref..*
Alabama Power $7
Utility Stocks
3.50
20
25
49
54
>1.60 preferred
25
Carolina Pr A Lt >7 pref..*
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Pennsylvania)
6.00
56 h
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100
19%
20 %
Newark Consol Gas
67
08%
64
70
60
72 h
62 H
68
71
4
6
Consol Traction (N J).100
Consumers Power >5 pref. *
40
44
85
86M
08%
114
182
Gas
100
Federal Water Serv
cum
preferred...*
>7 cum preferred
.*
Gas A Elec of Bergen..100
Hudson County Gas...100
6s
1,75
67.50
6.50
67.50
6fl
Ha'DecT
0.50
65.50
4.50
65.60
Boston A Maine 4 Ha
4.50
Missouri Pacific 4Hs
5s
Alt
4.75
6.00
04.00
3.00
Northern Pacific 4Hs
61.76
1.20
Pennsylvania RR 4H«
62.25
1.50
61.60
1.00
5% conv partlc pref..50
Memphis Pr A Lt >7 pref.*
Mississippi Power >6 pref.*
4 Ha
62.75
2.00
6s
6s
61.75
1.00
4s series
>7
63.00
5s
66.75
5.75
5.75
62.85
6.00
Pere Marquette 4Hs
63.75
Reading Co 4Hs
63.25
62.50
,
83
66.00
5.00
66.00
5.00
60.00
5.00
90
94
92
4Hs.
St Louis Southwestern 5s._
95
4.75
65.50
6Hs
65.50
4.75
2.50
Southern Ry 4Hs
65.75
4.75
91
65.75
4.75
87
91
63.25
2.75
63.25
2.75
62.25
2.15
61.80
1.25
Hocking Valley 6s
61.76
1.00
Illinois Central 4 Ha
65.50
4.50
65.50
4.50
65.50
4.25
63.50
2.75
5s
6e
4Hs
-
5s
Pacific 4Hb
6s
61.50
Maine
61.75
Central 6a
1.10
61.75
5s
3
23 h
5
36
38
51
54
68
70
107
32 h
28 H
31
30
32 %
Edison >0 pref
*
preferred
*
>7
84 %
93%
109 h
83
86 H
94%
111
85m
100
pref—100
95h
97 h
95m
98%
46 %
•
81M
49%
82%
100
28 %
29%
1
3%
preferred
7%
Okia G A E 7%
preferred
6%
Republic Natural Gas
4%
Rochester Gas A Eleo—
preferred C
100
Sioux City G A E >7 pf.100
91m
73 h
77
25m
26 H
Calif Edison—
0% pref series B
25
South Jersey Gas A El.lOO
Tenn Elec Pow 0%
preferred
7%
pf.100
100^
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
20 %
50 %
United Gas A El
40 h
44
Utah Pow A Lt >7 pref..*
43
48
Virginian
42 H
44 M
48%
50%
96
98
97%
99%
(Conn)—
preferred
7%
182
100
Ry
100
61
31%
118
64
33%
125
Bid
Alt
7% preferred
100
/G Foods Inocommon..*
70
Par
Bid
Alt
85
Blck fords Ino
>2.60
conv
1H
1H
*
9
10
*
pref
30
33
Kress (8 H) 0% pref
Miller
(I) Sons common..*
6H% preferred
100
Murphy (G C) >5 pref.100
11%
2
12M
4
15
20
95 H
97H
1.10
Bo hack (H C) common...*
7%
preferred
98
H) Co Inc..*
5s
75
85
5 Ms
75
85
75
85
3.75
Western Maryland 4 Ha
Western
3.00
6Hs
Pacific 5s
6H
8
*
8
68
>5
cigar-wheian Stores
preferred
*
18 H
19H
78
Miscellaneous Bonds
Bid
63.50
2.50
93 H
River Bridge 7s
Sept
1953
1
1939
1 Ha
100
101.5
100.7
Federal Home Loan Banks
5.00
1Mb
July 1938
100.4
5.00
2s
Dec 1940
101.18 101.21
1943
4a
A prill
1955
June 1 1939
100.17 100.21
101.1
101.2
Deo 1960 60.50% leseH
4mb
New York City
66.00
1
Aug 15 1938
Marine Parkway Bridge—
101.3
66.00
Apr
Ask
Home Owners* Loan Corp
2s
Federal Farm Mtgw Corp—
lHs
Bid
Ask
94 H
Bear Mountain-Hudson
100.3
100.7
Henry Hudson Parkway—
2520.
100
United
17
100
preferred
Reeves iDaniel) pref... 100
13 H
92
1.00
85
3.75
2
11
100
Kobacker Stores
7%
1
100
Diamond Shoe pref
1.00
75
64.50
85%
20 H
48 %
6
Associates Invest 3s.. 1940
Wabash Ry 4Hs
64.50
see page
100
109
29 h
3
2s
•UFor footnotes
Ohio
0%
*
1.00
61.70
61.70
Virginia Ry 4Hs
64.00
6 Ha
Minn St P A 8 S M 4a
(Del) 7% pref
(Minn) 6% pref
1.00
61.50
08-
Loulsv A Nash 4 Ha
6s
B
Shoe Stores
Flshman (M
Texas Pacific 4s
2.75
63.50
5s
Union
Internal Great Nor 4Ha..
Long Island 4 Ha
100
1.50
62.80
6s
65%
7% cum preferred
Northern States Power—
3.00
63.00
91
87
4 Ha.
Southern Pacific 4Hs
5s
63.75
91
87
6s
63
*
Chain Store Stocks
Par
Borland
87
4 Ha
83%
93%
preferred
2.00
Dec 1 1937-50
St Louis-San Fran 4s
Erie RR 5 Ha
08
91%
cum
2 Mb series G non-call
5s
6 Ha
•
2.50
80
Denver A R G West 4Ha..
6a
60M
82
>6
2.75
6.00
Chicago R IA PacificTrustees' ctto 3 Ha
preferred
2.25
67.00
67.00
HsI
27
58 %
pref
2.25
60.75
5S
7H%
E due
Jan A July 1937-49
Chicago A Nor West 4 Ha.
21h
Mass Utilities Associates—
2.75
25h
Southern
4.50
4.00
Great Northern
100
4.50
65.00
A St Paul 4
preferred
65.75
2.50
Mllw
7%
*
New Orl Pub Serv >7 pf__*
Penn Pow A Lt >7 pref
182
Jamaica Water Supply—
65.75
2.76
63.10
63.50
6s...
,
110
N YNH AHartf4Hs
6s
63.25
Canadian Pacific
5s
N Y Chic A St L 4Hb
16
105
Pacific Pr A Lt 7% pf.-lOO
123
100
5.00
2.75
Chesapeake a Ohio—
17 h
97
5.00
4,00
Cent RR New Jersey 4 Ha.
18 %
20
108
65.75
65.25
63.25
4 Ha
17
16 h
*
preferred
Interstate Power >7 pref..*
Iowa Southern Utilities—
4.75
65.50
14
102 H
123
15h
Ohio Power 0% pref...100
Ohio Pub Serv 0% pf.. 100
100
preferred
7%
65.75
193 0-194411!
Chic
4.75
65.50
m
1M
24 m
Queens Borough G A E—
preferred
50
Jer Cent P A L 7% pf.,100
Kan Gas A El 7% pref.100
Kings Co Ltg 7% pref..100
Long iBland Ltg 0% pf.100
7% preferred
100
Canadian National 4Ha...
6s
3
65.50
65.50
5Hs
New Orl Tex A Mex 4Hs..
New York Central 4Mb
30 h
Idaho Power—
>6
62.50
116
15 %
preferred
cum
Interstate Natural Gas...*
Atlantic Coast Line 4Ha..
Baltimore A Ohio 4 Ha
26 H
Corp—
>6
>0.60
Bid
%
20 H
71%
Essex Hudson
Equipment Bonds
4%
24
14
>7 prior lien
preferred
100
Dallas Pr A Lt 7% pref.100
Derby Gas A El >7 pref..*
Philadelphia, Pa.
22 H
New York Power A Light—
preferred
preferred
7%
Alt
100
62
preferred
Continental Gas A El—
Bid
100
Cent Pr A Lt 7% pref_.100
Consol Elec A Gas >0 pref. *
Stroud & Company Inc.
104
3%
12§"
54 h
preferred
*
>0
Quotation*-Appraisal* Upon Requett
101
Mountain States Pr com..*
100
100
7%
Railroad
25
pref
New Eng G AE5H% Dt *
New Eng Pub Serv Co—
0%
EQUIPMENT TRUST CERTIFICATES
Alt
49
Penn
West
Pub Serv 7%
7%
Central Maine Power—
Private Wires to New York
Miss Riv Pow 6% pref.100
Missouri Kan Pipe Line..5
Monongahela
Bid
47
105 h
120
Buffalo NiagaraAEastern—
3.00
3h
5h
5%
Par
Mississippi P A L >0 pref
104 H
---
Park'yAuthorlty 3Hs*68 100M 101
3Hsrevenue 1944-1949. 62.40 to 2.90%
54
57
Reynolds investing 5e 1948
Trlborough Bridge—
4s s f revenue 1977 A AO
108 % 109M
4s serla
revenue
1942-68 62 to3.5 01ess 1
Volume
Financial
146
Quotations
Public
Serv 68.1964
Amer Wat Wk A El 5b '75
1st mtge 4s
Green Mountain Pr 5s.l948
57
55)4
4%a—1948
100
101)4
81
79
Power 354s
Idaho
1963
1 debenture
Water Bonds
Ask
Bid
Ask
Appal aehln Elec Power—
a
Over-the-Counter Securities—Thursday April 14—Continued
on
Utility Bonds'
Bid
Amer Utility
10054 101)4
97
95)4
1967
1950
Iowa Sou Utll 5)4s
39)4
41
Assoc Gas A Elec Corp—
Income deb 3%s
1978
23
2354
91)4
93)4
2654
28)4
Kan Pow a Lt 1st 4)4s '65
1978
23
Income deb 4s
1978
25)4
1978
28)4
Conv deb 4s
1973
Conv deb 4%s
Conv deb 5s
1973
46
47)4
1973
51
52)4
Conv deb 5%s
Keystone Telep 5)4s._1955
109)4 110
88
Missouri Pr a Lt 3 54b.1966
96
Mtn States Pow 1st 6s. 1938
92)4
71
73"
tkO
deb 4%s
Income
Narragansett Elec 3)4s '66
Newport N a Ham 5s.1944
102)4 103
57
83
86
8s without warrants.1940
84
87
"
1965
4s.
98)4 100)4
86
87
Secured notes 3 )4s„1947
4%a—1983
23
10254 10354
Ohio Pub Service 4s._1962
25
22
.--
43
5s..1952
86
24
...
22
m
Pennsylvania Elec 5s_1962
94
S f lnc 4%a-5%B—_1986
Sink fund lnc 5-6s._1986
21
---
S
10554 106)4
23
1st lien 3-6s....... 1961
26
Public Serv of Colo 68.1961
5654 58)4
104)4 105
Penn Telep Corp
Blackstone V G A E 4s 1965
9854 100)4
10854 109)4
St Joseph Ry Lt
1957
series
B
101
Calif Water Service 4s 1961
Chester Wat Serv 4)4s '58
100
5)4s series A
1951
City of New Castle Water
102
mmm
1941
5s series
B
...1954
Community
1957
60
62
99
95)4
97
100)4
100
Utlca Gas a El Co 58—1957
121)4 122)4
36"
Western Mass Co 3 )4b 1946
102)4 103
Western Pub Serv 5)4s '60
98
St Joseph Wat 4a aer A—*66
105
Scranton Gas a Water Co
1942
99% 101
6s series B
1942
99)4
..I960
Greenwich Water A Gas—
6s series A
1952
66
70
'67
Cumberl'd Co PAL 3 %a '66
Dallas Pow A Lt 3%s.l907
Federated Utll 5%s.— 1957
102
97)4
Wis Mich
102)4 103
Pow 354b—1961
106
Water Service 5a.1961
100
73
77
73
Shenango Val 4s aer B 1961
96
98
94
97
South Bay Cona Wat 5a '50
66
70
107
109
South Pittsburgh Water—
lat mtge 5a
1955
103
1st a ref 5a A
1977
110
1954
101
1954
103
5s
1962
104
...
5b series A
1960
1960
105
Sprlngf City Wat 4s A *66
89
Terre Haute Water 5s B *56
105"
Par
AdmlnlsteredFund2ndlnc*
Affiliated
Fund
Inc.—1)4
6s Beries A
101)4 103%
1949
103
Investors Fund C
1
8.65
102
Indianapolis W W Secure
1958
80
1957
103
'51
100
103
96
99
95
*
Western N Y Water Co—
104
85
5s series B
91
1951
87
1st mtge 5)4a
103"
100
1950
lat mtge 5a
...
1950
96% 100
Westmoreland Water 5s '52
106)4
86"
99
Wichita Water—
5s series B
1956
101
6s series C
1960
104
104
0* series A
1949
105
W'msport Water 5s.—1962
13.29
12.14
12.15
8.15
8.93
12.05
13.18
3.98
4.42
54c
Major Shares Corp
2.84
2.24
*
1
21.17
1
xllb/s
Bullock Fund Ltd
Nation
10c
4.93
5.46
1
17.90
18.99
9.60
10.49
Wide Securities 25c
X2.57
2.67
1.10
1.21
Investors Corp.l
4.69
4.99
1
11.00
11.83
Voting ihares
National
New
3.50
Canadian Inv Fund Ltd—1
Reports—Markets
2
10
—
Mass Investors Trust
Mutual Invest Fund
28c
Broad St Invest Co Inc..5
N
England Fund
Y Stocks lnc—
Century Shares Trust
*
19.40
Agriculture
6.99
1
2.87
Bank stock
7.43
8.04
incorporated
BArclay 7
pf.100
5)4
Corporate Trust Shares.. 1
1.96
Electrical equipment
1
1.92
Insurance stock
Series A A
".
6.50
6.31
6.84
8.28
6.87
—
7.04
7.65
Building supplies
7.44
Accumulative series
1
1.92
Machinery
Series
1
2.27
Metals
7.17
7.76
1
2.27
Oils
8.38
9.06
Railroad equipment
6.20
6.72
Steel
6.59
7.14
AA
mod
Series ACC mod
Crura & Forster com....10
8% preferred
22
115
100
Crura A Forster
19
—
No Amer Bond Trust ctfs.
insurance
10
20
100
109
25
sharp
B
47 %
7% preferred
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
2.32
..1
2.24
1
2.00
Pacific Southern Inv pref.*
Class A
3.50
3.10
*
1
Zl.09
D__
Dividend Shares..
24
26
5
6)4
A
%
56c
41c
lnc Shares. .10c
29.13
10.00
102
ment Fund series A-l...
15.44
16.58
Representative TrustShslO
Eqult Inv Corp (Mass)..5
24.50
26.06
Republic Invest Fund.25c
22c
1954
22%
Royalties Management. .1
30c
pref 1
*
16.74
10c
2.33
Insurance stk series. 10c
2.85
Fidelity Fund lnc
18.03
Bank stock series
10
10
6.15
Foreign Bd Associates Inc.
6.07
B
Selected
Amer
Shares.2)4
Sovereign Investors
Spencer Trask Fund
-
—
—
61c
67c
*
13.21
13.91
-
Standard Am Trust Shares
2.10
2.40
Standard
lnc_50c
38c
6.6C
State Street Invest Corp.*
67)4
Super Corp of Am Tr Shs A
2.80
Foundation Trust Shs A.l
3.45
3.70
14.20
15.34
Fundamental Tr Shares A2
4.12
4.75
Utilities
AA
...
41c
71
3.74
*
26.92
28.95
........
1.82
Investors Trust.*
4.09
4.45
Supervised Shares
1.04
1.14
69c
76c
Automobile
shares
Building shares
1.09
1.19
Chemical
1.03
1.13
72c
80c
shares
Food shares
1.82
4.86
D
4.86
63c
3
9.12
8.39
2.10
Series D
1
2.05
Trustee Stand Oil Shs A.l
5.93
1
5.41
Series B
_
m
m m
61c
79c
88c
Petroleum
1.00
1.10
64c
71c
96c
1.05
92c
1.01
)4
54
1
47c
87c
Investors..*
15.46
16.52
Huron Holding Corp
U S El Lt A Pr Shares A„
11)4
11%
1.45
1.55
74c
82c
Un N Y Bank Trust C-3_*
2
UnN YTrShsserF
*
1
Wellington Fund
1
11.56
Voting shares
Group shares
Insurance Group
Shares
Insuranshares Corp (Del)l
Invest Co. of Amer com. 10
y£=.
Bancamerlca-Blalr Corp.l
Central Nat Corp cl A
Institutional Securities Ltd
Bank
1.03
1.14
1.09
1.21
1
26
44
/18
21
50
49
28
30
30
33
Oliver Cromwell
39)4
1st 6s
(The)—
Nov 15 1939
Film Center Bldg 1st 4s '43
42)4
40 Wall St Corp 6s
1958
1939
1400 Broadway Bldg—
37
39
65
1948
1951
103 E 67th St 1st 6s.-1941
38
/6)4
1 Park Avenue—
2d mtge 6s
34
634s stpd
July 7 1939
1st fis
47
47
1949
500 Fifth Avenue 6 )4s.
5%
52d A Madison Off Bldg-
50
20
34
165 Bway Bldg lst5)4s '61
Prudence Co—
/38%
5)4s stamped
1961
Realty Assoc Sec Corp—
5s income
1943
40)4
58)4
/44)4
49)4
44)4
46)4
22)4
25)4
/17%
20)4
Roxy Theatre—
A Off Bldg—
4%
5)4
1944
29
38
41
1957
1st 4s._
32
..1949
1946
Fuller Bldg deb 6s
Graybar Bldg 5s
Harriman Bldg 1st 6s. 1951
56)4
58)4
Savoy Plaza Corp—
3s with stock......1956
32)4
34)4
Sherneth Corp—
Hearst Brisbane Prop 6s '42
45
56
Hotel
Lexington
1)4
29
42
units
1950
44)4
37
38)4
1956
2s with stock
......
60 Park Place (Newark)
1st fee A leasehold
1947
41
616 Madison Av 1st 6)4s'38
/2 5
3)4s
Lefcourt Manhattan Bldg
56)4
61 Broadway Bldg—
1950
3 )4 with stock
37
1950
31)4
35
Syracuse Hotel (Syracuse)
1955
62
1958
34
1939
56
59
2 Park Ave Bldg 1st 4s 1946
49)4
53
Waibrldge Bldg (Buffalo)—
3s with stock
1950
17
1st 3s
1963
Loew's Theatre Rlty Corp
57)4
59
1947
85)4
87
Textile Bldg—
38)4
41
Trinity Bldgs Corp—
1st 4s (w s)
1952
1st 5)4s—
Ludwig Bauman—
5s
1947
1951
(Bklyn)
55
36
62
Majestic Apt lnc—
4s w-s 1948 stamped
4)4
Metropolitan Chain Prop—
6s
1948
6)4
Wall A Beaver St Corp—
class B
First Boston Corp
A
4)4
*
29
34
*
2
5
10
11%
A
1%
91
1st 4)4s w-s
1951
Westing ho use Bldg—
1st fee A leasehold 4s '48
18)4
21
68
71
Bid
Cuban Atlantic Sugar. -10
Eastern
Sugar Assoc..
1
1
Preferred
7
4%
12%
Par
Ask
Bid
8%
Savannah Sug Ref com...1
2654
5%
West Indies Sugar
Corp__l
154
Ask
28
254
14%
12%
10c
88
Sugar Stocks
12.87
Par
3
85
Metropolitan Corp (Can)—
6s
1947
Investm't Banking Corps
Incorporated
554
44)4
3154
2%
1%
B
l
shares
4)4
.......
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended
50 Bway Bldg 1st 3s lnc '46
Fox Theatre
/4%
19th A Walnut 8ts (Phlla)
1st 5s (L I).
55c
Tobacco
5 %s series Q
1st
Trusteed Industry Shares.
Guardian Inv Trust com. *
5)4s series C-2
25
-
Trusteed Amer Bank Shs B
shares
22)4
/42%
/30%
/48)4
/37)4
5)4s series BK
24
1st A gen 3s w-s
70c
RR equipment shares
Corp—
stmp..l956
6 )4s series F-l
1st 6s
1
90c
Steel
Y Majestlo
4s with stock
32
London Terrace Apts—
Series C
1.18
shares
—
N
29
1st 4s
82c
shares
59 %
20 %
N Y Title A Mtge Co—
1950
3Ms...
Income 5)4a w-s
1.08
Merchandise
Colonade Constr'n 4s. 1948
33
Lincoln Building—
Mining shares
Investing shares
48
lat 4-5s extended to 1948
Group Securities—
Agricultural shares
52
46
Lewis Morris Apt Bldg—
Trustee Stand Invest Shs—
General
BB
C
Capital Corp
61%
49
Hotel St George 4s
2.93
B
.*
_
General
58%
Chsebrough Bldg 1st 6s '48
1st 2)4-48 (w-s)
„
-
1946
•
Fundamental Invest Inc. 2
B
9.05
Ask
57%
Club—
2s
Chanin Bldg lnc 4s...1945
1948
4-6s
1st
50c
3.56
3.20
..
8.44
8.31
Income Shares-
Ota
Broadway Motors Bldg—
Income 3s._1957
2.58
7.86
Fixed Trust Shares A
7.94
Selected
Fiscal Fund lnc—
Mortgage Certificates
Metropoi Playhouses lnc
5 f deb 5s
1946
N Y Athletic
42 Bway 1st 6s
98
6% deb series A__
conv
20%
lst Leasehold 3s. Jan 1*52
Quarterly
Eaton A Howard Manage¬
Equity Corp J3
...
32
1944
1st 3s
ny 1-588
Ask
B'way A 41st Street—
Hotel units.
*
Plymouth Fund lnc
B'way Barclay 1st 2s—1956
|
29)4'
/18%
Eastern Ambassador
4.65
25c
C
Bid
1957
Alden 1st 3s.
Bell System Tel.
v/
N. Y.
Dorset 1st & fixed 2s.. '57
-10c
Class B
Diversified Trustee Shares
.1
Real Estate Bonds and Title Co.
1st
1.43
2.52
2.28
Series 1956
3.97
1
.
150 Broadway,
Court A Remsen St Off Bid
1.86
Series 1955
Cumulative Trust Shares. *
No Amer Tr Shares 1953.*
Series 1958
Common
n
it pa
2360
7.57
Commonwealth Invest
Continental Shares
Estate Securities
Real
13.25
13.87
lnc
British Type Invest A
^
AMOTT, BAKER & CO.
Series S-4
1.74
Basic Industry Shares..10
mmm
4
6
Maryland Fund Inc.
Bankers Nat Invest Corp *
mmm
99% 103
Public Utilities—Industrials—Railroads
Series S-2
6
3%
5)4
Assoc. Stand Oil Shares..2
mmm
*1
Series B-3
3.02
Am Insurance Stock Corp *
Fund
84
101
Series K-2
17%
Amer Gen Equities lnc 25c
92
102
20.23
Shares—
Amer A Continental Corp.
mmrn
9.19
18.48
105
101
Union Water Serv 5%s
Ask
Keystone Cust Fd lnc B-2
10.32
3.54
New common
Boston
Bid
mmm
W Va Water Serv 4s..1901
100
Morgantown Water 5s 1965
Ask
mmm
94
Texarkana Wat 1st 5a. 1958
1966
Series K-l
Amerex Holding Corp
Amer Business
Bid
mmm
101
Monongahela Valley Water
5)4s
1950
Par
.
103
68 series B
Water—
Monmouth Consol W 5s '56
Investing Companies
77
1907
98
Long Island Wat 5)4s_1955
Middlesex Wat Co 5 )4s '57
58)4
97
Scranton-Sprlng Brook
95
5s series B
5s
107
57
...
1952
6s series B
Joplln W W Co 6s
98)4
1958
4)4s
102)4
1st mtge 3)4s
102)4 103
mmm
103
93
1958
mmm
102
100
E St L A interurb Water—
5s series A
mmm
99
Roch a L Ont Wat 5e.l938
Indianapolis Water—
Wisconsin G A E 3 )4s_1966
mmm
1960
93
Kokomo W W Co 6s..1958
Consumers Power 3 %a
101
88
1958
Illinois Water Serv 5s A '62
105
98)4
10254
95
Roanoke W W 5a
6s..
1%
mmm
105% 107 %
Pinellas Water Co 5 %a. '69
Consol Water of Utlca—
Texas Public Serv 5s. .1961
Central Public Utility—
mmm
103%
106%
5)4s series B
36
.1948
Phlla Suburb Wat 4s..1965
104%
Huntington
97)4
98
Richmond W W Co 5a. 1957
55)4
35
mmm
101
98
1948
Plainfleld Union Wat 5a '61
69
1958
mmm
104%
98
1948
Prior lien 5s
mm
1950
lat consol 4a
1st consol 5s
m
Pittsburgh Sub Wat 5a *58
54
1962
87%
60
Tel Bond A Share 5s..1958
6s series B
78
86%
lat coll trust 4%a..1966
Peoria Water Works Co—
57
67
Consol Edison 3)48
74
55
65
7054
95
92%
52
Hackensack Wat Co 6s. '77
35
72
Ohio Water Service 5a. 1958
100
35
/154
102
67
104
1946
34
1962
97
Ohio Cltlea Water 5%a '53
Ohio Valley Water 58.1954
1946
Sou Cities Utll 5s A...1958
5s... 1953
89
6)48 series B
60
Power
82
lat a ref 5a
101
Water Service
58
Consol E A G 6s A
73
77
84
Penna State Water—
m mm
Central G A E 5%s—.1946
lBt lien coll trust 6s. 1946
Colorado
68
1951
Ore-Wash Wat Serv 5a 1957
103
101
83
Income 5%a with stk '52
102"
1951
79
101)4 103
106"
104)4
(Wash)—
Cent Ark Pub Serv 5s. 1948
G '60
1951
Newport Water Co 5s 1953
104
104
1947
Sioux City G a E 4s..1966
ser
sb series B
New York Wat Serv 5a '51
100
..1954
6s
mmm
102
6%s
97
102
6)4s series A
1954
Butler Water Co 5s... 1957
1st mtge 5s
Heat APow
4)4s
Cent Maine Pr 4s
New Rochelle Water-
5b series D
Pub Utll Cons 5)48—1948
Bellows Falls Hy EI 5s 1958
95)4
1st 4s '65
Peoples Light a Power
m m
100)4 103)4
6s series A
Parr Shoals Power
Sink fund lnc 6%a—1983
Sink fund lnc 4-5s._1986
99
Atk
105
105
New Jersey Water 5s 1950
Connellsvllle Water 5s 1939
...
22
1986
Old Dominion par 5s..1951
99)4
4554
9854
01
1983
5%-6%8
C
1st 5s series C
Cons ref deb 4%b._1958
Sink fund lnc 4s
1983
f lnc
4)8
series
Bid
v
Muncle Water Works 5s '65
98
City Water (Chattanooga)
North Boston Ltg Prop's—
Assoc Gas A Elec Co—
Sink fund lnc 5s
5b
6s
N Y State Elec a Gas Corp
1973
Ask
94
Atlantic County Wat 6s '58
Citizens Wat Co
8-year 8s with warr.1940
Sink fund lnc
Alabama Wat Serv 5s_1957
Alton Water Co 5s...1956
Ashtabula Wat Wks 5s '58
5s
2354
26)4
29)4
10054 101)4
Bid
Birmingham Water Wks—
Kan City Pub Serv 4s.1957
Associated Electric 5s. 1961
Income deb 3%a
2519
Chronicle
Schoelkopf, Hutton A
Pomeroy lnc com
For footnotes see
page
2520
=*,
2520
Financial
Quotations
Chronicle
April
16,
1938
Over-the-Counter Securities—Thursday April 14—Continued
on
Foreign Stocks, Bonds and Coupons
SYLVANIA INDUSTRIAL CORP.
Inactive Exchanges
C.
E.
UNTERBERG & CO.
MemDers
61
/ New York Security Dealers Association
j commodity Exchange,
BRAUNL
Inc.
BOwllng Green 9-3565
Broadway, New York
Teletype N.
Y.
52 William
&
CO., INC.
St., N. Y.
1-1666
Tel. HAnover
2-5422
Foreign Unlisted Dollar Bonds
Industrial Stocks and Bonds
Par
Alabama Mills I no
*
American Arch
Bid
Atk
Par
♦'
3J4
23**
4**
27**
5% conv pref
10
American Hard Rubber-
11**
12
8% cum pref
American Hardware
90
Bid
Atk
96
Pathe Film 7% pref
*
Petroleum Conversion
1
Petroleum Heat A Power. *
American Cynamld—
100
25
Amer Maize Products
*
American Mfg 6% pref. 100
Andlan National Corp
*
Art Metal Construction. 10
Bankers Indus Service A.*
Belmont
Radio
Corp
45
47
16 J*
18
Skenandoa Rayon Corp..*
Standard Coated Prod -10c
40
*
26 34
Devoe A Raynolds B
H
30
*
35
Fohs Oil
75
82
30
Humor
Corp
20
25**
2**
32
34
1
24
45
13**
16**
preferred.
100
com
27 X
8% preferred
York Ice Machinery
**
4**
96
IX
15**
l'A
17
80
6X
7X
11**
8**
x20
22
47
52
49**
9**
52**
78
88
123
14
200
American Tobacco 4s. 1961
107
Am
4
100
80
Chicago Stock Yds 6s. 1961
22
conv s
f 6s
40
44
108
*
111
3
100
10
1937
17
18**
58
44
Nat Radiator 5s
N Y
47
33**
73
75**
10
8
75
36
172
162
1946
/10
Shipbuilding 6s..1946
86
14**
63
Northwestern
/73**
(Glenn L)—
Conv 6s
...1939
22
*
New Haven Clock—
Preferred 6**%
Scovill Mfg 5 **s
100
Yeast...100
Pharmaeal
5
Norwich
Ohio Leather common...*
Ohio Match Co
•
9
1945
106**
Wltberbee Sherman 6s 1944
Woodward Iron—
11
65*
108"
37
/35
1940
Brazil funding 6S-.1931-51
Brazil funding scrip
w
1st 5s
1962
101
103
85
81**
No
par
dividend.
v
value,
n
a
Interchangeable,
Nominal
quotation
Now selling on New
t Now listed
t Quotations
on
per
New
d Basis
When
i
to
price,
York Curb Exchange,
York Stock
d Coupon,
issued,
z
e
7**s
1962
Ex-
x
Ex-stock dividend
(Colombia) 78—1947
Callao (Peru) 7**s
Cauca Valley 734 s
1944
1946
Madgeburg 6s
1934
Chile Govt 68 assented.—
7s assented
Chilean Nitrate 5s
1968
§ Bid price for April 8 should have read 214 Instead of
213.
The
following securities
were
of the current week:
on
Wednesday
Ry.,
Athenaeum, par $300
2X Canada Steamhlp Lines common
1 Boston
par
$20
22**-22X
par $100
~
II""IIIIIII""$5
/21**
Mannheim A Palat 7s. 1941
Merldlonale Elec 7s
1957
—
45"
/21**
/20**
/20**
22**
22**
/21**
23**
69
1945
Munlc Bk Hessen 7s to '45
72
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
8*4
jib
fb
/7 **
Nassau Landbank 6**s '38
Nat Bank Panama
6
8**
/33
(A A B)
'
6**s_1946-1947
/96
(CAD)
4
12
0**8.1948-1949
/96
Nat Central Savings Bk of
/24
/14
/14
/65
67
/12**
/32
35"
16
Hungary 7**s
1962
/12**
National Hungarian A Ind
16
Mtge 7s
1948
/12 **
/98**
1947
/16**
17**
58
1940
Oberpfals Elec 7s
/22
59
19
1949
i
Cundlnamarca 6**8—1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s_ 1953
6**s '50
Oldenburg-Free State
7s
1966
7**s income
1960
/16
1967
Natl
..1967
Mtge 7s.'63
1945
1930-1937
/23
/10
/25
/35
Porto Alegre 7s
Protestant Church
23
1968
...
/16
23**
-
1941
/6
/22
/22
99
/99
Saarbruecken M Bk 6s '47
/99
/99
Salvador
6s
1940
German Atl Cable 7s__1945
German Building A Land
bank 6**s
...1948
German Conversion Office
Funding 3s
1940
Int ctfs of dep July 1 '38
German defaulted coupons:
July to Dec 1934
...
Jan to June 1936
July to Dec 1936
Jan to June 1937
German scrip
German Dawes coupons:
/42
i 15
/12
13
/5
/23
10
1948
88 ctfs of deposit-1948
/21
4s scrip
...
1
8s
/21*4
23*4
J32X
m
33*4
Santa Catharina
(Brazil)
8%
Santa
96
1947
Fe 7s stamped-1942
/6**
/53
/90
Scrip..
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. .1943
-
--
-
-
1948
1957
24**
1951
f22
24
400
6**s
---
State
5s
f22
1956
27
2d series 5s
1956
25
Coupons—
27**
6X
Oct 1932 to April 1935
8*4
17**
Stettin Pub Utll 7s...1946
/35
/35
/41 **
/34
/21 **
/ 67
Stinnes 7s unstamped. 1936
14
...
4s—1936
Certificates
Toho
1946
/63
/51
4s
1946
Electric 7s
1955
65**
...1947
Tollma 7s
/6**
7**
186.64
91.25
68**
Union of Soviet Soc Repub
mx 112**
7% gold ruble
...
1943
Unterelbe Electric 6a_.1953
23**
Vesten Elec Ry 7s
1947
75
70
22**
fbb
7s unstamped
11**
/13
/33**
/25
7
Mtge Bk Jugoslavia
/25**
/25
/23
/6**
/20**
1953
8**
/7**
/6
/22**
Saxon Pub Works 7s__1945
-
/n
..
8**
56
Saxon 8tate Mtge 6s..1947
Slem A Halske deb 68.2930
/40
/40
/39 **
/38
/36**
/35
Certificates
1960-1990
6s
J22
1957
Oct 1935 to April 1937
Graz (Austria) 8s
1954
Great Britain A Ireland—
HaltlOn
7%
7s ctfs of deposit-1957
fS%
mx
Apr.j——1938
7
23**
23**
102
/58
Jan to June 1934
22
/25
R C Church Welfare 7s '46
French Nat Mall 88 6s '52
1937
7X
/50
Gelsenkirchen Mln 6s_1934
6s
37
23**
25**
25**
Rio de Janeiro 6%
1933
Rom Cath Church 6**s '46
20
30
/21**
/21 **
/21**
/20**
Rhine Westph Elec 7% '36
6s
...1941
/H
/20**
20
(Ger¬
5s....
.
20
22**
/6*4
many) 7s
1946
Prov Bk Westphalia 6s '33
--
-
/23
Income
1956
Coupons
/23
Frankfurt 7s to
/20
Poland 3s_
7X
22 X
1945
1952
Prov Bk Westphalia 6s '36
7**s
7s
to..
Panama City 6**s
Panama 5% scrip
17**
Wurternberg 7s to
1945
80**
285
/21**
1948
Munich 7s to
/12**
Hanover Harx Water Wks
$ per Share
,
Mass,,
Bonds—
$4,000 Electric A Peoples Traction
Water 7s
/17
/17 **
/6 **
/22**
/20**
/20**
/21 **
/22
J2 2
5S
4s
Shares
Stocks
50 Plymouth National
Bank, Plymouth,
10 European A North American
20
Costa Rica Pac Ry 7**s '49
Guatemala 8s._
By R. L. Day & Co., Boston:
/5 0
/25
Leipzig O'land Pr 0**s '40
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
fbO
Dec 1 '34 stamped
June 1*35 to Dec 1'37
sold at auction
1943
Land M Bk Warsaw 8s '41
23**
19**
Cordoba 7s stamped-.1937
Costa Rica funding 5s. '51
Apr 15 '35 to Apr 15 '38German Young coupons:
SALES
23**
35
North German Lloyd 6s '47
1953
.1946
Dec 1934 stamped
AUCTION
/37
/31
/21 **
/26**
Nov 1932 to May 1935
Nov 1935 to May 1937
City Savings Bank
Budapest 7s
Colombia 4s
Jan to
100 gold rouble bond, equivalent to 77.4234
grams of pure gold.
35
Koholyt 6**s
7
20
m
/ 18
(Brazil) 8s
1947
Central German Power
July to Dec 1937
Exchange
/33
/33
/12**
/12**
Coupons—
4X
434
434
/33
6**s
1953
e24
Buenos Aires scrip
/42
Burmelster A Wain 6s. 1940 /118
Caldas (Colombia) 7**s '46
nx
Jan to June 1935
Ex-intereat.
With stock
w-s
10
Brown Coal Ind Corp—
July to Deo 1935
•
/ Flat price
/12**
/22**
British Hungarian Bank
July to Dec 1933
2d conv Income 5s..1962
8
—.1969
Farmers
71
Martin
4**
7s
6s
85
Haytian Corp 8s
1938
Kelftey Hayes Wheel Co—
Conv deb 6s
1948
11
1958
7s
1940
Deep Rock Oil 7s
90
9**
*
98
95
Cont'l Roll A Steel Fdy—
1st
7s
vestment
106**
Wire Fabrics 7s..1942
42**
114
Mock Judson A Voehrlnger
7% preferred
100
Muskegon Piston Rlng.2 **
National Casket
*
Bonds—
5X
38 X
20
Merck A Co Inc common. 1
1945
6**s
—1953
European Mortgage A In¬
12
150
a;
88
Electric Pr (Germ)
5X
110
Macfadden Pub common.*
Preferred
*
Preferred
Nat Paper A Type com
5% preferred
New Britain Machine
92
*
7% preferred
..100
Young (J 8) Co com...100
7% preferred
100
6**
100
preferred
15**
Spencer Steel. _*
100
preferred
13**
viol
100
Lord A Taylor com
108
105
26
2534
King Seeley Corp com
1
Lawrence Portl Cement 100
4**
3**
41**
Wilcox A Glbbs com
50
WJR The Goodwill Sta._5
Worcester Salt
100
5
41**
6
1
13
Call
*
W Irk wire
7
3 %
37**
18
oeara
preferred
$3 cum preferred
*
White Rock Mln Spring—
S7 1st preferred
100
3
5**
*
6
(Northam)—
conv
Weev, Dairies Inc
13
100
Harrlsburg Steel Corp
KUdun Mining Corp
5
100
Weet Va Pulp A Pap com.*
Preferred
100
5X
12
2**
Welch Grape Juice com__5
50
15
Great Lakes 8S Co com..*
Great Northern Paper...25
1st 6%
13
4*4
X
23**
1%
2 x
»
Graton & Knight com
Preferred
2**
1**
4o"
4
Co
1**
United Artists Theat com. *
United Merch A Mfg com *
United Piece Dye Works. *
7%
Foundation Co For shs...*
6%
32
Corp
Preferred
47
American shares
*
Garlock Packing com
*
Gen Fire Extinguisher...*
2d
30
Warren
2
*
Federal Bake Shops
Preferred
Good
*
Tubize Chatlllon cum pf.10
Douglas (W L) Shoe—
Conv prior pref
23
/io
/9
f3X
/3*4
f3H
/6
/21X
mx
Ask
fS7
Ilseder Steel 6s
1948
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 58.1950
17
Bogota (Colombia) 6**s '47
1939
Housing A Real Imp 7s *46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7**s '32
Hungarian Discount A Ex¬
change Bank 7e
1936
24
/15**
Bremen (Germany) 7s. 1935
6s
1940
9
7**
*
113
Draper Corp....
5**
14**
Bid
IIansa 88 6s
X
24
/21
Brandenburg Elec 6s. .1953'
4**
13**
22
27
1945
25**
2%
21**
Tennessee Products
33**
100
(Jos) Crucible... 100
Dixon
5
20
Ask
/20**
/24
/22
/2 2
/13
Bavarian Palatinate Cons
Bolivia" (Republic)" 8sll947
Trico Products
.i*
29 **
*
com
Preferred
1948
7s
Barranqullla 8s'35-40-46-48
Bavaria 6**s to
1945
5**
6**
1%
3X
109
Dennison Mfg class A...10
Dictaphone Corp
4**
4**
X
Taylor Wharton Iron A
Steel common
4**
5**
13**
28 X
228
222
Sylvanla Indus Corp
50
22 J*
21**
Stromberg-Carlson Tel Mfg
6**
11**
Crowell Publishing com..*
17 preferred....
100
Preferred
Standard Screw
52 X
334
3**
Columbia Baking com...*
Manufacturing..25
Singer Manufacturing. .100
2**
4**
4
4
3
Singer Mfg Ltd
IX
%
4**
13**
Antloquia 8a
1946
Bank of Colombia 7%. 1947
Cities 7s to
56
Chic Burl & Qulncv ...100
Chilton Co common
10
preferred
1
50
51*4
cum
X
3%
12**
Scovill
3
100
97
*
21*4
13**
Beneficial Indus Loan pf_*
Burdlnes Inc common
1
$1
Pilgrim Exploration
Remington Arms com
20**
11**
*
1946
Anhalt 7s to
Bid
.
24
/22
/21 **
/20**
23**
22**
/ Flat price.
lot
per Cent
reg.
4% stock trust certificates
5X flat
CURRENT
NOTICES
By Crockett & Co., Boston:
Shares
Stocks
60 Berkshire Fine Spinning Associates
common
5 West Boylston Mfg. Co. of Alabama
$ per share
54-5
J.
preferred, par $100
19 Massachusetts Utilities Associates
preferred, par $50
10 Reed-Prentice Corp. common
4 Waltham Watch Co.
6% preferred, par
6 Massachusetts Real Estate
Co.,
5 North Boston
~
25
204
2 **
$100._I
par
43
$100
20
Lighting r'ropertles preferred,
par $50
II.IIIIIIIIIIIH
464
By Barnes & Lofland, Philadelphia:
Shares
Stocks
110 Chelten Corp., no par
10 Bala Golf Club common
—L.
Corp.,
A.
10
_I"I_H"_.$100
lot
NOTICES
Vice-President
of the
-American
A.
Industries
Lower
&
Co.
at
according to
an announcement
made by William A. Lower, head of the firm.
Coincidently, it was announced that in line with an expansion program,
both the Los Angeles and Santa Ana offices have been enlarged, and several
sales representatives have been added to the various offices of the firm.
over
the country,
20 years experience in the investment
business
throughout
Mr. Morgan has been particularly active in the work of the
educational committee of the Investment Bankers Association of America.
He is author of
tributed
CURRENT
formerly
650 South Spring St., Los Angeles, as Vice-President and director of
sales,
With
$ per Share
Morgan,
Detroit, has become affiliated with William
a
book entitled
nationally by that
conducted
courses
"Security Salesmanship," which
organization.
During recent
and forums for security executives
was
dis¬
he
has
years,
and salesmen under
the auspices of the I. B. A. throughout the country.
—Charles Edward Bayliss Jr. has become
associated with Lee Higginson
He was formerly Vice-President of Washburn
Corp in its bond department.
&
Co., Inc.
—Hartley Rogers
become
associated
Department.
&
Co.
with
announce
them
as
that
Richard
manager
of
A.
their
Cunningham has
Municipal
Bond
Volume
Financial
146
General
2521
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
Adams-Millis Corp. (&
UNDER
REGISTRATION STATEMENTS
OF
ACT
SECURITIES
Calendar Years—
x
Act of 1933.
Texas Water Co. (2-3658, Form A-l) of Fort Worth, Texas, has filed a
registration statement covering $175,000 6% 1st mortgage series A bonds,
due in 1958, to be offered at $98.
Proceeds will be used for retirement of
funded debt and for working capital.
Bioren & Co. will be underwriter.
C. F. Alexander is President of the company. Filed April 8, 1938.
Miscellaneous
Ltd. (2-3659, Form AO-1) of Montreal,
Quebec, has filed a registration statement covering 500,000 shares of com.
stock, $1 par, to be offered at a average price of 40 cents per share. Proceeds
will be used for plant, building, equipment and development.
Mount &
Co., will be underwriter. J. A. Belanger is President of the company. Filed
Total income
(2-3660, Form A-2) of Los Angeles,
Calif., has filed a registration statement covering 20,000 shares 6% cum.
pref. stock, $25 par value, and $117,000 4H% first mortgage bonds, due
1960.
The bonds are outstanding and owned by American State Utilities
Corp.
Proceeds from sale of the stock will be used for construction and for
working capital. Details as to the sale of bonds will be filed by amendment.
None of the proceeds from such sale will accrue to the company, but will be
used by the parent concern for general corporate purposes including pay¬
ment by it of dividends on capital stock.
The preferred stock will be
offered at $23 per share.
Chandler & Co., Inc., and Banks, Huntley &
Co., Inc., will be underwriters. Ralph Elsman is President of the company.
Filed April 12, 1938.
$749,460
67,483
$636,6087,253
yl29,100
$694,805
12,926
125,015
$816,943
23,706
144,284
dividends
$500,255
101,705
312,000
$556,864
108,674
312,000
$648,953
116,434
273,000
Balance..
$86,550
$136,191
$259,519
$2.55
$2.87
$3.41
Earns, per share on 156,-
000 common shares
x
Co.
$622,802
72,003
$2.76
_;
_
deduct'nsi
Net income
April 8, 1938.
California Water
$534,922
101,685
$475,342
43,750
390,000
Common dividends
$959,034
209,574
26,832
Federal taxes, &c
Preferred
206,010
$602,161
9,818
yl 17,000
Other income.
$828,812
$41,592
and Exchange Commission under the Securities
The total involved is approximately $948,500.
Southern
After deducting $204,097 provision for depreciation in 1937, $202,685
in 1936. $179,212 in 1935 and $182,855 in 1934.
y Includes $2,000 in
and $5,200 in 1936, estimated provision for Federal surtax.
1937
Assets—
x
Liabilities—
1936
236,899
Marketable secur.
488,016
Accts. receivable
485,005
Accrd. labor & tax
458,020
372,544
Inventory
Other assets.-.
—-
Deferred charges..
it
has
consented
to
of the appli¬
withdrawal of the
the
Amt.
stock (par
Co. (3563) covering 26,250 shares of common
Filed Dec. 28, 1937.
$1).
Consolidated Sciences,
Inc. (3232) covering 35,000 shares fo common
Filed June 11, 1937.
Green
Mountain
Distillery,
stock (par $1).
common
Louisiana Texas Trust
in oil and gas mining
Master Electric
Inc.
(3591)
16,839
Feb.
'37
for
5,000 shares
1st
(3599) covering 75,000 participating interests
Filed Feb. 14, 1938.
leases.
Co.
(2965) covering 116,600 shares ($1 par)
Filed March 16, 1937.
stock.
1,
2,346,264
Total.
$3,889,220 $4,314,682
Total
y
59,000
2,387,857
x After
depreciation of $1,558,948 in
Represented by 156,000 no par shares,
$3,889,220 $4,314,682
1937 and $1,574,658 in 1936.
z After reserve of $30,000.
Pay 25-Cent Dividend—
To
25 cents per share on the common
stock, no par value, payable May 2 to holders of record April 22. A divi¬
dend of 50 cents was paid on Feb. 1, last, and each three months previously.
special dividend of 50 cents was paid on Dec. 24, last.
3964.
In addition a
also V.
145,
conv.
1st
Filed
Air-Way Electric Appliance Corp. (& Subs.)—Earns.—
Jan. 1, '38
$3,443,788
Years Ended—
Gross sales.
—
...
Cost of sales
1,458,422
$2,035,939
2,408,741
$2,169,453
2,362,925
$372 802
CY74.027
113,525
$193,471
Cr49,869
29,695
$412,300
common
Selling and administrative expenses..
$173,300
Income deductions.
1937.
29,
Registration withdrawn under notice of deficiency:
Mullins Manufacturing Corp. (3470) covering 205,000
stock par $1. Filed Oct. 15, 1937.
Loss from all sources—transf. to oper.
The last
our
previous list of registration statements was given
April 9, page 2351.
issue of
Jan. 1, '38 Jan.
Assets—
a
Cash & cash items.
Years End. Jan. 31—
1938
Net sales
$23,511,561
76,540
116,473
Instal. accts. rec..
961,188
1,131,978
Oth. accts. (trade)
Inc.—Earnings—
30,833
Inventories.....
1937
1936
1935
$22,815,372 $20,962,266 $20,228,682
Cost of sales, sell., oper.
7% 1st pref. stock.$l,648,900 $1,648,900
488,125
488,125
b Common stock.
400,000
504,779
Notes payable
$811,492
$802,875
1
in
dep.
Royalty
196,875
57,749
8,901
8,640
Res.for fire loss, &c
25,177
25,690
177,222
177,222
.
Capital surplus
patents,
58,801
154,259
172,186
Deferred income.
9,031
escrow..
Licenses,
187,791
Dealers'reserves..
Accounts payable.
11,615
431,524 : Accrued llabil
343,955
.
Jan. 1, '38 Jan. 2, '37
Liabilities—
2, '37
Land, bldgs., ma¬
chinery, &c
Abraham & Straus,
loss was $32,776
in 1938 and $28,983
common
n
impairm't
Note—Depreciation deduction in computing the above
in 1937.
Consolidated Balance Sheet
shs. of class B
Jan. 2, '37
$3,627,875
1,407,849
....
-
mtge. bonds,
of 5% cum.
pref. stock (par $100) and 80,057 shs of common stock (no par).
Dec.
See
p.
York Ice Machinery Corp. (3566) covering $1,500,000 1st
1947 and $1,500,000 conv. notes due 1947; 66,714 shs.
due
550,000
59,000
Earned surplus...
covering 100,000 shares of
Filed Jan. 29, 1938.
35,915
paid
be
20,333
Directors have declared a dividend of
Chester Pure Silk Hosiery
to
614,004
Res. for conting..
following
registration statements:
stock (par $10).
209,498
Common
pref. stk. called.
Filed April 12, 1938.
The SEC has announced that at the request
168,155
y
669,954
620,473
18,605
62,709
...
1936
$500,000
614,004
160,203
$500,000
stock.
Accounts payable.
666,460
z
1937
1st pref. stock
Plant & equip...$1,977,514 $2,110,530
Cash
Salle Apartment South Section (2-3661, Form D-l).
The note¬
holders protective committee has filed a registration statement in con¬
nection with a plan of reorganization covering certificates of deposit for
cant
1937
Consolidated Balance Sheet Dec. 31
La
$800,000 6% 5-year notes, due 1932.
1934^
1935
$756,830
221,907
$575,329
Expenses
La Pause Gold Mining Corp.,
1936
$807,783
232,454
following additional registration statements (Nos.
3658 to 3661, inclusive) have been filed with the Securities
The
Subs.)—Earnings
1937
Gross prbfit
21,031,047
19,592,848
19,095,450
$1,580,115
Dr51,310
Net profit.......
Otherincome.
$1,784,325
13,856
$1,369,417
32,732
$1,133,232
112,217
26,925
Operat'g impairm'tDr964,171 Dr551,871
Other assets
21,931,446
&c\,expenses
40,087
36,993
Minority
Deferred charges..
35,870
33,960
trade-marks,
Total income
Depreciation
on
115,860
taxes..
undistr.
profs-
$1,402,149
$1,245,449
219,447
401,767
75,000
273,309
385,543
60,000
465,465
$705,936
144,431
279,279
$526,596
196,931
279,279
(no par)
$218,331
155,155
$460,717
155,155
$4.41
$5.77
$282,226
155,155
$3.62
$50,386
155,155
Earns, per sh. con. com.
$802,546
dividends
118,750
Common dividends
Balance, surplas
x
com. outst.
$92,840
paid
1936 and $37,348 paid on 4M% cumulative
1936.
preferred stock, issued Oct. 1,
Balance Sheet, Jan.
1038
Assets—
x
Land,
$
Real est.
$
4J4% cum. pf.stk.
&c.
y
Common
stock
2,500.000
1,405,325
.
2,500,000
1.405,325
563,310
Accounts payable.
2,500.000
492,650
2,833,000
905,696
1
Notes pay. to bk__
333,000
333,000
2,019,513
2,278,368
Accrued salaries &
2,968,594
2,841,328
317,606
61,541
34,337
2,040,743
2,530,004
175,000
Inventories
Inunteiided debt-!.
Misc. Jnvestm'ts..
112,692
146,039
Deferred charges..
269,210
248,782
Federal taxes
46,590
52,077
178,153
Sundry creditors..
Res. for cont., &c.
192,354
6,209,892
5,925,930
Total
14,192,552
14,615,047
x
After
depreciation,
14,615,0471
Represented by
y
155.155
no
cludes demand deposits and time deposits.—V. 146, p.
Divs.
par
shares,
z
In¬
2029.
Interest
on
securities
—
....
Provision for taxes.
i
tributed
profits.—V.
146,
Consolidated Balance Sheet Dec. 31
1937
1937
1936
$
Assets—
$
Liabilities—
442,906
Accts. payable-
699,377
844,581
66,477
Purchase money
7,055,519
5,219,917
1,465,402
889,592
1,160.492
937,657
cos
—
in
Capital stock.
Funded
Retirement
4,969,885
5,212,873
Deferred
res.
Tsixes, &c
1,716,971
2,601,218
1,469,338
2,672,537
Accrued int. and
preferred divi¬
dends payable
748,365
748,115
Habit's
381,457
330,121
MLsc. cur. llabil.
of
53,002
Due fr. affil. cos.
196,129
198,165
180
U. 8. Govt. seas.
2,214,000
3,364,000
Other reserves—
process
amortization
$361,087
60,232
100,963
7,194
56,061
122,469
x8,710
$173,847
1228.
.
licenses,
&c
—
Other def. chgs.
Total
Surplus
insur.,
Appliance
con¬
nect. installed
415,504
901,732
4,441.542
313,811
12,580
96,351
988.732
4,909,934
454,195
401,874
11,573
197,785,548 194.761,402
*
Total
Represented by $5 (no par) cum. pref.
6 (no par) cum. pref. stock, outstanding
x
103,180
obligations...
accts.
&
Notes
19,220
$
96,771,600
546,694
179,782,265
Special deposits-
1936
84,712,558
debt.—
Utility plant,<fcc. 183,068,695
Invest, in affil.,
Cash
$
84,712,558
96,771,200
x
1937
made for possible Federal surtaxes on undis¬
p.
755,000
$536,477
$352,595
8,312
$18,869
has been
2,342,173
755,000
$789,202
Deb. disc. & exp.
$187,257
Total income.
General expenses
Interest
No allowance
2,342,151
OT6.237
377,500
377,500
$303,733
$40,596
Note— It is estimated that no Federal surtax will be incurred for the year
1936 and that for 1937 such tax will be approximately $85 in respect of a
Prepaid
Net income
2,342,138
2.342,138
1938
securities
Miscellaneous income
x
1,174,140
$2,760,269
$173,853
13,162
243
3 Months Ended March 31—
on
$3,633,615
059,860
1,767,000
pref. stock
stock.
on
4,624,048
243,302
4,654,534
243,302
033,902
1,390,481
$3,023,384
4,622,322
243,172
Cr86,838
2,613,556
Balance
receivable
Express Co.—Earnings—
Income: Dividends
146,113
4,665,476
242,987
-
Divs. on common
Mat'ls & suppl's
Adams
-
income
&c.,
14,192.552
106,566
subsidiary company.
expenses
Acer. int. on debs.
Surplus
Total
58.150
176,598
"$3,886,340
.
Amort, of dt. dis. & exp.
198,000
Sundry debtors
713,833
—...
288,223
55,243
earnings..$20,189,117 $18,712,811 $16,794,483 $15,487,516
5,897,497
5,865,459
5,089,496
4,477,409
2,970,100
2,641,102
2,427,188
2,224,584
—
35,054
Long-term debt...
...
Accts. & notes rec.
_
426,474
57,105
used
Cash
revenue—
Total gross
Taxes
Net
1
not
in operations
Goodwill
z
5,945,674
5,818,998
$
394
267,422
181,088
.
Operating expenses
1937
$
1935
1934
$16,364,857 $14,995,030
41,205
Transportation
Prov. for retire, reserve.
1938
Liabilities—
b Repre¬
17,463
123,474
64,967
61,531
89,362
Less: Int. chgd. toconstr.
31
1937
buildings,
equipment,
$2.12
preferred stock, redeemed Oct. 23,
cumulative
7%
on
—
Water and ice..
Noniper.
1937.
Co. (& Subs.)—Annual Report—
1937
1936
earnings—.electric $19,815,930 $18,330,309
Gross
$1,025,341
xl30,190
434.434
Shs.
Alabama Power
Calendar Yeat
3,089
9,094
$2,315,492 $2,609,992
Total.
depreciation of $301,662 in 1938 and $269,047 in
390,500 shares (no par value).—V. 146, p. 1864.
After
Gas
Net income
Preferred
a
sented by
19,512
138,429
416,899
175,000
23,000
435,400
147,000
28,000
...
Prov. for Federal
Surtax
$1,798,181
$1,528,806
in
int.
subs.......
$2,315,492 $2,609,992
Total...
Cost of connectiong with
new city subway statn.
Interest paid.
24,144
&c
197,785.548 194,761,402
stock, outstanding 26,185 shares
175,738 shares; (7 (no par) cum:
Financial
2522
?ref. stock, outstanding 165,255 shares; and common stock outstanding,
1,775,000 shares.—V. 146, p. 2029.
Akron Brass Mfg.
r
American Gas & Power Co .—Registration—
Amalgamated Leather Cos., Inc. (& Subs.)— -Earnings
Directors decided to pass the dividend ordinarily payable on the com¬
pany's common stock at this time. A quarterly dividend of 12 H cents per
was paid on Dec. 27, last.—V. 143, p. 3831.
Gross earnings.
x Profit
1938—Month—1937
$416,500
$505,500
158,700
240,800
«...
1938—3 Mos.—1937
$1,164,000
$1,416,500
422,800
716,700
Includes other income and is after operating expenses and development
but before depreciation, depletion. Federal income taxes and
x
charges,
surtax on undistributed
Alaska
profits.—V. 146, p. 2193.
Packers Association—Dividend
Directors have declared
a
Halved—
dividend of $1 per share on the common stock,
payable May 10 to holders of record April 30. Previously regular quarterly
dividends of $2 per share were distributed.—V. 146, p. 1228.
Alliance Realty Co.
Years End. Dec. 31—
Net. in. from real estate
1935
1934
$66,957
55,765
$70,007
63,840
$50,180
57,353
$52,464
54,902
$11,192
$6,167
def$7,173
def$2,438
Net profit
Income from
other inv.
1937
1936
1935
$4,111,666
3,760.636
$4,819,740
4,151,724
$4,495,228
3,833,096
$351,030
414,567
$668,016
457.419
$662,132
459,352
24,685
$639,828
446,739
25,022
$210,597
18,438
$178,095
$168,066
66,603
$229,035
35,203
26,115
$202,918
15,242
30,400
$234,669
$183,966
Gross prof. bef. depr,
Sell., admin. & gen. exp.
See
Depreciation.....
Net loss............ Ioss$63,537
24,069
Other income
Net profit.— loss$39,470
20,711
Interest, taxes, &c
Pro v. for Fed. Inc. tax., f
Surtax on undist.
See
c
1
profits)
]
(including interest)
xl25.185
99,317
97,099
205,551
$136,378
34,854
21,100
Depreciation
Properties abandoned-_
$105,484
34,699
20,989
$89,926
34,524
19,984
$203,113
35,605
19,078
83,750
2,533
"380
loans--
Net earnings
x
$80,423
$49,796
$35,037
Includes $20,670 profit from sale of real estate.
1937 statement does not include losses
Note—The
charged against
were
reserve
of
$62,145
$242,171
which
for possible losses.
Real
1937
estate,
cure.
&
$130,160
$157,276
bill,600
99,200
99,200
$18,560
$58,076
$84,766
49,600
49,600
$3.17
49,600
$3.71
$2.62
Depreciation of $27,118 ($25,192 in 1936) exclusive of depreciation on
appreciation, and the entire compensation paid to officers amounting to
$64,612 ($71,470 in 1936) are included in above statements,
b Includes
$74,400 paid on $7 pref. stock and $37,200 on 6% pref. stock,
c No provi¬
sion for taxes
income and undistributed profits.
on
Consolidated Balance Sheet Dec. 31
Assets—
1937
1936
Liabilities—
Land, bldgs.,ma¬
chinery, &c
$1,263,799 $1,281,548
Cash
187,051
170,188
6%
96
35
130.893
„
Invest, in bonds.
1937
171,309
ac¬
14,310
7
32,703
18,086
„
491,450
Total
Total.....
571,874
Allis-Chalmers Mfg. Co.—To Eliminate Pref. Issued—
Stockholders at their annual meeting on May 5 will vote on amending
the articles of Incorporation so as to decrease the authorized
capital stock
by the elimination of 162,000 shares of preferred stock of the par value
or $100 each, none of which shares have been issued.—V.
146, p. 2351.
$4,873,808
y
Represented by shares of $1 par value,
146, p. 1699.
Amerada
1937
Aug. 15, 1936, this last
being the first dividend paid since July 15, 1934, when a dividend of 50
on
.
1937
$27,622,749 $20,866,936
of securities & invest-.
.—
_.
Surplus, Dec. 31-- —.$28,465,744 $22,029,838
Earns, per sh. on com.stk
$13.29
$8.65
x
Includes
gain from purchase and
$152,087 in 1935 and $91,436 in 1934.
$6,466,149
2,567,876
500,000
$3,054,188
15,571,890
$398,273
15,173,617
retirement
$0.55
Nil
of
Condensed Consolidated Balance Sheet Dec. 31
$
$
1937
facilities
135,422,300
7,363,125
Long-term debt.z28,000,000
20,000,000
Accts.
payable.
3,777,689
2,511,270
Notes payable..
8,295,000
y
Accts. and notes
receivable and
market.
sees
14,949,779
31,136,356
—
Inventory
18,118,996
Bills
29,653,256
Accrued
Sinking funds for
in
other
.
subs.
cos.
551
16,625",666
payable
liabil..
taxes,
&
3,034,318
$406,551
$220,263
$181,570
$3.04
$2.52
$2.28
$2.20
6,335,970
other
reserves
35,961.718
2,801,213
2,086,876
Res. for deer. In
3,885,247
3,225,754
1935, 1936 and
stock held, viz;
11,684,811
10,426,074
714,593
of
662,593
2,630,591
2,630,591
151,655
Accounts and taxes
1,416,500
1,237,513
254,356
5,055,621
239,960
4,232,943
20,307,853
19,291,791
Contingent res've,
Amerada
Ac
-----
-
Surplus
146,521
3,013,016
1,507,102
Cash
$
Capital stock...13,581,375 13,581,375
payable—....
Corp.z
1936
$
Liabilities—
y
advances to asso.
Stock
1937
1936
3,538,007
Inventories.
146,926
1,271,013
162,044
Mat'ls & supplies.
464,293
449,814
Total
x
20,307,853 19,291,791
Total...
After
depreciation, depletion and drilling expenses of $36,669,518 in
y Represented by 922,075 shares (no par),
z Represents
133,400 shares held by Amerada Petroleum Corp.—V. 146,
p. 2352.
1937 and $31,919,661 in 1936.
American Coal Co. of Allegany
Calendar Years—
1937
Coal produced (net tons)
Income from mine prop.
County—Earnings—
1934
1935
1936
1,219,374
$372,371
59,811
140,006
34,175
1,164,006
$114,327
103,513
112,532
33,005
Drl,188
58,138
$189,929 prof$55,370
9,647
$171,044
15.767
$189,929 prof$45,723
47,231
201,648
$155,277
$116,591
$237,160
$155,925
$47,210
46,689
Operating loss
Royalties (net)
Otherincome (net)
$213,970
Dr2,253
26,294
$116,591
Depreciation
Depletion
1,151,534
$222,506
54,378
137,475
32,232
$134,724
Dr2,299
20,432
Taxes
1,267,615
$13,009
65,626
125,581
35,772
46.814
47,231
$0.97
47,644
$3.26
$l,580prof$138,378
Dr3,262
35,928
Federal taxes.
Net
loss
Dividends
val. of sees. &
investment... 10,000,000
Pref. div. pay..
236,566,668 223,043,521'
Total
Total.
6,000,000
..
2,011,684
2,181,334
28,465,744
Surplus
22,029,838
of capital stock
outstanding (par $25)
Earns, per share on com.
_
*
depreciation and depletion of $90,684,620 in 1937
$87,686,589 in 1936.
y Represented
by 1.472,625 no par shares
$24,000,000 3M% debentures due 1952 and
$4,000,000 notes payable not
due within one year.—V. 146, p. 2194.
v 31
Balance Sheet Dec
Assets—
a
1936
1937
L'd & coal seams
mine
devel., &c.
$630,690
$709,631
211,822
244,827
122,379
815,569
158,694
74,174
Companies Act of Canada.—V. 145,
American
p.
2999.
Marketable secure.
662,067
140,671
Accounts receiv
Inventories
64,855
ins.
Total
a
$21 918
$0 09
Accrued
1936
$1,167,225 $1,170,350
taxes
Surplus
55.951
101,570
e24,021
34,677
d696,816
c917,119
prem.
suppl. and other
deferred
Earnings for 6 Months Ended Feb. 28, 1938
900.
139,205
22,734
charges
Other assets
Forging & Socket Co.—Earnings—
Net profit after charges and Federal income
taxes, but before
surtax on undistributed profits
■_
Earns, per share on 231,400 shares common stock
Cash
Unexp.
1937
(par
$25)
Accounts payable.
ber rights
the common stock in shares of the
company.
No dividend has yet, been
declared but the enabling by-law is called for under
the provisions of the
31
Liabilities—
Capital stock
b Leasehold & tim¬
Aluminium, Ltd.—Special Meeting—
Company is forwarding to stockholders notice of a special
meeting to be
held coincident with the annual
meeting April 28, at which it will ask ap¬
proval of a special by-law permitting the directors to declare
dividends on
Nil
Nil
236,566,668 223,043,521
z
202,487
Shares
and
—V. 146, p.
own
2,487,807
8,735,594
&c
35,933,672
_
Deferred charges
Total
$1,736,420
1,554.850
Miscell. oper. &
not
consolidated
$1,797,613
1,577,350
Reserve for Fed.
bonds
Inv.
$
Preferred stock. 134,082,300
Common stock
7,363,125
148,393,062 133,567,678
2,268,551
2,515,567
Cash
1936
$
Liabilities—
Land, plants &
$1,983,901
1,577,350
$116,591
1936
Assets—
x
$4,310,765
2,574,345
Investments in and
$18,626,077 $15,571,890
preferred stock of
y After deducting loss from pur¬
chase and retirement of preferred stock of
$172,917 in 1937 and $1,228,313
in 1936.
x Dividends of $12 per share declared on
$6 preferred stock which
includes $1.50 paid Jan. 1, 1937.
a Dividends of $12.75 per share declared
on $6 preferred stock which includes
$1.50 paid Jan. 1. 1938.
1937
3.647,304
$
Loans, deps., &C-.
$3,403,761
18,626,077
$5,444,916
Property, plant &
equipment
5,684,242
2,500,000
$6,435,906
22,029,838
.—
$7,064,710
5,080,809
a Excludes dividends on
company's
1937, $266,800 and 1934, $289,300.
Accts. receivable..
Surplus
Previous surplus.
$9,620,603
7,220,575
Balance, surplus
1934
$9,571,206
4,017 019
4,000,000
4,095,277
$3,337,203
973.562
per sh. on stock
outst. at end of period
x
5,520,662
Preferred dividends
al7,186.843 zl7,463,175
Res. for decrease in value
4,873,141
$3,840,030
1,604,887
Earns,
and other cos
Net income
5,426,656
$5,213,563
1,851,147
1937
1935
5,522,416
6,778,778
$7,161,738
2,458,865
Consolidated Balance Sheet Dec. 31
1936
5,913,097
Dividends paid
Assets—
exp.y$33,535,847 y$26,389,352 x$15091,868 x$12150,391
Res. for deprec., depl.&c
exps.
Net income
America—Earnings—
[Including Wholly Owned Subsidiaries]
Calendar Years—
Gross earns, after
$7,432,480
$822,678
—
Total income
Depr., depl.& drill
1230.
p.
1934
$8,713,170
$2,400,028
1,577,350
Operating income-
Directors at their recent meeting failed to take any action regarding the
payment of a dividend on the company's no-par common shares.
A divi¬
dend of 25 cents was paid on Feb. 15, last; dividends of 50 cents were
paid
on Nov. 15 and on
Aug. 16, 1937; 373^ cents paid on May 15 and on Feb.
114 shares common
z
1935
1936
$13,940,515 $10,640,220
Oper. & adm. exp., taxes,
leases abandoned, &c.
a
Atlas Plywood Corp.—Dividend Omitted—
146,
$5,023,546
Corp. (& Subs.)—Earnings—
Calendar Years—
Gross oper. income
dividend of 75 cents per share was paid on Feb. 1, last.—Y. 146,
p. 1229.
distributed.—V.
$4,873,808
Total
totaling $1,211,099 in 1937 and $1,171,394
stock held in treausry.—V.
Otherincome
quarterly
$5,023,546
After reserve for depreciation
in 1936.
Altorfer Brothers Co.—No Preferred Dividend—■
Directors at their recent meeting passed the dividend ordinarily payable
at this time on the $3 convertible preference stock.
A regular
was
583,229
Dr 114
...
$2,604,889 $2,533,768
Nov. 16 and
Dr 114
Dr 114
surplus.—
Stockreacqulred.
•
1095.
per share
3,207
30,000
798,348
371,576
12,939
x
Represented by 132,000 shares of $5 par value,
y After reserve for
possible losses of $1,608,127 in 1937 and $1,850,298 in 1936.—V. 144, p.
Aluminum Co. of
50,000
_
Federal tax reserve
x
cents
106,062
8,837
5,500
Earned
payable,
Deferred credit—
.$2,604,889 $2,533,768|
on
93,018
300,000
981,616
Int.
1
15, 1937, and 25 cents paid
accrued expenses
i
28,077* Notes payable
26,234
-
Capital surplus
3,943
Deficit
Total
13 9,903
Deferred charges.
Accounts payable.
crued
1
1936
2,680,332
153,970
1936
225,000
$2,225,000 $2,480,000
y Common stock._
348,600
318,000
Acceptances.
506,399
617,614
Dividends payable
33,377
37,200
Accts. payable and
679,606
29,824
18,402
2,868,405
'-
1937
conv.
Sundry creditors.
750
_
Furn. & fixtures..
370,015
rec.
Sundry debtors
cum.
pref. stock
Preferred stock.-.$2 ,400,000 $2,400,000
x Common stock..
660,000
660,000
mtges...$2,473,149 $2,362,422
Cash
Accts. & notes
Other assets
Liabilities—
1936
se¬
Accts. receivable.-
20,703
30,000
14,969
Surplus
def$211,653
Shs. of pref. stock out¬
standing (par $50)—
44,500
Earnings per share
Nil
Inventories
Balance Sheet Dec. 31
Assets—
y
24,823
loss$75,148
136,505
x
U
a
5,000
32,557
deductions......
Other
1934
leather
-
a
Total income
Gen. corp. exps. & taxes
on
of finished
(net)
Net profit
Preferred dividends
1936
Int. charges on mtges..
Interest
-Earnings-
1937
operations
Calendar Years—
Sales
Cost of goods sold
Alaska Juneau Gold Mining Co.—
Period End. Mar. 31—
8tate Utilities Corp.—V. 145. p. 3337.
Bee American
Co.—Dividend Passed—
share
April 16, 1938
Chronicle
After
restricted
pending
p. 99.
71,970
29,682
68,758
$1,944,013 $2,223,716
depreciation
pending
and
Total
depletion,
b After
.$1,944,013 $2,223,716
depletion,
c
$329,400
deposition of treasury stock,
a $332,525 restricted
of treasury stock,
e Includes
royalties.—V. 145,
disposition
Volume
Financial
146
American European Securities Co.-
1936
1935
$93,666
5,963
35,098
$98,496
630
35,098
$78,932
$71,521
32,277
27,286
$134,726
37,713
$134,223
29,278
37,788
$111,209
6,055
37,788
$98,807
3,594
37,788
$91,754
$67,159
$67,366
$57,425
3,738
2,163
prof.20,692
138,140
$88,017
Total
$64,996
$88,058
loss$80.715
5,260
Exps., incl-miscell. taxes
Deduct int. pd. or accr'd
Net income
Net loss from
securities
sold (after taxes)
:
-
income
Assets—
Stocks
Bonds
Accr'd int.
on
Preferred stock.
$
5,000,000
.10,139,510
5,000,000
10,139,510
d
16,419,901
1,652,404
24,900
615
Option warrants
on
600,000
600,000
9,719
497,348
557,748
reserve
Accrued taxes—
Total
18,270,439
18,319,709
—
—
50,338
8,579
18,319,709 18,270,439
Total
b Represented by 354,500 shares of no par value,
c Represented by
50,000 shares of no par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time 20,500
shares of common stock at a price of $12.50 per share.—V. 146, p. 587.
American Hair & Felt Co.
Cost of sales and other
10,359,505
Marketable
$1,549,720
38,172
Total income
„
„
$749,487
330,091
See x
See x
$1,587,892
276,305
345,854
382,573
669,239
121,240
——
Non-oper. expense (incl. min. stkhldrs. int.)
Depreciation and obsolescence
Federal, State and local taxes
Adjustment of inventory - ----Adjust, of agency contracts, patents, &c
Reduct. in res. for inventory val
.
81,635
Crl44,517
-
952,020
401,963
mixed
88,166
416,467
374,795
claims
980,985
526,111
114,635
65,810
2,038,003
763,548
104,169
844,883
2,850,390
4,02 L093
12,060,059
11,849,678
-
1,972,492
50,344
1,972,492
952,020
Res. for Fed. taxes
awards
1,233,790
506,330
2,038,003
Res. for insurance.
50,344
receivable
c
Cap. surplus
Earned
surplus.
__
79,583
U.S. Treas.notes
at cost
Total
12,060,059 11,849,6781
Total
a After reserve for
depreciation of $15,287,909 in 1937 and $14,507,847
in 1396. b After reserve for depreciation of $305,047 in 1937 and $290,451
in 1936.
c
Deposited with Treasurer of United States as collateral under
including 50,000 shares in 1937 and 45,000 in 1936
2194.
lease agreement, d Not
in treasury.—V. 146, p.
American Machine & Foundry Co. (& Subs.)—Earns.
Calendar Years—
n
1937
expenses.-
1934
$3,297,575
$3,377,621
234,890
274,814
$4,950,233
4,582,542
$3,911,030
3,499,359
$3,532,464
3,076,621
$3,652,435
3,080,961
$411,672
1,051,279
$455,843
$571,474
881,257
$1,415,289
$1,462,950
$1,336,797
13,013
221,766
a3,937
151,240
163,725
140,624
a54
88,731
2,282
59,893
$1,038,346
revenue
Mfg. costs &
1935
$3,839,737
71,293
$367,691
1,047,599
Royalties, &c
1936
$4,870,966
79,267
Sales.
$1,210,440
$1,120,985
$1,110,467
978,842
1,074,383
975,619
972,242
$59,504
$136,057
1,000,000
$1.21
$145,966
1,000,000
$1.12
$138,191
1,000,000
$1.11
Gross profit
Gross income.—---.
Interest, &c
Depreciation
Federal taxes
Other corporate taxes.
Maintenance & repairs..
Net profit
Minority
880,954
$1,452,732
54,016
155,204
13,976
74,919
44,149
Standard
int.
pf$461,920
obsolescence,
&c., in the amount of $346,794, and taxes (including income taxes) amount¬
ing to $280,139.
'
Consolidated Balance Sheet Dec. 31
Surplus
Shs.com.stk.outstand'g.
Earnings per share
$186,960
of
763,548
697,342
Tobacco Stemmer Co.
Common dividends
Net loss
354,126
Accounts payableRes. for collection
secur¬
Other income
Non-operating income.
on
uncomplet. voy¬
25,000
Insur. fund—cash.
Cash..
8,916,202
$666,768
82,720
operating expense.
disbursements
Oriental Naviga¬
Total
1937
1936 •
$11,026,272 $10,465,922
Gross profit
Excess of revs, over
ages
tion Co
(& Subs.)—Earnings—
Years Ended Dec. 31—
Net sales
155,954
$
4,550,000
4,500,000
par)
Adv. to Oceanic &
3,023,000
Deficit
1,000,000
Inv. In oth. cos
1936
$
($10
stock
Mix. claims awards
3,017,000
funded debt
50,213
Funded debt
General
72,375
193,140
Steamer equipment
6,146
Accounts payableInt.
147,408
44,783
127,195
plant
IJnexp. Insur., &c.
615
_
b Common stock.
■
16,352,283
1,653,867
bds.
24,900
_
c
173,235
288,658
51,958
d Cap.
5,482,686
Supplies.
1937
$
Liabilities—
$
$
Cash
6,255,517
comm.
Accts. receivable.-
1938
1937
Invest, securities:
b Shore
Liabilities—
$
$
Vessels In
a
ities (at cost)..-
Comparative Balance Sheet March 31
1938
Assets—
1937
1936
1937
1937
Divs. rec'd in securities.
Int. rec'd or accrued
Net
Consolidated Balance Sheet Dec. 31
■Earnings—
1938
3 Mos. End. Mar. 31—
Cash dividends received-
2523
Chronicle
34
Provision in the statement has been made for depreciation,
x
Inventories
57,844
—
171,059
Divs.
2,050,738
328,247
246,612
-
taxes,
145,987
274,141
194,751
328,329
532",073
373,502
Accounts payable.
426,307
784,507
Loans
Accts. receivable.
59,598
663,904
Notes
720,121
141,318
151,971
affil.co-
9,963
124,063
_
137,771
Accts.
rec.
1,478,200
Notes
& accts.
1,796,400
18,136
800,270
ceiv., not curr't.
Accts.
rec.
from
35,062
800,270
80,916
506,268
officers & empl.
13,408
_
.
Common stock__
$5,967,191 $6,506,497
Total
$5,967,191 $6,506,497
Shares of no par value;
stated value $5
per
58,906
39,900
271,456
..
395,946
7,000,000
7,000,000
9,570,523
9,634,184
-
Inv.
(& Subs.)—Earns*
Year End.
.
*37
31
Dec.
Apr. 16 to
'36
Dec. 31
Gross profit on sales
—----Administration and selling expenses
-
$5,191,214
3,535,440
$3,232,912
2,183,662
$1,655,774
contingencies
x
Common stock._
Earned
surplus.
—
2,112,518
11,437,326 11,401,993
in affil. cos..
Patents,
pat.
licenses,
177,968
163,669
rts.,
1
1
2,458,631
70,637
2,045,167
75,893
&c
yLand and bldgs.
& equipment...
$1,049,251
1,416,721
-
——^-———--———.----
Reserve for special
Stock in American
share.—V. 146, p. 2030.
American-La France-Foamite Corp.
Sales
552,426
& other taxes
re-
Mach. & F. Co-
Cost of sales.-
$
to
8,591
1,762,313
_
Inventories
x
1936
401,462
Accr'd Fed'l, State
accept¬
131,388
__
Surplus
Total
payable
418,841
banks
547,387
receivable
and
ances
1,478,200
pref. stock 1,796,400
in subsidiary
First pref. stock
Second
$
283,189
Min. stkhldrs. Int.
x
Liabilities—
$
Cash
Market, securities.
200,000
payable
1937
1936
1937
Assets—
Reserves.
$1.04
a
Including $35 in 1937 and $24 in 1936, Federal surtax on undistributed
profits.
Consolidated Balance Sheet Dec. 31
pay¬
rolls, comms. &c
Bank loan
Ld., bldgs., mach'y
&c. (net)
2,181,451
Intangible assets.
Other
57,452
137,659
Prepaid insur., &c.
Investments
$653,045
$415,777
$1,107,182 Accounts payable.
305,997
938,024 Prov. for Fed. inc.
taxes
1,853,795
2,814,667
$222,962
Receivables
1936
1937
Liabilities—
1936
1937
Assets—
Cash.i.—
1,000,000
910,375
Deferred charges._
Total
17,872,151 17,471,493
Total
17,872,151 17,471,493
—
Represented by 1,000,000 no par shares,
y After reserves for deprecia¬
and $1,422,388 in 1936.—V. 146, p. 2353.
x
tion of $1,472,890 in 1937
Profit from operations
income
$138,876
$239,052
49,529
$173,739
163,664
52,443
116,524
24,122
6,243
3,486
$ 36,231
American
34,863
Totalincome--—$288,581
$29,607
Other
Mfg. Co. (& Subs.)—Earnings—
Interest accrued
on
income notes
Miscellaneous deductions
Provision for
foreign income taxes
Net income for the period
-
Note—Depreciation accrued during
1937 amounted
to
$55,579 and in
1936 amounted to $38,938.
Consolidated Balance
$248,787
——
$543,711
Accounts
169,600
& accr. int.
215,346
977,171
813,603
1,444,046
1,141,115
for
$337,311
$334,799
56,117
57,741
taxes,
wages, &c---—-
Prov.
1936
1937
payable-
Accruals,
Notes, war'ts, &c.,
rec.,
Sheet Dec. 31
Liabilities—
1936
1937
Assets—
Cash
Acc'ts receivable
a
Inventories
a
Notes, war., &c.,
rec. & accr. int.
1936
y$805,259
$314,994
160,854
305,048
215,085
228,786
117,233
$188,570
167,475
$255,740
$361,388
$197,761
$21,095
Accr. Int. on 20-yr.
due after 1 yr. &
income notes—
overdue-------
185,767
270,937
121,731
117,583
885,329
400,000
10,436
-
Investments
_
Deferred charges.
_
878,588
a
Less
Common dividends
Balance, surplus..—
x Depreciation deducted from capital surplus:
1934, $368,901, of which
$291,233 charged to capital surplus and $97,668 charged to earned surplus;
1935, appropriation made for depreciation, $202,307, of which $22,307
charged to capital surplus and $180,000 to earned surplus; 1936, $235,000
and 1937, $211,898 charged to earned surplus,
y Before deducting Federal
taxes of $90,000 of which $3,800 is surtax on undistributed profits,
z Be¬
fore deducting $81,000 for Federal income taxes (no provision for surtax).
50,460
82,005
20-yr. Income notes
due Apr. 16, '56 2,982,000
Com. stk.(par $10)
742,790
81,645
95,837
116,524
2,991,000
733,790
81,645
29,606
1937
Notes receivable.
b Less
__
reserves
Total
—
..$4,442,870 $4,399,147
(55%), pre¬
$563,015
67,229
$1,204,537
$1,279,502
$633,290
$651,287
and labor disturbances
Net loss for year.,
1936.
52,412
10,554
8,907
21,493
34,439
364,291
331,782
16,602
18,312
86,769
77,659
72,057
59,901
6,908,624
6,887,462
chase
90,000
income
on pur¬
commit'ts
45,359
Res. for workmen's
compensation
..
52,000
5% cum. pf. stock
3,244,200
(par $100)
Com.
stock
(par
7,626,200
$100)
Surplus
..12,667,945 12,750,412
137,753
81,000
Fed.
taxes
Res.for loss
stock.
124,390
employees
Accr.
of affil. cos
x
18,056
Dep. of and amts,
Miscell. investm'ts
Total.
103,613
cessing tax.-—due to officers &
-
Property
124,797
salaries,
&c—
35,643
Pref. & com. stock
Treasury
$
175,699
6,769
liab. for pro¬
52,412
.
—
wages,
31,287
officers
from
Accrued
Accr.
Total
1,129,723
20,000
3,349,500
7,626,200
1,222,823
.12,667,945 12,750,412
depreciation of $7,069,609 in 1937 and $8,295,454 in
1,085 in 1937 and 1,053 in 1936 shares of preferred at cost.—V.
After reserve for
1936.
y
9,155
798,830
726,882
9,519
680,101
American States
884
631,598
The
520,314
31,972
173,841
80,000
57", 000
38,000
$30,501
pf$321,779
$105,697
Commission on March 31 announced the
following companies under the Holding Company Act:
Utilities Corp. (File No. 30-136), Wilmington, Del.
Securities and Exchange
American States
158,583
Utilities Corp. Registration of Utilities
Companies—
registration of the
188,471
Christopher H. Coughlin, William T. Crawford and Raleigh Warner,
No. 30-135) voting trustees under an agreement relating to the
stock of Central Public Utility Corp.
American Gas & Power Co., of Wilmington, Del. (File No. 30-137).
(File
common
$533,481
These figures reflect the earnings for 11 months of Williams Steamship
Corp., formerly a wholly owned subsidiary which was dissolved on Nov. 30,
y
885,301
1936
236,332
3,942
146, p. 1865.
Other charges
**
21,043
11,367
Exps. incident to strikes
Prov. for Fed. inc. tax--
2,610,456
-
and employees.
x
$524,330
42,880
66,080
insurance
3,441,206
Deferred charges.-
(& Sub.)—Earnings—
$1,158,710
99,467
21,325
Total income
Market'le secure.
y
prof, from oper'ns $1,076,528
Other credits
263,604
Net profit on sale of inv_
Prl35,595
Expenses incident to SS.
Iowan lay-up
Losses arising from adjs.
of prior years (net)
Provision for deprec'n..
Approp. to res. for self-
-
insurance cos—
for depreciation of $139,662 in 1937
1937
yl936
1935
1934
$16,123,632 $13,721,562 $12,560,189 $10,257,104
9,694,089
12,035,859
12,562,852
15,047,104
Net
Commissions pay-
mutual
with
not current.
American-Hawaiian SS. Co.
Calendar Years—
72,075
Accts. & notes rec.,
and $87,158 in 1936.
c La France-Republic Corp. common
ferred stock (62%), at estimated value.—V. 145, p. 2216.
Operating revenues
Operating expenses
1,676,061
Accounts recelv'le.
Dep.
$
874,271
74,598
713,778
.
Inventories
Liabilities—
Accounts payable-
Cash-—
Due
$4,442,870 $4,399,147
reserves,
Earned surplus.
$
1937
1936
$
Assets—
1
-
Goodwill
Total
Preferred dividends
3,580
58,922
400,000
18,261
1
tools, &c
c
6,243
Capital surplus
equip., patterns,
before
depreciation
Consolidated Balance Sheet Dec. 31
income taxes—
Res. for conting's.
Land, at cost
b Bldgs., mach'y &
Profit for year,
foreign
a
1934
1935
1937
z$721,642
Calendar Years—
x
Community
Gas & Power Co. of Wilmington,
holder of 18% of the common
W^alnut Electric
company,
Del. (File No. 30-134)
stock of American Gas & Power Co.
Philadelphia, Pa., a registered holding
& Gas Corp., of
has filed an
application (File No. 46-95) for approval of the
Financial
2524
acquisition of certain promissory notes from its wholly owned subsidiary,
South Carolina Utilities Co.
South Carolina Utilities Co. has filed an
application (File No. 32-81) for an exemption from the requirement of
filing a declaration with reference to the issuance of the notes to be acquired
by its parent in exchange for notes now outstanding.
Fall River Electric Light Co. of Fall River, Mass., filed an application
(File No. 32-82) for exemption from the requirements of filing a declaration
with reference to the issue of $2,000,000 first mortgage bonds, series A,
3H%, due May 1, 1968, the proceeds of which, together with other funds,
will be devoted to the redemption on or before July 1, 1938, of the $2,000,000 of first mortgage gold bonds, series A, 5%, due July 1,1945, now out¬
standing.
Fall River Electric Light Co. is a subsidiary of New England
Power Association, a registered holding company.—V. 146, p. 2354.
Chronicle
Republics Corp. (& Subs.)—Earnings—
1937
1936
$8,407,298
7,016,210
$9,566,044
8,256,335
$3,141,201
107,714
$2,217,403
270,421
$1,391,087
$1,309,709
14,402
March 26—39,791,000
$3,248,915
1,047,614
$2,487,824
847,865
533,135
388,309
10,355
$1,405,489
886,142
347.786
$1,362,442
808,366
424,516
Gross profit from oper.
Other inc. & chgs. (net).
Total income.
Gen., adrn. & sell. exps.
Drilling expenses...
Deprec. & other amort..
Depletion on cost
r
1934
36,293,000
36,673,000
36,466,000
32,857 000
Pittsburgh district floods.—V. 146, p. 2354.
x
Writing Paper Corp.—Earnings-
American
Nine Months Ended Dec, 31, 1937
Income Account for
allowances and freight--.
Gross sales, less returns,
Cost of sales
-
$4,810,009
4,313,943
—
administrative and general expenses
377,043
705,617
441,651
7,750
Interest on secured
c
notes
Inactive property
130,010
14.418
-
56,501
expenses.
b Including
$104,746.
m '856'
Balance Sheet Dec. 31,1937
'
'Liabilities
Creditors' claims against prede¬
-'Cash--------------i.
': $516,358
a Notes & accts. receivable—.
571,059
Inventories
1,172,798
undeveloped
173,110
cessor co., payable in cash..
Accts. payable (trade creditors)
—
Engineer., exploration &
geophysical expenses.
293,082
Res. tor Fed. inc. taxes.
187,100
239,044
63,073
Estimated pro v. for sur¬
tax of undistrib-profits
41,238
$81,906
-
manufacturing expenses, including depreciation
depreciation, $2,155.
c Including
depreciation.
labor and
Materials,
a
Assets—
33,500
leaseholds—
$119.023
Operating profit
Other deductions, less other income
Loss for period
Surrendered leaseholds..
Am ortiz. of
38,212,000
9-.39,779,000
2
April
April
1935
40,548,000
40,214,000
39,960,000
37,670,000
52,733
31—_
Cost of sales
1937
1936
52,373,000
44,172,000
51,680,000 *36,228,000
48.157,000
39,040,000
49,946,000
45.072,000
1938
End.—
March 19-.40,178,000
1934
$15,467,633 $10,137,511
12,326.432
7,920,108
Years Ended Dec.
Sales
j
.
Wk.
b Selling,
1935
1938
Comparative table of weekly output of electric energy for the last five
follows:
' •
'"'A;-
years
a
American
April 16,
3,802
c
128,820
12,200
101,551
30,500
Goodwill
1
-
Prov.
Investment at nominal value—
for
reorg.
640
62,493
(unex¬
exps.
pended balance)
Long-term debt.—
34,397
Deferred charges
$2,427
180,154
Other accounts payable
Accruals.
6,487,159
Property, plant, equip., &C-
34,664
3,071,650
b Reserve
Net income.
$368,741
y $30,541
392,415
$351,751
523,219
Dividends-
yloss$2,492
261,610
400,000
d Common cap. stk.
Capital
—
(no par).
surplus
Deficit—.
$231,069
$23,674
$171,468
$2,492
y After deducting depreciation depletion and lease amortization charges
(not shown separately).
.
Consolidated Balance Sheet Dec. 31
1937
.
Assets—
V,
Inv.,
(at
lower of cost
1,911,955
805,320
1,846,590
market)
Investments
735,706
98,315
16,847
92,220
appraised value.13,771,949
447,544
19,136
26,300
1,072,500
after one year—
Fixed
assets
z
734,819
280,752
305,165
Capital stock... 13,080,490 13,080,490
1,729,455
Surplus....
American Zinc,
Gross
1937
sold.
18,098,302 18,356,003
Total
18,356,003
1937 and
Less reserve for depreciation, depletion, amortization
and obsolescence of $8,510,993 in 1937 and $8,356,988 in 1936.
z Rep¬
resented by shares of $10 par.—V. 145, p. 3809.
American
y
Telephone & Telegraph Co.—Quarterly Report
Walter 8. Gifford, President, says:
The Bell System had a net gain of
about 98,000 telephones in the first
quarter of this year compared with a gain of about 170,000 in the preceding
quarter and of 293,000 in the first quarter of 1937. The number of toll and
long
distance
period last
While
profit on sales-
$542,764
81,025
$404,116
24,229
$98,722
26,616
$460,126
15,214
$623,789
383,978
z54,881
$428,344
361,093
$125,338
337,084
zl4,914
7,405
$475,341
325,696
36,224
$52,336 loss$219,150
1,426,943
1,609.282
$113,420
1,495,862
.
.
conversations
was
2.5%
less
than for
the
Net
.
Adj. of reserve applic. t<
prior years
Divs. on prior pref. stk
pd.or accrued
a
Net operating income.
Dividend income
$2,977,983
37,369,704
2,343,762
$5,996,401 $15,265,648 $25,644,882
40,531,557 168.694.112 174,269,372
1,601.771
7,738,276
6,543,886
149,422
644,749
823,952
$1,609,282
Liabilities—
1937
1936
Preferred stocks..$1,711,625 $1,875,000
b Common stock.
664,140
616,130
1936
Property acc't..$5,576,517 $4,532,153
Investments
stocks
Ore
255,691
2,353,693
252,789
830,980
2,042,983
464,838
Reserves
inven¬
tories, &c-.-_—
——
Notes & accts. rec.
Due
196,922
.
from
rec
48,983
647,925
768~846
.
on
11,147
prior pref. stock
21,387
Deferred liab. to be
5,000
repaid over a pe¬
riod of 4 years..
152,924
76,493
76,814
63,830
316,008
..
Deferred charges to
operations
54,464
Taxes accrued——
91,508
134,318
ment charges.
divs,
Accrued
808,915
12,865
68,719
empl's
Misc. accts.
49,693
1,100,000
Notes payable
Accounts payable
Freight and treat¬
Interest income
$1,426,943
Consolidated Balance Sheet Dec. 31
1937
Cash
Period End. Mar. 31— al938—3 Mos—1937
al938—12
los.—1937
Operatingrevenues. —-$26,070,557 $27,824,628 $105585,461 $108369,746
Oper. exps. incl. taxes- 23,092,574
21,828,227
90,319,813
82,724,864
$1,479,280
$1,492,922
Totalsurplus
Assets—
Earnings of American Telephone & Telegraph Co.
36,811
171,288
x Includes
administrative, selling and other expenses,
y Profits from
operation,
z Including $25,079 ($425 in 1936) surtax on undistributed
profits, a Includes interest, paid $13,343, less interest received, $11,339.
corresponding
telephone is lower, total operating revenues of the
system are at about the level of a year ago. Expenses are higher due mainly
to increased wages and taxes.
Current earnings also reflect a decline in
earnings of the Western Electric Co., Inc.
per
$184,930
1,479.280
profit
Previous earned surplus.
year.
revenue
1934
$6,429,795
5,969,669
Total gross income.
Deprec. and depletion._
for doubtful notes and accounts of $11,553 in
reserve
1935
$7,336,183
7,237,461
Other income
.
.—18,098,392
After
x
1936
$9,621,355
9,217,239
Federal income taxes...
Total
shares
$14,122,055
al3,579,291
-.
Cost of goods
b For sup
c
Afte
2,225,333
at
$25,062 in 1936.
--..$8,781,77
Lead & Smelting Co.(& Subs.)—Earns.
Calendar Years—
Net sales.
x
Reserves
Total
a After reserve for
doubtful notes and accounts, $56,674.
plementing, adapting and reconditioning plant and machim
reserve for depreciation of $151,805.
d Represented by 416.
V. 146, p. 1701.
995,325
780,039
232,946
payable
13,461,162
87,349
-
Deferred assets
y
•
Notes payable, due
or
Other assets
761,625
682,477
$
Accrued expenses.
Accounts payableNotes
949,063
832,824
rec.
less res.
;
Deferred credits..
1,119,436
3,225
secur
Accts. & bills
1936
$
Liabilities—
$
722,434
Market'le
1937
1936
$
Cash
x
::
$8,781,773
Total
2.080,139
3,031,511
81,906
Deficit
Reserve
for
Fed'I
income taxes
56,630
Earned surplus...
Other income—Net
120,291
$42,811,740 $48,279,151 $192342,785 $207282,092
Interest deductions..—
4,177,483
4,696,526
17,456,337
23,316,011
Total
Net
income b— —$38,634,257 $43,582,625 $174886,448 $183966,081
Dividends
Balance
Avge.
no.
42,045.287
—
-
-
of shs. of
$1,537,578
$6,705,302 $15,838,192
18,686,794
18,686,687
18.686,794
18,680,877
$2.07
$2.33
$9.36
cap.
Subject to minor changes when final figures for March
are
available,
Consolidated Income Account
the accounts
Period End. Feb. 28—
of the
company
and
1938—3 Mos.—x1937
$
$
its
prin.
telep.
subs.)
1938—12 Mos.—1937
$
$
Operatingrevenues. —.260,476,833 257,708,061 1052694,672 1005117,025
Operating expenses.-.180,201,926 167,228,880 716,070.145 661,705,939
34,972,625
31,120,972 137,297,509 119,893,979
Taxes
z
—
—
45,302,282
3,606,381
48,908,663
10.379,833
--
59,358,209 199,327,018 223,517,107
9,149,033
27,296,308
30,851,562
68,507,242 226.623,326 254,368,669
11,647,461
42,221,438
49,160,165
public
56,859,781
$7,316,150 in 1936.
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of March, 1938—
Earnings for this period
oper-
rents,
z
Value of
Tons
Milled
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
x
West Springs, Ltd..
x
Gold Declared
140,000
141,000
152,000
89,200
Costs
£248,444
£286,578
£298,213
£124,418
Profit
£142,002
£153,977
£149,929
£78,910
£106,442
£132,601
£148,284
£45,508
Each of which is incorporated in the Union of South Africa.
on the basis of £6 19s. 6d. per ounce
Note—Revenue has been calculated
fine.—V. 146, p. 1865.
Anchor
Hocking Glass Corp.—Annual Report—
On Dec. 31,1937 Anchor
Cap Corp. acquired the assets, subject to certain
liabilities, of Hocking Glass Co. for a consideration of 441,852 shares of
common stock, which were valued for this purpose at $10,400,000.
The
earnings of Hocking Glass Co. and its subsidiaries for 1937 are shown below
together with those of Anchor Hocking Glass Corp. and its subsidiaries,
but have not been carried forward to the consolidated statement of surplus.
3,262,677
10.431,461
$9.31
$10.28
(partly est.)
of
Co.—Pays 10-Cent Dividend—
Directors have delayed a dividend of 10 cents
per share on the common
no par value, payable April
15, to holders of record April 6.
stock
Company s stock was recently split up on a 5-for-l basis.
A dividend
of 50 cents per share was paid, on the smaller amount
of stock previously
See V. 145, p. 2062 for record of previous
2686.
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended
April 9, 1938, totaled 39.779,000
kwh., a decrease of 20.4% under the output of 49.946,000 kwh. for the
Dec.
g
31,
1937
Glass
Corp.& Subs. Co. & Subs.
(Consol.)
(Consol.)
Together
$12,462,775 $24,232,453
9,247,186
9,301,766
18,548,952
493,513
350,774
844,288
351,318
468,985
820,303
Depreciation-..
Patent royalties—
Gross profit on sales
Selling, admin. & general
...
$1,677,660
expenses.
1,087,377
Profit from operations
.—.
Discount on purchases
Miscellaneous income
Total
$590,283
71,334
52,327
income
Discount
on sales
Interest paid
Loss on equip, sold or scrapped—
$713,945
103,950
$2,341,249
1,145,822
$4,018,910
2,233,199
$1,195,428
50,757
29,296
$1,785,711
122,091
81,624
$1,275,482
$1,989,427
237,038
82,093
24,606
133,088
39,873
24,606
42,220
Proportion of profit accruing to min.
stockholders
American Water Works & Electric
Co.,
corresponding week of 1937..
Ended
Sales and machinery rentals, less re¬
turns and allowances
$11,769,678
Electric Co. and all other controlled companies not consolidated.—
p.
Year
Anchor
Cost of sales—
$2.87
are not
outstanding, on Dec. 24, last.
dividend payments.—V. 145,
Account
13,218.553
53,597,104 173,970,427 191,989,951
Includes proportionate int. in net inc.
American Stove
Income
184,401,888 205,208,504
indicative of the then current rate of
earnings on account of unusual year-end adjustments made in Dec., 1936.
y Includes current maint., deprec., traffic, comm'l, gen'l & miscell.
exps.
&
....$9,577,080 $8,547,278
depreciation and depletion of $7,110,368 in 1937 and
b Represented by $1 par value shs.—V. 145, p. 3000.
Hock'g Glass Hock
2,286,210
Net inc. applic. to Amer.
Tel. & Tel. C07 stock. 36,242,620
Per share—Amer. T. &
T. Co. stock..
>$1.94
Western
Total
.
for
Consolidated
Total net income
38,528,830
Net inc applic. to stocis
of subs, consol. held by
x
$8,547,278
3,602,503
_
Net oper. income.--Other income—Net---
Total income.
Interest deductions.
reserves
16,212
1,479,279
3,717,868
(In South African Currency)
b Does not include the company's proportionate interest in the undivided
profits or deficits of subsidiary companies.
y
$9,577,080
After
&
Tel. Co.—per share..
(Consolidates
a
$9.85
.def$3,411,030
stock outstanding
Earns, of Amer. Tel.
a
42,045,047 168,181,146 168,127,889
1,492,922
Capital surplus
Total income—
of
Manufacturing
Standard
15,945
Including $1,597 surtax
15,944
17,856
165,000
on
17,528
328
112,009
165,000
183.100
295,109
$438,239
Profit
a
*4
Glass
Co
Miscellaneous deductions
Provision for contingencies
a Prov. for Fed. & Can. income taxes.
$713,542
$1,151,781
undistributed income.
Volume
146
Financial
Chronicle
2525
Note—The profit of $713,542 for Hocking Glass Co. and subs, has not
been carried forward to the consolidated statement of surplus.
treasury per contra),
?.
Consolidated Statement of Surplus, Year Ended Dec. 31. 1937
Earned surplus Dec. 31, 1936
Profit for the year 1937
14,500
15,000
11.236
For doubtful accounts receivable
Portion of surplus of a sub. co. previously incl. in capital surplus
Balance
$1,499,761
_
required to provide
Years End. Dec. 31—
Jan. 1, 1937
Adj. of book val. of molds at Jan. 1, 1937, to a basis considered
reasonable In the light of prevailing rates of operation
Adj. of mach. rentals unearned as at Jan. 1, 1937
Excess of cost over consideration for which 3,000 shs. of com. stk.
held in treas. were issued in connection with acquisition of
assets of Hocking Glass CoDividends paid—On $6.50 div. conv. pref. stock ($6.50 per sh.)
On common stock ($0.90 per share)
68.517
18,000
66,206
265,886
246,328
_
$681,155
497,375
53,932
11,236
—
Capital surplus—Balance Dec. 31, 1936
Exp incident to acquisition of assets of Hocking Glass Co
Surplus of a sub. co. determined to be earned surplus
Balance,
Dec.
1937-
31,
-
$654,725
$259,147
loss$78,473
6,503
Net profit.
$1,217,518
2,489,234
$654,725
2,491,630
$259,147
2,284,212
loss$71,969
1,716,856
Cr9,055
2,689
1,001
1,524
26,280
Surplus Dec. 31.
Exchange adj.—London
investment
Miscellaneous items
Organization exp. subs.
Dividends declared—...
Hocking
acquired
Dec. 31, 1937.
a
$1,000,000
payable
1,167,516
Accrued wages, commis., &c.
98,666
Fed'l, Can. & State taxes
241,327
in January,
mdse. of a sub. or collectible
from
its former stkhldrs—
Contractual
46,811
Group ins. prems. recoverable
from employees..
fund
with
32,888
4,233,259
trustee
6%
80,027
66,466
_
in
cap.
stock
Preferred
c
10,418
22,500
4,090,500
13,555,768
stock
Common stock
Earned
surplus
432,207
681,155
-
-
9,172,296
Construction in progress
1937
1936
of de¬
184,175
1,646,429
2,139,639
Investments.—
380,400
142,003
1,728,345
1,914,250
409,151
rec—
Pats', good will,&c.
1
1936
$3,205,700 $3,205,700
168,600
Accounts payableReserve for taxes.
458,619
498,568
Other
330,959
218,875
251,881
2,829,534
2,489,234
reserves
Surplus
488,864
1
34,739
charges.
Total
1937
Capital stock
Notes payable
posits, &c
Deferred
Liabilities—
prop'ty.$2,937,997 $2,595,553
ctfs.
33,852
$7,323,380 $6,823,1551
Total
$7,323,380 $6,823,155
After depreciation,
b Includes 22,567 (23,817 in 1936) shares of co$368,400 ($397,151 in 1936) and stocks of domestic corpora¬
tions ($12,000).—V. 146, p. 1866.
pany s stock
Output Off 6.2 %
For the month of March, Associated Gas & Electric
System reports net
electric output of 368,606,274 units
(kwh.).
This is 24,544,350 units or
6.2% below output reported for the same month a year ago. For the 12
months ended March 31, System production amounted to
4,616,307,402
units, which was 4.4% above the previous comparable period.
Gas sendout for March was up 1.5% over a year
ago to 2,102,761,100
cubic feet.
For the 12 months ended March 31, sendout was up 9.0%
above last year to 23,039,437,100 cubic feet.
71,305
Deferred charges
$2,284,211
Associated Gas & Electric Co.—March
110,703
390,000
Capital surplus
machinery,
equipment, &c
$2,491,630
647,400
Unearned income
Mis cell, stocks and bonds.-,
Plant &
&
Reserve for furnace repairs,.
333,366
8,678
and supplies-..
Cash In closed banks
bldgs.,
Turner
of
bonds
int.
surplus of subsid. co
Repair & leased machine parts
b Land,
f.
s.
Mln.
bonds of Turner Glass Co..
b Land and dwellings
52,205
Glass Co. due Dec. 1, 1939
for
$2,489,234
7,735
$2,829,534
Assm—
a
Cash,
a
maturing
subsequent to 1938
Inventories
Sink,
1938)---
oblig.
$1,618,605
662,306
3,299
assets
Surplus Dec. 31
Accounts
Amt. realizable from sales of
42,633
$2,491,630
Sundrycredits————
b
Notes payable to banks (paid
$2,181,193
752,914
1,691,397
Notes & accts. receivable—
653",430
$2,489,234
Inventories
Liabilities—
Cash in banks and on hand.—
894,009
$2,821,799
Bills & accts.
Consolidated Balance Sheet Dec. 31, 1937
U. S. Government bonds
"7* 571
Surplus
$432,207
——
-
Assets—
1934
Consolidated Balance Sheet Dec. 31
Note—Above statement does not include the operations of the
Glass Co. and subsidiary companies, the assets of which were
on
$86,210
164,683
1935
deprec— $1,217,518
Apprec. of fixed
Balance Dec. 31, 1937
$506,503
179,862
67,493
Profit after
Other income
153,668
V
Subs.)- -Earnings—
1936
$1,016,134
169,714
191,695
depreciation- $1,834,422
Depreciation
164,649
Reserve for taxes
452,255
for furnace repairs at
a reserve
1937
Net before
Reserves provided in prior years, not required:
For Federal income taxes
Est. amt.
1866.
Art Metal Construction Co. (&
$1,020,786
438,239
Represented by 2,870
1,.'
•
c
85,122
Goodwill-
Total
a
—
Weekly Output—
For the week ended April 8, Associated Gas & Electric System
reports
1
Patents and patent rights
net electric output of
3,723,808
-.
——$22,489,950
—
Total
$22,489,950
—
After reserve for doubtful notes and accounts of $127,675.
b After
for depreciation,
c Represented by 715.550 no par shares.—V. 146,
83,415,027 units (kwh.).
This is a decrease of 4,830,142 units, or 5.4% below production for the comparable week a year ago.
Gross output, including sales to other utilities, amounted to 88.055.744
units for the week.—V. 146, p. 2355.
j
::
reserve
p.
Arnold Constable Corp.
1937
$7,760,604
7,585,155
7,252,101
91,834
Net sales
83,381
Expenses.
Depreciation....
Other income
$6,440,321
6,231,281
75,267
$201,031
64,119
$133,772
75,645
$265,150
28,750
$209,417
20,688
6,521
14", 172
6,993
1,270
$253,336
252.819
$387,066
337,098
$221,642
42,136
$180,467
337,109
337,109
$1.15
~
expenses-
deductions—
y585
—
Net profit
Dividends paid-
Water
y
Proportion of net profit of Arnold Constable & Co., Inc., allocated to
Consolidated Balance Sheet Jan. 31
Miscell. accts. rec.
Inventories
Investments
Uncompleted con¬
tracts payable-
33,270
1
1,768,224
1,081,355
d Leasehold impt.
273,198
e591,146
199,778
Deferred charges—
77,399
store
—
bldg. and
.
Res. for conting—
a Capital stock.—
1,685,545
Capital surplus.— 2,127,567
Earned surplus
293,215
1,768,223
1,685,545
1,659,845
315,922
53,344
1
2
10
61,696,454
13,503,437
$7,490,027
5,399,621
2,392,377
$46,018,942
11,182,002
$46,320,913
9,768,847
x$301,971
1,413,155
xl
$34,836,940
$36,552,066 x$l,715,126
x5
operating revenue.
Net
_
Provision for retirements..
Operating income
...
6
9
18
14
IndicatesTdecrease.
x
Note—The/above statement excludes certain non-recurring
In
both years.
Nofprovision is included for Federal surtax on undistributed
profits, if any, of the corporation and (or) its subsidiaries, for the year 1938.
—V. 146, p. 2356, 2031.
Atlantic Coast Line
Co.—Earnings—
Income Account
L.
RR. Co.
1935
1934
$32,632
62,000
50,160
135,360
78,375
54,690
6,364
50,160
$32,382
62,000
50,160
135,360
78,375
54,690
6,368
135,360
78,375
135,360
78,375
54,690
6,368
54,690
6,368
gen.
Miscellaneous
Ctfs. of indebtedness
Dividends on Stock—
RR. Co.
com¬
333,132
222,088
216,000
144,000
72,000
72,000
10,206
6,276
and A stocks.
mon
1936
$32,382
62,000
62,000
50,160
unified mtge. 4)4%-Internat. Agricul. Corp.
A.C.L.
Years Ended Dec. 31
1937
$32,144
U. S. Treasury securities
A.C.L. RR.of S.C.4%
C.
expenses
——
8,505
6,276
2,268
6,276
3,402
...
Westinghouse Air Brake
.—$4,931,527 $6,240,132
$4,931,527 $6,240,132
Total
Represented by 337,109 shares of $5 par value,
b After deducting
reserve for depreciation,
c After deducting reserve for discounts, doubtful
accounts, &c.
d After deducting amortization of $128,524 in 1938 and
$113,591 in 1937. e Store fixtures only.
Note—The accounts of 721 Fifth Ave. Corp., which were excluded from
the consolidated statements in the prior year, have been included in the
accompanying consolidated statements for Jan. 31, 1938.—V. 146, p. 1389.
a
Arundel Corp.—Earnings-
—
dividends
Other
Total income—
—
10,406
$984,711
.
_—-
$948,724
135,000
$813,724
725,727
$631,216
483,818
$800,204
$499,879
24,744
Prov. for Fed. tax on inc.
Loss on retire, of class
25,828
239,885
24,786
$511,665
18,676
245,354
18,058
19,538
237,328
29,278
General expenses
Int. on ctfs. of indebt
242,435
A
2,879
5
$690,481
$509,699
$237,905
705,600
5% ctfs. of indebt
Prov. for Federal taxes..
6,276
Profit on retire, of ctfs.
of indebtedness
529,200
235,200
1934
1935
1936
1937
$763,460
132,244
Operating income.
6
$121,520,804
Ry. Co
Calendar Years—
1,272,781
6
15
67,096,075
15,895,814
Co.
Total
$5,623,063
800,509
860,922
50,923
150,322
4,288
Charleston & No. Caro.
Leasehold & good¬
will.—..—w-—
$97,041,691
13,288,237
5,833,848
2,563,014
1,521,233
Total gross oper. revs. .-$129,010,831
A. C. L. RR. cons. 4%.
88,657
86,800
22,500
1,671,555
1,277,069
-
Provision for taxes-..
A.
47,706
82,600
Def. liabilities
fixtures—
consolidated
b Land,
20,203
Deferred Income—
not
-
Interest Received on—
income tax
wholly-owned
cos.
deposits and
cash credits
Invests, in & advs.
to
43,997
Reserve for Federal
investments
Cust.
----
Oper. exps. & maint
$399,276
169,366
41,718
1,463,061
15,574
Acer, wages & exp.
