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8US. ADM*
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APR 2 4 1930
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IV
oinmetrictl §
No. 3852,
APRIL 22, 1939
Vol. 148
CONTENTS
Editorials
page
-2314
The Financial Situation.
King Cotton Imperiled.
2326
—
l. ..—..-2328
Italy's Case and the Prospect for Peace
Comment and Review
New
_2331
Capital Flotations in Great Britain
Week
the European
on
Stock Exchanges—
-—2318
2319
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment-
----2324 & 2369
2331
Course of the Bond Market--
Indications of Business Activity
2332
-
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange--—.
'
v-v>
General
2368
News
Current Events and Discussions--.Bank and Trust
2317
,
—2345
-
-2366
Company Items
-2413
Corporation and Investment News
Dry Goods Trade
-2462
State and
-2463
Municipal Department
,
'•.
...
yy;
.
*
y..-w
-
;
y
Stocks and Bonds
2377 & 2379
2372
Foreign Stock Exchange Quotations—--Bonds Called and Sinking Fund Notices-Dividends Declared.
—2372
—
...
Auction Sales.
New York Stock
T-
2372
;
Exchange—Stock Quotations
-.2380
Exchange—Bond Quotations.-2380 & 2390
2396
New York Curb Exchange—Bond Quotations—------2400
Other Exchanges—Stock and Bond Quotations
..2402
Canadian Markets—Stock and Bond Quotations
2406
New York Stock
New York Curb
Exchange—Stock Quotations
Over-the-Counter Securities—Stock & Bond Quotations-2409
Reports
-2322
Foreign Bank Statements
Course of Bank Clearings—
OQAQ
*2345
Federal Reserve Bank Statements
General
Corporation and Investment News.
& 2379
.——2413
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Published
,—2452
Crops--.
.
2455
—2459
Every Saturday Morning by the William B. Dana Company, 25 Spruce Street,
New York City.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. RIggs. Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Sbreet (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3,1879. Subscriptions in
United States and Possessions, $18 00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, 8pain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except 8pain)fc Asia, Australia and Africa, $23100 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
peace,
situation
ground, but
the
of
;
to domestic affairs.
more
to be certain
a
it is evident that any contri¬
be
not
these
that
forgotten
appeals
is
whether he ought merely to be thankful
hardly
differentiated from
greatly
be
to
opposition powers in
Europe itself.
whether, the relative /calm
inconceivable
the
to
us
failure
a
the
the
on
House
un¬
and implications
of
several events taking
The
dis¬
patched
wide
(with
make
force
hardly
from
United
whom
aspect of
which
has
attention
tion
of
"
fund
will
has
be
not
so
or
before
"squarely
*
It is all
two
of those
when
and when
has
it
it
any
has not served to
.
dence of its
ag¬
to
be
to
has
say
' V; •
given
'
ample
the
democ¬
so-called
any
possibility
these
for
danger
of
should',they fail to respond
who
favorably.
of
We find it
ever, to
simple.
We
been able to
quite
have
aggressor
or
beside
the
any one
the
in
so-called
of
up
the
such line
of
or
one way
another lined
democracies, the President
a
Europe
substantially modify their
some
United States
be found in
once,
degree
else could accomplish
"have-nots"
abandon
programs.
or
will
to
the
as
it is called
the
of
parlance
for
opposition
to
peace
Germany
and threats
At least it may
granted that this aspect of the matter
that
it
to
has
Messrs.
not
feeling toward this
may
in
democracies of the world.
the
be taken for
and
very
France
disturbers of the
as
or
But only by
prospect
to
Italy
occurred
reasoning is it possible to build
contribute
and
and
has
great deal in causing
to
England
up
much hope that this non-aggression appeal of
President
many, to
part of a psychological
the
in
to
pation in joint action with
that, by convincing the so-called
one
a
President
the
appear
"build-up,"
existing.
much
quickly, if not at
or
be
clearly indicated.
nations of Europe that should large scale
another
must
propagandists, for partici¬
break out in that continent the
war
would
one now
Drastic action is
Accordingly this
of
appeal
fund
proaching the
so
thor¬
aspect,
would, however, find it
devise any method of effectively
never
summon
faith in the notion
in
own
be
of the German and Italian
the country so long as a sta¬
plan is permitted to remain
effect—certainly any fund of a size ap¬
bilization
that
his
of
should
•nations.
safeguarding
appeal and its
setting in terms
this
of
conscious
it
oughly impressed with the
situation
difficult to
difficult, how¬
think of this rather
clever
too
become
have
the
what
is
aggressiveness of the heads
(whether the
present
incumbent or some
other) is and must be -a matter of concern. '
The
Republican members of the House
home
at
aggressors
the
importance
people
country
of
Europe.
In these circumstances
stabilization fund so completely in the
hands
of
the
Secretary of the
Treasury
least' the.
at
in
so
if
to be, it is of the
greatest
evi¬
its determination,
the
Now,*
in
later
may
matters
appears
racies
and to
desire,not to
assistance
of
these
or
Administration
The
which
President's attitude in all
foreign country purchasing
other goods here
which
have importance from the military point of
,peace
as
nations
develop, and to do
any
materials
war
war
advance.
precisely
say
the
in
countries
two
aggressor
possible—
rarely
is
Italy
the
used while he is in charge of
it
to fix Ger¬
was
and
all
in
purpose
minds of the world outside
the Treasury to say that
never
yet been so used, and
countries
dif¬
a
"objective" in dis¬
many
the
well for
very
must
we
had quite
probability
of
assuming the fund is active—to
to
gressive leaders addressed,
hold
President,
chief
His
carrying
nearly
Objective
patching these appeals.
way
it, but the fact remains that in the involved
trade and other financial relationships be¬
ques¬
the
a
„
had
not
view.
war
The
this stabilization fund
it deserves.
Secretary
the
ap¬
peared to place the
The President's
in international
us
the fund in such
an
give aid to
doubtless
it
involve
use
exchange available for
the
citizens
States,
they been given.
one
could force up the
one instance and
hostilities."
armed
tween
the
to
or
business
dent—seems to have been
of
that might
Here is
position of the Presi¬
many
to
ap¬
proaching face value,, had
another instance.^
down in
price
make
to
on
Italian.minds the antago¬
by
accessible
more
they would be taken
anywhere at anything
■,
ferent
as
to confirm for German and
acclaim
equally difficult to
believe that in view of the
using the exchange stabilization fund in any
cer¬
received with considerable
any
of\the
assurances
suppose,
manner
tainly did not fail, again
nistic
the
hostilities
and
appearances
international
demanded, and it is
about
prohibit the Secretary of the Treasury from
Day
failed,
have
all
sort
The law should be further amended so as to
could
which
statement
markets
our
price of dollar exchange in
inci¬
Pan-American
a
the
country than to another, it
governments by
dentally hard upon the heels
of
positive
record
fund could be used to
favor the currency of one nation as against
the currency of another nation, and thus to
materially aid - a favored nation.
For ex¬
ample, should the Administration wish to
and
President—sent
of
politics really expected
matter,
first enacted.
was
"Conceivably
heads of the German and
the
any one
realistic under¬
a
standing
that
us
or
contemplated by Congress when the legisla¬
tion
obviously carefully ar¬
ranged publicity) to the
Italian
the
of
foreign
currencies
involves
additional
opportunities for engaging in activities not
non-
aggression appeal
study
a
in
place
late last week.
of
,
urged that
Congress permit the President's power to
devalue the dollar further lapse, adding at
the same time that the "power to deal secretly
after
.
derstand fully the precise
nature
Republican members of the
Representatives early this week,
to
President,
else with
A committee of
of
part
general public to
Indicated
Drastic Action
not stem from
may
the
It is almost
that appears to
come
year or
particularly during the past few months,
two, and
respite—temporary or otherwise—or to wonder
have
attitude
repeatedly evinced during the past
has
come
dictatorship countries and to their
peoples from one, who by reason of the
he
The thoughtful
student of the current state of things finds it difficult
for
it
course
made would be made at staggering risk.
the so-called
to
public in this country at least turned
tention of the
somewhat
have arrived with the at-
to
seems
so
Let
of those lulls between the gusts
one
storm
and of
bution
IT COULD has definitely receded into the back¬
hardly be said that the international
Hitler
contributed
and
Mussolini,
their
to
However
country.
wish that the tactics of the President
succeed, it
ceeding
peace
States
a
seems
great
therefore
to
us
good
much
one
might
that he is
suc¬
deal less in contributing to world
than he is exposing the people of the United
to
the
danger
of
becoming
involved
in
Volume
148
Financial
European politics with which
not
not,
we are
or
Chronicle
whose
should
be, concerned.
The
order which is
taking
fleet back to the
our
circumstances, it is actually proving difficult
for
many
are
suspicion that this step is
growth of
understanding, tacit
some
Britain
the event of
be
can
tion
as guesses
sort has
any
only, since
year?
been vouchsafed
quarters. 'The point is, however,
it
explana¬
no
no one can
deny that such
is in all the circumstances
quite plausible.
It
well be doubted that the German and
not
authorities have
consideration.
.
Once
again,
.
in which
I
may
Whenever the party
.
'Whenever it offered the
to sub¬
royal.
...
party can
how
be
can
party
a
or
our
suggest
reach,
our
the
victory,
next
won
democratic,
was
country
ersatz
an
our
party to stand in
can
a
The
the
mean
President, at
until it
corner
It is never,
and
never
big "d" except when the
a
thing."-
same
points, is quite obviously
many
playing with words for
a
This country of ours is
.
small "d."
be, democratic with
two words
Presi¬
.
political stake.. It would
a
wittingly
for
example be simple enough to remind him that
not, in further "preparing" the American people
or
his
party came into
for
a
(in which
war
would take part)
we
furnishing the so-called dictatorship
one
more
United
feel
to
reason
States.
All
is
not to
with
many,
indeed most, of his campaign promises and
so
long
Domestic
dangerous
this
need
not
\
of those lie
far
should
not, however, be
-
permitted to crowd urgent domestic questions from
the minds of the
of satisfaction to
least
at
selves
In
the
us
of interest
doing and what
less
we are
evidence
in
what
we
a
in
The
chief
number
form of
a
This
time
message to the
of America.
"In
the
utterance
to term
takes
the
Young Democratic Clubs
to
a
we
one
are
now
agency
approaching," he
potent enough
regime.
the
no
policies that
use
brought it
fooling ourselves.
If
reactionary regime,
horrific
depend
may
of
There is
have
too
to
on
call
it
a
little
or
went
with
will
We
victories
never
if that term
regime,
you
it that it will be the other fellow's
ground.
us
in '32 and '36 if
and
we
women
with
who
us
us
also
are
was
Even those
affiliation with either
party and
no
quit
can
or
conservative
lican liberals who voted with
our
today
Senator
was
the floor
on
Thomas Amend¬
convincingly and
so
complete about-face.
a
fate
of
the
so,
the President and
was
party
v
>
Democratic
is not with
well
being
are
party
because
destroy
won
our
we
their
principles
throw them down
chances by fratricide.
by shooting at each other.
and there
voiced
we
in disgust if
men
never
will be
a
now.
No
There
political party
.
as
partisan politics but with
little concerned.
to
do
with
fact
political strategy, the rest of
is, however, that much
President
is
course
tion is therefore
as
The
liberalism, and has made it clear
rank and file of the
pie
The
is involved.
more
that he intends to do what he
him in his
might
us
politicians.
again announcing his fealty to what
he chooses to term
•.
If what
Democrats had only
well leave the whole matter to the
that
can
to
persuade the
people of the country to support
of action and
once
The
policy.
ques¬
again placed before the
peo-:
to whether they wish this type of national
or
This obviously is
other.
some
far. transcends in importance the
defeat of any
most
as
or
this, let it
the
Issue
again and with the ut¬
once
emphasis be asserted that the choice is not,
President
the
seems-to
between
suppose,
of so-called liberalism and what he
brand
scribes
as
a
program
need not be.
If the
people could do
not too different
Era,
choice.
they
would,
truth
The
now
of "ersatz Republicanism,"
no
choose between New Deal follies and
of the
New
matter
a
success
political party.
Not
As to all
to
we
We shall forfeit the multitude of Repub¬
shift
so-called
debate,
the
concern
policy
campaign
abandonment
are
It
.
defeat the Democratic
party, and that is the Dem¬
ocratic
party itself.
It can commit suicide by
power.
them hold
.
"there is just
says,
his
the
the President tells the young
President, probably
appeal in behalf of what he chooses
"liberalism."
with
national
sensing a "breathing spell' in the anxiety of the
people about Europe, has again seized an opportun¬
ity to read a lecture to those in his party who are
not in
sympathy with his program, and to make an¬
other
of
such, that vast number of American citizens whose
progress is to be recorded
of these matters.
any
under
was
But
questions including the farm problem, socalled, although it must be admitted that much con-,
orderly
when
who had executed
not doing at home.
concerning
Senate
own
The tenets
have, moreover, changed
Some
own.
that
admirably expressed
the former stalwarts of the Democratic
not
our¬
of other
fusion and little
his
pathetically showed, that it
has again been attracting attention, and
interest is in
excoriates
now
than
and
of those within his
who, in his memorable address
the
of
ment
a source
Senate the problem of a relief
program for
next year
more
It is, therefore,
that there appears to have been
revival
some
are
people.
reaction,
precisely what they held in 1932.
Problems
and
rank
party whom he today invites to leave.
Glass
All
would
the views and the desires
it continues.
as
today,
other statements of that year
the
permit their attention to be too greatly ab-
sorbed elsewhere
platform
a
lie,
powers
obviously
on
which
antagonistic toward
this
in 1932
power
and in
business, and the American people would do well
is
.
sent
will
Italian
therefore, the
now
remain
and
ways
had learned its lesson.;.
given this possibility very serious
dent appears to have
succeeded, whether
itself;
democratic with
explanation
an
prejudices
pointed out the
won.-
and
that'this inter¬
pretation is actually being placed upon the action
taken and
with
to me there
seems
Republicanism, the people spurned the imitation
official
in
their
destroy
such conclusions
variance
at
are
accurately mirrors their ideas,
which is quite within
touching naval operations in
Of course, any
war.
designated
of
ordinate
otherwise,
or
more
I have
out¬
an
men
party is taking, it
only two honorable courses—to join
that
citizens of this country to dismiss from
their minds the
Where
their
course
In
the
Great
policies absolutely fit the views of all its
members.
Pacific appears to be cut from the same cloth.
with
2315
of
indeed,
the
some
variant
a
is
that
Hobson's
in
they actually found themselves faced with the
a
"ersatz"
Dealism.
again in the
1936
neces¬
choice between the New Deal and
sity of making
New
or
preceding
have
matter
de¬
better than
of the
nonsense
his
same
If
they
find
themselves
uncomfortable position in 1940,
Financial
2316
they will have
no one
Chronicle
general policy applied to each of the major ques¬
to blame but themselves. The
tions
danger of such an eventuality, at the moment, ap¬
choose between New Deal and New Era ideas.
of
But
neither of these is in the least necessary.
The
mands
it
clearly
an
opportunity next
the queer
and the
tics,
and systematically
founded upon
centuries.
Such
a
would bear
program
Republicanism."
the
as
It would be anything but
has
define the
term, but it would be much
akin
the
to
surrounded
himself
historical
true
word.
we
It would
allowed
are
meaning of that
country with
It
ended
may
and
events in
Washington during the past four
months does not
be
so
but that is
so
conveniently drawn next
result of the fact that the
a
themselves confused and that
are
awed
by the
people.
they
of
still
Politicians
such choice
no
five
unable
to
move
year,
decide
an
over¬
the
people
situation
why
opportunity to
an
it
now
does
needed.
rest upon
may
be true,
day, that
a,Gillette
not
by
man
as
were
at
today be "about
a
barbers'
as
can
to
At all events
a
If there
or
extraordinary inflation
as
The condition
yet.
mem¬
decrease of $4,000,000 in business
tvhile brokers loans ad¬
holdings of the 12 Federal Reserve
$12,876,718,000.
.
the statement period
Other cash also
reserves
$164,152,000 to
Reserve notes in
was up some¬
of the regional banks in¬
$13,266,561,000.
Federal
actual circulation advanced
$23,-
Total deposits with the
369,000, to $4,417,822,000.
regional institutions gained $145,020,000 to $11,202,a
program
moment,
and the fact
that
it
is
in
not
is
never
406,000, with the account variations consisting of
increase of member bank
not
opposition needs is
Congress
or
a
own
initiative
$222,716,000, and
moved up to
regional
an
increase of other deposits
The
banks
receded
$228,000
reserve
000 to
ers
$11,659,000.
bills fell
ratio
Discounts by the
to
$2,835,000.
dropped $401,000 to $13,478,000,
and commitments to make such advances fell
.
$950,
$64,158,000 to
84.9% from 84.8%.
Industrial advances
with the aid of clear-headed
an
by $215,-
drop of foreign bank deposits by $44,716,-
by $38,859,000 to $285,975,000.
elsewhere, who is capable of
or
a
000 to
leader, either
is capable of formulating and
willing to formulate and press a line of constructive
men,
by
876,000;
arousing the people to the importance and urgency
of cleaning house in
Washington, and who, either
forceful
account
balance
balances
decrease of the Treasury
a
general
such way in advance of clear in¬
any
reserve
035,000 to $9,742,839,000;
come
dications of substantial
support from the rank and
file.
What the
and
an
figure,
to $1,382,000,000,
creased
sponsored by influential
wholly the fault of the politicians who
of his
statement-
weekly reporting New York City
what, and total
should be concretely and dra¬
matically in evidence in the halls of Congress at
within
the
Actually, demand for credit
-
Banks increased $159,999,000 in
leaders.
forward
legal require¬
over
New Deal scheme of things,
the potential for
Gold certificate
a
popular
apparently had
this
in circulation.
vanced $10,000,000 to $551,000,000.
shall begin to make real
progress when the sort
of program which Governor Smith
Such
our
be read into the
loans,
„
The
moment was
of this unseasonal advance.
cause
$120,000,000 in
up
ber banks reflects
a
we
in mind is formulated and
any
currency
of member banks
lacking in
statement of
convention," but
any means certain of it.
immediate.
expansion, this figure could only be viewed
and only
Governor Smith said
really able candidate with
a
was
European hoarding of Ameri¬
with the gravest alarm.
remains
none
badly
gold the Treasury
new
tendency whatever toward speculation
any
business
reason
are
less than $175,-
week, and reached the $4,000,000,000 level.
The
political timidity at
political boldness and courage
It
the other
not
sensible program would
we are
no
the
reserves
ments " moved
to grips with the
should not be developed—at least
time when
as
come
no
regional banks, and the effect
$23,000,000 in
currency as
Excess
really constructive
exists, and there is
bulk of this
the credit structure thus
increase of
can
opposition program, which would give
as
one
which
a
totaled
monetary stocks to $15,605,000,-
All indications point to
to be
appear
precisely what they want.
remedy for the situation is
and sensible
or
our
only credit-contracting influence of
are
about in circles
Gold acquisitions
For the great
upon
always confused, vacil¬
lating, and timid when the people themselves are
inclined to
outpouring of Treasury funds
certificates with the
before
was
further
promptly reimbursed itself through deposits of gold
politicians
are
a
000,000, raising
the President had in 1932 and
success
1936, when, incidentally,
the
or
continuance of the extra¬
a
general account with the Federal Reserve
Banks.
inspire great hope that issues will
clearly and
also
000.
course
give it the attention it de¬
banking statistics for the week
April 19 reflect
from the
,
well be admitted that the
as
us,
longer, and
ordinary flow of gold from Europe to this country,
opportunity, however,, the people must provide for
-
continue to
no
resources
long while past to show that they are not
wholly lost to reason and sound sense.
Such an
It
recom¬
interlude in anxie¬
neglect this whole matter
The official
States.
a
themselves.
an
THERE was no interruption this week in the rapid
upbuilding of idle credit
of the United
over¬
opportunity they have not had
an
state of affairs
Federal Reserve Bank Statement
would, however, provide the sensible people of the
for
a
great deal to
a
quite regardless of developments abroad.
to
certainly not be "reaction¬
ary" except in the lexicon of the politicians.
Such
foreign affairs has been vouchsafed
should
serves
closely
more
should
we
"lib¬
adjournment.
Now that at least
ties about
re¬
approaching,
when members of Congress will become
mend it.
world reformers by whom the
young
The time is
anxious for
little
in¬
alter¬
to give effective¬
so necessary
leaves the situation without
it would to "ersatz
President
looked
as
consistency
some
common
that
and
suggestions viewed broadly lack the cohesion
moreover,
the accumulated experience of several
semblance to the New Deal
if
of
program
or
opposition
and the
sense
usually labeled the New Deal, and
evolved-
sort of particularistic and
to efforts of the sort.
ness
getting anything
we are
opposition to this
proposal,
and the
ordinary garden variety of pork barrel tac¬
now
half-hearted
native
will
admixture of Mercantilism, quack reform
rationally
eral"
enough
is a
consequence,
dividual
to choose between
year
getting, where
we are
often
country has a right to demand, and if it de¬
obtain,
problems before the country and Congress.
or
What
to be rather greater than that of having to
pears
April 22, 1939
$357;-
Open market holdings of bank¬
$1,000 to $560,000, while holdings of
s
Volume
Financial
148
United States
other
motionless at
were
staples
again
Treasury securities
$2,564,015,000.
was
changes
The New York Stock Market
almost
were
at
showed
standstill this
a
international difficulties and
istration relaxation of its
business.
Hardly
the international
the internal
scale in
made in either
On
touched
touched
President Roosevelt's dramatic
merely idled.
peal to the heads of the Rome-Berlin axis Powers
57
led to the
the
belief, last Saturday, that European hos¬
tilities may
levels
to four
one
the
out
be mitigated, at least for
the New York Stock
on
a
time. Equity
Exchange moved
were
irregular, with net variations of little
Losses
the
were
in
rule
the
first
low
the
than
leading issues.
among
modest
interest.
or
More
trading
shares;
the
on
New
York
two are
sales
Ex¬
circles
is
most
a
now
ending, which
perturbing indication of the times.
International considerations
Friday,
on
85,260
were
shares;
on
Thursday, 86,325
on
Friday, 95,505 shares.
Roosevelt's peace
appeal
.\
on
Saturday
received with keen satisfaction both in
full
week
on
436,880
Wednesday,
on
660,200
last, addressed to the Rome-Berlin axis officials,
five
the
Saturday
on
President
was
of
were
On the New York Curb Exchange
last
shares, and
change averaged only 500,(XM) shares in each of the
sessions
.
524,040 shares;
were
Thursday, 515,558 shares, and
on
on
un¬
Exchange the sales at
Wednesday, 75,820 shares;
on
important
Stock
Call loans
remained
Saturday last
on
Curb
Monday, 83,405 shares;'on Tuesday, 78,225 shares;
on
price changes is the absence of
Turnover
Stock
Monday they
on
the
point
York
high levels and
new
Exchange
Tuesday, 441,770 shares;
continued to the close yester¬
a
New
:
half-day session
week session and
common
while 53 stocks
year
the
low, levels.
new
York
New
391,760 shares.
Friday of last week, gains of
On
Stock
York
the
shares;
consequence.
day. /When prices are contrasted with closings
Stock Exchange three stocks
levels.
touched
periods, but modest improvement began in the mid¬
was
also was indicated on a large
high levels for the
new
New
the
small and
two
York
New
new
stocks
On
points in the week-end session. Through¬
present week the changes
Europe in
prodigious stream, and hoarding
changed at 1%.
up
and
But gold continued
States from
the United
Exchange 21 stocks touched
ap¬
funds
equalization
and
Europe.
the
sphere, and in the
or
The leading foreign ex¬
stringent control of the
the
of American currency
antagonism to American
any progress was
toward
move
continuous and
a
sign of Admin¬
some
under
were
only modest variations.
encouraging developments the markets
of
absence
to
of the
clarification
awaited
investors
and
generally improved, but copper
were
marked lower.
stabilization
great
DEALINGS in the New York financial markets
week, while
traders
2317
Chronicle
„
the
outside
axis
and
here
The action taken by the
market.
its
first
the
in
foreign
domestic
President afforded
the
market
mount, as a market factor, during most of the week.
any
degree of confidence toward the ultimate and
The
peaceable solution of a world problem that is re-,
impression
escape,
gleaned here that Europe will
for some weeks at least, the universal catas¬
trophe of
The little buying of securities that
war.
was
done
and
on
seemingly
the
will become
the
was
appeared to be para¬
was
based mainly
on
this view
hope that the longer outlook for
more
favorable.
In the domestic
only signs of encouragement
were
peace
sphere
those afforded
by mounting congressional opposition to Adminis¬
tration measures,
the powers
further.
such
as
the proposal to extend
of the President to devalue the dollar
The
minority party likewise is taking
a
larding
with
gains
points
Saturday
mid.
prices
on
greenbacks,
program
also have a realistic tinge.
while
In annual
cor¬
to
two and
It
lin
ness
of the
one
recovery,
principal deterrents to busi¬
along with the unbalanced Federal
budget and regulatory and competitive interferences
by the authorities.
quence
No ameliorations of
these basic
subnormal scale.
ties had
a
member
were
Best-rated
account.
in
were on
might be expected from
$4,000,000,000 of
banks.
likewise
dealings also
United States Treasury securi¬
favorable tone, as
the existence of
/
Word emanating from London
excess reserves
corporate
quiet-demand
of
obligations
for institutional
Among speculative railroad, traction and
other domestic bonds the trend was adverse
the
during
early sessions of the week, but better thereafter.
sustained buying,
Foreign
dollar issues reflected
when
began to appear that the war clouds are
it
lightening.
In the commodity markets grains and
t the British Ambassador's
had
desirable effect
a
early return to Ber¬
stock prices here on
on
The market blew hot and cold during
Wednesday.
early afternoon session, but upon
the morning and
receipt of the aforementioned news, prices worked
their
way
cautiously
ground lost on Tuesday.
higher
and
recovered
the
The belief current among
European observers that the international situation
problems remains depressing.
In the listed bond market
a
any conse¬
have yet been proposed, and continuance of
one-half points from their
closing time no appreciable change occurred to
a lien
taxation is
prevailed to the
Quietness ruled throughout, and
present taxation schedules received further airing.
that excessive
narrowness
Tuesday worked consistently lower, stocks shed¬
previous levels.
at
and
alter earlier losses.
long been evident, however,
By the end of
gains accumulated in the previous
poration meetings the difficulties imposed by the
has
on
the week-end
On a very small volume of sales the market
$3,000,(KM),000
of
over
Monday veered lower.
dull appearance
close.
ding one
the absurd and costly silver purchase
The optimism enjoyed
session vanished and trading from then on took on
a
on
on
Equities
prominent issues totaling two
largely dissipated
was
the first hour the
issue
hearings
among
the average.
on
against the presidential authority to
to
social and economic progress.
our
enjoyed recoveries ranging from one to four points,
belated stand
up
opportunity of looking with
reflects
improvement was not -without its
general
influence
on
the
domestic market
here.
Further,
Signor Mussolini's speech on Thursday with refer¬
ence
to the Universal
the President's peace
the fact that
Exposition of Rome dismissed
appeal
Italy cherished
as
absurd, but stressed
no
obscure aggressive
designs and that the work of the Exposition should
be considered a
pacific
promising indication of the Nation's
intentions.
ments with some
ward
to
Accepting
the
Duce's state¬
degree of merit, prices moved for¬
approximate gains of three points in the
morning session.
The resumption of dealings in
afternoon
the
Chronicle
Financial
2318
equities
saw
ease
moderately,
April 22, 1939
Production of elec-
32.4% at this time last year.
but
tliey managed to top the closing level of prices for
trie power for the week ended April 15 was re-
the
ported by Edison Electric Institute at 2,170,671,000
kwh. against 2,173,510,000 kwh. in the previous week
Dulness of a very pronounced
preceding day.
nature featured
trading yesterday, and sales volume
dropped to 391,760 shares, the smallest in a period
and 1,957,573,000 kwh. in the similar week of last
of
year.
Despite this extreme inactivity
eight months.
market's
the
tone
reveal modest
trie closed
of last
30
to April 15 were reported at
A comparison of prices at
firm to higher.
closed
the close yesterday
Car loadings of revenue freight for the week
547,816 cars by the
steady and leading issues
was
Association of American Railroads.
with closing levels
one
gains for the period.- General Elec-
yesterday at 34% against 33%
011
This was an
increase of 12,346 cars over the preceding week, and
week ago
a
gain of 10,231 cars over the comparable period
of 1938.
Friday
week; Consolidated Edison Co. of N. Y. at
:
•
As indicating the course of the
commodity
mar-
against 29; Columbia Gas & Elec. at 6 against 6;
kets, the May option for wheat in Chicago closed
Public Service of N. J. at 34% against 33%; J. I.
yesterday at 69%c. against 69%c. the close on Fri-
Case
Threshing Machine at 71 bid against 70; Inter-
national Harvester at 56
& Co.
Co.
div.
at
day of last wreek.
against 54; Sears, Roebuck
65% against 65%; Montgomery Ward &
44% against 44%; Woolworth at 42% exagainst 44%, and American Tel. & Tel. at 156%
yesterday at 30%e.
Western Union closed yesterday at
18% against 18% on Friday of last week; Allied
Pont
at
against 29%c. the close on
as
yesterday at 8.87c.
Dye, at 157% against 159%; E. I. du
Nemours
de
against 8.69c. the close on
as
Friday of last week.
139% against 136; National
The spot price for rubber
yesterday was 15.82c.
as
Register at 17% against 17%; National Dairy
Products at 15% against
13%; National Biscuit at
Friday of last week.
Domestic
25%
10%c. to 10%c. the close
Cash
against 24% ;
Texas
Gulf
against 15.65c. the close
copper
on
20 pence per ounce
as
against 20
the close
Mfg. at 90 against 88%; Lorillard at 21% against
21; Canada Dry at 14% against 13% ; Schenley
Distillers" at
13% against 13%, and National
in New York closed yesterday at 42%c.
42%e. the close on Friday of last week.
Distillers
transfers
The
steel
week.
stocks
United
47% against 46%
Steel
at
71
show
States
on
against
moderate
Steel
closed
gains
In
this
as
against
of the foreign exchanges,
matter
cable
London closed yesterday at $4.86 1/16
qn
against ,$4.68 1/16 the close
on
Friday of last
of last week.
Th4
railroad
0
.
./•
European Stock Markets
\
IITTLE business
was
done this week
on
stock ex-
changes in the leading European financial
centers, but the tone was better on various indications that the current crisis will not necessarily
eventuate in immediate warfare.
The week-end
proposal by President Roosevelt that the fascist
dictators make known their aims and join in a non:
1% bid against 1%. In the rubber
group,
Goodyear Tire & Rubber closed yesterday at
19%
against 23% on Friday of last week; B. F. Goodrich at 16%
against 15%, and United States Rubagainst 34%.
,
-
tors at
35%
as
Friday of last week; Inland
at
at
the
Friday of last week, and, spot silver
72
at/
41% against 39%; Chrysler at 62% against
58; Packard at 3% against 3%, and
Hupp Mo-
ber
on
/
was
week, and cable transfers on Paris closed yesterday
a* 2.64%c. as against 2.64%c. the close on Friday
yesterday
bid; Bethlehem Steel at
56% against 54%, and Youngstown Sheet & Tube
at 33% against
32%.
In the motor group, Auburn Auto closed
yesterday at 2% bid against
2% bid on Friday of last week; General Motors
;
against
pence per ounce
Brands at 6% against 6%;
Westinghouse Elec. &
24% against 24%.
as
Friday of last week.
In London the price of bar silver yesterday
-
011
closed yester-
day at the split, price of 10c. to 10%c.
Sulphur at 28%
against 27%; Continental Can at 37% against 35%;
Eastman Kodak at 142%
against 142%; Standard
at
closed
Friday of last week.
The spot price for cotton here in New York closed
against 152%.
&
at Chicago
corn
May oats at Chicago closed
Friday of last week.
at
Chemical
May
yesterday at 49%c. as against 48%c. the close on
aggression
understanding! heartened
and Paris markets to
shares
worked
a
degree.
tike
London
When Premier Mus-
higher the present week." Pennsylvania
RR., closed yesterday at 17% against
16% on Fri-
solini made a speech on Thursday that was negative,
but still pacific, the markets of Europe again
day of last week; Atchison Topeka & Santa Fe
at 27%
against 25%; New York Central at
13%
against 13%; Union Pacific at
87% against 85;
Southern Pacific at
12% against ,11% ; Southern
moved forward.
Railway at 13% against 13, and Northern
at
8% against 8.
Pacific
Among the oil stocks, Standard
Oil of N. J. closed
yesterday at 46% against 44%
on
Friday of last week; Shell Union Oil at
11%
against 11%, and Atlantic
Refining at 19%
against 19%.
Anaconda Copper closed
yesterday
at 23 against
22% on Friday of last week; American
Smelting & Refining at 40 against 38%, and
Phelps
Dodge at 31% against 30%.
Trade and
industrial
favorable, but the
areas
affects the
week
ending today
Iron
and
Steel
against 52.1%
a
reports
are
not
especially
strike in certain bituminous coal
figures.
were
Institute
Steel operations for the
estimated
at
50.9%
by American
of
capacity
week ago, 55.4% a, month ago, and
In the interim they marked time.,
These performances show clearly that political con-'
^derations still are dominant in the foreign financial centers.
'
Even
more
continued demand
by the
enormous
conclusive is the heavy and
which is reflected
for dollars,
gold shipments from Europe to
the United States. It is hardly to be supposed that
the large transfers of funds from Europe to this
country are lacking in influence on prices of securities. When the funds arrive here they remain
idle
and
merely
add to
the
prodigious store of
money and credit which steadily is accumulating in
this country.
A way out of this world impasse is
gravely needed, but
as
yet there are no signs of
a
solution.
An optimistic
tone marked
the trading
on
the
London Stock Exchange at the start of the week.
Mr. Roosevelt's
peace plea and the summoning of
the German Reichstag for April 28 made it fairly
<
Volume
Financial
148
clear that there will be
tilities for
forded
some
Gilt-edged issues
industrial
gains also
stocks.
were recorded in
was
pending further
irregular.
in
mining
commodity
American favorites.
After
a
shares,
firm
in
or
opening
American
markets
for
Wedr
was
by
able for
were
small
able
in
the international
interpretation
section.
A
also
The
favor¬
to
placed, Thursday, on the
was
speech by Premier Mussolini, and small advances
gains
were
Small
ings.
occurred
national
securities
all
'be
be
are
by the State Department, is merely
emergencies,
rect the
and inter¬
tion
participated.
by President Roosevelt heartened
barter them
war reserve stocks.
exchanges of commodities
and
reciprocal
withheld
markets.
Advancing prices were the rule on the Paris
Bourse, as business was resumed last Monday. The
appeal
or
world's
There is
an
as
assurances
for
reserves
essential
that
feature
the
stocks
permanently from commercial
no
need/to
emphasize the trans¬
parent political expediency of this endeavor to
yesterday in quiet deal¬
Gilt-edged issues, industrial stocks
the
Our surpluses will be avail¬
acquiring them for
as seen
would
registered in Anglo-American securities.
advances
aim,
effect
would
gilt-edged stocks and industrial is¬
Mining stocks made good progress, and small
sues.
into
exchange only if foreign governments
national
the rule in
were
commercial
The United States Gov¬
commodities
strategic materials.
interested in
Changes
with
scheme to exchange
any
stocks
uncertain.
plan
explained, is not seeking to force
surplus
nesday, British funds turned irregular and indus¬
were
the
policies reversed."
ernment, it
trial
also
upset
"Fur¬
deals, it has been charged that the trade
mercial
Anglo-
on
comparing
pro¬
quarters
agreements program is being abandoned and com¬
important changes
no
some
prices depressed," the statement added.
barter
receded, while industrial stocks
were
misunderstand¬
a
important aspect of this
one
"Fear has been expressed in
thermore,
The
in the international situa¬
There
and
and
Tuesday,
on
to
as
that markets for these commodities would be
and
uncertain.
issued to the effect that
was
posal.
■
mining, oil and rubber
were
23im
ing prevails
dull, but
rapidly
exceptionally dull
moves
British funds
little buy-
a
were
advanced
International issues
London market
tion.
stocks
ment
comfort af¬
meager
by such considerations induced
British
were
outbreak of general hos¬
110
days, and the
ing of securities.
Chronicle
cor¬
maladjustments resulting from Administra¬
efforts
to
change the law of supply and de¬
'
mand.-
/.
'
'
President Roosevelt's Appeal
•>
traders
A
•
•.
■
.
and
in
investors, and
a
ACTING
general improvement occurred
rentes, French equities and most International
securities.
Suez
Canal shares
were
weak, in
ness,
general tendency.
The attitude
Tuesday was cautious and the small
dealings
pealing to the
oc¬
casioned
business
was
to await clarification of
the
lems.
was
Gains
and
in
numerous
^
Wednesday
losses
French
stocks inclined
Thursday
done
as
pledges of
toward
be
small
were
weakness.
The
a
world conference for reduction of
promotion of world trade.
The
possible moment.
It was acclaimed instantly in
Britain, France and other countries which
Great
equally
session
ap¬
and by proposing, if such pledges
peace
forthcoming,
European crisis, by
step thus taken by Mr. Roosevelt is of the gravest,
the tendency
and
pro¬
German and Italian dictators for
armaments and the
international prob¬
securities, but international
President Roosevelt last Saturday
States Government into the
on
only modest variations. Bentes regained
early losses, and the equities were little
changed for
the day.
International issues drifted lower.
Hardly
any
spectacular and quixotic sudden-
jected all the weight and influence of the United
con¬
trast with the
with
.
have
event
been
of
maneuvering for American aid in the
another
great war.
on
But the
controlled
of Germany and Italy derided the appeal and
relatively active and firm. Pacific
comments by Premier Mussolini brought about buy¬
press
ing of rentes
ing the outcome of this extraordinary venture into
was
national
and French
securities
Rentes drifted
were
equities, and most inter¬
likewise
developed
strength.
slightly lower yesterday, but equities
steady and international issues firm.
on the Berlin Boerse was listless in the
initial session of the
week, with small losses more
dency
than
gains. " As in other centers, the ten¬
was to await fresh
moves
the dismal
little
has
highly antagonistic
in the international
been
said
in
authoritative
velt's
long series
affairs.
It is
of pronouncements
ment
attached
Ministers of Britain and France.
was
no
was
to
the
movements.
change in, the situation
most movements
levels in
that
again
on
were toward
Wednesday,
Fixed-interest issues
Dealings
were
Thursday, in observance
birthday
tions tendered to Chancellor Hitler.
the rule in
a
made
by
on
the
is
quiet session at Berlin, yesterday.
leading British Minister
peace
and
and
The
disarma¬
the
Prime
suggestions
by Sir Samuel Hoare, the Brit¬
Secretary,
were
entirely fruitless, and it
hardly to be supposed that the appeal by Mr.
Roosevelt will achieve its apparent
objective.
Proper appraisal of Mr. Roosevelt's venture is dif¬
celebra¬
Modest gains
a
European dictators
March 10
ish Home
were
suspended at Berlin,
of the
early in March,
proposed - joint endeavors for
as
slightly lower
session.
idle and soft.
were
There
external
In the far more favorable circumstances that
gains, however, and mot much im¬
managed
on
step is far from being in the best diplomatic tradi¬
tion.
to
portance
American
generally conceded, however, that the
existed
with
/Pend¬
intrigues of European politics, relatively
The market oh Tuesday was
again quiet*
with small declines the rule. A
few issues
sphere.
close
answers.
quarters concerning this culmination of Mr. Roose:
Trading
numerous
foreshadowed
ficult
is
not
only because the eventual outcome still
uncertain, but also because of confusing tactical
moves
and because of
ments
Barter Plan
by the President, which might well prejudice
EFFORTS were made last the State Department in
"Washington, late by week, to allay
of
the
the
to
i
some
criticism
evoked
by the Administration
pro¬
answers
Italian
of
Premier.
Iierr
Hitler
the
immediately preceding state¬
German
Just
and
one
Chancellor
and
the
day before the appeal
Signor
Mussolini
was
an¬
posal to barter American cotton, wheat and other
surplus stocks for rubber, tin and other materials
nounced, Mr. Roosevelt stated in a Pan-American
to be held
economic and
against the eventuality of
I
war.
A state¬
Day adress that the United States,will extend both'
military support to all American
na-
Financial Chronicle
1-2320
render
of its sovereign freedom to
economic welfare.
Remarking that
fraction
any
its
maintain
that impends. It is equally clear that in their own
minds and in their own hearts the peoples tliemselves desire that their own fears be ended."
But
feel constrained to sur-
tions, so that none may
APriI 22> 1939
fatality which forces the Old World toward
recent events, Mr. Roosevelt pointed out, involved
the destruction of three nations in Europe and one
"Men are not prisoners of fate,
in Africa, while a vast territory in another indepen-
only prisoners of their own minds," Mr. Roose-
dent State of the Far East has been occupied by a
neighboring State. And further acts of aggression
world affairs, Mr. Roosevelt
too, have a stake in
we,
saw
no
catastrophe.
new
but
"They have within themselves the
declared.
velt
moment."
to become free at any
power
After depby
Plainly, the
rumored, Mr. Roosevelt said.,
are
world is moving toward the moment when this situ-
references to recent pronouncements
recatory
catastrophe
in
end
unless
Chancellor Hitler and Premier MussolinL the Presi-
ation
dent added that "the truest defense of the peace
rational way of guiding events is found, the Presi-
This
warfare."
comment
off the
to throw
need to inflict the consequences of war on its own
or any
States to Pacific waters from
of the
brought
many
strength
for
the
The
order
for
early return
Pacific
twined with the
the
Fleet to
inextricably
order
the
not lay aside their arms.
.
In conference rooms,
as
in courts, it is necessary that both sides enter upon
inter-
the discussion in good faith, assuming that sub-
stantial justice will accrue to both; and it is dis¬
interpreted
was
the Pacific
as a
tomary and necessary that they leave their
signal to Japan that the
outside the room where they confer.
Navy fully intends to keep watch in
against any moves that might threaten
Philippines,
vinced that the
are oc-
and
the
United States,
part of the German and Italian partners of the
anti-Comintern
This
arrangement in which Japan also
interpretation
The fact
rect.
may or may
thesis which presupposes npt
you
sonal
appeals
Mussolini.
Hitler
Only the text of the
made
dicated
Chancellor
to
public,
that
identical.
the
The
mentioned
last
note
are
United
sphere.
world-wide
fear
time
of
it
was
of
definite
States
concern
and
to
the
the
tinued,
may
communicate
such
apprehensive
now
your
declaration to
as
to the course
Government
may
take."
,The specific and point-blank request was made in
in-
the message for assurances that-German forces will
not attack or invade the territory or possessions of
was
warfare
Finland, Estonia, Latvia, Lithuania, Sweden, Nor-
"was
a
Denmark, The Netherlands, Belgium, Great
way,
Britain
con-
Ireland,
and
Switzerland,
people of the
France,
Liechtenstein,
Portugal,
Luxemburg,
Spain,
Poland,
Hemi-
Hungary, Rumania, Yugoslavia, Russia, Bulgaria,
Greece, Turkey, Iraq, the Arabias, Syria, Palestine,
Western
Egypt and Iran.
troops actually were moving
vanquished
"I
refuse
"that
the
nations
to
and
believe,"
world
neutral
the
for
a
He
suggested,
a
more
accordingly,
a
10-year
period
of
assured non-aggression, and a quarter of a century
con-
"if
is, of necessity, such a
we
dare look that far ahead." Receipt of such
followed by transmission of the
assurances will be
On the contrary, it is clear
statement to the other governments named, and re-
their
to liberate their peoples from the disaster
clearly must
permanent peace, Mr. Roosevelt said,
na-
that the leaders of great nations have it in
an assurance
future sufficiently long to give every opportunity
Con-
nations,
President
Such
apply not only to the present-day, but also to
moment, Mr. Roosevelt indicated that the
prisoner of destiny.
power
statement of
a
nation far removed
virtually
flict, he said, would involve suffering by victor
alike.
a
Alluding to the tension of recent weeks
no
entire
the head of
which the policy of
to Hitler
possibility of
to
Because the
of the nations of the Western
be willing to make such
me as
other nations
Premier
might be appropriate for his "message."
tions,
mediary,
per-
by Mr. Roosevelt, who remarked that the
and to the fact that
the
but
Mussolini
existence of the fear and the
flict
message
Saturday,
to
and
as one
from Europe in order that I, acting only with the
responsibility and obligation of a friendly inter-
only political but also
setting, Mr. Roosevelt sent forth his
may
policy to
hypo-
military integration of American policy with British and French aims.
\
"
*
In this
future policy of governments.
troversies which have arisen in Europe, I trust that
merely is recorded here that actual
a
com
would be
of world peace
Hemisphere, is not involved in the immediate con-
not be cor-
developments make possible and plausible
arms
am
to obtain a frank statement relating to the present
■
cupied in European waters by possible moves on
shares.
cause
I
greatly advanced if the nations of the world were
the British and Dutch posses-
or
sions, while the British and French fleets
at
no
rapidly changing international out-
United States
was
It is therefore
to the plea for peaceful discussion for one
Personally approved by Mr. Roosevelt, this
look.
the
of
be
to
the council table.
at
side to plead that unless they receive assurances
beforehand that the verdict will be theirs they will
opening of the World's Fair,
considered
was
It is
that international problems can be
me
solved
Canal, and it was the intention to permit a visit to
York
speak now it is with the voice of
answer
ships through the Panama
New
we
and with friendship for mankind.
still clear to
in the
maneuvers
If
weakness.
At-
of the principal units
station
Navy-is in the Pacific, but
Caribbean
the
In making this statement we as
Americans speak not through selfishness or fear or
sudden order, last Satur-
a
other people save in the cause of self-evident
home defense.
the world stage
on
day, for the immediate return of the main Fleet of
The normal
"Nothing can persuade the people of the
tinued.
V
political events was
lantic.
"If
earth that any governing power has any right or
profound importance
the' United
the German
speech, Mr.
Italian dictators.
of
assertions that
appeal to the German and
Roosevelt addressed his
Also of
'
this is true there need be no war," the message con-
yoke of their dictatorial regimes,
few hours after making this
Only a
■'
Government and people have no desire for war.
widely
invitation to the German and Italian peoples
an
Z-
;
velt of his frequent
perpetual
interpreted
was
more
a
Chancellor Hitler was reminded by Mr. Roose-
beyond the seas will break the bonds
of the ideas which constrain them toward
must
dent remarked. *
hemisphere must always lie in the hope that our
our
sister nations
as
of
.
quests for comparable assurances of non-aggression
Volume
the part
on
Financial
148
ances
world
an
of those regimes.
such
I
as
have
immediate
dent maintained.
essential
argued.
assur¬
bring to the
In
view
Rome-Berlin
relief," the Presi¬
discussed
2321
axis
"No
accused.
the
pyramidal
European affairs.
which
from the armaments
tical
manner
of
relief
to
opening
nation of the earth
well
as
to
as
States
possess
is
to
obtaining the materials and products of peaceful
economic life.
With
Great
•
Britain, France and other nations that
the presidential
greeted
Government
statement
jubilantly.
message
issued
late
last
is
are
The
Saturday
a
expressing "cordial approval" and "en¬
tirely endorsing" the implied estimate of the inter¬
national
situation.
The
reaction
in
France
fail.
mier
Edouard; Daladier
was
reported
taken
satisfaction
his
by Mr. Roosevelt.
tators
refuse,"
"Times"
that
lini
a
United
country, with the stand
will,
subject to aggression."
augmented last
President
•
inevitable
as
without
hesitation,
offering to support those nations which
The chorus of acclaim
from the anti-axis side of the
was
have
position similar to that of Great Britain and
France in
are
to
"In the event the two dic¬
States
,
European alignment
Sunday by
Kalinin
Michael
of
a
from-
message
Russian
the
Soviet
Union, who' conveyed to Mr,. Roosevelt his deep
the hearts of the Russian people.
unofficial communications from
American countries likewise
the
controlled
dictators
were
the message
•
far differently.
communication
address,
while
maneuver
lor
Hitler
was
had
the
•
is
issued
expected
Roosevelt.
«.
been
brate
as
a
wrong
described
call for
the
Chancel¬
special
a
Reichstag, for April 28, when
Mr.
,•
.
a
tentative
;•
reply to the
Thursday, when he addressed
on
of his followers who foregathered to cele¬
the
world's
the
to
make his formal reply to
to
presidential appeal
group
sent
press
Monday
on
Premier Mussolini made
a
The negative reaction
"unworthy and grotesque."
as.
whose
suggested by retorts that
Italian
session of the German
he
countries
But
addressed by Mr. Roosevelt viewed
of the German Reich
the
laudatory.
of the two
press
Official and
virtually all Latin
were
start
fair in
of
construction
1942.'
the first act of
that the "the too
a
for
He referred
to
an
Italian
the
meeting
great mobilization, but added
many
persons
who, beyond
our
frontiers, abandon themselves to the hysterics of
the
present moment, should not be alarmed at the
of
sound
this
mobilization
fair
is
grounds,
word."
a
fair
nations to
a
pacific
and
civil
represented by the workers at the
II
Duce said.
Italian intentions of
izing
Only
on a
If there
were
aggression, the task of
any
organ¬
vast scale and of inviting other
participate would not be undertaken, he
in which the United
one
experience in this connection
our
of
participants the
not
or
certain it is
more
reply is sent to the
any
I could not miss this occasion to
that the
policy of Rome and of the axis
and collabora¬
peace
added, by "press campaigns, convival gossip
because
defend
our
feel
we
tranquil conscience and enough
and
men
have
we
means
or
a
to '•
peace." j
23"
European Affairs
ALTHOUGH
in
actual
diplomatic activity
Europe
results
frantic
with
of
the
carried
was
speed,
conversations
this
on
week,
mild
were
in
comparison with the sweeping changes that marked
previous
weeks
and
months.
Reports
circulated
continuously of fresh additions to the Anglo-French
grouping
Turkey
of
anti-aggression
London
with
influence
in
and
and
Paris,
but
the
arrangements
also
Central
Europe evident by
conclusive
understandings
cult of attainment.
developments
indicated
modified only
were
seemed diffi¬
upon
was
prompt settlement
in
than
more
continued
dispatch.
one
to
occasion
for the
move
reincorporation of that city in the Reich
ranean
It
little.
a
early in the week that the German Nazi
Danzig problem, and a swift
dicted
of
Apprehensions of unfortunate
regime remains insistent
the
means
involving Hungary and Yugoslavia, but
maneuvers
of
Russia
The Rome-Berlin axis Powers made their
lagged.
here
States/
expected almost momentarily to join
were
.
sympathy and cordial congratulations, along with
the assurance that the initiative finds a warm echo
in
of
arch-
an
bitter memory—namely, that the larger
Messiah-like messages,
Pre¬
Paris dispatch to the New York
a
knowledge
the idea of
as
Italy will not be oppressed, Signor Musso¬
Bullitt of the im¬
remarked, "it is accepted here
the
take
of
the
was
realistic.
more
assured Ambassador William C.
mense
concerned,
Whether
tion."
;
rudimentary
inspired by the criteria of
.
quite similar and somewhat
of
bench
of geography made by indi¬
a
So far
observer,
very
reaffirm
aligning themselves in the so-called anti-Hitler bloc
■British
lack
famous message,
.
unanimity that is far from surprising,
a
a
the number
of
assurances
the
on
would; limit itself to its customary role of
distant
may
equal terms in the
on
who
conference is
prac¬
of international
up avenues
buy and sell
world market
obtained
burden, and to the most
trade to the end that every
be enabled
might be
dictator
Italian
absurd," he continued, "it the
errors
diate
in
the
system of 10-year reciprocal guarantees, as well as
promptly, if the
Such discussions, the
viduals
manner
this,
Powers
less
note revealed, relate to the most effective and imme¬
•
of
thought it highly unjust to attempt to place the
proposed, moreover, that two
forthcoming.
are
will
of
measure
He
problems -be
assurances
"Reciprocal
outlined
Chronicle
was
pre¬
Mediter¬
The
great
concern,
especially because of reports that the Spanish Na¬
tionalists
as
concentrating troops
were
But there also
tar.
British
a
'Germany.
The
some
were
denial
.
of
few
a
Gibral¬
intention to encircle
any
.
European situation possibly
,
was
degree by the'sudden propbsal
Roosevelt for declarations of
Hitler
Premier
and
"observers in the
the
near
pacific moves, such
affected to
of President
policy by Chancellor
Mussolini.
Most
seasoned
leading European capitals
were
opinion, however, that the American step
of little immediate
the
were
significance in its bearing
confusion.
present
continued
Armaments
The land
and Poland
fleet
sailed
forces
an
especially ominous
Germany, Italy, France
The German
kept at top strength.
were
for
of
maneuvers
in
the
Mediterranean,
where it
might conceivably be of great
flict
the
of
upon
preparations
hastily in all countries, and the dis¬
positions of forces assumed
cast.
of
was
axis
nations
with
the
use
in
a con¬
Anglo-Franco
counter stroke French naval vessels
group.
As
took up
the patrol of the straits off Gibraltar, and
British
ships
a
were
concentrated
at
Malta, where
they might be of greatest use in keeping the Medi-
2322
Financial
terranean
Such steps possibly
for passage.
open
Chronicle
April 22,
this boon appears
for
of
eventualities, but they seem most ominous in
times like these.
British
with
carried
were
Ambassador
Russian
to
steadily
on
London,
Ivan
Maisky, and the latter finally left for Moscow to
report and
The expectation of
consult.
understanding between
Governments
sisted
that
not
was
British
early
an
arid
Russian
realized, but the belief
per¬
against possible aggression by the axis
against the smaller Slav States of Eastern
Great Britain and
Europe.
stood to have made
On
the
arrangement will be effected for
some
Soviet aid
Powers
good
Turkey
in
in conversations.
progress
Britain
House of
the
continues
Chamberlain
Commons that Great
maintain
to
under¬
were
Tuesday Prime Minister Neville
announced
its
interest
in
the
preservation of independence for The Netherlands,
Switzerland
held
Denmark.
and
to
out
Germany
An
olive branch
was
Wednesday by Foreign
on
Secretary Lord Halifax, who stoutly insisted in
an
address before the Lords that Great Britain has
no
intention
any
of
encircling. Germany
nation.
sion
7
end
an
Rumania
and
mutual
of
or
attacking
The British policy is to "live and let
live," but to put
Poland
to
were
aggression, he said.
reported
considering
pledges of assistance in the event of aggres¬
uncertainty prevailed regarding the actual
of events and of
course
Rome-Berlin
sions
side
diplomatic intrigue
of the
European fence.
regarding • Danzig and
started
last
The
Hermann
no
German
the
Discus¬
Polish
corridor
information
Air
7
made
was
avail¬
Minister, Field Marshal
Goering, went to Rome for talks with
Italian leaders.
general,
The Rumanian
trigues of the fascist Powers.
General Franco issued
demobilization of
leave
on
After long delay,
Tuesday
on
new
political problems
Teleki
and
of
it
trade agreement
nearly 1,000,000 men in his ranks.
taken
oners
the
by
More
tackled.
insurgents
pressing,
It would
from
Premier Paul
Hungary arrived in Rome
fied Italian
soon
was
the attainment of
objectives, and
has been occasioned
ness
a
reported from that city that at¬
being made to draw Yugoslavia into
were
the Rome-Berlin
torial
combination by promises of terri¬
integrity.
The German Government
day named Franz
von
key, which suggests
Papen
an
as
earnest
ports from London that the
a
Tues¬
Ambassador to Tur¬
attempt' to
Turkey into the Rome-Berlin fold.
inciting
on
There
German
bring
were
Nazis
battalions
some
unspeci¬
good deal of uneasi¬
by the uncertainty.
to their
This
at
soil after
own
parade
The
first, and then
be held until
victory parade in Madrid.
scheduled tentatively for May 2,
was
Rome reports
a
until May 15.
was put over
May 30, at the earliest, and fresh post¬
ponements quite possibly will develop.
perturbing, from the international
indications of
La
near
the
But
of Thursday stated that it will not
Particularly
viewpoint,
are
Spanish troop concertrations at and
Linea, just north of Gibraltar, and along
Portuguese frontier.
The possibility is intro¬
duced, by such maneuvers, of insurgent participa¬
in
plots against the British fortress and the
independence of Portugal.
•
f: Discount Rates of Foreign Central Banks
THE National Bank of Belgiumto 4%. The raised
discount
2^% on April 17
its
rate from
rate had been in effect since Oct.
time it
was
lowered from
leading centers
Rate in
Country,
'
Pre¬
Effect
■
Date
vious
Ajn 21
'
3%.
27, 1938, at which
Present rates at the
shown in the table which follows:
are
Established
.
Rate in
Rate
Argentina..
11936
3H
Mar.
4
Belgium
4'
July
1 1936
Apr. 17 1939
..
Country
Pre¬
Date
vious
Established
Effect
Avr. 21
Holland
Rate
2
Dec.
4
Aug. 29 1935
3
Nov. 28 1935
2 1936
'
Hungary.
2H
..
India
6
Aug. 15 1935
2^
Mar. 11 1935
3
Dec.
16 1936
4
4
July
18 1933
5
3
Jan.
1 1936
3H
Norway
3H
Jan.
7
Italy
4M
May 18 1936
2X
4H
3M
5
"
Canada
Japan
Java.
3.29
Chile
Colombia..
~
3.65
vakia
6 1936
3
Jan.
14 1937
Lithuania..
-
Apr.
5
July
1 1938
5y*
Morocco...
,
7
Czechoslo¬
tempts
be
to
international
understanding is that the Italian forces will return
Bulgaria
Tuesday,
on
remains
the
that withdrawal of such
seem
is contingent upon
Tuesday to
and the many
outstanding.
The thorny
viewpoint, is the question of Italian troops in Spain.
Batavia
now
order for the
an
200,000 troops, but this still will
.
the
on
Nationalist
problem of the hundreds of thousands of war pris¬
Foreign Minister,
Grigore Gafencu, arrived in Berlin
confer
for
the
on
Monday between German and Polish
authorities, but
able.
in
affairs
European
tion
against either.
Much
to depend, however, on the course
Spain has become an important factor in the in¬
diplomatic talks
the
Whether they will be granted
peaceful existence.
represent nothing more than routine preparations
1939
6K
May 28 1935
6 1938
4 y2
Jan.
4
4
Danzig....
4
2 1937
5
Poland
4X
Dec.
Denmark
3X
Feb. 23 1939
4
Portugal...
4
Aug. 11 1937
4H
3
June 30 1932
3H
2H
Rumania
3H
4y
4M
..
Eire.
England...
2
17 1937
5
South Africa
3H
Estonia.
4^
Oct.
1 1935
5
Spain
5
5 1938
May 15 1933
July 15 1935
Finland
4
Dec.
3 1934
4H
Sweden
2H
Dec.
1 1933
3
France
2
Jan.
2 1939
2H
Switzerland
1H
Nov. 25 1936
2
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Jan.
4 1937
7
Germany.
.
Greece
June 30'1932
••
.
.
May
1 1935
5
6M
'
re¬
were
revolt in Portugal with the intention of
i
Foreign Money Rates
making that small country part of Spain and thus
IN bills Friday market discount rates for short
LONDON open %% against
augmenting the fascist strength at France's back.
Friday of last week, and 1 5-16@l%% f°r three-
Anxiety
as
nounced
early in the week, owing to reports that
some move
celebrated
to
fascist
aggression
was
most
pro¬
would be made before Chancellor Hitler
on
Der Fuehrer
Thursday his fiftieth birthday.
was
not
gift" in the form of
But
a
new
Franco, which is closely allied to the
regimes at Rome and Berlin which made
ports from Spain made clear, this
extremely anxious to
against 13^@1 Ys%
call at London
on
on
on
Friday of last
Friday
was
lA%-
market rate remains at 2}zi% and
in Switzerland at
1%.
Bank of
England Statement
a
the Nationalist
are
on
THE statement of the Bank for of £4,699,000 in
April 19 shows
contraction the week ended
possible the military victory of the insurgents.
people
as
At Paris the open
note
SPAIN now is completely under the domination
regime headed by General
fascist
as
Money
conquest, and Europe
Spain
Francisco
were
months' bills
week.
presented with any "birthday
breathed easier.
of
on
Re-,
week, that the
resume
a
normal
circulation, reducing the outstanding to £485,-
004,000 and bringing the total reduction since the
Easter
peak to £6,447,000.
culation decrease
was
The current week's cir¬
slightly offset by
£59,045 in bullion and the gain in
amounted
placed
the
on
same
to
£4,640,00Q.
The
a
reduction of
reserves
rate
therefore
of valuation
the Bank's gold holdings, 148s. 6d.,
as
that
was
prevailing in the market and also
Volume
the
valuation
same
deposits
previous three weekly
deposits
fell
off
£1,173,015
amount,
and
in the
as
Public
statements.
other
Financial
148
Of the
£3,279,234.
bankers'
from
was
£2,106,219, from other accounts.
tion of
from
deposit liabilities
accounts
The
rose
latter
propor¬
to 26.7%
a
aggregated 5,785,800,000 marks and the
year ago
year
before 4,498,185,000 marks.
registered
currency
silver
and
other
other
liabilities
of
other
last year.
and
The proportion of
and
ago,
compares
increased
securities
£465,778 of the gain in other securities
£3,169,237.
due to
was
an
70,772,000
marks, compared with 70,772,000 marks
a year ago.
circulation is
and
and other
Below
show the
we
preceding
years:
■
BANK OF/ENGLAND'S
%
-
for
gold and foreign
at
now
0.98%; last
exchange and
assets
year
it
1.38%.
was
checjks, advances, investments
of 349,000,000
decreases
recorded
Following
respectively.
different items with
COMPARATIVE STATEMENT
to note
currency
marks, 3,000,000 marks, 100,000 marks and 93,941,000 marks
%
Bank's
The
marks.
7,780,000
at
Bills of
£2,703,459 to securities.
other
marks,
64,462,000
holdings remained unchanged
addition of that amount to discounts and advances,
different items in the statement with comparisons
of
coin
gold
week
a
Reserves in foreign
increase of 300,000 marks,
an
daily matujring obligations of 66,600,000 marks and
with 19.70%
Government securities decreased £6,690,-
24.00%
000
to
reserves
and
£4,390,000
rose
2323
Chronicle
we
furnish the
comparisons for previous
years:
REICHSBANK'S COMPARATIVE STATEMENT
Apr. 19,
Apr. 22,
Apr. .24,
1936
Apr. 21,
1937
Apr. 20,
1938
1939
1935
Changes
£
£
Public deposits..
Other deposits
135,303, 201 142,586,454 130,050, 209 131,133,637 137,733,613
39,597,808
94,064, 314
93,249,560
28,607, 932
21,367,436
7,479,056
87,731,044
15,440,454
Res've In for'n currency
Bills of exch. & checks
38,830, 040
30,967, 366
Disct. & advances.
29,055,594
8,231,988
20,823,606
6,742, 265
24,225, 101
42,174, 000
4,594, 387
24,013 545
5,819,849
_
Investments
Notes in circulation
Oth. dally matur. oblig.
'
26 7%
Bank rate..........
19.70%
2%
148s.
Gold val. per fine oz^
2%
ll^d. 84s.
6d. 84s.
32.87%
41.19%
32.50%
2%
2%
2%
ll^d. 84s. UHd. 84s. ll^d.
■
.
_
19,078,000
5,597,000
r—349,000,000 7,429,300,000 5,402,679,000 4,500,756,000
185,294,000
181,137,000
+ 64,462,000
259,853,000
34,800,000 Vs 48.539,000
—3,000,000
40,707,000
959,100,000
397,642,000
—100,000
444,240,000
Silver and other coin.;..
Other assets_
68,018,000
5,595,000
+ 300,000
Advances
Proportion of reserve
to liabilities
Reichsmarks
70.772,000
20,333,000
5,900,000
No change
.
9,620,605
13,888,380
Reserve notes & coin.
31,644,341 50,669 ,319 47,453,593 59,884,789
Coin and bullion
227,178, 620 327.221.409 314,693, 350 202,901,361 193,006,785
Securities...
Reichsmarks
70,772,000
10,572,000
No change
38,868, 687
Other accounts
Other securities
Gold and bullion
Of which depos. abr'd
91,181, 522
Reichsmarks
Reichsmarks
98,135,805
96,473, 161 106,461,146
Govt, securities
Assets—•
93,080,518
38,053,119
Bankers' accounts.
36,125,308
101,976, 164 117.616,164
Apr. 15. 1939 Apr. 15, 1938 Apr. 15,1937
for Week
485,004, 000 495,577,068 464,024, 031 415,447,768 393,181,996
7,624,211
22,128, 000
18,026,000 25,585, 596 13,231,108
Circulation
—93,941,000 1,334,011,000 1,519,840,000
_
783,164,000
Liabilities—
Other liabilities
—379,300,000 7,785,800,000 5,524,206,000 4,498,185,000
+ 66,600,000 1,126,300,000 1,221,920,000
789,239,000
215,636,000
552,367,000
+ 7,780,000
172,294,000
...
Propor'n of gold & for'n
curr. to note
Bank of France Statement
0.98%
+ 0.04%
clrcul'n.
New York Money
1.38%
.1.64%
Market
THE statementexpansion in note circulation,again IDLE conditions continued to prevail in the New
for the week ended April 13 the
showed
market, this wTeek. Rates
an
current
increase
being 1,797,000,000 francs, which
brought the total outstanding
up
to 122,100,000,000
Notes in circula¬
francs, the highest Of 1939 to date.
tion
a
aggregated 98,063,241,525 francs and
year ago
Sept. 29, 1938 it
on
French
commercial bills
was
also shown in
discounted of 488,000,000
francs, in bills abroad of 2,000,000 francs and in
advances
francs,
year,
of
securities
against
Gold holdings
38,000,000
francs.
remained unchanged at 87,265,942,141
compared
55,806,959,832 francs last
with
when the valuation rate of the franc was 43 mg.
The item of creditor current accounts
decreased 909,000,000 francs, while temporary ad¬
gold, 0.9 fine.
vances
to State
The proportion
000 francs.
fell off to
62.35%;
furnish the
we
remained unchanged at 20,576,000,-
*
.!j: ''' '
«
■
++
FRANCE'S
BANK OF
it was 45.79%.
4'v+'.+:
for
System
reserves,
paper
were
on
count
count
COMPARATIVE STATEMENT
average,
14.
and
15,
abr'd.
+488,000,000
+ 2,000,000
8,200,000,000
+ 38,000,000
bills discounted..
742,000,000
3,435,000,000
Note circulation.... + 1,797,000,000 122100,000,000
—909,000,000 17,865,000,000
Credit current accts.
cTemp. advs. with¬
out int. to State..
Propor'n of gold on
hand to sight llab.
*
Includes bills
•
45.79%
62.35%
—0.40%
Figures as of March 30,
a
10,501,703,955 7,419,308,768
1,148,519,095
811,051,412
3,729,014,406
3,732,202,732
98,063,241,525 85,696,745,130
23,807,601,848 17,399.768,606
20,576,000,000 40,133,974,773 20,000,421,073
No change
days,
computed
Gall
loans
and awards
the
on
were
at
annual bank dis¬
on an
New
York
Stock
and time loans
were -
Money Rates
DEALINGExchange from day toloan/rates on the
in detail with call day, 1%
Stock
the
and renewals.-
The
market
55.64%
b Includes bills discounted abroad,
c
for
renewals
at
rates
Rates continued nominal at
for prime commercial paper
supplies
are
new
money
were
previously reported.
134%
up
to 90 days and
1K% for four to six months' maturities.
but
time
quiet. The only transactions reported
The demand
has been good this week
light and the market has been only
moderately active.
Rates
are
unchanged at %@M%
for all maturities.
1939.
purchased in France,
91
in
Francs
aFrencb commercial
bBills bought
The Treasury
further issue of f100,000,000 dis¬
New York
-
1937
87,265,942,141 55,806,959,832 57,358,742,140
12,342,750
21,791,794
*13,155,271
Adv. against secure.
the
commercial
1%% for four to six moiiths' datings.
loans
1938 Apr.
Francs
Francs
Francs
No change
-
Credit bals. abroad.
and
"similarly stable at 1%% for maturities to 90 days,
occasional
Gold holdings
a
Exchange remained at 1%,
continues
Apr.
Apr. 13,1939
bills
excess
on
ruling quotation all through the week for both
,
for Week
due
basis.
have $4,000,000,000 of
sufficient commentary
quiet and unchanged.
Monday
bills
0.023%
a
Bankers'
market.
money
sold
now
which is
stimulating demand
was
'./"S ■%"'
'
Changes
Reserve
in
Member banks of the Federal
for accommodation.
Below
various items with comparisons
previous years: '.
remained ineffective
levels
of gold to sight liabilities
a year ago
were un¬
changed in all departments, but the extremely low
to a record high of 124,-
rose
An increase
428,000,490 francs.
York money
Bankers' Acceptances
In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
the process
were
wiped out and the unsatisfied
balance of such loans was transferred to a new
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold
0.9 fine per franc), under the
effected in the statement of Nov. 17, 1938; prior to
date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
per frane; previous to that time and subsequent to Sept. 26,
1936, the value
49 rag. per franc
and before Sept. 26, 1936, there were 65.5 mg. of gold to
decree of Nov. 13, 1938, was
that
fine
was
the franc.
•"THE statement
showed
a
for the
contraction
strong but the supply of high class bills is
There has been
for bills up
second quarter of April
in
note
circulation
of
reduced the total outstand¬
7,785,800,000 marks. Notes in circulation
379,300,000 marks, which
ing to
been very
no
change in rates.
limited.
Dealers' rates
as
reported by the Federal Reserve Bank of New York
Bank of Germany Statement
1
THE market for prime week. The demand holds
quiet this bankers' acceptances has
and
to and including 90 days are
34% bid
7-16% asked; for bills running for four months
9-16% bid and 34% asked; for five and six months,
54% bid and 9-16% asked.-
The bill-buying rate of
the New York Reserve Bank is
34% f°r bills running
Financial
2324
from
1
90
to
days.
Chronicle
Federal Reserve Bank's
The
The
$560,000.
drain
rates
following is the schedule of rates
classes
various
of
London
Date
Rate
2,1937
Sept.
—
IX
IX
May 11,1935
2'.
—
1 )4
Aug. 27,1937
2
Aug. 21,1937
---
1)4
ix
Aug. 21,1937
2
IH
2,1937
Aug. 24,1937
Sept. 3,1937
Aug. 31, 1937
2
Chicago
St. Louis
Minneapolis
—
—
ix
IH
IX
San Francisco
-
Sept.
of
•
According to official
received in the past
$2,600,000,000,
year
In addition to the official gold stocks,
Federal
banks
Reserve
2
have
large
under
sums
The exact amount of earmarked
and central banks.
2
<
metal is not
2
officially divulged, but is estimated at
around $700,000,000.
Course of Sterling
in¬
earmark for the account of foreign equalization funds
2
3. 1937
to
gold stocks of the United States reached $13,-
April 19.
the
2
.
Sept.
ix
Kansas City
Dallas
2
4,1937
dwindled
have
sources
bringing the total gold stocks to $15,605,000,000 as
IX
Richmond
other
from
sources, we
2
Aug. 27. 1937
Cleveland
Atlanta..
the
the supplies reaching
as
000,000,000 in August, 1938.
Previous
Sept.
alarmed the
Amazement and disquiet were expressed when the
total
Established
1
Philadelphia
of
considerable proportions.
IX
—
—
gold
in effect
Rate in
New York
earmarking
has
supplies
different
,
Boston
South
It is deemed necessary to risk
the
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Effect on
Apr. 21
London
the
on
release of South African
Reserve banks:
Federal Reserve Bank
the
discontinue
to
months,
few
past
shipments of gold to London.
now
at
paper
decision
authorities there.
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
the
the
during
1939
newly mined metal is interpreted to mean that the
Discount Rates of the Federal Reserve Banks
The
threats
war
Africa has resumed full
holdings of acceptances decreased from 1561,000 to
for
April 22,
Exchange
in its
The Federal Reserve Board
April "Bulletin" reported that from Feb. 1 to
the middle of March
earmarking for foreign accounts
STERLING exchange continues steady andlimits
fluc¬
kept within extremely
increased
through the operations of the exchange equalization
central
funds working within the tripartite currency agree¬
Same
ment.
holdings and balances of $195,000,000 in this short
tuations
for
are
narrow
Trading is exceptionally dull and the demand
exchange
New York.
between
confined
is
The range for
a
between
a
The range for cable transfers has
$4.67%'and
of
range
between
compared
$4,68 9-16,
$4.68
week ago.
and
■
$4.68 3-16
.
are
a
unchanged
past few weeks and indeed from the, under¬
lying situation of the past few
markets, whether for foreign exchange, for securities,
or
for
commodities, and all industrial plans fdr the
improvement
of
business
in
country
every
are
and
placed
Normally this would be
sterling
as
a season
of marked strength
against the dollar, but there
signs of improvement in this respect
account,
nor
are
season
this
if
under the:
the
businesses
private
There
are
domestic
other European
currency.
decline for
would point to
a
improvement
is
increases in
some
weeks and quotations
renewed crisis.
confirmed
The forecast against
by
the
risk insurance rates
war
#today
sharp
recent
on
cargo
ship¬
has
gone
into
opportunity for
trade.
The
intense
activity in rearmament has tended to disguise the
decline
domestic output
in
of
end.
than
few
a
they really
the
at
ceding the
national
ago
years
and the great building
has practically
conditions
trade
Domestic
available
come
to
better
appear
because most of the statistics
are
relate
moment
to
the
period
pre¬
pronounced deterioration in the inter¬
political outlook.
The tension continues
certain that there will be
as
business
new
a,
except in industries in¬
volved in the rearmament program.
it not, for the tripartite
agreement, sterling would have undergone a
money
awaiting
British
external
in
were
a
indications of improvement in either
no
or
reduction
or any
lately
such investment.
regarded
that
is
or
will add its usual contribution to
year
though
in the short-term markets, while
or
and it is
It is safe to say
severe
appear
doubtful
It is
commercial
deposit
on
tourist
strength in sterling
currency
likely to
any
prevailing tension.
on,
no
were
securities
large part of the refugee
an
in
American
in
preponderant share of the imported gold has been
and
Europe.
"
in Washington recently accounted
gold in the United States, most of which is
program
threats in
.
.
sources
invested
seriously affected by the critical political situation
war
by $83,000,000 during the
total increase in official gold
a
for $8,000,000,000 of foreign investments, balances,
.
All financial
years.
/
,
Official
a
,
.
The essential features of the market
from the
$4.67% and
between
of
period, making
period.
on
sterling this week has been
range
$4.68 last week.
with
exchange
to
$4.67% and $4.6834 for bankers' sight bills
compared with
been
chiefly
by $111,000,000 and deposits of foreign
banks increased
Preliminary figures supplied by'the British Board of
Trade show
reexports
with
balance of imports over exports
a
and
during March of £31,418,509, compared
£22,690,973 in February and £37,252,000 in
March,
1938.
£65,515,512
a
0
Imports
month
were
£77,976,374, against
and £84,575,000
ago
a year ago.
ments, and by the excessive shipments of gold from
Exports
Europe to this side which have long been of alarming
£42,455,000, and reexports w^re £4,923,288, against
£4,772,323 and £5,168,000, respectively.
proportions.
It will be
some
time before official disclosure
made of the extent of the
can
be
gold losses of the British
were
£41,634,577, against £38,052,216 and
The London money
market continues to reflect the
general anxiety in the firmness in
Exchange Equalization Fund in the last six months,
promises to continue for
particularly in the first quarter of this
against bills, which for
year.
The
severity of the
losses may be judged in the light
of the fact that
South Africa is again resuming full
shipments of gold to London
received from the mines.
as
Only
fast
as
the metal is
few months
lA%, is
now
months maturities,
current rates
was adopted in South Africa of earmarking
gold there for both British and private account in
for 3-months
ago
policy
order to insure the
in the event of
Despite the intensification of
rates, which
Call
money
few years had been available
were
At the end of
9-16% for 2-, 3-, and 4-
and 11-16% for 6-months.
The
1
1-16% for 2-months bills, 1%%
bills, 1 13-16% for 4-months bills, and
are
2%% for 6-months bills.
safety of the metal from capture
war.
money
time.
quoted at.%%-!%.
February bill rates
the
a
a
some
Gold
to
be
on
offer in the London open
stated
as
taken
for
market continues
unknown
destinations,
Volume
Financial
14S
understood to be
for
chiefly for arbitrage
shipment to New York.
was
offer
on
Tuesday
£529,000,
£620,000,
On Saturday last, there
Monday £609,000,
on
Wednesday
on
Thursday £493,000, and
April 19,
Reserve Bank of
GOLD
seven-day grain
£303,000,
as
Continental
gold movement for
Imports
respect to the pound.
19.
INCL.
French
$38,941,000 from England
4,494,000 from Argentina
week,
•
None
1,124,000 from Belgium
Decrease: $4,271,000
Note—We have been notified
above
'
■
that approximately
.
the
$62,000 of gold was
Hongkong.
figures
of
rate
received of which $22,403,000 came from
The trend of these funds
disturbance
anxiety of French/investors.
and there
was
England,
was
indication
no
industrial and bond issues reflect
On
decreased $8,023,000.
account
Friday, $2,901,000 of gold
$2,352,000
Switzerland.
was
There
received of which
Friday it
was
reported that $4,113,000 of gold
Long-term investments in French
In Paris money rates
complete lack of
a
insure
have again hardened.
against possible
investors
change in gold held earmarked foij foreign account.
On
markets.
cautions
exports of the metal or
no
were
French investors
confidence.
from Canada and $549,000 from
came
Rentes declined
that
cared to increase their commitments, even in short-
exports of the metal, but gold held ear¬
foreign
does not reflect
during the past
weeks, the French security markets clearly show
There
for
chiefly to the
the
on
term
marked
was
markets
other
in
$459,000 from India and $273,000 from Switzerland.
were no
decreased
has
repatriation
few
the week ended
for
are
On Thursday $23,135,000 of gold
Wednesday.
in England returned during the
even
While the foreign exchange market
Net Change in Gold Earmarked for Foreign Account
The
More
United States.'
,
received at San Francisco from,
The French Equalization Fund
buyer of foreign currencies.
a
but the
October.
525,000 from Holland
.
Exchange
Foreign
sharply and is not comparable to the rush of last
591,000 from India
$51,185,000 total
Other
capital which had been held in Switzerland,
Belgium, and
3,035,000 from Switzerland
2,475,000 from Canada
frequently
was
Exports
'
and
FRENCH francs continue steady and frequently
during the past week showed firmness with
New York, was as follows:
APRIL 13-APRIL
and
Cotton
$4.67 5-16.
on
reported by the Federal
MOVEMENT AT NEW YORK,
(60 days) at $4.66%, and
bills at
grain for payment closed at $4.67%.
on
Friday, £374,000.
on
At the Port of New York the
the week ended
documents for payment
and
purposes
2325
Chronicle
and
liquid
business
money
interests
Pre¬
being taken and
are
war
operating
are
conditions.
Reports
to
of the
Bank of France show increased circulation in the past
was
received at San Francisco from Australia and $50,000
few
from New Zealand
would have been noted.
Instead of the
anticipated
investment
was
selling
the Bourse.
Japan
on
April 19, and of $5,574,000 from
April 20.
on
Canadian
discount
v
in
discount of
a
The
.rate
15-32%.
Paris, the London
and the price
mean
London check
Saturday, April 15
Thursday,
Friday,
__i._176.72
OPEN
LONDON
ON
francs
.176.71
April 21.
....
176.73
the
MARKET GOLD PRICE
Saturday, April 15_'____148s. 6d.
Monday,
April 17._._,_148s. 6F£d.
Thursday,
April 18
Friday
April 21.
PRICE
PAID
148s. 6d.
GOLD
FOR
__
BY THE UNITED STATES
RESERVE
148s. 6^d.
(FEDERAL
Monday,
April 17_35.00
Tuesday,
April 18.
Friday,
__$35.0Q
April 20
April 21_>_^
r
v
Referring to day-to-day rates sterling exchange on
Saturday last
sight
was
(
steady in limited trading. Bankers'
was
$4.67 13-16@$4.68%;
extremely dull.
for
The
bankers' ;sight
transfers.On
and
was
for
was
$4.67 11-16@$4.67%;
was
The
range
was
$4.67%@
On
Thursday the pound
was
a
$4.68 3-16 for
continued
$4.68
cable
dull market. The range was $4.67 11-16®
15-16 for bankers' sight and $4.67 15-16®
steady in
$4.67
for
bankers'sight and $4.67%@$4.68 1-16
transfers.
cable
$4.67%@$4.67%
15-16@$4.68%. On Wednesday
narrow.
$4.67 13-16 for
was,
$4.68@$4.68%
sight
cable transfers $4.67
trading
range
Tuesday the trend of sterling
Bankers'
lower.
cable transfers
Monday the market was
On
$4.68@$4.68 9-16.,
for
steady and dull.
$4.67 13-16
60-dav
The
range was
$4.67%®
bankers' sight and $4.68®$4.68 1-16 for
cable transfers.
transfers.
On Friday sterling
cable transfers.
for
Closing quotations on Friday were
demand
and
$4.68 1-16
Commercial sight bills
bills
at
$4.66%;
deposits of the Big Five in London
up
•
for
cable
finished at $4.67%;
90-day
bills
at
$4.65%;
this figure is
of 341,000,000,000
83% in gold value since before
\
currency
/'
•
■
;
The
is again showing weakness.
of the belga is 16.95.
■
The theoretical
or.
rather
the ship¬
was
ping point before the recent increase in underwriters
35.00
35.00
francs,
The report shows by contrast
generally placed at 16.82%,
Thursday,
35.00
war..
are
gold shipment point from Brussels to New York is
BANK)
Wednesday, April 19_
Saturday, April 15______._-S35.00
old gold franc the
While the total deposits
figures.
41,000,000,000
are
dollar parity
April 2(L__ 148s. 6J^d.
Tuesday,
and
Belgian
Wednesday, April 19___148s. 6F£d.»
of the
basis
estimated at the equivalent
....176.72
April 20.
pre-wa^
that the combined
are
decline
the Credit Lyonnais for 1938
below the 1935 average.
PARIS
Wednesday, April 19.
176.76
April 17._.176.71
Tuesday, April l8
RATE
the
on
reached
have
market gold price,
open
CHECK
LONDON
that
on
a
deposits of the six principal French banks
44% below
paid for gold by the United States:
MEAN
Monday,
total
;
following tables show the
on
shows
discount of %%
a
buying, there
The annual report of
a
Montreal funds^
of New York.
terms
ranged during the week between
and
\
exchange is steady though ruling at
weeks, whereas under normal conditions
.
risk insurance rates.
war
This week the unit
frequently quoted well under 16.81.
weakness of the currency is
forward
on
points under spot for 30-day belgas,
and between 59 and 66 points
\
On
under the basic cable
90-day belgas.
•.
April 17 the National Bank of Belgium increased
its rate of rediscount from
rate
The extreme
reflected in the discount
belgas, which ranged during the week
between 30 and 40
rate for
was
2%% to 4%.
The lower
had been in effect since Oct. 27, 1938, when it
had been reduced from
3%.
Opinion has been expressed in Continental markets,
especially in Paris, that the belga
Evidence of anticipation
wide discounts
are
quoted
on
are
be devalued.
seen
in the
the forward market, which
especially marked in the
Belgian troubles
may
of devaluation is
case
of short maturities.
primarily economic, since
re¬
peated devaluation of the French franc has had a
strong deflationary effect upon Belgium.
weeks there has been
central
bank
discount rate
credit,
was
a
For
sharp increase in the
with the
advanced
on
result
April 17.
some
use
that the
of
re¬
Financial
2326
The
shows the relation t)f
table
following
Parity
France (franc)
New Dollar
a
This
Parity
granted in such
Week
2.64^ to 2.65
6.63
3.93
----
Range
tine
5-16
Italy (lira)-.
13.90
5.26
16.95
8.91
16.78^ to 16.82^
Switzerland (franc)
19.36
32.67
22.42
Belgium (belga)
5.26%
5.26)4} to
to
c
1938, the franc was devalued on a de facto
francs to the
Paris closed
on
on
for bankers'
In
last
The
Friday at 2.64%, against 2.64 13-16 on Friday of
bills and at
16.81 for cable transfers, against 16.82
and 16.82.