—
Amount
Jo
-Increase-
$102,664,754
14,088,746
6,694,770
2,613,937
Heating
1937
$519,062
113,910
payable—
749,584
Sundry assets and
sub.
1938
Liabilities—
Accts.
$645,393
720,754
29,845
Accts. & notes rec
$705,106
766,644
19,397
703,307
1,275,273
Cash--c
1937
1938
Assets—
—
Ice
$0.54
526 shares of stock of Arnold Constable & Co., Inc., not acquired.
—
Transportation
Shares
capital stock out¬
standing (par $5).—
Earnings per share
1938
ElectricGas__
-
Corp, (& Subs.)—Earnings—
Earnings and Expenses of Properties Irrespective of
Dates of Acquisition
12 Mos. End. Feb. 28—
337,109
$0.75
337,109
$0.65
Provision for surtax—
Other
1935
$492,761
81,940
5,292
18,463
$303,794
43,937
Profit
Prov. for Fed. inc. tax-
Miscellaneous
1936
£6,834,459
6,552.834
80,594
$425,121
67,640
$206,923
96,871
Profit
Consolidated Statement of
(& Subs.)—Earnings
1938
$7,883,911
Years End. Jan. 31—
—
-
Associated Gas & Electric
271.
$695,425
97,800
$834,653
106,168
$597,625
483,818
$728,485
486,068
income
Net
Dividends paid
—
$229,577
235,200
Comparative Balance Sheet Dec. 31
Net
income.
—
i
—
-
Common dividends.
Shs. com. outst.(no par)
Earns, per sh. on com._
Note—No provision was made for surtax on
or 1936.
Balance Sheet Dec.
1937
Assets—
$857,070
650,000
Accts. receivable.- 1,469,496
Accrued interest-16,270
Mat'ls & supplies.
56,503
Other accts. receiv.
414,065
Deferred charges—
75,204
Investments
662,419
a Land, buildings,
machinery
4,415,115
Cash
Market, securities-
-
Total
a
After reserve for
$113,807
483,851
$1.23
1937
Phosph. Co.
(advances)——
for Int.,
divs., &c., &inc.
Polk
137,700
ness
Ctfs.
indebted¬
(5%)
of
21,919
109,229
deposit
12,817
238,253
33,332,237 33,464,800
Prov. for Fed. tax.
179,618
68,846
Sundry creditors-
4,724
4,478
133,589
4,954,260
2,453,730
Z>r28,704
•6,288
4,954,260
2,365,733
Dr28,704
A. C. L. RR. Co.
$8,616,143 $8,401,972
Other liabilities—
307,673
524,277
b
Total
Total
Securities Oumed Dec. 31,
4,108,444
contracts
—
Capital stock
Surplus
c
Treasury Btock.
Total
_
51,200
100
37,503
16,855,496
33,332,237 33,464,800
I A)
1937
Securities Deposited with Safe Deposit & Trust Co. ofBaltimore, Trustee—Collateral Security for Class A 5% Certificates of Indebtedness
Par Value
Deferred Income on
656.683
4,811,700
•
—
P. & L. surplus... 16,830,337
bonds, due 1964
1,315,003
30,933
45,827
_
1936
Trade accts. pay..
Accounts payable-
4,690,700
— —
indebted-
ness(4%).„...
$120,955
138,031
722,085
Dividend payable-
«
11,760,000 11,760.000
N
withheld—
on
131,700
of
1936
«
T/tnhil1tlP&
Ctfs.
$120,955
71,698
726,273
$333,582
depreciation and depletion of $5,248,657 in 1937 and
b Represented by 495,426 no par shares (including
$
1937
1936
$
below).33,063,389 33,082,029 Capital stock
Deposit
Cash
Liabilities—
1936
Secur. (see
tax
31
1,079,550
$8,616,143 $8,401,972
$5,056,867 in 1936.
$242,417
483,851
$1.50
undistributed profits in 1937
$147,398
483,851
$1.30
$87,997
483,851
$1.68
Balance, surplus
1937
Assets—
Book Value
of S. C. gen. mtge. 4% bonds,
due, 1948
— A. C. L. RR. Co. 1st cons. mtge. 4% bonds, due
1952
A. C. L. RR. Co. gen. unif. mtge., series A, 4)^%
-
Total securs. deposited with trustee—book value
$1,550,000
$1,395,000
879,000
791,100
3,008,000
2,616,960
$4,803,060
Financial
2526
(J3) Securities
United States of America Treasury
Treasury notes:
in
company's general mortgage bonds, there will be deducted, subject in each
case to the limitation above referred to, interest on all outstanding San
Francisco and San Joaquin Valley Ry. bonds. Rocky Mountain Division
bonds
Santa Fe, Prescott & Phoenix Ry. bonds and Transcontinental
Short'Line bonds, and interest on $16,691,674 principal amount of out¬
standing California-Arizona lines bonds, such interest being in each case a
fixed charge incurred by reason of acquisition of railroads, branches or
extensions; there will not be deducted interest on the remaining $16,525,122
of California-Arizona Lines bonds, or interest on the 4% convertibles of the
issues of 1905, 1909, and 1910, or on the 4>£ % convertible debentures issue
of 1928, or amounts payable upon either of the two issues of equipment
trust certificates outstanding.—-V. 146, p. 2356.
Treasury
securities:
'
■
Series A, 2H%. due June 15,1939
Series B, 2%, due Sept. 15, 1942...
Treasury bonds:
Series B, 1lA%, due
$200,000
648,875
$200,000
650,000
„
245,700
Dec. 15,1953
246,512
$1,095,387
securities. .
Total U. S. of America Treasury
Bonds—
deb. 4% bond scrip, due 1939
4% bonds, due 1952
coll. 4% bonds, due 1952.
Col. Newb. & Lau. RR. 1st mtge. 3% bonds,
due six months after demand..
~v=~
Charleston & W. Caro. Ry. 1st cons. mtge. A 5%
bonds, due 1964
......
International Agric. Corp. 1st mtge. & coll. trust
5% bonds, due 1942
20
16
375,000
140,000
337,500
105,975
318,000
190,800
A. C. L. RR. conv.
A. C.L. RR. 1st cons. mtge.
A. C. L. RR.. L. & N.
791,000
2,207,247
186,895
Depreciation
229,266
Profit from
$2001
$291
4,054
1,272
94/
4,200
127,200
...
x
Shares
Stocks:
A. C. L. RR. class A.
A. C. L. RR. common
Atl. & North Caro.
RR. capital
capital
Ry. capital
12,000
768
5,000
1,046
4,536
Co. capital
South Caro. Pacific Ry. preferred
Westinghouse Air Brake Co. capital
Polk Phosphate
z
1937
Notes & accts. rec.
Inventories
-V.
145,
Prepayments.....
Cash in sink. fund.
Cash in closed bk.
4,379
1,613,522
Accrued liabilities.
598,369
758,524
1st mtge. bonds...
895,600
7%
bd8.(curr.)
conv.
2,996,874
57,756
19,066
4,706
55,506
10,351
Investments
3339.
p.
199,401
$
2,718,189
1st mtge. s. f.
2,506,106
2,972,614
181,966
3,065,575
$
Notes & accts. pay
420,921
380,373
2,585,895
3,739,281
1936
1937
Liabilities—
$
$
Assets—
Cash
$24,953,183
$28,260,329
stocks
Total securities in treasury—book value—
1935.
1936
Land, buildings—
Total
$163,696 loss$164,812 loss$139,741
Consolidated Balance Sheet Dec. 31
1,100
960,000
43,605
348,441
88,751
42,063
11
...
Charleston & W. Caro. Ry.
Nashv. Chatt. & St. L.
6o,8ol
$170,000 in 1936 and $90,000 in
$625,200
22,844,022
6,252
215,836
179,616
y Interest and finance companies' charges, &c., net of
Excluding sales taxes approximately $144,000 in 1937,
After taxes,
income,
$74,134
$73,254
—
Profit for year
other
$127,779
z84,992
184,953
$216,494 loss$142,166 loss$105,476
52,799
22,646
34,264
$139,104
operations
Interest, &c
y
$5,617
indebtedness
$639,587
z218,948
204,145
$555,266
Profit before deprec..
Taxes
-
Total certificates of
1934
*$2,281,381
1,097,250
$2,206,141
irredeemable
1935
1936
1937
Selling & admin, expense
474,600
1,567,500
Certificates of indebtedness:
A. C. L. RR. 4% irredeemable.
A. C. L. RR. scrip 4% irredeemable..
The A. C. L. Co. class A 5% irredeemable
Col. Newb. & Lau. RR. 5%
(& Subs.)—Earnings-
Autocar Co.
Year End,: Dec. 31—
Profit from operations..
—
Total bonds
April 16, 1938
Chronicle
148,000
906,000
Mortgages
99,750
103,750
Pref. stock
953,200
1,557,900
Common stock...
19,253
16,020
4,756,400
4,056,293
10,040,761
9,160,009
Paid-in and capital
Gulf
Atlantic
& West
Indies SS. Lines (& Subs.)—
1937
Calendar Years—
1934
1935
1936
surplus
Operating revenues
$26,230,146
Total operating expenses 25,311,734
$918,413
$1,249,526 loss$104,367 loss$157,199
264,692
184,976
187,007
Net operating prof—
Taxes
410,611
-
—V. 146, p. 1540.
Net operating prof—
Gross profit
Prov. for doubtful accts.
$507,801
80,610
$984,834 loss$289,343 ldss$344,206
79.930
157,822
85,790
$588,412
$1,064,764 loss$131,521 loss$258.416
;
65.091
Delayed inc. debits
Misc. income debits
Int. on long-term debt.
_
Prov. for Fed. inc. taxes
12,145
11.557
7,999
553,460
a320,473
4,532
36,825
6,542
621,416
al53,415
352,195
11,714
7,388
22,600
706,725
59.907
137,167
5,877
25,152
853,726
45,524
$317,221
and notes
$110,163
$1,077,022
$1,253,786
Certain exps. of accidents
Locomotive Works—March
Baldwin
The dollar value of orders taken in
*
Bookings—
March by The Baldwin Locomotive
subsidiary companies, including The Midvale Co., was an¬
nounced on April 12 as $2,902,469, as compared with $6,019,215 for
March, 1937.
The month's bookings brought the total for the consolidated group for
the first three months of 1938 to $8,822,312, as compared with $11,585,629
Works
Total other income..—
Total.
9,160,009
10,040,761
Total
$24,403,625 $21,212,304 $21,516,484
23,154,100 21,316,671 21,673.683
and
in the same period last year.
Consolidated shipments, including Midvale, in March aggregated $4,635,720, as compared with $3,372,051 in March of last year.
Consolidated
shipments for the first three months of 1938 were $10,518,783 as compared
with $8,986,115 for the first three months of 1937.
On March 31, 1938, consolidated unfilled orders including Midvale,
amounted to $23,022,194 as compared with $24,583,345 on Jan. 1, 1938
and with $33,181,836 on March 31, 1937.
"
All figures are without intercompany eliminations.—V. 146, p. 1866.
.
Net loss
a
Including $159,315 ($50,815 in 1936) surtax on undistributed profits.
Comparative Consolidated Balance Sheet Dec. 31
1937
A 83Ct3
x
$
"
*5
Prop. & equip .22,648,835 23,952,368
230,000
Fire loss recover..
....
for reconstruct'n
(cost
value)
or
nom.
103,322
7,397,000
118,705
of
minority
S.
Govt,
under
31,487
value).
34,548
1920
100,059
and
1928
in 1937)
stock
($359,615.50 due
(book value).-.11,807,418 11,807,418
Cash
3,620,920
3,717,242
Traffic bals.
owed
73,445
672,229
by others
Agents' bals. (net)
Ins.
93,247
666,091
agst.
underwriters
171,305
337,643
350,444
_
Materials & supp.
& indem.
195,103
321,955
270,869
against
underwriters (in
994,231
21,396
1,232,500
Miscell. oper.
523,326
res..
216,230
622,532
327,794
639,974
5,185,429
6,088,673
5,185,429
Res.
197,993
209,857
91,171
Working funds...
62,086
Ins. fund (cash and
arising
523,326
494,215
321,088
Surplus
470,486
419,405
87,679
84,687
P.
43,619,415 44,923,6241
reserve
y
Taxes...
Hire of equipment
Joint facility rents
Amortization of discount
$18,207
$19,964
118
59
2
$32,314
2,930
15,143
$9,085
4,230
1,176
$18,266
1,821
$19,966
1,454
272
180
180
180
406
180
332
38
158
"""473
349
9,666
10,093
10,555
$4,695
8,940
,325
8,250
$5,427
6,068
$6,690
4,535
def$14,575
89.48
def$641
78.41
$2,155
77.35
bonds
on
—
Balance transferred to
Total
.43,619,415 44,923,624
150,000 shares
of
no
par
value.—V.
146,
1701.
Atchison
Topeka & Santa Fe Ry.—Defers Interest
Payment May 1 on Adjustment 4% Bonds—S. T. Bledsoe,
President, released the following statement April 12:
The obligation of this company to pay interest on all its bonds including
convertibles
and convertible
debentures, except adjustment mortgage
bonds, is absolute and unconditional and does not depend on income.
Interest on the adjustment mortgage bonds (not exceeding 4% in multiples
of A of 1 %) depends on surplus net earnings for fiscal years ending June 30,
but it is an absolute and unconditional obligation to the extent of surplus
net earnings, and any deficiency under 4% is cumulative against surplus
net earnings of subsequent years,
The adjustment mortgage requires that
surplus net earnings be determined on or before Oct. 15 and under the
mortgage all interest is payable Nov. 1. However, it has been the practice
to pay 2% on May 1, without awaiting determination of surplus net earn¬
ings, upon bonds stamped for that purpose under an agreement executed
Sept. 14, 1899, collateral to the mortgage; this has been practicable because
of obvious sufficiency of earnings.
While it is believed that there will be sufficient surplus net
earnings for
this fiscal year to pay the entire 4%, operating results for
January and
February were such, when followed by the floods in March, that prudence
seems to require that the usual May
1 payment of 2% on the stamped
bonds wait until it is clear that surplus net earnings for this fiscal
year will
suffice for that pin-pose, and that course will be followed.
Under Article 3 of the adjustment mortgage "surplus net earnings" for
any fiscal year are required to be determined by deducting, from the
gross profits, earnings, and income of the company from all sources, certain
items among which are interest on the company's general mortgage bonds
and fixed charges incurred on account of acquisition of new
railroads,
branches, or extensions, subject to the limitation that deduction on account
of lines (with certain exceptions) leased or acquired after the execution of
the mortgage shall not exceed the receipts from such lines plus
25% of gross
earnings of the remainder of the system derived from traffic interchanged
with such lines.
This limitation tends to reduce the deductions, thus
increasing the surplus net earnings available for adjustment bond interest.
In determining "surplus net earnings," in addition to interest on the
$8,967
9,327
Interest
Inc. applic. to sink.fund
for depreciation of $28,460,344 in 1937 and $26,973,976
Represented by
$32,259
6,059,208
739,187
Other def'd debits.
$88,118
68,154
Miscellaneous
274,139
x After
In 1936.
Gross income
Net income
741,044
338,368
$84,326
66,118
profit and loss
def$4,245
70.54
% of exps. to revenues-.
reduc. in par val.
Ins. prems. & rents
paid in advance.
Special deposits...
Open voyage exps.
Total
Net oper. revenues—
_
from
of common stock
secur).
494,215
191,348
res.
interest
$85,204
76,237
Other income
197,993
Other def. credits.
market,
27,095
225,145
209,857
415,912
payable.
1934
1935
1936
$109,502
77,243
55
267,049
long
term debt......
trustee for bond
,
RR.—Earnings—
1937
Calendar Years—
123,079
on
■
will be voted upon at the annual meeting of the
April 27.
on
Operating revenues
Operating expenses
Open Voy. rev...
1.232,500
with,
par
Bellefonte Central
to others
Int. accr.
of like
Barber Co., Inc."
The change in name
2,133,318
1,170,183
owed
Special insur.
dispute)
depos.
1,457,553
Coupons
claims
4,158,607
vouchers
& accts. payable
authorized the listing of 413,333 shs.
Corp." on official
shares of capital
value listed and outstanding beaming the name "The
stockholders to be held
Taxes accrued
Protect.
Cash
Audited
Traffic bals.
claims,
Accts. receivable.
3.798,992
1st mtge. gold bds.
of subsid. cos...
Corp.—Listing—
of capital stock (par $10) bearing the name "BarberAsphalt
notice of issuance in suostitution for an equal number of
Acts,
Goodwill & franch.
Barber Asphalt
The New York Stock Exchange has
loans
Merchant
Marine
(cost
admitted to unlisted trading privileges
capital stock, without par value.
New capital stock, without par,
issued in exchange for old capital stock, without par, on the basis of three
shares of new capital stock for each share of old capital stock in accordance
with plan as set forth in notice addressed to the stockholders of the com¬
pany, dated March 5, 1938.—V. 146, p. 2357.
new
7,947,000
U.
118,705
Misc. invest,
6,000,000
9,970,000
Long-term debt...
nominal
$
$
6,000,000
9,970,000
stkhldrs. in subs.
104,418
assoc. cos.
or
Liabilities—
Common stock..
y
Trading—
The New York Curb Exchange has
1936
Preferred stock—
Int.
Unexpired cash dep
Sees, of
1937
1936
Babcock & Wilcox Co.— Unlisted
Balance Sheet Dec. 31
Assets—
Liabilities—
1936
1937
Inv. in rd. & equip
6,957
1,822
500
500
17,620
17,430
2,347
1,199
Misc. accts. pay..
364
1,403
101
437
Unmat'd int. accr.
3,850
3,900
5,439
3,933
Otherdefd. liabils.
xl34,523
Cash..
rec—
__
Work. fund ad vs.
balances
Audited
accts.
&
payable
__
1,985
2,028
1,687
"3",471
Accr. deprec.
(rd.)
29,593
29,830
(eqt.)
5,866
5,342
9,612
9,016
142,428
39,822
142,428
reserve-
Prof. & loss deficit
75
883
paid
26,310
20,420
$947,830
$938,794
Tax liability
858
1,066
Other unadj. creds
3,039
in advance.
Other unadj. debits
5,460
Add'ns
to
through
prop,
inc.
&
surplus
Sink, fund
Y:'
$947,830
Total
1,500
car sery.
Accr. deprec.
75
6,593
_
Other defd. assetsprems.
Traffic &
wages
agents
Mat'l & supplies
Fd. debt unmat'd.
Loans & bills pay.
Net bal. due from
x
127,963
1,366
Other Inv.—stocks
These items are not
vania
156,000
832
—advances
Insur.
1936
$445,450
152,000
$905,156
7,672
Invest, in affil. cos.
Misc. accts.
1937
$445,450
Capital stock
$902,217
Sinking fund
$938,794
Total..
—
30,882
admitted. They result from claims of the Pennsyl¬
RR., based on that company's interpretation
of alleged divisions
service agreements with the prior management
A
partial check of these claims indicates substantial reductions even on the
basis of the alleged agreements. The proceedings instituted by the present
management before the Interstate Commerce Commission and Public
Utility Commission of Pennsylvania for more adequate divisions should
result in still further reducing these claims and in correcting this situation
for the future.—V. 144, p. 3165.
agreements and
Bendix
car
Aviation
Corp,—$5,000,000
Debentures Placed
Privately—The company announced April 13 that it has
placed privately an issue of $5,000,000 10-year 3)^>%
debentures.
The stockholders at their annual meeting
and Vincent Bendix, President stated that
April 13 approved the financing
/the company does not expect to
Volume
use
Financial
146
all of this money immediately but that it will
be used to improve working
six to one.
or
capital thereby raising the current ratio to better than
The corporation, Mr. Bendix states, has on its books over $3,000,000
of orders and that "there is a great deal of business in sight immediately
and it looks like
have all of the business we want
we can
Mr. Bendix further stated that due to clearing away
in the field."
of legal complica¬
subsidiaries into
operating divisions.
consolidation of
Eclipse Machine Co., starters, &c., and Pioneer Instrument Co.
About
$2,000,000 is being invested in that plant and it is hoped to effect sub¬
tions,
to convert various
The New Jersey division will be a
the company is
in a position
stantial economies.
2527
Chronicle
railroad for refunding or financing purposes.
that these authorizations were asked for
a precaution and that there was no immediate intention of at¬
to sell these issues.
Such procedure, he stated, would have to
other securities owned by the
President French explained
merely as
tempting
await more favorable market conditions.
The
stockholders also approved issuance of $5,000,000 of equipment
5% and also authorized the directors
apply to the Reconstruction Finance Corporation or other agency for
trust notes with interest not to exceed
to
any necessary loans.
The road has received the second $1,000,000 instalment of the $2,000,000
RFC loan, approved in the latter part of January by the Interstate Com¬
Commission, thus strengthening its cash position.
The $1,000,000
was received about the
middle of Feb.
This $2,000,000 loan is
paid off in 1937 out of treasury cash.
Depletion of the latter as a result of debt payment is what necessitated new
borrowing.—V. 146, p. 2358.
merce
Directors
Increased—Officers—
advance
approved an increase to 12 from 11 in number of
directors and elected E. R. Palmer and D. O. Thomas to the board as new
directors and reelected retiring directors with the exception of C. S. Bragg,
who has resigned.
At the directors organization meeting, Mr. Palmer was elected VicePresident in charge of finance, and treasurer, succeeding W. J. Buettner
The
shareholders
remains, however, as a Vice-President.
Mr. Thomas was elected
Vice-President in charge of automotive division.
Other officers were re¬
much less than matured funded debt
Bowman-Biltmore Hotels Corp.—Earnings—
Period End. Mar. 31—
who
Mr. Palmer and Mr. Thomas were
elected.
*
added to the executive com¬
x
mittee
1938—3 Mosi—1937
1938—Month—1937
loss$6,136
$23,064
Profit
$84,862
$53,143
After ord. taxes, rentals & int., but before amort.
& prov. for income
taxes.—V. 146, p. 1867.
bringing the number to seven.
A finance committee was organized with A. C. Anderson, comptroller of
General Motors, as chairman and including Vincent Bendix, E. R. Breech,
chairman of North American Aviation, Inc., Paul H. Davis, Chicago
broker, and Mr. Palmer.—V. 146, p. 2357.
Bridgeport Machine Co.—Earnings—
3 Mos. End. Mar. 31—
1938
Net prof, after all chgs.
but before taxes
loss$10,338
—Y. 146, p. 1868.
Best & CoSmaller Dividend—
Directors on April 12 declared a dividend of 40 cents per share on the
share stock, payable May 16 to holders of record April 25.
Pre¬
viously regular quarterly dividends of 62 M cents per share were distributed.
In addition, an extra dividend of 50 cents was paid on Jan. 26, last, and on
Jan. 21, 1937.—V. 146, p. 2358.
1937
1936
1935
$77,878
$175,897
$39,221
common
Corp.—Injunction on Proposed
by Stockholders Dismissed—
Steel
Bethlehem
A suit brought
Briggs Mfg. Co.—To Extend Corporate Existence—
Stockholders at their annual meeting on May 10 will consider a proposed
resolution for the extension of the corporate existence of
period of 30
Vote
Originally the rescission was to be voted upon
which took place on April 12 in Wilmington,
outstanding.
^
The corporation's net assets on March 31, based on market quotations,
consisted of: Cash and receivables, less liabilities, $294,102; U. S. Govern¬
ment securities, $513,281: bonds, $888,256; common stocks, $3,559.044.—
V. 146, p. 1543.
of
at the stockholders' meeting
Del.
Its consideration was
postponed at that meeting until April 21.
In denying the application for an injunction. Justice Hammer noted
that the petitioners together held 120 shares out of about 2,000,000.
He
held that none of their rights would be impaired by allowing the stock¬
holders to vote on the proposal.
.
•
The principal complaint of the stockholders who brought the action,
the court declared, was the allegation that all the facts were not disclosed
to the stockholders in letters soliciting proxies for the annual meeting.
"The plaintiffs do not allege and seek to have adjudicated that the
action to be taken under authority of the proxies will be fraudulent or
Brooklyn-Manhattan Transit Corp. (& Subs.)—Earns,
(Incl. Brooklyn & Queens Transit Corp. and Subsidiary
Statement of
.
Earnings for 3 Months Ended Jan.
31,1938
revenues.——————
Net revenue from
x
operations.........
Operating income
Non-operating income.
............
$50,800,816
34,876,028
$15,924,788
6,136,624
..................
.........
Interest deductions (net)
Other income deductions
—V. 146, p. 1063.
$924,247
b320,481
bl78,019
$0.86
$0.48
Preliminary figures, b Includes gain on sale of securities amountint to
$32,395 in 1937 and $1,492 in 1936. c After all charges including, depletion,
depreciation,
Federal income tax and surtax on undistributed profits.—
„
Includes
x
profits tax,
for undistributed
a
of Consolidated Income Year Ended Jan.
Statement
Total revenue from
-Earnings-
Other operating revenues
1935
1936
1937
$25,352,207 $24,810,189 $22,084,314 $21,848,061
21,099,877
21.435,379
23,571,978
24,269,876
1938
$648,934
3,399
157,500
$652,333
283,234
6,117
45,000
$673,475
175,000
337,500
$846,382
xl97,328
330,000
$317,983
202,419
120,000
$319,054
2,801,220
def$4,436
$94,018
y2,640,639
$2,979,049
$3,120,274
Net revenue from
$416,437
202,419
120,000
$160,975
2,818,074
Total operating expenses....—..........—................
$751,288
270,306
4,545
60,000
$1,085,749
$1,295,862
288,041
4,233
120,000
other income.
$1,238,210
287,005
Depreciation
Interest paid
Prov. for Fed. taxes
57,652
4,975
.....................
x
Operating
Total
3,798,193
income...................$8,275,611
834,738
non-operating revenues
Non-operating revenue deductionsGross income.....—......
Net income
dividends
Preferred
Common dividends
Interest charges
Other income
(net)
piano instalm t accts.
Prem.
2,784,657
21,000
———
$2,801,220
,
50,000
$2,784,657
$2,784,657
$1.66
$2.16
$0.38
$0.71
x $141,911
paid on 7% preferred stock (three dividends aggregating
$5.12 per share to Oct. 23, 1936 date of redemption) and $55,416 paid on
5% preferred stock—two dividends aggregating $1.5833 per share from
Oct. 1, 1936, to Jan. 25, 1937. y Before deduction of $1,783,300 consisting
of $675,000 restricted as of Jan. 31, 1926, as to common stock dividends
and $1,108,300
representing the par of preferred stock
Balance Sheet Jan. 31
1938
$
Assets—
1938
1937
J
$
$
LiaMlities—
& delivery
notes
accts.
714,538
Common stock.
.
Accounts payable.
579.177
203,309
receivable 2,850,137
2,430,689
68,189
2,585,562
232,062
82,997
Bal. due on N. Y.
2,702,909
168,214
Sundry creditors..
39,448
33~983
108,362
Res. for Fed. tax..
120,000
157,500
Inventories
Other assets
expenses.
Goodwill
115,030
1
1
World's Fair bdsi
Acer,
taxes
x
Represented by 300,000 shares of no par
Boston
&
Maine
RR.-
143,565
30,109
2,818,074
11,200,897
11,200,897 11,065,717
Total
39,054
2,979,049
114,338
stock.
•V. 146, p.
11,065,717
2197.
Refunding Operations Approved
by Stockholders—
The stockholders on April 13 authorized the directors to issue up to
$5,000,000 of bonds for refunding or reimbursing the treasury for certain
bond issues matured, and paid off in the past few years and also granted
blanket authority to issue not exceeding $25,000,000 of bonds to refund
$7,500,000 series LL 6% bonds due June 1, 1962, likewise $18,000,000 of
notes or collateral trust bonds to be secured by general mortgage bonds
411,083
$8,257,146
Interest on funded debt
—----—4,680,601
Amortization of debt discount and premium (net)
77,583
Other deductions
1,376
—
Current income
Notes—(A)
United
carried to surplus..
Taxes which are
States income
$3,497,584
—
included in expenses, include provision for
and undistributed profits taxes, as follows: Income
$139,000; undistributed profits tax, none,
(B) The dividend income from affiliated companies
dividends declared
the equity
and paid by those companies
in their net
represents only the
and does not represent
income,—Y. 146, p. 2033.
Brooklyn Union Gas
Co.—Asks Assessment Data—
consideration of the values at
The company on April 1. moved to compel
which the City of New York assesses its property
application before the New
irf the determination of its
York Public Service Commission for increased
r^tcs.
t)stsic
65,000
(other
than inc. taxes).
Contingency res..
$8,668,229
Gross income
3,500,000
3,600,000
602,988
141,020
x
Accrued salaries &
&
Misc. accts. rec
Prepaid
4,858,007
3,600,000
3,500,000
5% cum. pf. stk.
equip 4,692,816
657,099
................
........—
tax,
1937
Bldgs. stores,fixt's
Cash
reacquired.
(net)
......—
Total expenses
$2,801,220
1938 (Corporation Only)
$1,938,713
6,731,362
...............—.....
Drl,S46
Year Ended Jan. 31,
Dividends
Interest
Total income
$2,818,074
Earns, per sh.on 300,000
shs. com. stk. (no par)
provision for Federal income tax but no provision
Miscellaneous other income
$2,979,049
$9,074,283
5,563,529
$2,441,381
carried to surplus.
Income Statement
Income:
Dr36,066
profits tax.
'
286,170
16,031
.....................
:
Includes $209,000
for undistributed
7 % pref. stock
on
redeemed
Exp. in connection with
red. of 7% pf. stk., &c.
Custom's
x
...............——
deductions....—1,069,373
Current income
Previous surplus
Excess in the reserve for
20,275,436
$12,073,803
operations
assignable to operations
Taxes
3,888,924
revenues...................—...—....$32,349,239
Total operating
$748,183
3,104
$1,082,331
3,419
Transit Corp. and Subsidiary Companies)
31, 1938
transportation.
$28,460,315
(Excl. Brooklyn & Queens
V. 145, p. 3811.
Bloomingdale Bros., Inc.
120,753
$2,405,082
$241,900 provision for Federal income tax but no provision
Current income carried to surplus
Net
Years End. Jan. 31
$2,525,835
Amount accruing to
Jv?36
$623,518
al937
profit
Earnings per share
c
$10,505,828
6,938,502
1,041,491
Balance of income....... wi—.--—---.l..—...
minority interests of Brooklyn & Queens
Transit Corp
.........
...................
...
Bishop Oil Corp.—-Earnings—
Years Ended Dec. 31—
Gross income.
$9,788,163
717,665
..........................
—.
Gross income
v:
$47,735
..............
Taxes assignable to operations
Bireley's, Inc.—Earnings—
Netloss
operating
Total operating expenses.-.————....—......^......
dismissal of the
other remedy as
denied and the cross-motion for
complaint is granted, without prejudice, however, to such
plaintiffs may be advised."—v. 146, p. 1867.
$49,328,408
1,472,408
Other operating revenues
Total
Companies)
Consolidated Income Year Ended Jan. 31, 1938
Total revenue from transportation
illegal," the court said: "The plaintiffs have not shown that they are
seeking to enforce in this action a substantial right in themselves recognized
at law.
As a consequence they have not shown jurisdictional facts.
The
motion for injunction is
Investing Co., Inc.—Net Assets—
of $5,254,683, equal to
$18.62 a share on 282,158 shares of capital stock outstanding. As of Dec. 31,
1937, net assets were $5,930,595, equal to $21.52 a share on 275,544 shares
had alleged that the
The petitioners
proposed rescission amounted to a cancellation of obligations in excess
$12,000,000 due the corporation from various directors and officials.
a
The company reports as of March 31 net assets
from voting on a proposal to rescind a management stock ownership plan
established in 1930 was dismissed April 13 by Supreme Court Justice
Ernest E. L. Hammer of New York.
the company for
from Nov. 20,1939.—V. 146, p. 1868.
Broad Street
enjoin all stockholders
by three minority stockholders to
years
Company
asked for city consent to
the inclusion in the record of values
Taxation has assessed its property from 1935
Assistant Corporation Counsel demurred in
granting immediate assent, but agreed to notify the company of the city's
decision before the next hearing date, April 27. He reminded the company
that a year ago it had declined to accept the city 's valuations in determining
the utility's rate base.—V. 146, p. 1232 .
at which
to
date.
the Department of
Harry Hertzoff,
Bullock Fund,
Ltd.—Dividend Halved—
a dividend of 10 cents per share on the
payable May 2 to holders of record April 15. This
compares with 20 cents paid on Feb. 1, last, 30 cents paid on Nov. 1, Aug. 1,
May 1 and on Feb. 1, 1937; 25 cents paid on Nov. 1, Aug. 1 and May 1,
1936; 15 cents paid on Feb. 1, 1936; 8 cents paid on Nov. 1, Aug. 1 and
May 1, 1935; 10 cents on Feb. 1, 1935; 7.5 cents per share paid on Nov. 1,
Aug. 1 and May 1, 1934; 12 cents paid on Feb. 1, 1934; 10 cents on Nov. 1,
1933; 13 cents on Aug. 1, 1933; 15 cents on May 1, 1933; 18 cents on Feb. 1,
1933, and dividends of 20 cents per share paid in each of the three preceding
quarters.'—V. 146, p. 433.
The
directors
have declared
capital stock, par $1,
Financial
| 2528
Buffalo Ankerite Gold Mines, LtdL-
1936
$1,057,700
377,218
137,985
208,564
$1,893,103
619,385
229,217
147,611
175,210
....
$1,390,135
$721,680
........
6.856
185
word, as at present.
According to a Government white paper which has just been issued, a
will shortly be introduced in the House of Commons to authorize
changes in the arrangements now in effect between the Government and
Cables & Wireless, Ltd.
Cables & Wireless will be granted freehold for its beam stations, while
beam rental will be canceled from March 1, 1938.
In consideration of this
$1,056,654
1,046
$306,386
5,555
549
Adjustment of value of ore in solution
Total revenue
$2,833,062
——
Mining costs
Milling costs
—
General expenses
733,938
284,863
—
--
215,561
Develop, & exploration expenses.....
Operating profit.
Kingdom and Eastern Canada will remain 9d.
per
1935
$1,888,829
4,274
$2,832,513
April 16, 1938
the United
between
rate
—Earnings—
Calendar Years—
Bullion recovery
Other income....
Chronicle
bill
,
,
the British Government will receive without payment 2,600,000 £l sterling shares of Cables & Wireless existing issued capital.
142, p. 4332.
concession,
106,889
129,222
—V.
California Water Service
Co.—-Earnings—
1937
1936
1935
1934
$2,458,823
974,323
$2,359,888
912,213
$2,105,380
858,641
90,170
179,329
81,417
163,518
77,238
145,184
$2,064,712
858,053
71,842
138,084
$1,215,000
9,514
$1,202,741
9,204
$1,024,'318
7,287
$996,732
8,109
Gross corporate inc—
$1,224,514
Net interest deductions.
455,264
52,300
$1,211,945
529,703
$1,004,841
452,898
50,931
169,187
$331,826
174,840
74,840
Calendar Years—
Gross
151,257
...
'$311,941
$721,865
135,868
105,754
profit.....^-.-..$1,396,991
117,995
Development written-off— ....
Depreciation
Cost of sinking shaft written-off (to
Operating revenues
Operation
87,797
46,971
Maintenance
General taxes
■
73,608
date)
140,774
65,587
$414,656
140,335
Net earnings
20,307
$913,357
508,717
Provision for income taxes..
$156,866
115,546
Other income
Net profit
Dividends
$274,321
141,592
2,884
1,734
$41,320
103,229
$797,039
701,679
$417,063
$1.30
$0.59
$141,592
701,679
$0.22
$404,640
417,063
Surplus for year
Previous surplus..................
Miscellaneous credits
4,767
29,430
-
Miscellaneous debits
Balance carried forward
Shares outstanding
Earnings per share
Prov.
1937
Cash
Preferred dividends
Common dividends
1937
transit
in
1,631
142,725
66,367
209,180
74,130
133,545
701,679
328,473
701,679
168,126
Reserves
10,672
(net). 1,599,105
10,123
....
420,379
6%
797,039
420,379
417,003
1,389,160
2,002
1,828
438,317
Receivables....
113,444
payable..
Interest accrued..
Mat'ls & supplies,
162,897
133,501
Taxes accrued
768,847
809,187
Cash
surplus...
Dividends
Deferred charges
x
1,105
Capital stock
a
5,002
3,371
461,204
109,763
y
taxes
Reserves.........
44,273
lnvest'ts.
Special deposits...
Res. for Dom. and
Prov.
& prepaid accts.
z
<fcC-...i---.
15,503
11,673
3,506
x
-■
—
Total
22.207
2,448,329
2,961,000
2,414,200
39.208
4.053
2,414,200
39,779
surplus...
473,588
337,766
$2,514,380 $1,878,999
p.
1937
Operating profit
Non-operating revenue.
Non-operating expense.
Canada Northern Power
1935
1936
$2,879,686
154,691
53,134
Common dividends
stock
share
y
$1,104,173
197,854
70,964
28,225
$1,831,547
235,362
$1,596,185
53,667
1,471,500
y327,000
$4.72
$1,054,440
54,982
82,317
163,500
y327,000
$2.11
Corp., Ltd.—Earnings—
1938
Net earnings
Canadian Industries, Ltd.—New Directors—
Richard Fort of New York and George W. Huggett of Montreal were
elected directors of this company at the recent annual general meeting of
stockholders.
Messrs. Huggett and Fort were elected to fill vacancies
created
by the death of Lieut .-Col. Herbert Moison and the resignation of
George W. White.—Y. 146, p. 1064.
Canadian National
Ry.—Earnings
Earnings of the System for Week Ended April 7
1938
Gross
revenue
1937
Decrease
$3,180,816
...
$3,962,443
$781,627
—V. 146, p. 2359.
Canadian Pacific
Ry.—Earnings—
Earnings for Week Ended April 7
1938
1937
$2,381,000
$2,719,000
Balance Sheet Dec. 31
1937
1936
$
Cash
Liabilities—
$
105,213
Self-insurers
Accident
under Idaho In¬
Acoounts recelv...
49,952
1,117,664
32,160
1,616,596
318,122
2,097,923
.
Inventories
1,510,870
27,166
40,268
Notes payable
Res. for prop, and
other taxes
Prepd. Ins. & other
1,190,000
172,292
16,623
32,349
Capital assets...41,185,109 38,662,436
Other assets......
72,305
781,779
105,276
215,115
Acer. inc. taxes.
deferred Items..
bCommonstock..d3,270,000 b3,270,000
c Preferred stock.
684,700
678,100
a
Surplus
Decrease
$338,000
Cape Fear Rys., Inc.—Notes—
The Interstate Commerce Commission
In¬
dustrial Act
3,697,724
Notes receivable.
1,316,222
Traffic earnings...................
—V. 146, p. 2359.
awards
under Idaho
54,998
1936
1937
Payrolls and accts.
payable
100,332
bond
dustrial Act
$2,804,104
-V. 146, p.2359.
Par $10.
Assets—
$4,608,756
1,804,652
$2,900,751
....
1937
$5,030,014
2,129,263
Operating and maintenance
$1,158,266
103,826
$2,590,460
53,160
1,798,500
xl,308,000
$1.94
Net profit for year.
Preferred dividends
$1,704,657
$2,981,243
390,783
...
Federal income and corporate taxes..
per
Including debt discount and expense in process of amortization, y Less
for uncollectible accounts of $22,628 in 1937 and $21,737 in 1936.
p. 2033.
12 Months Ended Feb. 28—
Gross earnings
Mining & Concentrating Co.
$22,635,991 $16,729,995 $11,245,876
20,726,854
14,337,615
9,804,610
Deprec. and prop, of deple. chargeable
to production
513,486
453,312
422,026
Property taxes
179,629
122,166
Increase in metal inventories
Crl.484,035
Dr54,783
Cr207,099
common
19,342,741
Represented by 24,142 shares of $100 par.—V. 146,
1868.
Direct operating costs
Par $2.50,
.19,840,492
$2,514,380 $1,878,999
Total
Years Ended Dec. 31—
Gross sales of ore and metals
Total profit...
Total
reserve
Represented by 701,679 of $1 each.—V. 146,
Bunker Hill & Sullivan
19,342,7411
19,840,492
Total.....
14,125
z
x
22,207
4,435
2,860,988
pref. stk. 2,961,000
Common stock..
Earned
companies..
Prepaid insurance,
Shares
cum.
69,554
mining
other
Earnings
accrued
5.922
113,916
Capital surplus
Invest. In and advs.
a
2,010
71,439
65,269
Miscell. accruals..
22,508
Organization exp..
to
48,078
1.640
Earned
700
reduction
Fixed assets
218,318
683
Paid In surplus
8,255
....
solution
Deferred liabilities
32,093
1,386
in
$
10,550,000
197,856
42,905
Accounts payableSpec. impt. assess.
&c.l8,329,406 17,844,463
equipment,
$69,872
45,110
•:
$
10,795,000
Funded debt
$75,948
MIscell.
1936
1937
Liabilities—
$
Capital surplus
75.013
Stores
Ore
1936
v
$
property,
payroll..
Accrued
Accounts receivable
bullion
Plant,
1936
1937
Due trustee (contra)
1,631
Investments
Gold
$373,305
175,898
120,710
Comparative Balance Sheet Dec* 31
Assets—
Accts. pay. & accr.
$184,414
1,640
275,454
savings
(contra)
account
$430,378
177,660
149,922
Unclaimed divs—
$308,768
Trustee's
251,864
$449,786
177,660
199,171
depreciation..
Net income
2,957
701,679
Liabilities—
1936
for
"
Balance Sheet, Dec. 31
Assets—
267,164
$1,031,605
452,618
33,380
172,302
Prov. for Fed. inc. tax..
on
March 25 authorized the com¬
issuefnot exceeding $15,000 of deed-of-trust notes, $10,250 thereof
exchange for a like amount of outstanding matured deedof-trust notes and not exceeding $4,750 thereof to be sold at par and the
proceeds used to pay certain preferred indebtedness consisting of approxi¬
mately $1,750 of matured taxes and $3,000 remaioing unpaid of a judg¬
ment for $10,000 in favor of the Atlantic Coast Line RR.—v. 137, p. 860.
pany to
to be delivered in
Carriers & General
.....39,621,416 37,839,861
Corp.—Earnings—
[Formerly International Carriers, Ltd.j
Total
46,281,795 43,659,4891
Total
46,281,795 43,659,489
After
depreciation and depletion,
b Represented by 327,000 shares
c Represented
by shares authorized at $100. d Par,
$2.50.-—V. 146, p. 904.
a
authorized at $10.
California
Appropriation for retirement
reserve
Rent for lease of electric properties
Interest charges (net)
59,645
92,861
lossl09,868
Dr59,451
period....
Capital surplus, balance
(computed
Dec. 31
$2,789,184
300,000
300,000
$2,282,106
238,154
845,254
203,197
45,047
7,876
15,498
$2,489,184
1238,923
881,165
[195,168
45,047
|
13,477
$454,060 prof$98,623prof$109,280
14,453,104
14,453,104
14.137,623
$63,898
14,137,623
Excess provision for prior
years' taxes
Oper.
deficit,
780
balance,
Dec. 31
Total
8,058,246
8,092,073
8,154,005
7,812,677
$5,941,579
$6,459,654
$6,261,048
27,967
$6,233,081
30,106
30,106
$6,092,898
27,967
Balance, March 31— $5,911,473
$6,429,548
$6,064,931
surplus
Dividends declared
**I$927,079 $$1,115,403
purposes the above figures have been revised
changes in classification, due to the uniform system of
became effective Jan.
1, 1937.
(2) No provision was
Federal Income taxes or surtax on
undistributed profits for 1936
Sir Campbell
as
a
deduction in its final income tax return for
p.
2033.
Assets—
x
^
Bonds
Stuart, Chairman of the Imperial Communications Advisory
between different countries of the
tolbe introduced April 25.
I'
-
telegrams• 7 Hu.
---
- --------
-lpire rate of 5d.
per word forldeferred
service, lOd.
Per w°rd for full rate plain service.
and from
United
colony.
per
word for letter
word for code, and
The scheme is framed without
any increase in existing~rates, so that until
can|be reduced, there will remain certain cases
the present flat rate basis
493,541
29,926
16,503
15-year
y
bonds
7,180
20,018
139,659
149,692
on
Total
x
$8,605,668 $9,133,4231
$30,106
51,664
accrued expenses
Prov. for Fed. cap.
stk.& other taxes
30,106
32,791
Prepaid expenses
1937
$29,926
62,261
Accts. payable and
5%
Capital stock
Total
9,389
2,000,000
2,000,000
602,120
6,429,548
debs,
due Nov. 1, 1950
Surplus
10,485
602,120
5,911,473
$8,605,668 $9,133,423
The aggregate market value as of March 31, 1938, of securities owned
$3,201,558.
At March 31, 1937, it was $8,810,613.
y Represented
by shares of $1 par value,
z Deferred charges including $135,271 ($146,021
in 1936) unamortized debenture discount and expense.—V. 146, p. 1869.
was
per
A flat rate will apply to Empire
Kingdom; also between each dominion and
where rates are below the uniform
level.
731,368
Cash dep. with div,
Acer. int.
1938
Dividends payable
Cash in bank
paying agent
Dividends receiv..
Liabilities—
1937
....$7,285,188 $7,710,265
395,846
697,009
Rates—
'
..
1938
Invest, at costStocks
z
Wireless, Ltd.—To Lower
~
to
basis of avge. cost) loss461,697
Net oper. loss for the
Committee, announced that an agreement has been reached with this com¬
pany and its associated companies overseas which will make
possible far
traffic
$45,971
Dr44,241
IIIIIZZIZIII
taxablelincomelfor 1936.—V. 146,
r8'*«
$16,418
vestments
certain
,
$38,978
Net income.
Net profit on sales of in¬
which
Cables &
.
$7,637
739
that year the unamortized
[discount and expense and redemption premium
and expense on bonds andfdebentures
redeemed in 1936 which resulted in
.
$60,838
14,867
1935
Comparative Balance Sheet March 31
the company claimed
no
$70,778
54,360
$2,847,896
Notes—-(1) For comparative
as
$90,210
51,231
$4,465,889
1,617,993
on
_
Net Income
made for
$51,576
43,939
992
Amortization of debt discount and
expense
Amortiz. of prelim, costs of
projects abandoned
Amortization of limited-term investment
Other income deductions
.
$47,390
13,448
$2,625,355
income
accounts
1936
$56,480
14,288
bonds
1937
Net operating revenue and other Income
(before
appropriation for retirement reserve)
$2,582,106
to reflect
$77,001
13,209
on
$4,642,005
2,016,651
taxes
Net oper. rev. (before approp. for retirem't
res.)
Interest on notes and accounts
receivable, &cMerchandise and jobbing
r
1937
$45,685
5,891
Interest
1938
Operating revenues
Operating expenses, maintenance and
Gross
1938
Total income
Total expenses
Oregon Power Co.—Earnings—
Year Ended Jan. 31—
3 Mos. End. Mar. 31—
Cash dividends
For example, the
plain^language
Cape & Vineyard Electric Co.—Bonds Awarded—
H. O. Moore Jr., treasurer of the company has awarded an issue of
$1,000,000 first mortgage bonds, series B, due 1968, to a syndicate com¬
prising F. S. Moseley & Co., Estabrook & Co. and Hornblower & Weeks,
at 102.20 for 4s.
The successful syndicate submitted an alternative bid
of 100.45 for two blocks of $500,000 each, one block as 4s and the other
as 3Ms.
/;
Volume
Financial
146
Harris Hall & Co., of Chicago, 101.802 for 4s;
Other bidders were:
First
Co., 102.369 for 4^s; Arthur Perry
& Webster and Blodget, Inc., and
Graham, Parsons & Co., 101.567 for 4Mb; Whiting, Weeks, & Knowles,
Coffin & Burr and Ballou, Adams & Whittemore 101.289 for 4J£s; Halsey
Stuart & Co., 101.417 for 4Ks; E. H. Rollins & Sons and Ladenburg,
Thalman & Co., 101.277 for 4%s.
The bonds are to be dated March 1,1938, to be due March 1, 1968, with
interest payable March and Sept.
Bonds are to be issued under an in¬
denture of trust and first mortgage made between the company and Old
Colony Trust Co., Boston, Mass., as trustee, dated as of July 1, 1935. and
an indenture supplemental thereto.
Permanent bonds in coupon form,
registerable as to principal only, and fully registered bonds without coupons
in denomination of $1,000 and any multiples thereof will be ready for
delivery on April 20, 1938.—V. 146, p. 2359.
Boston Corp. and Brown Harriman &
& Co., Paine, Webber & Co., Stone
Capital Administration Co., Ltd.—Net
Assets—
of March 31 net assets of $4,509,,117 before
deducting a bank loan amounting to $1,600,000.
This indicates an asset
coverage as of that date of $67.03 a share of preferred stock and an asset
value of $5.15 a share of class A stock outstanding. As of Dec. 31.1937, net
assets
before deducting the bank loan were $5,159,828, equivalent to
$82.02 a share of preferred stock and $9.69 a share of class A stock out¬
The
company
reports as
2529
Chronicle
Common Dividend Omitted—
a
Directors at their meeting on April 12 took no action en the payment of
on the common stock at this time.
A dividend of 25 cents was
dividend
on Feb. 15, last, dividends of 50 cents were paid on Nov. 15, an-' on
Aug. 16, 1937, and aspecial dividend of 75cents and a regular quarterly
cents per share were distributed on April 19, 1937.—V.
146. p. 2199.
-
paid
dividend of 25
Century Shares Trust—Earnings—
1936
1935
$100,307
$101,344
$63,176
$23,419
180
270
240
120
Operating expenses
Depository fee
5,128
2,006
6,561
7,637
1,264
2,876
Net income
Undist. net income
$92,992
2,232
$92,486
1,820
$54,035
$19,955
552
828
Dr352
2,909
10,773
687
$94,873
$97,215
$65,361
$21,470
1936
1935
3 Mos. End. Mar. 31—
Cash dividends
Trustees'
Net div. accr'd
purch.
and sales of partic. shs.
income
Insurance companies:
$755,598
8,110,360
1,062,042
$468,605
6,207,252
1,010,024
$102,366
2,131,311
460,508
2,777,056
723,703
333,647
61,261
1,460,063
457,419
474,634
41,956
985,443
300,478
125,104
17,211
$13,115,617 $13,823,668 $10,119,952
$4,122,422
$782,730
7,764,304
1,062,042
Casualty insuranceFire insurance
The company paid a dividend of 25 cents per
March 31 to holders of record March 22.
A
on
Life insurance
share on its common stock
dividend of $1.25 was paid
Banking institutions:
N. Y. bks. & tr. cos.
Other bks. & tr.
146, p. 103.
Dec. 27, last.—V.
on
2,613,888
724,745
108,621
59,287
cos._
Cash
Inc.—Accumulated Dividend—
Carman & Co.,
1937
1938
b Investments:
Co.—Pays 2o-Cent Dividend—
Carborundum
468
Balance Sheet March 31
Assets—
corporation's gross assets of $4,563,428. based on market
quotations, included:
Cash and receivables, $1,756,280; bonds, $299,240;
common stocks, $2,507,908.—V. 146, p. 745.
2,027
on
Undistributed
standing.
On March 31 the
1937
1938
fees
Accr'd divs
dividend of 50c. per share on account of
of dividends on the $2 cum. conv. class A stock, pay¬
able June 1. to the holders of record on May 14. See also V. 146, p. 905.
receivable.
-
>
Directors on April 13, declared a
accumulated
Liabilities—
named Assistant Treas¬
urer and W. P. Peters was appointed Assistant Secretary at a recent meeting
of directors.—V. 146, p. 2359.
Eaton, Assistant Secretary, has been
Central Arizona Light &
Power Co.—Earnings—
1938—12 Mos.—1937
$4,022,493
$3,536,596
1938—Month—1937
$338,862
$333,756
235,023
188,270
Period Ended Feb. 28—•
2,444,321
2,665,213
Amortiz. of limited-term
2,913
2,979
35,352
35,746
25,000
24,000
374,700
$75,926
11,340
$118,507
10,612
$947,228
142,824
$783,309
162,392
$129,119
18,958
$1,090,052
1.
$87,266
18,958
1,002
629
Int. charged to construe.
CY261
Cr365
8,808
Cr3,194
$945,701
359,021
7,625
Property retirement res.
appropriations
Net oper. revenues—
Other income (net)
Gross income.
Int.
mtge. bonds
on
Other
interest..
227,500
$856,938
$67,567
$109,897
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
.
Net income
Balance
Cr517
$579,572
108,054
108,054
$748,884
-
_
d4,098", 949
$13,115,617 $13,823,668 $10,119,952
$4,122,422
$471,518
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Feb. 28,1938 and 1937.—V. 146, p. 2359.
Subs.)—Earnings—
Central New York Power Corp. (&
$25,724,433 $23,933,139
12,356,114 11,111,146
1,043,041
1,354,305
2,311,000
2,606,483
operating revenues
Operating expenses.
...
Maintenance expenses
Retirement
x
1936
1937
Calendar Years—
_
provision
Taxes
3,232,092
2,765,336
$6,175,439
123,876
$6,702,615
212,991
-
-
Operating income
Non-operating income, net.
funded debt
Interest on unfunded debt
on
Interest
charged to construction
—
$6,299,315
2,618,784
274,071
$6,915,606
2,642,962
379,298
Cr7,252
Gross income
Interest
Cr4,972
125,332
17,505
129,936
14,869
—
Amortization of debt discount and expense
.
Miscellaneous deductions
jr Net income
Dividends on preferred
.
---------------------...
$3,270,873
net income,
" ''
"
''
—
$121,516,378
507,836
funds and special
deposits-.-—.-—------
a5%
cum.
894,861
par)
i_
$25,900,000
31,642,400
Funded debt
7,618
269,079
221,945
$9,808,844 $10,241,377
c5,399,235
5.399.235
$7,250,408
$7,333,046
5,399,235
4,499.363
$4,409,609
$4,842,142
$1,851,173
$2,833,683
1,799,745
$5.45
1.799.745
$5.69
1,799,745
$4.02
b313,806
Net profit
Dividends
a
Shares capital stock outstanding (no par)
Earnings per share
■
Long-term liability.
d Advances
Exclusive
amounting to $15,621.
'
Earned
Balance Jan. 1,
Net
1937
Surplus Account
$13,414,955
--
income for year
ended Dec. 31, 1937, from
$9,808,844
income account
of bonds into common stock
Ohio Ry. Co. (less expenses
Profit from conversion
of Chesapeake
&
xl,576,337
incident thereto)----.-----
share of preference stock of
Chesapeake & Ohio Ry. Co
Profit on sale of 68-100
the
25
$11,385,206
bonds retired through
otherwise canceled in excess of
Bond discount & expense on
conversion
or
sinking fund requirements for 1936, less excess
provision for expense in prior years---------—
Prems. on bonds called for red. thru sinking fund--
223,274
6,350
Regular—$3
Accounts payable
receivable
2,040,590
Consumers' deposits
and,supplies
1,123,913
52,585
Taxes accrued
676,209
Prepaid insurance
Other deferred charges
_
2,212,944
116,154
pref. stocks
Reserve for retirement-.-.Earned
-$141,127,383'
on
Other accrued liabilities
Miscellaneous
Total
529,294
Interest accrued
Divs. accrued
discount
and expense
reserves
215,833
94,137
10,003,113
919,577
2,964,273
surplus
$141,127,383
Total
Pending final determination of proceedings for appraisal, 7,564 14-20
shares to which the holders demanding appraisals of the preferred stocks of
a
constituent corporations would be entitled/ under the terms and provisions
of the certificate of consolidation have been included in the issued shares of
preferred stock, 5% series, shown in the above balance sheet,
b Repre¬
sented by 1,265,696 no par shares,
c Relating to Stillwater Reservoir,
d From Niagara Hudson Power Corp.—V. 146, p. 1705.
Central Public Utility Corp.—Registers
Under Holding
Company Act—
a registered holding company.
Consolidated Electric & Gas Co. also filed an application for exemption
(File 31-417) for The Islands Gas & Electric Co., of Jersey City, N. J.,
and an application for exemption (File 31-418) for Carleton Electric Co.,
Ltd., Woodstock Electric Railway, Light & Power Co., Ltd., and Maine <fc
New Brunswick Electrical Power Co., Ltd., all of New Brunswick, Canada.
—Y. 141, p. 472.
Champion Paper & Fibre Co.—Earnings—
$202,923
$0.17
Net
profit.
Earns per share
After charges and
$5,399,235
----
12.139,418
15,621
1937
—-
17,554,274
$7,016,264
Prior to Aug. 6,
the profit of $1,576,337 shown herein, and the results of such conversions
from Aug. 6, 1936, to Dec. 31, 1937, would have shown a
profit of $8,497,338 instead of the profit of $3,020,046 credited to surplus
during that period.
Balance Sheet Dec. 31
1937
1936
Assets■
for the period
,
_
y$93,870,124 $118,463,785
1,679,164
1,693.936
Investments at cost
Cash
------------------------------------
Special
deposits
Deposits in closed banks, after reserve
Sued dividends received
stock tax
-
Other assets.
Total
«
Cwltel
270,324
14,506
10,657
18,129
.,$97,420,535 $122,728,317
—
sw7k.....
Collateral trust bonds
Bank loans payable
Dividends declared
—
15,983
2,122.344
------
charges
Deferred capital
143,816
15,983
1,830,100
..$74,242,040
2,000,000
1,349,809
Accrued interest payable.
— 16.739
Accounts payable and other accrued accounts-85,657
Federal Income tax—
317,623
Paid-in surplus
—
12,392,403
Earned surplus
7,016,263
-
$74,242,040
14,934,000
6,200,000
1,349,809
98.935
96,175
12,392,403
13,414,955
1938—40 Weeks—1937
$472,338 $1,606,485
$1,255,094
$0.66
$2.27
$1.63
y On common stock.
Federal income taxes,
—
1936, it was the practice of the corporation to treat
the stock of the Chesapeake & Ohio Ry. Co. sold or delivered upon con¬
version as the first stock acquired by the corporation and available for
delivery
Since that date it has been the practice to specifically designate
such stock sold or delivered upon conversion as stock purchased on specific
dates.
Had the former basis been followed, the results for the year ended
Dec 31, 1937. would have shown a profit of $3,165,338 from conversion
of bonds into common stock of the Chesapeake & Ohio Ry. Co. instead of
x
(File 30-131). subsidiary holding company of United Gas Improvement Co.,
also
1938—12 Weeks—1937
stock:
share—cash
Balance, Dec. 31,
Deferred
The Securities and Exchange Commission on March 30 announced the
registration under the Holding Company Act of Central Public Utility
Corp., of Jersey City, N. J. (File 30-132) and of its subsidiary. Consolidated
Electric & Gas Co. (File 30-133); and of Philadelphia Electric Power Co.
Period End. Jan. 30—
a
359,557 shares (at cost)
Cash in lieu of fractional shares
372,613
Materials
debt
11,155,582
Extra—one-fifth share of common capital stock of
the Chesapeake & Ohio Ry. Co. for each share
of the Chesapeake Corp. common stock:
4,297,000
Accounts
Unamortized
1,799,745
$4.07
of results from security transactions,
b Includes $7,707
additional assessment of surtax on undistributed profits for 1936.
c Exclu¬
sive of extra dividends of $12,155,039 consisting of one-fifth share of common
stock of Chesapeake & Ohio Ry. for each share of Chesapeake Corp. com¬
mon stock amounting to $12,139,418 and cash in lieu of fractional shares,
a
740,339
337,592
1,462,892
Cash
x
34,981
256,157
28,968
.
Federal taxes
62,435,000
c
con-
structlon..—11,199,227
y
30,207
26,146
discount and expense.
:
pref. stock ($100
b Common stock
Sinking
x
32.212
Capital stock tax
Applic. portion of bond
Dividends on common
Liabilities—
for future
787
$10,710,754 $12,527,786 $10,296,797 $10,314,026
2,668,139
1,843,9761
Bond interest
243,838
/1.829,016
8
I r 52,918
24,642/
Other interest expense-66,132
102,460
74,191
69,482
General expense.
219,775
Total
$24,570,537
'
Investments.
held
1934
55
124
22
Miscell. other income—
$3,270,873.
Fixed assets
Funds
1935
1936
1937
$10,710,732 $12,527,662 $10,296,742 $10,313,239
stock
Consolidated Balance Sheet Dec. 31, 1937
Assets
-Earnings-
Chesapeake Corp.
Calendar YearsDividend accrued
$3,753,512
539,583
x Included in taxes are provisions of $70,257 in 1937 and $62.270in 1936
made by Syracuse Lighting Co., Inc.. a predecessor company, for Federal
surtax on undistributed profits,
y The statements of income include the
operations of the predecessor companies for the period prior to July 31,
1937, date of formation of Central New York Power Corp.
The net in¬
come for the year 1937 is applicable to the following periods:
Prior to
July 31, 1937, $2,354,233; subsequent to July 31, 1937, $925,640; total
21,470
a Represented
by 519,032 no par participating shares and 519,032
ordinary shares, no par.
b Market value March 31, 1938, $8,409,293.
c Represented
by 487,592 par $1 participating shares and 487,592 par $1
ordinary shares,
d Represented by 149,637 no par participating shares
and 149,637 ordinary shares no par.
e Represented by 378,917 no par
participating shares and 378,917 ordinary shares no par.—V. 146, p. 906.
Balance.
Total
9,842
9,463
Shares outstanding
cl3,008,540
Undistributed income-94,873
273,200
investments
$2,003
al3,712,946 el0,050,834
97,215
65,361
$3,664
$2,740
Total
Operating revenues
Oper. exps., incl. taxes..
$3,757
Accrued expenses
Accrued taxes
(J. I.) Case Co.—New Officers—
Arthur J.
Total
arrears
Total
x
Represented by 1,799,745 no par shares,
($2,359,458 shares common stock
investments
$97.420,535 $122,728,317
y Indicated market value of
of C. & O. Ry.t 60,490 shares
Financial
2530
preferred stock, series A, of O. & O. Ry., 69,000 shares common stock of
Erie RR., and 27,500 shares common stock of Pere Marquette Ry.) at
Dec. 31, 1937, was $85,148,828, based upon closing bid prices on the New
York Stock Exchange at that date.—V. 146, p. 1869.
,
Chronicle
1937
Inroad&equip.88 332,077 88,138,552
215,628
108,970
729,184
731,406
644.59
236,823
carried
226,556
Other
197.349
218.689
Cash..
32,737,916
31,726,729
28,113,211
32,168,177
Aver, per pass, per mile.
1.973 cts.
1.887 cts.
1.874 cts.
1.794 cts.
Rev. frt. (tons) carried6,066,493
5,815.523
4,521,756
4,214,953
Rev. freight (tons) car¬
ried 1 mile.-.-.-.-.952,597,958 949.936,937 755.424,208 652,275,842
0.913 cts.
0.893 cts.
0.912 cts.
Av. per ton per mile
0.873 cts.
538
523
489
Average trainload (tons)
534
$1.24
$1.12
Earn, per pass, train mile
$1.15
$1.28
$4.67
Earns, per frt. train mile
$4.46
$4.66
|4.91
Earns, per mile of road.
$18,178
$11,523
$12,762
$17,475
1 mile....
Pass, carried
Income Account for
Net bal.
of
626,582
Long-term debt
589,841
Traffic &
39,974
60,277
315,564
273,044
1, 729,821
22,551
curr. assets.
286,875
Misc. accts.
366,486
6,700
104,374
296,402
85,876
Int. mat'd unpd.13, 586,352
yl935
$5,950,919
348,848
130,828
52,360
359,531
337,451
121,697
40,946
54,706
577,245
299,841
129,582
43,951
52,956
427,669
373,004
$10,057,075 $10,403,998
$8,254,852
$7,427,499
$1,135,839
2,586,391
Traffic expenses
356,129
Transportation expenses
4,111,305
Miscell. operations
99,763
General expenses
368,581
Transp. for invest.—Cr.
14,043
$958,098
2,445,619
340,489
3,986,209
92,722
336,955
9,671
$791,023
1,797,491
313,190
3.404,362
81,161
245,934
4,131
$676,841
1,687,002
299,891
3,071,906
69,235
363,108
Total.
$8,643,966
Net rev. from ry. oper_.
1,413,109
Railway tax accruals...
398,812
Uncoil, railway revenue
$8,150,421
2,253,577
514,818
$6,629,031
1,625,820
266,548
$6,168,313
1.259,185
7,752
1,192
$1,738,759
$1,359,271
$1,250,242
Express
—.
Misc. pass, train rev
Other transport rev
Other
83,773
481,077
operating revs—
Total......
—.
141,980
43,994
83,721
504,993
Operating Expenses—
Maint. of way of struct.
Maint. of equipment—.
Railway
Income $1,014,297
oper.
;
:
Z>r331
Deduct—
Hire of frt. cars, Dr. bal.
Rent from equip, (net).
$470,357
$428,689
Dr51,470
Net joint facil. rents-Dr.
611,557
Dr56,384
753,245
$420,739
Dr25,967
701,862
$428,528
Dr7,636
694,279
Net ry. oper. income.def$l 19,087
Non-operating income..
95,868
$500,440
106,549
$210,703
20,988
$119,800
25,678
def$23,219
$606,989
$231,691
$145,478
25,767
16,416
1,352,209
38,080
5,738
1,360,203
134,942
35,911
x4,951
1,368,361
136,707
35,911
5,190
1,380,380
139,977
Gross income
Deduct—
Rent for leased roads
Misc. rents & tax accr'ls
Int.
on
funded debt
Int.
on
unfunded debt..
131,794
276
Miscell. income charges.
Net deficit.
x
$1,549,682
Net figure,
y
220
225
$932,194
$1,314,465
334
$1,416,314
Revised figures.
Balance Sheet Dec. 31
1937
Assets—
pledged.
716,700
716,700
88,967
102,206
102,206
1 ,379,012
1,234,672
26,497
176,926
26,713
Notes pledged..
Advances.
Other
50,260,020
unpledged
Stks.
Investments
Misc. phys. prop..
Impr. leased
Liabilities—
88,968
174,937
$
10 ,497,000
10,497,000
4 ,991,300
4,991,300
1,463
Common
Govt,
grants
15,186
Funded debt
26 ,548,384 26,713,401
Loans & bills pay. 3 ,493,114
3,498,258
Traffic, &c., bal—
386,552
439.843
779,093
Deferred
Dlvs. matured
Taxes
1,910
12,449
287,754
and conductors.
87,813
162,471
Int. & div. receiv.
644
35,596
Bal.
rec.
Other
3,409
5,823
20,265
_.
Other unadjusted
debts..
Total
Other
160,385
2,247
curr.
liab...
552,693
747,053
2,247
111,955
653,661
793,305
deprec'n.
6, 008,084
5,709.413
238,810
238,029
18,596
18,596
5 512,132
3,963,865
Prem.
on
funded
Deficit
Total
55,579,146 55,876,020
—V. 146, p. 2200.
Chicago St. Paul Minneapolis & Omaha Ry,
Report—
'
A-:,;..
General Statistics for Calendar Years
1937
1936
1935
Aver, miles of road oper.
1,648
1,648
1,653
Tons revenue freight...
8,928,778
8,899,065
7,273,414
Tons—miles rev. freightl512511,688
1.007 cts.
1.891 cts.
1.045 cts.
1.082 cts.
1.893 cts.
1.892 cts.
Comparative Income Account for Calendar Years
1,660
1.083 cts.
1.796 cts.
Operating Revenues—
1934
1937
1936
1935
$15,236,219 $15,379,958 $12,748,609 $12,332,527
1,700,302
1,648,219
1,519,844
1,363,654
transportation...
1,001,387
1,070,515
987,608
965,955
Incidental
240,207
229,358
190,097
186,482
Other
Total oper.
revenues_$18,178,115 $18,328,050 $15,446,158 $14,848,618
Operating Expenses2,453,585
3,527,875
446,593
8,634,917
186,436
710,346
11,264
Traffic-
Transportation
operations
Miscell.
General
Transp. for invest.—Cr.
Total oper. expenses..$15,948,489
a
share
on
of March 31. 1938, net assets of $26,012,681,
576,650 shares of convertible preferred stock
outstanding.,
This compares with net assets of $31,156,007, equal to $53.11 a share on
586,600 shares as of Dec. 31, 1937, and with $44,737,826, or $72.73 a
on 615,091 preferred shares as of June 30, 1937.—V. 146, p. 746.
share
Cinecolor
(Inc.)—Contracts—Outlook—
Company is engaged in the business of printing and developing colored
film for commercial purposes. Business during the six months
period prior to Feb. 12, 1938, has been done with producers and users of
motion picture film totaling approximately 35 customers as follows: (a)
Major studios, 8; (b) so-called independent producers, 13; (c) industrial
producers, 12; (d) laboratories, 3, and (e) distributors, 3.
With the exception of Warner Bros. Pictures, Inc., no one of its customers
has or is expected to account for more than the total of 10% of company's
motion picture
total
volume of business.
Company entered into a contract with Warner Bros. Pictures, Inc., on
Aug. 31, 1937. The contract calls for the delivery by Cinecolor (Inc.) over
a one-year period, of a minimum of 828,750 feet of short motion
pictures,
or travelogues, in color, the contract specifying that 13 such short motion
pictures or travelogues, each of which will be 850 to 1,000 feet in length,
are to be processed by Cinecolor
(Inc.), and that Warner Bros. Pictures,
Inc., agrees to order from Cinecolor (Inc.) at least 75 prints, or copies,
of each short motion picture or travelogues in color.
Based on the footage
of film processed by Cinecolor (Inc.) during the month of January, 1938,
688,000 feet, the minimum footage called for by the contract with Warner
Bros. Pictures, Inc., will account for approximately seven full weeks of
production during the contract year.
The performance of this contract
by Warner Bros. Pictures, Inc., is subject, among other things, to the per¬
formance of another contract between Warner Bros. Inc. and a producer.
There are no other contracts with producers or users of motion picture films.
—Y. 146, p.
2036.
Cincinnati Gas & Electric
Co.—Earnings—
Calendar Years—
1937
2,302,815
3,096,935
429,271
8,503,979
162,532
793,172
13,769
Provision for retirements
a
1936
.$24,663,903 $24,048,759
11,720,621
10.687,378
2,080,306
2,154,864
3,110,627
2,724,074
2,188,985
1,978,186
696,194
753,681
Maintenance
Provision for Federal income taxes
,
Net operating revenue
Other income
$4,867,169
22,774
1,943,772
1,789,582
2,602,201
402,909
2,341,494
378,181
6,952,399
117,305
924,862
12,943
7,406,323
156,339
776,695
6,534
Gross incomeInterest and other fixed charges
Interest capitalized
$5,750,575
$4,889,943
1,518,114
0232,350
$5,766,872
1,559,924
032,696
$3,604,179
2,000,000
1,875,000
$15,274,935 $13,281,705 $12,490,880
-
Net income
Preferred dividends
Common dividends
—
$4,239,643
2,000,000
1,125,000
16,297
a No
provision for Federal surtax on undistributed profits is inlcuded
in the above statement, inasmuch as dividends paid exceed adjusted net
taxable income as computed by the company.—V. 145, p. 3342.
Co.-
-Proposed Changes in Capital Set-TJp
Detailed—
Henry L. Dougherty in
1934
Freight
Passenger
Maint. of way & struc__
Maint. of equipment—_
Chicago Corp.—ATet A ssets—
The company reports as
equal to $45.11
Cities Service
-Annual
6,921,045
1471356,833 1179071,541 1139203,601
Passengers carried
711,239
726,246
680,553
624,829
Pass, miles—revenue... 89,902,170
87,054,123
80,330,367
75,927,969
Rev. per ton per mile...
Rev. per pass, per mile.
Co.—Registration Withdrawn
130.844
446,239
Add'ns to property
thru inc.&sur_.
Accrued
92,604,152 92,523,907
122,326
325,352
accrued
debt
55,579,146 55,876,020
122,988
un¬
Other unadj. items
assets..
curr.
liabilities
paid
from agts.
Deferred assets.
1,000
1,209,944
14,582,010
Total
Taxes other than Federal income taxes
unpaid
259,732
20,775
239,761
accounts.
Chester Pure Silk Hosiery
73,664
ma¬
1, 211,528
....17, 516,096
surplus
See list given on first page of this department.—V, 146, p. 104.
5,009,242
tured
Miscell.
9,468,750
225,492
...92,604,152 92.523,907
52,304
811,795
Traffic, &c., bals.
Total
6 ,470,411
602,720
Material & supplies 1 ,098,985
Special deposits
127,527
Loans & bills rec..
530
253,596
Operation
int
5,390
650,050
—Y. 146, p.2200.
306,188
debt
6,059
438,427
9 824,986
balance
295,703
Unmatured
777,723
46,404
1 99
through
accounts.
Funded
68,992
Prof. & loss—Debit
Miscell.
3,082
774,849
fund. dt.
on
Total gross revenues.
6,570
5,.500
accr.
liabil..
Accr. depr., equip.
847,524
6,336
8,072
Other unadj. creds
Add'ns to property
859,629
6,570
prop.
Dep. In lieu of mtg.
curr.
liability
Prem.
Accounts & wages.
Int. mat. unpaid..
property sold...
Cash
1936
$
stock
Preferred stock
$
Road equipment..50 ,319,427
Inv. in affil. co.—
Stocks
1937
1936
$
Tax
„
2,500
Unmat'd int.
1934
$6,745,563
526,818
•_
8,072
unpaid
Other defd liabil..
1936
$8,671,123
598,655
Mail....
pay..
Divs. mat'd unpd.
Funded debt mat'd
242,397
Years Ended Dec. 31
1937
Passenger
378,263
4,232,023
11,277,053
Other
$8,314,311
645,867
Operating Revenues—
Freight.
566,802
Ry.—Gen. accts 4, 329,555
23,140
6,700
Other defd assets.
debits
722,413
1,261,747
Due to C. & N. W.
1,257,497
Work, fund advs—
Unadjusted
674,505
1, 786,990
wages payable-.
rec—
2,879
car serv.
bals. payable
agents & cond'rs
Misc. accts.
2,879
84,963
38,617
46 683,000 46,979,000
Audited accts. and
from
rec.
construction.
132,884
Mat'ls & "suppliesOther
conversion.....
Govt, grants in aid
1,530
car serv.
bals. receivable-
1936
$
402,195
—.J
Traffic &
Liabilities—
Cap. stk. & scrip..29 ,816,067 29,816,067
Stock liability for
1,530
invest'ts.
Special deposits—
,
Pasiengers
$
Misc. phys. prop
In affiliated cos.
1934
1937
1936
$
Assets—
Investment—
Chicago Indianapolis & Louisville Ry.—EarningsGeneral Statistics Calendar Years
1936
1937
yl935
572.35
646.84
575.51
Average miles operated.
Operations—
April 16, 1938
General Balance Sheet Dec. 31
a
letter to the stockholders dated April 9 states:
Some inquiries indicate that additional information regarding the prin¬
cipal matters recommended in recent letter to stockholders regarding
proposals to make changes in the corporate structure is desirable, and we
therefore wish to further advise you.
(1) In respect to the reduction of the capital of the company and the
application on the corporate books of the capital surplus created by such
reduction, after first utilizing the present corporate surplus.
The reduction of the capital is to be accomplished by reducing to $10 the
capital represented by each 10 shares of common stock now issued and
outstanding and by the retirement of approximately 348,723 shares of
common
stock
now
held in the treasury.
(A) The company has always carried on its balance sheet as an asset its
interest in the undistributed earnings and surpluses of its subsidiary com¬
as of Dec. 31,1937, amounted tq approximately $136,000,000.
earnings and surpluses of subsidiary companies (from date of
acquisition) not paid out in dividends to Cities Service Co., but instead
retained by the subs, for the development of their respective businesses.
It is proposed to eliminate this item from the asset side of the balance
sheet of Cities Service Co.
This change in accounting practice follows the
regulations of the Securities and Exchange Commission applicable to
registered public utility holding companies. While at present this regulation
does not apply to Cities Service Co., nevertheless, it is felt desirable to
conform therewith. However, irrespective of whether or not these surpluses
continue to be reflected on the company's balance sheet, all the rights and
panies which,
This represents
equities of Cities Service Co. therein are retained.
(B) It is proposed to authorize the directors to reduce the carrying value
of investments in and advances to subsidiaries or to set up a reserve therefor.
While the allocation of such reduction has not been fully determined, as a
from ry. oper.
$2,229,626
Deductions from Rev.—
Railway tax accruals.._
Equip, and joint facility
$3,053,115
$2,164,453
$2,357,738
1*040,103
1,215,042
861,555
895,771
1,364,069
1,410,427
include unrealized appreciation (approximately $27,000,000),
in Mexico (approximately $7,500,000), investments in certain
1,127,320
859,982
with
Net
rev.
rents &
miscellaneous.
Total deductions
Net ry. oper.
$2,404,172
$2,625,469
$1,988,875
$1,755,753
income_def$l74,546
61,248
$427,646
61,911
$175,578
65,090
$601,985
80,710
def$113,297
2,498,796
$489,557
2,512,890
$240,668
2,543,376
$682,695
2,605,905
$2,612,094
$2,023,333
$2,302,708
$1,923,210
Non-oper. inc.—net
Income
available
for
fixed charges
Fixed chgs., rents & int.
Net deficit
more
detailed study
has to do
involved
deficits
will be required by the board, the nature of the items
with certain investments now on the books which
investments
(approximately $2,500,000)
subsidiaries
and investments in certain oil
companies (approximately $22,000,000) in recognition of changed values.
(C) It is proposed to set up a reserve for the accrued undeclared dividends
on the preferred and preference stocks of the company to Dec. 31, 1937,
amounting to approximately $32,400,000. This amount will be set up out
of capital surplus (paid in surplus) so that these arrears of dividends, when
the company shall be in a financial position to pay same, may be charged
against this reserve. The reference in our letter of March 21, 1938, to the
rules and regulations of the SEC was not intended to imply that the setting
up of such reserve or the declaration of dividends out of capital surplus was
in accordance with such rules. The present rules of the Commission require
registered holding companies and their
subsidiaries to obtain the approval
oreranizationlandjapproved conditionally a loan of $525,500 to the company
by the Reconstruction Finance Corporation.
The Commission also ap¬
proved conditionally the purchase by the RFC for itself, at a price equal
to their face value, of not exceeding $546,500 of Galveston Terminal Railway
first-mortgage 6% goldlbonds, matured March 1, 1938, to be extended to
March 1, 1948, and to bear interest at 5% per annum.—V. 146, p. 2201.
the declaration of dividends out of capital surplus
should register it would be subject to sucn rules.
•• (D)
The provision for otner adjustments and contingencies is for
purpose of writing off development and exploration expenditures on prop¬
erties in certain foreign countries (approximately $1,500,000 )and to write
of the Commission to
and if the company
the
off discount and expense on
and common stocks,
original issue of preferred
organization accounts (approximately $2,800,000).
provide for the accounting adjustments above
and
both earned and capital, of Cities Service Co. as of
amount of approximately $77,400,000, and the then
existing reserve against certain investments, amounting to approximately
$5,300,000, will first be used, and then the new additional capital surplus
created by the reduction in the stated value of the common stock, amounting
corporate surpluses,
Jan. 1, 1938. in the
approximately to $149,800,000, will be utilized to the
It is presently contemplated that only a relatively small
(2) In respect to
Net
for
of net
dollars
in 1910 the common stock
$3,974,688
193,191
725,368
3,675
Drl3,735
Drl2,883
'
,
,
"7
^
.trans.-'
192
W *"H!380
$4,703,923
437,976
562,800
$1,164,744
439,376
;
surplus
to
$270,798
893,566
of
current
assets, of subs,
share. In 1925 the par
$20 a share, and five shares of stock were
standing.
In 1929 the stock was changed to a no
value $5 per share), and four shares were issued
$4,991,659
3,619,003
See y
$2,405,462
of period.
5,259,055
profit
pref. stock purchase._
Reserve for conversion in
^
505,381
956,000
adjustment
Bal. at begin,
Excess of par over cost
each 10 shares of the
value into one share of common
had a
value of the stock was changed
issued for each one share out¬
par value stock (stated
for each one share out¬
standing. As a result of these two changes, a stockholder held 20 shares of
stock for each one he held before the changes. These changes were made to
bring the price of the stock within a range more attractive to the average
stockholder.
The proposal now made to the stockholders to reduce the
number of shares is prompted by the same reason, for we feel that the very
low price at which the shares have been selling in the market has been
generally prejudicial to the company's position and has discouraged the
interest of the stockholders.
The present recommendation is to change
each 10 shares of the now outstanding common stock without par value
into one share of common stock of the par value of $10,with the result that a
holder of an original one share would own two shares of the stock as then
value of $100 per
par
undist. profits
on
11,969
500,314
19,000
528", 908
1,234,500
187,000
10,522
551,367
528,132
16,000
111,308
and inventories
HI
proposed amendments changing
outstanding common stock without par
stock of the par value of $10.
When Cities Service Co. was formed
:
Miscell. deductions
Reserve
$995,272
319,175
123,975
Federal tax reserve
Surtax
x$7,395,739
officers
Spec, comp, to empl
Interest paid
Depreciation
consummation of the foregoing adjustments.
•••Neither our letter of explanation dated March 21 nor this letter should be
construed to indicate that the SEC has in any way passed upon the merits of,
or given its approval to, the foregoing proposals, or any of the proposals
referred to in the notice of the meeting.
Messrs. Peat, Marwick, Mitchell & Co., independent public accountants
for the company, have advised us that the proposed changes to become
effective as of Jan. 1, 1938 are in accordance with accepted principles of
$5,437,054
985
profit from oper'n._y$3,612,269
Add. compens. to
and employees.
extent necessary.
balance of surplus
Feb. 29, '36 Mar. 2, '35
Feb. 26, '38 Feb. 27, *37
Period—
Net
53 Wks.End.
Years Ended
,
_
will remain upon the
accounting.
Corp. (& Subs.)—Earnings—
Collins & Aikman
described all the
To
2531
Chronicle
Financial
146
Volume
to
on
Divs.
on com.
Add'l
stock.___
stock of the par value of $10 will have the
and equity in Cities Service Co. and its assets
stock, even though the common stock¬
holder will be the owner of a lesser number of shares.
In order to maintain the same proportion of voting rights, each new share
of common stock of a par value of $10 will have a vote equivalent to 10
now
changes are:
(1) With a fewer number of shares outstanding,
tne
in the price range of the stock, the company
regarded by the investing publiciand the shares more
average buyer. •••'•••••
(2) Stockholders frequently desire to use their
Banks and brokerage houses do not as a rule look with
,
&
—
456,154
,
on
pay.
material
7,941,862
stock of the
collateral purposes.
save|stockholders who
brokerage fees
transfer
100 of the
be $15.90.
the specific
production businesses directly
been engaged as an
do
desirable for it to
of
be
so.
the endorsement of the" board
adoption of these^proposals will
146, p. 2036.
proposals referred to have had
directors, and it is their belief thatlthe
n the interest of the stockholders.—V.
The
City Ice & Fuel
Directorate of this
Co.—New Director—
—V.
increased to 22lfrom 21 members at
Carlisle S. Harris-was added to the board.
company was
annual meeting and
146, p. 2359.
the recent
Cleveland Ry.—Earnings—
Earnings for 3 Months Ended March 31,
1938
retirements and operation
reduction sinking fund
$3,500,463
2,633,092
Charges for maintenance,
Taxes
52,507
—
_____ — — -_ -
-—_-_---
Interest
Loss from actual
355,129
534,819
$75,084
operations
is the unpaid 1 ^ % on
Note—Included in the interest item
stock,
amount¬
the
interest
of it must be used
$477,396.
If this amount were not accrued, the surplus for
quarter would have been $402,311.
This sum is not available for
payments, because under the ordinance practically all
for maintenance, depreciation, and renewals of your property.—V. 145,
p. 4113.
ing to
Cliffs
31—
Int. accrued & receivedDividends received
Interest paid
Taxes, legal & other exps.
excl. of se¬
curity transactions _
Net profit,
3,227
89,639
61,499
$38,018
225,000
16,068
24,158
$745,015
$388,374
$222,791
450,000
136
During 1937 total paid in dividends
charged against earned surplus.
Balance Sheet
1937
■
A ^
i
.'i
$42,601
50,000
34,306
20,905
$37,390
Notes
151,939
100,000
._
receiv. (net)
amounted to $644,587 and were
Dec. 31
1937
1936
16,312
1936
17,012
$
Liabilities—
^2
■,
Cash on deposit.
y
1934
1935
1936
1937
x$6
837,875
Discount.
x
340,668
85,547
544,800
1,421,500
127,933
163,318
34,010
34,012
13,569
90,676
justed Fed. tax,
49,675
prior years
3,749
Sundry reserve
Adv.
value of
in
83,477
100,000
Investments—.28,104,176 27.699,176
16,953
16,953
Deferred tax claim
Accts.
Notes
Prov.
;-C
payable and
items.
accrued
_
340,173
payable....
for Federal
Income
x
Capital
400,203
6,765
6,765
400,675
Unapprop,
com.
stock of corp
401,278
Deferred charges_
.
.
3,710,574
3,710,574
Earned surp. (since
Jan.
reserve
val.
1, 1937)...
.28,373,068 27,899,606
value,
y
After deducting
Ltd.—To Vote on Stock Split-Up—
consider a by-law to
stock on the basis of 10 new shares for each one old
April 20 at Vancouver to
issued.—V. 145, p. 2221.
Colorado
&
Southern
Ry.—Reconstruction Loan and
Commerce Commission on April 9 found the company,
of present and prospective earnings, reasonably to be
The Interstate
on
o
the basis
.neat
its fi xed
charges without a reduction
capital
188,167
1,699,006
5,259,055
18,935,787 21,035,6261
Total
-—.18,935,787 21,035,626
Total
depreciation,
b 2,200 common shares at cost,
c Represented
by 565,000 no par shares, including 2,200 shares in treasury.—V. 146,
p. 1066.
cva
After
& Electric Corp.—Common Dividend
After SEC Ruling—
The corporation on April 8 declared, payable May 15, to holders of
record April 20, out of net earnings since Jan. 1, 1938, the regular quarterly
dividends of $1.50 per share on the cumulative 6% preferred stock, series
A; $1.25 per share on the cumulative preferred stock, 5% series; $1.25 per
share on the 5% cumulative preferred stock.
No dividend was declared
Gas
Columbia
Passed—Directors Act
on
the common stock for
the reason prescribed
below.
which is
been
distinction which is not
The corporation had a surplus at Dec. 31, 1937, of $13,261,602
available for dividends under the Delaware law, but which has never
segregated into earned and unearned surplus, a
recognized under the Delaware law.
When the corporation registered on Jan. 13,
1938, under the Public
the
Utility Holding Company Act of 1935, it became subject to the rule of
Securities and Exchange Commission, which provides that dividends cannot
without the approval of the Com¬
segregate its surplus retroactively
or to determine whether this surplus should be regarded under the Utility
Act as earned or unearned surplus.
Therefore in accordance with the rules
of the Commission, it applied to the Commission for authority to pay and
charge to its surplus at Dec. 31, 1937, the four regular quarterly dividends
on tne preferred
and preference stocks, and dividends of not more than
50 cents per share in the aggregate on its common stock in 1938.
The order of the Commission handed down April 8 granted this applica¬
tion only with respect to the quarterly dividends on the preferred and
preference stocks payable on Feb. 15 and May 15, on condition that any
amount so charged to surplus at Dec. 31, 1937, should be restored to such
surplus out of the first earnings of the corporation after that date.
It
denied the application as to dividends on the common stock, and reserved
jurisdiction with respect to the next two quarterly dividends on the pre¬
ferred and preference stocks.
The net earnings of the corporation
-
since Jan. 1, 1938, including
divi¬
by subsidiaries (payable before April 30) approxi¬
mate $3,900,000.
The aggregate of the dividends paid on Feb. 15 and on
April 9 declared payable on May 15 on the preferred and preference stocks
is $3,254,350.
Consolidated earnings applicable to Columbia Gas & Electric Corp.
stocks for the year 1937 amounted to $13,573,490, which, after paying full
dividends on the preferred and preference stocks, amounted to 57 cents
per share of common stock then outstanding, after provision for taxes in
excess of $11,600,000, or approximately 94 cents per share of the common
stock.
During 1937 dividends aggregating 45 cents per share were paid on
the common stock.
Consolidated net earnings for the first quarter of 1938 (two months
actual and one month partly estimated) appear to be slightly in excess of
the comparable period of 1937.
The corporation and its subsidiaries have in excess of $25,732,000 in
cash, of which the corporation itself holds approximately $7,921,000.
Neither the corporation nor any of its subsidiaries has any bank loans.
—V. 146, p. 2037.
Ohio Electric Co.—Earnings—
1937
1936
operating revenues
Operation...
Total
State,
-
for retirement reserve
local, &c., taxes
Net
operations
(net)—
earnings from
Other income
-$11,607,117 $10,778,323
3,975,188
3,814,415
640,986
737,822
1,451,880
1,440,385
1,191,848
1,095,895
438,745
357,658
——
Maintenance
—
Total net earnings
funded debt
—
discount and expense....—
Miscellaneous deductions (net)
Interest on
Amortization of debt
Net income
expected
thereof through judicial re-
$3,908,470
6.870
$3,332,148
133.917
$3,915,340
1,040,000
64,329
5,280
$3,466,065
1,040,000
74,566
1,656
$2,805,731
$2,349,843
dividends-—
854,626
dividends
1,201,088
Note—The foregoing income accounts for 1937 and 1936 have been re¬
stated to Include the applicable income and expenses of certain subsidiary
Preferred
Common
Financing—
t
of
of
re-
v
Coast Breweries,
company's
bal.
for
189,972
Provision
115,256
28,373,068 27,899,606
Total..
Represented by 805,734 shares of no par
$50,000,000 reserve.—V. 146, p. 2037
;
x
share
on
assets
Federal income tax
split the
rec.
Capital surplus.._ 1,699,006
Earned surplus
5,162,264
Calendar Years—
stock...24,172,030 24,172,020
in)
Shareholders will meet
pay.
sales contracts..
375,864
Columbus & Southern
18,734
taxes
Cap. surplus (paid-
Total
unad¬
for
dends already declared
Corp.—Earnings—•
Years Ended Dec.
1,655,946
Dividends payable
be paid out of other than earned surplus
mission.
The corporation was unable to
Gross receipts
Capital
5,650,000
432,164
accruals
closed
shares as collateral.
favor on stock
quoted at $1 or $2 per share. It is felt that the new common
par value of $10 per share will be more acceptable for
(3) The reduction in the number of shares should
find it necessary to dispose of their stock, a large amount in
and transfer taxes.
For instance, a sale of 1,000 of the present common
shares costs $120 in brokerage fees and Federal and New York State
taxes.
After the proposed change, the expense of selling
new
shares (the equivalent of 1,000 of the present shares) would
The proposed charter amendment confers upon the company
power to engage in the oil and the natural gas
as an operating company.
Company has not hitherto
operating company in such businesses but it may become
5,650,000
Reserve
life insurance
b Invest,
4,888,400
Common stock..
Accts. payable and
raw
3,335
surr.
$
pref.
7%
Federal tax reserve
...
in
V.'v.'
~
Feb. 27 '37
4,741,400
9,950
banks
Cash
Nil
$56*308
stock
purch.
contra
Deposit
2,109,449
11,489
6,844,572
Inventories
Adv.
Cumul.
c
Due from empl'ees
and
resulting change
should be more favorably
attractive to the
7,224,968
2,912,667
notes
receivable
stock
1944, and
into full
consolidation
receive
from the time
proposed
is
Feb. 26 '38
'37
Liabilities—
7,164,469
3,647,521
Property & plant
Accounts
y
$
Assets—
a
$725,368
Includes other income of
deducting write-down of inventories of $932,519.
Consolidated Balance Sheet
Cash
outstanding.
contemplated that fractional interests in shares of common
will be issued in the form of bearer warrants expiring on June 1,
that the holders thereof will have the right to consolidate the same
shares at any time prior to such date and upon such
to
payment of any dividends theretofore paid on full shares,
of the creation of the new $10 par value shares.
Some of the advantages to the common stockholder from these
It
$3.85
Feb. 26 '38 Feb. 27
proportionate interest
$3,619,003
$6.28
$5,259,055
$8.15
$5,162,264
,stk._
Includes other income of $89,176.
but is after
10 shares of the present common
shares
84,143
122,210
red.
Bal. at end of period.Earns .per sh.on com
Each new share of common
as
401,662
2,814,000
for Federal
prov.
constituted.
same
238,170
2,251,200
pref. stock
taxes, prior years
Prem. paid on pref.
x
$8,596,928
$7,651,634
Total
Divs.
i
Financial
2532
Columbus & Southern
cum. series B
stock ($100 par)-
2,317,923 6J*%
prepaid accts.
Def'd charges &
working fund of
Unci,
$8,360,153
par)
588,530
Investments and advances—
Cash
9April
2
Mar. 26..
6% cum. 1st pref. stock ($100
j$57,913,918
capital
Fixed
April
Liabilities—
c
1,668,048
$24,441)
Materials
10.822
$3,981,439
409,956
218,696
300,000
$3,870,795
412,173
96,544
300,000
$3,937,615
473,336
268,130
457,167
461,006
134,677
412,558
168,378
$2,465,539
10,240
$2,595,620
12,144
$2,466,392
11,026
$2,559,847
9,690
$2,475,780
$2,607,764
$2,477,419
$2,569,537
1,021,955
1,158,852
1,307,701
1,339,827
$1,453,825
193,854
$1,448,912
174.681
$1,169,718
96,962
$1,229,709
102,359
$1,623,594
72.000
1,357.740
$1,266,681
72,000
1,020,000
$1,338,962
72,000
1,170,000
$193,854
$174,681
$96,962
16,605
Paid-in
Total
9,600,165
427,502
107,036
345,000
Operating expenses
5,243,404
832,982
surplus
Earned surplus
Maintenance..
—
Depreciation
Total
.$64,602,756
$16,640.
value
Ouoted
1934
$3,194,942
603,570
128,210
19,656
Operating rentals
e
a
1935
Rev. from flow, control.
income taxes
Reserves
--—
1936
$3,195,684
646,720
128,213
$4,086,543
535,776
206,636
Miscellaneous current ltabs—
—
Co.—Earnings-
128,417
—
Pref. stock dividends payable
Federal
Total..
9.4
$3,205,205
526,542
128,210
10,835
To others
553,203
Accrued general taxes
11.5
$3,223,424
715,046
Sales of electric energy:
To N. E. Power Co...
—
Due from
8.0
11.3
1937
Calendar Years—
receivable
last
2360, 2202.
Connecticut River Power
15,747 4% 1st mtge. & coll. trust bds. 20,000,000
129,847
1,003,210 Deferred liabilities
d Accounts
payable
423,511
affiliated cos-----11.099
Accrued interest..
179,234
and supplies
.$04,602,750
notes
&
p.
the
Decrease
136,863,000
137,049,000
139,370,000
137,596,000
123,342,000
124,648,000
146',
—V.
5,014,440
7,506,800
Marketablesecurs., at cost-
a
b Accts.
—
Mar. 19.
preferred
Common stock
125,884,000
121,517,000
-
1938
for
Kilowatt-Hour Output1938
1937
Week Ended—
Dec. 31. 1937
Assets—
April 16,
The following are the output and percentage comparisons
four weeks and the corresponding periods last year:
13.1937, In order
companies merged with the parent company as of
reflect the results of operations for those years of
Ohio Electric Co. as presently constituted
to
Balance Sheet
Chronicle
b Less reserve
of $189,984.
10.891
408.610
88,219
300,000
Taxes other than Federal
—$64,602,756
c Represented
income
taxes.
...
Prov. for Federal taxes.
150,136 no par shares,
d Including $28,348 to affiliated companies
Since May 13, 1937, date of recapitalization.—V. 145, p. 3192.
_
by
e
Utilities Corp.—V. 145, p. 2690.
See American States
$382,810
168,892
17,561
a38,602
Taxes
Net oper. revenues—
Non-oper. inc. (net)
Balance.
Retirement accruals
$4,386,209
1,942,487
272,645
«422,593
$4,062,365
1,889,578
212,286
371,606
$126,834
$1,748,483
2,723
$1,588,894
$155,819
38,098
—
Maintenance—
$332,395
156,388
17,354
31,818
$157,754
JDrl,935
Operating revenues
$124,299
21,716
Dr2.535
public
Int. to parent company_
Amortiz. of debt disc't &
$1,751,206
265,672
$1,485,533
28,476
836,941
$102,583
2,071
69,558
$117,721
2,593
70,485
Gross income
Interest to
1938—-12 Mos.—1937
1938—Month—1937
Period End. Jan. 31—
Gross income
Int. charges & amort, of
debt disct. & expense.
Co. (& Subs.)—Earnings-
Community Power & Light
Operation
Net oper. income
Misc. non-oper. income.
Co.—Registration—
Community Gas & Power
Net
Previous earned surplus.
Inc. of doubt, collectibil.
deferred
in
1933, col-
lected in 1934
10,190
$1,599,084
295,217
income—
Total
....
Divs.
on
Divs.
on common
24,373
831,955
Balance Sheet
1937
14,537
6,944
197
13,813
6,898
2,620
$28,967
$596,784
$425,127
492
Net income
—
Divs. paid and
To public
579
$43,314
.
1,211
533
303
accrued on pref stocks:
930
$
lntang.,
99,210
5,824
99.527
$491,750
491,750
$319,769
319,769
827,561
811,684
—
Bal. applic. to parent company
Bal. of earnings applic. to parent company--- —
Earns, from sub. cos. deducted in arriving at above:
Interest earned
Interest not earned
Preferred dividends
42 ,085,226
Constr'n
work
8,884
Securities owned..
9,380
20,271
5,831
43,468
7,010
bl86,449
306
$1,528,169
891,741
$1,281,430
920,243
Exps., taxes & deductions from gross income
5,236
32,108
from
295,841
-V.
No provision
$361,187
b$636,428
and surplus.-.
has been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be de¬
termined until the end of the year, b Includes $186,443 representing amount
assigned to 14,623 shares of common stock of General Public Utilities, Inc.,
received as a dividend, in lieu of cash, in December, 1937.—V. 146, p. 2360.
1 ,937,954
p.
Consolidated
Net sales.
Cost of sales
1935
$1,708,031
807,289
1936
1937
$4,052,535
2,211,606
Calendar Years—
$2,442,941
1,267,367
.
Other
deductions
for
income
Net
Fed.
&
Assets—
costs and
Dividends paid-Shs. cap. stock outst'g..
per share
Earnings
853,275
633,784
396,673
$331,562
Cr21,245
1,712
$236,152
Crl2,707
1,595
a82,468
60,276
39,643
$355,823
$290,818
$207,620
193,890
c646,313
144,169
b303,312
80,293
257.237
$2.06
150.755
115,187
140,061
76,398
$2.36
$3.81
$3.86
dividend of 60% was distributed to stockholders of record Aug.
c Of which
$257,230 was paid in stock.
53", 8lo
1, 1936.
1937
$200,892
a
securities
150
Notes and accts.
573,438
550,985
Cash
sur.
Insurance
45*056
Cyl.
Gas Co., Paclflo
wages
5,274
6,423
35,046
-
stock
local
purchase
(current).
4,459
Prov. for Fed. and
409,155
State Inc.
409,155
taxes.
dl29,124
70,031
6,178
4,932
Dep., defd rental
to
wholly-owned
Canadian
sub.
(less reserve)...
<fe
unearned Int.
Real est.
28.200
17,058
10*778
1,809
3,283
Land, bldgs. and
2,408,178
equipment
1,997
purchase
contr. (non-cur.)
Res. for contlng..
49,051
1,607,321
Other assets
Security investm'ta
(at cost)
b
and
Real est.
contr.
1930
$206,910
500,000
47,972
cap.
taxes
4,378
in Nat.
Coast..
Cap. stk. of & adv.
sals.,
& commissions.
State
67,536
$264,002
pay.—bank
Accr'd
value of
Def'd & prepd.chgs
Inv.
Notes
405,805
248,454
1937
Accounts payableAcer,
receivable
Inventories
Patents, &c
Total
Capital stock
Capital surplus...
c
...
$4,353,028
7,500
1,286,185
1,385,437
Earned surplus...
608,445
7,500
753,775
1,468,803
522,994
1
$3,076,4151
Commonwealth Edison Co.-
$40,914
Notes payable
Accounts payable.
53,777
7,995
548",249
539,361
Res. for Fed. taxes
2,097,751
1,800,976
1,307,758
1,795,577
Res. for other taxes
and
Deferred
4,234,858
equipment.
4,171,243
Stk. In other corps.
3,500
3,500
158,315
49,516
33,836
5,906,615
1,432,462
23,354
$9,047,566
After
Capital stock
leo'ooo
415,744
168,566
28,328
120,000
19,002
1,035,079
28,330
5,906,615
liabilities
Reserves
c
(at cost).
Deferred charges..
Other assets
Total
Divs. payable
Accrued exp
291,205
102,620
79,463
1936
$21,388
125,000
268,746
125,858
$8,539,166'
Surplus
Total
1,370,499
$9,047,566 $8,539,166
of $3,840 in 1937 and $3,600 in 1936.
b After deprecia¬
1937 and $2,576,075 in 1936.
c Represented
by
240,000 shares class A stock and 80.000 shares class B stock.—V. 146,
p. 2360.
tion
of
reserve
$2,688,722
in
Consolidated
Oust
Coppermines Corp.—Stockholders Seek
Management-—
to
Replacement of the present management and readjustment of the direc¬
proportionate representation to the stockholders are the pur¬
of a letter sent by the independent stockholders' committee to the
company's stockholders April 11, requesting proxies in favor of the com¬
mittee to be voted against the present management at the annual meeting
on May 3.
The committee includes Boudinot Atterbury, Philip L. Carret,
Spencer H. Logan, Carleton E. Merritt and William R. O'Donnell.
Dealing with the recent assertion of the management that the officers
have served without compensation from 1933 to 1936 and intend to make no
claim for such services, the independent stockholders' committee's letter
asserts that the officers in a document dated March 11 implied that de¬
mands for additional compensation might be made whenever the condition
of the company justifies, giving consideration to the question.
On previous occasions, the committee states, the claimants when asked
to be specific repeated that they expected to be paid certain sums by the
company but would not name the sums.
"Were they," the committee
asks, "dodging the issue until they could be reelected for three years and
until the treasury was better filled ?"
Contradicting the management's recent claim for credit for the present
financial condition of the company, as set forth in a recent letter to stock¬
holders, the independent stockholders' committee asserts that the $1,738,000 Improvement in working capital has resulted in large part from nearly
$1,200,000 accruing from a contract made in 1935 with the American Metal
Co., Ltd., which had been bitterly opposed by the present officers and
$4,353,628 $3,076,415
supporters.
Asking, "Shall the company be managed according to modern corporate
instead of by despotic medieval methods?" the independent
committee recommends the election to the board of Spencer H. Logan and
Carleton E. Merritt, who, with their families, are said to hold over 100,000
shares of the company's stock—more, it is contended, than is held by all
ten directors associated with Thomas Bardon, present President.
The
independent stockholders' committee likewise urges the election to the
directorship of Boudinot Atterbury.—V. 146, p. 1871.
standards
•Weekly Output-
The electricity output of the Commonwealth
wealth
Edison Co. group (inter¬
sales deducted) for the week ended April 9, 1938, was 125,884,000
kilowatt-hours compared with 136,863,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 8%.
1937
Accrued payroll...
5,088
Bldgs., yard fa¬
cilities,
mach'y
their
Total
a After allowance for doubtful notes and accounts of $50,489 in 1937 and
$48,893 in 1936.
b After allowance for depreciation of $1,672,099 in 1937
and $1,474,289 In 1936.
c Represented by 257,237 no par shares in 1937
and 150,755 shares in 1936.
a Including surtax on undistributed profits.
—V. 146, p. 1871.
company
b
Liabilities—
1936
pose
Liabilities—
1936
$286,411
$2.03
torate to give
Consolidated Balance Sheet Dec. 31
Assets—
$2.09
$516,723
Accts. receivable
a
Includes $23,374 in 1937 and $5,097 in 1936 provision for Federal sur¬
tax on undistributed profits,
b In addition to the cash dividends, a stock
Market,
225" 666
$2.68
54,142
undistributed profits.
Empl. stk. subscr.
Lands
a
Cash
on
2,178
Inventories..,
in
expenses
240,000
$3.36
_
$173,411
$632,825
$530,806
included
$457,279
416.625
1937
$965,346
a133,024
income
Deprecia'n
$501,374
348,750
$806,348
450,000
150,000
1934
Consolidated Balance Sheet Dec. 31
$1,046,054
480,278
State
taxes
$643,833
390,000
100,000
240,000
xl02,620
1935
1934
76,644
$398,943
CY49.706
10,358
$771,474
260,053
...
Includes surtax
$1,252,218
$599,343
CV76.819
12,332
Industries) Inc. (& Subs.)—
240,000
class B stock.
Notes receivable..
1,332,780
44,471,153 44,411,358
$900,601
331,394
67,833
Shares class A stock
a
Selling, distributing and
1
Tota
1936
—
Earned per share
$565,775
67,050
$1,932,123
Other operating income
2,055,206
$1,151,134
377,542
xl29,760
Final net profit
Dividends on class A stk.
on
ti
1,200,000
15,086,000 15,086,000
earned...
157,595
193,854
1937
Income taxes
$900,742
64,604
$1,175,574
Surplus
1, 200,000
($25
$1,327,431
418,462
Cash
$1,840,929
91,194
29,265
par)
stock
20,217
Chemical
Calendar Years—
x
($100
Par)
3192.
Net profit
Compressed Industrial Cases, Inc. (& Subs.)—Earns.
56,935
546,210
44,471,153 44,411,358
145,
Divs.
61,148
519,156
524
Depreciation
Amount available for dividends
reserves.
Unamort. premium
Com.
deposit
Total
Casualty
51,128
Accts. rec., other.
Mat'ls & supplies.
Deferred charges..
$
19,911,000 20,300,000
Indebt. to affil... 3,635,000
3,774,549
Deferred account.
25,000
27,500
Current liabilities.
788,709
468,843
Res. for deprec
3,087,544
2,757,467
267,154
59,897
9,428
21,494
N. E. Pow. Co.
Sink, fund
1936
$
debt
6% preferred stock
customers
279
Other income
rec'ble
18,270
4,236
47,666
Accts. ree'le, other
73,117
Miscell. earns, from sub. companies
Com. div. from sub.—Not consolidated
Total.
Acct.
41,932,774
or¬
ders in progress.
5,831
5,824
6,898
Other
Prov.
1937
Liabilities—
at
cost
Dec. 31
Funded
Cash In banks
.
To parent company
incl.
as at
1936
$
Assets—
Public
Parent company
Miscell. income deducts
a
$157,595
sur.
Prop., plant & eq.,
expense:
6,893
—
1,418,084
stock.
Balance of earned
$1,303,867
—
$1,647,679
preferred stock.
72,000
New
York, Inc.— Under¬
for New Issue of $60,000,000
$9,000,000 for Morgan Stanley—
Debentures Named—
Consolidated Edison
writers
Co. of
Volume
Financial
146
The company has
filed
amendment with the Securities and Exchange
of its $60,000,000 3 34% debentures
an
Commission naming the underwriters
as follows:
Morgan Stanley & Co., Inc., $9,000,000; Kuhn, Loeb & Co., $3,000,000;
Blyth & Co., Inc., $3,700,000; Brown Harriman & Co., Inc., $2,200,000;
Lazard, Freres & Co., $1,900,000; First Boston Corp., $1,900,000; Smith,
Barney & Co., $1,900,000; Bonbright & Co., Inc., $1,900,000; Lehman
Brothers, $1,500,000; Clark, Dodge & Co.. $1,000,000; Bancamerica-Blair
Corp., $750,000; A. G. Becker & Co., $300,000; Alex Brown & Sons,
$350,000; Cassatt & Co., Inc., $350,000; Central Republic Co., $300,000;
E. W. Clark & Co., $350,000; Coffin & Burr, Inc., $750,000; R. L.. Day
& Co., $400,000.
MDominick & Dominick, $1,000,000;
Estabrook & Co., $500,000; First
of
Michigan Corp., $250,000; Glore Forgan & Co.. $400,000; Goldman Sachs
Co., $1,250,000; Graham Parsons & Co., $350,000; Hallgarten & Co.,
$500,000; Harris Hall & Co., Inc., $750,000; Hayden Miller & Co., $300,000;
Hayden Stone & Co., $1,000,000; H. Hemphill Noyes & Co., $750,000;
Hcrnblower & Weeks, $500,000.
W. E. Hutton & Co., $750,000; Jackson & Curtis, $400,000; Kean Taylor
& Co., $750,000; Kidder Peabody & Co., $1,250,000; Ladenburg Thalman
& Co., $1,000,000; W. C. Langley & Co., $500,000; Lee Higginson Corp.,
$1,000,000; Laurence M. Marks & Co., $400,000: Mellon Securities Corp.,
$1,500,000; F. S. Moseley & Co., $750,000; G. M.-P. Murphy & Co.,
$300,000; Paine, Webber & Co., $400,000; Arthur Perry & Co., Inc..
$300,000; R. W. Pressprich & Co., $400,000; Ritter & Co., $250,000.
E. H. Rollins & Sons, Inc., $400,000; L. F. Rothschild & Co., $400,000;
Salomon Bros. & Hutzler, $500,000; Schoellkopf, Hutton & Pomeroy, Inc.,
&
$1,300,000; Schwabacher & Co., $250,000; Securities Co. of Milwaukee,
Inc., $400,000; J. & W. Seligman & Co., $750,000; Shields & Co., $500,000;
Speyer & Co., $500,000; William R. Staats Co., $250,000; Starkewather
& Co., $250,000; Stone & Webster and Blodget, Inc., $750,000; Spencer
Co., $750,000; Tucker, Anthony & Co., $400,000; Wertheim & Co., $250,000; White, Weld & Co., $750,000; Whiting, Weeks & Knowles, Inc.,
$300,000; Dean, Witter & Co., $350,000; and Dillon, Read & Co.,
$1,900,000.
,
Originally it has been planned to market these bonds with a due date in
1953 but this maturity has now been shortened and the bonds will become
due in 1948 instead.
Also, the offering date, which was to have been April
14, has been changed to April 21.—V.
&
Electric
Consolidated
146. p. 2038.
Exemption
from Registration for Subsidiaries—
Continental Can Co., Inc.—To
cents a share on the common
Like amount was paid on Feb. 16, last.
During the year 1937 the company paid four quarterly
cents per share each.—V. 146, p. 2203.
April 23.
dividends of 75
Consolidated Laundries Corp.—Directorate Reduced—
meeting voted approval of the action
the number of directors to nine from 10 and in
redeeming $403,500 of outstanding convertible 6K% sinking fund notes of
the corporation.—V. 146, p. 2361.
Stockholders at their recent annual
of the board in reducing
Inc.—Registration Withdrawn—
this department.—V. 144, p. 4175.
Consolidated Sciences,
first page of
Continental Diamond Fibre Co. (&
1937
1936
1935
1934
$6,773,166
$6,894,614
$5,717,885
$4,584,303
Years—
Sales, less returns, allow¬
ances,
1936
1937
1936
'
'
$
Cash
Liabilities—
$
272,665
bonds
6,443
11,240
Accts. & notes rec.,
less reserve
603,046
659,238
Marketable
Notes
1,438,768
438,865
50,615
97,380
162,425
Adv. pay.on contr.
14,230
c Capital stock
8,586,509
212,458
417,782
8,566~858
1,287,058
1,457.942
548,133
285,051
2,709,729
a2,534,835
tim¬
i'ds,
Mines &
252,285
822,618
105,810
Investments
84,683
payable
Accr'd wages, taxes
delivered
Supplies
600,000
contracts
&
Accounts payable.
Copper sold & not
Inventories
$
$
1,125,000
Bank loans
432,593
other exps—
&
Capital surplus
Earned
surplus
ber tracts, mln'l
rights & devel's.
b Bldgs.
4,376.717
3,968,618
1,085,891
961,869
958,281
953,819
& mach'y
smelter
at
and
mines, &c
b Plant & equip, of
C. G.
Hussey
Co. division
Other assets......
Total
29,897
37,330
11,219,690"
.........11,858,653
11,858,653 11,219,690
Total
a Copper District Power Co.; 9,000 shares $3 cum. pref., at cost, $417,600;
17,400 shares common, at cost, $650,104.
Copper Range RR. Co.: 1,1325
shares
5% non-cum. pref. stock, $1,013,633; 14.262H shares common
stock, $427,875, and sundry investments in other companies at cost or
nominal values, $25,623.
b After reserves for depreciation,
c Represented by 565,000 shares, less
2,924 shares in treasury (5,578 in 1936).—-V. 145, p. 1415.
Consolidated Oil
Corp.—To Reduce Preference Stock—
Stockholders at their annual meeting on May
18 will consider reducing
employees, including officers of the corporation and certain of its sub¬
sidiary companies in substitution of similar plans adopted by stockholders
at the annual meeting held on May 19, 1937.—V. 146, p. 2361.
&c
5,148,548
4.875.469
4,300,299
3,465,164
280.263
986,244
322,976
983.208
374,372
849,864
421,524
783,810
24,000
20,000
$18,614 prof$22,725
1,931
2,913
14,746
17,522
Operating deficit
charges
Net deficit for year exclusive of bond interest &
amortization of discount on bonds, trans¬
ferred to
capital liability adjustment account
$688,961
25,025
$173,350 loss$121,195
30.236
25,486
Total profit
Allowance for Federal &
$338,734
$713,986
$203,586
loss$95,710
foreign income taxes..
63,173
118,927
35,910
$595,060
912,400
$167,677
$294,689
$317,340
$311,738
inc$5,147
x
and all succeeding interest coupons
for non-cumulative preferred and
1937 as shown above are
provision for bond interest or amortization of bond discount.
stock.
before any
The results for the years 1936 and
Balance Sheet Dec. 31, 1937
'After
giving
to reorganization approved by Interstate
Commission, and substantially completed]
effect
Liabilities—
$162,041
68,203
receivable
Material & supplies Inventory.
93,682
Investment in road & equipt.
3,058,887
11,304
Commerce
:
•
$78,988
payable
Accounts
13,183
liabilities.
Accrued
preferred stock
5% non-cum.
($100 par)
loss$99,710
x570,250
$31,096
mortgage bonds with the Oct. 1, 1934,
retired and cancelled in exchange
common
4.000
$275,561
x
Under tne reorganization plan approved by the Interstate Commerce
Commission and substantially completed as at Dec. 31, 1937, the 1st
x
Accounts
$318,018
20.717
x$33,223 xprof$9,909
4,762
2,128
Net loss for the year
Adjustments applicable to prior years.
Cash
40,093
3
$4,752 prof$32,822
10,097
13,861
Assets
Loss from sale of part of
$290,208
257,386
$305,466
310,219
Rents received & other income.
Rents paid & other
35,000
vestment & advances.
1936
1937
,
Net operating deficit.
Railway tax accruals.
are
Cost of sales, exclusive of
depreciation
Depreciation of bldgs.,
mach'y & equipment.
Sell., admin. & gen. exps.
Res. provided against in¬
Copper Range RR.- -EarningsCalendar Years—
Total operating revenues
Total operating expenses
Subs.)—Earnings—
Subsidiaries]
[Company and Wholly-Owned
Calendar
Consolidated Balance Sheet Dec. 31
1937
Assets-
Pay 50-Cent Dividend—
13 declared an interim dividend of 50
stock, payable May 14 to holders of record
of directors on April
See list given on
content and
ore
Utility Corp.—V. 145, p. 3006.
See Central Public
The board
standing timber.
(2) The Copper Range RR.
is not consolidated, due to its being in process of reorganization under
Section 77-B of the Federal Bankruptcy Act.
fair value of
the authorized preferred stock from 1,000,000 shares to 306,757.8 shares
and to adopt a death benefits plan and retirement allowance plan for
Co.—Seeks
Gas
2533
Chronicle
Operating
profit
Other income (net)
a
Other
assets
....$3,404,517
Total
Cuban Tobacco
Of which $337,044 was
x
charged to capital surplus for excess
paid by parent company over its net
$99,710
of dividends
Sheet Dec. 31
Wholly-Owned Subsidiary Companies]
$755,438 $1,035,160
50,000
850,210
559,320
Cash
a
-
Notes & accts.rec
—
4.
-
2,200,846
Inventories
Accounts
vendors, &c
Delaware & Hudson Co.- —Balance Sheet—
1936
Consolidated General Balance Sheet Dec. 31
$597,514
2,179,672
4,041,563
[Inter-Oorporate
1937
Dep. with ins. un¬
43,893
57,370
23,556
12,391
investm'ts
91,467
111,375
11,635
7,442
derwriters
Sundry
Prepd. ins., tax.,&c
rights.
mach. &
2,702,385
equipment
1
Pats. & tr.-marks.
Working
bldg.,
2,857,632
^
-.3>6,388,542 $6,818,749
$6,388,542 $6,818,749
Total
Subs.)—Earnings—
or
construc'n.
sets.
from
company
stores,
invest.in prop.162,652,239 164,022,173
5,846,140
6,931,682
$4,935,923
deposits (net)
Deferred charges
4,789,011
587,755
3,987,254
525,330
$423,339
4,717
4,517
and sundry income
lees costs and expenses
Net profit from bus company operation
Excess of income over expenses from sales
rentals
&<c«-
Excess of exps. over
of timber,
«•
—• -»<■»
inc. of Douglass Copper Co..
4,520
3,256
12,240
Dr2,94S
Total
Dr691
18,803
$428,167
1,496
$286,787
Dividend paid from
x
$347,143
272,211
and Federal taxes.
capital
There is no Federal income tax
payable on the income of Copper Range
1,349,367
Oth. accts. pay.
4,768,602
1,221,651
4,508,964
Oth. accr. liabil.
984,173
83,392,966
1,693,570
1,118,378
90,588,068
1,075,554
953,131
704,724
965,467
1,059,990
595,004
of
677,486
25,900
to State
N.
Y.
for
eliminated b
.
Res. for fire loss
Other reserves
.
.
credits
61,180
2,756,043
108,993
Corporate surp.
65,892,104
69,824,479
Def'd liabilities.
2,781,060
225,136,935 240,359,511
$31,754,217 in 1937 and
d For which final accounting has been made.
was published in V. 146, p. 2204.
Total
Met's, Inc.—Accumulated
The directors have
of accumulations on
Dividends—
declared a dividend of 55 cents per share on account
the $2.20 cumulative preferred stock, no par value,
payable May 1 to holders of record April 25. Similar distributions
of the 18 preceding quarters.—V. 146, p. 274.
have
been made in each
Delaware & Hudson RR.
Corp.—Annual Report—
Traffic Statistics for Calendar Years
1937
1936
xl935
No. ton carr. (rev.
that in filing its 1937 tax return the company is allowed
a deduction for depletion of mines amounting to $447,498, based upon the
March 1, 1913, value as determined by the Treasury Department, which
depletion charge is not included in expenses.
Notes—(1) No depletion has been provided on mines and lands, timber
tracts, mineral rights and developments, except for sales of timber in 1936
and 1937, as the book value of the properties is believed to be less than the
Co. for the reason
1,183,776
.
13,662,000
depletion and depreciation of
$31,958,020 in 1936.
$429,662
82,520
x$286,787
Provision for Pennsylvania
6,860,860
1,181,628
...225,136,935 240,359,511
After reserve for
De
payable.
Wages
Deferred
8,335,429
1,091,389
The income account
$267,984
Non-operating income, less expenses
160,158
432,898
Skg. fds. & specs.
a
Sales
4,823,887
Mlscell. Invest..
$247,200
smelting, taxes,
freight, fabricating costs and depreciation)
Selling and administrative expenses
115,563
565,547
_
1936
$
51.425,800
gradecrosslngs
Deferred assets.
_
1936
$
Capital stock
Indebt.
5,293,292
—
$5,623,966
$5,623,966
and copper products
Cost of sales (incl. mine oper. exps.,
1,202,279
for maint.,op.
1937
Years—
Sales of copper
6,865,444
Other current as¬
a
Copper Range Co. (&
3,348,697
81,009
44,929,635
148,807
370,351
Mat'l & supplies
After allowance for
Calendar
874.186
products)....
doubtful accounts of $67,555 in 1937 and $44,752
in 1936.
b After allowance for depreciation of $7,093,027 in 1937 and
$6,945,222 in 1936. c Represented by 505,000 shares (less 49,000 [48,800
in 1936] shares in treasury).—V. 145, p. 3650.
a
1937
51,330,350
Loans payable-- 10.113,500
Int. & dlvs. pay.
591,811
Mat'd bds. pay
82,350
Long-term debt.
funds.
Inventories (mfd
1
Eliminated]
Liabilities—
Accrued taxes..
1,855,373
85,343
Mktable securs. 32,332,275
Loans receivable
109,545
Int. & dlvs. rec.
248,220
Accts. receivable
5,732,391
Cash
b Ld., water
Total
$
Items
1936
$
Assets—
Adv. to empl., &c.
dividend of $2.50 per share on account of
$100, payable June 30 to
$5 paid on Dec. 22, last;
paid on Dec. 21, 1936, and $2.50 per share
paid on June 30, 1936, and on June 30, 1931, this latter being the last
regular semi-annual payment made.—V. 145. p. 3815.
payable,
$517,823
c Capital stock...
2,178,207
3,692,511
1,837,168 Surplus
'
U. S. Gov't, secur.
1937
Liabilities—
1936
1937
a
accumulations of the 5% cum. pref. stock, par
holders of record June 17.
This compares with
$2.50 paid on June 30, 1937; $5
income.
Comparative Consolidated Balance
[Including Company and
Assets—
2541.
Co.—Accumulated Dividend—
declared
The directors have
Balance, deficit
257,344
$3,404,517
Total....
depreciation of $1,347,477.—V. 145, p.
After reserve for
a
955,000
Common stock ($50 par).....
10,398 Capital liability adjustment..
Unadjusted debits
479,415
2,100,000
frt.).
19,408,979
No. of tons carr. 1 mile.2759511,218
Av. rev. per ton per mile
$.00832
$27,113
$27,308
$24,402
$24,107
999.95
passengers carried..
864,516
pass.carried 1 mile. 53.113,197
amt per pass. perm.
$.0227
985.98
814,210
47.821,166
$.0242
933 06
693,562
36,515,197
888.09
802,690
39,361,588
$2,297.35
42.12
$2,204.56
37.70
Frt. rev. per
milerd. op.
Trainloaas in tors
enue
No.
No.
A v.
1934
19,410,027
17,022,042 18,226,665
2618624,103 2263562,843 2240042,920
$.00884
$.00918
$.00931
(rev¬
freight)
Pass rev. per
mile road..
tr. mile
Av. no. pass, per
$.0293
$1,882.61
28.36
$.0289
$1,801.96
26.53
Financial
2534
The income
account
given in
was
issue
our
of
Chronicle
April 2,
1938
2204.
p.
General Balance Sheet Dec. 31
V.
1937
Liabilities—
%
97,515,760
97,535,707
Inv.inrd.andeq.
Capital stock.
x
70
Misc. phys. prop
457,359
In
lieu
construction
291,453
28,473,019
349,758
5,229,185
Stocks
5,145,273
Bonds
700.000
181,644
1,175,820
Advances-.--
324,552
378,128
57,500,000
25,416,528
16,682,344
251,679
Stocks
to affil. cos
Traf. &
519,570
J. W. Horsey, who held the presidency of Standard Brands of Canada, has
been named Executive Vice-President of this company in Charge of Oper¬
Eagle Lock Co.—Earnings—-
car serv.
balances
Bonds
6,432
pay.
Earnings for 8 Months Ended Feb. 28, 1938
Net loss
—V. 145, p. 2224.
10,000
2.349,923
2,084.056
16,186
34,540
431,580
tured unpaid.
82,350
Net
359,506
25,900
427,320
Operating revenues,
lie utility cos
wages
666
Int. mat'd unpd.
4,650
2,194,127
"4,650
998,758
—
Eastern Gas & Fuel Associates
Funded debt ma¬
Advances
Miscellaneous
30
30
255
Unmatured rents
764,262
911,830
137.295
199,159
Misc. accts. rec.
620,537
574,811
2,200,231
39,928
.
accrued
Traf. & car serv.
reeelv
bals.
—
115,582
liab
curr.
Tax
from agents &
—
Mat'l & supplies
2,698,343
Ins. & divs. rec.
16,994
Other curr. assets
293,568
16,463
224,264
Wkg. fund ad vs.
78,682
74,128
Ins. & other fds.
1,045,007
90,626
753,078
856,867
13,508,673
13,492,332
3,152,239
Other def. assets
Total
996,404
749,165
3,226,595
Accrued
Add'ns
Oper.
to
sales
net
38,166
48,772
17,816,434
47,829
15,519,786
3,399,247
1,939,329
39,081
3,001,204
1,339,043
65,870
1,294,745
56.030
133,163
100,625
104,106
36,369
142,781
36,055
183,540
36,055
commercial
cos..
Amortiz. of pipe line exp.
.
Total- —-..-111,489,451 113,156,180
$11,003,060 $10,588,311 $10,400,671 $11,943,551
0267,291
0239,273
0540,318
0345,198
Other income
Derby Oil & Refining Corp.—Committee's Reply—
utility companies
Deprec'n & depletion.
Declaring that they have been negotiating with competent oil executives
over the management of
the corporation, the stockholders' protective committee points out in a
letter to shareholders that they have received the support of "the owners
of the many thousands of shares for which we have already received proxies."
The committee has accused the present management of illegal handling and
waste of the corporation's funds and is seeking to effect a change in control
at the annual meeting on April 13 in Jersey City.—V. 146, p. 2363.
6,079
3,451,903
__
583,412
456,466
395,694
387.577
3,079,859
110,132
62,084
2,954,186
77,530
38,908
3,048,090
479,083
42,278
y369,584
200,423
121,361
632,322
235,635
109,369
z566,079
$2,871,520
$3,005,614
$3,604,719
$4,899,332
1,627
0147,923
141,078
012,495
730,745
764,263
$3,017,816
$2,877,031
$2,873,974
$4,135,070
1,108,732
1,122,414
831,780
1,683,679
1,107,871
1,972,449
$786,669
$361 571
def$206 346
of subsidiaries—
Other interest charges.
on bond interest.
Taxes
53,405
33,873
_
_
and expense
656.934
Misc. deductions.
Federal income taxes
1938 were slightly less than
10% below the like 1937 period, Robert C. Fenner, President, told stock¬
holders at the annual meeting held April 7.
Board of directors was reduced to 11 from 12, all incumbent directors
except F. C. Smith, being reelected.—V. 146, p. 2040.
Net income before mi¬
nority interest
Subs.)—Earnings—
1935
1934
$4,514,499
2,657,277
$4,428,408
2,635,253
$4,244,159
2,478,582
$3,742,829
2,191,726
—
Total revenue
$1,857,222
31,386
*$l7793,155
23,317
$1,765,577
30,135
$1,816,471
$1,795,712
452,785
519,730
509,547
W
Pref. stock
$1,605,366
438,577
Net income..
Dividends—
$1,551,103
54,264
$1,888,608
Net oper. revenues—
Other income
Prov. for amortization &
depreciation
Prio rcharges of subs. copanies on obi igatio ns &
stocks publicly held..
Int. charges of Dominion
771,446
760,326
643,587
574,037
267,222
Gas & Electric Co
265,797
431,418
465,981
169,877
723,797
Minority int. in earnings
of subsidiaries
1936
51,038
44,711
Amort, of debt discount
Dixie-Vortex Co.—Directorate Reduced—
1937
072,645
2,801,336
indebted¬
term
on
ness
Sales for the three months ended March 31,
Dominion Gas & Electric Co. (&
25,380
2,890,465
2,937,776
utility property.
Int.
Cr20,735
3,243,218
for retirements of
Prov.
and desirable directors who can be secured to take
2,773,218
accounts,
Net loss from mdse
Operating revenues
Operating expenses
33,799,398
9,266,347
3,396,089
2,013,929
39,684
General admin, expeni
Idle plant expense
Represented by 515,740 shs. of no par value.—V. 146, p, 2204,
Calendar Years—
35,158,955
9,250,277
$16,686,550 $16,106,443 $14,985,626 $16,287,141
Deduct—
surplus
113,156,180
40,518,918
9,360,051
9.612,136
Selling expense
48,303
263,108
Total- —----111,489.451
and
pub. util. cos
exp.,
Uncollectible
339,354
_
Gross revenue
prop,
miums paid in
advance
1934
operating revenues.$69,523,399 $65,985,412 $59,394,857 $59,352,885
through inc. &
Deficit
Oth. unadj. deb.
1935
..$58,062,595 $54,450,237 $48,001,627 $47,852,192
pub11,460,804
11,535,175
11,393,230
11,500,693
re venues.
unadjust.
credits.
37,953
(& Subs.)—Earnings—
1936
sundry
Cost of sales & expenses
of operation
43,224,712
deprec.
equipment
1,100,086
Rents & Ins. pre¬
2,570,597
liability...
Insurance res...
Other
and
945,420
2,680,793
sales
operating
115,582
964,092
.
Oth. def'd llabil.
Net bals. reCeiv.
conductors
Other
1937
Calendar Years—
Unmat.int.accr.
168
Special deposits
Loans & bills rec.
$168,849
payable
Misc. accts. pay.
8,402
$4,477,776
ations.—V. 146, p. 2040.
Audited accts &
Other invest,:
1938—12 Wks.—1937
$4,336,411
Vice-President—
Non-negot. debt
700,000
Notes
240,621
50,000,000
-
1938—4 Wks.—1937
$1,544,860
$1,472,091
—
28,473,019
New
matured
Stores, Ltd.—Sales—
Period End. Mar. 26—
Sales
Funded debt un¬
Inv. in affll. cos.:
Cash
1936
%'
Grants in aid of
of
mtg prop, sokl
Dep.
Dominion
1936
1937
Assets—
x
April 16,
lus in 1937, the effect of which reduced
.—V. 146, p. 2206, 1549.
ended Dec. 31, 1936, charged to s
net income for that period by
6%
cum..
1,382,867
463,312
596,338
x2
Common stock
Balance
surplus
def$307,447
x The amount of dividends shown as
paid and declared during 1934 com¬
prises five regular quarterly dividends on the 4 }4% prior pref. stock and
the 6% pref. stock, there having been five dividend declarations
during
said year, the last declaration covering the quarter ending March 31, 1935.
The dividends shown for those stocks for 1935 comprise four regular quar¬
terly dividends, the last declaration covering the quarter ended March 31,
1936.
y Including $5,200 surtax on undistributed profits,
z No liability
on undistributed profits is anticipated.
for surtax
Net income
$411,363
175,000
Preferred dividends
Note—The
account
$55,801
$200,976
$337,564
100,000
of the subsidiaries which
are
Consolidated Balance Sheet Dec. 31
1937
maintained in Canadian
currency are stated herein dollar for dollar in United States currency.
Prop,
Consolidated Balance Sheet Dec. 31
a
Assets—
Fixed capital
Cash in
cl936
cl937
sinking funds, &c__
Cash in banks and
on
hand
Marketable securities (at cost)
b Accounts receivable
Applicances installed
on
rental
or
approval.
Inventories of materials and supplies
Other receivables
„
Prepaid
expenses
and deferred charges
Total
142,983
109,928
8,495,581
8,671,938
7 421,662
Cash...:
170,360
...
cash
Accts.
&
from
Inventories
Deferred
37,234,611
Min. int. in cap.
& sur. of subs.
cl937
Accrued divs.
27,120
27,120
8,530,315
11,218,738
743,710
8,745,359
9,062,599
10,178,658
839,977
...
72,413,000
73,758,000
....
items.
139,834
400,040
404,200
indebted¬
ness
for
unred.
stock of Mass.
Coal Co
Due to allied
cos.
-
reserves
—Ill""—II
Common stock ($1 par)
Paid-in surplus
24,770
Deprec. & depl.
33,632,575
30,742,023
67,720
Special retirem't
1,162,070
1,416,268
204,538
110,530
251,436
17,974
532,365
39,114
163,646
4,046,335
2,500,000
1,283,710
2,720,265
180,419
110,377
231,296
17,912
514,290
25,242
163,235
4,029,378
2,500,000
156,428
1,283,710
2,742,219
84,396
679,027
84,237
469,447
156.428
_
Capital snrplus
Earned surplus of Dominion Gas & Elec. Co. from
June 30,1933
Earned surplus of subsidiaries
Total.
$22,002,685 $21,983,605
After general reserve of
$1,707,414 ($1,811,026 in 1936) and reserves
for amortization and depreciation of
$5,518,654 ($4,789,081 in 1936).
b After reserve of
$45,477 ($36,062 in
1936).
c
ment funds of
51,991
a
a
Other reserves..
1938
1937
$30,748,294 $28,069,489
15,109,615
13,328,261
Net oper. rev. (before approp. for retire,
res.)...$15,638,679 $14,741,228
(net)
327,628
891,907
(before approp. for
.$15,966,307 $15,633,135
Appropriation for retirement reserve.
2,459,863
2,245,559
Gross income
Amortization of debt discount and expense
Appropriation for special
Other income deductions
reserve
x
230,950,829
$13,506,443 $13,387,576
179,715
180,617
2,424,501
2,458,123
315,946
316,156
500,000
130,648
500,000
$9,955,632
$9,856,867
75,812
Note—The above income account for the 12 months ended Jan. 31, 1937
has been adjusted to reflect additional taxes
applicable to the 11 months
229,549,291
6,621,120
6,342,823
surplus.
Total
1,876,177
230,950,829 229,549,219
Represented by 2,000,000 no par shares.—V. 146,
Ebasco Services,
p.
2040.
Inc.—Weekly Input—
For the week ended April
7, 1938, the
kilowatt-hour
system
input of
Light
the operating companies which are subsidiaries of American Power &
Co., Electric Power & Light Corp. and National Power & Light Co.
compared with the corresponding week during 1937, was as follows:
as
Decrease
Operating Subsidiaries of—
American Power & LightCo
Electric Power & Light Corp..
National Power
—V. 146, p.
&
Light Co...
1938
1937
99,513,000 110,392,000
47,233,000
48,673,000
78,152,000
79,263,000
Amount
9*1
10,879,000
1,440,000
1,111,000
3.0
1.4
2364.
Bond
&
Share
Co.— -Ebasco Services, Inc., to
Serve Other Subsidiaries
Forego Profit in System—Unit Will
at Cost, Complying eith SEC RulesDirectorate—Quarter's Income Off—
In
a
-Bankers Eliminated from
letter to shareholders accompanying the quarterly earnings report,
Chairman, announced that, in compliance with the
C. E. Groesbeck,
regulations of the
Share
Co.'s
Securities and
most
important
Exchange Commission,
profit-making
service
Electric Bond
corporation
sub-
subsidiary, Ebasco Services, Inc., would render services at cost to domestic
"client" companies in the system.
He disclosed that tne "services-atcost" program became effective as of April 1.
On March 28 the U. S. Supreme Court ruled against the company in
its
fight on the constitutionality of the Holding Company Act and on
April 4 the company capitulated to the provisions of the Act by registering
with the
SEC.
,
Coincident with the announcement
also
revealed
that
banker
on
,
Ebasco Services, Mr. Groesbeck
on
the board of directors of
representation
Electric Bond & Share Co. had been eliminated.
"It is with
Net income...
84,363
2,533,333
Earned
Total..
&
Net oper. rev. & other inc.
retirement reserve)
Rents for lease of electric properties
Interest charges (net)
1,932,496
227,737
2,533,333
See note under income
Duquesne Light Go.—Earnings—
taxes
credits...
Def'd
Electric
Year Ended Jan. 31—
403,096
subsidiary..
Capital surplus.
account.—V. 145, p. 1582.
Operating revenues
Operating expenses, maintenance and
sav¬
ings & invest¬
$9,330,934
63,903
pref. shares of subs
Consumers' deposit and accrued interestDeferred liability.,
Minority interest in subsidiaries.
$7 preferred stock
Employees
cl936
150,800
156,860
$9,008,719
120,554
19,741
on
Miscellaneous
41,252,000
37,234,611
8,737,591
pay. to accr'ls
Res.
allied
companies
Common stk..
x
Term
notes
receivable....
Due
S
24,637,300
Preferred stock,
24,637,300
41,252,000
Notes and accts.
and
working funds
$22,002.685 $21,983,605
Accounts payable & other accrued liabilities
income
2 188,550
Investments
189,986,694
6,910,379
718,589
3,484,035
Other fds.& dep.
Petty
1936
$
Prior pref. stock
&
Consumers dep.
Liabilities—
Funded debt
Notes payable by sub. to bank
Municipal debs, instalments maturing
Accrued interest on funded debt
Provision for Dominion income tax
Other accrued taxes
Other
1937
Liabilities—
equip.
capital assets. 191 410,378
$19,861,214 $19,773,670
123,975
168,857
1,688
1,976
103,361
71,466
485,766
403,200
786,201
861,446
21,041
25,255
276,479
269,345
22,368
67,404
'
344,020
317,557
-
Investments.
1936
Assets—
he said, "that because of the provisions of
which renders officers and directors of certain
registered public utility holding
have to inform you of the resignations."
sincere regret,"
the Holding Company Act,
financial institutions ineligible as directors of
companies, we
Volume
Francis H. Brownell, Chairman of
Edwin
G.
York & Trust Co.;
Co.; S. H. Wolcott,
J. Quinn, a partner
the directors who have resigned.
The
J.
new
& W._Seligman & Co., are
board of directors was not announced.
Mr.
in
declared
Groesbeck
his
letter,
Light Co.—Bond Issue—
Fall River Electric
that in approaching
however,
Corp.—Sales Increase—
The corporation announced that unfilled orders as of Feb. 28, 1938, were
$1,310,742, as against $1,085,547 a year ago, an
increase of 21%.—
V. 146, p. 2206.
William C. Potter, Chairman of the Guaranty Trust
Vice-President of the State Street Trust Co., and C.
in
Aviation
Fairchild
American Smelting & Refining Co.;
Chairman of the Bank of New
Merrill,
2535
Chronicle
Financial
146
See American States Utilities Corp.—V. 146, p.
problems which will arise as a result of your company's new
status as a registered holding company, the objective of the officers and
directors will, of course, be the preservation of the interests of the stock¬
the "many
holders."
confront the company, Mr.
the application to it of the
provisions of the Public Utility Holding Company Act.
Chief among
them is the problem of seeking a way, without loss to the security holders,
of conforming this group of companies to the realignment of the industry
contemplated by Section 11.
As pointed out in our annual report for
1937, this section affects the Electric Bond & Share Co. most seriously
because of the diversity of the location of the enterprises represented
principal problems which now will
Groesbeck continued, "are those raised by
The
Ferro-Enamel
Corp.—Earnings—
1936
1935
$1,440,824
35,831
31,989
8,549
1,435
377,827
$1,013,157
25,676
27,736
4,894
780,824
480,978
13,000
427,984
11,428
357,078
21,610
$715,161
Years End. Dec. 31—
$491,214
x84,467
$235,146
x70,832
$208,169
$575,682
19,066
$305,978
1,890
$241,816
13,177
42,129
y74,050
2,597
24,757
36,986
207
33,187
$427,260
$3.08
$239,748
$194,169
$1.93
$i.55
1937
z
Gross profit
$2,469,084
Maintenance & repairs
73,437
60,469
__
Deprec. & amortization.
(other than inc.)_
Royalties
Taxes
23,616
815",577
Other mfg. expenses
Selling,
2365.
,
1934
$644,019
24,458
24,169
8,110
425
280",293
general and ad¬
ministrative expenses.
Prov. for doubtful accts..
by its investments."
11 of the Act, commonly referred to as the "death sentence,"
the SEC to take the necessary steps looking toward the inte¬
of utility properties into a single system.
This section of the
Act has been, and still is, a particular target of criticism by the utility
opposition.
'
:--i ■'
Section
empowers
Operating profit
Miscellaneous income
x90,159
.
33,647
gration
Quarter's Income Down
Profit
Loss
of $2,145,508,
sale of assets
on
Loss
the first three months
The report of the Electric Bond & Share Co. for
of this year shows a net income after taxes and expenses
$805,320
...
...
119
of
disposition
on
plant equipment
Int., discount, &c
73,232
to one cent a share on the out¬
with $2,460,049, or six cents a
of 1937.
Gross income for the
period was $2,541,784. against $2,891,413 in the same period of last year.
For the 12 months ended on March 31 net income was $10,327,604,
equal to 36 cents a common share, compared with $9,619,534. or 22 cents
a common share,
in the 12 months ot March 31, 1937.
Gross for the
12 months aggregated $12,303,455, against $11,431,590 in the preceding
Prov. for Fed. inc. tax.
period.
14,135
subsidiary for the year ended Dec. 31,
sidiaries for the fiscal year ended Oct.
equal, after pref. dividend requirements,
standing common stock.
This compares
common share, in the first three months
of March 31 including $18,193,750 in cash,
Government and miscellaneous short-term securities, amounted to
Current
416.134
assets
and
as
liabilities
current
Government securities
cash,
were
assets
Erie
v
of the Governing Committee ,the Committee on Stock
the New York Stock Exchange on April 14,
fully registered Erie RR. bonds of the following issues:
Erie RR. 1st consol. mtge. prior lien 4% gold bonds, due 1996.
Erie RR. gen. lien 4% gold bonds, due 1996.
Erie RR. 4% conv. 50-year gold bonds, series B, due 1953.
Erie RR. 4% conv. 50-year gold bonds, series D, due 1953.
Erie & Jersey RR. 1st mtge. 6% 50-year sink, fund gold bonds, due 1955.
Genesee River RR. 1st mtge. 6% 50-year sink, fund gold bonds, due 1957.
Erie RR. ref. & improve, mtge. 5% gold bonds, due 1967.
5% gold bonds, due
1975.
suspended from dealings on March 12, 1938 owing to
bonds issued upon transfers or upon ex¬
changes of coupon bonds would carry all accrued and unpaid interest or
would carry interest only from the preceding interest payment date.
The Committee has been advised of the entry of an order in pending pro¬
These bonds were
doubts whether fully registered
ceedings to reorganize the company providing, among other things, that all
fully registered bonds issued or assumed by the company shall be entitled to
interest from and after the last day to and including which interest shall
have been paid, and that such interest shall be entitled to the full security
under which the bonds were issued.
Reg¬
of coupon bonds not bearing all matured
be stamped, however, with a legend indicating that
fully entitled to all accrued and unpaid interest.
of the indenture or mortgage
istered bonds issued on exchange
—V. 146, p. 2365.
Engineers Public Service Co. (& Subs,)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues.
$4,182,947 $4,180,384 $52,499,020 $48,953,502
Operation
1,589,802
1,697,985 20,441,316 20,232,823
Maintenance
281,538
278,772
3,639,883
3,051,370
Taxes
546,002
505,850 a6.318,575
5,698,513
Period End. Feb. 28—
Consolidated Balance Sheet Dec. 31
$1,697,777 $22,099,245 $19,970,796
$1,765,605
Net oper. revenues
£>r388,287
Dr21,120
Dr43,070
— .
972,793
$1,722,535
661,539
$1,676,657 $21,710,959 $20,943,589
658,562
7,898,378
8,015,740
$1,060,996
Appropriations for retire, reserve
Int. & amortization
Balance
Balance...
Divs.
5,600,880
Def'd
2,366,344
1,654,159
$4,191,197
30,683
Balance..
Amount
2,802,266
1,181,771
$3,497,577
14,115
$4,160,513
$3,483,461
declared
earned, but not declared
applicable to minority interests..
b Balance
-
Bal. of earns, applic. to
Engineers Public Service
Co., as above
Amortiz. on bonds owned by
-—
parent co.,
incl. in
w
$4,160,513
charges
Interest
incl. in charges above:
declared
investment
Preferred dividends,
Dividends on miscell.
Total.
-
-
Balance
62,673
87,671
44,543
$3,678,349
247,037
240.472
Expenses, taxes and interest
c
$3,431,311
Pref. div.
requirements of Engineers
Public Ser-
$3 852,904
$3,007,632
P. S. Co
$2,323,537
Federal income taxes of $1,044,214 of which the Federal
undistributed profits amounts to $5,906. No provision has been
made for Federal surtax on undistributed profits for 1938, since any iab.
for such tax cannot be determined until the end of the year.
a
Includes
c
Engineers Public Service Co., before allowing for un¬
preferred dividends of certain subsidiary companies.
and subsidiary companies
stocks, before allowing for loss.
Of earnings of parent
Public Service Co.
applicable to Engineers
stocks of subsidiary companies, measured by
cumulative dividends on preferred stocks of such companies not earned
within the year, less minority interests and intercompany eliminations.
Such amounts are not a claim against Engineers Public Service Co. or its
other subsidiary companies.
FTNote—Effective Jan. 1! 1937, certain subsidiary companies adopted the
d In investment in common
new
system of accounts
differs in
prescribed by the Federal Power Commission which
the system the companies previously fol¬
certain respects from
lowed, hence the
V. 146, P.
above 12 months' figures are
not exactly comparative.—
PTEvans-Wallower Lead Co .—Dissolution Effective
"r The dissolution of the company has become effective in accordance with
the plan of reorganization.
The transfer books for the common and 7%
preferred stocks will close on April 22, 1938, and the issuance of the new
securities in exchange therefor, as provided in the plan of reorganization,
April 23, 1938.
.»*■,/
stock (no par) and 7% preferred stock (par $100)
unlisted trading on the New York Curb Exchange
of business on April 16.—V. 146, p. 1073.
will commence on
The common
close
_
17,500
_
b
191,800
137", 250
Minor. Int. In Ferro
Enameling Co. of
dl9,489
credits (net)
8,300
Canad, Ltd.
over
val. of cap.
565,251
454,470
1,867,525
573,766
Capital surplus
stk. of subs. cos.
Earned surplus
par
420,000
112,860
a
..
26,922
acquired
Total.........$3,327,370 $2,377,8721
..$3,327,370 $2,377,872
Total
191,800 shares of common stock, par $1, of which 1,500 are to be issued
(representing a portion of the consideration for the acquisition of the
minority stock of N. V. The Ferro-Enameling Co. of Holland),
b Repre¬
sented by 137,250 shares of no-par common stock,
c See footnote z to
a
the
d Inter-company transactions between the parent
the months of Nov., Dec., have not been
the balance sheet as Inter-Company charges
credits.—V. 146, p. 2041.
income
company
account,
and its subsidiaries for
eliminated but are expressed on
and
(William) Filene's Sons Co.—To Amend By-Laws—
Stockholders at their annual
meeting on April 25 will consider amending
the by-laws of the corporation and corresponding provisions
of Association and Articles of Organization by changing the
of the Articles
number of the
from four to three.—V. 146, p. 1709.
first class of directors
Franklin Fire Insurance
Co.—Extra Dividend—
declared an extra dividend of 10 cents per share in
the regular quarterly dividend of 25 cents per share on the
stock, par $5, both payable May 2 to holders of record April 20.
The directors have
addition to
common
Similar amounts were paid
in each of the five preceding quarters.—V. 146,
440.
p.
Fruit of the Loom, Inc.—New
Knight Corp., below.
Name—
See B. B. & R.
Terminal Ry.-—Bonds Extended—
Galveston
Commerce Commission on March 25 authorized the
from March 1, 1938, to March 1, 1948, the date of
$546,500 of first-mortgage gold bonds, with interest at the rate
5% per annum.
(See also Colorado & Southern Ry. above).—V. 146,
1551.—V. 100 P. 2085.
The
Interstate
to extend
company
maturity of
of
p.
General Baking
Directors have
Co.—Dividend Reduced—New Chairman
declared
a
dividend of 10 cents per share on the common
stock, par $5, payable May 2 to holders of record April 16. Previously
regular quarterly dividends of 15 cents per share were distributed. In adtion, an extra dividend of 15 cents was paid on Dec. 22, last; an extra of
Dec. 21, 1936, and an extra dividend
paid on Nov. 2, 1936.
William Deiniger has been elected
of 10 cents per
—V. 146, p.
1398.
General Capital
3 Months Ended
Income:
Chairman of the Board of Directors.
Corp.—Earnings—
Cash dividends.
9,365
11,023
$16,280
$36,692
loss69,396
Expenses and taxes
Net income
1937
$47,715
1938
$25,646
March 31—
24,677
—
...
sales of securities
$53,116 prof$61,369
Note—During the quarter ending March 31, 1938, there was unrealized
net depreciation amounting to $396,539 in quoted market value of market¬
able securities which is not included in the above statement of profit and loss.
Net loss.
—,
Balance Sheet March
1938
Assets—
Cash in
1937
deliv.
Accts. rec. for stk.
of General Cap.
Corp. sold—not
sold—not
&
1, 1938.
Capital stock
8,995
26,125 .Surplus
12,779
6,832
31,873
31,086
a2,526,758
3.268,216
April
510,700 b2,369,439
5,375,444
.$3,122,840 $5,733,438
Total
4,042
unpaid
Div. payable
9,896
2,178,818
$57,866
Prov. for accr.Fed.
& State taxes...
delivered
Marketable sees..
1937
$36,687
Est. exps. accrued
Accts. rec. for sec.
Cash divs. receiv..
1938
payable.
$298,486
24,388
$934,127
mand dep
31
Liabilities—
Accounts
banks—de¬
Total
.$3,122,840 $5,733,438
Represented by 133,772 no par shares including 6,304 shares held
b Excess of assets, based upon marketable securities at
quoted market value, over liabilities and capital.—V. 146, p.
a
in
treasury,
751.
2040.
stricken from
Common stock
Inter-co. charges &
surtax on
b Applicable to
earned cumulative
.
Res. forconting
37,782
11,946
■
10,831
cost,
388,041
Long-term debts
433,020
814,842
56,453
depreciation
Excess
0,004
con¬
tracts
Other assets
Net profit from
Bal. applic. to stocks of Engineers
vice Co., after allowing for loss
Uncompleted
306,855
374,871
43,454
Other curr. liab...
Patents
423,779
$2,323,537
d Allowing for loss
$4,209,738
356,833
—---
.......
...
items payable..
share was
64,960
73,105
150,714
$4,450,210
— «
...
115,962
Accts. and accrued
117,004
to
35 cents was paid on
917
charges above
Earns, from sub. cos.
$3,483,461
.
;
operations.
Plant & equip, less
$7,481,614
pref. stocks,
on
Cum. pref. divs.
Prov. for Inc. taxes
435,074
49,621
Investments
$100,000
889,506
77,002
......
1936
1937
$21~330
865,166
1,000,456
114,462
Inventories
c
.
payable
Bank loans...
Notes & accts. rec.
5,446.235
$8,211,700
-
-
Notes
$397,158
6,761
14,922
$1,018,094 $13,812,580 $12,927,849
Balance
Liabilities—
1936
1937
c
$326,824
_
Non-oper. inc. (net)
of Canada,
Co.
Ferro-Enameling
Oct. 31, 1937.
Assets—
RR..—Bonds Restored to Dealings-—
and unpaid coupons will
such bonds will not be
Corp. and its wholly owned domestic
1937, and those of its foreign sub¬
31, 1937, with the exception of the
Ltd. which are for 10 months ended
cluding accounts of Ferro-Enamel
Cash value life ins.
Under authority
& improve, mtge.
$2.92
Includes $40,311 in 1937, $32,711 in 1936 and $30,269 in 1935, com¬
missions earned,
y Including $339 surtax on undistributed profits,
z In¬
x
Cash.
List restored to dealings upon
Erie RR. ref.
$559,677
Profit for the year
Earns, per sh. on com...
of $4,046,860 on
liabilities
current
of
with
$13,863,828,
This compares
$4,790,841.
and short-term investments of
$15,055,597 and
March 31,1937.—V. 146, p. 2365.
current
U. S.
$19,-
106,567
65,843
_
Minority interest
.
will be
at the
General Electric Co.,
Attaches Funds—
Germany—Trustee of Bond Issue
Bank, New York, as trustee for the 20-year 7%
gold debenture issue, obtained on April 12 from Supreme
Alfred Frankenthaler of New York, a warrant for the attach¬
ment of any funds of the company which might be found in New York.
The bank claims that a total of $3,865,930 is now due to it in its capacity
as trustee.
According to the complaint in a suit brought by the bank
The
National City
sinking fund
Court Justice
2536
Financial
Chronicle
against the company, the latter has defaulted in interest, sinking fund,
premium and principal payments on the bonds.
A supplemental affidavit
stated that there was now due $3,865,930 plus "such further amount
as.
General
April 16,
Public Service
3 Mos. End. Mar. 31—
Cash divs.
added to $3,146,850, will be necessary to pay the principal and premiums
of such outstanding bonds as are now payable."—V. 144, p. 4008.
Int.
bonds
on
1937
1936
1935
$76,921
13,719
$59,450
20,945
11,138
$64,919
37,166
1,350
$45,999
16,024
$90,640
15,532
$91,532
16,505
$103,435
17,401
a2,029
65,611
a2,426
65,283
2,017
64,822
83,357
loss$37,664
$7,399
$8,188
$1,853
notes,cash
Miscellaneous
12,726
3,375
revenues.
General Electric Co.—Orders Received—
received in
Orders
the first
Total income
1938 amounted to $65,376,400,
compared with $105,747,030 for the corresponding period in 1937, a de¬
crease of 38%
President Gerard Swope announced on April 14.—V. 146,
p. 2369.
General Foods
quarter of
Earnings
y
x
per
Expenses
(other than
Taxes
share
1937
1936
eral taxes)
Int. and amortization—
$4,067,150
$3,361,339
$0.77
Balance....
1935
$4,089,988
$0.78
$0.64
$0.64
After all charges and Federal taxes,
y
On 5,251,440 shares
823
a No provision has
been made for the Federal surtax on undistributed
profits which may be payable under the Revenue Act of 1936,
since any
liability for such tax cannot be determined until the end of the year.
common
stock.
Comparative Surplus Account March 31
Statement
Files
with
SEC
Covering
150,000
Shares
Pre¬
1938
Surplus (earned):
Income surplus—
Bal. begin, period--
ferred—
The corporation filed April 14 with the Securities and
Exchange
mission a registration statement covering the issuance and sale of
Com¬
150,000
shares
to be
Fed¬
Corp.—Earnings—
3 Mos. End. Mar. 31—
1938
Net profit
$3,375,727
x
Corp.—Earnings-
1938
$29 899
stocks
on
1938
Net inc.
(no par) cum. pref. stock, the dividend rate and the offering price
Assess,
supplied later.
transfer
The company said that about $7,000,000 of the net proceeds
might be
used for capital expenditures during 1938 and that $850,000 would be used
to
prior
1936
$147,198
loss37,664
$117,346
7,399
$71,744
8,188
$106,904
$124,745
$79,932
$101,257
1,055,997
1,143,966
490.901
110,138
loss795,568
815,498
285.583
47,670
Fed. stock
tax
1935
$109,534
above._
as
for
1937
1,853
applic.
years
7,500
to
complete payment for the Kaffee Hag business purchased from the
Kellogg Co. in 1937 for about $1,785,000.
The rest of the proceeds is to
be used for the company's working capital,
part of it to replace funds
used for capital expenditures in 1937,
including amounts paid for packagedfood businesses or for the repayment in 1938 of bank loans incurred
in con¬
nection with such expenditures.
Disbursements made for such capital expenditures in
1937, the state¬
ment said,
amounted to about $6,700,000.
A part of the additional
working capital also may be required in connection with the
proposed
expansion of its quick frozen food operations.
Goldman, Sachs & Co. and Lehman Brothers, New York, were named
as the principal underwriters.
Underwriting discounts and commissions
are to be supplied
by amendments to the registration statement.—V. 146,
p. 1877.
Total...
-
Security profit surplus—
Bal. at begin, of period
Net
profit
sale
on
of
securities
Prem.
on
-
exps. on debs.
called
Preferred
dividends
Surplus (earned)
of period
b During
b4~ib",795
end
$369,963
$1,673,414
General
Motors Corp.—March
Car Sales—The
April 8 released the following statement:
March sales of General Motors
to dealers in the United
cars
com¬
1937 all the cumulative
Feb. 1, 1937, amounting to
arrears on
three months of 1937.
Sales of General Motors cars to
Assets—
Preferred
in the United
of
General
Motors
dealers
to
cars
in
the
United
States totaled
States
1937
Liabilities—
1938
stock. $2 084,143
Common stock..
669,886
Convertible debs.:
b Preferred
Common stocks.$2,582,498 $4,528,268
stocks
520,232
791,449
4,344,228
12,494
Cash
Dividends
rec
217*128
510,492
5%
the resumption of production.
Total Sales to Dealers in
94.267
94,449
109.555
March
Total
an
103.668
74,567
260,965
238,377
216,654
203,139
226,681
188,010
82,317
166.939
195.136
160.444
May
June
July
August
September.
October
November
December
irmr
Total
2,037.690
1938
63,069
62,831
100,022
1,715.688
March
1937
92,998
51,600
196,095
198.146
178,521
153,866
163,818
156,322
88,564
107.216
117,387
89,682
98,268
121,146
169.302
184,059
134,597
181,188
April
May
June.
July
August
September
October
November
December
ITU-T
Total
1,594,215
1.720,213
1.278.996
1938
1937
56.938
63,771
76,142
1935
49,674
216,606
180,085
199,532
162,390
187.869
157.000
58,181
136.370
153.184
108.232
69,334
156.041
197,065
75.727
92,907
132.622
105.159
152,946
150,863
139,121
103,098
22.986
97.746
148,849
150,010
1,680.024
March
April
May
June
July
AugustSeptember
1,682.594
1,370,934
-
..
October
November.
December
p.
4.669
This corporation reports for its
subsidiaries
a
gain of 1,017 companytelephones for the month of March, 1938, as
compared with a gain
of 2,326 telephones for the month
of March, 1937.
The gain for the first
three months of 1938 totals
2,744 telephones (exclusive of purchases), or
0.75%,
as
compared with
subsidiaries
now
a
gain of 6,470 telephones,
have
in
operation
a
total
owned telephones.—V. 146,
p. 1710.
General Tire & Rubber
Unit sales of
passenger
and
Chevrolet, Pontiac, Oldsmobile, Buick, La Salle
commercial
cars
are
included
In
the
March Chevrolet Sales—
Chevrolet dealers sold 62,639
anr™Rnouncenien*'
This
was
Y
and Cadillac
figures.
over
the sales total for
February.
A mature of the sales total piled up by Chevrolet dealers in March
was
during the final ten-day period 27,606 new cars and trucks were sold,
b
pons'tituted 78.8% of tne total for the first 20 days of the month,
'nutating a firmer market for new units as spring and sunshine arrived.
,,
ui
The March used
car
sales of Chevrolet dealers
totaled
i*? cannouncement,
116,915.
This
in excess of
was
100,000
during the last 37
an increase of
130,788, according
12 Months Ended Jan. 31—
Total operating revenues.
Overseas Sales 15% Above
of
subsidiaries'
discount
$1,422,412
464,836
36,299
34,203
debt
$1,220,537
201,875
$1,301,914
458,232
33,155
Total income
Interest on subsidiaries'funded debt
Interest on unfunded debt
1937
$2,773,295
882,018
133,262
267,694
269,783
$1,128,729
173,184
Other income
Amortization
38,367
32,432
Dividends
Interest
on
case
•
f
i
These figures include the
products of the Corporation's
American, Cana¬
dian, English and German factories sold
outside of the United States and
Canada.—V. 146, p. 2368.
12,198
and
expense
Amortization of rate
Other deductions
expense
subsidiaries' preferred stocks
15-year 1st lien & collecteral trust bonds
on
418
Earned per share—$3 preferred stock
Common stock
26,544
263,722
47,556
277,875
$401,783
Provision for Federal income tax
(estimated)
$452,600
"8*2,108
61,994
$5.26
$5 92
$0.80
$1.03
Note—The operating revenues for each period are stated
after deducting
$120,000 in respect of estimated annual reduction which will
result
decision of the
case
Public
if the
Service Commission of the State
of New
York, adverse to Consolidated Water Co. of Utica, N.
Y., a subsidiary, is
finally upheld.
This decision has been affirmed by the
Appellate Division
and the Court of Appeals of the State of New
York.
An appeal by the
company to the Supreme Court of the United States has been
disinissied
by that court on the ground that the company had a
remedy in equity in
the State courts.
The company has brought an action in
equity to restrain
the Public Service Commission from
enforcing said order.—V. 146, p. 2369.
Georgia & Florida RR.—Earnings—
—Week End. March 31
1938
1937
—V.
Year Ago—
Subs.)—Earnings
1938
Maintenance
Taxes (other than Federal
income)
Provision for depreciation..
Operating
a
cor¬
366,157 company-
$2,803,925
950,098
137,441
301,218
286,438
Operations...
5,630,886.
Sales of General Motors cars
and trucks to dealers in the
overseas markets
during March totaled 37,003 units, the
highest March volume on record,
and were
15.0% greater than sales in March of last
year.
In the first three months of
1938, sales of 97,193 units were also at a record
volume level and represented an
increase of 12.2% over sales in the first
three months of 1937.
For the 12 months
through March 1938, sales totaled
374,044 units—
an increase of
15.0% over the volume in the 12 months ended
March 31,
xy«5 *
1.93%, for the
20, 1940.—V. 146, p. 751.
11.9% over the February total of
the 37th consecutive month
that Chevroelt dealers sold
used cars, and gave them a
grand total of used car sales
months of
of
Co.—Option Granted—
General Water Gas & Electric Co.
(&
rate
and trucks in
March, according to
Division officials on April 7.
new cars
Chevrolet Motor
57.2% increase
above
or
The company has notified the New
York Stock Exchange that
options
have been granted to
employees of the company to purchase in the
aggregate
1,200 shares of common stock at $10 per share.
Said options expire on
various dates from July 14, 1940 to Dec.
Net income
Total
1,673,414
1710.
Net operating revenues
1936
131.134
116,762
162,418
187,119
194.695
186,146
177,436
99.775
70,901
369,962
$8,276,139 $9,915,244
owned
The
1935
54,105
77.297
126,691
143,909
109,051
137.782
108,645
127.346
66,547
68.566
136,589
122,198
152,607
Total
debentures.—V. 146,
responding period of 1937.
,
65,789
6,645
General Telephone Corp.—Gain in Phones—
Sales to Dealers in United States
January
February
$8,276,139 $9,915,244'
version of 5H%
167,790
1936
102.034
96,134
181,782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
155,552
173,472
65,789
35,378
Investments carried on books at written-down values
established Dec.
31, 1931 and (or) subsequent cost,
b Represented by 22,320
(24,640 in
1937) shares $6 div. pref. and 210 (280 in 1937) shares
$5.50 div. pref., of
no
par value
(entitled to $110 per share upon redemption or
voluntary
liquidation, or $100 per share upon involuntary
liquidation, plus accrued
divs.).
Total preferred stock authorized 47,610
shares, of which 23,690
shares of $5.50 pref. are reserved for
conversion of 5% debentures.
Junior
preferred stock authorized, 10 000 shares of no
par value
of which no
shares have been issued,
c Represented
by 669,886 shares of no par value.
Authorized
900,000 shares of which 26,310 shares are reserved for
con¬
Sales to Consumers in United States
January.
February
37,345
a
124,680
39,152
127.054
182,754
185,698
2.116.897
April
158,572
144,874
196,721
229.467
222.603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
10,946
33,768
Earned surp. (from
Jan. 1, 1932)...
United States and Canada Plus Overseas
Shipment
1938
1937
1936
1935
January
February
2,369,000
2,631,000
10,566
Capital surplus
rec..
totaled
unusually
settlement of the strike made possible
as
2 .369,000
2 631,000
(pay. May 1 *37)
Deb. int. accruedTaxes accrued
Int. & accts.
be borne in mind that in the first two months of
1937 sales were curtailed by
the shortage of cars caused by the General Motors
strike, and that this
contraction of the flow into consumers' hands was followed
sharp expansion in March 1937,
1953
5H%. 1939
669.886
Accounts payable.
Pref. dlv. declared
76,142 in March compared with 216,606 in March a year ago.
Sales in
February were 63,771.
Sales for the first three months of 1938 totaled
196,851 compared with 337,181 for the same three months of 1937.
In comparing sales for the current
year with those of last year, it should
by
1937
$2,305,258
c
1,004,660
3,654,695
25,238
Bonds
100,022 in March compared with 196,095 in March a year ago.
Sales in
February were 62,831.
Sales for the first three months of 1938 totaled
225,922, compared with 340,693 for the same three months of 1937.
Sales
1938
Investments—
a
same
consumers
$259,066
$373,450,
Comparative Balance Sheet March 31
States and
Canada, together with shipments overseas, totaled 109,555, compared with
260,965 in March a year ago.
Sales in February were 94,449.
Sales for
the first three months of 1938 totaled 298,271
compared with 439,200 for
the
$855,418
March,
preferred dividends accrued
were declared pay¬
on April 1, 1937; also the current
quarterly preferred dividend payable
May 1, 1937, amounting to $37,345, was declared.
The annual preferred
dividend requirements amount to $149,380.
and in
able
pany on
1,000
revenues
$29,325
Jan. 1 to March 31
1938
1937
$41,091
146, p. 2208.
$253,994
$347,480
Georgia Power Co.—Issuance of Bonds—
The
the
Securities
company,
a
and
Exchange Commission announced April. 8 that
subsidiary of Commonwealth & Southern Corp. (Del.),
registered holding company, has filed an application (File
32-83) under
the Holding Company Act for an exemption
from
the
requirement of
filing a declaration with respect to the issue of $2,301,000 1st & ref.
mtge.
bonds, 5% series due March 1, 1968.
The application states that the Commonwealth &
Southern Corp. (Del.)
is to purchase $1,301,000 of the bonds for a cash
consideration of 90% of the
principal
a
amount with accrued interest and to hold the
of bonds in the
treasury of the applicant.
The
sold
are
required
in
remaining $1,000,000
proceeds of the bonds to be
connection
with
the
maturity
on
May
1,
1938,
of
Volume
Financial
146
2537
Chronicle
$2,300,800 of Central Georgia Power Co. 5% 1st mtge. sinking fund gold
bonds.
A hearing in this matter has been set for April 25.—V. 146, p. 2042,
Consolidated Balance Sheet Dec. 31, 1937
'Assets—V
Cash in banks and
Georgia Railroad & Banking
Co.—Smaller Dividend—
$2.25 per share on the common
15 to holders of record April 1. Previously regular
quarterly dividends of $2.50 per share were distributed.—V. 142, p. 2500.
Directors have declared a dividend of
stock, payable April
Republic Insurance Co. of
Globe &
Directors have declared a dividend of
America—Dividend
12 H cents per share on the com¬
stock, payable April 30 to holders of record April 20.
Previously
regular quarterly dividends of 20 cents per share were distributed. In addi¬
tion, an extra dividend of five cents was paid on Jan. 29, last, and on Oct. 30
and July 30, 1937.—V. 146, p. 598; V. 145, p. 2548.
mon
Canadian
Govt,
on
o
Liabilities—
>
hand..
bonds
Advances
posited under Surety Bond
Accounts rec., miscellaneous.
Accounts
receiv. for
metal
tions
112,614
Year Ended
Year Ended 13 Mos.End.
&
Cost of sales
..$16,245,500 $14,967,688
150,122
144,770
$16,395,622 $15,112,458
yl5,022,514 xl2,588,676
$9,791,871
x8,342,338
$1,373,108
$2,523,782
merchandise at approx. cost
90,566
215,496
6,982
170,433
9,259
distribu¬
1932 and
5,157
8,744
due
747,400
2,251,303
322,125
Capital surplus
Earned surplus (deficit)
437,207
45,457
buildings, plant
estate,
and equipment
*2,562,227
114,879
Deferred charges
Total
$3,656,0211
After
capital
(arising in
5-year 5% conv. debs.,
April 1, 1942
Capital stock (par $5)
235,328
ore at cost..
Mine, mineral lands and coal
$1,449,533
217,993
_ _.
$9,686,286
105,585
68,939
agreement, balance payable
Materials, supplies and store
x
profit from trading
Commission from concessions
Gross
of settle¬
Coal mine lease under option
6,261
at cost
Broken
17,843
excess
prior years).
Metals In concentrates in pro¬
Real
Jan. 31, '38 Jan. 31, '37 Dec. 31, '35
allowances).$49,798,298 $44,717,294 $32,049,952
33,552,798 29,749,607 22,363,665
Period—
Net sales (less teturns
Unclaimed
7,129
sales
In
ment values of metals sold.
17,351
—at cost
cess
$279,967
payable.
wages
Accrued liabilities
mine lease.
Goidblatt Bros., Inc. (& Subs.)—Earnings—
Accounts and
$72,459
de¬
for depreciation of
reserve
Total.....
$3,656,021
$1,717,383.
Note—The mine, real estate, buildings, plant and equipment are stated
on the basis of a valuation established by the company in 1926, plus sub¬
sequent additions at cost, and less reserves for depletion and depreciation.
Total gross profit.
Store and operating expenses
Net
operating profit
Interest paid
Amort, of bond discount
& expense._
See list
41",655
demolished.
26". 644
18",285
Other deductions
The
profit before considering mis¬
cellaneous income and
Federal
$1,136,830
114,571
$2,224,635
86,501
$1,215,884
profit before Fed. taxes on inc. $1,251,402
$1,054,801
$1,947,414
$1,120,638
$1,054,801
$1,947,414
$1,114,227
150.512
598,401
924,345
663,639
$1.36
796,890
438,885
629,136
$3.07
27,647
816,060
596,223
$1.86
■■■__
Income taxes
Net profit..
Minority int. in profits of sub. dis¬
posed of in 1935—
profit carried to earned surplus
Preferred dividends paid in cash
Common dividends paid in cash
Dividends paid in common stock.
Shs. com. stk. outstanding (no par).
Earnings per share
Net
112,107
and
and $315,012 in the period
provisions for prior years,
for surtax of $6,756 on undistributed profits,
wirte-off of unamortized discount and expense of $12,219 on
z
Including
bonds retired
1937
1938
on
Accounts
2,870
2,691,048
8,040,454
137,045
Prepaid expenses.
229,358
Other assets—
Accts. receivable
Inventories
2,454,893
payable
Mat., within 1 yr.,
of rg-term debt.
8,470,122
Accrued expenses.
162,753
Bonus pay. to emp
155,701
Instalm't
—
8,925,183
1
notes
1,414,383
c
390,000
1,182,224
33,180
2,676,022
stock.
Earned surplus
Total..
20,648,832 20,438,413
35,057
3,392,290
6,874,829
2,783,973
3,000,000
5,896,733
3,402,430
20,648,832 20,438,413
and $293,700 in 1937.
b After
reserves for depreciation of $1,767,318 in
1938 and $1,379,647 in 1937.
c Represented by 58,925 (60,000 in 1937) no par shares,
d Represented by
663,639 (629,136 in 1937) no par shares.—V. 146, p. 2370.
a
After
reserves
of $343,607
in
1938
Co.,
Granby Consolidated Mining, Smelting & Power
and concentrator at Copper Mountain and Allenby,
.
•
operations at the Anyox properties were terminated in August, 1935
and in Nov., 1935, these properties were sold.
Accordingly, any published
statements giving the company's operating results for prior years have no
bearing upon and are not comparable with the company's present operations,
which are now limited to the mine at Copper Mountain, the concentrator
The
Allenby and the power plant and coal mine near Princeton.
and Copper Mountain properties had been shut down
1930.
In opening up these properties and constructing a power
at
since
plant
many conditions arose which could not have been anticipated.
These
conditions necessitated additional cash outlays not originally contemplated.
Unavoidable delays were encountered so that it was not until about Oct. 1,
1937, that the property was brought up to normal production.
During the first quarter of 1937 financial arrangements were concluded
to permit the reopening of the Allenby and Copper Mountain properties
The Allenby
5%.
1937
and the issue was underwritten by Fuller Rodney & Co. of N. Y. City.
With the funds thus made available, the construction of a power plant and
other works necessary to the reconditioning and reopening of the properties
were undertaken.
During the period of the company's operations ending
in 1930, the necessary power was obtained from the West Kootenay Power
& Light Co., Ltd., but it was found impossible to arrange for a continuance
of the power supply from this source, making it necessary for the company to
closed down since 1930. Company issued its five year,
convertible debentures in the amount of $750,000 dated as of April 1,
which had been
plant.
company's entire output for a
period (subject to termination within that time in certain events
specified in a force majeure clause of the contract) was concluded. By the
terms of this contract it was provided that the purchasers should take
delivery of the concentrates produced at the Allenby plant, at seaboard,
at the ports of Vancouver or New Westminster, B.C.
construct is own power
In
cents
per
share in
Extras of 12 ]A cents were paid on June 1 and March 1.
Dec. 1 and Sept. 1, 1936.—V. 146, p. 914.
a
certificate
Ry.—EarnmgsJan.
—V. 146, p.
-
—
1
to
Jan. 1 to
Mar.:27,*38 Mar. 28,'37
$465,792
$510,533
1076.
75 cents per share on account
1st pref. stock, par $100, payable May 16
Similar payments were made in each of the
seven preceding quarters, on Aug. 15 and May 15, 1935; Aug.
15, May 15,
and Feb. 15, 1933, and on Nov. 15, 1932.
The last regular quarterly
payment of $1.50 per share was made on May 16, 1932.—V. 146, p. 599.
February, a contract for the sale of the
of record May 2.
Haverhill Electric Co.—Dividend—
dividend of 63 cents per share on the com¬
This
with 62 cents paid on Jan. 14, last; a dividend of $1 paid on Oct.
14, last, and previously regular quarterly dividends of 50 cents per share
were distributed.—V.
146, p. 442.
The directors have declared a
mon
stock, par $25, payable April 14 to holders of record April 9.
compares
Hearst
Consolidated
Publications, Inc.—Stockholders'
Suit Dismissed—
Francis C. Caffey dismissed recently the suit of Rudolf
stock holder, for the cancelation of 2,000,000 shares of
accounting and a receivership.
Judge Caffey ruled that he was without jurisdiction and that jrisdiction
could not be vested in the Federal courts without complete diversity of
citizenship, "which does not exist," as the plaintiff and two directors served
with copies of the complaint are residents of New York State.—V. 146,
p. 279.
Federal Judge
Kohlrosser,
a
stock of the corporation and for an
(Walter E.) Heller & Co.—Earnings—
operated two separate and distinct properties in
Canada:
(a) A mine, concentrator and smelter at
Anyox, and (b) a mine
res pGCtivGly
of 20
Period—
Prior to 1936 company
Columbia,
on
Gross revenues
Ltd.—Annual Report—
British
dividends
Sept. 1,1937.
Havana Electric
619,139
1,416,741
&
preferred stock. 2,946,250
Total
on
to holders
$2.50 cum. conv.
d Common
extra
of accumulations on the 6% cum.
2,523,846
liab 2,500,146
oth. l'g-term
8,700,757
1
b Fixed assets—.
Goodwill
$
Bank & other loans
notes
(at market)
a
payable.
491,314
625,743
hand
Tax-anttcip.
1937
$
Liabilities—
Cash in banks and
declared
The directors have declared a dividend of
1938
■
ft,. $
have
Havana Electric & Utilities Co.^—Accumulated Div.—
31
Consolidated Balance Sheet Jan.
With-
permitting abandonment by Howard S. Palmer, James Lee Loom is, and
Henry B. Sawyer, trustees of the company, of lines of railroad, extending
(a) from a point near Griffins Station to Tariffville, approximately 2.71
miles, and (b) from a point about 1,000 feet west of Tariffville to the end
of the line at Agawam Junction, approximately 14.30 miles, all in Hartford
County, Conn., and Hampton County, Mass. Abandonment of operation
of the lines by the New York New Haven & Hartford has also been ap¬
proved.—Y. 146, p. 1243.
"•
before maturity.
-
directors
The Interstate Commerce Commission on March 19 issued
and incl. pro v.
Assets—
-Registration
Hartford & Connecticut Western RR.—Abandonment
207,353
6,412
Includini
depreciation of $249,458 in 1935
ended Jan. I 1, 1937.
y Including additional
Inc.-
given on first page of this department.—V. 146, p. 914.
1937, and
■
x
Distillery,
addition to the regular quarterly dividends of 25 cents per share on the
class A and B common stocks, no par value, all payable June 1 to holders o f
record May 16.
Similar dividends were paid on March 1, last, Dec. 1
$1,327,992
196,601
$2,311,137
y363,722
income
taxes on
Other income
Mountain
Hancock Oil Co. of Calif.—Extra Dividends—
12,301
Net
Net
Green
drawn—
50,025
Expenses of financing
z
Loss on building
Reconditioning and reorganization costs in 1937 are being amortized over
July 1, 1937.—V. 144, p. 3333.
three years from
3 Months Ended March
x
1938
31—
$119,965
245,473
Net income...
Shares common stock
$0.38
Earnings per share.
After all charges incl. provision
x
Hewitt Rubber
3 Months Ended
1937
$118,751
243,742
$0.37
1936
$77,575
234,568
$0.21
for Federal income tax.—V. 146,
p.
599,
Corp. (& Subs.)—Earnings—
March 31—
profit after deprec., Fed. inc. and undistributed
profits taxes
Earnings per share on common stock.
—
—V. 146. p. 2209, 2044.
1938
1937
Net
$10,691
$0.06
$103,553
$0.61
1938
$82,279
1937
$73,179
(R.) Hoe & Co., Inc.—Earnings—
5 Months Elided Feb. 28—
Consolidated net profit after interest & deprec._
President, overhead expenses of the
company have been steadily reduced, whereas taxes have increased sub¬
stantially, with social security and miscellaneous taxes during the first
five months of the current fiscal year amounting to $67,184 as against
$36,652 for the same period of the company's 1937 fiscal year.
Unfilled orders of the New York company on April 1, Mr. McCarty
stated, amounted to $1,587,454 as compared with $3,471,000 on Aug. 31,
1937. Consolidated unfilled orders of the company on March 31, 1938 were
$4,493,429 as against $7,203,444 on March 31, 1937.
Alexander S. Banks has been elected a director, replacing Boudinot
Atterbury, who resigned.—V. 146, p. 2044.
According to
Fred R.
McCarty,
three year
Consolidated Income Account for the Year Ended Dec. 31,
1937 {Incl. Sub.)
[Operations were confined approximately to the last six months of the
The wholly-owned subsidiary did not operate during the year.]
year.
June 15 to
Oct. 1 to
Sept. 30 1937 Dec. 31 1937
.
Period—
Copper production (lbs.)
Value of copper production
Cost of copper production
Administration
Insurance and taxes—
New York expense
Exchange
Total for
1937
(less interest earned)
Operating profit
Debenture interest.
—
Debenture issue expense—proportion
5,940,650
10,451,364
$495,717
457,878
16,340
19,919
10,464
$578,511
444,994
10,141
16.802
$1,074,228
902,872
26,481
36,721
17,261
Crl93
loss$8,691
9,361
6,797
340
"
147
$99,437
9,343
$90,747
18,703
3,817
11,020
Depletion
Depreciation (approx. six months) —
Plant reconditioning and reorganiza¬
8,182
32,330
39,696
11,450
19,202
72,027
exps.—proportion amortized.
11,942
3,694
11,942
4,806
23,884
8,500
$81,833
prof$18,814
$63,019
amortized
tion
Provision for mineral taxes
Net loss.
7,633
have declared a dividend of 50 cents per share on the
pref. stock, par $60, payable April 9 to holders of record
A similar payment was made in each of the seven preceding quar¬
ters and an initial dividend of $1 per share was paid on April 10, 1936.—
V. 145, P. 4118.
directors
cum.
April 1.
Holly Sugar Corp.—Dividend Payment Upheld—
The
Appellate Division of the New York Supreme Court in a 4-to-l de¬
cision upheld on
4,510,714
a
Holeproof Hosiery Co.—50-Cent Preferred Dividend—
The
6 2-3%
April 8 a decision of Supreme Court Justice Charles B.
McLaughlin dismissing an injunction suit which sought to restrain the
corporation from paying annual dividends in excess of $2 a share on its
common stock.
The suit was brought by Oliver C. and Mary Wagstaff,
owners of preferred stock.
The Wagstaffs contended that a charter provision in effect before a
five-for-one split-up of the common stock in
1935 restricted common
dividends to $10 a share while any of the preferred stock was outstanding.
They argued that this provision limited the common to a $2 a share dividend
after the split-up.
In its opinion the Court said sinking fund and other provisions of the
charter gave the preferred stock ample security and held that the charter
provision applied to
the new stock after the split-up.—V. 146, p. 109.
Home Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable May 2 to holders of record April 15.
Similar
distributions were made on Feb. 1. last, Nov. 1, Aug. 2 and on May 1, 1937.
A stock dividend of 1.29 of a share of common stock for each share held
Financial
2538
Chronicle
ferred to the
April 16, 1938
company.
There will be only one class of common stock.
It will be authorized to issue 400,000 shares, but upon consummation of the
paid to stockholders of record March 25, 1937. See V. 144, p. 454, for
detailed record of previous cash distributions.—V. 146, p. 2209.
was
new
plan only 334,440 shares will be outstanding.
(George A.) Hormel &
Co.—37%-Cent Dividend—
dividend of 37 K cents per share on the
common stock,
payable May 16 to holders of record April 30.
A like
amount was paid on Feb. 15, last, and previously regular quarterly divi¬
dends of 25 cents per share were distributed.—V. 146, p. 442.
ha,e declared
The directors
a
The plan gives no participation to the 7 % preferred and class A and class
B common stockholders of Inland.
Neither does it give any participation
the common stockholders of Commonwealth.
to
Each
$1,000 of first lien collateral trust bonds, series A, B
and C of
Inland will be exchanged for 50 shares of common stock of the reorganized
Upon consummation of the plan approximately 239,125 shares,
71.5% of the total capital stock of the new company will be issued to
company.
Hudson & Manhattan RR.—Asks
for Fare Increase—
April 7 asked the Interstate Commerce Commission to
handed down by the Commission Aug. 17, 1937, sus¬
pending a proposed four cent increase in fares between Hudson Terminal,
New York City and stations in Jersey City and Hoboken, N.J.
In the brief the railroad stated that it must have at least approximately
$1,000,000 additional gross revenue in order to pay increased operating
expenses, increased taxes and interest on its funded debt, including current
This company on
set aside the order
interest
but excluding cumulative interest which is
its income bonds,
on
in arrears.
now
.
..
..
contended that it could obtain the necessary additional
revenues only by an increase in fares on its downtown line: it could not
increase its fares on its uptown line because no increase in its present
divisions from the Pennsylvania RR. on joint traffic could be obtained
except by negotiations with the Pennsylvania or by complaint to the ICC.
Although the proposed increase in fares, based on 1937 traffic and
allowing ror possible diversion of traffic from the downtown line, should
yield slightly in excess of $1,000,000, the carrier said that the slight excess
might be sufficient to permit it over a period of years to reduce the cum.
interest now in arrears on its income bonds.—V. 146, p. 2044.
The
carrier
or
Inland's bondholders.
Each $1,000 debenture of Inland will be exchanged for 22.85 shares of
common.
Such exchanges will take 26,552 shares of the common
stock of the reorganized company, or 7.94%.
Unsecured creditors, other than Commonwealth, will be offered 19.437
new
shares of
1938—Month—1937
$6,801,098
4,880,900
$2,291,961
1,163,465
$4,123,023
2,350,749
$4,678,024
1,171,653
$748,545
583,082
Net oper. revenues
Operating taxes-...-.—
$6,840,827
4,548,866
$1,920,198
Operating revenues—
Operating expenses
$6,858,344 $14,160,171 $13,975,975
$1,128,496
963,681
$1,772,274
1,428,221
—V. 146
p.
$14,125,294 $13,941,396
10,002,271
9,263,372
Federal income taxes
on
undistributed income
Provision for depreciation
Net operating income—
Other income
on
on
351,267
117,000
12,000
522,475
$1,120,242
23,440
$1,201,606
485,200
5,080
32,923
Cr 17,088
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
$1,143,682
$695,491
280,980
funded debt
$621,310
280,980
54,719
197,890
Net income
Dividends on 6% cum. pref. stock—
Dividends on $7 junior cum. pref. stock
Dividends on common stock
hd-.
1936
1935
$5,425,660
y4,707,265
$2,587,872
1934
$350,206
•'
.
$762,267
.
y436,884
994,413
27,906
...
—
on notes
pay'le, &c.
salaries, general
expenses. &c
$718,395
24,744
loss$86,678 loss$232,146
42,058
17,527
5,615,778
388,379
—
$743,139
389,417
loss$44,620 loss$214,619
438,085
455,099
471,086
302,803
262,979
-
-
310,960
Arizona
State & county
taxes, &c_---------Net profit
Before
x
327,738
.z$l,899,661
$353,7221's$l,216,7701's$1.283,481
depreciation and depletion.
Depreciation being calculated
on
Includes depreciation,
z
485,200
4,248
32,923
1937
197,890
Note—As of Jan. 1, 1937, the company adopted the policy of capitalizing
all indirect construction expenditures.
If such policy had been in effect
during the year 1936, net income for that year would have been increased
1936
Assets—
1937
and lands..
$
Capital stock (par
17 ,994,480
18,111,437
Bldgs.,mach.,&c.ll ,635,181
$20)
12,277,273
401,990
401,990
Accrued taxes
Supplies
Copper in
463,006 V
361,185
-.23,639,340 23,639,340
7,643,000
7,643,000
Notes payable
Inv. in sundry cos.
x
1936
$
Liabilities—
$
Mines, min. claims
at cost
430.576
278,383
Finished copper on
hand..
2, 364,460
Accts. receivable..
79,291
1, 450,168
394,029
40,212
Accounts payable.
96,524
334,130
2,768,671
346,380
514,707
110,646
y504,445
wages
704,147
Cash
and
interest
Accrued
process,
134,323
Deferred charges..
Total
54,719
Before depletion.
Balance Sheet Dec. 31
171.709
$1,190,261
11,345
Gross income..
Interest
Int.
1,413,125
State, local & miscell. Federal taxes
Federal surtax
.f&r
1936
1,714,249
187,533
413,622
149,163
41,360
579,000
:
1937
$11,116,958
YYmvXr&tino'
$3,707,819
— -
-
common
Wages,
y
1937
Operation..
of the
the basis of units of production, no depreciation has been written off
during
either year, as operations were suspended for both periods,
$4,275,190
Maintenance..
■
Profit----—
Other income
2,325,982
Co.—Earnings—
„
$3,449,646.
Inspiration Consolidated Copper Co.—Earnings—
Years Ended Dec. 31—
Copper sales
-
Calendar Years—
Total operating revenues
will receive approximately 38.46%
reorganized company.—V. 146, p. 2695.
Profit
2210.
Illinois Northern Utilities
Interest
34,579
of
amount
Commonwealth,
stock of the
2,006,198
income
34,877
the
Middle West Corp.. through its ownership of the collateral trust bonds
unsecured debt of Inland and the 7% refunding and unifying bonds
$2,352,042
Net oper. income
Net
17,517
This will take 1,713 shares,
in
and
of
min.exps. & Fed. taxes y8,529,086
1938—2 Mas.—1937
$6,818,052
16,954
Uncollectible oper. rev._
Commonwealth
to
Under the plan, Commonwealth will be entitled to 67,050 shares of common
of the reorganized company, or 20.05%.
These shares will go to security
holders and creditors of Commonwealth.
Illinois Bell Telephone Co.—Earnings—
Period End. Feb. 28—
indebted
is
Inland
Cncffl'
Operating revenues
for each $1,000 claim.
new common
0.51%.
or
x
After
reserve
y
for
Total
34,929,799 32,988,284
depreciation of $9,985,390 in
1937
and
$9,204,585
Accrued taxes only.—-V. 144, p. 3336.
Insuranshares
at
869,010
204,836
34,929,799 32,988,2841
1936.
n
Surplus
Certificates, Inc.—Report for Quarter—
As of March 31, 1938, the liquidating value of the capital stock, valued
the bid side of the market, on a cash basis was $5.56 compared with
$7.56
on March 31. 1937, and $5.86 on Dec. 31,1937.
On March 31,1938,
liquidating value taken on an accrual basis was $5.59 as compared
31, 1937, and $5.94 on Dec. 31, 1937.
As of Jan. 1, 1938 corporation changed to a cash basis of accounting from
an accrual basis.
For the first quarter of 1938 the gross income on an
accrual basis was $33,967.30 compared with $37,112.80 in 1937.
On a
cash basis however, the gross income for 1938 was $9,835.25 compared with
$12,711.50 for the same period in 1937. The net income of the first quarter
of 1938 on an accrual basis was $29,058 compared with $31,372 in 1937;
on a cash basis, however, the net income for 1938 was
$4,926, compared
with $6,971 for the same period in 1937.
The net earnings per share on a
cash basis compare was follows:
March 31, 1938 .065 cents; March 31,
the
approximately $60,000.
with $7.59 onMarch
Comparative Balance Sheet Dec. 31
1937
1936
$
$
Assets—
Fixed capital
940,791
695,559
211,302
642,824
x
190,602
Funded debt
187,483
201,024
Demand note pay.
Accts. payable
653,423
685,021
$
$7 Junior cum. pf.
199,819
Spec, funds & deps.
3,441
Special deposits..Deferred charges._
Misc. curr. assets.
4,683,000
stock
47,057
Receivables
Materials & suppl.
Investments
ins.,
1936
$
6% cum. pref. stk.
Cash..
Prepd.
1937
Liabilities—
23 ,497,413 22,817,093
2,862
781,700
Common stock..
Miscell.
& other exps
5,140,000
9,704,000
100,000
193,487
168,103
llab.
11,389
29,011
Accrued liabilities-
678,500
163,302
547,495
2,766,400
2,774,784
curr.
Reserves
22,372
781,700
5,140,000
9,704,000
Customers deposits
taxes
4,683,000
85,453
1937 .084 cents.
On Feb. 19, 1938
80,600 shares of treasury stock were canceled at the
meeting.
Since that date the corporation has acquired a further
8,600 shares, which were authorized to be retired on April 7, 1938. by a
,
annual
resolution of the board of directors.
Contribs. in aid of
Income Account for Quarter Ended March 31
construction
218,138
Surplus
Total
x
25,514,431 25,483,659
1,074,513
Total...
1,570,111
25,514.431 25,483,659
Represented by shares of $100 par.—V. 146,
2372.
p.
1938
The
Central
Hanover
Bank &
Net
trustee, is inviting sealed
tenders of preferred first mortgage 4% bonds, dated April 15, 1879, maturity
extended to April 1, 1940, at a rate not to exceed 105% and accrued
interest,
in
an
amount sufficient
to exhaust the
sum
of
$10,871.
Tenders will be
$33,253
7,585
of
$4,925
794,271
Dr54,886
$31,373
774,337
Dr7,202
$29,538
762,387
$25,667
687,876
$744,312
$798,508
$791,795
76,500
$713,543
59,500
$744,312
losses
on
securities
cap. sur.
Balance at Jan. 1
Income charges (net)—
Total surplus
..
Drl30
Dividends paid
Indiana Harbor Belt
Period End. Feb. 28—
of
charged to
as
opened at noon, April 25.
1935
$36,055
6,516
operating income
sales
Western Ry. Co.— Tenders—
Trust Co.,
1936
$37,113
5,740
Total deductions
excl.
Indiana Bloomington &
1937
$9,835
4,909
Total income
RR.—Earnings—
1938—Month—1937
Undistrib.
1938—2 Mos.—1937
inc.,
oper.
March 31
$634,451
Net rev. from ry. oper.
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income
503,805
$855,741
567,591
$1,335,860
1,037,929
$1,764,034
1,166,312
$130,646
58,735
68,755
$288,150
75,638
65,310
$297,931
119,323
133,445
$597,722
149,056
144,473
$3,156
2,133
$147,202
1,907
$45,163
6,017
$5,289
3,250
37,379
$149,109
3,374
37,930
$51,180
6,110
74,703
$308,213
6,590
75,854
$107,805
$1.42
def$29,633
$715,295
$654,043
$0.0132
$0.0447
$0.0424
$0.0065
$0.0377
$0.0347
$0.0391
$0.0301
.270,775
$4,865,672
$5,143,679
$3,085,344
Earnings
Misc. deduc. from inc._
Total fixed charges
!
during year below
adj. book value pre¬
$225,769
vious Dec. 31
Net inc. per sh. of stk__
—Y.
146, P. 2372,
Nil
-
Nil
$2.97
in
Crl5,043
Industrial Brownhoist
$4,708,156
$4,942,587
depreciation
-
334,421
_
Mar. 31 $2,705,703
surp. at
Securities
1938
Federal income tax
$53,621
38,271
1938
in
$118,705
Cash
31,991
2,129
Divs.
1937
Liabilities—
Notes
port¬
x$4,069,031 y$6375,286
folio
1937
Profit available for bond interest.
-V. 146, p.1879.
$15,349
payable
Unclaimed divs
Expenses payable-
24,401
Accrued
and
Exchange Commission requesting
a
Corp. and
an applica¬
proposed plan.
All of the assets of Inland and
Commonwealth, other than Common¬
wealth's claim against Inland and other than Inland's
interest in real estate
and improvements thereon, located
by Cheboygan, Mich., will be trans¬
Total
x
tion
$4,174,007 $6,503,596
Total
inc..
stock
21.795
758,100
838,700
2,705,703
Capital surplus
report on a plan of reorganization of Inland Power & Light
Commonwealth Light & Power Co.
The committee also filed
tion with respect to solicitation of consents to the
211
'395
brokers
Cap.stk. (par $1).
Corp.—Reorganization Plan
15
expenses-
Treasury
The bondholders' protective committee for the
6% collateral trust bonds
Power & Light Co. and the Middle West
Corp. have filed an
1937
$190,000
80
81,557
22,352
8,414
receivable-.
$84,585
of Inland
Securities
1938
to
96,561
-
Due from brokers.
Undis. oper.
the
$3,196,420
banks (secured).
Due to
with
Crl06,651
245,693
stock
Assets-
Corp .—Earnings—
Profit from oper. before prov. for deprec.,
int., &c_
Provisions for deprec. and idle plant expense
application
04,425
Dr202,895
Balance Sheet March 31
3 Months Ended March 31—
Inland Power & Light
01,803
Drl62,038
_
Cap.
04,521
market
value of portfolio.
Portion of canceled treas.
Unreal
income
income
Net prof, on secur. sold
Recovery
Total income
Net
per share on—
Capital surplus—
Bal., Jan. 1, adjusted-
$304,193
4,020
def$35,340
-
Other income
$798,508
Total income
Net oper.
Railway oper. revenues.
Railway oper. expenses.
4,708,156
798,508
Dr53,773
744,312
Dr34,597
.$4,174,007 $6,503,596
After unrealized shrinkage of $1,459,362.
y After reserve for deprecia¬
on cost of $247,841 (after deducting $787,586 for appreciation on cost).
—V. 146, p. 1077.
Interborough Rapid Transit Co.—Directors—
This company has
notified the New York Stock Exchange of the resignaWhalen as directors.—V. 146, p. 2372.
ion of George A. Ellis and Grover A.
Volume
Financial
146
Income Account Years
Ended Dec. 31 (Company
$341,324
401,472
18,870
Interest from others
$240,000
384,093
18,870
competitors.—V.
$761,667
114,997
companies
Interest from subsidiary
$642,963
108,337
31,119
Formed—
Total income
General and administrative expenses
Taxes (other than income
31,054
taxes)
$503,507
1,594,080
89,815
$1,068,280
4,874,174
Net loss
Deficit Jan. 1
$1,180,388
3,569,286
Balance
Sheet Dec. 31
■v-:
«
$
26,568,000
26,568,000
payable--
91,808,612
6,483,710
285,000
285,000
Accrued
interest
18,004
398,520
29,914
398,520
622,500
747,000
Accrued
taxes—
22,240
21,160
1,461,090
Ad vs. to sub. cos.
Other inv. (cost)
Options.--
Acer. int. receiv.
18,870
Due fr. sub. cos-
36,068
Accts.
32,500
Pref.
($25
acq'd by subs.
147,371
240,858
1931.
exps.
Class
147,372
21,417,958
21,417,958
20,000,000
other
in
stores
several
important
respects.
board be¬
duced by about 25%, causing some reduction in profit!but the
lieved it wise to do this because of unsettledieconomic conditions."
23.9% Below
a
Year Ago—
2,000,000
2,000,000
20,084,277
21,567
7,676,432
20,084,277
21,567
$1,541,848
$2,026,629
'
9,564,422
The company reports net asset value on March 31, 1938, with securities
adjusted to market prices, was $29.10 per share of common stock,
comparing with $37.61 per share of common stock on Feb. 28, last, and with
$65.55 per share on March 31, 1937.—V. 146, p. 1713.
7,862,982
4,874,174
Island—Div. Reduced—
Investors Trust Co. of Rhode
Directors have declared a dividend of 37 )4
101,287,385 102,395,282
Expiring Dec. 31, 1942, to acquire at $55 a share 30,000 unissued com¬
mon shares of New England Power Association
(88% of whose present
101,287,385 102,395,2831
Total
a
shares is owned by International Hydro-Electric
System).
b Difference between cost and principal amount of reacquired
debentures, less discount and expense applicable thereto,
c Less deficits
of subsidiaries arising since dates of acquisition.
outstanding
stock, payable May 2 to holders of record
quarterly dividends of 62cents per share
P. 2503.
mon
common
Consolidated
Income
Account for
Years (Incl. Subsidiaries)
1936
1935
1934
Calendar
1937
oper„.$62,900,782 $61,506,958
3,221,489
3,114,536
exchange
299
7,517
$59,947,428 $59,445,971
3,415.829
3,537,134
28,409
23,535
revenue..$66,121,972 $64,613,977
Oper. exps. and taxes— 28,572,598
27,469.483
Maintenance
3,934,169
4,098,158
Jamaica Public Service Ltd. (&
Operating
rev.
from
From other income
Loss
on
Total gross
3,662,255
25,186,270
13,256,178
972,476
Amort, of discount
5,550,955
2,369,592
Depreciation
Res. for income tax
14,033,663
929.741
5,434,156
1.522,094
14,515,670
921,839
5,182,659
1,817,911
14,935,687
905,797
5,185,317
1,992,620
8,560,388
8.561,132
8,549.084
7,828.425
1,411,252
of subsidiaries
Maintenance
Taxes
1,004,728
1,260,800
$1,131,259
$2,226,326
Bal. added to surplus.
Divs. pref. stock, conv.
$0.76
$0.54
$2.02
respect to income.
Dec. 31
Consolidated Balance Sheet
520,534,115
3,006,467
149,250
2,079,033
17,655,402
9,106,772
149,250
8,217,854
4,260,014
7,802,248
3,489,804
52,651
46,970
orders in prog.
17,760,047
Investments
9,957,342
...
Market,
Inventories
Sink, funds, <fec.
mon
accts.
-V. 145, p.
$32,936
7,500
$3L128
7,500
$381,526
90,000
$348,829
90,000
$25,436
8,658
$23,628
8,524
$291,526
105,302
$258,829
103,230
$16,778
$15,104
$186,224
$155,599
-
x39,349
31,479
_x98,439
73,126
declared
Balance
Retirement accruals
Gross income
Int. and amortization
Net income.
Dividends declared:
J.
3,767,971
Pref. stk.—conv.
22,769,123
Class A stock
7,124,200
21,354,433
Class B stock
20,000,000
$3.50
series..
stock.
2,000,000
Paid-in surplus.
surplus.
20,042,745
1,887,989
Capital surplus.
107,706
Common
1,168,878
1,073,749
Earned
on
14,185,798
7,019,200
21,414,784
20,000,000
2,000,000
20,081,248
2,988,807
62,837
15,602,989
Buffalo—Canadian Arbitration—
1937 has the following:
stated that service previously
$967,592.
carried the subject to the Court of Appeal of Ontario,
majority opinion of the arbitrators with some incidental
which sustained the
changes.
Thereupon company took a final appeal
London, England.
Here the position of company was fully sustained,
made an award to company of $1,657,436.
This
to the Privy Council,
and the Privy Council
amount was paid in
1937, and the net avails thereof were turned over to the Bankers
Trust Co. as trustee under the mortgage, who at present have on deposit
$842,731.
The recovery of costs and interest has not been completed.
—V. 146, p. 2372.
June,
International Shoe Co,—To Cut Wages—
This company has announced to employees that effective May 8, it will
adopt a lower wage scale which in effect will eliminate the increases in rates
1937 fiscal year.
New rates will
present although in no
those being paid at
21,993
x27,492
to" irregularity of"directors' meetings five
during this period.—V. 146, p. 2211.
Due
dividends
were
Inc.—Sales—
Period End. Mar. 26—
1938—4 Weeks—1937
$1,838,461
$1,753,381
1938—12 Weeks—1937
$5,495,148 $5,182,395
—V. 146, p. 1880.
Johns-Manville Corp.
(& Subs.)—Earnings—
1938
*1937_
44,225
246,175
1936 ^
$8,410,866
7,681,281
478,799
74,022
loss$239,475
share (850,000)..
loss$0.44
$1,021,919
$176,765
3 Months Ended March 31—
allowances—$10,435,119 $13,001,665
Mfg. cost, selling & adminis. expenses 10,081,166
11,147,449
Depreciation and depletion.
549,202
586,123
bales, net of returns and
Provision for inc. & excess profits taxes
Profit after income tax
„
$1.05
$0.05
"^Noie—This statement does not include profits of $77,642, earned during
the first quarter of 1938 nor does it include profits of $62,625. earned
during the first quarter of 1937 by Johns-Manville Credit Corp., a wholly
ITofRpOT common
owned subsidiary.
For those companies
included in the
consolidation which made a profit,
in accordance with tax laws of
provision has been made for income taxes
that no
income.—V. 146,
foreign countries and with the Revenue Act of 1936, excepting
provision has been made'or surtax on undistributed net
p.
2211.
Kalamazoo Stove & Furnace Co.—Dividend
declared a dividend of 12 H cents per share on the >
stock, par $10, payable May 1 to holders of record April 2Z.
dividend of 25 cents was paid on Feb. 1 last; 50 cents was paid on Dec. 27
The directors have
A
and
on
Nov.
1
last, and an extra
dividend of 25 cents in
share was paid on
regular quarterly dividend of 25 cents pe
—v
146, p. 443.
Kentucky
Sell Stock
Funding
Corp.,
addition to a
Aug. 1, 1937.
Cleveland—Permission to
Refused—
shares of stock at $5 a share was refused
action of the Ohio Securities Division of the
The corporation was formed to lend money on
Permission to sell 200,000
582,543,122 578,698,166
Total
rendered by com¬
pany along the Niagara River between Chippawa and Queenston was dis¬
continued upon expiration of the company's rights.
By the terms of the
contract, the physical property reverted to the Canadian Niagara Parks
Commission, which was required to compensate the company for its value.
Company attempted over a period of two years to meet the Commission
and to determine cooperatively with it the amount of compensation, but
no
such meeting could be arranged.
Accordingly recourse was had to
arbitration as provided in the agreement.
These proceedings resulted in
an award of $179,104.
The arbitrators in their opinion stated that under
the interpretation of the law advanced by company the award would be
made during the
Co., Ltd.—Preference
common
The 1932 annual report
Company then
S.
P. S.. Ltd.—Capital
.
21,802,761
3658.
The annual report on
P.
Halved
16,582
International Ry.,
below
$339,786
9,043
Mihor.com.stks.
240,858
582,543.122 578,698,166
Total
202,270
.
14,327
bonds & other
securities
42,611
60,685,184
131,011,690 131,831,747
plic. thereto—
exps.applic. to
exp.
stks.
240,858
exp.
future oper
8,427
incl. surp. ap-
employees-
&
Prof.&oth.
58,264
Prepaid and def.
Disc.
Other reserves—
747.000
Due from officers
&
42,611
65,636,187
194,758
3,899,638
Suspended creds.
62,968
&
receiv..
Organiza'n
of
payable-
622,500
stock
notes
notes
subs.
of subsidiaries
Options for com¬
Deficit
..
Serial
Res. for deprec.
securs.
Accts. and notes
receivable
1936
$
$
debt...272,210,433 274,091,945
Notes payable..
4,860.000
3,735,000
Accts. payable &
accruals...
9,401,606
8,971,799
Funded
83,981
32,889
$373,098
Liabilities—'
Prop., plant, &C.522,939,294
Construc'n work
Cash
1937
1936
1937
"!>*
$867,378
410,722
84,052
34,216
$30,272
856
$1.14
been made in 1937 for surtax on undistributed
profits, since in the opinion of managements, there is no liability for any
$898,047
406,679
302
Sales.
Note—No provision has
1938—12 Mos.—1937
$32,634
inc.
Jewel Tea Co.,
$957,473
245,678
$3.50 series
Earn, per sh. on aver. no.
of cl. A shs. outst'g—
'
Subs.)—Earnings—
(net)...
$1,433,104
1,179,735
distributed.—V. 142,
Net opera, revenues—
Non-oper.
3.586
425,498
charges
J&8SC&S
revenues
Operation
x
Prov .for undist. prof, tax
surtaxes with
were
Preference B.
pref. & class A
stocks of subsidiariesMinority int. in earnings
on
Other
3,510,889
oth.Inc.$33,615,205 $33,046,335 $33,135,198 $34,262,410
Net rev., incl.
Int. on funded debt and
other interest
1
Divs.
26,537,394
the com¬
April 25. Previously regular
cents per share on
1938—Month—1937
$74,971
$71,363
33,094
31,406
6,302
6,991
2,940
2,694
Period End. Feb. 28—
$63,334,847 $62,959,569
Gross
Value—
owned
Undistributed
earned surplus
1938—2 Mos.—1937
$2,590,710 $3,348,498
1938—Month—1937
Sales
Investment Co. of America—Asset
($0.05 par)..-
Deficit
Total
Its cash position is strong
Inventories were re¬
substantially larger than all current liabilities.
and
20,000,000
Capital surplusc
your
—V. 146, p. 1712.
Paid in surplus.
651,159
561,343
committee in a letter to stockholders states in part:
present board insisted that an independent survey be
selected to make this survey.
The
report of the survey, received in September, 1937, confirmed studies made
by the board.
In October, 1937 a new comptroller was employed and in
January, 1938 a new president was selected whojtook[office February 28.
"The company's operations in 1937 make a favorable comparison with
'Early in 1937
stock
Common
disc. & exp___
elected Chairman.
Period End. Mar. 31—
stock
par)
($20
240,858
debt
committee has been formed to support the present management
meeting of stockholders to be held May 10.
The committee
composed of Ray C. Kramer, Chairman of the Board, Albert Parker,
attorney for the company and Harold J. Szold of Lehman Bros.
The management committee has been formed in opposition to an in¬
dependent stockholders' committee initiated by John Stillman, formerly
connected with the company, who is requesting proxies on the ground that
the company has been inefficiently managed.
The former President, Henry Gressner, resigned on Feb. 28, 1938, and
was succeeded by Regan F. Connally and at the same time Mr. Kramer was
March Sales
par)
B
i'}->"
A proxy
7,139,950
stock
A
Group
Inc.—Proxy
Stores,
''^
at the annual
($50
stock
par)..
Class
gation of prop,
Organiza.
9,000
1,716,128
7,139,950
b Reserves
Exps. of investi¬
XJnamort.
12,750
1,716,128
Other accr. items
1,984,919
14,152
-
in
1936
$
Conv. 6% debs.
91.900.573
6,013.710
Capital assets—
1077.
p.
Department
The management
1937
Liabilities—
$
$
146,
Interstate
•
made and S. D. Leidesdorf & Co. were
(Company Only)
1936
1937
Assets—
124,500
$4,874,174
Can. subs
E. Power Assn
31
__Deficit, Dec.
Cash
1,609,478
124,500
$7,676,432
Adjs. incident to amalgam, of
Amort, of options on shs. of N.
granted during the 1937
paid prior to the increase
is
$615,615
1,594.080
89,815
Balance
Deductions—Int. on conv. 6% debentures
Amort, of debt discount and expense
was
fiscal year and in no case will the reduction be more than 10%.
The announcement stated that the adjustment is made necessary because
of reductions which have been made recently by many of the company's
1936
1937
.
Income—Dividends received from sub. cos
a
Only)
than
rates be less
System—Earnings-
International Hydro-Electric
2539
Chronicle
be approximately 10%
instances will the new
recently, as a result of the
Department of Commerce.
whisky warehouse receipts.
King Oil
Co.—-Special Dividend—
in addi¬
the common
145, P. 1906.
Kirkland Lake Gold Mining Co.—Gold Output—
Company in the first 1938 quarter, had gold output of $341,198 derived
from milling of 22,743 tons at an average of $15 per ton against production
of $276,218 in first quarter of 1937 from 20,672 tons, an average of $13.36
Directors have
tion to a regular
declared a special
dividend of five cents per share
quarterly dividend of 10 cents per share on
2 to holders of record April 15.—V.
stock, both payable May
per
ton.—V. 146, p. 1078.t
Knickerbocker Insurance Co. (N. Y.)—Smaller Divs—
Directors have declared a dividend of 12 K cents per share on the common
stock, par $5, payable April 25 to holders of record April 20. This compares
with dividends of 20 cents per share paid in each of the five preceding
quarters and regular dividends of 12M cents per share paid in each pre¬
ceding three months period.
In addition, an extra dividend of 12M cents
was paid on Oct. 26, 1936.—V. 144, p. 616.
B?& R.) Knight Corp.—Name Changed—
will hereafter be known as Fruit of the Loom, Inc.,
completed plan of reorganization.
S. Bruce Smart and
other officers will continue.
The Knight name has been associated with this
organization in Rhode Island since the original firm was founded in 1851 by
(B.
This corporation
under the recently
Robert Knight.—V.
146, p. 757.
Knudsen Creamery Co. of Calif.—Delisting—
The Securities and Exchange Commission has issued orders granting the
following applications to delist certain securities on national securities
exchanges:
2540
Financial
Chronicle
Application of the Knudsen Creamery Co. of Calif, to withdraw its $1.50
cumulative class A common shares (no par) from listing and registration
on
the Los Angeles Stock Exchange.
In its application the company
stated that delisting was sought, among other things, because there is in¬
sufficient trading activity in the subject security to warrant the continuance
of said listing.
Application of the Olinda Land Co. to withdraw Its common stock from
listing and registration on the Los Angeles Stock Exchange.
In its applica¬
tion the company stated that delisting was sought because of the liquidation
and dissolution of the company.—V. 146, p. 1403.
Kobe, Inc.—Initial Class B Dividend—
'
$5,643
(R. G.) Le Tourneau, Inc.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$291,780
$297,574
$5,655,614
$4,532,661
57,374
67,442
1.231,708
1,389,327
x No
provision has been made in the current year for surtax on undistributed profits.—V. 146, p. 2212.
Net income
x
I
Lockheed
Public
Aircraft
Corp.—Improved Operations Makes
Financing Unnecessary—
Officials of the corporation
announced April 14 that the company has
requested permission of the Securities and Exchange Commission to with¬
draw its registration statement filed on March 30, last.
The company has
sought permission to issue 110,000 shares of $1 par common stock.
Robert E.
Gross, President-Treasurer, in making the announcement
stated that improved operations during the first quarter has made it un¬
necessary for tne company to seek public financing at this time.
If, later
in the year, the company needs to increase
inventories, sufficient bank
company
Ry.—Foreclosure, &c.—
Properties of this company and its subsidiary, the Sandusky, Fremont &
Ry. were sold at foreclosure sale in January, 1938. and bought in
by Ohio Utilities Finance Co. (Cities Service System).
Properties of an¬
other subsidiary, Lorain Street RR. were sold at foreclosure in the latter
part of 1937.
The sale price of the Lake Shore properties was $812,015
and the Sanduksy properties, $105,000.
After settlement of prior claims against these
companies, the balance
remaining will be distributed to bondholders.
Underlying liens of the Lake
Shore, viz. Lorain & Cleveland 1st mtge. bonds ($300,000) and Toledo,
Fremont & Norwalk 1st mtge. bonds ($1,115,000), total
$1,415,000 and
Lake Shore 1st cons. mtge. bonds, $1,563,000.
These are the issues which
will receive a distribution in liquidation;
nothing will be available for the
Lake Shore gen. mtge. bonds and gold notes.
The only bonds of the San¬
dusky company outstanding consist of $624,000 1st mtge. bonds, and a dis¬
credit is available to meet such needs, he said.
Improved operations during the first quarter were brought about as
a result of the rapid increase in deliveries
during March, when the com¬
pany delivered the greatest number of planes for any month in its history.
As a result, the cash position of the company has
improved substantially,
he said, and a reduction in bank indebtedness has been effected.—V.
146,
Southern
this issue out of funds
$4,966,810
Period End. Feb. 28—
was called for
redemption as of Jan. 1, 1938. Subsequently properties were
acquired by Toledo Edison Co. (Cities Service System).—V. 146, p. 1403.
on
1938—2 Afos.—1937
$3,502,827
Net sales
All the outstanding 1st & ref. bonds have been either redeemed or called
for redemption as of the following dates: Series A, April 1, 1938; series
B,
March 1,1938, and series C, May 1,1938.
The 7% pref. stock of
tribution will be made
of prior charges.
1938—Month—1932
$2,831,286
—V. 146, P. 1716.
Light Co.—Red. of Securities-
Lake Shore Electric
1938
Lerner Stores Corp.—Sales—
Period End. Mar. 31—
Sales
Directors have declared an initial quarterly dividend of 1J£ cents per
share on the 5% class B preferred stock, payable April 1 to holders of record
March 19.—V. 146, p. 2046.
Lake Erie Power &
April 16,
p.
2376.
Loose-Wiles Biscuit Co.—To
The
Pay 2o-Cent Dividend—
directors
have declared a dividend of 25 cents
per share on the
stock, payable May 1 to holders of record April 25.
This com¬
pares with 30 cents paid on Feb. 1, last; 10 cents paid on Nov. 1, last, and
dividends of 50 cents per share previously distributed each three months.—
common
—V.
remaining after payment
146, p.
1880.
,
Lorain Street Ry.—Foreclosure—
On the Lorain St. Ry. 1st mtge. 5s,
outstanding in amount of $550,000.
a distribution was made of $81.49
per $1,000 of bonds.
There was no other
lien on the properties of Lorain Steret RR.
See Lake Shore Electric Ry.—V. 109. p. 2357.
Ohio Utilities Finance Co., purchaser of the different
properties, was
liquidated early in 1938 and its assets acquired by Toledo Edison Co. and
Toledo Light & Power Co.—V. 146, p. 281.
See list given on first page of this department.—V. 146,
p. 1246.
La Pause Gold
'
Mining Corp., Ltd.—Registers with SEC—
See list given on first page of this department.
La Salle
Lattimer Coal Corp.,
Scranton, Pa.—Election of Officers
April 12 approving
corporation, which is
attempting to reorganize under Section 77-B of the Bankruptcy Act.
Lawyers
Mortgage
Guarantee
Trustee—
Corp.—Acts
as
amendment
to
the
estate
investments
or
personal
insurance
law
gives to
mortgage corporations
haying a capital of $1,000,000 or more the power to take and execute any
and all trusts, deeds and
powers in relation to or in connection with real
estate located within the State of New
York or
bonds, mortgages
property
connected
p. 933.
or
therewith.—V.
real
139,
Lehigh Valley RR .—Reconstruction Loan—
The Interstate Commerce Commission on
April 6 conditionally approved
loan for railroad maintenance of not to
exceed $778,000 to company
by
the Reconstruction Finance
Corporation.
The conclusions of the
report of the Commission state:
a
as
part
the
security for the loan,
RFC
the applicant should
execute
and
written
instrument in form and containing terms
satisfactory to the RFC, whereby the RFC shall obtain a valid second
lien
upon the collateral now held
by it as security for a loan made to the apy
Works Administration in the
original amount of
$2,000,000 and assigned to the RFC by the
PWA, such loan being out¬
standing as of Feb. 1, 1938, in the amount of
$1,222,000 and evidenced by
the applicant's
4% registered serial collateral notes; the lien
upon the
collateral so to be obtained
by the RFC as security for the loan herein
conditionally approved to be subject only to the prior lien
attaching to such
collateral as security for such loan from
the PWA.
That, as further security for the
loan, the applicant should, by instrument
satisfactory to the RFC, assign to the RFC or, at its
option, agree to pay
as they are
received, any net amounts which the applicant
a
may receive
against the Government of Germany now
pending before the Mixed' Claims Commission and
in respect of any agree¬
in
respect of the applicant's claim
ment for the settlement of the
claim, such claim arising from damage to the
property of the applicant caused by the explosion and fire
at its Black Tom
(Jersey City) Terminal in New York Harbor on
July 30, 1916; such net
amounts, when so received by the
RFC, to be applied to the payment of
proved*31*68*' 011' aU(*
principal of, the loan herein conditionally
That the applicant
should agree to
conditionally approved solely for
date
Net oper. rev.
hereof°—V14(f Dp *22^2
the
ap-
purposes
$5,578,961
347,745
Net operating revenue and other income (before
appropriation for retirement reserve).
$5,364,697
Appropriation for retirement reserve...
$1,181,000
Amortization of contractual capital expenditures.
37,000
$5,926,705
$1,181,000
37,000
_
Gross income
Other income
directors
common
stock,
have
no
declared
Co —To
i
last, and compares with $1 paid on
last; 75 cents paid on June 15 and
and on SePt- 15, 1936; 50 cents paid
16, 1936, and 30 cents paid each three
months from
to and
mduding Dec. 16, 1935, and on Oct.
2, 1933. This
of cents dividend paid since Sept. 1, 1930, when a quarterly
+
payment of 25
per share was made.
President John D. Biggers declared
the current dividend was
being paid
surplus
^ tirst quarter
earnings were very disappointing "
9371 '527 COmpared
1938
ing mat'ls used, labor
and mfg. expenses
$1,070,695
Less depreciation
561,896
Total income
Selling,
$3,475,381
677,182
$3,456,669
605,801
$508,799
124,350
$3,072,618
$2,798,199
$2,850,868
202,380
206.426
$3,243,997
$3,000,580
$3,057,294
748,961
474,050
651,113
352,500
OiRfdUU
484,327
353,200
OtlO,^UU
12 '022 >985
$1 '"6 «967
$2,219,767
$0.79
$0.88
adv.,
admin.,
experimental & devel.
i,u< ty
171.379
x
«
^
SS\Zh
per share
"--
l0ssS;3 7i'§27
Nil
$0.80
Includes provision of
$325,000 for purchase of patents.—V. 146,
p. 2047.
1,051,509
160,002
270,833
19,188
$2,645,165
...
$4,708,705
1,308,872
135,884
■
12,876
$3,251,082
Notes—{1) The income account for the 11 months ended Dec. 31, 1936
(included above in the 12 months ended Jan. 31, 1937) has been adjusted
reflect additional taxes charged to surplus in 1937, the effect of which
reduced net income for that period by $68,114.
(2) No provision was
made by the company for Federal or State income taxes or for surtax on
undistributed profits for the year 1936 as the company claimed as a deduction
in its
Federal and State income tax returns for the year 1936 the
unamor¬
tized discount and expense and redemption premium and expense on bonds
redeemed in 1936 which resulted in no taxable income for that
year.
During
the period from Jan. 1, to Aug. 31, 1936, the
company made provision
for Federal income taxes in the amount of
$271,400 which was reversed
over the period from
Sept. 1, to Dec. 31, 1936.
During the
period from
Jan. 1, to Nov. 30, 1936, the company also made provision for State income
taxes in the amount of $90,060 which was reversed
during Dec., 1936.
Also provision made for the year 1937 was reduced as a result of
deductions
to be made in income tax returns for losses
resulting from the flood in
Louisville during January and
February, 1937.
No surtax on undis¬
tributed profits was incurred by the other companies consolidated herein
1936.
No provision for surtax on undistributed profits during 1937 or
1938 is included in the above statement as it is estimated that no such
for
will be incurred by the
those years.—V. 146, p. 1558.
surtax
company
or
its
subsidiary companies for
Louisville Gas & Electric Co. (Del.) (& Subs.)—Earns.
Year Ended Jan. 31—
Operating
Operating
1938
revenues
Net oper. rev.
(before
approp.
for retire, res.)._
...
$5,133,206
227,202
Net oper. rev. & other inc. (before appropriation
for retirement reserve)
!
$5,360,408
Appropriation for retirement
$1,200,000
37,000
reserve
Amort, of contractual capital expenditures
Gross income..
$4,123,408
Interest charges (net).
1,051,722
Amortization of debt discount and expense.
160,002
Amortization of flood and rehabilitation expense
incurred during 1937
income deductions
Balance.
$5,886,120
1,200,000
37,000
$4,649,120
1,242,041
135,884
19,952
....
on pref. stocks of Louisville Gas & Elec.
(Ky.) held by public
Net income
$5,523,373
362,747
270,833
13,701
$2,620,898
$3,257,493
Dividends
/
1937
$10,616,066 $10,834,727
5,482,860
5,311,354
expenses, maintenance and taxes
Other income (net)
1,354,920
1,354,920
$1,265,978
$1,902,573
Notes—(1) The income account for the 11 months ended Dec. 31, 1936
(incl. above in the year ended Jan. 31, 1937) has been adjusted to reflect
additional
taxes applicable to that period charged to surplus in 1937 by
Louisville Gas & Electric Co. (Ky.), the effect of which reduced net income
for that period by $68,114.
(2) No provision was made by Louisville Gas & Electric Co. (Ky.) for
Federal or State income taxes or for surtax on undistributed profits for the
year 1936, as that company claimed as a deduction in its Federal and State
income tax returns for the year 1936 the unamortized discount and
expense
and redemption premium and expense on bonds redeemed in 1936, which
resulted in no taxable income for that year.
During the period from Jan. 1
to Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.) made provision for
Federal income taxes in the amount of $271,400, which was reversed over
the period from Sept. 1 to Dec. 31, 1936.
During the period from Jan. 1
to Nov. 30, 1936, that company also made provision for State income taxes
in the amount of $90,060, which was reversed during December, 1936.
Also provision made for the year 1937 was reduced as a result of deductions
to be made in income tax returns for losses resulting from the flood in Louis¬
ville during January and February, 1937.
No surtax on undistributed
profits was incurred by the other companies consolidated herein for 1936.
No provision for surtax on undistributed profits during 1937 or 1938 is
included in the above statement, as it is estimated that no such surtax will
be incurred by the company or its subsidiary companies for those years.—
V.
for doubt-
fill accts.,
conting., &c xl,004,676
Federal taxes.
x
1935
$3,610,018
537,399
"
F
Earnings
1936
$633,149
Net manufac. profit..
Other income
exp., prov.
1937
....
$4,146,697
to
a
r»2«ke1^mouf1^tfflJTaf„pal4Jon March 15,
Snh
n'ol
o?a .?n Sept. 15,
^
15 and ;*$L2£
March
k
Pay 25-Cent Div.—
dividend of 25 cents per share on the
par value, payable June 15 to holders
of record May 31.
deductions
Net income.
Co.
The
.....
(net).
Amortization of debt discount and expense
Amortization of flood and rehabilitation expense
incurred during 1937
designated and only in pay-
ant* supplies purchased subsequent to the
Libbey-Owens-Ford Glass
Subs.)—Earning
1938
1937
$10,481,024 $10,703,844
5,343,522
5,124,884
$5,137,502
227,195
_
Other
the proceeds of the loan herein
use
—__
(before approp. for retirem't res.)
Interest charges
any mortgage certificate series.
The
to
_
Realty
-
Richard M. Kurd, Chairman, announced
April 7 that, in accordance
with the amendment to the New York insurance
law recently signed by
Governor Herbert Lehman giving certain trust
powers to mortgage corpora¬
tions incorporated under the insurance
law, the company has amended its
charter and is now authorized to act as
trustee in behalf of certificate holders
and to continue the servicing of
mortgages and certificate series amounting
to over $100,000,000.
Corporation has a capital and surplus of $3,200,000.