•
Brazilian
the
by
'
'
closed
on
'
Friday at 31.20
on Friday of
week; cable transfers at 31.20, against 31.21.
unofficial
5.19
at
;
sight bills, against 31.21
market
free
or
Brazilian milreis
23.10@23.15,
was
quoted at 6.06
are
Chilean exchange is quoted
(official), against 6.06.
Antwerp belgas finished at 16.81 for bankers' sight
that imports
assurance
permitted
paper pesos
against 23.15.
week; cable transfers at 2.64%, against 2.64%.
last
conditions
Argentine
Friday
on
gave
exchange control system.
the French center finished
New York sight bills on
Argentina
favorable
basis of 179
176.73, against 176.75 on Friday of last week.
at
will be paid for under the most
pound, or 2.79 cents a franc.
The London check rate
Brazilian
The
countries.
turn
from
(guilder)....
New dollar
On May 5,
other
with
Government in
22.44H
f
a
will be
not to prejudice Argen¬
a manner as
industry and normal development of
national
commerce
53.07^ to 53.15
40.20
68.06
parity as before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
b Francs cut from gold and allowed to "float" on June 20, 1937.
Holland
importer, will be granted for
merchandise of Brazilian origin. These permits
Old Dollar
c
permits for official exchange, the
to the
most favorable
dollar:
b
April 22, 1939
that prior
assurance
the
United States
leading European currencies to the
Chronicle
(official), against 5.17.
Peru is nominally
Final quotations for Berlin marks were
bankers'
for
40.09
transfers,
Italian lire closed at
with
and
40.07
EXCHANGE on thefrom recent weeks. No dull
Far Eastern countries is
and unchanged
40.07.
new
5.26% for bankers' sight bills
features of
5.26% for cable transfers, against 5.26% and
and at
Exchange
5.26%.
on
most
Czechoslovakia is nominally
yen
sterling.
checks yesterday
27.30, against 27.30 on Friday of last week.
0.72%, against 0.72%; on Poland at 18.82, against
Greek
part quotations on the Far Eastern units reflect
Closing quotations for
.
were
Hong¬
kong closed at 28.70@28 13-16, against 28%@28%;
Finland at 2.07, against 2.07.
exchange closed at 0.86, against 0.86.
and
importance have developed and for the
the relation of these currency to
quoted, most banks refusing to make commitments in
Czech currency.
Exchange on Bucharest closed at
18.85%;
'
sight bills and 40.09 for cable
comparison
in
quoted at 18%, against 20.00.
on
Shanghai at 16%@16%, against 16%@16%; Manila
at 49.80,
against 49.80; Singapore at 54.35, against
54.40; Bombay at 34.99, against 34.96, and Calcutta
at
EXCHANGE on the movejn close relationshipthe
continues to countries neutral during
tot
;
»
the
Gold Bullion in European Banks
In this respect neither the Holland guilder
franc differ from the Scandinavian
sterling.
nor
34.99, against 34.96.
war
;
Swiss
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
Both forward Swiss francs and Holland
currencies.
British statutory rate,
guilders reflect the weakened position of the cur¬
rencies,
until
whereas
few weeks
a
forward
ago
the
in
84s. ll%d.
principal European banks
exchange for both short and long dates was for a
date of most recent statements,
long period quoted either flat or at a slight premium.
special cable yesterday
Now
90-day guilders are at 19 points discount under
spot, while 90-day Swiss is from six to eight points.
below the basic cable rate.
Growing
concern over
■
•
'
.
reported to
by
us
are
corresponding dates in the previous
;
"1939
Banks of—
the threatening attitude of
fine ounce)
of respective'
(Friday); comparisons
four years:
-
.
the
shown for
per
as
■
1937
£
327,221,409
1936
1935
£
1938
£•
.
£
£
.
^
Germany and Italy is responsible for the disturbed
England—
the Amsterdam Bourse.
conditions
on
stood that
It is under¬
large Holland 3% defense loan at
a
par
is
being prepared with great pressure on Dutch subjects
Bankers'
.
'!
.
^
sight
on
Amsterdam finished
Friday
on
53.09, against 53.08 on Friday of last week; cable
transfers at
53.09%, against 53.08; and commercial
Swiss francs closed
sight bills at 53.03, against 53.02.
checks and at 22.43 for cable transfers,
at 22.43 for
against 22.42% and 22.42%.
finished
at
Copenhagen checks
20.89% and cable transfer at 20.89%,
against 20.89% and 20.89%.
Checks
on
closed at 24.10 and cable transfers at 24.10,
24.12 and
24.12; while checks
on
Sweden
against
Norway finished at
23.52 and cable transfers at 23.52
against 23.52 and
23.52.
1—
controls.
the
On
a
cable from the American
Embassy at Rio de Janeiro to the effect that an
exchange agreement embodying mutual concessions,
has
the
just been signed by Argentina and Brazil.
agreement
the
Argentine
Government
Under
gave
87,323,000
42,575,000
89,106,000
90,776,000
63,000,000
109,166,00Q
76,626,000
59,469,000
a23,400,000
Netherlands
314,693,350
193,066,785
648,188,267
42,575,000
89,665,000
103,723,900
96,103,000
75,092,000
83,537,000
48,182,000
33,111.000
27,844,000
25,655,000
23,881,000
6,555,000
6,542,000
6,550,000
6,554,000
7,394,000
8,222,000
7,442,000
6,602,000
6,603,000
6,591,000
'
Switzerland
Denmark
-
_
Norway
.
Prev. week.
*
56,181,000
80,882,000
51,363,000
15,971,000
87,429.000
101,957,000
Nat. Belg
862,301,759 1,064,754,202 1,097,360,090 1,077,608,918 1,216,408,752
867,749,539 1,064,223,816 1,097,854,279 1,080,275,825 1,224,063,804
Pursuant to the Currency and
statements for March
Bank Notes Act.
1939, the Bank of England
1, 1939. and since, have carried the gold holdings of the Bank
instead of the statutory price,
at the market value current as of the statement date:
which
per
to
was
formerly the
basis
of value.
On
market
price basis
(148s. 6d.
£227,178,620, equivalent, however,
the
fine ounce), the Bank reported holdings of
only about £129,968,888 at the statutory rate (84s. 11 tgd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
English holdings In the above In statutory pounds.
a Amount held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which is now
reported at £528,600.
c As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank of France is presently calculated, in accordance
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
frano; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine, per franc: before then and after Sept. 26, 1936, there were
26,1936,65.5 mg. gold, 0.9 fine, equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France is now Just about £1: when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
49 mg. to the franc; prior to Sept.
King Cotton Imperiled
of the various exchange
April 19 the United States Department
public
2,995,700
87,323,000
25,232,000
122,150,000
c63,667,000
operations
of Commerce made
2,327,250
Italy
EXCHANGE onin close alignment with sterling
the South American countries is
held steady
through
202,901,361
499,907,307
2,447,000
3 J) 10,000
Spaln
Total week
at
347,628,740
295,815,871
Sweden
to subscribe..
293,720,843
2,521,950
*129,968,888
Germany b.
France
Since
spoken,
long
often
sovereign.
in
prior to
Civil War
the
arrogantly,
of cotton
as
men
a
have
ruling
But if cotton from America has ruled
European markets, chiefly those of England, as
undoubtedly it has during certain periods, at home
it
has remained always the
victim of domineering
Volume
and
Financial
148,
actually, if not consciously, rebellions subjects.
From the earliest
tion
time, when Eli Whitney's inven-
replaced hand labor with efficient mechanical
processing,
allegiance,
adapted of any
duction,
has
according
nearly
so
lip-service
obedience
to
the
of
resources
tility of soil has
been
soil, climate and
Fer-
without
exhaustion
was an
across
the
been finally
con-
ineffective impediment to
progress-
into
continuously abused by
of
process
quered,
swept
never
men
within their discretionary control.
man-power
which
values.
refused
persistently
weevil,
boll
ively rising production and enlarging total
plainest demands of economical
administration of the
common
have
the
entire cotton belt and has
pro-
that
nominal
Even
2327
best
realm
the
in the world to low-cost
area
been
within
Chronicle
a
even
a
crop
The Administration of Herbert Hoover
ran
bad cotton situation,' attributable primarily
to the impoverishment of Europe in the aftermath
of the World War and the subsequent wrecking of
its credit structure, and secondarily to the amazing
coincident fecundity of the cotton fields of the
South. The situation was made worse by being
treated
sporadic and temporary and by specula-
as
attempted replacement; after wide areas have been
tion with funds raised by taxation in
robbed of the chemical elements essential to
remedy it.
nerative
exploitation, the industry has pressed in-
cessantly onward from lands depleted
doned to
to the
remu-
and aban-
regions to be in their turn subjected
new
reckless and destructive methods. Slave
same
labor, inefficient, improvident, and often misman-,
aged,
the
place to labor legally free but without
gave
capacity for industry, foresight,
entire
or
thrift.
The
history of cotton production in the United
an attempt to
The Farm Board gambled in contracts
f°r the future delivery of cotton and made precarioaS loans in excess of market prices, promptly
losing almost $100,000,000 of public funds and
,
strongly encouraging excessive production of
a com-
modity especially certain to find its economic pricelevel in any region and throughout any period in
defience of the best-intentioned efforts at manipulation.
►
Franklin Delona Roosevelt, as candidate for the
presidency, saw clearly in 1932 what he has been
totally unable to perceive since March 4, 1933, that,
^
States has been
thread of
an
uninterrupted
inefficiency and improvidence is
that
ent
record in which
a
to
deny
or
so appar-
ignore either is totally im-
possible.
Yet
are
the
resources
States in the production of this
world
whatever
"
superior
so
commerce,
of the Southern
splendid staple of
commanding is its unrivaled
so
utility in the world-wide service of the human
that,
despite
all
ficiencies in the
of
ume
race,
defects of management and
de-
quality of available labor, the volproduction increased almost
profitable
without
interruption until the Administration
Herbert
Hoover, and the
market
supremacy in
of
the world
established before the Civil War
was
still
unchallenged when, six
years ago, Franklin Delano
began the first term of diis presidency.
after year,
throughout the post-Civil War
Roosevelt
Year
period and the first third of the
cotton continued to be the
and the value of the
in
twentieth
century,
chief American
export,
portion of the crop sent abroad
unmanufactured
condition
frequently exceeded
may
be possible in other fields of agri-
culture, the Government is necessarily impotent to
improve the condition of the American cotton producer by any device of arbitrary price-fixing or any
expedient of favor not directly and plainly
at the
expense of other production and other industries,
®-e proclaimed enthusiastic adherence
to the plat-
form of the National Convention by which
nominated, and that platform,
he
was
as well as his cam-
paign speeches, declared unequivocal opposition to
policies that "made the Government a speculator
*n farm products," and that must necessarily restrict "agricultural products to the demands of
domestic markets." Those were sound and wholesome declarations. It is the misfortune of the cotton industry and the American people that, throughout the six years of the Roosevelt regime, they have
proved to be merely "sound and fury, signifying
the entire favorable international trade
balance of
nothing."
the
President Hoover's cotton pool was finally liquidated, not without heavy loss, but it was liquidated
and its frightening and imminent threat ceased to
Nation.
tion, this
ance
of
With
almost
steadily rising produc-
continued to be the principal reliof agriculture in 10
great States; three-fifths
the
crop
whole
domestic
crop was exported as raw
cotton, and the greatest producing State of them
all, Texas, shipped abroad nine-tenths of the produc-
tion of all its
ton
and
Mexico,
equally
acres.
raised
was
which,
endowed
,
India and
before
Egypt, where cot-
history began, and Brazil
with
with
the
soil,
others,
climate
are
about
and
labor
capable of cotton production, were easily held to
very minor positions in the principal foreign markets.
In
annual
and control production and
the domestic product almost
value of
exports to Europe and
across
the Pacific
point is that, despite periodic fluctuations,
cotton producing industry of this
country, dur-
ing nearly
a
century, consistently demonstrated
native resilience
to
industries
less
advantages and reigned
overcoming readily
strongly fortified in basic
supreme
the
rivalry
in foreign markets,
of
other
regions.
succeeded
in
pricing
out of its hitherto de-
Per pound not recoverable by sales in any free
at
home
or
abroad, the Government
ceeded in segregating in its
this
is
amounts to
a
held
an
unsalable
has
own control and
ership about the equivalent of
a
capable of surmounting obstacles
field, and by
pendable foreign markets. Loaning to producers,
"without recourse," in amounts computed at prices
Pet
The
the
appeals, cajoleries and threats, finally culminating
enforceable commands, attempted to allocate
addition, the considerable share of the
Ocean.
fatal
tural products, usurped control of
production processed at home, first in New
England and later also in factories in the South,
contributed heavily and
profitably to the bulk and
the
overhang the market and destroy confidence. Production of cotton seemed, for a while, to be standupon its own feet and holding its position in
the markets of the world. And then the benevolent
purpose of the Roosevelt Administration to raise all
American, prices, and especially those of agricul-
a
marsuc-
own-
year's normal crop;
the market, but
impending threat that is everywhere
on
deterrent to purchases at values resulting from
the natural interactions of supply and demand,
Production in Brazil, Mexico, India and Egypt has
,
stimulated and
been
have realized
producers of these countries
wholly self-excluded.
or
edge of
APnI 22> 1939
His intelligence, capacity, knowl-
years.
of the realities, and grasp of the
men, sense
lessons of /history have been, in the past, widely
par-
New aspirations of
recognized
as
While he has lived at
remarkable.
a
tremendous pace for many years, there has been no
inspired in distant regions by
policies of restriction and price-fixing, and
rivalry are being
Federal
18
some
profits by increasing their output and
selling in markets from which this country is
tially
Chronicle
Financial
2328
He would, undoubt-
indication of loss of control.
adapting their machinery and methods to utilize the
edly, plead guilty to playing real politik and glory
in it. He could, if he wished, point out that the
less desirable cotton which those
statesmen of all large European countries and many
in Europe and elsewhere
processors
equipped to produce.
are
increasingly
are
competing regions
And to what end?
of the small ones, especially those created
Plow-
tend¬
or
ing up growing crops, subsidizing idle acreage and
torially affected by the last war, do, and have done,
diverting it to other
the same thing to the best of their abilities,
The special foreign affairs technique employed
than cotton raising, im-
uses
provident loaning, all the methods in the arsenal
of economic
quackery, have neither sufficed
prac-
by Signor Mussolini to advance the interests of his
tically and substantially to limit cotton production
country is the outcome of the policy which, in about
to raise cotton
nor
prices.
Labor dependent
f>0 years, developed the Kingdom of Savoy-Sardinia
into United Italy. Cavour, who sent 15,000 Pied-
upon
cotton-raising has been made idle and destitute, has
thrown
been
in
the relief rolls in every
on
the cotton
States, and
completely dominant-in
great region
a
montese soldiers to the Crimean war in aid of Engbind and France as a means of securing for his
community
entire industry long
an
has
country the right to
been
taught to surrender confidence in, and hope of, its
own
solvency/and to rely for support upon taxation
enforced
country.
Yet
principally in other portions of the
"
/
Italy is
.
(lay that this is written the price of
for delivery next December is
only 7%c. per
on
cotton
pound in the chief domestic market.
the only
great .Power
which
has
far
so
achieved that rank by exploiting the method,
The nineteenth century closed without the grati-
And that is
fication of Italy's ambition to complete the redemp-
expressed in terms of the 59c. Roosevelt dollar.
as
,tion of her territories, consolidate her frontiers or
secure fruitful colonies. She entered the great war
to consummate that ambition. Though she took
part in the resulting peace conference as one of the
lowest
The
price of American cotton in history is
commonly said to have been realized in January,
1845, when it fell to 4%c.
in
was
worth
in
money
per
pound.
But that
which the standard
100c., with gold at $20.07 per'
dollar
Bjg Pour, and succeeded in consolidating her fron-
was
tiers, she
With
ounce.
gold priced, by President Roosevelt's fiat, at $35.00
an
ounce, the present price of 7%c. is equivalent
4.33c.
to
est
1845.-
of
More
explicit and convincing
folly, of present' efforts at
to be
seem
futility," not to
the
flood
ment
over
seemed
public
our
of
European
the
news,
to join in the excite-
imminence
apparent
considerable
reason
for
appeared likely that Germany,
west
tend
behind
a
fortified
of
apprehension.
entrenched
unified
the
on
direct
over
ex-
vast
opposition.
Germany's obtaining dominion
expanse
It
frontier, would further
withcomparatively little
The chance of
there
war,
its territory to the east and south
areas
over a
containing altogether 200,000,900
inhabitants, at the
expense of smaller
less well
or
prepared countries, appeared to
observers, 3,000 or1
4,000 miles away, to be a prospect which
might well
excite the ambitions
the
immediate
of
risk
the
of
German
war
dictator
with
the
even
Western
Powers.
Similar
taken
were
by
apprehensions aroused by the measures
Italy on Good Friday against Albania
justified.
as well
as
The basic facts
the immediate
concern-
circumstances,
suggest that, in spite of its
belligerent implications,
the move was not intended
as a
step toward instant
war, but rather as a move in the less
agonizing and
less
immediately dangerous intricacies of real
politik.
-
.
The-Italian dictator has been
revival of Turkey
Asia
30,000
.
a
world
,
.
»
.
figure for
square
miles of Jubaland
self-determination
able
exceptions
applied
southern exten-
as a
applied to her
which
to4 France,
Poland.
no
except that England transferredv to her
si on of her Somalilaiid possessions.
Yugoslavia
she
Rumania,
was
mandate,
although
the
Principles of
(with
some
not-
were
not
overlooks)
Czechoslovakia and
allowed to have territory
that Italy had been promised.
She
British
Japan and Belgium received
was not
Empire,
given
a
France/
This
one or more.
was
resented by the Italians, especially as a mandatory
possesses full title to the mandated territory.
only with respect to administration that the
datory;is under obligations, and those
are
It is
man-
largely
fulfilled by merely filing annual reports with the
League of Nations.
Moreover, Poland, reestablished
dent
much less
ing Italy,
"
prompted last month, by
was
of 'the-
one
Italy's demands for compensation met with
response,
b
Italy9s Case and the Prospect for Peace
When
as
under Kemal Pasha. The loss of a share of
-Minor was a particularly heavy blow,
s
1
...
Coast, and partly because of the
say
artificial.control".yyould
unnecessary.
in her view, treated
was,
tesser Powers. Italy was not given all the fruits
of victory promised by her allies, partly because of
4 Woodrow Wilson's stand as to the Dalmatian
af the former standard, equaling the low-
level
demonstration of the complete
at
place in the councils of the
tage of the rivalries and disputes of other nations,
the
,
.
a
great European Powers, was the originator of the
/technique. Essentially it consists of taking advan-
nation,
larger
and
area
was
indepen-
an
a
much
of productive land and much greater
diversified
population
as
placed in possession of
mineral
exceeds
wealth,
Poland's
by
though
some
Italy's
10,009,000.
Similarly, greatly enlarged Rumania, with
a
popu-
lation less than half of Italy's, was allowed productive
lands
only about
a
fifth less in
area
and
greater in mineral wealth.
It
is, therefore, not surprising that the Italians,
impoverished by the war,
were so
dissatisfied with
the results of their-sacrifices that they overthrew
-
Volume
their
trol
Signor (Mussolini assumed
government.
under
mandate to restore order
a
Italy's destiny
as
great Power.
a
an
lish
country economically and otherwise
the
elaborate
lack
of
oil
out
a
or
vast
coal
no
amount for
obtain
favorable
her
to
access
torial
terms, in
or
at least the means of bar-
or
Spain
(five
and totally with-
owns,
square
as
part of her metropolitan lands,
Islands,
miles),
a
the
a
on
Islands,
a
once
more
Ceuta
free port
a
city
free port of 40,000 inhabitants situated about
135 miles east of Ceuta.
requirements
Canary
fortified post and
in Africa opposite Gibraltar, and Melilla,
and
terri-
new
economic advantages,
the Balearic
'
possess
needs.
such
the result of the goodwill of a
gaining with France and England for
for Italy to import
was necessary
as
government, Signor Mussolini planned
ritorial concessions
materials within her boun-
or copper,
new
to obtain from the Franco regime either actual ter-
a
cotton, not to mention other important
materials, it
To
raw
Greatly deficient in iron and wool,
ing practically
raw
as
Among the greatest is Italy's
industrial
daries.
grateful
develop and estab-
program
part of this program, has labored under
difficulties.
many
able economic opportunities in Spain and her colo-
nies, to be secured
Signor Mussolini, in carrying out the
great Power.
economic
observers have believed that in addition to favor-
Italians, and
through
Many
through the Straits of Gibraltar.
passage
con-
and achieve
To that end he
set himself to revive the morale of the
2329
Chronicle
Financial
148
vast
.
Spanish
The poor remnants of the
colonies
consist
of
Spanish
in foreign affairs, to the
Guinea and Islands (11,796 square miles), and Rio
de Oro-Adrar (109,200 square miles), with a white
opportunism of Cavour, adjusted to the needs of
population of less than, 1,000, on the West Coast'
sol in i
the
has had
day.
one way or
recourse,
Realizing that without strength
tunism is of little
his country
class
and lack
and air force of
navy
of economic
building
a
Her
air
force
has
Czechoslovakia's
ago
investigating the
civil
effective
air
Germans
those
were
short
assuming that Spain would be willing to relinquish
after
them. The largest of them—Rio de Oro—would
merely add to Signor Mussolini's collection of
has
England.
fleet.
French
aviation
of
A
source,
received
phase
of
pronounced the Italian
war,
The
late
unofficial
an
the
Spanish
aviators
dependable,
as
the
deserts, which he stated some years ago lie has no
war.
intention of increasing.
It is possible, however, that France might be
as
taking part in that
rated
but
not
m
inspired.
There
be
the
accretions
she
than
more
recently
square
on
treaty between France and England of April 4,
large fleet, and already has
submarines—many
most
miles), her rights thereto being founded
..
is of
sea
Accordingly,
100
while
first-
1904, and on the Algeciras General Act of April 7,
1900, signed by 13 European Powers and the
United States.
As a large source "of needed raw material for
Italy, none of these colonies would be inviting,
self-sufficiency, the
Italy.
over
from
a
Spain administers
the protectorate of Spanish Morocco (18,350
Owing to her geographical position
importance to
built and is
of Africa, south of Morocco.
oppor-
avail, he has endeavored to give
the army,
Power.
vital
another, Signor Mus-
induced to give Italy more favorable terms regardwith
ing Tunisia if negotiations on that subject were
Signor Mussolini's calculations, this strength has
begun while Italian troops continue to be in possession of Majorca, close to the direct sea route
between France and the source of about one-half
for
a
can
.some
years
no
doubt
but
that
in
line
contribiited signally in giving Italy
much better
standing in European councils.
England's historic role of wielder of the balance
of power
in Europe has for
The Italians have always felt that in 1881 the
Even before recent events it
virtually discarded.
French took advantage of the lack of strength and
obvious that her lot has
was
of her potential military man power.
number of years been
a
been
organization of the then young Italian nation when,
after repeated assurances of contrary intention by
French Foteign Ministers, France entered Tunisia
as the result of a secret understanding with Engband. In 1921 France decreed that Italian children
definitely cast
for many years
in the future, with France, Belgiumprobably The Netherlands, in event of a great
and
European war.
Based on her newly-developed
strength, Italy has given every indication that she
to take
proposes
the
great
security
of the
.over
Powers,
can
it
that role.
is
The
that
equilibrium of European forces.
one
own,
as
the
to
Ethiopian
the economic
affair,
she
hopes
such
was not
deprived her
few
years
ago,
at
eigner
secure
Versailles.
among
those countries
or
in
to
the
Crimea.
of Cavour's military
The
great cost to
citizen.
They
also
It is unnecessary to dwell here at length on the
subject of the Tunisian controversy between France
and Italy.
The fact is that Italy is endeavoring
to induce France to afford her compensation in
suggestion of
uniting, partook of that character.
Spain—reminiscent
French
Tunis—France acting on his behalf,
Similar in motive may have been the intervention
dition
a
treaty of 1896, negotiated by Italy with the Bey of
Her
the Little En-
any
becoming
claimed that France was acting in violation of the
tente, coupled with her resolute opposition to the
German-Austrian tariff union
French Soil, and that therefore no number
of lineal births in Tunisia could result in .a for-
>
position and the colonies of which she
allies
a
Italy denied any legal basis to this measure on the
ground that Tunisia, being merely a protectorate,
side, then
other, with occasional forays of her
activities,
would thenceforth be considered French nationals,
Neverthe-
the
her
born of Italian parents, themselves born in Tunisia,
only be guaranteed by the maintenance*
less, by exploiting the possibilities of
feels
of
her
weakest
probably true
Tunisia and French Somaliland for the promises
not kept at Versailles. The French probably feel
expe-
Italy of
the
Spanish enterprise can hardly be justified by
that Italy, which claims to be satisfied on that
the
idealogical motive of substituting fascism for
score
the
republican regime,
land, is asking from France much more valuable
of
or
by the ostensible object
preventing the Madrid Government from carry-
ing out its alleged intention to block Italy's free
.
by England's transfer to her of British Juba-
compensation. They also rely on the MussoliniLaval treaty of 1935, which apparently settled the
Financial
2330
Franco-Italian Tunisian
the
problem,
claims.
Versailles
unsatisfied
as
well
as
Chronicle
modify,
Italy's
Italy retorts that
April 22, 1939
or as
far as they are concerned to see modi-
fied, the status
quo as
regards national sovereignty
of territories in the Mediterranean area, and recog-
treaty is no longer in effect because the French,
by participating in the League sactions, violated
nized that the freedom of entry into, exit from, and
the
base, to
transit through the Mediterranean is of vital inter-
Moreover, they
est both to the different parts of the British Empire
tacit
allow
understanding at the
Italy
claim that
treaty's
free hand in Ethiopia.
a
Italy has had
Tunisia,
of
development
an
because
Italians
probable that
seems
fullest
the
to
pres-
far
as
possible
Albania
extent
handling
by
Italy, which,
knowrn, has made
no
for territorial
economic
importance
or
to
direct claim
British
the
far
as
as
concessions.
Empire
that,
is
the
is
recent
matter
a
by
of
universal
knowledge.
her
a
equal desire to maintain them valid
an
He did not, however, fix
date for the withdrawal of the troops in Spain,
to France.
command
Italy has, however, developed her
most
important naval base.
There
The
as a
in the
Aegean Islands.
base in Libya and
one
Recently Italy has fortified
the Island of Pantelleria in the middle of the strait
running between Sicily and Tunisia, about 60 miles
from the former and about 50 miles from the latter,
The strait
bases of
This
network
constitute, in the
Italy and; Great Britain, a
Malta and
the
route
might resblt.
from
affected, and
Signor Mussolini would
probable that it is for this
eight agreements
or
reason
that
Italy
declarations with
as
separate
a
relations of the two countries in the
The subject
Mediterranean,
Canal, Ethiopia/ the boundaries
of Ethi-
opia and rights regarding Lake Tsana and the
The subject of the
-
Spain.
Italy undertook, through Count Ciano,"
Span-
remaining Italian volunteers
forthwith leave
Spanish territory."
ing paragraph reads:
previous
no
"I
wish
territorial
or
thirdly to repeat
Government
political aims, and seek
or
zone
of
no
with regard to
metropolitan Spain, the Balearic Islands
Spanish
aims
.
;
.
intention", in the Spanish notes, and
no
quo
declaration, all used in the present tense, do
not imply obligations of a permanent character,
Already,
as
the world knows, important differences
in the practical construction given to both under-
standings
have
Count Ciano's speech,
occurred.
while reassuring in one sense, may be construed in
England and France
will
indicating that other differ-
as
Such
occur.
garded by the Italians
reaction is probably
a
as
re-
favorable to the negotia-
tions which they intend to enter into with France,
power
policy,
but in
line
with
exhaust the possibilities, for his
porary
it
„
is seeking
purpose,
association with Germany.
of
a
to
tem¬
The idealogieal
affinity is probably regarded by the Italian statesmen as
merely the
means to an
end.
It
may
be true
tier, Italy will never participate in
that country.
a war
against
It is, undoubtedly also true that iir
view of her long exposed . coast line and lack of
i'aw
materials, which Germany could probably not
furnish
her
in
sufficient
quantities,
to
mention
only two of her principal present weaknesses, Italy
is not
of
a
so situated as to be able to bear the brunt
combined attack and blockade by the British
and French navies and air forces, not to speak of
their armies.
Italy's perennially unfavorable trade balance
was,
for the first 11 months of 1938, 738,409,000 lire—an
improvement
of
some
2,480,000,000 lire
over
the
corresponding period of 1937, but still important,
or
The budgetary deficits for the three years 1935-37
aggregated 30,971,000,000 lire, and the 1938 deficit
keeping
any armed forces
of said territories."
The first of, the
agreements was a reaffirmation
of the declaration of Jan.
2, 1937, made by the two
governments, whereby they disclaimed any desire to
The probabilities are that Signor Mussolini has
wot renounced his plan to exploit the balance of
Morocco, and that they have
intention whatever of
any
will
The conclud-
assurance that the Italian
privileged economic position, in
either
Red
exchange of notes related
that "at the moment of the
termination of the
ish civil war all
have
was
agreements and declarations concerned the
the Suez
.
self-contained I- that, since Germany is now on her northern fron-
and
instrument, and also exchanged potes.
Sea.
war
not be follow-
Kingdom last April, each of which
regarded
of the
.
"disclaim any desire" in the Mediterranean status
-
be little doubt that Great Britain
astute policy if he forced England's hand,
entered into
be
.
vantage of the agreements Italy has made with
England.
-
can
the United
no
since otherwise the latter might take too much ad-
would consider her vital interests
pt is
.
4"
"have
as
there to
sea
Were
from
a very
..
\
of such terms
Italy, in addition, to attempt to
Spain rights to Ceuta, opposite Gibral-
Port Said.
tar, there
use
.
ences
bakes would
of
between
war
on
secure
easily be controlled from the air
Sicily, Sardinia and Libya.
of
event
threat
also
can
and
also
are
pani in Sicily, a£ well
no
less than Great Britain, his Government
no
and it is probable that his Government will in the
Messina, Augusta and Tra-
in
his
April,
He stated that nothing has hap-
claimed Italy had done.
Until
Italian naval bases at
the
of
and in function by observing all their clauses, as he
port at Taranto, in the heel of the Italian boot, as
my
of the
interval endeavor to develop its position in respect
means
Canal, Great Britain appeared to be in
to
conclusion
of her bases at Gibraltar
years,
of that situation.
to
the
Malta, and her military control of the Suez
and
ing
in
the maintenance
regarding
mated with
route
through the Mediterranean from Gibraltar to Port
Said
Corporations
attributed great value to those accords, being ani-
The vital
of
of
pened which could justify modification thereof, and
more
Great Britain
on
Chamberlain
Mr.
speech
1938, agreements.
However, Great Britain will require much
delicate
writh
before
'
liquidating her position in Spain.
Chamber
Italian
the
to
.and Senate, declared that his Government agreed
France is
as
Last Saturday Count Ciano, in his speech about
•
one.
Italy will endeavor to
exploit the Spanish situation,
concerned,
inconsistent with each other,
have
always outnumbered the French there, at the
ent time to the extent of about two to
It
and to Italy, and that these interests are in no way
outstanding role in the
may
the
have equaled that figure.
coming fiscal year foresee
The estimates for
a
deficit of 4,755,-
000,000 lire,
Thus Italy would hardly seem to be ready for
war
against such powerful antagonists
as
a
England
Volume
and
Financial
148
France.
NEW CAPITAL ISSUES IN THE UNITED KINGDOM
She
is, however, powerful enough to
operate in the field of international politics,
is
evidently
2331
Chronicle
to do
eager
[Compiled by the Midland Bank
and
1936
March
the
relations
between
the
two
countries,
and
designed
menaces,
its
with
possibilities
strategic
A pril
to restore to the dictators, without
May
had captured. These moral factors are
November..
vital
with
case
August
therefore, that, according to
217,221,225
undoubtedly
170,906,191
December
may
GEOGRAPHICAL
DISTRIBUTION
UNITED
ernment, regard
our
of real
politik known
view its
more
and
Signor
In their
The
1,015,000
2,273,000
13,000
4,885,000
1,634,000
26,672 ,C0O
4,032,000
2,402,000
33,105,000
311,000
10,213,000
360,000
3,931,000
December..,
4,728,000
16,591,000
8,149,000
11,202,000
1,763,000
1,611,000
1,781,000
10,928,000
9,322,000
Year...
92,746,000
3 months........
of
May......
July
bird in the bush*
It
August
September..
would
surprise few in Italy if the principal effect
of the
move
October....
November..
Signor Mussolini's policy entails
risk for his
a
the
on
;'C A. V.;
27,000
594,000
28" 000
421,000
371666
331,000
100,000
516,000
1.152,000
274,000
458,000
20,826,000
622,000
5,039,000
27,398,000
8,509,000
15,188,000
2,184,00r
1,648,000
2,628,000
12,802,000
9,596,000
4,067,000 118,098,000
1939—
considerable
February—
March.....
However, if he succeeds in obtain¬
3 months
13,858,000
8,132,000
3,584,000
1,159,000
26,000
221,000
2,897,000
4,770,000
10,274,000
6,973,000
2,649,000
January
country, and is certainly a disturbing
factor in E urope.
7,200,000 170,906,000
7,465,000
19,248,000
6,392,000
sugges¬
move
23,304,000
2,402,000
March
tion
'
96,000
945,000
3.000,000
87,000
February.
June......
■
53,000
586,000
6,520,000
13,847,000
6,305,000
January
to them, thus offered without explora¬
counter
11,411,000
138,768,000
....
seems
a
1,125,000
1938—
ably
order of the Albanian affair.
4,481,000
24,515,000
20,305,000
7,141,000
1,964,000
13,855,000
12,400,000
17,825,000
"2",000
April......
is to draw out
678*000
•
eventually interesting, prob¬
a
11,947,000
830,000
680,000
December..
may prove
possibilities,
49,543,000
20,000
32,000
November.
tion, which
the
425,000
4,792,000
13,141,000
11,372,000
10,667,000
.
economic conference
6,453,000
2,097,000
October
merely forums where General Staffs strive to out¬
other.
27,614,000
10,672,000
11,257,000
407,000
,1,000.000
396,000
141,000
August
Disarmament conferences have in the past proved
wit each
17,000
65,000
7,135,000
8,313,000
22,611,000
14,558,000
6,503,000
1,867,000
...
Year
•
Total
1,467,000
July.....
pressure:politics
''
•
£
2,405,000
2,581,000
June
Italy by negotiations initiated under
policy.
Countries
£
34.000
3 months.
May.
international
Countries
31,000
April....
English, and thus to make much
Mussolini's
Ceylon
42,601,000
March
September
for
Foreign
24,802,000
8,043,000
9,756,000
...
February
difficult the accomplishment of anything sub¬
stantial
■
Other British
£
January..
in that policy
"encirclement."
IN THE
ISSUES
KINGDOM, BY MONTHS
Kingdom
object is to place America's strength behind
French
the
as
move
a
118,097,565
CAPITAL
NEW
India and
1937—
President's communications of
as
OF
'
United
Italians, irrespective of the reaction of their Gov¬
last week to the dictators
2,896,764
[Complied by the Midland Bank Limited]
reports, the
newspaper
7,141,184
1,963,697
13,855,183
12,400,174
17,824,624
not surprising,
It is
5,038,715
27,397,880
8,509,247
15,188,116
2,184,057
1,648,504
2,627,853
12,802,202
9,595,909
9,546,101
26,943,859
20,939,125
20,211,176
October
Germany, the time element is of
importance to Italy.
24,887.194
11,410,592
24,514,648
20,305,459
24,402,925
6,194,413
September.-
be the
33,105,082
11,947,382
'
18,410,698
July
Whatever
11,257,125
19,505,122
...
June
affecting immediately Great Britain's vital inter¬
great value to Signor Mussolini.
13,858,372
8,132,058
49,543,248
10,456,037
_
ests, the initiative and prestige Mr. Chamberlain
of
£
7,464,872
19,248,438
6,391,772
27.614,265
10,671,858
ad¬
was
3 months
mirably
£
60,611,769
February..
1939
1938
£
33,963,149
19,687,120
6,961,500
January...
practice in
ture, a change more in theory than in
1937
£
The Albanian adven¬
so.
BY MONTHS
Limited]
221,000
24,887,000-
•.
19,896,000
ing by negotiation, or under pressure of his associa¬
tion with
sions
Germany, and possibly Spain, the
he seeks from France
must do
so
soon
if at
and
all, the result need not
calamitous.
The Course of the Bond Market
>
conces¬
England, and he
This w'eek has
seen
a
very
rising trend
v:f*:
firm market in Government
1939 top levels and a moderately
bonds with prices at new
prove
corporates.'
among
Whereas high-grade cor-
porates remained at about last week's
■■
utilities
H
and
industrials
prices, lower-grade '
headway and gained some
made
ground, with fails lagging and somewhat uncertain.
New Capital Issues in Great Britain
Prices of
high-grade railroad bonds have improved.
Union
% to 113%, while Vir¬
The following statistics have been compiled by the Midland
Bank Limited. These compilations of issues of new
capital*
ginian 3Ms, 1966, closed at a new 1939 high
which
Mediufn-grade and speculative rails have displayed gains
of 107%, up 1.
in
spite of the comparatively low level of carloadings caused by
subject to revision, exclude all borrowings by the
are
British
Pacific 1st 4s, 1947, have advanced
Government
for
purely financial
purposes;
shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of
already issued
the
securities which add
Railway 4s,
1960, at 40% gained 2% points.
company
version
nothing to the capital resources'of the
whose securities have been offered; issues for
and
redemption of securities previously held in the
United Kingdom; short-dated bills sold, in anticipation of
long-term borrowings; and loans of municipal and countythe figures are
are
based
not specifically limited.
In all
cases
the prices of issue.
upon
coal
strike.
2 points at 48%.
Southern
1956,
Pittsburgh & West Virginia 4%s,
i "
week
High
grades have been generally steady with only fractional de¬
clines registered more recently.
Lower grades have tended'
upward with Associated Telephone & Telegraph 5%s, 1955,
at 76, up 234, and Gentral Power 5s f 1957,'at 87%, up 4%;
sympathetic with and responding to recovery in the stock
The
con¬
or
authorities which
bituminous
were up
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
utility bond market has been rather dull this
price changes have not been particularly marked.
Court
market.
[Compiled by the Midland Bank Limited]
Transit
decisions
affecting
Interborough
Rapid
Company, Manhattan Railway Company and York
Month of
March
3 Months to
Year to
March 31
March 31
1919
£ll,8o2,000
£39,886,000
£101,073,000
1920
69,356,000
25,518,000
147,016,000
344,671,000
1921
58,350,000
1922
24,867,000
93,207,000
1923
14,880,000
13,324,000
45,889,000
295,545,000
250,643,000
188,350,000
47,253,000
205,123,000
21,737,000
57,399,000
233.692,000
23,902,000
240,526,000
speculative classifications.
258,183,000
baker 6s,
national Mercantile Marine 6s, 1941, were up
1924
1925.
1927
34,714,000
78,028,000
82,945,000
1928
41,695,000
103,362,000
1929..
33,781,000
114,247,000
26,384,000
1926
*_
69,464,000
13,447,000
45,386,000
week, with
212,081,000
12,104,000
26,995,000
70,275,000
1933.
13,448,000
28,925,000
114,969,000
7,081,000
12,386,000
24,943,000
41,599,000
6,961,000
60,612,000
11,257,000
49,543,000
6,392,000
2,897,000
33,105,000
1934
1935
1936
...
1937
1938—
:
1939-.......
-
24,887,000
Better
the best
gains scored in the lower-grade and
Among the latter, the Stude-
1945, gained 3% points at 76%, and
the Inter¬
2 points at 52.
medium-grade steel company obligations have been
generally higher, with most gains being confined to fractions,
but in the lower medium-grade classification the Republic
128,88o,000
166,846,000
201,365,000
206,153,000
154,468,000
109,880,000
/
displayed toward the close of the
week, industrial issues have been generally higher for the
208,967 000
1931
1932
Company brought securities of these companies
prominence.
With moderate strength
335,131,000
373,404,000
1930
Railways
into
4%s, 1961, showed
*
a
Petroleum company
gain of 3% points at a price of 88%.
obligatipns have been steady, to frac¬
tionally higher, the Firestone 3%s, 1948, in the rubber group,
Financial
2332
recovered to
company
104^ for
obligations
a
playing
off fractionally; and in the metal
moderate decline, doubtless reflecting
general
trend for
further
weakness in copper prices.
a
The foreign list has
been under early pressure which
and Italian bonds have been
to
extent from
some
sions.
Belgians
but
Danish
1939
V. s.
Govt.
given in the following tables:
are
MOODY'S BOND YIELD AVERAGES t
{Based on Individual Closing Prices)
120 Domestic Corporate •
120
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
All
Baa
RR.
V.
119.03
Aaa
114.93
100.53
82.40
89.10
109.06
112.25
20—
115.11
102.84
119.03
114.93
100.35
82.60
89.10
109.24
19—
115.05
102.00
119.03
114.93
100.35
82.27
88.95
109.05
Cor v.*
Aa
A
P.
Corp.
Corporate by Groups
tic
Averages
Indus.
102.00
Bonds
—
120 Domestic
by Ratings
Domes¬
tic
115.13
Averages
Apr. 21
120 Domestic Corporate
120
1939
Daily
.
bonds recovered
Moody's computed bond prices and bond yield averages
issues
(Based on Average Yields)
Daily
Japanese
only part of their earlier losses.
MOODY'S BOND PRICES f
AU
break of several points
a
and Brazilians continued mixed.
tone in the closing ses¬
impressively
Colombians
improvement developing in Argen¬
some
Dominicans suffered
tine issues.
re¬
German
heavy losers but they benefited
the improved
rallied
Australian bonds participated
obligations Chilean issues continued weak.
can
have been firm with
sulted in fresh weakness in almost all departments.
gains with Norwegian obligations dis¬
irregularity.
some
1939
only moderately in the late rally while among South Ameri¬
the Phelps Dodge conv. 33^s, 1952, went against the
group
April 22,
failed to register any
gain of 1% points; but meat packing
were
Chronicle
3.85
3.03
20—------
3.84
3.03
19-
3.85
3.03
3.35
4.68
3.51
5.14
4.68
3.50
3.98
3.22
—
5.16
3.98
3.22
112.25
Indus.
U.
P.
3.97
3.22
112.25
RR.
Baa
A
Aa
Aaa
—------
21
Apr.
5.17
4.69
3.51
3.35
3.35
'
18..
115.04
102.48
118.81
114.72
100.53
82.13
88.95
108.85
112.25
18-
17-
115,03
102.00
119.03
114.72
100.53
82.13
88.95
108.85
112.25
i7.:
15-
114.85
102.48
118.81
114.51
100.35
82.13
88.95
108.85
112.00
114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
114.78
102.48
119.03
114.72
100.35
82.00
89.10
108.85
111.64
13.
12— 114.04
102.12
118.81
114.51
100.00
81.61
88.65
108.66
111.64
11— 114.50
101.94
118.81
114.30
100.00
81.09
88.07
108.46
111.64
11
10—
114.50
102.12
118.81
114.30
99.83
81.48
88.36
108.66
111.64
10
8—
114.00
102.30
118.81
114.51
100.35
81.87
88.80
108.66
112.05
8
7—
-
Stock
6— 114.85
102.84
119.25
Exchan ge
'
3.04
3.23
3.97
5.18
4.69
3.52
3.35
3.85
14
13—
3.86
—
15
14—
—
3.03
3.23
3.97
5.18
4.69
3.52
335
3.98
4.69
3.52
3.36
3.99
5.22
4.71
3.53
3.37
3.23
3.98
5.19
4.68
3.52
3.38
3.04
3.24
4.00
5.22
4.71
3.53
3.38
3.04
3.25
4.00
5.26
4.75
3.54
3.38
3.88
3.04
3.25
4.01
5.23
4.73
3.53
3.38
3.87
12
3.24
3.23
3.03
3.88
—
3.03
3.86
3.89
—
3.04
3.87
3.04
3.24
3.98
5.20
4.70
3.53
3.36
3.86
-
—
r
■
Clos ed
1
7—
114.72
100.70
82.66
89.40
108.85
112.45
3.84
3.02
Clos ed
Exchan ge
Stock
6
•
5.18-
3.23
5.14
3.96
4.66
3.34
3.52
115.02
103.38
119.25
114.93
101.41
83.00
90.44
109.05
112.66
5
3.81
3.02
3.22
3.92
5.07
4.59 *
3.51
3.33
4— 115.00
3„ 114.99
103.50
119.47
114.93
101.23
83.87
90.75
109.05
112.06
4
3.80
3.01
3.22
3.93
5.05
4.57
3.51
,3.33
103.74
119.47
114.93
101.58
84.28
91.20
109.24
112.66
3-.
3.79
3.01
3.22
3.91
5.02
4.54
3.60
3.33
1
103.74
119.03
114.93
101.23
84.55
91.05
109.05
112.00
1
3.79
3.02
3.22
3.93
5.00
4.55
3.51
3.33
3.91
4.98
4.52
5—
V
'
114.79
—
Weekly—
Weekly—
Mar. 31—
114.85
24..
115.14
84.83
112.86
Mar. 31
3.02
3.21
114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
17— 114.04
104.07
119.92
114.93
102.30
86.07
92.43
109.04
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10—
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10—
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
114.79
103.93
119.25
102.30
91.51
109.24
120.14
114.72
102.30
85.62
91.97
113.48
113.38
103.38
119.09
114.30
101.00
84.14
90.14
109.05
113.27
Feb. 24
17—
113.30
103.38
119.09
114.30
101.23
83.87
89.99
109.05
113.27
113.21
—
3
Feb. 24—
3.78
3— 113.59
104.48
109.64
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
3.81
3.00
3.25
3.94
6.03
4.61
3.51
3.30
3.81
3.00
3.25
3.93
6.05
4.62
3.51
3.30
10
17-.*
103.20
119.09
114.09
101.00
83.60
89.69
108.86
113.10
102.84
119.47
113.08
100.88
83.19
89.10
108.66
113.48
112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
112.86
20— 113.18
119.09
113.48
89.55
108.66
113.48
119.47
113.07
101.00
100.53
83.87
112.93
103.20
102.00
83.00
89.10
107.88
113.27
0— 112.95
102.48
119.25
112.25
100.53
83.00
88.80
107.69
112.86
High 1939 115.11
105.41
120.59
115.35
103.02
87.21
93.53
110.04
114.09
-
High 1939
10—
•
S.¬
Jan. 27
13
•
»
—
3.32
3.50
112.46
3.82
3.00
3.26
3.94
6.07
4.64
3.62
3.29
3
3.84
3.01
3.28
3.95
6.10
4.68
3.63
3.29
27
3.89
3.03
3.31
4.01
5.19
4.70
3.67
3.32
20
Jan.
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
3.89
3.05
3.37
4.01
5.26
4.76
3.60
3.38
3.29
'
13
•
-
6—,
,
Low 1939 112.69
101.94
118.00
111.84
99.83
81.09
87.93
107.30
111.64
Low 1939--1
3.70
2.96
3.20
3.83
4.81
4.39
3.46
3.26
High 1938 112.81
Low 1938 109.58
101.70
118 00
111 43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.08
6.98
6.11
4.23
3.76
88 80
112 45
102.00
89.10
02.70
71.15
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.01
3.36
91.81
113.27
105.04
92.28
67.18
74.21
98.80
107.30
Apr. 21, 19,38
4.50
3.30
3.72
4.47
6.50
5.83
4.07
3.60
3.93
3.38
3.55
4.00
4.78
4.22
3.95
3.62
1
Yr. Ago
1 Year Ago—
Apr.21'38 111.18
2 Yrs.Ago
2
107.08
Apr.21'37
101.23
111.64
108.27
100.00
87.04
'
96.28
106.92
100.88
"Ago-r-
Years
Apr. 21, 1937.
t
-
.
*
These prices are computed from average yleldB on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
.
t The lastest complete list of bonds used In computing these Indexes
was
published In the Issue of Feb. 18. 1939, pages 939 and 940.
Indications of Business
THE
STATEIOFJTRADE—COMMERCIAL
EPITOME
Friday Night„ April 21, 1939.
Business
week
activity
and operators
ers
showed
surprisingly
up
in spite of the continued deadlock
the past
well
between coal min¬
in the Appalachian area and threats of
further
complications in the anthracite areas.
The strike
is undoubtedly having a telling adverse affect in many quar¬
ters, and its grave possibilities are by no means lost: sight
of
by
Government
leaders.
It
believed
is
catastrophe.
drastic
some
steps will be taken before the situation becomes
a
national
The European situation is still giving cause
for much concern.
Yet in
spite of these highly disturbing
factdrs there is much in the business picture that is more
or less heartening.
The "Journal of Commerce" index of
business activity for the week ended April 15 shows a slight
gain
over
the previous week, the latest index figures being
79.9 against a revised figure of 79.4 for the previous week
and 70.2 for the corresponding period of 1938.
According
-to
this
declines
for
Activity
The construction total
$993,540,000, is 22% above the
$813,039,000 reported for the corresponding period last year.
The year's total is made up of $742,543,000 in public awards,
66% higher than a year ago; and $250,997,000 in private
construction, 31% below 1938.
Public awards for the cur¬
rent week are 72% above a year ago, but 26% under last
week.
Private construction is 29% and 53% lower, respec¬
tively, than last year and last week.
Production of elec¬
tricity by the electric light and power industry, in the
United States totaled 2,170,671,000 kwh. in the Week ended
April 15, compared with 1,957,573 in the like 1938 week, an
increase of 10.9%, the Edison Electric Institute reported
this week.
Output for the latest week was slightly less
than in the preceding week, when the total was 2,173,510,000
kwh. against 1,980,447,000 kwh.
in the comparable week
last year, an increase, of 9.2%.
Car loadings of revenue
topped their respective 1938 values.
the
for
16
weeks
of 1939,
freight for the week ended last Saturday advanced slightly
operations
from
the
output more than offset gains for automotive
activity and crude runs to stills and a slightly higher bitu¬
ment
aggregating
minous
preceding week.
and
source,
loadings,
car
steel
electric
12,346
coal output.
Excepting structural steel and tinplate, most steel products are in lighter demand, accounting
cars,
for the fifth consecutive
of
weekly drop in the operating rate
industry to 50.5% at midweek, "Iron Age" reports.
Aggregate orders of some of the companies, the magazine
of the
states, were 10% to 20% lower for the first half of April
than in the comparable period of March.
"The uncertainty
which is affecting all branches of
industry is reflected in
scrap
markets,"
the
points
survey
"The
out.
sharpest
cars,
shutdown
the total
the
Railroads
April
1
about
a
situation
more
policy
among some of the steel
time since war preparations in
to
reach
conservative
companies.
For
an
agree¬
operating
the
first
Europe
have been received
in the United
were begun inquiries
States for sizable quanti¬
ties of shell steel and other munitions material.
coming chiefly
from
England
and
These
are
Canada."
States
week,
not
week
in
which
current
totals
have
a
of
the
ago,
and
a
with 1937.
in
the
decrease
The coal
loadings with
decline of 32,965 cars from
A total of 5,104 new
year.
put into service by the Class I railroads
4,362
alone.
the Class
In
freight
new
Of
today.
reported
March
in
and
cars
I
Canada
generally
schedule.*
is
successive
year
itself
reflect
showing
traffic
the
also a rise of 10,231
railroads
the
the
first
were
had
2,382
total,
quarter
were
of 1938
a
put into service.
On
freight
cars
6,502
new
order, compared with 6,788 a month earlier and 5,825 a
year ago.
Automobile and truck production in the United
units
fifth
a
the total move¬
an increase of
on
Engineering
construction awards for the week,
$53,947,000, are 37%
above the volume for the corresponding 1938 week, but
33%
below last week, "Engineering News-Record"
reports. This
the
to
cars,
were
with
were
25.6%, compared
or
was
during the first quarter of 1939, the Association of Amer¬
ican
ferees
brought
compared
The loadings
continued
cars
of
the bituminous coal
2.3%,
loadings of the preceding
freight
total
in
cars,
55,049
installed
has
or
This
547,816 tars.
1.9%, compared with
or
198,707
break in the composite scrap
price, amounting to 65c. a ton,
has brought the index down to $14.42.
Failure of the con¬
ment
loadings of the preceding week,
at
the
Chrysler Corp.
took
because
Plymouth
This
was
Reports,
Inc.,
units,
rise of 32,917
a
greater
reflect
a
an
which
unexpected
upward
turn
reported by Ward's Automotive
said that
output amounted
units from
a
,
year
ago,
to 90,280
and
week's increase
general upward trend, the report added.
than
last
this
establishment of five-day
and Dodge divisions of the
of the
week.
The
2,280
does
The
Volume
future
near
rate of
Financial
148
of
trend
awaiting improved weather to measure the probable spring
sales
the
rise.
is
output
the
the
In
factories
at
meantime
this
in
city
orders
in
being received by
are
steady
The current
volume.
above
slightly
best levels for this year,
the
previous high of 90,205 units in the week ended Jan. 21.
Amer¬
The Agricultural Department estimated today that
ican
received
farmers
benefit payments
13%
cash
including Government
income,
of $582,000,000 in
increase of
Normally the
March,
an
February's estimated $486,000,000.
over
Each month that passes without the
be governed by the
production will
incoming orders, and automotive executives now, are
2333
Chronicle
initiation of a vigorous increase in
will
corporate financing decreases the probability that this recovery
new
become self-sustaining,
executives are discussing
for already corporation
possible desirability of postponing new financing until next year when
the
be less menacing, and political prospects
international tensions abroad may
at home will have become easier to
Meanwhile retail trade is a
interpret.
automobile sales are running far ahead of those of last
little disappointing,
but rather below the volumes recently expected, and industrial activity
year
has declined a little each month since last December.
quarter of last year were
Industrial and commercial profits in the last
encouraging, and so are those of the first quarter of 1939, when the
volume of activity is
moderate
taken into consideration.
trend of farm income is downward from February through
March.
Heavy sales of live stock and live stocks' products
income
estimated
for
$95,000,000 in
was
income for
cash
Farm
the
at
last
period
benefit payments.
of this year was
first quarter
$1,687,000,000,
same
$192,000,000
Government
the
Government payments
this
week
of
considerably larger than the $108,000,000
were
received in the first quarter of last year.
trade
$1,679,000,000
with
compared
year,
stood
still,
with
-
Volume of retail
promotions and
special
clearances about
offsetting effects of bad weather, Dun &
Bradstreet,
Inc.,
reported today.
Reports from
cities
throughout the country revealed that floodst unseasonable
while
rain and wind storms figured as factors,
shoppers appeared to be without incentive to do more
than
supply
temperatures,
their
ruled
immediate
the
wholesale
indexes of business
Caution
needs.
markets,
is
reported
the
while
country as a whole, retail volume was estimated 2% to 6%
above the same week of 1938.' Floods in the Middle West
gains in
floods
that region
featured
the
to
5%.
during
the
to 2%
weather
Tornadoes
.
and
week.
At
past
least 45 persons were killed and 336 injured in five South¬
States
ern
as
a
result
of
tornadoes.
The series
fire twisters left 24 dead and 223 hurt in
dead and 33 injured in Oklahoma;
ana
injured in Alabama.
in
seven
seven
and 24 in Louisi¬
Tennessee reported
least 20
at
tornado damage
community, but
no casualties.
Total property dam¬
estimated at close to $1,000,000.
A record April
rainfall had driven lowlanders from their homes along the
one
age
was
middle reaches
cast
60
of
crest
•
for
Ohio
of the
feet—eight
Cincinnati.
River
early this week, with
above flood
Tributaries
level—officially
boiled
with
the
a
fore¬
run-off
along the Ohio, Kentucky and West Virginia borders, where
precipitation for three days exceeded four and one-half
inches.
According to Government advices, the weather of
the
week
just
closed
was
an
almost
exact
duplication
of
the unfavorable
too
cold
conditions that prevailed last week, again
wet for germination of early planted spring
and
cars,
the Association of American Railroads
April 20.
on
1937.
was
Loading of revenue freight for the week of April 15
increase
an
week.
ing
Miscellaneous
the
above
cars
of
12,346
freight lading totaled 250,101 cars, an
Loading
of
3,407
Coal
in
714
week, but
and
the
above
cars
followed
tonight,
by clearing, without muchOvernight at Boston it was 46 to 62
degrees; Baltimore, 46 to 64; Pittsburgh, 40 to
land, Me., 36 to 56 ; Chicago, 44 to 58; Cincinnati,
Cleveland, 44 to 54; Dertoit, 42 to 56; Charleston,
Milwaukee, 40 to 54; Savannah, 56 to 70; Dallas,
50;
Port¬
44 to 58;
60 to 68;
50 to 78;
Kansas
City, 42 to 56; Springfield, Mo., 38 to 56; Oklahoma
City, 42 to 68; Salt Lake City, 42 to 70; Seattle, 48 to 74;
Montreal, 36 to 46, and Winnipeg, 20 to 42.
but
week,
preceding
1938.
week in
30,932 cars, an increase of
decrease of 283 cars below
a
Districts alone,
the Western
In
248
above
the
above
cars
Live
the
corresponding week in 1938.
loading amounted to
stock
the
above
cars
week of
the
for
the
an
1938.
28,024 cars, an increase of 1,158 cars
loading totaled
increase of 2,602
11,259
care,
loading amounted to
preceding
in
increase of 2,602 cars above
an
week,
.,
but
an
5,839 cars,
increase
a
decrease of 185 cars below the
above the corresponding
1,718 cars
of
1938.
districts
Pocahantas,
the
except
reported
increases
with
the
,
■
,
'
.
•
4 weeks in
February.."
..
weeks in March
i
_.
Week ended April 1
2,302,464
2,297,388
2,390,412
604,241
2,256,717
2,763,457
2.222,939
523,489
522,049
537,585
2,986,166
721,229
8,677,791
.
8,218,315
railroads to report for the week ended
The first 18 major
preceding week and 251,748 cars in the seven
16, 1938.
A comparative table follows:
the
new
during the first quarter of the year,"
commitments has
says
Col. Leonard
company's "Business Bulletin," issued April 15." According
to Col. Ayres, "Our greatest need now is more production,
and especially more of the sort of production that goes into
new plants, more modern equipment, expansions, additions,
improvements, and betterments."
"Such undertakings are
financed by the sale of corporate securities," he says, "and
such sales are made when executives have confidence in
prospects
REVENUE FREIGHT LOADED AND RECEIVED
FROM CONNECTIONS
(Number of Cars)
t
on
Own Lines
Apr. 15
Apr. 8
1939
Received from Connections
Weeks Ended—
1939
existence
for profits,
Col.
From
and when investors share that
observations
Ayres'
we
also
of widespread reluctance to assume new risks cannot
abroad have followed one another in
while at home it has
that
Apr. 16
1938
17,946
5,733
5,429
4,525
1.
20,989
20,569
7,035
23,062
12,242
13,580
6,813
16,136
5,901
6,500
13,721
13,582
6,886
12,685
7,796
5,821
6,051
7,681
1,567
Chesapeake A Ohio Ry
New York Central Lines
.
1,704
,2,201
3,638
1,916
3,670
1.324
2.325
2,787
2,756
11,299
33,248
4,802
5,729
46,165
7,871
30,524
7,660
25,432
3,988
7,994
8,160
14,551
47,461
3,749
3,810
31,965
4,408
4,702
5,886
46,284
Pennsylvania RR,.
11,519
4,635
29,637
6,993
1,390
27,582
2,559
2.388
6,643
30,220
7,752
3.389
30,641
4,077
3,869
Marquette Ry
Pittsburgh A Lake Erie RR
3,197
4,174
1,695
2,422
3,409
24,914
24,077
8,178
7,870
8,057
5,044
4,918
4,695
7,367
7,598
6,558
5,044
--
--
.
4,241
26,553
Pere
Southern Pacific Lines
5,123
242,561 238,025 251,748 148,798 156,616 151,819
Total
TOTAL
3,437
33,079
...
Wabash Ry
9,195
3,102
11,608
N. Y. Chicago A St. Louis Ry
Norfolk A Western Ry
9,007
3,832
Missouri Pacific RR
6,665
6,928
12,183
1,903
Missouri-Kansas-Texas RR
16,340
12,540
3,166
Great Northern RR
17,074
12,789
Gulf Coast Lines
International
12,411
17,710
Chicago Burlington A Qulncy RR.
Chicago Mllw. St. Paul A Pac Ry
Chicago A North Western Ry
LOADINGS
AND
RECEIPTS
be
FROM
CONNECTIONS
might be helpful to business could be expected from the Congress.
scarcity constitutes
number and small in size, and
the least cheerful feature of domestic business.
If recovery is to continue,
and if it is to become self-sustaining, it must be
supported and impelled by an increasing flow
private industries,
of
new
funds attracted into
and these funds must be sufficient in volume to take the
contributions of pump-priming as the expenditures from those
appropriations taper off.
place of the
Weeks Ended—
/
"
'
'
April 15, 1939
rapid succession since last autumn,
become increasingly apparent that little new legislation
productive enterprise, have been few in
that
Apr. 8
1939
18,342
this, for the alarm of threats of
Capital issues of corporations, sold for the purpose of securing new money
for
*
(Number of Cars)
considered astonishing in such a period as
war
Apr. 16 Apr. 15
1939
.1938
19,558
quote:
The
days
ended Aprjl
Baltimore A Ohio RR.......
Ayres, Vice-President of the Cleveland Trust Co., in the
the
10,642,903
Atchison Topeka & Santa Fe Ry.
general reluctance to enter into
confidence."
.
April 15, 1939 loaded a total of 242,561 cars of revenue
freight on their own lines, compared with 238,025 cars in
Is More Production, Especially in New
characterized business sentiment, and the actions of business
P.
711,079
746,523
•
547,816
Total-....
2,714,449
2,155,536
*
535,470
—
1937
1938
1939
4 weeks in .January
Need Now, Says Col. Ayres of Cleveland
Financing
men,
compared with
All districts reported decreases compared
corresponding week in 1937."
corresponding week in 1938.
the
Plants—Also Stresses Need of Increase in Corporate
"A
above the cor¬
cars
Weeks Ended—
Trust Co.,
increase of 1,842
1938.
week in
All
cars,
week, and an increase of 3,446 cars above the corresponding
the preceding
week
increase of 1,955 cars
an
increase of 1,419 cars above the
and an
preceding week, and an
responding week in 1938.
Ore loading amounted to
Coke
totaled 9,889
15,
preceding week,
Forefet .products
above
April
week in
corresponding
cars,
increase of 1,232 cars above the cor¬
In the Western Districts alone, loading of live
responding week in 1938.
stock
12,483
and an
preceding week,
Loaded
Our Greatest
grain
grain products loading for the week of April 15 totaled 19,003 cars,
of 692 cars above the preceding week, and an increase of
increase
an
Week ended April 15
cloudiness
"
.7
products loading totaled
grain
corresponding
and
55,049 cars, an increase of 8,598 cars above
decrease of 32,965 cars below the corresponding
a
1938.
Grain
the
carload lot freight totaled 154,129
preceding week, but an increase
than
above the corresponding week in 1938.
cars
loading amounted to
the preceding
week
merchandise less
of
decrease of 3,626 cars below the
a
ing from 50 to 56 degrees.
change in temperature.
increase of 1,130
preceding week, and an increase of 31,074 cars above the
4
for increasing
2.3% above the preced¬
or
corresponding week in 1938.
temperatures prevailing during the early part of the week.
Today it was fair and warm here, with temperatures rang¬
was
cars
The Association further reported:
***,• "***■"'"
The forecast
increase of 10,231
This was an
or,
and preparation of the soil in many sections of the
country. In the New York City area the weather was more
or less unsettled, with very heavy rains at
times, and cold
crops
in
1.9% above the corresponding week in 1938 but a
decrease of 198,707 cars or 25.6% below the same week in
cars
rapid-
Arkansas;
six and 36 in Texas, and one dead and
;
of
547,816
announced
general
were
mostly in decline due, the credit
agency believed, to the shutdown of coal mines.
For the
•held
Freight Car Loadings Total 547,816 Cars
Week Ended April 15
Loading of revenue freight for the week ended April 15
totaled
cars,
have
to
Revenue
Included in the March
largely accounted for the increase.
Chicago Rock Island A
Illinois Central System
St. Louis-San
Total
April
8, 1939
April 16, 1938
Francisco Ry.
-
21,947
21,590
21,442
27,317
Pacific Ry.
26,753
24,259
11,661
11,168
10,918
60,925
59.511
56,619
undertake to show also the loadings
for separate roads and systems for the week ended April 8,
1939.
During this period 90 roads showed increases when
compared with the same week last year;
In the following we
Financial
2334
REVENUE FREIGHT LOADED AND
Total Revenue
from Connections
1937
1938
1939
1939
1938
568
561
578
997
886
Mobile & Ohio
1,681
7,346
1,544
2,275
6,480
1,492
2,270
8,575
1,287
226
204
Nashville Chattanooga & St. L.
10.187
1,839
9,171
1,373
14
24
22
43
48
1,310
4,671
10,073
1,208
1,512
4,956
6,407
.7,233
12,007
296
352
385
Detroit Toledo & Ironton—....
2,338
1,413
3,166
Detroit <fc Toledo Shore Line—-
266
208
384
11,950
4,156
10,506
14,530
5,051
10,050
1,870
1,182
6,991
2,980
Bangor & Aroostook
Maine..
Chicago Indiana polls <fc Loulsv.
Central Indiana
Central Vermont
Delaware <fc Hudson
Delaware Lackawanna & West.
Detroit & Mackinac
--
Erle
Grand Trunk Western
216
-
1—
Maine Central
304
502
1,316
4,802
4,215
4,123
Pittsburgh & Lake Erie
Pere Marquette
227
172
N. Y. Chicago <fe St. Louis
8,360
1,325
3,746
3,375
4,202
22
N. Y. N. H, & Hartford..
Pittsburgh & Shawmut..
118
1,026
2,252
428
335
435
958
782
Richmond Fred. & Potomac—
371
284
414
9,545
18,885
382
9,159
16,914
9,725
21,684
4,864
4,124
12,631
4,843
3,689
11,106
344
513
622
554
143
156
160
606
542
54,335
7,585
Seaboard Air Line
Southern System
Tennessee Central
Winston-Salem
823
6,547
2,994
90,059
85,920
104,763
61,814
12,578
2,386
17,059
3,113
& North Western
Chicago
Chicago
Chicago
Chicago
Great Western
Milw. St.,P. & Pacific-
170
St. P. Minn. & Omaha.
Duiuth Missabe & I. R
22
26
11,976
2,322
3,037
17,071
2,464
18,009
3,417
9,195
2,387
6,993
3,035
675
2,388
Duluth South Shore & Atlantic.
27,582
12,255
27,576
10,003
1,531
6,958
175
1,831
5,251
8,160
7,939
7,160
2,*48
4,408
3,517
3,528
115
22
27
307
311
206
127
902
1,072
604
4,918
2,346
4,694
5,238
1,301
1,053
7,598
1,133
557
2,466
3,577
2,608
115,353
165,512
130,981
343
539
594
555
20,569
22,499
1,427
33,598
3,200
13,580
11,885
1,201
769
893
557
486
986
Bessemer & Lake Erie.......
234
415
2
1
790
17
4,362
1,314
8,688
35
6,076
10,870
9,140
300
Buffalo Creek & Gauley
Cambria & Indiana
Central
RR. of New Jersey...
•
122
398
184
66
7,434
9,020
2,762
2,356
475
444
541
608
549
129
242
309
Minn. St. Paul & S. S. M—..
1,391
4,393
8,030
1,591
5,274
Pacific—
78
82
1,544
4,194
7,982
Minneapolis & St. Louis
1,727
2,263
3,602
9,509
1,501
2,018
2,127.
114
129
134
259
265
1,669
1,524
1,521
1,339
1,048
67,848
62,709
81,199
39,685
31,600
18,342
2,631
16,396
22,161
3,144
5,429
1,942
4,381
2,481
280
251
397
67
65
13,582
14,544
1,425
6,886
5,831
1,743
13,016
1,500
613
526
10,010
2,376
9,641
2,436
11,597
2,277
715
689
737
7,399
1,888
1,115
2,294
8,161
2,279
,1,313
2,419
International
Spokane Portland <fc Seattle
Total
-
Central Western District—
Alton........,—--—
Ohio
322
3,339
8,512
—
Atch. Top. & Santa Fe System.
Baltimore &,
352
4,737
6,202
Alleghany District—
Akron Canton & Youngstown.
658
8,895
Lake Superior & Ishpeming
Spokane
141
160
321
4,466
Green Bay & Western.
Northern
1,945
5,545
2,715
390
Moines & South.
Great Northern.
116,650
432
Ft. Dodge Des
16,203
6,662
Elgin Jollet & Eastern..
2,073
128,394
Total.
Southbound-..
Total.
134
.......
872
Northwestern District—
541
Wheeling & Lake Erie.;
910
Piedmont Northern
1,687
9,005
Rutland
Wabash..
1,619
2,282
2,236
2,486
1,505
1,597
2,419
1,201
4,759
1,358
Pittsburgh & West Virginia
Pittsburgh Shawmut <fc North..
2,112
3,270
1,809
2,760
1,433
Norfolk Southern
785
6,393
2,919
2,957
1,756
41,903
11,818
1,751
2,588
1,372
29,967
13
1,569
6,219
5,340
117
2,422
2,150
33,248
11,859
New York Ontario & Western.
6,506
11,412
-
New York Central Lines......
1,908
6,715
•
307
1,933
7,553
;
.
3,443
2,075
8,176
2,503
Lehigh <fe Hudson River
Lehigh & New England
Lehigh Valley
Montour
1938
1939
1937
1938
Southern District—(Concl.)
Ann Arbor
Monongahela
from Connections
Freight Loaded
Railroads
Eastern District—
Boston &
Total Loads Received
Total Revenue
Total Loads Received
1939
1939
22
April
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED APRIL 8
Freight Loaded
Railroads
Chronicle
5
...
*
Bingham & Garfield
Chicago Burlington & Qulncy—
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois.
Colorado
;
Southern
&
1,550
527
512
610
32
39
1,735
1,804
Cumberland & Pennsylvania..
44
159
235
32
30
Denver & Salt Lake
303
471
415
19
Llgonier
21
107
180
21
19
Fort Worth <fc Denver City....
979
942
888
882
584
539
753
2,855
2,545
1,891,
1,698
1,107
2,017
1,129
1,003
939
953
1,216
28,919
329
11,821
16,560
1,368
31,965
13,464
1,371
548
46,758
1,257
69,680
Missouri-Illinois
46,165
12,203
10,281
12,859
North Western Pacific*
Cornwall
Valley...
Long Island...
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co...
Union (Pittsburgh)......
West Virginia Northern..
Western
5,573
16,883
Denver & Rio Grande Western.
Illinois Terminal
...
902
371
260
1,518
112
75
743
352
280
21
90
0
0
4,183
1,275
6,398
3,804
988
—
,
477
655
,253
•
1,226
....
Peoria <fc Pekin Union
'■
37
8
18
44
0
1
Southern Pacific (Pacific).....
20,217
18,970
21,599
2,760
3,393
4,360
4,590
Toledo Peoria & Western......
287
294
283
12,936
11,559
13,964
100,683
98,855
157,349
81,750
73,815
Union Pacific System
Total.
4
"
Northern
Nevada
1,547
Maryland
1,681
—
142
-
"s
924
5,141
6
222
5
1,449
1,222
1,501
2,051
1,403
92,200
84,707
102,583
45,850
38,218
132
172
Utah
Western Pacific
205,
.
Pocahontas District—
Chesapeake & Ohio..
....
Virginian....
Total
6,636
7,035
5,729
1,176
15,960
14,344
3,703
22,309
21,957
3,141
6,500
3,810
1,074
3,417
13,940
Norfolk & Western..
34,007
47,407
11,384
10,898
845
.....
Southwestern District—
Burlington-Rock Island
Total.
Fort Smith & Western.*.
287
287
1,390
1,281
2,201
1,943
177
143
140
82
'
Gulf Coast Lines—
Southern District—
3; 102
International-Great Northern.
Alabama Tennessee & Northern
211
155
238
190
153
Kansas Oklahoma & Gulf
Atl. & W. P.—W.RR. of Ala-
841
628
1,064
1,248
878
Kansas City
Atlanta Birmingham & Coast..
Atlantic Coast Line
540
541
707
915
975
Louisiana & Arkansas.—:
10,384
3,886
9,628
11,323
4,844
4,458
2,816
4,001
2,363
Litchfield & Madison
452
353
468
1,003
1,104
1,067
1,518
Midland
1,058
1,040
1,658
Columbus & Greenville...
336
266
348'
395
266
Mlssouri-Kanshs-Texas Lines-
Durham & Southern
175
167
152
293
456
Missouri Pacific—
1,688
Louisiana Arkansas & Texas*-.
3,336
3,115
1,704
_
Central of Georgia
....
Charleston & Western Carolina
Cllnchfleld
298
....
1,390
133
88
205
394
392
299
409
715
543
405
500
312
162
94
207
241
150
3,638
11,332
3,655
4,580
13,874
2,756
2,110
6,278
Missouri & Arkansas..
...
652
Quanah Acme & Pacific.
37
44
83
102
St. Louis-San Francisco
791
1,027
1,448
1,326
733,
1,389
2,211
11,104
470
5,275
4,294
1,833
2,962
3,570
2,485 -
3,285
165
260
59
31
20
44
•69
35
40,498
52,266
32,771
27,255
Wetherford M. W. & N. W
85
151
695
104
173
237
157
* Previous
figures,
x
April 17 that commodity
on
Total.
Discontinued Jan. 24,
"Annalist"
weekly index closed at 77.6 on April 15, a decline
of a point from the previous week's revised
figure and the lowest since December, 1934.. Prices have
now declined for 13 consecutive
weeks, the poorest showing in
many years.
The decline has been gradual, however, so
that prices are only 3.4 points under a
year ago, although
they are 18 points below the 1937 high.
The "Annalist"
further stated:
Wheat prices
were easy last week, as the war clouds seemed to
dissipate
Hogs dropped into the lowest ground in about five years, as
ample supplies pressed to the market.
Fowls
wrere
very
Domestic copper prices
stronger
The outstanding
bid
for
were
business.
Wool
and
exception to the general trend
eight-year high
as the
supply situation grew
K
cotton
was
silk,
Hansen in the current issue of the "Annalist."
OF WHOLESALE
Although textile activity
a
was at a
whole receded id March,
but gains in freight carloadings, electric power
output and
decline in
zinc
high rate, manufacturing activity as
production jwere more than
manufacturing.
large enough to offset the
t
While little change in
the average level of business
to the
iVPGl suffered a sub¬
A considerable portion of that decrease was attributable
slump in coal loadings owing to the bituminous coal mine shut-downs,
but all other components,
except lumber production, also declined.
The total amount of ground lost
has
been
normal,
small.
or
last year,
Fcr
the
first
by the index for the recession to date
quarter,
it averaged
April 8, 1939
THE
"ANNALIST"
April 13, 1938
INDEX
Freight carloadings
OF
BUSINESS
77.5
68.1
71.6
Electric power production.
57.9
a59.7
81.9
81.9
85.4
96.8
96.9
102.6
Building materials
70.6
a70.6
70.4
Chemicals
85.6
86.0
88.0
68.4
69.1
70.6
77.6
a77.8
Other
81.0
_
_
Miscellaneous
_
:
_
_
_
_______
in
slight advance to 89.8
"Annalist"
Index
of
was
Business
Activity,
95.0
81.2
84.2
*115.2
112.2
115.4
123.0
120.8
124.0
117.3
119.7
Wool consumption
•
_.
_
_
.
..
..
_
_
68.7
66.7
100.9
100.9
125.2
138.2
____
_
•
93.7
69.1
72.3
84.0
71.4
64.1
78.2
76.4
71.3
73,4
...
s
Mining
_
,72.7
_
99.9
91.9
Lead production
Combined index.
73.7
*86.0
Cement production
.*
73.1
110.0
Rayon consumption
Zinc production
according to the
79.1
68.0
Cotton consumption
March
recorded in March by the
98.3
90.0
Textiles
<
A
90.3
97.8
82.2
Lumber production
Advance
83.2
66.0
Automobile production
Activity Records Slight
82.8
77.3
84.4
*89.3
Boot and shoe production
Business
Jan., 1939
Pig iron production
Revised.
Index of
79.3
Steel ingot production
Silk consumption
All commodities-..
Feb., 1939
*98.0
Manufacturing
*60.2
_
_
_
Metals
AND
78.0
74.1
68.0
_____
ACTIVITY
GROUPS
80.1
73.2
Food products
Textile products
of estimated
PRICES
Miscellaneous
Farm products
90-5%
only 2.8% below the average of 93.1 for the fourth quarter of
and compared with 78.5 for the first quarter of last year.
March 1939
April 15, 1939
activity occurred
last month, the business index for the first week in
worse.
COMMODITY
The March
figure represented a rise of ,0.2 points over the February
index of 89.6, but a sharp drop from January's 92.2 and
from the 1938 high point of 95.3 recorded in November.
Reporting this in its issue of April 19, the "Annalist"-went
on to say:.
•
;
"
"
• ' •
v
COMPONENT
INDEX
68
monthly review of domestic business conditions by H. E.
weak, but other
cut another
3,320
1939
stantial setback.
"ANNALIST" WEEKLY
66
638
of two-tenths
an
3,120'
2,431
Wichita Falls & Southern
prices failed to follow the lead of securities in the week ended
April 15 and quotations were generally lower.
The
a
3,970
Texas <fc Pacific
"Annalist" announced
made
94
7,362
2,334
7,546
4,925
Texas & New Orleans
903
7,827
137
producers
143
1,928
5,771
42,346
563
1,016
9,314
99
livestock prices held firm.
,80
5,615
166
303
1,967
19,714
19,929
Wholesale Commodity Prices Again Declined inWeek
Ended April 15, According to "Annalist" Index
"Annalist"
7,871
3,558
277
1,311
Note—Previous year's figures revised
a
299
77
17,000
15,618
Mississippi Central
Fuels.
893
•5,804
2,006
6,256
Louis Southwestern
St.
285
•
Macon Dublin & Savannah
which soared to
619
1,583
1,140
536
1,510
18,184
14,087
Gulf Mobile & Northern.
Illinois Central System
Louisville & Nashville
as
726
1,380
Valley
,28
Georgia.
Georgia & Florida
moved lower.
155
1,958
1446
273
814
1,296
Galnsvllle Midland
cent
149
1,637
•
Florida East Coast.
somewhat.
3,554
2,253
1,738
1,397
Southern
"
The
*
'
*89.8
82.4
89.6
92.2
Volume
Financial
148
THE
COMBINED
INDEX
SINCE
1933
JANUARY,
2335
Chronicle
Four of the group indexes advanced during
the week and four declined. A
moderate advance occurred in the food price average,
1939
January
February
1938
1937
1933
1934
1935
1936
67.5
the current recession.
farm product index was lower, with advancing
quotations for grain failing
92.2
79.5
104.3
92.3
87.2
79.6
89.6
78.5
105.7
89.0
86.7
83.2
66.1
to offset weakness in cotton,
*89.8
77.5
106.9
89.5
84.4
84.6
62.5
and increases in
74.2
107.1
94.1
82.8
85.9
69.2
rise in the textile price average.
73.8
-
109.0
95.9
81.8
86.4
77.3
—
_
March
April
....
May
74.3
107.8
97.6
82.0
83.8
87.5
79.0
108.9
102.4
82.7
78.0
94.0
week
82.9
111.2
102.5
84.9
75.1
87.5
indexes representing the prices of fuels, metals,
September
85.2
106.5
102.9
86.1
71.4
82.0
October
88.9
98.5
103.3
89.1
74.6
78.5
November.
95.3
87.8
107.1
92.0
76.0
75.3
advanced; in the preceding week there
December.
r95.1
81.3
110.5
96.7,
82.4
77.5
in the second preceding week there were 31 declines
* Subject to revision,
t
was
in the fertilizer material group.
Small declines took place in the
and fertilizers.
Thirty price series included in the index declined during the week and 28
27 declines and 15 advances;
were
and 18 advances.
(1926-1928=100)
Compiled by the National Fertilizer Association.
Fri.,
Apr.
Apr.
Apr.
Apr.
14.
15_
17
18
Wed.,
Apr. 19-—. —
____138.9
as
—
Two weeks ago, Apr.
Month ago, Mar. 21
1939
68.9
68.4
69 0
72.8
49.0
48.3
50.4
60.6
62.6
62.6
65.9
78.3
66.4
Foods
Fats and oils
6
10
130.1
63.5
46.8
48.3
53.3
52.5
52.3
69.1
69.7
10.8
'
70.7
75.3
76.1
80.0
Fuels
75.2
Miscellaneous commodities..
77.8
•
50.0
United
Low
—Apr. 12-—
76.9
during the week ended April 15, Commissioner Lubin of the
United States Department of Labor announced on April 20.
''The Bureau of Labor Statistics' index," Mr. Lubin said,
"dropped 0.1% to 75.8% of the 1926 average.
The de¬
crease brought the
all-commodity level to a new low for the
past five years."
The Commissioner added:
3.6% below
month ago, this week's index is down by
a
a year ago
1.2%.
It
and 1.0% under the 1938 low reached during the
fourth week of last December.
Average wholesale prices of
raw
materials fell 0.4%.
factured commodities group declined
remained
>
Agricultural commodity prices fell 0.1 %
.
•
,
as
'
.
The semi-manu¬
0.J%. and the finished products group
unchanged from last week.
commodities.:'
60.6
61.1
59.6
90.0
90.4
96.2
Building materials-
84.4
83.8
84.4
82.2
-
did also the prices of industrial
"
"
.
91.9
92.2
71.5
71.4
72.1
Fertilizers..
77.3
77.6
77.6
76.9
Farm machinery..
94.8
94.8
94.8
98.0
72.1
72.1
72.6
75.1
0.3
'
i
100.0
—_
All groups combined
Electric Output for Week Ended April
Above a Year Ago
15, 1939, 10.9%
weekly report
The Edison Electric Institute in its current
estimated that
production of electricity by the electric light
and power industry of the United States for the week ended
April 15, 1939, was 2,170,671,000 kwh. The current week's
output is 10.9% above the output of the corresponding week
of 1938, wrhen production totaled 1,957,573,000 kwh.
The
output for the week ended April 8, 1939, wras estimated to
be 2,173,510,000 kwh., an increase of 9.2% over the like
week
a
'
year ago.
.
.
94.9
91.9
Chemicals and drugs
Fertilizer materials
0.3
..
72.1
1.3
Wholesale commodity prices continued to move downward
Compared with
77.6
60.7
89.6
0.3
States
Department of Labor Index of Whole¬
sale
Commodity Prices Declined During
Week
Ended April 15 to Lowest Level in Five Years
is
77.8
Textiles.-Metals
6.1
1938 High—Mar. 6-
—
8.2
7.1
ThursL, Apr. 20"-—139.2
Fri.,
Apr. 21_ —138.8
'
64.8
67.9
Farm products
17.3
145.8
138.7
62.8
46.5
Livestock
Low—June 1_
62.2
Cotton
Grains
23.0
—142.2
__141,1
-.152.9
1938 High—Jan.
,—139.6
139.9
Apr. 8,
1939
25.3
-140.3
Year ago, Apr. 21
Ago
Mar. 18, Apr. 16,
1938
1939
Apr. 15,
Group
Total Index
Cottonseed oil
138.9
Year
Week
follows:
138.8
-
Preced'g
Week
Bears to the
Moody's Daily Commodity Index declined slightly, from
138.9 a week ago to 138.8 this Friday. The only individual
change of note was the reduction in copper prices.
The movement of the index is
Latest
Month
Ago
Per Cent
Each Group
Moody's Commodity Index Declines Slightly
Sat.,
Mon.,
Tues.,
INDEX
WEEKLY WHOLESALE COMMODITY PRICE
Revised.
r
fractional
The only other increase during the
August
..
a
The building material index rose moderately
result of higher lumber prices.
a
as
responsible for
were
The
Advancing silk prices
hogs, milk and poultry.
burlap and jute quotations
July
June
but with the exception
of the preceding week it is at the low point for
INCREASE FROM
PERCENTAGE
PREVIOUS YEAR
/■,/
.»
The price level for foods, hides and leather products, metals and metal
products, and building materials declined.
laneous
commodity prices advanced.
products,
fuel
and
lighting
furnishing goods-^-were unchanged.
Textile products and miscel¬
The remaining
materials,
chemicals
drugs
and
house-
"
.
April 20 by the Department of
Labor/quoting Commissioner Lubin as above, also stated:
The decline of 0.3% in the foods group was largely the result of decreases
Week Ended
Ended
April 15, 1939
Regions
The index for building materials fell
of lower prices
10.9
8.6
7.9
9.8
14.0
Central Industrial
11.3
15.3
12.9
1.0
3.2
1.2
2.2
West Central.
,,
.
>•
8.1
5.9
7.4
Rocky Mountain
14.2
12.8
9.0
8.7
Pacific Coast
11.4
8.1
9.9
12.9
9.2
11.7
11.3
Southern States
-
-
.
..
8.8,
Total United States.
0.2%, primarily because
fpr certain lumber items, cement, sand,
common
brick, and
FOR
DATA
10.9
•
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
RECENT
The drop in the metals and metal products group was due to price
plaster.
Percent
declines for nonferrous metals.
Among the
more
Change
important items and subgroups of commodities showing
lower averages were calves, live poultry
Week Ended
(New York), cotton, fresh fruits,
1938
1939
cured fish, black pepper edible tallow/hides, cottop goods, raw
jute,
flooring,
turpentine,
wrapping
Higher average prices
hogs, lambs,
were
anthracite
paper,
reported for
corn,
and
bituminous
coal.
wheat, cows, steers,
rye,
white potatoes, rye and wheat flour, fresh meats, raw
eggs,
sugar, corn and cottonseed
oils, raw silk,,silk yarns, petroleum products,
*
wax.
.
-
The following table shows index numbers fpr the main groups of com
modities
for the past five
weeks and for April
16,
1938, April 17,
April 18, 1936, and April 20. 1935.
Mar.
2,035,673
2,014,729
2,017,653
1,975,239
1,978,753
1,990,447
2,244,014
4
Mar. 11
2,237,935
Mar. 18
2,225,486
Mar. 25--—.
2,198,681
1
2,209,971
Apr.
Apr.
8
2,173.510
Apr. 15——.
2,170,671
Apr/29
quicksilver, yellow pine lath and timbers, red cedar shingles, gravel, cattle
feed, and paraffin
1938
scrap
steel, electrolytic copper and copper products, pig lead, pig tin, yellow pine
...
1,957,573
1,951,456
1,938,660
6
— ...
'
■
"
:
May
—
— .
15
,
Apr.
1
25,
Apr.
Apr.
18
16
.
Apr.
18
20
1939
1939
1939
1939
1938
1937
1936
1935
75.8
75.9
76.5
76.6
76.7
78.6
87.6
79.7
80.3
i
products..!
•
Sales of ordinary life
Apr.
17
1939
All commodities
showed
—_
sales
63.8
63.8
66.6
66,7
67.1
68.9
92..4
77.4
81.8
68.4
70.5
70 :s
70.7
72.3
85.3
81.1
85.3
92.6
92.0 107.2
95.2
an
increase
of
66.1
66.1
67.0
78.7
69.9
69.0
73.6
73.7
77.5
77.5
77.5
74.0
as
91.8
66.2
66.1
66.0
Fuel and lighting materials..
73.6
73.6
73.7
92.0
92.3
2,173,223
1.614,553
1,480,208
1,465,076
1,480,738
1,469,810
2,188,124
2,193,779
1,454,505
1,429,032
2,176,363
1,679,689
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
United States 2% Above
Ago
v
'
insurance for the month of March
2% over March, 1938, according to
are
19% ahead of the first quarter of last year/- The
86.5
91.4
+9.2
+ 10.9
+ 11.3
+ 11.7
1,706,719
1,702.670
1,687,229
1.683,262
figures released April 17 by the Life Insurance Sales Re¬
search Bureau, Hartford, Conn.
For the year-to-date period
68.2
:
...
Hides and leather products..
Textile products
1,537,747
March Life Insurance Sales in
Year
Apr. Mar. Mar.
8
1,519,679
1,538,452
+ 11.1
1937,
'
Apr.
,
2,199,976
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
+ 10.2
+ 10.3
1,939,100
Apr. 22
(1926^=100)
Commodity Groups„
1929
1932
1937
1939,
from,.
milk (San Francisco), flaxseed, wool, butter, cheese, cured beef and pork,
Farm
14.7
14.3
12.4
for dairy products and fruits and vegetables and a drop of 0-4%
for meats.
Foods
Week Ended
April 1, 1939 Mar. 25, 1939
AprUS, 1939
14.5
New England...-^
Middle Atlantic
The announcement issued
of 1.2%
Week
Major Geographic
four groups—farm
and
Ended
Week
Metals and metal products..
94.2
94.4
94.4
94.4
,94.4
95.9
95.8
86.0
85.1
Building
89.7
89.9
90.0
89.9
90.2
91.1
96.8
85.4
84.3
Chemicals and drugs
following is also from the Bureau's announcement:
The
of
Bureau's estimate for total
Pec.
31,
1938,
for
insurance in force in
"companies
operating
in. the
the United States
United
States
is
75.9
75.9
76.0
76.0
76.2
77.5
86.6
78.9
80.7
Housefurnishing goods
86.5
86.5
86.5
86.5
86.6
88.7
90.3
82.8
81.9
Miscellaneous
74.0
73.9
73.9
73.9
73.9
73.1
81.0
68.6
68.7
Raw materials
68.0
68.3
70.2
70.3
70.6
71.3
88.5
77.3
74.4
74.5
74.6
74.7
74.5
74.1
89.7
74.6
*
gain of 1.3% oyer 1937.
Gains were
experienced in all but five States.
States showing the largest gains were
Texas, with 6.8% ; Florida, with 4.5%; Arizona, with 4.1% ; District of
Columbia, with 3.7%; California, Idaho and Wyoming, with 3.2%, and
Louisiana, and Virginia, with 3.1%.
Every section of the country experi¬
80.2
80.2
80.3
80.3
80.3
83.0
87.3
81.9
*
enced
materials
Semi-manufactured
articles-
Finished products
All
commodities
other
commodities
other
than
78.5
farm products and foods..
*
The
than
farm products
All
*
78.6
78.8
78.8
78.8
80.7
86.6
80,2
79.9
80.5
80.6
80.7
80.6
80.7
82.1
86.5
79.1
77.3
representing
$75,595,209,000,
an
in
the
to
sales figures are
based
on
the experience of 54 companies
represent total United States sales for all
Unietd
The
Not computed.
increase.
Bureau's
increased
a
experience by sections is given below:
March, 1939
Wholesale Commodity Prices
Ended
April
15
Unchanged During Week
According to National Fertilizer
Year to Date
,
Ratios
Ratios
Sextons
Sales
New England
Middle Atlantic
East North Central
West North Central-South Atlantic
East South Central
West South Central-.
Mountain
Pacific
■
United States
—
1939 to
Sales
Volume
Association
There was no change in the general level of wholesale
commodity prices in the week ended April 15, the index of
the National Fertilizer standing at 72.1%, the same as in the
previous week, which was the lowest point recorded by the
index since 1934.
A month ago the index (based on the
1926-28 average of 100%) registered 72.6%; a year agd
75.1%, and two years ago 88.0%.
The Association's an¬
nouncement, under date of April 17, continued:
companies operating
States.
1938
Volume
1939 to
1938
131%
106
$147,311,000
495,115,000
426,096,000
98
186,559,000
98
164,389,000
114
94
70,332,000
113
95
141,432,000
112
98
47,331,000
110
104
159,274,000
127
$44,852,000
159,747,000
129,484,000
55,913,000
53,050,000
22,845,000
45,997,000
15,848,000
48,304.000
106%
$576,040,000
102%
103
$1,837,839,000
115
124
120
119%
Financial
2336
Residential
Year
Ago
Class of
Construction
were
Excl. New York
All Cities
—6.9%
—37.3%
+ 21.1%
New residential
valuations for new residential construction
Permit
New non-residential
—38.6%
—;
—
+ 6.4%
+ 5.0%
—3.9%
—18.0%
Additions, alterations, repairs
approximately 14% greater in 1938 than in 1937, Secretary
Total
Perkins
Frances
Labor
of
reported
March
on
18.
since 1930," she said.
"The value of permits
issued for new non-residential buildings increased by ap¬
for any year
1% in 1938.
of
proximately
and
alterations
These data
based
are
population of 2,500
approximately
accounted for
by
18%
structured.
by
additions,
"•
issued
1938
in
building.
house
The
value of
'i»i.i
this
show
in
gains
by the Public Works
in
schools
for, public
buildings
warehouse
Change from Feb., 1938 to Feb., 1939
Class of Construction
expenditures
$318,000,000.
to
while permit valuations
of
types
for
almost
New non-residential....,
largely accounted
are
Permit valuations for
$125,000,000.
large.
equally
Permits
A
for
Permits
store
+ 15.0%
number
City
of
permits
of
1939
the
is shown in the
and
additions,
alterations
and
repairs
in
1938
and
permit
valuation
of
buildings
1,790 identical cities during 1937 and
following table:
for
1938
'
"•
Number of Buildings
Construction
.
[
Change
1937
Y
1938
Change
$763,356,063 + 13.7
564,961,360
+0.4
317,976,146
373,898,673 —15.0
389,733 409,720
—4.9
662,929 670,631
Ail constructioni._
for all
—1.1 $1,753,194,546 $1,702,216,096
population,
repairs
were
$29.
however,
largest
+ 3.0
of
dwelling
provided
per
dwelling
new
and 5,000
new
con¬
capita expenditures
population of between 2,500 and 5,000,
a
units
than $40.
more
provided
also much greater in the smaller cities
2,500
Per
both
for
the 1,790 cities during 1938 amounted to
capita expenditures amounted to
per
between
expenditures
the smaller cities.
in
In towns having
number
The
the
in
types of construction
less than
to
private and
were
in
volume
per
population
10,000
than in the larger cities.
population, 60.7
was
In cities
family-dwelling units were
10,000 population, while ih the urban area as a whole 38.6
units
were
1938
preceding years,
of
new
provided.
■
Los
over
the
and
$341,000,000,
second
to
ing
ranking
nearly
or
city.
In
;
times
to
great
as
New
$50,000,000
of
excess
Washington.
five
addition
that city in
in
vision
the
of
York
United
City—in
for
a
Borough
valuations
for
the
reported in
were
construction
of
1938,
great
as
Secretary
oyer the year period.
However, there
decline
was a
the value
of new non-residential buildings for
whole, although six of the nine geographic
divisions showed increases for this
type of structure. Total
permit valuations were 48% higher during the current
month than during February,
1938."
Secretary Perkins
added:
valuations
for
than
new
during
ditions, alterations and repairs
new
January.
non-residential
amounted
to
valuations
for
The
which
The
39%
total
There
residential
construction
January.
were
was
Indicated
pronounced
for
Authority,
the
of
for
Bronx,
super¬
$1,000,000;
cost
to
in
houses
aparement
to
to
houses
apartment
in
the
$1,300,000;
nearly
cost
to
$11,200,000;
over
$9,000,000;
nearly
cost
Borough of Queens, for one-family dwellings to cost $1,800,000 and
over
$13,200,000, including
in
Rockford, 111., for
a
project under the
school building to cost
a
buildings for which permits
and
caused
a
construction,
decline
21%
expenditures
for
of
were
in
issued.
approximately
the
value
This
4%
and
in,
for
S.
Moines,
for
a
a
to
of
Labor,
low-cost
a
for
hospital
a
housing project to cost
office
an
building
project
to
cost
one-family
dwellings
to
$200,000
over
;
cost
Angeles,
Calif.,
Francisco,
over
in Louisville,
New
in
$500,000; in Houston,
over
$1,000,000
for
and
for
cost approximately
to
.
1—PERMIT
WITH
one-family
to
factory
$800,000;
$2,200,000,
cost
in
and
approximately
„•
VALUATION
THE
dwellings
for
assembly and
an
for one-family dwellings to, cost over
Calif.,
$900,000.
OF
;
in
in Charleston,
$1,000,000;
in Alameda, Calif.',
repair shop for the Navy Department,
San
$600,000
Federal office building to cost approximately $2,000,000;
a
buildings to cost
;
$400,000;
over
approximately
Shreveport, La., for apartment houses to cost
for
over
$1,500,000;
cost
to
building to cost $500,000
low-cost housing project to cost
housing
Orleans, La., for
in
to
Iowa,
Fla., for
C., for
Ky.,
addition
an
Des
OF
NUMBER
BUILDING
OF
CONSTRUCTION,
FAMILIES
PROVIDED
TO¬
FOR
IN
DWELLINGS, IN 2,117 IDENTICAL CITIES IN NINE REGIONS
THE
UNITED
FEBRUARY,
1939
STATES,
SHOWN
AS
'
;
BY
PERMITS
ISSUED,
-
.
New Residential Buildings
Percentage
No.,
Permit
of
Cities
Feb., 1939
No. of
*
Families
Valuation,
Geographic Division
Change from—
Percentage
Change from—
Provided
All divisions.
Jan.,
2,117 $86,707,991
New England
Feb.,
for,
Jan.,
1939
1938
Feb., '39
1939
$2,115,890
44,999,124
—11.7
549
10,590,289
—6.1
+ 14.1
+ 65.2 + 666.3
"
12,640
2,042
West North Central-
188
1,666,890
—13.9
+ 18.5
459
South Atlantic
252
6,067,692
—7.2
+ 0.8
2,059,147
—7.2 + 148.1
928
132
5,718,100
+ 48.1
—4.2
_
Mountain..'
97
1,236,140
218
Pacific
12,254,719
+ 10.6
—12.1
+ 0.7
+ 7.7
+0.3
—23.9 + 173.7
+40.1
382
+8.5
+4.4
3,858
—9.6
+ 53.3
+ 26.3 + 109.8
—11.6
—1.0
+ 75.9 + 822.0
1,931
West South Central
,
—2L6 +124.9-
1,926
77
East South Central..
Feb.,
'!938
+21.1 + 158.3
415
+ 126.8
146
East North Central".
24,581
+21.1 + 164.4
•458
Middle Atlantic
+ 60.0
Total Building
+ 60.5
Construction
New Non Residential
(Including Alterations
Buildings
and Repairs)
Population
Permit
Change from—
1939
Jan.,
Feb.,
1939
Feb.,
of
36,182,672
Permit
Valuation,
Feb., 1939
Change from—
of 1930)
Jan.,
Feb.,
1938
-3.9
+47.9 60,550,772
$
$
—38.6
{.Census
1939
1938
$
All divisions
Percentage
Percentage
Valuation,
ad¬
decrease
in
$800,000; ill Chicago, 111.,
,
a freight terminal to cost
$500,000; in Ann Arbor, Mich., for school buildings to cost over $1,100,000;
in Detroit, Mich., for one-family dwellings to cost
approximately $2,600,000
higher
—16.2 148,530,865
permit
New England
Middle Atlantic
comparing February with January.
percentage change from January
valuation of the" various classes of
were
school building to cost approximately $1,300,000;
houses to cost $1,000,000 and for
Division
decline
by the Department
foregoing is taken, continued:
from
February, 1939, in the permit
building construction is indicated ih the
following table for 2,117 cities having a population of 1,000 or over:
and
the
project under
housing
a
project
Manhattan," for
of
6% greater during the current month
a
announcement
the
for
Housing
housing
Geographic
during
$25,906,000,
to
$1,200,000, for aparement houses to cost
of
the country as a
than
Y.,
the Borough
Febru¬
in
two and one-half times
amounted to more than 100%.
There wras also a rise of
5% in the permit valuations for additions, alterations and
February
N.
States
a
in
in the Middle Atlantic States, East North Central
States, East South Central States and the Mountain States
during
1939,
"
Kenmore, N. Y., for
TABLE
during the corresponding month
Permit
for which
1939, the value of these buildings
January,
in
Los
-
residential
were more than
16% in
for
for apartment houses to cost
Los
gains
of
in addition
buildings
of
nearly $8,500,000; in the Borough of Brooklyn, for one-family dwell¬
over
and
Labor Frances Perkins reported on March 25.
"All sections
of the country shared in this
increase," she said.
"The
repairs
value
during February for the following important build¬
Utica,
It
the
For February,
issued
were
low-cost
in
Building Permits Issued in February
Increased 48% Above Year Ago, Secretary Perkins
Reports—Residential Construction Advanced 164%
Over Last February
as
+43.0%
by the Federal and State Governments in the cities
$10,614,000.
to
and
City
as
York
Total Valuation of
1939,
+ 16.0%
,
Labor Statistics show,
construction,
$16,668,000;
projects:
NEW
ary,
municipal
1938,
GETHER
Permit
......
by the Bureau of
awarded
amounted
Tex.,
for the largest dollar
Total permit valuations
building permits in
Angeles,
Detroit
New York City accounted
building construction.
were
Angeles,
+ 27.6%
—2.8%
+3.2%
.....
the report.
in
Pensacola,
"
As
+ 79.9 %
'
data collected
for apartment
and
Excl. New York
+ 19.5%
.
supervision of the United States Housing Authority to cost over $9,700,000:
and repairs..
struction
......,
*
+8.9%
contracts
in
567,069,225
$868,149,175
.
to
■_
ings to cost
P. C.
New residential..... 156,203 136,606 + 14.3
New non-residential
116,993 124,305 —5.9
relation
indicated below:
are
Total.
Permit Valuation
P. C.
1937
..1
New non-residential
New
Additions, alterations
In
1938
r
Additions, alterations, repairs....
Permits
number
1938
corresponding period of
All Cities
New residential
February,
Class of
•
the
Change from First 2 Mos. of 1938
to First 2 Mos. of 1939
cost
'
When the figures for New York
increase of
an
Class of Construction
The
compared with 1937, and amounted to about
issued in
158% in the
increase of
an
was
15% is shown for the remaining cities.
changes in permit valuation occurring between the first two months
included
were
1938, there
family-dwelling units provided.
deducted,
are
The
of
and
.
comparison
•
issued
by the United States Department of Labor:
which
i
+ 7.5%
•+5.0%'
Total
to
The following is also from an announcement made avvailable
—16.2%
...1^
Additions, alterations, repairs
$92,000,000.
as
+55.4 % ■
—13.1%
+ 164.4%
buildings,
institutional
were
program.
than
buildings
uon-residential
1937
over
more
for
15%
Excl.New York
All Cities
New residential
existing
to
residences for which permits
Increases in these types
totaled
decrease of
a
--
_
Compared with February,
new
Administration
were
buildings
Indicated
showed
1938
amounted
1938
only
The
public buildings.
1938,
February,
from
by about
increased
1920's.
pronounced
schools and
for
the
in
type
valuation
.
1937,
with
house¬
the new
in
,
,
^
6%.
r
The aggregate volume of new non-residential construction in the urban
areas
was comparatively low as, compared
with the volume of building of
one-family dwellings
provided
issued during February in these
compared with January.
as
the permit
in
change
percentage
units
were
21%
by class of construction, is given below for the same 2,117 cities:
expenditures for this type of structure increased
compared
as
repairs
'
*
,
largely accounted for by the gain in apartment
was
Indicated
50%
approximately
alterations, and
:
The increase in the aggregate
were
which permits
increase of
an
with an aggregate population of more than
over,
$1,753,000,000,
new
and
construction,
The
is
3%."
building permits during, 1938 in the cities covered
of which approximately 50%
was
residential construction, 32% by new non-residential
reported value of all
family-dwelling
24,581
were
This
cities.
building permit reports for 1,790 cities having
on
or
The value of additions,
61,200,000, which report monthly to the Bureau of Labor Statistics.
was
There
keeping dwellings for
decreased by 15%.
Total permit
Secretary Perkins added:
repairs
valuations increased by
a
■_
'The
volume of residential construction was greater than
dollar
Feb., 1939
Change from Jan. to
According to Secretary of Labor Perkins
Construction
Showed
3% Advance Over
Over 1937,
—All
1939
22
April
Increased 14%
During 1938
Construction
Chronicle
1,144,049
—72.1
+ 31.3
6,155,670
7,949,875
2,728,772
—57.5
—27.1
+ 15.7
+ 67.3
4,912,500
1,927,051
4,666,201
—40.7
—71.0
+26.8 + 306.7
—15.6
+27.9
Mountain
1,200,956
—70.0
+ 65.5
Pacific
5,497.598
—4.8
—20.1
East No.Central
W. No.
South
Central
Atlantic.
East So. Central
W. So. Central-
—38.2 + 121.3
—3.3
5,259,110 —33.5
5,584,908
57,959,141 + 19.0 + 163.7 18,677,580
+83.5 14,897,985
21,736,601 —24.0
+24.4
5,235,536 —7.8
4,467,790
—36.3
16,147,859 —11.1
5,058,181
+ 7.9 + 138.0
4,722,542
2,038,507
—9.0
+28.6
3,216,348 —43.2
22,854,987 —0.6
+81.6
3,286,136
1,217,357
+ 20.4
5.322,328
11,398,741
Volume
Financial
148
Seven
Per^Cent Increase Noted in Bank Debits
ceding week, which included five business days in some of
the reporting centers, and 7% above the total for the cor¬
responding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $6,386,000,000, compared with $8,177,000,000 the
pre¬
ceding week and $5,969,000,000 the week ended April 13
SUMMARY BY FEDERAL RESERVE
Second
"Preliminary
Federal Reserve District
after
Incl.
consideration of
tion
apparently
Steel
mill
operations
17
$407,598,000
$481,543,000
$379,922,000
15
2,969.741,000
3,975,770,000
2,772,291,000
moderately
474,788,000
from
than
mill
in
volume
of
of
445,457,000
539,189,000
for
258,892,000
306,041,000
321,655,000
438,138,000
245.773,000
adjustment
24
bituminous
coal
6—Atlanta
25
215,101,000
241.512,000
200,374,000
four
ended
991,887,000
1,433,041,000
908,219,000
206.443,000
41
16
9—M
lnneapolls
225,909,000
190,170,000
134,226,000
141,627,000
230,746,000
249,119,000
133,675,000
226,111,000
17
....
28
'
11—Dallas
18
184,850,000
189,863,000
172,462,000
12t—San Francisco..
29
583,757,000
626,358,000
553,590,000
Total.
273
$6,996,794,000
$8,884,760,000
$6,542,380.00
weeks
in
ment
Stocks
of
Manufacturers
Again
Decreased During February, According to National
of
equal in volume to those held in July, 1937, according to
preliminary estimates of the National Industrial Conference
Board indexes of manufacturing inventories, released
April
13.
Although this downward movement has continued
almost without interruption since January 1938, the amount
of finished goods held by industry was still
9.2% above the
average for 1936.
The Board further explained:
year
during
the
25
stepped
were
although
running
was
some¬
However, reports indicated that
despite
shrinkage
a
in
the
latter part of the month; shipments
influences;
March
but
the February-March rise
years.
from
the February level
electric
and
reduced
were
for February; ordinarily
March,
maintained,
in
55% to 56% of capacity
average
Automobile assemblies
ago,
other
production
this
than
more
about
only
usual.
as
in
after
generation
power
department store sales
comparisons
in
than
year
allowance
for
lower than in
this
and
In
district
the
were
than
tobacco
tinued
at
industries,
in
the
customary
electric
those
value
for
temporary
of
sharply since
September,
rate
steel
of
ingot
a'utomobile assemblies
seasonal
changes
producing
in
occurred
in
cotton
textiles,
coal
production
Bituminous
power.
approximately the January rate,
dollar
The
other years,
most
including
and
decline experienced
a
factors.
seasonal
than
About
products,
have increased
to
appears
March.
January, and operations at meat packing plants declined
usual.
of
February and
further moderate recession in business activity,
usual
less
was contributed
to by the
by the somewhat earlier date
ease
and
year,
the rate of sales
last,
a
the
this
in
last
between
was
production increased
were
sales
seasonally
February there
number
Manufacturers' stocks of finished goods declined in Feb¬
ruary for the fourth consecutive month and were about
week
well
was
seasonal
tendency
Easter
more
Industrial Conference Board
a
most
year-to-year
declining
after
Goods
said
nearly 3% higher than in the corresponding 1938 period, the most favor¬
able year-to-year comparison in a number of months.
While the improve¬
In
Finished
around
freight by railway showed little change
18
25
Louis
of
business booked
new
3—Philadelphia
7—Chicago
advance.
to
week
activity
5—Richmond..
8—St
Federal
said the
favorably with February,"
maintained
were
two-thirds ahead
4—Cleveland
368,096,000
factors,"
presenting, in its "Monthly
only slightly above the
or
rather pronounced
a
cotton
1—Boston
seasonal
compared
1938
2—New York
little
was
Bank, which added:
during March,
April 13,
there
that
"Gains
manufacturing failed to reach the usual seasonal propor¬
tions in some lines, but the volume of merchandise distribu¬
about
April 5, 1939
District
indicates
in
what smaller
April 12, 1939
1925-1938,
Review" of April 1, its indexes of business activity.
there is
Centers
(New York)
evidence
Reserve Bank of New York in
by the
Week Ended—
of
period
the 14-year
change in the general level of business activity in March,
the
DISTRICTS
for
inclusive.
up
Mo.
2337.
changes between January and February
Debits to individual accounts, as reported by banks in
leading cities for the week ended April 12, aggregated $6,~
997,000,000, or 21% below the total reported for the pre¬
of last year.
These figures are as reported on April 17, 1939,
Board of Governors of the Federal Reserve System:
Chronicle
contrast
with
con¬
the moderate
in many past years, and cement output increased.
The
,
machine tool orders advanced
lull
May,
fall,
last
1938,
and
further
in
a
6hoes,
February.
Except
machine
tool orders have been increasing
February reached the highest level since
in
1937.
,
Inventories
of semi-finished
goods
in
the
hands
of manufacturers
vanced agin during February for the fourth consecutive month and
2.2% higher than they
were
Raw material stocks
rose
and
about
were
slightly for the first time since April,
months
extent of the
covered
and finished goods,
have de¬
8.9% since January, 1938.
-
Jan.,
Feb.,
1938
1939
.1939
;
Industrial Production—
commodity.holdings at the end of February, 1939, for the
ceding month, .and
for February,
1938.
These indexes
pre¬
(1936=100)
are
adjusted for seasonal variation.
Motor trucks
Jan.,
Feb.,
1939
1938
101.2
113.2
1U.4
110.0
119.0
+ 0.2
118.0
—0.7
1939
Jan.,
Feb., 1938
to
......
Feb., 1939
'
101.4
Semi-finished goods
111.6
Finished goods
109.2
.
Crude petroleum...
Electric power...
.
+0.2
—10.4
—75
Indications of the
Reserve
eral
which
trend of business
districts
shown
are
in
in
the
Banks
of
Boston,
Reserve
various
Fed¬
following extracts
New
The
(Boston)
District
higher
than
in
was
February
a
had been made for customary seasonal
The
also
Total
had
construction
considerably
February.
January
February,
England
than
a
shops
year
in
building
but
in
3.2%
New
February
It
is
February
and
In
year
than
in
Labor
and
boot
that
consumption
seasonal.
32%
larger
Daily
February
was
and
pairs,
than
was
of
cotton
2.7%
were
and
an
payrolls,
Industries.
in
shoe
increase
according
wool
than
more
production
7.6%
amount
the
total
of
to
increases
3.8%
.
.
the
were
in
year.
last
was
year,
consumption
double
New
that
of
other...'
78
95
87
87
93
93
92 p
75
74
74 p
of
was
in
Massachusetts
for
January
wage-earners
higher
amount
of
Department
of
under
47
69
48
■
67
74
._
s,
73
71
the
average
71
"
79
64
1
83
.87
'
85 p
86
78
81
76
76 v
100
114
111
112 p
89
100
87
_.........—
l.:
York
97
93
94
91
■■
.
58r
77,.
82
62
66
61
36
...
demand deposits, New
(1919-25 average=100%)-.-
44
36
79 P
-
60
City
....
•
,35
„
General price level (1'913
154
155
155
148
148
147
111
111
J11
average=100%)-_.
Cost of living (1913 average=100%)
Composite Index of wages (1926 average=100%).
Preliminary, .r Revised,
•
'
;♦
Not adjusted for trend.
a:
Third
eral
4
71
79
75
80
-
Velocity of Deposits x
Velocity of demand deposits, outside New York
City (1919-25 average=100%)
p
-
64
■
79
79
90
New passenger car registrations
Prices and Wages
81
64
—
Chain grocery sales..'-Other chain store sales.
Mailorder house sales.
'
(Philadelphia)
production
in
District
Third
the
Reserve District increased
(Philadelphia)
than
more
Fed¬
seasonally from
January to February, it is stated in the April 1 "Business
Review"
of
From the
The
Federal
the
"Review"
adjusted
index
of
we
Reserve
also take
productive activity
slightly below the recent high reached in
low
the
in
last
July.
the
low.
The output
level
current
improvement
awards,
Despite the
goods,
production
of
Philadelphia.
1%
rose
to
77,
December, and
during
a
level only
14%
above the
February
reflected
gains
particularly of the durable type
is nearly
on
in
28% above last summer's
the other hand,
declined
on
a
basis.
construction
declined
of
of coal and crude oil,
seasonally adjusted
ago.
The
output of manufactured
which
Bank
the following:
activity
sharply in
in
the
district,
the month
declines in each of
and
as
was
by
measured
contract
somewhat below
a
the first two months of this
however, the value of awards was substantially above early 1938.
2.1%
the
40
112
............a.;..
1
Total
England
...
number
slightly
114p
84
'+■"
Department store sales, 2nd District
1938
.
mills
larger than in
occurred
106P
116p
38
Department store sales, United States.
larger
larger than in January by 7.6%.
an
February
These
1938.
February
average
the production of February last
during
in
104
87
25
Imports
during
loadings
England
representative manufacturing establishments
weekly
dropped
sharply
Car
11
New
in
135 '
119
»■
...
Industrial
which
amount
average
ending March
consumption.
and also
ago,
January,
aggregate
about
during
mills
Massachusetts
employed in
daily
typically
were
cotton
raw
12,878,000
over
increased
1.6% higher than in February,
were
estimated
12.7%
which
January
England
was
district,
consumed, and in boot and shoe production between
amount
an
under
a
the
in
95
90
contracts
changes."
and sales of New England department stores and apparel
February
bales,
this
in
94
88 p
67
Car loadings, merchandise and miscellaneous
in part:
say,
January,
for the five-week period
ago,
February
During
71,898
wool
and
increases
were
raw
and
awarded
December
consumed and
New
following to
contracts
between
There
the
101
Primary Distribution—
after
ago,
year
allowances
Bank
68
87
,
Velocity, of
maintained at about
that which prevailed in January, but was
the same level as
considerably
February
91 p
57
Construction—
1, states that "general business activity
New England during
in
91p
55
products
Residential
Federal Reserve Bank of Boston, in its-"Monthly
Review" dated April
88
93
95
..........
...
First
88
.
82
:
r------
Distribution to Consumer—
the
York, Philadelphia, Cleve¬
land, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, Dallas and San Francisco :
.
80 p
73
Non-resldentlal building & engineering coritracts.
y
give from the "Monthly Reviews" of the Federal
we
Reserve
Federal
'
77
80p
—6 2
Conditions in
1
79
85
Employment, manufacturing. United States
Employee hours, manufacturing, United States..
•
Districts
'
.
85
•
Meat packing
Exports
.
82
92
.-A-—..-.-.-.
Cotton consumption
Wool consumption r
Car loadings,
Summary of Business
79
87
<0
Feb., 1939
liminary)
84
65r
>
1
._
•Employment—
Per Cent Change
Feb.,
{Pre¬
86
83
72
.....
....
Bituminous coal
Tobacco
1939
69
95
46
71
Passenger cars
Shoes
67
80
70
"■
Raw materials
o
..
Copper
Cement..1
following table gives the Conference Board's indexes for thesp three
classes, of
Dec.,
39
Raw material stocks
*
1938
1938,
liquidation that has occurred during the
by the indexes.
,
Feb.,
were
last October and 11.6% higher than in 1936.
clined 13.1% since April of last year; semi-finished goods, 9.0% since May;
The
ts
for price changes)
1.4% above the pre-recession level of 1936.
of 1938 reveals the
13
for seasonal variations, for estimated long term trend, and where necessary
.
ad-'
A comparison of the figures just released with those for the
peak stocks
last
(Adjusted
year
year,
.
.
Employment and payrolls in 12 lines of trade and industry increased 1%
and
3%,
respectively,
the previous month.
in
February,
following
continued
below
the levels
reductions
in
'
.
Retail trade increased slightly less than
and
substantial
of
a
year
usual from January to February
ago.
Early data for March, how-
Financial
2338
improvement in most lines. Aggregate wholesale
and for the second successive month was
above the levels of a year earlier.
Inventories in both channels of trade
showed some tendency to accumulate in the month but were substantially
indicate seasonal
ever,
increased
trade
February
in
in early 1938.
smaller than
(Cleveland;
District
Cleveland, in its "Monthly
reports that "tardiness
or failure of the usual spring expansion to appear in the
major industries of this district, and happenings abroad
which seemed to hold up the making of commitments and
placing of orders, have offset favorable developments
occurring in the four latest' weeks.
As a result, where
allowance is made for the fact that an increase is cus¬
tomary in basic production as well as in trade at this season
of the year, general business has failed to hold to the level
prevailing at the beginning of 1939."
The Bank further
Review" dated March 31,
states:
-
-/
.
•
rate in the week ended March 25 was half -a
ingot production
steel
The
in the same week of February. In the corresponding
other' recent years, when the AveekJy operating rate was much
higher as well as lower than at present, there was a gain of several points
in the national rate.
Compared with the low level of 1938, the industry
has made a very favorable showing so far this year, but there is some
evidence that, production has been maintained at a rate slightly in excess :
of the volume of recent incoming orders.
Finished steel inventories have
increased since the, beginning of the year in this district^ according to
point higher than
period
of
reports.
,
according to "Ward's"
production rose each week in March,
Automobile
50% ahead of
In the latest period assemblies were more than
the corresponding period of last .year,'but they were no
reports.
greater than in
mid-January and also below the level of this season of the years 1935 to
1937.
There hafi been rather a large increase in new car inventories since
the beginning of the year, and while retail sales improved. In the first
three weeks of March, the rise from the first quarter low point in some
section was less than in either 1938 or 1937.' Parts plants have had only
moderate releases this spring, and sheet steel buying has been limited, in*
large part because of the heavy ordering last fall.
Tire demand was not as great seasonally as expected in early March,
and
employment and payrolls in the rubber industry were down in
February from January.
In contrast with last year, however, the situation
improved.
industry is much
rubber
the
in
'
.
.
sponding period of last year by approximately
ment
stores 'increased
more
than seasonally
'
month.'
.
second
•
.
;
■
'
Review" of March 31, reported that
District this year was
consecutive
through February and into March in primary
Chicago area; in the second week of March, how¬
ever,
output dropped slightly.
Demand for rails has been a sustaining
factor
in
this
industry,
but buying by the automotive industry has
remained light.
Production of automobiles declined somewhat more than
seasonally in February, although totaling more than half again as large as
in the month last year.
At steel and inalleable casting foundries of the
district activity continued above that.,of a year earlier, but new business
fell off from January and output from steel casting foundries was less
than
in that
month.
There was also a non-seasonal decline in orders
booked
during February
by stove and furnace manufacturers, although
production and shipments rose in accordance with the usual trend.
Build¬
ing construction, as reflected by contracts awarded, showed a small gain
in February over the preceding month and was more than double that of a
year ago ; the movement of building materials trended downward.
In the
furniture industry, shipments rose more than seasonally, and orders booked
fell off less, than is usual, with both items above the 1929-38 February
steady rise took place
A
steel production of the
Following a substantial expansion
average.
Owing
aggregate employment and payroll volumes in
less than the usual seasonal increase during
"trade in February in
seasonal levels and
The
dollar
6alcs
the
pulled
in
were
smaller
in
this year
better
somewhat
fact
cities
cities except Washington
level.
.
.
V Wholesale
district
below
average
.
1938
the
firms, representing more than a dozen lines, averaged 3%
above.-the volume of business in February last year, and retail furniture
in
trade
sales
206
,
were
larger, than
Sales
Maryland.
of
earlier in all Fifth District States except
year
a
automobiles declined in February from January
new
normal development, but exceeded February, 1938, sales by 51%;
District of Columbia increased automobile sales by 101% last month
sales,
The
a
February,.
over
contracts
above
the. Value
to
issued
in
February were •
value as in -the corresponding month last year,
awarded for construction work in the district totaled 29%
while
continued
permits
Building
sales.
1938,
approximately the
same in
of contracts awarded
last
operate
month
at
Textile mills
in February last year.
substantially
the
same
rate
in
as
February, 1938, rate.
Production' of
rayon yarn was well maintained lafet month, and shipments" to. converters
were
53% above shipments a year ago. "Stocks of rayon yarn held by
producers at the end of, February were 36% lower than on Feb. 28, 1938.
Bituminous coal production last month slightly exceeded January output"
on
a
daily basis, and was 24% above output in February last year.
January,
30% above;the
and about
;
Sixth (Atlanta)
.
'
*
District
tively high rate of activity during the
this year."
In
number" of
a
seasonal
about 10%
over
trade and industrial
somewhat
in
construction, which increased
January, and a small increase in payrolls,
activity in the Sixth District declined
February."
The following is also from
the
year
about
the
same
but wholesale trade declined
more
than
it
the total value of construction
slightly.
of
January,
The rate of textile operations, pig iron and coal production,
contracts awarded in February declined
usually does.
and
in
as
index of department store sales in February was
these
The
In
comparison
lines shows gains,
rate
of
cotton
with
some
February,
of them
consumption
in
1938, however, activity in all
substantial in amount. ...
very
Alabama,
Georgia
and
Tennessee
2.6% for the
country.
Consumption in this district was 39% greater than a year ago,
however, which compares favorably with a gain of 32% for the country. . ..
In February cotton seed oil mills crushed about half as much seed as
they did in February last year, and output of principal cotton seed
products also declined about half.
Operations in the steel industry in Alabama have been at 72.0% of
capacity since the first week of February, compared with an average of
declined
1.0%
in
February,
63.5% for January.
in
contrast
to
an
increase
of
was
orders.
unfilled
of
reported
of coal
moderate
plumbing supplies and sbme
decreases in production in
,
February from the preceding month. ,
'
As was the case in the entire country,. production
in
last
from
amount
and
Lead
year.'
February
zinc
either
than
of bituminous Coal
general area declined in about the usual
January, but was 24.9% abotfe output in February
this
mines' in
February at
seasonal
in
production by district mines was smaller in
January or February, 1938, reflecting mainly
tslack demand for the refined metal and lower prices. The steady increase
in output of crude oil
in fields of this district/ noted throughout 1938,
was
continued in January and February.
Distribution of merchandise through both retail arid wholesale channels
weeks in March reflected a considerable
by department store sales in thp principal,
trade in February was' 5% smaller than in
January and about 1% less than a year> ago; for the two months this
year an increase of 1% was recorded.
.
,
in
the
and
February
first
two
Gauged
degree of spottiness.
cities, the ..volume of
retail
(Minneapolis)
District
According to tlie Minneapolis Federal Reserve Bank, tlie
volume of business in the Ninth District declined in Febru¬
and
ary
to
February last year.
In its "Monthly
the Bank also had the following
below
was
Review"
28
March
of
say:
two
a
1938.
since
month
both
in
eight
of
which
years.
.
last
a
the
in
year
ago
year
smaller in
last
the
year,
amount
farm
the
February
were
in the preceding
fewer
but were slightly smaller
...
in
month.
number and somewhat
Compared with February
failures showed a reduction of one-fourth and
reduction of five-sixths.
The number of nonforeclosures in January was well below the number in
number
of
of
liabilities a
estate
real
in
than
amount
the
February were about as large as in February
rural sections of the district
at the reporting city stores.
failures
Business
wrere
.
Department store sales in
than
little below February last year with the excep¬
indicators, country lumber
important
loadings,
car
were
sales and miscellaneous
substantially higher than in February,
Country lumber sales in February were the highest for that month
1931, and with the exception of January were the highest for any
of
half as large as in January last year.
in January was smaller than in December
consumed in January, 1938.
preceding month and less than
Electric
was
consumption
power
well
above the amount
.
...
production
a
fire clay products,
glass,
materials
building
activities
on
.
.
of
Manufacturer^
other
were well sustained, pro¬
parity with January* .but there;
incoming business and a moderate decline in backlogs,
in
about
being
shipments
plants
steel
and
iron
At
and
when consideration is given to the
below January.
Relatively the
slightly
fell
durable goods as contrasted with non-ddrable com¬
categories output was appreciably larger than, a
in
both
in
reduction
a
but
Alabama and Tennessee declined 4.7%
January; and in the country output declined 4.6%, because*of the
shorter month.
In Alabama and Tennessee production was 18.0% larger
February
from
1
February,
variations,
but
ago.
duction
in
production
"seasonal
.
failed to appear, qi* was less pronounced than is ordi¬
expansion
Industrial
tion
The seasonally adjusted
y
manufacturing and trgde expected
narily the case at this time of year.
All of the indexes
"Review":
'
'
lines of
important
Ninth
"Monthly Review" of the Federal Reserve
of Atlanta states that "with the exception of con¬
tracts awarded for residential
with the rela¬
final quarter of 1938
The monthly review also had the
moderately recessionary trends as contrasted
The March 31
Bank
Louis it is stated that "Eighth
during February and early
while continuing well above a year ago, developed
March,
modities,
lower sales in all of the larger
District
of "Business Conditions" of the
District commerce and industry
greater decline was
towns,, but
(St. Louis)
Eighth
the March 30 review
In
except
Retail
in
week.
usual
and
.
it again failed to equal the year-ago level
by 2%.
However, this latter trend was reversed in March and in the
third week of that month sales were running 7% above the corresponding
February from that of January;
materially exceeded that of February last year
Bank further reported:
-Nevertheless, the
February.
payments were higher than at that time by 15%.
.
volume of department store trade was little changed
while wage
up to
in all lines
retail trade in department and general stores." The
above a year earlier.
industries in Michigan,
the Seventh District recorded
employed-was 5% greater than in the month last year,
number of workers
following to say:
"Monthly
in January, activity at district
mills diminished in February, but remained
to declines in the metals and vehicles
paper
and January
;
District
Bank of Richmond, in its
The Federal Reserve
Fifth
Inventories at depart¬
the
for
.
(Richmond)
Fifth
the
3%.
following
corresponding 1938 volume.
under the
was
Federal Reserve Bank of St.
improvement in payrolls, but the gain over
less than seasonal arid the adjusted index receded one point.
half of March dollar sales were larger than in the corre¬
first
the
.
Conditions Report" of the
Chicago we take the
Bank of
Reserve
conditions in the Seventh District:
Trends varied
during February in industrial output of the Seventh
District, several production phases recording expansion over the beginning
month of the year, while others experienced recessions in activity.
How¬
ever, as
compared with the low levels prevailing at the same time last
year, current conditions have continued to show much improvement.
Indus¬
trial
employment and payroll volumes increased less than is usual in
February over Januarjr,
but were above a yeap ago.
The wholesale
distribution of commodities exceeded that of last February; retail trade
1938
trade' reflected this
January was
In
Ohio.
seasonal in
than
Retail
(Chicago) District
Seventh
From the March 25 "Business
Employment increased about 1% in Ohio arid 2% in Pennsylvania in
February over January, and payrolls were up by slightly larger amounts.
This was closely in line with seasonal development in Pennsylvania but
less
23.6% for the country
which compares with a gain of
ago,
year
regarding business
Reserve Bank of
The Federal
a
whole.
a
Federal
Fourth
Business
than
as
1939
22
April
Chronicle
in
Other
than
in
business
volume
wholesales
of
indicators
that-were higher in February,, 1939,
total sales at 418 country lumber yards,
electrical goods, hardware, paper and tobacco, net telephone
February,
1938,
were
Volume
installations
148
in
Financial
the
City area, car loadings of coal, coke and ore,
production, shipments of flour and linseed products from Minneapolis,
flour
lumber shipments
recorded
in
and
sales
the output of
of
new
wholesales of automotive
car
loadings
and
gold.
passenger
Decreases from last
and
cars
trucks
year
North
in
were
Dakota,
supplies, groceries, lumber and building materials,
products, lumber cut, and the output of copper
silver.
of
forest
Tenth
the
March
Construction
(Kansas City)
District
activity continues the most
Contracts
awarded
higher.
are
/•
stores
less.
are
in
Wholesale
appreciably
planting of
The
is
crops
Livestock
sales
normal
also
are
Federal
and
the
condition
continue
April
1
months
two
winter
of
wheat
for spring
light
and
slaughter
operations
corn
lower.
are
about the
are
(Dallas)
"Monthly
Construction
same
the
of
further counter-
a
February, but the value of contracts awarded during
nearly double that in the corresponding month of 1938
and
the-largest for that month of
was
any year since 1931.
The daily average
of
crude
petroleum increased about 2%
from
January to
February and exceeded the average in February last year by 6%.
Drilling
operations were accelerated during the four weeks ended Feb. 25, with well
completions during the period moderately larger than a year ago.
Daily
production
sales
of
last
distribution
department
The
year.
of
stores
business
merchandise
increased
of
less
than
independent
retail
seasonally
firms
in
the
and
through wholesale channels showed slight gainp
compared with February, 1938.
Twelfth
'
.
(San Francisco)
,
District
"Although there was a slight dip in Twelfth (San Fran¬
cisco) Federal Reserve District production and trade dur¬
ing February, business in this, region appears to be marking
time following a considerable
expansion in the second half
of 1938," said the San Francisco Federal Reserve Bank in
its "Business Conditions" of March 31.
The Bank in its fur¬
the
sharp rise
a
seasonally
level
when
tion
it
and
District
January
New
lumber
after
orders
December
Cement
place..
a
back
for
seasonal
in
steel,
levels
also
declined
month
For
ences.
the
district
and
tire
also
lower
automobiles sold declined
Prices paid
December
in
tube
in
from
99
above
week's
feet, and
a
and
and
meat
at
packing
recent
remained
this
allowance
at
influ¬
than
in
January,
some
index of value
Apparel
while
the
and furniture
number
of
at
low
new
levels, and
a
Lumber
Reported shipments
in
In
the
of
case
a
year
feet and
192,775,000
was
were,
respectively,
received,
.209,465,000
hardwoods,
85
identical
mills
6,128,000 feet and 7,658,000
ago
4,589,000 feet,
and
orders,
7,343,000
feet.
February, 1939
$81,914,862, an
0.2% when compared with January, 1939; an
increase of 17.7% as compared with
February, 1938; and a
decrease of 21.3% as compared with
February, 1937. Thevolume of wholesale financing for
February, 1939 amounted
to $128,377,086, a decrease of
7.6% when compared with
January, 1939; an increase of 75.5% compared with February,
1938; and an increase of 0.8% as compared with February,
increase
of
1937.
The volume of retail automobile receivables
outstanding
the end of February, 1939, as reported by the 224 or¬
ganizations, amounted to $691,191,242.
These 224 or¬
at
ganizations accounted for 93.8% of the total volume of retail
financing ($81,914,662) reported for that month by the 456
organizations.
Figures of automobile financing for the month of January
were published in the March 25 issue of the
"Chronicle,"
page 1716.
The following tabulations show the volume of financing
for the month of. February, 1939, 1938 and 1937, and the
outstanding at the close of
month, January, 1938 to February, 1939, inclusive.
reported to the Bureau of the Census of the
Department of Commerce.
each
The figures are as
AUTOMOBILE
FINANCING
Retail Financing
•
.
■'
Wholesale
Financ¬
Year
Used and
ing
and
Volume
Month
in
Total
New Cars
Volume
Thousand
Number
Dollars
of
Unclassified Cars
Volume
.
Volume
in
Number
in
Number
in
Thou¬
of
Thou¬
of
Thou¬
sand
"
Cars,
Cars
sand
Cars
sand
Dollars
Dollars
Dollars
138,899
128,377
206,239
81,751
67,312
81,914
66,364
42,573
42,157
138,927
143,148
39,179
b209,512
267,276
415,751
163,666
133,676
84,730
282,075
78,937
January.....—
81,069
175,292
68,669
53,816
34,141
121,476
34,528
February.'..—-
.73,135
180,953
69,592
53,716
34,224
127,237
35,369
154,205
356,245
'138,262
107,532
68,365
248,713
69,897
158,936
264,751
107,537
155,183
43,872
127,388
264,707
104,064
109,568
98,313
63,665
February.—
57,612
166,394
46,452*
286,324
529,458
211,601
207,881 121,277
321,577
90,324
January...
....
February......
2
Total
the
—
1938—
Movement:
Week
months
Ended
1937—
were
softwood and
10%
preceding
less
ended Feb
a
—
Of these
number
organizations, 37 have discontinued automobile financing,
31.7%
were new cars,
hardwood
REPORTED
AS
1939
$
1939
1938
i
$
July
February...
691,191,242 1,012,305,493
967,096,723
August.
March.....
May
corresponding week of 1938 by 44%.
Reported pro¬
was
12% above and shipments were 22% above
last jrear's week.
For softwoods, production, shipments and
June
the
ORGANIZATIONS
<1938
696,959,547 1,064,815,488
new
business
BY 224 IDENTICAL
January
that
New
same.
b Of this
67.8% were used cars, and 0.5% unclassified;
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
cov¬
arid production
week.
Total 2 months
exceeded
about the
39,758
months
ended Feb
Reported
of
mills
orders
and
earlier.
year
Association from regional associations
than
7,883,000
was
expansion is usual in February.
ering the operations of important
were
Production
feet,
week
same
January—-
Bank's adjusted
average 1929 shipments.
Production was about 61%
corresponding week of 1929; shipments, about 60%
of that week's shipments; new
orders, about 67% of that
week's orders,, according to reports to the National Lumber
greater
the
Reports
feet,
about
seasonal
for
the
orders
for
170,426,000 feet; shipments
158,390,000
high levels,
64% of
4%
was
7,819,000
4,132,000
took
The lumber industry during the week ended April 8, 1939,
62% of the 1929 weekly average of production and
mills.
and
feet
9,011,000
as
The dollar volume of retail
financing for
for the 456 Organizations amounted to
petroleum
stood at
Manufacturers
Mill
February.
April 8, 1939
of
business
reported
as
of the
193,118,000
were
194,022,000 feet.
was
new
Shipments
the production
week
soft¬
431
1939—
after
income than
of
it
146,751,000 feet.
and
give
above
same
production of 420 identical softwood
ended Feb—
Report
Production
mills
Identical
feet; shipments,
feet
9%
the
'
1939, by
•
„■
year ago
191,392,000
or
for
16% above production.
or
.'/
,4
Total 2
Weekly
hardwood
feet,
,
feet
feet,
reported
as
production.
9,162,000
were
below the
receipts in February resulted in Twelfth District
receiving 6% less
Pine,
above
and
20%
production,
production
paper
February,
although
cash
December
about
farmers for their products have continued
further reduction
14%
or
211,166,000
Shipments
0.5% below production.
or
Qypress
Northern
production
Cypress,
reported
reported for the week ended April 8,
totaled
Reports
Hardwood
month.
in
the third successive month
were
feet,
considerably
in March.
February, and small reductions
and
department store sales declined slightly.
sales
farmers
and
in
declined
were
smelting operations,
pulp
preceding
decreased
mills.
increased
during
rubber
mining and
furniture,
of
sales
the
to
sharply
influences,
that
have
to
appear
same
Northern
'
orders
mills
and
shipments
corresponding
Southern
Summary for 456 Identical Organizations (a)
advanced
-Activity at district aircraft plants continued
Retail
Lumber
wood
earlier.
year
which
assemblies,
copper
the
store
as
by mills
but
production
and
of
allowance
automobile
refining,
same
output,
received
level,
for
in January,
Non-residental construc¬
February remained at about the level of the preceding
the
was
index
building permits
February fell
52% of the 1923-25 average.
was
initiated during
month,
in
in value of residential
adjusted
but
of
but
amount of automobile receivables
ther observations stated, in part:
After
All
year.
reported
those
All
Automobile Financing in February
Review"
activity in the Eleventh District showed
month
last
above
week.
1938
District
Business
decline in
the
as
above
Hardwood
orders
Redwood.
being sold is substantially smaller.
Reserve .Bank
to-seasonal
Northern
reported production last week and
of Dallas
we
take the following
regarding business conditions in the Eleventh District:
average
shipments
and
reported
California
except
Hardwood
Last
the last
Coast
Allv regions
1938
reported
slightly lower.
district in
<
Eleventh
^February
of
West
output.
week
and sales of other
Generally speaking, the outlook
bu,t the amount of
the
and lumber sales
year
year
marketing of wheat and the production of flour
From
the situa¬
favorable.
receipts
last year,
as
above
sections is improved.
many
Pine,
above
feet.
4% under last
The amount of moisture received in the
been
of
aspect
'
.
about
are
favorable
than double last
more
*
,
Department store sales
has
Southern
31
ing agricultural and business conditions in the Tenth Dis¬
trict during February:
retail
regions except California Redwood and Northern Hardwood reported
above production in the week ended April 8, 1939.
All except
orders
new
the
"Monthly Review" of the Federal
Kansas City we take the following regard¬
Reserve Bank of
are
All
2339
Southern
From
tion.
Chronicle
Twin
April
—...
932,526,760
904,154,673
867,737.238
838,516,497
...
September.
806,713,720
765,892,109
_
October.
November..
721,982,338
710,882,434
December..
706,847,563
duction
new
orders
were,
respectively, 13%
greater,
21%
greater
and
43% greater than in corresponding week of 1938.
New
(hardwoods and softwoods) was 9% above pro¬
duction, and shipments were 0.1% above output in the. week
ended April 8.
Reported production for the 14 weeks of
business
the
year
to
date
1938; shipments
was
were
16%
above
corresponding
11% above the shipments,
weeks
and
of
new
orders
were 9% above the orders of the 1938
period.
New
business for the 14 weeks of 1939 was
11% above output;
shipments
were
11%
above.
The
Association
further
reported:
of
softwoods
booked orders of
were:
feet;
Mills,
orders,
Sales of wheat and flour for export totaled
and
hardwoods
220,177,000 feet.
541; .production,
221,754,000 feet.
1939,
512
combined;
mills
produced
shipped
201,905,000
202,280,000
feet;
Revised figures for the preceding week
194,298,000 feet; shipments, 225,225,000
approximately
101,300,000 bushels from July 1, 1938, to April 1, 1939, of
about
which
79,000,000
bushels
have
been
exported,
the
Marketing and Marketing Agreements Division of the De¬
partment of Agriculture announced on April 13.
Of the
total sales for export, the sale of approximately 77,000,000
bushels
Sales
the
has
of
bushel
During the week ended April 8,
feet
Export Sales of Wheat and Flour from July 1 to April 1
Totaled 101,300,000 Bushels, Reports Department
of Agriculture
been assisted
wheat
about
Department of Agriculture on
ration
an
bushels
82%
of
export program.
the
101,300,000-
In noting this
April 13 added:
total, and sales of flour, about 18%.
The sales of wheat for export
and
by the Federal
represent
under
the
Federal
indemnity has been paid
of
wheat
in
the
by the Federal Surplus Commodities Corpo¬
program
form
on
of
have totaled about 62,900,000 bushels;
the export of approximately 14,500,000
flours
Sales
included
approximately
Financial
2340
1939
April 22,
Chronicle
Direct-Consumption Sugars
wheat and wheat products to the American Red Cross
American relief agencies for export to Spain and China.
same
time the Department made public the destination of
764,000 bushels of
other
and
the
At
of wheat sold under the export program and the
14,500,000 bushels of wheat which was exported as
combined total of about 55,500,000 bushels is part of the
41,026,821
bushels
destination
Direct-consumption
This
total
the
1939
last
the
of
Demand for Farm Products Seen
Agricultural Economics
The Bureau
of Agricultural Economics, United States
Department of Agriculture, said on April 15 that while
developments during the past month would delay—and
might even prevent—the anticipated moderate spring im¬
provement in domestic demand for farm products, "pros¬
pects still are for a year of relative stability in domestic
of
Prices
than
less
much
whereas
trend
usual
the
and
March
there
said
Bureau
The
.
.
been
27,598
9,982
1,419
11,401
68,813
85,381
10.666
96.047
514,816
80.214,
610.863
Quotas for Full-Duty
March was attributed "primarily to
livestock and livestock products.",,
change during the past month in
Countries
The following table shows, in
countries.
pounds, the 1939 quotas for those
against the quotas during January, Febru¬
the amounts which may be admitted during the
countries, the amounts charged
"Pre¬
and
March,
and
ary
the year:
of
remainder
"
v
'
.
Charged..
.
Against
Balance
uota *
general
with
line
in
moving
individual full-duty
the quotas for, the
the year against
of
months
three
expectations.
.
.
.
activity has been well maintained.
...
.
Changes in most
other non-durable
goods industries in recent weeks have been
have
72,687
2,018
,
short tons, raw value, charged against the quota for foreign
countries other than Cuba is tne total of charges made during the first
there was little change in the general level
of business activity in March.
»
.
.
Retail sales in general have been
rathef favorable.
Most of the specific lines of industrial pro¬
duction
345,718
53.346
1,926
The 3,596
indicates
evidence
liminary
29,282
92
45,666
29,616
added that
domestic demand for farm products.
affecting the current
factors
payments was not
1,475
7,680
126,033
Rico_.
Total——..
little
was
99.8 Degrees
27,807
Hawaii
in
larger returns from marketings of
Balance
Remaining
375,000
—
Puerto
March was larger than in February,
income is downward from February through
of
Total
Charges
Jjess Than
"
increase in
The
April.
Sugar
Polarizing
and Above
Cuba
Philippines
The Bureau
1938.
of
quarter
first
marketings
Sugar
Polarizing
99.8 Degrees
Quota
Area
European war."
Government
plus
marketings
the
in
farm
from
income
from
income
but
year,
Quantity Ch'g'd Against Quota
the first quarter of this
declined slightly in
products
farm
entered against the quotas.
sugar
1939
further said:
An announcement in the matter
of
direct-consumption
Stability in Domestic
by Bureau of
if there is no general
year.
reports
on
conditions
degrees and above and sugar polarizing
column shows the balance available for
99.8
export program.
demand
separately sugar polarizing
less than 99.8 degrees. The
entry during the remainder
The separation of sugars into polarization groups is based
of
the outturn weight and polarization for each cargo
February and March, showing
during January,
the sale of which has been assisted by
approximately 77,000,000 bushels
charged
quotas, since quota for such sugar is included in the
sugar quota for each area.
The following tabulation indicates the
direct-consumption sugar quotas and charges against such quotas
against the various
of about
flour.
the above amounts
in
included
is
sugar
Remaining
{Pounds)
{Pounds)
1939 Quota
Area
Textile mill
the
of
seasonal
character."
in
•
.
.
Guatemala.:
Is Above Last Season But
Peru
38%
official
for
months, and to damage in
recently by the army
more
worm
Total.....
the
some
of the important producing regions
*
—
Also
as a
last year
result of these factors the area harvested this year
acres
compared with 7,308,000 acres
Indicated
and with the five-year average of 11,641,000 acres.
about 34%
season is
with the average of
compared with 52% in 1937-38 and
30%.
The statistical position of corn in Argentina
be shown as follows:
may
xYpril 1, 1939, carryover stocks about 10,000,000 bushels; new crop, 213,000,000 bushels; total supply,
been cnarged
Since approximately
223,000,000 bushels.
be around 162,000,000 bushels.
53,402,000
the
against the quota for foreign
World
Division, of the United States Department of
of
The
esti¬
these
quotas represents the quantity of sugar
mated, under the Sugar Act of 1937, to be required to meet
consumers'
needs
during
the
current
report
The
year.
shows that the quantity of sugar charged against the quotas
for
^
all offshore areas, including the full-duty countries,
during
the
1,021,369
first
short
months
three
tons,
of
the
value.
raw
amounted
year,
For
to
corresponding
the
period last year charges against the offshore areas totaled
said
tons,
Department,
which also said: 1
The report ..includes sugar
for
entry before April
Cuba
also
weight
quota
certifications
for
The figures
are
March
sugar
not
are
The quantities
months
of
data
the
beet
for
cane
area
areas
' consumption of sugar during the year
ending Aug. 31, 1938, amounted to 31.1 pounds as compared
with 32.3 pounds in the previous year, a decrease of 1.2
pounds, or 3.7%, according to a survey made by the statis¬
tical department of Lamborn & Co., New York.
The an¬
as
entered
or
-certified
entry
all
area
of
which
sugar
Ten
years
fell
to
27.7
time
first
the
pounds
■'
V
-v."
•
1933,
since
The Lamborn
figures follow:
'
■
importations
sugar,
and
raw
76,671
are
final outturn
available.
against
tons,
for
that
during January and February this year.
the
Data
charged against the offshore
year
during the first three
areas
and the balances remaining are
as
1939
Amounts
Sugar Quotas
Established Under
Charged
Balance
the Latest
Against
Remaining
Regulations
Philippines.
Quotas
.
Raw Sugar)
29,647,000
30,549,000
31:1
2,095,000,000
29,231,000
31.3
29.3
26,287,000
28.6
—
2,077,000,000
2,057,800,000
27,188,000
--------
2,041,600,000
26,193,000
2,024,500,000
2,012,800,000
27,125,000
30.2
1,992.500.000
26,374,000
29.7
26,967,000
30.8
26.098,000
30.0
1937-.-.*..*-*-,-1936
x
-
1,686,153
204,044
836,979
806,642
Hawaii
Foreign countries other than Cuba-
246,190
1,041,023
439,850
1935
1934
1933
———
...
—
—
-
——j
1932
-•
:x-—.
1931-*..
1930.
x
-
1929
-
1,948,526.000
"1028
year
127,689
820.529
0
9,013
26,701
3,596
23,105
4.763.940
1.021.369
3.742.571
9,013
—
29.6
ending Aug. 31.
Sugar Statistics of Department of Agri¬
of 1939—Deliveries Below
Statement of
culture
for Two Months
Year Ago
The
Sugar Division of the Department
of Agriculture on
its monthly statistical statement covering
the first two months of 1939, consolidating reports obtained
4
issued
refineries, beet sugar processors,
from cane sugar
others.
Total deliveries of sugar
importers
during January and
690,414 short tons, raw value,
during the corresponding period
last year.
Distribution of sugar in continental United
States during January and February, 1939, in short tons,
February, 1939, amounted to
raw
value, was as follows:
Raw Sugar by Refiners
Importers of Direct
(.Table 1)
(Table 2, less
—
exports)
(Table 2)
Consumption Sugar (.Table 3)
Consumption (Table 4)
.
*
Mainland Cane Mills for Direct
Total—
The
Hawaii
Total
>
27.7
'
,
'
Crop
26,724,000
32.3
1,289
543,023
76,671
50,679
18,752
366.792
948,218
Virgin Islands.
—
Refined Sugar by Refiners
1,932,343
.
_
Puerto Rico
{In Pounds,
Raw Sugar)
Beet Sugar Processors
Cuba
Consumption.
compared with 847,711 tons
follows:
(Tons of 2,000 Pounds—96 Degrees)
Area
Consumption *
{In Long Tons,
2.134,000,000
2,115,800,000
1938.
and
yet available.
Per Capita
World
v
World
Population
:
Year
April
value, charged against the
'
-
.
30 pounds.
Since then
in 1933, and then steadily climbed to its peak,, of
In 1938 world per capita consumption receded for
the per capita consumption was
ago
pounds in 1937.
transit
in
was
after
"
nouncement further said:
.
.
recorded
subject to change
102,184 short tons of
the mainland
for
continental
for
polarization
were
Agriculture
the
by
.
of Sugar in Year
Decreased 3.7% from Previous
Consumption
Capita
.World per capita
Statistics for foreign countries other than
1939.
include
and
There
1,
from all
1, 1939.
April
on
announcement
an
other than Cuba have not|
Year,
■V
*
lf145,673
Per
on
producing areas supplying the United States market.
sum
46.209.910
first 10 short tops
countries "other than Cuba.
Ended Aug. 31, 1938
April 5 issued its third monthly report on
of the 1939 sugar quotas for the various sugars
status
7,192,090
212 of the Sugar Act of 1937, the
15,592; Australia, 218; Belgium, 314,817; Brazil, 1,280; British
Malaya, 28; Canada. 603,520; Colombia, 286; Costa Rica, 22,033; Czechoslovakia.
281,649; Dominican Republic, 7,133,147; Dutch West Indies, 7.; France, 187; Ger¬
many, 125; Haiti, Republic of, 985,833; Honduras, 3,671,753; Italy, 1,874; Japan,
4,288; Netherlands, 233,046; Nicaragua, 10,933,214; Salvador, 8,780,522; Vene¬
zuela. 310,209. Three hundred fifty-four pounds have been imported from Sweden,
1,288 pounds from France, 30 pounds from Chile, 1,880 pounds from Dominican
Republic, and 153 pounds from Venezuela, but under the provisions of Section 212
of the Sugar Act, referred to in footnote *, these importations have not been charged
it
1,021,369 Short Tons of Sugar Received from Off Shore
Areas During First Three Months of 1939
The Sugar
479,472
5,894,292
Argentina,
x
32.3
Agriculture
20,528
value, imported from any foreign country
against the quota for that country.
of sugar, raw
.
61,000,000 bushels will be needed for home utilization, the amount available
for export and carryover will
33.293,628
v
1
and frost.
expected to exceed 8,649,000
abandonment this
0
0
500,000
..
in accordance with Section
1937-38 and with the average of 16,566,000 acres for the five years ended
not
375,102
0
a
Because of these factors the actual area planted for the 1938-39 crop
amounted to only 13,096,000 acres compared with 15,318,000 acres in
with 1936-37.
5,994,251
....
k,
is
6.348,922
of
estimate
to continued drought and considerable insect damage during the
summer
0
103,262
33,293,628
Quotas not used to date.x
The small crop is attributed to drought and delayed planting early in
season,
358,238
375,102
——
Vnallotted reserve..i
the corn crop now being
harvest of only 213,000,000
bushels, it was announced on April 18 by the United States
Department of Agriculture. While considerably larger than
the very low crop of 174,000,000 bushels harvested last season
(1937-38) it is still 38% below the average of 346,000,000
bushels for the five years ended with 1936-37, the Depart¬
ment explained.
It was further stated:
'
first
The
358,238
"
.TJnlted Kingdom....
Below Average ..."
harvested in Argentina is
114,595
226,114
-----
—-————.
Mexico
Argentine Corn Crop Estimated at 213,000,000 Bushels
193,596
226,114
6,452,184
11,888,543
Dutch East Indies..
—Current Harvest
{.Pounds)
308,191
China and Hongkong—*.:....—,
Rico
it
for
was
-
-
—— —
690,414
consumption in the Territory of
January and February, 1939,.was 2,529 tons, and for Puerto
5,592 tons (Table 5).
distribution
of
sugar
for
local
Volume
Stocks
of
follows.
Financial
148
sugar
hand
on
Feb.
28,
short
in
tons,
value,
raw
(Not including raws for processing held by importers
refiners,
stocks of sugar held by mainland
nor
were
contrasted with 418,000 tons in the previous year, a reduc¬
tion of 99,000 tons or approximately 23.7%.
In 1931-32,
as
other than
factories.):
cane
2341
Chronicle
the crop amounted to 279,000 tons.
The firm's
announce¬
ment added:
1939
1938
„
The reduced crop was due to poor weather
Refiners'
raws
.
288,304
Importers' direct-consumption sugar
as
84,688
_
Total
short
of
tons
above
the
to
value,
raw
sugar,
stocks,
beet
1,566,719 tons, compared with stocks of 958,611 tons last
The
data
approved
various
February
was
requirements,
and
Secretary
March
10.
April
of
public
DELIVERIES
on
the
for
quotas
The
States market.
and
given in
(This, statement
JANUARY-.
FOR
CONSUMPTION
*_„!
Of this quantity, the home¬
In 1937, home grown
Exports of
;
,
v;:
•/.;
.
Exports from Java Increased
Tons Above Year Ago
'
45,777
The firm further announced:
24
0
0
0
0
15.077
0
0
100
100
0
0
602,449
583,180
1,289
0
13,766
0
270,324
Total
Lamborn & Co.
accounted for approximately 13.7%.
accounted for 21% of the consumption.
105,050
0
v
1938 according to
grown sugars
10,137
83,456
•
during
sugars
22,337
0
M is c. (s weepi ngs, &c)
importing country of the world, consumed 2,318,235 long tons of sugar
45,403
88,223
Other countries.
the largest
0
94,855
••••
as
116
23,500
Virgin Islands
statistical
sugar
Kingdom, ranking next to the United States
95,902
■
181,572
Continental
The United
0
Feb..
90,037
78,446
114,755
.<
when compared with the
Licht, the European
0
Stocks
&c.
"
Philippines
O.
0
Lost
by Fire,
95,442
227,517
112,400
_.__
_
F.
180
Deliveries
for Direct
Meltings
5
.
approximately 3%
authority.
1939
Consumption
Receipts
22,299
_
1939-40 crop are placed at 346,000 acres, an
571
-;.
on
1,
10,136
Hawaii
sugar per
398
'
/
■
1939
Puerto Rico
or
but the yield of
against 1.334 tons in the 1937-38 season.
3,320
•
.
Cuba
acres
according to
as
from Java during the month of February,
95,959 long tons, according to B. W.
Dyer & Co., New York, sugar economists and brokers, an
increase of 45,777 tons compared with the same month a
year ago.
During the first 11 months of the crop year
(running from April, 1938 to March, 1939) exports were.
1,060,821 tons compared with 933,008 tons during the cor¬
responding period of 1937-38, an increase of 127,813 tons.
V/:
Jan.
10,172
February Sugar
FOR DIRECT
Stocks
of Supply
crop,
MELTINGS,
RECEIPTS,
(In Short Tons, Raw Sugar Value)
Source
of
1938-39
during January
quotas
STOCKS,
REFINERS'
FEBRUARY, 1939
*
1937,
Agriculture to
1, page 1989.)
SUGAR:
1—RAW
AND
sugar
of
establish
to
1939
made
>
■.
the
requires
against the
charges
"Chronicle"
TABLE
;
which
sugar-producing areas supplying the United
of
.
1937,
1,
consumption
statement
year.
obtained in the administration of the Sugar Act of
were
Sept.
determine
quota of
marketing against the 1939
for
in the previous year,
averaged only .967 tons
increase
1,338,163
had
factories
sugar
acres
Plantings for the coining
640.574
738,510
addition
In
against 313,429
acre
conditions during the growing
The sugar beet plantings during 1938-39 aggregated 329,878 acres
season.
374,344
80,754
..
181,542
369.457
...
...
Refiners' refined
on
28,
1939
141,813
sugar
amounted
to
;
66,605
2,009
"
pared to 1,392,151 tons produced during 1937,
0
288,304
;
Production during the 1938 campaign amounted to
0
'
Sugar stocks in
Java
on
March
1,
a
1,376,824 tons
com¬
decrease of 15,327 tons.
1939 were 330,338 tons, the
com¬
parative figure for 1938 being 401,598 tons.
Compiled in the Sugar Division, from reports submitted on Forms SS-15A by
sugar
refineries.
TABLE
V
„•
2—STOCKS,
PRODUCTION
•
JANUARY-FEBRUARY,
v'v-V"-;'y
:v
v-';
V
■■■■'■•
DELIVERIES OF CANE
AND
and Its Products—Texas Hears Operators
Allowables—Daily Average Crude Output Again
Up-—Crude Prices Advanced in Several Areas—
Richberg Optimistic on Mexico
/
Petroleum
AND
on
STATES REFINERS AND PROCESSORS,
BEET SUGAR BY UNITED
1939
,
(In Short Tons, Raw Sugar Value)
•'
•
v
:'r,
'/Vv<".-:'
V
,
:
■
Refineries
Initial stocks
Factories
a
358,137.
of refined, Jan. 1, 1939...:.
1,355,463
565,461
Production.... .v
Deliveries
....
_
.
_
Protests made by several groups of operators at the Mon¬
day meeting of the Texas Railroad Commission to consider
the May allowable for the Lone Star State brought about
extended hearings at the week-end to bring about adjust¬
ments in various fields to cope with the objections made at
the State-wide meeting on April 17.
Domestic Beet
•
59,371
b554,141
Final stocks of refined, Feb, 28, 1939
c76,671
369,457
.
1,338,163
....—
Compiled by the Sugar Division, from reports submitted on Forms SS-16A and
SS-11C by the sugar refineries and beet sugar factories.
,
converted to raw value by using the factor 1.060259,
which is the ratio of metlings of raw sugar to refined sugar produced during the years
a
The refineries' figures are
1937 and 1938.
b Deliveries
include sugar delivered against sales for export.
The Department of
of refined sugar amounted to 11,118 short tons, raw
1939.
;
c Larger than actual deliveries by a small amount representing losses in transit,
through reprocessing, &c.
Commerce reports that exports
value, during January ahd February,
In announcing that he favored an inclusive order, covering
May and June, Commissioner E. 0. Thompson pointed out
that "we have been drilling lots of oil wells.
Of course, the
more wells we drill, the lower must be the allowable per well.
Shortly, we will have so many wells that to give each well
the bare
marginal#adowable will take
up
the entire market
,
3—STOCKS,
RECEIPT3,
AND
DELIVERIES
OF
DIRECT
CONSUMPTION
SUGAR
FROM
SPECIFIED
AREAS,
JANUARY-
TABLE
FEBRUARY,
1939
•
.
'
'
(In Short Tons, Raw Sugar Value)
,
Stocks on
Source
Jan.
of Supply
.*■
Stocks on
Deliveries
Receipts
1,
Feb.
or
1939
"
20,980
1,123
25,994
0
a7,787
21,095
16,711
*
Puerto Rico.,.
6,994
5,841
5,928
6,907
66,418
_.
Philippines.
,•
^
England
0
0
0
"
0
China and Hongkong
,60
.
.
60
0
.
878
257
863
49.3*6
50.679
80.754
.
l............
,
272
82.077
Other foreign areas.....,----..
Total...
0
0
-
a61,404
1,123
r
Compiled in the Sugar Division from reports and Information submitted on Forffii
SS-15B and SS-3 by importers and distributors
a
Includes sugar in bond
of direct-consumption sugar,
and in customs' custody and control.
TABLE 4—DELIVERIES OF DIRECT-CONSUMPTION
LAND
«
Deliveries of direct-consumption
CANE
sugar
MILLS
SUGAR BY MAIN.
.
.
,
by Louisiana and Florida mills, on the
basis of incomplete reports, amounted 18,752 short tons, raw value, during January
and February,
THE
1939
'
,•
,
Puerto RicO-„_-V
Germany
.
HAWAII
'VV"
<
SUGAR FOR LOCAL CONSUMPTION IN
,
AND
PUERTO
RICO
JANUARY'
.
(Short Tons, Raw Value)
%
.
.
,
...
2,529
—---'■•.•5,592'
Territory of Hawaii-
V
OF
TERRITORY
FEBRUARY,
.
'
1939.
5—DISTRIBUTION OF
TABLE
»—-
Leads World ih Production of Beet
According to New York, Coffee & Sugar
y
Exchange * '
-f' "/ ; •.
Now
Sugar,
The New York Coffee and Sugar
Exchange, Inc. announced
April 19 that with the annexation of Czechoslovakia,
Greater Germany takes the lead as the world's largest
producer of beet sugar. This is interesting, the Exchange
added, in view of the historical record showing that the first
beet sugar factory was erected in 1801 on Crown Land at
on
Cunern in Silesia with the aid of Frederick Wilhelm III of
Prussia.
Production in the
area now
under German control
in 1937-38 and 2,677,000 tons
Only Russia, for which accruate statistics are
lacking, approaches this yield.
Russia is estimated to have
produced 2,500,000 two years ago and 2,300,000 tons last
totaled 3,100,000 metric tons
last
season.
'
season.
actual physical waste of oil
"Where are we
going to get the additional market for the oil coming from
the new wells being drilled by 1,050 rigs running now in
Texas ? If a person were manufacturing a producty he would
Sugar
a
market before he built more plant facilities.
am
April, 14, the Texas quota was 1,453,304 barrels daily, the
Commission's record disclosed.
The Bureau of Mine's esti¬
mate of the May market demand for Texas crude oil is
1,406,100 barrels daily,'against the April estimate of 1,412,700 barrels daily.
Nominations to purchase Texas crude oil
during May, filed with the Railroad Commission, totaled
1,576,600 barrels daily.
.
\
Texas again played the leading part in a sharp upturn in
daily average crude oil production, the total for the second
week of April rising 50,600 barrels to a 3,491,500-barrel
figure, according to the mid-week report of the American
Petroleum Institute.
Since this is around 60,000 barrels a
day higher than the April estimate of the Bureau of Mines of
3,434,000 barrels daily, oil men expect to see a rising trend
develop in crude oii inventories.
With the 6-day production week in effect since April 1,
Texas output again climbed sharply during the April 15
week.
Production in the Lone Star State rose some 44,000
barrels to a daily average of 1,435,150 barrels.
Kansas
showed a gain of 16,150 barrels in rising to a daily average
of 169,950 barrels with California's daily average of 628,200
barrels representing an increase of 1,200 barrels.
Sharpest
decline was shown by Oklahoma producers, who cut down
their daily average output by 15,750 barrels to 436,500
barrels.
Louisiana was off 1,000 barrels to 264,850 barrels.
A decline of 345,000 barrels in inventories of domestic and
foreign petroleum held in the United States during the second
week of April was reported by the United States Bureau of
Mines which disclosed that stocks had dropped to 275,774,000
barrels
Production in United Kingdom During
Decreased 23.7% from Previous Year
on
April 13.
The decline was comprised of a drop of
407,000 barrels in holdings of domestic crude oil which was
offset in part by a
crude oil.
gain of 62,000 barrels in stocks of foreign
The Central Committee on Public Relations
can
Beet
in its production,'! he continued.
wondering if it might not be wise for oii operators to
check into the marketability before drilling new wells."
\
Under the 6-day production week schedule in effect on
12,171
.....
—
Hawaii..".
"Our sole duty is to prevent
and gas
I
..i_.
Cuba.
~
look out for
28,
1939
Usage
demand.
of the Ameri¬
Petroleum Institute, meeting at French Lick,
Ind.,
on
Kingdom during
April 15 and 16 at the French Lick Springs Hotel, approved
a resolution holding that promotion
of satisfactory dealer
relationships is essential to "sound public relation?" for the
1938-39 fell to the lowest figure in seven years according to
Lamborn & Co., New York, who report that the current
season's outturn totaled 319,000 long tons, raw value, as
fining Co., was appointed bhairman of a sub-committee on
dealer relations which was authorized to work with the 13
1938-39
Beet
sugar
production in the United
petroleum industry.
Daniel T. Pierce, of the Sinclair Re¬
Financial
2342
regional public relations committees in studying the entire
problem of dealer relations, making recommendations for
maintaining satisfactory dealer relations and reporting both
findings and recommendations for widespread distribution
within the industry.
'
There were several scattered price advances in crude oil
Advances of from 5 to 7 cents a
barrel were posted Wednesday in central Michigan fields,
prices rising to 89 to 97 cents. '
Charging that there is "no emergency in oil," E. 0. Thomp¬
son, Chairman of the Interstate Oil Compact Commission,
price of $1.05 a barrel.
told the members of the National Petroleum Association at
semi-annual meeting in Washington on April 15 that
its
set-ups"
"State
is
no
are
far superior toWashington control. There
"little Federal control," he held. First,
such thing as a
pointed out, comes studies and reports, followed by a
"little" assistance to the States.
This is then followed by a
"little insistence" and then dictation, then regulation, then
he
complete
nationalization and government ownership
and
control."
speaking at the same meeting, took
view of the Mexican expropriation
tangle.
In discussing the problem brought about by the
early 1938 seizure of the properties of American and British
oil properties by the Cardenas Administration, he said that
there was no basis for assuming his recent return to Wash¬
ing-was a "polite way of ending negotiations." • He stressed
that his recent series of conversations with President Car¬
denas were carried on in an "atmosphere of friendliness."
At the time of his recent trip to Mexico City to discuss
the problem with President Cardenas; Mr. Richberg spoke
as the representative of the Standard Oil Co. (N. J.), Stand¬
ard Oil of California and British interests;
Since returning,
Donald R. Richberg,
rather
he
optimistic
an
stated, it has been
necessary
"to combat in various ways
the private and public activities of those whom
describe as influential persons, in and outside
States, who
are
I
can
only
the United
exceedingly anxious to prevent an amicable
settlement of controversies with Mexico."
An Associated Press dispatch from Mexico City, dated
April 19, disclosed that Mexico had completed another barter
deal with
Italy which called for the exchange of an estimated
$2,500,000 of petroleum for rayon yarn and machinery.
The
dispatch said that shipments are to start in June at the rate
of 30,000 tons a month, the oil to be loaded in Italian ships
at Minatitlan and
Tampico. The move was interpreted as
a blow at. American, Japanese and Dutch shippers of rayon
yarn to Mexico.
Senators Borah and Gillette, of Idaho, on April 18, in¬
,
troduced
bill in
a
United
the
States
,
which would
Senate
transportation of oil by interstate pipe lines
from other operations in the petroleum industry.
In sub¬
mitting the bill before the Senate, the two Idaho statemen
explained that its purpose was to place the transportation
of crude petroleum and its products on an equal basis for all
within the industry, to prevent monopoly, and to protect the,
a
gasoline which rose 458,000 barrels to hit an aggregate of
87,071,000 barrels.
For the two-week period ended April
8, stocks had dropped nearly 950,000 barrels in reflection of
the seasonal rise in demand.
This was more than 60%
than the rate of decline in the comparable 1938 period.
nation's major bulk gasoline mar¬
kets reflected the optimism felt because of the industry's
success
in working off apparent excessive inventories of
refined products.
However, this week's development has
caused a cautious note to appear in most oil men's comments,
greater
Recent firmness in the
in the trade feeling that unless this "unwarranted"
increase is slowed down-quickly-the statistical position
of the industry will weaken with the resultant pressure upon
many
rate of
June.
■
scheduled to be held
some
Quotations for mid-continent gasoline moved up 34 cent
a gallon on Monday, placing prices on a level where a small
profit is possible for the first time since last fail. Under the
new price schedule, regular gasoline is posted at 4% to 5
cents a gallon with third-grade available at 4 to 434 cents a
gallon.
North Texas tank-wagon prices were lifted 34 cent
a gallon the same day, with supplies there held tightly.
The current New York Harbor tanker strike, combined
with a contra-seasonal expansion in demand, has bolstered
the heating oil market, with Royal Petroleum lifting barge
prices for No. 2 34 cent a gallon to 324 cents at New York*
effective April 19.
Gradual tightening of supplies was re¬
ported with continuance of the strike held a possible danger
to purchasers who will have to bid for the stocks available.
Stocks of gas and fuel oil held during the April 15 week were
off 599,000 barrels to 126,798,000 barrels.
I
Reductions of from 34 to % cents a gallon in the 1939-1940
contract prices for No. 2 and No. 4 fuel oils for home heating
as compared with those ruling during the season just closed
were
posted by major companies operating in the metro¬
politan New York area during the week. The top price for
Metropolitan New York—which takes in Manhattan, Brook¬
lyn, Queens and Staten Island—will- be 6% cents a gallon.
Jersey prices have been set at 6% cents for the metropolitan
area, while northern New Jersey the top is 734 cents and 7
cents for southern New Jersey.
The average retail price of gasoline in 50 representative
cities on April 1 was 13.07 cents a gallon as compared with
^
March 1 and 14.23 cents on the comparable
the American Petroleum Institute reported.
State taxes averaging 4.44 cents a gallon and the Federal
tax of 1 cent a gallon increased, the .average to the consumer
to 18.51 cents a gallon on April 1, against 18.48 a month
earlier and 19.67 cents on April 1 last year.
13.04 cents
1938
Representative price changes follow:
cent a
were
raised
,10 cents
prices
April 19—Royal Petroleum advanced No. 2 beating Oil H cent
to 3M cents a
U. S. Gasoline (Above 65
a
-
were
April 20-r-Advances of from 5 to 7
cents a barrel were
Michigan fields, prices advancing to 89 to 97 cents
a
Lima (Ohio Oil Co.)
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and
Corning, Pa
1.02
1.05
1.02
1.25
Michigan crude.
1.20
Sunburst, Mont
1.10
1.25
Huntington, Calif., 30 and
.789
1.22
over...