"Up to the present time mortgage companies have not had trust
powers,
so that while
they have retained a large part of the servicing business of
mortgage certificates issued by them, either corporate or individual
trustees
have been appo nted by the courts," Mr. Ilurd
stated.
"However, with
this permissive
legislation, the courts can now appoint our company as
That,
Operating revenues
Operating expenses, maintenance and taxes
Other income (net)
Federal Judge Albert L. Watson signed an order
election of new officers by the voting trustees of the
deliver
Louisville Gas & Electric Co. (Ky.) (&
Year Ended Jan. 31—
Apartment South Section- -Registers with SEC~
See list given on first page of this department.
trustee of
Louisiana Texas Trust—Registration Withdrawn-—
146,
p.
1558.
Lucky Tiger Combination Gold Mining Co.—Dividend
Resumed—
Directors have declared a dividend of 2 cents per share on the common
stock payable April 30 to holders of record April 20.
This will be the first
dividend paid since April 20. 1937, when an extra dividend of 2 cents and
a
Volume
Financial
146
regular quarterly dividend of 3 cents per share was distributed.
V. 145, p. 769.
McKesson & Robbins,
sales....
—V. 146, p. 2376.
Marion Steam Shovel
$27,003,695
Co .—No Common Dividend—
Masonite
x
Directors at their recent meeting took no action on the payment of a
on the common stock at this time.
Dividends of 25 cents per share
dividend
were
paid
See also V. 145, p. 1591
Dec. 10, Sept. 10 and on June 29. last.
on
Manati
Net
Shs.
Corp.—Earnings—
stk. (no par)_.
com.
share
per
Master Electric
Sugar Co.—Interest Payment—
Total
Works, Inc.
applied to Federal Judge Robert P. Patterson, April 8,
the legal consequences of the city's action on April 8, when
it began to advertise the sale of the company's real estate and special
franchises because of non-payment of about $9,000,000 in back taxes,
and penalties.
Franklin, Counsel for the company,
interest
left with Judge Patterson
an order requiring the city to show cause why the Manhattan, by payment
of some $3,800,000 by April 15, should not be relieved of the prospect of
having its property sold on June 30 to satisfy the $9,000,000 tax lien.
A
hearing may be set for early next week.
The show-cause order was submitted just after Judge Patterson an¬
nounced he would reserve decision, after hearing seven days of argument
on a series of applications involving the right of the Interborough Rapid
Transit Co.'s receiver to disaffirm the company's 999-year lease of the
Manhattan elevated lines
Involved also in the arguments was the receiver's
right to disaffirm contracts relating to operation of the elevated extensions
and the joint tracks of the Interborough system.—V. 146, p. 2212.
Charles
MM.
"S,
.
Marine Midland
Corp.—Earnings—
(Including Constituent Bank and Trust
$670,208
439,801
16,794
Prov. for deprec. & depl.
Income charges (net)
net
—
xl935
1,808,167
$951,061
90,808
loss$51,411
28,364
80,352
Gross income
$1,041,870
259,218
50,000
$1,667,219
285,360
-
y237,000
..
loss$23,047
295,317
-$732,652 def$318,364
y Includes
$1,144,858
Net Income
of plant and equipment,
$8,000 on undistributed profits.
Account for Quarter Ended March 31
$130,069 depreciation
Net profit from operations
$965,665
--—
10,021
Other income
Total income
$975,686
15,319
—
------
—•
—
.
54,866
Depreciation
Amortiz. of note discount and expense
272-700
4,238
Prov. for normal Federal income taxes
Miscellaneous
$628,563
$0 72
—
—
Earnings per share
—
"$425,736
ft-
$437,838
18,501
1,484
60,000
18,384
x$339,468
$0.40
4,682",050
147,890
161,697
4,488,511
4,480,007
13,763
plant
14,077
63,521
104,503
4,021
Cap. stk. ($1 par).
—
.
11,139,046
Total
x
After
reserve
1937.
■
for
Notes pay.
185,000
185,000
624,314
tooffic.
rec'd
1,460,972
under
terms of contr'ts
Wages
conv.
11,463,9211
..
753,116
392,788
877,458
870,458
6,993,398
7,069,665
525,421 defl03,l42
assn.
x
(&
Baltimore Stock Exchange and in
National Bank was selected as the
Sub.)—Bal. Sheet Dec. 31—
1936
$487,067
$266,092
45,370
118,219
45,000
stocks
$29,111
$61,178
.
„ »
8,532
$
188,085
25,000
152,810
210,000
204,350
hand
Capital stock
3,210
Oust,
and
accts. receivable
Inventories
Sales
y
After
522,992
Capital surplus...
667,256
Fixed assets
—
/' names,
3,939,420
liabilities-..
2,797,544
1,912,777
Mtge. instal. pay.
within 1 year
316.250
393,299
z958,000
Acer,
Res. for Fed. taxes
Res /for outstand'g
trading stamps &
82,413
326,059
73,704
1,198,485
.25,228,160 25,739,271
760,643
734,664
Deferred charges.-
314,861
274,415
5,778,100
etc..-..
—---
.
13,673,520
surplus—25,371,656 25,067,788
Earned
trade-
271,698
278,676
coupons
Long-term debt— 5,461,850
Cap. stk. (par $10) 13,673,520
Reserves
Capital surplus-..10,037,854 10,037,85*
Treas.stk,, 136,956
shs., at par
Z>rl,369,560Drl369,560
-..59,685,854 60,937,312
x
Includes accrued interest,
y After depreciation and amortization,
z Including surtax on undistributed profits and excess profits.
Note—Of the 56,000 shares of capital stock reserved in 1926 for sale to
employees, there remain 30,426 shares available for subscription at $55
per share.—V. 146, p. 114.
59,685,854 60,937,312
Total
&
Merchants
Total
—
Fire
Manufacturers
Insurance Co.—
Dividend, Halved—
declared a dividend of 73^ cents per share on the common
April 30 to holders of record April 20.
A dividend of 15
in each of the five preceding quarters, and previously/
regular quarterly dividends of 10 cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on Oct. 30, 1936.—V. 144,
cents
was
paid
457.
p.
Metropolitan Industries
Co.—Accumulated Dividend—
declared a dividend of 25 cents per share on account
the 50% paid allotment certificates of 6% preferred
stock, payable April 25 to holders of record April 16.
A similar amount
was paid on Feb.
1, last, Nov. 1 and on Aug. 1, 1937. and compares with
$1 50 paid on April 20, 1937, and a quarterly dividend of 25 cents paid on
Feb. 1. 1937.—V. 146, p. 283.
of accumulations on
Mexican
Light & Power Co.,
Ltd.—Earnings—
[Canadian Currency]
depreciation expenses.—
...
$750,256
497,048
562,221
$253,208
$242,973
Net earnings
—V. 146, p.
1937
1938
$805,194
from operation
Operating and
2050.
■
Michigan Bell
Telephone Co.—Earnings—-
Feb. 28—
1938—Month—1937
;
1938—2 Mos.
,
>
1937
Operating revenues
Uncollectible oper. rev._
$3,187,981
$3,150,033
8,533
$6,544,853
31,451
$6,383,246
17,220
Operating revenues..
Operating expenses
$3,171,249
2,152,879
$3,141,500
1,899,174
$6,513,402
4,337,617
$6,366,026
3,796,529
Net oper. revenues.-.
$1,018,370
$1,242,326
$2,175,785
396,938
416,353
817,503
$2,569,497
847,313
$621,432
579,650
$825,973
799,288
$1,358,282
1,266,643
$1,722,184
1,659,686
20,049
9,769
1,615
21,529
21,529
surplus...
336,179
273,301
Earned surplus...
,516,640
Operating
for doubtful
taxes
operating income
Net
1 ,205,255
Paid-in
Net income.--—V. 146, p.
16,732
2213.
Michigan Gas &
Directors have
5,317
$2,405,589 $2,074,273
reserve
11,939,051 11,352,914
14,324,384 16,031,200
stamps
tax
$
2,803,203
12,500
$2,405,589 $2,074,273
y After reserve for
epreciation of $450,231 in 1937 and $395,283 in 1936.
z After reserve for
mortization of $24,827 in 1937 and $22,454 in 1936.
The consolidated income account for year ended Dec. 31, 1937 was given
l the "Chronicle" of March 26, page 2049.
x
3,375,789
3,295,000
:
and tokens.----
lien stock
Total
5,790,862
370,564
obfig.
notes
1937
1938
,
Liabilities—
Subscrip. to capital
19,186
5,956
Deferred charges..
$
Accounts payable-
...
TJ. S. Govt,
779
Deferred income..
416,368
753,354
Intangible assets
.
8.176
132,780
stock
Fixed assets
z
Prov.for Fed.taxes
654,862
6,592
mkt.).
Other assets
y
1936
70.512
430,544
2,657
(lower
of cost of
trade.
others
Res. for conting
and loan
Inventories
Accts. pay.,
Accrued items
Notes & accts. rec
1937
1938
Period End.
1937
Liabilities—
Accts. pay.,
hand and
Other accts. receiv
$3,301,614
1,968,630
Month of January——
the shares and Mercantile Trust Co. as registrar for
146, p. 2049.
1937
ties, at cost
$3,463,154
2,276,225
;
1938 and $1,141,911
April 12 approved applications for listing
Marketable securi¬
Building
..
Gross earnings
Master Electric Co
on
$5,070,458
4,306,318
19.000
:
local transfer agent for
in banks,
$4,917,771
4,613,903
-
$303,868
$764,140
$1,186,929 $1,332,984
1,230,396
1,230,396
1,230,414
1,230,414
$3.99
$4.12
$2.81
$2.68
a After deducting net loss from land, buildings and leaseholds not used in
store operations of $16,803, and investments considered worthless and net
loss from sale of investments and fixed assets of $57,397.
b Less shares in
treasury.
///
/
;
Consolidated Balance Sheet Jan. 31
.
Directors of the company on
Cash
316,678
50,382
Balance, surplus
11,139,046 11,463,921
Total
the company's common stock on the
Amsterdam, Holland.
The Baltimore
Assets—
443,171
30,615
7,000
615,130
41,053
55,500
23,000
The directors have
3,270
notes
W
operation.-—V.
584.751
525,408
45,308
199
To List Stock—
local
436,374
b Cap.shs.outst.(par $10)
114,583
payable...
depreciation of $1,196,366 in
^
355,350
stock, payable
Surp. from opers..
in
356,691
Directors have
Accrued liabilities.
27,861
815,000
Mat'd int on 5-yr.
copyrights
Deferred charges.
731,000
conv.
Due to officer
&
equipment.....
Pats., trademks. &
Other assets
731,396
(called for
notes
Advs.
$
373,072
red. May 23,'38)
Cash surr. value-
Prop.,
6%
5-year
1,000
773,606
Life insurance..
50,075
>.
......
a
......
profit
Goodwill,
~
S
'
■
1,000
Inventories
a
.
Accounts payable.
1,052,870
75,000
3,209,100
.
to vendors._
Adv.
53,222
,
22,702
See
indebt-
Common dividends
Afar.31/38 Dec.31/37
LiaMlities—
:
$1,982,889 $1,319,602
Accts. receivable.
74,349
considered
Other assets
Balance Sheet
Mar.31,'38 Dec.'37
Notes receivable..
......
614,553
Net cost of minor add'ns
12,102
all
—
$4,813,502
510,000
demption of bonds
on
appropriate charges for depreciation, experimental and
development, and taxes, but without provision for possible excess profit
and undistributed earnings taxes.
Cash....
625,000
Cash In banks and
$1,691,866
48,271
} 3,395,046/ 1,217,858
I
Adminis. & sales expenses.
/*»/"
891,500
of sundry investments
1937
$4,360,711
royalties and license fees.
Cost of sales
4
864,000
to be worthless......
Assets—
1938
After
$5,096,843
Federal income taxes
Federal surtax of approximately
x
$7,149,043
Prov. for decline in value
Earned per share
Income deductions
Net profit-
$6,689,871
Total
$1,756,756
x5,268,713
6,252,490
Federal income tax (estimated)
Interest
a8,116
$4,137,482
676,020
Other income
Net
operations..
Income
$4,482,290
Prov. for exc. prof. tax.
1935
5,219,774
admin.
Other income------—
Net sales including
677,016
$6,445,398
703,645
furn., fixtures, &c_
Miscellaneous charges..
Prov. for Fed. surtax
1936
1937
$7,839,356
--—.
Cost of goods sold (incl. sell.,
& gen. expenses)-^-- — -
Includes
720,250
to
146, p. 1247.
Martin Co.—Earnings—
Calendar Years—
x
724,425
unamort,
discount incident to re¬
$0.16
$0.18
$0.14
$0.14
Net sales
710,975
$6,681,775
profits
exps. on mtge.
Adjusted to March 31 minority interests.—V.
Profit from
Net
81,981,497
84,075,225
1,612,6061
Deprec. & amortization-
Int. & amort, of disct. &
(par $5)
(Glenn L.)
$350,180
830,708
$0.37
830,428
$0.52
Prem. exps. &
Earns, per sh. on 5,551,010
shs.
cap.
stk.
x
$289,692
330,513
$0.30
97,479,061/
545,783] 94,585,042
Taxes,:
$912,792
$983,782
59,198
$477,052
1938
1937
1936
1935
$107,030,180$101,754,866 $89,277,765 $86,795,995
sales.
Cost of goods sold, &c-_
Maintenance & repairs-.
,
xl936
96,675
$710,140
298,040
16,952
44,967
May Department Stores Co. (& Subs.)—Earnings—
Investments
$800,190
$792,452
_
1935
1936
$784,727
414,121
21,715
Years Ended Jan. 31—
Net
earnings,
after taxes
$172,400
828,181
$0.16
Shs.com.stk.out.(no par)
Earnings per share
—V. 146,p. 919.
-Earnings
$1,028,903
433,743
21,434
41,212
Net inc. trans, to surp.
Companies and Other Affiliates)
xl937
xl938
3 Mos. End. Mar. 31—
Combined
$0.93
146, p. 2049.
1937
1938
from oper__
earns,
Prov. for Fed. inc. tax._
The company
for relief against
1935
$301,198
266,689
Co.—Registration Withdrawn—
Mathieson Alkali
Ry.—Seeks to Bar Tax Sale—Lease Arguments
Ended—
1936
$540,014
266,689
$1.83
535,420
$1.33
See list given on first page of this department.—V.
3 Mos. End. Mar. 31—
holders of certificates of deposit for
done so to turn them in to the Bank¬
1937
$776,032
1938
'$551,938
536,740
$0.93
profit
Earnings
Interest payment due May 1 next on the company's 1st mtge. 4s of 1957
be paid.
This will mark the first interest payment on these bonds,
which were issued in exchange for the old 7 Ms when the company was
Manhattan
.1106,115
j„.
—V. 145, p. 2853.
will
reorganized last year.
The company is sending a letter to
the old 7^s asking those who have not
ers Trust Co.—V. 146. p. 2049.
deductions
—V. 146, p. 1405.
1938—2 Mos.—1937
28 Weeks End. Mar. 12
(P. R.) Mallory &
Co.—Earnings—
Earnings for Three Months Ended March 31, 1938
Inc.—Sales—
$12,645,459 $13,330,468 $26,531,410
Net
See also
Net loss after taxes, depreciation and other
1938—Month—1937
Period End. Feb. 28—
2541
Chronicle
Total
accounts of $14,000.
arrears.
For record of
15
Electric Co.—Accumulated
previous payments see
Michigan Public Service
Co.—Preferred Dividends—
directors have declared dividends of $1.75 per share on the 7%
pref. stock, par $100, and $1.50 per share on the 6% cum. pref
The
cum.
Dividends—
the 7% prior
lien stock as payment on
to holders of record April
V. 145. p. 3661.
declared dividends of 87cents per share on
and 75 cents per share on the $6 prior
These dividends will be paid on May 2
Financial
2542
Chronicle
stock, par $100.
Both dividends are payable on account of accumulations,
on May 2 to holders of record April 15.
Like distributions were made in
preceding quarters.—V. 145, p. 3013.
Montana Power Co.
The corporation, a registered holding company, has filed with the Securi¬
and Exchange Commission an application (File
46-97) asking for
stock
order
which
authorized the
Commission
the
tion reserve
acquire by
1935
1934
$30,496,978 $28,996,019 $27,081,244 $25,739,829
14,269,166
13,510,371
13,568,512 13,103,407
revenues
Operating
expenses
Maintenance.
Taxes...
2,589,145
3.778,956
614,699
2,370,676
3,484,514
658,552
undistributed Income.
143,172
Net oper. revenues—
$9,101,841
132,331
"$8,765,643
$7,645,144
revenues
94,038
30,491
$7,021,683
20,121
funded debt.
$9,234,173
2,987,505
$8,859,681
3,083,025
$7,675,635
3,123,478
$7,041,804
3,149,600
146,973
91,675
Cr9,595
520,878
3,498,752
148,084
149,475
92,630
C'r254,377
23,759
151,007
90,455
Cr233,876
22,587
2,738,773
$2,647,606
1,383,494
$1,801,895
1,374,938
$1,264,112
$426,957
def$53,892
on
2,107,588
3,238,100
521,899
2,056,739
3,218,916
339,084
Amort, of bond discount
and expenses
Other interest charges.
Int. during construction
_
Other deductions
Approp. for deprec.
res.
91,486
Cr7,254
29,048
2,867,686
Net income.;.-...*. $1,997,983
Preferred dividends
1,409,364
Balance, surplus
$588,619
Consolidated Balance Sheet Dec. 31
1937
%
1936
:
-
1937
1936
Liabilities—
158,006
co
Investments ;;;
a
158,889
179.521
1, 525,403
470,400
2,,238,456
45,279
2,201,570
89,320
502,115
1,,247,828
479,850
hand &
on
59,788,500
499,415
559,416
437,850
916,834
637,141
133,200
399,399
996,752
631,893
Interest
b Accts. & notes
accrued
Dividends accr'd
receiv. (trade)
rec.
of
Acer,
co..
Amount pay.
972,168
238,047
578,519
254,200
1,,821,095
184,171
1,553,327
34,691
Deferred charges
4, 147,146
3,849,460
356,904
35,085
426,335
Cr288,905
$287,465
$322,427
preferred stock for the
•period, whether paid or unpaid—
$3,626,269
$3,434,518
957,455
956,800
$2,668,814
$2,477,718
gain sh. plans.
Due to affil.
cos.
19,179
liabilities
accr.
for
Reserves
;
271,805
267,632
31, 623,296
...
28,553,989
94,158
151,163,609 148,191,252
Midwest Oil Co.-
151,163,609 148,191,252
reserve
c
for doubtful accounts of
Represented by $20 par shares.
-Earnings1937
1936
$1,867,545
68,543
royalties
.
Gross profit from cur. production
Direct operating expense
$1,727,684
Depletion, deprec. and other charges.
Mortgage Security Co. of America—Trustee—
James M. Snee has been appointed trustee of the corporation and of the
Mortgage Bond & Trust Co., both undergoing reorganization in Federal
Court, to succeed George B. Compton, who died March 24, 1938.—V.
139, p. 1409.
Mullins Mfg. Corp.—Registration Withdrawn—first page of this department.—V. 145, p. 2700.
See list given on
Net income from operations
General administrative expense
$1,108,467
98,963
Balance, profit
Dividend income
$1,009,504
$1,428,011
398,491
190,165
$993,190
105,911
$839,354
70,313
$887,279
117,082
40,714
$769,041
50,651
42,133
1
77,756
Miscellaneous income
596
140
Dr25,840
Dr6,964
Crl0,859
$1,231,188
93,667
192,976
$1,038,251
86,710
617,243
$872,735
71,730
2,485
$944,545
1,001,229
$334,298
1,071,239
$798,520
sale of stock and bonds1
"
1937
Cash
on
1936
$
Assets—
$
National Aviation
Accts.
sees..
Inventory
stk.
50
/
affil
vouchers
$73,653
$36,329
10,508
5,014
186,251
:
162,766
Unclaimed dlvs...
3,875
14,797
13,604
Fed. Inc.
meeting on April 19 will consider amending
the by-laws so as to provide that the annual meeting of stockholders be
held on the last Thursday of April instead of the third Tuesday of April.—
V. 145, p.3352.
National Bond & Share Co.—Net Assets—
The company reports as of March 31, 1938 net assets of $7,819,043, tak¬
ing securities owned at their value based on market quotations on that
date, and after deducting the dividend of 25 cents per share payable April 15,
1938.
This is equivalent to $43.43 per share on the 180,000 shares of
outstanding capital stock and compares with an asset value of $48.89 per
share on Dee. 31, 1937 and with $50 per share initially paid in on March 6,
1929,
As of March 31 the corporation owned cash and U. S. Treasury notes,
with dividends receivable and accrued interest, amounting to $3,723,949
representing 45.9% of total assets at market quotations.
Common stocks
represented 46% of total assets.
Cash dividends and interest on bonds for the three months ended March
31, 1938 amounted to $63,015.
After expenses and provision for Federal
State and other taxes, net income carried to surplus income account (with¬
out giving effect to results of transactions in securities)
was $53,156.—
__
,
287,356
870,367
produc. tax
(current year)
48,988
State
co.
gen.
35,705
129,485
prop.
629
At
Oil lands and leases
2, 784,749
3,210,006
Lease investment.
Other equipment.
Fed. unemploy. In¬
surance
(cur.yr.)
145,203
~9~492
4,881
160,026
140,367
cum. pref. stk.
($1 par)
1,649
Com. stk.($10 par)
Earned deficit
Suspense
87
(contra)
Carried work'g int.
acct.
(contra)..
160,027
140,367
1,649
15,358
9,984,642
1,774,565
Unrealized surplus 2,127,505
10,730,487 10,945,011
Total
15,558
9,984,442
1,800,255
10,730,487 10,945,011
Missouri-Kansas-Texas RR.—New Director—
Edwing G. Merrill has
who
been elected
resigned following appointment
14b, p. 2051.
a director to succeed John W.
Hanes,
to Securities Exchange Commission.
Monarch Machine Tool
Co.—Earnings—
National Gas & Electric
Operating
Gross
per share
$104,514
$0.69
1937
$97,463
$0.65
Co.—Earnings—
Period Ended Feb. 28—
Net profit
Shs. com. stk. outstand.
($1 par)
1938—3 Mos.—1937
$2,192
$237,791
265,516
$0.01
265,516'
$0.90
1938—12 Mos.—1937
$629,375
$935,160
265,516
265,516
$2.37
$3.52
x'After depreciation, Federal income taxes, &c., but before surtaxes on
profits and provision for market decline of metal stocks
below inventory valuation.—V.
146, p. 2378.
,
undistributed
revenues
income
after
Corp. (& Subs.)—Earnings—
1938—Month—1937
$97,833
$86,126
Period End. Feb. 28—
■
1938—12 Mos'.—19374
$1,240,435
$1,076,858
re„
14,325
17,152
250,577
250,035
5,810
10,976
162,064
175,554
been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be deterinined until the end of the year.—V. 146, p. 2379.
tirement accruals
Net income
Note—No provision has
Co.—Earnings—
^
^
1937
1938
f
3 Months Ended March 31—
Net income after deprec., Fed. & State inc. taxes,
but before surtax on undistributed profits._____
Earns, per sh. on 100,000 shs. cap. stk. (no
$33,246
$0.33
$46,398
$0.46
par)__
—V. 146, p. 1408.
New Brunswick
Telephone Co., Ltd.-—Larger Dividend
The directors have declared a quarterly dividend of 12 H cents per share
the common stock, payable April 15 to holders of record March 31.
Dividends of 15 cents were paid on Jan. 15, last and on Oct. 15, 1937 and
on
cents per share were dis¬
1934
1935
1936
1937
Calendar Years—
Gold
$1,084,297
16,965
$1,311,148
10,844
$1,371,341
12,180
$1,110,072
10,958
170.638
dredging
Rock operations
165,675
156,168
10,604
12,250
54,582
14,043
2,365
$1,285,865
_
10,819
5,209
Water system
142,683
8,757
Land rentals
Miscel. revenues.
Grossincome
Salaries and gen. exps
Insurance-
$1,553,068
$1,550,850
$1,291,812
Reclamation dist.
16,632
_
—
-
17,165
77,641
75,385
§5,555
14,455
82,017
72,643
53,428
46,533
19,302
40,618
85,306
103,237
Cr23,715
$988,626
$1,239,521
$1,230,692
$1,114,198
128,866
_
Total income
Other expenses.
Federal income tax
—_
-
Net income
Previous balance
Total surplus
Income tax accrued
Cost of shares
15,708
84,000
120,296
62,486
63,793
$1,117,492
40,076
117,624
$1,359,817
120,364
$1,177,991
138,633
140,099
$1,293,178
22,661
131,847
$959,791
$1,099,353
431,440
$1,138,669
265,314
$1,039,356
476.854
$1,436,645
$1,530,793
$1,403,983
$1,229,115
67,557
786,722
65,499
988,440
27,675
944,869
846,447
$476,854
$431,440
$265,314
assess¬
inc.—operations-
Other income.
77,840
81,461
83,345
Taxes—Property
Corporate and other
(except income)
Net
1938
taxes, &c.,
but before surtax on undistributed
profits
Earnings per share on 150,079 shares com. stock..
—V. 146, p. 1248.
Earnings
This dividend is being paid from the accumulated net
ments for interest
Three Months Ended March 31—
Net profit after deprec., Federal income
Mueller Brass
v
earnings of the first quarter of the current year.
The dividend for the preceding quarterly period, due Jan. 15, 1938,
amounted to 25 cents a share and was paid on Dec. 15, 1937 to reduce the
proportion of 1937 profits subject to the undistributed profits tax.—V. 146,
p. 1883.
2,433,814
-V. 146, p.2050.
—V.
Cylinder Gas Co.—10-Cent Dividend—
meeting held April 11, directors of the company declared a quarterly
a share on the capital stock payable April 20, to holders
Natomas Co.^—Earnings—
(contra)
account
Carried work'g int.
8%
accounts...
,,
1,334
142,954
Other assets
a
dividend of 10 cents
of record April 11.
previously regular quarterly dividend of 12 Yz
tributed.—V. 145, P. 2233.
tax (cur. year)..
2,261,000
Total
3,712
,
146, p. 760.
National
86,710
State
50,174
Stores Corp.—To Change Meeting
Stockholders at their annual
(cur.'
tax
year).
► (domestic) (cost) 2 ,369,750
Suspense
1936
payable (trade).
Royalties payable.
at
prices)
Investments
in
1937
3,050,061
3, 349,109
wells (cur. mar'et
Stocks
&
Corp.—Adjourned Meeting—
National Department
National Oats
Liabilities—
hand.....$1, ,375,828 $1,036,029
Marketable
Accts. receivable—
Accr. int. rec
Inc.—Receivership
Stockholders at an adjourned special meeting on April 20 will consider
changing the par value of the capital stock from no par value to a par
value of $5 per share.—V. 146, p. 1718.
Balance Sheet Dec. 31
•
Association,
C. Mahoney on March 31 dismissed without cost a
petition for a receiver for the company.
The petition was filed by two
minority stockholders on Feb. 9, a few hours before the stockholders'
meeting at which Walter E. O'Hara was ousted as President and managing
director.—V. 145, p. 3503.
$1,497,484
69,472
$1,668,527
465,077
210,260
169,174
Interest income.
Net income to surplus
Pref. and com. divs
Racing
Narragansett
Dropped—
V.
1935
59,157
$1,799,003
471,957
218,579
Net income before Fed. inc. tax
Provision for Fed. income tax
Loss on storage oil contract
-
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Feb. 28, 1938 and 1937.—V. 146, p. 2378.
&
revenue.
Purchases and crude oil costs
on
8,870,304
pf. stk.
Total
a After reserve of
$100,000.
b After
$172,090 in 1937 and $150,385 in 1936.
—V. 145, p. 3014.
94,159
9, 241,432
on
Surplus
Calendar Years—
Gas & crude oil sales,
265,824
construct,
property..
Prein.
Profit & loss
529,495
Net Income
Dividends applicable to
279,129
297,975
Other current &
of
working interest
mortgage bonds.
on debentures..
329,525
251,897
to
Contrlb. by cust,
Total...
577,434
empl'ees under
174,348
Mat'l & supplies
Due from affil.co
i
44,125
Cr15,677
on
Date—
Consum's depos.
Merchandise
29.385
44,125
35,011
133,200
to
rent
affiliated
Dep. for paym't
of mat. int., &c
Fuel..........
$6,232,504
1,939.310
Cr32,491
21,000,000
59 ,609,500
Taxes accrued..
in banks
Other accts.
21, 000,000
debt...
payable.
Funded
Accts.
companies...
$548,564
162 604
20,692,200
Common stock
c
Payroll accrued.
Adv. to affll'd
Cash
<
4 ,500,000
20 ,692,200
4,500,000
Preferred stock.
216,560
1,813,933
i ,792,925
v
$
6% pref. stock.
%
'
Prop, and plant. 137 ,104,246 136,156,103
Prern.pd.for stk.
of sub.
$495,123
161,013
Federal Judge John
'
Assets—
872,360
$5,904,243
on
Gross income
Interest
1,670,351
$6,243,208
Drl0.704
Int. charged ton sontruct
Int.
$1,321,245
1,375,137
Non-operating
110,513
$547,186
1,378
Other int. & deductions-
Interest
2,540,785
Prov. for Fed. surtax
148,097
$49',883
Drl,760
approp..
$5,933,628
1.633,152
653,207
305,748
Cr92,997
206,264
Provision for inc. taxes.
1938—12 Mos.—1937
$1,314,954 $15,279,042 $13,297,332
657,255
7,365,483
6.520,729
Balance-
1936
1937
$1,189,648
544,668
Gross Income
Light Co. (& Subs.)—Earns.
Milwaukee Electric Ry. &
"Calendar Years—~
Operating
corporation to
(& Subs.)—Earnings—
1938—Month—1937
Net oper. revenues
Other income (net)
26,1937.—V. 146, p. 2042.
Nov.
on
revenues
Oper. exps., incl. taxes.
Prop, retire, and deple¬
ties
authority to acquire not to exceed 20,000 shares (no par) preferred stock of
Central Illinois Public Service Co., in addition to the 10,000 shares of such
Feb. 28—
Period End.
Operating
Corp.—To~~Acquire Stock—
Middle West
April 16, 1938
~
„
189,758
117,353
purchased
and held in treasury.-
Dividend declared (net).
Earned surplus.
$582,366 %
Volume
Financial
146
New York Air Brake
Consolidated Balance Sheet Dec. 31
1937
Cash & ctfs. of dep
Gold
Bullion
1937
$
Liabilities—
396,314
z238,657
Notes & accts. rec.
36,308
143,157
Notes payable
500
Acer. Fed. inc. tax
Liab.
2,180
58,526
dlst. bonds curr.
166,235
398,693
87,343
87,343
Securs. & invests.
444.342
460,005
10,612,470
477.259
Deferred charges.
1936
$87,716
1935
$10,836
$1.59
$0.34
$0.04
Nil
capital shares
profits.—V. 146, p. 1250.
7,835
3,000
3,000
bonds..
1,284,999
2,568
8,962,380
19,288
Paid-in surplus
578,089
Capital surplus582,366
Earned surplus
1,306,100
credits..
2,914
8.962,380
19,288
578,089
476,854
Telephone Co.—Earnings—
Period Ended Feb. 28—
Operating
revenues
Uncollectible oper. rev—
1938—Month—1937
1938—2 Mos.—1937
$16,295,870 $16,318,978 $33,641,904 $33,295,147
97,267
79,680
175,194
156,338
Liability on reclam.
9,633,844
_
^Properties
1937
x$412,692
Before Federal surtax on undistributed
New York
33,651
benefits
Co.—Earnings—
1938
loss$92,268
147*649
Res. for life Insur.
.
no par
x
reclam.
on
623
31,504
__
Inventories
Land sales contr's.
108,912
108,729
470,000
127,856
currentliabilities
7,719
Other receivables
Quar. Ended Mar. 31—
Net prof, after all chgs__
Earns, per sh. on 259,120
vouchers & other
70,468
wan-
Accrued interest
$
payrolls,
Audited
in
transit
Reclam. dlst.
1936
$
1936
$
Assets-
2543
Chronicle
432.459
district
Deferred
yCapital stock.
Operating revenues—$16,198,603
Operating expenses
11,351,095
$16,239,298 $33,466,710 $33,451,485
10,911,371
23,126,609 21,983,272
12,172,927 11,613,021
After depletion and depreciation of $656,560 in 1937 and $530,474 in
1936.
y Represented by 992,920 no par shares,
z Cash only.—V. 146,
Total
12,172,927 11,613,021
Total
x
1719.
P.
England Telephone & Telegraph
New
1938—Month—1937
1938—2 Mos.—1937^
$5,887,160 $5,816,825 $11,987,324 $11,852,812
Period End. Feb. 28—
^
Operating re venues
46,797
24,437
$5,856,345
4,137,006
$5,799,645 $11,940,527
4,047,488
8,604,379
$11,828,375
8,225,599
$1,719,339
656.459
$1,752,157
$3,336,148
$3,602,776
674,459
1,288,949
1,370,368
income. $1,062,880
665,342
2053.
$1,077,698
641,906
$2,047,199
$2,232,408
1,388,219
17,180
30,815
Uncollectible oper. rev—
fc*-
Co.—Earnings—
.v.:v;v
WOperating revenues
Operating expenses
Net oper. revenues
Operating taxes
.
Net operating
Net income
—V. 146. p.
1,203,990
Power & Light Co.-—Acquisition
-—To Issue $3,500,000 Notes and 9,000 Shares
New Jersey
of Securities
of Common
Stock—
See NY Pa NJ Utilities Co.—V. 146, p.
2379.
New York Central RR.—Earnings—
[Including all Leased Lines]
1938—Month—1937
1938—2 Mos—1937
revenues.$21,469,280 $29,289,384 $45,855,752 $59,191,910
expenses. 19,013,123
22,507,610 39,457,603 45,260,603
Period Ended Feb. 28—
Railway
Railway
Net
oper.
oper.
from ry. oper.
rev.
Railway tax accruals...
Equip. & joint fac. rents
Net ry. oper.
1,340,172
4,359,783
$993,086 $11,259,245
$5,729,297
def$248,617
Total income.
$6,899,462
$3,035,759df$ 1,761,825
2,693,538
2,754,911
income.df$l,588,789
Other income
$6,398,149 $13,931,307
5,875,194
4,419,818
2,284,780
2,612,027
$6,781,774
2,397,187
1,348,828
$2,456,157
2,907,008
1,137,938
145,786
4,577,460
9,179,879
$1,809,457
$l,021,716df$7,294,907
def$4,399,444
Net income
Net inc. per sh. of stock.
—V. 146, p. 2215.
269.909
291,147
7,996,846
130,121
4,005,041
income
$0.36
Nil
$0.20
Nil
$4,847,508
2,681,351
$5,327,927 $10,340,101 $11,468,213
2,439,587
5,360,760
4,879,226
$2,166,157
$2,888,340
2,576,271
Net oper. revenues--
Operating taxes
Net
1,795,616
income...
City Omnibus Corp.—Earnings—
Avenue Coach Corp.j
Month of February—
1938
1937
Gross..$930,586
$885,585
New York
[Incl. Madison Avenue Coach Co., Inc. and Eighth
190,222
211,172
Net after Federal income taxes and depreciation._
177,014
143,697
x After interest on equipment obligations, interest on bonds assumed from
New York Railways Corp., amortization and other charges, but before
any provision for Federaljsurtax on undistributed profits or excess profit
x^Net income
'
.
Note—Net income for February, 1938, and 1937 is before deduction of
$19,933 and $19,353, respectively, charged to income in respect of provision
for amortization of amount to be amortized on basis of recapture contract
in monthly
instalments.—V. 146, p. 2379.
Westchester
York
New
1936
1937
Calendar Years—•
$3,234,936
2,162,687
$3,287,378
2,263,164
$1,072,249
347,605
$1,024,214
356,191
$724,644
356,347
$668,023
285,921
$368,297
60,401
$382,102
53,434
Railway tax accruals.
Railway operating income
Net rents—debit
Net railway operating income.
Other income
$428,698
207,388
655,593
$435,536
^ $434,284
$400,732
Total income-.-.—
Miscellaneous deductions from income..
Fixed charges
Net deficit....
Comparative General
ry.
on
Adoption of the plan, the committee states, will mean:
(1) On the basis of average monthly revenue for 10 months of 1937,
operations to Port Chester, net income after payment of re¬
vised taxes, leases and car rentals, but before depreciation and interest,
will be $27,610 per month:
(2) On the basis of a substantial decrease in revenue which may be
encountered at the start of operation due to the closing of the road (e.g.,
including
34% below the 10 months' average of 1937) net income after payment of
revised taxes, leases and car rentals, but before depreciation and interest,
will be 84,077"
(3) Payment under such operations will be at rate of $20,000 for taxes,
$7,500 for leases and $200 per car per month.
Additional power cost, if
any, is included in the power rental figure.
(4) Total expenditures required to resume operations will not exceed
$35,000.
If operations are not resumed promptly, the committee states, proceeds
from the sale of the property will be practically nil.
In presenting the plan, the committee urges that operations be resumed
at once under an operating receiver, to be followed promptly by reorganiza¬
tion.—V. 146, p. 2216.
Norfolk-Portsmouth
397
397
rntged prop, sold
liability
A dividend of 6%
New York, Philadelphia & Norfolk; Norfolk Southern; Seaboard
Air Line; Atlantic Coast Line; Southern Ry.; Chesapeake & Ohio; and
Virginian.
»"
* ;■•*. ■ ,.■■*.
.*•
. *\?v.-. *
M. A. Moore has been elected treasurer of the road succeeding W. A.
Shafrer.—V. 146, p. 761.
& Western;
Norfolk & Western Ry.—EarningsOperating StatiMics for Calendar
1937
1936
3,792
18,334
16,004
3.598,761
for fund. debt..
462,159
Receipts outstand.
909
1,001
Non-nego. debt to
affiliated cos...
416,742
Advances..
288,221
Cash.
balances receiv..
&
897,037
940,986
payable._
410,813
467,371
169,545
50,170
420,192
80,167
bal. payable
Audited
com
acct.
wages
debt
Fund,
&
153,315
182,945
Misc. acc. rec
98,989
67,448
Mat. & supplies..
49,907
27,791
Unmat. int. accr..
Int. & divs. rec...
253
510
Unmat. rents accr.
Other curr. assets.
246
ductors
Working fund
700
—
14,172
Rents
prem.
&
.
Accrued
insur.
Other
paid in ad¬
273
35,828
unadj. debits
439
.
Mail
Express
All other
662,142
Incid. and jt. facil. revs.
$94,861,503 $94,864,293
Total—
M?£TaorwaySsetnTc.
9.850,867
Maintenance of equip— 17,450,617
11,160,263
1,632,689
1,515,288
21,584,624
operations-218,303
2,399,087
for invest.—Cr.
28,866
20,074,242
186,706
Traffic--.
-------
Transportation
Miscell.
General
Transp.
3,791
354
14,934
18,898
8,682
6,135
599,511
336,314
644,062
588,421
to
123,099
129,732
129,667
50,000
50,000
6,352,212
thro inc. & sur._
Deficit
2054.
Total
7,633,685
8.577,223
14,411,433
1,433,018
16,043,045
1,360,071
17.949,958
16,551,259
165,717
2,578,156
164,6.)0
2,022,480
422,792
59,599
$53,107,322 $50,147,899
Net revenue from oper-_ 41,754,181
44,716,395
Tax accruals
13,035,513
13,734,849
Total oper.
$28^18J367
income
4,158.089
I>r6,980
(net). Drl54,495
Hire of freight cars (net)
Hire of other equip, (net)
JointfacU ty rents
2,783,879
6,399
$44,499,165 $44,531,257
33,545,219 28,176,610
8,840,000
7,768,000
7,105
10,663
$30,981,546 $24,698,114 $20,397,946
3,718,986
Cr59,216
Ur254,324
2,762,841
Dr27,447
Drl29,690
2,351,231
7Jr49,977
Drl80,914
$3,996,614
—
Netry. oper. income
Income from lease of road
Miscell. rent income
Misc. non-op. phys. prop
Dividend income
fund,
&c., reserve funds
Income from unfunded
$3,523,878
$2,605,703
$2,120,340
32,715,282
34,505,424
3,604
76,425
78,843
35,824
550,324
27,303,818
„§-£§§
22,518,286
3,491
55,328
72,346
335,879
908,999
75,028
68,035
?0,976
12,447
Miscellaneous income
oo'ffS
§o'!5f
QZ'lii
68,778
67,028
1,050,875
1,410,589
61,498
55,213
65,246
5,091
61,642
4,170
Income from sink,
—
_
95,017
9,934
76,766
6,282
$34,271,307 $35,401,529
240
84,993
2,592
2,501
Interest on funded debt2,145,80 1
2,145,767
Int. on unfunded debt-14,124
2>512
Misc. income charges
309,268
256,228
Gross income
Rent for leased
Miscellaneous
roads—
rents
Total
Net income
—
pref. stock (4%)
42,184,927 42,059,089
$2,472,025
31,799,281
$2,492,004
32,909,525
Dividends on adjustment
Common
dividends
Balance, surplus
—Y. 146, p.
15,056,035
$78,044,384 $72,707,867
$28,636,512 $24,257,066
99,434
101,378
,2,688
coZ'R§?
2,839,914
3,537,911
nZ§'?§9
265,364
320,088
5,855,043
property
Fund, debt retired
42,184,927 42,059.089
1934
1935
$73,661,075 $68,617,070
1,841,601
1,780,032
1-217,850
1.145,586
432,735
423,864
§66,561
?£R'7§5
606,025
590,560
480,580
unadjusted
thro inc. &sur..
Total
1936
122,194
deprec.—
credits
38,080 .Add.
123,001
80,909
Tax liability
equipment
vance.
Oth.
17,104
1934,^
2,168
39,345,242
10,962,903
Calendar Years
$89,835,838 $89,903,067
2,274,594
2,220,260
1,306,575
1,334,320
429,632
458,834
transportation.
352,720
341,787
Freight--—
Passenger-
securities and accounts
114,640
4,305,640
Oth. def .liab ilities.
Other deferred ass.
1937
Inc. from funded secur_-
ma¬
tured unpaid
Other current liab
ad¬
vances
6,402,825
Int. matured unpd
53,026
114,920
Net bal. rec. from
agents
6,402,825
Misc. accts. pay..
18,445
80,238
Special deposits...
Traffic & car-serv.
2,175
49,193,930
13,511,975
6,210,803
0.665 cts.
$41,324.10
1,693,434
Income Statement for
Operating Revenues—
Total
768
768
Traffic & car-serv.
Other .investments
Years
1935
2,185
37,660,111
10,458,908
Rev. 1 mile per m. road._
6,453,043
5,055,477
4,785,693
Av. per rev. ton per mile
0.632 cts.
0.672 cts.
0-566 cts.
Av. rev. per mile of road $40,791.64
$33,968.36 $31,399.24
No. rev. pass, carried
1,574,856
1,431,040
1»345,379
No. rev. pass card. 1 milel08,746,366 108,607,896
93,169,563 85,900,497
Av. rev. per pass. mile..
2.092 cts.
2.044 cts.
1.977 cts. 2.072 cts.
Av. pass. rev. per m. rd.
$1,903.03
$1,923.68
$1,670.07
$l-§89.57
Net op. rev. per m. road $18,959.27
$20,553.97 $15,469.18 $12,893.64
mileage operated2,202
Revenue tons carried
51,304,416
Rev. 1 mile (000 omit.). 14,211,600
Aver,
I71C07T16—-*
223,237
5,218
223,237
42,000
28,000
Mortgage bonds.. 8,239,500 12,430,500
460,537
Stocks..
RR.—Dividend—New
Uncollectible revenue
obligations
3,598,761
Misc. pbys. prop..
Invest. in affil cos.:
Line
the $57,600 Norfolk-Portsmouth Belt Line RR.
payable May 1.
The stock is owned by Norfolk
on
stock has been declared,
for
conversion.....
Equip,
Belt
12,816,319
Govern, grants
of
lieu
in
Dep.
25,881
25,547
5
12,816,319
Preferred stock... 12,964,844 12,964,844
Stk.
leased
property....
1936
§
Common stock
37,212,029 37,163,700
Ry.—Bondholders
Boston
&
Total
1937
Liabilities—
S
&
equipment
Improv.
>
s
road
in
Invest,
179,764
656,503
Balance Sheet Dec. 31
1936
1937
Assets—
5,944,390
In answer to demands by Westchester residents for resumption of service
by the company terminated Jan. 1, last, the first mortgage bondholders
protective committee on April 13 presented a plan for reorganization.
On Jan. 1, 1936, the company defaulted in payment of interest on its
first mortgage bonds, of which $22,310,000 were outstanding.
Of this
sum, the New Haven guaranteed $19,200,000.
The proposal calls for reduction in payments to the New Haven on con¬
tracts and leases, reduction by N. Y. City and municipalities in the road's
territory of franchise and real estate taxes, reduction in overhead and
administration expenses, operation of but 129 trains per day instead of 244
and closing of five stations.
These economies would mean operating sav¬
ings amounting to $48,127 per month as compared with the monthly average
for the first 10 months of 1937, it was stated.
Susquehanna & Western RR.—Earnings—
New York
$6,588,987
4,218,395
Group Proposes Reorganization—
——
tax.
$4,979,341
—V. 146, p. 2380.
Director—
Miscell. deductions from
Total fixed charges
—
Net operating income.
..
.
Com.shs.out. (par
Earns, per
$100).
sh. on com
$3,280,660
25,355,852
^
919,692
919,692
^
919,692
$3,976,884
20,280,181
^
919,692
14,064,830
14,064,830
$8,375,861 $13,705,554 $10,371,330
1,406,483
1,406,483
1.406,483
$21.96
$29.85
$17.37
$5,2J5,659
1,406,483
$13.76
22,503,728
18,284,279
Financial
2544
Chronicle
Balance Sheet Dec. 31
1936
1937
1937
Preferred stock.
road
In
«fc equiprnent-480,801,154 468.588,685
1,807,061
Sinking funds1,983,819
lieu of
mtg.prop, sold
Misc. phys. prop
Dep.
'
Liabilities—
S
Assets—
Invest.
In
1936
$
$
22,992,300
22,992,300
Common stock. 140,648,300
140,648,300
Govt,
grants...
34,778
Long-term debt.
-
52,139,532
52,139*532
4,500
4,340,210
31,225
Traf. & car serv.
4,843,808
98,984
132,341
Inv.lnaffll.cos.
13,836,664
15,073,031
bal. paj ableAudited accts.&
Other investm'te
10,990,080
15,224,623
13,378,643
16.255,384
payable
3,005,378
380,124
3,897,903
Special deposits.
828,117
Loans & bills rec
7,347
266,208
14,411
Cash
and
Traffic
car
2,764,286
service bal.rec
5,944,294
wages
Misc. accts. pay.
1,043,618
Relief fund (cash
held in trust).
Int. mat'dunpd.
74,617
60,151
28,396
28,662
312,321
177,241
229,923
229,923
509,784
420,256
3,476,389
3,607,993
Dlvs.mat'dunpd
Unmatured dlvs.
Net.bal.rec.from
280,051
216,918
1,892,441
641,361
Mat'l & supplies
Int. <fc dlvs. rec.
6,831,450
5,350,365
51.744
9,374
Other curr .assets
66,610
Deferred assets.
70,566
3,587,602
Unadjust. debits
2,954,401
agts. & condrs
Misc. accts. rec.
declared
Unmatured
int.
accrued
Other
April 16,
NY PA NJ Utilities
liab.
curr.
Deferred liabll..
509,784
518,036
3,616,456 Unadjust.credits 80,576,469
4,361,245 Bink. fd. reserve
1,644,306
80,949,933
1,390.373
Fund, debt ret'd
1938
Co.—Propound Acquisition of Securities
Company, a subsidiary registered holding company in the registered
holding company system of Associated Gas & Electric Co., has filed with
Securities and Exchange Commission, an application
(File 46-99)
under the Holding Company Act for approval of the acquisition of certain
securities of New Jersey Utilities Co., National Public Service Corp..
Metropolitan Edison Co., New Jersey Power & Light Co., and Rochester
Gas & Electric Corp.. from General Utility Investors Corp., New Jersey
Utilities Co. and New Jersey Power & Light Co.
New Jersey Power & Light Co., a subsidiary of the above applicant,
also filed an application (File 46-98) for approval of the acquisition of
securities of National Public Service Corp. and Jersey Central Power &
Light Co., and a declaration (File 43-113) covering the issuance of a $3,500,000 threoyear 5% secured note and 9,000 shares (no par) common stock.
All three applications contemplate the eventual merger of Jersey Central
Power & Light Co. and the applicant, this first step providing for, in part,
the acquisition of the outstanding common stock of Jersey Central Power
& Light Co. not now owned by the applicant.
New York State Electric & Gas Corp., of Ithaca, New York, also a
subsidiary of Associated Gas & Electric Co., has filed an application (File
32-84) for exemption from the requirement for filing a declaration with
respect to the sale to persons resident only within the State of New York, or
$2,903,200 10-year 5% notes dated March 1, 1938, maturing March 1.
1948.
The proceeds are to be used for financing new construction.—V.
146. p. 1720.
the
,
,
through Inc. &
47,234,000
surplus
Add'n
to
44,862,659
44,886,413
Ohio Edison
prop.
thrulnc.&sur.
Profit
47,234,000
and
loss
Co.—Earnings—,
Years End. Dec. 31—
Gross earnings
balance
147,780,541
Total..
546,449,059 540,465,081
140,018,576
9,460,919
2,275,000
tenance and taxes
546,449,059 540,465.081
Total
—V.
146,
2216.
p.
York
New
Electric
State
&
Gas
Corp.—To
Issue
See NY Pa NJ Utilities Co.—V.
146,
2215.
1934
3,232,377
8,588,476
1,500,000
3,511,429
7,090,473
1,350,000
4,049,650
x6,931,700
1,200,000
3,944,201
Net
income
$4,733,175
1,866,923
2,011,688
$4,185,582
1,866,923
287,384
$3,452,051
1,866,882
718,400
$3,269,833
1,866,880
1,149,536
dividends
Preferred
Common dividends
p.
1935
charges
for depreciation._
Prov.
Fixed
$2,903,200 10-Year 5% Notes—
1936
1937
$19,701,471 $17,785,487 $15,942,175 x$15345,735
Oper. exps., incl. main¬
After giving
effect to settlement in August, 1934, of a rate case involving
May 1, 1933.
provision has been made in 1936 and 1937 for surtax on un¬
distributed profits, as it is estimated that all taxable net income has been
distributed during such years.
x
refunds retroactive to
North American Rayon
Corp.—Earnings—
Note—No
Years Endedr—
Jan. 1 '38 Dec. 27 *36 Dec. 29 '35 Dec. 30 '34
Operating profit
$4,827,484
$4,082,126
$2,770,586
$2,146,189
Depreciation of plant-.
1,057,127
999,030
983,472
898,112
Selling, adpi. & gen. exp.
795,968
715,597
729,043
695,950
Balance Sheet
1937
Operating profit..
$2,974,390
10,026
Other income
$2,367,498
34,212
$1,058,070
11,253
$552,126
91,784
Assets—
$
Profit before provision
for income taxes—
$2,984,415
$2,401,710
506.600
366,000
Pro v.
for surtax
Invests.
$1,069,324
162,413
&C.
Sink,
distributed profits
174,000
.
76,000
spec,
119,931,109 116,512,576
.
$1,959,710
$906,911
437,847
1,454,841
$533,410
$5 series
$6.60
416,509
and
5,991,805
5,754,766
550,223
$504,869
$469,064
Market,
Balance Sheet
Jan. 1, '38 Dec. 27,"SQ
f
$
Assets—
Cash.^-i........ 2,502,567
2,735,417
U. S. Treas. notes
657,000
501,811
1,143,178
469
1,910,918
785,910
rec.
Accrued int. rec.
.
Inventories
Invests, in & advs.
payroll
drafts A checks.
17,451
64,805
55,490
2,030
7,752,651
6,482,671
Deferred charges..
28,610
33,399
751,012
accounts
Fed. inc., cap. stk.
& other taxes
7,000
17,371
6%cum.pr.pf.stk. 2,744,300
Common stock.. 2,621,870
Capital surplus... 3,284,939
Earned surplus... 3,021,898
y
12,832,366 11,952,561
After
y
divs. payable.
168,027
curr.
408,737
1,657,999
855,170
29,681
10,124,777
liab.
8,141,580
114,388
Contrib. in aid of
170,456
1,447,460
Total
construction
a
Total
12,832,366
141,490,012 130,846,1451
Cash only,
b Stock without
Ohio Finance Co.
Res. for conting..
x
1,741,031
Reserves
11,991
_
Surplus..
par
2,874,200
x
per
After
130,846,145
value.—V. 146, p. 2381.
share
1937
on
1936
$92,715
$0.38
x$146,089
$0.76
$0.65
deducting surtax
3,427,330
141,490,012
Total
1938
x$128,859
Net earnings after all taxes.
Earnings
4,422,053
(& Subs.)—Earnings—
3 Months Ended March 31—
43,113
Mtge. payable
1936.
Misc.
506,750
pay..
Pref. div. payable.
Total
800,423
941,919
taxes..
14,040
Empl. accts.
zl 14,618
to other cos
78,839,000
Acer. int. A pref.
3,186,475
affll.
companies
Mat'ls & suppl's
57,492
Other accr.llabil..
2,900,000
3,299,210
Accrued
notes
from
409,600
9,432
Accrued payrolls..
a766,615
68,658
5,678
24,650
Due
debt...
payable.
2,700,000
securs.
14,499,200
70,797,500
803,324
877,644
1,658,809
Def'd liabilities.
928,353
& int. receiv—
.
Affil. cos., current
135,808
Fixed assets.„..
x
,
6,900,400
14,499,200
436,920 shs.).
Accts.
...
Accounts,
Jan. 1, *38 Dec. 27,'36
Liabilities—
$
v
$
Trade credit, &c—
293,733
293,475
,
Outstand.
and bonds
Accts. & notes
funds
$211,130
2,349,800
6,900,400
409,600
series.,
Funded
prepaid accts.
19,874,700
2,349,800
b Com. stk. (1,-
168,579
4,676,673
642,232
deposits
136,700
19,874,700
series._
$7.20
Cash A working
$982,401
$
136,700
.....
$7 series
467,087
Def'd charges A
322,280
1936
$
$6 series.
sees,
Debt disc. & exp
$2,303,815
1,321,414
31
b Pref, stock—
.
fund
Dec.
1937
$
of various cos.,
$643,910
110,500
un¬
on
In
-
at
Liabilities—
Fixed cap., incl.
intangibles
Provision for inc. taxes..
as
1936
undistributed surplus.—V. 146, p. 922.
2,621,870
3,272,810
Omaha & Council Bluffs St. Rv. Co.—Tenders—
2,110,861
11,952,561
reserve for depreciation of $6,881,875 in 1938 and
$6,016,460 in
Represented by 300,000 shares of class A stock, no par, and 212,374
x Other investments
only.—V. 146, p. 1885.
The Guaranty Trust Co. of New York will until 10 o'clock a. m., May 3
receive bids for the sale to its of sufficient first consolidated mortgage gold
bonds dated Dec. 1, 1902, to exhaust the sum of $147,585 at prices not
exceeding the prevailing market price.—V. 144, p. 288.
shares of class 11 stock,
Northern States Power Co.
Pacific Finance
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended April 9, 1938, totaled 24,593,991 kwh., an increase of
2.1% com¬
pared with the corresponding week last year.'—V. 146,
Northwestern Electric
Period End. Feb. 28—
p.
2381.
Prop, retired res.
48
359
600
1938—12 Mos.—1937
25",000
21,667
266,667
260,000
$126,506
17,407
$138,282
17,462
$1,342,832
206,829
$1,354,095
207,388
$109,099
$120,820
$1,136,003
$1,146,707
Dr 89
approp. ;
Net oper. revenues
Rent for lease of plant..
Dr93
Dr219
Dr 11,853
$109,010
28,490
15,504
$120,727
31,096
15,208
$1,135,784
353,042
203,965
$1,134,854
377,999
192,263
C'r203
$578,980
$564,713
'
Operating income
Other income (net)
Gross income
Int.
on
mortgage bonds.
Other int. & deductions.
Int. chgd. to constru'n.
x$392,789
$0.45
$0.70
1935
$412,463
$249,446
'
$0.79
$0.41
Before provision for Federal surtax on undistributed profits.
a result of new accounting practices adopted on Jan.
in connection with income derived from commissions on insurance,
x
Note—As
1, last,
$33,445
or 8 cents per share should
be deducted from reported net earnings for
first quarter of 1938, in order to make proper comaprisons with figures of
similar periods in past years.
f
Crl21
■
Eamings-
1936
$287,779
(par $10)
$4,351,040
2,736,345
in vestm ents.
1937
Earns, per share on 430,956
shs.
com.
stock
$4,463,427
2,853,569
Authorization of limitedterm
1938
Net prof, after int., Fed.
taxes & other deducts.
Co.—Earnings
1938—Month—1937
$379,052
$444,045
227,546
----284,048
Operating revenues.
Oper. exbs., incl. taxes..
Corp. of Calif. (& Subs.)-
3 Mos. End. Mar. 31—
Prior to effecting the change in accounting practices, the entire amount
was taken into
of insurance commissions derived from business transacted
earnings during the month in which the business was purchased..
Under
the
new
accounting method, which is felt to be a more con¬
servative one, the total amount of insurance commissions resulting from the
purchase of each contract is spread over the life of the account, a propor¬
tionate amount being credited to earnings each month.
In order to accomp¬
lish this change an amount equal to the insurance commissions relating to
the outstandings on Jan. 1, last, has been transferred from earned surplus
to unearned discount.
Total volume of purchases for the first quarter was $14,796,452 as con¬
trasted to
Net
x
income
$65,016
$74,423
Dividends applicable to preferred stocks for the
period, whether paid
or
year
unpaid
334,182
x
Dividends accumulated
and
$1.108.055.Latest dividend
on
unpaid to Feb.
7% pref. stock
334,179
$244,798
Balance
$230,534
1938 amounted to
was $1.75 a share paid
stock was $1.50 a share
(Charles F.) Noyes Co., Inc.—Reorganization Voted—
Plans for the mutualization
a
stockholders'
and
reorganization
meeting held April
of this
11
company,
ooo
$5,715,490
3,185,970
Prop, retire, res. approps
57,708
57,708
692,500
692",500
Net oper. revenues—
Rent from lease of plant.
$151,841
17,408
$145,594
17,462
$1,836,889
206,829
$1,794,227
207,388
$169,249
$163,056
214
$2,043,718
3,697
$2,001,615
551
$169,800
85,417
$163,270
85,417
$2,047,415
1,025,000
investments
;
_
_
131
_
Operating income
Other income (net)
Gross income
Int.
Accumulated Dividend—
on
785
16,908
17,126
231,083
$2,002,400
1,025,000
230,789
$67,475
stocks for
$60,727
the period,
$791,332
$746,611
mtge. bonds
Other int. & deductions.
dividend of 45 cents per share on accoun
6% cumulative preferred stock, par $30, payable
May 2 to holders of record April 25.
Similar amount was paid on Feb. 1,
on
I* 1937.
A dividend of 75 cents was paid on
April 26, 1937, 60 cents was paid on Feb. 1,1937 and dividends of
45 cents
were paid on Nov. 2 and
Aug. 1, 1936.
Arrearages after the current pay¬
ment will amount to 90 cents
per share.—V. 146, p. 606.
a
Nunn-Bush Shoe Co.—Common Dividend
Deferred—
A. Bush, Vice-President of this
company announced on April 9, that
directors had decided to defer declaration of the
common dividend ordinarily
due at this time.
A regular quarterly dividend of 25 cents
per share was
Jan. 29, last.—V. 146, p. 285.
$5,381,561
2,894,834
Amortiz. of limited-term
of accumulations on the
on
1938—12 Mos.—1937
$488,439
285,137
33,333 approved the plans, he said.
paid
1938—Month-—1937
_
were
Holders of 108,282 common shares
a tota,l °J 112,640 and of 32,021 preferred shares out of a total of
The directors have declared
Light Co. (& Subs.)—Earnings—$472,540
262,991
Operating revenues
Oper. exps., incl. taxes.
William B. Falconer,
Vice-Pr^ident, announced.
So
Pacific Power &
Period End. Feb. 28—
28,
,19?Aa„ LaA®8t dividend on 6% pref.
paid Oct. 1, 1932.
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal
surtax on undistributed
profits for the 12 months ended Feb. 28,1938 and 1937.—V.
146, p. 2054.
approved at
Executive
$25,236,216 for the same period in 1937. Total outstandings as of
last, were $33,325,280 against $39,293,496 on the same date a
ago.—V. 146, p. 2217.
March 31,
Net income
x
Divs.
applic.
pref.
unpaid
to
whether paid or
Balance
x
458,478
458,478
$332,854
—
$288,133
Dividends
$267,446.
accumulated and unpaid to Feb. 28, 1938, amounted to
Latest dividends amounting to $1.75 a share on 7% preferred
a share on $6 preferred stock, were paid on Feb. 1, 1938
stock and $1.50
Dividends
on
these stocks
are
cumulative.
Ml
Note—Includes provision of $2,038 for Federal surtax on undistributed
profits for the 12 months ended Feb. 28,1938.
No provision has been made
for the 12 months ended Feb. 28, 1937.^—V. 146, p. 2381.
Volume
Pacific
Feb. 28—
revenues
Uncollectible oper.
Operating
Operating
rev.
1938—Month—1937
1938—2 Mos.—1937
$5,370,682
$5,236,049 $10,889,730 $10,552,540
26,700
22,700
47,400
39,300
$5,343,982
3,913,793
$1,672,651
$2,896,597
$3,373,843
70
732,111
Net oper. revenues
$5,213,349 $10,842,330 $10,513,240
3,540,698
7,945,733
7,139,397
$1,430,189
revenue...
expenses
70
716,030
141
1,473,610
141
1,436,685
$698,148
1,353,027
$956,691
1,635,672
$1,423,128
2,712,165
$1,937,299
3,262,351
Rent from lease of oper.
property—
Operating taxes
Net operating income
Net income...
—V.
'
146, p. 2055.
Petroleum
American
Pan
&
Co.—-Suit
Transport
Dismissed—
^ A stockholder's suit brought against
the sale by this corporation to Atlantic Ice
& Coal Co. (name changed to Atlantic Co.) of 92,768 shares of class A
preference stock and 200.000 shares of class B common stock of Atlantic
Co. for $2,000,000, of which amount $750,000 has been paid and 28,000
shares of class A preference stock and 200,000 shares of class B common
stock have been unconditionally delivered by Pennsylvania Gas & Electric
Corp. The balance of the purchase price was payable $750,000 on Jan. 6,
1938, and $500,000 on Jan. 6, 1939. As the Atlantic Co. found Itself unable
to meet the instalment due Jan. 6, 1938, your corporation agreed to post¬
pone the instalment for 12 months.
The balance of the purchase price, all
of which is now due Jan. 6, 1939, with interest at the rate of 4% per annum,
has been further secured by a mortgage on important properties of Atlantic
Co., in addition to the original deposit of 64,768 shares of class A preference
stock of Atlantic Co., which shares are deliverable against final payment
of the
advised last year of
were
balance due.
.
Your corporation has been named as a defendant in a suit in the U. S.
District Court for the District of Delaware to rescind the aforesaid sale
to Atlantic Ice & Coal Co.
Answers have been filed substantially denying
the allegations of the complaint but the case has not yet been set for trial.
—V. 146. p. 2382.
John D. Rockefeller and 33 other
Pan-American Petroleum & Transport
Court Justice Ernest Hammer on the
grounds that the complaint was indefinite and obscure.
This was the fourth
time the courts have dismissed similar actions brought by Robert Black,
holder of 100 shares of Pan"American stock.
Plaintiff charged the defend¬
ants with dissipating the assets of the corporation in 1925 and that they con¬
spired to dispose of alleged worthless British American Petroleum stock to
the Pan American for $12,000,000.
Mr. Black sought an accounting the,
appointment of a receiver and the dissolution of the Pan American in May,
1932, be declared void.—V. 146, p. 2382.
2545
Chronicle
You
Telephone & Telegraph Co.—Earnings—
Period End.
Operating
Financial
146
Philadelphia Electric Power Co.—Registration—
officers and directors of the former
See Central Public
Utility Corp.—V. 146, p. 118.
Co. has been dismissed by Supreme
Parmelee
Transportation Co. (& Subs.)—Earnings—
interest &
Fed. taxes.
*$161,898
x$63,788
$76,950
$0.12
$0.09
x
loss$70,327
$0.10
Earns, per sh. on 721,905
shs. cap.
1935
1936
1937
1938
Quar. End. Mar. 31—
Net profit after deprec.
stk. (nopar).
Nil
Federal surtax on undistributed profits.-
Before provision for
-V.
145,
2702.
Patchogue Plymouth Mills Corp.—To Pay
The directors have declared a dividend
$1 Dividend
of $1 per share on the common
stock, payable April 27 to holders of record April 20.
A like amount was
paid on Dec. 24, Oct. 7, and on June 23, 1937, and compares with a cash
dividend of $2 and a stock dividend of $3, payable in $1 par pref. stock,
paid
on
Dec. 23, 1936, and a cash dividend of $2 paid on Feb. 26,
first dividend paid since May 1,1930, when $1 per
latter being the
1936, this
share was
distributed.—V. 145, p. 4124.
Penn
Western
Gas
&
Electric
Co.—Reduction in Par
of Stock Approved—Partial Liquidating
Approved—
•
J
Value
Dividend Also
•
•
has approved the reduction
outstanding common stock from $12 to $5 per share,
12 C-2), the declaration of a partial liquidating divi¬
dend to be paid out of the capital surplus created through the reduction of
the par value of the outstanding common stock.
The SEC in its findings states in part:
Company is a registered holding company.
It had outstanding as of
Dec. 31, 1937, 101,904 shares of common stock (par $12).
There are no
other securities outstanding, and the corporation does not have any sub¬
stantial creditors.
The declarant now proposes to reduce the par value of
its outstanding common stock from $12 to $5 per share and in this way to
create a capital surplus of $713,328.
This amount, added to $827,685
of capital surplus existing as of Dec. 31, 1937, would increase the total
amount of the capital surplus to $1,541,013.
Applicant then proposes to
pay a dividend with an assigned value of $1,099,426 out of such capital
surplus.
This dividend will consist of all of the class B common stock of
Pennsylvania Gas & Electric Corp., all of the common stock of American
Railways Corp. and all but a fractional portion of the common stock of
The
Securities and Exchange Commission
Phoenix Securities
Iowa
Public
Service Co.
The proposed
dividend distribution will take place in the
x
following man¬
Company—
Pa. Gas & El. Corp. cl.B
Total
224,188.8
101,904
Per share of applicant's stock.
Consummation of the proposed
-
'
:
Per Sh.
2.2
173,236.8
—Shares Now Held—
com...224,188.8
100%
101,901
100%
174,404
42.3%
Amer. Rys. Corp. common
Iowa Pub. Serv. Co. common
x
No. of Shares to Be
Distributed
1.7
1.0
Pierce-Arrow Motor Corp.—Liquidation Ordered—Nothing
for General Creditors and Stockholders—
Federal Judge Knight at Buffalo, on April 11, ordered the liquidation of
the company.
The order was made at the request of William I. Morey, attorney for
trustees in reorganization.
Martin C. Ewald, Secretary-Treasurer, esti¬
mated total assets have
146, p.
book value of $2,768,822 and a realizable value
Co.—Sales—
notes.
In addition there is cash of $12,496 but this as
by further sale of reorganization notes will be needed for maintenance
expenses until liquidation is compledted, according to Mr.
Ewald. He
said there would be a deficit of $11,478 accruing to holders of these notes.
raised
—V. 146, p. 2219.
Oil
Pierce
which has been suspended from
trading since Feb. 19, 1936.
The recom¬
the Government Committee
mendation of the Committee on Stock List to
was
as
"On
follows:
Feb.
19,
the
1936
Governing
Common
the
stock of the Pierce Oil Corp.
fact that
the Exchange was
Pittsburgh Coke & Iron Co. (& Subs.)—Earnings1936
1935
1934
$10,559,873
9,379,359
sold & exps
$9,973,589
9,017,889
$5,754,461
5,187,951
$4,389,658
3,937,260
i$1,180,515
48,867
$955,700
18,408
$566,510
7,292
$452,398
8,554
$1,229,382
$974,108
95,754
$573,802
64,953
$460,952
89,048
184,824
263,880
1937
Calendar Years—
a
Gross sales
Cost of goods
Balance...-...-...Mlscell. other income—
Total
Income deductions
mtge. s. f.
bonds & debs. & debt
Int.
on
1st
,.298,575
295,109
4,327
5,081
34,976
213,503
128,598
6,412
752
$806,728
74,594
discount
Prov. for obsolescence.
$446,100
$172,352
$41,311
20,000
.
Other interest.
•;
Prov.for Fed. & State in¬
come taxes
Net income
Pref. dividends
a
.y -i
Liabilities—
Cash in banks & on hand
Notes & accts. receivable..
Fixed assets
(net)
Unamort. bond disct. Aexps.
$816,020
538,163
1,888,987
9,555,383
121,439
19,979
Accounts payable
system has been simplified by consolidating three former operating units
into one.
The name of the consolidated company is New Penn Develop¬
as
a
287,387
Res. for Fed. & Pa. inc. taxes
218,637
2,739,612
Funded debt.
Res. for relining
Another step toward simplification was the elimination of the
stock interest in Crystal City Gas Co., controlled for many years
minority
by yOur
corporation through a bare majority represented by 51% of the capital
stock.
This was accomplished through payment of $30,000 by your cor¬
poration to the minority stockholders in consideration of their donating the
stock back to the Crystal City Gas Co. for cancellation.
P
In addition your corporation purchased from Pennsylvania Gas & Elec¬
tric Company, at $100 per share and accrued dividends, 6,500 shares of $7
preferred stock of North Penn Gas Co.
The transaction was mutually
advantageous in that it provided profitable employment for part of your
corporation's capital funds awaiting reinvestment, and at the same time
permitted the Pennsylvania Gas & Electric Co. to anticipate a trouble¬
some early maturity by retiring on June 1, last, the entire remainder of its
issue of 6% debentures due Dec
1,1940.
,
blast furnace
$5 pref. stock—..........
stock., —......
Earned surplus accumulated
a
par
and
160,801
1,862,892
6,057,598
1,052,173
since Jan. 31,1936
$12,939,971
Total.
$12,939,971
Represented by 19,818 no par shares,
b Represented by 612,542 no
shares, including scrip for fractional shares and 3.200 shares subscribed
paid for but not yet issued,
c After reserve of $73,492.—V. 146, p. 764.
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Feb. 28—
Railway oper. revenues.
Railway oper. expenses.
wholly owned subsidiary of your cor¬
poration.
157,595
currently
Sink, fund pays, due
b Common
Total....
$403,276
...
Accrued liabilities..
stockholders, C. I. Crippen, President, states in part:
ftp*Potter Development Co., a
subsidiary, which formerly owned all
of the capital stock of Southwestern Development Co. and 48% of the stock
of Cowanesque Oil & Gas Co., merged the first mentioned subsidiary into
itself and, after purchasing the balance of the Cowanesque company's
stock, dissolved the latter company and assumed its assets and liabilities.
All three companies were engaged in the same business, the sxploration for,
and wholesaling of, natural gas.
Tnus the corporate organization of the
65,961
•
and allowances.
Consolidated Balance Sheet Dec. 31, 1937
Changes
Although operating results were unsatisfactory, the past year was not
without concrete accomplishments.
"•''
•
Less discounts, returns
of Subsidiaries During Year 1937—
which continues
Committee suspended dealings in
for several reasons, including
advised by the corporation that, based
on the preferred stock liability of the Pierce Oil Corp.
(including accumu¬
lated dividends) the market price of Consolidated Oil Corp. common stock
would have to rise many times its present quoted value before the market
value of the Pierce Oil Corporation's interest in Consolidated Oil Corp.
would reflect any value for the Pierce Oil Corp. common stock."
"Inasmuch as the balance sheet as of Dec. 31, 1937 of the Pierce Oil
Corp., contained in its report to stockholders, indicates that there is still a
substantial deficit applicable to the common stock, and inasmuch as liquida¬
tion of the Pierce Petroleum Corp., of which Pierce Oil Corp. holds approxi¬
mately 1,100,000 shares of common stock, is pending, the Committee on
Stock List recommends that the common stock of the Pierce Oil Corp. be
stricken from the list, and that to this end application be made to the
SEC to remove this stock from listing and registration."—V. 145, p. 3208.
the
a
Corp.,
and
The
Governing Committee of the New York Stock Exchange at its
meeting April 13 approved the recommendation of the Committee on Stock
List that application be made to the Securities and Exchange Commission to
strike from listing and registration the Common Stock of Pierce Oil Corp.,
Prepaud Insurance, &c
Pennsylvania Gas & Electric Corp.—Data on
ment
Stock from Listing
Remove
Corp.—To
Registration—
Inventories
2218.
In his remarks to
of
Against free assets of $61,018 there are $50,000 of reorganization
well as $10,000 to be
interest.
c
1938—Month—1937
1938—3 Mos.—1937
.$17,042,636 $19,831,612 $45,743,568 $50,002,248
Saies
a
$1,197,771.
Against this are total liabilities of $1,892,745.
Judge Knight said there would be no dividends or reimbursements for
stockholders or general creditors.
Marine Trust Co. of Buffalo and the
Federal Reserve Bank, the only creditors who will collect, are entitled to
$1,317 000.
Mr.'Ewald estimated the banks faced a deficit of $458,580 on their
:iinsbromananv?Ppnn-
Period End. Mar. 31—
—V.
the
•
transactions will
divest itself of its "Eastern" subsidiary registered holding company (Penn¬
sylvania Gas & Electric Corp.) and of its "Ohio" non-utility holding com¬
pany subsidiary (American Railways Corp.).
In addition, substantially
all of its minority holdings of common stock of Iowa Public Service Co.,
a registered holding company and a gas and electric utility company sub¬
sidiary of Sioux City Gas & Electric Co., will be distributed to applicant's
stockholders.
This divestment would leave applicant with but one direct
subsidiary, namely, Sioux City Gas & Electric Co., a registered holding
company and a utility company.
After consummation of the proposed transaction, declarant will continue
to be a holding company and the holdings retained by it will not, in all
respects, satisfy the provisions of Section 11(b).
However, the severance
of the "Eastern" holding company system, namely, Pennsylvania Gas &
Electric Corp., from the "Western" holdings of the system is a distinct step
toward meeting th
requirements of Section 11.
In addition, the declarant
has satisfied the Commission that it intends, within a reasonable period of
time, to eliminate certain intercompany holdings which now complicate
the system and then to distribute the balance of its holdings, including the
stock of Sioux City Gas & Electric Co. to its own stockholders, and that
thereupon Penn Western Gas & Electric Co. will be dissolved.
Without
passing on the question of whether or not these suggested steps will com¬
pletely satisfy the requirements of Section 11, we are satisfied that the
transaction now before -us will not be an obstacle to such further steps as
may be necessary for that purpose.—V. 146, p. 2383.
(J. C.) Penney
the
period, was $5,981,733, equivalent to $77.38 per share on $3 convertible
preferred stock outstanding.
After deducting liquidating value of pre¬
ferred stock ($50 per share) plus dividends accrued to Feb. 28, 1938, net
asset value of common stock was $2.49 per share.
This compares with net assets of $10,862,996 on Aug. 31, 1937, equal to
$140.52 per share of preferred stock and $8.39 per share of common stock,
and with net assets of $15,046,205 on Feb. 28, 1937, equal to $194.63 per
share of preferred stock and $13.41 per share of common stock.—V. 146,
p. 2219.
in the par value of the
and (pursuant to Rule
ner:
Corp.—Asset Value—
The company reports for six months ended Feb. 28, 1938, that, on
or estimated valuations, the net asset value at close of
basis of market
Railway tax accruals—
Equip. & joint facility
rents
Net ry. oper. income..
Other income
Total income
Misc. deduct, from
inc..
Total fixed charges
Net income..
Net inc. per
sh. of stock.
d Indicates deficit.—V.
1938—Month—1937
$831,768
$1,945,082
943,214
1,658,133
1938—2 Mos.—1937
$1,729,745
$3,946,885
2,009,322
3,379,069
d$ll 1,446
114,462
$286,949
152,530
d$279,577
216,595
$567,816
Cr176,636
Crl83,851
Cr374,349
Cr354,594
d$49,272
13,860
$318,270
14,435
$121,823
29,045
$619,278
31,107
d$35,412
Cr 6,500
3,676
$332,705
53,217
5,574
d$92,778
CV8,102
7,477
$650,385
102,776
12,011
d$32,588
$273,914
$0.32
d$92,153
$535,598
Nil
146, p. 2219.
Nil
303,132
$0.62
Financial
2546
1936
$1,087,973
$1,349,279
632,270
617,196
$1,714,259
52,329
$455,703
70,395
$732,083
48,486
$1,766,588
$526,098
350,186
203,510
$780,569
306,634
210,238
35,000
737,737
Admin. & selling exps...
$2,246,907
Operating income
1934
689.637
$2,984,644
Gross profit:
1935
$2,403,897
1 §37
6,544
Other income
Total income
Depreciation.
340,625
184,927
321,401
-
96,248
Prov.for Federal taxes..
■"* 291,849
Interest....-
190,925
2,506
40,000
x251,247
Prov. for Fed. surtax
Other deductions
957,499
...
per
share on
capital stock (no par).
Earnings
x
taxes, $1,904
$0.16
Nil
Pennsylvania^income
doubtful accounts and $45,721 for bond discount
Chairman of the Board, in report for 1937, says:
corporation completed a program of refinancing its
The remaining 5H% s. t. debenture bonds totaling
$2,205,000 were called for redemption on June 1, 3937.
To provide the
necessary funds for this redemption corporation issued $1,500,000 4M%
first mortgage bonds dated May 1. 1937, due May 1, 1948; certain of the
properties of the corporation in Pittsburgh and adjacent thereto being
pledged under an indenture of mortgage.
The entire issue was purchased
by one of the largest Ife insurance companies of the country.
In addition
to the mortgage issue, loans were negotiated under five serial notes totaling
$700,000 at favorable rates of interest.
The foregoing plan of refinancing
the funded indebtedness carried out the action of ratification and approval
of the shareholders at the annual meeting of 1937.
Subsequently, corporation disposed of 58,302 of its own shares held in
its treasury, and the proceeds thereof were used in major part to pay in
full the five serial notes totaling $700,000 above referred to.
John F. Miller,
year
funded indebtedness.
Co., Inc. (& Subs.)—Earnings—
1937
r Years Ended Dec. 31—
Selling, general & administrative expense
$1,268,463
228,933
$504,342
108,014
106,138
.
Interest charges
Prov. for reduc. of carrying val. of adv. to
Gas Coal Co..
31,000
Lincoln
—
-—
126
145
43,426
22,821
$889,841
230,133
$342,362
97,360
$1,119,974
366,202
36,124
$439,723
150,215
43,843
$717,649
73,723
188,643
105,088
$245,665
37,786
Minority int. in earns, of subs, consolidated
Miscellaneous deductions
Profit
.
-
Other income
.
Profit
.
....
Provision for depreciation..
y
—
Prov. for est. Fed. inc. & undist. profits
Net profit for the period...
First preferred dividends
Second
preferred dividends
Common dividends
c
Land, bldgs.,ma¬
a
chinery & equlp.$3,951,127 $4,097,866
Cash
945,491
1,640,414
Miscell. accts. rec.
Due from empl's..
d Bal.
659,796
16,345
57,319
411,658
37,593
13,001
Accts. rec
Accounts payable.
Accrued interest.
Accrued
Prov.
56,600
62,500
49,243
25,899
86,645
2,403,383
29,031
55,308
51,472
Inv. in marketable
securities.
2,216,370
Patents
Deferred charges.
.
taxes
for
.
2,205,000
442,539
1,440,000
124,578
10,625
x
Accrued payrolls..
Misc. accrued llabs
49,068
55,013
Sinking fd.
1937
Paid-in surplus...
transit
..
..$8,457,213 $8,409,849
Total.
2,817,844
2,405,450
858,455
1.404,664
Depos ts
bids..
Rar
on
matls.,
plies,
100,220
6.364
Land,
shares, d Under
p.3507,
1,375,063
1,271,873
Other assets
1,487,938
972,870
Bldgs., machinery,
ecjuipt. &c.—de-
par
stock
deposit
roadways,
&c
prec. value..
Pleasant Valley Wine
x
Earnings
Co.—Earnings—
Three Months Ended Jan. 31—
Net income
y
5,999,480
7,346,344
37.931
49,619
15,415
10,136
earnings,
charges but before provision for Federal surtax
y On 250,000 shares.—V. 146, p. 607.
on
undistributed
Total
Portland Gas & Coke
Period End. Feb. 28—
1938—Month—1937
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approps
*
Co.—Earnings—
1938—12 Mos.—1937
$309,845
229,509
22,916
$327,370
231,429
22,916
$3,367,875
2,373,486
275.000
$3,340,783
2,369,156
254,166
Net oper. revenues
Other income (net)
$57,420
$73,025
Dr425
Drl85
$719,389
Dr3,895
$717,461
Dr4,398
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. chgd. to construct'n
$56,995
40,604
4,696
$72,840
40,604
3,957
$715,494
487,250
49,727
$713,063
487,250
51,523
CV127
m*
Net income
$11,695
$28,279
Dividends applicable to preferred stocks for the
x
13,512,101
After
329,418
zl81,236
3,989,819
1,160
13.883
4,716,222
1,631
544,728
532,471
593
1,818
int.,
15,152,302
.
def.
for
miscell.
int.
subsidiary
5%
cum.
stock
in
conv.
(par
1,421,405
1,760,835
3,772,852
Com. stk. (51 par)
432,861
Paid-in surplus
1,946,519
Earned surplus
481,808
4,048.302
.13,512,101
15,152,302
55)
5%
ex¬
penses, &c
1,686,187
conting., &c._._
pref.
After deductions for operating expenses, normal Federal income taxes
x
and other
445,480
&
Deferred income.
Minority
lnsur.
Prepaid taxes,
5174,124
288,458
Unclaimed
Reserve
$
y$5,182
Accrued—taxes
maint.,
premiums
1937
$45,869
$0.18
1938
$20,345
$0.08
share
per
Unexpired
payable
Funded debt
1,030,196
994,545
1936
5
wages, &c
In
____
a After
depreciation of $3,281,073 in
b Represented by 58,302 shares at cost,
1937 and $2,971,043 in 1936.
c Represented by 1,500,000 no
agreement for employees.—V. 145,
$0.35
accept.
interest-
480.000
sup¬
work
and
Accts. payable
sec
process, &c
Total.......-_$8,457,213 $8,409,8491
Liabilities—
Notes
Notes, accept. &
Marketable
Dr743,416
Treasury stock..
_
1937
1936
$
deposit in
on
accounts rec—
3,823,993
912,796
Earned surplus...
Cash
x
42,418
3,858,161
676,796
$122,912
348,448
$1.05
Consolidated Balance Sheet Dec. 31
.
60,000
pay...
Misc. current llab.
$350,195
432,861
$1)
period^from July 30, 1936 to Dec.'31, 1936. y Includes~surtax on
$2,032 for 1937 and $4,000 for 1936.
Assets—
206,713
94,699
84,967
undistributed profits in the amount of
&
351,066
b
For
stock (par
per-share______________
10,106
116,831
130,073
Fed.
com.
Earnings
Capital stock...$1,500,000 $1,500,000
State inc. taxes.
trustees...
Inventories
1936
1937
Funded debt
by
owing
Shares
Liabilities—
1936
xl936
$20,247,913 $6,463,796
17,812,9601 5,455,960
....
1,166,490
503,494
...—:
Balance
Balance Sheet Dec. 31
1937
Assets—
,
mationfof theimerger, the book value of Portland GeneraliElectric's utility
plant wilhbe increased to $58,039,405 from $56,656,884 as of Oct. 31,1937.
The Commission said the merger will result in minorj economies and will
be an influence toward the reduction of rates.—V. 145, p. 3507.
Sales, rentals, railroad revenues, &c
v-.1'.■
the
I
«
The proposed plan of merger provides for the transferror all the assets of
the five subsidiary companies to Portland GeneraliElectric^Co., which will
assume all their liabilities and cancel all their capital stock.
Upon consum-
than Federal and
sltkX expense
During
Power Commission.
Cost of sales, operating expenses, &c
xrn
provision for
merger
Pressed Steel Gar
$228,696
$0.72
$0.84
Includes $203,622 taxes other
of Portland General Electric Co. with five of its whollyowned subsidiaries, Yamhill Electric Co., Mollaha Electric Co., Electric
Supplies & Contracting., Electric Appliance & Construction Co., and
Clackamas Power & Irrigation Co. has been approved by the Federal
The
18,406
1,254
Sl.046.349 loss$46,004
706,876
*1,252,698
Net profit
Dividends paid
General Electric Co.—Merger Approved—
Portland
Pittsburgh Screw & Bolt Corp.-^-Earnings—
Calendar Years—
April 16, 1938
Chronicle
conv.
2d pref.
stock (par $50).
Total....
348,448
1,416,052
122,912
of
$102,868 in 1937 and $210,789 in 1936. y Acceptances
payable only,
z Deposit in connection with purchase contract and un¬
claimed interest, wages, &c.—V. 146, p. 2057.
reserve
Prudence Co.,
Inc.—Reorganization Offered by RFC—
A general plan of reorganization for the company which has been under
Section 77-B of the Bankruptcy Act since 1935, has been formulated and
proposed by Reconstruction Finance Corporation, the company's largest
single creditor. A hearing on the plan has been called for April 21 before
Judge Moscowitz in the Federal Court in Brooklyn.
The plan contemplates a gradual realization of the company's assets and
a
distribution of the proceeds in cash among its creditors.
To aid the plan,
the RFC has offered to forego, until final distribution under the plan, its
share in the initial cash distribution. This, in effect, advances that amount
for immediate distribution chiefly
among holders of the company's guar¬
$178,644
$174,290
430,167
430,167
$251,523
$255,877
anteed bonds and mortgage participation certificates.
It is believed that this action will increase by approximately 10% the cash
initially distributable to creditors other than the RFC.
In addition, the
RFC's claim will be reduced by approximately $11,200,000 as a result
Dividends accumulated and unpaid to Feb. 28, 1938, amounted to
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Dec. 24,
1937.
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Feb. 28, 1938 and 1937.—V. 146, p. 2383.
April 22.
This collateral consists chiefly of defaulted mortgages to be
taken over 94% of face value.
Under the plan, a new company, Prudence Realization Corp., would be
set up to handle the liquidation. The plan provides that all cash in the estate,
after payment of reorganization expenses and priority claims, would be
x
period, whether paid
or
unpaid
Balance, deficit.
x
$1,764,492.
Portland General Electric Co.
Calendar Years—
(& Subs.)—Earnings—
1937
Operation
1935
1934
$8,997,917
Dr20,717
$8,213,074
Dr2,774
$7,792,572
10,728
$9,757,363
2,770,724
$8,977,200
2,487,629
516,379
12,854
796,420
1,501,873
402,380
86,223
821,700
1,459,776
$8,210,300
2,128,346
348,116
176,286
741,486
1.327,305
$7,803,300
1,748,410
287,153
191,820
606,456
1,277,392
$3,719,491
$3,488,761
1*3,692,069
2,457,684
11,295
2,524,551
6,065
2,538,935
5,888
2,568,107
8,680
175,988
Total gross earnings..
1936
$9,752,702
4,661
$4,159,112
Total oper. revenues
Non-oper. revs.—net...
173,539
171,043
179,221
16,800
4,800
$756 095
on
funded debt
(incl. coll. note)
Miscellaneous interest..
Amort, of debt discount
57.226
$1,456,919
$1,015,336
1937
1936
$
$
Plant,
property,
rights, franchises
Net oper. income.
fos.—1937
$698,183
1938—12 Mos.—1937
$2,443,736 $14,412,583 $14,382,833
1,759,079
10,296,811
10,660,784
$684,657
Dr62,040
$4,115,772
Dr286.262
$3,722,049
Drll7,215
$633,040
420,533
Gross income
Int. on funded debt
Amortiz.
of
debt
1938—2
$2,392,309
1,694,126
Dr65.142
Other income
$622,616
423,549
$3,829,509
2,529.629
$3,604,833
2.543,821
40,462
25,625
40,778
30,499
243,558
165,758
244,987
175,659
$146,420
$127,789
$890,563
dis¬
count & expense
Miscell. deductions
term receivables
2,489,694
al4,363
1,979,448
123,458
3,661,671
Liabilities—
$
566,186
769,493
964,607
765,711
Earned surplus... 2,410,112
Funded debt—.51,627,714
Deferred liabilities
141,227
Current liabilities. 2,129,050
Deferred credits..
76,779
1936
$
17,331,840
1,080,468
52,917,000
156,538
2,076,885
90,013
3,741,296
3,838,730
67,687
1,676,215
1,166,967
677,792
Unamort. debt dis¬
count and exp__
1937
Reserves
3,667,277
Prepaid accts. and
deferred charges
Cash..
Notes & accts.
rec.
Matls. & supplies.
Total
a
75,409,872
77,394,0411
$640,365
justments recorded during the month of December, 1936, which were
applicable to a prior period and the surplus at the beginning of the period
has been adjusted accordingly.—V. 145, p. 3208.
-To Issue
$7,000,000
Ref. 6's—
Company, a subsidiary in the registered holding company system of
Engineers Public Service Co., Inc., has filed with the Securities and Ex¬
change Commission a declaration (File 43-114) covering the issue and sale
of $7,000,000 1st and ref. mtge. 6% gold bonds, series E, due Oct. 1, 1950.
The proceeds will be used to discharge or refund $2,919,500 of 10-year
5H% gold coupon notes due Feb. 1, 1940, $3,990,000 Pacific Coast Power
Co. 5% gold bonds due March 1, 1940, and to reimburse company In the
amount of $78,780 for funds expended from income to acquire $80,500 of
the 10-year 5J4% gold coupon notes, and for other purposes.—V. 146,
p. 2057.
Pure Oil Co.—SEC
Modifies Terms for Report
on
Trading
in Stock—-
Total..
Including sinking fund deposit.—Y. 145,
_
"""Note—For comparative purposes the results of operation for the portion
of the year 1936 included above have been adjusted to exclude certain ad¬
lst &
Cap. stock (236,819
shares no par)..15,357,712
&c-—64,100,889 62,958,299
Non-oper. property 2,077,255
4,905,442
Invests, and long-
Special deposits...
sale to be held
Public Service Co. of Indiana—Earnings—
Period End. Feb. 28—
Total oper. revenues
Oper. exps. & taxes
Puget Sound Power & Light Co.Consolidated Balance Sheet Dec. 31
Assets-
a
distributed immediately to all creditors, except the RFC. After the initial
distribution, the plan provides for the conservation and orderly realization
of the remaining assets, consisting largely of real estate.—V. 146, p. 446.
^Net income
and expense
Misc. inc. deductions
Federal and State taxes
on bonds & on bond int
Net income
bid this amount for its collateral at
$931,261
Maintenance
Prov. for uncollect. accts
Provision for reprec
Taxes
Interest
of its agreement to
p.
75,409,872 77,394,041
3507.
The Securities and Exchange Commission has modified the terms of its
previous request for reports of transactions in the 5% cumulative convertible
preferred stock of the company.
In a letter to members of the underwriting syndicate Ganson Purcell,
director of the SEC trading and exchange division, has advised that it no
Volume
upon
half, and when later approximately a
furchase of the Grayburg Oil Co. our bankers. Concentrated
450,000 loan
obtained from interests, assistance in the
Pre146,
was
indebtedness
this
retire
balance
Balance Sheet Dec. 31
Assets—
Auxiliary Operations]
1938—Month—1937
1938—2 Mos.—1937
Period Ended Feb. 28—
revenues
$10,669,840
4.259,247
9,202,115
8,732,686
$714,064
$4,739,567
_
$1,206,898
$1,937,154
4,470,702
Net revenue.
$268,866
.
!
(Dec.
rec.
Oil
Mat'l & supplies.
$171,503
$392,048
291,175
$379,222
$184,519
143,411
,
143,263
Total expenses
306,651
;
when
$28,092
$41,256
$72,571
$100,872
$296,958
$755,320
358,501
$1,279,469
730,789
$2,038,027
284,528
$12,430
Net revenue,
$396,819
$548,681
.
Total net revenue.
Taxes accrued..
Operating income
officials of this company on April 9 urged the Interstate Com¬
Commission to approve a 10% increase in the company's rates.
D. A. Crawford, Pullman's President, and E. P. Burke, General Passen¬
Two
agent, textified at a brief hearing in support of the company's pending
application for a general rate boost.
The present basic rate is 7.2 mills a mile, but there are certain exceptions
which the two officials asked the Commission not to disturb.
The exceptions
are on routes which both company offers said bore passenger traffic heavy
ger
Invest, (at cost)
Realty Mortgagee Servicing
58,511
54,449
20 644
1935 and is engaged in the business of
assisting holders of mortgages and
mortgage certificates and owners of real estate, in working out practical
solutions to the problems affecting their investments.
The corporation is
servicing mortgages for several hundred clients, many of whom are cor¬
porate and individual trustees, institutions, and out-of-town banks.
The
corporation's aggregate business exceeds $32,000,060. Its prinicpal office is
at 71 Broadway, and a branch office is maintained in White Plains.
Ellwood M. Rabenold, Chairman of the Board of Clinton Trust Co.,
was
cos.
Chairman
of
the
Mortgagee Servicing Corp.
trust officer and the senior officer
Realty
of
Board
Williams, for many years a
charge of the real estate department of Central Hanover Bank & Trust
Co., will continue as President.
Walter Oertly, formerly a director of
Potter-Hamilton
Co., will continue as Vice-Prasident, and Andrew J.
Mulcahy as Secretary.
Reliable Stores Corp. (&
—
1937
$9,448,817
7,979,488
344,994
.
& administrative exp_
Loss on bad debts and repossassions
Depreciation and amortization of leasehold imptsCost of sales, selling, general
61,105
i
»'
5H%
•
19,673
605,150
326,667
326,667
191,666
e817,784
288,071
814~075
Earned
for
loss
b After allowance for depreciation and
Railway & Light Securities Co.—Earnings—
Earnings per share
—V. 146, p. 925.
1938
$46,305
of debentures,
a
protective committee nas been
1948. Members of the committee will
& Co., Philadelphia; Dean Langmuir
and William C. Schmidt, of N. Y. City.
Kenneth E. Ryan, 25 Broadway,
New York, will be Secretary to the committee, and Lord, Day & Lord will
act as Counsel.
it is not now requesting the
The committee states that
bentures
or
future,
either
authorization
to advise them of developments or to request effective
from them to protect their interests, it is requesting that
to the Secretary of
holders of debenturas send
together with information as to
and addresses,
for Preferred Stockholders—
Protective Committee
$6 cumul. pref.
the deposit of stock at
this time.—V. 146, p. 2220.
Telephone Corp.— Earnings—
Rochester
1938—Month—1937
$409,800
$396,169
692
449
$845,908
1,414
$797,665
904
Operating revenues._.
Operating expenses
$409,108
286,705
$395,720
277,362
$844,494
595,511
$796,761
551,291
$122,403
55,904
$118,358
39,708
$248,983
112,190
$245,470
79,555
$66,499
$78,650
$136,793
$165,915
$2.16
$2.32
Period End. Feb. 28—
1936,
$6,894,784
1,752,402
1, 523,559
Inventories
loans
Year
Cost of
$1,000,000
258,698
84,722
73,410
Balances
3,748
and
21.000
21,000
(50%).
304
503
Advances ________
115,289
112,137
(net)
Goodwill
&
5,216,117
4,098,454
$194,891
15,307
$441,890
36,686
$245,275
14,164
Reserved for income taxes.
$210,198
z30,000
$478,576
x77,000
$259,440
39,388
b262,048
$401,576
y375,000
al31,024
$3.06
$220,051
Dividends paid
Shares of capital
Min.
int.
_
75.232
68,610
2,503,200
in subs.
owned)
.
88,337
5% cum. con v. pref.
stock (par $30).
7% cum. 1st pref.
59,714
stock
Com.
trade
1,156,163
(354,-
Capital surplus.._
2,299,384
Earned
1,061.008
736,274
2,500,000
surplus
$9,641,189 $9,507,162
Total
—
Due from cust._
~
~
-
a
stock
Par
Fe5.27,'37
$307,574
$272,388
X-r
7,754
10,184
Accrued liabilities.
30,779
18,976
53,644
92,039
e655,120
1655,120
$513,468
530,486
Accounts
13,231
credits
payable.
Customers' deps. &
'
432,069
Res.
—
for Income &
other taxes _._x
_
535,406
—
____
Capital stock A
511,715
Surplus
1,531,088 dl,481,914
39,229
35,636
1
_
469,622
797,474
_
Fixed assets
Other assets
Goodwill
Feb. 26,'38
Liabilities—
Feb. 27,'37
24,392
Brooklyn store
b Investment in af¬
filiate
Including accounts in respect cf instalment sales made prior to current
all of which collections have been made during the last six months
of 1937, $7,624,447 ($7,584,104 in 1936); less reserves for bad and doubtful
accounts, discounts and allowances, $602,183 ($689,320 in 1936).
b 101
shares common stock at cost.—V. 146, p. 2059.
undistributed profits tax. y Including
Includes undistributed profits taxes,
Fe6.26,'38
$250,312
626,846
4,177
Misc. receivables
332,513
Inventory
a
Dr 1,890
stock.
z
—
a125,000
$1.76
Balance Sheet
c
$9,641,189 $9,507,162
Including $2,100 estimated
x
;
$0.69
_
2,500,000
2,497,253
b Treasury
stock outstanding —
Assets-
_.___
stock
131,024
dividend of $200,800.
b Par $2.50.
Cash
670 shs.j..
X: names....
$180,198
15,000
594,864
209,575
49,358
-
Total
_
Earnings per share....
12,500
632,362
93,715
(net)
Deferred charges.
5,734,039
operating income
Miscellaneous other income.
2,500
148,841
pay.
for contlng..
226,680
(net)
Leasehold & lease¬
impt.
notes
subs..
of
(75%
Furniture, fixtures,
hold
2,500
168,350
surtax_____
Mtge.
Res.
Real est. & bldgs.
&e.
$4,343,730
goods sold; selling, oper., gen.
exps., deprec. & bad
ad minis,
&
payable July 1A
in closed
Frank Corp., capi¬
tal stock
727.538
Prov. for Fed. inc.
payable
Accts.
accrued liabiL..
—
(net)
banks
Feb. 1, '36
Mtge. note of sub.
1,790
policies
Year Ended
60,118
342,562
493,575
Value of life insur¬
ance
YiMos.End.
y
845", 981
pay__
29,899
Ended
Feb. 26, '38 Feb. 27, *37
$5,928,930
$5,658,007
Period—
Net
Oct. 1, 1937....
11,884
Misc. accts. rec
Cash
Inc.—Earnings—
debts
1936
1937
pay.
Bank drafts
2059.
Net sales
&
Liabilities—
Bank
income
Russeks Fifth Avenue,
Consolidated Balance Sheet Dec. 31
1937
Assets—
Instal-. accts. rec.$7, 022,263
1938—2 Mos —1937
Operating revenues
Uncollectible oper. rev__
177,335
share on common stock
stock, series A was organized
The members of the committee are Alfred E. Dochez, Camille L.
Gairoard and Thomas R. Wickersham.
The committee will not ask for
April 11.
443,241
per
the committee their names
the amount of debentures
they hold.
A committee to act for the
Note—-Corporation's share of the earnings of Frank Corp. (50% owned)
for 1937 amounting to $1,053 has not been included in the accounts.
deposit of de¬
formal authorization from debenture holders.
However,
may wish to communicate with them directly in the
any
in the event that it
Net oper.
Earnings
holders of sub¬
formed
made April 12 that, at the request of
was
—V. 146, p.
_ _
$0.01
for the 20-year 5% debentures, due
include Alexander Biddle, of Dixon
$906,479
82,056
Common dividends
1937
$47,288
$0.01
on common
Reynolds Investing Co., Inc.—Protective Committee—
Announcement
stantial amounts
$882,079
20,233
93,871
for year
preferred dividends
5 % cumulative convertible preferred stock
c
3 Months Ended March 31—
Net profit
7%
Dr44,012
by sub._
Net income after interest and taxas
Net oper. revenues
before minority interest in earnings._
Propor. of earns. (25%) of sub. applic. to min. int.
160,016
shs.
on
Operating taxes._
undistributed profits
on
com.
future abandonments,
shares; issued and outstanding, 326,667.2 shares,
valuation of investment of $11,700.
e Includes
and
$922,146
15,667
Surtax
surplus.._
&
Total
$2,716,349 $1,610,350
accrued items,
Includes
$894,762
12,684
_
conv.
Cap. stk. (par $1)
c
1,374,232
2,059,304
Net profit
Int erest
cum.
Capital surplus.
$1,151,511
27,573
166,781
35,011
Provision for Federal income tax-
545
48,259
pref. (par $50)..
$1,103,499
11,729
170,118
26,889
—...•
14,659
a
$2,716,349 $1,610,350
de¬
Authorized, 500,000
d After allowance for
$3,709 capital surplus
arising from purchase and retirement of preferred shares,
f $18,000 cur¬
rent and $31,833 not current.—V. 146, p. 2059.
a
1936
$9,090,786
7,566,566
334,057
58,172
See
expenses.
Indebt. to sub....
Min. cap. & sur p..
dl
412,255
-
$1,131,990
19,521
income..
Profit
X
„
f "••
$1,063,231
40,269
operations
Profit from
Other
■
-
sub.jf
Total
pletion
Subs.)—Earnings—
Years Ended Dec. 31—
Net sales
county
Unclaimed divs
•
j
50%._
and
taxes' payable..
Pref.
organized in
in
a
City
Accrued
19,790
b Fixed assets
Insurance.
servicing mortgages and advising and
L.
398,598
in]
owned
Corp.—New Control— 'Nff.
headed by William J. Waite has purchased the corporation from
the Superintendent of Insurance.
Tne corporation is one of the largest
enterprises of its kind in the State of New York, and is the first New York
corporation to be acquired by private interests from the Superintendent of
A group
Herbert
Accts. pay. (trade)
17,779
pro-]
&
duc'g
scales.—V. 146, p. 2219.
enough to justify lower-than-basic
be
5,755
15,000
owned
merce
will
5,372
if and
Investment in
$1,247,529
income..
2,351
produced.
less than
149,833
Deferred
_
oil devel.
790,497
282,500
Pur. contracts pay.
7,214
Increase—
Asks for Rate
Corporation
of oil
out
of oil properties)
6,470
22,562
_
Deferred charges.
Ad vs. recov. only
_
Total revenues
72,500
56,502
9,611
12,410
inventory
Notes receivable.
Auxiliary operations:
$94,474
24,238
(misc.)
rec.
1936
$40,271
(trade)
(purch.
86,803
production)
Accts.
1937
Notes pay.
Notes pay.
$7,724
$67,024
Accts.
Liabilities—
1936
1937
Cash
'\.:v
■■■',.
$4,973,311
10,409,013
Sleeping car 'operations:
Total expenses
form of to
efforts a
has reduced the
quickly as possible already
as
$172,500.
to
Co.—Earnings—
[Revenues and Expenses of Car and
Total
pref. stock early in the year facilitated
conv.
i. e., an
Pullman
without undue strain
$625,000 5H% cum.
operations through the first
haif million dollars was required for
tures, but as finally worked out obligations were met
the credit situation. Proceeds from an issue of
longer will be necessary to disclose the name of the person for whom the
transaction was effected unless such person is a broker or dealer.
Instead,
the underwriters are requested merely to indicate the nature of the persons,
individual, bank, insurance company, &c.
Also, future reports will only have to he filed on a weekly basis.
visouly, the Commission had been receiving the information daily.—V.
p.' 2219.
2547
Chronicle
Financial
146
1
Total
.,.$2,585,959 $2,530,622
-
^
__ _
a
years, on
1937
Direct
decrease
$564,895
189,370
150,227
See y
Admin. & ge_'. expense_
or
1934
$484,345
f 97,979
Dehydration costs
]
Maint. ,rep 'rs ,tax .&rents J
Increase
1935
$620,616
y350,6S2
produc'n
production costs_|
1936
$978,119
Net realiz. from
Depreciation
Depletion
Net
Cr4,104
Drl 1,026
Cr64,634
07,406
186,325
82,666
63,538
011,297
76,217
106.039
49,195
95,395
70,860
42,781
zl7,509
70,783
deductionundist. prof.
3,000
18,862
27,031
18,437
to
See
i
minority interests,
__
_.
—
$423,003
534,209
$549,372
522,571
$20,285 def$ll 1,206
58,023
16,744
CY449
1,522
$26,801
33,780
767
$3,990 def$170,751
6,293
3,075
def$6,292
7,191
z
view of limited cash resources
expendi¬
accommodate the year's unusually heavy capital
def$53,506
28,205
def$80,025
Total income.
$7,065 def$164,458
CY687
$899
_ _ _
_
632
425
995
770
33,900
34,137
67,856
68,324
x$l14,557
.
$45,593
$83,111
Net income allocated
$62,448, and Republic Petroleum Corp., $232,701.
Other income.
$114,423
C. Spicer, President, states in part:
Special financing proportionately large in
necessary to
accruals.
Equip. & jt. facil. rents-
from inc.
Total fixed charges
C.
was
Railway tax
Misc. deduc'ns
4,000
z
z$295,150
profit.
1938—2 Mos—1937
54,804
Includes general and administrative expenses,
y
Railway oper. expenses.
55,939
& cap.
stock taxes, &c
Fed. sur. on
66,031
71,934
1938—Month—1937
$197,914
$272,027
251,420
251,742
def$82,478
2,453
Railway oper. revenues.
247,011
Other income
Rutland RR.—EarningsPeriod End. Feb. 28—
19,765
Dr 1,941
—
for doubtful accounts,
reserve
\
C'r52,2i9
B
Abandonments
Prov. for Fed. inc.
Less
(
in
crude oil inventory—
Misc. income (net)..
I.
c Less
reserve
b Book value,
for depreciation,
d Including capital surplus of $170,680 arising from
optional dividend paid Jan. 25, 1937. e Par $2.50. f Par $5.—V. 146, p.
a
2059.
Republic Petroleum Co.—Earnings—
Calendar Years—
$2,585,959 $2,530,622
Total...
$27,497
x$233,309
$68,195
based on 30% of bond interest as provided in bond plan;
For the month of February—income available for fixed charges, $80,657,
deficit: fixed charges, $11,297; net deficit, $91,954.
For the two months—
income available for fixed charges, $165,453, deficit; fixed charges, $22,594;
x
net
Net deficit is
deficit,
$188,047.—V. 146, p. 2220.
Financial
2548
Rose's 5, 10
& 25 Cent Stores, Inc.-
Period End. Mar. 31—
$959,965
The company reports as of March 31 net assets of $30,123,559 before
deducting bank loans, indicating an asset coverage as of that date of
$66.34 a share of $5.50 prior stock outstanding in the hands of the public.
As of.Dec. 31, 1937, net assets were $35,319,057 before deducting bank
Joans, an asset coverage of $85.69 a share of prior stock outstanding.
During the three months ended March 31 the corporation purchased 1,950
shares of its prior stock at an average price of about $56 a share.
On March 31 the corporation's gross assets of $30,674,068, based on
market quotations or fair value, included:
Cash and receivables, $8,150,008; short-term notes, $2,487,950; bonds and preferred stocks, $4,681,616;
common stocks, $15,354,494.—V. 146, p. 766.
.V"'; ' v^'
$1,039,157
102
Stores in operation
—V. 146, p. 1726.
100
'v
Rocky Mountain & Pacific Co.—Tenders—
St. Louis
Manufacturers Trust Co. will until 3 p. rn., May 12, receive bids
The
5% 50-year gold bonds dated
par and
for the sale to it of sufficient first mortgage
July 1, 1905 to exhaust the sum of
nterest.—V. 145, p. 2863.
$12,592 at prices not exceeding
Saguenay Power Co., Ltd. (& Subs.)
April 16, 1938
Selected Industries, Inc.—Net Assets—
1938—3 Mos.—1937
lj>38-rMonth—1937
$345,295
$395,855
Sales
Chronicle
-Sales—
Earnings—
Shell
Oil
Union
Corp.—Report for 1937—
1936
1935
$5,003,299
800,057
$4,668,717
651,288
$4,423,468
773,698
$4,203,242
65,944
$4,017,429
25,064
$3,649,770
20,503
Net income as shown for 1937 is after deductions for depletion, deprecia¬
tion, intangible development expenditures, amortization, interest, income
taxes and minority interest in earnings.
The company adheres to the
$4,269,187
1,431,232
4,200
$4,042,494
2,071.175
48,222
$3,670,273
2,252,989
17,583
practice of writing off in full intangible drilling expense, the amount charged
against its 1937 earnings being $10,530,383.
The report states that no provision for Federal surtax on undistributed
173,717
703,031
28,253
683,477
228,511
672,467
470,091
$1,486,915
275,007
1,522,500
$982,853
137,503
630,000
$670,727
def$310,591
$215,350
$250,727
Years Ended Dec. 31—
Operating revenue—
Oper., maint., admin., exps., & taxes.
1937
^
Corporation and subsidiaries report for the year 1937 net operating
$20,668,880. The previous year showed a profit from operations
of $19,654,860 to which was added a non-recurring profit of $2,839,503
income of
from the sale of an investment.
Profit
Other income
Total income
Interest
on
funded
debt
Other interest
in connection
funded debt, &c._
Provision for depreciation
of
Amort,
exp.
with
—
Provision for income taxes
Net income
Preferred dividends
—
Common dividends
Surplus
—V. 146, p. 448.
San
420",600
Diego Consolidated Gas & Electric Co.- -Earnings
1938
1937
$8,139,658
4,877,153
$7,947,306
4,622,012
$3,262,505
$3,325,294
2,519
Operating revenues—
Operating expenses, maintenance and taxes
Net oper. rev. (before approp. for retire. res.)..
Other income (net)
2,689
Net operating revenue and other income
(before
appropriation for retirement reserve)
Appropriation for retirement reserve
$3,265,195
1,290,000
Gross income
on
earnings was considered necessary.
After the regular preferred dividend
requirement for the year, the combined net income was equivalent to $1.44
per share on 13,070,625 shares of common stock outstanding in the hands
of the public.
This compares with per share earnings of $1.35 in 1936
(excluding non-recurring profit).
Dividends declared by the corporation during 1937 aggregated $14,949,988
including payment of $13,070,625, representing $1 per share on the com¬
mon
$1,975,195
620,000
funded debt
Amortization of debt discount and expense
Other interest (net)
61,954
C'r35,870
.
$3,327,813
1,255,000
$2,072,813
620,000
61,954
1,024
r
Other income deductions
stock.
The consolidated income account
p.
Year Ended Jan. 31—
Interest
56,507
Dec. 31, 1936.
as at
Steel
Surplus as at Dec. 31, 1937.
Assets—
1936
8
Cash
Co.—Earnings—
in
modified
plan of reorganization dated May 21, 1937, and
consummated as of Nov. 30, 1937) and combined net income for the year
ended Dec. 31, 1937, as adjusted.
&
17,969,594
$5,321,114
$1,571,136
219,125
93,934
$78,473
12,588
11,390
$54,495
7,879
4,029
657
3
$55,376
:$1,224,644
795
8,745
13,428
1,119
3,828
5,043
el6,096,214
equipment...269,950,839 262,438,076
Wages,
expenses
General expenses
3,045,834
int. and
misc.
accruals
Taxes, incl.
,414,139
3,422,549
12 ,348,977
11,829,726
472,315
prov.
for inc. taxes.
Pref. div. pay..
&
sundry deps..
1,617,983
2
2,645,221
Deferred charges
7..,320,630
8,389,485
7,222
4,025
$1,280,020
9,540
14
1,365,148
Note
pay.
affil.