1.22
Kettleman Hills, 39 and over
1.24
.75
Petrolla. Canada
2.15
PRODUCTS—MIXED
SENTIMENT
DUSTRY—RECORD
EXPANSION
IN
EVIDENT
REFINING
IN
IN¬
OFFSETS
'
MID-CONTINENT STRENGTH—TANKER STRIKE BOLSTERS
FUEL
MARKET—1939-1940
(Bayonne)—
FUEL
OIL
PRICES
LOWER
Mixed sentiment ruled in the refined products branch of
petroleum industry during the second week of April when
a gain of almost 5 points in refining
operations upset the
statistical "apple-cart" and offset to a marked degree the
optimism caused by another advance in the mid-continent
bulk gasoline market.
The 4.9 point increase in refinery operations, which lifted
the total to 81.5% of capacity was accompanied by a jump
of 185,000 barrels in daily average runs of crude'oil to stills
,
$.04
Los Angeles._
or
.04
...
-MX
(
New Orleans C
Phila., Bunker C
$0.90
1.45"
'
•
F.O.B, Refinery
IChicago—
|
$ 04
|TuIsa_
$1.00-1.25
1.65
(Bayonne)-1-
(New Orleans.$.05X-05X
Terminal
California 24 plus D
/
Diesel
.03H-.05
F.O.B. Refinery
Bunker C......-.$0.95
or
Terminal
(Tulsa.
,
$.053
28-30 D..
...$.02X-03
I
Gasoline,'Service Station, Tax Included
New York....i...$.195
z
Brooklyn.....
.195
Not including 2%
I Newark
|
$.1591 Buffalo.
w.-..$.l7
.1851 Philadelphia..._ .135-.15
"...
Boston, .j
city sales tax.
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
April 15, 1939, was 3,494,500 barrels.
This was a rise of
50,600 barrels from the output of the previous week, and the
current week's figure was above the 3,434,000 barrels cal¬
culated by the United States Department
to be the total of the restrictions imposed
of the Interior
by the various
oil-producing States during April.
Daily average produc¬
tion for the four weeks ended April 15, 1939, is estimated
3,419,750 barrels.
The daily average output for the
April 16, 1938, totaled 3,385,400 barrels.
Fur¬
at
week ended
ther details
the
Y.
N.
$1.05
Mid-Cont't, Okla., 40 and above._
Rodessa, Ark., 40 and above
REFINED
fNortli Texas
Fuel Oil,
Daily Average Crude Oil Production for Week Ended
April 15 Up 50,600 Barrels
over
Western Kentucky
Smaokover. Ark., 24 and over
.05 X
.04^.-05
....
posted in central
Darst Creek
_■
.
barrel.?
Prices of Typical Crude per Barrel at Wells
|2.00
ports...
Tulsa
(Bayonne)-....--$.04?iI
z
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa..,
Gulf
.07 X
'
-.05^
.06X-.07
OrleansI
Kerosene, 41-43, Water White, Tank Car, F.O.B. Refinery
New York—
barrel to $1.05 by the Caddo Oil and Lion Oil Refining companies.
Illinois
Shell Eastern
.
$.05
New
\07X
_
r
advanced 4 cents a
Chicago..
$.07^
.08X
Gulf
.07 X
Richfield OiKCal.)
Warner-Quinlan.
Other Cities—
'
Texas
.06
.08X
Socony-Vacuum..
Tide Water Oil Co
County, Mich.; grades
barrel to 88 cents.
April 19—Crude prices in the Shreveport field
Octane). Tank Car Lots, F.O.B. Refinery
New York—
Stand; Oil N. J..S.06X
27 plus
Auegan
gallon
a
gallon, barge.
New York—
N. Y.
Kent and
V$
gallon to a range of 4X to 5 cents for regular, and 4 to 4.M cents for
Gas Oil,
for
'
third-grade.
'
.
18—Crude
on
date,
Apfil 17—Mid-Continent tank-car prices of gasoline were advanced
time in
Price changes follow:
April
,Y ,,'i••
markets.
that
are
expansion in refining activities also was reflected
contra-seasonal gain in stocks of finished and unfinished
The sharp
in
customer.
the committee which
This is about
the industry's
economists.
separate the
Senator Borah pointed out in this connection
approximately 87 % of the business of the petroleum
industry was in the hands of 5% of the refining companies
whose total assets total approximately $9,000,000,000.
Preliminary action for a broad study of the petroleum
industry was takeh April 20 When the temporary National
Economic Committee sent out lengthy questionnaires to 40
members of the industry for information on the economic
problems faced by the industry, the returns to be in by May
22.
The data will be used at the forthcoming meetings of
barrels for the April 13 week, ac¬
which totaled 3,330,000
cording to the American Petroleum Institute.
200,000 barrels above the level held sound by
.
prices, first of which was a 10-cent a barrel to 88 cents boost
posted for Kent and Allegan County grade crudes in Michigan
on Tuesday.
The following day saw a 4-eent a barrel ad¬
vance in the price of Shreveport field crude develop as Caddo
Crude Oil and the Lion Oil Refining companies posted a
April 22, 1939
Chronicle
as
reported by the Institute follow:
Imports of petroleum for domestic use
United States ports for the
a
compared with a daily average of 196,714
barrels for the week ended April 8, and
weeks ended April
142,107 barrels daily for the four
15.
Receipts of California oil at
Atlantic and Gulf Coast ports for the week
daily average of 26,571 barrels
barrels for the week ended April 8
22,393 barrels daily for the four weeks ended April 15.
ended
April 15 totaled 186,000 barrels, a
compared with a daily average of 39,286
and
and receipts in bond at principal
week ended April 15 totaled 1,007,000 barrels,
daily average of 143,857 barrels,
Volume
148
Financial
Chronicle
Reports received from refining
companies owning 85.8% of the 4,268,000
barrel estimated
daily potential refining capacity of the United States
Weekly Coal Production Statistics
The National Bituminous Coal
Commission in its current
weekly report said that the total production of soft coal for
indicate that the
industry as
a whole ran to stills, on
Bureau of Mines
basis, 3,330,000 barrels of crude oil
daily during the week, and that all
companies had in storage at
refineries, bulk terminals, in transit and in
pipe lines as of the end of the
week, 87,071,000 barrels of finished and
unfinished gasoline;
20,722,000 barrels of gas and distillate fuel
oil, and
106,076,000 barrels of heavy fuel oil.
the country in the week ended
000
DAILY AVERAGE CRUDE OIL
PRODUCTION
(Figures in Barrels)
a
Week
Change
Weeks
Week
Allowable
Ended
from
Ended
Ended
Require¬
April 1
April 15
Previous
April 15
1939
Week
1939
Four
April 16
,
(April)
Oklahoma..
Kansas..
.■
,
473,300
152,700
436,500 —15,750
169,950 + 16,150
428,000
156,850
1938
April 8 is estimated
Production in
the
at
1,860,-
corresponding week of
was
The
State
lated.
tons.
5,614,000 tons.
Cumulative production of soft coal from Jan.
1 to date
amounts to
106,786,000 tons as against 91,304,000 tons in
1938, indicating an increase in the
present year of 17%.
Anthracite production in
approximately the same period
shows an increase of
2.2% over 1938.
Total
ments
net
1938
gasoline production
by companies owning 84.9% of the total
daily refinery capacity of the
country amounted to 9,760,000 barrels.
B. of M.
Calcu¬
2343
total
United
States
Bureau
of
Mines
reported that the
production of
Pennsylvania anthracite in the week
ended April 8 is estimated
at 984,000 tons, or
164,000 tons
per day for the six
working days of the week.
Compared
with the
five-day week of April 1, the daily rate increased
2%, and was 31% more than output in the
.corresponding
440,600
497,700
164,400
149,950
week of 1938.
ESTIMATED
v
.
:
.
,
Panhandle Texas
North Texas
62,550
83,550
31,100
Texas
—100
31,000
216,350
101,100
431,350
232,100
204,700
.......
Total Texas
—100
"409,900
255,150 + 24,250
220,700 + 14,450
_
247,000
-
73,300
—150
71,600
—850
191,650
Louisiana
264,850
—1,000
263,250
263,350
52,993
53,350
—850
53,750
Illinois
Eastern (not incl. 111.).
Michigan..
Wyoming
165,000
—1,500
166,150
98,450
+ 2,300
97,050
58,500
48,300
.......
_
•
50,000
_
Montana...
5,000
Mexico
14,600
;
113,700
58,400
138,700
13,700
3,700
110,750
Week Ended
Total United States
a
3,434,000
.
+ 1,200
COAL
1939
1
7,125
1,344
310
936
1929
,1938
5,614 106,786
c
91,304 150,110
1,100
1,809
1,298
Includes for purposes of historical
comparison and statistical convenience the
production
of
lignite,
semi-anthracite
Subject to revision,
Sum
c
and
14 full
of
anthracite
weeks
outside
ended Apfil
sponding 14 weeks of 1938 and 1929.
ESTIMATED
PRODUCTION
of
Pennsylvania,
8, 1939, and
corre¬
v
.
•
622,850
ANTHRACITE
(IN NET TONS)
AND
Calendar Year to Dale
Apr. 8, Apr, 1, Apr. 9,.
1939
1939
1938
;
>
720,700
3,494,500 + 50,600 3,419,750 3,385,400
PENNSYLVANIA
W6ek Ended
4,000
106,800
•
OF
BEEHIVE COKE
51,850
51,750
13,000
.
109,650
628,200
1,860
Daily average
2,866,300 + 49,400 2,796,900 2,664,700
C575.000
SOFT
Calendar Year to Date
.
Bituminous Coal a—
Total, including mine fuel.J.....
■
Total east of Calif..
2,842,000
California
592,000
OF
.
)
55,050
+750
—100
.
3,650
115,300
....
—100
+ 4,700
55,550
15,300
Colorado...
53,450
PRODUCTION
Apr. 8, Apr. 1, Apr. 9,
1939 b
1939
1938
b
'
53,300
149,300
104,800
STATES
(In Thousands of Net Tons)
182,900
257,920
262,000
UNITED
•
80,450
191,550
Louisiana
Arkansas."
New
215,950
1,412,700 bl432705 1,435,150 + 44,800 1,371,200
1,334,150
North Louisiana
.
194,400
101,550
447,000
Texas.
Coastal Texas
Total
+ 50
63,100
77,800
29,600
228,850 + 16,100
—50
105,050
Southwest
Coastal
65 >900
84,750
West Central Texas
West Texas..
East Central Texas...
East
—9,800
!
1939
1938
"
1929
c
c
Pa. Anthracite—
Total, including colliery
fuel, a
984,000 803,000 752,000 13,682>000
13,101,000 19,851,000
—
»
Note—The figures indicated above do not
include any estimate of any oil which
might haye been surreptitiously produced.
'
' \
'
•
These are Bureau of Mines'
calculations of the requirements of domestic crude
of oil based upon certain
premises' outlined in its detailed forecast for the month
April.
As requirements may be
supplied either from stocks, or from new pro¬
a
duction,
contemplated withdrawals from crude oil inventories
must be deducted
from the Bureau's estimated
requirements to determine the amount of new crude
to be produced.
'bNet
daily
Shut-downs
c
"
CRUDE RUNS TO STILLS AND
STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL
OIL, WEEK ENDED APRIL 8. 1939
(Figures in thousands of barrels of
42 gallons
8,000
14,300
16,000
227,200
337,000 1,686,400
1,333
2,383
2,667
2,705
4,012
20,076
Includes wasbery and dredge coal and coal
shipped by truck from authorized
operations,
b Excludes colliery fuel,
c Adjusted to make
comparable the number
of working days in the three
years.
Crude Runs
Stocks of
'
to Stills
..
Daily
P.
Aver¬
East Coast..
Total
Oper¬
At Re¬
ated
fineries
615
Appalachian.
age
615 100.0
574
■
520
84.6
85.9
108
84.4
89.5
449
87.4
7,566.
1,661
10,942
81.6
272
79.5
4,509
1
'
Gas
2
Alabama
419
342
Distil.
Arkansas and Oklahoma
Colorado
OU
1,084
262
731
_
653
4,673
2,957
281
V
3,893
Inland Texas
316
159
50.3
•119
74.8
1,332
1,000
895
89.5
789
88.2
8,767
149
145
97.3
142
97.9
1,740
659
423
41
1,588
74.5
320
147
68
776
50
78.1
742
66.6
1,729
12,210
90
496
2,631
1,386
96,439
No. La., Ark
100
Rocky Mtn.
California...
"
„
55 ■55.0
118
64
54.2
828
745
•
90,0
1
40
256
1
Georgia and North Carolina.
Illinois...
1,650
7,547
3,662
unrepd.
85.8
2,986
■606
81.5
50 [>776
344
24,942
4,380
,
'
6,153 123,948
100
720
2,850
4,268
4,268
4,268
3,330
3,145
z3,189
z
58,851
928
.890
1,92
■313
303
54
76
53
97
97
85
160
103
138
580
635
316
651
543
620
128
135
88
31
32
19
6
9
Western....
Michigan
Montana
M
New Mexico........
North and South Dakota
23
.......
25
205
1,865
1,895
1,170
Tennessee
118
6,286 126,199
West Virginia—Southern.a
7,330 124,811
Sept.,
Canada
...
Austria and Yugoslavia..
France
Nov.,
Dec.,
Jan.,
1938
Feb.,
1938
1938
1939
27,968
38,299
15,892
15,714
19,408
35,958
15,618
14,819
30,988
16,925
21,615
7,020
6,732
36,391
14,344
5,146
17,621
2,000
2,151
1,527
1,780
Poland
f650
5,300
5,077
4,246
4,461
15,933
el7,335
3,602
el6,124
4,409
15,984
3,968
1,389
15,800
19,719
17,637
3,748
Italy
f675
4,009
15,799
Germany
4,607
4,180
1,764
Other Europe .b
1,130
15,700
15,800
Australla.c
22,917
21,287
...
Burma
1,235
7,476
7,476
1,433
16,000
1,530
16,000
18,107
16,800
23,544
4,079
24,550
7,476
Tunis..
7,476
7,112
3,176
7,112
2,308
1,312
Else where, d
9,700
14,600
12,000
3,602
20,000
2,240
20,800
17,200
149,189
155,496
24,994
124,195
27,968
127,528
150,647
35,958
114,689
...
World's total.
United States..
Elsewhere
a
Domestic only,
estimated,
c
154,225
160,662
30,988
123,237
38,299
122,363
2,492
142,777
36,391
106,386
b Belgium, Russia, Great Britain and
Czechoslovakia: partly
Includes
59
s21
16
327
766
1,761
2,504
3,531
67
121
107
>
15
55
161
209
;
18
20
84
'
70
204
249
28
23
26
41
35
1,440
848
1,292
1,420
1,256
556
307
379
586
778
71
99
116
77
Other Western States.c
2
'
7,125
87
'-.A
73
*
1
7,460
*
4,554
7,183
s3
86
8,090
10,386
803
....
789
893
1,092
1,071
1,974
7,928
8,249
5,447
8,275
9,161
12,810
a Includes operations on the
N. & W.; C. & O.; Virginian; K. &
M.; B. C. <fc G.
and on the B. & O. in Kanawha,
Mason, and Clay counties, b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral, and Tucker
counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon, d Data
for Pennsylvania anthracite
from published records of the Bureau of
Mines,
e Average
weekly rate for entire
month,
p Preliminary,
s Alaska, Georgia.
North Carolina, and South Dakota
included with "Other Western States."
1939
24,994
United States.a
Mexico
Oct.,
1938
38
31
27
Total, all coal
•7 Production of refined lead for the
world, in short tons,
42
380
14
242
,
52
22
46
'
46
-
188
520
Total bituminous coal..
according to figures released by the American Bureau, of
Metal Statistics,-was as follows:
51
17
42
.
1,405
Pennsylvania anthracite.d
World Lead Production
96
17
38
'
•
11
51
41
100
45
4
33
430
Texas..
205
514
""
*46
21
■'
415
.*...
•
196
1,471
.
'
41
23
24
Ohio
6,253 126,798
25,008
8
490
25,662
April, 1938 daily average.
70
184
s
73
Wyoming
*
Estimated Bureau of Mines' basis,
*
V
il2
34
J 40
828
Northern, b
xApr. 15 '38
*
:
345
Washington
U.S.B.ofM.
305
33
125
67
25,62!?
55,156
54,700
,238
-
e
s
288
253
4,268
■
11
101
V
s
Iowa
Utah
x
1
735
xEst.tot.U.S
Apr.,15 '39
Apr. 8 '39.
1923
Kansas and Missouri
Pennsylvania bituminous...
Reported
91
Apr.
Avge.
1929
3
202
19
88
-
1,731
238
/
1937
2
254
•
15
—
5,828
1,559
3,427
Texas Gulf..
La. Gulf
1938.
2
267
and
Kentucky—Eastern
,Mo
1939 p
p
Alaska
Fuel
13,284
•
Week Ended—
Stocks
in
514
STATES
railroad carloadings and river
ship¬
ments and are subject to revision on
receipt of monthly tonnage reports from
district
and State sources or of final annual
returns from the
bperators.)
1939
Term'Is Nap'tha
&c.
BY
on
Apr. 1, Mar.25|Apr, 2, Apr. 3, Mar. 30
Unfin'd
C.
128
149
Ind.,IU.,Ky.
Okla., Kan.,
P, C.
based
are
Finished and
Finished
Reporting
tial
PRODUCTION OF COAL,
THOUSANDS OF NET TONS)
State
of
Rate
WEEKLY
(IN
.
Unfinished Gasoline
District
Poten¬
.
v;
each)
160,700
Daily average
(The current weekly estimates
Recommendation of Central Committee of California
Oil Producers.
.167,900
a
30-day period beginning April 1.
V
Est.
United States total
ordered for all Sundays during
April,
Daily Refining
Capacity
164,000 160,600 125,300
ESTIMATED
basic allowable for the
average
are
Daily average.
243,600
Commercial produc'n b. 935,000
763,000 714,000 12,998,000 12.446,000
18,422,000
Beehive Coke—
Australian
lead
refined
in
Great
Britain,
d
Partly
esti¬
mated.
Comprises Argentina, Peru, Japan and what is
probably jtbe
of Spanish production: also the product of
foreign ore smelted in U.
recent months Mexican base bullion refined In U. 8.
A.
Austria is included with Germany,
f
major part
8. A., and in
e Beginning
January. 1939.
Yugoslavia alone: Austria included with Ger¬
many.
'
'.'
*
Less than 1,000 tons.
Tin Research in United States
by International Council
to
Be Continued at Battelle
Institute
Research
Research
on
and
tin in this country
by the International Tin
Development Council, representing the tin
producers of the world, will be continued at Battelle Memo¬
Institute, according to the announcement made April 15,
by W. H. Tait, Clerk to the Council and Clyde E. Williams,
rial
Director of Battelle Memorial Institute.
also been
Arrangements have
completed to have the tin research staff at Battelle
available for the consideration of technical
questions arising
with American tin users. The Council further stated:
In establishing this work at Battelle the
International Tin Research and
Development Council has chosen the
to the various industries
up an
most
logical
using tin in this country.
independent organization
was
considered.
way
of giving service
The alternative of
setting
But when it
was realized
that even the smallest modern research unit must
combine administrative
staff, traveling representatives, specialists in
chemistry, physics, metallurgy
and engineering, a reference library, a
press cutting service, and
extensive
Financial
2344
Copper Institute on April 13 released the following
statistics pertaining to the production, deliveries and stocks
by taking advantage of the
research
March, 1939
Copper Statistics for Month of
obvious that a much higher quality of service could be
facilities available at one of the large
organizations already established.
equipment it became
given
April 22, 1939
Chronicle
The
of copper:
Non
UNITED STATES
and Tin Sales in Good
Volume—Mine Producers Lower Copper to 103^c.
Metals—Lead
Ferrous
(In Tons of 2,000 Pounds)
and Mineral Markets" in its issue of April 20
"Metal
1938—July.
reported that sentiment among traders in non-ferrous metals
was a little more hopeful last week, due chiefly to the feeling
that .the President's communication to Hitler and Mussolini
may
DUTY-FREE AND FOREIGN COPPER STATISTICS
Deliveries to
Stocks
End of
Crude
x
U. S. Duty-free
in the end result in something constructive and avert
Both lead and tin sold in good volume, but copper
zinc business remained inactive.
Traders here were
Refined
y
Customers
Production
Domestic
Refined
Period
Export
*
Copper—
and
about
for
the
during
week
last
amounted
tons abroad.
4,817 tons here and 2,590
'
The increased
.
The net
A
the
in
feature
market
Producers concluded
as
that
the
was
than 30%
for
demand
'
z
with the
•
•
'
V
■
.
So far
much
_
96,635
103,887
110,523
113,185
114,416
183,226
103,403
96,618
114,913
125,667
122,417
Z107.097
zl01,379
107,834
109,378
109,817
122,793
164,374
116,340
157.412
112,180
155,049
118,437
107,298
Z103.478
105,097
106,073
167.413
95,762
178,949
zl84,206
—
up a
— ————-
102,507
at
;'
but
not
Chinese
political
45.050c.; April
15,
April 19,45.800c.
April 13, 44.550c.; April
April 18, 45.800c.;
17, 45.175c.;
their
at
185,945
(excluding
warehouses
were
some
steel companies during
from 10 to 30% below those of the comparable
The sharpest
break in the "Iron Age" composite
to
a
Declines of $1 at Chicago, 75c. at Pittsburgh and. 2£c
,$14.42.
There have also been reductions
Buffalo, Detroit, Cincinanti and St. Louis.
brought about
few
next
the Carnegie-Illinois
weeks,
varied lines of manufacture are
Vessel operators
on
coal for shipments for the
an
agree¬
conservative operating policy among
a more
Although large plants
companies.
Were
probably
'
H
some
well protected for the
are
Steel Corp.
blast furnaces to conserve coking coal.
plies.
scrap
ton, has brought this figure
has
banked five of its
Some of the smaller companies in
beginning to feel the pinch of low coal
the Great Lakes
are
upboumLtrips of
sup-
finding it difficult tc schedule
In 1922,
ore carriers.
minous coal strike which lasted five months created
a
bitu¬
a
serious scarcity of
fuel,
,
J," QUOTATIONS)
("E..& M.
iron and steel, and also higher costs for pig iron and steel manufacture:
During that
year,
pig iron rose
$14.52 and finished steel $10.70
according to the "Iron Age'%composite prices.
Straits
Electrolytic Copper
Zinc
Lead
Tin
advances occurred after the strike
was
Although
a part
ton,
a
of these
settled, the impetus came from the
scarcity conditions created by the coal strike.
Export,
Refinery
plants or
Failure of the conferees in the bituminous coal situation to reach
pig
Domestic,
scrap
restricted production of pig iron and steel, brought rising prices for coke,
OF METALS
PRICES
DAILY
April
Philadelphia contributed to this result;
ment has
More than
'
.
including
consignment and in exchange
April 20 reported that the
activity continues. V For
Aggregate orders of
lighter demand.
of the steel
The upward trend
\
tin, 99%, was nominally as follows:
45.000c.1 April
intake,
At refineries, on
.
would have declined further.
1
14,
custom
98,221
103,358
it not for the influence of export transactions, prices in the East
Tin-plate mills are operating at about 62% of capacity, against €0% early
*
and
y
including consumers' stocks
of 50c in some grades at
With the Government finally giving serious thought to
buying here.
production
price in a year and a half, amounting to 66c.
of tin were purchased in this market during the last week.
in the month.
-
The uncertainty which is affecting all branches 6f the industry is reflected
stockpile, consumers have been more inclined to take on metal
prices for tin in London reflected increased
1,000 tons
.
179,333
Ingot Production Declines for Fifth Consecutive
Week—Scrap Breaks Sharply
in
down
'•
against possible shipping difficulties in the event of war.
in
—
in scrap markets.
,
buying, according to some observers, was inspired by the tense
building
192,255
211,844
167,413
185,945
period in March.
Louis.
Consumers were interested chiefly in near-by metal, and the
situation abroad.
973,545
1,337,733
.297,341
With the exception of structural steel and tin plate, most steel products
are
Buying of tin during the last week was on a larger scale than in some
time past.
320,446
the fifth consecutive week, ingot production has declined,
though the drop this week to 50 K% is a loss of only one point
compared with three points last week, indicating, perhaps,
that production has been brought into closer alinement with
orders.
The "Iron Age" further reported:
Ameri--
.
Tin
.
4,222
The "Iron Age" in its issue of
April-shipment metal.
5,087 tons of the common grades.
involving
50,486
downward trend in iron and steel
The industry was impressed
high level of shipments to consumers, the movement for the week
St.
66,246
Corrected.
1,182 tons, against 1,319 tons in the week previous. The
continued at 4Mc.,
quotations
z308,908
1,282,284
—-
the first half of
amounted to only
3,310
— _ -—... —
.
smelter
or
warehouses,
booked in the common grades of zinc during the last week
Business
48,067
1,293,798 1,293,302
310,983
315,873
—
Russia, Japan, Australia, &c.).
Zinc
•
Mine
x
above the aver¬
not well covered.
are
consumers
'
■
—
February
Steel
covered.
■
289,755
301,110
Z59.175
966,153
911,887
1,349,138 1,301,873
1938
toward the close of the
May requirements are concerned, it is felt that consumers are not
more
3,768
253,913
1936
the seven day period tliat ended yester¬
many
8,827
51,059
61,429
1939—January...
Refining Co., and at 4.60c., St. Louis.
Smelting &
13,260
38,853
66,182
1935
December.
With London showing increased steadiness, the tone
market improved appreciably.
Quotatons remained at
domestic
the
51,297
67,947
'
,
4.75c., New York, which was also the contract settling basis of the
can
66,746
z60,284
-.
November.
of recent weeks.
of
315,191
72,622
October
11,622 tons monthly in the
Sales for the last week amounted to 6,079 tons, or well
day
269,488
339,970
.
Z69.036
September!
Lead
previous week was carried into
age
12,778
March.
in lead that appeared
activity
69,827
1937
have fallen sharply this year, averaging
producers to balance output against shipments.
•
56,824
293,080
267,299
August.
Reduced exports have complicated the problem of the
of 1938.
14,761
14,282
3 months 1939...
The
41,286 tons in December.
3,767 tons monthly in the first quarter, against
last quarter
53,637
Year
blister—was 5,870 tons.
of domestic copper
Exports
48,071
45,808
Year
to
This net gain com¬
with 12,065 tons added to the total supply in February, 25,544 tons
in January, and
38,053
49,316
69,630
72,963
March
Blister stocks
1,739 tons.
contributed 11,538 tons and foreign production
pares
44,558
Foreign Copper
Year
increased 13,277 tons, out of which total the United States
gain in stocks—refined and
13,348
February
Copper Institute showed that world stocks
The March statistics of the
7,407 tons;
41,249
November.
foreign Cartel sold fully 15,700 tons
decreased
35,596
_
December.
buying of
the month to date to 18,850 tons.
of copper during the last week.
7,991 tons, bringing the total for
of refined copper
320,446
31,155
Year
accounted
business
11,300
— -
—
1939—January.-.
consequence may appear soon.
Dom«?tic
289,755
149,612
1939
-
October
a general revision
some domestic
stability, producers felt that
125,852
191,603
———■
1938—July..——
fairly steady, and the so-called outside market here
With the foreign price
637,485
190,749
1938-
3 months
Copper wire was reduced one-quarter cent.
above 80% one-quarter cent.
also showing some
231,415
161,068
259,351
1937--.
Year
The
reduced one-eighth cent a pound and those averaging
than 80% copper were
62,798
1936
Year
Brass products containing less
the lower level.
in fabricators' schedules tc
54,447
803,095
481,229
1935-
Year
lOKc. Valley basis on April 19, which
removed the nominal lOMc. quotation and brought
764,560
964,176
Year
Copper
Large mine operators met the
748,660
982,045
644,173
AUgUSt.--.
impressed by the steadier tone of the London market.
publication further reported:
731,629
September.
war.
Refinery
Although steel production has
St. Lovis
the United
been declining in
States,
New York
Neic York
St. Louis
4.75
4.60
4.75
4.60
4.50
4.75
4.60
4.50
urgent requirements of the Government for its armampnt program.
4.75
4.60
4.50
mercial
4.75
4.60
4.50
are
a
tighter steel situation is developing in Great Britain, where output of more
'
4.50
Apr. 13—___
10.275
9.775
46.250
Apr. 14.-
10.275
9.775
46.700
Apr. 15
10.275
9.775
46.750
Apr. 17
10.275
9.775
46.875
Apr. 18
10.275
9.800
47.500
Apr. 19,
10.275
9.775
47.500
4.75
4.60
4.50
10.275
9.779
46.929
4.75
4.60
4,50
Average..
,
••
than
a
million
tons
in
March,
virtually
capacity,
sensing the danger of delay in
of1
shortage
scrap
blast.,
Domestic copper, f.o.b
10.358c.; export copper, 9.792c.; Straits tin, 46.383c.; New York lead,
4.767c.; St. Louis lead, 4.617c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
Average prices for calendar week ended April 15 are:
The above quotations are "M. & M. M's"
appraisal of the major United States
markets based on sales reported by producers and agencies.
the basis of ca«h, New York or St. Louis, as noted.
„
Copper, lead and zinc quotations are based
on
pound.
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 la,
livered at consumers' plants.
As delivery charges vary with the destination,
in England,
figures shown above are net prices at refineries
on
the Atlantic seaboard.
Deliv¬
ered prices in New England average 0.225c. per pound above the
refinery basis.
reduced to net at refineries on the Atlantic sea¬
Export quotations for copper are
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
The c.i.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation.
satisfying
Com¬
Because of the
blast furnaces are being put in
additional
'■[
"
•
..
other
and
in Europe were begun, inquiries
munitions
These
materials.
are
coming
of shell steel
chiefly from England
and Canada.
In the domestic field, the outstanding
struction
is
de¬
the
yet
have been received in the United States for sizable quantities
They are reduced to
All prices are in cents per
not
placing stqel orders.
For the first time since War preparations
refinery,
is
buyers; although affected by the political uncertainty in Europe,
in
steels, reiiroad material
fair
volume,
but individual
orders and inquiries are for con¬
and tin plate.
orders
are
so
Miscellaneous business
small that mill costs
are
rising because of frequent roll changes, a usual development in a period of
extreme hand-to-mouth
buying.
Letting of frabricated structural steel in the week were upward of 25,000
tons, the highest total since the first week of January.
Mill specifications
New structural
board.
against contracts previously booked are in a rising trend.
Havre and Liverpool.
projects out for bids totaled only about 15,000 tons, but a great deal of work
which
on
bids
have gone in
steel were about
Dally London Prices
is
awaiting award.
8,700 tons, while
including 9,000 tons for a Social
Copper, Std.
Copper
Lead
Tin, Std.
Zinc
Rail orders included
Electro.
Spot
Spot
-- —
42716
48
4,7 <*
2151*
,2161*
42
48
216 J*
2141*
41 i*
42
47 J*
21,81*
£15 %
41 94
42*16
47 H
2181*
2161*
.
141*
135,6
139,6
141*
214
3M
14*16
213
42**
41**16
3M
Spot
3M
41 Vs
.
Apr. 17——
Apr. 18
Apr. 19
(Bid)
42b6
Apr. 13
Apr. 14
3M
147,6
131*
131*
14,1*
141*
135,6
13916
141*
141*
135,6
131*
131*
139,6
141*
149,6
Spot
50G
box
cars
are
the official buyers'
prices for the first session of the
prices.
All are in pounds sterling per long ton (2,240 lb.)
buyers,
Lettings of reinforcing
projects call for 20,400 tons, these
Security building in Washington.
15,167 tons placed by the Erie, 4,000 tons for the
Virginian and 2,400 tons by the Nickel Plate.
from the Magor Car Corp.
The Maine Central ordered
An inquiry from the Central of
Brazil calls for 1,000 freight cars.
Tin plate production
has risen to 63%, which is a fairly good rate
con¬
sidering that capacity in this product is now well above gtential require¬
ments
of
a very
active year.
Autompbile manufacturers
Prices lor lead and zinc
London Metal Exchange: prices for copper and tin are the official closing
new
are
placing orders with die, shops for
models, fcr which some steel possibly will be bought in
assemblies
of 1939 models are proceeding at a
May.
1940
Meanwhile,
steady pace, but it is still
Volume
Financial
148
doubtful whether much
steel will be
more
bought for completion of the
these models in view of the fact that
on
Chronicle
will make an early ap¬
cars
THE
"IRON AGE"
Based
2.286c.
steel bars, beams, tank plates;
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
85% of the United States output.
2.286c.
_
One year ago
on
2.512c.
Low
High
.2.512c.
May 17
1938
1937
models
placed
However,
2.056c.
Jan.
8
a
2
Jan.
1.792c.
May
Mar. 15
1
6
Jan.,
7
1.962c.
Jan.
4
2.212c.
Nov.
year
from
but
1
Gross Ton
Based
$20.61
....
One year ago
Philadelphia,
Buffalo,
Chicago,
and
in
?
1937:
1936.
Low
High
:
-
$23.25
$19.61
June 21
July
16
23.25
Mar.
9
20.25
Feb.
19.73
•—
u
P
18.73
Nov.
5
17.83
17.90
May
1
16.90
1933...
16.90
Dec.
5
13.56
Jan.
3
1932.
14.81
Jan.
5
13.56
Deo.
6
1930...
18.21'
Jan.
7
15.90
Dec. 16
Nov.
1
1927...
19.71
Steel
April 18, 1939, $14.42
a
Jan.
17.54
4
Scrap
Gross Ton
in, California,
$14,842 Apr.
15.00
Nov. 22
11.00
1937...
21.92
Mar. 30
12.92
17.75
Dec. 21
12.67
June
1935...
13.42
Dec. 10
10.33
Apr. 29
1934j_.
13.00
Mar. 13
9.50
Sept. 25
1933...
12.25
Aug.
6.75
Jan.
6.43
July
5
11.25
13.08
Dee.
in
Nov. 10
1936..,
9
8.50
Jan.
8
12
Feb.
18
1927...
15.25
Jan.
17
June
7
the
The
American
Iron
Institute
Steel
and
3
a
April 17
on
to
an¬
1939—
1933—
28.0%
Oct.
3
OCt.
10
....51.4% Jan.
22.4%
Oct.
17.
32.3%
32.6% July 18.....36.4%
32.7% July 25
37.0%
32.4% Aug.
1...1.39.8%
Oct.
9-.il, 51.7%
47.9% Jan.
Mar. 14.....32.1% June 27.....28.7%
Mar. 21.....33.7% July
Mar. 28-i_..35.7% July
Apr.
29.9% June 20
4.
Apr. 11
Apr.
18
5
11
May
June
June
—
■
5...
.59.9% Mar. 13
12.—.57.6% Mar. 20
Dec. 19
.51.7% Mar. 27
3...
I?ec. 26
38.8% Apr,
69%,
believe that
s30
60
to
past
the downward' trend
of
the
52.1%
transmission
hospital,
a
viaduct,
a
steel
grades
bulge in, activity
a
markfets.
towers,
4,200
Brentwood,
N.
tons
Y.,
for
and
a'
3,000
6,000 tons for dam towers
are
Kansas City,
3,700 tons for
Mo„
3,000 tons for Southern
Pacific,
bar
inquiries
9,000
are
for
tons
Government
bridge and courthouse, Seattle.
a
by 3,000 tons for the East River drive. New York.
cars
than
in
at
was'
slumped
13
Birmingham, and
districts
The
outlook
the
points
scrap
finished
scattered
5 points to
steelmaking,
58c.
composite
43
at
points
recessions
Youngstown,
Wheeling.
was
affected
10
up
2
?
.
2%
to 44%.
Chicago
at
53%,
;
influenced by the lees
areas,
Reductions at Chicago and Pittsburgh
$14.46,
to
is
of shading,
down
Other
Pennsylvania at ' 40,
New England at 85?
composite
steel
reports
districts
39%.
to
point to 65 at
1
eastern
were
for
in
were
7 points to 51, and St. Louis
increased
44%, apd
sharpest
Detroit operations
tonnage.
45 at Pittsburgh,
to
larger gain compared
a
ingot production.
steelmaking
Cleveland
at
previous, and orders for both track
year
one
during this period showed
did steel
unchanged
steel
lowest
November. "
since. last
$56.50.
at
prices generally
While
are
there
are
steady.
Steel ingot production for the week ended April 17 is
placed at 51% of capacity,'according to the "Wall Street
Journal'' of April 20.
This compares with 53% in the
previous week and 56% two weeks ago.
The "Journal"
further reported:
"
'
-s
•'. U.
and
S.
Steel is estimated at 48H %
5334%
weeks
two
iron
and
Against 49%. in the week
>
Leading
ago.
independents
are
before
credited with
52)4%, compared with 56% in the preceding week and 58% two weeks ago,
The
with
following table gives
a
cbmparison of the percentage of production
the nearest corresponding
week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
•"
V "
■
1
•»
"■
■'
"
50.9%
'
1938
—2
51
:
—.T.—
U
Industry
,
1939
S
.
48)4
'
32 %
.
Steel
Independents
52 H
35
29 )4"
-3)4
96)4
)4
—
+1)4
+5)4
+1)4
■
1937
trends
mixed
in
steel
This
producers
to
apparently" in store for activity the next
Steelmaking the past
70
;A.
—
...
'
1932
64
43'
+
24 M
+4)4
42
+4
78
vl
h
..............
.
.
49)4
14
62
+2
'
—2
75
'
+4
100
+ 1
—2U
+3
.
+6)4
+2
47)4
—2
.
81
98
23
.
+5
27)4
+1
4-3)4
21—2
51
.•
—IH
+2
'
:■
22
..
.
49
....
74 H
+2
+ 1
22
.
1931
1929
+4
46)4
53
...
1933
1930
—2
8514
9114
............._
1934
by,the abrupt
leads
1936
1935
be gradual, rather than sharp.
days will
commoner
nearly 20,000
Scrap prices have weakened further in most
lower
54.7%
demand and' production.
weeks.
two
for
Among inquiries
concrete
points
60
favorable
-
most heavily among the
the
sentiment
;
California.
decline
and
4
to
Buffalo
.56.1%
__
Apr. 10
2--..50.7% Apr, 17.
.Business actually makes a better showing than is indicated
of
to
11,529
tons being in¬
Principal items included 4,370 tons
halls, .Buffalo, and
automotive
■Unchanged
55.7%
55.4%
1939—
markets, resulting in moderate losses in
were
Authority
headed
ago
Cincinnati
.62,6% Feb. 20...—53.7%
Dec.
Jan.'
20,525
from
6—..53.4%
of Cleveland, in its summary
steel markets, on April 17 stated:
.
weakening
52.8%
30
Jan.
13... :.54.8%
14.,r.
Dec.
3.0.4% Aug. 22.
42 8.%
30.7% Aug. 29.....44.0%
23
29.0% Sept. 6.....39.9%
31...-.26.1% Septi 12... ..45.3%
6
.26.2% Sept. 19
47.3%
13.....27.1% Sept. 26...-.46.7%
in
week's
points
Nov. 21... ..61.9% Feb. 27
.55.8%
Nov. 28... ..60.7% Mar.
6...i.55.1 %'
9.
Retarding factors weigh
23.....51.2%
Feb.
"Steel"
..
16... ..52.7%
Jan.
....56.8% Feb.
3t ....61.0%
Nov.
May 16
May
.
Nov.
Apr. 25.....32.0% Aug.
8.....39.4%
May
2
v30.7% Aug. 15
40.4%
May
....49.4%
24.
53.7%
Oct.
in
freight
year
mostly by
Nov. 22
■1938, follow;
7
dropped
Only a few of the larger roads
place 1939 rail needs, and prospects for secondary buying later
year are indefinite.
However, rail purchases the past six months
Last
year ago.
This represents a decrease of 1.2 points, or
2.3%, from the estimate for the week ended April 10, 1939,
Weekly indicated rates of steel operations since March 7,
Mar.
heavy,
sewer.
music
are
material and
with
telegraphic reports which it had received
indicated that the operating rate of steel companies having
96% of the steel Capacity of the industry will be 50.9% of
capacity for the week beginning April 17, compared with
52.1% one week ago, 55.4% One month ago, and 32.4% one
193S—
expanded from
others
reinforcing bar
nearly 85% larger than
were,
9
that
1938-—
all
boosting
equipment buying still is light.
included
nounced
to
units
gain,
have yet to
18
1938...
15.00
1,000
the
Except for the recent order of the Missouri Pacific for 1,150 freight cars,/
railroad
1932...
Chrysler
and
week
4,000 tons for
bridges
Bar awards
Low
High
..$15.29
Mar. 28
1930...
about
of
most
concrete
last
3,700 tons
and
Outstanding
on
12.25!
1939...
34,680.
22,230
buildings, Washington, and 4,200 tons for
and Chicago.
One year ago
increased
for
.;
Boston
a
railroad
cars.
new
models until
ietdown in demand lately is more evident in size
number, reflecting the tendency of consumers to restrict
Valley
school,
for
the
new
to date and nearly 45% larger than
eight major projects alone.
convention
No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
.15.17
One month ago
tons
\"
*<
.
(Based
.$15.08]
One week ago—...
Chicago
May 14
27
again
year
accounted
to
at
shape and
Tennessee
for
Jan.
u
units
awards
Aug. 11
Nov. 24
18.84
1934
1935...
structural
in
midsummer, has
on
to offer
Partially offsetting the quieter market for
volved
6
expected
in
work
.
than in
Structural
■
.
week
Motors
held
,
models
gradual improvement in tin-plate specifications and
are
Valley
Southern iron at Cincinnati.
23.25
1938
yet to
products the
some
orders
stocks.
of basic iron at Valley
on average
furnace and foundry Irons at
20.61
32,735
Ford
10.415.,
In
of
last
General
ago.
20,725,
to
.
a
assemblies
output
2
29
Oct.
Pig Iron
.....
have
fall.
88,050, fourth best week for the
Motorcar
1940
preliminary
not
are
2
1.945c.
ago
makers
early
or
for
orders
8
1.870c.
April 18. 1939, $20.61
other
most
summer
steel
Mar. 10
Sept.
One week ago.
small
some
Mar.
Apr. 24
Oct.
3
One month
assemblies
sight.
Oct
1.915c.
2.192c.
change is shown compared with
Automobile
interest, planning introduction of
2.016c.
1.953c.
v—-2.402c.
little
months.
2.249c.
1932....
■
six
2.211c.
1933..
\
districts
some
last
9
Mar.
1934
1927....
is in
One
late
2.062c.
2.118c.
1930....
In
the
of
Oct.
......2.249c.
1935___.
small.
Dec. 28
2.512c.
1936
volume
but parts manufacturing has
tapered and little additional steel buying for remaining production of 1939
Finished Steel
„
been
fulfill recent predictions of a major recession,
COMPOSITE PRICES
April 18. 1939, 2.286c. a Lb.
One week ago
One month ago
has
the
1940
pearance.
2345
Except for automotive demand, the decline in finished steel orders lately
runs
90
+1
+2
96
80
s
week
was
down 2
points to 51%%, matching the previous low for 1939 to
date, but comparing with
The
Week
32%
the
with
ago.
a year
During the week ended
Federal
-
1928
—
85
1927
—
84
arose
from
decreases
Treasury
with Federal Reserve banks and $6,000,000 in
non-member deposits and other Federal Reserve accounts
and increases of $175,000,000 in gold stock, $7,000,000 in
Reserve bank credit and $2,000,000 in Treasury currency,
deposits
offset in part by
increases of $23,000,000 in money in circu¬
Treasury cash. Excess reserves of
19 were estimated to be approxi¬
lation and $16,000,000 in
member banks on April
mately $4,000,000,000, an increase of $120,000,000
April 19 will be
found
on pages 2378 and 2379.
Changes in the amount of Reserve bank credit
ing and related items were as follows:
Increase
(+)
or Decrease
Since
April 19, 1939 April 12, 1939
discounted
Bills
boughjt
-
-
U. 8; Government securities..:
Industrial
advances
(not
+8,000,000
15,605,000,000 +175,000,000 +2,764,000,000
2,844,000,000
+ 2,000,000
+156,000,000
+7,000,000.
9,743,000,000 + 215,000,000
+23,000,000
0,858,000,000
Member bank reserve balances.
Money In circulation
Treasury cash....
+ 16,000,000
+ 2,196,000,000
+497,000,000
+ 559,000,000
•—64,000,000
—477,000,000
—6,000,000
2,723,000,000
Treasury deposits with F. R. banks.
951,000,000
Non member deposits and other Fed¬
eral Reserve accounts.
705,000,000
+153,000,000
—
Banks in New York City and
Chicago—Brokers' Loans
Returns of Member
Below is the statement of the Board of Governors of the
Federal Reserve
System for the New York City member
for the current
banks and also for the Chicago member banks
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS-AND
April 20, 1938
LIABILITIES OF
WEEKLYREPORTING-MEMBER BANK8
IN CENTRAL RESERVE
CITIES
(In Millions of Dollars)
Chicago—
New Yprk City
.1,000,000
Apr- 19 Apr.12 Apr. 20 Apr. 19Apr. 12 Apr. 20
1939
1939
1938
1939
1939
1938
2,564,000,000
Including
$12,000,000 cpmmitrn'ts—Apr. 9).
13,000,000
—1,000,000
—4,000,000
Other Reserve bank credit......—
10,000,000
+7,000,000
+18:000,000
—
.
Treasury currency
7,000.000
3,000,000
__
(—)
April 20, 1938
$
$
2,591,000,000
Total Reserve bank credit
$
$
Bills
outstand¬
April 12,1939
5
for the
week.
The statement in full for the week ended
(+) or Decrease (—)
Since
Additions to member bank
of $64,000,000 in
)4,
—3
■
Gold stock.
reserves
+
.77
_iu
Increase
April 19, 1939
April 19 member bank reserve
balances increased $215,000,000.
o\u
Banks
Reserve
,
Assets—
Loans and
investments—total—
5
8,065
$
7,997
$
7,681.
$
L957
$
1,973
$
1,887
■
Financial
2346
Apr. 20
1938
1939
1939
1938
2.792
%
I
%
$
2,783
530
3,090
531
1,386
1,626
359
358
Open market paper—
117
114
146
15
15
24
Loans to brokers and dealers._
551
541
496
28
28
28
195
196
201
68
69
68
Other
13
13
378
„
118
""47
""48
76
212
213
138
754
2,087
2,051
1,043
1,243
4,737
1,050
Cash in vault....
54
57
Balances with domestic banks..
74
79
notes
-
United States bonds
Other securities...
.....
Reserve with Fed. Res. banks..
Other assets—net
668
deposits
126
125
1,221
1,123
345
331
279
3,007
8.54
800
690
50
26
26
21
67
211
211
473
389
49
The
,
50
exact
article
7
to
173
.
6,024
1,536
1,475
1,350
656
473
472
464
111
200
83
83
116
2,780
2,754
593
banks
543
...
positions
719
745
623
12
2,294-
11
■
'"318
331
""is
16
"is
1,482
1,483
259
258
242
117th
the
The condition statement of
is
within
100
that
A decrease of $42,000,000 in loans to
reporting
that
York City,
Holdings
000,000
and
banks
to
York
City,
$7,000,000
in
the
Chicago
and
Deposits
credited
to
and
way,
still
decreased
A
it
Increase
.
(•+)
Decrease
or
Since
April 12, 1,939
A. s$cts~m~*'
Loans and investments—total
April 5, 1939
paper...
303,000,000
—4,000,000
-42,000,000
in
lor
purchasing
-+52,000.000
—11,000,000
.
—1,000,000
342,000.000
2,008,000,000
United States bonds
5,863,000.000
*_
+
•
and
—3,000,000
—35,000,000
+
protesting
against
rights.
Associated
of
Foreign
31
that she
the
from
Press
advices
from
,
Affairs,
immediately
rejected
taking
was
the islands,
over
of
Chinese had
the
4'
made
Lunghai
and
attack
an
,
;
Tientsin-Pukow
'
:«
.
Wednesday
obscure.
the
reported
reports
Yu-kun,
Late
12],
[April
Japanese
city."
:
Chinese
six
commission
were
the
deaths
Chairman
a
of
the
on
"Lunghai rail¬
"apparently something
reports
army
6aid
fighting
•
the
attack, and
officials
belonging to
a
killed.
But
sources
Chinese'
of
the
the
other
four
Commission,
Japanese-
officials,
were
said
among
These
including
correct.
Shanghai dispatch of April 15 to
Tribune" regarding recent
during the last five, days
fighting
of the battle
for
Kaifeng,
but reliable
at
sources
guerrillas
in
were reported
today to be attacking Japanese com¬
vicinity of Suchow, the junction of the Tientsin-Pukow
the,
Lunghai
railroads.
through, traffic
They
were
between
the
to
said
and
to
have
interrupted
Tientsin-Pukow ,railhead
Kweisui,
Japanese,
Pattow
+ 3,000,000
The
+ 867,000,000
+ 30,000,000
+ 224,000,000
7,866,000,000
+ 198,000,000
according to a Chinese
fighting a rear-guard action.
Japanese
+ 2,053,000,000
434.000,000
+ 22,000.000
—3,000,000
+ 316,000,000
+ 1,963,000,000
—3,000,000
stated
assistance of
+ 561,000,000
16,388,000,000
5,212,000,000
Government deposits
629,000,000
have
+ 92.000,000
2.612,000.000
—6,000,000
vault
Balances with domestic banks
capital
report,
are
of
recently
and
the
Suiyuan.
withdrawing
from
A
— .
— ......
Reported
Sea,
-38,000,000
—5,000.000
Other
Addition
to
Islands
in
South
In
Spratly—Chinese
"
from
accounts
.
Shanghai,
which
„
also
effort to force other
April 8,
page
in
2042.
a
speech broadcast from Rome,
Italy,
on
April 20,
Premier Mussolini indicated that he is not in sympathy with
President Roosevelt's peace proposals, declaring that it is
Troops Report Victories
Kiukiang, fell to the Japanese on April 18, said
an
is reported to
seek the active
tion Makes Indirect
Ruling; a missionary summer resort in the Luslian Moun¬
Press
Germany and Italy in
will
Speech Incident to Rome Exposi¬
Reply to President Roosevelt's
Peace Proposals—Regards as Absurd Proposal for
Reciprocal Guarantees
—2,000,000
Annexing
in
Nichi"
Japan
Premier Mussolini in
+ 281,000.000
-2,000,000
"Nichi
that
♦
+ 1,318,000,000
620,000,000
1,000,000
...
15
+ 2,000,000
6,577,000,000
Foreign banks
newspaper
April
to relinquish their assistance to China.
reference to the Sino-Japanese conflict appeared
these columns
Inter-bank deposits:
Domestic banks
on
powers
Liabilities—
Demand deposits—adjusted
of
in
„
city occurred simultaneously with
that
im¬
railways
.
Kaifeng, 175 miles west of Suchow
Japanese^.said
Sucliow,
on
the object of bitter warfare for many months
was
also quote from
New York "Herald
+ 253,000.000
3,320,000,000
stated:
a
Philippines, British North Borneo
.
Peiping-Suiyuan roalroad westward
+ 26,000,000
2,038,000,000
Government
Associated
Japan's
note
by United
Reserve with Fed. Res. banks
near
official
>
the
point
Hu
The
Other securities..
tains
annexa¬
1933, it is stated, the Japanese
an
'
that
said
resumed
28,000,006
29,000,000
+ 13,000,000
of
Japanese sources in Peiping re¬
that Generalissimo Chiang Kai-shek's
inside
munications
539,000,000
68,000,000
1,530,000,000
Obligations guaranteed
China
longitude
Chinese and
pacification
Chinese
or
Treasury bills
Treasury notes...
Japan
exact
Peiping said the defection of the puppet troops had
materially assisted the Chinese offensive against Kaifeng, which apparently
took the Japanese by surprise.
•
685,000,000
loaus^.1,143,000,000
Borrowings
further
the
.<
March
on
war.
first
revolted
„+112,000,000
;
loans.
United States
Spratly
give
Japanese authorities denied that pro-Japanese Chinese defense forces had
+ 897,000.000
—394,000,000
—103,000,000
securities.!
Time deposits
annexed
in China:
—447,000,000
+ 14,000,000
of"
occupation, and
„
We
the
April 13, 1938.
3,852,000,000
Loans to banks
In
to
August,
7,
equidistant
remained
revolt
Chinese'
securities..
Cash
France
1933.
raging outside the
was
General
(—)
57,000,000
+
8,120,000,000
Loans to brokers and dealers
States
in
■
—44,000,000
21,691,000,000
.
cultural loans
Real estate
April
*
reported
where,
sources
Commercial, industrial and agri¬
loans
though
effective
today that Generals. Hung Wei-kuo and Cheng Hsi-Hsien, reported
six killed, had arrived here,45
presumably by Japanese airplane.
$
carrying
In
presented
Indo-China.
junction
was
1
•
Open-market
make
omitted
Vice-Minister
group
happened,"
of the principal assets and liabilities of re¬
porting member banks, together with changes for the wee#
and the year ended April 12, 1939, follows:
1.
official
an
annexation
the
'
a
r
islands
early in the
•
.
because
to
asserting
Kiangsu Province, which
summary
Other
Avas
portant
$10,-
Borrowings of weekly reporting member banks amounted to $1,000,000
Other
coral
sponsored
Loans—total.
the
.
_
A
of
Sawada,
French
It
banks.
April 12.
announcing
in
1,000
by
on April 14
April 10 general offensive had placed three main railways
out of commission and menaced two
important cities which
had long been held by Japanese:
Associated Press Peiping
dispatches of April 14 added:
'
*
$49,000,000 in the Chicago district and $38,000,000 at all reporting member
on
and
date
The situation at
banks
lines
Japan refused to acknowledge the French
Paris
ported
all districts, the principal
domestic
defense
avowed
Japan will reject future foreign protests if any
It is claimed that the annexation is
1933.
in
in
action
Unofficial
being $141,000,000 in the Chicago district, $89,000,000 in New
$316,000,000.
nautical
is
In these advices it was also said:
York City and $17,000,000 in the Cleveland district, and the total increase
being
her
The 117th
Indo-China.]
.
.
Japan announced
,
.
Demand deposits-adjusted increased in nearly
.
the French protest.
$42,-
district,
American-
117th meridian
France's.
announcement
asserts that
the
Renzo
Holdings of United States Government
$30,000,000 at all reporting member banks.
increases
to
French
claimed
decreased
of "Other securities" increased
the
on
The
acquisitions
new
Loans to brokers and
Loans
is
of French
coast
"Gazette"
stated:
The
of, Treasury notes increased $11,000,000
banks., Holdings
New
in
from
Ambassador to Tokio, Charles Arsene Henry,
registered a
protest Wednesday [April 5], the Foreign Office disclosed.
France formally
bonds increased $54,000,000 in New York City and $26,000,000 at ail re¬
member
longitude
coincide with the publication of
neglected
notified
Under
$10,000,000 in the Chicago district, and $13,000,000
at all reporting member banks.
6he
d'Affaires
Tokio
$29,000,000 at all reporting meihber banks, and decreased $24,000,000 in
Chicago district.
••
French
the
Holdings of Treasury bills increased $43,000,000 in New York City and
porting
"Asahi"
„
that
rejected
French
tion, when
Charge
$10,000,000 in New York City.
New
the
small
banks.
timed to
international law
1933
islands.
the
s
$38,000,000 in New Ybrk City
member
she
as
in
group
balances with Federal Reserve banks and $316,-
decreased
east
extended
Government
announces
justified- under
dealers in securities and
New York City and at all reporting member banks.
today's
made
are
$14,000,000 in commercial, industrial and agricultural loans,
reserve
of
Japan's
of
has
The article is
"Asahi".
Commercial, Industrial, and agricultural loans increased $14,000,000 in
the
in an
Spratly Island,
for the week ended April 12.
brokers and
000,000 in demand deposits-adjusted.
in
today,
extending
zone
111 to 117 degrees east longitude.
China Sea, cutting ship lanes
miles of the
Japan
in
weekly reporting member banks in 101 leading
cities shows the following principal changes
v,
"Asahi"
a
the
the South
meridian
strategic importance
miles.
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until
the following Monday, before which time the statistics cov¬
ering 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 April 12:
;
all
within
as
boundary between Boreo and the Philippines.
statement
As
at
the newspaper
information,
the Philippine island of Balabac at the eighth parallel.
meridian
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
000,000
York
New
to the
Spratly Island, Japan had
7
291
Complete
securities
given by
are
the heart of
decree
in
the Yangtze River.
on
April 18,
message,
official
is
zone
and
British
The
340
1,484
Capital account..
dealers
nowise gave the indavers command of the
degrees, north latitude, and
latitude
...—..—..
Other liabilities....2.
$198,000,000 in
16
foreigners,
Singapore, and is contiguous to British North Borneo, French Indo-China
the
Philippines.
The'junction of the seventh parallel of north;
crosses
banks
increases of
35
large numbers of Chinese troops remained entrenched
wireless
revealing
12
[This
49
625
7,221
7,368
624
112
...
Borrowings
of
handful of foreigners remained
an entire group of reefs and islets in
South China Sea, 300 miles long.
The dispatch added:
101
Inter-bank deposits:
Domestic
as
and
United States Govt, deposits...
Foreign
evacuation
a
recently annexed
663,
438
•
Demand deposits—adjusted.
Time
the
'Times" said that in addition to
928
4,533
381
..i
Liabilities—
After
December, only
last
Kiukiang is 135 miles below Hankow
Tokio
A
Obligations fully guaranteed by
United States Government...
safe.
were
occupation of Ruling in
nearby.
110
3,030
170
bills
Treasury
accompanied by little violence,
was
through Japanese lines.
resort.
The
"56
739
Treasury
1939
22
83
420
59
......—
loans
all
Americans,
Lushan Mountains, as
12
55
381
110
110
Real estate loans
Loans to banks.
the
at
Other loans for purchasing or
securities
defenders escaped
believed
was
391
carrying
Japanese said,
occupation,
Chinese
of them
loans.
April
Reports concerning the colony of foreigners were lacking in details, but
it
579
1,382
agricultural
.
The
2,500
and
lndtwtrial
Cornmeiclal,
Apr. 20 Apr. 19 Apr. 12
%
$
Assets—
Loana- total
1
-Chlcafto-
New York City
Apr. 19 Apr. 12
1939
1939
Chronicle
"absolutely pnjust and unjustifiable from any point of view
attempt to place nations of the axis on the seat of the
to
accused."
*
He termed
as
"no less absurd" the
reciprocal guarantees lasting ten
years
proposal of
which do not take
Volume
Financial
148
into account the
pyramidal
of geography into which
even the most rudi¬
errors
individuals have fallen who have not
knowledge
'
mentary
added:
As
for
would
the
limit
proposed expansive conference' in which
itself effectively
experience gives
us some
Premier
The
affairs."
to
its
more
role of distant spectator,
customary
bitter lessons
on
this score; namely that the greater
certainty there is of failure.
speech was made before a committee on
organization of the 1942 Rome Universal Exposition, and
he intimated that no formal reply would be made to the
President's message (which is given elsewhere in this issue)
proposing ten-year non-aggression pledges by Italy and Ger¬
many to 31 nations to be followed by a disarmament and
economic conference.
Premier Mussolini's speech was given
as follows in Associated Press accounts from Rome, April 20:
Yhis
solemn meeting
of burs
frontier abandon themselves to hysterics of the moment be
sound of this word.
It refers to
In the
following
we compare
banks for Feb. 28, 1939, with
and Feb. 28,1938:
STATEMENT
OF
CONDITION
Assets
It refers t-o the begin¬
of Facist Italy,
Olympiad of Civilization" with which it has been
announced to the world.
obscure
aggressive designs we would not be dedicating ourselves, as we are doing,
of such vast proportions—that
in accepting our invitation
world exposition.
of organizing a
iri it.
Many of these
have shown that they share our ideas concerning
If in spite
a
up on
the horizon we have dared
continuing to work with alacrity, this should be considered
are
promising indication that we do not intend to attack any one, and that we
want instead to continue our work.
.
It is therefore absolutely unjust and
errors
As
for
the
,<
experience gives
us
to
its
bitter lessons on
the United
or
not any
this score;
reply is sent to the well-known
States
of distant spectator,
role
customary
namely,
greater the number of conferees the more certainty there is
Whether
knowledge
"
some
that the
messaged cannot
proofs.
pass
.
It is-therefore time to reduce to silence the lowers of panic,
their fear, their insensate hatred, or defense of their more or less
interests.
•
.
anticipators
fatalists who often cover with a great banner
of catastrophes, professional
.
inadmissible
convivial vociferations, or
1942 exposition is destined to remain throughout
Italian part in the
the centuries in buildings
which will have proportions of St.. Peter's and the
the area of the three
fountains
(exposition
of the work which has been under ¬
taken, which, thanks to the constructive fervor of the contractors and
workers, will be completed even before three years have elapsed.
which
certain that you will derive
we
like to
laws with
iron
from, your visit an absolutely enthusi¬
Everything will be dominated by a gigantic Roman arch
think of as a symbol of human will extended in its effort to
realize peace on a great
ciles its
banking correspond¬
United Kingdom
Government
and
1,192,937,684 1,160,425,177 1,140,726,202
ish,
foreign
colonial
and
public
se¬
curities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
Canada
loans In
on
a
and truly indestructible basis of justice which recon¬
those of light.
'•
'
'
Odd-Lot Trading on New York Stock Exchange
Week Ended April 15
value
to
Exchange
ODD-LOT STOCK TRANSACTIONS
ON
15.
During
...
Other current loans & discts. in Canada
...
62,612.044
54,436,356
787,400,458
144,953,454
56,132,348
50,839,025
791,847,317
147,652,142
737,103,210
169,165,441
Loans to the Government of Canada
21,710",076
21,026", 428
21,629,620
111,357,038
105,808,282
92,781,509
8,728,690
10,007,681
Real estate other than bank premises..
8,683,830
7,965,195
8,013,848
8,478,205
Mortgages on real estate sold by bank..
4,209,248
4,154,426
4,269,897
than cost
less amounts (if any) written off
Liabilities of customers under letters, of
72,902,065
72,885,210
73,507,738
53,965,998
53,941,324
61.520,557,
5,482,139
11,514,494
5,482,139
5,989,535
11,229,744
Loans to Provincial governments
Loans
to
cities,
municipalities
towns,
and school districts...
Bank
estimated loss pro¬
loans,
premises
credit as
at
not
more
per contra
Minister of Finance
circulation,
the
with
Deposit
for the security of note
THE
NEW
YORK
Commission
2,191,652
Total assets...
2,195,597
1,936,153
3,396,313,417
3,244,073,907
94,361,324
—.■
Balance due to Dominion Govt, after
90,088,507
101,981,077
48,979,248
47,163,832
32,579,300
•40,478",696
42,'640,234
37.659,176
'600,324,453
Notes In circulation;..
699,772,326
634,068,054
de
Balance due to Provincial governments
Deposits by the publio, payable on de¬
mand in Canada
the
by
payable after
public,
fixed day in Canada—
1,690^887,277
Deposits elsewhere than in Canada
Loans
from, bther
banks in Canada.,
432,269,210
a
OF ODD-LOT DEALERS AND SPECIAL¬
STOCK EXCHANGE—WEEK ENDED
SALES
PURCHASES
(Customers' Orders to Buy)
(<Customers' Orders to Sell)
IVo. Ord.
Shares
7,986,994
7,582
220,792
6,061,931
5,231
145,012
4,436,253
4,915,952
4,242
113.023
3,987,217
6.908,938
6,824
188,917
6,121,144
1.136.385 $33,215,795
35.139
290,547
7,700
208,229
5,910
153,578
8,051
210.853
43.666
Value
6,297,497
11,142
15...
Shares
$8,161,836
April 11
April 13
No. Ord.
322,370
10,863
April 12.
Value
11,260
273,178
April 10.
$7,106,414
990.114 $28,768,381
1,667,403,289 1,614,569,798
393,353,260
430,394.950
secured, including bills rediscounted..
Deposits made by and balances due to
other banks in Canada
Due to banks and banking correspond¬
15,537,020
12,852,891
ents in the United Kingdom,..
10,653,768
11,329,701
11,605,161
44,772,750
42,213^992
42,657,393
than
Elsewhere
in
and
Canada
United Kingdom.i
Bills payable
156,343
—
'
801,757
268,164
*
Dividends declared and unpaid—.....
.2,197,075
133,750,000
145,500,000
fund...
Total liabilities
.
of credit out¬
53,965,998
or reserve
16,147;655
the
Capital paid up.
on
1939
Total for week..
11,588,171
3,420,698,417
going heads
Rest
Trade Dale
April 14 and
70,175,923
60,418,606
cover.
Elsewhere than In Canada
Acceptances-and letters
April 20
made public a summary for the week ended April 15 of the
corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on the New York Stock Exchange,
continuing a series of current figures being published weekly
by the Commission.
The figures for the week ended April 8
were given in our April 15 issue, page 2192.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
Securities. and
APRIL
124,396,972
stocks, deben
marketable
sufficient
.
ISTS
175,312,774
168,747,402
125,156,37/
175,649,885
121,294,224
standing
.......
- Liabilities not incl. under foregoing heads
The
68,220,746
Provincial
Canadian municipal securities and Brit¬
notice or on
today visit
grounds) will h^ve an idea of the vastness
am
147,631,713
33,271,851
.
,
ents elsewhere than in Canada and the
Deposits
Coliseum.
I
4,466,224
4,320,440
16,677,730
Advances under the Finance Act...—
Every Italian must feel himself personally engaged from today onward.
astic impression.
4,952,587
25,879,385
Kingdom
ducting adv. for credits, pay-lists, Ac-
material progress.
will
due
.
Liabilities
of progress, and not Only
which all civilized people make along the path
who
balance
146,520,594
Due from banks and
defend the peace of
consecration of all efforts
The Universal Exposition of Rome is to be a
You
and
with
ents in the United
'■
all, along with out own.
The
made
from other banks In Canada
by Messiah-like messages, because we have a
tranquil conscience and we have both men and means to
6,839,066
24,098,742
103,186,355
30,506,115
104.538,911
Other assets not included under the fore¬
We, however, do not allow ourselves to be impressed by press campaigns
or
47,200,535
188,750,724
Due from banks and banking correspond¬
Shares of and loans to controlled cos
"
"
'
54,096,898
215,061,375
5,514,227
5,953,792
29,827,029
98,190,567
including bills rediscounted.
vided for
policy inspired by the criterions of peace of collaboration of which, Germany
and Italy have given many concrete
9,869,367
Loans to other banks in Canada, secured,
Non-current
of failure.
this occasion to reaffirm that the policy of Rome and of the Axis is a
up
currencies
other banks
on
Elsewhere
proposed expansive conference In which
itself effectively
limit
would
,11,598,974
tures, bonds and other securities of
of geography into which
individuals have fallen who have not even the most rudimentary
of European affairs.
$
5,772,049
4,097,318
50,165,590
Notes of other banks
unjustifiable from any point of view
pyramidal
.
5,121,668
210,537,492
Deposits with Bank of Canada
No less absurd is the proposal of reciprocal guarantees lasting ten years
which do not take into account the
-
6,477,306
11,598,859
Notes of Bank of Canada.
attempt to place nations of the Axis on the seat of the accused.
to
$
$
Government securities..
of the storm clouds which pile
work, and
28, 1939 Jan. 31, 1939 Feb. 28, 1938
6,270,192
__
Total
Dominion
the development of events
to
DOMINION
Dominion notes..
Deposits
had any intention of lighting the fuse, if we were cherishing
Nor would we have invited other nations to take part
THE
OF
5,328,667
_
Elsewhere.-—-
Cheques
to work
BANKS
THE
Feb.
United States & other foreign
we
the condition of the Canadian
the figures for Jan. 31, 1939,
CANADA
Current gold and subsidiary coinIn Canada
that the world exposition of 1942 may be worthy of Rome,
If
OF
OF
ning of systematic effort and to coordination of all national energies in order
and of the title of "The
347.
beyond the
alarmed at the
civil, pacific mobilization without arms
a
outside of those used in the labor of 15,000 workers.
made in these columns of July 16,1938, page
was
Comparative Figures of Condition of Canadian Banks
Capitoline Hills is the first act of a great
on
Let not the few, the many, the too many who
Reference to Venezuela's with¬
Paraguay and Venezuela.
States
the United
Premier's
mobilization.
country to leave the League.
The others are Brazil, Chile,
Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua,
drawal
the number of conferees the
The
European
of
2347
Chronicle
...
...
4,492,626
53,941,324
4,708,556
61,520,557
133,750,000
4,023,949
2,957,603
133,750.000
145,500,000
145,500,000
2,513.163
3,408,325,840 3,384,470,982 3,233,175,389
Note—Owing to the omission of the cents, in the
official reports, the footings in
with the totals given.
the above do not exactly airree
"
.
New York Stock and New York
Curb Exchanges During Week Ended April 1
Member
While
Trading
the
on
percentage of trading in
stocks on the New
the week ended, April 1 by all
members, except odd-lot dealers, .was lower than in the pre¬
ceding week, member trading on the New York Curb Ex¬
change was larger, it was announced by the Securities and
Exchange Commission yesterday (April 21).
Member trad¬
ing on the Stock Exchange during the latest week amounted
to 2,778,998 shares, the Commission noted, or 17.78% of total
transactions on the Exchange of 7,814,030 shares.
This
York Stock Exchange during
compares
with 2,083,565 shares of stock bought and
sold
on
Exchange for the account of members during the pre¬
vious week ended March 25, which was 19.39% of total
transactions that week of 5,373,220 shares.
On the Curb Exchange members traded for their own ac¬
the
count
during the week ended April 1, according to the SEC,
of 454,395 shares, against total transactions
to the amount
Hungary
and
Peru
Withdrawing
from
League
of
Nations—Albania Also Resigns
Hungary and Peru notified the League of Nations on
April 11 of their intention to withdraw from the League at
required two-year period, it is learned from
Associated Press advices from Geneva, Switzerland.
The
decision of the Albanian Government to resign was an¬
nounced on April 14.
Peru is the tenth Latin American
the end of the
of 1,218,820 shares, a percentage of 18.64%.
In the preced¬
ing week (ended March 25), member trading on the New
York Curb Exchange was 18.63% of total transactions of
810,465 shares, the member trading having been reported by
the Commission at 301,920 shares.
The data issued by the Commission is in the series of cur-,
rent figures being published weekly in accordance with its
,
program
embodied in its report to Congress in June, 1936,
New
I These
New
813
for practically all of
The gross amount pro¬
was $32,761,000,
equal to 52.6% of the total.
A single issue, the National Distillers
Products
Corp. convertible debentures with gross proceeds of $22,613,000, accounted for a majority of the amount shown for the manufacturing
group.
For electric and gas utility companies the amount proposed for
sale by issuers was $26,506,000, or 42.6% of the total.
Of that amount,
105
the
with the
'.
received......-..-
1,080
211
specialists.........
transactions Initiated on tbe
1. Reports showing transactions as
2.
Reports showing other
floor
255
68
289
495
113
4. Reports showing no transactions
549
transactions of specialists
data similarly
designated for the New York Stock Exchange, since, specialists on tbe New York
Curb Exchange perform the functions of tbe New York Stock Exchange odd-lot
dealer, as well as those of the specialist.
1n which they are registered are not strictly comparable with
In
after
others
of
000
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOB
for
Week Ended April 1, 1939
'
Total for
Week
Cent
and
stocks In which they are
805,610
-—
810,360
—-
The
reserved
subsequent
for sale by
be paid
1.0% of
to
or
expected
:
of these net proceeds
uses
were
of indebtedness and retirement of
62.8%; for new money purposes such
Total........................................
1,615,970
315,820
388,930
Sold....
.................
.....i......... ........
.
.........
4.51
tributed
2.93
through
Not included in these statistics
and
2,778,998
for the odd-lot aocounts
exchange
long-term
17.78
of specialists and
Inbound lots—Bought...
assigned.
269,460
150,310
....
which
with
Total. ......
2.
2.69
419,770
...........
...
of
antee
odd-lot dealers:
1.
securities
secured bond
Five
a
value of
for
registered
issues
certificates
security
a
accounted
6.0%,
or
1.5%,
or
the
$624,000.
for
ifesued
by
of
the
$920,000 of
six
was
issues
remaining
in
were
the total
the
and
THAT
BECAME FULLY
2,309,737
manufacturing
STATEMENTS
No.
..
Per
Issues
,
„
______
Face amount instalment
Face Amt.
Common stock.,
22,612", 500
5
_
__________
322,755
Total'.
13.24
71,980
5,305,961
6
38,150
3
125,500
Gross Amt. of
Total.
Gross Amt. of
Securities
Proposed for Sale by
Securities,
Less Securities Reserved
2.86
69,610
Issuers
Type of Security
Per Cent
Per Cent
35,530
26,500
Other^transactions Initiated off the floor—Bought...-
1,740,500'.
29,436,127
4,007,920
*86.285.537'
40
34,350
35,260
-r—
22,500.006
18
_
_
Certifs. of participation, beneficial Interest, &c_
Warrants or rights
150,035
172,720
the floor—Bought
$28,488,490-,
"l
for Conversion
3.
Amount
27",468,000
certificates
Preferred stock
Total.
or
...
Long-term unsecured bonds
members:
...
of Securities
of Units
Short-term unsecured bonds*.
1. Transactions of specialists in stocks In which they are
registered—Bought..—
No.
of
7
Short-term secured bonds*
Centa
1,218,820
........
on
0
•
Long-term secured bonds
Week
Sold.
1939
•
Total for
2. Other transactions initiated
been
• group,
•
EFFECTIVE DURING MARCH,
■
Sold
guar¬
The remaining security
value.
'
B. Round-lot transactions for account of
a
has
Type of Security
1939
A. Total round-lot volume...
was
value
Three
issues of
two
issue
no
real estate issue.
a
$994,000.
of
$370,000
The
CURB EXCHANGE FOR
ACCOUNT OF MEMBERS* (SHARES)
Week Ended April 1,
issuers.
1,195,526
**-•— ............
—
by
six reorganization
were
amount
for
subsidiary to which
a
for
$74,000
March, 1939,
in
accounted
Gross Amount
Total
STOCK TRANSACTIONS ON THE NEW YORK
to be dis¬
was
directly
TYPES OF SEC TRITIES INCLUDED IV 32 REGISTRATION
1,114,211
In^odd lots—Bought................... ............
$857,000,
and
agents
holders represented only about 1% of the total; the
remaining 99% constituting offerings to the public.
voting-trust
C. Transactions
and
equipment
and
Offerings to security
v
1,333,200
1,445,798
Total.
plant
as
Only $3,725,000,
of the total.
equal to 92.6%
458,278
...
....
follows: for the re¬
stock, $36,989,000,
.
preferred
capital, $19,404,000, or 33.0%; for the purchase of securities,
$2,465,000, or 4.2% ; for all other purposes, $28,060, or less than 1%. I
Almost the entirety of securities proposed for sale by issuera was to be
distributed through underwriters.
The actual amount was $57,698,000,
211,770
246,508
Total-.......................................
Total—Bought
or
as
$58,-
of
"
■
working
704,750
Total.
3. Other transactions Initiated off the floor—Bought.....
4,
10.34
se¬
4.4% of
or
proceeds
net
,
proposed
of
of
This left $62,280,000
$2,767,000,
realize
to
$45,000
$1,930,000
and
to underwriters and agents
to cover other issuing and
proceeds,
gross
issuers
expenses,
With
issuers.
payment
2. Other transactions initiated on the floor—Bought—.—
option^,
for
issuance
compensation
as
'886,000.
—......
registered—Bought
sold...:
other
for
proposed
$627,000,
distributing
lot dealers):
1. Transactions of specialists in
securities
of
be issued in exchange for other securities.
proceeds,
gross
for account of members (except
transactions for odd-lot accounts of specialists and odd-
B. Round-lot transactions
$124,000
reserved
securities
of
of securities reserved
for sale, by issuers'* were $17,044,000
conversion,
curities to
a
7,814,030
A. Total round-lot volume
account
securities
Per
it is shown
effectives, there remained $81,423,000 of securities registered
of the issuer.
Among the various items desginated as
of gross
the
"hot proposed
ACCOUNT OF MEMBERS* (SHARES)
March effective registrations,
of
$4,863,000 of securities registered for the account
($2,748,000 of which was proposed for sale) from the $86,286,deducting
for
entries in more than one classification.
.
interest-
fixed
$1,540,000 were only 2.5% of the total.
breakdown
detailed
the
that
single report may carry
the number of reports received because, at times, a
contributed
alone
largely concentrated in
financing was still
new
ferred stocks with
variousxlassifications may total more than
The number of reports in the
bonds
bearing securities is indicated by the fact that in March the amount of
bonds proposed for sale was $49,371,000, or 79.3% of the total.
Com¬
mon
stocks with $9,361,000 represented 15.0% of the total, certificates
of benefieial interest with $2,008,000 were' 3.2% of the total and pre¬
Not*—On the New York Curb Exchange the rouad-lot
in stocks
group
mortgage
first
Co.
Power
States
Northern
That
the
—
—
for
$18,550,000.
..
—
—
S. Reports showing other transactions initiated off
floor.....
Curb
Exchange
value of March effective rgeistrations.
sale by issuers in the manufacturing
gross
posed
York
New
York
Stock
Exchange
Total number of reports
V
accounted
utility companies
and
Manufacturing
the
classified as follows:
reports are
by
1938.
quarter of
Exchange by their
Stock Exchange and the New York Curb
York
respective members.
with
first
issuers in the first quarter of 1939 compared
$707,089,000 in the final quarter of 1938 and $274,329,000 in the
proposed for sale
for the
published today are based upon weekly reports filed
The data
1939
22
The $215,780,000 of securities
1938.
March,
in
$63,803,000
and
1939,
the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended March 25 were given in these columns of
on
April 15, page 2192.
In making available the data
week ended April 1, the Commission stated:
April
Chronicle
Financial
2348
Gross
Amount
.
Gross
Mat.,
Amount
Mar.,
Mar.,
Mar.,
1939
*
Total
219,9l5
*
Sold
...............
Long-term unsecured bonds..
Total.
,i
i....
18.64
454,395
43.0
11.4
,22,612~5Q6
32.7
8.0
22,612,560
•36.3
8.6
2.5
5.6
1,540,500
2*5
17.9
54.6
9,360,643
15.0
56.0
4.007,920
5.8
19.3
2,007,920
.3.2
20.6
*69.241.978 100.0
100.0
$62,280 053 100.0
100.0
Face amt. instalment certifs..
Preferred stock
C. Odd-lot transactions for account of specialists—Bought...
Sold
—
Total——t
The term
94,959
79,571
....
Common .stock
_
1
3.4
174,530
—.w.„——
Total j i!
"members," Includes all Exchange members, their firms and their
Shares In members' transactions
.
Ctfs. of partlc., ben. int.,, AcWarrants or" rights
partners, Including special partners.
a
$26,758,490
Short-term unsecured bonds*.
'
*
1938
12,5
Short-term secured bonds*...
234,480
Total—Bought...........
1939
41.1
1,740", 500
12,392,568
Long-term secured bonds
4.
1938
$28,488,490
2.54
62,030
...
*
;'....
Securities having maturity of three years or less are classified as "short-term'
percent of twice total round-lot volume.
Iff calculating these percentages the total of members' transactions is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
securities.
members'
New
transactions
Includes
both
as
purchases
and
sales,
while
the
volume Includes only sales.
Registration of
40
New
Issues
Totaling $86,286,000
Fully Effective Dur¬
ing March-—Total for First Quarter Amounted to
$250,696,000
The Securities and Exchange Commission announced,
April 20, that during March
the
on
total of $86,286,000 of se¬
under the Securities Act of 1933 became
somewhat
was
gross
smallest
amount
for
any
a
above the
shown
for
month
same
the
first
a
year
quarter
earlier,
was
quarter since the first quarter
the
of 1935.
the
posed
for
securities
sale
by
fully
,
effective in
issuers,
as
Exchange's policy
liberal set of rules governing the
advertising and promotion activities of member firms in the
investment banking and securities distribution fields should
prove effective
in encouraging the development of new
business for these firms, according to Russell Law, Chairman
of the Executive Committee of Albert Frank-Guenther Law,
Inc., advertising agency. The new advertising policy of the
Stock Exchange was referred to in our April 15 issue, page
Mr. Law remarked that the Stock Exchange's restric¬
2193.
tions which have tended to discourage member firms' adver¬
tising heretofore should largely disappear as a result of the
Exchange's latest declaration of policy on the promotional
activities of its members who number more than 1,100 and
whQ are located in virtually every part of the country.
,
,
to
a
more
Mr. Law further stated:
The Commission added:
Of
■'
Announcement of the New York Stock
with regard
fully effective, bringing effective registrations for the first
three months of 1939 to $250,696,000, according to an analy¬
sis prepared by the Research and Statistics Section of the
Trading and Exchange Division. Although the March total
represented a decided increase over the preceding month
and
,
Praised
Under Securities Act Became
curities registered
;
Advertising Policy of New York Stock Exchange
by Russell Law—Says More Liberal Rules
Should Encourage New Business
Exchange
March,
compared
1939,
with
$62,280,000
$16,860,000
in
was
pro¬
February,
jt. The New York Stock Exchange has always set
relation to the advertising
K
iM
very high i standards in
activities, of its members.
This has been due
to
Volume
the very nature of
many
new
firms
by
sound and
In the last few years, however,
good taste and conservatism.
been placed
have
restrictions
the
business of investment
the
on
discussing the
Without
Government.
Federal
demerits of these restrictions, which concern the advertising
of individual
registered stocks and bonds rather than the services
the rate of flow of fresh money into
and
because the country stands
of business promotion generally,
of all types of sound
in need of a revival
extremely negative
the liberality that is
business promotion more than ever before, to counteract
factors that have their roots in fear and uncertainty,
firms should be
advertising as a
defeating the commendable
being encouraged in advertising of Stock Exchange
now
followed up without delay by a liberalization of financial
This
whole.
purposes
can
be done without in any
way
cf existing security legislation.
Similar views
25th.
It
action of the Ecxhange
by William H. Long Jr., Chairman of Doremus
adversiting agents, and Frank Kiernan, of Frank
Open Contracts
sale of
Board
The
In
to
it;
will
daily reports will
treat
These
the
will be posted
figures
each morning
Inc.
market in
taken
on
a
selling
country different from that in which the original
in a
transaction has
Comptroller of the Currency, announced
April 10 that during the month of March, 1939, the
liquidation of 13 receiverships was completed and the affairs
thereof finally closed.
This makes a total of 1289 receiver¬
ships finally closed or restored to solvency since the bank
holiday of March, 1933.
The announcement added:
depositors and other
Total disbursements, including offsets allowed, to
1,289 receiverships, exclusive of the 42 restored to sol¬
creditors of these
vency,
aggregated $548,831,327, or an average return of 80.74%
of total
dividends amounting to an
liabilities, while unsecured creditors received
of 67-86% of their claims.
the
Dividends distributed to creditors of all active receiverships during
month
and
to
distributions
depositors of all receiverships from
to
1939,
31,
Total dividends paid
1939, amounted to $1,103,406.
of March,
March
to
amounted
March 16, 1933
Data as to results of
$937,880,787.
to
liquidation of receiverships finally closed during the month are, as
of the Commodity
'
warrants.
or
market with the intent of reversing such transactions
one
Pre
restou Delano,
INSOLVENT
11:00 a. m., will be transmitted over
in the Daily Market Report,and will be
'
rights
purchase
(5) he has rights or warrants
on
the clearing associations who
the bulletin board
or
Liquidation of 13 Receiverships of National Banks
Completed During March
Inc.,
commodities,
unconditional contract,
an
exchangeable for it and has tendered
or
place, in order to profit from price differences between such markets.
average
above-mentioned
the
has entered into
security convertible into
The term "bona fide international arbitrage" means the buying or
at
published
ticker,
the press."
,to
for
a
to subscribe to it and has exercised such
*
Exchange
released
month
delivery
Exchange.
Exchange,
by
or
stock only if (1) he or his agent has title
acquire it and has exercised such option;
or
confidentially and will report the total of the open con¬
them
each
in
tracts
the
compiled
be
(2) he has purchased
the "ownership" of a stock by the seller, a
as to
own a
such security for conversion or exchange; or (4) he has an option to
/
The announcement added :
These
shall be deemed to
or
owns
& Co.,
Kiernan
Exchange,
Commodity
of a security borrowed by, or for the account of, the
determination
a
binding both parties, to purchase it but has not yet received it;'or (3) he
by Commodity Exchange, Inc.