Prop,
Gross profit
Selling
14,575
within 1 year-
$1,203,581
9,816
3,828,452
12,673,288
obligs.matur'g
$1,492,662
206,537
82,544
$1,258,076
10,037
17,494,680
38,758,070
a
rec.
14 ,901,397
pur.
20
),349,426
Prop., plant &
accts.
$295,691
217,218
property
.
49
),631,193
Other notes and
b
$5,616,805
4,045,669
469,016
to
3,500,000
co
purchase
24,431
14,853
57 ,497,000
58,764,000
6,081
187,061
obligations
Funded
debt...
Min. int. in sub.
company
Profit from operations
Cash discount
purchases
Rental and share of profits from leased
prop,
on
less deprec. of $83,536 for
221
•5Yi % cum.conv.
pref. stock
d Com. stock
year
Miscellaneous
Surplus.
Total..-....380,202,888
Gross income.
Interest
on
notes
payable
Expenses of unoccupied plant
12,309
152,906
Prov. for Fed. & State income taxes..
Prov. for Fed. surtax on undist. prof.
Penalties on delinquent mfrs' license-
156,734
5,043
Miscellaneous
1,458
183,750
15,313
1,458
168,438
$909,449
$29,279
$880,170
Interest
on
'
619
charges
mortgage bonds
Net income for the period
619
a Combined
net income of Missouri Corp. and predecessor
company
for the year ended Dec. 31, 1937, as adjusted,
b Scullin Steel Co. (Mis¬
souri corporation) net income for the month of
December, 1937.
c
oiT1?(Lcila:nge8 which have been effected in the
net income of the Scullin
1937, as provided in the
Net reduction in the amount of interest accrued on the notes
payable to the Estate of John Scullin, deceased.
Elimination of interest on old 1st mtge. 15-year
6% sinking
fund gold bonds, of a face value of
$3,062,500, which were
exchanged for new mortgage bonds.
Elimination of interest on deb.
6H % bonds of a face value of
$1,497,000 which were exchanged for new pref. stock
Elimination of accrued interest on
unpaid interest coupons on
old 1st mtge. and debenture bonds
Investments in and advances to affiliated companies, at
(including equity of $157,519 in net surplus) $9,656,235, other in¬
vestments and securities, at cost (less reserve of $77,105) $1,814,713 and
f>Vi% cumulative convertible preferred stock of this company 28,942
shares,
at
par
value
$2,894,200.
c After
reserve
for
depreciation,
depletion,
and
amortization
of intangible
development
expenditures
$355,861,266 in 1937 and $352,922,079 in 1936.
d Represented by 13,070,625 no-par shares,
e Consists of: Investments in and
advances to
affiliated companies at cost (less reserve of $159,812), $9,359,826: other
investments, including securities, at cost (less reserve of $79,851), $3,690,978, and 5%% cumulative convertible preferred stock of this company,
36,298 shares at cost, $3,045,409.—V. 146, p. 2221.
Silex
Co.—Earnings—
3 Months Ended March 31—
x
Earnings per share
x
After
income—Int. on new mtge. con v. sinking fund
bonds, dated Oct. 1, 1936, face value of $3,062,500
(3% fixed
rate and 3%
income) for the 11 mos. ended Nov. 30, 1937..
168,438
accumulations
$943,709
Accounts
74,489
Accrued
Reserve for rebuilding furnaces
Notes payable to the Estate of
4,938
Land, buildings & equipment.x6,803,242
Deferred charges.
48,215
accounts
John Scullin, deceased
Mtge.
conv.
sinking
cum. pref. stock
Common
stock
Total
$8,997,020' Total
After reserve for
depreciation of $1,402,934.
168,438
Earnings
$171,440
27,909
3,062,500
984,605
29,279
Represented by 135,000
entitles the holder to purchase one share
of
1
1942.—V.
146. p.
Seaboard Commercial
3 Months Ended March 31—
x
Net profit..;.*.
common
for $10 on or
2059.
Corp.—Earnings—
1938
1937
$50,353
per
5,
1938
$397,509
39,607
$0.31
share
y
On 129,640 shares.—V. 146, p. 287.
Co.—Earnings—
Period Ended Feb. 5, 1938—
Manufactured sales
Miscellaneous sales
Total sales
Discounts allowed.
Net sales
Cost of sales
Selling
expenses
Administrative and general expense-
Operating profit.
Other income
Total income
Other deductions
Provision for Federal income tax-
Earned income to surplus
1936
$40,503
* After
provision f°r reserves, deferred income and all taxes (exclusive
°f undistributed
profits tax).—V. 146, p. 1727.
•
March
After deductions for operating expenses, normal Federal income taxes
and other charges, but before provision for Federal surtax on undistributed
x
$43,403-
Weeks Ended
x
^Common Stock Warrants—524,840 warrants in bearer
form, each four of
before May
44
Net income
$8,997,020
y
Co.—Earnings—
.
x
fund
-
no-par shares.
of
2 to
Feb. 1, last,
April, 1937, the directors declared a dividend of $1.25 per share on the
5% cum. pref. stock payable May 1, 1937, but due to the cancellation
refinancing plan, this dividend has been credited to the old 6H%
pref. stock and accumulations reduced accordingly.—V. 146, p. 1260.
Earnings for
(par $50). 1,497,000
y2,661,081
Paid-in surplus
Earned surplus
dividend of $1.25 per share on account
In
318,000
bonds dated Oct. 1, 1936...
5%
a
the 6lA% cumulative preferred stock, payable May
Solar Aircraft
420,070
Other assets.
which
on
Net sales...
$43,808
372,838
776,847
but
of the
earnings,
payable
$0.43
charges,
holders of record April 23.
A dividend of $2.25 was paid on
and a dividend of $1.25 was paid on Nov. 1, last.
Liabilities—
hand and in bank
Accounts receivable
Inventories
x
income taxes,
depreciation and other
undistributed profits.—V. 145, p. 2407.
new
89,196
Balance Sheet Dec. 31, 1937
on
on
$92,097
Simpson's, Ltd.—Accumulated Dividend—
Net
Assets—
$106,984
$0.50
stock.
The directors have declared
$7,755
y
increase in income effected by the
approved modified
plan of reorganization
capital
Federal
before surtax
$339,877
Decrease in
Cash
on
1937
1938
Net profit
Solar Aircraft
Total
380,202,888 373,641,403
Total
Consists of:
a
Scul¬
Steel Co. (Del.) for the 11 months ended Nov.
30,
modified plan of reorganization are as follows:
Increase in income:
373,641,403
37,979,800
37, 004,200
233 ,672,821 233,672,821
11,579,155
17 ,350,251
cost
lin Steel Co.
(Delaware corporation) net income for the 11 months ended
Nov. 30, 1937, as adjusted.
Notes—No provision has been made for Federal surtax on undistributed
profits for the 11 months ended Nov. 30, 1937.
$
Notes payable &
notes
receivable
Investments
1936
$
Accts. payable.
9,850,063
203,750
Inventories
c
1937
Liabilities—
$
15
5,763,919
Accts.
Statement of net income of Scullin
provided
.$17,350,251
..
Consolidated Balance Sheet Dec. 31
$1,389,588
Steel Co. (Missouri) for month of
Dec., 1937, and of Scullin Steel Co. (Del.), predecessor company, for 11
months ended Nov. 30, 1937 (the latter, after giving effect to changes
7,450
678,895
.
Total
$32,934,380
Adjust., applicable to prior years of intangible develop, costs
incl. in joint venture invest, in Kettleman North Dome As¬
sociation (in accordance with Treasury Department ruling)..
492,309
Excess of cost over par value of pref. stock held in treasury
141,832
Dividends: On 5cum. conv. pref. stock
1,879,363
On common stock—
13,070,625
U.S.Govt.secur.
Scullin
$11,579,155
20,668,880
acquired at less
than principal amount
;
;
Restoration of reserves provided in prior years for taxes & cont.
1937
$1,329,111
146, p. 1258.
published in V. 146,
Consolidated Surplus Account for the Year Ended Dec. 31, 1937
Surplus
Net income from operations for 1937
Retirement through sinking fund of debentures
247
Net income
—V.
was
2221.
No provision
—4 Weeks—■—44 Weeks—
$50,189
85
$50,274
440
$399,612
1,244
$400,856
3,348
.
$49,834
$38,697
2,168
4,713
$397,509
$4,257
12
$46,009
2,936
$4,269
$48,945
419
586
3,547
5,790
$3,263
$39,608
288,628
16,025
46,847
has been made for Federal tax on undistributed profits.
$3,263 for the 4-week period is equal to
2.5 cents per share on 129,640 shares outstanding.
Net profit after taxes
of $39,607 for the 44-week period is equal to 30 M cents per share on 129,640
x
Note—Net profit after taxes of
Volume
Financial
146
shares outstanding and is at
the rate of 36.1 cents per share for a
Comparative Balance Sheet
Mar. 5, '38
Assets—
on
Accts.
766
$4,132
13,477
559
109,495
106,248
4,115
5,555
$1,977
21,390
Accts. & notes rec.
Accts. rec.—empls.
Inventories
_
_
Deferred charges
y
52,046
23,514
8,055
76,086
8,056
Investments
76,086
Goodwill
Feb. 5, '38
21,796
pay.
2,280
3,640
3,500
Salaries
&
9,254
Accrued int. pay.
"
1,467
2,198
999
348
348
standard of Indiana
575
419
companies and compete with all operating in their territories.
Belief is
expressed in the advantages of free competition, in payment of good wages,
income taxes...
payable
Equipm't contracts
payable
7,567
6,798
Com. stk. (SI par)
129,640
129,640
Paid-in surplus...
8,816
8,816
Reserves
15,780
8,760
36,344
Earned surplus
x
Before
reserve
for
39,608
Earned surplus
anS e-arn.ings °f reasonable profits on invested capital.
Referring to the Madison anti-trust
Indiana and its
of
as
the report states that Standard
case
officers have not consciously or intentionally
charged, and
are
violated
confident of eventual vindication.
Income Account Years Ended Dec. 31 (Incl.
Total
1938.—V. 146, p. 287.
Co.—Dividend Omitted—
dividend ordinarily due at this time on company's
An extra dividend of 50 cents in addition to a regular
quarterly dividend of 12Yi cents per share was paid on Dec. 10, last.
—V. 145, p. 3358.
Subsidiaries)
1934
$
$
293,218,825 278,180,375
Costs, oper. & gen. exps.260,608,582 241,407,161 228,980,801 225,926,583
x Taxes
12,713,987
9,199,254
12,878,302
10,539,796
2,684,432
Intangible develop, costs
25,982,0341
1,574,450
Deple. & lease amortiz.. 134,338,020
30,616,259
| 24,436,824
Depr., retire. & amortiz. [
1937
$297,444
$288,323
provision for Federal tax on undistributed profits,
y After
depreciation of $18,750 in March 5, 1938 and $18,049 on Feb. 5,
Soss Mfg.
allegiance to any other
15,780
8,760
stock..
$288,323
qA new feature of and report is a statement of policy declaring that
the its subsidiaries have no
the law
Premium on sale of
$297,444
was
than the total of wages
more
500
.
Other accrd. taxes
Total...
excise taxes.
cover
$103,924,000, which was approximately 50%
paid to 32,000 employees.
The tax bill was
up about 10%.
Nearly 52,000 Federal and State employees, the report
points out, can be paid at a rate of $2,000 a year from taxes on products
and operations of this one organization.
However, Mr. Seubert observes
realistically in the report that with cost of government what it is, business
must expect heavy taxes and can hope only that levies will be imposed in a
manner that will discourage business activity as little as possible.
of all taxes
sum
3,772
unemploy.
Accrd. Fed. & State
x
a
collected from customers to
699
Accrd. insur. pay.
& old-age taxes
to
income
The
9,985
revenue and returns on investments increased the gross
total of $373,198,000.
An additional amount of $83,376,000
Other operating
was
wages
payable
Accrd.
100,000,000 barrels.
.
pay.—bank
Acceptances
In quantity the sales amounted to just short of
Preceding year.
,
$44,965
20,255
$42,452
Accts. pay.—other
50,699
23,514
Fixed assets
Other assets.
Mar. 5, '38
pay.—raw
materials...
Notes
(Ind.)—Annual Report—
Cautioning that business conditions are now much changed. President
Seubert on April 13 released to stockholders a report for 1937
showing sales of petroleum and products totaling $358,227,000 , 9% more
Edward G.
Liabilities—
Feb. 5, '38
hand & In
bank
Standard Oil Co.
full 52-week
period.
Cash
2549
Chronicle'
1935
1936'
Gross oper. income.. —.365,521,364 331,175,841
Directors passed the
Non-oper. income (net).
57,696,460
7,676,937
48,612,625
5,955,708
25,542,002
5,254,198
14,358,832
4,497,346
Inc. before int. chgs._
65,373,397
54,568,333
30,796,200
18,856,178
334,022
43,305
Net oper. income
$1 par capital stock.
Co.—Registers with SEC—
of this department.—V. 144, p. 790.
Southern California Water
See list given oh first page
Ltd.—Earnings-
Southern Canada Power Co.,
1938
$2,362,602
12 Months Ended Feb. 28—
Gross earnings..
1937
$2,197,932
680,044
245,282
294,667
r
Taxes
$1,381,754
1,316,270
-
bad debts
funded J
188,948
328,131
7,255,501
415,155
6,399,395
152,086
57,513,792
1,563,008
47,688,721
805,272
55,950,785
46,883,448
undist. profits
on
Profit for period
Loss applic. to min. int.
def$32,525
Surplus
-V. 146, p. 1889.
Co.—Earnings—
Southern Colorado Power
Surtax
$1,272,606
1,305,131
$65,484
Net earnings
Interest, dividends, depreciation,
on
and long-term debt
{
Other interests....1
Prov. for Fed. inc. tax..
686,181
Operating and maintenance expense
Int. and disct.
1937
1938
Year Ended Jan. 31—
Net profit accrued to
corporation
$2,339,109
1,350,145
$2,235,768
1,226,775
res.)..
$988,964
676
$1,008,993
$989,640
300,000
$709,537
432,807
6,046
46,883,448
lossl38,114
1934
80,523,587
Cr645,400-Crl2,622,935 Dr4,922,501
$1,009,537
$689,640
1935
79,388,802
107,010,404
Adjustment of earned
surplus (net)
Dr2,511,165
Net profit for year—
Majority interest.55,950,785
Minority interest
prof5,559
18,949,680
30,179,895
31
Surplus Account Dec
1937
1936
Previous earned surplus. 117,982,345
Operating revenues . ..... _ _ _ _ .i _ .
.
Operating expenses, maintenance and taxes......
30,462,178
18,812,873
282,283 prof136,807
.
Net oper. rev.
.
(before approp. for retire,
Other income
...
Net operating revenue
—
....
Gross income
Net income
146, p. 1416.
—V.
Total
.....
on com.
surplus
$270,684
$257,944
Southern Kraft Corp.—Issues Notes—
corporation is a subsidiary of International Paper & Power Co. has
mortgage notes in part payment for
a paperboatd mill and equipment at Fort Wayne, Ind.
The company has
also issued $1,600,000 additional 6% promissory notes due Dec. 31, 1940,
to reimburse itself for capital expenditures in connection with its new
Springhill mill.—V. 145, p. 3211.
Shares of common stock
15,267,030
15,196,241 15,215,677 15,215,677
$3.66
$3.09
$1.98
$1.25
a Paid
by Standard Oil Co. of Indiana,
x In addition to the amount
of taxes shown above there was paid (or accrued) for State and Federal
gasoline taxes the sum of $83,375,622 in 1937; $77,612,229 in 1936, $68,,613,031 in 1935 and $65,140,195 in 1934.
outstanding
Earnings per share
Gross earnings
$2,175,646
(est.)
$2,770,630 $29,860,198 $37,573,580
—V. 146, p. 2386.
Square D Co.—New Director—
notified the New York Stock Exchange of the election
Nichols Milbank Jr., as directors, succeeding Fred B.
Lewis and Luther J. Lee, resigned.—V. 146, p. 2061.
The company has
Standard Gas & Electric Co.—Weekly Outputpublic utility operating companies in the Standard
for the week ended April 9, 1938, totaled 98,596,024 kwh., a decrease of 7.2%, compared with the corresponding week
last year.—Y. 146, p. 2387.
dividend of 20 cents per share in addi¬
tion to a regular quarterly dividend of 5 cents per share on the common
stock, both payable May 2 to holders of record April 23.
An extra of 20
cents was paid on May 25, 1937.—V. 146, p. 288.
Strawbridge & Clothier—Earnings—
1938
'
int., deprec. &
^
$2,022,490
581,078
taxes
Interest
Depreciation
__
_..
Prov. for Fed. & State inc. taxes (est .)
__
Net profit
Cash dixidends, prior preference
preferred stock
Includes $16,000 surtax on
$1,942,953
596,782
469,125
$
1,166,673
Accts. rec, (net)-. 4,053,127
Mdse. inventories- 3,362,604
Other assets
237,171
Capital stock and
Cash
xl85,000
$787,288
stock
102,287
457,944
undistributed profits.
$
79,389
ad vs. at cost
a
equipment..-—22,982,508 23,338,835
355,787
344,585
645,361
460,126
70,000
$428,766
110,157
Long-term notes
1,915,500
791,033
receivable.._. 29,008,951
30,371,029
Purchase obligs.
683,044
3,303,657
6,553,906
6,553,906
14,609,349
14,619,604
cost...w..
bank
Accts. and notes
claims..
of
Unadj.
116,392,247 101,948,733
Mat'ls & suppl's
9,205,869
6,341,741
Oth. curr. assets
277,245
277,406
and
1938
1937
%
$
bks. 2,000,000
payable.
806,417
Accrued accounts.
383,100
Notes pay. to
Accounts
Empl's'
Sink.fund dep. due
851,628
430,922
56,910
41,349
356,842
297,000
419,822
350,000
under
pay.
100,000
mtge. ext. agree.
Mortgage
2,000,000
sundry
&
deposits
Res.for Fed., State
Amt.
payable
400,000
400,000
9,305,000
277,926
9,655,000
Reserve...
6% prior pref. stk.
7% pref. stock
1,685,000
9,030,700
stock.
1,801,847
1,932,408
1,709,700
9,334,100
1,801,847
1,705,350
Capital & apprecia¬
tion surplus.... 3,824,718
3,810,983
Funded debt
b Common
Earned surplus
interests
381,675,751 379,906,026
stocks.
Capital
surplus
...148,539,628 147,385,119
136,351,999 117,982,345
receivable—109,261,296 110,207,381
Cash
&
secure,
deposited with
x
Prop.,
equip.,
z
191,536
241,519
trustees
plant,
&c
Inv. in sub.
371,586,035 347,502,925
cos 34,494,926
34,466,290
intang.
(net).
3,107,881
3,190,099
1,662,555
1,638,417
Prepaid & def'd
charges
-
...735,079,176 710,447,971
Total
735,079,176 710,447,971
Total
for depreciation, depletion, intangible development costs
of $320,534,679 in 1937 and $307,287,601 in 1936. z Ex¬
cess of cost over book value at date of acquisition of investments in sub¬
sidiaries.—V. 145, p. 3022.
y
After reserve
and amortization
Stix, Baer &
J
held
Glaser Jr. was
Fuller Co.—New Director—
elected a director of this company at
April 7.—V. 145, p.
Stutz
Motor
the annual meeting
2246.
of America,
Inc.—Master.
Question of Solvency—
Co.
Urges
A finding that the company is insolvent and that no reorganization plan
be found which is acceptable to two-thirds of the creditors was made
public recently by Albert S. Ward, special master in chancery
eral District Court at Indianapolis.
Mr. Ward recommended that the time limit for filing plans, which expired
on March 25, should no longer be extended.
The company has been op¬
erating under Section 77-B of the Federal Bankruptcy Act.
Mr.
said it is to the best interest of the company, the stockholders andrall
creditors that the Federal Court have a prompt hearing on the question of
solvency.—V. 146, p. 288.
can
of the Fed¬
Ward
Sullivan Machinery
Calendar Years—
Co. (& Subs.)—Earnings
profit from opers..
Sell. & admin, expense..
$2,559,212
operating profit._
$485,210
34,213
Gross
1935
1937
2,074,002
$1,766,319
1,412,170
345,085
Net
Other deductions
Prov.
profit before dep.
for depreciation..
foreign income
tax
Net
1934
,
$1,234,5001
1,145,2361
$354,149
68,937
31,979
$89,264} Unavailable
57,802 |
$578,998
$391,107
218,001
$126,564 loss$143,578
206,665
212,183
19,721
Other income
Net
Total
32,157,869 32,955,786
a After
allowance of $4,274,355 in 1938 and $3,860,909 in 1937 for
depreciation, b Represented by 30,000 no par shares.—V. 146, p. 2061.
.32,157,869 32,955,786
of
& surp.
Earned surplus.
long-term
7,301
40,425
272,147
Prov. for
Total
577,057
Common capital
paid-in...
in oth. cos.
Inv.
Cap.
liabilities.
min.
(lower
Prod,
Notes payable to
Acer,
notes
Prompt Hearing on
31
Liabilities—
& local taxes
Prop., fixtures &
Deferred charges..
$723,972
102,921
421,423
1937
1,169,584
4,055,534
3,763,148
204,711
$1,604,254
462,199
160,000
Balance Sheet Jan.
1938
Assets—
21,547,077
634,248
x
1936
1937
Years Ended Jan. 31—
x
Other curr. liab.
com¬
Goodwill & other
Dividend—
Directors have declared an extra
Cash dividends,
6,779,259
mercial
Electric output of the
Profit before deducting
2,000,000
20,608,648
2,139,988
secure.
Short-term
Gas & Electric Co. system
Sterling, Inc .—Extra
23,274,483
28,711,071
22,435,687
Market,
cost or mark).
of F. Eberstadt and
23,122,582
6,000,000
payable.
Accts.
38,514,865
22,464,384
Cash
Ry.—Earnings'Jan. 1 to Apr. 7—
1938
1937
S
Liabilities—
S
1936
1937
1936
1937
Assets—
at
—First Week of April—
1938
1937
31
Consolidated Balance Sheet Dec.
The
issued $999,000 of 4% purchase money
Southern
79,388,802
136,351,999 117,982,345 107,010,404
Dec. 31
•
15,371,229
stock..
earned
Total
94,760,031
.171,427,523 154,401,138 122,152,776
35,075,524
36,418,793
15,142,371
surplus—
Divs.
300,000
425,123
6,573
(net)
Other income deductions...
30,179,895^18,949,680
loss38,856 prof209,264
544
a
and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
Inter st charges
___.
profit for year....
$287,131
20,502/
$165,805 loss$80,102 loss$355,761
Chronicle
Financial
2550
Consolidated Balance Sheet Dec. 31
$208,491
-
$158,554
Other assets
1,597,310
1,286,813
Accrued
3,815.622
65,402
receivable.,.,..
Inventories
3,148,879
361,929
76,523
45,854
Sales of petroleum products, together with revenue from other
operations (excl. of intercompany transactions) (net)
:
59,964
70,287
2,274,731
2,197,511
44,799
Surplus
Balance..
38,909
6,637,352
229,313
Sundry
Capital stock...
c
6,637,352
Other income..
Total income
estate as ap¬
subsequent
additions, at cost
184,413
250.000
Patterns & draw'gs
100,000
100,000
Water power rights
65,000
Insurance
184,412
2,50,000
65,000
furniture
Interest
Rentals
<fc
....$8,543,714 $7,601,2271
After
a
reserve
...
15-year 3 H % sinking fund debentures.
on:
&c__
Total
Dry hole losses and property retirements (net).
Provision for contingencies*
$8,543,714 $7,601,227
for depreciation,
c
Provision for est. normal Fed, tax
1937 and $105,039
Represented by 186,774.3
on
60,799
—_
.
—
shares.—V. 146, p. 2062.
par
Superheater Co.—Earnings-
Prof,
on
1937
$445,103
143,137
1938
$51,383
128,752
3 Mos. End. Mar. 31—
Profit from plant oper _ _
Inc. from other sources.
$121,867
98,094
sale of reacquir'd
stock.
company
Loss
Total gross income...
$180,134
$1,013,354
$295,574
$219,961
61,332
183,245
79,879
58,970
$118,802
$830,109
$215,695
on
Net income.......—
Note—No provision
*_
has been made for Federal surtax
on
undistributed
profits.—V. 146, p. 2062.
on
—
sale of marketable securities & additional
duction to market
$160,990
plant
&
props. & pro v. for Fed.
tax, &c
Deprec.
Total..
Settlement of litigation and prov. for lawsuits pending
reserve for invest, and advances
Additional
425,115
.
Dividends received from Mission Corp.
on debentures acquired for sinking fund (net)
Discount
1935
1936
$151,817
143,756
...—
res.
for
Net profit added to surplus
Surplus at Feb. 1, 1937-._w—
$15,543,609
25,790,467
I
$41,334,076
-
Prems. paid on 6% pref. stk. exchanged & called, less premium
received on sale of $4.50 pref. stock
1937
1936
1935
1934
$6,418,236
$6,093,179
2,826,210
2,642,465
2,543,003
2,640,197
286,599
x553,699
953,107
291,769
x485,730
945,912
274,869
338,030
892,814
Dividends:
$6,099,538
200,544
333,446
863,415
Operating expenses.....
Maintenance...
.
Taxes..
Depreciation....
_
Underwriting commissions & refinancing exps. in connection
with issuance & exchange of preferred stocks
$6,654,669
Years End. Dec. 31—
Gross earnings
6% pref. stock
on
—
On $4.50 preferred stock— g
On common stock—
Surplus at Jan. 31, 1938
$17,421,791
1,116,297
512,531
234,197
15,156
—
Super-Power Co. of Illinois—Earnings—
$15,973,926
894,335
419,075
127,461
6,994
re¬
quotations
Additional 1936 Federal income taxes of subs..
Total....
816,928
1,454,300
130,000
bl,388,879
year's income
Net income from operations for the year..
Insurance recovery in excess of net book value of lost tanker—
Amts. rec. in excess of net book value on red. of certain invest-.
—
no
1,361,873
211,593
527,791
13,489,290
undeveloped leaseholds
on
for dountful accounts of $103,505 in
b After reserve
1936.
3,262,566
—4,687,994
782,663
—
Provision for depreciation and depletion
Amort, of undeveloped leasehold costs
1
Patents
in
$44,148,601
...
Bank loans, pure, money obligations, other notes pay.,
Amort, of expenses of debenture issue
equipment
Total
—
General and administrative expenses
Taxes, other than Federal income taxes
Dies, jigs <fc fixtures
Office
$42,216,006
1,932,595
—-
——
def57,817
praised In 1913,
plus
.$146,722,845
104,506,840
25,000
25,000
.
1938
Subs.)—Earnings—
Cost of products sold and selling expenses.
For contings...
62,547
ma¬
chinery & equip.
Real
330,726
taxes
16,
Consolidated Earnings for Year Ending Jan. 31, 1938
$550,000
Reserves—
Deferred charges..
b Buildings,
Tide Water Associated Oil Co. (&
$1,200,000
..
Accounts payable
Accounts & notes
a
Bank loans.
1936
1937
Liabilities—
1936
1937
Assets—
Cash
April
1,631,105
931,400
355,632
2,180,509
6,676,590
$29,558,840
...
b After allowance for statutory deductions and credits, no provision has
on undistributed profits nor is any considered to be
been made for surtax
Net
earns,
from oper..
Int. & misc. income
$2,035,052
10,495
$2,052,359
3,790
$2,044,463
14,347
$2,061,936
7,792
required.—V. 146,
p.
Twin State
Net earnings
$2,045,548
$2,056,149
929,488
943,872
Int. & other deduct'ns..
$2,058,810
1,082,389
$2,069,728
1,104,128
*$1,116,059 $1,112,277
$976,421
$965,600
801,900
801,900
334,12.5
Including $44,482 in 1937 and $45,408 in 1936 for undistributed profits
tax.—V. 144, p. 1979.
Net income
Dividends
......
x
Supervised Shares, Inc.—Net Assets—
The company reports total net assets at market prices on March 31, 1938
of $7,101,212, equivalent to approximately $7.16 a share on 992,340 shares
outstanding at the time. This compares with total net assets of $8,804,797
at the close of 1937, equivalent to $8.83 a shqre on the 997,401 shares then
outstanding.
Turing the first quarter of this year approximately 14% of
the assets
retained in cash.
were
On
amounted to $947,124.—V.
reserves
March ,31
146,
p.
net
cash after
State& municipal taxes
Fed. taxes (incl. inc.)..
Net oper. income..
Non-oper. inc. (net)....
Net income
Sutton Place Apartments, N. Y. City—Distribution—
5H% serial gold bond certificates,
1, 1927, series A, no presented series A for credit at the fore¬
notified that funds
now
are
available at the office of Con¬
as successor
trustee, 30 Broad St.,
New York, N. Y., for a distribution at the rate of $836.96 per $1,000 bond
1, 1933 and subsequent coupons attached, such distribution
representing payment on account of the net foreclosure sale proceeds and
with the July
other funds available with the trustee for distribution.
New
$525,000 Loan Placed—
•
It was announced
April 9 that a new first-mortgage loan of $525,000 at
has been arranged by Brooks, Harvey & Co. on the Sutton Place
Apartments (owned by 419 East 57th St., Inc.) Benjamin H. Roth is
President.—V. 144, p. 953.
4%
total
of
$1,000,000 first mortgage sinking fund 3%% bonds, due
May 15, 1950 has been called for redemption on May 16 at par and accrued
interest.
Payment will be made at the First National Bank of Chicago
or at the Irving Trust Co., New York City.—V.
146, p. 1568..
Teck-Hughes Gold Mines, Ltd.—Earnings—
6 Months Ended Feb. 28—
x
Earnings
1938
Net profit
y
After
x
1937
$84,5,230
share
per
_
_
...
$1,179,255
$0.17
$0.24
...
charges and taxes. *y On4,807,144 shares capital stock (par$l).—
V. 146, p. 928.
Television &
Projector Corp .—Promoters Indicted—
See Television & Electric
page
2388.—V. 142,
Texas
Corp. of America in the "Chroncile" of April 9.
3015.
p.
Hydro-Electric Corp .—Accumulated Dividend—
The directors
on
April
April
18
Dec. 27,
paid
on
Texas Water
Co.—Registers with. SEC—
See list given on first page of this department.
The company reports as of March 31 net assets of
$28,186,727 before
deducting bank loans and funded debt, equal to $2,694.71 for each $1 000
of bank loans and principal amount of
debentures, $118.09 a share of
preferred stock, and $1.11 a share of common stock outstanding
As of
Dec. 31, 1937, net assets were $33,402,126 before
deducting bank loans
and funded debt, equal to $3,193.31 for each
$1,000 of bank loans and
debentures, $152.84 a share of preferred stock, and $3.26 a share of common
stock outstanding.
March
market
31
corporation's gross assets of $28,697,476, based on
or fair value, included:
Cash and receivables, $8,-
225,458; short-term notes, $2,487,9,50; bonds and preferred stock, $2,852,580; common stocks, $14,395,861; securities and notes of subsidiary
corporations, $735,627.—V. 146, p. 1091.
Transue
& Williams Steel
Quar. End. Mar. 31—
Gross profit.
Depreciation
Expenses..
1938
loss$742
_
_
32,342
34,534
Net profit
Earns, per share
loss$67,618
__
x
Ioss$68,219
on
1936
1935
$153,732
21,700
55,412
$88,682
21,658
34,463
$106,550
21,526
31,882
$76,620
1,729
$32,561
$53,142
1,481
954
$78,349
$3,3,515
$54,623
$0.61
$0.26
$0.42
128,-
000 shares cap. stockx
Dr601
Nil
Before Federal income and profit taxes.—V.
$294,861
249,475
$272,410
249,475
the
p.
dividends
the
on
common
stock.—V.
146,
2064.
Bag & Paper Corp.—New Directors—Stockholders
Waive Rights—
At the annual meeting of stockholders held April 13, James II. Allen of
Savannah, Vice-President of the company; Robert G. Calder, Vice-Presi¬
and William J. Morden were elected directors of the
dent of Kesbec Inc.
The new directors replace LeRoy W. Campbell, Thomas M.
Day and Edward J. Noble who recently resigned as directors.
With a view to facilitating the company's financing plans stockholders
approved amendment of the company's by-laws to waive for a temporary
period expiring Dec. 31, 1939, their preemptive rights to purchase stock
or bonds of the company prior to .any public offering.
A further step approved by the stockholders
represents a modification
of the company's profit sharing plan to provide for payment of bonuses
in stock of the company rather than in cash.
At a directors' meeting which followed the stockholders' meeting, the
by-laws of the company were amended to provide for 11 directors instead of
10.
Lindsay Goeltz of Bayville, L. I., who has served as general counsel
for the past four years, was elected to the board of directors.—V. 146.
p. 2065.
•
company.
.
Union Oil
Co.
of
3 Mos. End. Mar. 31—
Calif.—Earnings—
1938
1937
1936
1935
Sales
.$17,950,000 $17,900,000 $13,000,000 $15,700,000
x Net income..
2,300.000
2,200,000
400,000
1,350,000
Shares common stock-_
4,666,270
4,666,270
4,386,070
4,386,070
Earnings per share.....
$0.49
$0.47
$0.09
$0.31
.
United Biscuit Co. of America
Years Ended Dec. 31—
a
146, p.
1261.
1937
1935
1934
$7,943,926
6,621,623
$7,626,577
6,272,916
$1,335,567
175,249
$1,848,128
73,954
$1,322,303
25,292
$1,353,661
33,684
$1,510,816
238,125
252,160
7,065
52,104
$1,922,081
244,954
266,703
72,853
156,805
$1,347,595
254,164
135,316
$1,387,345
1 82,865
$961,362
85,036
734,486
$1,180,766
$895,498
93,337
734,486
$9,451,889
Expenses & depreciation
8,116,322
Operating profit
Other income
.....
Tofal income
Interest
Federal tax, &c_
Surtax on undist. profits
Other deductions
Net profit
Preferred dividends....
Common dividends.....
Surplus...
com.
Earnings
a
$151,840
stk. outst'g.
per
share
After elimination of
459.054
85,386
734,486
$360,894
4 59,054"
$1.90
the
Biscuit
various
Co.,
a
,
$2.39
62,617
170,586
84,107
$949,787.
97,986
730,560
$67,675
459,054
$121,241
$1.74
$1.85
459,054
inter-company profit and inventories and all inter¬
company sales and purchases.
A. K. F. MacLellan, President, states:
To simplify the corporate structure, in
of
(& Subs.)—Earnings-
1936
$8,984,380
7,136,253
Gross profit from oper.
Shs. of
Operating profit
Other income
36,044
$30,385
20,789
reduced shall be available for
Forging Corp.—Earnings-—
1937
2,142
$595,346
192,415
69,240
61,281
at
their annual meeting held April 7 approved a pro¬
whereby directors will not pay dividends on any class of stock
capital of the company shall have been diminished by depletion
in the value of its property or by losses or otherwise to an amount less
than $2.5 a share on the preferred shares of both series outstanding, until
such deficiency shall have been repaired.
They also approved a provision
whereby capital will not be reduced below an amount equal to $25 a share
on
the preferred stocks without the approval of a majority of each series
of preferred holders as well as of common stockholders.
In the event
of such a reduction, no part of the amount by which capital shall have been
if
the
quotations
104,364
x After
Federal income taxes, depletion, depreciation, interest, &c.,
but before Federal surtax on undistributed profits,.—V. 146,
p. 1730.
Tri-Continental Corp.—Net Assets—
On
$569,205
133,936
9,625
Stockholders
a dividend of 25 cents per share on
$3.50 cumulative preferred stock, payable
to holders of record April 16. Similar payments was made on
Oct. 21, July 21, and April 21, 1937, and a dividend of $1 was
Dec. 23, 1936.—V. 145, p. 4130.
?
11,161
vision
12 declared
account of accumulations on the
$53,313
146, p. 2064.
Union
Swift & Co.—Bonds Called—
A
$565,482
29,864
Ulen & Co.—Dividend Amendment Voted—
The holders of the first mortgage fee
are
deductions
Other
$524,110
45,095
$27,942
20,789
(net)
$52,276
1,037
$49,137
11,161
7,212
2,822
Gross income
Pref. div. requirements
dated July
tinental Bank & Trust Co. of New York,
$49,051
86
Bondinterest
Other interest
Co.—Earnings—
1938—Month—1937
1938—12 Mos—1937
$205,594
$202,465
$2,485,538
$2,373,335
131,613
125,160
1,663,737
1,594,370
14,910
14,752
175,752
168,151
10,020
10,277
121,939
45,332
Opera ting revenues....
Operating expenses...
—V.
closure sale
& Electric
Period End. Feb. 28—
deducting
2062.
2223.
Gas
December, 1937, the operations
manufacturing subsidiaries were consolidated in United
wholly owned subsidiary organized under the laws o
new
Volume
Delaware.
has
Financial
146
subsidiaries
The business of each of the former manufacturing
been continued
as
division of the
a
company.
new
1937
Cash
S
985,929
....
1937
994,658
25,278
1,113,433
Inventories
1,838,610
1,894,808
Dlv.
1,017,931
payable.
on pref.
pay.
589,784
381", 552
19,866
21,347
109,972
113,734
410,188
492,108
58,750
60,625
—
payrolls,
Accruals,
corn's & bonuses
tainers & racks.
31,690
35,998
Gen.
Fed'l Inc.,
&
&c., taxes...—
Depos. with N. Y.
accrued..
Interest
Tr. Co. to cover
Workmen's
47,370
redeem, pref.stk.
\
comp.
&c.
insurance,
Reserves
162,013
receivable
18,624
28,490
5% debs. 1950
Min. int. in capital
Misc. other assets.
2,446
4,022
33,506
stk.&sur.ofsub.
8,802,156
263,477
8,801,815
258,425
Value of life insur.
Notes
and
accts.
other
Intangible assets.
.
Deferred charges..
_
Assets—
60,796
59,964
4,700,000
Inventories.
Real estate, plants & equip...
Patents (less reserves for amor¬
tization, $3,149
1,484,015
3,914,178
y
club
20.112,428
by 488,320 shares
Represented
x
shares
United
par),
y Represented by
^3fi.
3361.
(no
145.
Jan. 1, '38
Net sales
$777,100
626,051
85,794
Cr92,116
51,453
xl4,393
Cost of sales.
Sell. & admin, expenses.
Other deductions, net...
Depreciation
....
_
Taxes
on
31,216
Common
(less
Alter
x
Class B
1,085
543
doubtful
United States Steel
See
under
146,
p.
"Indications
(par $1)
stock (par $1)
of
$4,797.
y
After reserves for
2065.
p.
Corp.—March Shipments—
of Business
Activity"
on
preceding page.—
a
2389.
Universal-Cyclops Steel Corp.—EarningsEarnings for the Year Ended Dec. 31,1937
$77,729
$18,062,
Sales, less cash discounts, returns and allowances
(incl. prov. for deprec. of $146,781)
Selling, general and administrative expenses....
$7,350,826
5,339,752
783,878
Cost of sales
$71,757
Balance
$1,227,196
...
Other income
...
7,l70
...
$1,234,366
Together
Provision for contingencies.
Life insurance premiums (net)
Loss
20,000
3,881
H
12,097
170,894
69,752
46,804
disposal of capital assets
on
Federal normal tax
Cr561
Cr13,368
Cr28,133
10,375
prof $92,086
,2f,694
$49,596
$82,131
plicable to min. int
Federal
surtax
undistributed
on
profits.
Pennsylvania income tax
Deficit
x
Includes $1,490 for Federal surtax on
Net profit for the year
dividends
undistributed profits.
$910,938
500,000
Cash
Consolidated jBalance SheetAssets—■
Jan.l, '38
Cash
U.
Jan. 2,
§94, 201
S.
Govt,
Other
....
Accts. & notes
$330,809
554
113,
31,003
Accounts
payable.
5104,340
$26,970
627
c4,868
21,048
rec.
2,528
2.861
credits...
5,088
12,551
Fed.
for
55, 521
180,497
Deferred
332,,147
_
467,014
6,568
Min.
562
Interest receivable
Balance Sheet
11,358
tax...........
496,557
int.
__
--
inc.
sub.
in
companies..
.
_
792.622
148,420
_
...$1 194,348
337.346
Notes & accts. rec.
Defd.
charges
$3
to
a
Fixed assets.
Patents
.
.
cumul.
partic.
8,,219
23,924
preferred
stock.
.721,075
731.700
1,626, 630
869,980
919,206
b Common
stock.
2,354,255
2,419,816
fut ure operations
256,,953
.
30,,090
b Represented by 102,000 no par shares.—V.
United Fruit Co.earns,
146, p. 2065.
253,264
2,274,936
Res. for unadjusted
8,361
2,373
1 298,500
...
Dererred charges.
Stk.
sales
Fed.
taxes
and
36,887
'.
Res. for contlng...
offi¬
to
for
State inc. taxes.
34,017
54,016
<fc employs..
9,329
21,347
Gap. stk. (par SI).
500,000
500,000
Life insur. policies.
138,363
127,280
Capital surplus.__
3,503,538
3,503,537
900,242
489,303
cers
146,
p.
$5,582,920 $5,216,040
1896.
Van Norman Machine Tool
Co.—EarningsMar.
Mar. 26,
Weeks Ended—
Mar.
1938
1935
1936
1937
1938
$2,250,000
$2,650,000
$3,396,000
(est.) $2,526,000
Total
$5,582,920 $5,216,040
Net profit after provision
Federal income tax
after all chgs
except Fed.taxes
287,450
1,213,695
10,753
Res.
4,640
2 592,032
12
-Earnings-
3 Mos. End. Mar. 31—
Net
207,816
....$3,263,831 $4,096,299
Total
$4,096,299
depreciation of $324,233 in 1937 and $1,046,271 in
for
reserve
$223,101
188,290
Invests., advs.,&c.
Inventories
-V.
After
$112,495
liabilities..
Accrd.
570,478
Fixed assets......
Total..
9, 010
Total.......'...$3,263,831
a
1936
1937
Accts. pay.—trade
$995,17.8
Earned surplus...
736,943
Suspense
1936.
31
32,797
736,,942
processes
Good-will........
«
Dec.
Liabilities—
1936
1937
Assets—
Cash
...
Investments.....
$1.82
500,000 shares capital stock (par $1)
on
Jan. 1, '38 Jan. 2, '37
-
Accrued payroll.
Res.
f
J
(less reserve)...
Inventories
Liabilities-
*37
Earnings per share
Res. for other taxes
bonds)
marketable
securities
42,625
$1,371,894
Total
accounts
143,000
868,473
2,367
Earned surplus
$1,371,8941
for
reserve
stock
common
Paid-in surplus.
res.
depreciation of $301,300.—V. 146,
29,266
Jan. 2, '37 Dec. 28, '35 Dec. 29, *34
$1,647,999
$1,594,892
"
$1,908,158
1,232,560
1,246,729
1,463,965
207,395
186,036
205,227
7,568
60,254
11,182
201,597
217,294
217,498
17,529
15,415
28,347
Net loss for year
prof$91.524
Portion of net profit ap¬
67.910
43,524
Deferred credit
claim of $179
p.
Chemicals, Inc. (& Subs.)- -Earnings—
Years Ended—
State income
taxes—current year
.20,999,473 20,112,428
Total
.....
stock at cost.—V.
common
membership
for loss
V.
20.999,473
42.909
Fed. &
Accrued
Other accrued liabilities
....
Dr921,954
surplus—
$160,000
for purchases and
11,908
Deferred charges
Claim against closed bank and
1,964,656
3,937,481
Treasury stock. _Dr921,954
Earned
pay,
expenses
y811,855
,
Total....
1,219,800
7,899,243
1,142,300
7,899,243
_
Paid-in surplus—
Total
xl33,352
253,569
367
stock....
conv.
Common stock.
Accts.
17,220
Preferred 7% cum.
x
Notes payable—banks
$112,230
Accounts receivable
4,850,000
.....
Liabilities—
Cash
Marketable securities
•
32,333
6,914,089
141,221
Ld.,bldgs.,eq.,&c. 7,704.149
Sheet, Dec. 31, 1937
[Including assets and liabilities transferred from subsidiary companies
liquidated as of that date]
1,500,000
stock..
con¬
Balance
bank.
Notes pay.,
Accounts
25,268
Accts. receivable..
Returnable
S
Liabilities—
U. S. Gov. & mun.
securities
1936
$
1936
$
Specialties Co. and subsidiaries.
This technical treatment of the $48,261
referred to explains the earned surplus figure of $2,367, instead of $50,628,
$48,261 having been credited to paid-in surplus.
Consolidated Balance Sheet Dec. 31
Assets—
2551
Chronicle
Earnings per
—V. 146, p.
1937
271963
for normal
$117,334
share on common stock.
1573.
$1.32
$77,048
$0.87
$70,337
$0.79
Shs. common stock out¬
Excluding 19,000 shares held in treasury,
held in treasury.—V. 146, p. 1091.
x
The
directors
accumulations
have
a dividend of $1 per share on account of
cumulative preferred stock, payable May 2 to
Dividend of $1 was paid on Dec. 15, last, and
16, last.—V. 145, p. 2867.
declared
the 6%
on
Virginian Ry.—Annual Report—
Traffic Statistics for Calendar Years
Excluding 28,400 shares
y
Ltd.—Accumulated Dividend
Fuel Investments,
United
x2,906,000 x2,906,000
$0.91
$0.77
x2,906,000
$1.16
y2,896,000
$0.87
standing (no par)
Earnings per share
holders of record April 15.
one of $3 was paid on Aug.
Average mileage
Tons (revenue) carried
1,000 tons carried 1 mile
619
1936
619
619
1934
619
12,714,124
3,066,090
10,893,323
2,488,018
9,778,327
2,252,784
9,422,662
2,117,632
Rate per ton per mile—
Passengers carried
Pass, carried 1 mile....
0.632 cts.
0.681 cts.
99,948
2,168,258
0.672 cts.
80,787
0.652 cts.
107,269
2,362,938
1,846,576
2,293,330
2.04cts.
2.17 cts.
2.27cts.
2.49cts.
$32,615
$28,482
$25,485
$23,320
1937
Rate per pass, per
United Gas Improvement
Co.—Weekly Output—
Week Ended—
April 2 '38 April 10 '37
84,406,573
92,301,360
April 9 '38
86,670,525
Electric output of system (kwh.)
—V. 146, p.
mile..
Oper. revenue per mile..
2388.
United
cfc Registration—
Profit-Sharing Corp.—Listing
The New York Curb Exchange has admitted to
the
new
for old
common
listing and registration
Issued share for share in exchange
stock, $25 cents par.
common
stock,
par.—V. 146,
no
p.
Income Account
United States
1937
2065.
a
dividend of 12 M cents per share on the common
payable April 25 to holders of record April 16.
An extra dividend
paid on Dec. 20, last, and an initial dividend of 25 cents
share was distributed on Nov. 1, last.—V. 145, p. 3984.
stock
1936
United Specialties Co.
3,193,158
604,860
2,881,169
.595,466
2,735,041
x479,160
Total expenses.......
Transportation
[The subsidiary companies were liquidated as of Dec. 31, 1937]
Gross sales, less returns,
Cost of sales
A
—
$2,027,711
_
V
.
_
_
_
.
_.
—
_
_
1,429,436
_
$598,275
230,230
;
_
Selling and Administrative expenses
Provision for deprec. (incl. amort, of patents, $932-
48,027
Profit from operations..
$320,018
1,900
Other income.
$7,865,820
$7,178,908
$6,702,904
$9,774,197
1,455,000
;8,604,672
1,936,300
$7,740,447
1,779,400
30
349
Railway oper. income. $8,604,601
Equipment rents (net)..
774,951
(net).
56,860
$8,319,197
$6,668,342
$5,960,698
704,301
44,765
511,537
43,275
689,208
$9,436,413
$9,068,263
$7,223,154
$6,727,128
22,400
23,277
22,886
16,473
1,697
Net ry. oper. income.
Income from non-transp.
propertyDividend income
Net profit of
______
$321,918
36,389
_
.......
_
;
■,
Federal surtax
on
3,179
undistributed profits
Interest income
Miscellaneous income—
_
Net income of subs, from Jan.
x$222,228
_
11,441
25,494
18,217
2,670
6,924
1,886
15,340
6,430
20,886
15,689
2,412
$9,113,489
300
$7,295,001
3,600
$6,784,285
3,600
10,593
18,777
41,727
29,441
26,664
2,414,533
1,031
2,599,480
1,506
3,115,205
3,151,527
$9,432,939
Total income
.
Rents for leased equip.
_
Fixed int. on funded debt
1, 1937, to dates of acquisition of
48,261
such companies by United Specialties Co
1,697
Miscell. tax accruals
Miscell. income charges.
Net income
1,697
Dr48,459
—
7,072
53,051
Federal normal income tax
Int.
on
77,222
1,697
Loup Creek
Colliery Co.
Gross income.
______
2,539,896
x554,368
$9,060,041
Joint facility rents
Income charges
State income tax
505,164
Year Ended Dec. 31, 1937
allowances and discounts
Gross profit from sales
$11,897,523
1,916,572
124,092
opers.$l 1,121,601
Railway tax accruals
2,517,000
Uncoil, railway revs..__
......
Net rev. from ry.
(& Subs.)—Earnings—
Consolidated Earnings for the
1934
All other oper. expenses.
of .55 cents was
per
1935
$20,181,642 $17,640,017 $15,783,580 $14,443,351
5,262,023
4,389,185
3,964,707
3,608,640
revenue...
Maintenance...
Plywood Co.—Dividend Reduced—-
117,977
for Calendar Years (Incl. Loup Creek Colliery Co.)
Freight—coal & coke .'. .$16,748,397 $14,520,140 $12,979,585
Freight—other
2,641,530
2,428,573
2,167,281
Passenger .mail & express
114,7.52
115,170
107,653
Allother
676,962
576,134
529,061
Total
Directors have declared
1935
312
807
3,106
unfunded debt..
83,443
y2,096,625
$4,143,337
1,677,300
1,563,575
1,250,860
$3,518,244
2,096,625
625,430
Amortization of discount
Net income for the year
Cash divs.
on
common
Earned surplus, Dec. 31, 1937..
Earns, per share on
x
Before
$173,967
143,000 com. shares (par $1)
deduction
of
earnings
$2,367
$1.21
.....
_
on
funded debt
l7l,600
capital stock at $1.20 per share
.
of subsidiary companies
from
Jan.
1,
Consolidated net inc..
Preferred dividends
Common dividends
$7,006,781
1,677,300
2,501,720
$6,451,699
1937, they were separate corporate entities throughout 1937.
On Dec, 31,
1937, all of the assets of these subsidiaries were acquired and their liabilities
Specialties Co.
Thus, at the close of business Dec. 31,
1937, United Specialties Co. became an operating company with operating
branches, or divisions, in Holmesburg, Philadelphia), Pa., and in Chicago,
$1,215,177
5796,189
312,715
312,715
$15.27
$7.89
$5.89
x Operating
expenses for 1934 were debited with $63,372 for carriers
contribution to the proposed Railroad Retirement Fund which was sub¬
sequently held invalid by U. S. Supreme Court.
This amount was credited
to operating expenses for
1935.
y Including $419,325 dividend declared
111.
for the three
1937 to dates of acquisition of such companies by United Specialties Co.
While the subsidiary corporations were, in effect, dissolved on Dec. 31,
assumed by United
$222,228 but inasmuch as
between Jan. 1, 1937 and
the dates of their acquisition by United Specialties Co., this amount has
been deducted in determining the net income for the year for United
The combined net income for the year
1937
was
the subsidiaries earned a net income of $48,261
Balance, surplus--.
Shs. com. out. (par
$100)
Earns, per share on com.
$2,827,761
312,715
$17.04
$2,791,499
312,715
months ended Feb. 1,1937.
1, 1936 the Virginian Terminal Ry. and Virginian &
Ry. were merged into the Virginian Ry.
As of the date of the
merger the profit and loss balances of these subsidiary companies aggregat¬
ing $369,174 were credited to profit and loss account of the Virginian Ry.
I
jVofe—As of Aug.
Western
Financial
2552
Consolidated Balance Sheet Dec. 31
1937
Increases
$
which
1936
1937
1936
$
Chronicle
(Including Loup Creek Colliery Co.)
$
31,271,500
Other
6% cum.pref.stk 27,955,000
Long-term debt- 67,599,562
27,955,000
65,364.000
Deps. in lieu of
Traffic & car ser¬
Liabilities—
equipment. 155,788,003 155,238,143
property.
7,119,065
3.411,007
&
mtged.
stock.
Common
prop.
27.410
27 740
sold..
Invests, in affil.
During the
vice bals. pay.
Audited accts. &
28,246
39,180
payable
874,912
709,523
wages
Misc. accts. pay.
25,000
25,000
—stocks...
Securities
31,687
797,664
Fund.debs. mat.
Prem
Stocks.....
13,808
13,808
Advances..
94,753
118,679
29,858
30,790
1,770
unpaid...
declared
Other curr.liabs.
419,325
102,464
Deferred llabils,
5,610,986
476.147
5,183,780
29,858
Special deposits-
84,557
24,272
liabilities..
1,002,509
16,053,314
Tax
1,201,112
105,365
Accrued deprec.
2,001,420
16,425 232
rec.
Accrd. depletion
919 257
887,820
from agents &
103,665
53,392
943,246
24,453,995
22,299,275
Traffic & car ser¬
conductors.
628,532
596,734
vice bals. rec.
Net balance
345,118
240,800
Oth. unadjusted
credits
161,149
184,102
Add'ns to
2,180,988
1,710.850
..
Misc. accts. rec.
Mat'ls & supplies
550
418
Deferred assets.
30,704
6,595
Unadjusted debs
2,410,028
prop,
thru income &
583
1,202
1,458,313
Int. & dlvs. rec.
Other curr.assets
surplus
Profit and loss.
/.
Reorganization
on
after
944,345
.
„
to
orders of the U.
S. District Court at St. Louis, Mo., the
July 14, 1937, submitted an outline of a plan of reorganization,
with different groups of security holders prepared
reorganization dated Jan. 24,
conferences
with the Court a complete plan of
1938, which the receivers stated they understood was the closest approxi¬
a plan for which adequate support reasonably might be expected.
The plan provides for the appointment of five reorganization managers,
one to be appointed by the institutional group representing underlying and
mation of
divisional mortgage bonds, one
by the protective committee for the rerund-
ing & general mortgage bonds, one by the stockholders' protective com¬
mittee, one by a majority of the three appointed as aforesaid, and one by
the receivers.
The plan further provides that, pending such appointments,
the directors of the new company are to act as and have all the powers of
reorganization managers.
The reorganization managers are to serve with¬
out compensation and shall have the powers and duties as specified in the
plan.
A new corporation known as Wabash RR. was organized on Sept. 2, 1937,
under the laws of Ohio, for the purpose of carrying out such plan of reor¬
ganization as shall Ultimately be authorized and on March 16, 1938 said
company made application to the Interstate Commerce Commission for
such authority as may be necessary under the applicable provisions of the
Interstate Commerce Act and of the Reconstruction Finance Corporation
Total
174,041,592 169,186,484
Total.
—V. 146. P.
_
and
and filed
Int. mat. unpaid
35,107
33,107
Sees, unpldged
Cash..:
Pursuant
receivers
321,425
red.-
on
Unmatured dlvs.
Other investm'ts
1937 the following principal amounts of long-term debt
$2,256,400.
782,758
unpaid
un¬
pledged:
year
retired: Equipment trust obligations, $2,013,400; Detroit & Chicago
Extension 1st mtge. bonds, $58,000; receiver's certificates, $185,000; total,
were
139,132
Unmatd.int.accr
cos.:
Securs. p'edg'd
were
Wage increases granted to all non-operating employees, effective
Aug. 1, 1937, $423,680; wage increases granted to all operating employees,
effective Oct. 1, 1937, $91,349; increase in cost of fuel, $135,706; increase
in cost of material and supplies, $793,229; total, $1,443,964.
follows:
$
31,271,500
Assets—
Investm't in rd.
April 16, 1938
operating expenses during 1937 as compared with 1936,
due to causes beyond the control of the management, were as
in
...174.041,592 169,186,484
Act in order to enable it to carry out
the proposed plan of reorganization.
It is contemplated that the new company will acquire title to the properties
assets of the present company through foreclosure of existing mort¬
2226.
and
Utah Light
& Traction Co.—Earningsms—Month—1937
Period End. Jan. 31—
Operating revenues—_
Oper. exp., incl. taxes..
$90,939
89,909
.$104,515
85,412
$1,146,128
1,091,978
$1,142,847
1,034,690
Net oper. revenues—
Rent from lease of plant
$1,030
50,989
$19,103
33,216
$54,150
572,388
$108,157
520,560
$52,019
51,629
$52,319
51,858
717
789
$626,538
621,584
8,891
$628,717
622,300
10,358
$327
$328
$3,937
$3,941
.
purchases at receivers' sale or otherwise, the exact procedure to be
by the reorganization managers.
plan proposes that the holder of each share of stock of Wabash
deposited under the plan and with respect to which an assessment of $7
per share shall have been paid, will be entitled to receive securities as
gages,
1938—12 Mas.—1937
determined
The
follows:
-
Gross income...
Int.
on mtge. bonds
Other int. & deductions-
Balance, deficit
Notes—(1) No provision has been made in the above statement for unpaid
on the 6% income demand note, payable if, as, and when earned,
amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec. 31, 1937.
(2) No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V. 146, p. 2389.
nterest
Net oper. revenues
bonds, series B, and 1-3 share of common stock of the new company;
and that the holder of each share of stock of Wabash Ry. deposited under
plan, with respect to which an assessment of $7 per share shall not
have been paid, will be entitled to receive the following:
For each share of preferred stock A—One-third share of common stock of
the
the
For
new
1938—12 Mos.—1937
$1,143,803 $13,224,827 $11,992,077
664,040
7,866,889
6,976,270
63,942
793,683
748,965
~
.
$381,055
$415,821
287
$4,564,255
2,396
$381,416
195,650
25,000
$116,108
195,879
25,000
17,521
$4,566,651
2,349,834
300,000
198,686
$4,271,591
2,350,550
$144,063
$177,708
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,718,131
__
.
Gross income
Interest
Int.
on
on
rntge. bonds
deben. bonds
..
Other int. & deductions
Int. charged to construe.
of preferred
stock B—One-sixth share of common stock
company.
16,703
4,749
300,000
204,938
company.
outstanding capitalization of the new company,
consummation of the plan, will be as follows:
Undisturbed Obligations—
Wabash-St. Charles Bridge Co. 1st mtge. 4% serial bonds,.— $2,187,000
Wabash-Hannibal Bridge Co. 1st mtge. 3M% serial notes
350,000
It is estimated that the
$1,421,354
_
share
new
upon
$4,266,842
361
Other income (net)
new company.
each
of the
(& Subs.)—Earnings—
1938—Month—1937
Operating revenues
$1,139,818
Oper. exps., incl. taxes
667,638
Prop. retire, res. approp.
91,125
_
bonds, series B, and M share of common stock of the new company.
For each share of common stock of Wabash Ry.—$7 of income mortgage
For each share of common stock—One-ninth share of common stock of the
Utah Power & Light Co.
Period End. Jan. 31—
stock A of Wabash Ry.—$7 of income mortgage
For each share of preferred
bonds, series B, and one share of common stock of the new company.
For each share of preferred stock B of Wabash Ry.—$7 of income mortgage
New Obligations—
First mortgage bonds, 4%
Second mortgage bonds, 4%
series
series
series A, 4%
series B, A)4%
10-year 3% equipment trust serial certificates
10-year serial 2K% notes
Income mortgage bonds,
Income mortgage bonds,
Total funded debt
1,704,761
Balance
x
1,704,761
$13,370 def$283,407
Dividends
accumulated
and
unpaid
to
Jan.
31,
1938, amounted to
$6,534,917.
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 pref. stock, were paid on Dec. 21, 1937.
Divi¬
dends on these stocks are cumulative.
Note—No provision for Federal surtax on undistributed profits has been
the 12 months ended Jan. 31, 1938.
Includes provision of
$4,000 for the 12 months ended Jan. 31, 1937.—V. 146, p. 1263.
made during
Wabash Ry.—Committee's Report—
The stockholders' protective committee in a circular to the stockholders
states:
Operations by the receivers of the properties during the year 1937 re¬
a net deficit of $3,051,791, after providing for all
operating costs,
sulted in
taxes and rentals, and full interest accrued on the so-called
underlying and
divisional mortgage bonds issued or assumed by Wabash RR.
(predecessor),
interest on all equipment trust obligations of company and on outstanding
receivers' certificates, together with $3,016,515 of interest on the
refunding
& general mortgage bonds accrued but not paid during the
year.
The deficit or $3,051,791 for 1937 compared with a deficit of
$1,280,781
in 1936 and a deficit of $6,673,695 in 1932.
Condensed
40,512,500
23;788,379
26,065,604
25,511,442
6,795,000
4,491,411
Cr5,251
Net income
x
-----
— —
Income
Accounts
for Calendar
1937
Railway operating revenues....
Railway operating expenses
Years
1936
1932
$46,133,734 $46,428,262 $37,785,633
35,829,683
34,334,112
30,684,901
$10,304,050 $12,094,149
lectible railway revenues..
$7,100,732
2,453,482
2,363,589
2,408,335
$7,850,568
$9,730,560
$4,692,396
.
.
.
3,583,038
4,167,727
$4,247,856
422,205
$6,147,521
367,890
$524,668
845,381
$4,670,061
107,274
Deductions.
preferred
$6,515,412
74,798
$1,370,050
72,678
$4,562,787
7,614,578
$6,440,613
7,721,395
$1,297,372
7,971,067
$3,051,791
$1,280,781
$6,673,695
stock
general creditors), publicly held as of Jan. 1, 1938, was $154,439,220.
As
of Jan. 1, 1938, there were also accrued and unpaid $19,039,677 interest on
the refunding & general mortgage bonds and $785,017 interest on the under¬
lying and divisional mortgage bonds, provision for which is made in the
plan.
The outstanding stock of the old company as of Jan. 1
1938 consisted of
695,805 shares of preferred A 5%, 15,883 shares of preferred B 5%, and
669,518 shares of
common.
The annual interest charges and other requirements of the old company,
including the Bridge companies' bonds listed above, compared with those
proposed under the plan, are as follows:
Old
Proposed
,
Company
Improvement fund (maximum)
Contingent interest
Sinking funds
Total
Under Plan
$7,303,359
-
$2,987,900
1,000,000
2,190,639
249,270
$7,303,359
Fixed interest-
$6,427,809
;—
—
-
The new money realized from the assessment on the stock, after providing
for cash payment of principal and interest as proposed in the plan, together
with reorganization expenses, is intended to be available for the acquisition
equipment, rehabilitation of existing equipment, deferred mainte¬
working capital, as indicated in the plan.
order entered in the U. S, District Court at St. Louis, Mo., on
March 18, 1938, the time for filing objections to the plan was extended to a
date which shall be 30 days from the date of the report and order of the ICC
made upon the application of Wabash RR. above referred to.
After considering all phases of the situation, it is the view of this com¬
mittee that the proposed plan of reorganization accords to the stockholders
fair and equitable treatment and it is hoped that it will meet with stock¬
holder approval.
However, at this time no formal consents to or deposits
under the plan are being solicited by this committee.—V. 146, p. 2226.
new
nance
By
3,602,712
.
.$129,701,336
(no par)
-.500,732 shs.
Common stock (no par).
—
772.435 shs.
The income mortgage bonds, series B, would be convertible at the option
of the holders into common stock of the new company on the basis of 20
shares of such stock for each $1,000 bond.
The above capitalization is
based upon the assumption that the assessment will be paid upon 75% of
all of the outstanding shares of each class of stock of the present company
and does not give effect to any conversion of the income mortgage bonds,
series B, into common stock of the new company.
The principal amount of obligations of the old company (including the
Bridge companies' bonds listed above and $600,000 estimated claims of
of
Net rents for hire of freight cars, other
----------
-----
Capital Stock—
$5
and
an
Walnut Electric & Gas
Corp.—Acquisition of Notes—
See American States Utilities Corp.
—
V
general
——o
mortgage
AV/X
1932, the
lUUUlCOl/
V/U
UUL
ICIUIIUIII5
uit
bonds, the
the same deduction
year 1936
1932 a net deficit of
were
net deficit for 1937 is reduced to $35,276;
made from the net deficits for the years 1936 and
would show
a
net income of
$1,735,733 and the
year
$3,657,180.
During the first three months of 1938 there was a decrease in railway
operating revenues of $3,010,966, or 24.57%, as compared with the cor¬
responding period in 1937, detail of which is as follows:
1938
Freight
Passenger
Mail
Express
Miscellaneous
1937
$7,994,969
575,576
162,133
70,943
438,366
$10,910,104
594,077
168,266
102,003
478,503
-DecreaseAmount
Per Cent
$2,915,135
18,501
6,133
31,060
40,137
26.72
3.11
3.34
30.45
Net oper. revenues...
1938—Month—1937
1938—12 Mos.—1937
$863,740
$1,056,822 $11,249,658
$9,949,291
483,052
631,111
6,524,957
5,382,185
93,501
83,681
1,016,383
1,011,824
$287,187
1,946
$342,030
$3,708,308
2,020
34,697
$289,133
82,963
14,618
$344,050
82,963
12,278
$3,743,005
995,550
56,747
Cr4,115
$3,585,722
995,550
45,070
Cr9,797
$191,552
$248,809
preferred stock for the
period, whether paid or unpaid
:_'r
$2,694,823
$2,554,899
622,518
622,518
Balance
$2,072,305
$1,932,381
Other income (net)
Gross income
Int.
on
mtge. bonds.
Other int. & deductions.
Int. chgd. to constr'n
$3,555,282
30,440
8.39
Total
$9,241,987
$12,252,953
$3,010,966
24.57
During the first three months of 1938 the Wabash loaded locally 61,087
carloads of freight, as compared with 72,213 carloads during the correspond¬
ing period in 1937, a decrease of 15.41%, and received from connections
during the first three months of 1938, 93,941 carloads of freight, against
126,869 carloads during the corresponding period of 1937. a decrease of
25.95%.
Washington Water Power Co. (& Subs.)—Earnings—Period End. Jan. 31—
Operating revenues
Oper. exp., incl. taxes.,
Prop, retire, res. approp.
Net income
Dividends applicable to
—
Note—Includes provisions of $3,401 and $1,500 for Federal surtax on
undistributed profits for the 12 months ended Jan. 31, 1938 and 1937,
respectively.—V. 146, p. 2390.
Volume
Financial
146
(Hiram)
Walker-Gooderham
Subs.)—Earnings—
&
Worts,
he said.
"This month
1938—6 Mos —1937
$4,671,855
Orders were good in March, and so far in April the improvement con¬
tinues, Mr. Robertson said.
Secretary C. W. Pomeroy was elected a director to succeed Paul J.
Myler.—V. 146. p. 2390.
$2,137,711
$5,395,212
129,431
204,984
195,134
$2,509,748
184,156
109,464
543,786
$2,267,142
$5,600,196
369,092
339,523
1,116,019
$4,866,989
322,163
280,619
717,659
$1,672,342
$1,658,578
$3,923,338
$3,546,548
Cost of sales.
Sell.,
—
Depreciation
Interest, &c.
Income taxes
Net profit
Preferred dividends
•
161,418
107,623
191,747
will pay back $5,000,000
we expect to ay
141,208
Other income.
Total income
we
debt."
$2,368,540
Operating profit
of the money we bor¬
help us meet the enormous rush of business, and before
off the balance, which will leave the company out of
rowed last year to
long
1938—3 Mos .—1937
Period End. Feb. 28—
(&
Ltd.
2553
Chronicle
Willson Products, Inc.—Earnings—
1934
1935
115,205
230,409
$1,543,373
$3,692,929
$3,316,139
Shares common stock...
724,004
722,304
724,004
$2.14
$5.10
$4.59
$965,220
613,540
$466,075
234,876
$465,130
exp__
215,060
$360,520
165,171
$351,680
160,258
profit from oper.
$231,200
827
$250,070
3,520
$195,350
6,404
$191,422
11,269
$253,590
$201,754
$202,691
722,304
$2.15
$925,770
565,250
230,409
$1,557,138
1936
$1,261,264
796,134
$232,027
115,204
Surplus for common,.
1937
$1,355,536
889,461
Calendar Years—
Gross profit on sales..
Earnings per share
Subs.)—Earnings—
West Penn Power Co. (&
1937
Calendar Years—
Total
:
$19,757,981
397,597
...$23,495,687 $22,326,126 $20,155,578
,
7,879,844
7,050,448
6,110,699
1,977,773
1,807,294
1,365,042
;
y964,175
x599,050
826,450
1,780,879
1,583,754
1,276,633
retirements.
1,676,666
1,419,818
1,297,456
earnings....
Operating expenses
Maintenance-...-.
1935
1936
$23,024,723 $21,887,908
470,964
438,218
Operating revenues
Non-operating income,
—
Federal income taxes
Other taxes
Reserved for renewals &
Net
& adm.
Other income (net)
i;
—V. 146, p. 2227.
gen.
13
Income deductions
1,549
Prov. for Federal & State
51,000
x60,600
37,521
28,770
$181,027
140,978
$192,990
159,467
$164,219
79,346
$172,372
48,338
$33,523
$84,873
$124,033
income taxes
Dividends
paid.
Net to earned surplus.
x Includes Federal surtax
$40,049
undistributed profits of $5,600 in 1937 and
on
$5,200 in 1936.
Balance Sheet Dec. 31
$9,216,349
1,970,000
52,014
Gross income
Interest
on
funded debt
Other interest
Amortiz. of bond discount & expense.
Interest charged to
construction
307,795
Crl51,610
$9,279,298
2,375,000
57,889
123,251
$9,865,761
2,003,750
62,715
307,795
Crll,692
i..
Payments under tax covenants, pay¬
96,661
ing agents' fees, &c
89,234
48,430
1937
Assets—
Cash
Accts. receiv. (net)
b97,325
122,707
Inventories
433,358
$7,413,957
$6,674,728
889,539
1,020,000
889,539
1,020,000
889,539
1,020,000
Common dividends
4,606,500
3,552,000
Net income
—
—
5,827,500
provision necessary for surtax onjundistributed profits,
y Except
in the case of one subsidiary for which $860 was provided no provision has
been made for Federal surtax on undistributed profits.—V. 145, p. 3515.
x
No
West Texas Utilities Co.—EarningsCalendar Years—
1937
1936
$5,368,239
2,859,825
$4,847,171
2,595,131
453,717
Operating revenue
Operating expenses—
374,320
Taxes.
1 QQ K
IQ'M
$4,467,487
2,457,462
$4,462,548
2,517,719
350,630
Accounts payable.
Accrued items
53,254
13,040
713,114
plant
eqpt.
Total
a Construction in
progress of additional factory buildings is estimated
by the management to cost approximately $300,000.
b Includes notes.
—V. 146, p. 2066.
Wisconsin Public Service
Corp. (& Subs.)—Earnings—
1938
1937
$8,491,268
5,051,957
$8,030,228
4,555,078
(before approp. for deprec.).... $3,439,311
$3,475,150
30,702
Dr64,513
Year Ended Jan. 31—
$1,877,720
17,619
15.848
$1,578,076
15,498
income—$2,078,557
on funded debt.
1,149,728
interest
14,411
$1,895,340
1,172,723
$1,675,243
1,208,839
$1,593,574
1,225,496
Interest, dividends, &c
88,068
90,767
92,023
Gross
General
Amort, of debt discount
86,348
and expense
...
Miscell. deductions from
gross
18,423
21,009
$809,647
644,954
$621,268
300,814
$354,627
218,877
$233,149
219,039
$164,692
$320,454
$135,750
$14,110
income
Net income..
Divs. paid on
pref. stock
Balance
—V.
13,281
42,907
Net oper. rev.
Merchandise
Net operating revenue and other income (before
appropriation for depreciation)
$3,498,944
Appropriation for depreciation
937,917
$2,561,028
Gross income
Interest charges
(net)
999,629
:...
165,160
property.8,333
28,978
Amortization of debt discount and expense
Amortization of abandoned street ry.
Other income deductions
earnings
Gross
$231,663
(est.)—
$341,413
—Jan. 1 to April
7
1Q^7
1Q3S
i,622,435
$5,199,362
—V. 146, p. 2390.
Telegraph Co., Inc.—Earnings—
1938—Month—1937
1938—2 Mos.—1937
$6,772,078 $7,826,583 $13,903,439 $16,186,372
exp.
6,295,284
6,608,416, 13,120,237
13,587,441
Western Union
Period End. Feb. 28—
Tel. & cableoper. rev...
Tot. tel. & cable op.
$1,358,927
Net income..
Maryland Ry.—Earnings—
—Week Ended April 7—
1938
1937
$3,441,340
921,250
$2,520,090
1,131.289
107,632
24", 555
.
assignable to oper.
27,089
478,401
Non-operating income-
def$28,696
88,879
Taxes
_
$1,218,167
39,133
455,479
$783,202
$2,598,931
55,614
80,932
973,885
925,300
$723,555 def$246,297
195,880
89,291
$1,592,700
Notes—(1) For comparative purposes the above figures have been revised
certain changes in classification, due to the uniform system of
became effective Jan. 1, 1937.
(2) No provision was made
accounts which
by the corporation for Federal income taxes or for surtax on undistributed
profits for 1936 or for State income taxes for 1936 or 1937 as the corporation
claimed as a deduction in its income tax returns for 1936 the unamoritzed
debt discount and expense and redemption premium and expense on bonds
redeemed in 1936 which resulted in no Federal or State income taxes for
that year or State income taxes for 1937.
During the period from Jan. 1
to June 30, 1936, the corporation made provision for Federal income taxes
$20,100 which was reversed over the period from
def$50,416
1,192,801
$1,771,532
1,235,397
$197,763df$l,243,217
$536,134
178,832
July 1 to Dec. 31, 1936. During the period from Jan. 1 to Aug. 31, 1936,
the corporation also made provision for State income taxes in the amount of
$50,000, which was reversed over the period from Sept. 1 to Dec. 31, 1936.
The amount included in operating expenses as provision for Federal income
taxas in the consolidated income account for the year ended Jan. 31, 1937,
representing provision made by the subsidiary com¬
for the calendar year 1936, which amount
undistriouted profits. No provision for sur¬
tax on undistributed profits during 1937 or 1938 is included in the above
statement, as it is estimated that no such surtax will be incurred by the
corporation or the subsidiary company for those years.—V. 146, p. 1576.
above, includes $4,000
pany
$60,183
Gross income..
593,734
Deduc'ns from gross inc.
„.def$533,551
Net income
146,
p.
$812,846
615,083
Woodward Iron Co.—Earnings—
Westinghouse Electric & Manufacturing
Co.-—Book¬
Director—
Bookings for the first three months of 1938 were $37,998,569, against
$74,242,584 the same period last year, Chairman Robertson said at annual
March business was $15,126,588, against $11,439,127 in Febru¬
Unfilled orders
3 Months Ended March
x
meeting.
ary.
for Federal income taxes
includes $1,230 for surtax on
2227.
ings Off—New
$1,257,169
to reflect
for 1936 in the amount of
$476,794
Net tel. & cable op. rev.
Uncollectible oper. rev.
March 31 were $53,651,814, against $60,298,087
Jaa.'l.
Robertson said the company is making profits in spite of
adverse business conditions.
"There are substantial orders on the
*
37,326
22,307
(net)
and jobbing
146. p. 1731.
Western
—V.
529,853
held in
Total........-$1,460,853 $1,410,570
—$1,460,853 $1,410,570
income. $2,054,696
23,861
Non-operating income. _
Interest
Dr32,623
137,000
de¬
preciation)
366,753
$1,659,394
61,491
632,236
270,426
shs.
treasury
Operating revenues
Operating expenses, maintenance and taxes
Net operating
51,000
137,000
632,237
569,901
&
(after
$61,379
21,234
Dr32,623
...
Earned surplus
8,838
&
exps.
(par $1)
Capital surplus
9,509
61,511
deferred charges
Prop.,
54,684
57,038
1936
$80,028
23,311
&
Fed.
State inc. taxes.
Com. 8tk.
life ins. policies.
Prepd.
for
Prov.
303,413
Cash surren. value
Other assets
$6,941,489
7% preferred dividends
6% preferred dividends
$197,881
a394,910
U. S. Treas. notes.
1937
Liabilities—
1936
$89,252
Mr.
gataral
boo u,"
Net
x
1938
31—
profit
,
Earnings per share on capital
After
stock.
;
1937
$287,390
$1.06
$400,166
$2.25
depreciation, depletion, interest, Federal income taxes.
deduction was made for surtax on undistributed profits.—
Note—No
V. 145, p. 3516.
York Ice Machinery
See list given
on
Corp.—Registration Withdrawn—
first page of this
The Commercial Markets and the
department.—V. 146, p. 451.
■
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Thursday Night, April 14, 1938.
Coffee—On the 9th inst. futures closed 4 to 6 points net
higher in the Santos contract, with sales totaling 44 lots.
The Rio contracts closed 1 to 7 points higher, with transac¬
tions
was
totaling 21 lots.
Trade and commission house buying
market
entered in modest volume in the coffee futures
today. On the advance trade houses and operators supplied
the offerings, the latter taking profits on earlier purchases
to even off over the week-end adjournment.
While Brazil
spot prices were unchanged, the Havre market advanced
2M to 4% francs.
Coffee destruction in Brazil in the last
ha& of March amounted to 461,000 bags compared with
The total of 959,000
with 721,000 bags for the month
1931, when destruction was
498,000 in the first half of that month.
bags for the month compares
of February .J Since June,
inaugurated, Brazil has destroyed 59,513,000 bags.
On
the 11th inst. futures closed 2 to 5 points off in the Santos
contracts, with sales totaling 28 lots.
The Rio contracts
closed 5 points off on May and 1 point advance on all other
deliveries, with sales totaling 23 lots.
Coffee futures were
quiet and little changed in line with actuals.
Cost and
freight offers from Brazil were about unchanged, with Santos
4s at from 6.10 to 6.65 cents.
Milds were steady, with
Manizales held at 9 cents and up, while it was thought
Havre futures were IA to
inst. prices closed unchanged
to 4 points lower in the Santos contracts, with sales totaling
46 lots.
The only business in the Rio contract was a switch
of May for March at 25 points, and that contract closed
nominally 3 to 4 points lower. Trading was quiet and with¬
out feature.
With the actual market quiet and unchanged
buyers would pay 8% cents.
3% francs lower. On the 12th
Financial
2554
and
a
short week in view, incentive to make new commit¬
Most of the business was against actuals
represented switches for the account of operators.
On
the 13th inst. futures closed unchanged to 4 points up in the
Santos contract, with sales totaling 53 lots.
The Rio con¬
tract closed unchanged to 4 points up, with sales of 13 lots.
The market displayed a steady undertone in quiet trading.
The approaching holidays and the fact that Brazil's National
Coffee Department Consultative Council is due to adjourn
at 5 p. m. today, indicating publication of decisions on the
next crop, served to restrict interest.
Santos contracts were
unchanged to 3 points higher in the early afternoon.
Cost
and freight offers from Brazil were steady as were mild
ments
was
lacking.
or
coffees.
were
It
said that most offers
was
held at
a
on
Colombian coffees
good bit above the lowest quotations,
say
9
cents for Manizales.
On the
14th inst. futures closed 4 to 9 points up in the
Santos contract, with sales totaling 66 lots.
The Rio con¬
tract closed 7 to 2 points up, with sales totaling 30 lots.
Coffee futures paid slight attention to the news that Brazil's
had
Council
Consultative
recommended a 30% sacrifice
Santos contracts opened unchanged
to 2 points higher and held there with December at 5.73c.,
up 2 points, the market's strength increasing as it neared the
close.
Rio contracts opened 1 to 2 points higher, and closed
recording substantial advances for the day. Cost and freight
offers from Brazil were light and little
changed.
There
was a disposition to do nothing in view of the
forthcoming
Easter holidays. Milds were st ady, with Manizales quoted
at 9c. and reports that most sellers were
holding for as much
as
Yz to lc. higher prices.
Yesterday Santos spot prices
dropped 300 reis, while Type Rio No. 5s were off 200 reis.
Havre futures were \ % francs lower to
Y franc higher.
Rio coffee prices closed as follows:
quota on the next crop.
March
__._4.15
_
May.
July
4.07
;
September
.3.90
December ______:
3.90
3.91.
Santos coffee prices closed
March
as
follows:
5.83
September
5.80
5.82
May
July
December.
.5.82
,5.79
Cocoa—On the 9th inst. futures closed 9 to 14
points net
Opening sales went at gains of 4 to 6 points. Trans¬
actions totaled 239 lots, or 3,203 tons.
London noted the
higher.
outside
futures
market
on
about
3d.
lower
on
the Terminal Cocoa Market
the
bid
side, while
ranged 3d. higher to
Today's gains were
l^d. easier, with 240 tons trading.
largely influenced by the upward action of most commodity
markets following the defeat of the
Reorganization Bill.
There was considerable short covering and also
substantial
new
buying of cocoa futures.
Local closing: April, 5.13;
May, 5.15; July, 5.20; Sept., 5.25; Oct., 5.28; Dec., 5.32.
On the 11th inst. futures closed
10 to
13 points net lower.
Liquidation of the spot May delivery constituted the chief
trading feature in a rather quiet session today.
Prices
gave ground quite sharply after having started out with
gains
of
much as 6 points.
The market closed at about 2 points
from the day's lows.
Transactions totaled 195 lots or
2,613 tons.
London noted a 3d. loss on the
outside, but
futures ranged unchanged to
l^d. higher on the Terminal
Cocoa Market, with 750 tons
trading.
Local closing:
as
up
April, 5.03; May, 5.04; July, 5.08; Sept., 5.13; Oct.,
5.16;
Dec., 5.21. On the 12th inst. futures closed 11 to 15
points
net lower.
This, however, represented a recovery from
extreme declines of 16 to 26
points in the earlier trading.
Opening sales went at 13 to 20 points net losses.
May
continues the weak
spot on the board, with the contract
touching a low of 4.79.
At this point resistence
developed,
with a leading manufacturer
putting out a bid of 4.80c. for
50 lots
tons.
little later.
The influence
a
Transactions totaled 345 lots
or
4,623
overshadowing the market today
was
the wide break of
prices in London, which was linked with
rumors of Accra cocoa
offerings from the West African Gulf
Coast.
The London market
finally stood Is. 3d. lower on
the outside and 9d. to Is.
\Yid. on the Terminal Cocoa
Market, with 1,500
tons of futures trading.
At one time
the futures market was
Is. I Yd. to Is. 9d. lower.
Local
closing: April, 4.88; May, 4.90; July,
4.95;. Sept., 5.01;
Oct., 5.0o; Dec., 5.10.
On the 13th inst. futures closed 10
to 8 points net
higher. The market showed a drop of as much
that
P°ints at the opening, but rallied after news was received
the holding movement on the
Gold Coast would be
abandoned tomorrow.
This afternoon prices were net unTransactions totaled 228 lots.
changed to 2 points higher.
Manufacturer
interest
in
cocoa
was
reported as better.
Warehouse stocks increased to
625,855 bags.
Local closing:
May 5.00; July, 5.05; Sept., 5.09;
Dec., 5.20; Jan., 5.23;
March, 5.27.
On the 14th inst. futures
closed 27 to 29 points net
higher.
Reports from the Gold Coast that cocoa farmers had decided
to continue the
holding movement caused cocoa shorts to run
to
cover,
points in
markets
was
a
with the result that prices rebounded 20 to 30
brief period. The general rise in other
commodity
was
also
an
selling at 5.20c.
influence.
on
a
In the early afternoon
turnover of 2.50 lots.
stocks continued to increase.
May
Warehouse
An
overnight gain of 2,700
bags brought the total up to 628,529 bags.
Local closing:
May, 5.27; July, 5.32; Sept., 5.37; Oct., 5.42; Dec., 5.47;
Jan., 5.51; March, 5.56.
Sugar—On the 9th inst. futures closed unchanged to 2
higher.
Transactions totaled 223 lots.
On short
points
Chronicle
April 16, 1938
buying and hedge lifting induced by the
Friday's market, domestic sugar futures were
steady during the session today. Although no sales were
effected in the market for raws today (Saturday), it was
reported that refiners would pay 2.85c. for prompt shipment
covering,
new
shake-out in
raws.
These
were
held at 2.87c., but
were
available
on a
bid
of 2.86c.
Reports were current that a leading refiner pur¬
chased from an operator 50,000 tons at 2.86c. late in Friday's
session.
This
was
said to be in addition to
moderate slice
a
sold at prices from 2.86c.
to 2.90c.
The spot price was established on sales at 2.86c.
The world sugar contract closed Yi point higher to 1 Yi points
lower, with only 35 lots traded. In the London market raws
were offered at 4s.
10L&L, equal to 90c. f.o.b. Cuba. 'On
the lltn inst. futures closed 4 points off on all deliveries in
the domestic contract, with sales totaling 1,025 contracts.
The world sugar contract closed 1 to 2 points off, with sales
totaling 255 contracts. Domestic sugar futures, after open¬
ing unchanged to 1 point higher, were again subject to heavy
selling. By early afternoon losses of 3 points were recorded,
putting active months down to new seasonal lows. Refiners
lack of interest in raw sugars was rated a pessimistic note.
Raws were offered at from 2.86c., with most forward ship¬
ment sugars held at 2.90c.
A refiner paid 2.85c. for 1,000
tons of Puerto Ricans.
World sugar contracts opened 1
higher to 1 lower, and stood unchanged to 1 lower in the early
afternoon.
In London futures were Yd. to Yd. lower.
London is now in daylight saving time, six hours ahead of
New York.
On the 12th inst. futures closed 4 points net
higher throughout the list. The market opened easier and
during the morning session dropped 2 to 3 points to new
seasonal lows for the life of the contracts. But following the
national announcement of a refined price advance, the mar¬
ket snapped back sharply, and on aggressive short covering,
hedge lifting and new buying rallied 6 to 8 points from the
lows of the day. Shorts were caught unawares by the unex¬
pected announcement. They had been watching the raw
market decline, and saw it sell at 2.81c., off 4 points before
the
refined
price advance was reported.
Transactions
totaled 891 lots, or 44,550 tons.
Sales of raw sugar were
of another 25,OCX) tons that were
effected
at prices ranging from 2.18c.
to 2.85c.
In the
morning, when the market was weak, sales wrere effected at
2.81c. and 2.82c., and following the strong close in the
futures market, an operator paid 2.85c.
The world sugar
contract closed unchanged to 1 point up, after early losses of
\Y to 2 points.
Transactions totaled 337 lots.
London
futures were Yd• to Id- lower.
On the 13th inst. futures
closed 1 to 2 points up in the domestic contract, with sales
totaling 600 lots. The world sugar contract closed unchanged
to VA points up.
The domestic contract continued to ad¬
vance in heavy trading after opening unchanged to 2 points
higher, and later stood uniformly 3 points higher.
The
steadiness in the actual market together with reports that
refiners were booking a fair volume of refined orders at the
$4.50 price, which ends tonight with a jump to $4.65 by
most cane refiners, brought out further buying.
In the raw
market McCahan paid 2.88c., 7 points above the low price
of yesterday, for 4,200 tons of Puerto Ricos, loading May 8.
For the first time in recent weeks sellers were virtually
withdrawn.
•
The
world
contract
continued
the
advance
started
yesterday, following a firmer tone in London. Lon¬
don futures were I Yd. to l%d. higher, while raws were
offered at 4s. 9Yd., up Yd., with additional buyers at.
that level.
On the 14th inst. futures closed 2
Transactions totaled 262 lots.
points off to unchanged.
Domestic sugar futures de¬
clined 3 to 4 points before recovering.
In the early afternoon
the market was back within a point of last night's closing
prices, and towards the close the early losses had been almost
In the raw market an operator was reported to
have secured 10,000 bags of Puerto Ricos, clearing April 18th,
at 2.85c., off 3 points.
Further offers ranged generally from
2.88 to 2.90c.
Refiners appeared to be temporarily on the
side lines.
World sugar contracts took the news that 206
notices will be issued on Monday, without alarm.
Prices
were unchanged in the early afternoon, and closed
Yl point
up to
Y point down compared with previous finals.
In
eliminated.
London the futures market closed
and
will remain
an
hour earlier than usual
closed until
Tuesday morning.
Prices of
futures were Y to Yd. lower.
Raws there were offered at
4s. 9 Yd.
Closing prices were as follows:
May
July.
September
-
1.95 January (new)
199 March (new)
2.02
2.04
2.05
Lard—On the 9th inst. futures closed unchanged to 2
points up. The market was very quiet and ruled practically
unchanged from the opening range of unchanged to 2 points
up.
Export lard clearances from the Port of New York on
the close of the week amounted to 290,320 pounds, destined
for Hull, New Castle and Malta.
Western hog market was
quiet today.
Hog prices at Chicago ranged from $8.35 to
$8.80.
Total receipts for the Western run were 12,000 head
against 12,000 head for last week.
Liverpool lard futures
were unchanged to 3d. up.
On the 11th inst. futures closed
17 to 22 points net lower.
Liquidation resulted in a sharp
setback at the start of the week in this market.
The opening
range was 2 to 7 points off on the active deliveries, the
declines later extending 17 to 22 points below the previous
finals.
Local
shorts
were
support on the scale down.
credited
with
the
However, there
bulk
was
of
the
no appre-
Volume
Financial
146
ciable demand and
signs of
no
rally, the market closing at
a
about the lows of the day.
There were no export clearances
of lard from the Port of New York today.
Liverpool lard
futures
closed
were
unchanged to 3d. lower.
general
range
Hog prices at Chicago
and the
lower, with the high being $8.75
10 to 25c.
of prices from $8.10 to $8.60. Total receipts
run were 54,400 head, against 80,700 head
for the Western
for the
same
day last
On the 12th inst. futures
year.
closed
points net lower.
The opening range was 2 to 7
points off on scattered selling prompted by the continued
weakness in hogs.
Additional selling developed later in
the day on the lower action of grains and cotton oil.
Export
clearances from the Port of New York totaled 240,520
7 to
12
destined
pounds,
for
London,
Liverpool
and
Antwerp.
Chicago hog quotations were 15 to 25c. lower.
Hog prices
ranged from $7.85 to $8.55. Western hog marketings were
moderately heavy and totaled 53,000 head against 69,400
head for the same day last year.
Liverpool lard futures were
Is. to 6d. lower.
On the 13th inst. futures closed 2 to 10
The market made a steadier showing today
after the recent sharp decline.
Futures advanced 7 to 10
points on the deferred months, but nearby May was only
up 2 points.
There were no export clearances of lard from
the Port of New York today.
Liverpool lard futures were
unchanged to 6d. lower.
Chicago hog prices closed 10 to
15c. higher.
Sales ranged from $8.05 to $8.60.
Total
receipts at the leading Western markets amounted to 41,700
head, against 51,200 head for the same day last year.
On the 14th inst. futures closed 20 to 25 points net higher.
With the uptrend in the hog market and the grains and the
inflationary developments at Washington, it was only natural
that lard should take a substantial spurt.
The market
opened 2 to 7 points higher and continued to improve as the
session progressed.
Export clearances of lard from the Port
of New York today totaled 252,000 pounds, destined for
London.
Liverpool lard futures closed 3 to 6d. lower. Hog
receipts at the principal Western markets totaled 37,400
head, against 45,300 head for the same day last year. Prices
for hogs at Chicago closed 5 to 15c. higher.
Hog sales
ranged from $8.25 to $8.75.
points net higher.
,
DAILY
CLOSING
PRICES
Sat.
8.35
8.57
8.80
May
July...
September-
IN CHICAGO
Thurs.
Fri.
OF LARD FUTURES
Mori.
Tues.
Wed.
,
8.17
8.10
8.27
8.50
8.40
8.60
8.37
8.60 HOLI8.82 DAY.
8.12
8.37
8.57
8.90
October
April, 11.93; May, 11.97; July, 12.15; Sept., 12.30: Dec.,
12.46; Jan., 12.54. On the 13th inst. futures closed 31 to 36
points net higher. Transactions totaled 296 contracts. The
recovery in this market continued in sympathy with firmer
prices abroad and the general steadiness of commodity
markets.
Prices were 14 to 25 points higher on the opening,
and in the early afternoon were holding most of their gains
on
sales totaling 1,380 tons to that time.
London closed
steady at 3-16 to %d. higher, while Singapore also was
higher.
Local closing: May, 12.29; July, 12.46; Sept.,
12.63; Oct., 12.70; Dec., 12.82; Jan., 12.87; March, 12.98.
On the 14th inst. futures closed 24 to 21 points net higher.
The market was firm on reports of better factory demand and
higher cables. On sales of 1,340 tons May advanced 11 points
to 12.40 cents, July, 4 points to 12.60 cents and September,
7 points to 12.70 cents in the early afternoon.
London closed
3-16d to %d higher.
Singapore also advanced. Both those
markets will remain closed until next Tuesday for the Easter
Local closing: May, 12.52; July,
12.85; Dec., 13.03; Jan., 1240.
holidays.
Marks— 20 %c. to 27 %c.
Cheese: State, Held '36, 22c. to
Eggs: Mixed Colors, Checks
24c.; Held '37, 19%c. to 21%c.
to
Special Packs—15 %e. to 19^c.
Oils—Linseed Oil in tank
cars is quoted 8.7c. to 8.9c. per
Quotations: China Wood: Tanks, 11.8 to 12%] Drums,
12.8 to 1334b
Coconut: Tanks, 0.33^; Pacific Coast, 0.3H
to 0.3%. Corn: Crude, West, tanks, nearby, .07%. Olives:
Denatured, Spot, drums, 90 to 94. Soy Bean: Crude, Tanks,
West, forward, .06; L.C.L., N. Y.— .08. Edible: 76 degrees,
9%.
Lard: Prime, 9%.
Cod: Crude, Norwegian, light
filtered, 27>2 to 28.
Turpentine: 28% to 30%.
Rosins:
lb.
$4.90 to $7.90.
Cottonseed
Oil sales,
Crude, S. E., 7c.
April
May.
-
-
-
w
-^
— -
June.—
July.--
including switches, 146 contracts.
Prices closed
-
-----
8.20 @
8.38@
8.22@
8.22
as
follows:
August
September
8.20@
8.16@
n
October..—
8.11©
- - .
November.—-—
n
-
.
—
—
8.11@
n
8.13
n
Rubber—On the 9th inst. futures closed 8 to 13 points
net
higher.
The market opened 20 to 27 points better on
higher cables and stocks here. At one time prices showed a
maximum net gain of 30 points.
At this level, however,
there was considerable profit taking and over half of the
early gains were wiped out. The outside market showed an
advance of %c. to 12%c. for the six-day period.
London
arbitrage buying here, both in futures and actuals, was one
of the features during the week.
Local closing: April,
11.97; May, 12.01; July, 12.18; Sept., 12.30; Oct., 12.36;
Dec., 12.48.
On the 11th inst. futures closed 28 to 36
points off. The opening range was 15 to 40 points below the
previous finals, influenced largely by the weakness of the
London market.
The market moved lower
on
commission
house
liquidation, which in turn uncovered many stop loss
orders.
The outside market ruled quiet and easier.
Spot
dropped %c. to 11 %c. Little shipment business was done.
Transactions in the local futures market totaled 3,270 tons.
Local closing: April, 11.63; May, 11.67; July, 11.82; Sept.,
11.97; Oct., 12.04; Dee.,
12.20; Jan., 12.26.
inst. futures closed 26 to 33 points net higher.
On the 12th
The opening
1 to 9 points off. Absence of offerings made the
market very sensitive to demand, and at one time there were
10 point advances between sales.
Prices closed at about the
highs of the day.
Only 830 tons changed hands, however.
The outside market ruled dull and higher.
Spot closed at
12c., %c. better than the previous day.
Local closing:
range was
12.70; Sept.,
Hides—On the 9th inst. futures closed 21 to 24
points net
The market opened firm and from 26 to 34 points
above
the previous finals.
Despite considerable profit
taking, the market held a substantial portion of the early
gains right to the end of the session. Trading was unusually
heavy, transactions totaling 4,600,000 pounds. The domestic
spot hide market was reported quiet and unchanged. New
higher.
buying for long account and short covering were the factors
responsible for the market's continued pronounced strength.
This buying was influenced in large measure by the sharp
upturn in securities and other commodity markets, coupled
with increased talk of inflation and the defeat of the Reor¬
ganization bill.
Local closing: June, 8.59, Sept., 8.90;
Dec., 9.20. On the 11th inst. futures closed 25 to 28 points
net lower.
The opening range was 6 to 20 points off from
Saturday's closing levels.
Ihe list continued to decline
during the later dealings as profit taking developed following
the bulge late last week.
Transactions totaled 2,800,000
pounds. The domestic spot hide situation reported nothing
of interest.
Local closing: June, 8.32; Sept., 8.67; Oct.,
8.62; Dec., 8.95; March, 9.26.
On the 12th inst. prices
closed 13 to 18 points net higher.
The market started with
declines ranging from 5 to 11 points.
During the balance of
improved considerably. Transac¬
pounds.
A slightly better feeling
was reported in the domestic spot hide market, though no
price change took place.
Local closing: June, 8.45; Sept.,
8.77; Dec., 9.10.
On the 13th inst. futures closed 7 to 10
points net lower. Transactions totaled 122 lots. The market
in the early trading was firm, with prices showing net gains
of 5 to 6 points.
This improvement was influenced largely
by spot hide sales at steady prices.
Later in the day prices
fell off rather sharply on profit taking and short selling.
Local closing: June, 8.38; Sept., 8.70; Dec., 9.00.
On the 14th inst. futures closed 54 to 55 points net higher.
This sensational rally in the hide futures market was attri¬
buted to inflation sentiment and reports of firmer spot
markets.
By early afternoon prices were as much as half a
cent a pound higher, with June at 8.85 cents, up 47 points,
and September at 9.20 cents, up 50 points.
Trading was
active, with transactions totaling 293 contracts.
Local
closing: June, 8.92; Sept., 9.25; Dec., 9.55.
session
the
tions
Pork—(Export), mess, $28.37
per barrel
(per 200
pounds); family, $29.50 (40-50 pieces to barrel), nominal,
per barrel. Beef: (export) steady.
Family (export), $27 per
barrel (200 pounds), nominal.
Cut Meats: Pickled Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs., 133^e.; 6 to 8 lbs.,12%c.;
8 to 10 lbs., 12J^c.
Skinned, Loose, c.a.f.—14 to 16 lbs.,
17%>c.; 18 to 20 lbs., 17c. Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 19%c.; 8 to 10 lbs., 183^c.; 10 to 12 lbs., 16%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
12%c.; 18 to 20 lbs., 12c.; 20 to 25 lbs., 11 %c.; 25 to 30 lbs.,
11 %c.
Butter: Firsts to Higher than Extra and Premium
2555
Chronicle
the
market
totaled 3,040,000
demand for tonnage in most
light, with most of the freight
space reported booked largely for grain.
Charters included:
Grain Booked: Fifteen loads Albany to Antwerp or Rotter¬
dam, April, 14c.
Seven and one-half loads Baltimore to
Rotterdam, April, 14c.
Five loads Philadelphia to Rotter¬
dam, April, 14c.
Nine loads Montreal to Antwerp or
Rotterdam, May 1-15, 14c.
Fifteen loads, Albany to
Rotterdam, April, 14c. Grain: Gulf to Antwerp or Rotter¬
dam, April 20-30, 2s 9d, option United Kingdom 3s.
St.
Lawrence to Antwerp or Rotterdam, May 17-27, basis 2s 9d.
Gulf to Antwerp or Rotterdam, April 25-May 10, 2s 9d,
option United Kingdom, 2s 10 %d.
St. Lawrence, to full
range United Kingdom, May 15-31, basis 2s 9d. St.Lawrence
to Antwerp or Rotterdam, May 12-25, basis 2s 9d.
Sugar:
Cuba to
United Kingdom-Continent, June 15-30, 16s.
Philippines to United States, Atlantic to Gulf, $7, MayJune loading.
San Domingo to L.L.G.A.R.A., April 18-26,
15s 6d.
Scrap: Atlantic range to Genoa or Savona, May,
$4.10, option Civitivecchia, $5.40, Piombino, $5.45. Atlantic
Range to Japan, May 15-June 5, 19s 6d, option Gulf, 20s 6d.
Ocean
Freights—The
branches of
the trade
was
into eastern New York
the week ended March 26, have
Coal—Shipments of anthracite
and
New
England for
compared with 2,344 cars during
decrease of 1,439 cars, or
approximately 71,950 tons. These figures are furnished by
the Association of American Railroads. Shipments of anthra¬
cite for the current calendar year up to and including the
week ended March 26, have amounted to 20,350 cars, as
compared with 19,700 cars during the same period of 1937,
showing an increase of close to 32,o00 tons.
Shipments of
bituminous coal into this territory during the week ended
March 26 have amounted to 1,747 cars, as compared with
2,662 cars during the corresponding week in 1937.
Calendar
amounted to 905 cars, as
the
same
year
shipments of bituminous
coal have amounted to 24,642
compared with 33,385 cars during the same period
1937, indicating a decrease estimated at 437,150 tons.
cars,
in
week in 1937, showing a
as
Financial
2556
Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles
appearing at the end of the department headed
"Indications of Business Activity," where they are covered
The following
Wool—There
has
been
Receipts to
Apr. 15
that domestic wool has been pretty
thoroughly deflated in its drop of 40% in 12 months. Mills
and others in the market for original territory, Texas and
the finer graded wools realize a tone of confidence permeating
the immediate market.
Buying continues spotty with
original bag wools in the lead and ranging in price from
60 to 62c. for short French combing to 62c. to 63c. for
average combing and 63 to 65c. for good French combing.
Wools running more to staple length bring 65 to 67c.
At
this price good 12 months' Texas is being taken
moderately,
while for the eight months' Texas, the price is from 63 to
65c.
In fleece wools some country-packed
three-eighths and
quarter blood have brought 25 to 26c. Mill offers of 25c.
for quarter blood combing fleece are being turned down bv
dealers. Mill interest in wool is reported as
showing a broad¬
ening very gratifying to dealers who for weeks past have
found their activities confined mostly to original
bag Texas
and territory wools fcr topmakers.
Galveston
the
11th
inst.
futures
closed
unchanged to
IHjC. higher.
The market ruled steady and quiet today.
Strength displayed by the securities market on Saturday
and the higher Japanese cables advanced
prices as much as
lc. at the opening.
Arbitrage buying by Japanese operators
here, trade selling, short covering and some European buy¬
ing were witnessed during the session today. The average
quotation for crack double
Both Yokohama
Grade D
extra advanced 2c. to $1.61^;
and Kobe showed an advance of 10 to 15
5 yen at Yokohama to 700 yen and
moved up 10 at Kobe to 705.
Spot sales totaled 625 bales,
while futures totaled 4,250 bales.
Local
rose
closing: April, 1.51;
May, 1.49; July, 1.48; Aug., 1.463^; Oct., 1.47; Nov., 1.47..
On the 12th inst. futures closed lc. to 2c. net
higher. A
continuation of arbitrage
buying by Japanese operators here
plus a stronger stock market near the close caused raw silk
futures to
move up for
fairly substantial gains. The market
opened unchanged to 3^c. lower. Transactions totaled only
500
bales.
The
quotation of crack double
average
Houston
Corpus Christi
Beaumont..
—
_
.New Orleans—
Mobile
-
--
__
$1,623^. Yokohama showed a gain of 1 to 5
yen, while Kobe came through 2 yen lower to 2
yen higher.
Grade D remained
unchanged at 700 yen in Yokohama and
declined
yen to 7023^ at Kobe.
Spot sales totaled 675
bales and futures in the
Japanese market totaled 3,375 bales.
Local closing: April,
1.52; May, 1.50M; July, 1.49M; Sept.,
1.48; Oct., 1.483^; Nov., 1.48.
On the 13th inst. futures
closed 33^c. to lc. net
higher. This market was influenced
largely by the general recovery in the commodity markets.
Opening unchanged to 1 ^c. higher, the market this after¬
noon stood 2 to
2^c. higher, with May at $1.53 and July
$1.52.
at
Sales to that time totaled 630 bales. The
price of
crack double extra silk in the New
York spot market was
lc. higher at
$1.633^. On the Yokohama Bourse prices
closed 7 yen lower to 2
yen higher.
Grade D silk advanced
llA
yon to 7073^ yen a bale. Local closing: April, 1.53 Hi
Jul^' 1-511A; Aug., 1.503^; Sept., 1.493-3; Oct.,
1.4933; Nov., 1.4933.
On the 14th inst. futures closed
33c. down to lc. up.
market opened 133c* lower to
The
33c. higher and held firm
Higher cables and reports of better
throughout the session.
spot demand aided
stood at $1.5333,
the
up
on
at
sales of 250 bales.
market.
In
early afternoon June
133c., and August at $1.5233, up 2c.,
Spot silk in New York was unchanged
$1.6333 for crack double extra. Yokohama Bourse
prices
6 yen higher.
Grade D silk was unchanged at
7°£&ye?' L°eal closing; April,
1.52H; Aug., 1.5033;
1.4933* -v'.-"."v--
Sept.,
1.5333; May, 1.5333; July,
1.5033;
Oct.,
1.5033;
Nov.,
y'-'"Vv
Friday Night, April 15, 1938
Crop, as indicated by our tele¬
grams from the South
tonight, is given below.
For the
^pck cuuing this evening the total receipts have reached
26,976 bales, against
51,480 bales last week and
of
the
44,595
previous week, making the total
receipts since
Aug. 1, 1937, 6,806,841 bales, against
5,927,,504 bales for
the same period of
1936-37, showing an increase since
Aug. 1, 1937, of 879,337 bales.
bales
1. 1937
Week
1, 1936
—
1,803
201,907
73,986
""'6
"287
3.613
123.937
187,030
78,770
26,763
293
52,942
"595
20,266
339
Savannah.
Charleston.
1,328
_
Lake Charles
Wilmington
Norfolk,
New York
Boston, j
the
Totals
Sat.
Galveston
Houston
Corpus Christi.
Mon.
837
60
2,934
477
_
New Orleans
Mobile
Jacksonville
Savannah
Charleston.
.
3,274
Totals this week.
465
Wed.
Thurs.
Fri.
946
283
2,318
858
67
4
3",556
1,546
1~,963
16
235
746
""32
""20
"57
"189
"12
""33
365
78
25
5,780
5,639
27,923
100
100
4,327
1,225
51",972
1,592
26,976 6,806,841
....
975
42,828 5,927,504 2,767,286 1,595,296
comparison may be made "with other years,
give below the totals at leading ports for six seasons:
we
1937-38
Receipts at—
1935-36
"1,328
Orleans.
Mobile
6,305
5,135
20,422
7,397
830
"""917
1934-35
5,783
7,305
16,373
339
Houston—__
New
1936-37
5,902
3,784
12,425
1,803
Galveston.—
1933-34
2,594
4,122
7,324
2,394
147
739
Charleston
__
-
249
"""349
Wilmington..
287
Norfolk—
"""579
293
—
57
25
10
561
1,143
540
Newport News
All others.—
"""815
"l",622
26,976
42,828
14,108
19,429
30,297
4,640
526
"2*138
253
1,633
4,780
"7",320
15,829
34,922
143
"""264
l",393
Total this wk.
"
1932-33
31,356
9,662
22,143
2,340
1,048
1,243
1,356
223
Brunswick-
74,294
80,344
"
"
SinceAug. l-_ 6,806,841 5,927,504 6,284,001 3,817,232 6,743,693 7,607,378
The exports
for the week ending this evening reach a total
bales, of which 25,749 were to Great Britain, 4,212
to France, 5,850 to Germany, 7,158 to Italy, 25,513 to
Japan, 4,947 to China and 8,162 to other destinations.
In
the corresponding week last year total exports were 81,729
bales.
For the season to date aggregate exports have been
4,931,776 bales, against 4,622,997 bales in the same period
of the previous season.
Below are the exports for the week:
of 81,591
Week Ended
Apri
Exported to—
15. 1938
Great
Exports from,—
Ger¬
Britain
France
1,427
613
1,472
2,036
3,173
2,491
62
100
22^286
364
Galveston
Houston
Beaumont
New Orleans
Italy
many
Japan
Other
14,562
3,834
1,741
8,770
1,113
Toted
2,929
2,658
21,982
28,766
162
"200
1*787
Angeles..
Total..
25,749
4,212
26,603
2~465
Mobile
Los
China
1,766
3",651
200
"H6
3,878
8,162
81,591
1,981
5,850
25,513
7,158
4,947
Total
1937
23,517
7.574
23,874
1,803
16,902
102
7,957
81,729
Total
1936.....
13,471
3.288
8,295
3,580
36.983
92
12,273
77,982
From
Exported to—
Aug. 1,1937 to
April 15, 1938
Great
Exports from—
Britain
Japan
China
Galveston
279,231 181,012
226,585 142,289
159,844
37,624 235,782 1262,367
250,896 160,589
159,843 111,912
57,261
52,979
117,015
26,083 188,669 1015,007
Houston..
Corpus Christi
Beaumont
New
92,349
74,000
4,250
123
...
Orleans.
Lake Charles
Ger¬
France many
23,785
6,795
93,579
.
Mobile
18,522
37,431
Savannah
52,396
39,198
1,543
Pensacola, &c.
Charleston
32,152
Other
3,829
„
435,104 241,785
Jacksonville..
Italy
3,725
131,948 127,041
2,675
2,613
39,938
-
133
'
58,012
98,368
370,582
•
200
13,085
60
1,742
49,711
11,510
W-.
648
5,051
91,252
41,986
—'m-
357
33,157
"
trn'm
Total
'■
500
8,598
3,965 188,433 1168,214
22,371
58,239
17,157 181,741
139
100
5,638
146,092
280
■
mm
-
-
'
Wilmington
±
_.
J'S*.
-
^
Norfolk
5,402
4,272
7,058
5,341
2,157
New
2,337
980
1,000
21,270
Gulf port
1,160
York...
Boston
300
Baltimore
Philadelphia
m
_
__
A
250
101,219
20,285
24,767
1,163
'A:'
115,062
L'i-i
52,413
'
1509,445 714,398
Total 1936-37 1045,296 676,585
Total 1935-'36 1175,855 630,199
to
10,863
•
—
"-
Jm
-
1,785
32,985
16,341
13,172
—' w
i,
A-
5,340
-■-
—
200
23,900
'•
10
286
-•
398
.
322
......
1,621
--
7,864
7.
_
824
27
—
1,000
w'-
420
^
■■
"561
......
Total
.
■
241
_
Los Angeles..
San Francisco
Seattle
A.''—
56
-
6,203
454
v
mr
-
1,977
3,301
2,875
77,294
342.665
1,900
72,984
162,060
50
50
........
....
....
768,593 453,895
517,304
76,276 891,865 4931,776
637,508 308,597 1337,056
21,791 596,164 4622,997
36,122 815,744 5064,753
747,0791316,604 1343,150
Canada—It
has
never
been
our
returns concerning the same
districts
on
from week to week, while reports from the customs
the Canadian border are always very slow In coming to hand.
In view,
however, of the
numerous
Inquiries we are receiving regarding the matter, we will
the'exports to the Dominion the present season
In the corresponding month of the precedlng^season
say that for the month of February
have
been
17,910
bales.
the exports were 26.626 bales.
were
""6
29
262
5,902
3,784
71
6
339
1,328
"209
287
"73
3,265
3,832
For the seven months ended Feb. 28,
161,865 bales exported, as against 191,922 bales for the
seven
1938, there
months of 1936-37.
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Shipboard Not Cleared for—
Leaving
Ger¬
Great
Galveston
Houston.
New
Orleans.
_
2,200
1,164
2,200
France
2,400
711
3,599
Other
Coast¬
many
Foreign
wise
3,000
6,173
1,203
24,400
2,000
9,819
3,916
3,538
82
Stock
Total
34,000
17,949
14,456
Savannah
Charleston
"695
Mobile
2",040
1,345
Norfolk
Other
ports
739,474
787,444
761,231
146,270
50,094
52,912
29,827
131,589
293
"595
5,229
19,541
29,827
Apr. 15 at—
12,425
1,803
572
""§!
7,862
26,120
In order that
Total
214
234
701
49,879
16,761
775,687
54,952
9,974
2,698
146,270
50,094
21,596
3,486
Britain
437
214
2,086
Wilmington
Norfolk
Baltimore
Tues.
455,891
323.649
36,331
18,645
441,071
70,715
4,735
1,729
152,063
29,489
805,393
-
-
1937
773,474
...
.
Baltimore.—
On
Receipts at—
1938
6,305 1,667,134
5,135 1,260,784
28
283,426
22,936
20",422 1,879,691
6,397
262,965
90,711
3.826
"830
127,253
917
160,018
2
55,978
57
24,306
1,143
36,504
practice to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and It Is
Impossible to give
COTTON
Movement
Since Aug
Pensacola, &c
Jacksonville.
NOTE—Exports
The
This
extra
advanced lc. to
Slock
Since Aug
5,902 1,850,032
3,784 1,766,363
214
398,739
11,522
12,425 2,010,971
Savannah
Silk—On
1936-37
.
This
Wtek
little change in the wool
very
expert observers
yen.
table shows the week's total receipts, the
and the stocks tonight, compared
total since Aug. 1, 1937,
with last year:
,
market the past week, though the undertone is reported as
holding firm.
Prices are reported to be settling at a range
of 62 to 67c. for the original bag material.
It is the opinion
of
April 16, 1938
1937-38
fully.
more
Chronicle
595
3,231
26,976
Total 1938.
Total 1937—
.
Total 1936.
_
6,259
9,453
16,514
6,710
4,459
9,757
39,480
is:!!?
27,824
8,521
43,228
5,620
5,609
6,107
2,698,841
1,533,960
84,127 1,837.972
inn
Volume
Financial
146
the
inflationary
week, largely as a result of
developments.
Cotton
prices registered
sharp rise in cotton values today was attributed almost
entirely to the announcement of
President Roosevelt's
The
yesterday,
trade lift¬
The Administra¬
sharpest upward movement in a long period
•with inflation buying and good support from the
the
much
tion's plans to
York-Bombay differences, and there was a
of liquidation, especially in the May
position. Offers from the South, however, were small, and
with contracts not overplentiful the market advanced further
on Wall Street commission house and trade buying prompted
by the strength which developed in the stock market. The
maximum rise in prices represented a rally of approximately
$1.25 a bale from the low point of the recent decline ex¬
perienced on Thursday. Conditions in the trade were not
altered much. Spot demand was slow and mills were ap¬
ing of the New
amount
moderate
parently selling an accumulation of goods and required no
additional supplies of raw cotton.
At the same time, the
South was not selling as prices continued below the Govern¬
ment loan price for middling
J^-inch. The Commodity
Credit Corporation reported that during the week ended on
Thursday last, 78,420 bales of cotton had been placed, in the
loan comjjared with 73,211 the previous week, bringing the
total to 5,303,913 bales, which, however, included 143,368
repossessed by their original owners. Southern spot
as officially reported were 5 to 10 points higher.
Average price of middling cotton at the 10 designated spot
markets was 8.62c.
On the 11th inst. prices closed 1 to 2
bales
markets
points up. The market was relatively inactive today, the
strong buying movement of Saturday being entirely absent.
The forward movement in all commodity markets at the end
of last week came to a sudden halt and this naturally affected
the cotton futures market.
However, the tone was steady
and there was at no time any real pressure against values.
Buyers
were
general business was small.
centered in the May liquidation. This
cautious and
Trading interest was
included exchanging
from May to later months, May con¬
tracts being taken by trade and spot houses. The latter sold
distant positions, sometimes at a slightly wider premium.
Underlying market conditions were unchanged except that
textiles were again active. Reports from Worth Street said
that sales had been well above current production.
Offers
in the South were light and the situation in the primary
markets was still dominated
by the Government loan,
through which producers can get 9c. for J^-inch cotton.
Southern spot markets, as officially reported, were un¬
changed to 5 points higher. Average price of middling at the
10 designated spot markets was 8.64c.
On the 12th inst.
prices closed 9 to 12 points net higher. The market again
displayed a steady undertone, and after early declines of
3 to 5 points in response to lower markets abroad, prices
rallied sharply to close substantially above the previous finals.
The market's improvement today was attributed largely to
a scarcity of contracts and a more active demand from the
trade and shorts.
Neither Bombay nor the South were
offering cotton except in a limited way, and while May
liquidation was active at times, including exchanging to
taken by trade interests
and spot houses.
It is believed this buying may have re¬
flected the increased sales of textiles as mills were more in¬
clined to fix prices against previous purchases of spot cotton.
The South was maintaining its holding position and was not
offering cotton in the open market where prices continued to
later months,
Cotton prices jumped as
$7,000,000,(XX) recovery program.
27 points net higher.
spend billions to advance recovery, and spe¬
cifically on its proposal immediately to desterilize hoarded
gold, caused inflationary feeling to spread and buying ap¬
peared from all quarters.
On the 9th inst. prices closed 7 to 8 points net higher.
The market opened steady at 2 to 4 points higher in response
to steadier Liverpool cables and on ovenight trade, commis¬
sion house and local buying. Houses with Bombay connec¬
tions sold moderately on the advance due to a further widen¬
ing all months 25 to
closed 25 to 27 points net higher.
On the 14th inst. prices
Speculation in cotton for future delivery was decidedly
active towards the close of the
2557
Chronicle
May contracts were
below the price obtainable from the Commodity
Credit Corporation.
Houses with foreign connections sold
near positions early, but transferred long accounts to later
months and were attracted to these positions apparently
as
$1
afternoon in
bale this
a
heavy volume of
to check the rav¬
a
The President's latest attempt
business.
ages of
depression influenced a substantial amount of new
buying
and
resulted in
also
The buying of
higher than their previous last quotations.
option by brokers with Bombay connections was
the March
the
feature
the
on
of
sellers
Contracts were supplied by
Spot houses were mod¬
positions.
The trade demand
opening.
commission houses and the
erate
The
good trade demand.
a
active and steady, with futures 3 to 8 points
market opened
hew
South.
crop
fair.
was
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
9 to April 15—
Middling upland
8.77
8.66
8.57
FrI.
Wed. Thurs.
8.71
8.98
Tues.
Mon.
Sat.
.
Hoi.
Staple—The
Premiums and Discounts for Grade and
premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on April 22, 1938.
Premiums and
table below gives the
discounts for
grades and staples are the average quotations
the Secretary of Agriculture,
60% of the average premiums
K-inch cotton at the 10 markets on April 13.
of 10 markets, designated by
and staple premiums represent
over
A
1 In
%
15-16
1 In. A
A
15-16
Inch
Inch
Longer
Inch
Inch
Mid. Fair
.64 on
.90
1.10
on
Good Mid
.10
on
.31
on
.53 on
8t. Good Mid..
.58 on
.82 on 1.04
on
St. Mid
.06 off
.14
on
.35 on
Mid
.66 off
.46 off
.25 off
♦St. Low Mid.. 1.48 off 1.40 off 1.33 off
Spotted—
White—
on
Good Mid
.51 on
.76 on
.97 on
St. Mid
.34 on
.60
.81
Mid
Basis
.25 on
on
on
.46 on
.17 off
.35 off
.61 off
1.40 off 1.30 off 1.24 off
•St. Good Ord. 2.20 off 2.15 off 2.11 off
2.79 off 2.77 off 2.75 off
♦Good Ord
Low Mid
White—
2.29 off 2.24 off 2.19 of!
♦Low Mid
Tinged—
St. Low Mid...
Extra
Longer
.32 off
.15 off
.48 off
.42 off
.58 off
.75 off
1.54 off 1.44 off 1.36 off
♦St Low Mid— 2.32 off 2.27 off 2.21 off
♦Low Mid
2.91 off 2.86 off 2.83 off
Good Mid
St. Mid
♦Mid
.51 on
.76 on
.97
on
St. Mid
.34 on
.60 on
.81
on
Mid
Even
.25 on
.46 on
Good Mid
St. Low Mid...
.61 off
.35 off
.17 off
♦St. Mid
1.68 off 1.61 off 1.54 off
♦Mid—
2.41 off 2.35 off 2.30 off
Good Mid.....
1.40 off 1.30 off 1.24 off
Low Mid
•8t. Good Ord. 2.20 off 2.15 off 2.11 off
•
2.79 off 2.77 off 2.75 off
Good Ord
Yel.
Stained—
1.19 off 1.05 off
Gray—
.38 off .19 off
.57 off
.43 off
.60 off
.81 off
1.41 off 1.30 off 1.22 off
Good Mid
St. Mid
♦Mid
♦
Not deliverable on future
contract.
New York
8.98c.
14.13c.
11.72c.
12.00c.
12.10c.
6.85c.
6.30c.
10.15c.
1938
1937
1936
1935
1934
1933
1932
1931
.91 Off
Quotations
1914
13.10c.
1921
-12.30C;
1913
43.00c.
28.65c.
1912
1927
12.40c.
11.55c.
1926
30.50c.
20.85c.
1910
1925
1924
1923
1916
12.00c.
1908
1915
10.15c.
1907
1922
24.65c.
30.55c.
28.75c.
1929
1928
for 32 Years
1920
16.00c.
20.60c.
20.50c.
14.50c.
19.35c.
1930
1917
-
17.75c.
—
1919
1918
14.85c.
15.25c.
10.65c.
10.00c.
11.15c.
1911
1909
Market and Sales at New York
each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
The total sales of cotton on the spot
week at New York are
J:;:#:.
Steady, 7 pts. adv..
Steady, 2 pts. adv..
Steady, 11 pts. adv.
Tuesday
Wednesday. Quiet, 6 pts. dec
Steady, 27 pts. adv.
Thursday
Steady...
Steady
Steady
Steady
Very steady
1
1
1
I
1
!
I
1
1
I
1
I
1
11 11I I tf1t tfil
1 I
1
week.
Since Aug.
Total
I
1
1
1
HOLI DAY.
Friday
Total
Contr'ct
Market
Closed
Closed
Saturday
Monday
SALES
Spot
Futures
Spot Market
I
41",362 139,200 180",562
1
Futures—The
lowest and closing prices
week have been as follows:
highest,
New York for the past
Saturday
Monday
Tuesday
April 9
April 11
April 12
Wednesday
April 13
at
Thursday
Friday
April 14
April 15
range
by expectations of a smaller acreage and
control and subsidies.
Southern
ment
continued Govern¬
spot markets, as
officially reported, were 10 to 11 points higher. Average
price of middling at the 10 designated spot markets was 8.74c.
On the 13th inst. prices closed 5 to 6 points off. The market
moved feverishly over a comparatively narrow range, with
Traders appear to be awaiting develop¬
ments in Washington.
The market opened steady and un¬
changed to 3 points advance despite disappointing cables
from Liverpool and Bombay.
Prices were supported by
trade buying of late months.
Initial quotations wrere at
the best while the close was at the lowest.
Near month
liquidating and trasnferring of long accounts to new crop
months predominated.
This was done both by domestic
houses and foreign interests including Liverpool and Bom¬
trading
very
light.
bay. Contracts were scarce as
light and foreign houses were
hedging operations continued
not selling on spreads. The
trader attached importance to Washington develop¬
in connection with bills now pending before Congress,
average
ments
and there was also a
dent's
message
spot markets, as
Average price of
was
noticeable tendency to await
and his scheduled
fireside talk.
the Presi¬
Southern
officially reported, were 5 to 7 points lower.
middling at the 10 designated spot markets
8.69c.
ATP.(1938)
Range..
Closing.
8.56n
8.54n
8.67n
8.6 lw
8.59- 8.62
8.55- 8.73
8.65- 8.72
8.68- 8.95
8.60
8.71
8.65
8.92- 8.93
May—
Range..
Closing.
8.58
8.61
8.54-
—
—
June—
Range..
8.6ln
8.63 n
8.74 n
8.68w
8.94n
Range..
8.61- 8.68
8.65- 8.69
8.62- 8.79
8.70- 8.79
8.75- 9.02
Closing.
8.64
8.66
8.77
8.71
8.96- 8.97
Closing..
July—
—
—
—
Aug.—•
Range..
Closing
.
8.67 n
8.69 n
8.80w
8.74n
8.71 n
8.72 n
8.83 n
8.77 n
HOLI¬
8.99n
9.02n
DAY.
Sept.—
Range..
Closing
-
Oct.—
8.69-
8.74- 8.80
8.71- 8.88
8.80- 8.88
8.95- 9.11
Range..
8.74- 8.75
8.76
8.85
8.80- 8.81
9.05- 9.07
Closing.
8.74n
8.76 n
8.87 n
8.81/z
9.07 n
8.83- 8.90
8.86- 9.14
8.77
—
Nov.—
Range..
Closing.
Dec.—
Range..
8.70- 8.78
8.76- 8.79
8.72- 8.90
8.75
8.77
8.89
8.83
9.09-
Closing.
8.90-9.10
—
Jan A1939)
9.10
Range..
8.73-8.80
8.78- 8.81
8.74- 8.91
8.85- 8.91
8.77
8.81
8.90n
8.85
9.11«
Closing.
8.80n
8.82 n
8.92n
8.87W
9.14rc
8.84- 8.87
8.82- 8.
8.90- 8.97
8.94- 9.18
Range..
8.80- 8.85
8.84
8.85
8.95
8.90
9.17
Closing.
—
Feb.—
Range._
Closing.
Mar.—
n
II
Nominal.
—
Financial
2558
Chronicle
Range for future prices at New York for week ending
Feb. 00, 1938, and since trading began on each option:
April 16,
Movement to April 15, 1938
Range for Week
Option for—
1938-
June
1938—
July
1938—
15
Receipts
Ship¬
Stocks
ments
Week
Apr.
Season
Week
10
1938..
May
Apr.
Week
| Season
Stocks
ments
Ilange Since Beginning of Option
Week
Apr.
Movement to April 16, 1937
Ship¬
Receipts
Towns
1938
Apr"r
"8.95 Apr"."l4
9
7.60
~8M AprvUg "9.02 Apr".*14
Oct.
9.63
8.54
8 1937 12.96
Aug. 27 1937 11.36 July
8 1937 11.36 July
Mar. 21
1937
Ala.. Birm'am
27 1937
"8^" Mar" 12" 1938
Sept. 1938-
9J39
Feb." "l 8* 1938
4 1937
9.48
Feb.
8"69 Apr.""9 "q'.U AprTii
1938—
Oct.
7.85
Nov.
X70 Apr""*9 "9.14" Apr" 14 *8.55 Mar"
1939—
trph
9.10 Apr.
231938
9".50
Feb.
Apr./
9
71938
9.51
Feb. 23 1938
8.57 Apr.
14
Little
Mar. 1939—
8.80 Apr.
9.18"
9
8.62~
14
Apr.
"9*18 "Apr ."14*1938
Mar. 23 1938
Apr.
8 Apr.
9 Apr. 11 Apr. 12 Apr. 13 Apr. 14
May (1938)
27,600
23,600
30,600
39,300
30,500
16,600
28,500
21,700
17,300
12,500
28,600
8,900
13,300
10,600
12,300
17,300
9,300
7,800
3,900
4,700
9,100
4,000
5,100
13,700
19,300
10,800
—.
....__...
—
(1939)
January
Marcli
...
Apr.
May (1938)
vailable
133
54,336
717
7,792
8
165
9,234
1,352
19,568
186,693
6,700
51,587
91,000
90,400 142,100
6 Apri
7 Apr.
8 Apr.
134
24,988
24,504
144,044
57
203
91,205
812
8,159
46,312
27,763
362
10,148
184,806
1,243
70,401
518
137,680
2,286
24,290
61,955
1,311
32,561
m-C*-
188
22,419
45,128
•Ui
17,105
-
11
46,183
13,406
97
15,592
34,306
3
17,128
20
•
38
29,281
840
25,663
192,678
13,618
2,610
217,504
2,978
180,208
4,508
341,327
10,279
Augusta...
983
165,266
617
140,255
2,391
187,122
5,117
600
28,300
300
34,950
264
46,064
779
34,981
265
43,038
1,974
30,085
21,158
1,250
27,467
Columbus-.
Macon
16,692
•
Rome
..
_
La.. Shrevep't
100
588
V."
146,799
Miss., Clarksd
256,506
Columbus.
Jackson—
Natchez
25
62,404
21
100,113
812
59,116
2,333
162,948
650
7,971
36
38,656
711
27,359
259,262
1,968
17,324
11.346
39,938
315
32,756
2,248
69,938
721
1,068
26,410
196
228
—
1
...
21,839
6,904
61,416
1,746
18
10,840
5
20,565
568
616
15,868
6
39,084
27
2,635
18,040
190
94,127
35,200
'J," '
v
400
1,231
65,473
289
.
15.425
298,974
234 V
.
Green wood
51,761
2,014
City
31
75,970
464
29,297
5
51,377
93
2,850
3,304
170,716
2,925
3,947
4,055
287,753
3,887
3,588
526
7,615
127
3,533
125
9,053
452
2,666
536
519,692
3,664
200
175,316
2,131
70,090
2,037
130,778
2,762
154,019
92,098
28,751
624,499
2,816 204,550
14,356 2436,576
5,091
19,419 2504,430
37,426
80,091
448,287
2,367
Oklahoma—
15 towns *.
S.
C., Gr'vllle
2
45,959
22
—.
17,986
9 Apr. 11 Apr. 12
3,350
3,800
1,350
2,350
Paris—
63,950
5,900
7,250
4,000
4,650
6,250
3,150
6,200
129,650
1,500
6,350
2,650
2,700
4,950
5,950
40,300
500
400
50
100
4,050
loo
1,450
2,100
3,500
21,350
390.650
782
5
16,244
90
432
30
2,546
7
6,396
25
1,553
340
35,788
24
81,546
281
6,197
93,361
159
23,530
132
70,959
172
1,175
i J.
13,701
62
50
73
252
79
4,617
149
1.100
—
15,661
•
-
795
7,618
6
41,824
19
90,446
-
••
'
-
24
19,382
i
8,940
207
34,850
149,200
6,500
38,861
1,521
00
6
13,853
San Antonio
4,800
7,664
-
113,679
9
Robstown—
10,050
11,650
-
18
..
Apr. 12
2,200
■'
187
Brenham
76,800
4,600
v—
December
January
3
'
Mo., St, Louis
a
3,950
—
_...—_
5,570
65,409
13
Texarkana
.
223
497
Atlanta.—.
Open
„
51,891
32,493
59,927
26
Contracts
_
2,055
28
37
36,503
Dallas
October
167,891
27,325
35,517
289
Austin-.
July
13
45
500
Texas, Abilene
Total all futures.... 104,500
93.849
60,131
100,845
N.C.. Gr'boro
Not
—
/ New Orleans
2,550
8,877
i
Tenn., Mem'3
September (1938)-
170,424
690
Bluff.
Yazoo
months—
Inactive
44,664
'
500
October
44,243
3,632
10
Athens.—.
Apr. 14
22,700
December
2,485
55,048
51
Ga.. Albany..
24,600
30,100
50,753
36
City
Vicksburg—
July ^
76
59,563
Newport...
Contracts
New York
9,188
52,427
149
Walnut Iige
Open
'
18
226
Rock
Pine
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
32,465
50,814
Hope
Jonesboro..
1939
8.73
2,103
10c
Forest
23 1938
8,311
75,464
68,827
Ark., Blythev.
23 1938
Helena
Dec. 1938Jan.
12,051
1,170
17
Montgom 'y
Selma—
Nov. 1938—
41,660
2(J
Eufaula—.
27 1937
7.65 Oct.
Aug. 1938—
237
64,030
1,006
__
(1939)
"ho
March
Waco
Total,56 towns
*
24
14,241
57,618 .2338,818
79,462
35.724 5771,372
98,862 1440,172
Includes the combined totals of 15 towns in Oklahoma.
The
All Inactive months...
277
33,815 6329,312
above
totals
show
that
the
interior
stocks
have
decreased
Total all futures....
The Visible
cable and
afloat
12,300
33,350
18.800
20,100
14,9501
Supply of Cotton tonight, as made up by
as follows.
Foreign stocks as well
telegraph, is
during the week 23,803 bales and are tonight
898,646 bales more than at the same period last year. The
receipts of all the towns have been 1,909 bales less than
the
week last year .
same
this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight
(.Friday) we
for the week and since
add the item of exports from the United States, for
Friday
reports Friday night.
as
are
only.
•
Apr. 16—
1938
Stock at Liverpool
Stock at Manchester.—
bales.1,035,000
178,000
—
Total Great Britain—
Stock at Bremen
Stock at Havre
Stock at Rotterdam
1,213,000
245,000
304,000
11,000
1937
859,000
134,000
1936
618,000
106,000
724,000
233,000
749,000
183,000
—
14,000
10,000
22,000
8,000
6,000
18,000
76,000
74,000
8,000
5,000
628,000
——
Stock at Barcelona
Stock at Genoa.
Stock at Venice and Mestre
Stock at Trieste
498,000
597,000
44,000
—
Total Continental stocks.
Total European stocks
1,841,000
India cotton afloat for Europe...
115,000
American cotton afloat for Europe
214,000
Egypt, Brazil,&c., afl't for Europe
90,000
Stock in Alexandria, Egypt
386,000
Stock in Bombay, India
1,092,000
Stock in U. S. ports
2,767,286
Stock in U. S. interior towns
2,338,818
U. S. exports today
2,890
Total visible supply-.
263,000
138,000
23,000
72,000
39,000
10,000
4,000
549,000
1,491,000 1,321,000 1,298,000
186,000
205,000
152,000
207,000
226,000
172,000
120,000
86,000
94,000
267,000
293,000
272,000
1,181,000
798,000
800,000
1,595,296 1,922,099 2,061,486
1,440,172 1,833,913 1,451,845
25,487
23,137
8,394
8,846,994 6,529,605 6,691,499 6 ,309,725
Of the above, totals of American and other
descriptions
A TYlPTlcaTL—*"
are
as
follows:
1937-38
Apr. 15—
Shipped—
bales.
682,000
132,000
200,000
280,000
56,000
Manchester stock
Bremen stock
Havre stock
—
Other Continental stock
American afloat for Europe
214,000
2,767,286
U. S. port stock
U. S. interior stock
2,338.818
U. S. exports today
—2,890
365,000
73,000
148,000
282,000
53,000
182,000
239,000
154,000
10,000
115,000
207,000
226,000
1,595,296 1,922,099
1,440,172 1,833,913
23,137
25,487
233,000
47,000
201,000
118,000
90,000
172,000
6 ,672,994
Liverpool stock
353,000
Manchester stock
46,000
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe—
45,000
24,000
23,000
115,000
90,000
386,000
1 092,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India,
Total American
4,100,605 4,793,499 4,382,725
494,000
61,000
42,000
33.000
26,000
205,000
120,000
267,000
1,181,000
336,000
53,000
52,000
29,000
65,000
186,000
86,000
293,000
798,000
445,000
24,000
152,000
94,000
272,000
800,000
Middling uplands, Liven300l
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine.Liv
8,846,994 6,529,605 6,691,499 6,309,725
4.89d.
8.98c.
9.25d.
7.47d.
13.84c.
4.10d.
13.10d.
6.20d.
6.04d.
6.63d.
11.90c.
782,508
4,923
21,126
1,211,044
32,233
1,231,707
595
20,054
1,592
174
7,945
244,372
371
10.718
6,896
401,314
7.191
272.371
8,859
464,004
5,798
938,673
23,374
767,703
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Total to be deducted
*
The
5.43d.
5.89d.
year
the
week
aggregate net overland exhibits
an
increase
the
Interior
gain of 2,317,389 over 1937,
bales
over
1936, and a gain
a
Towns
a
year ago
——1937-38
1936-37
In Sight and Spinners'
Since
Takings
Aug. 1
6,806,841
938,673
3,920,000
42,828
23,375
160,000
Aug. 1
5,927,504
767,703
5,065,000
11,665,514
1,587,487
226,202
*63,138
11,760,207
256,109
Week
Receipts at ports to April 15
26,976
Net overland to April 15..
5,798
Southern consumption to April 15.100,000
Total marketed....
Interior stocks in excess
over
of
Southern
...132,774
*23,803
Since
Week
mill
takings
consumption to April 1
529,911
___
Came into sight during week
Total insight April 15.
108,971
*
takings to April 15.
1,082,395
....
163,064
13,782,912
....__
North. spinn's'
....
7,973
1,037,584
______
13,098,711
18,361
1,491,499
Decrease.
Movement into sight in previous years:
Week—
Bales
1936—April 16...
1935—April 19
1934—April 20—
Since Aug. 1—
—
Bales
1935.
....
1934.
131,863
87,166
.156,565
12,169,393
8,164,651
11,457,814
1933
Quotations for Middling Cotton at Other Markets—
Below
are
the
Southern and
closing quotations for middling cotton at
principal cotton markets for each day
other
of the week:
Week
New
Saturday Monday
Tuesday
8.43
Orleans..
8.45
8.55
8.81
Wed'day Thursday
8.50
8.88
9.14
8.87
the
8.53
8.84
8.55
8.95
Mobile.
8.66
8.60
8.78
8.80
8.85
8:90
8.90
Montgomery..
Augusta
8.70
8.70
8.93
8.95
8.91
9.00
8.80
9.06
Memphis
8.60
8.70
8.70
i
Houston
9.12
8.95
9.20
HOLI¬
8.75
9.00
DAY.
9.00
8.65
9.27
8.90
8.75
8.55
8.50
8.45
8.45
8.55
8.50
8.75
Dallas.
8.21
8.23
8.34
8.28
8.55
Fort Worth
8.21
8.23
8.34
8.28
8.55
Little
Rock
...
8.40
8.45
Friday
8.77
Savannah.....
of
on-
Ended
Apr. 15
Galveston
an
movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items
for the
corresponding period of the previous year—is set out in
detail below:
over
170,970 bales.
Closing Quotations for Middling Cotton
2,537,269 bales from 1935.
At
51,972
foregoing shows the week's net overland movement
has been 5,798 bales, against 23,374 bales for
last year, and that for the season to date the
this
Norfolk.,
increase
"72
Including movement by rail to Canada.
6.10d.
8.69d.
Continental imports for past week have been
70,000 bales.
above figures for 1938 shows a decrease from
last
117,803 bales,
of
2,155,495
4,000
—150
Via Virginia points.
Via other routes,
The
week of
3,786
6,422
—
286,447
141,117
4,424
8,421
178,990
612,308
....
3,887
2,225
9.02d.
4.17d.
6.58d.
11.74c.
9.54d.
Aug. 1
169,384
114,934
3,000
5,092
136,126
62,000
20,000
58,000
2,174,000 2,429,000 1,898,000 1,927,000
6.672,994 4,100,605 4,793,499 4,382,725
Total visible supply
2,925
2,128
Week
12,989
Via LouisviUe—
Excess
Total American
East. Indian, Brazil, <£c.—
Aug. 1
,061,486
,451,845
8,394
1936-37Since
Since
Week
Via St. Louis
Via Mounds, &c
Via Rock Island—
of
Liverpool stock.
Aug. 1,
as made up from telegraphic
The results for the week and since
Aug. 1 in the last two years aie as follows:
1935
678,000
71,000
993,000
190,000
258,000
14,000
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Volume
Financial
146
Market—The closing quotations
New Orleans Contract
in the New Orleans cotton market
for leading contracts
COTTON
•'
Aug. 1 to Mar. 31
April 9
1937
Apr. (1938)
8.83
8.98- 8.99
8.92
9.17
8875- 888a
8.85
February
8.88- 8.89
9.00
8.93
8.90
9.02
8.95
9.21
9.01
9.27
9.07
-—
—
203,405
280,759
226,713
265,113
221,833
16,057
276,645
82,888
271,680
82,988
265,936
425,454
215,507
256,311
213,412
10,275
3,280
352,316
384,865
322,396
41,002
902,392 1,481,421
896,989
188,654
207,485
154,544
59,234
30,731
15,279
7,549
6,303,107 4,391,596 5,500,054 4,101,930
844,628
311,357
*
Steady.
Steady.
—
Quiet.
Barely stdy
Steady.
Steady.
Spot
Steady.
Steady.
Steady.
161,822
266,123
_.
_
Census
Report
COTTONSEED
PRODUCTS
It will be
1937.
a
decrease in March, 1938,
compared with the previous year, in the total lint and
280,919 bales, or 33.0%.
The following
when
linters combined, of
is the statement:
REPORT
'
,
EXPORTED,
AND
•
CONSUMED, ON HAND, IMPORTED
AND ACTIVE COTTON SPINDLES
COTTON
OF
(Cotton in running bales, counting round as half bales,
500-pound bales.)
During
Crude oil,
suming
Months
In
1 1936-37
1936-37
meal,]
1937-38
tons..—...it
1936-37
|
1937-38
1
1936-37
running!
1937-38
Cake
presses
March
(bales)
(bales)
(bales)
(Number)
4,023,767 1,771,937 10956051 22,288,098
1937 776,942 5,297,907 2,077,932 5,035,789
1938 428,309
24,640,046
3,420,724 1,483,898 10868803 16,790,022
1,709,987 4,924,567 17,760,526
1937 639,818 4,418,461
67,586
495,925
221,767
78,878
4,878,100
1937 111,332
710.358
305,905
101,682
6,135,344
1938
15,046
107,118
66,272
8,370
619,976
744,176
1938
j
New England States
All other States....
—
1937
25,792
169,088
62,040
9,540
1938
5,121
26,336
8,336
1937
7,971
41,790
50,356
30,090
13,095
Linters,
|
1938
60,195
9,749
63,115
17,169
389
4,392
4,636
4,287
2,081
14,632
6,507
3,063
1938
60,443
476,093
278,509
91,036
1937
/
7,093
1937
j
75,361
534,631
297,713
71,682
1
Imports of Foreign
1
8 Mos. End. Mar. 31
Country of Production
Egypt.
Peru.
9,073
423
7,717
6,929
5,526
Mexico
...
....
51,157
1,216
24,901
677
1,372
"
China....-—---.-....-.-.--..-—.
1937
31,962
3,564
-
-
1938
1937
1938
6,848
20,116
1,062
18,398
40,294
10,469
3,821
27,736
77
ah other..—
&c.,
54,614
24,285
88
41,226
38,289
67,561
28,411
37,175
46,529
12,459
1937-38
2,991
'
.1
_
7,379
1936-37
500-lb.j
bales.-.
46,643
:,
and 73,480,362 pounds held by refining and manufacturing
establishments and 4,369,480 and 34,194,640 pounds In transit to refiners and
consumers Aug. 1, 1937 and March 31, 1938, respectively.
a Includes
13,349,453 and 9,957,241 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 7,957,878 and 5,369,568 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1, 1937 and March 31, 1938, respectively.
5 Produced from 1,513,220,019 pounds of crude oil,
Includes 4,272,188
COTTONSEED
OF
IMPORTS
AND
FEB.
ENDED
PRODUCTS
45.239
14,360
—
3,436
1,831
139,402
79,604
*
175,251
*4,094
*22,999,496
3,457
8,181
Exports of Domestic Cotton, Excluding
Linters
(Running Bales—See Note for Linters)
8 Mos. End. Mar. 31
March
1937
1938
1937
101,389
101,742
962,141
33,140
35,153
1,394,119
672,706
Italy
42,181
39,915
409,090
620,493
274,887
Germany
18,459
46.647
589,311
499,930
United Kingdom....
France
...
...
.....
j'Y
Spain
1,242,464
12,450
15,239
183,198
5,573
245,767
207,352
41,662
467.706
4,656,879
4,389,199
97,605
4,827
22,870
19,901
425.888
Canada
__
All other—
Total
—
132,249
10,469
70,864
Japan
—
279
_
2,100
Other Europe...
China
±
166,219
10,425
44,693
—
_
159,017
559,214
433,988
14,652
Belgium...
395,292
24,225 bales during March in
the 8 months ended March 31 in
Note—Linters exported, not included above, were:
1938 and 29,426 bales in 1937; 199,476 bales for
1938 and 176,971 bales in 1937.
The distribution for March, 1938, follows:
38,818 pounds crude, and 4,047,547
consumption," 1,161,806 refined "withdrawn from
783,475 refined "entered directly Into warehouse."
for
directly
Loans
Africa, 362,
WORLD
STATISTICS
been made
by States
clusive of
States) for the year ended July 31, 1937, was 30,number of spinning cotton spindles, both active and
linters in the United
idle, is about
The total
149,000,000.
Hales
772,383
116,957
563,338
.
Arkansas.
Stale—
Missouri
New Mexico
Report
Oklahoma
435,144
Tennessee
290,360 Texas. £.•.•*
Cottonseed Oil
Production—On
the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on
hand and exported for eight months ended March 31,
April
13
1938 and 1937:
South
on
M Ississippi
— _ .
_—-
576.018
....
Hales
76,776
48,528
113,644
84,513
250,098
275,653
Carolina
«... -
_
Virginia
.1,630,345.
' 9,611
Top Exchange Fixes Limitation of
Interest—At a meeting held on April 12 the Board of
Governors of the New York Wool Top Exchange fixed the
limitation of interest at 500 contracts in any one month held
York Wool
by
firm,
individual,
any
and (or)
corporation, but this
interest in any one month
wholly composed of hedges against the purchase or sale
of spot or cash wool or wool tops.
limitation shall not apply to an
Returns
by Telegraph—Reports to us
evening indicate that heavy rains the past
by telegraph this
week east of the
Mississippi River are said to have necessitated some re¬
planting in most southerly sections.
An unfavorable
opinion of the start of the new crop is prevalent due to the
setback it has received from the bad weather of late.
Rain
_
Amarillo
-
Loio
74
41
58
dry
82
24
53
82
38
65
86
30
36
61
80
42
61
60
dry
dry
dry
;
__
..
.
.
.... ..
.
36
57
88
82
36
62
30
56
86
26
56
86
24
dry
dry
_______
Palestine-.--.-.----Paris
San
42
78
0.10
84 \
38
55
61
78
32
55
dry
dry
dry
dry
80
34
57
78
54
82
30
38
*84
32
58
79
30
55
0.02
—...
Lampasas....
Luling
Nacogdoches
-—
Antonio.
Taylor..
78
dry
Paso
_
_
Weatherford
57
0.01
Christi
Dallas.
El
84
0.04
Brownsville
Mean
High
Inches
0.22
Brenham
Corpus
-Thermometer-
Rainfall
dry
Days
Texas—Galveston
Henrietta
on
-
.
North Carolina
59,552
993
Florida
Kerrville
Census
$231,739,729
given below:
are
State.—
Alabama
Abilene
1936, as
compiled from various sources, was 30,204,000 bales, counting American in running
bales and foreign in bales of 478 pounds lint, while the consumption of cotton (ex¬
820,000 bales.
a
7—The Commodity Credit
Corporation announced on April 8 that "Advices of Cotton
Loans" received by it through April 7, 1938, showed loans
disbursed by the Corporation and lending agencies of $231,739,729 on 5,303,913 bales of cotton.
This includes loans
of $5,974,414.53 on 143,368 bales which have been paid and
the cotton released.
The loans average 8.38 cents per pound.
Figures showing the number of bales on which loans have
Austin
production of commercial cotton, exclusive of linters, grown in
The world's
Exchange—-At
Aggregated
CCC
of
United
1,764; Germany, 11,550;
1,628; Canada, 872; Panama, 25; British West Indies, 1; Japan, 1,377; South
Kingdom, 5,480: Netherlands, 739; Belgium, 427; France,
Italy,
16,199
32,690
warehouse for consumption," and
New
'
1938
3,823
147,545
7,898,172
64,135,221
Amounts for March not included above are
refined "entered
Louisiana
'
1,073,688
80,389
Linters, running bales
Imports—Oil, crude, pounds
........
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
99,368
2,202,686
4,221,822
Georgia
1938, amounted to 8,181
equivalent 500 pound bales.
Country to Which Exported
1937
1938
Items
California
imported during seven months ended Feb. 28.
Linters
SEVEN
FOR
28
Exports—Oil, crude, pounds..........
Oil, reflnded, pounds..........
............
Cake and meal, tons of 2,000 pounds
Arizona.
Total.
1,828
Grabbots, motes,/
5,303,913 Bales Through April
Cotton (500-j&. Bales)
March
British India........
500-/
Cotton
Not Included Above—
—
168,465
meeting of the Board of Governors of the New York Wool
Top Exchange held April 12, Richmond Walker of Boston,
Mass., was elected to membership.
24,082
10,399
1938
J
Amer.-Egyptian cotton—.
17.840
1937
Other foreign cotton
138,787
117,991
1936-37
1936-37
fiber,
lb. bales
275,800
1937-38
bales
Hull
101,903,832
578,772,090
536,934
174,465
32,157
3,025
New Member of New York Wool Top
Included Above—
Egyptian cotton
Linters
and
Hulls, tons
*163,846,863
0564,285,815
During
ments
1938 510,941
1937-38
lbs. J
Active
Storage
Mar. 31
(bales)
Cotton-growing States....!
March 31
Spindles
Public
Establish¬ & at Com¬
Ended
i
On Hand
March 31
MONTHS
In Con¬
March
...../
Aug. 1 to
March 31
*11,141,266 1,687,510,825 1,633,838,562
19,191,508 1,234,168,878 1,218,902,639
0,441,052,343 51382 092,753
318,873,305 1,090,268,648
27216,478
^
41,952
2,450,326
1,764,355
1,838,089
65,053
1,286,246
1,411,289
42,422
951,014
23,893
1,045,112
785,142
1,260,529
61,547
884,443
43,819
1,015,089
1937-38
lbs.../
Refined oil,
EXPORTS
March 31
.
Eight
Year
except foreign, which is in
Cotton on Hand
Cotton Consumed
United States..-
Aug. 1 to
Aug. 1
*
MARCH
Shipped Out
On Hand
Season
Item
showing cotton consumed in
that there is
seen
OUT AND ON
'f'4:
HAND
,
Produced
14, 1938, the Census
the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of March, 1938
and 1937.
Cotton consumed amounted to 510,941 bales of
lint and 60,443 bales of linters, compared with 427,528 bales
of lint and 47,888 bales Of linters in February, 1938, and
776,942 bales of lint and 75,361 bales of linters in March
Bureau issued its report
SHIPPED
MANUFACTURED,
Hand,
Cotton Consumed and on
on
955
5,467
42,394 tons and 21,926 tons on hand
and 75,535 tons reshlpped for 1938 and 1937, respectively.
;■
&c., in March—Under date of April
55,528
436,423
Includes seed destroyed at mills but not
Aug. 1 nor 123,634 tons
stdy.
Very
1,647,203
United States
Tone—
Options
...
All other States
.
8.96
690,740
Texas...
9.19- 9.20
8.88
8935- 894a
10,587
978,060
258,463
782,621
221,204
815,996
Tennessee
8865- 887a
March
227,644
South Carolina.
DAY.
November
DecemberJan. (1939)
461,900
268,846
.
;
Oklahoma.
HOLI¬
..
583,918
176,895
530,<18
Mississippi
9.09
9.08-
September
506,952
173,785
_
.A.
.
August
October
113,126
441,465
........
i-i,.
.
Louisiana
8.88
8.78
8.77
105,081
137,477
413,461
612,149
284,553
377,530
California-....—...
Georgia. 4—.
.
June
July
10,898
37,154
37,416
27,119
8,114
127,292
5,570
36,212
318,987
404,937
329,168
Alabama..
Arkansas
9.04
8.78
8.85
8.74
8.71
May
1937
1938
1937
1938
North Carolina
April 13
April 12
March 31
State
1938
Friday
April 15
Thursday
April 14
Wednesday
Tuesday
Monday
April 11
Saturday
On Hand at Mills
Crushed
Aug. 1 to Mar. 31
for
(TONS)
AND ON HAND
CRUSHED,
RECEIVED,
SEED
Received at Mills*
week have been as follows:
the past
2559
Chronicle
—
_
Wry
•
0.01
60
Financial
2560
Rain
Rainfall
Days
Inches
Oklahoma—Oklahoma City—
2
—
1
0.53
--
1
Low
High
0.44
Arkansas—Eldorado
Fort Smith.—
0.02
0.22
Little
_
-
-
1
Rock
1
Shreveport
0.01
0.63
1
Vicksburg
1
Alabama—Mobile
Birmingham
Montgomery
dry
—
0.22
0.04
1
Florida—Jacksonville
Miami--;
1
--
dry
Pensacola
V':
71
58
50
38
0.14
Augusta
1
1.42
80
Macon
1
1.00
0.68
80
77
78
2
Carolina—Charleston-_
0.71
1
1
1.41
59
58
36 /Y
:YY 38
59
40
44
32
60
61
.55
58
32
0.62
0.88
80
42
84
40
2.10
80
42
80
40
38
60
dry
dry
36
38
■
82
60
April 14,1938 April 16,1937
Feet
-
Feet
16.3
31.3
Memphis-------—Above zero of gaugeNashville—_
8.6
-----Above zero of gauge-
-
25.1
39.3
-
Receipts
from
indicates the actual movement each week from the planta¬
tions.
The
Southern
figures
do not include overland receipts
consumption; they
are
simply
nor
statement of the
a
weekly movement from the plantations of that part of the
crop
2,000
5,000
19,000
26,000
33,000
191,000
4,000
16,000
56,000
76,000
63,000
295,000 1145,000 1503,000
10,000
6,000
54,000
70,000
82,000
296,000
896,000 1274,000
17,000
17,000
147,000
295,000
442,000
1936-37-
7JKX)
32,000
39,000
316,000
528,000
844,000
1935-36-
1,000
5,000
6,000
276,000
439,000
715.000
43,000
180,000
379,000
358,000
486,000
506,000 1172,000
823,000 1145,000 2347,000
735,000
896,000 1989.000
506,000
730,000
Other India.
1937-38-.
Total all—
19,000
2,000
22,000
1936-37—
11,000
48,000
56,000 115,000
1935-36-
11,000
11.000
54,000
1937-38-.
76,000
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
ceive
weekly
a
1937-38
1936-37
130,000
8,944,837
8,965,331
Alexandria, Egypt,
Apr. 13
1935-36
Receipts (centars)—
This week*-_*__--——-
Since Aug. 1
—
This
Sine
Week
Exports (Bales)—
60,000
Aug.
This
152,323
To Liverpool
Since
Week
1
60,000
7,847,727
Aug.
This
Week
1
Since
Aug.
1
—
6",066 142,442
10,000 571,859
1,000
22,400
3,000 174,277
17,000 888,754
To Manchester, &c
To Continent & India
5,000 169,864
6,000 177,093
21,000 602,181
2,000 37,575
34,000 986,713
15.000 871,086
7",066
5,000
126,642
533,745
36,422
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending April 13
were 130,000 cantars and the foreign shipments 17,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states/that the market in both yarns
and in cloths is steady.
Demand for yarn is poor.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
which winally reaches the market through the outports.
1937
Week
Slocks at Interior Tovms
Receipts at Ports
Receipts from Plantations
32s Cop
1936
1937
1937
1935
1936
1935
1937
1936
1935
ing
Twist
Jan.
1936
Lbs.
8X
End.
,
Shirt¬
Common
to Finest
d.
s.
10^@UJ*
9
d.
s.
Cotton
32
Middl'g
Cop
ing
Upl'ds
Twist
d.
d.
8.
5.02
11^@12^
9
d.
,
Common
Middl'g
to Finest
121,714
66,834
116,840
30.702
77,204
28.
120,588
92,756 2613,016 2142.612 2311,287 128,497
82.643 103,103 2629,639 2090,671 2285,388 133,463
86.523 2628.795 2046,413 2249,736 119.744
61,831
23,351
21.
17,573
50.871
4.
104,958
64,826
17,101
112,608
57,820
82,257
8,472
56,513
26,023
18. 101.785
70,572 2598,040 2001,896 2196,265
74,203
63,630 2575,215 1952,548 2158,658 136,433
56,534 2570,224 1926,804 2124,667 96,794
10,309
11.
22,543
il¬
25.
66,019
64,035 2643,310 1880,455 2103.575
19,670
42,943
ls..
IX
5.16
25..
10^@11^ 10
@10
3
10
@10
3
10
@10
@10
3
10
3
5.10
14
10
@10
3
4.97
14
14X@15X 10
14M@15H 10
14K@15^ 10
61,240
Cotton
8X Lbs. Shirt¬
14.
d.
s.'
Upl'ds
d.
d.
6
7.20
7.16
Jan.14..
10H@10
IX
4
@9
86.337
59,413
Mar.
4.
82,658
64,149
48,205 2500.609 1810,771 2057,037
39,957
Nil
1,667
11.
67,954
2,043
Nil
49,069
Nil
25.
47,032
61,190
38,439 2479,799 1744,860 2012,824
47,370 2460.874 1685,484 1967,167
48,797 2431,771 1622,611 1940,895
71,853
18.
92.663
67.994
17,929
Nil
1,713
22,525
54,793
Apr.
1.
44,595
8.
51,480
26,976
35,770 2397,991 1569,244 1902,472
35,607 2362,621 1503,310 1871,482
34,922 2338,818 1440,172 1833,913
59,427
50,142
42,828
10,815
16,110
Nil
6,06
Nil
4,617
Nil
3,173
Nil
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1937, are 8,383,174 bales;
in 1936-37 were 6,216,627 bales and in 1935-36 were 6,971,013
bales.
(2) That, although the receipts at the outports the
past week were 26,976 bales, the actual movement from
plantations was 3,173 bales, stock at interior towns having
decreased 23,803 bales during the week.
from the
World's Supply and
Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at
the world's
a
glance
supply of cotton for the week and since Aug. 1
for the last two
from all
seasons
sources
obtainable; also the takings
sight for the like period:
are
Cotton Takings,
Week and Season
or
from which statistics
amounts
Visible supply, April 8
Week
Season
Alexandria receipts to April 13
Other supply to April 14 * 6.
10,000
Total supply
9.198,768 22,547,134
8,846,994
Total takings to April 16 a
Of which American
8,846 994
351,774 13,700,140
216,774 9,527,340
135,000
4,172,800
Of which other
4,899",258
163",064
13,098,711
94,000 2,510,000
39,000
844,000
12,000 1,794,200
372,000
Deduct—
Visible supply April 15
IX
4.93
12
@\2X
9
6
@10
0
IX
4.82
12K@13M
9
0
@10
0
7.34
iox@nx
9
9
@10
4.93
9
6
@10
0
7.30
iox@nx
9
9
@10
9
10tf @11^
9 10J4@10
5.21
12H@13H
12X@13X
12X@13X
12X@13X
5.13
13
4..
5.02
12,000
442,000
6,962,052 23,588,169
6,529,605
6,529,605
432,447 17,058,564
282,447 12,089,364
150,000 4,969,200
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies &c
a This total embraces since Aug. 1 the total
estimated consumption by
Southern mills, 3,920,000 bales in 1937-38
and|5,065,000 bales in 1936-37—.
takings not being available—and the aggregate amount taken
by Northern
and foreign spinners, 9,780.140 bales in 1937-38 and
11,993,564 bales in
1936-37, of which 5,607,340 bales and 7,024,364 bales
b Estimated.
Am^ran
receipts
shipments from all India
from Aug. 1 are cabled,
ports for the week and for the
season
for three years,
follows:
as
4..
10J*@11^
11.. iox@nx
18- 10
@1154
25.. 10
@11M
Apr.
19X@11X
8_.
9Vs@im
1597A@nys
5.06
9
9
@10
4.91
9
9
@10
4.79
9
9
@10
4.89
1937-38
1936-37
1935-36
April 14
Since
Week
Bombay
Aug. 1
72,000 1,831,000
0
7.30
@
9
0
7 22
6
@10
0
7.41
@10
2
7.70
@14X 10
10
13X©15
@15X 10
®15X 10
4J4@10 7X
7X@10 10X
7.94
7X@10 10X
7.95
7.88
7X©10 10X
7.97
9
@11
7.87
9
@11
7.47
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 81,591 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Copenhagen—Apr. 8—Ivar, 400
400
Bremen—Apr. 8—Bockenheim, 1,460
1,460
To Hamburg—Apr. 8—Bockenheim, 12
12
To Gdynia—Apr. 8—Ivar, 88
Apr. 9—Otto Peterson, 2,185
2,273
To Genoa—Apr. 9—Monrosa, 1,766
1,766
To Japan—Apr. 8—Myoko Maru, 6,998
Apr. 9—Talsuno
Maru, 7,564
14,562
To China—Apr. 8—Myoko Maru, 3,372
Apr. 9—Talsuno
Maru, 462
3,834
To Ghent—Apr. 11—Ethan Allen, 146
146
To Antwerp—Apr. 11—Ethan Allen, 48
48
To Havre—Apr. 11—Ethan Allen, 613
613
To Rotterdam—Apr. 11—Ethan Allen, 6262
To Liverpool—Apr. 11—Mathias Stinnes, 676
676
To Manchester—Apr. 11—Mathias Stinnes, 751
751
HOUSTON—To Liverpool—Apr.
10—Kongojord,
l,255-__Apr.
13—Mathias Stinnes, 657
1,912
To Ghent—Apr. 8—Louisiana, 278
Apr. 13—Ethan Allen,
-
To
456
To Antwerp—Apr. 8—Louisiana,
To Bordeau—Apr. 8—Louisiana,
59—Apr. 13—Ethan Allen, 2
808-*
To Havre—Apr. 8—Louisiana, 1,939—Apr. 13—Ethan Allen,
278
To
To
To
Since
Week
Aug. 1
Since
Week
Aug. 1
94,000 2,510,000 109.000 2,192,000
248
8,770
136
Manila—Apr. 11—Eidevold, 136
To
China—Apr. 11—Eidevold, 1,113
1,113
To Gdynia—Apr. 8—Otto Peterson, 1,815
To Manchester—Apr. 13—Mathias Stinnes, 124
To Bremen—Apr. 13—Bockenheim, 1,853
To
1,815
124
1,853
;
Hamburg—Apr. 13—Bockenheim, 638--—
To Rotterdam—Apr. 13—Ethan Allen,
To Trieste—Apr. 12—Alberta, 406
638
190
To Venice—Apr. 12—Alberta, 1,335—
ORLEANS—To
Liverpool—Apr. 9—Recorder,
NEW
190
406
1,335
5,722.
Apr. 5—Kongsfjord, 11,622
—
To Manchester'—Apr.
9—-Recorder, 4,597-.—_—
To Marseilles—Apr. 8—West Hobomac, 364To Genoa—Apr. 8—West Hobomac, 1,328
To Venice—Apr. 9—Alberta, 1,923--.
To Trieste—Apr. 9—Alberta, 400To Copenhagen—Apr. 11—Tatar a, 200
To Gdynia—Apr. 11—Tatara, 601; Otto Peterson, 950
To Gothenburg—Apr. 11—Tatara, 414
To Hull—Apr. 7—City of Joliet, 345
To Havana—Apr. 12—Contessa, 300
BEAUMONT—To Havre—Mar. 31—Cripple Creek. 62
—
31—Chemnitz,
—*——-
:—
1.
100
To India—Apr. 12—Tosari, 100—
To Antwerp—Apr. 4—Elbe, 10
To Bremen—Apr. 4—Elbe, 1,787
MOBILE—To Japan—Apr. 2—Myoko Maru, 200
17,344
4,597
364
1,328
1,923
400
LOS ANGELES—To Japan—Apr. 11—President Harrison, 1,981..
Total
61
808
2 117
.
-
Dunkirk—Apr. 8—Louisiana, 248
Japan—Apr. 11—Tatsuno Maru, 3,261; Eidevold, 4,360
Apr. 12—Asuka Maru, 1,149
To Bremen—Mar.
Receipts—
@10
4
9
Mar.
—
India Cotton Movement from All Ports—The
of Indian cotton at Bombay and the
have been
6
9
178
4,339",022
13,782,912
72,000 1,831,000
17,000
442,000
26,000
1,780,200
.
9 10H@10
910X@10
6,641,988
108",971
Bombay receipts to April 14—
Other India ship'ts to April 14
of
1936-37
Season
8,964,797
Visible supply, Aug. 1
American in sight to April 15-
out
lOtf @11J4
10tf@llK
Keb.
—
1937-38
Week
gone
21..
28-
Feb J
15.
Total
1936-37-
1937-38-
Total exports
Plantations—The following table
the
China
1935-36-
To America.
16.0
11.0
13.5
18.7
19.4
—Above zero of gaugeAbove zero of gauge-
Shreveport—-
nent
55
—
Above zero of gauge-
Vicksburg
Japan &
Britain
60
0.08
78
38
58
■sii
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Total
Conti¬
61
-
-
China
Great
Bombay—
62
2
Nashville——--*-
nent
Britain
61
1
—
-
78
1
Charlotte
-
80
81
0.20
1
Conway
North Carolina—Asheville
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
2.14
1
Columbia
Jap'n&
67
0.95
1
Greenwood
65
60
2
South
61
42
Atlanta
•
Since Aug. I
Conti¬
Great
58
82
84
80
80
Tampa...
Georgia—Savannah-
59
74
.
0.16
1
59
58
56
78
•5. 38
78
Y^YBS%
42
80
84 ;
46
dry
_
59
56
61
36
40
38
78
78
dry
Mississippi—Meridian
59
31
42
80
82
For the Week
Exports
Jromr—
Y'Y 58
37
38
81
dry I'Xr -v:
dry
dry
--
61
58
34
36
80
80
80
.
52
36
;
82
0.05
New Orleans---
April 16, 1938
Mean
28
86
-
Louisiana—Alexandria
Amite
Chronicle
-Thermometer-
200
1,551
414
345
300
62
100
1,981
100
10
1,787
200
81,591
Volume
Financial
146
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
far. 25
Apr. 1
55,000
44,000
1,204,000 1,203,000
794,000
797,000
46,000
49,000
28,000
26,000
147,000
145,000
91,000
70,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
-
Of which American.
Apr. 8
Apr. 15
45,000
30,000
1,190,000 1,213,000
794,000
814,000
54,000
34,000
38,000
280,000
152,000
21,000
162,000
81.000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
The tone of the
each
spot cotton have been as
follows:
Saturday
Monday
Tuesday
Wednesday
Quiet.
Spot
Quiet.
Quiet.
Quiet.
f
Market,
12:15
{
P. M.
Friday
Thursday
Dull.
\
DAY.
Quiet but
Quiet, un¬
Steady,
Quiet but
1 to 2 pts.
steady, un¬ 5 to 6 pts. changed to stdy., 4 to
decline.
6 pts. adv.
1 pt. dec.
advance.
changed to
i
opened
pts. adv.
Steady,
Steady, un¬ Quiet but
Quiet,
Steady,
1 to 2 pts.
1 to 2 pts. 4 to 6 pts. changed to stdy., 2 to
decline.
4 pts. adv.
1 pt. dec.
advance.
advance.
4
P. M.
Prices of futures at
Roosevelt's
setbacks, with a renewed wave of buying later.
Like¬
lihood that an official estimate tonight regarding bonded
stocks in Canada would make a bullish exhibit had only a
erate
below:
A leading expert
slight stimulating effect on prices here.
Sat.
April 9
\ Vvyv'
to
April 15
Tues.
Mon.
Fri.
Thurs.
d.
d.
d.
d.
d.
d.
d.
d.
d.
May (1938)
4.70
4.77
4.74
4.71
4.74
4.78
4.76
4.77
4.79
4.86
4.84
4.81
4.83
4.87
4.86
4.86
4.88
4.92
4.94
4.98
4.97
4.97
*;■*
4.98
5.00
4.90
October
4.97
January (1939)
_
4.96
March...........
5.00
May...........
...i
5.03
5.08
5.04
5.07
5.10
July....
October
4.95
4.99
4.94
December.
«
5.01
5.03
5.06
5.05
5.04
5.09
5.03
5.03
5.08
5.08
Sat.
No. 2 red
5.14
5.12
5.12
5.12
5.16
5.15
5.19
5.21
m
'«•
~
__
DAILY
PRICES
CLOSING
Sat.
the
substantial rally in wheat.
ket
failed to arouse
The
any
However, the strong mar¬
particular buying interest here.
impending holidays added to the buying lethargy
the local baking and
*
influenced by
Jobbing trade.
of
The inflationary devel¬
opments appeared to have little or no
effect on the gen¬
erality of consumers.
Wheat—On the 9th inst. prices closed ye. higher to
The
lower.
market
was
ye.
relatively quiet and narrow in
today's session.
It was steadied by moderate buying, in¬
fluenced by strength in securities and reports of further
light purchasing of importers ill international
taking
trade. Profit
result of yesterday's sharp upturn accounted for
the selling.
A forecast of warmer weather in the
as a
much of
southwest and reports of welcome precipitation throughout
much of the grain belt weakened July and September con¬
which represent new crop wheat.
Chicago wheat
as much as %e. at the opening, but then settled
back, and at times was as much as ye. lower.
Liverpool
wheat rallied more than a cent on reports of further pur¬
chases of 1,500,000 bushels by the United Kingdom from
Australia and an increase of 6c. in Australian offering prices,
but the market reacted and closed %e. off to ye. up.
On
the 11th inst. prices closed ye. to lc. lower.
The market
was more or less nervous on the eve of the Government's
first official estimate of the winter wheat crop, and grain
tracts,
advanced
prices finished with moderate losses after showing some
strength early in the day. The official estimate, which came
out after the market closed—suggested a production of
725,707,000 bushels of winter wheat, or nearly 9,000,000
more than the average of private guesses.
Liverpool strength
found little response here.
The United Kingdom market
closed ye. to 1 ye. higher after having been as much as
iyse. to 2c. stronger.
Buenos Aires finished ye. to ye.
lower.
Export demand for North American wheat is believed
to have been fairly good, although no more than about
500,000 bushels could be confirmed. Of this 200,000 bushels
were Manitobas.
On the 12th inst. prices closed ye. to %c.
net lower.
The Chicago wheat market experienced severe
result of strong indications of bumper
country, and under this pressure prices
much as 2 ye. a bushel; but this was largely
pressure today as a
wheat crops for this
dropped
as
recovered towards the end of the session.
Helping to bring
about the late rallies were reports of dust storms in Oklahoma
and Kansas.
Persistent assertions that Great Britain had
food supply also helped offset
price tumbles.
Evidence that Liverpool traders placed an
extremely bearish interpretation on the United States
Government crop report in face of the American attitude that
the report had been considerably discounted—played not a
little part in influencing the early declines on the Chicago
Board of Trade.
The Liverpool market broke as much as
3He. a bushel.
Accompanying this break was word of a
semi-official warning in Great Britain that flour could be
withheld from bakers found guilty of selling bread at an
uneconomic price. A pronounced let-up in North American
export takings was also a transient bearish influence.
On
launched plans to increase her
Based
Tues.
84
80%
83%
80%
82%
May
July
Sept
Thursday Night, April 14, 1938
Mon.
81%
on
CHICAGO
IN
Thurs.
Wed.
82%
79%
80%
.
Fri.
84%
82% HOL.
82%
When Made
Apr. 6.1938
Apr.
6, 1938
Apr. 6,1938
80%
and
Low
High and When Made
I
Season's
*122%
July 29, 1937 May
105%
Sept.28, 1937 July
92%
Feb. 9, 1938]Sept
Season's
BREADSTUFFS
98% 100% HOL.
FUTURES
84%
81%
May
Fri.
Thurs.
Wed.
99%
99%
WHEAT
OF
July
September
Flour—The flour market has been firmer,
IN NEW YORK
Tues.
Mon.
100%
5.17
5.15
-
He
still
Millers
damage.
received ample moisture.
fair crop if they
DAY.
5.10
5.09
5.10
30%
averaged
that smaller undamaged plants could
DAILY CLOSING PRICES OF WHEAT
HOLI¬
5.05
Panhandle
the
good purchasers of cash wheat in Chicago.
were
5.03
5.01
—
of
though,
a
4.99
4.98
sections
added,
make
4.78
July
d.
d.
Amarillo, Tex., that crops throughout the frosted
wired from
Close Noon Close
Close Noon Close Noon Close Noon Close Noon
New Contract
mod¬
abrupt rise, but profit-taking sales caused temporary
Liverpool for each day are given
Wed.
Highest
$7,000,000,000 recovery program.
prices of the day in wheat were reached just prior to the
close.
Publication of the President's message caused a 2c.
2
Market,
prices closed unchanged to He. lower.
Late
today more than wiped out moderate upturns of
wheat prices.
Increased selling pressure developed on ad¬
vances.
Bearish traders made much of denials that the
British Government was buying wheat, and also emphasized
late reports that rain had fallen in parts of Italy, relieving
the droughty conditions.
In the early trading the market
received its stimulus from reports of Kansas dust storms and
firmness of Liverpool closing quotations, which were H to
Ha. higher despite estimates of heavy Australian shipments.
Helping the upward price trend was a French decree authoriz¬
ing imports of 30,000 tons of durum wheat.
Advices re¬
garding the extent of frost injury to domestic crops southwest
were less reassuring than of late.
On the 14th inst. prices closed 1% to 2%c. net higher.
Soaring of 2^c. in wheat prices today, and lively out¬
bursts of buying accompanied the announcement of Presi¬
the 13th inst.
reactions
dent
Steady,
Futures.
Market
HOLI¬
4.89d.
4.90d.
4.83d.
4.89d:
4.81d.
Mid.Upl'ds
2561
Chronicle
80%
78%
-.79%
29; jsold as
transactions since official opening, July
high as
132% in unofficial trading prior to July 29.
BONDED WHEAT IN WINNIPEG
DAILY CLOSING PRICES OF
•
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
125% 124% 124% 124% 126%
113% 113% 113% 113% 115% HOL.
91
89%
89
89% 90%
May..
July
October
prices closed unchanged to He.
Trading was light and without any particular feature.
Nothing was heard of corn business as exporters either lifted
quotas or did not offer because of the small Argentine crop
estimate.
On the 11th inst. prices closed y to Ho. higher.
The market held firm.
This reflected the export interest
Corn—On the 9th inst.
off.
and the halving of primary
receipts
as
compared with the
previous report.
About 300,000 bushels of corn were sold
for export.
On the 12th inst. prices closed y to %c. net
pronounced bearishness in wheat markets
than a billion bushels of corn on farms,
it was regarded as quite remarkable that corn held as well asit did.
However, there was nothing in the immediate situa¬
tion to warrant any aggressive buying of corn.
On the 13th
inst. prices closed ye. off to ye. up.
This market held
fairly steady, influenced largely by word that Germany had
bought three cargoes of No. 2 yellow United States corn afloat.
On the 14th inst. prices closed *4 to %c. net higher.
This
market was somewhat of a disappointment in view of the
With such
lower.
and estimates of
more
pronounced strength in wheat and other commodity markets
the bullish construction placed on the President's an¬
and
of
nouncement
a
While
substantial gains were looked
$7,000,000,000 recovery program.
prices were firm, more
corn
for than
were
DAILY
registered at the close.
CLOSING PRICES
OF CORN IN NEW YORK
Sat.
No. 2
OF
DAILY CLOSING PRICES
74%
75%
Fri.
74%
Wed.
Tues.
Mon.
60%
61%
62%
/.
Thurs.
75
HOL.
CORN FUTURES IN CHICAGO
Sat.
May
July
September
Wed.
Tues.
Mon.
74%
yellow
59%
61%
62%
60%
61%
62%
60%
62
62%
Thurs.
Fri.
60%
62% HOL.
62%
Season's Low and
When Made
When Made
55%
Nov. 30, 1937
July 29, 1937 May
56%
Nov. 30. 1937
Sept. 30. 1937 July
59%
Feb.
2, 1938
Mar. 26, 1938 September
♦Based on transactions since official opening, July 29; sold as high aa
81 in unofficial trading prior to July 29. M A*u
Season's
and
*74
66%
63%
High
May
July
September
Oats—On the 9th inst. prices
There
was
closed ye. off to He. up.
the trading being
little of interest in this market,
largely routine.
On the 11th inst. prices closed ye. off to
ye. up.
There was a fair amount of activity with price
trend irregular.
On the 12th inst. prices closed y to ye.
net lower.
The sharp price drop and bearish sentiment in
wheat circles had its influence on oats, which in turn ex¬
considerable
perienced
liquidation
and
lowering
13th inst. prices closed ye. off to ye. up.
little of interest in this market, operations being
On the
was
prices.
There
largely
routine.
On the 14th inst.
President's
wheat
some
in
values,
new
the
prices closed % to %c. net higher.
The
together with the soaring of
announcement,
rather substantial
DAILY
May
July
September
and
being reflected
caused considerable covering of shorts
buying in the market for oats, this
CLOSING PRICES
rise registered at the close.
OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
28%
27%
27%
28%
27%
27%
28%
26%
26%
28%
26%
26%
29
27% HOL.
27.%
Financial
2562
Season's
High
May
July
September
*
Based
and When Made
I
Season's Low and
*33%
July 29, 1937|May
26
32%
Oct.
2, 193?(July
25%
30%
Jan. 10, 1938(September
26%
transactions since official
on
opening, July 29; sold
Chronicle
Made
5, 1938
5.1938
5. 1938
When
Apr.
Apr.
Apr.
April 16,
from the several seaboard ports for the week
Saturday, April 9, 1938, are shown in the annexed
ended
statement:
high as
as
42 % In unofficial trading prior to July 29.
Wheat
May
July
47%
43
•
—.
-..-
47%
42%
38%
— -
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed
Tfiurs. Fri.
October
37%
46%
47
43
38
New York
47%
43% HOL.
129*666
40,000
43.000
Mobile
in
wheat
markets
and
here
abroad
and
DAILY
CLOSING
PRICES
RYE
OF
59%
58%
—
Tues.
59%
58%
57%
60
Season's
May
July
September
FUTURES
Mon.
Sat.
May
July
September
When Made
I
Season's
Aug. 10. 1937|May
Feb.
9, 1938JJuly.
Feb.
9, 19381 September
High and
.84
72%
69%
—
Low
and
When
Flour
and Since
CLOSING PRICES
IiYE
OF
Sat.
56%
May
July
63%
64
-
Tues.
Apr.
62%
63%
IN
61%
62%
Thurs.
62%
63
Fri.
64% HOL.
65%
CLOSING
PRICES
OF BARLEY FUTURES IN
Sat.
May.
July..
58%
56%
—
—
October—,
Tues.
Mon.
—
Wed.
United
A
57%
57%
56%
52%
Kingdom.
July 1,
Arpil 9,
1938
1937
1938
1937
Barrels
Bushels
Bushels
Bushels
Bushels
488.000
54,874,000
713,000 24,862,000
408 362
155,000
43,327,000
562,000 19,849,000
490,500
4,000
1,146,000
West Indies
34,500
1,133,000
Brit. No.
Col,
Am.
Other countries.
2,570
Spring oats, high protein
Spring patents
Clears, first spring.
Soft winter straights
Hard winter straights
6.00@6.30
4,145,156
98,995
Total 1937
4,282,802
Hard winter patents
Hard winter clears
_4.60@4.80
7.25(3)
GRAIN
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Boston
3,000
New York
76,000
390,000
Philadelphia
Baltimore.
412,000
......
New Orleans
41,000
Galveston.1 ,146,000
.
_.. -
1.90
Coarse
380,000
__
Chicago
.....
afloat.i
Milwaukee.
No. 2 white
41
Rye, No. 2. f.o.b. bond N. Y.. 77%
Barley, New York—
47% lbs. malting.....
49%
Chicago, cash
.42-55
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
"
.......
afloat...
_
_
..
_.
_
059,000
...
afloat....
bbls. 196 lbs
Wheat
Corn
bush 60 lbs
59,000
109,000
11,000
21,000
64,000
6,000
8,000
1,063,000
580,000
389,000
202.660
61,000
815,000
.1,252,000
660,000
4,104,000
2,714,000
8,000
206,000
14,000
1,838,000 12,231,000
4,453,000
4,000
1,785,666
316,000
223,000
......
Total April 9, 1938...
Total April
2, 1938
Total April 10, 1937
2,000
145,000
160,666
143~66O
3,293,000
3,369,000
2,888,000
8,340,000
8,504,000
9,185,000
57,000
29,000
bush 56 lbs
Oats
Wheat
bush 32 lbs
Barley
bush 56 lbs bush 48 lbs
Corn
Oats
Bushels
Canadian—
Bushels
Bushels
Lake, bay. river & seab'd
6,920,000
Ft. William & Pt. Arthur 13,741,000
Other Can. & other elev. 22,819,000
Total April
Rye
47,402,000 43,494,000 19,963,000
49,292,000 40,720,000 20,535,000
29,888,000
9,710,000 16,272,000
Note—Bonded grain not included above:
Barley—Duluth, 60,000 bushels; New
York, 55,000; total, 115,000 bushels, against 2,362,000 bushels in 1937.
WheatNew York, 250,000 bushels; Buffalo, 21,000;
Albany, 77,000; Erie, 616,000; total,
964,000 bushels, against 13,629,000 bushels in 1937,
Total April 9, 1938...
.
17,000
88,000
Oats, New York—
75
Flour
9", 000
225,000
221,000 10,657,000
122,000
3,000
50.000
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic—100%
Manitoba No. 1, f.o.b, N.Y.
Receipts at—
164,000
477,000
10,000
70,000
8 ,233,000 15,051,000
179,000
248,000
437,000
1,413,000
,521.000
"
3,000
6,000
524,000
1,658,000
1,536,000
Duluth
Fancy pearl,Nos.2.4&7 5.00@5.25
4,000
2,000
641,000
1,522,000
3,715,000
838,000
9 ,482,000
2 ,416,000
City..
Detroit
4.00
10,000
TO'ooo
6,000
,549,000
606,000
.....
—
10,000
1,000
1,000
22,000
44,000
10,000
"
Minneapolis
Barley goods—
To'ooo
1 ,599,000
1 ,942,000
Kansas City..
Omaha.......
Buffalo
Corn, New York—
No. 2 yellow, all rail
,903,000
1,000
3,000
399,000
201,000
1,610,000
135,000
168,000
405,000
.....
St. Joseph
"
Corn flour
8TOCKS
Wheat
United States—
...
2.42%
647,000 100,903,000 1,276,000 44,896,000
857,000
93.885,000
6,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 9, were as follows:
Peoria..
4.50(3)4.60
"8,660
1,000
visible
Indianapolis.
Rye flour patents.....
Seminola, bbl.,Nos,l-3.
Oats, good
.5.50 @5.70
.5.15(^5.35
.4.50(&,4.70
.4.95(3)5.15
_5.15<3>5.35
172,000
5,000
1,50i"666
222,923
86,680
Total 1938
The
55,000
12,000
St. Louis.....
.....
FLOUR
Since
July 1,
April 9,
1937
1,878,371
Sioux
Closing quotations were as follows:
Week
10,355
12,500
Hutchinson...
57%
56% HOL.
Since
July 1
prill),
Wichita......
57 %*
Week
26,755
i....
WINNIPEG
56%
51%
,
So, & Gent. Amer.
Continent.,
Thurs.
Fri.
Corn
Wheat
Since
Fort Worth.1
DAILY
for the week and since
Barrels
5.1938
WINNIPEG
Wed.
209,000
1938
6.1938
FUTURES
Mon.
Week
July 1 to—
6,1938
Apr.
2,000
158*666
below:
as
Made
57%
18,000
98,995
1,276.090
3,000
86,680
857,000
*15*666
Exports for Week
Fri.
Apr.
15*666
19,000
The destination of these exports
;
DAILY
647,000
July 1, 1937, is
60%
59% HOL.
58
57%
"5" 000
:
Total week 1938..
poorer
Thars.
59%
58%
57
West
Same week 1937....
CHICAGO
IN
Wed.
59%
58%
57%
395,000
305,000
Orleans
Halifax
all along the line in com¬
ample, the market closing at the highs
modity values was
of the day.
" *1*666
.
390,000
319,000
186,000
St. John
to advances
response
"l'ooo
Galveston..:
New
prospects of substantial exports of rye.
On the 13th inst.
prices closed J4c. off to %c. up. Like the other grain markets
rye \vas irregular in price trend, with the range extremely
narrow.
There were no significant features either to trading
or the news connected with this grain.
On the 14th inst. prices closed % to lc. net higher.
This
market's
51,000
46,680
115,000
Albany
Philadelphia
—
Rye—On the 9th inst. prices closed % to lc. off. The
bearish reports on the weather and the disappointing action
of other grains in face of the strong stock market and infla¬
tionary talk, seemed to have a depressing effect on the holders
of rye, and further liquidation ensued.( On the 11th inst.
prices closed % to
lower. This market ruled heavy in
sympathy with wheat and notwithstanding reports of J(X),(XX)
bushels of rye sold for export, destined for Scandinavia.
On the 12th inst. prices closed
to
off. This market
was regarded as holding up well in face of the pronounced
weakness
1938
The exports
Total April
2, 1938
10, 1937
Rye
Barley
Bushels
Bushels
;
578,000
13,000
381,000
8,278,000
315,000
926,000
2,043,000
5,425,000
9,237,000
9,536,000
10,440,000
1,276,000
1,279,000
1,641,000
8,377,000
47,402,000 43,494,000 19,963,000
43,480,000
9,237,000
3,293,000
1,276,000
43,480,000
43,399,000
67,298,000
948,000
7,394,000
8,586,000
Summary—
348,000
3,005,000
176,000
8,000
190,000
American..
Minneapolis
226,000
504,000
57,000
43,000
367,000
Canadian
Duluth
216,000
679,000
90,000
8,000
151,000
329,000
Chicago
...
206,000
i4~666
175.000
8,000
2,000
99,000
80,000
1,000
16,000
126,000
42,000
41,000
9,000
633,000
409,000
1,575,000
468,000
154,000
112,000
45,000
1,000
15,000
846,000
130,000
8o"66o
238,000
2,000
Louis..
Peoria
Kansas
City
8,087,000
1,010,000
75,000
1,632,000
4,698,000
1,241,000
1,161,000
377,000
1,515,000
896,000
1,609.000
......
8,340,000
7,394,000
1,218,000
160,000
Omaha
21,000
Joseph.
St.
.......
44,000
2,108,000
2,536,000
20,000
Indianapolis
Wichita
Sioux
'
53,000
Milwaukee.
Toledo
St.
■
66,000
25,000
157,000
City.
Buffalo
10,000
105",000
108,000
58,000
28,000
Total April 9,
"l'ooo
1938... 90,882,000 43,494,000 29,200,000
92,691,000 40,720,000 30,071,000
97,186,000
9,710,000 26,712,000
Total April
2, 1938
Total April 10, 1937....
The world's
28,000
shipment of wheat and
corn, as
351,000
Same wk'37
388,000
294,000
furnished by
Broomhall to the New York Produce Exchange, for the week
ended April 8, and since July 1, 1937, and
27,000
9,000
July 1, 1936,
"
l'ooo
"4"6OO
shown in the
are
following:
Wheat
Tot. wk. '38
4,569,000 15,734,000
4,648,000 17.090.000
4,529,000 17,562,000
Corn
'
1
Since
306,000
Week
Since
Week
Since
Since
April 8,
July 1,
July 1,
1936
April 8,
July 1,
July 1,
1937
1938
1937
1936
Bushels
Exports
Since
1938
Same wk '36
Bushels
Bushels
Bushels
Bushels
Bushels
Aug. 1
1937
13,789,000 235,627,000 220,680,000 88,493,000 23,080,000 81,562,000
15,109,000 176,725,000 123,307,000 61,482,000 13,665,000 70,360,000
13,431.000 269,394,000 131,205,000 110,000,000 18,934,000 74,923,000
1936
1935
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 9, 1938, follow:
North Am.
Black Sea.
Argentina.
Australia
.
India
1,506,000 144,682,000 154,072,000
2,128,000 72,154,000 49,192,000
1,453,000
164,000
45,307,000
6,000
3,445,000
19,951,000
83,000 177,658,000 309,411,000
1,029,000 510,089,000 136,498,000
4,249,000 82,691,000 74,520,000
104,000 12,600,000
8,448,000
Other
countries
Receipts at—
Wheal
Flour
Corn
Oats
Rye
Total..
bbls 196 lbs
New
York.
30,000
Baltimore..
bush 60 lbs
127,000
Philadelphia
16,000
24,000
New Orl'ns*
Galveston.
bush 56 lbs
5,000
11,000
87",660
617,000
_
St. John,W
15" 660
Boston
20,000
Halifax
6,000
10,000
200,000
445,000
14,000
19,000
Tot. wk. *38
3T660
1938
*
on
158~,666
2,000
251,000
1,025,000
681,000
63,000
17.000
178,000
3,941,000
22,275,000
12,838,000
934,000
961,000
2,442,000
268,000
1,198,000
461,000
94,000
3,000
2,000
3,921,000
8,665,000
12,214,000
710,000
294,000
205,000
Receipts do not include grain
on
we
3.000
through bills of lading.
831,000
71,060,000
17,284,000
2,531,000 297,470,000 346,652,000
Agricultural Department Report
Since Jan. 1
1937
21,624,000
on
Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
Since Jan. 1
Week 1937.
21,746,000
9,336,000 384,962,000 444,354,000
20,000
"li'doo
15*666
~
_
bush 56 lbs bush 48 lbs
i'o'ooo
19,000
305,000
bush 32 lbs
23~66O
320,000
Barley
passing through New Orleans for foreign ports
April 11 issued its
present below:
crop report as
of April 1, 1938, which
1
Prospects for crops, ranges and pastures in the country as a whole appear
moderately better than at this season in any of the last several years.
The uniformly mild weather of March, following a remarkably mild and
open winter in the country as a whole, brought grass and winter grain crops
through the winter with minimum damage and gave them an early start.
Much of the late-sown wheat of the eastern half of the country now looks
promising.
In the main wrinter wheat belt the above-normal rains in the
last few months have improved prospects generally.
Conditions as they
were on April 1 indicated that a winter wheat crop of about 726,000,000
bushels might be expected.
This is nearly 100,000,000 bushels above
expectations last December.
Volume
Financial
146
Chronicle
and
2563
by the end of March
late in the fall and early in the
spring, has enabled farmers and ranchers to conserve supplies of feed and
forage.
Over wide areas the growth of vegetation was reported to be two
weeks further advanced than usual on the first of April.
Pastures and winter
grains were reported greening up as far north as New York, Minnesota and
Montana, and pastures were furnishing considerable feed in the southern
half of the country.
The seeding of spring grains has been delayed by wet
weather in many States, but has progressed rapidly where the soil could be
worked and was reported as largely completed during March even in south¬
eastern North Dakota.
Milk production showed the biggest March in¬
crease in 14 years or more, and egg production per 100 hens continued above
previous high records for the month.
Vegetables have been moving from
one to three weeks earlier than usual from Atlantic and Gulf Coast States
supplying considerable feed in the southern
half of the country.
On April 1 this year, prior to the recent cold weather
and snow in the Central States, the reported condition of farm pastures
was above the 1927-36
average for that date in nearly all States except some
in the Central and Northern Plains area, where last
year's dry weather was
still reflected in a short supply of old feed in pastures and ranges and thinned
stands.
For the country as a whole the condition of pastures on April 1
averaged 80.1% of normal compared with 66.0% a year earlier, and an
average of 76.4% for April 1 in the 10 preceding years.
Ranges were in excellent condition west of the Rockies and in the Southern
Plains area.
In the range sections of the Plains States further north old
places on the Pacific Coast.
with little injury, but the warm
weather caused trees to bud or bloom unusually early, and since the first
of April there has been some unusually cold weather, with freezing tempera¬
tures reported in central Texas and in Tennessee and with quite low tem¬
peratures in northern fruit belts.
While widespread damage to early fruits
has been reported, as in Illinois, Tennessee* Missouri and Kansas, the main
fruit belts of the country are thought to have escaped serious injury so far
and the cold weather has retarded development.
This leaves fruit prospects
somewhere around average for this time of year, with a fairly good set of
peaches reported in the 10 early southern peach States, citrus trees doing
well and apples showing no extensive injury as yet.
In the Pacific North¬
west some apple growers are handicapped by financial difficulties due to
low prices last year.
There has been some further loss of trees from drought
and few replacements among the few farm orchards remaining in the Plains
States.
The main fruit belts appear to be progressing normally with fur¬
ther plantings rather generally restricted by low prices.
The moisture situation has improved materially in recent weeks and
would appear better than it has been in years if it were not for the general
lack of subsoil moisture in much of the central and northern portions of the
Great Plains area, where repeated droughts have caused heavy losses of
crops during five of the last seven seasons.
Even in parts of Kansas,
which had the wettest March in seven years, and in portions of the other
States which have had somewhat more than normal rainfall during recent
months, normal moisture reserves have not been restored, and from Kansas
and eastern Colorado northward good crop yields are still more than usually
dependent on well-distributed rain during the remainder of the growing
season.
The same is probably true of northwestern Missouri, south western
Iowa and northwestern Minnesota.
On the other hand, moisture condi¬
tions now appear to average normal or better in Oklahoma, Texas and in
nearly the whole area west of the Rockies.
In the eastern half of the coun¬
try there are considerable areas which have had too much rain or floods
that will delay spring work but the situation does not yet appear serious.
Taking the country as a whole, farmers are starting the season with nearrecord reserves of feed grain and considerable roughage on hand and with
rather low but increasing nun bers of livestock and poultry.
Present indi¬
cations point to a carryover of feed grains on farms next July nearly equal
to the record July carryover of more than 23,000,000 tons in 1933.
Last
year, due to the 1936 drought, the carryover was only about 6,300,000
tons, but the average during the preceding 10 years was nearly 15,000,000
tons, or a little more than 15% of production.
Due to the increased use of tractors, no shortage of work stock has de¬
veloped except possibly in portions of North Dakota, where death losses
have been heavy and work stock is in poor condition.
Probably fully the
usual an ount of spring work has been accon plished.
Better moisture
conditions may tend to encourage the ri ore intensive use of farming lands
west of the Rockies and son e unen ployed city workers have returned to
the farms near industrial areas.
On the other hand, in the drought areas
a
rather
rapid consolidation of farms into larger units is taking place.
Taking the country as a whole, there are no signs of any general expansion
of acreage and, with crop prices low compared with wages and other costs,
some shifting towards less intensive cultivation is to be expected.
erable feed in
The open winter, with grass growing until
but plantings have been delayed in some
Fruit trees came through the winter
Winter
sufficient to
on April
1 indicate an abandonment of about 13%, which
49,900,000 acres for harvest in 1938.
The acreage harvested
46,946,000 acres and the previous 10-year average was 37,281,-
Conditions
in 1937 was
start
000 acres.
indicate a yield of 12.6 bushels on the acreage seeded to
in 1938 as published in Decern ber 1937.
As factors
taken into consideration in arriving
at the indicated yield per acre, condition figures for winter wheat are not
shown in this report.•
Prospects have improved since last December in
practically all sections of the country, excepting the cotton belt.
The
greatest improvement has occurred in the Great Plains States, where weather
conditions have been very favorable since late February.
While surface
soil conditions appear promising, extensive measurements show a lack of
subsoil moisture in parts of this area, therefore the winter wheat crop in
substantial portions of this area is still largely dependent on future weather
conditions.
In most of this area, outside of Oklahoma, the indicated
yields per seeded acre on April 1 were only average or below.
Elsewhere,
excepting on the East Coast, the indicated yields per seeded acre were
generally above average.
Prospects were substantially above average in
the eastern corn belt, Missouri, Minnesota and on the West
Coast.
In
Oregon there has been a downward adjustment in the indicated yield per
seeded acre to allow for acreage intended for winter wheat last fall and
included in the estimate of seeded acreage published in December, but
which was planted too late to classify as winter wheat.
Such acreage
will be included in the estimates of spring wheat acreage planted in 1938.
Present prospects
winter wheat for harvest
than the reported condition are
of Grain April
1
883,000 bushels compared with 71,463,000 bushels a year ago-, and 124,056,000 bushels, the 10-year (1927-1936) average.
The indicated dis¬
appearance of wheat from farm stocks since Jan. 1 was 83,862,000 bushels,
compared with only 56,851,000 bushels for the same period a year ago and
99,475,000 bushels, the li)-year (1927-36) average.
April 1 farm holdings
of wheat by classes amounted to approximately 43,020.000 bushels of hard
red winter 36,569,000 bushels of soft red
winter, 24,925,000
bushels
of hard red spring, 12,460,000 bushels of white wheat (both winter and
spring;, and 7,909,000 bushels of durum.
Corn Stocks—Farm stocks of corn on April
1 were estimated at
1,067,-
678,000 bushels.
This is more than twice as large as the record low stocks
of 409,074,000 bushels on farms April 1, 1937, and 35% above the 10-year
(1927-36)
of 793,082,000 bushels.
Present stocks are the highest
of any April 1 since 1933, when 1,156,102,000 bushels were on hand.
The
disappearance of farm stocks from Jan. 1 to April 1 this year amounted to
600,311,000 bushels, compared with 397,861,000 bushels for the same period
in 1937 and 603,863,000 bushels, the 10-year (1927-36) average.
Oats Stocks—Stocks of oats on farms April 1 were 415,737,000 bushels,
which is a considerably larger reserve supply on farms than the 286,301,000
bushels on that date in 1937, and somewhat larger than the 10-year (192736) average of 379,097,000 bushels.
The disappearance between Jan. 1
and April
1 was 273,200,000 bushels, compared with disappearance of
195,857,000 bushels in the same period in 1937, and the 10-year (1927-36)
average disappearance of 267,053,000 bushels.
The combined April 1 farm stocks of corn and oats was 36,547,000 tons,
compared to the small stocks of 16,139,000 tons in 1937 and the previous
10-year average of 28,264,000 tons.
Disappearance of the two feed grains
from January to April this year was about average and amounted to 21,180,000 tons.
This compares with a disappearance of only 14,170,000 tons
during the first three months of 1937, when supplies were low following the
drought of 1936.
average
Rye
with less injury than usual and the
April 1 was 81 % of normal compared with 71% a year ago and
78%, the average for the 10 years 1927-1936.
In the Great Plains area,
which includes the important rye-producing States of North Dakota, South
Dakota and Nebraska, the April 1 condition is considerably above the
unusually low conditions of last year and is also slightly above the 10-year
average condition.
Weather during the winter was generally more favor¬
able than usual and the April 1 condition of rye shows an increase of 7 points
over the Dec.
1 condition of 74%, whereas the April 1 10-year average is
3 points below the Dec. 1 10-year average.
The rye crop came through the winter
condition on
Pastures
by unusually warm weather in February and March and by
adequate moisture in most areas, pastures started unusually early this year
Favored
pastures
were
was
furnishing consid¬
Since April 1 the growth of pastures has been checked by colder weather
.
Northern, Central and Southwestern States.
However, if normal tem¬
be expected to be moderately
early, and except in the Central and Northern Plains, are in better position
to furnish spring feed than in
any of the last half-dozen years.
peratures prevail from now on, pastures may
WINTER WHEAT
Yield per Seeded Acre
(Bushels)
Production
(Thousand Bushels)
Stale
Indicated
Indicated
Average
1927-36
1937
1938
1927-36
York
19.0
23.3
19.0
8,184
5,795
Jersey
1,462
1,440
20,054
48,220
Average
New
1937
1938
21.1
19.2
20.0
4,838
1,192
Pennsylvania. ..v.
17.8
21.6
18.5
17,720
23,364
Ohio
17.8
18.1
20.0
34,585
Indiana
15.6
15.0
17.0
27,694
46,056
34,592
Illinois..
15.0
16.1
16.5
4.5,150
Michigan..
19.6
17.9
20.0
31,588
15,682
1,224
6,212
15,688
.New
Wisconsin
16.3
17.0
18.0
16.4
18.9
18.5
2,926
Iowa
16.8
17.0
15.5
6,207
Missouri
12.4
12.1
14.0
21,576
8.9
6.2
8.0
Nebraska.
13.0
10.3
13.0
Kansas
10.0
9.2
10.0
1,414
46,400
133,463
Delaware
...
Soutti Dakota
34,408
40,244
18,426
592
Minnesota
18,080
1,296
5,180
10,292
41,097
1,105
37,940
45,654
2,248
61,373
158,040
174,460
1.376
1,488
9,028
8,814
2,338
17.3
15.6
17.5
1,655
Maryland
18.1
18.7
18.5
8,372
9,044
Virginia.
13.7
14.8
13.0
8,598
9,720
West Virginia
North Carolina.
14.0
15.0
14.0
1,855
10.1
11.1
10.0
4,275
2,736
5,817
South Carolina
9,1
8.3
9.0
974
1,416
Georgia
8.1
7.4
8.0
934
Kentucky
Alabama
_.
.
....
Arkansas
11.4
16.8
13.0
3,869
....
.
.
.
_
_
9.7
12.0
10.0
3,588
6,750
.
9.7
9.6
10.5
46
7.6
8.9
8.0
406
1,050
752
9.4
11.6
12.0
44,015
65,462
71,508
7.5
29,984
9,256
12,360
41,690
6,391
39,862
13,762
15,180
.
..
-_iv_...
Oklahoma
_..
.
5,240
1,620
1,872
7,982
5,620
1,445
10,212
...
Tennessee..
_
_.
.
7.8
7.5
Texas.
10.8
-
Idaho
6.6
12.5
18.2
Montana
18.2
20.0
77
84
14,388
...
New Mexico
5.8
7.0
1,273
1,392
1,589
8.1
6.5
9,672
5.6
....
8.2
6.3
Wyoming
Colorado
6.9
10.0
2,277
23.0
23.0
11,151
2,829
1,035
4,100
1,035
21.6
Arizona
;;4
733
9,399
Utah
15.7
14.5
18.0
Nevada
25.1
28.0
27.0
74
84
108
Washington
20.1
16.2
23.0
26,181
16,625
29,900
Oregon.
17.5
14.6
17.5
8,580
14,892
15.7
19.5
18.0
14,924
12,194
16,758
14,670
12.0
11.9
12.6
546,396
685,102
72.5,707
United
A.
States.
of
Loans
CCC
2,820
3,001
April
Through
7
3,834
Aggregated
40,092,901 Bushels—Announcement was
made on April 8 by the Commodity Credit Corporation that
"Advices of Corn Loans" received by it through April 7,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 40,092,901 bushels of corn.
Such
loans aggregated $19,402,962.96, based on a loan rate of
50 cents per bushel, of 2lA cubic feet of ear corn testing up
to Uy2% moisture; the average amount loaned per bushel
determined in this manner thus far has been .4840 cents.
$19,402,963
on
Figures showing the number of bushels on which loans
have been made by States are
State—
Colorado
-
Indiana
*
-
Illinois
-
—- -...
....
Kansas
Minnesota....
Bushels
2,327
6,845,216
974,498
23,296,977
:24,143
3,339,916
Iowa
.
given below:
Bushels
State—
M
issouri1,287,543
3,172,523
Nebraska
Ohio.........
..........
Dakota...
South
......
87,671
1,059,301
2,786
Wisconsin
Report for the Week Ended April
Weather
Stocks
Wheat—The April 1 farm stocks of all wheat were estimated to be 124,-
Wheat
growth.
new
Kansas and Oklahoma.
in
Corn
bushels.
leaves about
other
fwd. was short and subsoil moisture inadequate, but topsoil moisture
California
Wheat
production of 725,707,000 bushels of winter wheat in 1938 is indicated
by reports on April 1.
This con;pares with the crop of 685,102,000 bushels
in 1937 and the 10-year (1927-1936) average production of 546,396,000
A
were
13—The
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended April 13, follows:
weather
The
moved slowly
the
the
of the week was dominated by a low-pressure area that
northeastward from Oklahoma to northeastern Canada on
Widespread rain, sleet, and snow accompanied the passage
of this storm center, with especially heavy falls noted in the central and
upper Mississippi Valley and unusually heavy to excessive rains in central
Gulf sections.
In the latter area several stations reported extremely intense
rainfall on the 7-8th; for the 48 hours ending at 7:30 a. m. on the 8th,
Birmingham, Ala., recorded 7.08 inches of rain and Meridian, Miss.,
the
6-10th.
inches.
Following
8.74
,
the passage of this storm, cooler weather overspread the
with subfreezing temperatures noted as far south as western
Texas and eastern New Mexico, Oklahoma, and southern Missouri, as
well as locally in the Lake region and the Northeast.
Toward the close
of the week, however, a general tendency to warmer prevailed over most
country,
of the country.
„
.
..
,
,.
„
the week were generally below normal in practically
country, except the extreme northern and western portions
and in localities of the extreme Southeast.
The week was especially cool
in the lower Missouri Valley and the central and southern Great Plains,
where the mean temperatures were from 9 degrees to 13 degrees below the
seasonal average.
Particularly cool weather was noted also in the Northeast
and Middle Atlantic States, while similar conditions prevailed in Rocky
Mountain districts.
The week was only slightly above normal in most
northern and western parts, although departures as large as 5 degrees were
noted in southern California and Washington.
Temperatures for
all sections of the
this week were somewhat lower than last week.
weather extended southward over the Appalachian
Minimum temperatures
The
line
of freezing
northern Georgia and northeastern Alabama, then northward
to the southern Ohio Valley and from there southwestward to west-central
Texas
In more eastern portions this freezing line corresponds very nearly
to the average date of the last killing frost in spring, but in central Okla¬
homa and Texas it is somewhat lalter than the average date.
The lowest
temperature reported from a first-order station was zero at Greenville,
Maine, on the 11th.
.
^
J_.
Weekly precipitation was heavy to excessive in central Gulf sections, as
well as in portions of the Mississippi Valley, where the weekly amounts
region
to
,
.
9 inches.
Throughout most central portions of the
weekly totals ranged mostly above 3 inches, while at
total for the week was 9.4 inches. Moderate to heavy
were'also noted in the Middle Atlantic and New England States, while
ranged from 2 to over
Gulf
States
Meridian
falls
the
Miss., the
local areas
in the upper
Rocky Mountains and eastern Great Basin
reported moderate to heavy amounts.
Throughout most
west there was practically no precipitation during the
also
of the far South¬
week, while the
Financial Chronicle
2564
Grande Valley, portions of Florida,
westward to Montana.
attended by uniformly low tem¬
peratures, were extremely unfavorable for farming operations during the
week just closed in practically all parts of the country from the upper
Mississippi Valley arid central and lower Great Plains eastward,
Through¬
out most of this area spring-farming operations were generally at a stand¬
still, while the more advanced crops were set back by the low temperatures.
In many sections of the South the excessive rains caused many floods, with
further damage from erosion and destruction of prepared seedbeds.
In
some north-central districts the continued cold, wet weather caused some
apprehension as to possible loss of seed through rotting.
Frosts were quite general during the week, extending as far south as
central portions of most Gulf States, and subfreezing weather was noted
southward to northern Georgia, and to Oklahoma and western Texas.
While it is too early to obtain a reliable determination of the amount of
injury caused by the cold weather, present indications are that consider¬
able early fruit was damaged in many places from the Ohio Valley south¬
ward and south westward.
Serious damage was indicated in the mountain
sections of the Carolinas, as well as in portions of Virginia and West Virginia.
In the Ohio Valley and adjacent sections there appears to be considerable
injury to early peaches, plums, and cherries, and serious harm was reported
to these crops in Missouri; fruit was believed killed over much of Oklahoma,
while considerable damage was noted in Kansas.
Freezing caused heavy
damage to sour cherries in southern Michigan, but other fruits were believed
to have excaped with but little harm
While the wet weather was detrimental to outside operationst the addi¬
tional moisture was of considerable benefit in replenishing soil-moisture
supplies in central sections.
The soil is now reported in excellent condi¬
tion in Nebraska, while in Iowa the moisture was readily absorbed and is
amounts were
light also in the lower Rio
and from the upper Lake region
Widespread, heavy to excessive rains,
.
believed
have materially replenished
to
snowfall of record for so late in the season
to be of immense
deep-soil supplies.
The heaviest
occurred in Kansas and is believed
value, while in Oklahoma the heaviest snow of record for
April occurred.
In the latter State serious drifting occurred, with 10 to
14-foot drifts reported locally and some highways blocked.
Moisture is still needed, however, in portions of eastern New Mexico,
where
high north winds caused considerable soil blowing.
Preciption was
Colorado and Utah, while Wyoming reported the
beneficial in portions of
heaviest general precipitation to date, with the soil moisture replenished in
the dry eastern parts.
The soil is becoming rather dry in North Dakota
and adjacent sections, but in the wetter Western States the soil is now
becoming dry enough to work.
Small Grains—From the eastern Ohio Valley eastward and
southeast¬
generally favored small grains, with condtion and progress
generally fair to good, except for slight damage by cold or excessive mois¬
ture.
Wheat is jointing or branching northward to the Virginias.
In the eastern Ohio Valley, much of the Lake region, the central Missis¬
sippi Valley, and most Plain States cold, wet weather was generally unfavor¬
able, delaying oat sowing in Indiana, Illinois, Iowa, and some Plains States,
causing yellowing of winter wheat in portions of Illinois, and resulting in
ward the week
frost damage.
some
Unusually heavy snows, in several States the heaviest of record for so
late in the season, were decidedly beneficial in restoring subsoil moisture.
In Nebraska soil condition is now excellent, while in Kansas the heavy
snows
of immense
were
value to the wheat crop; no
damage resulted in
jointing.
although
State, except possibly in those sections where the crop was
Cold damage in Texas and Oklahoma has not been determined,
in parts of this area an ample snowcover protected grains.
this
in eastern
growth in portions of Montana;
generally favored, with condition
Duststorms the middle of the week were damaging to wheat
New Mexico and freezing nights checked
elsewhere in the West minor grains were
varying from good to excellent.
Spring-wheat seeding has begun in portions of eastern Washington
where more warmth is needed, and the crop is germinating slowly in
Oregon.
Seeding is nearing completion in Minnesota, but frozen ground,
extremely dry weather, and soil blowing have stopped spring-wheat seed¬
ing in North Dakota.
Corn—Although some corn has been seeded northward to Fremont
County, Iowa, the unfavorable conditions of trie past week effectively pre¬
vented any additional work and retarded the crop that was already seeded.
In some sections, notably in Oklahoma and Texas, the cold weather was
very detrimental and it appears that some corn reseeding will be necessary.
was adversely affected by the cold weather,
portion of the harm was in the northern half of this State
been seeded.
Only a little cotton has
northward to Arkansas and Tennessee, but the cold, wet
Cotton—In Texas cotton
but the major
where the bulk of the crop has not
been put in
weather was unfavorable for growth.
other
In
sections
of
the
South,
except
in
the extreme
eastern
part,
preparations for planting were further retarded during the week and are
now about 10 days behind an average season in Mississippi.
Germination
has been unsatisfactory due to the continuous moisture.
The Weather Bureau furnished
the following resume of
conditions in the different States:
South Carolina—Columbia; Cold; some frost damage.
Farm work at
standstill, but continued rains beneficial.
Progress of grain and pastures
Wheat and oats mostly headed in south, heading in north.
Early
good.
corn germinating.
Favorable tobacco transplanting.
Early cotton plant¬
ing in south and central near normal date, but germination slow account
recent cold; probably considerable replanting required.
Warm, sunshiny
weather needed generally.
>
'r'V.
Georgia—Atlanta:
Excessive rains Wednesday to Friday in west-central;
elsewhere mostly heavy; light in southeast where some counties still too
dry, but general relief in tobacco area.
Cold unfavorable, except for pastures
and meadows.
Planting cotton in south; elsewhere ground too wet; much
cotton and corn replanting required.
Considerable frost damage to gardens
in north and east-central.
Florida—Jacksonville;
Cool;
moderate
rains
in
northwest,
light
in
northeast.
Planting cotton.
Corn fair stand.
Potatoes good; harvesting
active in Hastings area.
Sweet potatoes being set out.
Some frost damage
to truck in extreme north.
Harvesting beans, cucumbers, peppers, egg¬
plant, celery
new
and tomatoes.
Citrus dry; irrigating groves; fairly good set
fruit.
Alabama—Montgomery:
excessive
Cold;
heavy
frosts
most
sections on 10th;
rains in middle and moderate to locally excessive elsewhere.
damage from packing of soil, washing out of fertilizer and seed,
erosion, flooding of lowlands, and major floods in most large streams.
Damage by frosts rather spotted, but extensive to young corn and vege¬
tables and some to fruits.
Practically no work; little cotton planted.
Much
Mississippi—Vicksburg:
Vegetation abnormally advanced, but prepara¬
10 days belated with progress
and heavy rain; extensive area flooded in
southeast and east-central.
Moderate frost damage in north and central
Saturday and Sunday.
Progress of pastures fair to good; fruit, gardens,
and truck mostly poor.
tion for planting cotton and corn probably
generally
poor
account
cold
ft Louisiana—New Orleans:
Locally excessive rains in north and westcentral first half damaged some cotton, corn, potatoes, and truck; some
necessary.
Elsewhere crop conditions good, through progress
retarded and tender truck killed or set back locally by light to heavy frosts
Sunday. Farm work suspended all week because of wet soil or coolness.
replanting
W Texas—Houston:
Averaged 10 degrees subnormal; freezing in north and
west, but somewhat above elsewhere; heavy rain in central and northeast,
light in northwest and on upper coast, but dry elsewhere.
Prematurely
advnaced winter wheat, oats, and minor grains suffered some setback in
west-central and north-central Texas, but believed a large percentage will
recover; snow afforded ample protection in Panhandle and little damage
reported there.
Some corn may have to be replanted.
Truck badly
damaged by freezing weather in north and by high, dry, cold winds in
south and on coastal plains, particularly in Rio Grande Valley where rain
badly needed.
Cotton adversely affected generally, but mostly in north
half where replanting necessary; major part of crop had not been seeded in
that area, however.
Considerable loss of calves, young lambs, and freshly
shorn goats in west-central; elsewhere, livestock came through in good
condition.
Ranges mostly good.
Oklahoma—Oklahoma
City: Cold at close with heaviest
snow
of record
for April; drifted badly with depths 10 to 14 feet some places in west half;
main
highways blocked till Sunday.
Fruit killed over much of State.
Much corn replanting necessary.
Winter wheat damaged by cold, but
extent unknown at present; oats damaged somewhat and alfalfa, gardens,
and potatoes considerably.
Much suffering of livestock; some animals
some
ap"' 16- 1938
Arkansas—Little
past seven weeks.
delayed by frequent rains
Germination and growth slow past 10 days due to cold.
Rock:
Farm
work
badly
Slight amount of cotton planted.
Corn planting well along in south,
progressing slowly in north.
Corn, potatoes, and truck frosted in some
northern localities on 9-10th; peaches killed, other fruit damaged; little frost
damage in south.
Very favorable for wheat, oats, meadows, pastures,
and truck in south.
niFlBI
,
Corn planting slow progress account of rain; some
Tennessee—Nashville:
coming up.
Little cotton planted.
Winter wheat slightly damaged by
cold, but condition mostly good. Clover, alfalfa and grass good to excellent;
lespedeza partly killed; sowing continues.
Fruits damaged by freeze.
Tobacco plants flourishing.
Planting potatoes and gardens continues.
Kentucky—Louisville:
Good rains.
Not much plowing or planting.
THE DRY GOODS
New York, Thursday
TRADE
Night, April 14, 1938
More seasonal weather conditions and the close
approach
of Easter, served to accelerate the pace of retail trade during
the past week, with many sections, for the first time in
small increases over the corresponding
The better tone in the security markets
growing view that a turn for the better in general
business conditions may not be far off, also tended to stimu¬
late activities in retail centers.
Chief interest prevailed in
accessories whereas apparel lines showed less animation.
Department stores sales in the metropolitan area, during the
week ending April 2, according to the report of the Federal
Reserve Bank of New York, declined 2.3%.
In Newark a
gain of 7.8% was registered, and in Rochester a still larger
increase, of 26.9%, was established.
During the month of
March, department stores the country over, according to the
usual survey of the Federal Reserve Board, showed a decline
in sales of 14%, as compared with March, 1937.
The largest
loss was shown in Philadelphia, with 23%, the smallest in
Dallas with 3 %; in the New York area a decline of 12 % was
months,
showing
volume of last year.
and
a
registered.
Trading in the wholesale dry goods markets expanded
moderately as considerable numbers of last minute fill-in
orders came to hand.
While merchants in general adhered
to their previous policy of caution, a larger amount of fall
orders on underwear was received, and fair activity developed
in wash goods.
Staple items such as wide sheets, sheetings,
and pillow cases moved in substantial volume, following a
reduction in prices announced during the week.
Business
in silk goods continued fairly active, with sheers and crepes
again moving in substantial volume on spot orders. Trading
in rayon yarns remained dull.
While some producers, owing
to drastic curtailment measures, were able to hold surplus
stocks down to previous levels, others were believed to have
experienced a further mild increase in these supplies.
Rel¬
atively best interest continued in cuprammonium yarns, and
a fair call also was reported in the acetate division, whereas
business in viscose yarns gave little indication of an early
upturn.
Domestic
Cotton
Goods—Trading in the
gray
cloths
markets started the week in active fashion, and total sales
exceeded the present
curtailed production by a wide margin.
Stimulating factors were the sharp rebound in the security
markets, the moderate rally in raw cotton values, the mild
revival
of inflationary sentiment
following Washington
advices concerning a new huge spending program, better
reports from the finished goods market and the growing
realization on the part of converters that the continued
drastic curtailment measures taken in conjunction with the
general low level of stocks, may easily lead to a rush for goods
should general business take a turn for the better.
Prices
for most constructions scored perceptible advances.
Late
in the week trading quieted down considerably although
quotations were maintained at the higher levels. Business
in fine goods early in the week received a certain impetus
through.the activity in the print cloth market, with combed
lawns moving in fairly large volume. * Continued interest
existed in dimity stripes as well as in voiles and carded
piques. Closing prices in print cloths were as follows: 39-inch
80's, 6^c.; 39-inch 72-76's, 6c.; 39-inch 68-72's, 5c.; 38^inch 64-60's, 4^c.; 3834-inch 60-48's, 3J^c.
Woolen
Goods—Trading in men's wear fabrics gave in¬
a
moderate improvement as clothing manu¬
facturers placed some initial orders on fall suitings.
A fair
call also existed for tropical worsteds and gabardines, for
spot shipment.
Prices held steady, and sentiment appeared
improved, largely predicated on better inventory conditions
in many sections of the trade.
Reports from retail clothing
centers gave an improved account as more seasonal weather
conditions were instrumental in releasing pent-up purchases
by consumers.
Business in women's wear materials con¬
tinued dull, chiefly as a result of between-season influences.
dications
of
A few orders
real
revival
were
received
on
flannels and suedes,
but
no
in
general activities is anticipated until the
opening of fall lines scheduled to take place during the last
week of April.
Foreign Dry Goods—Trading in linens remained inactive.
on either household items or suitings came
to
hand, but the sound statistical position of the market was
regarded as presaging an early revival in trading. Business
in burlap continued inactive, although prices ruled fairly
steady reflecting the improved United States consumption
figures for March, and Calcutta advices holding out new
hopes for an agreement on the curtailment program. Do¬
mestically lightweights were quoted at 3.55c., heavies at
Few orders
4.85c.
Volume
Financial
146
2565
Chronicle
Page
Rate
Name
Maturity
Price
Amount
Basis
1595 Fort Ann, Hartford & Kingsbury
1941-1968
2.40
1940-1951
1924
Fort Plain, N. Y
2251
Friend, Neb
—334
1595
Specialists in
100.44
2.97
25,000
100.10
"2.38
100.24
rl05,000
100.17
L72
1940-1948
99,000
100.17
1.72
1942-1951
r53,000
100.45
1939-1948
7-19,000
100.14
1.87
1941-1949
100.32
2.15
1941-1963
465,000
115,000
1939-1955
7-35,000
Fulton, N. Y
—134
1939-1948
1595
Fulton, N. Y
—134
2245
Illinois & Missouri Bonds
155,000
r34,000
3
S. D. No. 2, N. Y
Gadsden, Ala_.
1924
2251
Grant, Neb
434
1953
15,000
1751
Greene, Township, 111
1919
Gustine Drainage Dist., Calif
2093
Hamilton, Ohio
Hammond School City, Ind
1921
Harrisburg ind.
334-334
334
1940-1954
SALES
BOND
IN
We present
herewith
100.31
4.22
100.86
2.91
50,000
10,150
3
1949-1953
183,500
Hardin Co. Pub. Sch. Corp., Ky..334
1939-1958
<*85,000
S. D. C-l, 8. Dak3 34
1939-1953
15,000
101.23
3.32
1939-1953
50,000
100.46
2.69
234
94
4.32
25,000
Hazelhurst, Miss
2089
detailed list of the municipal
our
1950-1956
1939-1948
2089
r60,000
Hennepin Co. 8. D. No. 89, Minn.3
....
__
200,000
1947-1951
8,860
103.73
2.92
3 34
434
2254 Hillsboro, Ore
1599 Hillsboro, Texas
bond issues put out during the month of March, which
the crowded condition of our columns prevented our pub¬
7,500
30,000
__
434
Haverhill, Mass
1590 Haxton S. D., Colo
MARCH
100.09
...3
1922
MUNICIPAL
5.18
10,000
1954
LOUIS
3-334 1941-1951
2096
ST.
Granites. D., Okla
2247
WIRE
Graettinger, Iowa
2094
314 N. Broadway
DIRECT
Goldsboro, N. C—
Gordon, Neb
2247
CHICAGO
2.20
2251
105 W. Adams St.
Glen Cove. N. Y
1756
STIFEL, NICOLAUS & CO., Inc.
Geneva, N. Y
534
1.90
1938-1945
40,000
10,000
100
3.50
1939-1957
38,000
100.76
4.40
.234
1939-1948
10,000
100.55
2.39
234
1943-1946
20,000
101.37
2.27
........334
334-334
1754
Hillside Twp., N. J
2090
Hillside Twp., N. J...
2088
1591
Hudson, Mass
Humboldt Ind. S. D„ Iowa
1925
Huntington, N. Y
234
1952-1956
7-37,000
100.42
2.71
1920
Indianapolis School City, Ind
1941-1960
200,000
101.94
2.05
2098
Iowa County, Wis.
234
134
1943-1945
127,000
100
1.75
clude
Federal Emergency Relief Administration or Public
Works Administration loans or ,grants actually made or
2249
Ipswich,
1939-1953
15,000
100.79
2.40
1941-1946
3,000
18,000
promised to States and municipalities during the month.
The number of municipalities issuing bonds in March was
318 and the number of separate issues was 383.
2248 Irvlngton, Ky.................5
2089 Itawamba County, Mass
5
lishing at the usual time.
The review of the month's sales was given on page 2401
of the "Chronicle" of April 9.
The total of awards during
the month stands at $110,039,630.
This total does not in¬
Page
1928
1925
1599
1924
2089
2097
1594
2085
1753
2085
2090
2248
1595
2247
1595
Maturity
Amount
Abilene. Texas
4
1941-1965
$300,000
Alamance County, N. C
3>£-4
1949-1962
140,000
Alamo Heights, Texas (2 Issues)— —
-—50,000
Albany N. Y. (10 Issues)
2-2M
1939-1958
2,415,400
Alcorn County, Miss
3 Hi
r31,000
Alleghany County, Va
2
1938-1945
120,000
Allenhurst, N. J._
3)4
1939-1952
14,000
Alexandria, Ind
3
1939-1958
20,000
Anoka County, Minn....
.....3
1940-1949
10,000
Ashkum Twp., Ill
4
1940-1949
60,000
Ash ton S. D. No. 16, Neb
-334
22,000
AssumptionPar.S.D.No.l.La—4)4
1939T978
400,000
Auburn, N. Y. (2 Issues)
134
1939-1948
300,000
Bear Creek Twp., U1
....