Governors of
of
making
person
announced, on April 19, that it has
York,
sale" means any
sale which is consum¬
seller.
adopted a
general trading rule requiring members of the clearing as¬
sociations which operate in conjunction with the Exchange
to report daily the number of purchases and sales executed
on the Exchange, for rubber, silk, hides and copper, which
are open on the member's books for each delivery month.
New
European exchanges are long or
on
stock which the seller does not own or any
a
mated by the delivery
Rubber, Silk, Hides and Copper to
on
Be Published
members and member firms to make a deter¬
whether sales executed
to
as
For the purposes of this report the term "short
short.
Co.
&
following is from the Exchange's circular in the
will be necessary for
mination
advertising have been advanced
toward liberalizing financial
The
matter:
of securities in
to the effect of the
as
mitted after the 15th of each month and not later than the
industrial enterprise.
Because times have changed in respect
The reports are to be sub¬
national arbitrage transactions.
merits or
and facilities
of member firms, the effect has been to further limit all investment adver¬
tising.
The volume of business has been greatly reduced, with an inevitable
effect upon profits and employment, not to mention the greatly reduced
volume of new capital flotations which in turn has cut down drastically
issues of
2349
Chronicle
the investment business and the psychological elements
The restrictions, in the aggregate, have been
surrounding it.
in line with
Financial
148
NATIONAL BANKS
■■■
■
1939
follows:
LIQUIDATED AND FINALLY CLOSED
RESTORED TO SOLVENCY DURING
OR
■
THE MONTH OF MARCH.
•' •
"
,
'
Total Dis¬
;
Per Cent
Per Cent
Date
bursements
Total Dis-
Dividend
of
m
w**
Survey of System of Odd-Lot Stock Trading Finds It a
Model
of
Efficiency—Study
Made
Public
By
Including
bursem'ts
D eclared
to Total
to All
Name and Location of Bank
Failure
Jim***
-
.
transaction made in units of 100 shares or multiples of 100.
In Associated Press advices from Washington April 18 it
was stated:
■
/ .
Liabilities Claimants
%
%
%
Interstate Nat. Bank, Helena, Ark_„_
A report on the system of odd-lot stock trading, made
public on April 18 by the Brookings Institution states that
the system "was found to be in niany respects a model of
commercial efficiency/' The study was made by Dr. Charles
O. Hardy, in cooperation with three odd-lot firms, which it
is stated do 97% of the business transacted on the New York
Stock Exchange.
According to the survey /'no material
gain in efficiency or saving in costs would be effected by
consolidating all odd-lot trading in one organization." It is
also stated that "no basis was found for suspicion that the
big odd-lot dealers attempt to manipulate transactions so
as to make fractional profits not justified by the actual price
at which round lots are being traded,"
A round lot is a
Offsets
Allowed
Brookings Institution
1-3-31
1,842,178
91.51
88.3033
Chic., IUL±
1-9-31
456,567
57.20
41.2
6-27 32
Lawrence Ave. Nat. Bank,
First Nat onal Bank,
Peru National Bank, Peru, 111—
Farmers
& Merchants
103.96
110.3
459,208
104.96
107.85
149,882
52.39
2-9-31
65.10
51.1
87.24
83.6
77.82
54.2
12-27-30
281,714
456,079
350,191
1,017,345
1,918,551
10-13-31
1,659,871'
7-10-31
645,744
914,119
National Bank,
Sheridan, Ind.
.
Liberty Nat. Bank, Marine City, Mich.
Farmers Nat. Bank, Hendricks, Minn-
Minn
First National Bank, Greenwood, Miss.
First National Bank, Hastings, Neb—
Boston Nat. Bank, South Boston, Va__
Langlade National Bank, Antigo, Wis..
Nat. Farmers Bank of Owatonna,
,
667,329
3-15-34
11-21-34
Chicago, 111—
Granville, 111
Midland National Bank,
x
1-17-33
12-8-33
9-10-26
5-21-34
Receiver appointed to levy and collect stock assessment
value of assets sold, or to complete unfinished liquidation.
-x
in
Reference to the
64.63
55.25
88.82
75.4
81.41
70.55
68.498
28.92
97.28
96.93
.
covering deficiency
liquidation of National banks
during February appeared in our
20.548
completed
March 25 issue, page 1727.
„
During the
New
the
1938, inclusive, principal odd-lot concerns
1920 to
years
Stock Exchange sold
York
of
73,000,000 shares -more than they
blocks of less than
100 shares.)
The Institution expressed belief that the bulk of the 73,000,000 shares went permanently into the hands of relatively small buyers ^
On the average, the small trader accumulated six shares of stock by
(An odd-lot concern buys and sells stocks in
bought.
The fact that the net balance of stock
always a small part of total
said, that a large part of odd-lot trading is
buying 106 shares and selling 100-
permanently retained by the small buyers is
turnover indicates,
the report
speculative.
■
.
During the last two years, the report
stantial diversion"
In
Stock Exchange to the total
during
It
volume of the local exchanges rose
the total cost to
averaging for the last
New York
considerably
nearly 100%.
".
comparatively
the public of its stock trading operations,
profit to the odd-lot dealer .is a
found that net
small item in
five years considerably less
Governments impose.
than the transfer taxes
State and Federal
which
Washington
From
"Times"
The net
averaged
ners
Detroit, Los Angeles, Pittsburgh and
of volume in stocks listed on the
In one instance, the rise was
1938.
was
"
other cities.
Chicago, Cleveland,
Boston,
Francisco the percentage
;
indicated, there has been a "sub¬
New York
especially in odd-lots, from the
Exchange to exchanges in
Stock
San
of trade,
advices
April 18 to the New York
quote:
we
profits of the three odd-lot firms,
for the five years, 1934-38,
11.7% on invested capital, including the amounts paid to part¬
adjusted by deducting Federal taxes on comparable
If the figures are
.
businesses, and
incorporated
with the salary
would work out at
years
New
York
on
allowing salaries to partners
which accord
profits for the last five
about 7% of net sound capital.
scale for employed executives, net
Assemble Data for SEC
Sold Short on European
Stock Exchange to
Volume
of
Shares
Firms of the New York Stock
Exchange addressed a circular to member firms on April 14
requesting a monthly report on the volume of short sales of
stock listed on the New York Exchange executed on European
markets at the instance of such members for their own
account or for the accounts of others living in this country.
This data,
Exchange
which has been requested by the Securities and
Commission, is not to include bona fide inter¬
of
Gain
of
42,679
Bank Deposits in
March 31—
of Depositors Also
in Savings
$73,069,669
New York State
During Quarter Ended
in
Number
::;v;7 Shown
-
the number of depositors in
the savings banks of New York State showed a remarkable
gain during the first quarter of 1930, according to reports
compiled by the Savings Banks Association of the State
of New York and made public April 15.
Deposits in these
banks, which now, it is stated, aggregate $5,478,107,078,
are said to show an increase for the quarter of $73,069,669,
which is nearly $50,000,000 in excess of the dividends de¬
clared during the samq period.
The gain in deposits for
the. six months' period ending March 31, 1939, was $116,The volume
of deposits and
315,137 and for the year ending that same date $148,663,568, said the Association which also stated:.
*
The increase in the number of accounts in the savings banks showed
similar acceleration.
The total number of open accounts on March 31,
1939
was
5,967,157—a gain of 42,679 for the first quarter of 1939.
The gain in number of depositors for the six months ending March 31,
1939 was 60,144, and for the year ending that same date, 13,274.
The first quarter of 1939 thus continued the record of 1938 in which
the
increase
in deposits measurably exceeded the amount of dividends
declared by these banks, which means that a considerable quantity of new
money was deposited with the 134 hanks in the State.
In
dent
commenting on the figures, Albert
of the Association
ings Bank, Walden,
S. Embler, Presi¬
and President of the Walden
Sav¬
N. Y., said:
first quarter is difficult to
the first quarter of each year has been marked
by an increase both in deposits and number of depositors, but the in¬
crease
in dollar volume this year is about twice that registered in any
of the four preceding years.
We can only conclude that the real income of
those who naturally fall
into the class of savings depositors has been
maintained and perhaps increased.
This assumption is borne out by the
fact that in the State, employment in March is reported as 7.2% greater
than in March
a year ago,
while payrolls have increased 12.6%.
Ap¬
parently also, some of the wants which accumulated during previous
The
Exchanges
The Committee on Member
Increase
explain.
very
rapid
increase in deposits for the
For several years
2350
Financial
been
have
years
been
applied
The
York
satisfied,
in
four
new
wage
the
the
public
earners
savings
would
have
without
the
such
a
spirit
a
forms
such
believe
us
by
innate
communities.
the
the savings banks
in
figures
for
the
represents
recorded
other
that
achieved
depositors
opinion,
our
increase
in
gratification
motivated
which
Chronicle
has
first
quarter
normal
a
of
New
savings banks is
it
should
proportion
individual
citizens
indifference
which
of
be
Jess©
of
the
source
people
of
have
characterizes
who
country
obviously
the
are
of
4%
to
Continue at
to
Chairman
Jones,
the
of
Reconstruction
Finance
been reduced
years,
reckoned
thrifty
Self-Liquidating Loans
on
to 4% per annum for a period of three
effective April 1, 1939, subject to such conditions or
limitations as may be determined by the Corporation.
The
rate generally charged on such loans heretofore has been
5%. Mr. Jones also announced:
this
Those
the
has
of
in
Business Loans
on
Corporation announced on April 17 that the interest rate
on its business
loans, including participations in such loans,
combined
a
of self-dependence.
measure
the
financial
self-respect
the
savings,
large
a
large
that
of
by
of
Rate
4%
the
of
proportion
April 22, 1939
RFC Reduces Interest
income producers.
or
increase
have
State
in
of
nearly
more
and,
years
When
with
surplus
—Rate
number
the
approximates
last
substantial
a
their savings.
to
increase
leaving
thus
our
The rate
•
self-liquidating loans which
on
reduced to 4% for a Five-year
was
period from April 1, 1934, will be continued at 4% for a further period of
$222,809,000 Tendered to Offering of" $100,000,000 of
91-Day Treasury Bills—$100,444,000 Accepted at
Average Rate of 0.023%
three years on the basis now in effect, provided the
during the three-year period.
a
rate greater than
Corporation 4%
Secretary of the Treasury Henry Morgenthau Jr. an¬
on April 17 that tenders to the
offering last week
of $100,000,000, or thereabouts, of
91-day Treasury bills
totaled $222,809,000, of which $100,444,000 were
accepted
at an average rate of
0.023%.
The Treasury bills are dated
April 19 and will mature on July 19, 1939.
Reference to the
offering appeared in our issue of April 15, page 2194.
The following regarding the
accepted bids to the offering
is from Secretary Morgenthau's announcement of
April 17:
4%, adjustments will be made
the
op
approximately 0-023%
(52% of the amount bid for
President Roosevelt
addressed
at the low
price
was
accepted.)
State
•
will be Issued in
of
$1,000,
tender
for
bearer
$10,000,
(maturity value).'
No
$100,000,
amount
less
$1,000
$500,000
will
in amounts
and
independent
any
that
and
States
would
approval
leaders
first
Canada
Each
The price offered must be
expressed
conference
would
either
make
would
ignore
it
that
in
nations,
negative
a
On
that
said
Which
Roosevelt's
The order convening
Fuehrer
might
parts
the
of
the
At
Hitler
Press
'
to
President's
advices
in
of the German
the
name
he has
Tenders will be accepted without cash
deposit from incorporated banks
trust companies and from
responsible and recognized dealers
to
make known
his
from
...
observers that the
many
proposals
The Fuehrer considers
decided
to Presi¬
"
as
this
own.
to take
affair
for
.
.
.
•
stand
a
important
so
the American
to
answer
basis
a
and
that he has
Hitler
ordered
had
answer
"The American President Roosevelt requested the Fuehrer
99.125.
and
perhaps offer counter-proposals of his
announcement said:
Today's
with
by
reply to the message or
April 17, however^ it was
the Reichstag indicated
accept
further consideration
United
"
as
Mussolini
United
In
they
Latin. America.
in
stated:
was
the
well
as
•
Chancellor
message.
Berlin, April 17, it
if
hailed
was
Reichstag to meet April 28 to hear his
dent
that
summon a world eco¬
message
Premiers
entirely.
Berlin
in
His
15 countries
and
forecast
announced
Roosevelt
European
most
century, if we dare
a
guarantees he would
was
the
Mr.
participate.
by
the Near East for at
quarter of
a
disarmament
of
it
"for
ahead."
far
nomic
Or
President
people before the Reichstag.
For that purpose,
for April"28 to hear this statement."
lows:
places,
e. g.,
in
vestment
securities.
Tenders
from
in¬
by
at the Federal Reserve Banks or
the closing bour will
to
acceptable prices will follow
following morning,
Roosevelt's
be opened
as soon as
and
Excellency,
Chancellor
in¬
an
April 24,
on
branches thereof
public announcement
of
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*feuch respect shall be final.
realize
human
series of
of the
possible thereafter, probably on the
The Secretary of the Treasury
expressly
Adolf
that
living today in-constant fear of
on
April 26
„
other
1939.
immediately available
definite
taxation, except estate and inheritance
taxes.
(Attention is invited
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No'loss from the sale or other
of
this
to the
concern
sphere,
All
as
a
of any
or
hereafter imposed by the
now
of
fear—and
know
deduction,
possessions.
or otherwise
-
»
Treasury Department Circular No. 418,
of the
recognized, for the
United States
or
this may
of its
be
as
amended,
r
'
govern
and
the
this
notice
without
of
-
$12,500,000 of Government Securities Sold by
Treasury
Department During March
Market transactions in Government securities for
investment
accounts
in
March, 1939, resulted in net sales
of $12,500,000,
Secretary of the Treasury Henry Morgenthat Jr. announced on April 15.
This compares with net
purchases of $72,500 during February.
The following tabulation shows the
Treasury's transac¬
tions in Government securities,
by months, since March,
1937:
1937—
March
If
But
May
June
24,370,400 purchased
June
July
4,812,050
12,510,000
8,900,000
3,716,000
July.....
August
September
October
November
December
purchased
purchased
purchased
purchased
2,000,050 purchased
15,351,100 sold
March
April
May
783,500 purchased
1,151,600 purchased
and
world
is,
that
November
December
360,000 purchased
6,469.750 purchased
January
12.033,500 sold
3,001,000 sold
February
in
March...
their
that
events
12,500,000 sold
conflict—is of
a
war,
if
even
it
\
as
it"
be
to
were
;
acute
tension
in
which
social
world
be at
has
least
a
the march—
on
send you this message.
to
me
the
to
seem
troops are at this moment
no
in behalf of
you
problems
by
the settlement
peaceful " methods
and
from
however,
is,
will
t„o the threat of
in
arms.
world, victor nations, vanquished
suffer.
I
great rations have
disaster
and
be
fears
of
reverted
All the
refuse
prisoner of destiny.
a
the
minds
own
such
hove
inevitable that much of the world must
seems
ruin.
nations
leaders
the
to
seems
common
of necessity,
their
that
their
it
that
the
the contrary, it is
their
in
believe
to
On
liberate
to
power
impends.hearts
own
It
peoples themselves desire
the
equally
is
clear
that
ended.
unfortunately
take
to
necessary
cognizance
of
recent
facts.
Three
nations
existence
plated
are
not
true,
insist
toward
more
have
for
any
other
other
rational
can
If
problems
this
is
is
to
verdict
or
need
to
inflict the
be
aggression
Plainly
must
is
save
in
the
If
we
we
cause
of
anwser
no
that
unless
theirs,
be
speak
they
to
contem¬
are
the
in
world
is
catastrophe
no
people have
no
war.
any
of
governing
war
on
its
power
own
or
self-evident home defense.
Americans speak not through selfishness
as
they
end
of
which
found.
consequences
now
it
is
with
the
It is still clear to
be solved at the council table.
plead
of
nation
Reports,
and the German
you
there
true
need
weakness.
therefore
will
acts
nations.
situation
guiding events
friendship for mankind.
can
further
this
independent
independent
persuade the peoples of the earth that
peoples
or
of
way
making this statement
fear
that
their
seen
another
in
independent
moment when
have
neighboring State.
a
repeatedly asserted that
right
and with
side
still
the
war.
Nothing
any
or
territory
occupied by
has
In
vast
been
a
desire
A-
in Africa
one
has
against
moving
unless
Europe and
East
trust
we
in
terminated.
the Far
It
1.648.000 purchased
72.500 purchased
a
'
continue, it
neutral
peoples
August..
3,905,650 sola
September
38,481,000 purchased
October—......
1,044,000 purchased
come.
arms.
of
threats
You
$23,348,500 purchased
2,480,250 purchased
4,899,250 sold
1939—
1938—
January
February
to
the tide
such
nations,
1938—
$119,553,000 purchased
11,856,500 purchased
3,853,550 purchased
April
even
.
It
Treasury
to
after the
and
economic
resort
clear
conditions
that
opportune moment for
an
become involved in
Treasury bills and
millions
or
must .bear heavily on them during its continu¬
generations
fact
major
any
previous occasion I. have addressed
a
their
their issue.
the
political,
purposes
any
possibility of such
living during the past few weeks there would
On
,
the
that
momentary relaxation—because
of
war
a-new
people of the United States for whom I speak,
them
for
also
Because of
been
♦
prescribe the terms
and
to
exempt from the
disposition of the Treasury bills
shall be allowed
tax
are not
throughout, the world hundreds of
.
also be to the peoples of the other nations of the entire Western Hemi¬
,
The Treasury bills will be
exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will
also be exempt from
,
.
wars.
confined to other continents,
or
1939.
(Germany):/
sure
ance
made at the Federal Reserve Banks
in cash
14,
fol¬
,
Berlin
are
Those submitting tenders
funds
Hitler
White House, April
am
existence
The
must
I
beings
thereof.
wjll be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
The
Chancellor
Hitler,
the German Reich,
of
to
message
......
His
You
Immediately after the closing hour for receipt of tenders
1939, all tenders received
up
President
trust company.
or
the Reichstag
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
corporated bank
called
'■
and
all
Hitler,; Chancellor of
time that Secretary of
same
State in Europe or
years, or
would make such
$1,000,000
be considered.
the basis of 100, with not more than three
decimal
Fractions must not be used.
.
April 15 that he had
on
Adolf
to
Reich, and at the
regarding certain matters.
than
tender must be in multiples of $1,000.
on
form only, and
*
an
announced
urging them to give a pledge that they would not invade
look
denominations
1
.
Hull, at the President's direction, had addressed an
cablegram to Premier Benito Mussolini of Italy
least 10
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated April 26, 1939
Tenders to a new offering of
$100,000,000, or thereabouts,
of 91-day Treasury bills were invited on
April 20 by Secretary
of the Treasury Morgenthau.
"The tenders will be received
at the Federal Reserve Banks, or the branches
thereof up
to 2 p. m., Eastern Standard
Time, April 24, 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 be dated April 26 and will mature on
July 26,
1939; on the maturity date the face amount of the bills will
be payable without interest.
There is a maturity of a similar
issue of bills on April 26 in amount of
$100,441,000.
The
following is from Secretary Morgenthau's announcement of
April 20:
(the bills)
'
'
•
communication
a
the German
New
The
'
identical
99.993 equivalent rate
approximately 0.028%
99.994 equivalent rate
—
*-
,
..._-100.
Low
"
Urges Germany and Italy to Pledge
Ten-Year Peace—Administration Sends Message to
Premiers
Hitler
and
Mussolini—Reichstag Con¬
vened April 28 to Hear German Reply—Canada and
15 Latin-American Nations Among Those Joining
in Approval of Peace Plea
Range of accepted bids:
Average price...^
carry
basis to net the
a
President Roosevelt
100,444,000
—
^
•
---$222,809,000
High
on
♦
'
'
nounced
Total accepted..—
the securities
owns
value of the securities.
par
.
Total applied for
RFC
When the RFC holds securities that
the
plea
receive
for
<
voice
me
of
strength
that international
«
peaceful
assurances
will not lay aside their
discussion
beforehand
arms.
for
one
that
the
In conference
Volume
rooms,
sion
in courts, it is necessary that both sides enter upon the discus¬
as
in good
and
it
Financial
148
faith, assuming that substantial justice will accrue to both;
is
customary and necessary that they leave their arms outside the
where they confer.
room
I am convinced that the cause of
if
the
nations
the world
of
the present and
world peace
obtain
to
were
would be greatly advanced
frank
a
statement
relating to
Because the United
States,
*
.
the Western Hemi¬
of the nations of
one
as
Europe, I trust that you may be willing to make such a statement of
me as the head of a nation far removed from Europe in order
policy to
that
I,
acting only with
intermediary,
the responsibility and obligation of a friendly
communicate such declaration to other nations now
may
apprehensive
to the
as
which
course
take.
the
policy of
■/'
' \ '
'
Are
willing
you
attack
invade
or
nations:
give assurance
to
Government may
your
the territory pr
armed
your
forces
Netherlands,
,
Palestine,
Such
also
Egypt and Iran?
an
to
methods
clearly must apply not only to the present-day but
sufficiently long to give every opportunity to work by
for
,
permanent
more
a
non-aggression—10
look
that
If
ahead.
far
such
transmit
the
to
simultaneously
nations
given
by
governments of
iiiquire
whether,
the nations I
I
as
immediate
have outlined
I
as
I
in
the
Government
The
resulting peaceful
the
of
discussions
immediate
United
which
relief
I
will
from
day bringing them
will
mind
which
the
the
burden
crushing
of
world
the
obtain
can
which
of armament
in discussions
is
each
Simul¬
be" enabled
earth may
well
"as
of
looking towards the most practical manner of opening
international
of
avenues
up
to
as
trade
the
to
that
end
to buy and sell on equal terms
possess
of
the
in tlie world market
obtaining the materials and products
qf
assurance
nation
every
peaceful economic life.
At
the
which
time,
same
•••■
,
directly
are
■
We
recognize
know that
we
of
such
exist
cannot
peace
but
all humanity,
if
an
atmosphere
negotiations
by the threat of force or by the fear of war.
.
'
"■
will not misunderstand the spirit of frankness in which I
this message.
Heads of great governments in this hour are
think you
send
you
literally responsible for the fate of humanity in the coming years.
.They
cannot fail to hear the prayers of their peoples to be protected from the
foreseeable
lives
I
and
chaps
the
of
History
war.
them
hold
will
accountable
for
the
happiness of all—even unto the least.
regain security for many years to
similar
A
•
"
FRANKLIN D. ROOSEVELT/
Washington
dispatch
April
of
17 commented
on
„
the
reaction to the President's message as follows:
President
and
Roosevelt
today by evidences of
"most
If,
potent of
all
dictators
a
Cordell
Nation.
in the
are
witless, the organization will find
For in the present political and economic situation the alternative
of
event
failure for
a
Party to keep straight ahead is for the
our
country to find itself traveling in the direction exactly opposite to that it
a"
Incidentally, the
progress of our political car is not helped by the clamor
back-seat drivers who point out the apparent smoothness of the
of the
detours of compromise and subterfuge, and complain of the speed
going.
-v./'-'-
The Democratic
Party of itself cannot elect
same
fix.
of
our
: V
' ;■/"
President
a
This is fortunate for all of
us
,
The Republican
.
for it means that no
Party can continue in power unless its policies are such as to add to its
basic strength the 10
millions of votes that
or more
are cast
for ideas and
In the campaign we are now approaching there is just one agency potent"
enough to defeat the Democratic Party, and that is the Democratic Party
itself.
It
can
it to power.
commit suicide
There is
no use
by abandonment of the policies that brought
fooling ourselves. If we
regime, or if that terms is too horrific call it
depend
little or
a
no
affiliation
;
Republic liberals who voted with us in
Even those men and women with
ground.
our
have a reactionary
are to
conservative regime, you may
it that it will be the other fellow's regime.
on
We shall forfeit the multitude of
1932 and 1936 if we shift
either Party and who went with us because we
with
voiced their principles will quit us in disgust if we throw
We can also
destroy
party whose policies
are
at variance with
chances by fratricide.
our
shooting at each other.
There
never
thern down now.
No victories are won by
was/and never will be, a political
absolutely fit the views of all its members. Where men
the course their Party is taking, it seems to me there
only two honorable courses—to join
a
Party that more accurately mirrors
their ideas, or to subordinate their prejudices and remain loyal.
I do
not mean
by this, of
course,
within their
that they are, not quite
rights when they seek to change the program.
It would be a poor sort of
politician or statesman who did not fight for his sincere principles, but that
is
a
different thing from allying themselves with
getting in
a
tbqir Party's enemies and
stab wherever and whenever they can do so safely.
I have pointed out the ways in which our Party can
/
destroy itself; now
I suggest how victory, which is quite within our reach, .can
may
Instead of suicide or fratricide,
country an
ersatz
be won
what is the matter with our own side?
Party to stand in
corner
a
until it,had learned its lesson.
fortunately, it sometimes takes from 10 to 20
Suppose, for
a
Whenever it offered the
Republicanism, the people spurned the imitation and
requisite reeducation.
Hull, Secretary of State, were cheered
corner to
virtually world-wide mobilization of public opinion,
support of their appeal to the
never
join
the same
in
hand, they
rocky road and the probabilities of flat tires apd other breakdowns
are so great that the will of the
people gets nowhere.
>
This means distress to the
Party, of course, and likewise distress to the
to accomplish
years
>
you
know I
am
'
meditate?
Un¬
the
s
».
change—and
frequently accused of being
devoted td change—we learn our lesson this time without being sent to
forces for peace,""in
to
If the chauffeurs of the organization are wise
the going is good and the destination aimed at is
course,
on the other
a
sent our
"
European
picking the
reached.
Whenever the Party was democratic, it won.
of the Italian Gov¬
ernment.
A
de¬
next year?
*
come.
is being addressed to the Chief
message
that
future of the Democratc
Party organization is the vehicle by which the mobilized sentiment of the
hope that your answer will make it possible for humanity to lose fear
and
On you now* depends the
United. States gets anywhere.
in
are
overshadowed
I
in this celebration in
President who demonstrated to the world
More important even than that, on you depends the future of our
country.
■./»'/../' "v.' y.
are
which affect
problems
atmosphere of
an
discussions
political
-
States
desirable.
necessary or
complex world
undertake
the United
study and discussion of them must be held in
Such
peace.
could
than
other
governments
interested
they may consider
as
those
you
Party.
'
•
with
ideals, rather than because of the emblem at the top of the ticket.
relate to the most effective and
peoples
the
in those discussions
gladly take part.
taneously the Government of the United States would be prepared to take
part
of the first
memory
Party is in the
r
closely to the brink of economic disaster.
more
v
It is to my great regret that I cannot be
bring to the world
and
surroundings,
States
have in
through
manner
progressive
of
that if it is given, two essential problems shall promptly be
propose
discussed
each
sure,
for transmission to you.
relief.
of
measure
named, and I will
have
assurance
,
the
My. Young Friends:
immediately
will
I
reasonably
am
to subordinate
or
Roosevelt's message which was read by Pitt T. Maner,
President of the Young Democratic Clubs of America follows:
has in mind.
Government,
your
enumerated will in turn give like
Reciprocal assurances" such
an
century, if we dare
a
.*
is
assurance
it
minmum period of assured
a
the least—a quarter of
at
years
suggest that
I therefore
peace.
construe the word "future" to apply to
you
accurately mirrors their ideas,
cratic Clubs of America. The principal speaker at the dinner
Postmaster General James A. Farley, who predicted
that the Democrats would win the 1940 election but said
that he did not expect a landslide vote.
The President
itself on
assurance
future
a
peaceful
2351
their prejudices and remain loyal."
The message was in the form of a letter read at a "Junior
Jackson Day" dinner in Washington of the Young Demo¬
Finland,
Estonia, Latvia, Lithuania, Sweden, Norway, Denmark,
Belgium, Great Britain and Ireland, France, Portugal,
Spain, Switzerland, Liechtenstein, Luxemburg, Poland, Hungary, Rumania,
Yugoslavia, Russia, Bulgaria, Greece, Turkey, Iraq, the Arabias, Syria,
The
more
mocracy was workable.
will not
possessions of the following independent
that
that
was
future policy of governments.
sphere, is not involved in the immediate controversies which have arisen
in
Chronicle
the
:
This country of ours is democratic with a small
It is never, and
"d."
will be, democratic with a big "d" except when the two
pledge and in
orderly efforts to solve international economic and political problems.
Although replies from Chancellor Adolf |Hitler and Premier Benito
continue with their youthful enthusiasm, and yet retain
Mussolini
Words mean
enunciated by Thomas Jefferson and Andrew Jackson.
still
were
10-year
a
lacking, and
non-aggression
unofficial reports continued to suggest
thing.
With the highest hopes and expectations that the young
rejection by them of the President's proposal, officials appeared to be more
\
their
oid faith
as
Very sincerely yours,
v
hopeful than yesterday that their replies, if any, would not close the door
to the objectives set forth'.
V ;
Democrats will
FRANKLIN D.
.
ROOSEVELT.
entirely
"Naturally," Secretary Hull said,
fied
by the reaction in both this hemisphere and Europe
known.
tribution
most
;
evidenced
has
been
a
made
thus far made
a?
\:''7"
//
"There is
out
"I and my associates are much grati¬
definite
to, the
potent of all forces for pea ee,
is
of
more
The
solidarity of the republics of
President's
dramatic
today
Guatemala,
effort
to
stem
strongly developing through¬
the Western
the
tide
of
Hemisphere behind the
war
was
made
virtually
messages from spokesmen, for the Governments Of
Paraguay and Haiti were added to the indorsements received
in
Senate
members
varied, moBt
of
which
complicate the
might
the
the
and
House,
electing
delicate
to
meanwhile,
As I wrote to him on" Jan.
avoid
diplomatic
to
expressions
on
few
the
and
floor
Roosevelt
Tells
individual citizens in every community.
situation.
The President prefaced the foregoing
Party
Should Continue Present Liberal Course—Urges
All Dissenters to Join Another Party or Remain
Loyal
President Roosevelt declared
Democrats
on April 19, in a message to
Young Democratic Clubs of America that "in the cam¬
paign we are now approaching there is just one agency potent
enough to defeat the Democratic party, and that is the
Democratic party itself. It can commit suicide by abandon¬
ment of the policies that brought it to power," said the
President, and he went on to say that "we can also destroy
our chances
by fratricide/' as "no victories are won by
shooting at each other. Where men are at variance with the
course their party is taking," the President added "it seems
there are only two honorable courses—to join a party
the
we
remarks by saying:
have heard directed at parole is due to
the fact that while 46 of our States have parole laws,
Young
wide¬
Parole will never succeed if it is merely a
of the
Government function and does not have the understanding and help
Much of the criticism which
President
Is
25, 1939,1 hope that this conference will serve
acquaint our people with the facts concerning parole and clear up
spread misconceptions about it.
were
Washington Presi¬
Indicating the reasohs why he had asked Attorney General
Murphy to call the National Parole Conference held in
Washington this week, President Roosevelt at the opening
of the conference on April 17 said:
as
yesterday from Canada and 16 Latin American republics.
Repercussions
Parole Conference in
Roosevelt Says Well-Administered Parole
Instrument of Tested Value in Control of Crime
a
the world."
unanimous
National
dent
practical and timely con¬
peace,* and public opinion, the
feeling that
cause
At
'
have
a
less than a dozen
provided the money and the personnel which are necessary to operate
Some of the criticism
real parole system.
is
due, too, to the fact that the
parole power sometimes has been used to grant political or
This combination of neglect and abuse in the
power
is a matter of serious national concern.
How well or how poorly a
parole system operates in one section of the country may
of citizens throughout
On the other hand,
honestly and
expertly
than does any other
affect the lives
the nation.
we
know from experience that parole, when it is
managed, provides
for society
That has been shown
better protection
method of release from prison.
by the operation of the Federal parole system and in
have applied
personal favors.
administration of the parole
those States which
modern parole methods.
Pointing out that "it is especially important that people
properly run
parole administrations if one parolee goes wrong and com¬
mits another crime," President Roosevelt said in conclusion:
should not be deceived by violent attacks on
Financial
2352
parole system gives no guarantee
while a properly run
The fact is that
of parolees who go straight tor the rest of
their lives are infinitely higher than where there is no parole system at all.
I hope, you will let us know the ways in which the Federal Government
can best cooperate with the governments of the several States in strengthen¬
ing this important sector of our nation-wide attack on crime.
I felt that
these objectives could not be reached unless this conference included repre¬
sentatives of all branches of law enforcement, public welfare administration
and the general public.
A technical job necessarily, it is one which must be
geared into the work of other branches of law enforcement.
That is why Attorney General Murphy invited governors, judges, legis¬
perfection, the percentages
of
and prison officials,
general, prosecutors, police
State attorneys
lators,
social workers, educators and representative
directly engaged in parole work to take part in
public welfare administrators,
citizens as
well as those
this conference.
of its citizens.
through the thoughtful public service
Democracy succeeds
American democratic w&y.
Well-administered parole is an instrument of tested value in the control
of crime.
Its proper use in ail jurisdictions will promote our national
security.
If your deliberations serve that end, as I am sure they will,
you will have rendered a very important public service.
kind is in accord with the
A conference of this
Attorney General Murphy,
who introduced the President,
stating that unemployment and relief problems
make it difficult to determine at this time whether Federal
aid to the States for parole administration was warranted.
"But at least," he added, "it suggests for the future a possible
solution to a serious problem."
'
Associated Press accounts from Washington April 17
reported
is
also said in part:
#
,
"modern parole system
tics, administered by a
technique and
.
"A
achieved, Mr. Murphy
device that modern science can provide."
Lehman of New York agreed with
Herbert II,
Mr. Murphy
enforcement should be uniform.
prisoner
improperly
the parole system
Governor
said "the
•
,
concluded, only with a
under unified, central control, free from venal poli¬
trained, competent staff, and equipped with every
True rehabilitation can be
that parole
of the country weakens
paroled in any part
State's experience with parole,
parole."
he said, parole in New York was "caustically and con¬
citing
Lehman,
New York
"by appointing an
"The State met the criticism," he continued,
investigation,
impartial
.
.
.
"if for no
work
thousands who have never known that discipline and stability before.
,
Another speaker, Robert M. Hutchins, President of the University of
Chicago, warned of the "danger in talking about science and scientific
than
that
in connection
it
had justified itself
has found honest
with social
action in the matter:
He urged constant use
memories or our
parole problems.
Conference
voted unanimously
Roosevelt
President
establish
to
an
of
hunches" in handling
. '
on April 18 to ask
advisory council to
develop more effective administration of paroles. .
| - \
Specific duties of the proposed council, according to United
Press Washington advices, were:
.
1. To study desirability and practicability of Federal grants in aid, or
means
by the Senate but facing
Ellender's bill, passed
Senator
of Federal assistance, for increasing
the effectiveness
2.
To educate, with vigorous means, the
4.
To foster development of courses
5.
To advise organizations in promoting
of paroles.
would adjust sugar quotas to
domestic market.
territorial possessions.
blamed sugar lobbyists for the
The President
concerned."
said the measure would exempt
The President
Hawaii and reduce the Cuban sugar quota.
Puerto Rico and
♦
President
—
paroles.
parole personnel.
for training
general parole effectiveness.
Measure Appropriating
Ad<
are so
difficult of manufacture as to
"
The office df
[H. J. Res. 246]
.
•
'
.
Budget
dent, said that the
Director,'in
letter sent to the
a
JOINT RESOLUTION
.
•
,
work relief and relief for the
fiscal year ending June 30, 1939.
• • ,
Resolved by the Senate and House of Representatives of the ifnited Stales of
America in Congress assembled, That the amount of $725,000,000 appro¬
priated to the Works Progress Administration in section 1 of Public Reso¬
lution Numbered
1, Seventy-sixth Congress, entitled "Joint resolution
relief and relief for the fiscal
hereby increased to
such two amounts
in the Treasury not otherwise
ending June 30, 1939," approved Feb. 4, 1939, is
$825,000,000, and the difference of $100,000,000 between
is
hereby appropriated, out of any money
appropriated.
Approved, April 13, 1939.
<+.
Warns Against Passage of Sugar
Amendments—Declares Revisions are Threat
President
Act
to
Roosevelt
Future
Relations
Among
American
Republics
President Roosevelt expressed opposition on April
enactment of a bill calling for revision in the Sugar
19 to
Quota
by increasing the quotas of mainland sugar producers
the expense of off-shore araas.
The President's views
made known in a letter to Marvin Jones of the House
Act
at
were
The legislation, sponsored by Sena¬
by the Senate
on March 23 as was reported in these columns March 25,
page 1739.
In advices April 19 from Washington to the
New York "Journal of Commerce" the President was quoted
Agriculture Committee.
tor Allen J.
Ellender of Louisiana, was passed
assaying:
"Enactment of the BiU S69 would be a serious threat to
policy
of improved
relationships
among
House by the Presi¬
appropriation was needed "to provide for a contingency
which has been enacted since the trans¬
arisen and legislation
has
mission of the
'
Budget."
Congress appropriated
$2,000,000 for educational orders last year.
House
Passes Bill Postponing
and
Color
Sections
Act
of
Effective Date of Label
Drug and Cosmetic
Food,
i
April 19 passed and sent to the Senate a bill
amending the Federal Food, Drug and Cosmetic Act by post¬
poning from June 25,1939, to Jan. 1, 1940, the effective date
of the Act's provisions covering labeling and the use of coaltar colors.
The measure was sponsored by Representative
Clarence ,F. Lea, of California, Chairman of the House
Interstate Commerce Committee.
This committee reported
The House
on
favorably on postponing the effective date of these sections
on April 18.
The general provisions of the new Act go into
effect on June 25, one year after its enactment.
From
Washington, April 19, the New York "Journal of Com¬
The bill, it
was
•
explained, would postpone until Jan.
date of the sections of the Act relating to
manufacturer and
an
discretion, may further extend the effective
and place of business of the
the quantity contained in
The measure limits the extension of time
the Secretary, at his
burdensome."
.
which the Secretary may grant
action
July 1, 1940, and permits postponement only in so far as such
will not prevent the public interest from being adequately served.
to
The bill further provides that
during the postponement
Drugs Act of 1906 shall remain in force as
visions of the Act, until such time as those
Reference to the
on
page
the
date "to the extent that
operation of such provisions would be unduly
and
other
being harmless, and
accurate statement as to
package be shown, with a further provision that
the
1, 1930, effective
the use of coal tar colors
by the Secretary of Agriculture as
period the Food
regards the postponed pro¬
provisions go into
effect.
opinion expressed by Secretary of Agri¬
postponement of the Act was noted in our
2054.
■
further additional appropriation for
additional appropriation for work
In an
procurement."
dispatch of April 11 it was
'■
Associated Press Washington
stated:'
constitute what is known
the problem of
'bottlenecks! in
April 8 issue,
'
.
for
"educational orders" for the Army.
In his National defense message of last January (referred to
in our Jan. 14 issue, page 214) the President explained that
these "educational orders" were "to enable industry to pre¬
pare for quantity production in an emergency, of those
military items which are non-commercial in character and
culture Wallace
approved by the President follows:
an
•'
11 asked Congress to appro¬
President Roosevelt on April
than those listed
ditional $100,000,000 for Relief—Text of Resolution ,
President Roosevelt on'April'lS signed the joint resolution
appropriating an additional $100,000,000 for work relief and
relief for the fiscal year ending June 30, 1939.
Reference to
final congressional approval of the resolution appeared in
these columns April 15, page 2196.
This is the second relief
appropriation measure passed by Congress this year; the
text of the previous one for $725,000,000 was given in our
issue of Feb. 11, page 814. - The text of the resolution as
year
•
■
Roosevelt Asks Congress for $32,500,000
"Educational Orders" for Army
priate $32,500,000 for
public in operation of
_
making
certain large sugar cane
plantations from compliance with quota provisions of the Act,, would re¬
move the safeguards against high sugar prices, would discriminate against
labeling: provisions requiring that the name
Roosevelt Signs
President
a
legislation, saying:
"The sugar lobbyists, who in order to justify their employment must be
professionally dissatisfied under any conditions, are pressing for drastic
amendments to the Act which would disrupt the balance established in the
existing legislation as between the opposing interests of the various groups
merce" reported:
To collect and disseminate parole information.
3.
Making
opposition in
give domestic producers a
It would reduce the share of some
Jones's Committee,
larger share of the
work for and kept at
problems."
records "rather than relying on our
other
regarding the President's
say
public dissatisfaction, the
sound basis."
he believed parole
Lehman said
reason
The
ad¬
Washington Associated Press
following to
the
had
vices
As. a direct result of
parole.
motion by insistent
in
set
State placed its parole system on a
methods
progress."
Under date of April 19
which
and conscientious commission to investigate
Go\ernor
few years.
wish to Impede its
public can get what it wants in
sistently criticized."
other
and favorable a factor in our
We have been bending every
as
everywhere,"he said.
A few years ago,
this
international relations in
effort to develop a vital
program of inter-American cooperation.
This program is becoming in¬
creasingly advantageous.
It is earnestly believed that Congress will not
become so important
the past
as
#
Governor
April 22, 1939
Chronicle
the future of the
American republics,
which has
♦
^
House
Approves Grant of $600,000 to
Continue Monop-
oly Inquiry
'
*
,
'
,
•
Representatives on April 13 passed without
record vote a joint resolution authorizing the additional
appropriation of $600,000 to the Temporary
National
Economic Committee for continuance- of the monopoly in¬
The House of
vestigation.
The fund was approved by the Senate on
April 3, as was noted in these columns April 15, page 2197.
Regarding passage of the resolution, Associated Press
Washington advices of April 13 said:
Only opposition to the bill came from a handful of Republicans headed
by Representative Earl C. Michener, Republican, of Michigan, who pro¬
tested against a provision in the measure which would authorize the Presi¬
dent to supervise expenditure
Mr. Michener argued that
infringed
upon
President
Congress's
of $480,000 of the
own
Roosevelt
$600,000.
delegation of that authority to
the President
rights.
Asks
Congress
Relations with American
to
Aid
Closer
Republics
Congress received a request from President Roosevelt on
April 13 to authorize closer cooperation between the United
States and the other American republics on economic, cul¬
tural and scientific matters.
The President recommended to
the favorable consideration of Congress a report from Secre¬
the program proposed last November
Inter-Departmental Committee.
The committee's
report estimated that the .program would cost $998,804.
tary of State Hull on
by
an
Volume
Financial
148
Regarding the proposals included,
ington dispatch of April 13 said:
an
Sec.
Associated Press Wash-
what
products
but that the office of the
or
2047.
Congressional action
on
the
on
April 1,
bill, it
The
stated:
was
Reorganization
*
.
Act
the
is
culmination
made
provision
appropriations
agency
of
the
The
ferred
or
the
shall
tion
of
authorizes the Presi¬
also
measure
duties
he
The Federal Deposit Insurance Cor¬
prescribes.
of the Federal Re¬
the Federal agencies which are
excepted from the provisions of the newly-enacted bill. The
Board of Governors
poration and the
of
text
the
amopg
follows:
measure
new.
is
7
'
be
this
'
used
States
the
other
The
about
of America in
(a)
(a) The
national
tinued
in
of this Act.
of
of
Parti.',
in
1931
shall determine
it
.
is
that
by
reason
To
(3)
are
necessary
;
fullest
the
to
the
be, according to major
may
as
reduce
be necessary for
not
a
single head,
the efficient
Government,
purposes;
by
thp number of agencies
functions under
similar
cohduet of the Government;
(5) To eliminate overlapping and
and
duplication of effort.
demands the
ing out of, the purposes specified in subsection
a
the
than
by the
Sec.
60
(a) and that such purposes
immediately under
in great measure by proceeding
enactment
When
2.
used
regular
of
Sec.
specific legislation.
of
in
this titled,
any
execu¬
No
(a) For the abolition or transfer of an executive department or all the
thereof or for the establishment of- any new executive depart¬
functions
ment ;
the whole
abolition of
the transfer, consolidation,
part of such agency or of its head, or of
any
or
of its head; Civil Service
the United States Army,
Mississippi River Commission, Federal Communications Commission, Fed¬
all
or
of the functions of such
any
Coast
Commission,
eral
Engineer
Guard,
Commission,
Power
Federal
agency or
terminated
have
continuing
it
was
the
Trade
Commission,
General
Accounting
Commission, National Labor Relations Board,
Exchange Commission, Board of Tax Appeals, United States
Securities and
Compensation Commission, United States Maritime Commis¬
sion, United States Tariff Commission, Veterans' Administration, National
Mediation
Board, National Railroad Adjustment Board, Railroad Retire¬
Board,
Governors
(c)
,
of
For
its
as
of
head,
law
„,(e)
for
For
Federal
changing
or
"Secretary";
(d) For
by
the Federal
the
for
Deposit Insurance Corporation, or
Reserve System;
the Board of
or
the name of any executive department or the title
designating any agency as "Department" or its head
in
days after the date on
which
but only if during such
,
60-day
sine
function beyond the time when it
reorganization bad not been made;
the
the
For
disposition,
granted by
or
ferred
.consolidated
to,
or
this
of
title,
<"•
,
title
any
winding
or
up
.
regulations, permits,
other privileges
or
in respect of any agency or function trans¬
or
with,
and
other
any
in
effect
agency
function under the
the transfer or
or
time
the
at
of
consolidation, shall continue, in effect to the same extent as if such transfer
had
consolidation
or
suit;
No
(b)
not occiirred,
or' other
action,
superseded, or repealed.
until, modified,
proceeding ..lawfully
by
commenced
or
against* the head of any agency or other officer of the United States, in
his official capacity or in relation to the discharge of his official duties,
officer
one
of
reason
or
this ..title,
but
transfer of authority, power, and duties from
any
motion
on
under "the provisions
to another
of the Government
the court,
within
time
of
agency
supplemental petition filed at
or
montlis after, such transfer takes effect, showing
12
a
necessity for a survival of such suit, action, or other proceeding to obtain
a
settlement
the questions
of
tained
by
.Slates
to whom
and
force
Sec,
by
relating
with,
effect.
to
laws
or
portions
but shall be impounded and returned
by
under the
inapplicable, remain
10.
of
appropriations unexpended
of
(a)
to the Treasury.
employment
Whenever the
of
any
person
terminated
is
reduction of personnel as a result of a reorganization effected under
a
title, such person shall thereafter be given preference,
whenever
appointment
an
is made
qualified,
when
the executive branch of the Govern¬
in
ment, but such preference shall not be effctive for a period longer than
months
the
from
date
the employment of
such
is
person
so
12
terminated.
transfer of personnel under this title shall be without change
(b) Any
-in
or
full
in
of the operation of this title shall not be used for any purpose,
reason
Sec.
transferred to,
provisions
function
or
not
are
■
The, appropriations
9.
to be main¬
other officer of the United
function
or
agency
same
.
and duties are transferred.
agency
any
such
as
allow the
may
agency or
powers,
other
any
insofar
shall,
title,
authority,
the
laws
(c) All
this
head of the
against thje
or
involved,
classification
that
compensation, except
or
this
shall
requirement
not
operate after the end of the fiscal year during which the transfer is made
to
to
the
duties
Sec.
the
the
Sec.
same
of
such
classification
transferred
volume
as
plan
the
shall
personnel
laws,
may
in
and
be assigned.
plan
the Statutes
shall
conform
to
reorganization
a
be printed
public
compensation
or
reorganizations specified in
the reorganization
Federal
effect
which
to
If
11.
effect,
in
adjustment
the
prevent
be
printed
take
Large
at
in
the
Register.
No
12.
unless
the
reorganization specified in
a
reorganization plan shall take
plan is transmitted to the Congress before Jan.
Part
of
any
agency
the existence of such agency;
of
continuation
function of any agency beyond the
6uch function; or
to exercise any function which is' not
any
period authorized by law for the exercise of
(f) For authorizing
any
agency
expressly authorized by law.
beyond the period authorized
or
Sec.
The
21.
following
sections
21,
1941.
2
this
of
part
are
enacted
by
the
Congress:
(a) As
House
sidered
an
of the
exercise
oL Representatives,
as
only with
part
of
the
respect to
rule-making
respectively,
rules
of
each
power
and
House,
as
;
consolidation,,
of affairs, referred to in
transfer,
"reorganization."
a
(a) All orders, rules,
made, issued,
this
of
(d), shall be deemed
function which is not
"
•
•
purposes
designation,
4
8.
or
terminated
or
to exercise any
law.
by
would have
reorganization
agency
any
authorized
expiration
the
before
die
function beyond the time when the agency in
before
section
Sec.
similar rule shall be applicable
under this title shall have the effect—
agency "or
if the
any
vested
the opening day of the next
on
A
or
the continuation
the
take effect
shall
•
abolition,
Employees'
ment
of
more
or
one
by the two Houses a concurrent resolu¬
reorganization had not been made;
expressly
Sec.
7.*
of
Corps
Interstate Commerce
Office,
Congress,
.
of
this
(b) In the case of the following agencies, for
or
is
the plan
in
adjournments
No reorganization
6.
"consolidated
the term "agency" means
administration, in the executive branch.of .the Government.
reorganization plan under section 4 shall/provide—
or-
3.
of
reorganization plan, shall
probable will be brought
a
it
60 calendar
special session.
or
subsequent
(b)
by the United States, board, bureau, division, service, office,
controlled
authority,
transmitting
passed
days. %
Sec.
any
„
carry¬
department, commission, independent establishment, corporation owned
tive
or
accomplished
be
(c)
or
The" delivery to both Houses shall be on
period shall begin
60-day
new
case
would
provisions of this title, and can be accomplished more speedily thereby
the
(b),
(a),
accomplish
to
necessary
specified
of
the expiration
shall abate by
those having
consolidating
and to abolisn such agencies as may
(b)/The Congress declares that the public interest
may
the
to
plan:
transmitted to the
is
provisions
extent
coordinate, and consolidate agencies of the
group,
nearly
(4) To
agency
number)
identifying
an
plan.
of con¬
reduce sub¬
desirable to
,
as
the
of
(b) If the Congress adjourns sine die before the expiration of the 60-day
■'Y...-,.
what changes therein
purposes :
expenditures
reduce
is
(a).
reorganization
with
Upon
»
•'
consistent with the
efficient operation of the Government; ».•"
(2) To increase the efficiency of the "operations of the Government to
the fullest extent practicable within the revenues;
(1) To
the "affairs
up
expenditures which
which
by proceeding immediately under the provisions
President shall investigate the organization of all agencies
accomplish the following
to
for which such appropria¬
stating in substance that the Congress does not favor the reorganiza¬
measure
The
trans¬
so
tion
Y
I—REORGANIZATION
beginning
Government and
the
to
agency
declaration that, with respect to each transfer,
a
(a) of continuing any
Congress hereby declares
deficits
some
the
tion
purposes.
stantially* Government expenditures and that such reduction may be accom¬
plished
(bearing
abolition
(c) of authorizing
1.
of
use
,
winding
for
in his message
The
5.
plan
of
.
1939."
TITLE
.'
Section
the
for
;
plan
period there has not been
if
'
with the trans¬
connection
by the taking effect of the reorganizations specified in the plan.
Sec.
Congress assembled, That this Act may be cited as
"Reorganization Act of
•
in
abolition referred to in paragraph
reduction
accordance
the
function
he deems necessary by reason
as
use
or
balances
the
with
but such unexpended balances
made,
of section 1
President,
the
for
unexpended
connection
day and shall be made to each House while it is in session.
same
state
in
use
specified in the plan, he has found that such transfer,
or
the purposes
by the Senate and House of Representatives of the United
enacted
it
the
of
;
6ucli
of
only for the purposes
such
or
consolidation,
succeeding
;
.
ACT
AN
'•
'■
Be
disposition
and
and
section
the
for
functions,
is
abolition
or
consolidated,
or
provision
made
consolidation,
provide for reorganizing agencies of the Government, and for
To
the name of
necessary,
other
or
transfer
consolidation
or
transfer
(e) transmit
in
'
transfer
the
originally made;
(4)
period,
[II. R. 4425]
•
he deems
,
System are
serve
for the making of the transfers,
he has made findings and
as
the
for
consolidated
abolished;
appoint six administrative assistants to perform the
dent to
(a),
1
which
to
cases
available
transferred
transfer
which
Congress last year.
similar functions.
of section
purposes
consolidation,
transfer,
or
April 4,
signed the
As noted in our issue of a week ago, it
authorizes the President to group, coordinate and consoli¬
date Government agencies, with the exception of 21 quasijudicial agencies, with a view, according-to the measure,
to reducing expenditures, increase Government efficiency,eliminate overlapping and duplication of work, and to re¬
duce the number of agencies by consolidating those having
reor¬
Such plan shall also—
for
(3) make provision
modified version of the measure defeated in
a
of the
plan
as
the plan.
Congress, together with
The bill is
have,
the
in
specified
by
or
does not
affected by a reorganization and the title of its head ;
ferred
years
agency
(including office equipment), and personnel affected
>
of
abolitions,
in
of
effort on the
part of both Republican and Democratic Administrations to simplify Gov¬
ernment procedure, but Congress has always, until lees than a week ago,
refused to turn over this power to the executive branch.
•
which
otherwise,
manner)
any
or
agency;
any
or
by such
the bill was completed
report
Ga., where the President
Springs,
Act
functions,
more
or
one
in
any agency
this
in
other agency; or
any
reorganizations
any
reorganization
a
and
agency
(2)
In Associated Press advices,
1887.
page
Warm
from
under
the
or
agency
any
records, property
the Senate having accepted the report on
This action was indicated in these columns
28.
part of
or any
the
of
have,
(1) designate, in such
measure,
March
of
part
functions vested
functions
its
not
to accomplish
he Includes
any
March 29 when the House adopted the conference
on
of
finds that—
investigation,
any
or
transfers
effect
will
prepare
which
3 of the
bill providing for the reorganization of executive depart¬
ments of the Government was noted in our April 8 issue,
page
taking
plan
consolidations,
April
on
whole
shall—
of Executive Departments of Government
Roosevelt
of
reason
the
necessary
(d)
"Reorganization Act of 1939"—Measure Signed
by President Roosevelt Provides for Reorganization
President
the
termination
upon
Text of
by
of
ganization
is
he
signing
(by
part
reason
expenditures.
Among the projects is promotion of early completion of the Pan-American
Highway as far as Panama.
The
President, after
of
(b) the consolidation of the
or
Budget Director recom¬
mended specific legislative authorization for some of the
the
transfer
(e) the abolition of the whole
United States goods.
Officials said most of the proposed activities could be undertaken without
additional legislation,
the
functions thereof to the jurisdiction and control of
Latin-American countries might produce and sell to
this country without competing with
Whenever
4.
(a)
It includes 74 separate projects, one of which would be a survey to deter¬
mine
2353
Chronicle
of
such
the Senate
they
respectively,
the procedure to be followed
in
shall
but
and
be
the
con¬
applicable
such House in
the
Financial
2354
of
other
rules
and such rules shall super¬
(as defined in section 22);
resolutions
case
sede
inconsistent therewith;
the extent tliat they are
only to
dispatch of April 17 to the New York "Herald
to
at
any
time,
any
other rule of such House.
22.
As used in this part,
of
Sec.
the
which
of
clause
resolving
favor
in the same manner
and to the same
reorganization
"That the Congress does not
transmitted to Congress
is as follows:
plan numbered
blank spaces therein
concurrent resolution
President on
,
19—.", the
appropriately filled; and does, not include a
specifies more than one reorganization plan.
the
by
being
which
to
committee
a
be referred
shall
plan
with
respect
(and
resolution
A
23.
Sec.
referred
all
reorganization plan shall be
with respect to the same
a
by the President of the
committee)
of Representatives, as the case may be.
§ec, 24.
(a) If the committee to which has been referred a resolution
with respect
to a reorganization plan has not reported it before the
Calendar days after its introduction (or, in the case of a
received from
the other House, 10 calendar days after its
expiration of 10
resolution
committee.
the
be
No provision is made for
that
favoring the resolution,
not be made after the
it may
with respect to the same reorganiza¬
(except
privileged
highly
proceedings or the presentation of alternate plans by
creditors' interests as in Section 77.
or
of its obligations, as
securities
its
or
well as the modification or postponement of certain
of acceptance of the plan from creditors and
ment and secures assurances
the minimum of
of
proposed plan of adjust¬
its capital structure, prepares a
security holders having at least
ever
stock¬
railroad desiring to effect an adjustment of certain
Under the bill, any
When¬
25% of the claims affected thereby.
25% of the aggregate amount of the claims affected
adjustment give such assurance, the railroad is
authorized to submit the proposed plan to the Interstate Commerce Com¬
mission for examination in accordance with the requirement of Section 20A
of the Interstate Commerce Act.
Should all Of the requirements of said
is authorized to issue an order approv¬
Section 20A be met, the Commission
ing the issuance or modification
of the securities involved in the plan.
Among the salient provisions of Section
to make
20A, on which the ICC is required
of the order referred to, are:
findings prior to the issuance
is in the public
proposed issuance or modification of securities
"Such
interest, is consistent with
service to the
the continuance by the railroad corporation of
public as, a common carrier and will not impair its
ability to
perform such service."
+
Passes
House
.
(b) Such motion may be made only by a person
shall
maturities of interest and principal.
ment of the
involuntary
,
(but not before) be in order to move either to
discharge the committee from further consideration of such resolution, or
to discharge the committee from further consideration of any other resolu¬
tion with respect to such reorganization plan
which has been referred
then
it shall
receipt),
to
plan providing for adjust¬
by the proposed plan of
resolutions
the same
to
the Speaker of the House
Senate or
to
and
enables the debtor and creditors to agree upon a
holders
the term "resolution" means only a
resolution of the two Houses of Congress, the matter after the
concurrent
■
that the debtor shall continue to operate its property
It contemplates
either House
such House)
extent as in the case
full recognition of the constitutional right of
change such rules (so far as relating to the procedure in
With
Tribune"
said:
and
(b)
1939
22
April
Chronicle
Bill
Monetary
Continuing
Powers
of
President Until June 30, 1941
reorganization plan.
•
'
•
,
.
Sec. 25.
(a) When the committee has reported, or has been discharged
from further consideration of, a resolution with respect to a reorganization
By a voice vote the House yesterday (April 21) passed the
extending for two years (until June 30, 1941) the mone¬
tary powers of the President.
Besides empowering the
President to devalue the gold content of the dollar the bill
provides for the continuance of the $2,000,000,000 stabili¬
zation fund, and the Government's silver purchase program.
Opposition by Republicans is noted elsewhere in these col¬
umns.
In reporting the adoption of the bill by the House,
Associated
Press accounts from Washington last night
(April 21) said:
Just before final passage, the House defeated by a 225 to 158 roll call
plan, it shall at any time thereafter be in order (even though a previous
motion to the same effect hhs been disagreed to) to move to proceed to
power.
be
to
agreed
order
exceed one hour,
those opposing the
or
favoring
and
be in order, and it shall
which such motion is
reconsider the vote by
to
to move
those
to such motion shall
No amendment
in
be
between
divided
equally
resolution.
not
resolution
a
plan), and debate thereon shall be limited to not to
tion
to
reported
has
committee
disagreed to.
,
•/
(c) If the motion to discharge, is agreed to or disagreed to, such motion
may not be renewed, nor may another motion to discharge the committees
be made with respect to any other resolution with respect to the same
.
"
consideration
the
Such motion
resolution.
such
of
leged and shall not be debatable.
No
in order and it shall not be in order
such ihotjon
which
(b) Debate
shall
which
on
it shall
and
not
is
the., resolution shall be limited to not to exceed 10 hours,
divided between those favoring and those opposing
A motion further to limit debate shall not be debatable.
to
to reconsider
move
the vote by which the
disagreed to.
or
26.
(a) All
to postpone,
motions
charge from committee, or the consideration of, a
to
of
(b) All appeals from the decisions of the Chair relating to the applica¬
of the rules of the Senate or the House of Representatives, as the
rorganization plan shall be decided without debate.
'
(a) If
referred
plan'
may
the
*
to
committee,
be reported
subject
(b) If
a
of
motion
a
referred
to
no
(despite the provisions of section 24 (a) be made
or
resolution
to
discharge.
the
of
first
business
.
with respect to
same
such- plan
if
as
no
that or
other resolutions of
from the other House with respect
resolution
had been received;
but
1
the
on
any
vote
final passage of
on
Sec.
201.
Section
edition,
title
"including"
and".
;
II—BUDGETARY
the words
TITLE
.
301.
The
administrative
not
shall
the Budget
of
2
31,
2).,
CONTROL
\
.
and Accounting Act, 1921
(U. S. C.,
inserting after the word
"any independent regulatory commission or board
sec.
is, amended by
•
Sec.
of
a
first House.
TITLE
1934
more
III—ADMINISTRATIVE
President
assistants
than
perform such duties
is
and
$10,000
Approved, April 3,
to
per
as
authorized
fix
the
annum.
to
ASSISTANTS
appoint
not
compensation of
to
each
exceed
at the
six
rate
Each such administrative assistant
the President may prescribe.
a
152 to
84 standing
Representative Luce,
vote.
By
a
•
■
down to
Repre¬
Republican, of Illinois, proposed the amendment to require
the stabilization fund by the General Accounting Office."
It
2 to 1 margin on a strict party vote the Republicans went
their initial attempt to change the monetary
defeat in
audit
an
was
measure.
of
b°wl©d over by a standing vote Of 180 to 97.
Report of House Republicans Opposes Continuance
President's Monetary Powers
submitted by a party committee to House Re¬
April 18 called for discontinuance of the domes¬
purchase program and the President's authority to
devalue the dollar further.
It also asked greater restric¬
Bill for
Railroad
Reorganization Passed by
House
The Republicans proposed that a
to
April 17 the House of Representatives passed and sent
voluntary railroad
reorganization and to permit a railroad to apply for re¬
organization in the courts.
The purpose of the bill, which
was sponsored by Representative Chandler,
Dem., Tenn.,
is to enable railroads which are fundamentally sound as
transportation systems, but which are handicapped finan¬
cially by maturing obligations and heavy capital structures,
to enter into agreements with their creditors and security
holders for the postponement or modification of obligations.
that the
measure
is
not
intended
as
a
substitute for Section 77 of the Bankruptcy Act, as it makes
provision for trustees, counsel or committee.
on the bill bearing on the approval given by the
House Judiciary subcommittee was given in our March 25
issue, page 1731.
In describing the measure a Washington
An item
Senate-House committee be established
work out changes in the monetary system,
especially a means of bring¬
ing about an early resumption of specie payments.
The committee said its suggestions
and
.
would end all unsound and dangerous
elements in the present monetary system,
stimulate recovery immeasurably,
confidence in Government.
restore
The bill extending the monetary powers of
to June 30, 1941, was favorably reported to
the President
the House on
April 13 by the House Coinage Committee, as was noted in
15, page 2198.
In stating that-the
Republican policy adopted on April 18 was embodied in a
report of a committee headed by Representative Wolcott
of Michigan, named several weeks ago by Representative
Martin, advices on that date to the New York "Times" added
these columns April
:
in part:
.-It recommended that the minority
attempt
to extend
the
to
the
The report
That
to the Senate the Chandler bill to facilitate
no
Treasury's $2,000,000,000 stabilization fund,
gold
until July,
a
strength be thrown against the pres"
1941, the powers of the President to
Republicans advocated
The
of the dollar.
content
the ending of this authority,
On
Chandler said
the
on
according to Associated Press accounts from Washington on
April 19, which in part further said:
States
Chandler
on
tic silver
determine
1939.
of
A report
publicans
ent
—
Mr.
by
House had voted down the
sentative Iieed,
*
resolution of the first House
with respect to such plan the resolution from
the other House with
respect to such plan shall be automatically substituted for the resolution
of
amendment
power.
such
plan which* have been referred to committee
respect to such
shall be the
(2)
'
men.
Before the roll call vote on devaluation, the
same
tions
.
respect to such plan has
House with
committee—
(1) the procedure
House with
to
respect to such plan has
other resolution with respect to the same
resolution of the first House with
no
been
been
they contend, creates fear and uncertainty among
existence of which.
the
be, to the procedure relating to a resolution with respect
to a
u
.
Sec. 27.
If, prior to the passage by one House of a resolution of that
House with respect to a reorganization- plan, such House receives
from
the other House a resolution with respect to the same plan, then—
A
may
and kill some of its
Republicans centered their fight principally on the devaluation provision,
tion
case
which the weight of the Democratic majority
Republican attempts to amend the measure
Republican, of Massachusetts, offered the proposal to end the devaluation
*
made with respect to,the dis¬
resolution with respect
a
reorganization plan, and all motions to proceed to the consideration
other business, shall be decided without debate.
Sec.
tration monetary powers, in
crushed
to recommit, the resolution 6hall be in order,
be in order
agreed to1
abolished the President's devaluation
.
Approval of the bill climaxed a bitter interparty struggle over adminis¬
key provisions.
is agreed to or disagreed to.
No amendment to, or motion
resolution
reconsider the vote by
be equally
resolution.
the
to
move
vote., an amendment which wpuld have
shall be highly privi¬
amendment to such motion shall be
to
bill
which virtually means a return of the
United
gold standard.
made
these other
recommendations:
joint Congressional committee be
named to study the whole
monetary question and recommend revision.
That the Silver Purchase Act and the Thomas
1936 Agricultural Adjustment Act permitting the
000,000 in currency be repealed.
That the Stabilization Fund be
not
greenback rider to the
President to issue $3,000,-
dispensed with entirely,
but that
limitations be put upon the Secretary of the Treasury in administering the
fund.
This would include a provision that the fund could not be used
destroy the neutral position of the United States" by favoritism to
nation engaged in war.
Another provision recommended was that the
audited semi-annually by the Controller-General's office, and re¬
ports be filed with Congress as well as with the President.
"to
any
fund be
Says Gold Policy Failed
The report
of the committee contended
sought by the Administration through
"failed miserably," since prices
existed prior to
the program of rehabilitation
the devaluation of the dollar had
today are only 6.4% above the level which
devaluation, "and even this increase must to a great extent
be attributed to other
carried out by the AAA and the
pegging, crop loans and to such normal recovery
mitted
to
operate."
1934 and 1936,
NRA, to priceforces as have been per¬
factoi^, notably the crop failures in
to the restriction programs
...
Volume
148
Financial
Chronicle
Other Recommendations Made
In
of its
support
position
that
a
"sound
and
2355
Mr. Eccles' testimony was in
large measure an indorsement of the Town-
constructive
send
monetary
bill
which
on
hearings
being held by the Committee except that
are
policy" should be adopted, the committee, in addition to its recommenda¬
Senator Townsend does
tions respecting dollar
tinue purchase of
domestically mined silver.
tion of the
devaluation, stabilization and silver, urged the adop¬
following specific recommendations for inclusion in
lation:
legis¬
12,
1933,
He
"1. Congress should repeal
that section of the
Act
of May
by the Act of 1934, which gives the President the power to
$3,000,000,000 in unsecured United States notes, and the power to
$3,000,000,000 of notes secured only by Government bonds.
issue
issue
Act of Nov. 4,
1900.
If it should
"4.
silver industry,
being
now
Congress
pursued.
domestic silver at
the mine
a
Y/Y'' '
"
It
can
do
could
it in
be
less
a
done
by
undesirable
than is
manner
purchasing
are
newly-mined
all
by sterilizing the silver
so
embargo
an
develop
be
new uses
was
discussing the silver problem from
a
added
approximately $1,220,000,000 to excess
Also, he said, silver certificates
of member banks.
displacing Federal Reserve
notes in
our "currency
In part the advices added:
system.
"
The unused silver
seigniorage, he added, provides the basis for issuance
acquired, thus preventing
of
it from
becoming a part of the monetary base.
Congress should also provide for a joint Congressional committee
study our monetary system and to make recommendation for its improve¬
additional $1,250,000,000 of silver certificates which would be added
an
to
"5.
to
that
Standards
advices to the "Journal of Commerce" it
same
has
cates
reserves
price that would be reasonable to both the public and
and
owner
V''1"""''.
.
be discontinued,
monetary standpoint, said that continued accumulation of
supplies by the Government being bought with silver certifi¬
be proved to be desirable to subsidize the domestic
ever
purchases
imports, and that the Bureau of
In the
of the Gold Standard
passage
on
all
stated that Mr. Eccles,
Congress should repeal the Silver Purchase Act of June 19, 1934.
"3. Congress should repeal the Act of Nov.
1, 1983, which provides for
States, despite the
con¬
for silver.
"2.
bimetallism in the United
that
proposes
placed
amended
as
provide in his bill that the Government
Terms of Legislation
'
'.
w
new
not
excess
He hastened
reserves.
(Dem., Colo.) asked how
to
add, however, when Senator Adams
many more reserve notes could be issued on the
ment, including a study with recommendations concerning the possibility
basis of the Government's
of
governed by the amount of currency in circulation because there could be
inflation with the same amount of
effectuating
early return to specie payments.
an
Y
"The pursuit of the above program would without doubt
put an
all the unsound and dangerous elements in
and it would to
United States and it would
jn
our
end to
restore the confidence of the
currency in
reserves
a
press
conference
on
made in reply to a
was
these powers, involving the
the
European situation.
then said it would
stabilization
was
be better to say it
of
"greenbacks"
unsecured
,*
Only Part of Picture
to me
seems
is
use
that
the purchase
in
"
,
"but it is
factor and
a
of foreign silver is wholly and totally
' Y1-'-1'
the settlement of debts
foreign governments for the
At
YY'-Y
''
"one way street" because its only
a
this
in
country and is not accepted by
settlement of our trade balances.
monetary
Representative Martin
powers,
Dies
(D.,
Tex.)
from year to
told the
year until eventually you have a President who
economic power than
more
the dictators of Europe."
•
»
extend
for two
the present silver program as "extremely wasteful" and
"completely unnecessary," the Associated Press also quot¬
ing him as saying:
■
Y
*.
the President's authority to devalue the dollar,
years
Treasury's $2,000,000,000 stabilization fund, and its right to continue
buying newly-mined domestic silver above world prices.
of
Under date
April 20
.
Every month's delay in repealing the silver
Washington dispatch to the
a
"Times" stated:
U
the
hearing before the sub-committee on April 19
repeal of the Silver Purchase Act and the sale of the Govern¬
ment's holdings of silver was urged, it is stated by Herbert
M. Bratter formerly associated with the Department of
Copimerce as an economist. He was said to have described
He spoke as the House got off to a vigorous start in debating legislation
to
$3,000,000,000
.
gency powers
the
and
He likened the purchase of silver to
House the greatest danger facing the Republic is that of "continuing emer¬
has
gold,
■unnecessary.'V V
connected with
Earlier, demanding that Congress refuse to continue major Administra¬
tion
fund
"Silver is only one part of this picture,", he said,
it
related to the world economic
was
potential increase of $8,000,000,000 in excess
V
The President first replied in the negative and
situation.
a
under the Thomas amendment.
question whether continuation of
of the dollar,
content
now.
as
following: $1,000,000,000 of Treasury balances; $500,000,000 of sterilized
gold; $1,250,000,000 of additional silver certificates; $2,000,000,000 of
April 18
$2,000,000,000 exchange stabilization fpnd and
authority to change the gold
circulation
increased by the amount of silver certificates issued."
of member banks in the credit base now, which is made
up of the
reserves
that the Administration proposals to extend the life of exist¬
ing monetary powers were associated with the world eco¬
nomic situation.
This was indicated in Associated Press
accounts from Washington which likewise stated:
\
The assertion
are
He added that there is
American people
their Government."
President Roosevelt told
inflation is not necessarily
that
"The danger of inflation," the Chairman
stated, "is the fact that excess
present monetary program,
immeasurable degree stimulate national recovery in the
an
gold holdings,
program
that about
means
$17,700,000 needlessly passes from the American people to sellers of silver.
■
The House Republicans in opening their fight on the gold powers decided
to oppose extension
not
to
of the stabilization funds.
United States Supreme Court Rules in Case of Joseph
G. Strecker That Law Does Not Authorize De¬
They hope, however,
place in the pending measure restrictions upon administration of the fund,
among
them one to forbid the
the neutral position
Secretary of the Treasury from violating
of this country by making loans to
portation of Alien Having Former Membership in
foreign,Power.
a
Communist
The United
•
Government's
of
Revision
Silver
Purchase
Program
; Urged
by Chairman Eccles of Federal Reserve
System Before Senate Sub-Committee—Finds Silver
Certificates
Displacing
Reserve
Notes—H.
M.
Bratter Advocates Repeal of Silver Act
Revision
of
Revision,
Government's
the
cision,
should
continue
to
the, country
by Justice
pared with 64.64 cents
Purchase Act.
now
an
•
"
•
or
monetary stand¬
of unlimited
quantities of foreign silver.
And if the
can
just
as a
Court
participate
of
Offering it
as a
expressed in
as
Compromise
now
being
plete repeal, Chairman Eccles estimated that his plan would solve approxi¬
mately 90% of the Treasury's problem.
Detailing his suggestion to the Committee, he pointed out that produc¬
about 70,000,000
of which about 30,000,000 goes into the arts industries.
Government
ounces
at a
continue
the
purchase
of this
"If
ounces a year,
He proposed that
embargo
upon
further
the
meantime
the
Bureau of Standards
studies of possible new uses
this
market and
continue its
would
for the white metal with
engage
a
in extended
view to enlarging
eventually make it unnecessary for the Government to
purchase or "subsidy" program.
The 40,000,000 ounces being
bought, he added, amounts to about 10% of all
purchases and
therefore
90% of the Treasury's problem would be met by adoption of his plan.
how
short
of
member of the Supreme
in
Supreme
the
decision
a
Appeals which had held that
deported.
From Associated
be
not
Mr.
duration
the
deportation,
present
Roberts said,
Who
does not require
past,
been
mmebership, of
to be
was
clearly
of
amended
as
described
a
;
.
1920, aliens
in
of
The
stated.
organization.
no
cause
a
does not bear out this import.
members
are
"that past
the
have
could
purpose
(of the legislation)
in
far
how
or
"By the first section of the act,
are
The
to be
section
the exclusion of those who have been in the past, but are
longer, members.
no
"When
the
Congress
and
enumerating
came
to provide
the
defining
admitted
been
the
and,
proscribed
of
admission,
thereafter,
had
or
aliens
of
instead of again
who might be
time it should be found that an alien
any
the time
at
classes,
for deportation,
classes
various
was
a
member
become
such,
he
membership,
which
does
of any
should
be
deported.
"It
not
is
admission,
"And
ground
for
'is
Roberts
are
we
alien,
no
the
that
a
United
"In
it
in
past
or
denied
is
affiliated
opposition
not
bar
on
the
organization
en¬
of deportation.
cause
to
to
an
with
organized
alien
any
only
government,
and not
affiliation, lends added force to their view."
or
that
at
not
"in
the
liberty to
absence of
a
conclude that
clear
definite
and
ex¬
Congress intended that
Government, must be deported, if at any time in the
when,
member
of
or
the
under what
described
the
circumstances
organization"
States).
the absence
is
or
said
our
matter
no
was
a
matter how long\a resident of this country, or however well
disposed toward
past,
that
be
member of
a
disbelief
to
naturalization
that
membership
past
Justice
he
supposed
intended
fact
that he
pression,
be
to
was
the
tertaining'
any
imports from abroad.
In
could
Congress- meant,"
section
"surplus" of 40,000,000
price of 50 cents an ounce and place an
not
Circuit Court
Strecker
matter
1
congressional circles, one seeking continuance of the silver
purchase program in its present form, and the other advocating its com¬
the
did
Press accounts from Washington, April 17, we quote:
of
"compromise" for the two extreme points of view
tion of silver in the United States averages
17,
findings^" The Court, in the main, upheld
the Fifth
had
Offered
April
on
Court
deported, it provided that if at
weU be served by making loans.
as
con¬
"escape
deliberate violations of our hos¬
0. Douglas, who was sworn in
is to
purpose
foreign buying power for products of American industries, he added,
that end
dissented,
is undesirable and that
who is faced with deportation proceedings
Communist, it still left this matter pending.
William
a
excluded
Mr. Eccles told the Committee that from an economic
ment
the consequences of
Mr.
point there is no justification for continued purchase by the Federal Govern¬
McReynolds
and
Strecker
Organizations,
as
'
"
Butler
Justices
the Pacific Coast affiliated with the Congress of Industrial
a program
bureau continued in part:
The opinion, delivered
concurred in by five of his col¬
was
pitality should not become quite so facile,"
Although the
ruling had been expected to decide the fate of Harry
Bridges, Australian-born leader of the maritime forces on
com¬
ounce,
which would shut the doors of
the domestic sellers of foreign silver and subsidize 'that
market temporarily for
the exclusive benefit of domestic
silver producers was advanced by Mr. Eccles, the New
York "Journal of Commerce" in advices from its Washington
create
from
being paid by the Treasury under the silver
m
..
Indicating that
leagues.
suggested the Govern¬
be bought at about 50 cents
Strecker,
that ground alone.
on
Roberts,
tending that Mr.
purchase surplus production of domestic silver
He said this might
mines.
6 to 2 de¬
a
April 17, that Austrian-born Joseph G.
on
bership in the Communist party, could not be expelled from
silver
Mr. Eccles said he did not favor going that far and
*
Supreme Court ruled, in
who had been ordered deported on grounds of former mem¬
purchase program
tiJiich it is observed has brought a large part of the world's
silver to this country, was urged on April 20 by Marriner S.
Eccles, Chairman of the Board of Governors of the Federal
Reserve System in testifying before a Senate Banking and
Currency Sub-Committee considering a bill by Senator John
G. Townsend Jr., Republican, of Delaware, which would
end purchase of both foreign and domestic silver and termi¬
nate all related Administration monetary powers.
Asso¬
ciated Press in reporting this noted:
ment
Party
States
or
for
what time,
(communist
party
of
*
.«>
of
such
expression,"
present, membership,
or
Mr. Roberts
present
added,
"we conclude
affiliation—a
fact
to
be
Chronicle
Financial
2356
determined
bars
evidence—which
on
bars
admission,
The
and
naturalization,
decision
This
ment
and
was
member
a
who
Strecker,
Mr.
against
1912
deportation order
a
on
was
this country
to
came
Communist
the
of
by the Labor Depart¬
issued
Party
from
Austria
months
The
in
Strecker
ordered
deported
advocates
in the Act
Circuit
writ of habeas
a
1934
under
1918
a
much
passed
States any alien
United
broader
legislation
which
advocating "the making of
American, forra of government."
few
bar
would
Florida, filed
changes
any
housemen
The Senate has not acted.
himself and Justice Butler, Justice Mc¬
According to the Associated Press, he added
the
months
after
Justice
the
this
disappear.
activities,
Escape
hoped-for
from
the
he
believed
the
The
of tobacco to be sold at their auction warehouses on behalf
omissions
any
alien
is
guiltless of the charge against
should be relieved of his
."
;
without
defects
or
ments in actions
The court
of
ado;
That he is
presence now.
if
Mr.
The
court.
the
granted a preliminary injunction and ordered the defendant
the amounts of the penalties into the registry of the
removed to the United States District Court for the
cause was
The District Court, continued the injunction,
Middle District of Georgia,.
in
modified the order to require the payments to
Mclteynolds
guilty,
the
be made into its registry,
The
and payments into the court were made.
United States was permitted to intervene as a defendant.
public
undesirable is
an
The
made
was
'
•
judg-
brought to recover the illegal payments.
warehousemen to pay
facile."
found
by them
"
protection
"dispose of
him,"
more
of the United States; that, if the
them into the Treasury
cover
the auction sales were held,
be liberated
manifest."
the Act is unconstitutional; that it illegally com¬
would aggregate so large a sum that they would be unable to satisfy
himself
so
from
them from deducting penalties under the Act
bill alleged that
who must
a
consequences
should
court
from
ware5
bill in equity in a Georgia State court against local
a
restrain
to
defendants should make the required payments, the amounts paid
expelled
instantly purge
hospitality should not become quite
our
merits notwithstanding
should
"he
said,
.
mands the defendants to deduct penalties, pay them over to the Secretary
for certiorari."
petition
"If
.
.
to take place the ap¬
were
of appellants.
r
getting
or
thereby
may
mischievous
of
will
of
resigning
alien
an
McReynoIds said
upon
of
process
years
conduct
violations
deliberate
cause
or
such
against
the
simple
organizatioh,
proscribed
1938 auction sales
days before the
pellants, who produce flue-cured tobacco in Southern Georgia and Northern
ReynoIds said that the "construction of the statute adopted
by the court seems both unwarranted and unfortunate."
by
be
to
marketing year to maintain the supply at the
tobacco from a farm in excess of its quota.
for marketing
men
tobacco
flue-cured
enough
permit
Penalties are to be paid by tobacco auction warehouse¬
tobacco is grown.
the sales price
Iii dissenting for
"If
will
The quota is to be apportioned to the farms on which
supply level.
reserve
bar¬
statute
which
marketed during the ensuing
corpus.
shall
the "reserve supply level" a national marketing quota
as
effective
become
.
recently
House
the
the
Fifth
A
States."
The
for
in
the
The Eastern Louisiana Federal
application
an
by
ruling
a
this country aliens who advocate or join an organization which
"the overthrow by force or violence of the Government of the
ring from
from
was
with
dealt
the Government.
denied
had
Court
District
in
opinion
of Appeals against
United
found to exceed the level defined
The Act directs that when the supply is
Roberts's
Justice
Mr.
of the statute incolved are those included in Title III,
portions
providing marketing quotas for flue-cured tobacco.
1932-33.
Court
Act of 1938 is unconstitutional as it affects their 1938
crop.
in
three
for
1939
22
producers of flue-cured tobacco, assert that the Agri¬
appellants,
cultural Adjustment
deportation."
requires
April
warehousemen
the
and
United
set down before a court consisting
States
filed
The appellants
The
answers.
cause
of three judges which heard it on a
stipulation of facts and entered a decree dismissing the bill.
.
.
.
that the standard for allotting farm quotas is so
urge
uncertain, vague and indefinite that it amounts to a delegation of legislative
Conviction
Wire
in
Tapping Case Upheld by United
States Circuit Court of Appeals in New York
power to an executive
What has been said in summarizing the
The United States Circuit Court of
Appeals, at New York,
April 10, in which it upheld evidence ob¬
tained through the tapping of intrastate telephone messages,
affirmed the conviction of two physicians, a lawyer and an
insurance agent on charges of defrauding insurance com¬
panies in connection with the filing of fraudulent claims for
total disability payments, according to the New York
"Herald Tribune" of April 11, in which it was stated:
in
•'
decision
a
have
The evidence obtained
over
:
by wire tapping
The
Supreme Court, in the Nardone
case,
correct
The
communications
It is expected that the defense will
were
case
assumed
The
by the Supreme Court.
deal with
for
they
open to
was
the only messages the reception of which
we
On
the
in
the clause of Section 605 of the act, on which the Supreme
k
seems
the act."
After
embraces
it
-
"In
discussing the other sections.
the
obtained
vs.
be
to
vs.
are
case,
howevCr,"
obtaining
Judge
Hand
by
messages
wire
wrote,
"no
tapping.
law
was not
accepting the fruits of
a
crime, as in the
'
.
Since the trial in this case, a
State constitution
clause
has
,
.
been
"
case
a
conversations
involved
proper court.
in
this
Since the clause
case
were
of New
Messages
not
<
new
operative when the
it
cannot
issued regulations
July 22
States.
be
con¬
sidered for the purposes of this appeal.
Rulings affecting wire tapping,—one by the United States
Supreme Court,—were referred to in these columns Dec.
25, 1937, page 4048, and Feb. 12, 1938, page 1010.
he de¬
Shortly
by warehousemen and others.
is
argued
that
the statute operated
taking of appellants'
a
re¬
property
The argument overlooks the circumstance that the
production,
appellants insist, but upon
as the
The law, enacted
commerce.
was
to take place
about Aug. 1
prospective in its operation upon the activity it regu¬
so was
produced,
or
processing and storing it
the circumstance that the producers in
lor sale in
later year,
a
Georgia and Florida had not
affirmed.
majority finding
was
Butler and McReynoIds
for
duction."
.
marketing in
.
.
challenged in
a dissenting
opinion by Justice^
who declared it "wholly fallacious" to say that
excess
;
of quotas
are
imposed
"not
,
pro¬
on
,
attacked the
majority differentiation between marketing and production controls.
"Mere inspection of the statute and
Secretary's regulations unmistakably
«•
disclose purpose to raise price by lessening production." said the dissenting
opinion.
thus
of United States
incorporated in the
was
kept
basis of these facts it
penalities
o
case;
'
intercepted,
favorable to the im¬
Justices Butler and McReynoIds
ip their dissenting opinion
holding all wire tapping illegal unless permission is first
obtained from
was
June he
The Act did not prevent any producer from holding over the excess
.