4)4
1940-1949
23,000
Batavia, N. Y
-.1.70 1939-1948
50,000
2091
Rate
Name
——
Price
1939-1963
3
2247
Bent County H. S. D„
2)4
3
Belle Plain, Iowa
2246
Colo
1)4
2096 Birdville 3. D., Texas....4
1918 Birmingham, Ala. (2 Issues)
334
2253 Bloomsvllle, Ohio (2 Issues)
434-5
1920 Bloomlngton School City, Ind
2
1926 Boise City S. D. No. 2, Okla
5
1920 Boundary County S. D„ Class A,
No. 4, Idaho
3)4-4
2087 Boyd County, Ky. (2 issues).—4
2090 Bridgeport, Neb
3 %A
1759 Brown Co. Water Impt. District
No. 1, Texas
4
1759 Brown Co. Water Impt. District
No. 1, Texas
4
1923 Buchanan County, Mo
2)4
2248 Buhler Kan.
3
1593 Butler County, Mo
2%
2251 Burns, BirdsaU, &c„ S. D. No. 2,
N. Y
3
2093 Butler County, Ohio
234
1921 Caldwell, Kan
234
2251 Camden, N. J
334
2085 Canton, 111..
334
1595
Binghamton,
N. Y
1943-1957
66,000
1939-1949
66,000
1939-1948
92,000
1939-1968
<155,000
1942-1958 rl,070,000
1939-1963
35,000
1939-1948
68,000
1599
1920
Basis
2.20
100.10
100
102
102.52
1.97
3.50
2.78
2.59
100.03
1.49
100.27
1.65
1591
Chicago, 111
2090
Circleville, Mont
1754
Clayton, N. M
1751
Clear Creek Twp.,
1929
Cleveland Ind. S. D., Texas
1751
Clinton Twp., Ind
1921
Clinton, Iowa
Ind
4
4
Clovls,
1759
Comfort S. D., Texas
1594
Commercial Twp., N. J
2085
Cook
Co.
Non-High
S.
D.,
Cook Co. S. D., No. 89, 111
2251
Corning, N. Y
2255
Corslcana, Texas
2248
Cowley County, Kan
1759
Dallas County, Texas
•
i
4
434
2
334
234
4
1592
Danville, Ky
.
1923 Dawson Co. S. D. No. 35, Neb—3
Deer
1926
Delaware,
2246
2574
2254
1926
2248
1922
2091
2256
1920
2251
1928
1927
2087
'1752
1926
285,000
19,250
.r34,000
—.....
1940-1967
1939-1958
1-10 yrs.
200,000
46,000
5,000
30 years
302,000
450,000
1924
1755
1752
1754
2247
1757
2247
1758
1943-1947
1952-1954
-
1941-1948
1939-1954
1958
1939-1955
1939-1947
—
1940-1946
1957
1957
1939-1948
1939-1951
1939-1948
-
Fire District, N. Y-3)4
Ohio
.....
—434
334-4
Erie County, N. Y. (4 Issues)
2.90
Esopus, N. Y
-2.60
Eunice, La
-534
Fairbury, Neb
234
Fayette County 8. D. No. 50.111.354
Falrview, Okla
4
Floyd County, Iowa
234
Folcroft, Pa
3
Elwood, Kan
Enid, Okla
100.04
1.99
<*25,000
rl5,000
10,000
137,500
31,000
5,000
100,000
25,000
1,500,000
1,100,000
22,000
r75,000
15,000
20,000
24,000
2,674
r50,000
45,000
r31,000
1939-1957
1941-1948
1939r1953
1939-1958
1939-1948
1939-1944
1941-1950
1939-1943
<*300,000
r25,000
33,000
r210,000
2,750,000
90,000
20,000
125,000
60,000
30,000
20,000
22,000
Kansas City, Mo.
2253
2.98
2.21
2.50
3.25
3.46
100
100.08
105.57
115.24
100.15
2.50
2.24
3,40
100.17
3.47
1.57
100.44
105.55
107.86
2.14
2.85
100
4.00
101.20
2.84
107.70
2.99
Kenyon,
2095
—
-—
70,000
1939-1948
210,000
1939-1948
7-115,000
2-11 yrs.
450,000
250,000
1941-1946
1939-1943
3)4
2)4
2%
5
1939-1948
1941-1950
1939-1944
1941-1950
2.70
3)4
Minn
Killdeer, N. Dak
1751
1939-1948
1943-1955
Kirkland S. D. No. 29, 111
1755
Lackawanna City S. D„ N. Y
....
2254 La Grande, Ore
1929 Lacoste S..D., Texas
2246 Lafayette, Colo
...
—-
..
..
........
Lake-of-Woods County 8. D. No.
Ill, Minn
3
1943-1947
2091 Lakewood Twp., N. Jw,
1921 Laurel County, Ky............. ..
Mass
2249
Lawrence,
2254
Lehigh County, Pa
Lewis ton, Idaho
Lexington,
Mich
Lima City 8. D., Ohio
2247
Lime Springs
2089
Lincoln County, Minn.
2
2
4
4
—2)4
2%
3
Linton, Ind
.....
Lloyd,
Marlboro & New
8. D. No. 3, N. Y
2097
2097
2253
2250
1757
1758
1760
1592
1923
2253
2086
1923
2247
1758
1926
2253
1923
1758
2091
1930
2247
1753
1754
2247
2084
2092
1921
Station, Iowa
—
Paltz
2)4
Lowell Water District, Wash
6
Lowell Water District, Wash
6
Lumberton, N. C. ————3)4-3)4
McAdoo, Pa
4
McDevitt, Minn
6
Madison Twp. 8. D., Ohio.
3)4
Madison Ind. 8. D., 8. Dak
3)4
Madison, Wis. (2 issues)
-2)4
Maiden, Mass..
-2)4
Mantua 8. D., N. J
..
Manon County 8. D. No. 5, Ore_.3
Mapleton, Iowa
5
Manon-Walthall S. D., Miss
4)4
Marcus, Iowa (4 Issues)—......5.
Matamoras, Pa
-.4
Mayes County S. D. No. 2, Okla.. —
Mebane, N. C...
6
Meridian, Miss
4
Mifflin Twp. 8, D„ Pa
2%
Milltown, N. J
3%
Milwaukee, Wis
4
Minler 8. D„ 111
3
Minneapolis, Minn. (3 Issues)
2.20
Mississippi County, Mo. (2 lss.)..4
1)4
3-3)4
Montezuma Co. S. D. No, 1, Colo.4)4
Mooers, Cham plain & Chazy 8. D.
No. 1, N. Y
—3)4
Mora, 111
-4
Morgan Co. 8. D. No. 2, Colo-2)4-3
Mount Morris, N. Y
2.90
Mitchell County, Iowa
Monroe,
Wash
...
Muhlenburg County,
1593
3.00
lbb"36"
100.36
lboTo"
7-6,000
ibb"662
0.99
87
<*400,000
100.30
3.44
13,000
101.19
2.34
7*45,000
5,000
20,000
163,700
<*12,800
17,000
f59,000
100.70
2.56
101.08
3.26
3
2%
Muskegon,
Mich....
Natalia 8. D., Texas
1754 New Jersey,
9,500
100
3.00
100.1
1~96
7-50,000
45,000
100,000
400,000
47,000
34,500
47,600
100.87
2.32
100""*"
b'.bo
100.58
2.42
100.05
3.68
100
4.00
12,000
1943-1954
60,000
1941-1963
55,000
1939-1953
1940-1958
12 years
1940-1955
1939-1949
1938-1941
1939-1962
1939-1953
1944-1953
1939-1958
1938-1953
1940-1943
1942
198,000
52,000
25,000
25,000
7-28,000
1,200
22,500
100.20"
100.42
3.19
rll 7,000
101.08
2.13
729,000
101.90
2.05
7-45,000
r48,000
4,000
<*7,500
100*62 ~
100
5.00
15,000
........
1939-1947
1941-1953
1939-1942
31,756
8,500
6,500
32,000
30,000
100,000
r33,500
<*113,000
25,000
100.02
1939-1948
1939-1948
1939-1945
1940-1949
1939-1948
1,300,000
50,000
r350,000
100.23
2.15
102.92
3.43
100.11
1.47
35,000
99.26
1941-1968
1939-1948
1943-1962
1939-1948
143,000
58,000
20,000
4,985
37,000
1940-1956
1-6 yrs.
rl00,000
3,000
1939-1958
1939-1949
1951
Ky
Murdock, Minn
1922
1939-1948
1939-1945
15 years
1939-1958
1939-1947
100
6.00
100.50
101.18
2.62
100.10
3.73
105.50
3.51
100.70
18,000
100.42
3.22
101.17
12,000
100.31
2.72
25,000
2416 Necadah, Wis
3.49
100
2.20
2250
2097
100.07
100.24
45,000
1597
1750
1.97
3.70
1.69
1939-1953
100.57
18,000
Kershaw County, 8. C
1925
100.13
100.32
100.06
2-234
Kenosha County, Wis
2085
"
65,000
Kenllworth, N. J
2256
-
1939-1948
Kansas (State of)
2090
2254
100.27
100.31
100
100
100.66
3.55
1
2087
2252
2.49
3.00
99.70
Kenmare 8. D., N. Dak
1921
100.07
100
5.60
[7-313,000
4
.4
(2 Issues)
1756
——
97
1941-1953
Jourdanton Ind. 8. D., Texas
1923
1590
75,000
rll0,000
22,000
<*25,000
13,500
<*20,000
r246,850
15,000
80,000
r60,000
r22,000
<*30.000
80,000
250,000
50,000
190,000
rlOO.OOO
<*r20,500
10,000
26,000
22,558
1929
2089
— —
r300,000
1939-1958
1939-1947
1943-1952
1939-1951
3
1939-1943
Delta. Colo
4-434
1938-1949
Depew, N. Y
3 34
1940-1947
Douglas Co. S. D. No. 4, Ore.—334
1943-1952
Darwlngton S. D., Pa....
.234
1938-1947
Downs, Kan
3
1939-1947
Durand, Mich...
...4
1940-1959
Eastchester, N. Y_
.,
1.60 1939-1942
Eau Claire County, Wis
2
1939-1948
East Maline S. D. No. 30, 111
3
1938-1956
Eddy County, N. M
Edgefield County, 8. C
434 6 1943-1956
Edlnboro, Pa
3
1948-1956
EULs, Kan.
334
1- 10 yrs.
Park
2251
3.48
No.
216,111
2247
----
300,000
5
3
334
5
N. M..._
2251
2.49
3.22
1.49
100.20
1940-1957
3
334
4
334
3
-
2.98
100.23
Ky..434
1939-1949
234
—1591 Centerville, Iowa..
234
1940-1949
1918 Chambers Co. School Board, Ala..4
1943-1956
2085 Champaign, 111
4
1939-1956
2096 Charleston Co. S. D. No. 1, S. C..334
1939-1948
1595 Chautauqua County, N. Y
1.60 1938-1945
1600 Chewelah S. D., Wash
3)4
Chicago, 111
.—...
100.01
Cassville, Wis
1591
100.03
98.86
100.02
20,000
Carter Co. Pub. Sch. Corp.,
2256
100.16
21,000
334
Jersey City, N. J
Johnstown, S, D., Pa____.
2098
— —
1939-1949
1.70
(2 Issues)
1923
<1313,000
<115,000
1939-1953
Jefferson Co., N. Y.
1927 Johastown, S. D., Pa.
—
1939-1948
.5
--334
Jefferson Co., Ala. (4 issues)
1927
100.15
. — —
--234
_
2251
——
21,000
82,000
<*75,000
1,000,000
... ......
2091
98.38
5-20 yrs.
5-20 yrs.
1948-1958
.
Jacksonville, Fla
1918
100.07
1940-1955
334
Jackson County, Tenn
2245 Jasper, Ala
14,000
-
2248
93,000
234
S. Dak...............5
Mass
1928 Ipswich,
1600 Iron Ridge, Wis
Belfast, Caneadea, &c„ S. D. No.
1, N. Y_„
(2 Iss.)
State of (sale by An¬
nuity Fund)
318,000
—
3.49
1.71
3.00
4.00
1.59
1.92
3.00
New Mexico (State
1949-1950
100.04
2.92
2252
100.01
104.02
100
100
100.02
100.38
100
2251
New York City
N. Y. (2 lss.)
1940-1968f rll,100,000/100.03
3.49
2.89
3.50
100.004
100.13
100.33
100
100.18
3.96
2.87
2.57
5.50
2254
2085
Oakley, III--
1926
Oak wood City
1922
2247
1925
2090
100
100.50
100.16
4.00
2.09
N. Y. (6 lss.)
1929
1591
Branch, Miss
Onawa, Iowa
1757 Ontario, Ore
Orange County, Texas
1754 Ormsby, Minn..
1591
Ottowa S. D. No.
1925 Ossining, N.
Y
2.94
0.78
100.28
3.73
100
2.75
lbb" 72*
2~43
102.12
4.62
40,000
10 IT 4"
2.63
1939-1943
25,000
100
4.00
1938-1952
130,000
43,000,000
1940-1957
1939-1942
<*40,000
200,000
25,000
10.000
70,000
60,000
<*7,500
120,000
1943-1967
1939-1948
1939-1959
1946-1950
.
S. D., Ohio
Odessa, Texas—-
2250 Olive
100.71
100.55
1939-1968
— —
Nicholas Co. Pub. Sch. Corp.,
1757 Oberlin, Ohio
1600
......
1,000,000
6,900,000/
3
Ky_3)4
Norfolk County, Mass
1
North Augusta, Ga_.———— 3)4
North Hornell, N. Y
2)4
North Kansas, Mo
-.2%
North York S. D„ Pa
2)4
Nyssa, Ore..
5
1595 New York,
2248
1758
101.13
100
of)
-2)4-3
Park'y Authority,
-3)4
141, 111
2)4
4
4)4
5
3)4
3%
3)4
---4
—2)4
---3)4
1939-1958
15,000
100.91
1940-1949
60,000
4,899
1938-1957
326,000
1939-1952
9,000
1939-1957
200,000
100.65
1-3 yrs.
5,250
100.27
3.68
100
3.50
104.72
3.36
Financial
2566
•
Oswego. N. Y. (2 lss.)
1600
1940-1954
1939-1948
3
Ore..2^-2^
Princeton, III
4
Pulaski, Tcnn
5
Quernado, Texas (2 lss.)
5
2,600
100.03
2:58
1939-1956
100
5:66
1939-1958
70,000
1760
British Columbia (Province of)...
7,000
1600
Canada (Dominion of)
75,000
1760
100.34
2.72
1760
Granby, Que
2.36
1600
Lanark County
1.72
N. B__
2098 Montreal, Que (4 lss.)
1930 North Cowlchan, B. C
Sanborn, Iowa
1921
1,100,000
4,875
26,000
160.000
Sawyer, Kan
Scotch Plains Twp. 8. D.,
J-.
Shamokin, Pa
—-
Sharwood 8. D. No. 4,
Sierra County, Calif......
1750
Sierra County, Calif
2097
Sioux City, Iowa..—...--
1751
Sioux City Ind. 8. IX,
1756
Sloan, X. Y
2096
Smithville,
2093
South Nyack, N. Y
Iowa
Tenn
41,000
Spencer, Iowa—
1757
100.26
2.69
100.22
3.72
r120,000
95.50
Suilivan 8. IX, 111
Okla
Superior, Wis
35,000
Tama 8. IX, Iowa
Tipton, Ind
Trumbull County, Ohio
2246
Ventura County,
2089
1919
Walllngford, Conn..
Calif..
—
Ore
-
2)4
1756
Warren County, X. C
2254
Washington, Pa....
2253
1.70
2)4
Warren County, N. Y
2253
Wauseon S. D., Ohio.
.....2)4
2085 Waterbury, Conn. (2 Issues)
2%
1751 Waterloo, Iowa.
2)4
2090 Wentzville,
1758
1752
100.29*
3.92
4.30
150,000
101.14
3.33
471,600
22,000
98.58
4.21
98.30
4.14
99.25
3.59
25,000
debentures sold in March.86,270,800
not included in total for month.
on
interest
securities, the PWA Division of Accounts has
reported to Administrator Harold L. fckes.
The total of all interest collected through March 31, 1938 amounted to
$22,540,204.52 while the profit to the Government from the sale of bonds
the total of profit and interest being $35,398,770.63.
In financing the Public Works program, the Federal Govern¬
ment paid on an average of 2% % on borrowings while States, municipalities
and other public bodies which borrowed from PWA paid 4%.
100
3.00
100
100.02
1.74
15,000
3,500
100.43
3.61
The Public Works Administration has sold to the Reconstruction Finance
100
4.00
13,500
100.07
2.22
4.00
8,000
131,000
amounted to $12,858,566.11,
100
6.00
Corporation $601,818,061.21 worth of securities, most of which were
municipal bonds which were posted as collateral for PWA loans for the
financing of useful Public Works projects.
The Reconstruction Finance
Corporation/acting as agent for PWA, has sold $431,330,909.45 worth of
these bonds to the public.
The $12,858,566.11 profit is actual realized cash profit for the Govern¬
ment
It represents the excess paid by competitive private investors bidding
for the public improvement bonds examined and purchased by PWA as
loan security in financing permanent improvements assisted in the program
designed to develop construction employment and aid heavy industry.
Premium sales of such security attesting the quality of PWA's lending
101.23
3.14
record
65,000
100
4.00
lbb"""
6:60
100.13
5.23
.
are
continuing.
100.006
4.49
The latest report received by PWA from the RFC shows that RFC still
holds $170,487,151.76 worth of securities, including $49,189,027.84 worth
of railroad bonds, while the PWA holds in its portfolio $47,927,032.41
7-22,000
100
3.00
worth of securities of
67,000
144,000
101.05
45,000
t-213,000
r146,000
10,000
100
100.27
2.21
100.31
2.20
3,000
15,000
5,000
100:04"
2~.49
100
4.00
80,000
100.76
2.42
r5,500
4,000
100
4.00
1940-1949
1939-1950
1940-1944
1939-1950
1939-1958
1939-1957
100,000
10i:03"
235
120,000
100.18
1.67
5,000
100.13
2.46
100,000
101.61
2.26
1,085,000
100.18
2.73
400,000
100:28
2.22
82,500
News Items
New
1939-1958
1938-1953
100.007
101.30
2.43
1943-1947
1940-1957
$90,000
66,500
101.63
2.55
15,000
100.85
3.39
3.69
15,000
10,000
looii"
74.643
101.96
50,000
100.64
1.87
33,000
100
3.00
12,000
240,000
100
4.00
166:62"
3.49
100.80
2.68
1946-1950
1-10 yrs.
the
2.22
3.25
20,000
4
over to
6.00
100
30,000
...
public bodies which it has not yet turned
RFC for sale.
2:62
100.63
100.17
rl60,000
1939-1948
1939-1948
1938-1940
1938-1940
1939-1946
from Public Works Administration bond sales and
57,000
1939-1953
1939-1948
2
ADMINISTRATION
20,000
20.000
3%
2)4
ment
WORKS
on
85,000
1940-1954
Wheatland, Pa
Wichita, Kan.
3.50
2.95
2%
2%
Mo
2.04
99.09
100.18
.....3)4
Wellston. Ohio
100.31
Profits Obtained from Bond Sales—The Govern¬
has received more than $35,000,000 as a result of profit
collected
9,400
1942-1949
1941-1963
1948
1939-1963
1941-1958
1939-1944
1939-1957
1940-1953
1948-1957
1939-1948
--
1752 Waverly, Iowa
1921 Wayne Twp., Ind. (2 issues)
2094
18,000
156,500
2.91
19,000
—
2256 Wall 8. D., Texas
1597 Warren, Ohio
99.08
3.93
1941-1959
4
—2)4
4
2)4
-4
Wadham S. D., Mich....
115,000
26,700
100.47
1,400
3)4
Pa...214
2 )4
1759 Valley View S. D., Texas
1939-1958
3.86
5,000,000
'20 years
1-15 yrs.
3.33
3.14
95.05
101.05
c/100,000
6
2 >4
2084 Tolleson, Ariz
2250 Tupelo 8. D., Miss..
1928 Upper Leacock Twp. S. D.,
1928 Upper Providence Twp., Pa
104.11
26,500
33,000
1943-1948
4 )4
3
2H
3
-
Tabor 8. IX, Iowa
101.42
rll.OOO
1-40 yrs.
1-15 yrs.
1939-1940
3.33
3.24
r49,000
10 years
4
1754 Sunflower County, Miss
2094 Wallowa,
1.77
30,000
-
-
2086
1926
lobji"
15,000
112,000
1939-1957
6
3)4
3
Sugarcreek Twp. 8. D., Pa
Temporary Iohd:
PUBLIC
17,000
Stonewall,
Victoriaville, Que
Report
438,(XX)
5)4
1928
101.52
100.03
3.50
1939-1948
1941-1945
5
,
2094
2086
100
13,000
Spring Hill, La
1756 Stantonsburg, N. C
1600 Stevens Point, Wis
2094 Sttllwell, Okla. (2 issues)
3)4
20 years
Basis
3.84
1939-1954
1938-1949
Springer 8. D., Okla
1921
*
101.50
6,539
Spencer Co. Pub. Sch. Corp. Ky..4
Spokane Co. 8. D. Xo. 156, Wash.4
2087
4
Total long-term Canadian
33,000
7-13,000
5
1751
1930
4.10
Price
3.46
15,000
--
1752
2256
105.50
100.29
4
4
—
Vernon, B. C
1600
150,000
-
Slnton Ind. 8. D., Texas..
1921
— -
Revelstoke, B. C
2.99
2,500
4
1939-1945
_3
1952
-4
1939-1954
-3
1939-1944
3
1942-1946
4
11943-1945
3.70 1940-1948
4
1939-1943
2)4
1939-1943
Wis.,
1600
1750
100.68
Sherbrooke, Que
Three Rivers, Que
Amount
*81.000,000
*25,000,000
*25,000,000
1-20 yrs.
25,000
1939-1958
200,000
1-20 yrs.
15,000
20 years
25.000
1-10 yrs.
10,000
15 years
1-10 yrs.
20 years
...3)4
3)4
1600
2098
126,000
X. J...3H
4)4
Seneca 8. D., Kan..
Shawlningan Falls, Que
35,000
1940-1961
1943-1950
1.80
2%
Scott Twp. S. IX, Pa
1.66
24,500
-----
Schenectady, N. Y. (3 iss.).
2.68
100.19
4
2)4
St. Catherines,
Maturity
32,000
--3)4
2252
100.10
3)4
Ont
1760
10b:37"
2098
152,000
—4
1760
3,000
St. Francois Co. 8. D. No.
2251
100.18*
Ont
,
Moncton 8. IX,
1600
5,000
--------
4, Mo.4
St. Landry Parish S. D., La.(5 lss)
Salem Twp. 8. D„ Pa
3
1600
-
100.40
1-70 1940-1948
Rockrord, Ohio
.......3)4
1939-1944
Rockport, Mass
1
1939-1941
RickvlUe Centre, X. Y
2.70 1939-1948
Rome, X. Y. (2 Lss.)
1.70 1939-1948
Rornulus, Varlck, Fayette 8. D.
X0.3.N.Y
3
1941-1961
Rose Hill 8. IX, Ga
1
5
1943-1947
Roseto 8. IX, Pa...
3V2
1939-1963
Rossville Con. 8. D., Ga
3)4
1943-1949
Roxbury Twp. 8. IX, Pa
1940-1968
St. Charles, Mich
4
1940-1959
2248
Delhi. Ont...
251,000
22,000
2095
3)4
3)4
4
3)4
Cornwall, Ont.
341,000
:
1758
Chesley, Ont
2256
2098
Roanoke, 111-.---—
Seaside Heights, X.
Canada (Dominion of)
1930
97.40
2,220,200
Rale
Name
1939-1958
1927
1943-1950
SOLD BY CANADIAN MUNICIPALITIES IN MARCH
DEBENTURES
Page
1941-1960
1751
2.75
46,000
8,200
(not
2M
Rochester, X. Y.
....
100
These additional February issues will make the
including temporary or RFC and PWA
loans) for that month $63,478,112.
sales
2.40
Y
Basis
4.25
2.96
February.
total
13,000
37,500
1751
1921
6.00
22,000
.3 H
Corpora¬
- — -4
Hook, Milan, &c., 8. D. No.
1754
lfK)
100.10
1938-1950
-
-
20,000
16,000
35,000
-
Calif. (Jan.)
1939-1951
1925
2248
YeaeerCon. 8. D.Xo.3,Okla.3M-3^
Price
JOO
101.91
6,300
Westville S. D. Xo. 154, 111.
8,000
Ore
Polk Co. 8. D. Xo. 4,
Red
8,500
--
Polk Co. 8. D. Xo. 29,
1( X. Y
1593
1591
Amount
750,000
60,000
All of the above sales (unless otherwise indicated) are for
9,900
6
.3
—
Rtverdale 8. D., Neb
1754
3.92
744,000
X. J.
1756 Rensselaer County, X.
2090
Ventura County,
55,000
2090
1758
1919
Maturity
1941-1959
1940-1949
1939-1945
20 years
1938
34,000
tion (39 lss.)
1920
4
2)4
$125,000
4^
Quitman, Miss..
1920 Rantoul, 111
2244 Reconstruction Finance
2085
Taylor County, Iowa
1598
1939-1958
--
—
2089
2092
Stronghurst, HI
1591
1.61
100.33
Plummer 8. IX, Idaho
2252
4
1591
30,000
Pike County, Ky
Rate
4)4
3)4
Name
1925 Stamford, X. Y. (Jan.)
1941-1944
2247
2092
4.50
4
4)4
Plum City, Wis
1597
100
200,000
Pierre. 8. Dak. (2iss.)
Pineville, X. C
2088
Shiloh, 111
100.13
1594 Pittsgrove Twp.,
2252
Seattle, Wash. (2 iss.)
1591
8,350.000
2093
1759
1600
1938-1941
2098
1759
Page
1.79
4.50
1%
Pima 8. D„ Ariz...
1920
Basis
D., Pa
Pittsfield, III
April 16,
100
7-19,800
1751
Chronicle
100.06
1940-1975
2084
1926
12,500
..
1927 Philadelphia 8.
2094
170,000
1954
Price
4*4
Minn
1752
1939-1948
, —
Paradise, Kan
2250
1599
Maturity
Rale
.,.1.80
±)4
ParLs Junior College 8. D., Texas.
Pennington Co. 8. D. Xo. 102,
Same
Page
2092
2087
Amount
1.87
1928 Williamsport, Pa
1760 Wirt County, W. Va.
1921 Woodbury County, Iowa
3
2255 Woonsocket, R. 1
2255 Woodruff S. D. No. 33, S. C
3
3)4
1926 Wooster City S. D., Ohio
2%
1959-1963
$65,000
2086 Wright County, Iowa
1%
1939-1945
1939-1948
1940-1959
7-530,000
100.83
1.55
51,500
141,840
98.03
York,
N. Y.—Housing
Subsidies to be Sought—B.
Charney Vladeck, majority leader, introduced an amend¬
ment to the city's administrative code in the City Council
to make possible Mayor La Guardia's recent housing pro¬
gram, in which the city would guarantee the interest oh
housing bonds issued by the New York City Housing Au¬
thority.
Under the Mayor's plan, which he developed in discussions with Mr.
Valdeck, $500,000 would be taken from accruals in the annual expense
budget for this year to guarantee interest on $16,000,000 worth of bonds.
This guarantee, in effect a subsidy by the city for housing purposes, Mr.
Vladeck said, would in time rise to 1% of the annual budget, of $6,000,000,
which would permit the issuance of $200,000,000 worth of housing bonds.
Co-sponsors of the Housing Bill with Mr. Vladeck were Councilmen
Andrew R. Armstrong and Louis Hollander, both of Brooklyn, and Michael
J. Quill, of the Bronx, all members of the American Labor party.
"If this local law is enacted," Mr. Vladeck said, "we have a right to
expect that for a 10-year period a housing investment of $236,000,000 will
be made available.
We have a right to expect also that State aid will
amount to at least half as much, resulting in another $118,000,000.
The
Federal Government will undoubtedly continue its loans and subsidies
and even at the present rate will add to available housing capital $12,000,000
a
year, or $120,000,000 for a 10-year period.
The grand total would
amount to $474,000,000, or an average of nearly $50,000,000 a year.'*
3.20
1593
4
Wyoming Twp., Mich
2097 Yakima. Wash
Total
3-3)4
bond sales for
March
45.000
1939-1953
(318 municipalities,
$ Subject to call in and during the earlier years and to mature in the later year.
k Not including 8183,305,098 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
The
following items included in
r
Refunding bonds.
totals for the previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page
2096
Name
Rate
Harrisburg Ind. S. D. C-l, S. Dak.
(February)
1919 Ventura County, Calif. (Jan.),...
our
Maturity
Amount
Price
Basis
§15,000
...
35,000
..
We have also learned of the following additional sales
for
previous months:
Rate
Name
Page
1598
Carlton, Ore
1598
Coal Twp. S. D„ Pa....
Maturity
3)4
1593. Fergus Falls, Minn
1591 Ford County, Kan
Gillespie, 111..
1920 Gilman, 111. (Jan.)...
1920
1591
Herndon, Kan
1598
Klamath Falls, Ore. (4 iss.)..
1940-1948
4
1939-1941
2,352
10,000
100.13
2.47
21,000
100
4.50
4,200
100
5.00
2-3)4
1941-1958
3,000
4
95
for the establishment of
with two members absent.
The bill is similar to
one
vetoed
last year by Mayor La Guardia, which was sponsored in the
old Board of Aldermen.
It is felt at this time that any bill
increasing the city's annual expenditures would be vetoed
by the Mayor.
New York State—Savings Bank Legal Investment Statutes
Amended—By the provisions of a bill signed by Governor
Lehman on April 4, the statutes regulating the legal in¬
vestments of savings bank deposits were revised in a number
of particulars, with the sections dealing in railroad securities
coming in for marked changes.
We furnish herewith the text of the
obligations,
as
furnished to
us
new
law
on
railroad
by the State Banking Depart¬
ment:
105,400
75,000
100
2.25
7*22,900
1-10 yrs.
Basis
1944
5
(Jan.)
Price
100.77
1939-1957
Paragon, Ind
1760 Rock Springs, Wyo.
812,500
23,500
2)4
Memphis, Tenn
2)4
1928 Pleasant Valley S. D. No. 13, S.
1751
Amount
4)4
5
4
1599
Dak
City Council Approves Five-Day Week for City Employees—
City Council on April 12 approved a local law calling
a five-day week for city employees,
with the exception of the uniformed forces and the teachers
in public schools, whose work hours are regulated by other
legislation.
The vote is reported to have been 21 to 3,
The
SI 10,039,630
covering 383 separate issues)
100
5.00
A savings bank may invest in railroad obligations as provided in section
235.
Subdivision 7.
(1) Obligations issued, assumed or guaranteed as to
4.00
principal and interest by endorsement, or so guaranteed which guaranty
has been assumed; or
6,000
3,000
...
100
Volume
Financial
146
of which a
this paragraph is obligated under
(2) Obligations for the payment of the principal and interest
railroad corporation such as is described in
the terms of a lease made or assumed; or
Equipment trust obligations in respect of which liability has been
incurred: by a railroad corporation incorporated under the laws of the United
States, or any state thereof, and owning and operating within the United
States not less than five hundred miles of standard-guage railroad line,
exclusive of sidings, or if the mileage so owned shall be less than five hundred
miles, the railroad operating revenues from the operation of all railroad
operated by it, including such revenues from the operation of all railroad
controlled through ownership of all (except directors'
qualifying shares)
of the voting stock of the owning corporation, shall have been not less than
10 million dollars each year for at least five of the six fiscal years next pre¬
ceding such investment; provided, however, (1) that in each year for at
least five of the six fiscal years, and in the last fiscal year, next preceding
such investment, the amount of income of such railroad corporation, avail¬
able for its fixed charges, as hereinafter defined, shall have been not less
than one and one-half times such fixed charges, as hereinafter defined;
(2) that in each year for at least five of the six fiscal years next preceding
such investment, such railroad corporation shall have paid dividends in
cash upon its capital stock equivalent to at least one-fourth of such fixed
charges, or if such railroad corporation shall not have paid such dividends,
that the amount of income available for such fixed charges shall have been
not less than one and one-half times such fixed charges for at least nine of the
ten fiscal years, and in the last fiscal year, next preceding such investment;
(3) that at no time within such period of six years such railroad corporation
shall have failed regularly and punctually to pay the matured principal and
interest on its mortgage and funded indebtedness; and (4) that the security,
if any. for such obligations shall be property wholly or in part within the
United States and which obligations shall be
(3)
(a) fixed interest-bearing bonds secured by direct mortgage on railroad
or operated by such railroad corporation; or
(b) bonds secured by first mortgage upon terminal, depot or tunnel
property, including lands, buildings and appurtenances, used in the service
of transportation by one or more such railroad corporations, provided that
such bonds be the direct obligation of, or that payment of principal and
interest thereof be guaranteed by endorsement by, or guaranteed by en¬
dorsement which guaranty has been assumed by. one or more such railroad
corporations; or
(c) equipment trust obligations, comprising bonds, notes and certificates,
issued in connection with the purchase for use on railroads of new standardgauge rolling stock through the medium of an equipment trust agreement,
and which obligations, so long as any thereof shall be outstanding and un¬
paid or unprovided for, shall be secured by an instrument (1) vesting title
to such equipment in a trustee free of encumbrance, or (2) creating a first
lien on such equipment, or, pending such vesting of title, by the deposit of
cash in trust to an amount equal to the face amount of such obligations issued
in respect of such equipment title to which is not yet so vested; provided,
further, that the maximum amount of such obligations so issuable shall not
exceed eighty per centum of the cost of such equipment; and provided
further, that the owner, purchaser or lessee, or the owners, purchasers or
lesses, of such equipment shall be obligated by the terms of such obligations
or of such instrument
(a) to maintain such equipment in proper repair;
(b) to replace any thereof that may be destroyed or released with other
equipment of equal value, or, if released in connection with a sale thereof,
to deposit the proceeds of such sale in trust for the benefit of the holders
of such obligations pending replacement of such equipment; (c) to pay any
and all taxes or other governmental charges that may be required by law
owned
.
(d) to pay, in accordance with the pro¬
such instrument, to holders, or to such
trustee for the benefit of holders, of such obligations the amount of interest
due thereon or of the dividends payable in respect thereof; and (e) to pay
the amount of the entire issue of such obligations in such annual or semi¬
annual installments each year throughout a period of not exceeding fifteen
years from the first date of issue of any thereof that the amount of the
respective unmatured installments at any time outstanding shall be ap¬
proximately equal; provided, further, that unless the owner, purchaser or
lessee of such equipment or one or more of such owners, purchasers or lessees
shall be such railroad corporation as is described in and meets the require¬
ments of this subdivision preceding paragraph (a), such obligations shall be
guaranteed by endorsement as to principal and as to interest or dividends
by such railroad corporations; or
(d) bonds of such railroad corporation secured by irrevocable pledge as
collateral under a trust agreement of other railroad bonds that are legal
investment for savings banks under this section, have a maturity not earlier
than the bonds that they secure and of a total face amount not less than the
to
be
paid
upon such equipment;
of such obligations or of
visions
total face amount of the bonds that they secure; or
(e) fixed interest-bearing mortgage bonds other than those described in
paragraphs (a) or (b) hereof, income mortgage bonds, collateral trust bonds
obligations other than those described in paragraph (d) hereof, or un¬
secured Donds or obligations, issued, assumed or guarantted as to principal
and interest by endorsement by, or so guaranteed which guaranty has been
assumed by, such railroad corporation, provided that in each year for at
least five of the six fiscal years, and in the last fiscal year, next preceding
such investment (a) the amount of income of such railroad corporation
available for its fixed Charges, as hereinafter defined, shall have been not less
than twice the sum of (1) such fixed charges, as hereinafter defined, and
(2) full interest on such income mortgage bonds, if any, and (b) the net
income of which after such deductions shall have been not less than ten
million dollars, and which railroad corporation shall have made the dividend
and principal and interest payments hereinbefore required.
The amount of income available for fixed charges shall be the amount
2567
Chronicle
obligation
vestment
as
though the
same
continue to be eligible by law for new in¬
by such savings bank.
As enacted by
1938 Legislature
Effective April 1, 1938.
By section 235, subdivision 19.
A savings bank may invest in—
Securities of corporations which securities are made eligible for investment
by savings banks by the banking board.
Reconstruction Finance
Corporation—Lending Powers
on April
13 signed the bill
extending the lending powers of the RFC, according to
Washington news advices of that date.
It is proposed under
the terms of this measure, to advance up to a maximum
total of $1,500,000,000 to the States and their political sub¬
divisions for public works projects and the financing of local
industry.
(This subject is treated at greater length in our Department
of "Current Events and Discussions," on a preceding page
of this issue.)
Extended—President
Roosevelt
United States—State
ous
Legislatures in 1937 Enacted Numer¬
Municipal Finance Acts-—Nearly 1,000 Acts on municipal
finance received the sanction of the
forty-odd Legislatures
meeting in 1937, according to a digest issued by the Mu¬
nicipal Finance Officers' Association on April 12.
Designed
to improve the financial status of cities and the machinery
for administering municipal fiscal affairs, the new laws
emphasize taxes, debt, revenues and the handling of public
deposits.
Notable is the increasingly unifying influence of the Federal Govern¬
in fiscal legislation, owing to its requirements in connection with
grants-in-aid to municipalities.
A classified summary of principal legislation shows the following:
Taxes—Although few laws were passed extending the date of payment
of current taxes, 14 States authorized payment of delinquent taxes in
instalments, varying from monthly to semi-annually.
At least 14 Statas
also authorized the complete or partial cancellation of interest and penalties
on delinquent taxes, usually if they were paid by a certain date.
Tax-exemption laws increased in number.
Twenty States extended ex¬
emptions to certain religious, charitable and otrier non-profit organizations.
Fifteen arranged to exempt securities and property of housing authorities
from taxes and special assessments.
Eight States exempted homesteads.
Debt—More than half the States passed laws authorizing the issuance
of bonds to pay for the construction of .airports, sewers, armories, play¬
grounds, public auditoriums, hospitals, &c., and to finance relief needs and
Public Works Administration loans.
In contrast with 1935, few laws were
ment
passed respecting debt adjustment.
No new comprehensive tax limitation
laws were passed.
Ten States made new laws on debt limitation, however.
Revenues—Three kinds of revenue sources were made available: State
mainly in the form of grants for construction and maintenance of
highways and city streets; State-collected locally-shared taxes,
most
commonly on gasoline, sales and liquor; additional local sources, including
aid,
the
saie
and lease of property;
authorized in 17 States; increases in utility
made possible in nine States; liquor licenses and profits from
operation of municipal liquor stores.
Depositoriess—There were four chief subjects of depository legislation:
Four States passed laws on the disposal of funds in closed banks, most
of them relieving municipal officials of the responsibility for funds lost in
depository.
Twenty States either repealed or modified laws requiring
banks to pay interest on public demand deposits to concur with the Federal
Act.
Eight States modified existing, or passed new, legislation exempting
banking institutions from furnisning security for deposits to the extent that
such deposits were insured under the Federal laws.
Twnety-two States
enacted laws authorizing acceptances of Federal Housing Administration
debentures and insured obligations, as well as securities issued by national
revenues,
mortgage associations, as collateral for the security of public
Miscellaneous legislation common to a number of States
State supervision over local accounting
States; and pension provisions, referring mostly to
vision for
deposits.
included pro¬
and budgeting, in nine
policemen and firemen,
in 23 States.
or
obtained by deducting from gross income all items deductible in
net income other than contingent income interest and those
Bond
Proposals and Negotiations
ALABAMA
BIRMINGHAM, Ala.—BOND CALL—It is stated by C. E. Armstrong,
City Comptroller, that immediately upon presentation to the city's fiscal
agent, the Chemical Bank & Trust Co., New York City, the above city
will pay various school, sewer, central repair shop, incinerator and garbage,
fire station, free public library, grade crossing and public improvement
bonds, in the total amount of $888,000.
ascertaining
constituting
Fixed charges shall be; rent for leased roads, miscellaneous
rents, fixed interest on funded debt, interest on unfunded debt and amortiza¬
ARIZONA
fixed charges.
tion of discount on funded debt.
Accounting terms used in the preceding
paragraph shall be deemed to
prescribed by the accounting
refer to those used in the accounting reports
regulations for common carriers subject to the
commerce
act.
If
the
interstate
commerce
provisions of the interstate
shall prescribe
commission
accounting regulations wherein shall be defined the term income available
for fixed charges and the term fixed charges, the definitions thereof as so
prescribed shall be taken and used in lieu of the definitions set forth in the
preceding paragraph of this subdivision for all purposes hereof.
For all purposes of this subdivision seven, the revenues, earnings, income
and fixed charges of, and dividends paid by, any railroad corporation all or
substantially all of the railroad lines of which shall have been acquired,
through merger, consolidation, conveyance or lease, by another railroad
corporation and shall remain in its possession shall be deemed to be revenues,
earnings, income and fixed charges of, and dividends paid by the latter
corporation.
Obligations of a railroad corporation the railroad lines of which have been
so leased prior to April fifth, nineteen hundred twenty-nine, for the payment
of which the lessee is not obligated, that are outstanding and officially
listed by the banking department of the state of New York as authorized
investments prior to that date, shall be and remain authorized investments
RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix), Ariz.—BOND OFFERING—It is
announced that sealed bids will be received by A. W. McGrath, Secretary
of the Board of District Directors, until 11 a. m. on April 19, at his office
in the Water Users' Building, Phoenix, for the purchase of an issue of $4,SALT
No proposal will be considered at less than 95%
135,000 in district bonds.
value of the bonds and accrued interest, for a rate of interest
5%, payable semi-annually.
The bonds are to mature as
follows: $100,000 from 1948 to 1954; $285,000 in 1955; $340,000, 1956 to
1958; $350,000, 1959 and 1960; $360,000, 1961 to 1963, and $350,000 in
1964, all incl.
This financing, authorized recently by the Board of Direc¬
tors, represents the second step of the district in its $13,000,000 refinancing
program, which will reduce interest and stretch out the payments on prin¬
cipal over a longer period of years.
On Jan. 11 the district sold $3,197,000
worth of bonds bearing 4
interest to a syndicate of banks and bond
firms headed by Blyth & Co., Inc., of Los Angeles and the proceeds were
used to retire the oustanding 6% bonds.
The proceeds of the sale of the current issue will be used to call $3,669,000
worth of Stewart Mountain Dam project bonds now outstanding, and to
retire certain other bonds of the association, due on Aug. 1, Lin B. Orme.
President, said.
of the par
not
to
exceed
hereunder.
Not
more
than twenty-five per centum
of the assets of any savings bank
and certificates in this sub¬
shall be loaned or invested in the bonds, notes
defined, and not more than ten per centum of such assets
shall be invested in such bonds, notes and certificates for which any one
division
seven
obligated, and not more than five
per centum of such assets shall be invested in the bonds, notes and certi¬
ficates for which any one railroad corporation not of this state shall be obligated •"
Street railroad corporations shall not be considered railroad corporations
railroad corporation of this state shall be
within the meaning of this subdivision.
As amended by 1938 Legislature
Effective April
ARKANSAS
BONDS
Markets in all State, County
& Town Issues
SCHERCK, RICHTER COMPANY
1, 1938.
LANDRETH
The obligations of any railroad corporation which has
failed to earn its fixed charges as required by subdivision seven of this
section in any or ail of the fiscal years beginning in the years nineteen
hundred thirty-one to nineteen hundred thirty-seven inclusive shall not be
BUILDING,
ST. LOUIS, MO.
Subdivision 7-a.
for investment by reason thereof, provided the income of
corporation available for fixed charges as defined in sub¬
division seven of this section has been at least equal to such fixed charges
in each year for at least five of the six fiscal years and in the last fiscal year
made ineligible
such
next
railroad
preceding the time of investing therein.
by 1938 Legislature
1, 1938.
As enacted
Effective April
Subdivision 7-b.
of acquisition
which prior to April first, nineteen
railroad obligation eligible at the time
Any savings bank
hundred thirty-eight acquired any
for invstment by savings banks may continue to
hold such
ARKANSAS
ARKANSAS,
State
of—HIGHWAY BOND TENDERS TO BE
INVITED—It is reported that tenders of highway debt obligations, for
which $1,500,000 will be available, will be asked by the State Refunding
Board and May 10 is the probable date.
Governor Carl E. Bailey expects
to call the board into session within a few days.
The Legislature at its
recent special session appropriated $1,500,000 to supplement the regular
appropriation of $3,000,000 for the current fiscal year.
Approximately
$2,800,000 of the regular appropriation has been expended in tenders
already completed.
Financial
2568
April 16, 1938
Chronicle
NO. 52 (P. O. Crossett), Ark.—
will be received until 1 p. m. on April 22,
CROSSETT SCHOOL DISTRICT
BOND OFFERING—Sealed bids
by H. E. Cannon, District Secretary, for the purchase of a $50,000 issue of
5% school building bonds.
Denom. $500.
Dated April 1, 1938.
Due
on Oct. 1 as follows: $1,500, 1939 to 1942; $2,000, 1943 to 1945; $2,500.
1946 to 1948; $3,000, 1949 to 1952; $3,500, 1953 to 1955, and $4,000 in
1956 and 1957.
Bonds are callable after 1941 on any interest paying date,
premium of 2%.
at a
by a pledge of its building fund and a mortgage
The bonds will not be sold for less than par.
The
purchaser, however, will have the privilege of converting the bond issue as
sold, into an issue of bonds bearing a lower rate of interest upon such terms
that the district will receive no less and pay no more than substantially
the same as for the 5% bonds at the price bid.
The district will pay the expense of printing the bonds and the opinion of
Rose, Hemingway, Cantrell & Loughborough, attorneys approving their
validity.
Cash for the bonds shall be paid to the order of the County
Treasurer for the credit of the district on delivery of the bonds; and no
brokerage, agent's fees or commissions of any kind for securing any bid
can be paid.
Bids may be made for the entire issue or for blocks of not less
than $5,000.
In the event of purchase of separate blocks by separate pur¬
chasers, the privilege of conversion will not be allowed unless all of the
purchasers agree to an issue bearing the same lower rate of interest.
Bids must be accompanied by a certified check for 2% of the amount
of the bid, payable to the district.
Said bonds will be secured
its real property.
on
COLORADO
(City and County), Colo.—BOND REFUNDING CON¬
TRACT APPROVED—In connection with the report given in these columns
early in March, that the Council has approved a contract offered by the
Carleton D. Beh Co. of Des Moines, to refund approximately $4,127,000
DENVER
public improvement bonds, it is
stated by F. E. Wilson, Manager of Rev¬
enue, that the Council on April 4 passed an ordinace on final reading, au¬
thorizing the issuance of the bonds to the above firm.
We understand that the matter has been held up pending a Supreme
Court decision in a case involving the security behind the bonds.
It is
reported that the decision will be
given about May 1.
SPRINGS, Colo.—BOND SALE—The $50,000 issue of
waterworks refunding bonds offered for sale on April 12—V. 146, p. 2404—
was awarded jointly to
Sims, Newman & Co. of Colorado Springs, Bosworth, Chanute, Loughridge & Co., and Sullivan & Co., both of Denver,
as 3s,
paying a premium of $330.00, equal to 100.66, a basis of about
2.94%.
Due $2,000 from Nov. 1, 1939 to 1963 incl.
MANITOU
BONDS
FLORIDA
<3.
NEWPORT LEVEE DISTRICT (P. O. Newport), Ark.—BONDS
AUTHORIZED—-District has been given authority to issue $65,000 of
Clyde C. Pierce Corporation
bonds.
Barnett National Bank
JACKSONVILLE
CALIFORNIA
-
-
-
CALIFORNIA, State of—WARRANT SALE—The two issues of regis¬
warrants aggregating $5,325,883.93, offered for sale on April 11—
146, p. 2404—were awarded jointly to the Bankamerica Co. and the
American Trust Co., both of San Francisco, paying an interest rate of 1%,
plus a premium of $1,017.24, according to Harry B. Riley, State Controller.
Dated April 13,1938.
Due on or about Aug. 31, 1938.
National
First
Bank
Building
T.
Building
-
Branch Office:
FLORIDA
-
TAMPA
S.
Pierce, Resident
Manager
tered
V.
LOS
ANGELES COUNTY (P. O. Los Angeles), Calif.—SALE OF
BEACII SCHOOL BONDS—-The $30,000 Manhattan
MANHATTAN
Beach City School District bonds offered April 12—V. 146, p. 2246—were
awarded to Frank L. Martin Jr., of Los Angeles, as 3s, at par plus a premium
Dated April 1, 1938
1940 to 1946 incl. and
$2,000 in 1947 and 1948. Dean Witter & Co. of San Francisco, second high
bidder, offered to pay 100.395 for 3j^s.
of $35.50, equal to 100.118, a basis of about 2.97%.
and due April 1 as follows: $5,000, 1939; $3,000 from
ORANGE
DISTRICT
COUNTY FLOOD CONTROL
(P. O. Santa
Ana), Calif.—BOND SALE—The $1,455,000 issue of flood control bonds
offered for sale on April 12—V. 146, p. 2246—was awarded to a syndicate
composed of the Bankamerica Co., Weeden & Co., both of San Francisco;
the Northern Trust Co. of Chicago, and Heller, Bruce & Co. of San Fran¬
cisco, taking $1,385,000 as 2^s, maturing on Jan. 2. as follows: $125,000
in 1939 and $70,000 from 1940 to 1957, the remaining $70,000, maturing
in 1958, as 2H% bonds.
■
We are advised that the successful bid was a price of par plus a premium
& Co. of Los Angeles, second
$1,727, equal to 100.118.
Schwabacher
high bidder, offered to pay a premium of
balance as 2%s.
of
$128.52 for the 1939 to 1941
maturities as 5s and the
The following is an
Name—
official list of the bids submitted:
,
Bid
,
accrued interest to date of delivery premium $1,727; interest rate 2%% bonds ma¬
turing 1939 to 1957, incl.
Interest rate 2M %
bonds maturing 1958. Int. pay. semi-annually.
Schwabacher & Co
Par, accrued interest to date of delivery preLos Angeles
mium $128.52; interest rate 5% bonds ma¬
turing 1939 to 1941, incl.
Interest rate 2% %
maturing 1942 to 1958, inclusive.
Dean Witter & Co. et al.__Par, accrued int. to date of delivery premium
Los Angeles
$11; interest rate 5% on $335,000 par value
bonds maturing $125,000 on Jan. 2, 1939,
and $70,000 on Jan. 2, in each of the years
1940 to 1942, incl. and 2^% on $1,120,000
par value bonds maturing $70,000 on Jan. 2
in each of the years 1943 to 1958, inclusive.
R. H. Moulton & Co
Par, accrued int. to date of delivery premium
Los Angeles
$1,529; interest rate 3% on bonds maturing
1939 to 1941, incl.
Interest rate 2 H % bonds
maturing 1942 to 1947, incl.
Interest rate
3% bonds maturing 1948 to 1958, inclusive.
Blyth & Co., Inc. et al
Par, accrued int. to date of delivery premium
Los Angeles
$14,888; interest rate 3%.
Halsey, Stuart & Co. et al_Par, plus accrued interest to date of delivery;
Chicago
interest rate 3J4% on $755,000 from 1939
through
1948; 3%
on
$700,000 maturing
*
Bankamerica Co. et al.._Par,
Los
Angeles
FLORIDA
SPECIAL TAX SCHOOL DISTRICT NO. 1
(P. O. Macclenny) Fla.—BOND OFFERING—It is stated by Joe Milton,
Chairman of the Board of Public Instruction, that he will receive sealed
bids until 2 p. m. on May 2, for the purchase of a $30,000 issue of 6%
semi-ann. school bonds. Due from Jan. 1, 1940 to 1957.
COUNTY
BAKER
(This notice supplements the offering report given in our
146, P. 2404.)
V.
issue of April 9.—
FLORIDA (State of)—BOND TENDERS INVITED—'The State Board
of Administration will receive until 10:00 a. m., April 29, at the Governor's
Office in Tallahassee, sealed offerings of
matured or unmatured original or
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and negotiable notes of the Florida Counties, and Special
Road and
Bridge Districts therein as follows:
Brevard, Broward, Charlotte (except McCall S. R.
& B. Dist.), Desoto,
Hardee, Indian River (except Atlantic-Gulf, Fellsmere & Vero
Bridge Dists.), Jensen R. & B. District, Levy District 7, Martin, Monroe,
Okaloosa, Okeechobee, and Palm Beach S. R. & B. Dists. No. 8, 17, 21,
and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
Glades,
of opening, i. e., through May 9, and must state full name,
and serial numbers of bonds, interest rate, date of issue, date
description,
of maturity,
The offer must specifically state exactly what coupons
will be delivered with the bonds for the price asked.
Bonds that are in default of interest must be offered at a flat price which
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice
is hereby given that if any such coupons have been detached prior to de¬
livery of any bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
and price asked.
are attached
and
must be submitted on this basis.
POLK COUNTY SPECIAL ROAD AND BRIDGE
DISTRICT NO. 3
(P. O. Bartow), Fla.—BONDS AUTHORIZED—A resolution was passed
April 4 by the Board of County Commissioners, authorizing the issuance
of $885,000 refunding bonds.
It is stated that refunding bonds in the ag¬
gregate amount of $2,172,000 for eight other districts were previously
authorized and suits for their validation are now pending in circuit court.
The new issue, in two series, would bear interest at 5K%Series A
would refund $103,000 of a $200,000 issue dated July 1, 1919; $136,000 of a
$200,000 issue dated Jan. 1, 1921, and $608,000 of a $615,000 issue dated
July 1, 1924, all of them bearing 6% interest.
Series B would refund
$38,000 in outstanding interest.
The latter series would be completely
matured by 1943, and Series A would mature completely in 1968.
on
/
1949 through
*
1958.
Successful bid.
MUNICIPAL
SACRAMENTO
DISTRICT
UTILITY
(P.
O.
SAN
FRANCISCO,
Calif .—SALE
OF
are
incl.; $10,000
HETCH HETCHY POWER
San Francisco on April
RULED ILLEGAL—A United Press dispatch from
11 reported as follows:
Federal Judge Michael Roche ruled that the City of San Francisco has
been violating the Federal Raker Act by selling Hetch Hetchy power to
Pacific Gas & Electric Co. under
a so-called "agency contract."
146,
2247.
p.
ILLINOIS
continuation of sale.
City
appeal would be taken.
the city would be deprived of $2,000,000 annual
"agency contract" between the city and the company has
CHICAGO, 111.—BONDED DEBT STRUCTURE DISCUSSED—Dealers
and investors in the bonds of municipalities making up the Chicago taxing
area should find both helpful and interesting a recent report compiled by the
Bond Department of the Northern Trust Co. of Chicago, which gives a
detailed record of the bonded debt of each debtor. The units in question are
the City of Chicago, Board of Education of the city, Chicago Park District,
Cook County, the Cook County Forest Preserve District and the Chicago
Sanitary District. In the case of each body, the data includes a description
of every issue outstanding, giving the designation of the loan, rate of
interest, the maturity date and the optional date.
The booklet, captioned
"Bonded Debt Structure of the Chicago Area," contains the following study:
Federal Government sued the city to prevent
officials indicated
Under
the
The
revenue.
been in effect
CITY
aPopu-
12 years.
ENJOINED
FROM
b Assessed
lation
Debtor—
Valuation
1930
an
decision
informed by the District
to the outcome of the election.
Sacra¬
mento), Calif.—BOND SALE—The issue of $300,000 district power bonds
of 1938, series A offered April 14—V. 146, p. 2404—is reported to have been
awarded to Schwabacher & Co. of San Francisco, as 5s and 3s.
Dated
April 1, 1938 and due Aug. 1 as follows: $5,000, 1945 to 1954
from 1955 to 1964 incl. and $15,000 from 1965 to 1974 incl.
BONDS SOLD—We
school building bonds were
April 9—V.
DISTRICT
(P. O. Marietta), Ga.—
Clerk that the $27,000
approved by the voters at the election held on
He states that these bonds were sold subject
SCHOOL
FITZHUGH-LEE
of the successful banking
group re-offered the bonds for public investment at prices to yield, according
to maturity, as follows: 0.60%, 1.10%, 1.40%, 1.70%, 1.90%, 2.10%,
2.20%, 2.30%, 2.40%, 2.50%, 2.60%, 2.70%, 2.75% (twice), 2.80%
(twice), 2.85% (twice), and 2.90% for bonds due in 1957 and 1958.
PUBLICLY OFFERED—Members
BONDS
GEORGIA
ATLANTA, Ga.—MATURITY— It is now reported by B. Graham West,
City Comptroller, that the $360,000 notes purchased by clearing house
banks, at 1H%. as noted in these columns recently—V. 146, p. 2405—are
due on May 20, 1938.
1937
§
Bonded
Debt
Mar. 3, '38
City of
Chicago s
Share
$
3,376,438 1,956,928,663 116,664,000 116,664,000
3,376,438 1,956,928,663
36.699,000
36,699,000
Chicago Park District.. 3,376,438 1,956,928,663 102,505,700 102,505,700
Cook County
3,982,123 2,377,075,504
37,922,410 31,219,624
Forest Preserve Dist-.- 3,982,123 2,377,075,504
12,839,750
10,570,324
Sanitary District
3,894,537 2,314,658,194 124,992.890 105,675,239
City of Chicago
WHOLESALING
POWER—In
connection
the text of a Washington
April 13:
with the above report we give herewith
to the New York "Herald Tribune" of
dispatch
Department of Justice issued notice today that the United
District Court at San Francisco, acting yesterday in a suit brought
The
States
by the
Board of Education.
—
Government, ruled that the city of San Francisco should, six
months from date, be enjoined from selling to the Pacific Gas & Electric
Federal
Co.
power
generated from the city's water supply in the Sierra
Nevada
mountains.
The effect of this decision would be to
or
require San Francisco to establish
purchase a public-owned power system if it
would make use of its Sierra
This electrical energy is generated in connection with the Hetch
Hetchy reservoir, for the establishment of which the Federal Government
granted the city certain land rights across the Yosemite National Park.
At present the city turns its Hetch Hetchy power over to the private
utility company, which sells and distributes electricity to San Francisco
consumers.
The company makes an accounting and pays the city in pro¬
portion to the sales.
San Francisco receives more than $2,000,000 in¬
power.
come
from this source.
Harold
L.
Ickes,
Secretary of the Interior, last year
instituted a suit
against the city's partnership with the utility company.
(P. O. Santa Barbara), Calif.—CARSCHOOL BONDS SOLD—We are informed by J. E. Lewis,
SANTA BARBARA COUNTY
PINTERIA
431,623,750 403,333,887
a
Overlapping
per
nominally assessed
County Clerk, that all bids received on April 11 for the purchase of the
$40,000 3 H% semi-annual Carpinteria Union School District bonds offered
on that date—V. 146, p. 2084—were rejected because it was felt that the
premium offered was insufficient.
The highest bid received was an offer
of $2,510 premium, submitted by Weeden & Co. of San Francisco.
The bonds were then purchased by the County Treasurer for a premium
of $3,000, equal to 107.50, a basis of aoout 2.91%.
Dated Sept. 13, 1937.
Due $5,000 from Sept. 13, 1950 to 1957, inclusive.
capita debt of Chicago. $119.
b Taxable property is
full value, but present valuations represent 37%
at
of the full value.
CHICAGO, 111.—PERSONAL PROPERTY TAX EASES BURDEN ON
out of Chicago appeared in the
REAL ESTATE—The following dispatch
"Wall Street Journal" of recent date:
The taxing of intangible personal property, mainly industrial stocks and
bonds, has resulted in relieving the 1937 tax burden on Chicago real estate
owners by an estimated saving in tax money of $19,000,000 or an average
reduction of 8.3%, according to John S. Clark, Cook County assessor.
The assessor's office has made a concerted effort to shift the burden that
carrying to personal property holders, who
to pay their share of the taxes.
Under this
stimulate real estate values through legal
methods
to the building trades and to other depart¬
ments of industry that are now practically stagnant.
Owners of houses in the $5,000 class will save 14.61 on their tax bill which
amounts to 8.3%.
Higher priced residences in Chicago will benefit propor¬
tionately, Mr. Clark said.
A home value at $5,000 having an assessed
value of $1,850 will have a 1937 tax bill of $161.51 which compares with
real property owners have been
heretofore allegedly have failed
policy
assessor hopes to
and give an impetus
the
$176.12
in
the
previous year.
Personal property tax
collections have improved substantially in Chicago
to the Chicago tax picture,
in this field and many wer®
in the past two years.
Investment houses, close
for years deplored the percentage of delinquency
Volume
Financial
146
of the opinion that the tax should be dropped if collections could not be
improved.
- --- ;
Collections until the past year or so of the personal property levy
amounted to less than 50% of the amount assessed.
Last year receipts on
the 1936 levy amounted to 61.8%, a level considerably better than for the
immediately preceding years.
As of Dec. 31, 1937, the city reported 45.5% of this class of taxes out¬
standing against the levy for 1935, and 56.1% of personal property taxes
for 1934.
III.—BONDS SOLD—The issue of $25,000 water works
bonds approved at a recent election was sold to C. Edgar Honnold of
Oklahoma City.
They mature in 20 years and were approved by a vote of
381 to 61.
of the sale of $34,000 3%% school bldg. bonds to John
Chicago—V. 146, p. 2405, we learn that the bankers paid
premium of $376, equal to 101.105, a basis of about 3.65%.
columns
Nuveen & Co. of
plus
par
IOWA
a
ORCHARD
CRAB
SCHOOL
(P.
DISTRICT NO. 210
O. Marion),
Williamson County, 111.—BONDS SOLD—The $20,000 5% school con¬
bonds authorized at the March 19 election have been sold to
struction
Barcus, Kindred & Co. of Chicago.
ELGIN, III.—BOND ELECTION—At an election to be held on May 7
the issuance of $75,000 bridge construction
voters will be asked to approve
bonds and $50,000 bridge right-of-way
construction bonds.
struction bonds.
DISTRICT
(P. O. Colfax),
offered for sale
2405—was awarded to the Iowa-Des Moines Na¬
tional Bank & Trust Co. of Des Moines, as 2Ms, at par, according to the
April 11—V. 146,
District Secretary.
bonds
1940 to
are
p.
v
' '■''
April 1, 1938 and mature $1,000
Callable after 1950.
Denom. $1,000.
dated
1954 incl.
annually from
Coupons due
May 1 and Nov. 1.
Iowa—
L. Meyer, District Secretary,
the purchase of a $3,500 issue
GRANT TOWNSHIP SCHOOL DISTRICT (P. O. Hampton)
BOND OFFERING—It is reported that Mrs.
will receive bids until 8 p. m. on April 14, for
of building
bonds.
LAKE PARK, Iowa—PRICE PAID—It is stated by the Town Clerk
that the $15,000 water works bonds purchased by Jackley & Co. of Des
Moines, as noted in these columns recently—V. 146, p. 2406—were sold
as 2Ms, at par.
(P. O. Marshalltown), Iowa—BOND ELEC¬
will be asked to
MARSHALL COUNTY
TION—AX
City), III.—BONDS SOLD—The H. C.
Speer & Sons Co. of Chicago has purchased an issue of $16,000 road con¬
INDIAN CREEK (P. O. Norris
SCHOOL
INDEPENDENT
Iowa—BOND SALE—The $15,000 issue of building bonds
on
The
COOK COUNTY SCHOOL DISTRICT NO. 28 (P. O. Northbrook),
111.—BOND SALE DETAILS—In connection with the previous report in
these
single rate of interest , of not more than 5%,
expressed in a multiple of M of 1 %. Interest in each case payable J. & D.
15.
No conditional bids will be considered.
Approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
'
'
Bidder is required to name a
COLFAX
CLAY CITY,
2569
Chronicle
election to be held in the near future voters
an
the issuance of $66,000 dormitory construction bonds.
approve
Clear Lake,
Iowa—BOND SALE—The $10,000 issue of school building bonds
on April 7—V.
146, p. 2406—was awarded to Jackley &
Co. of Des Moines, as 2Ms, paying a premium of $122.00 equal to 101.22
a basis of about 2.28%.
Dated April April 1, 1938.
Due $1,000 from
MOUNT VERNON SCHOOL TOWNSHIP NO. 2 (P. O.
R. F. D.),
(P. O. Decatur), 111.—BONDS DEFEATED—At
the April 12 election the voters defeated the proposal to issue $500,000 court
house construction bonds.
These bonds were originally offered for sale by
offered for sale
the
Nov. 1
COUNTY
MACON
city on Feb. 1.
METAMORA,
111.—BONDS SOLD—The
White-Phillips Corp. of
Davenport purchased an issue of $40,000 3M% highway improvement
bonds, due serially from 1942 to 1951 incl.
1939 to 1948
incl.
Bank of White Hall.
OTTUMWA, Iowa—BOND OFFERING—It is reported that bids wil
Alvah C. Orvisk, City Clerk, for
the purchase of a $67,505 issue of judgment funding bonds.
All bids
should specify the rate of interest bid upon and, other things being equal,
the bid of par and accrued interest or better at the lowest rate of interest
will be given preference.
Dated May 1, 1938.
Due on Nov. 1 as follows:
$10,505 in 1939; $14,000, 1940 to 1942, and $15,000 in 1943.
The bonds
will be sold subject to the legal approving opinion of Stipp, Perry, Ban¬
nister & Starzinger of Des Moines, which opinion shall be furnished to the
purchaser.
A certified check for $1,000 must accompany the bid.
STRONGHURST, 111.—BOND SALE DETAILS—The $20,000 4%
water system bonds reported sold in these columns some time ago, were
purchased by the White-Phillips Corp. of Davenport, at par.
OFFERING—Sealed bids addressed to Joe Sherrard, District Secretary,
will be received until 7:30 p. m. on April 25 for the purchase of $3,000 school
MORRISON, 111.—BONDS SOLD—The White-Phillips Corp. of Daven¬
$10,000 3H% street improvement bonds at a price
port has purchased
of 100.108.
PATTERSON SCHOOL DISTRICT,
111.—BONDS SOLD—An issue of
$7,000 school construction bonds has been sold to
WARREN
COUNTY
the White Hall National
DEFEATED
(P. O. Monmouth), 111.—BONDS
—At the April 12 election the proposal to issue $250,000 State Aid road
bonds was defeated.
Of the votes cast, 2,836 favor the expenditure and
3,313 were opposed."
be received until 8 p. m. on April 18, by
PLANO INDEPENDENT SCHOOL DISTRICT No.
bonds.
SPENCER,
offered April
of $13,000 school building bonds
8—V. 146, p. 2086—was awarded to
all other things being equal, the bid of par
better specifying
(P. O. Brownstown), Ind.—
BROWNSTOWN CIVIL TOWNSHIP
BOND SALE—The issue
McNurlen & Huncilman of Indianapolis
2%s, at par plus a premium of $26, equal to 100.20, a basis
2.72%.
Dated March 1, 1938, and due as follows: $500, July
$500, Jan. 1 and July 1 from 1940 to 1951, incl., and $500, Jan.
as
of about
1, 1939;
1, 1952.
Premium
Int. Rate
City Securities Corp—.—————-Kenneth S.
——
$141.00
3%
Johnson-—201.85
—
314 %
154.00
314%
100.00
Fletcher Trust Co
Brownstown Loan & Trust Co
Indianapolis Bond & Share Corp
3M%
3M%
Earl Vermilya.
4%
A. S.
Huyck & Co...
—
—
72.80
52.00
200.00
bids will be received
and accrued interest or
the lowest rate of interest, will be given preference.
Dated
April 1, 1938.
Due on Nov. 1 as follows:
$1,000, 1940 to 1947; $2,000,
1948; $1,000, 1949 and 1950; $2,000, 1951; $1,000, 1952; $2,000, 1953, and
$1,000 in 1954.
The city will furnish the approving opinion of Chapman
& Cutler of Chicago, and all bids must be so conditioned.
A certified check
for $500 must accompany the bid.
KANSAS
Other bids:
Bidder—
OFFERING— Sealed
Iowa—BOND
until 2 p. m. on April 15, by E. H. Penning, City Clerk, for the purchase of
an $18,000 issue of swimming pool bonds.
After all sealed bids are in, open
bids will be received and considered.
All bids shall specify the rate of inter¬
est and,
INDIANA
3, Iowa—BOND
COUNTY SCHOOL DISTRICT NO. 70 (P. O. Elsmore),
Kan.—BOND OFFERING—J. J. Ludlum, District Clerk, will receive
sealed bids until 8 p. m. on April 19 for the purchase of $9,396.40 building
bonds.
Dated March 1, 1938.
Due March 1 as follows: $296.40 in 1939,
and $650 from 1940 to 1953 incl.
Bidder to name the rate of interest.
This issue was authorized at an election on Jan. 7.
A certified check for
ALLEN
2% of the bid is required.
Logan), Kan.—BONDS SOLD—
Clerk or the Board of Education that $45,000 con¬
sold to the Rittenoure Investment Co. of Wichita,
various interest rates.
Due serially in 20 years.
LOGAN SCHOOL DISTRICT (P. O.
SCHOOL TOWN (P. O. Brownstown), Ind.—
$11,000 school bonds offered April 8—V. 146,
BROWNSTOWN
BOND SALE—The issue of
2086—was awarded to the Brownstown Loan & Trust Co. as 2Ms, at
Dated March 1, 1938, and due as follows: $500 on Jan. 1 from 1940
1944, incl.; $500, Jan. 1 and July 1 from 1945 to 1952, incl., and $500,
Jan. 1, 1953.
,/;
p.
par.
to
Other Bids—
t!
:"
-
Int. Rate
Bidder—-r
3%
City Securities Corp.
Kenneth S. Johnson
$119.00
McNurlen & Huncilman
A. S. Huyck & Co—
166.15
3M%
Indianapolis Bond & Share Corp.-
18.00
55.00
3M%
—
—————
Fletcher Trust Co
Premium
3M%
__
———
—
17.60
127.50
BH%
BH %
—
It is
stated
by the
struction bonds have been
at
COUNTY (P. O. Independence),
Kan.—BOND
County Clerk that the $20,000 2%%
public works bonds purchased by the Dunne-Israel Co. of Wichita,
as noted
nere in March—V.
146, p. 1591—were sold for a premium of
$183.20, equal to 100.916, and mature $2,000 from April 15, 1939 to 1948,
giving a basis of about 2.08%.
MONTGOMERY
SALE DETAILS—It is stated by the
semi-ann.
Morris, City
have been sold
READING, Kan.—BONDS SOLD—It is stated by C. W.
Treasurer, that $18,700 water works improvement bonds
Securities Corp. of Topeka, as 3Ms, and
to the Columbian
100.286.
Dated Feb.
4s, at a price of
Legality approved by Dean & Dean, of
1, 1938.
Topeka.
County, Ind.—PLANS
BOND ISSUE—Trustee Arthur Boore has stated that the Board of Educa¬
tion has voted to issue $24,000 school building bonds.
FREMONT SCHOOL TOWNSHIP, Steuben
W
GARY,
Council
Ind.—SANITARY
recently
passed
an
DISTRICT
ESTABLISHED—'The
City
ordinace authorizing the establishment of a
authority to issue and sell an esti¬
plant bonds and to levy taxes to
sanitary district and commission with
mated $2,000,000 of sewage disposal
retire
SABETHA, Kan.—BOND SALE DETAILS—It is now reported that the
$55,000 refunding bonds purchased by Beecroft, Cole & Co. of Topeka, as
noted herein January, were sold at par, plus all expenses, divided as follows;
$15,000 as lMs, maturing $5,000 from July 1, 1938 to
2Ms» maturing $5,0f)0 on July 1, 1941 and 1942, and
maturing $5,000 from July 1, 1943 to 1948 incl.
the bonds.
KENTUCKY
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING—
John J. Reddington, County Auditor, will receive sealed bids until 10 a. m.
April 20 for the purchase of $96,000 not to exceed 3% interest series A
fund bonds.
Dated April 15, 1938.
Denom. $1,000.
Due as follows: $4,000 June 1 and Dec. 1 in 1939 and 1940, and $5,000
on June 1 and Dec. 1 from
1941 to 1948 incl.
Bidder to name a single
rate of interest,
expressed in a multiple of M of 1%.
Interest payable
J. & D.
A certified check for 3 % of the bonds bid for, payable to the order
of the Board of County Commissioners, must accompany each proposal.
County will furnish at its own expense the approving legal opinion of
Matson, Boss, McCord & Clifford of Indianapolis.
No conditional bids
will be considered.
Delivery of bonds will be made within 10 days after
the award.
They are being issued pursuant to Chapter 117 of the Acts of
1935, to provide funds to various townships for relief needs and are the
direct obligations of the county, payable out of unlimited ad valorem taxes
to be levied and collected on all of its taxable property.
on
of 1938 advancement
ROBB
1940; $10,000 as
$30,000 as 2%s,
TOWNSHIP
SCHOOL TOWNSHIP (P. O. Stewartsville),
of $14,000 4M% building bonds offered
HENDERSON COUNTY (P. O. Henderson),
It is stated
by N.
O.
Ky.—BONDS SOLD—
Kimbler, Superintendent of Schools, that $25,000
legality by the Court of Appeals on March 4
30 to Walter, Woody & Heimerdinger of
funding bonds were upheld as to
and they were sold on March
Cincinnati.
/
^
-v.:;.;(
MAYSVILLE, Ky.—BONDS SOLD—It is stated by Hazel M. Larkin,
City Clerk, that $15,000 4% incinerator bonds have been purchased by the
Bank of Maysville.
•
Ky .—BOND SALE—A syndicate headed by Edward
of Cincinnati, was awarded an issue of $300,000 3M%
funding bonds at par plus a premium of $2 per bond.
The issue, due
serially, the average maturity being 14 years, attracted 12 other bids.
Second high bid specified an interest rate of 3 M %, plus a premium of $1.11
per bond.
The bonds will have to be approved by the Kentucky Court of
Appeals and re-offering will not be made for about 30 days.
NEWPORT,
Brockhaus
& Co.
Ind.—BOND SALE—The issue
April 9—V. 146, p. 2086—was awarded to Bryan R.
ville, and the Fletcher Trust Co. of Indianapolis,
Slade & Co. of Evansjointly, at par plus a
larch 5, 1938 and
Kremium of $1,030, due as follows: $500, basis 1. 1939; $500, Jan. Dated
equal to 107.357, a July of about 3.42%. 1 and
July 1 from 1940 to 1952
Louisiana
incl. and $500, Jan. 1, 1953.
SUGARCREEK TOWNSHIP SCHOOL TOWNSHIP
Bought and Sold
(P. O. R. R.
No. 1, New Palestine), Ind.—BOND OFFERING—Sealed bids
to Trustee John S. Scott will be received until 2 p. m. on April
addressed
29 for the
interest building improvement
$475.
Due as follows: $475,
July 1, 1939; $475, Jan. 1 and July 1 from 1940 to 1948, incl., and $475,
Jan. 1, 1949.
Principal and interest (J. & J.) payable at the New Palestine
Bank, New Palestine.
The bonds are valid obligations of the school
purchase of $9,500 not to exceed 4M%
bonds.
Dated March 1, 1938.
Denom.
^Whitney! National Bank
of
township.
VERNON TOWNSHIP
(P. O. RR. No. 2, North Vernon), Ind.—
E. Dawson, Township Trustee, will receive
BOND OFFERING—Clarence
sealed bids until 8 p. m. on
May 7, for the purchase of the following:
$13,491.70 Vernon School Township school building bonds of 1938.
Dated
April 15, 1938.
Due Dec. 15, as follows:
$900 from 1939 to
1951, incl. and $1,791.70 in 1952.
Payable out of unlimited
ad valorem taxes to be levied on all of the school township's
property.
11.000.00 Vernon Civil
April
from
Township community building bonds.
Dated
1938.
Denom. $1,000.
Due $1,000 on Dec. 15
Payable out of unlimited ad valorem
be levied on all of the civil township's property.
15,
1939 to 1949, incl.
taxes to
Municipal Bonds
New
Orleans
^ jitsl
LOUISIANA
PARISH (P. O. Lake Charles), La.—ADDITIONAL
INFORMATION—In connection with the report previously appearing in
these columns of the approval by the voters of an issue of $250,000 building
bonds—V. 146, p. 2248—we give herewith a statement which has been
made public by C. W. Gabbert, Parish Treasurer:
"The voters of Calcasieu Parish, La., at an election held March 15,
1938 voted overwhelmingly to issue bonds in the amount of $250,000,
secured by an unlimited ad valorem tax.
The proceeds would be used for
the construcion of a stock pavilion and public auditorium.
The issuance
of the bonds and the completion of the project is dependent on the Louisiana
Legislature appropriating approximately $385,000 and the United States
CALCASIEU
Financial
2570
State of Louisiana has made their appropriation,
8200,000—all of which will be used in the completion
after the
Government,
will then appropriate
8835,000 project.
Therefore, the bonds will not be issued until the
Legislature has made their appropriation and the United States Govern¬
ment an appropriation, all of which will require at least five months from
this time—consequently the bonds cannot be advertised and sold until
of this
probably the last of September.
■
"In the event all of the required appropriations are made and the bonds
are to be issued and sold, then the Parish Treasurer will give due notice in
?i.
financial
journals."
GROVE,
receive sealed bids
La.—BOND OFFERING—Mayor R. W. Shilling will
until 2 p.m. on May 9 for the purchase of $20,000 not to
exceed 6% interest sewer
construction bonds.
Dated June 1, 1938.
De-
Due serially on June 1 from 1939 to 1958 incl.
Interest pay¬
A certified check for $500, payable to the order of the Town
Treasurer, is required.
Approving opinion of Holmes & Ferguson of New
Orleans, together with complete transcipt of proceedings, will be furnished
the successful bidder at the expense of the town.
$500.
nom.
able J. & D.
SULPHUR, La .—BOND OFFERING—It is stated by Mrs. Clyde
Town Clerk, that she will receive sealed bids until 7 p. m. on
May 23, for the purchase of two issues of 5% bonds, aggregating $120,000,
Ellender,
divided
as
follows:
Sewerage bonds.
193564
Due April 8
as
fohows:
$1,000 in 1939, $1,100 in 1940 and 1941, $1,200 in 1942, $1,300 in
1943 and 1944, $1,500 in 1945 and 1946, $1,600 in 1947, $1,700 in
1948, $1,800 in 1949, $1,900 in 1950, $2,000 in 1951, $2,100 in
1952, $2,200 in 1953, $2,300 in 1954, $2,400 in 1955, $2,500 in
1956, $2,600 in 1957, $2,700 in 1958, $2,800 in 1959. $3,000 in
1960, $3,100 in 1961, $3,200 in 1962, $3,300 in 1963, $3,400 in
1964, $3,600 in 1965. $3,800 in 1966, $3,900 in 1967, and $4,100 in
1968.
The bonds are secured exclusively in principal and interest
of the town, and by
pledge of the net income and revenue of the system.
50.000 Tax sewerage bonds.
Due April 8, as follows:
$400 in 1939 to
1942, $500 in 1943 to 1945, $600 in 1946 to 1949, $700 in 1950 to
1952, $800 in 1953, $900 in 1954 and 1955, $1,000 in 1956, $3,100
by mortgage on the sanitary sewer system
1957 and 1958, $1,200 in 1959 and 1960, $1,300 in 1961 and
$1,400 in 1963 and 1964, $1,500 in 1965 and 1966, $1,600 in
$1,700 in 1968, $1,800 in 1969, $1,900 in 1970, $2,000 in
$2,100 in 1972, $2,200 in 1973, $2,300 in 1974, $2,400 in
$2,500 in 1976, $2,600 in 1977, and $2,700 in 1978.
in
Dated April 8, 1938.
$200 and $100.
Denoms. $1,000, $500,
1962,
1967,
1971,
1975,
La.—BOND OFFERING—Sealed bids will be rceived
May 10, by Mayor Charles E. Delas, for the purchase of
District No. 1 bonds.
Interest rate is not to
THIBODAUX,
a.
m.
on
issue of $110,000 Sewage
exceed 6%, payable J. & D.
an
Denom. $1,000.
Dated June 1, 1938.
Due
1940 to 1963.
Bidders may bid for all or any part of the
bonds.
The approving opinion of B. A. Campbell of New Orleans, and a
certified copy of the transcript of record as passed upon, will be furnished
the successful bidder without cost.
These bonds were approved by the
voters at the election held on April 5.
A certified check for $2,200, payable
from
June
to the
1,
District, must accompany the bid.
1937
-----
-
—
—
—
—
—
—
—
Assessed
—
----- —
— —
—
—
—
--
valuation,
$221,215; tax rate,
Population, 7,604.
-
-
— —
-
—
—
—
-
—
_
-
—
—
—
—
-
-
-
-
234,766.65
241,249.79
246,208.90
MARYLAND
ON
PROPOSED
sions.
(State of)—BOND OFFERING—Hooper S. Miles, State
for the purchase of $900,000
are the unsold balance of an
authorized
$100,000 having been sold in
October, 1937, to W. W. Lanahan & Co. of Baltimore, as 224s. at 104.799.
a
basis of about 2.16%.
This block was offered to mature from 1940 t
MARYLAND
Treasurer, will receive sealed bids until June 15
State
Building bonds.
The bonds
issue of $1,000,000, the initial
Office
1952 incl.
MASSACHUSETTS
SALE—The $120,000 coupon municipal
awarded to the Beverly National Bank of
1 34s, at 100.799, a basis of about 1.35%.
Dated April 1, 1938
and due $12,000 on April 1 from 1939 to 1948 incl.
Second high bidder
was Chace,
Whiteside & Co. of Boston, which offered a price of 100.631
for l^s.
BEVERLY,
UNITS—The Baltimore Sun of April 10 reported in part
as follows: Annapolis has growing pains.
It wants to boost its area by
annexing the communities surrounding it and a campaign toward this end
in progress.
The suburbs it is proposed
to annex by referendums include Eastport,
Germantown, Homewood, West Annapolis, Wardour.
The present estimated population of the city is 13,500.
Annexation, if
effected as planned, would boost this to approximately 22,500, made up as
follows: Eastport, 5,000; West Annapolis-Wardour, 1,500, and Germantown-Homewood, 1.200.
The area of Annapolis is approximately one square mile.
The suburbs
have an aggregate area of four square miles.
The chief benefit to accrue from annexation, held out by proponents of
the plan for a greater Annapolis, is a reduction in taxes, which it is proposed
to accomplish through a consolidation of overlapping taxing agencies, in¬
cluding:
'
.W;."- ^
Anne Arundel County Sanitary Commission.
Annapolis Metropolitan Sewerage Commission.
Annapolis city government.
Annapolis Water Co. (owned by the city of Annapolis, but which functions
as a separate corporation).
The Board of County Commissioners.
Consolidation of the agencies and commissions now functioning is pro¬
posed as the first step in reducing overhead, thus paving the way for a
reduction in taxes or else making more money available for essential services.
In place of the five taxing agencies, each requiring a staff of clerks and
other employees, the city of Annapolis and the Anne Arundel County Board
of Commissioners would remain as taxing agencies.
The city charter of Annapolis limits the tax to $1.
This includes all
special services—police, highways, fire, health, &c.
If annexation is ac¬
complished, the commissioners' tax authority would be limited to levies
to support schools and general county government administration.
The plan calls for consolidating all departments in the metropolitan area
under a single head with direct representatives of the people as the govern¬
ing body.
The employees would be under the Merit System.
Although annexation can be accomplished by an Act of the Legislature,
this method is opposed.
It is declared that whenever 20% of the registered voters in a given
community petition the Annapolis City Council for annexation, a special
election can be called in the area seeking annexation, the expenses to be paid
by Annapolis.
Annapolis, it is contended, has virtually lost its position as a center
of the sea-food industry, despite its strategic location, because most of its
desirable water-frontage is included within the Naval Academy reservation.
Annexation would make available in the adjoining suburbs, notably
Eastport, ample land for desirable industries, particularly boat building
and repairing and sea-food packing, advocates of extension assert.
The Annapolis Metropolitan Sewerage Commission in proving trunkline sewers and a sewage-disposal plant for the city and the communities
surrounding it expended $725,000, financed by the sale of bonds.
As of
April 1, 1938, its total bonded indebtedness was $688,595.
When the commission was created, the tax levy to support it was 12 cents;
it jumped; to 28 cents when the primary facilities were provided, and
mounted to 40 cents with the completion of a disposal plant.
Indications are its operation expenses will cause further increases in the
special tax levy to support it.
Mass.—BOND
relief bonds offered April 13 were
as
Other bids:
Int. Rate
134%
1 34 %
134%
1)4%
1 34%
Bidder—
Chace, Whiteside Co
First National Bank of Boston
Stone & Webster and Blodgett, Inc.E. H. Rollins & Sons
—
Bond, Judge & Co. and H. C. Wainwright & Co
134 %
134%
134%
134%
134 %
134%
134%
Kennedy, Spence & Co., Inc
Smith, Barney & Co
C. F. Childs & Co_.
-
Graham, Parsons & Co.
Whiting, Weeks & Knowles and R. L. Day & Co
Brown Harriman & Co
Goldman, Sachs & Co
134%
l%%
124%
Newton. Abbe & Co
Salomon Bros. & Hutzler
Rate Bid
100.631
100.621
100.6053
100.559
100.513
100.479
100.46
100.399
100.372
100.339
100.3199
100.175
100.139
100.78
100.33
BOSTON, Mass .—TAX RATE AT RECORD HIGH— Mayor Maurice
disclosed that the tax rate for 1938 will be $42 per $1,000
an increase of $3.30 over that of last year and the
highest in the history of the city. In an open letter to the Legislature urging
support of bill giving the Mayor control over school appropriations, Mr.
Tobin stated that the projected $42 rate "should demonstrate to any clearthinking citizens the dire consequences of mounting expenditures that
threaten to bring them to their knees."
Tobin recently
of assessed valuation,
BROCKTON, Mass.—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered April 15 was awarded to Leavitt & Co. of New
York, at 0.665% discount.
Dated April 15, 1938 and due $200,000
Dec. 16, 1938, and $100,000 on Dec. 23, 1938.
The First National Bank
of Boston, second high bidder, named a rate of 0.67%.
BROOKLINE,
Mass.—BOND
SALE—The
$466,000
bonds
coupon
offered April 13 were awarded to Smith, Barney & Co. of New York and
Washburn & Co. of Boston, jointly, as 134s, at 100.73, a basis of about
The offering
consisted of:
$55,000 Edith C. Baker school loan bonds, 2nd unit.
Due April 1 as fol¬
lows: $6,000 from 1939 to 1943 incl. and $5,000 from 1944 to 1948
incl.
Other bids:
Bidder—For 134 % Bonds—
Merchants National Bank, Boston
Rate
100.51
100.453
100.432
Sachs
& Co
First National Bank of Boston
Bond, Judge & Co
First Boston Corp. and Lazard, Freres & Co
100.429
100.409
100.3699
-
—
—
ANNEXATION OF
CONTIGUOUS
s now
■■
.
Brown Harriman & Co. and Stone & Webster and Blodget, Inc..
Estabrook & Co—
Portland.
Md.—REPORT
,
pointed out by the city fathers that this corporation buys water at a
and sells it at 40 cents per unit to house¬
holders, who, in addition, must pay the special district tax for main exten¬
All of the bonds are dated April 1, 1938.
Second high bid was entered
by Tyler & Co. of Boston, the offer being 100.707 for 1)4s.
$5,498,774; bonded debt and funded notes*
$43.50; tax titles, April 12, 1938, $37,271.40-
DEXTER, Me.—BOND SALE—It is reported that an issue of $34,000
funding bonds bearing 3% interest was sold to H. M. Payson & Co. of
i
indebtedness of $204,000.
Goldman,
ANNAPOLIS,
,
wholesale rate of 18 cents per unit
1937,
1937,
'
'
city-owned corporation, the Annapolis Water Co., which has a total bonded
2,840.50
4,086.20
Uncollected
------------
Annapolis; the city builds its own
in the metropolitan area is supplied by the
Water for the communities
Apr. 12,'38
$3,101.99
2,546,96
'
—
The commission does not operate in
95,000 standpipe loan bonds.
Due April 1 as follows: $10,000 from 1939
to 1943 incl. and $9,000 from 1944 to 1948 incl.
25,000 water mains bonds.
Due April 1 as follows: $7,000 in 1939, and
$2,000 from 1940 to 1948 incl.
222,000 street construction bonds.
Due April 1 as follows: $24,000 in
1939, and $22,000 from 1940 to 1948 incl.
69,000 sewer and drains construction bonds.
Due April 1 as follows:
$7,000 from 1939 to 1947 incl. and $6,000 in 1948.
Financial Statement
Tax Levy
$234,843.33
build main trunk
is handled by the
levies a front-foot
sewers.
1.35%.
MAINE
BRUNSWICK, Me.—NOTE SALE—The issue of $30,000 revenue anti¬
cipation notes offered April 15 was awarded to the National Rockland Bank
of Boston at 0.57% discount.
Dated April 15. 1938 and due Nov. 1, 1938.
E. H. Rollins & Sons, Inc. of Boston, second high bidder, named a rate of
0.69%.
Year—
County
Estabrook & Co
Bids shall
specify the amount of the bonds, and (if for less than the entire amount
offered on each issue), the due dates of the bonds they desire to purchase.
Bids to be for at least par and accrued interest.
Prin. and int. payable
annually at the Calcasieu-Marine National Bank, Lake Charles.
A
certified check for 2% of the par value of the bonds bid for, is required.
Bond blanks will be furnished by the town,
until 10
^charge
which
Sanitary Commission,
for laying sewer and water mains.
Arundel
>Anne
Beverly,
$70,000 First Mortgage Revenue
1938
Since the Sewerage Commission is permitted only to
line or interceptor sewers, the building of lateral lines
It is
/
DISTRICT NO. 1 (P. O. Ruston), La.
—PA YING AGENT—The Manufacturers Trust Co. of New York is paying
agent for serial bonds issued by the above District .
LINCOLN PARISH SCHOOL
OAK
April 16,
Chronicle
Newton, Abbe & Co...
R. L. Day & Co.
Kennedy, Spence & Co
For
% %
100.266
100.257
—
100.185
100.0819
-
Bonds—
F. S. Moseley & Co. and Kidder, Peabody & Co—
101.1169
Salomon Bros. & Hutzler
100.49
Halsey, Stuart & Co
100.226
GLOUCESTER, Mass.—OTHER BIDS—The $50,000 water bond issue
awarded to Newton, Abbe & Co. of Boston, as 2s, at a price of 100.899, a
basis of about
1.87%, as previously reported in these columns—V. 146, p.
as follows:
2406—were also bid for
Bidder—
Int. Rate
Cape Ann National Bank
Kennedy, Spence & Co_
Bond, Judge & Co
2%
234%
214%
234%
234%
234%
2 34%
234%
234%
234%
—
Gloucester National Bank
Gloucester Safe Deposit & Trust Co
R. L. Day & Co
Estabrook & Co.
Tyler & Co
Whiting, Weeks & Knowles
E. H. Rollins & Sons, Inc
—
HAVERHILL, Mass.—NOTE SALE—The $400,000
revenue
Rate
Bid
100.33
101.399
101.22
101.055
100.83
100.639
100.42
100.099
101.01
100.83
anticipa¬
tion notes offered April 11—V. 146, p. 2406—were awarded to the National
Shawmut Bank of Boston, at 0.83% discount.
Dated April 12, 1938 and
payable as follows:
$100,000 Nov. 8, 1938; $200,000 Dec. 28, 1938, and
$100,000 March 1, 1939.
Other bids were:
Bidder—
Merchants National Bank of Boston
Discount
0.87%
0.88%
—
Jackson & Curtis
LEXINGTON, Mass.—NOTE SALE—The $9,900 street construction
April 12 were awarded to Tyler & Co. of Boston as 1 J4s, at a
price of 100.143, a basis of about 1.20%.
Dated May 1, 1938, and due
May 1 as follows: $2,000 from 1939 to 1942 incl. and $1,900 in 1943. Other
notes offered
bids
were:
Bidder—
Int. Rate
Salomon Bros & Hutzler
Bond. Judge&Co
— _
——
Estabrook & Co
-
Lexington Trust Co
—
Rate Bid
134%
134%
134 %
2%
100.61
100.129
100.348
Par
MALDEN, Mass.—NOTE SALE—The issue of $500,000 revenue an¬
ticipation notes offered April 12—V. 146, p. 2407—was awarded to the
National Shawmut Bank of Boston, at 0.67% discount.
Dated April 13,
1938 and due as follows: $250,000 Dec. 16, 1938, and $250,000 Jan. 10,
1939.
The Maiden Trust Co. of Maiden, second high bidder, named a rate
of
0.69%.
Other
bids were:
Discount
Bidder—
Leavitt & Co
Leavitt & Co
a0.693%
;
—
First National Bank of Boston
Middlesex County National Bank
a
New York delivery,
b Boston delivery.
bO.719%
0.72%
-0.73%
Volume
Financial
146
MASSACHUSETTS
(Commonwealth
OFFERING—Wil¬
of)—NOTE
Receiver General, will receive sealed
April 22 for the purchase of $354,700 fully registered
Court House Loan, Act of 1935 notes.
Due March 1 as follows: $36,700,
1939; $36,000 from 1940 to 1942, incl., and $35,000 from 1943 to 1948, incl.
Interest payable M. & S.
Bidder to name one rate of interest on the entire
loan, which rate must be in a multiple of M of 1%.
In comparing bids,
preference will be given to the one providing for the lawest net interest cost
to the Commonwealth
(total interest for the duration of the loan from
March 1, 1938, less the amount of the premium bid).
Successful bidder will
be furnished witn a copy of tJhe opinion of the Attorney General affirming
the legality of the issue.
A certified check for 2% of the amount bid for,
payable to the order of the Treasurer and Receiver General, and drawn on
a national bank or trust company doing business in the Commonwealth or
in the City of New York, must accompany each proposal.
All bids to
include accrued interest.
Any award by the Treasurer is subject to the
approval of the Governor and Council.
ia ra E. Hurley, State Treasurer and
bids until
noon
on
MASSACHUSETTS
(State
of)—NOTE
OFFERING—William
E.
Hurley, State Treasurer, will receive bids in writing until noon on April 20
the purchase of $1,674,900 notes.
Dated April 28, 1938 and due
Nov. 23, 1938.
They are issued under the provisions of Section II of Chap¬
ter 159 of the Special Acts of 1918, as amended, in anticipation of assess¬
ments against the cities and towns of the Boston Metropolitan District
for the payment of the Boston Elevated Railway Co. deficiency.
They
are direct obligations of the Commonwealth of Massachusetts and interest
will be payable at maturity and figured on exact number of days on a 360day year basis.
Notes will be delivered in Boston and payable as to princi¬
pal and interest in Boston or New York City, at option of purchaser.
Commonwealth reserves the right to reject any or all bids.
for
MILLBURY, Mass.—NOTE SALE—The Merchants National Bank of
was awarded on April 13 an issue of $100,000 notes at 0.72% dis¬
Due $25,000 Dec. 15, 1938, $50,000 March 15, 1939, and $25,000
Boston
count.
April 10, 1939.
bids
Other
Worcester County Trust Co
Discount
0.74%
.
-
.-__0.75%
...
.—-0.77%
Jackson & Curtis
NEWTON, Mass.-—BOND SALE—The $158,000 coupon bonds offered
April 15 were awarded to Tyler & Co. of Boston, as IKs, at a price of
100.833, a basis of about 133%.
The sale consisted of:
$100,000 street improvement bonds.
Dated Dec. 1, 1937.
Due $10,000
Dec.
1 from 1938 to 1947,
of
58,000 City
Newton
inclusive.
Sanitorium
County
addition bonds.
Dated
$6,000 from 1939 to
April 1, 1938 and due April 1, as follows:
1946, incl. and $5,000 in 1947 and 1948.
Goldman, Sachs & Co. of New York and Bond,
Boston, each bid a price of 100.777 for lj^s.
Washington Street
.
.
v
Gross
$113,000.00
_
___
1,119,000.00-;
625,000.00
548,000.00
.
School
19365
Judge & Co., Inc.,
13, 1938
Debt Statement, April
Outside Debt Limit—
Sewer.
Other bids: '
)■':
'
Bidder
'
Second National Bank of Boston
Leavitt & Co.
_
Water
_
Whiting, Weeks & Knowles
SAUGUS, Mass.—NOTE SALE—The National Shawmut Bank of Bos¬
was awarded April
11 an issue of $50,000 notes at 0.83% discount.
7, 1939. ' Other bids were:
Bidder—
" '
■'
:y'■
v^Discount
ton
Due April
Bond, Judge & Co__...
......
Mass.—BOND SALE—The issue of $150,000 coupon
municipal relief bonds offered April 11—V. 146, p. 2407—was awarded to
Kennedy, Spence & Co. of Boston, as 2Ms, at 100.839, a basis of about
2.34%.
Dated April 1, 1938.
Due $15,000 annually on April 1 from 1939
to 1948, incl.
Bond, Judge & Co., Inc. and Kidder, Peabody & Co., both
of Boston, jointly, was second high bidder, offering 100.789 for 23^s.
Other
bids:
Bidder—
National
......
Merchants'
100.465
2 54 %
2)4%
the
and
100.433
100.099
Na¬
jointly
Tyler & Co., Inc
254%
_
Newton, Abbe & Co
Bancamerica-Blair Corp
Brown Harriman & Co., Inc.
100.84
22!%
Salomon Bros. & Hutzler
100.267
100.799
100.439
3%
3%
.____
STONEHAM, Mass.—NOTE SALE—The Merchants National Bank of
Bank of Boston divided the aAvard of an
named a discount rate of 0.47%.
Boston and the Second National
issue of $50,000 notes, as each institution
The notes mature Nov. 1, 1938.
offered
April 14 was awarded to the Merchants National Bank of Boston, at
0.80% discount.
Due Dec. 15, 1938.
The Worcester County Trust Co.
submitted the second high bid of 0.83%.
OTHER BIDS—
Within Debt Limit—
School
First
Bank of
Boston was awarded on April
National Bank of
12 an issue of $50,000 notes at 0.48% dis¬
The Merchants National Bank of Boston,
SALE—The
Second
18, 1938.
bidder, named a rate of 0.49%.
Due Nov.
count.
0.92%
Boston
Mass.—NOTE
WINTHROP,
second high
WORCESTER, Mass.—NOTE SALE—The issue of $500,000 revenue
anticipation notes offered April 11 was awarded to the Second National
Bank of Boston and the .National Shawmut Bank of Boston, jointly, at
0.53%
Dated April
discount.
Merchants
National
12, 1938 and due March 15, 1939.
The
the Day Trust Co. of Boston
the rate beipg 0.54%.
Bank of Boston and
oined in submitting the second best bid,
MICHIGAN MUNICIPALS
10,288.15
Street
Land.
40 ,000.00
•_
....
improvement
School, fire alarm headquarters and fire station
Building....
4
Service building
Auburndale fire station
,000.00
4 ,000.00
$3,206,000.00
$6,470,288.15
Total...
Gross debt
_$6,358,923.20
for sinking fund of $111,364.95 against $113,000 Wash¬
....
ington Street bond issue.
Cray, McFawn & Petter
RAPIDS
Telephone 9-8255
A.T.T. Tel. Grpe.
7
MICHIGAN
recently
ADRIAN, Mich.—BONDS APPROVED—The City Council
approved the issuance of $125,000 sewage disposal bonds.
ALLEGAN, Mich.—BOND SALE—The issue of $50,000 self-liquidating
sewer revenue bonds offered
March 22—V. 146, p. 1922—was awarded
to Stifel, Nicolaus & Co., St. Louis, the only bidder, as 454s, at a price of
98. a basis of about 4.97%.
Dated Feb. 1, 1938, and due as follows:
$2,000, 1941 to 1945, incl.; $2,500. 1946 to 1948, incl.; $3,000 from 1949
to 1953. incl., and $3,500 from 1954 to 1958, incl.
CHARLEVOIX,
Average valuation for the last three years and 1935, 1936, 1937
Motor vehicles $171,487,188.45.
Debt limit at 2H % of $171,487,188.45..
....$4,287,179.71
Debt within limit
3,206,000.00
GRAND
DETROIT
Telephone Cherry 6828
A.T.T. Tel. DET 640-541
Borrowing Capacity
•
Co__
&
Bros.
National
$1,171,,000.00
1,083,,000.00
,000.00
...
600,
231 ,000.00
73 ,000.00
—
Discount
0.86%
Bidder—
Wrenn
$3,264,288.15
Total
Mich.—BONDS
NOT
DATE
SALE
SOLD—NEW
SET—Ray S. Hamilton, City Clerk, reports that no bids were accepted
$98,000 4% electric light system revenue bonds offered April 11.—
for the
V.
The sale was deferred until April 14.
Due May 15 as
$6,000, 1939 to 1942 incl.; $7,000, 1943 to 1946 incl.; $8,000 1947 to
1951 and 1952, and $4,000 in 1953.
146, p. 2407.
follows:
1950 icl.; $5,000 in
Total......
........
The above statement does not include the present
$1,081,179.71
offering of $150,000.00.
$6,358,923.20
173,907,375.47
of city 3.34% of the assessed
excluding above loans..
The assessed valuation for 1937
Excluding the water debt, the net debt
Tax
Colletions for
Last
Three Years
$347.33
1,711.35
492,973.27
.....$4,449,487.10
1935
1936—
4,666.756.00
1937
4,784,927.98
(P. O. Dedham), Mass.—NOTE SALE—The
tuberculosis hospital maintenance notes offered April 12—
awarded to the Granite Trust Co. of Quincy at
0.475% discount.
Dated April 12, 1938, and due April 6, 1939.
The Day
Trust Co. of Boston, second high bidder, named a rate of 0.48%.
V. 146, p. 2406—was
Other bids:
Discount
0.52%
Bidder—
First National Bank of Boston
R. L. Day
& Co...
Merchants National Bank of Boston
... _ _
-
Second National Bank of Boston
National Shawmut Bank
—
Norfolk County Trust Co
NORTHAMPTON,
......
Mass.—NOTE
0.53%
0.63 %
0.63%
--_-0.65%
----■
...—
— —
OFFERING—Albina
L.
.0.68%
Richard,
City Treasurer, will receive bids until 5 p. m. on April 21 for the purchase
anticipation of revenue for 1938.
Dated April
25, 1938.
Denoms. $25,000, $10,000 and $5,000.
Due Dec. 7, 1938.
The Merchants National Bank of Boston will certify that the notes are
issued under the authority of an order of the City Council, the legality of
of $100,000 notes issued in
approved by Storey, Thorndike, Palmer & Dodge of Boston,
genuine.
Legal papers incident to the
with the Merchants National Bank of Boston, and de¬
livery of the notes will be made at that institution.
Bids stating the rate
of interest that bidders will offer for the whole, but not for any part, of the
loan must be sealed and must include interest to date of delivery.
Interest
on a 360-days to the year basis is to follow and no offer to discount the loan
which has been
and that the signatures thereon are
be filed
will be considered.
Bonded debt
_
u
_
.
_
_
.
Population, 25,525.
^ '.VI:.:Year—
-
...
—
-
...
Tax rate, 1937, $32.50.
'
Tax Collection
Tax Levy
..$25,113,200
A. —105,000
"
Uncollected April 1, 1938
..$851,202.54
$685.42
837,340.19
64,831.73
—
830,549.69
165,436.38
April 1, 1938, $34,598.69.
Borrowed against tax titles, none.
-
—
-----
—
-
Tax titles,
—
-
-
— ----- -
QUINCY, Mass.—NOTE SALE—The issue of $500,000 revenue notes
April 14 was awarded to the National Shawmut Bank of Boston
% discount.
Ddted April 14, 1938 and payable $250,000 on Nov. 23
and $250,000 Dec. 23, 1938.
J"he Merchants National Bank of Boston,
second high bidder, named a rate of 0.63% .
offered
at 0.61
Mich.—BOND SALE— The
purchased
was
reported
$22,500 sanitary sewer
bonds
April 11—V. 146, p. 2407—were awarded to Ryan, Sutherland &
Toledo, at a price of par for $12,500 3 54s and $10,000 3 'As. Dated
April 15, 1938 and due Oct. 15 as follows: $500 in 1940, and $1,000 from
1941 to 1962 incl.
■'.''V.-;.
■
Co. ot
Other bids:
Int. Rate
Bidder—
354%
McDonald, Moore & Hayes
McDonald, Moore & Hayes.
Premium
d$562.50
11.50
Channer Secutiries Co
3)4%
354%
Calhoun State Bank of Homer
4%
117.00
380.00
4%
220.50
Cray, McFawn & Petter....___________
— _____
d Discount.
Mich.—REFUNDING PLAN EFFECTIVE—It is
Secretary.of the Bondholders' Protective
municipalities, 1757 Penobscot Bldg.,
Detroit, that consent to the proposed refunding of bonds and notes of the
City of Lincoln Park, or its predecessor, the Village of Lincoln Park, having
been received from the holders of approximately 86% of the bonds and
notes to be refunded, the plan has been declared operative.
It is anticipated
that refunding bonds will be available for delivery within the next week.
The Committee has prepared a letter of transmittal for use in forwarding
securities to the Detroit Trust Co. for the purpose of effecting the exchange
and for the collection of interest in accordance with the provisions of the
refunding plan.
Exchange will be made as promptly as possible after
receipt of the bonds and notes to be refunded.
Prompt action in depositing
LINCOLN
PARK,
T. Purdy,
Wayne County
announced by Richard
Committee
for
bonds and notes is
requested.
WAYNE COUNTY BONDS
Highway Department, in furnish¬
high bids submitted for the $90,000 Covert
Road highway refunding bonds offered April 14—V. 146, p. 2407, advises
that the award will not be made until Monday.
The two bids were: An
offer by Paine, Webber & Co. of Detroit, to take all of the bonds as 154s,
at par and a premium of $27.61.
Martin, Smith & Co., Inc. of Detroit
bid a premium of $53 for the bonds due in 1941 as 154s and those due in
MICHIGAN (State of)—HIGH BIDS FOR
—L. B.
Reid, Director of Finance, State
ing us with the details of the two
Financial Statement
Assessed valuation, 1937..
to
DISTRICT NO. 1 (P. O. Hart), Mich.
County Savings Bank of Hart
3s, at par, the issue of $25,000 coupon school bonds which
have failed of sale at the public offering on Feb. 25.
HOMER,
COUNTY
NORFOLK
water
offered
,
issue of $100,000
-
HART TOWNSHIP SCHOOL
as
Outstanding April 12, 1938
Commitment
City),
offered Feb. 28, was sold on March 28 to Mc¬
Donald, Moore & Hayes of Detroit.
Dated Oct. 1, 1937 and due April 15
as follows:
$1,050, 1938; $2,000 in 1939 and $3,000 from 1940 to 1957, incl.
—BONDS SOLD—The Oceana
valuation.
issue will
COTTRELLVILLE TOWNSHIP (P. O. R. F. D. Marine
SOLD—The issue of $57,050 special assessment
Mich.—BONDS
extension bonds originally
Supplemental Statement
The net debt of the City of Newton,
1937_
.
2 54%
Bank
Shawmut
tional Bank of Boston,
Rate Bid
100.71
Int Rate
254 %
,
__
Halsey, Stuart & Co., Inc
40,000.00
Building...
Tax titles..v..W....
.
•
Frederick M. Swan & Co
90,000.00
...
Incinerator
♦After allowing
0.94%
—
____
__
SOMERVILLE,
140,000.00
102,000.00
...............
Soldiers, sailors and marines memorial
Street improvement..,
♦Net debt._:
0.925%
—
First National Bank of Boston
297,000.00
180,000.00
City Hall
County sanatorium
Sewer
Discount
0.657%
....0.667%
—0.71 %
-
WEBSTER, Mass.—NOTE SALE—The issue of $200,000 notes
were:
Bidder—
Second National Bank of Boston
on
2571
Chronicle
1942
as
2s.
The offering consisted of:
$60,000 District No. 474, Wayne County portion
follows:
$40,000 in 1941 and $20,000 in
bonds.
MICHIGAN
(State
Due May 1 as
1942.
30,000 District No. 492, Wayne County portion bonds.
follows:
$20,000 in 1941 and $10,000 in 1942.
All of the bonds will be dated May 1. 1938.
Due May 1 as
of)—PRESENT STATUS OF LOCAL REFUND¬
Carey, 2149 Union Guardian Building, De¬
troit, reports the following as to municipalities for which he is acting as
ING PROGRAMS—Matthew
refunding agent:
Financial
2572
*
Net
Refunding
Bonds
for Exchange-—
a Royal Oak Township, Oakland Co
Troy Township, Oakland Co
Warren Village, Macomb Co
97%
100%
100%
201,750
186 750
16 000
10,500
10.500
93%
100%
100%
2,059,480
-
2,016,480
64,000
33,000
591,000
98%
100%
1,274,000
115,000
67,000
99%
100%
100%
49,000
Series B
Series C
-
— - - - - -
(includes Ecorse Twp. 8. D.
Lincoln Park
Co.—
Nos. 5 and 10), Wayne
Series A
64,000
33,000
675,000
Series B
Wayne Co.
Royal Oak Twp. No. 7, Oakland Co
Royal Oak Twp. No. 8, Oakland Co.—
Livonia Twp. No. 6,
*1-286,000
115,000
Series A
Series B
-
Taylor Twp. No. 5, Wayne Co
Troy No. 6, Oakland Co
Troy No. 7, Oakland Co—
Warren Twp. No. 8, MacombCo. ----Waterford. West Bloomfield & White Lake
Twps. No. 2, Fr.f Oakland Co
67,000
124,100
COUNTY
RAMSEY
O.
(P.
St.
Paul), Minn.—BOND
and the Bancamerica-Blair Corporation, as 2J£s. paying a premium of
$291.45, equal to 100.0664, a basis of about 2.24%.
Dated April 1, 1938.
on April 1 from 1939 to 1948, without option of prior redemption.
The second highest bid was an offer of 100.832 on 2J4s, tendered jointly
by Phelps, Fenn & Co., and the Wells-Dickey Co. of Minneapolis.
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for general subscription at prices to yield from
0.70% to 2.40%, according to maturity.
Due
Other bids:
70,000
70,000
M
41,000
41,000
100%
Premium
Interest
Bidder—
io4
SALE—The
$435,000 issue of coupon public welfare bonds offered for sale on April 11
146, p. 2408J—was awarded jointly to Halsey, Stuart & Co., Inc.,
—V.
Blyth & Co., Inc. (Manager); Paine, Webber & Co.;
Eastman, Dillon & Co
2lA%
Brown Harriman
& Co., Inc.; Mercantile-Commerce
Bank & Trust Co
2J^%
Lazard Freres & Co.; Securities Co. of Milwaukee, Inc.;
Allison-Williams Co
—23^ %
Smith, Barney & Co., New York City; Illinois Co. of
Chicago, Chicago, Illinois; First National Bank of St.
Paul, St. Paul, Minn.; First National Bank & Trust
Co., Minneapolis, Minn
2lA%
$3,349.00
2,261.57
—
1,265.00
243.60
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 12
$5,080,055
$5,368,655
Sub-total
95%
Amount
Effective—
P.
C.
897,927
508,000
Circular 11-29-37
Macomb Co_.
Troy & Royal Oak No. 11, Fr., Oak¬
421,000
Circular
land Co
218,000
b St. Clair Shores Village,
Macomb Co
Village, Oakland Co
Oak Park
School districts:
Lake Twp. No. 2,
Sub-total
— -
(P. O. Ely) Minn.—BOND SALE—The $400,000 issue of coupon refunding
11—V. 146, p. 2408—was awarded to the
S. Richards,
Clerk of the Board of Education. The bonds were purchased as 2 Ms, at par,
bonds offered for sale on April
Written Consents
Plans Not Yet
Pending
First National Bank of St. Paul, and associates, according to B.
£lus $40,000 from Aug. 1, 1939 equal to incl.
)ue a premium of $4,411.00,
101.103, a basis of about 2.55%.
to 1948
The next
1-14-38
highest bidder was the First and American National Bank of
on 2.60% bonds.
Duluth, and associates, offering a premium of $26
131.000
60%
-$2,044,927
Those associated with the above firm in the purchase of the said bonds
were: First National Bank & Trust Co. of Minneapolis; Kalman & Co. of
St.
Paul, and Bigelow-Webb & Co., Inc., of Minneapolis.
The following is an official summary of the other bids submitted:
..$7,413,582
Total.
♦
After deducting sinking fund holdings to be canceled when refunding is
completed.
x After deducting $30,000 authorized but used for taxes prior to refunding,
a H. V. Sattley & Co., joint refunding agent,
b Babbitt-Vogel & Co., joint refunding agent,
c E. Reid Ashton, joint refunding agent.