The
to
admissible in New York courts and the Government, in using
Olmstead."
a
the same date, issued
March 25 the Secretary
dessenting views we quote the following from the
Washington "Post" of April 18:
interstate messages.
Judge, Hand discussed the
on
As to the
Olmstead, which deals with evidence obtained by tapping
present
.
.
-
,
prohibited
them,
records
The decree is
"
United States
.
proclaimed
provided facilities for these purposes is not of legal significance.
Court relied in
of wires in States where wire-tapping is a violation of a State
penal statute.
York
the
tobacco
false construction which flies in ,the face of other sections df
a
In
quota.
February, affected the marketing which
and
language, prohibiting interception and
foreign communications,'
or
18 and,
marketing of their tobacco in interstate
lated
as
disclosure of communications, while other clauses are in terms limited
'interstate
20-.
Secretary
apportionment as between States and issued regulations re¬
following, and
intending
had treated
marketing
statute operates not on farm
"It is argued in the present case," Judge Hand continued, "that because
This
the
to
doubt."
the Nardone case, is general in its
The
of farm quotas within the
without due process.
anything but the admissibility of intrastate communications,
were
1938.
Feb.
troactively and therefore amounted to
the
He asserted,
however, that "it cannot be supposed that the Supreme Court
to
be
are to
before the markets Opened each appellant received notice of the allotment
Judge Hand noted that the Cirbuit Court
holding in that case was reversed
16,
on
to his farm.
Federal communications act,-upon which it based its opinion, likewise did
not cover intrastate messages.
the
carry
that
tobacco
national
a
lative
interpretation of what
and
6f
termined
the Circuit Court held that
inadmissible
not
Feb.
approved
was
governing the fixing
Government
based its appeal on the admission of the recordings.
pointed'out that in the Nardone
Act
for flue-cured
position
Judge Augustus N. Hand, who wrote the Circuit Court opinion in this
intrastate
such adjustment
the Act is valid within the decisions of
proclaimed the result of the referendum, which
had out¬
it intended in the Nardone decision.
case,
farm in question
delegation to administrative officers
instructions for holding a referendum on March 12.
Circuit Court's decision is believed to be the first dealing exclusively with
own
In this aspect
this court respecting
'
the Supreme Court for the Court's
or
some
.
This is not to confer unrestrained arbitrary power on an
errors.
executive officer.
Since the
contended, they were admissible in evidence.
tapping of intrastate messages.
*
Congress had indicated in detail the considerations which
quota
recordings used in the case were of intrastate messages, the
the appeal to
Certainly fairness requires that
which
»
lawed only the tapping of wires carrying interstate messages.
The defense
He is
farms.
arbitrary action, has afforded both administrative and judicial review to
the vigorous objection of defense counsel, on the Government's argu¬
ment that the United States
States and
amongst
held in view in making these adjustments, and, in order to protect against
admitted by Judge Patterson,
was
allotment
,
United States Attorneys, the prosecution introduced
between the alleged conspirators.
its
abnormally affected the production of the State
in the text years.
evidence numerous recordings of intercepted telephone conversations
into
in
shall be made.
Hardy, former United States Attorney, and John F. Dailey Jr. and Irving
R. Kaufman, Assistant
and, second,
quota
directed to adjust the allotments so as to allow for specified factors
represented by Lamar
was
provisions of the Act sufficiently
discloses that definite standards are laid down for the government of the
on
During the trial, at which the Government
officer and thus violates the constitutional require¬
be enacted by the Congress.
ment that laws shall
■
"Whatever
operates to control
to
that
say
the
*
imposed
same
decision
since the
features
paper
Supreme Ccurt
of the
it
was
regarded
was
on
a
>
„
appearance,
upon
the enactment
It is wholy fallacious
" production.
tobacco."
as
The
farmer
«
stated:
the most
sifnificant
farm
program
test
January 6, 1936, overruled production control
original AAA in the Hoosac Mills case..
also who delivered the Hoosac Mills
trol
or
Punishment for selling is the exact equiva¬
lent of punishment for
raising the
In the
policy
quantity raised by each farmer.
penalty is not
raised production only for sale.
The
,
•<
be its declared
may
It was
Roberts
decision, which called production con¬
local matter reserved to the States.
The
Supreme Court decision in that case was given in
columns Jan. 11, 1936, page 201.
The text of the
Agricultural Adjustment Act of 1938 appeared in our issue
of Feb. 26, 1938, page 1305.
these
U. S.
Supreme Court Upholds Marketing Control Under
Agricultural
Adjustment Act of 1938—Justices
Butler and McReynoIds Dissent
The
United
States
Supreme Court, in a 6-to-2 decision
read by Justice Rbberts on April 17, upheld provisions of the
Agricultural Adjustment Act of 1938 creating a system of
control over marketing of cotton, corn, wheat, tobacco
and rice with a view to restricting production to demand.
In his opinion Justice Roberts declared that "the provisions
of the Act under review constitute a regulation of interstate,
and foreign commerce within the
competency of Congress
under the power delegated to it by the Constitution." From
his decision we also quote in part:
'
The ruling of the 3-Judge Federal Court at Macon, Ga.
upholding the marketing provisions of the Agricultural
Adjustment Act of 1938 (which ruling the Supreme Court
this week affirmed), was referred to in our issue of Oct. 15,
1938, page 2325.
It is to be noted that while tobacco was
the only crop directly involved in the case, AAA officials
on April 17 (said the
Washington "Post") hailed the decision
as
sustaining as well powers of the Secretary of Agriculture
to fix national
marketing quotas for cotton, wheat, corn,
and rice, the other major farm products affected by the
1938 Act.
'
.
.
'
.
*
Volume
Financial
148
Closed
Shop Contract Contrary to Public
California Court of Appeals Rules—Opinion
in Three Cases
Policy
Given
For each of the more than 250 classes of articles imported
countries in 1937 to the value
ing the
ruling to the effect that the "closed shop" contract
between unions and employers is "contrary to public policy"
was handed down
by the California District Court of Appeals
at San Francisco on April 7 in decisions in three cases,
consolidated on appeal from Los Angeles, San Jose and San
Francisco.
According to Associated Press accounts to the
Los Angeles "Times" from San Francisco the Court held
their
own
With the data
Austria, there
a
States.
The Court opinion
as
member of
a
The comments
of
on the union
that the act
cisco.
out
in the
court
of Superior
San Jose
was
I. L. A.
Judge
Superior Judge Charles Davison of San Jose
Cutters and
.:'■
Lynwood.
The Los
Long
iri
Beach,
Los
Compton
Angeles,
union scale.
More
The Appellate Court concurred in those findings and in
that the activities of the union
plpyees to join the union
even
without the Voluntary consent
Mathew
were
to compel
the conclusion
As
of the employees.
was
.
,
"
.
■...
.
-'
' '''■'
—+
.
_
_
than
form, at
In
the
quested of the Department of Commerce by the National
Industrial Advertisers Association.
The 1,000-page manu¬
script is expected to be off the presses by July 1.
In an an¬
nouncement issued April 17, the Commerce Department
\
The handbook is the first
has been
A". Aa A- ;
•'
survey of American industry
A'v. :•
marketing
presented in this form.
-
,
It contains complete figures on
for the
for every city
more
of
of 280 industries on a national rather than a county
of the 23,000 mines in the country
duction and employment in
a county
been
so
The
basis.
,
„
of
location table for each
This is the first time
completely compiled.
was
prepared as
a
cooperative study by the Bureau of
Foreign and Domestic Commerce and the Bureau of the Census, Depart¬
ment
of Commerce, and the Bureau of Mines, Department of
World
on
the Interior.
United States
Trade with Germany
A
compilation of data on United States trade with Ger¬
many is being distributed
by the United States Tariff
Commission.
The information, according to
the Com¬
mission, will be of special interest in view of the recently
announced application of the countervailing-duty provision
of the tariff act to imports from Germany.
The material
released by the Commission relates primarily to United
States imports from Germany and Austria.
The announce¬
ment also stated:
family, has
and
slowly
but
surely
many
Through
confer¬
at Lima.
instruments
.
riot
is
of
a
to each
reason
no
"
Principles,
for
free
offers
These, rather than
to
"
■
men,
may
all
be
Rather
it
is
offer, of
an
.
of
this
day
should
by the closer,
but
of
opportunity
The principle of these
war.
alliance.
closed
celebration
the
of armed
and
and all.
accomplishments of
mo6t destructive
the hemi¬
,
the
culture
of
be marked/nbt
intimate
and
hemisphere:
the
more
the
understanding Of the real values of civilization and of
the
of
leaving
justice
of
manifestations
significant
common
tion
of" American
of
purpose
join in cooperative effort, whereby the advantages
that
fitting that
by demonstrations
more
the security
its free peoples.
principles
all,
cooperation
peaceful
It
is
to
under
order
of
instru-
r_
and'' maintain
guarantee
Declaration
invitation
available to
made
to
the
other,
an
the spirit and mind.
apprecia¬
.
the development-of the longest range
cannon
bomb, represent the aim of Pan-American culture.
„
or
the
Their
the goal of Pan-American organization and desire.
Secretary Wallace Favors Survey of Costs of Preparing
Agriculture in United States for Peace
War—In Statement
for
Before
Well
as
Sub-Committee
of
as
Senate Appropriations
national
Wheat
Committee Advocates Inter¬
Agreement
Secretary of Agriculture Wallace, in appearing before the
sub-committee on Agriculture of the Senate Committee on
Appropriations
on
April 10 stated
that "in view of the
statement from a White House source
appearing in Sunday
(April 9) and the intense world situation it is appro¬
priate to make a general statement about the agricultural
situation in relation to peace." Mr. Wallace went on to say:
papers
War and the imminent
nations
Tariff Commission Issues Data
Aires
formulated their
the .institutions
an
world
'
1929 that figures on the location of industrial plants have
handbook
As between
arms.
day-to-day effort they at length took concrete
at Buenos
they
year
following is
such information has ever been available to American businessmen and the
first time since
of: a
that
and summary data on industrial pro¬
the mines by counties.
'
this hemisphere
on
entity and being.
own
through, years of
New
•The
information on the county location of
handbook is
born
was
Pan-American
the
169,111 manufacturing plants and the industries in which they are operating,
An important feature o* the
idea
In part,
v
,
attitude in two historic
One, the Declaration of Lima, sets forth the unchangeable
the
of
than 10,000 population, and like information for each
The study also contains additional
*
This has been the consistent Pan-American ideal.
of its
Montevideo,
sphere and
than 3,000 counties in the United States, similar data
more
<;'
industrial
production, employment, value of products, cost of material for fuel and
power
-
of every ideal there have been lapses and.mistakes, but
guidance
past
menst.
industrial market
an
vital information of interest to business men
of the United States. The study, known as
the Industrial Market Data Handbook, was originally re¬
/
/1 ■
Today that same group, - with equal confidence,. faces a disturbed world.
■ •
survey covering
in every county
also said:
'
.
of the conception has invariably reasserted itself.
its
and
ences
■■'•
Secretary of Commerce Harry L. Hopkins announced on
April 17 a, new business service would be available for dis¬
in the form of
-
neighbor nations, it nag proved stronger than the weight of
nations
summer
■>
its constituent nations."
the
century .ago
a
the pursuit
Under
Department of Commerce to Issue Industrial Market
Survey—-Will Contain Data on Industries in Coun¬
ties and Cities and Also Cover Mines Throughout
Country
tribution this
/
,
standing pledge that international
a
among
forged the principles
but added that the closed shop
and no ruling on the closed shop was
v';''"""-.'
in
us,
Tobriner, attorney for one pf the three unions involved in the
not an issue in the three cases
of life
the strength
ruling announced he will appeal the decision to the State Supreme Court..
necessary.
pro¬
"has thoroughly established itself and has become
community of nations.
Mr. Smith to force his em-
though such joining be against the; will and
Justice Spence concurred in the opinion,
•„
Secretary Hull continued:
Appeal Planned
.
the dollar remain as at present, the tendency will be for
structure is
method
a
\!
.
It
2196,'Secretary of State Hull also spoke on the same
he said,
receiving more than the union
employees' hours of labor were less than the
scale in wages and that the
1939.
relationships in the New World do not rest on preponder¬
ance
of arms or balance of power."
"Pan-Americanism,"
Angeles court held that no labor dispute existed between Smith
and his employees, that the employees were
effect on April 23,
long as the price level in Germany and the exchange value
/.
American
and
V '...:"'V-
•
as
occasion,' before the Governing Board of the Pan-American
Union in Washington, at which time he said "the Pan-
C. S. Smith
Co.
effected through this procedure.
imports
of the imports which have been effected through the "barter"
page
Emmet H.
Butchers
Workmen Local 28-11 from picketing stores of the
brief description of the operation
a
procedure and analyzes the probable effects
on
Following, the Pan-American Day address of President
on April 14, given in our issue of
week ago,
Wilson of Los Angeles in restraining the Amalgamated Meat
Metropolitan Market
that
of im¬
Roosevelt,
•
affirmed by the Appellate Court.
was
gives
the effect
on
course
'1
\
♦
issued
Affirmed
The Appellate Court also affirmed the ruling of Superior Judge
duties
the future
on
Secretary Hull, in Pan-American Address, Says Declar¬
ation of American Principles Offers Invitation to
all Nations for Peaceful Cooperation
injunction restraining the union from picketing and boycotting Renzel's
Judge Davison's action
"
•
also
United States and
duties
'
wholesale grocery warehouse.
Actions
.•-*
of the
The action from
brought by E, H. Renzel against the Warehousemen's Union
Local 38-44.
any
Copies of the material have been made available for dis¬
tribution any may ba obtained from the office of the Tariff
Commission, Washington, D. C., or its office in the Customs
House in New York City.
F. McKay and 32 other
Howard Automobile Co., issued Restraining picketing.
an
a con¬
against the Retail Automobile Salesmen's Local 1067 of San Fran¬
McKay and the others lost
*
.
dutips.
Warren Dooling in a petition for an injunction to prohibit picketing
is
as
cedure to decline or disappear as a result of the application of countervailing
'
the appeal of James
the United
commodity give such information
countervailing duties are to go into
many
contention the 1933 statute was enacted to outlaw
The major case involved
.'
.
These
requiring employees to join some specific labor organization.
persons
the
production of similar goods and regarding
of the much-discussed "barter"
"yellow dog"
denounced
In
agreements,
have discriminated against
to
each
of countervailing
Tariff Commission
of its currency for
It is manifest the statute went far beyond that when it
shown.
trade
designed to throw light on the importance of the German
application
appears
*
are
Of the countervailing
'
yellow dog contracts, the Court said:
tract
the
The
Contention Upset
Ruling
on
and Austrian imports to the economy of the
ports.-'
company-dominated union.
also
in
pared with those of similar goods from other sources, foreign and domestic.
employer forced an employee to remain a
an
is
special characteristics of the imports from Germany and Austria as com¬
'<
written by John T. Nourse cited the
by which
one
comments
available regarding domestic
designed merely to prohibit so-called "yellow dog" contracts.
contract
commodities
various
not found
countries
The
specific labor
The Court held the statute goes beyond the union contention
of the
which duties have been reduced
on
both the old and the trade agreement rates are given, thus affording com¬
and from
whereby
organization is contrary to public policy.
was
tariff treatment
of articles
parisons of the duties paid on such articles when imported from Germany
individual workmen
either party promises to join or to remain a member of some
and
included for purposes of comparison statistics of imports
case
provides that
prospective employee
imports of individual commodities from Germany
on
are
The
enacted in May, 1933, stating that any
employer and
an
brief
a
from other principal supplying countries and on the total from all sources.
self-organization and designation of representatives of
promise made between
The statistics in each
1929-38.
individual commodities are preceded by
under the control of Germany.
choosing to negotiate terms and conditions of employment.
The Court also quoted the statute
with respect to
general analysis of our trade, both import and export, with the areas now
negotiations of terms and conditions of labor should result
voluntary agreement between employers and employees.
From the same advices we also quote, in part, as follows:
have full freedom of
from these two
statistics are given show¬
or more,
accompanied by brief comments presenting pertinent information.
The data
from
For this reason, the Court stated; it is necessary that
of $50,000
of imports in the decade
course
case are
A
that the effective statute in the three actions
2357
Chronicle
Such
fear of
war mean
greatly increased costs to the
immediately concerned who are interested above all in peace.
will be small,
of course, in comparison with the costs of war
But the costs of peace in a world at war can be much greater in the
itself.
case
not
costs
of
agriculture
than is customarily appreciated.
properly a part of our national defense as the army
tions.
It
is
Such a cost is as
and navy appropria¬
worthwhile to survey in great detail the costs of preparing
agriculture in the
United States for peace as well as for war and in the
distant future
I hope to have the opportunity with this committee to
not
of these matters on the basis of various types of assumption.
should examine in great detail the cost to the Federal Government
go into some
We
of using all our
sumer
agricultural surpluses for the benefit of the domestic con¬
the jncome of the farmer is maintained.
If
while at the same time
economy
should follow the path of export subsidies
with acreage control and the ever normal
is our main purpose, we
combined
in
sensible fashion
and most complete
must
abundance.) If an isolationist policy is our main objective,
prepare to
mind always
(keeping in
policies
developments
time objective)
the long
Events
taking form.
were
easily shift
can
while
one
us
If
Secretary Wallace also appeared before the sub-committee
April 13, at which time Associated Press advices from
Washington reported him in part as follows:
before
Secretary Wallace
to represen'
real
we
construction, without increasing the total mortgage debt.
new
could reach the point where $10,000,000,000 in home mortgages
being amortized at the rate of even 5% a year, that 5% would mean
was
The important fact is that
$500,000,000 for new construction.
of money
sum
and
Senate appropriations sub-committee in charge of
a
so^,8
the home buyer's monthly
each individual loan become
on
$1,000,000,000 agriculture appropriation bill,
soundly constructed
than gradually liquidate his own debt.
Not only does
safer each year, but each repayment provides
payments does more
or
funds for
Testifying
such
valuations and the responsibility of the borrowers, and pro¬
proper
The fact that amortized loans are reduced with
another.
the
any
underlying security.
world
way
being made today do not represent
viding that new homes are
Thus far the
sensible combination of these two
administration's policy has been to use a
to
as
vast sums of money to subsidize domestic con¬
use
sumption, to store surpluses and to maintain farm income.
1939
22
dangerous trend—providing, of course, that they are made with discretion
the way toward the greatest economy, the most abiding peace,
program points
April
The home loans which are
(Of course from the long run point of view the trade agreement
granary.
we
Chronicle
Financial
2358
a
debt equal to that which existed in 1929 and
that it did in those disastrous years.
1930 would not represent the danger
was
a very great
properly placed in amortized loans may be considered safe
total home mortgage
pessimistic regarding the future of the trade program as far as agriculture
concerned.
was
>
*
States more than
the United
;
of their lost
small portion
a
''
Although
Agriculture
the
;
Department's
;
■
wheat
export
of attaining at
world
'
'
not
He advocated
"That is the really intelligent
said,
"and
later
or
sooner
wheat-producing countries
Wallace's
wheat
were
aids
disclosed
today
101,300,000
that
grew
for
expectations
this
marketing
was
total,
'
.
producers about 10 cents
Cotton prices might drop 2
11,000,000 bales.
3 cents
or
about
charters issued by the various
Of the,associations studied,
pound
per
showed
is discontinued, he said.
make it harder
below
to
27,000,000
20,000,000.
to
case
With
should
acreage
domestic
markets
be
reduced
limited
and
be equivalent to
Real
Non-Farm
Decline
Foreclosures ^Showed
Estate
February
in
from
January,
years.
Slight
Reports
of Research and Statistics
of the
metropolitan community index
5.3% and 4.8.%, respectively.
Federal Home
Loan
'
.
,
compared unfavorably with their respective five-year average
January to February period (Table 2).
this
in the first two months of
4
communities)
(large
The
of
Farm
year
from the
reporting
move¬
However, all groups
February from February of last
and
year
period of 1938; Group '
same
the least decline in
both
says
of these
.
instances.
Research
on
Utilization
Department
Prepared by
ijhowed declines from January of
.
showed substantial decreases in
No.
Reports
Industrial
in
a report submitted
to Congress by the
of Agriculture, /it was announced April 8.
a committee headed by H. T. Herrick, Assistant
Chief of the Bureau of Chemistry and Soils, the report
represents a survey of present scientific activities in this
field, and outlines the program of research for the four
Regional Research Laboratories which the Department is
establishing in New Orleans, La.; Peoria, 111.; Wyndmoor,
Pa.; and Albany, Calif., to search for new and wider indus¬
trial outlets for farm products.
Upwards of 1,300 labora¬
tories throughout the United States were visited by in¬
vestigators to obtain material for the survey." The Agri¬
culture Department's announcement in the matter went on
to say:
*
/.■
'
<
■
scratched,
All four groups by size of community showed changes from January
which
Agriculture
of
Scientific study of new uses for farm products has led to
important industrial developments, but in comparison to,
the need and the opportunities the surface has barely been
Mr.-Fergus further reported:
The small and medium sized communities were responsible for this turn
ments for the
funds was not confined to any certain
from each of the 48
of the country, but was reflected in reports
Activities
of events since Group No. 4: (counties with over 60,000 non-farm dwellings)
.
of the Federal savings and loan associations
Products
Bank Board.
our
The re¬
State-chartered institutions, revealed a
$408,297,700 to $504,508,000, or $96,210,300
in savings of from
Department
Although non-farm, real estate foreclosures in the United
a slight decline (0.2%) in February from the
preceding month," the movement was not at all favorable in
light of the usual substantial drop between January and the
short month of February,' according to an accouncement
issued March 27 by Cor win A. Fergus, Director of the Divi¬
and
of from $56,431,300 to
States and the District of Columbia.
States showed
sion
newly-formed Federals, and they
$104,193,200 during the two-year period.
by
or
places for the investment of private
as
would
FHLBB
.
were
increase in private share investments
This growth in popularity
section
domestic and foreign consumption for nearly two
586
during the same 24 months.
from
export
largely closed, he said, the carry-over of 14,000,000 bales
outlets
,
which
in
growth
He estimated that exports might drop
export cotton,
bales,
3,000,000
of them for many years-—under
States.
mainder, 544 in number, formerly
time, however, he said that continuance of the loans would
same
an
$160,624,500,
'
At the
federally-chartered associations were included in the study:—
program,
pound if it
a
in¬
newly-formed under Federal charter, and those which had converted
Federal status after operation—spme
to
'
skeptical about advisability of dropping the cotton loan
under which the Government has paid
on
Two types
those
Of the
year.
77,000,000 bushels were subsidized.
He
bushels of
sold abroad from July 1, 1938, to April 1, 1939, surpassing the
Secretary's
associations
$665,132,500, or by 43.1%,
The Board further said:
from $464,729,000 to
during this two-year period.
will
have to come to it."
Secretary
loan
comparison of the savings, or "private share investments,"
solve the world wheat problem,"
way to
the great
and
private savings invested in them by
in 1,130 identical Federal savings and loan associations on
Dec. 31, 1936, and the same date in 1938 showed that they
exporting nation to place on the market the same amount year after year.
he
savings
Federally-chartered
nearly one-half during 1937 and 1938, a study prepared for
the Federal Home Loan Bank Board showed on April 1.
A
1
practical international wheat agreement to permit each
a
'
creased the amount of
the^'ideai way"
least 100,000,000 bushels as this country's fait share of the
trade.
wheat
;
has
plan
FHLBB
near
•
"interfered" with the trade program, he said, it was not
.
Associations Increased
markets for
wheat, and, due to world conditions, apparently cannot do so in the
future.
Invested in Federal Savings and Loan
43.1% in Two Years Reports
Private Savings
Because of the dictators, he said, "it has not brought back to farmers of
*
.
.
February rate of foreclosure on an annual basis
was
5.6
cases
Developments in rayon, plastics, insulating
per
board, motor fuels, and new
the fore-runners of many possible new
Rapid growth of new industrial uses of
1,000 non-farm dwellings which compares with 6.2 for the 12-month period
paints, varnishes, and lacquers, are
ending Jan. 31, 1939.
industries, the survey revealed.
There
were
.
•
.
.
.
farm products,
24 States and the District of Columbia reporting declines from
4 States showing
775; and
only 21 foreclosure
Real
a
net decline of
in
mental action on a
metropolitan communities during February
period of 1933.
the commonest and oldest of farm products, says
the report.
been engaged by govern¬
wide front, including basic measures calculated to sta¬
The surplus problem of agriculture already has
dropped 4.8% below those for January to attain
from the peak
was
from January.
cases
foreclosures
estate
Thus, there
change.
no
even
extended
engineering and economics of
however,^may only be possible on the basis of an
knowledge of the biology, chemistry, physics,
January aggregating 796 foreclosures; 20 States reporting increases totaling
a new
low in, the decline
This downward movement from the
pre¬
.
bilize production in line with
opening
up
the apparent needs of the markets.
But the
of new consuming markets for farm products is a field that
ceding month, however, was somewhat short of the usual seasonal January
urgently needs further exploring, and
to
the laboratories will make possible a
major effort in that direction.
February
decline
Of
(1926=100), stands only
6.9%.
February
The
one point above
index
number
of
138
The first part
the average month of 1927,
February foreclosures in these communities in relation to those for Febru¬
ary,
1938,
were
12.1% lower.
shows metropolitan
For the first two months of 1939, the index
foreplosures to be 13.5% less than for the corresponding
period of last year.
Of the 82 communities reporting, 45 showed decreases
in foreclosures from
January, while 31 indicated increases, and 6reported
no
change.
-
•
•
Funds Invested in Home Mortgages Increased in 1938
over
Previous
Year for First Time Since
1930,
the congressional
ment
authorization and explains the basis on which
determined
the
four regions
explains how the locations were
time since property values started their decline in 1929 and
Home
Federal
Loan
Bank
Board
revealed
on
April 8.
This increase, from $17,300,000,000 in 1937 to
$17,600,000,000 in 1938, marks an encouraging turning
point in one phase of the Nation's economic life, the Board
pointed out.
In commenting on this increase, John H.
Fahey, Chairman of the Bank Board, said:
The leveling off of property values from their unsound inflation during
the so-called
boom days and the widespread substitution of the long-term
amortized loan for the
dangerous short-term loan has entirely altered the
situation.
The expansion of the
total of
values.
1929 obviously represented
great inflation of
The real estate speculation which attended it—which was just as
dangerous
would
urban home mortgage debt from 1921 to the record
$21,600,000,000 in
as
have
the security speculation
caused serious
troubles elsewhere in
our
which the
work is divided.
It
first attention; namely cotton,
sweet potatoes and peanuts in the Southern Laboratory; corn, wheat, and
agricultural wastes in the Northern Laboratory; tobacco .apples, potatoes,
vegetables, and milk products in the Eastern Laboratory; fruits, potatoes,
vegetables, wheat, and alfalfa in the Western Laboratory.
It also sum¬
marizes in broad terms the findings of the survey of present research and
the
proposed program of work for the new laboratories.
♦
The volume of funds invested in home mortgages over the
Nation increased in 1938 over the previous year for the first
the
into
chosen for the laboratories", and specifies
the 12 farm commodities which are to receive
Reports FHLBB
1930,
describes
the Depart¬
of the report, which is divided into three sections,
which
national difficulties
financial system.
ended
even
in
the
1929
crash—
if there had been
no
ReportTon 20 Oil Refiners Issued by SEC—Based on
Census of^American Listed Corporations
A
summary
of selected data on 20 oil
refiners with pro¬
ducing facilities having assets over $50,000,000 each regis¬
tered under the Securities Exchange Act of 1934 was issued
on
April 19 by the Securities and Exchange Commission.
of a series of reports based on a Works
This is the tenth
project known as the Census of
Issuance of similar reports
on sugar
refiners and mail order houses was reported in
these columns of April 15, page 2202.
Reparding the report
Progress Administration
American Listed
the
Corporations.
SEC said:
'
also combined
Included in the data on
individual coippanies are a general 6urvey, the names of the parents and
subsidiaries
of each
company,
the outstanding security issues of each
company, 16 financial and operating ratios for each company, salary data
for each company, and individual balance sheets, profit and
loss stateIt provides
data
for
all
individual data for each of the companies and
companies
in
each of the groups.
Volume
raents
and
whole
148
Financial
surplus reconciliations.
include
balance
a
reconciliation,
totals
The combined data for
sheet,
profit
a
selected
of
operating ratios.
loss
and
items,
expense
each group
statement,
and
as
Taxes
on
They*do
and
v
>•
2359
month commitments.
a
surplus
a
financial
16
Chronicle
of the
Such tax laws do not apply in England and France.
capital gains
on securities
apply only to traders and professionals.
not apply to business men and private investors.
this.
Several
Minor Amendments
Adopted by
tionships
to
Holding Company Act
to
Interlocking Rela¬
SEC—Relate
under
Section
17
(c)
of the Holding Company
the
interest
of
investors
An
additional
which
is
to
State'to
of
prior
such
with
1,
as
Act.
of
The
a
ism.
in
engaged
person
in
the
securities.
holding
or
real
from
uncertainty
subsidiaries
through
financial
through
system
are
institutions
a
in
who
serving
as
the
to
Securities
and
indicated
In
particular
holding
$150,000 to
during
$350,000
system
company
to
the
Rule
the
derive
fiscal
year
exemption from the Act
A
similar
If
is
value
gross
electric
still
provided
total
the
if
and
its
remain
in
of
the
Under
in
the
revised
revenues
or
rule
total
it
is
asset
only
valued
or
be exempt
electric and
gross
gas
v.
eligible
\-
to
necessary
for
under Rule U-3D-12.
-dispose
of
totaled
$100,000,
one
the
If
whose
company,
in
gas
>
aggregate
would
immediately and automatically
The
rule
as
take
for
into
world.
tries.
7\.y.—
electric
law.
'
companies,
of
the
1938
decline and sold them
The mob is
the
on
.at
to
the
on a scale
down and sold
The "boob" that bought
bottom
was
a
public
menace.
boldly
The
are
encouraged.
Specifically what factors
1.
Under
Section
16.
tion
2.
'
i
way
down
on a
near the
were
made
51—36.
by
scale up was a
The
are
panic and sell
unless
on a scale up
is
held
for
cannot
law
"
thin
was
a
law making it unlawful to buy
The premium on gold
The law
was
rose
repealed July 2.
from 95% on
The next day
response.v" Will history show that the Congress
Congress of 1939?
Problem of
on
Temporary
National
Big Business Presented
Economic Committee by
or
groups that
than
more
do
we
;
now
big'business, penalties—legislative
or
about the
otherwise-—
come
to the conclusion which
buy
a
small village often exercises an almost
have less of
a
area.
com¬
A billion dollar corpora¬
monopoly in the national market in which it operates
Also,
a
group
of relatively small concerns may,
a
monopolistic control over prices,
no
single firm is large
enough to dominate.
being
The Committee's
study, therefore, says the report, "has
performance of giant corpora¬
tions, as compared with small concerns, and has not dealt
with the broader problems of competitive restraints and
monopolistic practices."
The converse of the Committee's "one positive conclusion"
is also, says the announcement in the matter, believed to b9
true.
In other words, the signers of the special memorandum
to Senator O'Mahoney have concluded that "subsidies or
been confined to the record of
on
A stabilization opera¬
foregoing classes
who buy on a scale down in
in a recovery are subject to high
income, taxes
18 months.
In the present Critical political
conditions throughout the world, who is
willing to undertake a commitment
Tor an 18-month period?
Think what happened in Europe in the
past 18
jnonths. He would be rash indeed who would now
undertake fresh 18-
delivery.
output, or business practices in an industry which
blackmailing lawyer.
the stock
17. 1864, Congress passed
than the country store.
do not take the risk.
the
1896,
German
good American precedent for the repeal of an unwise
a
through agreements, be able to exercise
instability?
directors, officers and large stockholders
men not in
The
Survey Committee of the Twentieth Century Fund has
tion may
designed
illegal.
Business
resulted.
plete monopoly in its own tiny marketing
Long Commitments
3.
a
have
A small establishment in
public
top and sold in fright
Suckers and
Wise and informed trading is
discouraged.
are responsible for the
market
Therefore they are reluctant to take the risk.
now
over-regulated in
was
importance, especially in view of recent
legislation based" upon business ;size."
In discussing the
problem of monopoly, a point upon which the Committee's
survey sheds light even though it was not the specific object
of study, the memorandum reports:
scale
ves.
also
situation led the Committee to
not
In 1938 the range
was
SEC regulations
Under Section 9 of the SEC any floor traders
tion is
;
Exchange
it considered "of real
risp?' Surely
down and sell on a scale up
might be charged with manipulation,
regardless of how honest their method or how
socially sound their objecta
Stock
fluctuations
to its Chairman, Senator Joseph C.
O'Mahoney. This "one
positive conclusion'* is contained in the memorandum pre¬
pared in response to Senator O'Mahoney's request for in¬
formation regarding the results of the Fund Committee's
five-year investigation. '
Too great a concentration of power and control in business,
labor, or government, the Committee pointed out, is dangerous to the Nation, but it is not
possible "in the present state
of our knowledge" to say that small business is better or
worse than big business merely because
of its size.
This
-
on a scale down and sell on a scale up within six
months without
subject to suit by some disgruntled stockholder or
men
buying, his inventory
declining market frightens business
advised the Temporary National Economic Committee, in
"A Memorandum on the Problem of Big Business" submitted
Stabili¬
buy
Therefore these
'•
'
;
should not be placed upon business merely because of its
size unless clearly justified by the evidence," the Corpora¬
punish the former and leave the field clear to the latter.
amatures
we
effects of
always swayed by hysteria
the
range
benefactor.
or
the center of trading for the entire
Merely Because of Size Unless Justified
;
people that knew the company and had
courage to buy.
of General Motors was 53—25 and in
1939 the
speculator that bought
German
Until "we know muck
:
to stabilize the market have been
eliminated.
on
a
Committee of Twentieth Century Fund—Contends
Penalties Should
Not
Be
Imposed on Business
April
the decline. ' Purchases
For
stabilizing factor in the
destroys confidence.
the
On June
to
once.
'
of "little people."
or
be scientific.
.
Exchange."
for the rise
■
now
A sensationally
and. violent
Memorandum
companies
zation, Mr. Friedman said, is essential, and he asserted that'
the New York Stock market cannot face a crisis
under its
present rules.
His letter (published in the "Times" of
the - millions
us
to
were
.
;
.
let
of 1884 had more brains and
courage than the
"Times."
Mr. Freedman contends that
the New York
market in recent months has
gyrated violently, in contrast
to the London and Paris markets, as a result of
"the changed
mechanism of the New York Stock
on the
,
few months, would act as a
a
the premium fell sharply in
Legislation creating and governing the operation of the
one
principal cause
exchange prices in the
United States, according to the view of Elisha
M, Freedman,
-as expressed in a letter dated
April 14 to the New York
bought stocks
.
experiments,
relax the restrictions, but provide full and prompt
June 18 to 185% on July 1.
Securities and Exchange Commission is
of the relative
instability of stock
Who
to
sell gold for future
or
exemption
during
and
,
1938, would not
revenues
revenues
the
actually
are
*
.The forces that, tended
us
making
Again
.
•
let
How¬
It is expected
•modified.
Freedman Contends SEC
Legislation Hamp¬
ers
Stability of Markets in This Country—Con¬
trasts Action of Stock Prices
in New York With
London and Paris
*
'
16) said, in part:
liquidity is not desirable.
Its eratic gyrations have upset the stock markets of other coun¬
The New York stock market is a guide to the consumer in
When
ElisHa M.
0
conducting social
one year
as
crisis under the present rules.
At best the capital gains tax is
inequitable."
'market^
only $300,000, and the system
become exempt under the rule.
.
are
plant expansion.
to
«■
a
his purchases, to the manufacturer in
planning his
or
holding
a
account
which
amended becomes effective at
.:v
we
checked,
are
The public feels poorer.
the assumption that
on
stabilizer thus ?
from
men
$400,000 in
1938
gross
remaining in the system would amount
Factory plans
Retail sales decline.
a
complete
1939, however, the system
and
based
It constitutes the
vacuum.
It is a case of the
Government saying "Heads I win, tails you lose."
The Government takes
profit but rhe speculative stabilizer takes the losses.
Why penalize the
17
operations
the
rule
companies
of
revenues
were
market.
holding
a
utility
holding company system at the time the
possibility of
is being considered.
For example, a system
consisting of three
had
a
When the market declines, automobile
.
the
which
or
circus, with its dizzy rises and frightening de¬
The New York stock market is
increased
revenues
gas
amended
the
a
.'.V',.;.'J-\.
perhaps reduce it
the properties
of
,
thoroughly unsound.
close
gross
organ¬
A revision of the
capital gains tax so as to eliminate the time factor
employed in all the
and electric operations of the system did not exceed
$1,000,000 at theof the preceding fiscal
year.
gas
an
We can avoid the old evils of willful manipulation, doublecrossing the public and secrecy.
The objectives of the New Deal were
sound.
The technique has proved
-
Commission
combined
of
from
characteristic of
is
.-V;
\
publicity about trading by officers and directors, by floor traders and by
corporations buying their own stock.
Then let us see the results in market
company
April
on
follows:
as
the
provided by that rule.
exemption
system
company
amount
may
last
U-3D-12,
sta¬
There
stability.
Exchange "Commission
by the Commission
amendment
an
,
poorly.
broadened the exemptions for small holding
companies from
the provisions of the Holding
Company Act.
The changes
are
roller-coaster in
.
period of
Broadens Exemptions for Small
Holding,
Companies from Holding Company Act
The
a
heavy industry.
They
SEC
.
■
ever, no other mechanism has been devised to take its
place.
to function.
But it functions
a
director.
or
■
.
.
The New York stock market cannot face
company.
related
officer
common
Stabilization
/••
Yet the stock market does not
operate in
to Rule U-17C-1 so as to
td the extent to which registered holding companies
prohibited from disposing of their securities to or
as
damage.
cause
■
purchases decline, and then follows steel.
amend¬
business
estate
.
dashboard of American industry.
been
has
a
law for the stock market and another for the United States
kiddie-car,
commission
The
one
.
scents.
only to the extent that
like
i
rather
elec¬
1940.
31,
U-17C-3
Rule
in securities
mortgages and
Dec.
on
be
The New York market should function like a
well-designed automobile,
which takes hills easily and
goes down hill under control.
Instead, the
market in its violent up-and-down movements
resembles a
financial
the
the fluctuations of the stock market disturb the confidence
eratically and
ad¬
single
a
only
provided
incident thereto is not barred
an
public utility
a
whose
State,
expires
banker"
who deal
estate
that
State
such
recognizes
stabilizing trades
Government bond market and the foreign
exchange market.
Stabilization is essential even in
machinery.
A governor regulates the
a flywheel,
Remove the governor and the speed will fluctuate
Commission has also amended the
proviso
remove
and
clear
of
on
speed of
the effect of
approved by the State's regulatory
"investment
mortgages as
director of
be
not
Rule U-17C-1,
to
that
of
banks
This exemption
exclude persons
makes
in
will
consumers
added
residents
was
1939.
they buy and sell real
ment
been
commercial
directors
definition
amended to
deals
has
directors
as
are
to April
Thb
exemption
or
subject to similar restrictions
business
seems to
Commission's announcement stated:
permit utility companies operating primarily within
have
connections
tion
The
revealed.
If the Govern¬
men.
Furthermore, the Government also has
bilization fund to regulate the fluctuations of the
foreign currencies.
rules per¬
mitting interlocking relationships where the public interest
versely affected.
are
Government
the
would probably fluctuate
very violently and be as disturbing to public
of private
This section authorizes the Commission to
adopt
of
Even
stabilization fund for government bonds.
a
confidence
On April 17 the Securities and Exchange Commission an¬
nounced the adoption of several minor amendments to its
rules
It has
ment bond market were
it
Thus the causes
fundamental defects of the New York stock market
However, stabilization is essential.
other favors based
'
on
small size
are
present state of our knowledge."
to
in
.
.
.
unwise in the
The Committee stressed
Senator O'Mahoney numerous "crucial questions" which,
its opinion, must be thoroughly understood and answered
Financial
2360
Chronicle
Stamp books, similar to those used for postage stamps, and including
intelligent public policies may be formulated.
For
investigation of such questions, the leaders of the
Fund's five-year study have agreed to turn over to the
before
in
use
The
extent
which
to
all
of big business
The relative efficiency
not
as
they come into surplus later during the season.
as
fiye cities
business salaries.
scattered sections of the country and will be selected
In
mittee
Board
Advisory
foods—such
frujts, fresh vegetables, butter, eggs
as
buy far less of the protective foods that
balanced diet.
that is possible.
Corporation Survey Com¬
of
Economic
the
National
Research;
toward helping both farmers and
«
week,
Recovery
Administration;
or
a
less for food for each person.
nickel
of
author
that,
the
on
Standard
Statistics Co.; author of "
achieve this
"As
Committee
Twentieth
of the
$1.50
average,
week is the smallest
a
objective,.
if the new plan succeeds it will make three
public welfare.
1. It will get more surplus farm products into consumption.
That will
help agriculture-.
■..
2. It will provide more and better food for low-income families.
That
will improve the puolic health and benefit the future of our people.
3. It will Increase the volume of merchandise moving through the normal
channels of trade.
That will help all business.
for
Inaugurated in Rochester, N. Y.—Food Stamp
to
Be Operated Through Trade Channels,
new
plan is tried out, I am confident it will have the cooperation
on
April 18 that Rochester, N. Y. will be the first of a halfdozen cities in which the new food stamp plan for distributing
surpluses through the normal channels of trade will be started.
Actual operation of the plan, he stated, is expected to begin
in that city within the coming 30 days.
The plan, which,
as indicated in our issue of March 18, page
1572, was an¬
nounced March 13 by the Department of Agriculture
following endorsement by the National Food and Grocery
Conference Committee; it contemplates wider consumption
of surplus farm products by increasing the purchasing power
of low-income families, said the announcement
by the
Department of Agriculture on April 18, from which we also
"
•
will take place through wholesale and
push the sales of surplus products to all consumers under the plan.
increased purchases, together
with those of the people eligible to
These
use stamps,
expected to give the farmer a broader market for what he produces and
' '
business generally.
Decision to try the plan first in
during the past two
Rochester
was
based
on
•*
-
conferences there"
weeks between PJiilip F. Maguire, Vice-President of
and representatives of State, county, and local public welfare
and county officials, and members of the wholesale and
city
Council
The regular program
of the FSCG, under which the Goverrnment buys
and donates them to State welfare agencies for distribution
will be continued for the present in all areas except
Rochester and five other experimental cities yet to
The National
,
meeting at Paris on April 19, adopted an American proposal
eliminating from the language of foreign trade a misnomer
in use for more than three centuries, "favorable" and
"unfavorable
balance of trade," substituting the
terms
"export balance", and "import balance."
Word of the
action taken by the Council was cabled by Thomas J.
Watson, President of the International Chamber, who
presided at the meeting at Paris.
From the Foreign Trade
Council's announcement we also take the following:
for
.
Rochester, it
was announced.
Administration workers may request that
for each member of the
Under one, Works Progress
an amount
family be deducted from their
equal to $1
wages.
proposed revision of foreign trade terms
observance
Nichol,
The
a
aweek
Such workers
announced
While the $1
countries
amount
week
orange stamps
of
a
value
Week
Manager
in
1938
of
Frederick W.
by
International
director of the
a
Foreign
Trade
National
Business
Council
Foreign Trade Council.
in
the
United
formally approved
States.*
the proposed
Following
the action taken
by the Council of the International Chamber at its meeting at
for each member of the family would be the minimum
a
Trade
General
New York member of the National Foreign Trade Week:
National
equal to that which they have asked to be deducted.
which could
Foreign
and
initiated during the
was
change in terms which has had the support of leading governmental and
was
workers will be eligible to obtain
National
academic authorities
will receive oranage stamps good for the purchase of any food in an amount
be obtained, such
of
Vice-President
Machines Corp.,
Two variations of the food stamp plan, both of which are voluntary, will
be tried out in
Foreign Trade Council has been informed
that the Council of the International Chamber of Commerce,
Committee and
be named.
Commerce^Re-
Chamber^ of
Trade Terms—Eliminates Terms "Favorable"
'Unfavorable Balance of Trade," Substituting
"Export Balance" and "Import Balance"
The
for relief purposes,
..
and
retail food trades.
surpluses direct
International
of
vises
1
outlets in Rochester during the experimental period of from two to
in Rochester have indicated their willingness to
splednid opportunity
a
plenty."
.
retail
months.> Grocers
This 1
all to prove that united effort is the way to
of
Secretary Wallace
\
us
According to Vice-President Maguire of the FSCC "pledges
100.% cooperation on the part of all groups and excellent
facilities for checking the operations, and determining the
accomplishments of the plan were factors in deciding upon
that city (Rochester) as the one in which to make the first
test."
With a population of 330,000,.Rochester, it is stated,
has several thousand families who are receiving some form
of public assistance,, It is added that nearly 5,500 heads of
families are employed on Works Progress Administration
projects.
'
'
Plan
Secretary of Agriculture Henry A. Wallace announced
"
-
•
,
I have already stated,
that will provide a
sum
The food stamp plan is designed to
adequate diet.
an
distinct contributions to the
Distribution of Farm Surpluses for Relief Purposes to
Distribution of surpluses
day;
price-
Other studies indicate
quate to maintain minimum standards of health.
of
"Concentration
"As the
quote:
of $1.00 a
depressing surpluses for farmers, and diets for low-income families inade¬
\
Survey
average
an
That is not quite 15 cents a
Such wholly inadequate expenditures mean
meal.
a
of farmers, housewives and business men.
up to
adequate
Estmiates have been made that
millions of people in the United States soend
about
ness," volumes on "Big Business: Its Growth and Its Place"
agencies,
But it can go a long
'
•
purchases of surplus vitamin-rich foods.
and "How Profitable Is Big Business?"
the FSCC,
far
Farmers need a broader
consumers.
many
-
Corporation
to stimulate
with
so
"The food stamp plan will give eligible families a chance to increase the
Century Fund began its work in 1934.
It has published, in
addition to "A Memorandum on the Problem of Big Busi¬
are
undernourished people,
market for their products, and lpw income consumers need a more
city dweller with
Vice-President.
Sloan,
H.
"Corporation Profits."
four
to a
This will not solve the whole farm problem, of course,
than it will solve the whole relief problem.
any more
Control in American Industry."
grocery
are necessary
Then farm surplus pile up and go to waste.
farm surpluses is to make them available to
Director, League for Industrial Democracy; Director,
of
Bureau
Says
If their incomes
"As long as people in this country lack food, the sensible thing to do
as
If
by the size of city families' incomes.
greatly
they have enough money, they buy these foods freely.
Public Control of Business."
Harry W. Laidler,
Be
The demand for many of
and ruinous incomes for farm families.
the most health-giving
shrink, they
Often they
scarcity—substandard diets for millions of town and city
and milk—is influenced
Keezer, President of Reed College; formerly Director of the
author of "The
The
waste and
families,
States, in charge of anti-trust litigation.
Dexter M.
Laurence
suffer from
"Unused farm surpluses don't mean real abundance at all.
mean
Ralph E. Flanders, Chairman; President, Jones & Lamson Machine Co.
National
Secretary
program.
enough to eat.
William J. Donovan, Lawyer; former Assistant to the Attorney General,
,
stamp
,
of the United
Consumers
of the food
producing too much, millions of American families suffer from not having
diet.
are:
the launching
announcing
as
/'
,
Wallace said, "At the same time that many American farmers
way
Fund's
of the
members
The
'
possible.
soon as
of the answers.
some
The remaining
be designated for trying out the food stamp planexperiment
to
will be in widely
indicated that such problems should be
analyzed from at least five points of view in addition to that
of the "average" American citizen—"from those of: the
consumer,
labor, the investor, management, and other
business firms."
■"/
Lying back of all these questions and, the members of th8
Committee observed, "necessary for their answer—or even
their intelligent discussion," are others: "How big is business ?
What proportion of American concerns are big?
Are the
giants more predominant in some industries than others ?
What is the trend—is big business growing or on the wane ?"
To these fundamental questions of the importance of big
business and to the further question of its profitability for
the investor, the Twentieth Century Fund Committee has
through its research staff, it is announced, already published
The investigators
It is
place after surveys now under way are completed.
pianned to announce the remaining cities one at a time.
people who actually control big business policies; and the size of big
The
the plan will be
Announcement of the selection of other cities in which
tried will take
industries;
grapefruit,
Fresh vegetables might be added
dried fruits, beans, and eggs.
oranges,
compared with smaller units;
distributed in the
Those probably will include such commodities as butter,
past.
expected
been officially designated, some of those on the list are
yet
be the same as those the Corporation has purchased and
to
probable optimum size of an organization in the different leading
The
food products, for which blue stamps will be used, have
While the surplus
being concentrated in the hands of big
is
power
The value of the orange stamps in
nated.
and labor organizations:
business, government,
by eligible persons in Rochester at places yet to be desig¬
the book will range from $2 to $10
able for purchase
of their
extensive basic data.
The "crucial questions" to which the
Committee pointed include:
Committee
Economic
National
blue stamps in a ratio of two-to-one, will be made avail¬
both orange and
an
Temporary
1939
22
April
national
woul
the
that
be
cooperation of representatives
enlisted
Chamber
at
at
the
Tenth
Copenhagen,
Biennial
Congress of the Inter¬
26-July
June
1,
acceptance of the revised trade terms throughout the
It
approximately $1.50 a week for each member of the family if they
had
long
been
recognized
by
American
Paris, it
of more than 50
to
secure
general
world.
governmental
economists,
wish.
In addition, blue stamps, representing 50 % of the value of the orange
officials, and foreign trade authorities, generally that it is inaccurate and
stamps
issued to each person, and good only for foods designated
misleading to describe margin by which merchandise exports exceed mer¬
will be given
surplus,
chandise imports
free.
The other plan
mum
as
makes the same minimum of $1 in
orange stamps
and maxi¬
of about $1.50 in orange stamps available for purchase by the person
receiving general
aid to the blind.
certain
With every $1 purchase of
receive
will
persons
relief, old-age assistance, aid to dependent children, and
free
orange stamps,
these eligible
50 cents in blue stamps good for exchange for
designated surplus foods at
any grocery store.
.
The stamps will be redeemed
by the Government from funds already available to the FSCC.
are
the same
donation
to
funds
state
now
These
being used to purchase surplus commodities for
welfare agencies.
its
trade
hundreds
as
In
of
balance
"favorable
a
the
case
of
each
of trade"
country,
and the reverse as
other items
many
The
millions
debts,
United
of dollars
tourist
other items
States
on
annually
account
expenditures,
all of which
must
pays
of interest
immigrant
out
and receives
and
principal
remittances,
.
The National Foreign Trade Council
and other trade organizations have
sponsored the revision and the annual foreign trade review
Intelligence
on
and
be considered in arriving at the
balance of trade.
Economic
beside
of merchandise must be taken into account in determining
position.
international
numerous
Arrangements are now being worked Out for redemption of the stamps
locally by grocers w ho accept them for food
"unfavorable."
the shipment
Service
at
Geneva
"export balance" and "import balance."
employs
the
issued by the
correct
terms,
With the backing of the Counul
Volume
Financial
148
of the International Chamber of Commerce it will now be
effective
cooperation
in
promoting the
The granting of an export subsidy on cotton and cotton
possible to obtain
issued by government and business agencies in all parts
would have to be established and the
The governmental machinery which
red
System of Barter
as National Policy Favored by National
Foreign Trade Council if Policy Conforms to
Reciprocal Trade Agreements Act
at
by
Agreements
Act
and
of
the
agreements
alternatives placed before the country
21
which
American standards of living and social unrest
be adopted
ments our trade agreement
and which meets the
on
ing his address Mr. Weir said:
imple¬
as
a
opposed.
national policy, by which its surplus cotton and other
V
>
: r
something more important than material
States is now one of the last few strongholds
anywhere in the world of real democratic ideals and individual freedom.
We cannot halt the progress of autocracy by copying its methods.
Rather,
The United
prosperity.
The proposal that the United States should actively engage in a system
of barter
private
.Important though it is, there is
period of economic crisis,
challenge of German compensation methods to which
economic grounds it is diametrically
Administration
it has placed in the way of
National
Steel Corp., at the annual dinner of the Weir-Cove Chamber
of Commerce, at Weirton, W. Va., on April 18.
In conclud¬
policy, violates none of its principles, tends to
increase the total of international trade during a
will be forthcoming if the
obstacles
the
investment," said Ernest T. Weir, Chairman of the
the inroads made in our
be found in an American barter system which
is to
answer
Against "War Hysteria"
Guard
removes
foreign markets by the German type of compensation trade or barter.
The
,;
"Real recovery
which, while not in conflict fundamentally with our foreign trade policy,
will strengthen America's defensive plans against
.
subsidy
1885.
We
from the con¬
The question, therefore, arises whether any other course may
'
Only Hope for Recovery Says E. T. Weir of National
Steel Corp. is Removal by Administration of Ob¬
stacles in Way of Private Investment—Urges that
'
.
and
injuriously
For example, a cotton subsidy will directly
plan for loan cotton proposed by
President Roosevelt was referred to in our April 1 issue,
adoption—a lowering of the
its
being contrary to the
contrary to that policy.
as
The export
page
by the White House statement are:
would inevitably follow
injuriously
agricultural products will directly and
"Good Neighbor" policy.
(1) Economic isolation and self-sufficiency;
(2) Export subsidies as a national policy, and
' i'
(3) Longer working hours and reduction of wages to meet the competition
of low-wage foreign Nations.
sequences
and controls.
Less
business is the paramount need
The
countries.
None of these, admittedly, offers a positive plan of escape
earnestly seek to be relieved from
relations with Latin American countries as
our
affected
of the Reciprocal Trade
with
of cotton are
injuriously affect Brazil and doubtless will be considered by those
for formulation of counteractive
made
of business
classes
all
A policy of subsidies on
which, while adapting our foreign commercial policy to the realities
of international trade, will maintain the integrity
illustrated by the
This is disheartening
recovery is to occur.
affect
,
measures
as
program,
foreign trade.
Government interference in
more
today if
sharp perspective the, threat to American trade of the German compensa¬
tion and barter systems and the necessity
time when
a
and not
"spokesman" of the White House, brings into
a
export subsidy
an
export subsidy for cotton and manufactures
an
Government reports, quotas, permits, excessive taxes
proposal that the United States should actively
engage in a system of barter as a national policy has the
support of the National Foreign Trade Council, provided
that this policy conforms to the principles embodied in the
Reciprocal Trade Agreements Act, says a statement issued
by the Council on April 13.
The Council says:
recent statement
involved in
tape
proposal for
in themselves barriers to satisfactory
The
A
subsidies for their products.
other crops to insist upon equivalent export
of the world.
manufactures, a*
inevitably will invite sections of the country producing
has been suggested,
of accurate terms in reports
use
2361
Chronicle
the
farm
is
can
make to world sanity and world peace
demonstrate to peoples now
living under the illusions of the dictator
contribution we
greatest
to
to be both politically • free and
products may be exchanged for essential raw materials (i. e., rubber, tin,
countries
manganese and chrome ores, mercury,
Let us guard against any circumstance that will
this country.
Let us, as a people, keep our
heads.
Let us guard particularly against anybody sweeping us into war
hysteria.
For war, more than anything else, holds danger of actual
dictatorship for America, in addition, of course, to its inevitable destruc¬
tion of life and property; its threat to continuance of the basic principles
on
which American life, is
founded.
Let us fight to keep the United
United
States,
in insufficient
or
which, if conducted
on
&c.) which
are
not produced in the
sound economic lines and
,
.
...
■«,
'
.
agreements are
extent of the value of raw materials
'
required by her,
dispose of for cash in free exchange markets.
credits ate established in
for
uses
terms
or
which she hopes to
will be made
a
blockage of foreign credits..
On the other
hand, the proposed barter system of the United States, if carried out in
conformity with
our
movement of our
surplus products and permit the, building up in the United
trade agreement policy, would create, credits for the
States of necessary stocks of raw materials.
where
which
satisfactory commercial credits cannot be established,
or
in
no
goods.
It
established, however, that operations of this natqre should
with
compete
affect the normal commercial movement of
or
It is understood by the State Department that any barter opera¬
tions undertaken would fall completely
mercial
outside the sphere of ordinary com¬
interchange and would not affect the sphere of operation of the
trade agreements program or any
of
our
other general policies.
The support given to the Reciprocal Trade Agreements Act
National Foreign Trade Convention will not
by adoption of
American
an
barter
be compromised
•••'■
,
proposal for an international barter plan to be
adopted by the United States was referred to in our issue
of April 15, page 2201.
/
;/y
.
♦
•
>
—
accord
with
recommendations
of
'■
Export subsidies
are
its
underhanded methods of unfair competition entirely
American foreign trade has been built up,
namely, the basis of price, quality and service.
Export subsidies take monej out of the pockets of all domestic taxpayers
in order to reduce the selling
price of the goods involved for the benefit of
government subsidies
to
exports on the
officially opposed the granting of
part
to
make
use
of
a
of other countries, notably
subsidies
nations
which
for
exports
meet
will set
an
example,
competition from the
policy of govern¬
thereby
inviting
United States also to
other
piovide
subsidies for their primary exports.
|i They are contrary to the Reciprocal Trade Policy of the United States
which has, in the opinion of foreign'traders generally, been successfully
carried out in recent years to
United
Staves and
the benefit of trade and good-will between the
the countries involved.
period of that length in the
which the Nation has not moved on to better
have
whereas
that this
is
the United States still
unemployed, y
'
'
has
Recovery
the
industrial
has substantially less production
\ •
' V
' :
achieved in -the United States because the
Administration has * attempted to substitute governmental control
economic system
of the country in place of the American
of private initiative.
It was to escape such governmental control
country was settled and its government founded.
Similar control
and' millions of
tradition
of the world.
A number of other important
production and employment over 1929
nations
increased
'■
■'
made the poorest recovery record among the
States has
industrial
nations
National
living
each
attained ,and held higher standards than before.
v
United
The
over
'!;-;!yy'y
;
.
country in
leading
4.
•
since 1929 represent the first
2." The years
levels,
.
period prior to 1929, production, income and
United States moved steadily upward.
After
the
in
depression the country
3.
■
.A!.;;--'A
«
not
been
present and private initiative is absent in every
Administration has demonstrated that in
dictator country.
those activities under
Works Progress Administration,
there is waste, inefficiency, politics and corruption.
There is no evidence
that these would not be present in its control over the economic system.
5. The
its
6.
The
the1 costs
been
to
increased
exclusive control,
and
direct
such
as
physical effect of the Administration's action has been to increase
and hazards of doing business.
The psychological effect has
fear and
create
the
volume
destroy confidence.
private
new
of
These effects combined have
be the
prosperity
investment without which there cannot
economic
activity
necessary
to
sustain
levels.
7. Real recovery
Administration removes the
the way of private investment and demonstrates
will be forthcoming if the
obstacles it has placed in
plan previously condemned.
The introduction on the part of the United States of a
ment
•
the 150-year
standards
Germany, and it would be illogical and inconsistent for the United States
now
\
follows:
as
For
obstructed
foreign buyers.
The United States has repeatedly and
>
of Mr. Weir's address were made avail¬
standards.'
Foreign Trade
Committee, of which James S. Carson is Chairman, The
Merchants' Association of New York, by unanimous action
of its board of directors, has gone on record as
stronglv
opposed to export subsidies by the United States either on"
cotton as proposed by the President or on any
commoity.
This action was made known on April 17.
The Foreign Trade
Committee presented to the directors and the directors
unanimously approved the following statement as to why an
export subsidy program is any form whatever is undesirable:
contrary to the basis on nvhicb
1.
history of the
Opposition by Merchants Association of New York to
Export Subsidies as Proposed by President Roosevelt
In
able
•
The
-
operate.
The salient points
impaired
policy, provided this policy strictly
conforms to the principles embodied in the Act.
Recovery?"
marks the thirtieth anniver¬
sary of the founding of Weirton, Mr. Weir, who "is the sole
surviving member of the group which started the WeirtOn
Steel CoM commented on the growth of the district from a
few scattered farm houses into a thriving industrial com¬
munity.
He also-emphasized the contrast, between the con¬
ditions under which business grew during the first 30 years
of this century and the conditions under which it must
new
by the 25th
or
real
His subject was "What
Pointing out that this year
does not tend to impair the processes of triangular or multilateral
way
Ad¬
private investment that is essential to recovery.
"This
ministration can, if it will, start the country back to
Will Bring Real
again
trade, is in harmony with America's present trade agreement program.
Should be clearly
^
-
.
He placed blame for
recovery," the steel leader declared.
Exchange between the United States and other- countries of surpluses
which at present lack demand, or are denied free access to other markets;
or
-
years! had not
150
for
decade.
through the resale of products secured on a compensation basis she
exchange and creates
;
been arrested in the past
the Nation's failure to reach
new high levels of prosperity on actions and policies of the
National Administration which, he said, have destroyed
the confidence of business men and have obstructed the new
Nation
be domestically
consumed, has the tendency not only to divert trade from other countries,
freezes
'
stated that a $100,000,000,000 national income would be possible in the United
States today
if the - constant economic progress of the
Her sale in other markets of any surplus
of these imports, over and above what she determines shall
but
free country.
a
addressing the gathering Mr. Weir
In
' However, Germany controls both the
the nature and quantity of goods as
available against these credits.
in every sense,
in
power
Against these acquisitions
Germany which the other country subsequently
securing German goods.
of purchase and
S
•
form of enforced loan to the
a
centralize
States,
\yith an orderly process of
consumption, should go far to meet and overcome the obstacles to freer
German compensation
for a nation
possible
is
further
international trading created by the compensation operations of the totali¬
tarian Nations.
that' it
economically prosperous.
quantities, provides a constructive plan
by deeds as well as words that it intends to encourage,
and intends to preserve the American system
initiative
in
not destroy, private
of balanced powers
government.
8.
There
is
doubt
that
the Administration
will do these things.
Re¬
the need for any except normal Government spending.
On
continued Government spending depends that political power to put
into effect plans for an economy of centralized power.
Therefore, "The
covery
will
trUi'+o
TT/.nco
remove
rliVmp
does
not
want
recovery."
" '
:
-
2362
9.
it
Financial
The public
wants
of
is
its
an
actions
Engineers
demonstrated
which
prevent
elections
and
John
opinion
that
Hear
Research—Midwest
of
Achievements
Power
Conference
by L. W. Wallace, M. W.
Murray and R. V. Kleinschmidt
achievements
everyday life in
of research
address
an
in
Smith,
power
Ad¬
M.
linked
were
to
Director of the Division of
Engineering and Research of the
Crane Co., in an address before
engineers and educators at
the Midwest Power Conference in
Chicago.
"Electricity,"
Mr. Wallace said, "is an essential element in
modern
economic, industrial and social life."
He added:
phases of automobiles,
farm tractors.
to
speaks
These
howl.
a
We howl
most
unpardonable indignity.
ment
and
research
actualities
research
have
has
trilogy.
There
W<?
made
as
a
if someone had
subjected
never
These
to
little spark
fundamental, creative
classes
of
so
reliable.
workers
Into
and
have
these
Those of
enced in
are
industry, through the mediums of creative and
applied research,
Couple their findings with the theoretical deductions
of the searcher for
fundamental knowledge, and give to the masses
tangible, everyday working
tools.
It frequently, if not
always, requires as much brain
.
.
This
case.
fact
is
not
device
always realized.
As
as
a
to
in
first used fire," began Dr.
The
very small
the
Kleinschmidt, "he has faced
flue gases still
presence of
moisture, complicate the
reconsidered.
where
transmission
can
as
an
a
loss of about
straightaway ov&r
7%.
one
a
*
The remarks
of V. M.
Murray, Chief Engineer of the
Development Authority, one of a panel of speakers
the conference, were
reported, in part:
Wisconsin
at
"The Rural Electrification
Administration program in Wisconsin," said
"has been extensive.
As of Dec. 31, 1938, the sum of
$8,544,800 has been allotted for the
construction of 7,676 miles of line to serve
Mr. Murray,
24,156
and
consumers and
transmission
SI,595,000 for the construction of
generating plants
lines.
A
program
of
this
contributed much to Wisconsin.
magnitude
has,
of
course,
It has made such a
major contribution to
change not only the modes of and standards of
living, but the
actual method of
farming itself.
It has created a great market for electrical
appliances, pole line equipment, wiring
devices, &c.
It has, in Wisconsin
alone, provided approximately 2,000,000 man
horns of direct employment
farm life
and
a
as to
direct payroll
total of $1,100,000.
electricity and created
In
has
to
Mr.
new
It
has popularized
the
use
of
markets for it."
Murray's opinion, the
greatest contribution the RE A program
made toward lower cost line
construction has been by demonstrating
our
electric
industry that the problem
and distinct from that of urban
The
conference
was
distjribution.
sponsored
Technology in cooperation with
leges and universities.
of rural distribution is separate
which
enactments
present some threat in
budgetary operations in future
years.
Middle-Western col¬
connection
.' >■
-
supplemented by further
To add to the many factors already
give the impression to
may
some
in laws
that
There
passing
municipal
I know, who
contended that municipal credits do not
relatively simple clarifying formula.
a
on
are some,
on
scale that involves
a
a
Those who
credits
in
are
many
general way with the great variance
affecting the security position of the respective bonds, better under-
stand the difficulties.
venience in
making comparisons.
Even
admit
that
answer
formula does
any
may well serve,
informal formula
or
not
however,
give
as a
the basis of such requirements,
on
however, it has been my experience that,
most students of the
a
finally conclusive
The
suggested factors and ratibs discussed above may ful¬
1
v
I would mention
subject will
answer.
helpful guide and it is hoped the very
fill this purpose.
briefly without attempting to comment
upon
them, the
following additional factors that deserve attention:
(a) Debt record—any default.
If so, nature of and reasons.
(b) Economic advantages or conditions of municipality (various sub¬
headings would fall under this title).
'
(c) Population trend and composition.
(d) Tax exemption status in State of issue and market position of
.
securities.
*
.
.
(©) Tax rate in relation to comparable situations.
(f) Indebtedness other than general obligations, special revenue,
special;
&c.
assessment,
(g)
(h)
i
«■
Dependability and diversification
of miscellaneous
revenue.
Legal debt limit.
(i) Analysis of unfunded debt.
'
(j) Operation of utility propertiest
"
(k) Significant social trends which might involve new obligation on muni¬
cipality or attitude towards creditors.
(1) Established order of claim, if any, on taxes or other revenues collected
for debt service
or
other political subdivisions.
Let my say that in judging municipal credits it is not customary to even
attempt to ascertain the
mentioned
or
or a
information
to
even a
one
is
answers to
discussed.
community
One's
reliable check
cover
many
all of the various points that have been
knowledge of the general character of the
on
the general character will give
of the
in
points
question.
adequate
Approximate
or
rough knowledge of certain other factors will frequently suffice unless
dealing with
an
unusually involved
or
difficult case.
Although the factors deserving consideration
ing mysterious
or
there is noth¬
are numerous
difficult to understand about them individually.
In the
last analysis they call for only reasonable judgment in their interpretation,
the important thing
being that
velop serious difficulties
be
some
not
combination of factors which
Even
overlooked.
in the
may
event
de¬
of such
developments the fundamental security supporting the better grade muni¬
cipal securities, gives assurance to investors, that their funds are relatively
well secured.
Experience under the worst conditions of the past decade
has resulted in
extremely few actual losses to holders of such bonds
though serious difficulties
our
by Armour Institute of
seven
borrow¬
on such
to
may
have been encountered temporarily.
if security is one of our principal concerns, as
,
This is true
This is equally true of those who hare occasion to
study rather regularly statistical material on such securities, except that
they are apt to adopt some arbitrary requirements of their own as a con¬
during
distance of 300
serious burden.
a
the form dealing with Pertinent Ratios is
different States, and are familiar in
'
line for
referred
get rather impati.ent when it is
quired for low frequency make this
form of transmission also
impractical.
High voltage transmission is the
best expedient, and it is Mr. Smith's
opinion that reliable apparatus can now
be developed with 330 kilovolts
as the next
practical step since at ihis
voltage about 200,000 kilo watts of
miles with
be
"
above
actively dealing in such bonds
C. transmission, he stated that the
increased cost of the
equipment and increased
physical size of the transformer re¬
power can be transmitted
which may prove to
submit readily to
very
of cleaning
power
a
enough and
convinced that relief and related
credit is just to involved and complicated.
economically justifiable venture.
handling
one is
be long
period only, the cumulative effect of funding
of such costs, results ultimately in building a
not referred to in the above discussion.
Speaking, of A.
conversion
as
considered,
competitor of alternating current in any situation
function
should
years
relevant comment, so is it necessary to mention some other considerations
10 years In long distanc®,,
This dismisses direct
current as a possible method of
national emergency.
Unless
temporary
legislative
or
Just
technical evolution is a long way from
being an economically justifiable
tool, and the present
inverting equipment used to invert direct to alternating
current is not yet an active
a
requirements
with sound
Direct current transmission in its
present stage
of
un¬
year even a portion
even
must now be
whole
may
well include increasing
pension payments to which the municipality is committed under constitu¬
tional
though the economic situation has not
fchanged in th®
schemes which hitherto were
discarded for economic reason8
least, and
Normally five
outstanding for such phrposes and the average maturity
Special
,
revival of interest in the last
Thus/ the
as
borrowing
Manager of Engineering at the Westing^Manufacturing Co., who addressed the
conference on April 6,
presented various phases of power
transmission during national
emergency.
He said, in part:
transmission
for
are
after
now
further, reported Dr. Kleinschmidt.
a
problem
ing should be ascertained.
M. W. SmitK,
house Electric* &
There has been
assistance
curtailed is unpredictable.
because relatively heavy principal and interest
requirements will have to be
added to the then current relief needs.
Thus, the total amount of
Because of the
matter
or
total annual cost
nitrogen, carbon dioxide, and water vapor, which
impurities,
Not only is the cost
budget, but the future
funding of current relief costs has already been referred to and should
costs
particles from powdered coal-burning
boilers,
the problem of
removing them is very complicated and the
particles hang
in the air for
many hours.
Mixtures of acid gaseous
corrosive in
.
subject
budget important, if indeed
by the municipality and other agencies.
year
atmosphere.
*
not in direct or close contact with this general
10 years is too long.
over
The
are
form of
any
.
are
relatively short period.
impurities—smoke, partially burned or decomposed com¬
bustible material, solids in. the
forms of cinders and fly
ash, and certain
acid gases of which the
major one is sulphur dioxide—and not the
major
constituents of the flue
gases which are the
objectionable materials.
and valuable constituents
of the
size of the solid
unemployed gainful workers not receiving
If bonding of such costs has been done the debt should be retired within
the
major .constituents
'
.
be recognized as unsound as a matter of general policy.
study of flue gases.'
are normal
listed under the
I quote.
it may now or later directly effect the financial,
liability of the municipality should be considered.
the problem of air
pollution by products of combustion.
From building
his fire in the open air to
leeward of his camp, he
progressed to a smoke hole
in his tent, and
finally to a chimney.
This epoch-making device has
dominated the field for a thousand
years; and is still by far the most uni¬
versal means of
handling the smoke and fume problem.
Within the past
25 years, however,
engineers have turned considerable attention
to the
It. is
good deal in con¬
a
are
concerned therefore with the present burden of relief costs borne
are
employment
Dr. R. V. Kleinschmidt discussed the
problem of reducing
pollution by power plants, in an address before the
conference.
A summary of his talk
said, in part:
man
who
us
withdrawn
directly
air
"Ever since
The form is used
It is interesting to see what requirements
apt to have little appreciation of its significance.
We
job, economically, industrially,
socially.
interesting form of report
uncertainty as to the possible obligation of the municipality to meet still
are
allotting the credit for a new development such as the
electric eye, more
credit is usually given the conceiver of
the device than is given to the
person
who makes a successful
application of it.
It is not unusual that the
pro¬
portion of credit should be reversed.
The man who made the
application
may have performed a far more
important
and
particular province..
an
higher costs when and if some of the present forms of Federal
develop it in
consequence,
H.
municipal credits which fall
upon
the community is financing such cost in its current
power
a
checking
in dollars to the local community in its present
.
applications of
in
public assistance."
The physicists, chemists,
metallurgists, ceramists and engineers, experi¬
the first
E.
information
own
show the number of
other
;
and effort to develop successful
Bankers Association
Administration, Farm Security Administration, aid to dependent children,
old age assistance and general relief, i. e., that financed from State and local
funds).
Exclude from consideration unemployment insurance and old age
benefits, since these programs are covered by insurance.
If possible, also
a
constant two-way traffic in ideas and
facts existing
Each complements and
supplements the work of the
_
State
Quality in Holdings—E.
Huntley also Participate
"Give number of households and persons receiving public assistance, the
is
'
Municipal Bond Analysis in
York
total cost of such assistance, and the cost borne by this unit, for several years
if possible.
How have these costs been met by this unit ?
Give separate
figures for each of the different assistance programs (Works Progress
a
applied
formed
C.
title "Public Assistance."
If
think of the splendid
develop¬
that
three
us
and
own
is available.
60
go.
New
nection with rural credits or small situations where little current information
ships, and
spark, and off you
that
the. best
produced.
between them.
two.
which
gone
boats and
expected to operate at the snap of the
finger,
At the snap of the finger there is
do not, there is
you
are
trucks, aeroplanes,
Discusses
Before
The State Bank examiners have worked out
for their
under their
Think of the ramifications of the research
programs associated with the
electric
Linen
1939
Approximately 550 bank executives of New York and
neighboring States on April 9 heard John S. Linen, VicePresident of the Chase National Bank, and other speakers
who conducted the monthly series on bond portfolios under
the auspices of the New York State Bankers Association at
the Federal Reserve Bank in New York City.
Mr. Linen
discussed "Factors to Be Considered in Determining the
Quality of Municipal Bonds."
He stressed the importance
of proper budgeting procedure in maintaining balanced
operations, and, in part, said:
in
V.
April 22,
Conference—Stresses
April 5 by L. W. Wallace/
on
S.
Talk
Leslie
dressed
The
of
polls
Chronicle
recovery.
Educators
and
Power
in
and more conservatism in government.
The only hope
irresistible public demand that the Administration mend
recovery
for recovery
those
has
it,should be,
we
even
Thus,
should begin
study with the clear understanding that the fundamental protections
obtaining
on
the better grade municipal credits
major objections
before
one
is
warranted
question from further consideration.
in
are
such
as to
dismissing
require rather
the
securities in
Volume
148
Financial
member of the firm of Wood, Struthers &
Lo. ot New
York, addressed the gathering on the subject of
blow
to
Analyze Railroad Bonds"; his remarks, in part,
follow:
You all probably will
agree, this is one of the most difficult fields of statis¬
tical analyses.
Out of a total of 12
billion dollars of railroad bonds there
are already
over four billion in
default, and there is approximately an
equal amount in the doutful zone.
Nevertheless, there are at least about
2 lA
billion
of
investment.
really
high-grade
railroad
This latter group is
still
obligations
of the most important
one
bank
for
suitable
fields of
high-grade bond investments; in
fact, in the corporation field it is exceeded
only by the electric light and power
group.
Even that group is not very
much larger with only about
4
of
5 billions compared with the 2J£ billions
or
high-grade railroad obligations.
Incidentally, this total of 2H billions
obligations includes only those which can be demonstrated to
belong in a high-grade category by
fairly simple analyses.
.
of railroad
"By
destroying
States,
the
full
flour,
competitive
seal
would
the
of
power
be forced into
the
the
Government
purchasing
South
of
power
the
doom
would
cotton
cotton.
The
disappear
and
of
largely
and
dairy products
cash
great
she would
longer need
diversified agricultural program and would no
a
meat
United
the
in
the West and North."
of
Mr. Robert
Strickland, of Atlanta and President of tbe
Company of Georgia, reviewed briefly "appease¬
Trust
ment"
proposals of the past few months which, he said,
collapsed and continued as follows, according to the
"Times Picayune" :
have
He
defined
believe
the
economic
fraud,
and
wasteful
Mr.
schools
two
and
business
social
which
of
thought
difficulties
regards
ill-chosen
pointing
growth
the
to
today
arise
expenditures and undue taxation
Strickland,
.
.
I mentioned at the
outset of this
2363
Chronicle
H. Leslie,
~
who
and
greed
bureaucracy,
governmental
of
the
as
the politicians
business
as
from
principal
$25,000,000,000
factors.
.
.
.
defense of
"in
spent
discussion, that there were about 2.M
billion dollars of
high-grade railroad bonds left, and you might like to know
First of all, there are
nearly one billion dollars of bonds of
five roads, of excellent
coverage and (or) reserve position; there are over
210 million dollars of terminal
bonds of the four strongest terminal com¬
panies in the country; then there are
nearly 180'million dollars of
our
trust
Cheatham, of Griffin, Ga., President of the As¬
sociation, who addressed the meeting on April 14, declared
how I got this.
business
ditions like 1938.
with con¬
even
You all know that
equipment trusts have had an excellent
depression record, with only one permanent
default that I know of.
Their
preferred position has become almost a fixture in all the
reorganization plans
proposed to date.
obligations of
Then
few
a
have about 800
we
roads, such
the
as
million dollars of underlying
Pennsylvania
Louisville
and
&
Nashville.
Now to summarize what I have
said, in spite of its many
railroad field still is one of the most
problems the
the
ment, and if in your attempt to choose the best in this
industry you use the
technique and the machinery provided "therefore by these
Standard Statistics forms, which
in this field that
appear to be
give
you
a
more
we
have discussed, you
than in
the
still buy bonds
can
perfectly safe and which in
return
generous
of public
case
will
many cases
utilities,
and
why a
money and-
prime bonds:
1.
asserting
partially
the United
ownership of money bonds has the advantage of whatever
support banking authorities give the
money bond market.
This support is
reflected in the prime bond market..
<\
of
At
troller of the
4.
New
cents
banks
as
are
operating
12% margin the securities
on a
part of the assets should be free of credit risk and wide swings in
as
prices.
'
•
'
-
1109, and March 25, page 1739; the final one is scheduled
May 15.
An item bearing on the present week's con¬
ference appeared in our April 15
issue, page 2206.
for
and
American
Cotton
•
dictatorship.
New
of
session,
Orleans
Legislation
Held
Annual
the
the
New
in
of
power
in
'
Manufacturers'
preservation
cotton
raw
politics
day's
Cotton
Orleans,
and
active
Association
of
the
meeting the; National
Wage and Hour Law
full
44-hour
the
of
unanimously by
It
also
flo\V
to
At the previous
Relations Act and the
Labor
Dr. C. T. Murchison,
of New York and President of the Cotton-Textile
was
of
one
His
the
remarks
principle
in. the
Picayune" of April 16, in part,
Dr.
full
Murchison
competitive
diversified
wariied
unless
that
in
power
world
self-sustaining
Declaring that
criticized
Murchison
trade,
export
cotton
raw
which
cotton
He
in
longer
no
would
loan
unfavorable
an
is
that
crop
and it
The
of
8
at
the
that
cotton
government loan
stocks
its
reflect
itself
in
a
by
the
the
voted
cotton-loan
subsidy
will
cotton
should
channels
knell
before
recently
not
as
should
he
Murchison
Dr.
plan for
disparity,
price
time
permitted
problem,
Dr.
accumulated
destroying
find
to
should
the
confidence
of
expressed
the
of
the
cotton
its
no
natural
of
trade,
of
the
the
opinion
problem
that
liquidation.
the
of
the
said
that
United
if
States
launches
country
would
such
certainly
would
the
preserve
long-range
sane,
the
staple
to institute such
were
resent
movement,
a
Pomp
it
made
of
should
suggested
"But
the
worst
has
limitless
some
in
is
yet
very
resources,
to
come,"
competitive
and
in
many
he
well
as
a
program,
a
immediate
expect
concluded.
substitutes.
of their
leaching the stage of large scale production
improvement.
re¬
What
jack
glad
up
tidings it
must
be to
on
the
them
all
we
are
classifications,
know,
aggressive,
they
accelerated
and
effective.
*
defensive
to
in
hear that
a
in
the
movement
of
as
solution
a
the
for
"the
that
cotton
The
exportation
of
conven¬
cotton
on
existing deplorable and precarious cot¬
free flow of cotton into
a
which
for
free
has been
flow
pain¬
It would be practically the
years.
for
voted
tariff
a
and
jute
on
products
jute
manufacturers of cotton baggings
to
which come
with burlap.
will
combined with religious
sound and light, and a
be
effects in
new
public April 9 by Grove? A. Whalen, President of the
Leaders of American life from the fields
industry, labor, science and the
President Roosevelt, official
government,
professions
join
will
with
representatives of at least 60 foreign nations, and an esti¬
1,000,000 visitors in a testimonial to international
mated
and
Court
of
said:
which will center about the Fair's great
announcement in the matter further
;
prograss
Peace.
An
Lehman
Governor
George Washington
will
unveil
the
Oppressive 65-foot
are
just
technological
lpany
plans
of its
are
uses.
afoot
to
level at which it cannot he
.
Mall,
Constitution
on
duce the inaugural of the first President
portrait
treasured
will
they
The
and
be
statue of
device
in
with
than
will
the
prominent in
men
11
repro¬
earlier to the day.
which
note
will
the religious
pervade
a.
when
m.,
the
gates
life of New
day's events
the
the program.
formally opened,
are
drape
flags,
the
light
impulse
Exhibits
in
of
and
of
grounds
By night
following
by
more
music, splendor
and
huge
cosmic
address
an
oratory,
banners
pageantry,
during the day.
the
and
spiritual
between
5,000
varicolored
explained
of
years
will
"goodnight" fountain display at 2 o'clock the next morning, will
packed
color
just 150
the Temple of Religion at the beginning of
open
hours
15
the
freedoms,
sound
ceremonies which
at
will dedicate the four statues which represent Amer¬
Mayor LaGuardia
ica's
York
by
than
oriflammes
of
the
ray,
a
$155,000,000
the
the entire
1,216%
spectacular
scientific
Professor
Albert
fun.
every
acres
reception
achievement
conceivable
Exposition
in
will be bathed
of
the
which
initial
will be
Einstein.
1,500 exhibitors, gathered
from the four corners
globe and representing months of preparatory work by artists and
artisans, will be thrown
open
to the public for
the first time.
Joining with.President Roosevelt and the Ambassadors of foreign nations
at
the
of
Court of Peace will be the
Cabinet, members of the United States Senate and the House
formal
President's
of
put cotton
permanently the price of cotton to
competitively
"As
They
•
"Already they have
the
cover
vigorously assailed.
was
stated
pageantry
and
religion,
taliation.
cotton
held
now
depress business unnecessarily.
loan cotton be released below the
no
necessity
and
farmers
Fair Corporation.
jit and he warned that if this
may
cotton
be
the Gov¬
gqla night Of entertainment to open the New York World's
Fair, according to the program for the April 30 ceremonies
lighting
foreign nation
some
However,
crops
Roosevelt to Open, New York World's Fair
April 30—Opening Day Ceremonies Announced
More
present
commodity.
He
cotton
exercises, entirely
...
Government's
into confusion
which
Govern¬
future
already tottering textile industry."
also
Association
on
com¬
further expansion
be permitted and that present excessive
by orderly and gradual
export subsidy has thrown
an
treatment
cotton
reduced
the
of
and
July, 1940.
leaders
which
to
period"
aggravate an
into direct competition
when
be
were
trade.
policy and will that much further hamper
The
over¬
policy
this
of
stocks
enormous
urged that
was
cents
resolution
a
that
manner
a
Administration
subsidy basis
death
of
committee,
payment
industry
fully demonstrated during the last few
low¬
buyers in its ultimate value.
said
31 ^
...
petitive price level in accord with economic law," that
of
retain
to
policy, stating it has diverted
same
of
a
"transition
a
3-10
export
problem
tion
the
into the channels of
that
stated
level
peace
allowed
purely agricultural
a
Government's
history,
"Times
follows:
as
markets, the South will be forced into
agriculture
is
the
created
surplus
greatest
cotton
session.
Orleans
New
ered "importations" from the North and West.