MONTROSE, Mich.—BONDS VOTED—At a recent election
approved the issuance of $32,200 waterworks system bonds.
voters
Mich.—BONDS NOT SOLD—No bids were submitted at
$26,000 not to exceed 6% interest water works
mortgage bonds—-V. 146, p. 2089.
Dated March 1, 1938 and due March 1
as follows:
$1,500 from 1941 to 1944, incl. and $2,000 from 1945 to 1954,
inclusive.
'
Dist. Portion
Co. Portion
May 1—•
Total
500
$1,000
1,000
18,000
33,000
9,500
1,000
3,000
5,000
10,000
4,000
3,000
9,000
23,000
43,000
13,500
$69,000
$24,500
$93,500
$1,000
""$506
1944
:
2,000
6,000
1945...
$400,026
2.60%
Duluth; City Natl. Bank, Duluth; Wells-Dickey Co.,
Duluth, Minn
$402,481
J. M. Dain & Co., Minn.; Allison-Williams Co., Minn.;
2.75%
Duluth, Minn.
1st & Am. Natl. Bank, Duluth; Northern Natl. Bank,
Piper Jaffray & Hop wood, Inc.; Justus F. Lowe Co.,
Minn.; Paine & Webber Co., Minn
400,762
COUNTY
LOUIS
ST.
RIVERS, Mich.—BONDS SOLD— The $22,500 paving bonds
approved by the Public Debt Commission last December, were sold to local
investors as 3^8, at par.
Included are $10,000 special assessment, $9,500
special assessment and $3,000 general obligation issues, due serially from
1939 to 1943 incl.
TROY TOWNSHIP SCHOOL DISTRICT NO.
6, Oakland County,
Mich.—BOND EXCHANGE IN PROGRESS— Matthew Carey, refunding
agent, 2149 Union Guardian Bldg., Detroit, issued the following notice
under date of April 12:
The Refunding Plan submitted in circular letter and prospectus dated
Feb. 21, 1938, has been approved by the Public Debt Commission (order
dated March 31, 1938) without change.
Holders of bonds of a par value of $106,100 have already agreed to accept
the Plan.
At a meeting held April 7, 1938. the School Board instructed
the undersigned to proceed with the exchange.
New bonds and certificates
now
available.
Please forward your bonds to the Manufacturers Bank National of Detroit,
accompanied by Letter of Transmittal in triplicate.
Some delay may be entailed in getting in 70 % of the bonds to be refunded.
If delivery of Refunding Bonds at an early date is desired, indicate waiver
of 70% provision.
r^.'
DISTRICT
NO.
2.75%
52
MISSISSIPPI
ARCOLA CONSOLIDATED SCHOOL DISTRICT—(P. O. Green¬
ville), Miss.—BOND OFFERING—A. D. Brooks, Clerk of the County
Board of Supervisors will receive bids until noon on May 2 for the purchase
of $55,000 school bonds.
CARROLL COUNTY SUPERVISORS' ROAD DISTRICTS (P. O.
Carrollton), Miss.—BONDS SOLD—It is stated by the Clerk of the
Chancery Court that the following 5M% refunding bonds aggregating
$26,000, have oeen purchased at par by Lewis & Thomas of Jackson:
$4,000 District No. 3; $11,000 District No. 4, and $11,000 District No. 5
bonds.
Dated Nov. 1, 1937,
Legal approval by Charles & Trauernicht
of St. Louis.
CLAY COUNTY (P. O. West
Dated Feb. 1,
1938 and due Aug.
1
as
follows: $5,000 from
1940 to 1949 incl.
i
in
bonds to refund
3M%
ture
approved
secure
Minn.—BOND OFFERING—We are informed by Walter
Fall, City Clerk, that he will receive sealed bids until 8 p. m. on April 20,
for the purchase of an issue of $150,000 sewage
disposal plant revenue bonds.
Interest rate is not to exceed 4 Yi %, payable M. & S.
Dated April 1, 1938.
Due $7,500 from March 1, 1940 to 1959, incl.; all bonds maturing after
March 1, 1948, to be subject to redemption on said date and on any interest
payment date thereafter.
Prin. and int. payable at any suitable bank or
trust company
designated by the successful bidder.
The city will furnish
bonds and the approving legal opinion of Junell, Fletcher,
Dorsey, Barker & Colman of Minneapolis, both without cost to the pur¬
chaser.
Oral auction bids will be entertained after all sealed bids have been
similar amount of outstanding 6%
It is said that this action
was
bonds in
taken after the State Legisla¬
bill to allow counties to refund
a
district bonds in order to.
lower interest rates.
here in March—V. 146, p. 2089—were sold as 5s, at a price of
mature on March 1, 1954, giving a basis of about 4.96%.
The bonds
dated March
100.416, and
Denominations $1,000 and $500.
Prin. and int. (M. & S.) payable at the Merchants & Planters Bank, Hazlehurst. Legality approved by Charles & Trauernicht, of St. Louis, Mo.
are
1,
1938.
JACKSON, Miss.—BONDS SOLD—It is reported that $105,600 re¬
funding bonds were purchased recently by the Union Planters National
Bank & Trusf Co. of Memphis, at a price of 100.26.
NATCHEZ, Miss.—BOND SALE—The $300,000 3 Y2 %
industrial
construction
bonds
coupon
municipal
offered
April 12—V. 146, p. 2250—were
and White, Dunbar & Co. of
New Orleans, jointly.
Dated Feb. 5, 1938 and due Feb. 5 as follows:
$10,000, 1939 to 1943 incl., $15,000 from 1944 to 1953 incl. and $20,000
from 1954 to 1958 incl.
(The United States Supreme Court recently dis¬
missed for want of a Federal question an appeal from a decision of the State
Supreme Court upholding the constitutionality of the State law pursuant
awarded
to
to which
the city issued the above bonds.)
Lewis &
Thomas of Memphis,
MISSOURI
McDONALD COUNTY (P. O. Pineville), Mo.—BOND ELECTION—
At an election to be held in the near future voters will be asked to approve
the issuance of $46,000 in oonds to pay judgments.
TOWNSHIP
SOLIDATION
BRAINERD
a
HAZLEHURST, Miss.—BOND SALE DETAILS—It is now reported
by .1. L. Watson, City Clerk, that the $60,000 refunding bonds purchased
by Kenneth G. Price & Co. of McComb, and an associate, jointly, as noted
ROCK
MINNESOTA
Point), Miss.—BONDS AUTHORIZED
—The County Board of Supervisors has authorized the issuance of $49,000
WALKER TOWNSHIP
(P. O. Colingwood Road, N. W., Grand
Rapids), Mich.—BONDS NOT SOLD—No bids were received for the $50,000 not to exceed 5% interest special assessment district water system bonds
offered April 11—V. 146, p. 2408.
An effort will be made to sell them
privately.
SCHOOL
(P. O. Valley
Park) Minn.—BONDS SOLD—It is reported that $7,000 5% semi-ann.
building bonds have been purchased by Smith, Moore & Co. of St. Louis.
Dated April 1, 1938. Legal approval by Charles & Trauernicht of St. Louis.
District No. 5.
THREE
Int. Rate
COUNTY
(P. O. Port Huron), Mich.—BOND SALE—
The $93,500 Road Assessment District (Covert) refunding bonds offered
April 13—V. 146, p. 2407—were awarded to Stranahan, Harris & Co. of
Toledo, at par plus a premium of $27.85, equal to 100.029, an interest cost
of about 2.751%, for the bonds divided as follows:
$2,000, due $1,000 on
May 1 in 1940 and 1941, as 3s, and $91,500, bearing 2%% interest, and due
May 1 as follows:
$3,000, 1944; $9,000, 1945; $23,000, 1946 $43,000 in
1947, and $13,500 in 1948.
The successful bidder provided for the redemp¬
tion on the bonds on May 1, 1941, or on any subsequent interest date.
The issue is described more fully as follows:
CLAIR
ST.
Bidders—
Price Bid
1st & Am. Natl. Bank, Duluth; Northern Natl. Bank,
Duluth; City Natl. Bank, Duluth; Wells-Dickey Co.,
-
NEW HAVEN,
the offering on April 4 of
are
April 16, 1938
MINNEAPOLIS, Minn.—BONDS PROPOSED—Board of Estimate and
Taxation will meet on April 18 to consider a request by the School Board
for the issuance of $865,000 school building bonds.
C.
$356,325
142,000
48,000
„
No. 9, Wayne Co.—
Ecorse Twp.
Series A
1947680
Date
P.
Amount
$366,325
142,000
48,000
16 000
School districts:
c
Exchanged to
Authorized
Bonds Available
Chronicle
(P.
O.
De
DEFEATED—At
a
Soto),
recent
Mo.—BONDS
election
voters
proposed issuance of $40,000 central school construction
solidation of five or six Rock Township schools.
AND
CON¬
defeated
bonds and
the
con¬
WENTZVILLE, Mo.—BOND SALE DETAILS— It is stated by the City
Clerk that the $15,000 4% public sewer bonds sold recently, as noted in
these columns—V. 146, P. 2090—were purchased by the Bankers Bond &
Securities Co. of Hannibal, at a price of 101.20, and mature as follows:
$500, 1947 to 1950; $1,000, 1953, and
about 3.90%.
$3,000, 1954 to 1957, giving
a
basis
the executed
filed.
A
$3,000 certified check,
bid.
payable to the order of the city, must
accompany the
BREWSTER,
Minn.—BONDS
VOTED—At
the
election
held
on
146, p. 2250—the voters approved the issuance of the
bonds by a count of 119 "against" and 133
"for."
These bonds will be soid to the State of Minnesota, at
3%.
Due
annually up to July 1,1958, redeemable at any time prior to maturity.
March
31—V.
$30,000 school
LA
MONTANA
HELENA,
Mont.—BOND
ELECTION—The
proposed
issuance
of
$88,000 bonds to finance the purchase of the Algeria Shrine temple for a
city hall will be submitted to the voters at an election to be held on July 19.
auditorium
CENTER, Minn.-—BONDS DEFEATED—At
voters
defeated the proposed
a
recent
election the
$70,000 municipal electric light
struction bonds.
plant
con¬
to
*
MADISON, Minn.—BOND OFFERING—James
H. Hayden, City Clerk,
will receive sealed bids until 8 p. m. on May 9 for the
purchase of $135,000
water and light plant bonds.
Dated May 1, 1938.
Denom.
$1,000.
Due May 1 as follows: $7,000 from 1941 to 1949 incl. and $8,000 from 1950
to 1958 incl.
Bonds maturing after May 1, 1948 to be callable on that date
<ra any subsequent interest
payment date at par and accrued interest.
Bidder to
payable at
bidder.
name
any
the rate of interest.
suitable bank
or trust
The bonds will constitute
also
a
Principal and semi-annual interest
company designated by the successful
general obligation of the city, and are
payable from the earnings of the water and light
$3,000, payable to the order of the
The city will furnish the executed
proving opinion of Junell, Fletcher, Dorsey, Barker and
apolis.
A certified check for
pany each proposal.
NEBRASKA
CEDAR
plant of the city.
city, must accom¬
bonds and the ap¬
Colman of Minne¬
RAPIDS, Neb.—BONDS SOLD—It is stated by the Village
Clerk that $10,000 4K % semi-ann. refunding bonds approved by the voters
on April 5, have been sold.
Dated April 15, 1938.
Due $1,000 from 1943
1952; optional in
1943.
COLUMBUS, Neb.—BOND
OFFERING—City Council will
open
bids
April 20 for $250,000 electric light plant purchase or construction bonds.
Bids must be of six-months duration and city will reserve right to sell amy
or all of the issue at
any time and when Council is given opportunity to by
on
local
privately operated system.
GORDON, Neb.—PRICE PAID—It is
now
reported by the City Clerk
that the $35,000 3M% semi-ann. refunding bonds purchased by Wachob,
Bender & Co. of Omaha, as noted in these columns recently—V. 146, p.
2251—were sold for a premium of $210.00, equal to 100.60, a basis of about
3.64%.
Dated March 1, 1938.
Due from March 1, 1939 to 1955.
NORFOLK,
semi-ann.
Neb.—BONDS SOLD— It is reported that $50,000 2^%
refunding bonds were purchased recently by the Kirkpatrick-
Pettis-Loomis Co. of Omaha.
•
Volume
Financial
146
were purchased by the bankers at par.
Dated April 1, 1938.
$1,000.
Due $5,000 on April 1 from 1939 to 1948 incl.
Prin.
(A. & O.) payable in Madison.
The bonds
Denom.
and int.
NEW
ASBURY PARK,
JERSEY
N. 3.—REFUNDING RESOLUTION
APPROVED—
The Municipal Finance Commission has approved a resolution of the City
Council authorizing the issuance of $10,735,199.19 4% refunding in con¬
nection with the refinancing of a similar amount of indebtedness as provided
for in a plan which has been approved-by holders of more than 85% of
obligations presently outstanding.
An order making the program effective
and binding on all creditors was signed by Supreme Court Justice Joseph
B. Perskie on April 2, as reported previously in these columns—V. 146, p.
2409.
Thei new bonds to be exchanged for original instruments will bear
2573
Chronicle
agent, which notice shall be not more than 30 nor less than
to the date fixed for the receipt of said tenders, and
15 days prio
That, at the written request of holders of general refunding bonds,
a separate notice of the intention of the fiscal agent to purchase said bonds
be sent to suph bondholders so requesting, and
Be It Further Resolved, That this resolution shall be operative upon passage
and approval of the Municipal Finance Commission.
4.
HARMONY TOWNSHIP, N.
3.—BOND ISSUE APPROVED—The
State Funding Commission has approved the proposal to issue $12,000
refunding bonds to provide for the payment of certain indebtedness incurred
for road and other improvements and which, under the statute, would
ordinarily have to be provided for in a single year.
The township advised
the Commission that holders of the notes have assented to exchange them
for
the bonds.
NEWARK, N. J.—STATE AUDITOR DEMANDS $2,500,000 CUT IN
4% interest, dated Dec. 1, 1937 and due Dec. 1, 1966.
Redeemable, as a
whole or in part by lot on any interest payment date at par and accrued
interest, upon at least 30 days' notice prior to redemption date through
publication of said notice at least once in a newspaper published and of
general circulation in City of New York.
Principal and interest (J. & D.)
OPERATING EXPENSES—State Auditor Walter R. Darby, Chairman of
Eayable option at the Central Hanover Bank & Trust Co., NewPark, or at
older's at the Asbury Park & Ocean Grove Bank, Asbury
York City.
Funding Commission, during which the fiscal affairs of the city, particularly
with respect to the 1938 budget, received a thorough discussion.
The
proposed budget, as prepared by city officials, calls for a tax rate of $5.28,
as against that of $3.69 last year, according to report.
The projected in¬
Provision is also
than par,
when
made for the redemption by sealed
a
tender, at not more
surplus exists in the debt service fund, of the
refunding
bonds.
O. Hackensack), N. J.—LIST OF BIDS—
these columns of the award to
general improvement bonds as
234s, at par and a premium of $129, equal to 100.027, a basis of about 2.24%,
—V. 146, p. 2409—we give the following official list of the bids received
at the sale.
Bidders were invited to submit offers for bonds in the amount
of $472,000 and $672,000, respectively.
The latter was the total amount
available for sale and it was provided that should a bid for the lesser amount
be accepted, the balance of $200,000 bonds would be sold on the same terms
to the County Sinking Fund Commission:
COUNTY
(P.
In connection with the previous report in
& Mueller of Newark of $472,000
Adams
Bonds
Premium
Int Rate
J 672
201.00
2X%
1472
129.00
2H%
J 671
1 471
1,260.80
2.40%
1,059.20
2/4%
Bid for
Bidder—
Adams & Mueller
H. B. Boland & Co
Halsey Stuart & Co., First of Michigan Corp.. /
\
Bancamerica-Blair Corp.; Colyer Robinson &)
Co.; B. J. Van Ingen & Co. Inc
1
Smith, Barney & Co.(Goldman Sachs & Co.;/
2,136.96
472
226,56
2X%
671
472
672
472
1,087.00
236.00
738.53
660.33
2.70%
Campbell Phelps & Co.
t
Geo.
B.
Gibbons
&
Co.,
Inc.; Stone and)
Webster
&
Blodgett
Inc.;
Roosevelt &\
WTeigold Inc.; Minsch, Monell & Co., Inc. ( 671
Dougherty, Corkran & Co.
1 472
J. S. Rippel & Co.; Paine, Webber & Co.;/ 672
Rogers Gordon & Co., Inc.
\
Brown Harriman & Co., Inc.; H. C. Wain-/ 672
wright & Co.; Van Deventer, Spear & Co.
J
234%
670
471
2.70%
2.70%
2.75%
2.70%
2.75 %
2.70%
1,053.47
741.04
423.36
No bid
on
472
738.53
1,459.63
2.90%
3%
(P. O. Berlin), N. 3.—BONDS SOLD—The
State Highway Extension Sinking Fund has purchased $15,000 4% refund¬
ing bonds.
Dated Aprii 1, 1938 and due April 1 as follows: $1,000 from
1940 to 1950. incl. and $2,000 in 1951 and 1952.
BERLIN
TOWNSHIP
CAMDEN COUNTY (P. O. Camden),
N. 3—BOND SALE—A syndi¬
H. L. Allen & Co., B. J. Van Ingen & Co., Inc., both of
Co. and Dougherty, Corkran & Co., the latter
two
of Philadelphia, was the successful
bidder at the offering on April
13 of $363,000 coupon of registered park bonds of 1938.—V. 146, p. 2251.
The successful bid was a price of $363,020.80 for a total of $359,000 bonds
to bear interest at 4% %, a price per $100 of 101.12, a basis of about 4.65%.
Dated March 1, 1938 and due March 1 as follows: $10,000 ffrom 1939 to
1961 incl.; $15,000 from 1962 to 1969 incl. and $9,000 in 1970.
Second
high bidder was a group composed of Lehman Bros.. E. H. Rollins & Sons,
Inc., both of New York, Bioren & Co. and Buckley Bros., both of Phila¬
delphia, and Fox, Einhorn & Co., Inc., Cincinnati.
This offer was for
$361,000 bonds at 424 %, at par plus a premium of $2,295.96.
The bankers re offered the bonds at prices to yield from 2% to 4.60%
according to maturity.
cate composed of
New York, C. C. Collings &
MAY, N. J.—BONDS SOLD—The $84,000 coupon or registered
exceed 6s on March 11,
been sold, according to Floyd C. Hughes, City Clerk.
The
$70,000 sewer issue of 1938 was purchased by the State.
The total amount
CAPE
bonds which were unsuccessfully offered as not to
have
since
consists of;
$70,000 sewer bonds of 1938.
Due serially from 1939 to
14,000 improvement bonds of 1938.
Due from 1939 to
CHESTER
1964 incl.
1946 incl.
TOWNSHIP (P. O. Maple Shade), N. 3.—TENDERS
E. MacKinney, Township Clerk, announces that
WANTED—William
of Section 6 and 7 of Article V of the general re¬
funding plan of the Township, dated Dec. 29, 1936, and of a resolution
adopted by the Township on March 29, text of which appeared in these
columns on April 9, sealed proposals will be received until 2 p.m. (daylight
saving time) on May 2, at the Burlington County Trust Co., Moorestown,
fiscal agent, for tenders of general refunding bonds, dated Dec. 1, 1936
and due Dec. 1, 1975.
Prices must not exceed par and accrued interest.
pursuant to the provision
TOWNSHIP, N. 3.—STATE COMMISSION APPROVES
REFUNDING AGREEMENT—The Municipal Finance
Commission, according to the minutes of a meeting held April 1, approved a
resolution adopted by the Township Committee requesting approval of
holders of general refunding bonds to tne rescission of that provision of the
refunding plan which prohibits acceptance by the municipality of bonds
and other forms of indebtedness for payment of taxes and other assessments.
Tne resolution also provides for the purchase by sealed tender, whenever
possible, of outstanding general refunding bonds.
The resolution, adopted
by the township committee under date of March 29, reads as follows:
Whereas, Section 2 of Article VI of the resolution autnorizing the issuance
of general refunding bonds of the Township of Chester, in the County of
Burlington, New Jersey, adopted Dec. 29, 1936, provides:
"Taxes and special assessments on property specially benefitted, due to
the township, shall be payable in cash and the township shall not accept
bonds, notes or other obligations of the township in payment or discharge
of such taxes or special assessments due to the township," and
Whereas, It is the opinion of the township committee that the existence
of this restriction serves to decrease the receipt of taxes otherwise collectible
and threatens to prevent the collection of taxes necessary to enable the
township to operate on a cash basis as shown in our operating budget, and
Whereas, It is deemed urgent to present this condition to the holders of
general refunding bonds of the township for the purpose of obtaining their
consent to the rescission of the aforesaid provision, now, therefore,
Be It Resolved, By the township committee of the Township of Chester,
in the County of Burlington, New Jersey:
1. That the holders of general refunding bonds of the Township of
Chester be requested to consent to the rescission of Section 2 of Article VI
of the plan as aforesaid, and
2. That the consent of holders of general refunding bonds of the Township
of Chester be obtained permitting the acceptance by the Township Tax
Collector of general refunding bonds of the Township of Chester in payment
of taxes, assessments and other municipal liens in such cases and in such
amounts as will be approved by the Municipal Finance Commission and
(or) the State Auditor, and
3. That the Collector of Taxes, a representative of the Municipal
Finance Commission and (or) a representative of the State Auditor shall
notify the fiscal agent of the amount of general refunding bonds, to be
pin-chased at their market value, desired by the Tax Collector to be used in
payment of taxes due the township; the Fiscal Agent shall thereupon cause
to be published in a financial newspaper published in the Borough of
Manhattan, City, County and State of New York, a notice, in the name of
the Township of Chester, inviting tenders of general refunding bonds and
fixing a time and place at which such tenders will be received by the fiscal
CHESTER
REVISION
Funding Commission, recently informed the City Commission
State
that approval would be given to the refunding of $3,000,000 bonds
this year, provided a reduction of $2,500,000 is made in municipal
maturing
operating
The Chairman made the statement following a meeting of the
expenses.
crease
BELLEVILLE, N. J.—REFUNDING APPROVED—The State Funding
Commission has proved the town's proposal to issue $397,000 general
refunding bonds.
The municipality, according to the commission, has been
operating on a cash basis for some time past, and the purpose of the pro¬
posed issue is to level off and redistribute certain annual maturities.
BERGEN
the
in the
levy is being vigorously combatted by various civic associations.
in operating costs, Mr. Darby is
In demanding the $2,500,000 reduction
quoted as having said that the $15,000,000 sought for that purpose in the
1938 budget "is out of all proportion for a city of the size of Newark."
NEW
JERSEY
BY TEACHERS PENSION
Teachers' Pension and
of)—OFFERING
(State
FUND—John A. Wood, 3rd, Secretary of the State
Annuity Fund, will receive sealed bids until 2 p.m. on April 19 for the pur¬
chase of $52,000 3% coupon Town of West Orange school bonds.
Dated
March 1, 1938.
Due $13,000 on March 1 from 1940 to 1943 incl.
Suc¬
cessful to take delivery of bonds and pay for them at the State Treasurer's
office at such time, within one week after the award, as may be specified
by the Board of Trustees.
No good faith deposit is required.
The ap¬
proving opinion of Hawkins, Delafield & Longfellow of New York^City will
be
furnished
the
successful
bidder.
PATERSON, N. J.—BOND OFFERING—Howard L. Bristow, Clerk of
the Board of Finance, will receive sealed bids until 10 a. m. on April 21 for
the purchase of $170,000 not to exceed 6% interest coupon or registered
feneral improvement bonds. from 1939 to 1944,1938. and $20,000 from
>ue April 1
1, incl., Denom. $1,000.
follows: $15,000 Dated April
as
1945 to 1948, incl.
Bidder to name a single rate of interest, expressed in a
multiple of 34 of 1%.
Principal and interest payable at the City Comp¬
troller's office or at holder's option at the Central Hanover Bank & Trust
Co., New York City.
A certified check for 2% must accompany each
proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow
of New York City will be furnished the successful bidder.
RAMSEY,
N.
3.—BOND
OFFERING— Raymond
C. Rockerfeller,
Borough Clerk, will receive sealed bids until 8:30 p. m. (Daylight Saving
Time) on April 25 for the purchase of $30,000 not to exceed 6% interest
coupon or registered improvement bonds.
Dated May 1, 1938. Denom.
$1,000. Due $5,000 on May 1 from 1939 to 1944 incl. Bidder to name the
rate of interest in a multiple of X of 1 %.
Principal and interest (M. & N.)
payable at the First National Bank & Trust Co., Ramsey.
A certified
check for 2 % must accompany each proposal.
The approving legal opinion
of Hawkins, Delafield & Longfellow of New York City will lie furnished
the successful
bidder.
SALEM, N. J.—BOND SALE—The $38,000 coupon or registered re¬
funding bonds offered April 11—V. 146, p. 2251—were awarded to Dough¬
erty, Corkran & Co. of Philadelphia as 3s at par plus a premium of $319.20,
equal to 100.84, a basis of about 2.87%.
Dated April 1, 1938 and due
annually as follows: $3,000 from 1939 to 1946, incl., and $2,000 from 1947
to 1953, inclusive.
Other bids—
Int. Rale
Bidder—
Premium
Buckley Bros
334%
334%
3/4%
$172.92
164.92
125.40
Suplee, Yeatman & Co
______
J. B. Hanauer & Co
Farmers Mutual Insurance Co. of Salem
3X %
76.00
C. C. Codings &
Co
Colyer, Robinson & Co____________-___--__
3M%
334%
67.77
61.00
H. B. Boland & Co
334 %
3 34 %
E. H. Rollins & Sons, Inc
_
Blyth & Co., Inc-_-_
M. M. Freeman & Co.
39.90
314.26
216.60
55.60
334%
324%
TOWNSHIP, Camden County, N. !.—UNDER CON¬
COMMISSION—The State Municipal
Finance Commission is reported to have assumed jurisdiction on April 13
over the fiscal
affairs of the township, after the^township had voluntarily
VOORHEES
TROL OF MUNICIPAL FINANCE
petitioned the Supreme Court to order such action.
George L. Rothermel,
Township Solicitor, is stated to have informed the court that the muni¬
cipality, faced with a tax rate of $9.10 per $1,000 for 1938, has total ratables
of not more than $1,000,000 and is owed $150,000 in delinquent taxes.
The township, he continued, has been able to collect only 35% of its tax
levy in recent years and cannot meet State, county and local school obliga¬
tions.
This marks the 14th community to come under the supervision of
the
State
first to suffer that fate
Borough of Manville, has been
release from State supervision.
body since its creation in 1931 and the
a year.
Only one community, the
able to adjust its finances in order to obtain
in almost
March
Trust Co.
$1,146.90,
the cost basis to maturity being 6%.
Dated Aug. 1,1937.
Denom. $1,000.
Coupon bonds due on Aug. 1 in 1940 and 1941.
Interest payable F. & A.
WILDWOOD, N. 3,—BOND SALE DETAILS—In purchasing on
29 an issue of $25,000 4% general refunding bonds, the Wildwood
and the Union BanK, jointly, obtained the award at a discount of
Joseph F. Clark is City Treasurer.
OF
NEW
MEXICO
N. Mex.—BONDS DEFEA TED—We are informed by
C. H. Dodds, Town Manager, that at the election on April 5 the voters
defeated the proposal to issue $20,000 in fire department equipment bonds.
LAS
CRUCES,
NEW MEXICO, State of—LIST
OF BIDS—The following is an official
$1,000,000 State highway debentures
Corp., as noted in detail in these
tabulation of the bids received for the
First Boston
columns at the time—V. 146, p. 2251:
sold
on
March 29 to the
Amount
Bidder—
1
&
Co.,
$440.00
750,000
Phelps, Fenn & Co.; Paine, Webber & Co.;[
Mackey, Dunn & Co.; Sidlo, Simons,/
Roberts & Co.; Harold E. Wood & Co.,|
and Peters, Writer & Christensen, Inc~_ (
Stone & Webster and Blodgett, Inc.; Eldridge
Rate of Int. Premium
/ $250,000
First Boston Corp
250,000
475,000
275,000
334%
3%
224%
Inc.; The Illinois Co. of
& Co., and The J. K.
Chicago; Jackley
1,000,000
Mullen Investment Co
Lazard, Freres & Co.; Eastman, Dillon &
Co.; James H. Causey & Co., Inc.; E. H.
Rollins & Sons., Inc.; Wheelock & Cum¬
mins, Inc.; Brown, Schlessman, Owen &
Co., and WTlliam Ii. Compton & Co., Inc.1,000,000
Blyth & Co., Inc.; Stranahan, Harris &
250,000
Co., Inc.; Stern Bros. & Co.; Wells750,000
Dickey Co.; Bosworth, Chanute, Loughridge & Co., and Kalman & Co., Inc—
Bancamerica-Blair Corp.; Boettcher & Co.,
& Co.; A.
3.10%
1,700.60
3 34%
1,379.00
3%
250,000
324%
300.00
250,000
750,000
334%
324%
785.00
C. Allyn & Co.,
Inc.; Stifel, Nicolaus & Co., Inc.; Kelley,
Richardson & Co.; A. S. Huyck & Co.,
Inc.; Morris Mather & Co., Inc.; Ken¬
nedy, Spence & Co., and Van Lahr, Dall
&
1,472.60
750,000
and associates
John Nuveen
3%
Isphording, Inc
RATON, N. Mex.—BONDS DEFEA TED— It is stated by the City Clerk
defeated the proposal to issue
$45,000 in municipal auditorium bonds.
that at the election held on April 5 the voters
Financial
2574
NEW
Business
YORK
Arthur B. Treman & Co. of Ithaca
DEPEW, N. V.—BOND
on March 30 an issue of $15,000 debt equalization bonds at
Dated
1938 and due April 1 as follows: $500 in 1940 and 1941; $1,000
from 1942 to 1940 incl. and $9,000 in 1947.
The Manufacturers & Traders
Trust Co. of Buffalo, only other bidder, offered a premium of $17.85 for 4s.
awarded
were
plusa premium of $51, equal to 100.34, a basis of about3.45%.
April
1,
EAST AURORA, N. Y.—OTHER BIDS—The $7,500 debt equalization
bonds awarded to the Marine Trust Co. of Buffalo, as 2.40s, at 100.128,
a basis of about 2.37%, as previously reported in these columns—V.
146,
p.
2410—were also bid for as foliows:
Int. Rate
Bidder—
Erie County Trust Co.,
Ira Haupt & Co
19356
-
East Aurora..
Manufacturers & Traders Trust Co
$8.89
6.00
Par
7.00
3%
3.10%
-
Buffalo savings Bank
EAST
Premium
2.70%
2.70%
2.75%
2.80%
Wood, Trubee& Co—
J. & W. Seligman & Co.
Par
17.93
SYRACUSE, N. Y.—BONDS DEFEATED—At the April 4 elec¬
tion the voters refused to sanction an issue of $48,000 street paving bonds.
FREDONIA, N. Y.—BOND SALE—The $16,000
registered
coupon or
filtration bonds offered April 11—V. 146, p. 2251—were awarded to the
Citizens' Trust Co. of Fredonia as 2Hs at par plus a premium of $8, equal
basis of about 2.485%.
Dated July 1, 1938, and due
to
100.05,
as
follows: $1,500 from 1939 to 1947, incl., and $2,500 in 1948.
a
Bidder—
on July 1
Other bids:
Int. Rate
Dunkirk Trust Co.
J. &
Par
$41.60
N, Y.—NOTE SALE—An issue of $115,000 bond
anticipation notes was sold to the Marine Midland Trust Co. of New York
City.
Due in three months.
GREECE
a 3%
tax on gross revenues of underground
and a downward revision of exemptions for business and
include
Under the new levies, the exemption of business houses
under the one-tenth of 1% general tax is reduced from $15,000 to $10,000;
the $5,000 exemption for financial houses has
The taxes on restaurant checks, drinks and
been eliminated.
business receipts went into
immediately.
The other levies will tie imposed later in the month.
Mayor LaGuardia referred to the measure as the "State negligent taxes"
and again criticized the State for its alleged failure to award adequate tax
effect
funds to the city.
NEW
YORK,
State
of—INCOME
TAX PAYMENT
DEADLINE
13 by Mark Graves, President
that the deadline for the payment of the State
income tax has been extended to midnight on Monday, April 18.
The
returns were to be made on or before Friday, April 15, but because of the
religious season it was deciced to grant the extension.
EXTENDED—It was announced on April
of the State Tax Commission,
PERINTONt"N. Y.—BOND SALE—The issue of $100,000 coupon or
registered home relief bonds offered April 12—V. 146, p. 2410—was awarded
to the Manufacturers & Traders Trust Co. of Buffalo and Sage, Rutty &
Co., Inc., Rochester, jointly, as 2.70s at a price of 100.037, a basis of about
2.69%.
Dated April 1, 1938 and due Aprli 1 as follows: $8,000 from
1939 to 1943, incl., and $12,000 from 1944 to 1948, incl.
The Bancamerica-Blair Corp. of New York, second high bidder, offered a premium of
$135 for 2 Ms.
Other
Bids—
E. H. Rollins & Sons, Inc
N.
POUGHKEEPSIE,
Rale Bid
100.258
100.188
Int. Rate
2.90%
3.25%
Bidder—
Marine Trust Co. of Buffalo
Y.—BOND SALE—The
$200,000
coupon
or
registered bonds offered April 14—V. 146, p. 2410—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo and Adams, McEntee &
Co., Inc.. New York, jointly, as 2s, at par plus a premium of $692.20,
® iual to 100-346, a basis of about 1.95%.
The sale consisted of:
$150,000 refunding bonds, series of 1938.
Due May 1 as follows: $5,000,
1943; $25,000, 1944; and $30,000 from 1945 to 1948 incl.
50,000 work relief of 1938 bonds.
Due May 1 as follows: $10,000 from
1939 to 1942 incl. and $5,000 in 1943 and 1944.
All of the bonds are dated May 1,
Campbell,
Phelps &
Co.,
jointly,
1938.
were
PI. C. Wainwright & Co. and
second
high
bidders,
offering a
premium of $578 for 2s.
CITY,
(P. O. 2505 Ridge Road West, Rochester), N. Y.—BOND
SALE-—The issue of $40,000 coupon or registered home relief bonds offered
April 13 —V. 146, p. 2410—was awarded to Sage, Rutty & Co., Inc., of
Rochester, as 3.1(>s, at par plus a premium of $36.16, equal to 100.09, a
basis of about 3.08%.
Dated April 15, 1938, and due $4,000 on April 15
from 1939 to 1948 incl.
Second high bidder was R. D. White & Co. of
New York, the offer being a premium of $112.40 for 3.20s.
as
levies
financial houses.
Premium
2M%
2.70%
W. Seligman & Co
GARDEN
April 16, 1938
conduit companies
TAX RATE MAY BE CONTINU
LEVEL—It is expected that the tax rate for the 1938-1939 fiscal year will
be about the same as the present levy, which is $30.07 per $1,000.
Mayor
Thomas L. Rolling has proposed that the rate be increased to $32.70 through
the payment in cash, instead of by partial refunding, of ail bond principal
due in the coming fiscal period.
Real estate and other local groups, how¬
ever, favor refunding of $3,000,000 of 1938-1939 bonds in order to avoid a
sharp hike in the tax rate.
This view is understood to have the support of
a
majority in the Common Council. which has the power of veto over the
Mayor's budget recommendations.
BUFFALO, N. Y.—
par
Chronicle
Financial Statement
The assessed valuation of the real property of the town subject to taxation
it appears on the last preceding town assessment roll is $15,548,483.00
and the total contract debt of said town, including this issue of $40,000.00
home relief bonds is $1,597,656.96.
Deducting $3,300.00 obligations for
which taxes have been previously levied, $107,025.00 obligations issued to
provide for the supply of water, and $836,500.00 obligations issued to pro¬
vide, improve or maintain a sewer or drainage system where assessments
in an amount not less than such liability have been assessed or authorized
by law to be assessed upon the property especially benefited thereby, the
net debt is $650,831.96.
The population of said town (1930 census) is 12,113.
The total debt above stated does not include the debt of any other sub¬
division having power to levy taxes upon any or all of the property subject
to the taxing power of the town.
A detailed report of the essential facts will be submitted to any interested
SCARSDALE,
509,900.83
Village
will be furnished the successful bidder.
TIVOLI, N. Y.—BOND OFFERING—John Denboski, Village Clerk,
Box 32, Tivoli, will receive sealed bids until 2 p. m. on April 2l for the
purchase of $69,000 not to exceed 6% interest coupon or registered bonds,
divided
as
follows:
$16,000 sewer bonds of 1938.
Due $1,000 on Feb. 1 from 1943 to 1958 incl.
Due Feb. 1 as follows: $2,000 from 1939 to
44,000 water bonds of 1938.
1942 incl. and $1,00 ) from 1943 to 1978 incl.
All of the bonds are dated Feb. 1, 1938.
Denom. $1,000.
Bidder to
a single rate of interest,
expressed in a multiple of % or 110th of
Principal and interest (F. & A.) payable at the First National Bank,
A certified check for 2% must accompany each proposal.
The
approving legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
name
1%.
Red Hook.
TONA WANDA,
Tax Data
the preceding three fiscal
—$510,190.74
1937
McLoud.
exceed 4% interest coupon or registered Crossways
'Fire House, series 1938, bonds.
Dated April 1. 1938.
Denom. $1,000.
Due $5,000 on April 1 from 1939 to 1948, incl.
Bidder to name a single
rate of interest, expressed a in multiple of H or l-10th of 1%.
Principal
and interest (A. & O.) payable in New York exchange at the Scarsdale
National Bank & Trust Co.. Scarsdale.
The bonds are general obligations
of the village, payable from unlimited taxes.
A certified check for 2%,
payable to the order of the village, must accompany each proposal.
The
approving legal opinion of Thomson, Wood & Hoffman of New York City
bidder.
Taxes levied for
Y.—BOND OFFERING—Anson
N.
Treasurer, will receive sealed bids until 11 a. m. on April 19, for the pur¬
chase of $50,000 not to
N; Y.—BOND SALE—The issue of $15,000 equipment
April 7—V. 146, p. 2252—was sold to the Police Pension
Fund, the only bidder.
Bidder was asked to name an interest rate of not
more than 3 ^ %
Dated July 1. 1938 and due as follows:
$3,000 Dec. 31,
1938, and $3,000 on July 1 from 1939 to 1942, inclusive.
bonds offered
years:
.
1938
$531,319.46
539,664.28
Taxes of the fiscal year commencing Jan. 1, 1938, amount to $539,664.28
of which $349,538.93 has been collected to March 31, 1938.
.
TROY, N. Y.—BOND SALE—The $519,000 coupon or registered bonds
pays to
offered April 11—V. 146, p. 2410—were awarded to Halsey, Stuart & Co.,
Inc. and Bancamerica-Blair Corp. both of New York, as 2.20s, at par plus
Taxes and Assessments also delivers an account of the unpaid taxes.
Said
taxes for the current fiscal year commencing Jan.
1, 1938, became de¬
premium of $145.32, equal to 100.028, a basis of about 2.19%.
The
& Traders Trust Co., Buffalo, in account with
Kean.
Taylor & Co., R. H. Moulton & Co. and Eldredge & Co., all of New York,
submitted the next best bid, offering a
premium of $461.91 for 2.30s.
linquent Feb.
The sale consisted of:
Pursuant
to the tax law, the Receiver of Taxes and Assessments first
the Supervisor of the Town all the moneys levied to defray town
expenses or charges.
The residue of the moneys so collected is paid to the
Treasurer of the County of Monroe, New York, to whom the Receiver of
1,
1938.
Bidder—
Union Trust Co. of Rochester—
Int. Rate
N.
$95.60
Pa
3.20%
UNION
FREE
Y.—BOND
SCHOOL
SALE—The
DISTRICT
$16,000
NO.
coupon
or
1
(P. O.
registered
school bonds offered April 11—V. 146, p. 2410—were awarded to J. & W.
Seligman & Co. of New York, as 2.20s, at 100.02, a basis of about 2.19%.
Dated April 1, 1938. and due $4,000 on April 1 from 1939 to 1942, incl.
Other
bids:
Bidder—•
Int. Rate
Marine Trust Co. of Buffalo..
It. D. White & Co
George B. Gibbons & Co., Inc
LONG
BEACH,
N.
Y.—BOND
EXCHANGE
Premium
2.40%
2.70%
3^%
___
—
$26.40
12.16
6.40
REP OR T—The
Manu¬
McGoldricksold
a
April
?oS
12,
1938, and
Y.—6'ELLS $7,000,000 NOTES—Comptroller
April
on
12
an
issue of
Joseph
$7,000,000 general municipal
Darby & Co of New Yrok, at 0.65%
due
April 12, 1939.
interest.
Dated
$7,500,000
REVENUE BILLS SOLD—Comptroller
McGoldriek
anof $7,530,000
0.5,,% special revenue bills,
April 14, 1938, and due July 25, 1938. Tney were allotted
among
26 banks and trust companies in the
city. The revenue bills were allotted
in each of the years 1939 to 1943, inclusive, and $3,000 on March 1
in each of the years 1944 to 1948, incl., and issued pursuant to
the General City Law, the City Charter and Section 8 of the
General Municipal Law to pay certain outstanding bonded in¬
debtedness of the city issued for water works purposes in that part
of said city which formerly was the Village of Lansingburgh.
10,000 radio equipment bonds 1937, maturing $2,000 on Sept. 1 in each
of the years 1938 to 1942, inclusive.
All of said $519,000 bonds will be dated March 1, 1938, will be of the
denomination of $1,000 each, except said radio equipment bonds 1937 of the
denomination of $2,000 each.
All of said bonds are general obligations of
the
city, payable from unlimited taxes, except that said $25,000 Lansing¬
burgh water refunding bonds are payable in the first instance from taxes
the taxable property within that portion of the city which was within
the limits of the former Village of Lansingburgh.
upon
BONDS
toilows:
ment
Stuart &
Amount
Bankers Trust Co.
$600,000
Bank of the Manhattan Co
293,000
Bank of New York & Trust Co.
90,000
Brooklyn Trust Co...........
82,000
Central Hanover Bk. & Tr. Co.
.........
.562,000
1,358,000
Chemical Bank & Trust Co....
293,000
Commercial Nat. Bk. & Tr. Co.
15,000
Continental Bank & Trust Co..
37,000
Corn Exchange Bank & Tr. Co.
210,000
Empire Trust Co
15,000
Fifth Ave. Bank & Trust Co...
52,000
First National Bank of N. Y...
375,000
Name—
Amount
Fulton Trust Co
$15,000
Irving Trust Co
Kings County Trust Co
Lawyers Trust Co
'983,000
375,000
...
—
Manufacturers Trust Co
Marine Midland Trust Co
National City Bank.
New York Trust Co
22,000
30,000
323,000
52,000
1,073,000
210.000
Public National Bank & Tr. Co.
Title Guarantee & Trust Co...
75,000
United States Trust Co
60,000
J. P.
Morgan & Co.......
15,000
285,000
NEW YORK,
N. Y.—MAYOR
v -H-y-Y"*
—— — SIGNS NEW TAX MEASURES—
kaGuardia on April 11 signed city tax bills
designed to raise
$10,000,000 for relief purposes.
The new taxes: Cigarettes, 1 cent a
paekage; restaurant checks over $1,
3%: liquor sold at bars, increased from 1 to 3%; public
utility bills, increased from 2 to 3%.
increased from 1 to
Inc.
and
the
prices to yield from 0.75% to 2.30%, according to maturity.
They are regarded by the bankers as legal investment for savings banks and
trust funds in New York State.
Other
bids:
■
\~v
.V.y'/:,'Int. Rate
Bidder—
2.40%
E. H. Rollins & Sons, Inc., A. C. Allyn & Co.,
H. C. Wainwright & Co. and R. D. White &
COUNTY
$674.70
Co.,
jointly
—
Goldman, Sachs & Co., B. J. Van Ingen & Co.,
Inc., and First of Michigan Corp., jointly
George B. Gibbons & Co., Inc., Roosevelt &WTeigold,
Inc., and Equitable Securities Corp., jointly.—
WESTCHESTER
Premium
Inc.,
—
Guaranty Trust Co
Co.,
at
Manufacturers National Bank of Troy
Name—
Chase National Bank
PUBLICLY OFFERED— Halsey,
Bancamerica-Blair Corp. are re-offering the above bonds for general invest¬
dated
as
$10,000 on March 1 in
$15,000 on March 1
125,000 home relief bonds, maturing $10,000 on March 1 in each of the
years 1939 to 1943
incl., and $15,000 on March 1 in each of the
years 1944 to 1948, incl.
105,000 tax anticipation bonds, series of 1933, maturing $10,000 on
March 1 in each of the years 1939 to 1943, incl., and $11,000 on
March 1 in each of the years 1944 to 1948. inclusive.
84,000 tax anticipation bonds, series of 1932, maturing $8,000 on
March 1 in each of the years 1939 to 1944, incl.. and $9,000 on
March 1 in each of the years 1945 to 1948. inclusive.
45,000 fire and police apparatus bonds, maturing $7,000 on March 1,
1939: $9,000 on March 1 in each of the years 1940 and 1941, and
$10,000 on March 1 in each of the years 1942 and 1943.
25,000 Lansingburgh water refunding bonds, maturing $2,000 on March 1
Traders Trust Co. of Buffalo reported under recent date that
over 30 % of the bonds affected had been sent in for
exchange in accordance
with the plan announced by the city under date of Feb.
1, whereby it
proposes to issue new bonds in exchange for all general and water bonds
which are scheduled to mature from 1938 to
1942, incl.
In
v»
maturing
of the years 1939 to 1943, incl., and
in each of the years 1944 to 1948, inclusive.
facturers &
seeking ap¬
proval of bondholders to an extension of the maturity date of existing
obligations, the city stated that this course was dictated by its desire to
grant relief to taxpayers from additional burdens occasioned
by present
economic and social conditions.
The Manufacturers & Traders Trust Co.,
Buffalo, and the South Shore Trust Co., Rockville Centre, are assisting
the city as fiscal agents in
completing the refunding.
Delivery of the
new bonds
together with approving legal opinion of Clay, Dillon & Vandewater of New York City, is being made within one
week of date of receipt
of the outstanding bonds.
bonds,
improvement
each
Premium
3.20%
Allyn & Co., Inc
HAVERSTRAW
Haverstraw),
Manufacturers
$125,000 public
OTHER BIDS—
A. C.
a
2.50%
975.72
2.70%
1,588.14
2.70%
1,245.60
White
Plains), N. Y.—BOND
OFFERING—William S. Coffey, County Treasurer, will receive sealed
bids until noon (Eastern Sgandard Time) on April 20 for the purchase of
$422,000 not to exceed 6% interest coupon or registered bonds, divided
as
follows:
(P.
O.
>
$130,000 general bonds of 1938—Series 4, maturing $65,000 annually
May 1, 1939 to 1940, inclusive; purpose, to provide funds for
WPA sponsor's contribution, as authorized by Chapter 782 of
the Laws of 1933, as amended.
95,000 highway acquisition bonds, maturing, $10,000 annually May 1,
1939 to 1947 inclusive and $5,000 on May 1, 1948: purpose to
provide funds for cost of acquiring rights of way for highways, as
authorized by Chapter 707 of the Laws of 1936.
Volume
Financial
146
70,000 North Yonkers Sanitary Sewer bonds, maturing $5,000 annually
May 1, 1939 to
1952 inclusive; purpose, to provide funds for
V, :
constructing trunk sewer, as authorized by Chapter 603 of the
laws of 19^6
as
amended.
55,000 park bonds, maturing $5,000 annually May 1, 1939 to 1949,
incl.; purpose, to provide funds for park acquisition and improve¬
ment as autnorized by Chapter 292 of the Laws of 1922 as amended.
31,000
Blind Brook Sanitary Sewer bonds, maturing $4,000
1939 and $3,000 annually May 1, 1940 to 1948 incl.;
purpose to provide funds for constructing trunk sewer as auth¬
orized by Chapter 603 of the Laws of 1926 as amended.
26,000 South Yonkers Sanitary Sewer bonds, maturing $6,000 on May 1,
1939 and $4,000 annually on May 1,1940 to 1944, incl.; purpose to
provide funds for constructing trunk sewer, as authorized by
Chapter 603 of the Laws of 1926 as amended.
15,000 highway equipment bonds of 1938, maturing May 1, 1940;
purpose to provide funds for purchase of trucks, machinery and
equipment for use in connection with construction and repair of
highways in the county, as authorized by the county law, being
Chapter 11 of the consolidated laws of the State of New York,
par
value
May
as
All
1,
will
bonds
be
19378
opinion of Messrs. Hawkins, Delafield &
Longfellow, of New York City,
to this effect will be furnisned to the successful bidder.
The bonds will be
prepared under the supervision of the Continental Bank & Trust Co., of
New York City, which will certify as to the genuineness of tne signatures
of the county officials and tne seal impressed thereon.
Said bonds will be
ready for delivery at the office of the County Treasurer at 11 a. m. (Day¬
light Saving Time), on May 3, 1938.
valuations,
real
property,
including
special
franchises,
$1,676,409,345.00.
2.
Total bonded debt, including these issues, $101,070,229.60.
(The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the county.)
3.
Population, 1930, Federal
520,947.
Tax Levy
1935
Collection
Uncollected
as
of Fiscal Year
None
None
None
None
None
*
just started and as of close of business April 6,
$1,410,466.26 has been paid in. The fiscal year is the calendar year.
N. Y.—BOND SALE DETAILS—The $30,000
debt equalization and general bonds awarded to the Niagara Permanent
Savings & Loan Association of Niagara Falls, as previously noted in these
columns—V. 146, p. 2410—were sold as 3.60s. at par.
Other bids were:
Bidder—
Int. Rate
Premium
3%%
3%%
4%
A%%
$77.00
35.00
Bank of Williamsville
Manufacturers & Traders Trust Co
—
NORTH
48.00
66.00
CAROLINA
GREENVILLE, N. C
tA—DETOVSNB—.
a
recent
election
voters
approved the issuance of $35,000 recreation and athletic grounds bonds.
HAZELWOOD, N. C.—BOND SALE—The $15,000 issue of coupon
bonds offered for sale on April 12—V. 146, p. 2411——was purchased
by the First National Bank of Waynesville, as 6s, paying a premium of
$38.00, equal to 100.253, a basis of about 5.945%.
Dated April 1, 1938.
Due from April 1, 1939 to 1948 incl.
No other bid was received, according
street
Secretary of the Local Government Commission.
HIGH
POINT, N. C.—BOND EXCHANGE ANNOUNCED— Because
unduly burdensome tax levies, meet all debt service in
the above city, is advising holders of its serial bonds
maturing Sept. 1, 1938 to April 1, 1948, inclusive, except Electric bonds,
6% bonds and 5H% bonds maturing on or after July 1, 1943, that it pro¬
poses to exchange new refunding bonds for a part of its outstanding serial
bonds maturing each year during this period.
The interest rate on the new
bonds will be the same as the rate on the bonds for which they are exchanged,
except that the city will pay an additional H of 1% per year ($5 per $1,000
bond) until the present maturity date of the bonds refunded.
The new
bonds will mature from 10 to 20 years later than the bonds refunded but
will be callable on or after the maturity date of the refunded bonds.
Debt service for the next 10 years averages over $900,000 per year, which
is substantially in excess of the greatest amount the city has ever had
available for this purpose in any one year, according to C. S. Grayson,
Mayor, and E. M. Knox, City Manager, in the notice to bondholders.
it cannot, without
the next 10 years,
The notice further states:
"The total amount of bonds and sinking fund
is $4,682,000.
Of this amount,
$2,470,000 of bonds are eligible for exchange, but only $2,003,000 of bonds
(including approximately $157,000 of bonds now held in the city's sinking
fund) will be exchanged, comprising a limited amount of bonds due each
year for the next 10 years."
The city has appointed Graham/Parsons & Co., New York, as sole
agent to arrange for the exchanges.
payments falling due in the next 10 years
ROANOKE RAPIDS, N. C.—BONDS
ment
Commission has
ment
APPROVED—'The Local Govern¬
approved the issuance of $300,000 street improve¬
bonds.
BOND
ELECTION—At
an
asked to approve the issuance
election to be held on May 3 voters will be
of $130,000 street and storm sewer bonds.
WADESBORO, N. C— BONDS APPROVED—'The Local Government
of $175,000 water, street and light
Commission has approved the issuance
bonds, approval of which has already been voted.
WILMINGTON, N. C.—BOND SALE—The $76,000 issue of various
public improvement bonds offered for sale on April 12—V. 146, p. 2411—
was awarded jointly to
Kennedy, Spence & Co. of Boston and Lewis &
Hall of Greensboro, paying a premium of $17, equal to 100.022 for the
bonds divided as follows: $66,000 as 3lis, maturing on April 1; $3,000,
1939 to 195), and $5,000, 1951 to 19.56; the remaining $10,000 as 3s, ma¬
turing $5,0)0 on April 1, 1957 and 1958.
We are advised that the second
highest bid was a joint offer by R. 8. Dickson & Co. of Charlotte and the
William B. Greene Co. of Winston-Salem, offering a premium of $77
on
3%s.
.V-V;;.;::;
.
WINSON SALEM,
ment Commission has
N. C—BONDS APPROVED—The Local Govern¬
approved the issuance of $225,000 municipal library
bonds.
NORTH
DAKOTA
FORMAN,
N.
Dak.—ADDITIONAL INFORMATION— It is now
reported by the Town Clerk that the $26,000 5% special assessment war¬
rants purchased by the J. A. Shaw Construction Co. of Fargo, as noted
MUNICIPALS
OHIO
MITCHELL, HERRICK & CO.
700 CUYAHOGA BUILDING,
CANTON
AKRON
CINCINNATI
CLEVELAND
COLUMBUS
SPRINGFIELD
OHIO
AKRON, Ohio—BONDS WITHDRAWN FROM SALE—Unsatisfac¬
tory market conditions, together with possibility of disposing of the obli¬
gations to the Reconstruction Finance Corporation in accordance with
provisions of the Glass-Steagall bill, prompted cancellation by the city of
the offering scheduled for April 11 of $616,000 4%bonds, divided as follows:
$337,000 trunk
Oct.
sanitary and storm sewer construction bonds. Due
$13,000 from 1939 to 1951 incl. and $12,000
sewer,
1
from
follows:
as
1952 to
1963
incl.
279,000 water works improvement bonds, payable from taxes levied out¬
side 10-mill limitation.
Due Oct. 1 as follows: $11,000 from 1939
to 1959 incl. and $12,000 from I960 to 1963 incl.
All of the bonds
are dated April 1, 1938.
projected $4,000,000,000 Federal Government spending program
a plan to permit the Reconstruction Finance Corporation to pur¬
chase municipal bonds for various public works projects.
Such issues would
be non-interest-bearing and mature annually over a period of 50 years.)
(The
includes
CITY
AKRON
SCHOOL
DISTRICT,
Ohio—NOTES
SOLD—The
State Teachers' Retirement Fund has purchased $400,000 4% tax delinquent
Proceeds will be used to retire tax anticipatory notes (scrip) which
notes.
issued
was
in
1933.
These
are
the notes for which the district failed to
March 10.
Dated March 1, 1938 and due March 1,
1940; callable on any interest payment date.
receive any bids on
TOWNSHIP
(P. O.
Brookfield), Ohio—BONDS
refunding bonds offered Jan. 8—V. 145,
4006—was awarded to Saunders, Stiver & Co. of Cleveland, at a price
of 100.20.
Dated Nov. 1, 1937, and due $650 each six months from April
1, 1939 to Oct. 1, 1943, incl.
BROOKFIELD
p.
CHAMPION
TOWNSHIP
RURAL SCHOOL DISTRICT (P. O.
Warren), Ohio—BOND ELECTION—At an election to be held in the near
future voters will be asked to approve the issuance
auditorium construction
CLEVELAND,
bonds.
1
of $25,000 gymnasium
■
Ohio—BOND OFFERING—G. A.
Finance, will receive sealed bids until noon on
Gesell.
Director
May 9 for the purchase
o
o
bonds, divided as follows:
$600,000 city's portion paving and sewer bonds.
Due Oct. 1 as follows:
$54,000 from 1939 to 1943 incl. and $55,000 from 1944 to 1949
1938,
WILLIAMSVILLE,
to the
N. Dak.-— WARRANT SALE—The $30,000 5% Paving
1 warrants offered April 4, award of which was postponed—
2411, have been sold to the First State Bank of Harvey, the City
Water Department and Mr. August Peterson of Harvey, at par.
Dated
May 1, 1938 and due $1,500 on May 1 from 1940 to 1959 incl.
HARVEY,
$2,100,000 4%
None
has
E. H. Rollias& Sons, Inc
Marine Trust Co. of Buffalo
time to the
District No.
o
April 6,1938
__.$10,214,739.27
11,122,003.59
12,174,359.57
12,181,325.96
1936...
same
V. 146, p.
and
Uncollected End
Year—
*
census,
the
at
SOLD—The issue of $6,500 4%
Financial Statement
Assessed
April 1
$2,700
Sargent County Bank of Forman,
mature on April 1 as follows: $1,500 in 1956, and $1,200 in 1957.
Warrants
are callable on any interest payment date.
warrants sold
dated
May 1, 1938; denomination, $1,0001
coupon in form, registerable as to both principal and interest.
Principal
and semi-annual interest, May 1 and Nov. 1, payable in lawful money of
the United States of America, at the office of the County
Treasurer, White
Plains.
Bidders must state in their bids a single rate of interest which all
of the bonds offered are to bear, expressed in a
multiple of lA of 1 %, but not
exceeding 6% per annum, and must state the price offered. The bonds will
bear the lowest rate of interest stated by any bidder in a duly
acceptable
bid, and will be awarded to the bidder stating the lowest rate. If two or more
bidders offer to take the bonds at the same lowest rate, the bonds will be
awarded to the bidder offering to pay the highest price therefor.
No bid will be accepted for separate issues or separate maturities, or at
less than the par value of the bonds, or unless accompanied
by a certified
check or bank draft upon an incorporated bank or trust
company, payable
to the order of the "County Treasurer of Westchester
County" for $8,440.
No interest will be allowed upon such check or draft.
The check of the
successful bidder will be retained to be applied in part payment for the
bonds or to secure the county against any loss resulting from the failure of
the bidder to comply with the terms of his bid. The
county operates under
the county law and the general municipal law.
The bonds will be valid and legally binding obligations of the county,
and the county will have power and will be obligated to
levy ad valorem
taxes upon all the taxable property within tne county for the
payment of
the bonds and interest thereon, without limitation of rate or amount.
The
1.
here recently—V. 146, p. 2411—were sold at par, and mature on
as follows:
$2,000, 1941 to 1947; and $1,500, 1948 to 1955.
The
amended.
of said
2575
Chronicle
1,000,000 Cuyahoga River improvement bonds.
from 1939 to 1963 incl.
500,000 general sewer bonds.
1963 incl.
Due $40,000 each Oct. 1
Due $20,000 each Oct. 1 from 1939 to
.
Denom. $1,000.
Bidder may
H of 1%.
In
the event a different rate is named, award will be made on the basis of the
bid figuring the lowest net interest cost.
At the owner's request, coupon
bonds may be exchanged for bonds registered as to both principal and
interest, and coupon bonds also may be registered as to principal only
and thereafter be transferable to bearer.
Principal and interest (A. & O.)
payable at the Irving Trust Co., New York City.
The bonds were au¬
thorized at the Nov. 1930 general election and are payable from taxes
levied outside tax limitations.
Delivery of bonds will be made about
April 23 at any bank in Cleveland designated by the purchaser, or at a
bank agreed upon by the purchaser and the Director of Finance.
A certi¬
fied check for 2% of the amount of bonds bid for, payable to the order of
the City Treasurer, must accompany each proposal.
Legal proceedings
have been taken under the supervision of Squire, Sanders & Dempsey of
Cleveland, whose opinion can be obtained by the purchasers at their own
expense.
1
All of the bonds are dated May 1, 1938.
name
a
different rate of interest, expressed in multiples of
EUCLID, Ohio— INTEREST PAYMENT DELA YE1)—Because of a
delay in tax collections of Cuyahoga County, the municipality has been
obliged to temuorarily defer redemption of April 1, 1938, coupons on special
assessment bonds issued Oct. 1, 1937, according to M. M. Daly, Clerk of
the Sinking Fund Trustees.
It is expected that the necessary funds will
l)e available about July 15 and, in view of the circumstances, bondholders
are
requested to refrain from sending in
their coupons pending notice from
the community.
In a letter to bondholders, Mr. Daly explains that existing
makes it legally impossible for a municipality to borrow funds in
statutes
anticipation of taxes for sinking fund purposes.
The
the first interest due on the bonds in question.
April 1 coupons repre¬
sent
EUCLID,
Ohio—BONDS
SOLD—The
State
Teachers
Retirement
System, which bid par for 4Ms, was awarded the $48,600 coupon general
refunding bonds offered last Nov. 1.
Dated Oct. 1, 1937, and due Oct. 1
as follows:
$3,600 in 1943, and $5,000 from 1944 to 1952. incl.
The $466,500 special assessment refunding bonds for which no bids were
received will be
These
are
exchanged with holders of the original debt at 4% interest.
Oct. 1, 1937, and mature Oct. 1 as follows: $48,000 in
incl.; redeemable on and after Oct. 1,
dated
1943, and $46,500 from 1944 to 1952,
1939.
'
FOSTORIA, Ohio—BOND SALE—The Board of Sinking Fund Trustees
purchased an issue of $30,000 swimming pool construction bonds.
This
represents the city's share of the cost of the project and marks one of the
first occasions that; the city has been able to purchase its own securities.
has
LORAIN, Ohio—BONDS SOLD—An issue of $170,000 refunding bonds
VanLahr, Doll & Isphording, of Cincinnati.
The refunding
save the city about $81,000 in interest charges.
has been sold to
will
MANSFI ELD, Ohio—BOND ELECTION—At an election to be held in
near future voters will be asked to approve the issuance of $50,000
the
relief bonds.
MONROEVILLE, Ohio— BONDS SOLD—An issue of $1/),00') 4% filtra¬
bonds was sold to the Farmers & Citizens Banking Co. of Mona price of par.
Due $1,000 annually. Interest payable A. & O.
tion plant
roeville at
Denom.
$1,000.
WATERSHED CONSERVANCY DISTRICT (P. O.
Philadelphia), Ohio—BOND OFFERING—Bryce C. Browning,
Secretary-Treasurer, will receive sealed bids until noon on April 27 for the
purchase of $2,776,000 4% bonds.
Dated May 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $64,000, 1940: $66,000,1941 ; $68,000,1942; §70,000.
1943; $72,000, 1944; $75,000, 1945; 477.000, 1946; $80,000, 1947; $82,000.
1948; $85,000, 1949; $87,000, 1950; $90,000, 1951; $92,000, 1952; $95,000,
1953* $98,000, 1954; $101,000; 1955; $104,000, 1956; $107,000; 1957; $110,000. 1958; $113,000, 1959; $116,000, 1960; $120,000, 1961; $124,000. 1962;
$128,000. 1936; $132,000. 1964; $136,000, 1965; $140,000, 1966; and $144,000 in 1967; subject to call or redemption on May 1, 1958. or on any interest
paying date thereafter at not more than par.
Bidders may present a bid
or bids for said bonds based on their bearing a different rate of interest,
provided that where a fractional interest rate is bid such fraction shall be
U of 1% or multiples thereof.
The district will furnish the opinion of
Squire, Sanders & Dempsey, of Cleveland, to the purchaser.
The opinion
of any other counsel, if required, will be at the expense of such bidder.
The bonds will be sold to the highest bidder for not less than the face value
MUSKINGUM
New
Financial
2576
thereof and
accrued
April 16, 1938
for the purpose of
The bonds are issued
interest.
Chronicle
raising money in anticipation of the collection of the instalments of a special
assessment heretofore levied to retire certain outstanding warrants here¬
tofore
issued
under authority of Section
by the district
Commonwealth of
6828-44 of the
General Code and to pay a portion of the balance of the cost of the execution
of the official plan of the district, including superintendence of construction
and administration,
under authority of the Conservancy
PENNSYLVANIA BONDS
Act of Ohio and
of said district passed on March 30, 1938.
1% of the amount of bonds, payable to the
pursuant to a certain resolution
Enclose
a
certified
check for
district, must accompany each bid.
Moncure Biddle & Co.
NEW
CARLISLE, Ohio—BOND ELECTION—The proposed issuance
of $20,000 sewage disposal plant construction bonds will be submitted to
the voters at an election to be held in the near future.
1520 Locust St., Philadelphia
,
NILES. Ohio—TO ISSUE BONDS—Bids will be asked soon on an offer
tag of $13,000 refunding bonds.
Ohio—PROPOSED
OTTAWA,
BOND
ISSUE—The Village
has passed a resolution authorizing the issuance
the cost of judgments against the village because
$50,000
COMMONWEALTH OF PENNSYLVANIA 5's
Council
Due
of $5,148.77 bonds to pay
of stream pollution.
'
■
PORTSMOUTH, Ohio—NOTE SALE—A group composed of Fohl &
Co., Inc., Fox, Einhorn & Co., Inc., Mever, Smith & O'Brien and P. E.
Kline, Inc., all of Cincinnati, purchased $120,500 bond anticipation notes
at 3% interest, at par plus a premium of $370.66.
Due Oct. 1, 1938.
(The city on March 28 rejected all bids for an issue of $130,000 refunding
bonds.
A technicality, raised by Peck, Shaffer & Williams of Cincinnati,
required that the city reduce the issue to $120,500.
The above-mentioned
group, which had submitted a bid of par and a premium of $390 for the
original amount as 3s, subsequently offered to purchase the lesser amount
as 3s, with a premium of $370.66.)
On
STRUTHERS, Ohio—BOND ELECTION—At, an election to be held
the issuance of $40,000
public improvement bonds.
A.
Walnut
1528
T.
&
Teletype—Phila. 22
Philadelphia
DISTRICT, Pa .—LIST OF BIDS—The fol-
lowing is an official list of the bids which were submitted for the $400,000
operating revenue bond issue awarded April. 6 to the First Boston Corp.
as 1 % s, at 100.381, a basis of about 1.62%, as previously reported in V. 146,
2412:
Bidder—
Int. Rate
E. H. Rollins & Sons.
Harriman & Co
Hemphill, Noyes & Co
Singer, Deane & Scribner
Municipal Bonds Since 1892
...
.....
100.279
1 %%
2%
„
The First Boston Corp. (successful bidder)
Inc.
Rate Bid
l%%
ilalsey, Stuart & Co..
Smith, Barney & Co
Moncure, Biddle & Co
Graham, Parsons & Co
Brown
R. J. EDWARDS,
T.
St.
PENNSYLVANIA
p.
TOLEDO, Ohio—BONDS AUTHORIZED—'The City Council recently
$593,000 in bonds to pay relief bills and
other obligations contracted in 1937.
voted to authorize the issuance of
■
YARNALL & CO.
ALLENTOWN SCHOOL
in the near future voters will be asked to approve
August 2, 1951
a
2.15% Basis
100.2973
2%
2%
1%%
\%%
2%
1 %%
100.299
100.629
100.541
100.222
100.381
100.313
100.092
SCHOOL DISTRICT, Pa.—NOTE SALE DETAILS—
$250,000 operating expense bonds sold as 1.40s to Singer, Deane &
of Pittsburgh, as previously reported in these columns—V. 146,
2412—were sold at par and mature July 15 and Oct. 5, 1938.
ALTOONA
The
Scribner
Oklahoma City,
Ok Cy
AT&T
Oklahoma
p.
DISTRICT
(P. O. Annville),
Longenecker, District Secretary,
on April 25 for the purchase of
$12,000 coupon, registerable as to principal only, high school addition
bonds, to bear interest at one of the following rates, as named in the suc¬
cessful bid: 2Yi, 2%, 3, 3H, 334, 3% or 4% high school addition bonds.
Dated May 1, 1938.
Denom. $1,000. Due $1,000 on May 1 from 1939 to
ANNVILLE
Long Distance 787
19
Pa.—BOND
TOWNSHIP
OKLAHOMA
ANADARKO, Okla.—BOND OFFERING— Sealed bids will be received
until 8 p. m. on April 22, by Margaret C. Robertson, City Clerk, for the
purchase of a $90,000 issue of electric light system bonds.
These bonds
shall be sold to the bidder offering the lowest rate of interest and agreeing
pay par and accrued interest.
Due as follows: $13,000 from 1941 to
1946, and $12,000 in 1947.
These bonds were approved by the voters on
to
April 5.
They are being issued in accordance with Sections 5929 and 5930,
Okla. Stat., 1931.
A certified check for 2% of the bid is required.
BUTLER SCHOOL DISTRICT (P. O. Butler). Okla.—BOND SALE
—The issue of $7,500 school building bonds offered
April 12—V. 146,
p. 2412—was awarded to the Brown-Crummer Co. of Wichita, which bid a
price of 100.035 for the bonds to bear interest as follows: $3,000 as 3s,
due $1,000 from 1941 to 1943 incl.; $4,500 as 3Ms, due as follows: $1,000
from 1944 to 1946 incl. and $1,500 in 1947.
FORT
COBB
SCHOOL
DISTRICT
(P. O. Fort Cobb), Okla.—
BOND OFFERING—It is reported that sealed bids will be received until
2 p. m. on April 19 by Marvin Meek, District Clerk, for the purchase of
a
$10,000 issue of building bonds. Bidders to name the rate of interest.
Due $2,000 from 1941 to 1945 incl.
A certified check for 2% of the bid
is required.
SENTINEL
SCHOOL
DISTRICT
(P.
O.
Sentinel),
Okla.—BOND
1950 incl.
April 19, by L. W. Doran, District Clerk, for the purchase of a $16,000
issue of building bonds.
Bidders to name the rate of interest.
Due
$1,000 from Jan. 1, 1943 to 1958 incl.
A certificed check for 2% of the
bid is required.
•
WETUMKA, Okla.—BONDS APPROVED—The Attorney General has
approved the issuance of $12,642 in funding bonds and $211,200 in optional
refunding bonds.
bids until 7:30
Bidder to
able M. & N.
name
one
G.
p.
m.
rate of interest on the issue.
A certified check for
Interest pay¬
2% of the bonds bid for, payable to tne
order of the District Treasurer, must accompany each proposal. The bondsare issued
subject to favorable approving opinion of Townsend, Elliott
& Munson of
Philadelphia.
BARNESBORRO SCHOOL DISTRICT, Pa .—BONDS NOT SOLD—
No bids were received at the offering on April 9 of $17,000 334% coupon
operating expense bonds—V. 146. p. 2254.
Dated March 1, 1938 and
due March 1 as follows: $2,000 from 1939 to 1946 incl. and $1,000 in 1947.
Callable on any interest date.
COAL
TOWNSHIP
(P.
O.
Shamokin),
Pa .—BOND
OFFERING—
Albert Long, Township Secretary, will receive sealed bids until 7:30 p
m.
April 27 for the purchase of $25,000 234, 2%, 3. 3M, 334, 3M. 4. 434
or 434 %
coupon, registerable as to principal only, pavement, street and
sewer
bonds.
Dated May 1, 1938.
Denom. $1,000.
Due May 1 as
on
follows: $2,000 in
1940 and 1941 and $3,000 from 1942 to 1948, incl.
In¬
payable M. & N.
Bidder to name a single rate of interest on all of
A certified check for 2% of the bonds bid for, payable to the
order of the Township Treasurer, must accompany each proposal.
The
bonds will be issued subject to approving legal opinion of Townsend, Elliott
& Munson of Philadelphia.
terest
the bonds.
OFFERING—It is reported that sealed bids will be received until 2 p. m.
on
SCHOOL
OFFERIN G—W al ter
will receive sealed
DUQUESNE SCHOOL DISTRICT (P. O. Duquesne), Pa .—BONDS
PROPOSED—Due to the passage by the State Legislature of an act which
nullifies the Mansfield Act and provides that schools may borrow on tempo¬
rary
loans only
as
much
as
is outstanding on the current duplicate, the dis¬
trict is prevented from its yearly oorrowing on a short term loan of well
over $100,000.
Adherence to the limit set by the current duplicate will
cut the district's borrowing power by about $50,000., which will not be
enough for current expenses.
The board is considering the issuance of
$110,000 of bonds against delinquent taxes to take advantage of the Mans¬
before it passes out of existence on May 18, 1938.
field Act
OREGON
FOREST
GROVE, Ore.—BOND SALE—A $16,000 issue of municipal
building bonds was offered for sale on April 11 and was awarded to Baker,
Fordyce & Co. of Portland, according to H. G. Bond, City Recorder.
Dated May 1, 1938. Due $1,000 from 1939 to 1954; callable on any interest
payment date on and after May 1, 1941.
OREGON
(State of)—VOTERS REJECT COUNTY DISTRIBUTION
OF
BONNEVILLE POWER—A special dispatch from Portland to
"Wall Street Journal" of April 12 had the following report to make:
the
Seven Oregon counties have rejected a proposal for distribution of Bonne¬
ville power in their communities, the first blow to the big dam's power
distribution program under
It had been proposed that
Federal auspices urged by Administrator Ross.
the seven areas, not including Portland and
a district for public distribution of energy
from Bonneville.
In a vote on Friday, 42 of the 44 towns and cities in
the region rejected the plan by a vote of approximately 20,000 to 12,000.
Utilities in the district, notably Portland General Electric, have urged
rivate distribution under State regulation, and apparently are supported
y the voters.
Survey by an Oregon commission indicated little if any
advantage to consumers from public power, even on the basis of present
private rates, and certain heavy tax loss if private linas were absorbed.
Rejection of this proposed Northwest Oregon Bonneville Public Utility
District may affect the program of numerous districts formed in the State
of Washington, which Mr. Ross and public ownership advocates have been
trying to amalgamate on a concerted program with respect to Columbia
Multnomah
County, establish
River Power.
SALEM, Ore.—BOND OFFERING—Sealed bids will be received until
7:30 p. m. on April 22, by A. Warren Jones, City Recorder, for the pur¬
chase
of
a
$25,000 issue of general obligation airport refunding
bonds.
Denom. $500.
Dated May 1, 1938.
Due on May 1 as follows: $1,000,
1939 to 1948; $1,500 from 1949 to 1958, all incl.
Redeemable at par and
accrued interest on any interest paying date after five years from the date
of issue.
Prin. and int.
payable at the office of the City Treasurer. These
bonds are Deing issued pursuant to Chapter 156, Oregon Laws, 1933, as
amemded by Chapter 208, Laws of 1935, and Ordinance Mo. 3278, of
the city.
The bonds will be sold to the bidder offering the best price, considering
the interest rate and premium, if any, on the par value.
None of the
bonds will be sold for lass than par and accrued interest.
Each bidder
should name the rate of interest at which the bidder is willing to accept
the bonds at par.
The bonds will bear the rate of interest designated in
the bid accepted.
Each bid, except bids submitted
by the State of Oregon or any sink¬
ing fund of the City of Salem, must be accompanied by a certified check
for 2% of the par value of the bonds, made payable to the city as a guar¬
antee of good faith.
The prior legal approving opinion of Teal, Winfree, McCulloch JShuler
& Kelley will be furnished the successful bidder.
EAST
PITTSBURGH, Pa.—BOND OFFERING—James L. OakesJ
Borough Secretary, will receive sealed bids until 8 p. m. on April 18, for
purchase of $35,000 coupon bonds.
Dated May 1, 1938.
Denom.
$1,000.
Due $5,000 on May 1 from 1942 to 1948, incl. Bonds maturing
the
subsequent to May 1, 1944, will be callable in whole or in part on that
date or on any succeeding interest payment date.
The bonds last maturing
will be redeemed first, should the option be exercised.
Bidder to name the
rate of interest, expressed in a multiple of 34 of 1%.
A certified check for
$1,000, payable to the order of the Borough Treasurer, must accompany
each proposal.
The bonds will be sold subject to approval of the Penn¬
sylvania Department of Internal Affairs.
The approving legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
ELK LICK TOWNSHIP SCHOOL DISTRICT (P. O. R. F. D. No. 1,
Fort Hill), Pa .—BONDS NOT SOLD—NEW OFFERING ANNOUNCED
D. Peck, District Secretary, advises that all bids were rejected at the
J.
offering on April 13 of $25,000 4% building and equipment bonds, and that
a new offering will be made on May 7—V. 146, p. 1927.
FOSTER TOWNSHIP SCHOOL DISTRICT (P. O. Freeland, Box
207), Pa.—BONDS SOLD—The $23,000 5% bond issue for which no bids
were received at the offering last Sept.
11, was sold later to Chandler &
Co. of Philadelphia.
Dated Sept. 1, 1937, and due as follows: $1,000 in
1938 and $2,000 from 1939 to 1949 incl.
HARRISBURG, Pa .—BOND OFFERING— Robert A. Enders, Director
of Finance, will receive sealed bids until May 10 for the purchase of $350,000
to exceed 3% interest paving, sewer and water improvement bonds.
Due as follows: $30,000, 1939 to 1941 incl.; $50,000 from 1942 to 1945 incl.
not
and $60,000 in 1946.
LEHIGHTON, Pa .—BOND SALE— The issue of $15,000 fire house con¬
and park bonds offered April 14—V. 146, p. 2254—was awarded
First National Bank of Lehighton as 334s, at a price of 101.50.
struction
to the
(P. O. Pittsburgh), Pa.—BOND SALE—The issue
12—V. 146, p. 2095—was
Dated April 1. 1938. and
due April 1 as follows: $7,000, 1939; $6,000, 1940; $4,000 from 1941 to
1943 incl. and $3,000 from 1944 to 1948 incl.
MOUNT OLIVER
$40,000 current expense bonds offered April
awarded to Johnson & McLean of Pittsburgh.
The bonds were sold as
100.095,
a
234s, at par plus a premium of $38, equal to
basis of about 2.23%.
TOWNSHIP SCHOOL DISTRICT (P. O. Wanamie),
OFFERING—Joseph Sergott, District Secretary, announces
334% coupon funding bonds, series of 1938, will
be offered for sale at public auction on May 2 at 7 p. m.
Bids will be con¬
sidered for each individual bond and for the entire series.
Bonds will be
NEWPORT
pa.—BOND
that
an
dated
issue of $25,000
IVJAy 2, 1938.
Denom. $500.
Due $2,500 on May 2 from 1939 to
Volume
Financial
146
1948, incl.
Interest payable M. & N. 2.
Bonds and interest thereon will
payable without deduction for any tax or taxes, except succession or
thereon, under any
present or future law of the Commonwealth of Pennsylvania, all of which
taxes the district agrees to pay.
Bonds will be registered as to principal
only. A certified check for 10% of the amount bid for, payable to the order
of the District Treasurer, must accompany each proposal.
The bonds will
not be sold unless approved by the Pennsylvania Department of Internal
be
inheritance taxes, now or hereafter levied or assessed
Affairs.
OLYPHANT,
Pa .—BOND
OFFERING—Harry Metrinko,
Borough
Secretary, will receive sealed bids until 8 p. m. on April 26 for the purchase of
$30,000 4% coupon operating expense bonds.
Dated May 1, 1938.
De¬
nomination $1,000.
Due $3,000 on May 1 from 1939 to 1948, incl.
In¬
terest payable M. & N.
Registerable as to principal only.
PENNSYLVANIA
$24,000,000
COMMISSION,
Pa.—OBTAINS
GRANT—Works
Progress Administration an¬
TURNPIKE
FEDERAL
Roosevelt has approved a grant of $24,031,863 to
the Commission toward the cost of constructing the super highway between
nounced that President
Van Ingen & Co.,
"not more" than
Federal grant just
the Commission to
between $30,000,000 and $35,000,000.
The bonds will be amortized over a
period of 40 years and the terms of the agreement with the bankers provide
for the underwriting of the obligations on a basis of 3.88% interest.
Receipt
of the Federal contribution will expedite plans for the public offering of
Harris burg and Pittsburgh. A syndicate headed by B. J.
Inc. of New York contracted on March 8 to purchase
revenue bonds to finance the project.
The
announced will reduce the amount of bond financing by
$60,000,000
bonds to
be issued.
PENN TOWNSHIP (P. O. Salzburg Road Verona,
R. F. D. No. 1),
Pa .—BOND SALE DETAILS— S. K. Cunningham & Co. of Pittsburgh
were associated with Glover & MacGregor of Pittsburgh in the purchase on
April 7 of $50,000 sewer system bonds, report of which appeared in a
previous issue. V. 146, p. 2413. The successful bid was par plus a premium
of $555.75 for 234s, equal to 101.111, a basis of about 2.32%.
Dated
May 1, 1938 and due $5,000
PITTSBURGH,
on
of existing
ELECTION—At
the
May 17 primary
$1,350,000 hospital
$1,098,861,670 and
debt is $55,755,871.73.
PITTSTON, Pa.—PLANS TO REFINANCE OUTSTANDING BONDS
to re¬
bonds
presently outstanding. The other will be redeemed in cash in the present
year.
The refunding would apply to $175,000 434s due until 1952 and
$180,000 4s maturing until 1955.
They were issued under a refinancing
program three years ago.
The city, it is said, plans to ask the holders of
existing bonds to exchange them for lower interest bearing securities.
Consideration also is being given to the possibility of using the excess
portion of the $60,000 now in the sinking fund to buy in some of the bonds
scheduled to mature in the next few years.
Such a procedure would save a
large amount in interest charges.
TURTLE
SCHOOL
$100,000
CREEK
DISTRICT
coupon
SCHOOL
DISTRICT,
Pa.—BOND SALE—'The
registerable as to principal only, high school
building bonds offered April 14—V. 146, p. 2413—was awarded to a syndi¬
cate composed of S. K. Cunningham & Co., Glover & MacGregor, George
G. Applegate, all of Pittsburgh, and Edward Lowber Stokes & Co. of
Philadelphia, as 3s, at par plus a premium of $1,417.50, equal to 100.81,
a basis of about 2.93%.
Dated May 1, 1938 and due May 1 as follows:
$7,000 from 1941 to 1949, incl. and $8,000 from 1950 to 1963, incl.
Next
highest bid was submitted by a group composed of Singer, Deane & Scribner
of Pittsburgh, Dougherty, Corkran & Co. and E. H. Rollins & Sons, Inc.,
both of Philadelphia, the offer being a premium of $2,313 for 3 34s.
issue
of
$175,000
coupon,
VERSAILLES TOWNSHIP SCHOOL DISTRICT (P. O. McKeesport)
Pa.—BOND SALE DETAILS—The issue of $50,000 school bonds awarded
April 7 to Singer, Deane & Scribner of Pittsburgh, and E. H. Rollins &
Sons, Inc., jointly, as previously reported in these columns—V. 146, p.
2413—was sold to the bankers as 3 V2%, at par plus a premium of $613, equal
to 101.226, a basis of about 3.38%.
Dated April 1, 1938 and due $2,000 on
April 1 from 1939 to 1963 incl.
RHODE
ISLAND
CRANSTON, R. I.—-NOTE SALE—The issue of $100,000 tax antici¬
pation notes offered April 12—V. 146, p. 2414—was awarded to Stephen
w. Tourtellot of Providence, at 0.70% discount.
Dated April 12, 1938
and due Feb. 24, 1939.
First National Bank of Boston, only other bidder,
named a rate of 1.12.5%.
NEWPORT, R. I.—NOTE SALE—The issue of $275,000 revenue anti¬
cipation notes offered April 14 was awarded to R. L. Day & Co. of Boston,
at 0.37%
discount, plus $1 premium.
Dated April 18, 1938 and due
Sept. 7, 1938.
The First National Bank of Boston was the next best
bidder, naming a rate of 0.39%.
PROVIDENCE, R. I.—BOND OFFERING—Walter F. Fitzpatrick,
City Treasurer, will receive sealed bids until 2 p. m. on April 21 for the
purchase of all or any part of $1,500,000 bonds, divided as follows:
$1,000,000 emergency unemployment relief loan bonds.
Due $50,000 on
May 1 from 1939 to 1958 incl.
500,000 highway bonds. Due $25,000 on May 1 from 1939 to 1958 incl.
1938. Bidder to name a single rate of
than 34 of 1%, Bids at less than
par will not be considered.
Interest payable M. & N. Either coupon bonds
of $1,000 each, or registered bonds in sums of $1,000, $5,000, $10,000, or
$20,000 each, as desired, will be issued for the whole or any portion of said
loan, and coupon bonds may at any time thereafter be converted into
registered bonds of the above denominations at the option of the holder,
and when so registered they become registered as to both principal and
interest.
Registered bonds cannot be changed back into coupon bonds.
The principal and interest of coupon bonds will be payable in any coin or
currency of the United States of America which, at the time of payment, is
legal tender for public and private debts, at the fiscal agency of the City
of Providence in New York City.
The City of Providence transmits by
mail interest on all registered bonds, if desired.
Bonds will be ready for
delivery as soon after May 1, 1938, as possible, and will be subject to
accrued interest from May 1, 1938, to date of delivery.
A certified check
for 2% of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal.
Purchaser to furnish own legal opinion.
The bonds are payable out of unlimited ad valorem taxes, except that the
tax on intangible personal property is limited by statute to 40 cents per
$100 valuation.
All of the bonds will be dated May 1,
interest, expressed in no multiple of less
HURON, S. Dak.—BOND ELECTION—At election to be held on April
of $39,000 municipal airport
19 voters will be asked to approve the issuance
improvement bonds.
JAVA, S. Dak.—BOND OFFERING— Sealed bids will be
SOUTH
CAROLINA
GREENWOOD COUNTY (P. O. Greenwood), S. C.—
U. S. A. — We are informed by E. I. Davis, Secretary of the County
Finance Board, that of the $2,350,000 issue of Buzzard Roost hydro-electric
revenue coupon or registered bonds offered for sale on April
12—V. 146,
p. 2255—a total of $2,219,000 bonds will be sold to
Government, as 4s at par.
No other bid was received,
HORRY
received until
the purchase of a
Denom. $1,000.
1941 to 1950, and
$2,000 from 1951 to 1953.
Prin. and int. (A. & O.) payable at the First
National Bank & Trust Co.®, Minneapolis.
The approving opinion of
Junell, Dorsey. Fletcher, Barker & Colman of Minneapolis will be furnished.
(An issue of $18,000 water works bonds was offered for sale without success
8 p. m. on April 20, by Louis Boehler, City Auditor, for
$16,000 issue of 434% coupon water works bonds.
Dated April 1, 1938*
Due on April 1 as follows: $1,000,
Nov. 23.
on
1937.)
NO. 1, S. Dak.—
Treasurer, will reseive
for the purchase of $60,000 not to
WAKONDA INDEPENDENT SCHOOL DISTRICT
BOND
OFFERING—Frank
M.
Thrane,. District
sealed bids until 8 p. m. on April 22
exceed 334% interest refunding bonds.
Dated May 1, 1938.
Due $5,000
M. & N.
A certified
each May 1 from 1939 to 1950 incl.
Interest payable
check for 5% must accompany each proposal.
WATERTOWN, S. Dak.—BOND ELECTION—At an election to be
on April
19 voters will be asked to approve the issuance of $68,000
armory-auditorium bonds.
held
TENNESSEE
COUNTY
CARTER
PROGRAM
(P.
O.
Elizabethton), Tetxn.—BOND REFI¬
is reported that a refinancing
APPROVED—It
has been approved by the county officials, voting to exchange
total of $1,850,000 in long-term bonds for callable bonds and to issue $267,000 in bonds for the present outstanding indebtedness.
program
CHATTANOOGA, Tenn.—BOND SALE—The $65,000 issue of public
of 1938 bonds offered for sale on April 12—V. 146, p. 2412—was
jointly to the Nashville Securities Corp. of Nashville, and Fox,
Einhorn & Co. of Cincinnati, as 4s, paying a premium of $104.25, equal to
100.16, a basis of about 3.98%.
Dated April 1, 1938.
Due from April 1,
works
awarded
1957.
1940 to
Tenn.—BOND ISSUANCE CONTEMPLATED—
April 7 by H. W. Moyers, Town Clerk:
by you with reference to bond issues
by the town of Fayetteville, we are preparing to make an issue of $80,000
or $85,000 of revenue bonds, the security being municipal plant and rev¬
enues of the town, these bonds having been voted and their legality duly
approved by decree of the Court."
FAYETTEVILLE,
"Referring to recent letters received
LA FOLLETTE,
the United States
he reports.
Dated
Due on Oct. 1, 1940, and on April 1 from 1941 to 1964.
COUNTY
(P.
O.
Conway),
S.
C.—BONDS SOLD—It
is
reported that $200,000 highway reimbursement bonds were purchased on
April 12 by a group composed of Seabrook & Karow of Charleston; Fox,
Einhorn & Co. of Cincinnati, and Kalman & Co. of St. Paul, as 3>4s, pay¬
ing a price of 100.156, a basis of about 3.23%. Due $20,000 from April 1,
1945 to 1954 incl.
Tenn.—BONDS AUTHORIZED—'The Board of Com¬
approved an ordinance authorizing the issuance
negotiable coupon bonds.
missioners has
6%
of $50,000
TEXAS
SCHOOL
AUSTIN
DISTRICT
(P.
O.
Austin),
Texas—BONDS
stated by A. N. McCallum, Superintendent of Schools,
that at the election held on April 8. the voters approved the issuance of the
is
VOTED—It
$750,000 4%
construction bonds by a wide majority.
(P. O. Brownsville), Texas—REPORT ON
REFINANCING—Another step in the refinancing of
by issuing a disbursement order on the
Reconstruction Finance Corp. according to County Judge Oscar C. Dancy.
It was announced by E. W. Watts, fiscal agent for the county in the matter,
that $1,275,000 of the outstanding $1,357,000 worth of bonds are on deposit
in the regular depositories.
This is about 94%.
It is expected that other
bonds already committed will come in soon, and bring the total to 95%,
CAMERON
COUNTY
PROGRESS OF BOND
flood control bonds has been taken
Watts said.
•
The RFC will
purchase the old bonds from the bondholders
the dollar, then exchange them for new ones
on
terest on most of the
not
for 75 cents
bearing 4% interest.
In¬
Final disbursement is
old bonds was 5%, and 4 34 %.
expected to take place until about April 16.
COUNTY (P. O. Crane), Texas—BOND ELECTION—'The
proposed issuance of $400,000 road bonds will be submitted to the voters
at an election to be held on April 16.
CRANE
DALLAS, Texas—BOND OFFERING CONSIDERED—'The city officials
said to have under consideration, an offering of bonds which may total
$1,050,000 and,$1,550,000.
The offering would consist of $300,000
airport bonds, $500,000 storm sewers, and between $250,000 and $750,000
are
between
school
bonds.
City officials may ask Federal funds to supplement the recently authoized
for these purposes.
Voters approved $1,000,000 of storm sewer
bonds
bonds and $300,000 airport
bonds at a recent election and applications for
Federal aid are expected to be made
City Auditor Stuart Bailey reports
shortly.
the bonded debt of Dallas, as of April 1,
He pointed out that none of the bonds is callable and
recommended that tne city buy up some of its high int. bearing securities.
Last year the city purchased all of its callable bonds, of which $440,000
were
bearing 4% interest.
This move saves the city $17,600 a year in
interest.
;;v
.X -XX''-'v
/ '.V;
■
at
$38,643,250.
ELDORADO, Texas—BOND OFFERING—It is stated by A. J. Atkins,
City Secretary, that he will receive sealed bids until 2 p. m. on May 3 for
of two issues of water works bonds aggregating $45,000, divided
the purchase
as follows:
$25,000 general obligation bonds.
Due on June 1 as follows: $1,000, 1939
to 1953, and $2,000, 1954 to 1958.
20,000 revenue bonds.
Due $1,000 from June 1,1939 to 1958, inclusive.
Dated June 1, 1938.
Bidders are required to name the rate or combina¬
with their bid which is closest to par and
tion of two rates for each issue
Any rate or rates named must be in multiples of 34
considered on either or both of the series of bonds to be
accrued interest.
Bids will
oe
of 1 %.
issued.
Separate bids should be made on each issue and on the two together.
The
city prefers to award both to the same bidder, but will make the award of
the bonds on the most favorable basis, whether separately or together.
It is the intention of the city to sell the bonds at the lowest interest cost
that will bring the price of approximately, but not less than, par and ac¬
crued interest.
The approving opinion of C. F. Gibson of Austin or of
Chapman & Cutler of Chicago will be furnished the purchaser.
The bonds
will be made ready for delivery just as quickly after the date of sale as pos¬
sible, and it is expected that actual delivery can be effected not later than
July 1.
Prin. and int. (J. & D.) payable at a place or places specified by
the purchasers.
A certified check for 2% of the amount of each issue of
bonds proposed to be purchased is required with bid.
(This offering notice supplements the report given in these columns re¬
cently—V. 146, p. 2415.)
'
ACCEPTED— S. E. Duncan, City
tenders on April 12 of re¬
states that $10,000 were
price of 91.50 and that an additional $1,000 will probably
FLOYD ADA,
TO
April 1, 1938.
DAKOTA
SOUTH
CENTERVILLE, S. Dak.'—BOND SALE—The $10,000 issue of sewage
1938.
(P. O. Swissvale), Pa.—BOND
school bonds offered April 12—V. 146,
p. 2095—were awarded to Halsey, Stuart & Co., Inc., as 234s, at par plus a
premium of $259, equal to 100.259, a basis of about 2.20%. Dated April 1,
1938, and due $10,000 on April 1 from 1939 to 1948 incl. S. K. Cunning¬
ham & Co. of Pittsburgh, second high bidder, named a rate of 234% and
premium of $1,150.
SALE—The
and
Legality approved by
The following letter was sent to us on
SALISBURY, Pa.—BOND SALE DETAILS—The $28,000 4% water
bonds awarded to the Biglerville National Bank of Biglerville, as
previously noted in these columns—V. 146, p. 2413—were sold at a price
of 101, a basis of about 3.93%.
Due March 1, 1958; callable on or after
March 1,1941. Coupon bonds in denoms. of $500. Interest payable M. & S.
works
SWISSVALE
and payable as to both principal
dated April 1, 1938
are
disposal bonds offered for sale on April 11—V. 146, p. 2414—was purchased
by the Bank of Centerville, as 334s, paying a premium of $120, equal to
101.20, a basis of about 3.30%.
Due serially from 1940 to 1949 incl.
NANCING
—It is reported that the city is definitely contemplating a proposal
finance at lower interest rate $365,000 of the total of $368,000
Dated March 1,
The bonds
(A. & O.) in New York City.
Reed, Hoyt & Washburn of New York City.
semi-annual interest
May 1 from 1940 to 1949, incl.
Pa .—BOND
election the voters will be asked to approve an issue of
construction bonds.
City has an assessed valuation of
amount
2577
Chronicle
Texas— TENDERS
Secretary, reporting on the result of the call for
funding bonds of 1935, dated March 1, 1935,
purchased at a
be bought in at the same price.
GOLIAD
INDEPENDENT
SCHOOL
DISTRICT (P. O. Goliad),
received until 7:30 p. m.
Texas—BOND OFFERING— Sealed bids will be
April 15, by John B. Hayes, Superintendent of Schools, for the purchase
of a $60,000 issue of 334 % semi-ann. school bonds.
Due $3,000 annually
over a 20-year period.
(These bonds were submitted to the voters for ap¬
on
proval on April 9).
Chronicle
Financial
2578
HILLSBORO, Texas—BONDS VOTED—We are informed by A. M.
James, City Clerk, that at the election held on April 5—V. 146, p. 2255—
the voters approved the issuance of the $40,000 street improvement bonds
by a count of 284 to 123.
These bonds had been sold, subject to the result
of the election, to the Investment Service Corp. of Dallas at SH% on the
first $9,000 and Z%% on the remaining $31,000 bonds.
Due from 1940
to 1963, without option of prior redemption.
Texas—BONDS
HOUSTON,
NOT SOLD—We
that
advised
are
NEW OFFERING
ANNOUNCED—W.
"
H.
Maunsell, City Controller,
that sealed bids will be received at the office of the City Secretary
April 19 for the purchase of $2,715,000 various purposes,
all of which are printed to bear interest at the rates specified in the different
issues described below.
The bonds now offered are part of the total of
10
until
m.
a.
on
$2,783,000 for which all bids were rejected on April 11, owing to the fact
that none of the tenders were made in strict compliance with the provisions
of sale as provided for in that instance.
The high bidder for the bonds
offered on that occasion was a syndicate headed by Phelps, Fenn & Co. of
New York, as reported in these columns on April 12.
In addition to re¬
ducing the amount of bonds proposed to be sold on April 19, the city also
has revised the maturity schedule on the $30,000 Faith Home loan and
accorded to bidders the option of naming the interest rate on all issues.
The bonds now scheduled for sate are as follows:
$840,000 City Hall 3% J. & J.
Dated Jan. 15, 1938.
Due $30,000 Jan. 15.
1941 to 1968.
„
300,000 Drainage sewers 2j^% J. & J.
$15,000 Jan. 15, 1939 to 1958.
270,000 Sanitary sewers, 2j^%, J. & J.
$15,000 Jan. 15, 1941 to 1958.
300,000Asphaltic street,
204,000
221,000
180,000
130,000
80,000
80,000
214%
&
J.
J.
_
Dated Jan.
15,
1938.
Due
Dated Jan.
15,
1938.
Due
Dated Jan.
15,
1938.
Due
$20,000 Jan. 15, 1939 to 1953.
Concrete base streets, 2)4 %, J. & J.
Dated Jan. 15, 1938.
Due
$12,000 .Jan. 15, 1942 to 1958.
Fire station and alarm system, 2)4%, J- & J.
Dated Jan. 15,
1938.
Due $17,000 Jan. 15, 1941 to 1953.
Bridge and subways, 2)4%, J. & J.
Dated Jan. 15, 1938.
Due
$10,000 Jan. 15, 1941 to 1958.
Houston Ave. Ext., 2)4%, J. & J.
Dated Jan. 15, 1938.
Due
$10,000 Jan. 15, 1941 to 1953.
Flood control, 3%. J. & J.
Dated Jan. 15, 1938.
Due $10,000
Jan. 15, 1946 to 1953.
Park, 2 )4 %. J & J
Dated Jan. 15, 1938.
Due $8,000 Jan. 15.
•
•
1944 to 1953.
1939 to 1968.
tee to the purchaser of said bonds, its successors or assigns, during the entire
issue, that all revenue derived from the City's operation and
ownership of the water works, plant or system, will be segregated and kept
segregated from other City funds, and that the rate to be charged for water
shall be fixed and maintained at a level that will produce sufficient revenue
under the requirements of caluse "b" of Section 127 of the Constitution of
Virginia to prevent said bonds from being included in determining the
limitation of the power of the City to incur indebtedness and that said
revenues will be applied to the extent necessary to meet payment of principal
and interest on said bonds as the same become due.
This contract for
Dated Jan. 15, 1938.
Due $2,000
Dated Jan. 15,1938.
Due $2,000
Delivery
promptly as possible and not longer than 30 days after sale.
Immediate delivery can be made of the above bonds at the interest rates
specified.
Award will be made on low net interest cost of City over the
life of the bonds.
The bonds as printed are ready for immediate delivery.
The bidder has the option of specifying the interest rate on all issues.
There is no litigation affecting these bonds.
Opinion of nationally recog¬
nized bond
attorneys furnished.
Payment to be made on attorneys'
preliminary opinion.
Certified check in amount of 1% of the par value of
the bonds payable to R. H. Fonville, Mayor, must accompany each proposal.
v'vsC: ■
Additional
to be made
All
details:
bonds
denomination
in
of
$1,000.
as
NAVASOTA SCHOOL DISTRICT (P. O. Navasota),
Texas—BONDS
SOLD—It is said that Mahan, Dittmar & Co. of San Antonio, has entered
into a contract with the District for the refunding of an issue of $114,000
school house bonds at 3Yi%.
NUECES COUNTY
We
are
March 30 they purchased an
par
Due in 1964.
(P. O. Corpus Christi), Texas— BONDS SOLD—
informed by the J. It.
and accrued interest.
Phillips Investment Co. of Houston on that
issue of $232,000 4% coupon road bonds at
Denom. $1,000.
Dated April 10, 1938.
Due
1939 to 1946, without option of redemption prior to final maturity.
Interest payable A. & O. 10.
from
TEXAS
CITY
INDEPENDENT SCHOOL DISTRICT
(P.
O. Texas
City), Texas—BOND SALE—The $135,000 issue of school improvement
bonds offered for sate on March 30—V. 146, p. 2097—was purchased by
the State Department of Education, as 3.30s at par, according to the
President of the Board of Education.
optional to call
any or
Due from March
1,
1939 to 1953;
all bonds due after March 1, 1946.
SCHOOL
DISTRICT
(P. O. Van
Vleck), Texas—BONDS SOLD—It is reported that $35,000 3 % % semi-ann.
bonds have been purchased by the State School Board.
Due in
VAN
VLECK
INDEPENDENT
school
from
1
to
15
Schools, that $125,000 construction bonds approved by the voters at a.
on Feb. 23, have been sold as 3s, paying a premium of $62°
equal to 100.50, a basis of about 2.96%.
Due as follows: $5,000, 1939
1943, and $4,000 from 1944 to 1968.
general obligations of the City.
The bonds will be delivered to the purchaser on cr about April 25, at a place
to be designated by the purchaser.
Enclose a certified check for 2% of
value of the bonds bid for, payable to the City Treasurer.
the par
WINCHESTER, Va .—BONDS DEFEATED—At the April 12 election
the proposal to issue $218,000 water supply improvement bonds was
feated.
Of the votes cast, 426 were in favor and 534 were opposed.
de¬
WASHINGTON
LOWELL WATER DISTRICT (P. O. Lowell) Wash .—ADDITIONAL
INFORMATION—In connection with the sale of the $52,000 issue of coupon
general obligation water bonds, as 6s, and the $25,000 Lowell Water Dis¬
trict, Local Improvement District No. 1 guaranty fund 6% bonds, noted
in these columns in March—V. 146, p. 2097—it is now reported that these
bonds and
warrants were sold
mature
on
or
mature
on
Jan.
at par.
It is also stated that the warrants
before 12 years from date.
As already reported, the bonds
1 as follows: $2,000, 1940 to 1948; $3,000, 1949 to 1954,
1955 to 19,58, all incl.
and $4,000,
RITZVILLE, Wash.—BOND OFFERING— Sea led bids will be received
until 11 a. m. on April 30, by Jake Hoefel, City Clerk, for the purchase of
an $8,000 issue of general obligation bonds.
Interest rate is not to exceed
4%, payable J. & J.
Denom. $500.
Due $500 from Jan. 15. 1940 to 1955
No bid for less than
incl.
par
will
be considered.
A
certified check for
5% of the amount of bonds bid for, payable to the city, is required.
WEST
VIRGINIA
ROMNEY, W. Va.—BONDS VOTED—At a recent election voters ap¬
proved the issuance of $32,500 sewer extension, incinerator construction
and paving bonds.
WISCONSIN
SANITARY
HILL
DISTRICT
(P. O. Madisoni, Wis.—
$27,000 sewerage system bonds were
purchased recently by the Northwestern Securities Co. of Madison.
BONDS SOLD—It
is reported that
BUTTERNUT, Wis .—BOND OFFERING— It is stated by the Village
purchase of a
Clerk that he will receive sealed bids until May 2, for the
$13,000 issue of 3)4% semi-ann. sewage disposal bonds.
Dated April 1,
1938.
Due from 1939 to 1952.
These bonds were approved by the voters
at an election held on April 5, by a wide margin.
KENOSHA, Wis.—BOND OFFERIN G—Sealed bids will be received until
2 p. m. on April 22 by A. E. Axtell, Director of Finance, for the purchase of
issues of refunding bonds aggregating $63,000, divided as follows:
two
$30,000 high school, first series of 1925, and $33,000 high school, series of
1926, bonds.
Denom. $1,000.
Dated May 1, 1938.
Due on May 1,
1947.
The bonds will not be sold for Jess than par, and the basis of deter¬
mination shall be the lowest rate of interest bid by the successful bidder,
provided that the maximum rate of interest to be borne by the bonds shall
be 4%.
Bidder must pay accrued interest from the date of the bonds to
the date of payment of the purchase price.
The call for bids is on this basis:
A par bid with the rate of interest which the bidder will accept over the
period stipulated by the bonds.
Prin. and int. (M. & N.) payable at the
City Treasurer's office.
The bonds are issued under the provisions of
Chap. 67, Wis. Stat. 1935, and are a general city liability.
Legality will
be approved by Chapman & Cutler of Chicago.
A $500 certified check,
payable to the city, must accompany the bid.
KENOSHA
COUNTY
(P. O. Kenosha), Wis.—BOND OFFERING—
(Central Standard Time), on April
Niederprim, County Clerk, for the purchase of a $75,"00
issue of 3lA% refunding bonds.
Denom. $1,000.
Dated April 15, 1938.
Due on April 15, 1942.
These bonds are issued to refund the principal of a
like amount of valid outstanding bonds due on April 15, 1938.
Prin. and
int. (A. & O.) payable at the County Treasurer's office.
No bid for less
than par will be considered.
The bonds are issued subject to the favorable
opinion of Chapman & Cutler of Chicago, which will be furnished without
charge to the successful bidder, together with the printed bonds.
A certi¬
fied check for 2%, of the par value of the bonds bid for, payable to the
County Treasurer, is required.
'
Sealed bids will be received until 2 p. m.
25, by John C.
years.
VICTORIA INDEPENDENT SCHOOL DISTRICT (P. O. Victoria)
Texas—BONDS SOLD—It is stated by P. S. Garner, Superintendent on
annuities
maintanance of water rates and segregation of revenues to cover
and debt service will be in addition to the
BRIAR
•
,
A complete transcript of proceedings
without charge.
40,000 Street opening and widening, 2)4%. J. & J.
Dated Jan. 15,
1938.
Due $4,000 Jan. 15, 1944 to 1953.
30,000 Faith Home, 2)4%. J- & JDated Jan. 15, 1938. $1,000 Jan. 15,
20,000 Traffic signals 2 J4 %, J & J.
Jan. 15, 1944 to 1953.
20,000 Swimming pool, 2)4 %, J- & J.
Jan. 15, 1944 to 1953.
1938
life of said
all
disposal will be received on or about April 19.
16,
covering all details required in the proper issuance of these bonds will be
furnished the successful bidder for his files.
The City, in conformity with
Section 3090. Code of Virginia, offers to and will contract with and guaran¬
bids received for the various issues of bonds aggregating $2,783,000, that
were scheduled for sale on April 11, have been rejected.
It is said that none
of the four tenders received for the bonds conformed strictly to the con¬
ditions of the offering notice.
We understand that new bids for their
announces
April
nished the purchaser
POLK COUNTY (P. O. Balsam
Lake), Wis.—BONDS DEFEATED—
on April 5, the voters defeated the issuance of $800,000
highway bonds by a count of 2,932 "for" to 3,698 "against," according
the County Clerk.
At the election held
in
to
election held
$14,000
DANVILLE, VIRGINIA School 4s
ST. CROIX COUNTY (P. O. Hudson), Wis.—BOND OFFERING—
Sealed bids will be received until 8 p. m. on April 25, by S. N. Swanson,
County Clerk, for the purchase of an issue of $104,000 3% «emi~ann.
highway improvement bonds.
Denom. $1,000.
Dated April
1,
1938.
Due on April 1 as follows: $100,000 in 1943, and $4,000 in 1944.
Bonds
and printing expense will be taken care of by the county.
A certified check
for 5%, payable to the County Clerk, must accompany the bid.
WAUWATOSA, Wis.—BOND SALE—The $50,000 issue of
sewer bonds
April 7—V. 146, p. 2256—was awarded to the Milwaukee
as 2%a, paying a premium of $720, equal to 101.44, a
basis of about 2.60%.
Dated April 1, 1938.
Due from March 15, 1939
to 1958, inclusive.
offered for sate
Due
December
1951-54
at
3.00% basis
on
Co. of Milwaukee
F. W. CRAIGIE & COMPANY
WYOMING
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va.
83
CHUGWATER,
water
Wyo.—BOND SALE—The $10,000 issue of coupon
bonds offered for sale on April 1—V. 146, p. 2098—was purchased
by the Stock Growers National Bank of Cheyenne
VIRGINIA
bid
received, according to the Town Clerk.
1, 1940 to 1953 incl.
was
ROANOKE, Va .—CORRECTED BOND OFFERING NOTICE—In con
offering notice given in our issue of April 9, on the scheduled
nection with the
2415—it is now stated
by L. D. James, City Clerk, that the following is the corrected offering
notice; Sealed bids will be received until noon on April 19, for the purchase
of a $5,000,000 issue of not to exceed 3 % % coupon general obligation water
system, Series WW bonds.
Interest payable A. & O.
Dated April 15,
1938.
Denomination $1,000.
Due April 15, as follows: $100,000 in 1939
to 1943, $125,000 in 1944 to 1948, $150,000 in 1949 to 1953;
$175,000 in
1954 to 1958, $200,000 in 1959 to 1963 and $250,000 in 1964 to 1968.
The
condemnation case of the City against Roanoke Water Works Co. has been
amicably settled.
The company has waived all right of appeal and will
deliver the property to the City on May 1, 1938.
Said bonds provide for
redemption on any interest payment date after the first interest payment
date, to and including April 15, 1941, but not thereafter, upon payment of
$1,025 and accrued interest on face value thereof.
This provision was
originally made solely for the purpose of safeguarding tne City and bond¬
holder in the event of an adverse decision on appeal.
While the City can¬
not contract not to call said bonds, it can give satisfactory assurance that
there is little likelihood of the call being exercised.
The bonds may be
sold at a discount but may not be sold upon a basis which will cost the City
more than 6 % interest per annum.
Bidders to name the rate or rates of
interest in multiples of
of 1 %.
The named rate may be uniform for the
entire series and (or) may be split as follows: A uniform rate for each of the
5-year periods embraced within the 30-year period of the bond maturities.
Principal and interest payable in current money of the United States at
the office of the City Treasurer, or at the Manufacturers Trust Co., New
York City.
The bonds will be certified as to genuineness of seal and signa¬
tures by the Manufacturers Trust Co., of New York City, and the approving
opinion of Thomson, Wood & Hoffman, Esqs., of New York, will be fur¬
CANADA
sale of the $5,000,000 water system bonds—V. 146, p.
as 4)4s, at par. No other
Dated April 1, 1938. Due
from June
CANADA (Dominion of)—SALE OF TREASURY BILLS—The Govern¬
ment sold on March 31 an issue of $25,000,000 Treasury bills at an average
cost of
0.51%.
Due in three months.
METIS BEACH, Qu e—BONDS NOT SOLD—No bids were received at
the offering on
April 12 of $69,700 4% bonds—V. 146, p. 2416.
Dated
May 1, 1938 and due serially on May 1 from 1939 to 1963, inclusive.
NEW
BRUNSWICK
(Province
of)—BOND
SALE—A
syndicate
headed by the Dominion Securities Corp. of Toronto and Bell, Gouinlock
& Co. of Toronto purchased $4,000,000 3H % bonds which were issued by
the
province to fund
temporary
debt incurred in hard surfacing reads.
a price of 99, to yield 3.78%.
Due
after April 15, 1946, at par.
Payable in
The bankers re-offered the bonds at
April 15, 1948, and callable
Canadian funds only.
PELEE
TOWNSHIP,
on or
Essex
County,
Ont.—BOND
OFFERING—
William Stewart, Township Clerk, will receive seated bids until April 28,
for the
purchase of $18,314 4% drainage improvement bonds, due serially
in from 1 to 20 years.
RIVIERE
DU
LOOP, Que.—BOND OFFERING—J. Lebel, Secretarym. on April 25, for the pur¬
4% bonds, dated May 1, 1938 and due serially to
Treasurer, will receive sealed bids until 5 p.
chase
of
$121,300
May 1, 1953.
TECK TOWNSHIP,
Ont .—BOND SALE—Harris, Mac Keen. Goss &
$149,426 4 li % improvement
Co. of Toronto purchased privately an issue of
bonds, due in from 1 to 10
years.
@FedFRASER