•
Institute,
speakers at the closing
given
were
minimum
without
week
denounced
freely
asked
wa$
new
ton
"Herald
and
mills
"urgently recommended"
was
"the
'
advices
Tribune,",
to
urged that farmers be aided by direct grants from the Treasury.
be released in such
loan
a
according
York
without
'
gathering of several hundred mill
In part, the same advices said:
'
and
was
loan
15,
New
of
elimination
Association
The
ment
It
alike,
.
recommended
textile
for
voted
April
on
competitive
participation by business
criticized.
were
President of the
President
urged upon the members.
were
unfair
present
1
.
employes
'
and
April
the
and
closing session of the 43rd annual convention of
American
15
the
Responsible
for Most of Current Troubles
At
that
York, former
the
to
opposing
time
protect
Manufacturers' Association
Meeting—;Federal
basically
were
warned
'
♦
re¬
serve,
urging deferment of
increase in theminimum rate until October, 1940, con¬
any
the
"How to Analyze a Bond Portfolio" was discussed
by
J. L. Kolb, Assistant Vice-President of the Elmira Bank &
Trust Co. of Elmira, N. Y., at the
meeting.
This, week's'
talk was the third of a series of four.
The two previous
conferences were referred to in our issues of Feb.
25, page
Acts
two
employers
preference."
hour
an
ernment
Currency,
And inasmuch
held
Comp¬
the
with
closing
resolutions,
permitted
defined by.the
to
•"
upon
or
the
.
Reserve may make loans
as
that
Sloan
law
the
favoritism
owners.
investment securities
require
to
survive,
Cotton-Textile Institute, Inc., also urged amendments to the
Labor Act "to provide equal responsibility for observance
2., Regulations issued by the
Comptroller of the Currency offer an
advantage to banks concentrating in money and prime bonds in the removal
of the necessity of
considering depreciation in figuring net sound capital.
3. Under Regulation A, revised effective
Oct. 1,
1937, the Federal
on
is
may
Government
the
Otherwise, he said, the ultimate- destiny of
administered
States
George A.
tinuance
Because the
enterprise
require
policies of the Administration of these two laws threatened
from
Huntley, of the Huntley Securities Corp. of Elraira,
policy
sound
free
and
against the National Labor Relations and Wage and Hours
industrials, of comparable security.
,C. E.
only
that
capital,
country is regimentation.
Acts,
or
N. Y., pointed out that there are
four major reasons
bank should restrict its bond investments
to
now
with
work
the
John H.
important for high-grade bond invest¬
analytical
to
that
profits
aside
put
said
rather than subject, the people.
equipment
obligations of roads which earned their fixed
charges
to
labor
quire
policies,"
opening
ceremonies
at
the
Representatives, nearly all of the Governors of the 48 States, and Mayors
scores
There
of
cities.
American
will
be
a
parade
of
military
and
naval
units,
representatives of foreign countries, and Fair workers and
officials from the Perisphere and Trylon down Constitu-
Financial
2364
trait
will broadcast the
the world
out
radio stations through¬
events of the day to the
Court. A hookup of
tion Mall to the
peoples of all lands, and radio television will make its bow
in this country when the address of President Roosevelt
was
Nation.
The
_
delivered to Captain Howard
A., in charge of buildings and grounds at
portrait may be
U. S.
ROOSEVELT.
FRANKLIN D.
April 30 of 150th
Anniversary of the Taking of Oath of Office
as
President by General Washington—Exercises
to
Be Conducted by Chamber of Commerce of State
Commemoration at Sub-Treasury on
;v'"\
; V"
New York
of
150th anniversary of the
first President taking
Mr. Lawrence said :;
•
The World's Fair officials apparently have not recognized the historical
importance of the date on which the exposition opens, so it is fitting that
the Chamber should.
We plan to lay a wreath at the foot of Washington's
statue, which was placed there by the Chamber, to express our loyalty
of office there.
the oath
Morgenthau and Governor Toll¬
invited to attend the exercises.
After the ceremony at the statue members of the Chamber
will attend services at Trinity Church as did Washington
and his officers on the day he was sworn in as President.
Secretary of the Treasury
of New York have been
man
Opens 1939 CampaignAppeals for Funds
Fund
York
New
Greater
President Roosevelt
'
On April 17 the Greater New York Fund op med its annual
appeal to business and employee groups to raise $10,000,000
to supplement the incomes of 380 voluntary health and wel¬
fare agencies participating in the Fund./ A letter from Presi¬
dent Rooseveit to James G. Blaine., President of the Fund,
endorsing the 1939 drive was made public on
President's letter said, in part:
"
no more
worthy
cause
of a
n6ed for such services appears
'
' v
I trust that business firms and employe groups, to whom the appeal is
made in behalf of the Greater New York Fund, will rise to the splendid
•
opportunity which is theirs.
made in the American way for all races
The appeal is
it
is,
is
will be
sponse
liberal as the cause is worthy .
as
and creeds— that
I hope the re¬
behalf of Americans.
to Americans in
appeal
an
Ambassador to
Spain
Weddell, Ambassador to Argentina, was
President Roosevelt on April 19 to be Am¬
bassador to Spain, succeeding Claude G. Bowers.
Mr.
Weddell, who is from Richmond, Va., is a career diplomat
having entered the service in 1908.
He has served in many
posts in Latin America and Europe.
Mr. Weddell retired
from the service in 1928 but returned in 1933 to accept his
present post in Argentina.
Reference to recognition by the
United States of the new Spanish Government under General
Francisco Franco appeared in our issue of April 8, page 2048.
W.
Alexander
nominated by
Roosevelt Nominates E. P. Warner as
President
Civil
of
Aeronautics
Member
Authority
.
April 17 nominated Edward P.
Warner, of Connecticut, to be a member of the Civil Aero¬
nautics Authority for the remainder of the term expiring
Dec. 31, 1940.
Mr. Warner, who is economic and technical
adviser of the Aeronautics Authority and a former Assistant
Secretary of the Navy, succeeds Edward J. Noble, who re¬
signed April 12 to become executive assistant to Secretary
of Commerce Hopkins.
In our issue of April 15, page 2190,
the resignation of Mr. Noble and the expected appointment
of Mr. Warner were reported.
/
: /
Roosevelt
President
on
Smith Sworn in as Director
Harold D.
than the social welfare and health
community, especially m these days when the
greater than ever.'
Roosevelt as
Nominated by President
Weddell
W.
C.
D.
Washington,
The
April 17.
.
I know of
Esquire,
Towers,
this country great.
traditions "Which have made
the
to
N.
Building,
Hibbg
A.
Chamber of Com¬
merce of the State of New York, announced on April 6 that
the Chamber on April 30—the day the World's Fair opens—
will hold exercises before Washington's statue at the subTreasury building at Wall and Broad Streets, in commemo¬
ration of the
Frederick
Lawrence of the
President Richard W.
.
Ker, Corps of Engi¬
the White House.
Very sincerely yours,
♦
'
that the Healy portrait "was
existence" enhances its value and
in accepting it, in trust, for the
Mr. Lincoln's opinion
painted.
by far the best likeness of his father in
interest and adds to my own satisfaction
neers,
Broadcasting Co.
by the National
televised
is
April 22, 1939
Chronicle
April 15 in the offices of President Roosevelt.
appointed Mr. Smith on March 8, as was re¬
ported in our issue of March 11, page 1419.
Mr. Smith,
who was formerly Budget Director of Michigan, succeeds
Daniel W. Bell, who had been Acting Director since the
resignation of Lewis W. Dougals in September, 1934.
of the Budget on
The President
♦—*—
<
Junius S. Morgan, Treasurer of the Fund, and a partner of
J. P. Morgan & Co., was the speaker at a dinner given at the
on April 20 given by executives
clothing, woolen and allied trades in honor of three
leaders in the industry for their interest in community wel¬
fare, viz.: Isidore Grossman, President of New York Clothing
Manufacturers Exchange and head Qf the Grossman Clothing
Co.; J. P. Stevens Jr., President of J. P. Stevens Co.; and
Julius H. Levy, Executive Secretary of the New York
Clothing Manufacturers Exchange.
In reporting this the
New York "Times" stated that Mr. Morgan paid tribute in
Hotel Biltmore in New York
in the
of the Budget
in as Director
of Michigan was sworn
Harold D. Smith
Adolf
■
/.
Resumes Duties as
Secretary of State
Berle Jr.
A.
President Roosevelt has
Assistant
canceled the leave of absence
of
Berle Jr., Assistant Secretary of State, in view
it is stated of the European situation. •/ Mr. Berle, who
was on leave untl July 1 to teach at Columbia University,'
Adolf A.
New York, has now
He
ment.
was
resumed his work at
relieved of his duties last
reported in these columns of Sept.
the State Depart¬
September, as was
3, page 1430.
,
his remarks to Mr.,
Morgan, in the
The Greater New York Fund offers us an opportunity to
Under its banner it not only eliminates
work.
thought in a common cause.
make democracy
of ail schools of
The cause calls for a constant fight against
disease, delinquency and despair.
For
we
should
never
seeds of social
in the forms of those isms
'
.•
forget that those three "D's" are the
up
which
are
enemies of cur democratic system.
We
are
proving through the fund that New York
/
with
and
heart and
a
not a monster of stone
here for, the
come
Fair,
and
and steel.
City is a community
To the millions who
V".-
v
it has a soul
"• ,/
.
•
listing the leaders for,the 1939 campaign appeared
March 25 issue, page 1740.
:
An item
in
our
Healy
President
of
Portrait
Roosevelt
President
for
Lincoln Accepted by
House—Will of
Federal
White
Mrs. Robert Todd Lincoln Left Likeness to
Government
will of
of
Abraham Lincoln, on Dec. 28 wrote to President Roosevelt,
outlining the provisions of Mrs. Lincoln's will in which she
bequeathed, after the death of her daughter, the Healy por¬
trait of President Lincoln to the Federal
Government,
"provided it be given an appropriate place in the White
House in Washington."
The White House on March 22
made public Mr. Towers's letter, together with President
Roosevelt's reply dated Jan. 7, accepting the portrait on
Frederic N.
late
the
Towers,
Mrs.
behalf of the
Robert
one
of the executors of the
Todd
Government.
Lincoln,
daughter-in-law
In his letter of acceptance Mr.
The
Healy
ment
widow
I
Washington, Jan. 7, 1939.
the
portrait of President Lincoln which was bequeathed -to the Govern¬
of, the United States under the will of Mrs. Mary Harlan Lincoln,
will
It
White House,
Towers:
dear Mr.
me
of Robert
have
Robert
give
read
Todd
very
Todd
great pleasure to receive for the White House
Lincoln.
with much
Lincoln's
of New York City, has been ap¬
public-interest director of the Federal Home Loan
New York, it was announced by the Federal Home
Board in Washington on
Loan Bank
April 14, Mr. Eastman
four-year term ending
unexpired portion of the
Dec.31, 1939.
:
will fill the
^
Gilbert Elected
Robert R.
Bank
President of Federal Reserve
B. A. McKinney
Dallas—Succeeds Late
of
R.
Robert
/ >
Gilbert,
Fir^t
Reserve Bank of Dallas, was
Vice-President of the Federal
elected President of the Bank
of Directors on April 13. The
approved and confirmed by the Board of
Governors of the Federal Reserve System.
Mr. Gilbert
succeeds Buckner A. McKinney, whose death on April 2
was reported in our Aprl 8 issue, page 2058.
He will serve
the enexpired part of Mr. McKinney's five-year term, ending
Feb. 28, 1941.
The following bearing on Mr. Gilbert's
banking career is from the Dallas "News" of April 14:
Mr.. Gilbert has been connected with the bank since its organization
in 1914.
He was elected Assistant Cashier in 1917: Manager and Director
of the El Paso branch in 1919 and 1920; Assistant Federal Reserve Agent
at Dallas in 1920 and 1921; Cashier from 1921 to 1924 and Deputy Governor
in March, 1924, a position he has held, through the title was changed to
Vice-President in 1935 by an amendment to the Federal Reserve Act.
at
a
meeting of the Board
election has been
O.
William
Douglas Sworn In as
Associate Justice of
Court—Expresses Gratitude
Roosevelt in Resigning as
SEC
United States Supreme
to
President
Chairman
William
O. Douglas, former
Chairman of the Securities
Commission, was sworn in on April 17 as an
Justice of the United States Supreme Court.
Mr.
and Exchange
Roosevelt said:
My
of
a
Bank of
city to demon¬
World of Tomorrow loses its meaning unless
'
Public-Interest Director
New York
Loan Bank of
Lucius Root Eastman,
pointed
of friendship
the fund should stand as a beacon
heart.
a
Named
•
.
It is up to us as residents of this
neighborly interest.
strate that the
/
„
which, if left unchecked, springs
unrest,
Eastman
R.
L.
Federal Home
lines of race, creed and color,
but it unites management and labor and representatives
.
Mr.
Blaine, President of the Fund.
of his address, also said, in part:
course
•
interest
account
of
in your letter
the
of Dec.
circumstances under
28 last the late
which
the por¬
Associate
Douglas was appointed by President Roosevelt to succeed
Louis D. Brandeis who resigned last February.
The oath to
Constitution was administered by Chief Justice
who was attending his first court
ill early in March, and the judicial
given by Charles Elmore Cropley, Clerk of the
support the
Charles
Evans Hughes,
session since he became
oath
was
Volume
Court.
ment
that
Reference to the Senate confirmation of the appointmade in our issue of April 8, page 2058.
be effective this day.
As I have told
honor which you and
sound and practical administration
of
that the con¬
confident that the work of this Commission in carrying out
which you visualized for the protection of the
be
a
lasting contribution to
It has
been
a
during the last five
"With
warm
for
,
I, too, was called a Communist and a wild-
children
and
legislation under our framework of government,
FRANKLIN
•
,
R6OSEVELT,
D.
unscrupulous political cabal" had seized on the occasion
debate and the
an
of the Securities
of his nomination "to transform the public
elevation
Senate
.
gratitude and that of the Government to you
of
our
mass
veritable witch¬
this problem, I was branded
institutions.
...
proposed Government ownership of rail¬
I was accused of wishing to wipe out
.
the savings of widows and
D.
ROOSEVELT
political
Reelected Governor
England
Bank
of
interfere
of
member of
the
the party he represents, does not
responsibility in nominating a minority
The fact that your
the Commission is strictly limited
and does not involve acceptance of
philosophy of the nominee or
with this calculation.
When the whole campaign is based on
witchcraft psychology
,
it is futile to carp on the lack
of logic at amy of the
stages.
Montagu Norman has been reelected to his 20th term as
Governor of the Bank of England, it is learned from United
Press London advices of April 18.
The general court of the bank also reelected Deputy
Governor B. G. Catterns, who will begin his fourth term
in that office, the advices said.
4 "
I deeply
me
reposed in me by nominating
since I have so frequently been a critic of
appreciate the confidence you have
to this
post, all the more so
New Deal policies.
,
.
.
•
•
,'
Bank
•
Be Presented
Incident to
this year's annual convention of
Association "convention, "Banking
stimulate interest in,
To
American-
the
.
A. B. A. of Two Displays
Depicting Seattle and Its Harbor—To
Various State Banking Meetings
Seattle Convention of A. B. A.
Elected First Paid President of New
Curb Exchange—Was Organizer of Buffalo
Exchange and Former Head of Honolulu
.•
,
Nationwide Tour Arranged by
Rea
"
♦
.
at
Stock
times as
orphans.
Faithfully yours,
York
'
,
permanent
eight years' agitation for a
Communist and subverter of American
roads,
a
unemployment problem expressed doubts at
Because I had at various times
of my good
wishes for the years to come.
FRANKLIN
confirmation into
Amlie added:
ability of unregulated capitalism to solve
to the
as a
moral plant.
Associate Justice of the Supreme Court go all
over my
In part, Mr.
Because I had in the course of my
solution
and, at the same time, by maintain¬
ing the efficiency of the Nation's business on a high
hearings
craft trial."
have given on the Securities and
task of protecting the Nation's investors
George P.
You are
hope that you will continue to work for the improvement
April 7 to the President asking that his name
be withdrawn Mr. Amlie said that "a reactionary press and
y
Norman
54-hour-a-week
in industry and similar measures.
Very sincerely yours,
for the
Exchange
Commission and especially because of the fact that you have been so
thoroughly cognizant of the human equations which enter into the national
Montagu
.
Communist do not
In his letter
the Supreme Court.
.
belief in your qualifications to serve as a
/
addressed the following letter
I have received your official resignation as Commissioner
To you as
women
DOUGLAS,
WM. O.
you
important issues, but I can assure you
on
my
a century ago
of social and economic
Dear Bill:
my
of
still young and I
and Exchange Commission and it is hereby accepted prior to your
constructive service
opposition should deprive the ICC
wholeheartedly devoted to the public service as you are.
.
personal regards and best wishes, I am.
May I expres
as
eyed radical because I fought for factory inspection, for a
Yours faithfully,
very
shortly.
so
government which this Nation as a whole wishes to continue.
bill
On April 15, the President
to Mr. Douglas:
„
able and
A quarter
,
•
doing
perhaps realize that.such name-calling ill serves the democratic form of
the program
democratic economy.
years.
am
Those who for political reasons have called you a
I am
Nation's investors will prove
;
to
one as
withdraw your nomination as a
requesting me to
I
minority member of the ICC.
delightful privilege to have served under you
and
rare
our
letter
nothing has occurred to alter
have sponsored will
distinguished colleagues.
my
your
You and I have often differed
leadership and under the
forward under your enlightened
move
have
I deeply regret that a certain type of
of
I leave the Securities and Exchange Commission knowing
to
I
member of the ICC.
this resignation to
the Senate have conferred on me.
structive program in the field of finance which you
continue to
My dear Mr. Amlie:
oath as an Associate
I am deeply grateful for the new
you,
the
in
the qualifications of Mr. Amlie for the post.
President
Roosevelt, in his letter made public April 17, said:
Supreme Court, I hereby tender my resignation as Com¬
Securities and Exchange Commission,
consideration
from
was
on
My dear Mr. President:
missioner of the
withdrawn
be
name
nominated to membership on the ICC by
President Roosevelt on Jan. 23, as was noted in our Jan. 28
issue, page 524; in another item in these columns Feb. 18,
page 962, reference was made to the hearings before a sub¬
committee of the Senate Interstate Commerce Committee
On the same day the White House made public an ex¬
change of letters between Mr. Douglas and President Roose¬
velt bearing on the former's resignation from the SEC post.
Mr. Douglas' resignation as Chairman of the SEC was
submitted to the President on April 14. The letter follows:
In view of the fact that I will shortly be taking my
his
Senate; he
was
Justice of the
2365
Chronicle
Financial
148
Bankers
held in Seattle on Sept. 25-28,
depicting Seattle, its harbor and encircling
mountain ranges started on a nation-wide Tour on April 9.
Progress on Parade," to be
.
George P. Rea of Honolulu was unanimously elected the
first paid President of the New York Curb Exchange at a
special meeting of the Board of Governors on April ,20.
The election of Mr. Rea, who will receive a salary of $25,000
a year, followed the
presentation of his name to the Board
by the special committee appointed to make recommenda¬
tions for a President.
Mr. Rea's name was the only one
two
dioramas,
The
displays developed
committee, which was appointed Feb. 24
by Clarence A. Bettman,,President pro tern and Chairman
of the Exchange; this was noted in our March <4 issue,
page 1257.
'
Born in Buffalo, N. Y., in 1894, Mr.' Rea was graduated
from Cornell University in 1915.
The following summary
of his career was issued by the Curb Exchange:
sented, through whom
is to be pre¬
illustrated booklets, prepared by the
Washington State Progress Commission and the Seattle
Hotel Committee, will be distributed to delegates at the
various meetings.
The first scheduled stop of the diorama
was the George Washington
Hotel, in Jacksonville, where
the annual meeting of the Florida State Bankers Associa¬
tion vVas scheduled for April 14-15.
In his announcement,
K. Winslow Jr. of Seattle Trust and Savings Bank arid
Chairman of the Publicity Committee of the A. B. A. com
Entered bond department of Guaranty
of 1915 and
Manager, Buffalo office
Taylor until 1917, when entered United States Army service for
of Keen
the duration
308th
Trust Co. of New York in the
stayed there for one year.
of the
war
was
Battalion,
Gun
Machine
and
discharged in March, 1919, as
78th
Division,
with one
overseas.
as
Vietor, Hubbell, Rea &
In the
year's service
,V
■
banking firm in Buffalo, known
as
Common, continuing for six
years
Vice-President and remained there until 1929.-
period the Fidelity Trust Co., through growth and mergers,
what is now the Manufacturers & Traders Trust Co.
*
Organized and was first President of the Buffalo
Mr.
until 1925.
Rea
was
'
Stock Exchange, 1928.
of the North American Securities Co.
York banks, maintaining his own
1931,
was
Its deposits at that time were ap¬
$50,000,000.
Mr. Rea
Dec. 1, 1938, and for the
proximately $30,000,000. Now are approximately
resigned
as
head of Bishop National Bank on
past few months has
R. Amlie
as
of Thomas
Member of ICC—Withdrawal Had Been
Requested by Nominee
Expressing regret "that a certain type of opposition should
deprive the Interstate Commerce Commission of one as
able
as you are," President Roosevelt on April 15
acceded to the request of Thomas R. Amlie that his nomina¬
tion as a member of the ICC be withdrawn.
It became
known on April 12 that Mr. Amlie, a former Progressive
member of Congress from Wisconsin, had asked the President
Meets
Approval
customer relations program
by the American Bankers
initiated earlier in
Association is meeting
announced April 10 by
the Association, who states
that 5,613 sets of booklets have been purchased by 2,359
banks interested in carrying out the program, including
institutions in every State of the Union.
The announce¬
with
ment
A
...
new
year
Wide
considerable
success,
it
was
Philip A. Benson, President of
been traveling in the Orient.
President Roosevelt Withdraws Nomination
The
the
Program of A. B. A.
Relations
with
of the
which had suffered severely from
Bank on
Customer
New
requested to take over the management
Honolulu,
National
Convention appeared
our
New
office in New York City.
depression conditions in the mainland.
Bishop
in
and of C. F. Childs & Co.
engaged in various consultant capacities for various
was
In December,
During this period he was President
'
display will be forwarded
previous reference to the Seattle
issue of April 8, page 2059.
A
associated with the firm of Goldman, Sachs & Co. for two
from November, 1929 until 1931.
Thereafter
During this
increased to
:
•
direct from Jacksonville to Hot Springs,
Va.," to arrive for the spring meeting of the Executive Council of the
American Bankers Association on April 23 to 26.
Andrew Price, Presi¬
dent of the National Bank of" Commerce and Chairman of the General
Convention Committee, will attend this meeting,, "at which further plans
for Seattle's, "Banking Progress on Parade" will be formulated:
Evidence
of unusual interest in the meeting this fall is indicated by the announce¬
ment of Stuart Frazier, Chairman of the Hotel Committee, that advance
reservations show a 50% increase over the same date last year.
The
fall of 1925 joined Lewis G. Harriman in the Fidelity Trust Co.
of Buffalo
years
vention, also says;
Captain
.
In summer of 1919 formed investment
city at which the diorama
sentative in each
submitted by this
summer
committee will be
the- Seattle
by
presented at over 30 State Association meetings and bank¬
ing conferences throughout the United States and Canada.
The Convention Committee has arranged for a direct repre¬
added, in part:
memorandum
for conference
leaders was sent to each hank
ordering
for the organization
and conduct of employee conferences on the material contained
in the
booklets.
The seven booklets treat current banking and economic subjects
in * a popular and easily read style.
They are designed to provide bank
people with an understanding of these subjects as a means of dealing
effectively with the every-day questions they encounter over bank counters,
at home, and in their general social contacts.
sets.
This
memorandum
contains complete directions
2366
The
Chronicle
Financial
inauguration
of
this
new
our
Jan.
7
public relations
issue, page 54.
A.
A. to Hold Regional Trust Conferences in Los
Angeles Sept. 19-20, and in Chicago Oct. 26-27
hold
two
17th
of
Regional Trust Conference
Pacific
the
California.
Hie
Trust
Officers
second
Association
conference will
be
of
the
Bank Board
effect
The
effect
ices
Banking to Hold Resident
Session at
Rutgers University from June 19 to
July 1—Dr. E. D. Martin, Col. L. P. Ayres, and
of
of
their
School
of
1939
Banking
Association
conducted
Rutgers
at
New
Brunswick, N.
by
the
of
the
it
Association also stated
Dr.
Bankers
Calif.,
Background
speak
speak
and
the
June
three
Dr.
19 to July 1.
lectures
and. Social
the
on
Problems,"
of
and
evenings of the second week,
the
Cleveland
Cadman,
first
San1 Francisco
Trust
Co.,
will
instructors have
new
Graduate
School
of
been
added
Banking,
this
and
real
on
Oliver
estate at New
York
.•/:
again speak
evening
an
the
faculty of
Stonier
also
of
ITEMS
.
A.
Wilson, President
Binghamton,
vations for the
second
of
the
New
announced
April 11 that
on
was
Bankers
expected that
than
more
300 banks
their senior officers.
*
.
Committee
Insurance
Appointed
Examinations,
Announces
Association, and it is
will be represented
by
to Study New York
Superintendent
Pink
„
Louis II. Pink, Superintendent
State, announced,
visory. committee
of Insurance of New York
April 20, the appointment of
study the examinations, and
on
to
an
ad¬
advise
questions to be asked by the Insurance De¬
partment in the case of applicants for
brokers', agents' and
public adjusters' licenses.
The committee is
composed of
E. R. Hardy of the Insurance
Institution of America, Harry
J. Mang of Rose & Kiernan
and Herman Grebert of the
the kind
of
Companies
Adjustment
Bureau,
members of the Department:
Superintendent,
and
the
following
Edward
McLoughlin, Deputy
Harris, Deputy Superintendent,
Raymond
George
II. Jamison, Deputy
Superintendent and Leonard
Gardner, Counsel.
Regarding the study, the Depart¬
ment's announcement said:
study
and
review
to
continuance
the
of
maintained
thing
possible
perience
licenses
and
will
familiar
in
The
by
to
be
make
to
made
the
the
examined
order
he
by the committee will have
and
at
examinations
and
on
engage
high
same
the Department
qualifications
to
give
subject
in
the
standards
the
a
particular
time
same
test
assurance
matters
that
of
the
that
with
of
to
its
always
do
every¬
applicants'
all
ex¬
applicants
for
they should
which
field
for
have
be
insurance
^Homestead,
COMPANIES,
&c.
trustee.
a
•
i
with
to
Insurance
he
Law
conducted
contains
by
real
the
joined
the
new
provisions
Superintendent
with
and
the
an
various
Bank for
Mr.
Co.
Insurance
1924.
in
attorney
in
Officer,
department.
Prudential
as. an
Estate
Real
as
estate
company
;
Executive Vice-President of the bank,
He became associated with the bank in
in
charge
respect
He
to
with
continued
that
official capacities until he joined the
Savings.
^
...
—-♦
James II.
•
of
Executive Vice-President of Manufac¬
Conroy,
Trust
turers
Co, of New York and
Directors, died
Aiiril 13.
member of the Board
a
in his 69th year.,
Conroy, who was born in Brooklyn, N. Y., began his
banking career at the Brooklyn Bank as junior clerk at
on
He
was
Mr.
the age of
14, and in 1905 resigned to join the newly-organ¬
ized Citizens Trust
Co. of Brooklyn as Secretary, which in
1914 became known as Manufacturers Trust Co. Mr.
Conroy/
then became Secretary of the enlarged bank. In 1919 he was
made a Vice-President of the Manufacturers Trust, and in
1928 was appointed Executive Vice-President, which position
lie
occupied Until his death.
•
He
also
was
a
member of the
Boai:d of Directors since 1907.
During the World War Mr.
'Conroy worked out the details of active participation for
all
the
Brooklyn
Government
was
in
appointed
Budget
of
banks
a
He
in
four
the
cooperation
Liberty
Loan
was
of
a
the
City
member
Commerce, Bankers Club
of
of
the
Brooklyn
Trust
Co.
of
New
York
Survey
Chamber
&e.
•
■
^
Clinton
Finance,
on
and
Planning
Brooklyn,
«
Federal
1926 he
with the
drives.
In
member of the Subcommittee
Revenue
and
Committee.
increase in
total assets as of March 31, 1939, to $10,634,751 from $10,345,734 reported on Dec. 31, 1938.
Loans and discounts of
$2,602,336 on March 31 compared with $2,614,363 on Dec. 31;
cash on hand and due from banks amounted to $3,163,821
against
$2,968,616,
increased
with
to
months ago.
and
investments
$4,244,807.
$9,331,893
reports
Deposits,
in
bonds,
it is
with
compared
an
$4,352,883
indicated, have
$9,072,194
three
Capital stock and capital notes remained un¬
changed at $600,000 and $150,000, respectively, and surplus
and
undivided
$420,522
on
profits
$432,289
totaled
—
•
«.,
^
April 6 the
ajiproved
American
a
with
compared
Dec. 31.
_4
On
committee
of the
Rutan was formerly
of America, which he
selected
....
Revised
examinations
to
"
according to Philip A.
TRUST
BANKS,
1.
1939,
February,
compared
by them.
,
the
Chicago,
meeting of the
appointed
effective May
over
on
May 28 and arrive back in New York on May 30.
The cruise is the occasion of
the forty-sixth annual conven¬
tion of the New York State
been
Russell,
Springs, Va., Next Week
.
State
muda
purpose
elected
the April
bank's
York
"Manhattan," flagship of the United States Lines
fleet, has been secured for the trip, and the
ship will leave
New York at noon,
Afay 25, arriving in Bermuda May 27.
For the return
trip the "Manhattan" will sail from^Ber-
The
Horace
the
of
Board of Trustees of the
Bank for Savings in the City of New York, Harold D. Ilutan
Bermuda cruise of the Association.
The S.S.
M.
and
Chicago^
President
regular monthly meeting on April 19 of the Board
was
At
•
.
3Q0 bank officers and their
families, representing about -100
banks, from all parts of the State, have already made reser¬
Fire
Bodfish,
Richards,
H.
of the
Atlanta, Ga.,
States League.
'
'
>
■
Bankers Association and President of the
Marine Midland
on
Morton
Ralph
President
West,
•
Trust Co. of
^
City,
of Trustees of the New York Trust Co. William Hale Ilarkness
Annual Convention oF New York State
Bankers
Association to Be Held on Cruise to
Bermuda,
May 25-30
Advisory
Kansas
George W.
spring meeting of the Executive Council of the
ABOUT
At the
-
46th
Thomas
loans.
according
.
University since 1920,
Powell, First Vice-President of the Federal
of Minneapolis and
past President and in¬
Minneapolis Chapter of the American Institute
Banking.
home
for
the comunities,
an¬
S.
at
dis¬
Benson, President of the Association, and President of the
Savings Bank of Brooklyn.
/
'
The purpose of the meeting, which is second in importance
only to the annual convention of the organization held in the
Fall, is to receive reports from the various divisions, sections
and committees of the association and to study questions of
policy and operation of the Association. '
Previous reference to the meeting appeared in our issue of
Jan. 14, page 221.
Reserve Bank
structor
technical
Dime
will
nounced, viz. V Nelson L. .North, an instructor in the New
York Chapter of the American Institute
of Banking and
lecturer
demand
in
Hot Springs, Va., from April 23 to 26,
year
He
June 26, 27
will
deliver
to
Dr.
Rice,
League;
Pittsburgh,
the United
for
be
is President of the Conference.
League;
of
the
recovery
T.
Loan
the
of
also
will
American Bankers Association will be held at the
Frida'l evening of the session,
economist,
increasing
for
Clarence
Bank
There
Va., who
Meet in Hot
Monday, June 19, and will also, deliver two afternoon addresses.
on
the
Executive Council of American Bankers Association
.
Economist
tools
as
Vice-President;
Loan
Counsel
The
"Philosophical
of Political Association."
evening seminar to*, be held the
Two
the
Economic'
first
,
Ayres,
23.
address
.
Current
three
and
business, especially of methods of making
and
Bristol,
include
The annual
the subject of "Principles
.
Colonel
at
of
on
June
values
estate
announced
was
Psychology at Claremojit College, Clare-
delivered
year
each of the
on
28.,
last
upon
Executive
Home
General
real
upon
League.
loan
known
Vice-President
First
Federal
:
Martin) Professor of Social
ttipnt,
Will
from
States
better
looked
are
League's
Graduate
American
University,
J.,
United
the
United States Building and
March 15 by Dr. Harold Stonier, director of the Graduate
School.
The Graduate School will hold its resident session
at
of
Speakers will
session
housing
government
George E. Comer,
Speak
resident
of
legislation now pending at Washington upon the potential serv¬
savings, building and loan associations will be discussed by of¬
services
Both
to
Dr. Everett Dean Martin, Colonel Leonard P. Ayres and
Dr. Paul F. Cadman will deliver lectures at the
eveningthe
of Washington, D. C., and other nation¬
From the League's announcement in the
cussions of the savings and
A. B. A. Graduate School of
of
States and the District of Colum¬
matter, the following is also taken:
ficers
seminars
League will be held in Charleston, S.
The meeting will bring together represen¬
ally known men.
Mid-
Continent Trust Conference and will be held in Chicago on
Dr. P. F. Cadman to
States
addressed by Frank Hancock, member of the Federal Home
Loan
Southern
Tenth
United
of
Special stress on community institutions for home
financing will be a feature of the meeting which is to be
Oct. 26 and 27, with the Corporate Fiduciaries Association
of Chicago acting as hosts.
;
ex¬
Group Conference of the United States
tatives of 11 southeastern
Rocky Mountain States will be held in Los Angeles on
Sept. 19 and 20, Mr. Waugh said.
Local arrangements are
charge of the
of
bia.
Coast
and
in
types
new
Building and Loan
0., April 28-29.
Lincoln, Nebraska.
of
these
28-29
ton, S. C., April
President of the division and Executive Vice-President and
The
of
Conference
Group
The Southeastern
regional conferences this year, according to
made, April April 18, by Samuel C. Waugh,
Trust Officer of the First Trust Co.
preparation
Building and Loan League to Be Held in Charles¬
The Trust Division of the American Bankers Association
announcement
the
in
part
Southeastern
B.
will
active
an
1939
22
aminations.
referred
in
take
will
program
was
to
April
New
York
proposed increase
Bank of
State
in
the
Banking
capital
Department
stock
of the
Laekawanna, N. Y., from $100,000,
con-
Volume
sisting
Financial
148
1,000
of
$150,000, made
(a)
$100,000
the
par
(b)
$50,000
of
the
value
par
value
and
to
stock,
into
divided
(including overdrafts), $35,201,173 (compar¬
Total deposits are shown as $131,-
219,780 (having risen from $126,103,116 on the earlier date).
2,000 shares
Capital and surplus
and
undivided
stock, divided into 1,000 shares of
(being the 1,000 shares heretofore authorized).
of
discounts
ing with $39,856,169).
preferred
of
value of $50 each;
par
value of $100 each,
par
follows:
as
value of $50 each
par
of the
shares
up
2367
Chronicle
common
unchanged at $3,000,000 each, but
are
profits have risen to $1,149,210 from $1,040,000.
According to its condition statement
three-quarters of a century of banking
service, the Dime Savings Bank of Williamsburgh, Brook¬
Rounding
out
chartered by the State of New
then
at the foot of Broadway, Brooklyn, at that
business center of Williamsburgh.
This
at the ferry slip
the
main
building is still standing, and is now occupied by the De¬
A sketch of the bank's career says:
partment. of Docks.
Feb.
On
1872, when its assets
2,
moved to 15-17 Broadway,
the
Within
Co.
Insurance
to
of
corner
purchased
before,
anniversary
bank
10
has
years
Mr.
Wvthe
location
building
a
which
i
has
occupied
had
96
•
.
Mollenhauer
C.
Total
Dec.
i,
from
the
(comparing with $68,774,525), and
$33,542,376 (against $31,891,571 on the
On the liabilities side of the statement, de¬
$220,348,087 (having risen from $210,Capital and surplus remain unchanged
at $15,000,000 and $2,500,000, respectively, but undivided
profits have risen to $1,879,627 from $1,376,481 at the close
posits are shown
834,542
on
of 193S.
reached an all-time high of 29,352, with
$30,011,311.
Other officers of the bank are:
Carbett McCarthy, First Vice-President; Frank V. Kelly,:
Second Vice-President; John Hoerle, Third Vice-President;
Henry. W. ' Weber, Treasurer;
Theodore A.
Malmberg,
Assistant
Treasurer; Reuben W. Shelter, Secretary of
Board, and Stanton Eldredge, Counsel.
as
Dec. 31).
of the institution.
is President
Walter Kasten
had
Daniel
J.
His
Pa., in its con¬
the close of business March 29, 1939,
at
of $356,466,118 as compared with
$339,522,015 at the close of business Dec. 31,
1938.
In the present statement the chief items comprising
the
assets
are:
United
States
obligations, $214,005,430
(against $214,759,626 on the previous date); cash and due
from banks, $83,711,314 (comparing with $68,250,607), and
loans and discounts, $40,521,471 (against $36,905,839):
De¬
posits are shown as $311,759,260 (comparing with $295,total
years
,
with
of service
institution,
the
West"
"Commercial
the
from
Vice-President of the First and
of Duluth, Minn., on Apr. 10
a
Bank
of
15,
Apr,
it
is
which'
added, in part:
which
statement
50
completed
learned
Malioney,
National
American
The Mellon National Bank of Pittsburgh,
reports
of which
banks, $85,308,765
deposits of
dition
1938),
Dec. 31,
on
United States Government securities,
are:
earlier date).
of its first
had 1,543 depositors with
bank
the
National
loans and discounts,
end
the
at
shown in the condition
Bank- of Mil¬
are
Wisconsin
$96,469,277 (against $106,670,521 011 Dec. 31) ; cash and due
.
that
$242,002,797
First
$231,761,790
with
principal items
President, a post
Since its organization the
of service have totaled over
1925.
the
of
waukee, Wis., as at the close of business March 29 (as com¬
$125,053 in deposits, while at April 1, 1939, the number of
depositors
■
pared
seventh
bank's
of
resources
statement
it
•
.
the
whose average years
existence
31)
—:—.4
To
Plaza.
each.
of its
1938)
years
Havernieyer
.
is
since
trustees
Dec.
on
resources
31,
Fifth
there for 35
and South
remained
at
Bridge
Mollenhauer; observes
year
in
Avenue,
bank
The
1873.
Williamsburgh
the
Christopher
he
000
Detroit,
the bank
these quarters and moved
it had outgrown
and
present
building.
which
$1,454,160.90,
to
commemorate its
the- bank recently completely remodeled the interior of this
facihg
Streets,
15,
its
to
had risen
Mich., had total
(as against $145,968,927 on Dec.
Bank,
building owned by the Williamsburgh Fire
a
year
Broadway
May
on
moving
a
in
of Mar. 29, 1939,
as
of
of
which the principal items are: Cash on hand and due from
banks, $48,760,387
(comparing with $43,086,999 on the
earlier date); United States Government obligations, direct
or fully guaranteed, $48,790,321
(against $48,255,746) ; and
real estate mortgages, loans and liens on real estate, $15,772,361 (up from $15,694,755 on Dec. 31, 1938).
Total de¬
posits are shown in the report as $143,261,597 (as against
$137,975,217 three months ago), while the bank's capital
investment is given as $7,710,283 (comparing with $7,110r'
occupied quarters in the basement of the building which
housed the Williamsburgh City Bank, which was located
time
Detroit
$152,188,690
bank
1864,
Wil¬
anniversary.
The
York on April 19,
and on June 1 of that year opened for business, with
liam W. Armfield as its first President; the bank
is cerebrating its 75th
lyn, N. Y.,
was
the
original
American
employment
with
merged
the
National,
from'Messenger
National
American
in
and
to
1929
filled about
has
he
and
Vice-President
to
the
with
was
First
every
Exchange
National
make the First and
position in the bank,
Director.
resources
total assets of
112,102).
;and
$126,795,020 and resources of
with $121,472,350 and $131,675,091, respectively, on Dec. 31, 1938.
The chief items com¬
prising the assets in the preseiit statement are: Cash and
due from banks, $41,448,115 (as against $30,568,034 on.the
previous date);
United States Government obligations,
direct and fully guaranteed,, $43,881,895
(comparing with
$43,272,129), and loans, discounts and acceptances, $37,767,446 (a&ainst $43,907,922). The capital structure of the
bank is now $9,841,120, increasing from $9,686,776 on Dec.
$25,000,000,
risen
have
profits'
earlier
from
but
'
undivided
$762,575
on
the
■.
.
$53,427,484 and total resources of $57,-
Total deposits of
4i5,966
respectively,
$1,172,498
to
date.
fully guaranteed, $17,110,736
municipal
(against
and
other
$9,819,580,
(against $11,776,844
(comparing with $14,830.384);
securities,
marketable
loans
arid
the
on
and
discounts,
earlier date).
$10,930,519
$11,915,317
The company's
capital continues at $1,600,000 and its surplus at $1,000,000.
but undivided profits have increased to $377,662 from $368,on
of
deposits
contrasting
<
V
■
.
are
as of Mar. 29, 1939, as against $57,253,579 and $61,110,372,
respectively, on Dec. 31, 1938.
The chief items making up
the assets„of the present statement are: Cash and due from
banks, $17,022,877
(against $24,288,812 on the previous
date) ; United States Government obligations, direct and
343
31.
reported in the condition statement of the Amer¬
National Bank & Trust Co. of Chicago,. Chicago, 111.,
ican
reveals
1939,
$137,303,221,
The bank's capital and surplus are unchanged at
$7,500,000
National Bank of New Orleans, La., in its
business, Mar. 29,
The Whitney
statement of condition as at the close of
Dec. 31.
/
National
Ilibernia
The
Bank
New
in
New Or¬
Orleans,
leans, La., in its report to the Comptroller of the Currency
as
of March 29, 1939, shows total 'deposits of $53,538,746
and
total
747,118
The
assets
chief
statement
$57,942,116
items
are:
States
United
011
the previous date) ; loans
(against
$14,891,296),
and
011
$14,980,449
discounts,
compared
(as
respectively,
(against $22,477,331
852,024
and
with $50,Dec. 31, 1938).
comprising the resources in the current
Cash on hand and due frpm bariks, $23,of
$5o,160,094,
and
obligations,
Government
direct
and
fully
$13,429,168 (as compared with $11,996,798 on
Dec.
31).
The bank's capital and surplus remain un¬
changed at $2,700,000 and $500,000, • respectively, but un¬
divided profits have risen to $316,865 frorii $218,366 three
guaranteed,
,
In
its statement
Marcli
29,
1939,
condition
of
the
as
Northern
at
Trust
the close of business
Co.
of
Chicago,
111.,
(as compared with total
"resources of $364,805,756 at the close of business Dec. 31
last), of which the principal items are:
Cash and due from
banks, $128,443,306
(against $139,686,633 on
Dec. 31);
United States Government securities, $90,822,722
(against
$108,643,115) : other bonds and securities, $79,489,877 (com¬
pared with $79,471,974), and other loans and discounts,
$21,960,105
(against $18,460,850).
The latest statement
shows total deposits of $314,417,699 (comparing with $339,976,957 at the earlier date).
Capital and surplus are un¬
changed at $3,000,000 and $6,000,000, respectively.
Solomon
months ago.
'
——-
•
.
'
•
-
reports total assets of $340,356,841
A.
Smith
In
is
President
of
the
company.
its statement of condition
March
29,
as
1939, the Manufacturers
at the close
National
of business
Bank of De¬
$145,794,347
against $140,441,615 at the close of business Dec. 31,
.-The Republic
National. Bank of
ment of condition
1939,
shows
total
as
Dallas",
Tex., in its state¬
at the close of the business,
deposits
of $74,367,267 and
Mar. 29,
total assets
$82,925,034, comparing with $72,739,122 and $82,242,244,
on
Dec. 31, 1938.
The principal items in¬
cluded in the assets of the current statement are: Loans
of
respectively,
$28,060,996
$23,374,380
(against $24,397,608), and United States Government se¬
curities, $16,998,250 (comparing with $15,935,857 on the
earlier date).
The bank's capital at $4,000,(XX) remains
the same, but surplus account is now $3,500,000 as against
$3,100,000, while undivided profits have dropped to $567,discounts
and
011
Dec.
116 from
31);
$29,111,115 (having risen from
in vault and with banks
cash
$906,071 three months ago.
troit, Detroit, Mich., reports total resources of
as
1938.
In
the
current
statement
prising the assets are:
tions,
138,522
banks,
of
direct
on
and
the
including
collection,
reserve
$46,560,825
principal
items
com¬
United States Government obliga¬
guaranteed,
previous
the
$47,674,242
(against
$42,-
balances" with other
balance and cash items in process
date);
cash
(against
$41,428,382),
and
of Boise, Ida., recently
National Bank of Parma,
Ida., and, effective Apr. 8, the latter became a branch of the
Boise institution, with Lyle H. Cox as Manager and Leo J.
Freiermuth as
Assistant Manager.
The First National
-
The
Idaho
First
National
Bank
acquired the business of the First
Bank
of
Parma is
now
in voluntary liquidation.
loans
/
2368
Financial
Arch W. Anderson,
recently resigned
Vice-President
as a
Illinois National Bank & Trust Co.
Continental
of the
Chronicle
1939
22
April
leaving a balance of 10,433,793 to be carried forward to the
of
half-year's profit and loss account.
Total assets
in the statement as 2,146,904,826 yen (as com¬
pared with 1,543,008,519 yen on June 30, 1938), of which
current
Chicago, Chicago, 111., to become President of the California
Bank, Los Angeles, Calif. Mr. Anderson, it is understood,
are
joined the Chicago institution several years ago and for some
time has been in charge of its Los Angeles office, supervising
cash
the Southwest.
deposits were given as 1,328,168,502 (contrasting with 805,229,413 yen on the earlier date). The bank's paid-up capital
is 100,000,000 yen and its reserve fund, including the 1,-
(as
*
C. Anderson, since 1929
E.
Advertising Manager of the
Bank of Los Angeles,
Calif., died, following an operation at the Monte Sano
Hospital in that city, on April 15. Mr. Anderson, a native
of Illinois, went to Los Angeles in 1923, where he had since
been engaged in the advertising business.
He was a graduate
of Northwestern University.
Citizens National Trust & Savings
given
hand
in
against
250,000
yen
is
Okubo
and
at
84,852,751
bankers
yen
mentioned
Chairman
amount
13S,400,000
above,
the
of
to
155,230,658
June 30 last year).
on
Board
of
yen.
Directors
yen
Total
Toshikata
of
the
in¬
stitution.
THE
CURB
EXCHANGE
Declining prices and quiet trading characterized the deal
The
$220,902,747 (comparing with $233,624,667 on
Dec. 31, last), of which the principal items are: Loans and
discounts, $73,549,315
(against $77,182,633 three months
(compared
surplus
$204,818,751).
with
remain
unchanged
Calif.,
as
Bank
of
San
Francisco,
San
Francisco,
of Mar. 29, 1939, compared with $135,869,246 and
$151,491,495, respectively,
Dec. 31, last.
on
The chief item3
comprising the assets in the current statement
are:
Cash
and
sight-exchange, $30,999,151 (against $34,166,622 on Dec.
31) ; United States bonds $43,481,634 (comparing with $42,601,811), and loans and discounts, $26,539,342
(against
$29,055,786).
000,000,
The bank's capital and surplus remain at $6,-
respectively,
but
undivided
profits have risen
to
$2,246,549 from $2,135,418.
In
its
condition
statement
at
as
close
the
of
business,
March 29, 1939, the Bank of California, N. A. (head office
San Francisco, Calif.), reports deposits of $110,507,099 and
total assets of $129,517,077,
as against
$110,202,363 and
$129,435,401, respectively,
items
comprising
Loans
are:
the
Dec. 31, 1938.
on
in
resources
the
.
The principal
current
statement1
and
discounts, less reserve, $50,847,593 (com¬
paring with $53,456,779 on Dec. 31) ; cash and exchange,
$44,231,163
States
(comparing
securities,
institution's
surplus
with
$40,717,097),
$22,976,900
capital
remains
unchanged
and
United
and
$23,726,876)J
(against
The
$6,800,000,
at
but
undivided. profits are now $8,260,652, com¬
pared with $8,348,515 on the earlier date;
The Bank of
California, besides its branches in San Francisco, maintains
,
branches in Portland,
Seattle and. Tacoma.
,
The United
States National Bank of Portland, Portland,
Ore., in its condition statement as of March 29 shows total
deposits
of
$126,520,051
and
total
assets
of
$137,382,126,
contrasting with $120,956,352 and $131,759,028, respectively,
on
Dec. 31, 1&38.
The principal items comprising the re¬
in
sources
ernment
the
present statement
bonds,
$55,490,524
United
are:
(against
States
$53,856,063
Gov¬
the
date); cash on hand and due from banks, $41,947,948
(contrasting with $37,130,411), and loans and discounts,
$26,611,626 (against $26,298,536). The bank's capital struc¬
on
earlier
ture
is
now
$10,515,669,
compared
as
Dec. 31.
with
$10,322,051
on
:
u
The
United States, National, Bank of Portland, Oregon,
purchased the First National Bank of Athena, Oregon,
and has converted it into ,a
branch, as of April 17.
This
lias
makes
the. second
Portland
branch
in
Umatilla
bank and the 23rd branch in
nouncement
of purchase by
Paul S.
County for the. big
the
State.
The
an¬
Dick, President of the
Portland bank, stated that no change would be made in tlie<
operating personnel of the new unit. F. S. LeGrow, Cashier,
will
become
the
Manager and
Max
Cashier, the Assistant Manager.
is stated, the First National
it
posits
in
tional
more
B.
Hopper,
At the time of purchase,
Bank
of
Athena
of
$1,000,006, and the United
than $126,000,000.
excess
Assistant
had
States
The UStli half-yearly statement of the Yokohama
Bank, Ltd.
(head
office
six months ended Dec.
holders
at
their
de¬
Na¬
Specie
Yokohama, Japan), covering the
31, 193S, and presented to the share¬
semi-annual
ordinary general meeting on
10, has recently been received.
It shows net profits
for the period, after providing for all bad and doubtful
debts, rebate on bills, etc., of 16,683,793 yen, inclusive of
Mar.
10,422,028
months'
yen
account.
brought
forward
Out of this
sum
from
the
previous
six
the directors propose to
dividend at the rate of 10% per annum, calling for
5,000,000 yen, and to add 1,250,000 yen to the reserve fund,
pay
a
group
attracted
some
a
until
small increase.
the
goodly part of the
modest gains
The volume of sales
a
from abroad
The preferred stocks
was
were
registered
very
light
on
Thursday when the
,
Public utilities provided the strong
shown in the condition statement of the Crocker
are
National
news
public utility
transfers showed
Total deposits of $133,245,140 and total resources of $148,First
apparent around midweek and
disturbing
Monday and steadily declined
$4,000 000, respectively, but undivided profits are now $2,701,837, having increased from $2,215,892 on Dec. 31.
277,272
was
any
strengthened all along the line j
by these issues.
bank's
The
of
speculative attention and
$18,000,000 and
at
improvement
absence
in the
securities, $19,690,242 (against $19,823,754 on the pre¬
vious date).
Total deposits are given in the statement as
and
the
market
other
$189,860,313
some
in
ago; ; cash and due from banks, $52,249,956 (against $76,277,273); United States Government securities, $65,150,817
(comparing with $51,188,012), and State, municipal bonds,
capital
on
but
Calif., in
29, 1939; reports total
of
resources
the Curb Exchange during the fore part of the week,
ings
Anglo California Bank of, San Francisco,
its statement of condition as of Mar.
feature of the market
during the short session. on Saturday. ' The gains were
moderate, but the improvement extended to all parts of the
group and held during most of the trading.
In the industrial
specialties the advances were not so pronounced but there
was a steady upward
movement that carried many of the
active shares to higher levels.
Some of the aviation stocks
also improved but the gains were small.
The aluminum
shares were in demand at higher prices and the oil issues were
generally quiet and fractional advances were recorded by the
mining and metal stocks.
Outstanding among the gains
were Alabama Power $7 pref., 434 points to 86; Aluminum
Co. of America, 4 jioints to 100; National Power ,& Light
pref., 4^2 points to 7634; New Jersey Zinc, 2)4 points to 53;
and Safety Car Heating & Lighting, 2 points to 52.
Light trading and declining prices were the features of the
curb market dealings on Monday.
There was some improve¬
ment as the session progressed but the changes were small and
without significance.
There were occasional advances in the
industrial specialties, Sherwin-Williams moving up 2 points
to 60, and Ohio Brass B rising 1 point to 17.
Aviation shares
were down, most of the group showing fractional declines.
Public utilities were irregular, oil shares were off and mining
and metal stocks were fractionally lower.
The recessions
included, among others Aluminium Ltd., 2)4 points to 110;
Corroon & Reynolds Corp. pref., 5,points to 82; American
Gas & Electric ,ll point to 34 and Grumman Aircraft Engineer¬
ing Corp., 1 point to 14%. The transfers were 83,405 shares
against 85,260 on Saturday.
.
Curb stocks moved irregularly lower on Tuesday.
There
were a small number of the
preferred shares in the public
utility group that displayed moderate strength and a few
of the slow moving issues registered minor gains, but the
list, as a whole, was below the preceding close. The transfers
were down to 78,125 shares against 83,405 on Monday. There
76
were
prices
advances, 99 declines and 82 stocks in which the
unchanged.
Noteworthy among the declines
pref., 2 points to 84; Cities Service
pref., 2% points to 48)4; Corroon & Reynolds pref., 2
points to 80; Niles-Bement-Pond, 1)4 points to 4834;
Pittsburgh Plate Glass, 234 points to 9134; and United Light
& Power, 1 point to 22%,
Higher prices prevailed on the "New- York Curb Exchange
on
Wednesday, and while there was another drop in the
transfers for the day there was a strong tone apparent
throughout the session. Aviation stocks were stronger, Bell
moving up a point to 26 and Lockheed advancing 1 point to
25.
Public utilities showed about an equal number of ad¬
were
were
Alabama Power $7
vances
and declines and this
was
also true of the industrial
specialties. Prominent among the advances were Aluminium
Ltd., 234 points to 11134; Todd Shipyards, 2 points to 6814;
Hazeltine, 1 point to 26; and Alabama Power $6 pref., 234
points to 77%. On the side of the decline were such active
stocks as Aluminum Co. of America, 3 points to 97; and
American Potash & Chemical, 4 points to 66.
Stocks again moved upward on Thursday, and while the
gains were not especially noteworthy at any time during the
session, the advance was steady and the tone was strong.
Public utilities were active and a number of modest gains
were registered
among the preferred and common stocks.
Industrial specialties moved briskly forward with advances
ranging up to 2 or more points and there was some good
buying among the aluminum shares.
Aviation issues wrere
practically unchanged and oil stocks were fractionally
higher. Among the advances were Aluminum Co. of America,
234 points to 9934; Great Atlantic & Pacific Tea Co. n.v.
stock, 3 points to 8034; Standard Steel Spring, 334 points
to 23; Sherwin-Williams, 2% points to 93)4, and Pittsburgh
Plate Glass, 1 point to 93.
Industrial specialties and public utilities moved moder¬
ately higher on Friday, and while the advances were small,
most of the active stocks continued in demand throughout
the session.
Aircraft sharess on the other hand, were lower,
Bell Aircraft, Lockheed and Fairchild showing fractional
Volume
Financial
148
losses.
Oil issues were higher and there was some demand
mining and metal stocks. The changes of note on the
side of the advance included Bell Telephone of Canada,
4 points to 172; General Outdoor Advertising pref., 3 points
to 70; Hazeltine, 1% points to 27%, and Royal Typewriter,
2 points to 51.
As compared with Friday of last week prices
were generally higher, Aluminum Co. of America closing last
night at 9834 against 96 on Friday a week ago; Aluminium
Ltd., at 111 34 against 110; Babcock & Wilcox at 1834 against
17; Carrier Corp. at 12% against 1134; Childs Co. pref. at
40% against 38; Creole Petroleum at 20 against 1934; Ford
of Canada A at 19 against 1734; Humble Oil (new) at 5934
against 58; International Petroleum at 25 against 2334;
NewmOnt Mining Corp. at 60% against 5934; Niles-BementPond at 4934 against 4534; Technicolor at 17% against 16
and United Shoe Machinery at 73% against 72.
for the
DAILY
TRANSACTIONS
AT
THE
EXCHANGE
CURB
YORK
NEW
Tuesday
Belgium
Netherlands
Switzerland
Egypt
Other countries
France
Switzerland
Portugal
Morocco
$13,000
$19,000
868,000
11,000
49,000
$1,026,000
928,000
78,225
8,000
23,000
£31,354,219
£6,832,390
SILVER
The market during the past week has been steady and prices again moved
only within narrow limits.. „■
Further support has been
on
given by America and the Indian
Wednesday
75,820
956,000
17,000
26,000
Continental account and
tions of any important change in the immediate
of the market remains rather uncertain.
34,000
18,000
Exports
Bombay
42,860
x7,255
4,708
Other countries
82,000
$6,324,000
$100,000
$217,000
Germany
Sweden
$6,641,000
17,000
.
Tobago
Other countries
1,312,000
504,540
£56,015
31,855
xlO.OOO
20,065
1,485
1,152
.....
Trindad &
Poland
1,288,000
95,505
1,236,000
1,213,000
...
future but the undertone
United States of America.
£21,968
;
999,000
86,325
—
Bazaars
buyers, although the latter also made resales; offerings included
speculative resales.
There are no indica¬
were also
sales
1,088,000
Thursday
Total
6,248
13,057
The SS. "Viceroy of India" which sailed from Bombay on April 1 carries
gold to the value of about £251,000.
Eire....
$994,000
Friday.:.;.....'
1,725,880
15,417
Imports
1,057,000
.
18,923
122,996
Netherlands
Other countries..
France
83,405
85,260
;
Monday
Un. States of America.£29,163,453
Canada
288,245
£12,760
138,805
5,876,213
172,515
618,714
7,095
6,288
Belgium
Total
Corporate
Government
Domestic
Exports
Imports
British East Africa
British India
United Kingdom imports and exports of silver,
registered from mid-day on March 27 to mid-day on the 3rd instant:
Foreign
Foreign
of
Shares)
Saturday
following were the United Kingdom imports and exports of gold,
registered from mid-day on March 27 to mid-day on the 3rd inst.:
Bonds {Par Value)
Stocks
Apr. 21, 1939
The
The following were the
(Number
Week Ended
2369
Chronicle
2,821
£76.791
x
£123.393
Coin of legal tender in the United
Kingdom.
Quotations during the week:
"
Week Ended Apr.
at
1 to Apr. 21
/an.
21
1938
13,816,016
Mar. 30......19^d.
Mar. 31
19 15-16d.
504,540
770,785
14,472,354
$6,324,000
$6,805,000
104,000
$153,527,000
$95,085,000
.1,756,000
Stocks—No. of shares.'
Bonds
217,000
111,000
2.154,000
2,448,000
2,254,000
$6,641,000
$7,020,000
$157,437,000
$99,787,000
•
Apr.
1
Apr. 3Apr. 4
Apr.
5..
Average..:
100,000
Foreign governmentForeign corporate
I9%d.
19^d.
20d.
19 15-I6d.
19 15-16d.
19 15-16d.
_19.937d.
19 ll-16d.
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
CERTIFIED
RATES
Highest price.
UNDER TARIFF ACT OF 1930
BANKS TO TREASURY
APRIL
15,
1939, TO APRIL 21.
as
Silver, per oz__ 20d.
>.
Unit
Apr. 15
'
148s. 4.61d.
CABLE
Wed.,
Thurs.,
Fri.,
Apr. 48
-
Apr. 19
Apr, 20
20 l-16d.
20 l-16d.
1488.6 y2d. 148s.634d.148s.6J4d.
148S.6 J4d.
148s .6d.
Holiday
£65 h
£6514
Holiday
£9334
£9334
£10334
£65J4
£653*
£9334
£9334
Apr. 21
20d.
£6634
British 334%
W
$
$
.168011
$
$
$
$
Europe-r-
•
Holiday
Consols 2 y2%.
Apr. 20
Apr. 19
Apr. 18
Apr. 17
19.8218d.
20 l-16d.
Apr. 17
20d.
Gold, p. fine oz. 148s.6d;
Country and Monetary
195-sd.
Tues.,
Mon.,
Sat.,
New York
148s. 6Md,
148s. 2Hd.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Apr. 15
"
Bar Gold,
Per Oz. Fine
Delivery
The
1939, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Two Mos.
20 l-16d.
FINANCIAL MARKET—PER
ENGLISH
RESERVE
FEDERAL
BY
1939:
Silver per Oz. Std-
Delivery
29%d.
19%d.
20.28014.
Lowest price..
Average
record for the week just passed:
a
EXCHANGE
..43 cents
43 cents
____43 cents
19.698d.
Cash
Pursuant to the
FOREIGN
1
3__
4___.
from March 30, 1939 to
Bar
give below
_____.43 cents
Apr.
Apr.
Apr.
19 ll-16d.
RATES
EXCHANGE
—-.._.._._43 cents
Mar. 31
Statistics for the month of March,
FOREIGN
43 cents
—
Mar. 30
highest rate of exchange on New York recorded during the period
April 5, 1939 was $4.68J^ and the lowest $4.68.
The
Total
Mar. 29.
19^d.
19 ll-16d.
—
Domestic.
NEW YORK
(Per Ounce .999 Fine)
Bar Silver per Oz. Std.
2 Mos.
Cash
1939
1938
1939
Exchange
IN
'
LONDON
IN
Sale
New York Curb
.168013
.168019
.168044
.168075
.168084
BelgJum, belga
:
.012075* ..012075* .012075*
.012075*
.012075*
.012075*
Bulgaria, lev,.
a
a
a
a
a
Czechoslov'la, koruna
.208868
.208869
.208862,
.208900
.208893
."208925
Denmark, krone....
4.679375 4.679930
Engl'd, pound sterl g 4.681250 4.680000 4.680000 4.678958
.020520
.020530
.020530
.020530
.020540
.020540
Finland, markka
.026472
France, franc
.026479
.026477
.026479-
.026474
.026476
Germany, relchsmark
.399692
.399971
.399912
.400242
.400566
.400725
.008582*
.008582*
.196000*
v
£9334
British 4%
»
1960-90
on
'*
BarN.Y.(for'n) 4234
.530822
.235087
£10334
price of silver per ounce (in cents) in the United
the same days have been:
The
States
£103
£10234
£103
4234..
'4234
4234
",4234
4234
.052603
.530800
—
.196000*
.052604
L„_
.008496*
Hungary,
pengo
.008585*
.008585*
.008585*
.196000*
.196000*
.196000*
.196000*
.052603
Greece, drachma....
.052603
.052603
.052603
Italy, lira....
Netherlands, guilder.
.530777
.530750
.530794
.530793
Norway,
.235143
.235112
.235125
.235075
.235116
krone.:
'
.188150
.188075
.187925
.042437
.042437
.042437
.042437
.042437
.042437
Rumania
.007057*
.007050*
.007050*
.007050*
.007050*
.007050*
zlpty
.188100
S.
Treasury
(newly mined)
64.64
64.64
64.64
64.64
COURSE OF
Bank clearings
,187950
.188025
Portugal, escudo
Poland,
U.
BANK
64.64
64,64
CLEARINGS
this week will show a decrease compared
.157666*
.157666*
.157666*
.157666*
.157666*
Hankow (yuan) dol
.156416*
.156416*
.156416*
.156416*
.156416*
.156416*
Shanghai (yuan) dol
.160125*
.160125*
.160125*
.160125*
.160125*
.1,60125*
Tientsin (yuan) do)
Hongkong, dollar.
.157468*
.157312*
".157312*
.157312*
,.158562*
.158250*
.286312
.286437
.286312
.286312
,286312
year ago.
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, April 22)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 4.7% below
those for the corresponding week last year. Our preliminary
total stands at $5,515,150,428, against $5,789,120,003 for
the same week in 1938. At this center there is a loss for the
week ended Friday of 9.8%.
Our comparative summary
.349578
.349596
for the week follows:
leu
a
a
a
8weden, krona
.241175
.241100
.241075
.240956
.240966
.240912
Switzerland, franc...
.224180
.224177
.224222
.224219
.224213
.224222
Yugoslavia, dinar..
.022620
.022600
.022580
.022550
.022550
.022550
Chefoo (yuan) aol.'r
...
Asia—
China—
h
"
.286437
,
British India, rupee..
.349584
.349610
.349623
*349534
Japan,
.272742
.272687
.272637
.272700
.541937
.541937
.541937
.541687
yen...
,
..
Straits Settlem'ta, do)
.157666*
.272671
1
with
.272662
.541937
.542000
3.727109
pound.... 3.730312 3.728359 3.728046 3.727343 13.727656
3.743750*
New Zealand, pound. £.745187* 3.744250* 3,743250* 3.743250* 3.743625*
4.624500
4.625000
4.630500
.993886
.993867
.994648
.994902
.999333
.999333
.999333
.200240*
.200240*
.200240*
4.631718
4.631875
4.630000
North America—
Canada, dollar
Cuba, peso...
peso
....
Argentina,
Brazil,
peso
—1.3
.999333
.999333
Kansas City
.200240*
.200240*
St. Louis
.991992
.992343
San Francisco
.312040*
.312040*
.992187
.312050*
.312040*
.311980*
b
b
b
b
b
.051733*
Detroit-
.051733*
.051733*
.051733*
.010000*
.040000*
.569800*
.569800*
.569800*
,569800*
.569800*
Eleven cities, five
.615999*
.615937*
.615916*
.615796*
.615803*
.615639*
GOLD AND SILVER
MARKETS
of
of
GOLD
March 29th was
compared with £226,033,091
against notes on
£226,160,005 at 148s. 6d. per fine ounce as
at|148s. 5d. per fine ounce on March 22nd:
In the open market about £3,300,000 of bar gold changed hands at the
week. Sales were made by the authorities and there
were further resales on Continental account; the main proportion of the
amounts available was secured for shipment to New York.
daily fixing during the
Quotations—
*
Mar. 30
Mar. 31
Apr.
Apr.
•
'
1_
3
Quotations—
Apr. 4
Apr. 5
Per Fine Oz.
148s. 6V2d.
148s. 6^d.
148s. 6d,
_148s. 5d.
-
Average..
I
'
'
Per Fine Oz.
--148s. 5 Ha,
148s. 6d.
148s. 5.92d.
.
days.
day
Total all cities for week
April 5, 1939:
reserve
+ 18.3
73,678,952
121 ,563,000
90 ,234,786
63 ,421,039
+ 16.2
73,446,783
76 ,187,486
—3.6
53 ,411,898
+ 2.9
$4,087,087,301
—6.1
687,490,280
+ 10.4
$4,774,577,581
1,014,542,422
—3.7
919,191,738
days
Total all cities, five
the following from the weekly circular
Co. of London, written under date
of England gold
+ 3.7
66 ,500,000
$4,595,958,690
-
Other cities, five days
b Temporarily omitted.
Samuel Montagu &
The Bank
-
-
Baltimore.
.040000*
No rates available,
+ 5.7
72 ,478,365
$5,515,150,428
$5,789,120,003
-4.7
78,700,000
123,301,000
,
-+1-4
—4.0
.040000*
.569840*
a
156 ,831,434
'
86,580,442
-:
-
—
.040000*
THE ENGLISH
reprint
— -
...
Cleveland.
.051733*
..
$3,837,226,830
758,731,860
—- -•— —
.040000*
.....
165,725,793
75,168,288
54,935,465
.
.-
—
All cities, one
We
-----
.200240*
.9*91367
b
peso.
Nominal rates,
+ 1.4
305 ,000,000
.999333
.992421
.051733*
export
*
225 ,975,310
301,000,060
Boston...——————.—*.—-------
.312050*
peso
"
Urueuay,
—9,8
$2,855 ,483,983
229,056,362
Pittsburgh
rnllrels
peso—official.
Colombia,
Cent
$2,575,633,745
.994804
South America—
Chile,
1938
Chicagol
New York..-.-.
.994453
.991328
dollar.
Newfoundl'd,
1939
Philadelphia.:...
Africa—
Mexico,
Per
Clearings—Returns by Telegraph
Week Ending April 22
Australasia—
Australia,
Unlpn South Africa, £
a
upon
a
a
Spain, peseta
...
—9.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous—the week ended April 15.
For that week there was an increase of 21.6%, the aggregate
results
clearings for the whole country having amounted to
$5,692,261,980, against $4,680,081,302 in the same week
of
Chronicle
Financial
2370
in 1938.
April
Outside of this city there was an increase of 12.6%,
the bank clearings at
Week Ended April 15
this center having recorded a gain of
cities according to the Federal Re¬
they are located and from this it
CI eatings at-
group the
districts in which
29.7%.
serve
We
Inc.
1938
1939
New York Reserve District (including
show an expansion of 28.6%, in the
Boston Reserve District of 11.4%, and in the Philadelphia
Reserve District of 17.2%.
In the Cleveland Reserve Dis¬
trict the totals show a gain of 9.3%, in the Richmond
Reserve District of 14.1%, and in the Atlanta Reserve
District of 39.0%.
The Chicago Reserve District shows an
improvement of 14.6%, the St. Louis Reserve District' of
7.6%, and the Minneapolis Reserve District of 19.1%.
In
the Kansas City Reserve District there is an increase of
0.1%, in the Dallas Reserve District of 7.4%, and in the
San Francisco Reserve District of 4.9%.
appears that in the
this city) the totals
Seventh Feder al Reserve D istrict
—
furnish
2,728,388
2,593,286
1,234,525
986,397
16,123,000
1,378,916
Springfield
1,411,237
1,085,009
17,917,000
1,795,693
5,341,922
21,002,303
1,095,617
10,588,612
3,665,729
354,587
305,417,059
897,612
4,214,808
1,114,575
1,284,901
475,751,180
Grand
Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis...
South Bend—
Terre Haute...
Wis.—Milwaukee
la.— Ced.
Rapids
Des Moines—.
Sioux
City
IIIBloomington
Chicago
Decatur.
by Federal Reserve
a summary
323,255
79,959,395
Detroit
...
Peoria
Rockford
districts:
'
.
SUMMARY
OF
'
1936
1937
Chi cago
438,591
95,397,537
Mich .-Ann Arbor
en-
Dec.
Total (18
In the following we
1939
22
+ 35.7
422,821
109,196,563
2,849,092
1,499,439
1,161,845
15,882,000
1,243,112
4,878,616
19,820,799
360,358
19.3
133,910,758
+5.2
+ 14.3
3,468,522
+
4,538,489
18,770,862
1.125,782
+ 17.7
1,901,482
1,262,024
20,184,000
1,638,619
5,725,186
+ 11.9
25,082,290
—2.7
1,061,313
8,957,084
+ 18.2
—10.8
8,561,165
3,219,807
397,541
358,879,744
917,279
+ 13.4
4,765,941
4,562,879
1,114,299
1,064,443
.
+ 10.0
+ 11
+ 30.2
3,708,217
311,355
+ 13.9
268,065,194
1,006,264
3,717,053
1,065,969
+ 13.9
•
990,620
8,163,435
3,614,834
459,833
305,123,317
813,943
■
1,305,598
—1.6
1,678,247
1,712,070
415,170,641
+ 14.6
574,726,346
482,861,890
32,024,038
+4.6
BANK CLEARINGS
cities)
Lnc.or
Week End. April
1938
Dec.
1937
S
248,234,777
%
+ 11.4
S
222,781,152
298,367,131
298,559,754
2.580,122,304
+ 28.6
3,821,952,443
4,364,813,254
+ 17.2
260,034,720
+9.3
119,579,236 + 14.1
421,820,842
382.953.o90
366,168,496
307,470,618
1939
15.1939
Federal Reserve Dists.
1st
Boston—...12 cities
1930
Eighth Federa I Reserve Dls trict—St. Lb uis—
Mo.*—St. Louis..
New York.. 13
"
3,317,665,263
3d
PhlladelphialO
"
391,358,348
4tb
Cleveland..
7
"
284,124,843
333,867,896
.
6th
Richmond..
6
"
6th
Atlanta.—10
"
170,420,459
122,616,920
7th
Chicago.'...18
475,751,180
415,170,641
8th
St, Louis.4
"
"
9th
Minneapolis
7
136,383,069
140,336,916
"
"
10th Kansas City 10
11th Dallas
6
104,472,484
"
-
.
179,373,023
574,726,346
'
"
Total
113 cities
Canada...
We
69,866,439
32 cities
+ 0.8
694,000
476,000
Total (4
cities).
140,336,916
130,431,074
+ 7.6
165,203,523
142,713,585
16,813,547
x
x
142,713,565
104,309,192
Ninth Federal
159,535,818
136,657,855
Minn.—Duluth..
2,671,343
3,330,044
62,307,936
Minneapolis...
67,991,919
St. Paul
27,008,526
56,383,707
22,565,619
1,687,828
+ 19.7
73,946,406
27,111,608
+ 54.8
2,497,811
746,903
606,892
+ 23.1
768,337
600,715
729*507
699,159
+4.3
705,352
2,711,645
2,442,309
+ 11.0
2,896,904
591,909
2,406,682
104,472,484
87,715,558
+ 19.1
111,709,058
104,309,192
75,500,903
+4.9
220,718,812
5,692,261,980
4,680,081,302
2,208,427,861
282,845,443
236,620.079
Reserve Dls trict—
N. D.—Fargo...
+21.6
+ 12.6
287,528,463
236,377,080
613,000
111,709,058
+0.1
+ 7.4
65,025,456
2,486,003,558
add
618,000
93,400,000
165,203,523;
.
Outside N. Y. City
103,100,000
40,760,125
20,649,398
+ 4.8
482,861,909
122,017,534
231,518,712
+ 24.1
Quincy
'
12th San Fran—10
+ 6.7
15,942,963
141,573,985
+ 14.6
130,431,074
+ 7.6
87,716,558 + 19.1
81,706,396
32,168,715
111.—Jacksonville
131,988,907
+39.0
122,129,490
"
146,583,965
34,334,826
19,784,090
Tenn.—Memphis
'
2(1
85,600,000
Ky.—Louisville..
6,603,786,991
6,792,835,645
S. D.—A her deen
2,910,146,664
2,542,901,262
2,612,641
Mont.—Billings.
Helena
-17.8
355,220,949
.
Minn
polls
—19.8
ea
3,782,640
+ 20.0
2,437,642
68,037,604
27,678,417
2,5.56,223
265,959.451
Total (7
detailed statement
cities).
showing last week's
figures for each city separately for the four years:
now
our
Tenth Federal
Lincoln
Inc. or
1939
1938
1937
Dec.
Omaha
1936
Reserve Dist
rict—Boston
_%
504,133
515,501
Portland..
1,873,405
190,643,669
—0.2
Fall River.
,
Lowell—..—
652,714
2,178,523
.
+11.8
257,720,358
787,219
519,214
■
570,741
+ 8.9
—4.8
308,775
387,253
080,234
3,176,234
1,791,225
11,139,209
730,971
2,995,238
9,172,863
+ 21.4
3,960,411
9,757,900
441,444
+ 17.0
R.l.—Providence
N.H.—Manches'r
4,633,414
9,838,100
520,114
Total (12 cities)
,248,234,777
222,781,152
+ 11.4
New Bedford—
Springfield...
Worcester
Conn, r—Hartford
New Haven
1,725,696
'
—6.1
974,273
+ 6.0
+ 0.8
3,617,706
,2,456,289
12,788,356
4,616,274
"11,503,500
+ 17.8
543,705
298,367,131
298,559,754
Total
470,186
*
+ 3.8
■
Fedei
al Reserve D istrict—New
—30.9
+ 3.5
+ 19.9
83,245
136,556
2,833,730
+ 0.8
+ 48.7
—10.6
32,861 #116
2,181,208
3,240,981
—1.9
2,902,475
,32,231,668
1 ,646,544
85,208
147,088
■
114,143,876
1,778,260
3,184,340
■91,281,499
2 ,455*271
+ 17.5
3,223,304
780,396
3,000,014
802,921
453,605
—22.7
726 688
+ 60.2
680,954
790,528
122,129,490
122,017,534
+ 0.1
159,535,818
136,657,855
47,088,237
620 948
(10 cities)
567,327
799,290
1,645,007
13,087,216
4,326,714
Eleventh Fede ral
Texas—Austin..
Dallas
„
10,484,100
Fort Worth..
Galveston
Wichita Falls.
I.a.—
Shreveport.
Peserve
District—Da lias—
2,058,009
53,223,611
2,127,115
49,204,115
—3.2
+ 8.2
1,659,404
57,959,4^8
7,125,533
2,581,000
5,726,264
+ 24.4
7,153,784
3,546,000
—27.2
3,692,000
1,031,328
3,846,958
1,103,963
3,317,999
—6.6
+ 15.9
1,004,168
4,032,119
3,529,177
69,866,439
65,025,456
'+7.4
75,500,903
62.307,936
1,478,777
8,165,136
3,201,000
845,609
York-
11,713.737
10,950,808
1,184,567
1,036,728
33,600,000
31.200,006
461,929
609,207
850,423
737,513
3,206,258,422 2,471,653,441
7,789,010
7,183,475
4,374,996
4,274,631
3,914,000
3,860,583
3,740,121
3,385,899
+ 24.6
3,527,075
"
N. Y.—•Albany—
Blnghamton...
City
as
3 ,068,836
82 ,755,110
81,152 464
'2,885 083
St. Joseph
Colo.—Col. Spgs
Pueblo..
546,504
1,936,428
260,615,118
703,313
418,803
Kans
73,939
140,515
2 ,358,266
28 ,262,527
2,744 ,630
Mo.—Kan. City.
—2.2
1,870,312
213,079,049
027,978
Me.—-Bangor—
Mass.—Boston..
—
2,449 ,222
28,486 ,023
_
Wichita....
$
Federal
2,826 822
r-
Kan.—Topeka
Second
92 ,154!
145 456
Hastings......
Clearings ai~
First
Reserve Dls trict
Neb.—Fremont-
Week Ended April 15
Buffalo.
.
Elmlra.
Jamestown...
New York:..
Rochester.....
Syracuse..—__
Westchester Co
Conn.—Stamford
N. J.—Moutclair
,
Third
Federal
+ 15.3
+ 29.7
+ 8.4
+ 2.3
+ 1.4
—
3,743,466
3,283,840
+ 10.0
21,736,574
21,816,151
+ 15.5
33,705,441
29,578,737
+ 28.6
470,89:
400,000
delphi
434,658
.583,316
352,613
Bethlehem
Chester.
Lancaster.
1,362,381
Philadelphia
370,000,000
1,714,094
2,184,566
930,909
Reading
Scranton
.
York
N. J.—Trenton._
1,273,811
6,5?2,000
Total (10 cities)
391,358,348
405,463
3,821,952,443 4,364,813,254
•
'484,602
479,591
745,215
367,282
600,000
1,491,475
407,000,000
1,642,124
2,771,583
1,046,646
2,243,915
4,028,000
1,587,144
369,000,000
1,445,705
2,264,884
1,153,869
1,907,567
4,110,300
421,820,842
+ 35.8
'
268,009
+ 31.6
1,259,731
323,000,000
+ 10.4
+ 8,1
1,315,139
2,131,707
752,420
+ 23.7
1,486,228
—14.3
+ 30.3
+ 2.5
2,819,800 + 131.3
Ore .-^-Portland..
33,915,688
1,179,087
+ 17.2
Fourth
"
404,530
Feder al Reserve D istrict—-Clev eland-
2,142,892
57,044,075
Cincinnati
Cleveland
94,295,891
10,781,500
1,706,609
3,127,305
115,026,571
+ 32.7
2,413,665
73,284,338
113,063,923
13,827,400
2,299,487
4,707,908
100,759,657
+ 14.2
156,571,775
,+0.6
,
Pa.—Pittsburgh
.
Total (7 cities).
284,124,843
Fifth Federal
Reserve Dist
260,034,720
+ 21.1
+ 9.3
+ 6.0
1,795,419
+ 20.4
—3.7
__
2,059,736
1,894,399
+ 8.7
231,518,712
220,718,812
+ 4.9
Pasadena
San
Francisco.
San Jose
Santa Barbara.
Stockton
Grand
total
W.Va.—Hunt'ton
2,086,214
63,872,765
84,966,883
10,290,700
366,168,496
1,515,088
3,044,099
141,699,869
307,475,618
cities)
—.....
5,692,261,980 4,680,081,302
Outside New York 2,486,003,558 2,208,427,861
Md.—Baltimore
D, C.—Wash'ton
319,397
2,189,000
33,174,440
1,055,617
59,749,023
23,091,758
Total (6 cities).
136,383,069
119,579,235
S. C.—Charleston
_
+ 17.4
+ 15.4
411,745
3,276,000
39,349,378
1,421,647
74,126,655
27,998,540
32,028,312
1,207,976
71,941,906
23,669,334
+ 14.1
146,583,965
131,988,907
+ 15.4
+ 5.4
+ 73.0
+ 17.2
•
.
888,536
29,432,298
15,336,973
5,244,357
4,535,825
4,925,223
2,416,289
3,738,940
142,384,965
2,741,501
1,464,372
2:093,706
282,845,443
236,620,079
+ 6.4
+ 7.5
,
168,168,000
2,851,152
1,780,674
276,379
2,865,000
+ 21.6 6,603,786,991 6,792,835,645
+ 12.6
2,910,146,66^ 2,542,901,262
Week Ended April 13
"
Clearings alInc. or
_
—j
Montreal
1938
i
98,238,939
—18.6
72,616,204
87,316,315
26,523,907
—
22,220,256
Vancouver-..
Quebec
12,106,924
14,674,848
3*364,307
Halifax
1,804,072
Hamilton
3,807,435
4,124,056
Ottawa
1936
S
%
79,937,497
—
—
1937»
Dec.
$
Winnipeg—
127,238,510
112,780,314
35,331,672
91,627,543
—16.2
14,764,847
—18.0
18,336,762
15,376,172
—13.4
16,245,548
4,341,473
2,201,469
11,334,086
5,350,529
5,500,304
3,481,146
16:8
74,929,325
37,211,774
Edmonton
3,057,792
16,942,516
4,409,107
2,178,113
5,117,337
4,581,484
1,657,388
1,557,894
2,383,721
4,018,537
—23.9
1,707,208
1,724,089
2,830,545
4,218,084
Reglna.
2,710,429
4,620,013
—41.3
3,774,128
247,760
—19.7
276,042
455,474
308,714
434,721
+4.8
485,546
410.654
976,228
1,176,211
—17.0
1,333,936
1,028,420
St.
John
1,582,837
London
rlct—Richin ond—
374,865
2,526,000
34,980,788
1,825,915
70,023,754
26,651,747
Richmond
2,368,719
34,002,963
«
(113
Victoria
Va.—Norfolk
34,300,782
18,130,430
4,145,948
3,720,132
131,593,000
Calif—I/g Beach
Calgary.
Coluipbiis....
Mansfield
Youngstown.—
+ 10.0
—5.1
43,926,537
1,101,999
13,817,454
Utah—S. L. City
Toronto.
1,695,530
-56,724,066
85,727,756
11,361,100
1,409,831
2,356,780
+ 26.4
+ 28.7
+ 8.0
—14.5
Canada—
Ohio—Canton.
+ 3.9
916,501
27,809.661
30,026,016
11,814,907
4,411,843
3,998,151
139,533,000
2,851,335
1,728,889
1939
333,867,896
Franci sCo—
32,657,579
382,953,590
+ 7.2
429,399
Yakima....
Total (10 cities)
9.5
+ 58.0
Reserve Dls trict-^-Phlla
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
.
283,679
3,317,605,263 2,580,122,304
'
•
16,244,071
22,347,971
Pa.—Altoona
Wllkes-Barre.
—24.2
8,327.314
8,998,007
1,193,205
1,087,961
41,100,000
33,300,000
630,584
\. .629,980
830,294
550,277
3,693,640,327 4,249,034,383
8,611,636
8,116,272
4,792,943
4,194,508
3,169,698
2,923,138
448,225
Northern N.J.
Total (13 cities)
+ 7.7
17,870,092
25,813,357
Newark..
,
+ 14.3
Total (,0 cities).
1,313,207
1,824,809
;
Brandon
Lethbrldge
Saskatoon
—23.7
—17.2
—25.6
—10.0
—4.5
—15.7
—23.4
4.057,874
1,739,917
4,464,546
1,506,853
1,354,465
2,247,323
2,980,764
2,327,275
249,596
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nvllle.
Ala.—Birm'ham
_
Mobile
Miss—Jackson.
rict—Atlant
4,515,293
19,969,168
3,129,779
16,636,468
+ 44.3
52,700,000
1,075,064
792,485
+ 23.1
+ 21.5
16,773,000
19,816,635
1,693,966
16,953,000
—1.1
1,626,723
1,271,164
19,775,000
16,936,355
1,413,265
+ 17.0
23,559,339
+ 19.9
1,668,246
x
_
Vlcksburg
La.—N e w Orleans
149,299
40,282,907
+ 20.0
+ 26.3
4,336,729
22,838,514
65,500,000
4,069,921
18,754,179
49,700,000
1,183,376
846,359
14,856,000
17,859,590
1,333,699
—10.6
657,938
508,590
—16.6
869,254
—20.9
750,419
546,307
808,569
680,185
660,911
—17.3
639,560
207,976
677,134
468,326
531,910
319,947
Kitchener
Windsor
+ 29.5
142,151
12,865,218 + 213.1
38,655,157
117,268
32,853,593
170,420,459
122,616,920
+ 39.0
179,373,023
254,154
—19.6
601,677
555,340
686,774
—19.2
592,607
508.068
981,816
2,687,882
—17.8
942,789
860,214
—15.8
2,805,054
2.432,416
295,932
—35.5
288,949
239,610
Moncton
522,575
658,400
—
20.6
678,183
580,140
Kingston
412,736
516,590
470,446
—12.3
477,389
—0.0
574,283
432,226
397,850
425,594
516,676
396,922
+ 7.2
409,198
359,465
_.I
899,740
1,098,949
—18.1
cities)
236,377,080
287,528,463
-17.8
2.263,752
190,969
Prince AlDert
Chatham
_•
Sudbury
Total (32
Total (10 cities)
+ 10.6
573,317
555,204
806,920
_
188,077
461,113
Peterborough
Shrebrooke.—„
Sarnia
x
115,286
593,843
537,992
Medicine Hat
Reserve Dist
04,900,000
1,357,517
962,674
Tenn.—Knoxville
531,141
674,336
Fort William....
New Westminster
Sixth Federal
Moose Jaw
Brantford
141,573,985
*
Estimated,
x
No figures available.
1,003,346
760,472
355,220,949
265,959,451
,
Chronicle
Financial
148
GOVERNMENT
RECEIPTS
EXPENDITURES
AND
Internal Revenue:
tion in weight of gold dollar..
Seigniorage
50,000,000
43,000,000
342,000,000
374,000,000
18,000,000
I5,ooo,ooo
107,000,000
137,000,000
134,452,805
143,366,327
1,407,778,246
1,341,894,443
1937-38
1938-39
Total
1,744,526,031
1,995,073,344
Trust accounts
1,697,272,169
1,771,668,728
Transactions in checking acc'ts
of Govt, agencies (net), &c.:
$
%
Expenditures—
1,440,271
4,409,730
4,255,814
3,857,772
3,444,205
479,079,664
461,380,369
26,968
C10.485
81,690,255
123,209,536
-
29,265,729
26,306,692
se-
3,865,227
1,841,753
2,276,155
Seigniorage
1,023,164
b642,891
bl,440,640
b515,687,207
28,403,876
59,002,554
18,516,349
2,044,805
16,124,200
d58,417,499
64,990,276
737,390,992
959,403,645
4,390,177,312
4,819,688,410
53,904,573
51,693,783
521,039,281
3,463,020
4,260,498
34,207,352
48,832,150
7,979,383
6,569,480
145,159,497
124,520,846
(Sec.
as
Expenditures—
■
General—Departmental,
_
.
Public highways.a
•
and
work
harbor
and
13,029,949
11,632,752
143,175,241
2,293,389
33,386,722
825,673
1,418,964
7,759,736
24,948,171
2,375,028
23,268,331
9,235,601
"
-
255,015,976
2,323,702
37,687,115
34,108,395
332,087,005
54,825,073
470,544,360
45,843,920"
48,840,957
Agricultural Adjust. Program
93,802,754
58,278,074
510,216,501
3.530,975
114,103
16,600,129
23,830,149
26,607,416
220,847,986
251,711,174
Farm Credit Administration, a
3,637,207
2,665,380
b3,464.188
b3,856,061
Tennessee Valley Authority..
3,146,996
3,082,219
32,307,403
31,968,903
Interest on the public debt
dll9,662,466
153,394,206
d591,995,437
615,436,794
Refunds—Custems
'
12,325,622
13,368,209
416,004,786
.
2,280,856.
Internal revenue
3,819,291
1,024,302.
Sub-total
498,732,171
28,074,977
9,279,355
on
in
int.
/.'
-2
476,319,950
3,811,210,079
U.
•
S.
savings
487,894
Commodity Credit Corp—
Relief
—
/
1,581,293
1,910,250
22,445,827
Public highways
1,863,942
3,623,429
24,388,316
504,755,000
bonds
467,767
1,935,694
9,009,132
Rural Electrification Adrn.
21,280
293,487
605,179
■
"
(Act June 21, ,1938).
145,177,690
31,158,679
1,726,282,829
'■
(Act June 21, 1938)
12,061,095
■
-———
1.—571,011,144
-
■
■
649,444,002
..........
Emergency housing
Fed.
1,034,600
U. S. Housing Authority.Farm
1
450,978,400
"
130,102
1,959,308
,5,027,394
450,978,400
2,619,244,600
■■,-,.-,==== =—;—.
.
certificate
service
•
(certificates)
-
Sub-total
50,000,000
-41,000,000
590,157
4,828,001
20,556,308
123,911.501
■
Reconstructs Finance Corp
•
■
.
•
„
•
-
4,000,000
■/
"
297,406,591
195,596,878
2,325,201,563
53,000,000
Agricultural aid:
Farm Credit Administration
•
b475,75l
»'
-
b276,827
,
municipalities,
&C
■
6,074,758
18,448,743
Loans to railroads...
'18,171,916
5,599,007
18,000,000
Govt, employees'
'
493,478,000
"
76,146,088
994,750
59,394,150
9,000
309,500
46,622,467
•
...
58,806,279
33,138,350
323,050
1,937,150
415,300
751,700
,'20
3,020
294,100
"
30,417
19,95?
212,851
/
2,443,660
3,698,430
28,939,048
Savings'bonds...—
items
bank
Fed. Res.
bank noice...
.517,400,645
'■
:=
'
Sub-total,.---
'68,000,000
4C.).
68,536,494
84,164,872
9,561,750
.
■
879,299,519
374,000,000
Railroad retirem't acc't(notes)
Civil serv. retire't fund (notes)
1,022,340
1,049,153
"
1
1
-
2,619,244,600
48,654,530
3,500,553,030
7
■
137,000,000
For. Serv. retirem't f'd (notes)
Canal Zo. retire't fund (notes)
73,255,000
6,764,353,436
-..
2,200,000
16,200,000
16,000,000
31,000
261,000
216,000
27,000
217,000
185,000
•-
13,000,000
.
Fed. Dep. Ins. Corp. (notes).
"
,
26,000,000
20,000,000
——:
25,000,000
"
16,744,000
37,858,000
120,978,000
1,800,877,945
1,252,988,640
6,680,939,928
5,097,406,430
2,620,483,688
1,131,688,422
109,601,000
56,633,050
751,952,643
~=
-
26,500,000
.—
Sub-total
35,298,700
■,
41,700,000
38,ooo,000
Postal Sav. System (notes)...
584,255,000
1,487,252,400
=—.
27,300,000
-20,000
75,106,600
3,863,900
2,619,244,600
13,500,000
>
24,000
524,106,600
...
1,487,252,400
2,100,000
2,200,000
107,000,000
5,542,746,073
207,451,001
Excess Of expenditures
14,025,450
,
3,940,717,328
7
450,978,400
500,000
14,000,000
Excess Of receipts
Excess of receipts..
1
,======= ===============
Total public debt expend'S.
Total expenditures
'
450,978,400
1,266,733,300
-
Adjust, serv. ctf. fund (ctfs.).,
342,000,000.
58,000,000
11,338,300
-
—.
Sub-total......
Special series:
•
'
764,152,240
="■
1,266,733,3p0
Govt, life insur. fund (notes).
Debt retirements (sinking fund,
66,545,400
4,292,000
,
and
notes
15,000,000
..........
3,250,597,000
494,600
41,432,050
99,313,488
,
i
funds (U. S. share)..
3,771,162,009
B
24,100
3,"992,550
5,532,650
b3,308,465
•
retirement,
,
743,317,000
253,500
9,964,900
!-
43,000,000
50,000,000
•' '7
,
Unemploy. trust fund (ctfs.)..
Railroad retirement account.,.
6,229,094,852
-l,-v ,==
•
6,489,788
.•
Transfers to trust accounts, &c.:
Old-age reserve account.....
1,069,633,000
Treasury bonds
......v...
...
899,448,000
9,501,4.23,615
-
x== ■■■- v.r
Sub-total...
■
Sub-total.......
75,100,000
1476,557,002
127,350
bll.840,151
.
■'
...
35,000,000
89,100,000
1,927,438,494
Exchanges—Treasury notes..
*
...
30,000,000
2,849,450
Other debt
1,515,270,104
:
Loans and grants to States,
—17,300,000
7,838,048
"
b7,609,594
25,ooo,ooo
.
Fourth Liberty bonds.....
b4,523
'■
Public works:
227,000
First Liberty bonds..
■
,
469,000
215,000
..."
U. S. savings bonds...
2,658
National
Revolving funds (net):
367,000
;....
4400,000.
.
Treasury bonds.
,
Postal
Sub-total
79,700,000
21,000,000
'
-
Treasury notes
7,150,825
"
3,296
bi37
'495
80,000,000
374,000
459,000
'
.
Adjusted service bonds....
:...
..."
Admin, for Indus, Recovery..
369,000,000
11,000,000
81,100,000
.
..........
..........
Certificates of indebtedness
•
Export-Import Bank of
Washington
457,870,000
'
332,000,000
1,100,000
_
Cash—Treasury bills..
' 8,727,491
' 128,841,150
Miscellaneous:
;
32,000,000
351,000,000
10,000,000
„..
^
■
23,000,000
■
,
1,487,252,400
23,000,000
'
.
i
698,308,700
,
.
-
14,000,000
—
Market operations:
15,096,993
492,926
Security Admin...—
10,299,700
"788,943,700
2,507,598,800
1,266,733,300
Expenditures
4,745,128
22,452,275
31,625,952
Federal Housing Admin—
5,169,700.
111,645,800
145,901,738
69,846
b44,439'
^
3,661,909,752
|
1,213,620,100
Dep. Ins. Corp. (notes)=
*
■
174,247,452
..........
2,499
e
4...
Total public debt receipts..
Home Loan system.....—
5,977,561,315
^
—........
Govt, life insur.'fund (notes).
*•
Aid to home owners:
•
600,000
~
-
'
'
394,757,760
—42
"
Postal Sav, System (notes)...
8,707,272
24,233,287
293,513,250
522,513,915
48,258,002
of
bank notes
.Canal Zo. retire't fund (notes)
Alaska RR retire't fund(notes)'
.
"L934,7<?6
All .other
219,035,700
•
.
For. Serv. retirem't f'd (notes)
1,002,596,491
182,319,610
..........
Public Works Admin., loans
66,256,144
Civil serv.retire't fund (notes)
4,054,444
201,027,923
'
Unemploy. trust fund (ctfs.)Old-age reserve acc't (notes).
Railroad retirem't acc't(notes)
23,195,511
dud. Nat.'Youth Adrn.)
Public Wks. Admin, grahts
2,754,003,000
670,668,500
864,582,900
594,050
fund
...
3,919,796,000
..—....
(incl.
■*
Adjusted
19,919,644
Works Progress Admin, (in-
.
601,186,000
1...
Special series:
74,264,394
•
,
■
'
Sub-total
River and harbor work and
flood control...."
=,
53,113,200
'
Reclamation projects
=....
..........
-
v.
Treasury bonds
4,320,701
.
7p,087,663
..........
,
bii,053
2,024,737.
686,457,349
----
Adjusted service bonds—----
50,419,174
108,031
876,771.
L
27,498,445
51,840,124
=====
.
Sub-total
3,597,063
31,364,476
b44,438
_.
154,149
-
Public works (incl. work relief)
50,992,787
1,262,806,780
Exchanges—Treasury notes..
5,858,800
6,701,071
78,463,889
721,320,897
...
retirement
for
National
3,302,423,048
"
7,104,614
unclassified sales)-.....-
Deposits
============
....i—.
80,000,000
.
115,867,882
Treasury savings securities.'
•/
.
4
2,174,132
.
2,903,860
u,ooo,ooo
9,275,155
V
Treasury bonds
rate
mortgages
9,353,777
10,000,000
82,612,681
•
Treasury notes....
6,844,323
*
—reduction
736,133
•
,
■
Cash—Treasury bills.
24,205,780
■_=. ============
Federal Land banks
1,443,529
--
Market operations:
184,061,111
1,938,230
Agricultural aid;
Mtge. Corp.
369,000,000
.-—--.J
,<
Recovery and relief:
76,990,000
332,000,000
Receipts—;;
437,077,320
2,655,916
'
327,531,000
41,000,000
50,000,000
Public Debt Accounts
292,409
Civilian Conservation Corps, a
Processing tax on farm prod.
35,930,000
"
•
Excess of receipts or credits
421,880,87(5
1,444,874
42,518,180
444,870,000
43,905,000
reserve account:
Excess of expenditures
300,702,553
52,884,762
Act
5,497,306
313,000,000
«
Total. i
5,000,000
Navy.......
Veterans' Administration.a..
Federal Farm
3,284,480
23,000,000
-
>
Benefit payments
b305,308
5,000,000
108,503
.
'
125,000
213,465,245
479,785
Army
"
'
Investments....
National defense:, a
31,886
National
Benefit payments...........
Railroad retirement account:
2,585,516
339,228
U. s. Housing Authority.a..
Dist. of Col. (U. S. share)...
,
of
24,407,438
215,973
...■.
"
,
Investments
8,584,237
100,182
,.i
—.....
Act
Tenant
2,388
Act,
Withdrawals by States......
29,764,281
Railroad Retirement Board..
Farm
c89i,667
:.
retirement
Old-age
bo9,128
b61,429,598
16
■
banknotes....
127,362,270
5,127,418
Panama Canal..
Social Security
Res.
Fed.
b88,483,065
bl39,054,6U
b57,ooo
'■*
Investments
431,512,989
:
.
flood control.a
Reclamation projects.a..
Postal deficiency....
13b,
b34,842,259
on
Unemployment trust fund:
•
a....
Public buildings, a
River
b29,997
b29,34,439
amended)
For
Total receipts
4,778,266
b42,121,881
Payments to Fed. Res. banks
30,559,478
7,759,219
2,475,775
30,657,474
revolving
gold—Melting losses, &c...
18,825,086
2,095,321
d7,162,013
Other miscellaneous...
136,161,812
b945,299
2,599,682
fund (Act June 21,1938)
Chargeable against increment
170,322
50,246,693
'
2,496,988
<
6,236,071
233,282,593
1,653,863
Other
71,649
256,177
All Other
==============
2,113,543
Public Works Admin
Panama Canal tolls, &C
=
,
252,744,751
bl,222,174
b5,928,119
RFC (see note 1)
',
73,755
—
13,810,862
v
U. 8. Housing Authority....^.
curlties:
Principal—for'n obliga'ns—
Interest—for'n obligations.
============= = ■
18,772,483
Rural Electrification Admin..
290,471,254
239,564,790
\. ==============
,
Commodity Credit Corp
Export-Import Bank Of Wash.
Miscellaneous receipts:
of Govt .-owned
1,005,659
71,167,046
528,161,554
$
.
403,245
68,937,291
635,302,731
July 1 to March 31
1938
253,201
employees
25,987
6,113,435
56,692,889
Taxes upon carriers and their
Customs
Proceeds
28,769
191,078,904
Taxes under Social Secur. Act
320,560,184
;
7,244,783
723,002,013
Unjust enrichment tax
$
254,134,979
34,038,414
-
182,815,897
revenue
1937-38
$
22,534,016
Unemployment trust fund
Old-age reserve account
$
Miscell. Internal
1938-39
Increment resulting from reduc¬
505,772,709
Income tax
$
Railroad retirement account!...
Month of March
1939
1938
$
25,140,839
*
Jtdy 1 to March 31
1939
Receipts—
Trust accounts
1938-39 and 1937-38;
Receipts—
Month of March
Gold, &c.
on
Through the courtesy of the Secretary of the Treasury,
we are enabled to
place before our readers today the details
of
Government receipts and disbursements for March,
1939 and 1938, and the eight months of the fiscal years
General & Special Accounts:
2371
Trust Accounts, Increment
.
Volume
141,908,528
126,560,550
Excess of expenditures..
2,374,176,124
723,057,663
Increase
(+)
76,431,638
•
or Decrease
(—)=============
=========== =============== ===============
in Gross Public Debt—
Summary
of
Excess
expenditures
Market operations:
(+)
or
receipts (—)
Treasury bills
+ 141,908,528
Less public debt retirements..
9,561,750
—207,451,001+2,374,176,124
3,863,900
35,298,700
+ 723,057,663
+11,277,000
Certificates of indebtedness..
56,633,050
Treasury notes
Bond8
of
Excess
(+) or
receipts (—) (excluding public
expenditures
debt retirements)
+ 1269,240,126
-
Other debt items
National
+132,346,778
—211,314,901
+2,338,877,424
+666,424,613
+51,840,125
+27,498,445
+ 686,467,349
bank
excess
of
Sub-total
+80,506,653
Total
excess
of
—238,813,346 +1,652,420,075
-48,054,530
+72,356,000
i'
:
—113,673,638 +2,042,013,688
+37,242,000
1—:
1
■
■
+778,470,000
'
+171,656,422
+960,032.000
—-
.
—242,097,826+1,646,922,770
+ 544.818,771
+46,053,897
relief" and "Revolving funds (net)," the classification of which will be shown in the
statement of classified receipts and expenditures appearing on page 7 of the daily
+165,666,188+1,173,560,918
+ 586.869,651
Treasury statement for the
Total
a
decrease (—) in
the gross public debt
—1,049,111
—28,939,048
+54,204,560
_
+ 587,336,950
c
Gross
—212,851
—3,698,430
+80,506,653
general fund balance
or
—19,952
—2,443,660
—44,518,179
3,264,480
expenditures
( + ) or receipts (—)
(+)
+ 487,170,794 +3,801,388,436 +1,257,015,963
5,497,305
.
Increase (+) or decreases (—) in
Increase
—994,750
—538,667,150
—496,594,000
and
Special series
Less Nat. bank note retlrem'ts
—494,500
+ 79,087,663
expenditures
( + ) or receipts (—)
+148,634,000
—24,100
-454,970,950 —1,878,362,350
—30,416
notes
Fed. Res. bank notes
Trust acc'ts. increment on gold,
&c.,
—142,131,000
—253,500
—1,223,585,000
,T-
Gross public debt this date
—76,431,638 + 2,820,483,688+1,131,688,422
Additional expenditures on these accounts are Inoluded under "Recovery and
Counter entry
(deduct),
15th of each month,
b Excess of credits (deduct),
d Premiums aggregating $29,752,190.10 received from
issuance of Treasury bonds and notes on March 15,1939, classified as "Miscellaneous
+126,560,550
—76,431,638
39,858,663,453
37,632.733,793
37,164,740,315
36,424,613,733
1939„ as credits to the interest on
the public debt account for the purpose of more accturately reflecting the interest
cost of the Government.
39,985,224,003
37,558,302,155
39,985,224,003
37,556,302,155
Loan Corporation, and Federal National Mortgage Association.
+ 2.120,483,688 +1,131,688,45t2
public debt at beginning
Of month or year
+126,560,550
receipts," were reclassified effective March 31,
Note 1—Includes transactions on account of RFC Mortgage
Company, Disaster
Financial
2372
DEBT
UNITED
The
preliminary
OF
STATEMENT
STATES
MARCH 31,
PRELIMINARY
Bonds—
I
Below will be found
a list of bonds, notes and preferred
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":
$49,800,000.00
28,894,500.00
117,776,160.00
$196,470,660.00
Treasury bonds:
4M% bonds Of 1947-52.
4% bonds of 1944-54..
3H% bonds of 1946-56
Z%% bonds of 1943-47
3*4% bonds of 1940-43
2H% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
34% bonds of 1941
3H% bonds of 1943-45
34% bonds of 1944-46
3% bonds of 1946-48—-i.
3H% bonds of 1949-62
2VS% bonds of 1955-60
2%% bonds of 1945-47.
2%% bonds of 1948-51
2%% bonds of 1951-54...
2%% bonds of 1956-59
24% bonds of 1949-53
24% bonds of 1945.....
24%. bonds of 1948
24% bonds of 1958-63
*
.
—.
-
*
...
—
....
*——*:.
——
24% bonds of 1950-52...
2*4% bonds of 1960-65'.-.
2% bonds of 1947
"
,
'
•
.
Hackensack Water Co
first mortgage 4s
International Salt Go. 1st mtge. 5s
.
.
Series A-1935...
Series B-1936
—
*
Series C-1938
521,822,249.13
Series D-1939
157,954,143.75
Unclassified sales
;
,
86,043,714.04
*
.
1,701,380,490.42
—
Adjusted Service bonds of 1945
$290,732,600.00
...
(Government Life Insurance Fund series)..
500,157,956.40
790,890,556.40
...
Total bonds.........
.
15,1939..
15,1939..
15, ld39—
15,1940—
15,1940..
15,1940—
15,1941..
15,1941..
15,1942..
$26,980,900.00
526,232,600.00
426,554*,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
15,1942..
'342,143,300.00
15,1942—
15,1943..
15,1943..
232,375,200.00
15,1941..
'
series
The
»
*'
•
following securities
tO l943
-May
1
—May 31
June 30
May' 1
May
2
sold at auction
*
1
1
1
15'
RR.,
par
$100
1 Vermont & Massachusetts RR., par
''
'
26
1817
,1179
1655
2462
1975
1819
11
29
29
I
16
1
1977
1977
1977
2134
1659
2134
.
par
Cordage Co.,
j.*.——_
12,837,750.00
4% and 44 % Second Liberty Loan bonds of
•
^hares
V--73J4
101
,.——$55 lot
Per Cent
—
-
$100
—
—
*
-
—*.-
-
par
$50-
—- —
—
_'*;
—
—
——
_
;.
_
69,094,000.00
223,950.00
,
Propper-McCallum Hosiery Co.,
Inc.,
50common v.t.c. (new)
1
...
1st
pref.
14
—'
314
——$50 lot
$100;
$60 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
„
"
,
50 S. LesseA Sons, Inc., capital-..
$ per
;._'*.
...
41 Delaware County Trust Co., Chester, Pa., par
156,039,430.93
par
.....
20 Haverford Land & Improvement Co....
$346,681,016.00
(new),
v.t.c.
—
$10
Shai*
$1,150 lot
—_$5 lot
2%
10
75
....
2 Elklns Park National Bank, Pa, par $100
—
5 Irwin Savings & Trust Co., Irwin, Pa—
$190,641,585.07
.
,
'
222,588,413.50
DIVIDENDS
2,031,728.28
Dividends
3,243.479.14
418,505,205.99
Total gross debt—
$39,985,224,003.07
first
NOTICES
Saltzman, Vice-President and Secretary of the New York
Stock Exchange, will be guest speaker at the spring meeting of The Cashiers
Association of Wall Street, Inc. to be held at the Cafe Savarin, 120 Broad¬
Tuesday evening, April 25, and will talk
on
"The Reorganization
we
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
Then
current week.
show the
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
—Charles E.
The dividends announced this week
are:
Exchange and its Relationship to Wall
Thomas B. MacDonald, of Blyth & Co. and 2nd Vice-President
Association, is chairman of the committee
on
—A. J. Anderson and R. L, Jones announce the
arrangements.
Per
■*
continuation under the
of the business formerly conducted by Wolff &
specialize in over-the-counter and reorganization securities.
50 Bread St., New York City.
'
Stanley to
Offices are at
p
,
" 70
—
5
20
;l
—-
15 Rhode Island Public Service, preferred, par $27.50
20 W>re Industries, common; 4 Boston Regional Produce Market, pref-.
2,021,950.00
19,023,550.00
643,500.00
21,110,350.00
4,470,350.00
15
70
——
——
*
—
3 Columbian National Life Insurance Co., par $100-.
100 units Cooper River Bridge Co.
;
,
124,643,840.26
flat
% pet Share
Stocks
5 Massachusetts Real.Estate Co.,
'
1,281.050.00
^
gold reserve
—
7 Columbian National,Life Insurance Co., par $100-—.
—
—
i
6 Worcester County Trust, common, par $10.-----
*
Debt Bearing No Interest—
United States notes
——.$95 lot
*4
-
*—.———
_
$100
By Crockett & Co;, Boston:
(excluding Postal Savings bonds).........$3,898,410.26
% Postal Savings bonds
38,980.00
name,
2
—
$1,000 Inland Power & Light 6s, April, 1957, series C ctf. deposit.—-.*—$14
_
1
4^4 % Third Liberty Loan bonds of 1928.
44 % Fourth Liberty Loan bonds of 1933-38—
% and 4% % Victory notes of 1922-23
Treasury notes, at various interest rates
CtfB. of Indebtedness, at various interest rates.
Treasury bills..
:
*
Treasury savings certificates
par
100 Boston Dry Dock Co., 1st preferred
J— $39,442,074,950.82
_
&4%> 4% and 4M % First Liberty Loan bonds
same
— —
——_—14
__
1 Cumberland County Power & Light Co., 6s* preferred, par
1,206,500,000.00
1,311,453,000.00
on Which Interest Has CeasedOld debt matured—Issued prior to Apr. 1,1917
of the,
2289
$100; 100 Eastern Cahill Telhormonic Co., pref., par $100; 11 Dublin
Bonds—
Street."
1978
1661
2446
2289
2289
2138
$ per Share
$100; 1 Dublin Lake Club, par $100——
1 Plymouth
Matured Debt
of the Staff of the New York Stock
2285
.Wednesday
— —
—*
2 North Texas Co., par $10———
1,185,000,000.00
Total Interest-bearing debt outstanding.
way, on
•
4
1
1
20
5
5
1
L
Massachusetts Power & Light Assoc., pref5 Massachusetts Automobile Club
trustees certificates, par $50; 100 Eastern Cahill Telhormonic Co., common,
par
—
CURRENT
887
1969
1969
-
Associates; 5 Dublin Inn Club, par $100; 43 Bagdad Chase Gold Mining Co,,
Treasury bills (maturity value)
fied sales, &o.
2280
1176
2
1
1
1
1
1
1
15
4
1
20
594
67
$100-.'---....-—._•_———*——* 71
10, Oxford Paper Co., common.
4
$21,500,000.00
——
••
1967
1967
2278
$20
2 Boston Woven Hose & Rubber Co., common
;
'
115,000,000.00
9,017,177,600.00
Federal Reserve bank notes
Old demand notes and fractional currency—..
Thrift and Treasury savings stamps, unclassi¬
1965
'■
2 Nashua & Lowell
14,300,000.00
Certificate* of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1940......
Unemployment Trust Fund series, ma¬
turing June 30, 1939.-—....
_
1647
'
Stocks
Shares
85,000,000.00
.
on
\
24 Plymouth National Bank, Plymouth, Mass., par
2 Providence & Worcester RR., par $100
542,000.00
—
Deposits for retirement of National bank and
1647
15
By R. L. Day & Co., Boston:
3,904,000.00
; June 30,1940, 1942 and 1943—*
2% Government life Insurance fund series,
maturing June 30, 1943-..—
L
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1,1939,1942 & 1943—
Less
22533
23460
440
2430
2274
1811
1965
Volume 147.
were
of the current week:
4% Alaska Railroad retirement fund series,
maturing June 30,1941 to 1943
2% Postal Savings System series, maturing
1927-42*.:....
x
3,44i;000.00
4% Canal Zone retirement fund, series 1940
of 1932-47—.
weeg.
1956
1959
2124
1643
AUCTION SALES
M
—
t
Announcements this
77,200,000.00
453,800,000.00
fund,
•
'
1474
2264
"
■
994,300,000.00
—
Foreign Service retirement
193940 1943———
'
24051
— _
—— —
420,973,000.00
3% Railroad retirement account series, maturing June 30, 1942 and 1943
......
4% Civil Service retirement fund, series 1939
4%
Co.,14% pref. stock
—
$7,269,690,600.00
to 1943—
:
•
629,116,900.00
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1943--....—
Jamaica Water Supply
1
1
1
—
..$27,906,944,356.82
Treasury Note*—
% series A-1939, maturing June
1H% series B-1939. naaturlng Dec.
1% % serlesD-1939, maturing Sept.
1H % series A-1940, maturing Mar.
14 % merles B-1940, maturing June
l>i% series 01940, maturing Dec.
14 % series A-1941, maturing Mar.
% series B-l941, maturing June
1 H% series C-1941, maturing Dec.
IH % series A-1942, maturing Mar.
2%* series B-1942, maturing Sept.
ljtf%serlesO-1942, maturing Dec.
1H % series A-1943, maturing June
14% series B-1943, maturing Dec.
—
Luzerne County Gas & Electric Corp. 7% gold bonds
McCrory Stores Corp. 5% debentures-.—
—
MacLaren-Quebec Power Co.:
30-year 54% bonds, series A and B.—May
Mead Corp. 1st mtge. 6s
—
—;
May
National Dairy Products Corp. 34% debentures.
May
National Distillers Products Corp. 44% debentures.*—May
New England JPower Co. 1st mtge. 3Ms—_
May
New Orleans Public Service Inc. gen., lien 4^|s
——May
Nord Railway Co. 64% bonds
Oct.
Northeastern Water A Electric Co. coll. trust 6s
Aug.
Northern Indiana Gas & Electric Co. 1st mtge. 6s
.May
Northern States Power Co. (Wis.) 1st mtge. 5s._
.May
Oklahoma Natural Gas Co. 1st mtge. 4j^s„_
May
Paris Orleans RR. 54% bonds
...Sept,
Procter & Gamble Co. 5% preferred stock—_
June
*
St. Louis, Rocky Mountain & Pacific Co., 1st mtge. 5s_May
San Jose Water Works 1st mtge. 3*4$,——
June
Solvay American Corp. 54% cuin. pref. stock
Apr.
South Pittsburgh Water Co.—
1st mtge. 5s, 1955
--May
1st lien 5s, series A
May
1st lien 5s, series B_
May
Southwestern Gas & Electric Co; 4% serial debentures
May'
Spang Chalfant & Co., Inc. first mortgage 5s
..—May
E. K. Squibb & Sons preferred stock.
„*
May
St. Louis Rocky Mtn. & Pac. Co. 1st mtge. os——
May
(A.) 8tein & Go. 64% preferred stock——
July
Timken Detroit Axle Co. 7% preferred stock
—June
*
United States Pipe & Foundry Co., 10-year 34% debs..May
Western United Gas & Elec. Co. 1st mtge. 54s "A"
May
1st mtge. 5s "B"-,-—
— _May
Wheeling Electric Co. 1st mtge. 5s—:
;
*
May
Wisconsin-Minnesota Light & Power Co. 1st & ref. 5s_.-May
25,218,202,650.00
429.824,628.50
1
1
Apr. 26
..June
1
July 17
1952.....
Julian & Kokenge Co. common stock- — — — .1
Kaufmann Department Stores 7% preferred stock
$178,163,895.50
327,571,859.50
Series C-1937—
i
June
International Salt Co. 1st mtge. 5s—
U. S. Savings bonds (current redemp. value):
.
-June
Equitable Office Building Corp. 5% debentures..
May
Godchaux Sugars, Inc., 1st mtge. 5s
—May
Goulds Pumps, .Inc. 1st mtge. 6s
—.—May
H. L. Green Co., Inc. 7% preferred stock
—May
.
1,485,375,100.00
701,074,900.00
-
2414
1944
2111
2256
1947
1795
2116
1801
2421
Chippewa Power Co. 1st mtge. bonds..
..June 1
Community Public Service Co. 1st mtge. 5s—
-May 13
*
Consolidated Laundries Corp., 63^% 10-year notes
June 15
Consumers Power Co. 1st mtge. 4% bonds
..May
1
Cuban Telephone Co. 1st mtge. bonds
Sept. 1
Denver Gas & Electric Light Co. 1st mtge. bonds.iviay
l
640,843,650.00
450,978,400.00
918,780,600.00
1,185,731,700.00
...
-
1
July
1
May
1
Apr. 25
—June
1
...
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,874,400.00
491,375,100.00
2,611,093,650.00
1,214,428,950.00
1,223,495,850;00
1,626,687,150.00
981,827,050.00
1,786,140,650.00
—
May
Algoma Central & Hudson Bay Ry. 6% gold certifs
*
Aluminium, Ltd, 5% debentures
American European Securities Co. coll. trust 5s
Baltimore Mortgage Corp. 2-6% bonds
W. S. Barstow 6c Co., 6% s. f. gold debs.
Bedford Pulp & Paper Co. 1st mtge. bonds.—
British Columbia Telephone Co. 1st mtge.5s_.__,.
/
Page
1943
Date
Company and Issue—
-
FUND
SINKING
stocks of
■
.....
AND
NOTICES
daily Treasury statement, is as follows:
3% Conversion bonds of 1946-47
24% Postal Savings bonds (17th to 49th ser.)
CALLS
REDEMPTION
THE
United States March 31, 1939, as made upon the basis of the
3% Panama Canal loan of 1961
April 22, 1939
1939
public debt of the
the
of
statement
Chronicle
-
'
Ra|)
Name of
Share
Company
When
Holders
Payable of Record
•
Rpariiig
Allen town-Bethlehem Gas Co.,
Alpha Portland Cement-
15 June
1
87 4c
May 10 Apr.
29
25c
June 24 June
1
$1
Apr. 22 Apr.
17
25c
7% pref. (quar.)
June
Volume
148
Financial
When
Per
Name of Company
Share
American Fidelity Co.
(quar.)
American General Corp., $3 pref.
(quar.)
$2 x, preferred (quar.)
$2 preferred (quar.)
American Meter Co., Inc
__
50c
_
75c
62 He
50c
—
75c
Anglo-Canadian Telephone Co.,5H % pref. (qu.)
Argo Oil Corp,:
Atlantic Macaroni Co.. Inc.
(quar.)
Atlas Plywood Corp.,
pr.T. (quar.)___
68 He
Berland Shoe Stores, Inc.
(quar.)
7% preferred (quar.)...
Blauner's preferred (quar.)
Borden Co., common (interim)...
12Hc
MX
Bourjois, Inc., pref. (quar.)
1
Brewster Aeronautical Corp....^
Broadway Dept. Stores, Inc., 5% pref. (quar.)..
Buckeye Pipe Line Co.
68Mc
— —
—
15c
$1
31c
—
_
75c
30c
10c
—
MX
5ue
t.
Bullock Fund, Ltd
10c
...
Burlington M ills Corp
Byron Jackson Co. (quar.)
25c
2 _;
25c
—
Canadian Fairbanks-Morse
(interim)
Carman & Co., class A
Castle (A. M.) <fe Co. (quar.)
-I.-—-
50c
t5uc
—
—
—
25c
—
75c
Cedar
Rapids Mfg. & Power Co. (quar.)——
Centrifugal Pipe Corp
Chain Beit Co., common
(quar.)
Cherry-BurreJ 1 Corp
».
Preferred (quar.)
Coast Breweries, Ltd, (quar.)
IOC
20c
2(jc
.....
_
—
MX
........
3c
Commonwealth International Corp. (quar.)
Commonwealth Investment Co. (quar.)
4c
4c
Community Public Service
Connecticut Light & Power Co. 5X %
pref. (qu.)
50c
$1H
Continental American Life Insurance Co
37 He
Cosmos
Imperial Mills 5% pref. (quar.)
7% pref. (quar.)___
$6 preferred (quar.)
De Met's, Inc., pref. (quar.)
Deposited Insurance Shares, series B_.
Optional cash or trust share certificates.
De Vilbiss Co.
(irregular)
7% preferred (quar.
Diamond Ice & Coal Co. 7% pref. (quar.)
mx
MX
MX
Dallas Power & Light,
—
—
.
_
—
_
—
„
—
_
__
—
1 Mar. 15
25c
17 He
UK
75c
-
$1H
:'
30c
$6H preferred (quar.)...
$6 preferred (quar.)
_•
Faber, Coe & Gregg 7% pref. (quar.)„
Fiduciary Corp. (quar.)
_
.
_
Extra
.
Apr.
MX'
June
May
_
_
May
May
May
Apr.
$1
1H%
$1X
.
25c
.2'
—
«
-
25c
June
50c
June
15c
(quar.)
.....
Haverty Furniture Cos., Inc.
July
May
10c
May
J une
June
45c
•
25c
15c
...
Holophane Co., Inc
——:_2.
Holt (Henry) & Co. class A..
Honolulu Gas, Ltd. (quar.)...
Idaho Power Co., 7% pref. (quar.).
$6 preferred (quar.)
—;
Illuminating & Power Securities Corp.«(quar.) —
7% preferred (quar.)
International Harvester Co. pref. (quar.)..
Johnson Ranch Royalties Co., Inc. (s.-a.)_—___
Julius Kayser & Co
Apr.
20c
------
.
Hilton-Davis Chemical Co..
June
MX
MX
6% preferred (quar.)
Harris & Co. preferred
June
25c
(quar.).....
Harbison-Walker Refractories Co
Apr.
$1X
—
Kendall Co., partic. pref. A
(quar,)__.
Kentucky Utilities, 7% jr. pref. fquar.) ———
King Oil Co. (quar.)
Kings-County Trust (quar.)
— —r
Klein (D. Emil) Co
*
1
Preferred (quar.)
Lazarus (F. & R.) Co. (irregular).
,—
—
Loose- Wiles B iscu i t Cp—
mx: June
" 2c
.
30c
MX
%\X
87 Xc
_
June
May
June
May
May
Apr.
May
May
Apr.
25c
Apr.
25c
—
—
June
12Xo
June
-----
25c
$1X
May
July
50c
June
5c
-
June
uih
—
May
July
MX
—
—
May
May
87 Xc
37 Xc
75c
MX
30c
mx
mx
mx
—
May
May
May
May
May
May
May
June
15
June
20
Apr.
Apr.
20
14
1
16
16
19
10
10
25
June
17
May
Apr.
17
17
June» 15
May 12
May
1
Apr. 27
Apr.
Apr.
30
15
Apr.
29
Mar. 30
Apr.
Apr.
Apr:
May
Apr.
22
21
24
13
15
June
13
May
16
$1X
May
July
May
MX
June
June,
15c
June
3c
May
May
1
Apr. 15
$IX
25c
May
May
May
Apr.
12Xc
May
MX
40c
_
New Process Co., common
50c
—
Preferred (quar.)
New York Fire Insurance Co. (quar.)
1900 Corp., class B (quar.)
Apr.
Apr.
15c
J
25c
June
12Xc
15c
Apr.
Apr.
May
Apr.
Apr.
May
May
May
May
Apr.
Apr.
May
IX %
$1
;
Y.)__;
No-Sag-Spring Co
.,
Oahu Railway & Land Co. (monthly)
Monthly
A
Monthly
15c
June
une
2
15
20
20
25
1
20
19
26
20
12
12
12
15c
June
June
50c
May
2X%
June
10c
tMX
May
May
May
May
May
May
May
May
Apr. 18
May 18
May
1
May
1
Apr. 25
Apr. 22
Apr. 22
Apr. 29
Apr. 29
Apr. 29
Apr. 20
Apr. 20
8c
June
May
OkoniteCo. (quar.)
June
(quar.)
Ontario & Quebec Ry. Co. (semi-annual)
Debenture stocks (semi-annual).„__
June
Orange & Rockland Electric Co
Oswego Fal Is Corp
Ottawa Car Mfg. (interim)
Owens-Illinois Glass (quar.)
—
Pacific Gas & Electric Co., 5H % pref. (quar.)
10c
-
6% preferred (quar.)
June
f$l ^2
5% preferred (quar.)..
;
Taylor, 1st pref. (quar.)
Louisiana Power & Light, $6 pref. (quar.)__
Lynchburg & Abingdon Telegraph (s.-a.)
Macy (R. H.) & Co. (quar.)
Managed Investments, Inc. (quar.)...
Massachusetts Bonding & Insurance Co
Meadville Telephone Co. (quar.)_A
6% preferred (semiannual)
Mercantile Stores Co.. Inc.. 7% pref. (quar.)__
Metropolitan Storage Warehouse Co_
Minnesota Valley Canning Co. 7% pref—„
Morris & Essex Extension BR. (s.-a.)--Mortgage Corp. (Nova Scotia) (quar.)
Muskogee Co. 0% cum. pref. (quar.) —
Nashua & JLowell RR. Co. (semi-ann.)
National Biscuit Co... (quar,.)
.....—
Preferred (quar.)
1 —_'
National Lead, preferred A (quar.).
National Powe- & Light Co. (.quar.)
Nation-Wide Securities, B, tmst certificates
Neon Products of Western Canada, Ltd.—
6% preferred (semi-annual).
(interim)
June
May 10*
May
1
Apr. 15
Apr. 25
15c
—
(quar.).j
;
Northern Pipe Line Co
North River Insurance Co. (N.
June
40c
$20
,
62Xc
Lord &
._
May
May
July
May
May
May
July
May
May
10c
-
—
Loblaw Groceterias, Ltd,, A & B
Class A & B (extra).—v
May
15
17
25
5
5
20
2
2
15
15
15
21
May
May
May
May
May
May
May
May
May
6
July
6
Apr. 25
Apr. 20
Apr. 26
May 15
May 12
Apr. 12
Apr. 15
Apr. 15
Apr. 29
Apr. 29
May
5
Apr. 20
May
5
$1:
$1
-----
Life Savers Corp
Liggett & Myers Tobacco (quar.)
-Common B (quar.)
Lit Bros.,.6% preferred—
MX
—
-
Keith-Aloee-Orpheum Corp.,,7% pref.
May
May
May
—
Preferred
June
May
May
25c
(extra)
Noranda Mines, Ltd.
May
May
------
—
Pacific Power & Light, 7%
preferred
$6 preferred
Pamour Porcupine Mines, Ltd
-
_
.
$2
50c
—
34 Xc
37 Xc
mx
15
50c
June
June
mx
June
25c
__
Gas Co. (irregular)
May
Apr.
May
20c
Riverside Cement Co., 1st $6 pref.
(quar.)-_-__
Safety Car Heating & Lighting Co
St. Louis Bridge Co.,
6% 1st pref. ^s.-a.)
3% 2nd preferred (semi-annual)
mx
$1
$3
15
15
15
15
25
20
14
May 15
June 15
June 15
June
25c
June
June
40c
Seaboard Oil of Delaware
(qua»\)__,
Seaboard Surety Coj.l...
May
87Xc
.
Sharp & Dohmd, Inc.; $3H pref. A (quar
Shawinigan Water & Power (quar.)"._._
Sierra Pacific Power Co.,
6% pref. (auar.)
Signode Steel Strapping, preferred (quar.)
Simpson's, Ltd., preferred_;
Strawbridge & Clothier, prior pref. A
Sun Oil Co. (quar.)__
Preferred (quar.)
;
Syracuse Binghamton & New York RR
May
May
Apr. 29
Apr, 25
Apr. 26
Apr. 29
May
1
Apr. 22
May 13
May 25
May 10
Apr. 21
May U
May, 1
May 26
Apr. 24
22c
%\X
62 He
mx
MX
25c
Trane Co. (quar.)
Apr.
Apr.
Apr.
May
May
May
May
June
June
June
May
Texas Pacific Coal & Oil Co.
(quar._l_,_
______
Preferred (quar.)_-Union Oil Co. of Calif
United New Jersey RR. & Canal (quar.)___
United States Rubber Reclaiming, prior pref___
United Steel Corp., Ltd., 6% pref, A (s.-a.)__
-
10c
June
25c
May
mx
June
25c
May
July
May
May
Apr.
$2X
$1
18"
18
12
5
1
June 20
25c
May
May
May
May
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr
25c
Nov.
Oct.* 15
75c
5c
Commodity Corp
:
_
—
_
Utica, Chenango & Susquehanna Valley___-__
(Chas.) & Co,, 8%pref. (quar.)
Cartridge Co., 6% pref. (quar.)____,_
Westminister Paper Co. (semi-annual)
Semi-annually
West Virginia Pulp & Paper Co., pref, (quar.)__
Whitaker Paper Co__-_
Preferred (quar.)
W J R the Goodwill Station
Ts
$2
mx
May
40c
mx
28
15
10
5
21
15
29
15
May
May
1
June
17
June
May
July
July
Apr.
ia
mx
___^
(quar.)_L__
Wood, Alexander & James, Ltd., 7% 1st pref...
Below
20
July
July
Apr.
Apr.
Ap»\
May
$1^
(semi-annual)....
St. Paul Fire & Marine Insurance Co.
(qua71.)
Scotten Dillon Co..
Universal
15
21
20
5
1
30c
—
St. Louis Refrigerating & Cold
Storage.-
6% participating preferred
May
Apr.
Apr.
May
Ap-.
Apr.
May
May
May
May
Apr.
Apr.
Apr.
June
Walton
May
June
-
Western
10
10
20
20
May
May
May
Ap".
May
35c
Plymouth Rubber, 7% preferred (quar.)
Princeton Water Co. (N. J.) (quar.)
Public Service (N. J.). 6% pref.
(monthly)
7% preferred (quar.)
^
8% preferred (quar.)
;
$5 preferred (quarterly)
Quebec Power Co. (quar.)-
Republic Natural
June
$2
15c
-
Holders
When
Payable of Record
25c
RR. (s.-a.)
(semi-annual)
Pharis Tire & Rubber
Mar. 31
May
J
—
—
Class A & B
June
Mar. 31
81
,
Globe-Democrat Publishing Co. 7% pref
Great Lakes Dredge & Dock
(quar.)...
Hale Bros. Stores
(quar".)
Hancock Oil of Calif., class A & B
17
17
24
Share
Parker Pen Co
Passaic & Delaware Extension
Peerless Casualty (N. H.)
Apr. 25
May
1
May
1
Apr, 29
50c
General Cigar Co., Inc., pref. (quar.)...
General Foods Corp
^_
• ...
_
15
15
1
May 15
May 15
May 15
Apr.
Apr.
May
87 Xc
$ia
Fire Assoc. of Phila.....
Not payable oh scrip ctfs. or fractional shs.
Fulton Industrial Securs. Corp., cum. pref.(qu.)
_
1 Apr.
May
May
Apr.
Apr.
15 Apr.
MX
'$1X
_—
—
1 Apr.
May
....
General Outdoor Advertising Co., class A.
Preferred
i
;
Per
Name of Company
Universal Consolidated Oil_
....
_
1
6.388c
—
— —
Preferred (quar.)
14
May 15
May 15
J une
1 May 15
June 15 May 31
1 Apr. 15
May
May 17 Apr. 22
1 Apr. 25
May
1 Apr. 21
May
May 10 Apr. 20
May 10 Apr. 20
May 15 May
1
June
1 May 16
May 15 May
5
May 25 May 10
1 Apr.
May
18
June 15 May 16
1 Apr. 15
May
May 15 May
5
May 15 Apr. 29
May 15 Apr. 29
June
1 May 15
1
May 10 May
May 15 Apr. 30
May 15 May
5
1
May 15 May
Apr. 29 Apr. 25
Apr. 29 Apr. 25
1 Apr. 14
May
Apr. 15 Apr. 15
1 Apr.
May
14
May 15 Apr. 25
June
1 May 15
Apr. 26 Apr. 18
July 15 June 30
1
1 Apr.
...
Dominion Bridge, Ltd. (quar.)
Eastern Shore Public Service Co.—r-
15 Apr.
une
June
May
May
May
...
Dow Chemical Co
Apr.
J
2373
Holders
Payable of Record
55c
_
Chronicle
17
Apr.
Apr.
20
20
give the dividends announced in previous weeks
we
and not yet paid.
The. list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Share
Name of Company
Holders
When
Payable of Record
Apr.
Apr.
Adams (J. D^) Mfg. Co. (quar.)
May
Adams-Millis Corp
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining (quar.)._
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Abraham & Straus Inc.
(irregular).
Allied Finance Corp. (quar.)
—
_
15
15
21
18
4
June
Aloe (A. S.) Co. (quar.)
—
Aluminium Ltd., common (initial)
Common (payable in common stock)—
6% cumulative preferred (irregular).
Aluminum Mfg. Co., Inc. (quar.)
15
21
Apr. 15
Apr. 15
May 15
June
—
June
15
Sept.
Sept. 15
Dec.
juarterly..
;
7% preferred (quar.)
Dec.
15
June
June
15
Sept.
Dep.
May
Apr.
May
Sept. 15
—
—
7% preferred (quar.)
7% preferred (quar.)_J
Amalgamated Sugar 1st pref. (quar.)--Amerada Corp. (quar.)
—
—
American Can Co. (quar.
American Cities Power & Light—
—
Dec.
15
Apr. 15
Apr, 15*
Apr. 25
May
1 Apr.
May
1
June
1 May
Sept.
1 Aug. 25
Dec.
$3 class A (quar.)
------Opt. div. of l-32nd sh. of cl. B stk. or cash.
American Distilling Co. 5% pref. (s.-a.)
i
American Envelope Co. 7% pref. A (quar.)
1 Nov. 25
11
.
7% preferred A
7% preferred A (quar
American Equitable Assurance (quar.)
American Gas & Electric pref. (quar.)
American Home Products (monthly)-------^-American Light & Traction (quar.
Preferred (quar.)
American Machine & Foundry Co
American Radiator & Standard Sanitary—
Preferred (quar.).._
——-American Ship Building
American Smelting & Refining Co
Preferred (quar.)
(quar.j-__.
Apr. 17
25
.
Apr.
May
May
May
—_-
—
American Stove Co—
?—-
American Thermos Bottle
(quar.)
Amoskeag Co. (s.-a.)
—
—
of America preferred (quar.)_.
Appleton Co. (quar.
Preferred (quar.)
-----Archer-Daniels-Midland, 7% preferred (quar.)_.
Artioom Corp., preferred
— - - -----Associated Telep. & Teleg. Co. 7% 1st pref_
1st $6 preferredAssociated Telephone Co., Ltd., nref. (quar.)__
Atlantic City Electric Co. $6 pref. (quar.): —
Atlantic Rayon Corp. preferred (quar.)
Atlantic Refining Co. 4% conv. pref. A (quar.) —
Atlas Corp., preferred (quar.). —
Atlas Powder Co., preferred (quar.),*
Ault & Wiborg Proprietary Ltd.—
_-
-
10c
87 He
75c
87 He
50c
mx
mx
mx,
49c
42c
31 He
$1H
62 He
26
15
5
7
18
20
July
June 20
1 May
May
1 Apr.
May 31 May
Apr. 29 Apr.
May
Apr.
May
Apr..
June 24
July
June 24
July
May
Apr. 25
May
Apr. 20
May
Apr...20
May
Apr. 20
Apr. 25 Apr.
1
1
May 15 May
May
May
1
May
Apr. 15
May
Apr. 12
May
Apr. 28
—
May
May
May
Apr. 15
Apr. 21
June
June
Apr. 12
Apr. 15
Apr. 25
Apr. 15
Apr. 15
Apr. 15
Apr. 15
May
May
May
May
May
May
Apr.
25c
25c
mx
Preferred (quar.)
Bloomingdale Bros., Incj
---Blue Ridge Co., $3 pref. (opt. cash or com. stk.)
-
Class B (quar.)
Boston Edison Co. (quar.)
-
18 He
May
Apr.
Apr. 15
Apr. 15
Apr. 10
Apr. 28
Apr.
May
June
*
Brentano's Book Stores class A (quar.)
—
Brooklyn Telegraph & Messenger (quar.)
Buck Hill Falls Co. (quar.)-—
—
Buckeye Steel Castings 6%
pref. (quar.)
6x% preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Buffalo Niagara & East. Power 1st prefBullocks, Inc. (Los Ang.), 5% pref. (quar.)
_
Bunker Hill & Sullivan Mm. & Concent gCo-
15
June
May
(quar.)
—
19
Apr. 20
40c
—
—-
Bower Roller Bearing Co.
5
May
June
May
$1H
-
A (quar.)
Apr.
75c
mx
60c
pref. (quar.)
Extra
J Apr.
15
8
14*
14
14
15
June
25c
Beatty Bros., Ltd., 6%,1st
Best & Co., Inc
Birtman Electric (quar.).
1 Apr.
1 Apr.
1 Apr.
75c
Barnsdall Oil Co
Boston Fund, Inc.
%\X
mx
5x% preferred (quar.).
Badger Paper Mills, Inc., 6% pref. (quer.).
Bank of America N. T. & S. A. (quar.)
Bon Ami Co., class
50c
50c
*2x
Preferred (s.-a.)__
Animal Trap Co.
mxr
25c
:
Preferred
May
May
25 Apr.
1 Apr.
June
5
9
May
Apr.
15
June
May
May
Apr.
Apr.
May
Apr.
20
11
19
llApr.
11
51 Apr.
15
May
May
May
May
May
May
May
19
1
15
Financial
2374
Per
Nome
Share
of Company
General Shoe Corp
1 May 24
1 Aug. 26
June
June
May
1
Cincinnati Union Terminal 6% pref. (quar.)
July
June
19
5 % preferred
,
--
.
--
......
—
—
5% preferred (quar.)
—.
5% preferred (auar.)
City Baking Co., 7% preferred (quar.).
City Water Co. Chattanooga, 6% pref. (qu.)..
Cleveland Cin. Chicago & St. Louis Ry. Co.—
5% preferred (quar.)..:
...
Colgate-Palmolive-Peet (quar.)
•.
Preferred (quar.).
Columbia Gas & Electric 5% pref. (quar.)
5% cum. preference (quar.).
...
6% preferred series A (quar.).__
—
Columoia Pictures Corp. $2 H conv. pref
—
-1H
$1H
$1H
$1H
Sept.
1
5 Apr.
1 May
June
Apr. 22 Apr.
May
1 Apr.
—
10
12
10
31
1
15
15
1
30
25
June
15 May 31
Sept.
May
15 Aug. 31
15 Nov. 30
1 Apr. 20
1 Apr. 20
1 Apr. 15
May
Apr.
Dec.
May
May
Mar. 31
May
May
Mar. 3i
May
1
1
May
Apr. 10
Apr. 15
May
Apr. 15
June
May 20
Apr. 18
$1H
12Hc
$1H
$1H
S1H
$1H
68 He
-
7% preferred (quar.)
May
Apr.
27
Apr. 20
Hormel
June
1 May
1 Apr.
Consolidated
May
May
June
tva
30c
....—
Consolidated Oil (quar.)...
Consolidated Paper"(quar.)
j
■
Consolidated Royalty Oil (quar.)
Continental Can Co., Inc. (interim)
June
•
5c
50c
—
1,5c
Coon (W.
B.) (quar.)........
7% preferred
Corn Exchange Bank Trust (quar.)
Coty, Inc
!
;
May
25c
1
Extra
Apr.
20c
Ihc., pref
(quar.)
Lobster, Inc., (quar.)
May
May
Apr.
-----,
%IH
75c
1
30c
2c
CressonConsolidated Gold Mines
Crum & Forster, Inc. 8% pref. (quar.).,
Cumberland Co. Power & Light—
...
.
$2
—
Daniels & Fisher Stores Co. (quar.)
Quarterly
—
.=
-----
30c
$2
Sept.
1 May
Participating preferred (s.-a.)
Participating preferred (s.-a!)
Distillers Corp .-Seagrams Ltd., 5% pref.(quar.)
Dividend Shares, Inc
Dixie-Vortex Co., class A___,_
Dr. Pepper Co. (increased quar.)
Quarterly
Quarterly
;
Doqiestic Finance Corp., preferred (quar.)
Domingiiez Oil Fields-.,
Dominion Tar & Chemical, preferred (quar.)
Dunlop Rubber Ltd. Amer. dep. rec.:
Bonus.
»
du Pont (E. I.) De Nemours, debenture (quar.)
Preferred (quar.)
Duquesne Brewing Co
Early & Daniel Co., pref. (quar.)
Electric Bond & Share Co. $6 pref. (quar.)
$5preferred (quar.)J_ —
Elmira & Williamsport RR. (s.-a.)_.
Employers'Casualty Co. (Dallas) (quar.)
Employers Group Associates (quar.)
Emporium Capwell Corp 4H % pref. A (quar.).
4H % preferred A (quar.)
4 H % preferred A (quar.)
7% preferred (semi-ann.1
Eureka Pipe Line Co
*_
Falstaff Brewing Corp. (quar.)
Federated Dept. Stores
—_
—
_
.4H% conv. preferred (quar.)
Fibreboard Products 6% prior pref. (quar.)
Fidelity & Deposit Co. (Md.) (quar.)
Fidelity Fund,
Filene's (Win.) Sons Co. (quar.)
Preferred (quar.)
(quar.)
First National Bank (Toms River, N. J.) (qu.)_
Fort Wayne & Jackson RR., pref. (semi-annuall
Franklin Fire Insurance (quar.)._
Extra
June
Sept.
Dec. '
75c
Sept,
75c
May
May
July
30c
June
30c
Sept.
1*1 H
30c
Dec.
5(Jc
May
Apr.
Apr.
Apr.
Apr.
1%
$1H
$1H
15c
$1 H
$1H
$1'A
$1.14
25c
25c
56He
56 He
56He
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 29 Apr.
July
1 June
Oct.
Jan.
Sept.
May
15c May
25c
Apr.
Apr.
1.06H
May
$1H
Apr.
15c
May
Apr.
25c
S1.18H Apr.
May
20c
$3 H
50c
1%
87 He
$2H
25c
1
Gardner-Denver Co. pref. (quar.)
Gellman Manufacturing Co
July
Sept.
May
General Electric Co
General Foods Corp., preferred (quar.)..
General Mills, Inq.
Common..
General Motors Corp, preferred (quar )___
$1H
10c
30c
75c
May
May
May
May
May
25c
$1H
$1H
87He
$1H
,
25
15
22
2 Sept. 21
2 Dec. 21
23
1
31
29
Sept.13
Apr. 15*
May 16
19
19
15
18
Apr. 20
25 Apr. 15
25 Apr. 22
15 Apr. 20
29
1
29
1
Apr.
Apr.
Apr.
Apr.
June 30 June 23
May
5c
6
6
20
1 June 28
1 Aug. 19
Apr. 20
Apr. 20
Apr. 15
Apr. 15
Apr. 15
Apr. 20
Apr.
Apr. 25 Mar.
May
1 Apr.
May
1 Apr.
Aug.
1 July
May
1 Apr.
17
17
10
10
10
10
July
1 May 23
30c
;
May
$1H
$1H
$1H
*IH
'4c
—
Ljlfe Insurance (quar.)__
Quarterly
Umi
Quarterly
Lincoln Printing preferred (quar.).
Link'Belt Co (quar
Preferred (quar.)..
Little Long Lac Gold Mines
Little Miami RR., original capital (quar.)
Original capital (quar.)...
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
i
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Loew's Boston Theatres Co. (quar.)
Loew's, Inc., 6H cum. pref. (quar.)
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
30c
June
40c
June
$1H
$1H
*1H
1 H%
25c
25c
2
9
20
Nov. 15 Nov.
$1
$1H
May
Ju!y
May
65c
June
$1.10
$1.10
$1.10
50c
-
50c
14
5
5
4
14
1 Apr.
20
14
15 May 31
1
May
Aug.
10c
17
20
1 Apr.
1 June
Nov.
*XH
18
18
1 May
1 July
Aug.
1 June
July
1 Apr.
May
1 Apr.
May
May 15 May
Aug. 15 Aug.
25c
87 He
25c
20
15
15
13 June
25c
30c
Apr. 26
1 July 27
1 Oct., 27
1 Apr.
May
6 May
1 June
July
Apr. 24 Apr.
June 10 May
8ept. 9 Aug.
Dec.
9 Aug.
June 10 May
Sept. 9 Aug.
June
21
10
15
14
24
24
24
24
24
Dee
67c
67c
Apr. 29 Apr.
M,ay
31 May 31
66c
June
30 June 20
19
Apr. 22
28
15c
May
%l%
May
15 Apr.
$1H
June
25c
June
Sept.
Sept.
May
May
Aug.
Aug.
$1H
Dec.
Nov. 20
25c
Dec.
Nov. 20
$1H
5% refunding partic. preferred (quar.)
25c
Extra
5% refunding partic. preferred (quar.)
Extra
-
-
Preferred (quar.)
McCall Corp. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
—
Mc Crory Stords Corp., preferred (quar.)
McGraw Electric (quar.)
Mclntyre Porcupine Mines, Ltd. (quar.). —
Mc Lellan Stores, preferred (quar.)
!
>
9 Nov. 24
50c
Extra
(quar.)
Lucky Tiger-Combination Gold Mining
Lumbermen's Insurance (s.-a.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
3 Apr. 29
Apr. 25 Apr. 18
May
30c
-
Lord & Taylor 2nd pref.
Dec.
30c
—...
1 Aug. 22
1 Nov. 21
1 Mar. 31
1 Mar. 31
Sept.
May
May j
May
40c
15c
lc
-
1 Apr. 10
1 May 25
1 Apr. 20
May
Apr. 28 Apr. 10
Apr. 29 Apr. 10
Apr. 29 Apr. 10
June
1 May 22
June
1 Apr.
Apr. 22 Apr.'
Apr. 22 Apr.
1 Apr.
May
1 Apr.
May
Sl'H
4c
—
-
1 Aug. 10
1 Nov. 10
Dec.
UVs
$1H
12Hc
lc
—
21
20
1 Mar. 31
1 Apr. 20
1 Apr. 15
Apr. 20*
May 10
I5c
Lincoln National
Apr.
May
May
May
May
'
Mar. 23
June 30 June
May
1 Apr.
Apr. 25 Apr.
May
1 Apr.
May 15 Apr.
May 15 Apr. 29
June
May 15
June
May 15
Apr. 11
May
Apr. 22
May
Apr. 15
May
Apr. 15
May
May 15 Apr. 24
Apr. 15
May
Apr. 20
May
June
1 Apr. 20
June
8 Apr. 20
3 June 30
July
Oct.
2 Sept. 30
1-2-40 Dec. 30
Apr. 29 Apr.
4
May 15 Apr. 21
Sept.
10c
Mar. 23
Apr. 10
Apr. 10
8
8
15
15
15
20
20
29
June
-.
(
Apr. 21
Apr. 15
Apr. 22 Apr.
Apr. 22 Apr.
May
1 Apr.
May
1 Apr.
30c
12c
H.) & Co.....
Special preferred (quar.)-.
Kresge (S. S.) Co. (quar.)
Kroger Grocery & Baking Co.....
7% preferred (quar.)..;
6% preferred (quar.).:
X--...
7% preferred (quar.)
;
Lane Bryant, Inc., 7% preferred (quar.).
Landis Machine Co. (quar.)
Quarterly
Quarterly.
Lehigh Portland Cement Co_
4% preferred (quar.)-„
Lerner Stores Corp. pref. (quar.)_-_i..
Leslie Salt Co. (quar.)..
i
;
1 Aug. 18
1 Nov. 18
1 Apr. 22
Apr.
Apr. 28 Apr. 18
May 26 MTay 16
June 30 June 20
30c
50c
Kress (S.
10
1 June 10
1 May 18
May
8'~
o /o
15
May
1 Apr. 10
4
May 15 May
May 15 Apr. 25
May 15 Apr. 25
87 He
(quar.)
Extra
1 Apr. 20
1 Apr. 15
29
1
22
22
25
25
May
1
25c
•$1 %
10c
Franklin Telegraph (semi-annual)
Froedtert Grain & Malting Co. (quar.)
—
Extra
10
3-1-40 2-10-40
lHc
62 He
June 30 June
Apr. 15
Apr. 15
Apr.
l
May
5
Kittanning Telephone (quar.).
10
10
25c
50c
__
May
May
May
May
May
May
Apr.
May
1
May,
1
May
1
May 15
tSlH
tSlH
XU%
t$2
Knickerbocker Insurance (N. Y.) (quar.)
Kokomo Water Works Co. 6% pref. (quar.)..--
15
1 May
1 Aug.
1 Nov.
1 Aug.
preferred..
conv. preferred A..
International Nickel Co. (Canada), pref. (qu.)_
International Rys. of Central America 5% pref
International Utilities Corp.
$3H preferred. series 1931 (quar.)_-._..
Iron Fireman Mfg. Co. (quar.)__
Quarterly
■
Quarterly
i,
Jamaica Water Supply, preferred (quar.)
Jantzen Knitting Mills pref. (quar.)T-_.
cum. conv.
—
Mar. 15
25c
*
—
T-._ —
June
June
6%
6%
Kootenay Belle Gold Mines (quar.).
Detroit Gasket & Mfg. preferred (quar.)...,
Diamond Match Co., common
|$3H
Kemper-Thomas, 7% special pref. (quar.)__
7% special preferred (quar.)___7% special preferred (quar,)..,-Kirkland Lake Gold Mining (semi-annual)
5
Apr. 20,
May
June
Apr. 12
Apr. 15
Apr. 15
Apr. 22
May 19
Apr. 15
Apr. 15
Apr. 18
Apr. 18
Apr. 18
15 Apr. 28
29 Apr. 19
International Metal Industries—
Preferred
Sept.
•$i v%
6 .789c
5%
—
Kellogg Switchboard & Supply
Apr. 15
Apr. 10
Apr. 20
30c
Deposited Insurance Shares, series A...
Opt. Cash or trust share certificates.
;
-
Kalamazoo Stove & Furnace (quar.)
Kaufrnann Dept. Stores
1
May
May
Apr.
May
25c
—
—
-
5
$1H
$1
50c
km
30 June 20
June
v
-
8
June
— --
...
45c
$1H
S1H
•$1 H
3H%
Quarterly
1
Quarterly
<
15c
Incorporated Investors.
30c
Indiana Pipe Line Co.
Institutional Securities, Ltd.—
'
■
Insurance group shares (s.-a.) payable in stk.)
2H%.
•$1 H
Interchemical Corp., preferred (quar.)50c
International Cigar Machinery Co..
International Educational Publishing Go.—
t30c
$3.50 preferred
.<•
8
15
20
15
25*
15
15
21
17
29
June
50c
_
Davenport Water Co. 6% preferred (quar.)..
Dayton Rubber Mfg. $2 class A (s.-a.)
Decca Records, Inc
:.
Denulson Mfg. Co. debenture (quar.).- —
Denver Union Stockyards pref. (quar.)
v...
Apr.
$1H
8Hc
Imperial Life Assurance (Can.) (quar.).;
15
June
75c
(quar.)
June
Apr.
(quar.)
Amer. dep. rec. for ord. shs. (final).
15
15
50c
-
1.37H
Preferred
Apr.
Apr.
Apr.
Apr.
Apr.
37 He
— - —
C.) Co. 7% non-cum. pref. (quar.) —
Imperial Chemical Industries, ord. shs
31
#1H
6% preferred (quar.)
Firemen's Insurance Co. (s.-a.).
First National Bank (Jersey City)
May
25c
;--
Hussman-Ligonier Co. (quar.)
Apr. 15
Apr. 15
Apr. 20
5H% preferred (quar.)
Common
1
Apr. 25
May 15
May
1
May
1
May
1
May
1
May 15
(monthly)
(G. A.) & Co, (quar.)
$6 preferred
15
20
May
May
May
1.50
37 He
Hudson Bay Co. (interim)Humberstone Shoe Co. (quar.)-...
v
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Common
1 Apr.
1 May
1 Mar.
1 Vpr.
29 Apr.
29 Apr.
15 Apr.
10c
•,—
.
.1 May 15
June
40c
...
Consolidated Edison Co. (N, Y.),
Consolidated Laundries preferred
—
6% non-cum. preferred (quar.)
Horn & Hardart (N. Y.) (quar.)
Horne (Joseph) Co., preferred (quar.)...-----Houston Lighting & Power 7% pref. (quar.) —.
15|May 1
30c
— -----
Preferred A (quar.)__.._
Apr. 30 Apr.- 20
May 15 Apr. 18
6
July
1 June
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
May
$1H
$1H
—
-
—
May
$ 1.62H
— —
-
$1H
Border's, Inc. (quar.)..
$IH
$1H
6H% preferred C (quar.)
6H% prior preferred (quar.)
Extra.
18
Commonwealth Utilities Corp.,—
Connecticut River Power Co. 6% pref. (quar.)..
5c
Extra.
Dec.
40c
--
3c
Holly Sugar Corp., preferred (quar.)
Home Insurance Co. (quar.)..^— —
1 Apr. 15
15 May
1
1 Apr. 10
10c
May
May
May
Apr.
40c
20c
Halle Bros, common (resumed) —
——
$1H
Hamilton Watch Co. 6% pref. (quar.)
_
68Hc
Hartford Electric Light (quar.)
—--68Mc
Hartford Times, Inc., 5H% pref. (quar.) —-_
1.62H
Hat Corp. of Amer. 6H% pref. (quar.)
20c
Class A (resumed)
...
20c
Class B (resumed)
t75c
Havana Electric & Utilities 6% pref
25c
Hawaiian Pineapple Co. (quar.)---------- J60c
Hayes Steel Products, preferred15c
Hecker Products Corp. (quar.)
;—
$1H
Hercules Powder, pref. (quar.)..
75c
Hershey Chocolate (quar.) — >* - -.— -—----$1
Preferred (quar.)
—
15c
Ilibbard, Spencer, Bartlett & Co. (mo.)
15c
Monthly
—- —
15c
Monthly
5c
Hollinger Consol. Gold Mines, Ltd—: ——
Sept. 18
May
May
May
$1.63
-..
Consolidated Amusement (quar.).
Consolidated Cigar Corp—
7% cum. preferred (quar.)
L.) Co. (quar.)
Green (H.
Homestake Mining Co.
1-1-
1
,
Apr. 15
Oct.
10
15 June
Apr. 28 Apr. 20
—
Apr. 18
1 Apr.
June
$1H
Apr. 15
Apr.
May
May
May
25c
9Hc
Gunnar Gold Mines, Ltd....-.:
May
May
May
May
—
(quar.)
Apr. 15
Apr. 29
Apr. 30
Apr. 14
15
15
1 Apr. 15
May
1 Apr.
3
Apr. 25 Apr. 10
Apr. 29 Apr. 20
Gotham Credit, B (quar.)
...—-rGotham Silk Hosiery Co., Inc.,—
Mar. 31
.28 Apr.
May
of com.
Goldblatt Bros, stock div. of l-60th shs.
for each com. share held
Gorham Manufacturing Co.
May
May
May
May
May
Apr.
Apr.
Apr
Corp.—
.$6 preferred (quar.)
Gillette Safety Razor, preferred (quar.)
Gimbel Bros., Inc., $6 pref
Globe & Republic Insurance of Amer. (quar.)
Horn (A.
—
Commonwealth Edison Co
29
Ho ders
of Record
-
General Telephone Allied
Nov. 24
Doc.
June
Columbus & Southern Ohio Electric—■
6H% preferred (quar.)..
Commercial Alcohols, Ltd. (resumed),-
Name of Company
Payable of Record
Bros., 5% preferred (quar.).;
$1H
(quar.) —
—
$1A
5% preferred (quar.)
$1 A
Burroughs Adding Machine Co
10c
Butler Bros., preferred (quar.)
- 37He
Butte & Superior Mining Co. (liquidating).,—
$1
Byers (A. M.) Co., preferred
.
t$ 1. .59H
Cable & Wireless (Holding), Ltd.—
American deposit receipts for ordinary shs—
4
Calgary Power Ltd., 6% preferred (quar.)
ill
California Packing Corp., preferred (quar.)
62He
California Water Service, preferred (quar.)
$1H
Camden Fire Insurance (s.-a.)
50c
Canada Iron Foundries 6% preferred -a
\%2 H
Canada Northern Powet Corp., Ltd
J30c
Canada Wire & Cable, class A (resumed)—.--Ml
Class A (quar.)
Ml
Class A (quar.)
—
otSl
Canadian Bronze, Ltd. (quar.)
—- — -37Hc
Preferred (quar.)
$1H
Canadian Exploration Co. (semi-ann.)__—
10c
Canadian Foreign Invest. Corp., Ltd.—
Rpsumed (irregular).
70c
Canadian Industries, class A & B
I§1 H
Canadian Investors Corp. (quar.)
........
IlOc
Canadian Oil Cos. (quar.)—
12He
Extra
....——...
12Hc
Central Hudson Gas & Electric (qu.)
J20c
Central New York Power Dref. (quar,)...
$1M
Central Power & Light 7 % preferred
—
t$l H
6%preferred
t$lH
Century Ribbon Mills, Inc., 7% pref. (quar.)..
$1%
Cerro de Pasco Copper
SI
Chain Store Investment Corp. $6H pref. (qu.)..
$ih
Chartered Investors, Inc., $5 pref. (quar.)
Bunte
Per
Share
Holders
Whcn
1939
April 22,
Chronicle
$2
2c
$1H
$1H
$1K
$1H
25c
1
20
20
21
21
May
Apr. 17
May
Apr. 20
May 15 Apr. 21
July
1 June 21
Oct.
1
1-2-40
May
Sept. 22
Dec. 23
1 Apr,
14
43 He
43 He
May 31 May 30
Aug. 31 Aug. 30
43 He
Nov. 30 Nov: 29
$1H
25c
May
May
50c
June
$1H
May
1 Apr. 20
22
1 A Dr
1 May
1
1 Apr. 11
.
-
Volume
Financial
148
When
Nujih of
Holders
Mangin (I.)
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Name of Company
Rich's Inc. (quar.)
Richmond Insurance Co. (N. Y.)
Roan Antelope Copper Mines—
5
5
Preferred (quar
Marconi Int. Marine Communications Co
4
& Co., pref. (quar.).
Preferred (quar.)
.
Apr. 25 Apr.
Apr. 25 Apr.
Extra
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 29 Apr.
May 15 May
May
Apr.
May
Apr.
May
Apr.
May
Apr.
June
May
Apr.
May
Mar.
May
June
May
May
1 Apr.
May 10 Apr.
Apr. 29 Mar.
May 15 May
July
1 July
Maytag Co. S3 preferred (quar.)
$6 preferred (quar.).Melville Shoe common (quar.)
6% 2d preferred (quar.)
Merchants & Mfrs. Eire Insurance (quar.)
Messenger Corp
Michigan Gas & Electric, 7% prior lien
$
$6 prior lien.
Michigan Public Service, 7% pref. (quar.)
6 % preferred (quar.)—* t
■-—
Mid-Continent Petroleum (interim)
Mississippi Power & Light preferred (quar.)....
Mode O Day Corp. (irregular)
— ,
Monsanto Chemical Co., $4)4 class A pref.(s-a)
Montana Power Co. $6 preferred (quar.)
Montgomery & Erie Ry. Co. (s.-a.)
Montreal Light, Heat & Power Consol. (quar.).
Moody's Investors Service pref. (quar.)
Moore (Wm. R.) Dry Goods (quar.)_
Quarterly
—
Quarterly
14
20
1
15
15
15
15
—
_
(quar.)
—
New England Fund
Niagara Hudson Power Corp. 5% 1st pref. (qu.)
5% 2d preferred series A & B (quar.)..
(quar.)
New York Merchandise Co.
.
10
^
31
15
June
15
Sept. 21
Dec.
21
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
24
15.
1
15
15
17 •
15
14*
21
1
22
15
Northwestern
Yeast Co.
Apr. 15
May 16
15
15
Apr.
Apr.
Apr.
17
Apr. 21
Apr. 21
Apr. 20
May
1
1
1
June
$134
•
Outlet Co.
(quar.)
common
7% 1st preferred.;
6% 2d preferred
Pacific Finance Corp. (Calif.) 5% pref. (quar.).
Preferred A
Preferred C
(quar.j.
(quar
.
Pacific Lighting Corp
Pacific Public Service, preferred (quar.)
Parker Rust-Proof Co
Preferred (semi-annual)
...
*
Parkersburg Rig & Reel, pref. (quar.)
Pathe Film, stock div., 1 sh. Pathe Lab.
for each 100 shs. Pathe Film—
Pearson Co., Inc., 5% pref. A (quar.)
25c
l^c
m
....
..a.
3134c
45c
$134
$r
...
Penmans Ltd",
(quar.)
6% preferred (quar.)
Pennsylvania Power Co. $5 pref. (quar.)
Philadelphia Co., com. (quar.)
6% cum. preferred (semi-ann.)
Philadelphia Electric Co. $5 pref. (quar.)
Common (quar.)
Philippine Long Distance Telephone Co
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.)—
7% preferred (quar.)
Pollock Paper & Box 7 % preferred (quar.)
7
...
.
7%jpreferred (quar.)__
7 %|preferred (quar.) —^ *
Potomac Edison Co. 7% pref. (quar.)
_
Privateer Mines. Ltd
15c
$134
$134
45c
42c
75c
iii
$134
$154
S1K
$134
$134
J5c
Procter Sc Gamble, stock dividend of l-75th sh.
of com. for each share of common held.
Quarterly
5% preferred (quar.)
Prosperity Co. preferred (quar.).—
Public Electric Light (quar.)
Public Service of Colorado 7% preferred (mo.)..
6% preferred (monthly).
5% preferred (monthly)
Quaker Oats Co.,preferred (quar.)
Quarterly Income Shares (quar.)..
Randall Co. class A
50c
$13*
$134
B
5c
Rath Packing Co. pref. (s.-a.)
$234
Raymond Concrete Pile (quar.)
Preferred (quar.)
;
J
Reading Co. (quar.)
Reed (O. A.) Co., $2 preferred A.¬
Reeves (Daniel), Inc. (quar.)
Opt. cash or 1 sh. of pref. for each $100 divs.
Preferred (quar.)
Reliance Mfg., common
Reynolds (R. J.) Tobacco Co. (interim).——
Class B (interim)
i
—„•—
—
Apr. 28 Apr.
Apr.
May
May
Apr.
June
July
May 15 May
Aug. 15 Aug.
May 15 May
Apr.
May
Apr.
May
Apr. 25 Apr.
May
Apr.
May
1 Apr.
May
1 Apr.
Apr. 29 Apr.
Oct.
1 Sept.
July
5 June
Oct.
4 Sept.
5c
75c
25c
t50c
1234c
%\%
10c
50c
50c
14
20
10
15
5
5
5
21
15
1
1
10
10
20
15
10
10
1-4-40
12-10-39
June 15 June 15
Sept. 15 Sept. 15
Dec.
May
May
May
15 Dec.,15
1
Apr. 20
Apr. 20
25
6 Apr.
May 15 Apr.
May 15 Apr.
June
15
(quarterly)
$2 preferred (quarterly)
...
$1
50c
10c
3734c
t20c
$1.20
Sterling, Inc.,
common
Preferred
•;
1
May
Apr.
1 Apr.
May
1 Apr.
May
May 11 Apr.
Apr. 26 Apr.
May
20
31
June
15
June
15 May 31
May
1 Apr. 20
May 15, Apr. 25
May 15 Apr. 25
Apr. 15
Apr. 15
1
5c
5634c
„
25c
3c
20c
3734c
...
-
(quar.)
5c
$134
10c
—
10c
—
90c
$1
$134
$134
—
-
2c
9r»
Extra
Toledo Edison CO. 7 % pref. (monthly)
...
Apr. 27 Mar.
May
1 Mar.
1 Apr.
June 15 May
May 15 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
May 22 Apr.
May 22 Apr.
May
"
15c
(quar.)
5c
May
May
$134
Triumph Explosives, Inc. (quar.).Troy & Greenbush RR. Assoc. (s.-a.).
Tung-Sol Lamp Works, Inc., 80c. pref. (quar.) _ United Biscuit of America, preferred (quar.)
United Bond & Share Corp., Ltd. (quar.)
Quarterly
'
United Corp. (Del,), $3 preferred—,.
United Corp., Ltd., class A (quar.).
i
Union Electric Co. of Mo. $5 pref. (qu.)
United Light & Railways 6% pr.pref. (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
6.36% prior preferred (monthly).-6.36% prior preferred (monthly)
6.36% prior preferred (monthly).
7% prior preferred (monthly).
7% prior preferred (monthly)
7% prior preferred (monthly)
. —_
United Profit Sharing, pref. (semi-annual)
United Stated Fire Insurance Co. (quar.)^—— .
U. S. Hoffman Mach Corp., 534% conv. prer—
U. S. Petroleum, common
June
20c
*18
15c
t$l
-
38c
—
$134
50c
50c
50c
29
21*
18
18
21
21
Apr. 15
Apr. 15
Apr. 15
Apr. 20
Apr. 20
15 June
1
May
1 Apr. 19
May
1 Apr. 13
July 16 June 30
Oct. 16 Sept.30
Apr. 28 Apr. 14
May 15 Apr. 29
May 15 Apr. 29
Apr. 15
May
June
May 15
June
15
July
May
June
Apr. 15
May 15
53c
July
June
58 l-3c May
58 l-3c June
15
Apr. 15
May 15
June 15
58 l-3c July
50c
Apr. 29 Mar. 31
'•
50c
May
1 Apr. 18
— _
6834c
»
lc
Common
May
1 Apr. 20
5
Aug. 15 Aug.
Dec.
15 Dec.
5
50c
Quarterly.
Quarterly—r
United States Playing Card Co. (extra) —j,
United States Rubber Co. 8% 1st pref.
United States Sugar Corp. preferred (quar.)
Universal Leaf Tobacco Co., Inc
Upper Michigan Power & Light6% preferred (quar.)
6% preferred (quar.).
6% preferred (quar/
6% preferred (quar..
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
Vermont & Boston Telegraph
Virginia Railway, preferred (quar.
Vulcan Detinning Co.
Preferred (quar.)
..
Preferred (quar
Walgreen Co. (quarterly).
434% preferred (quarterly).——
Washington Gas Light Co. (quar.).
$434 cum. conv. preferred (quar.)
Washington Ry. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.)
—
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
—
West Penn Electric Co., 7% preferred (quar.)„.
6% preferred (quar.)..- — —
West Penn Power Co., 7% pref. (quar.)."
6% preferred (quar.)-..
—
Westinghouse Air Brake Co
—
Weston (Geo.), Ltd. pref. (quar.).-...
Westvaco Chlorine Products, 5% pref. (quar.)
Wheeling & Lake Erie Ry. prior lien (quar.)....
534% preferred (quar.)
—
—
June 20 May 31
50c
United States Pipe & Foundry Co. (quar.).
Sept 20 Aug. 31
50c
—
Dec.
20 Nov. 29
1 Apr.
40c
May
2%
June 23 June
"If
July 16 July
May
1 Apr.
15
9*
5
12
Apr. 28
July 29
134
134
$134
$134
May
Aug.
$134
Sept.
Sept.
1
Dec.
Dec.
1
July
May
June
15
Apr.
12
June
June
July
July
10
Oct.
Oct.
10
May
Apr. 14
May 23
$154
•$134
■
$2
$134
$234
til
25c
Nov.
Oct.
28
Feb.
Jan.
29
June
June
$134 June
May
3734c
May
$134
88
'
$134
$134
$134
$134
$134
$134
1234c
$134
3734c
2J
Co. (quar.)
$134
50c
Extra
June
June
May
Aug.
May
May
May
May
Apr.
May
May
May
May
May
May
May
1
12
Apr. 15
Apr. 29
May 15
May 15
May 15
Aug. 15
Apr. 21
Apr. 21
Apr.
5
Apr.
6
Mar. 31
Apr. 15
Apr. 10
Apr. 22
Apr. 22
Apr.
24
Apr. 15
Apr. 15
July 15
50c
Aug.
Aug.
Nov.
July
Oct.
15
$134
60c
Nov.
Oct.
15
$134
$134
May
Apr.
15
Apr.
Apr.
20
60c
June
Apr. 24
Apr. 20
$134
QuarterlyExtra
(qu.)
Wisconsin Telep. Co. 7% preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Wrigley (Wm.) Jr. (monthly)
Wisconsin Electric Power Co., 6% pref.
—-
25c
Extra
25c
May
May
Monthly
Monthly
25c
June
25c
25c
July
Aug.
Sept.
25c
Oct.
10c
May
May
Apr.
25c
Monthly
Monthly.
Monthly
- - ----- - - ,- - r
Yuba Consolidated Gold Fields (irregular)..
Zeller's, Ltd., 6% preferred (quar.).
Zenith Radio (resumed)
Transfer books not closed
t Oh account of
deduction of a
15
19
53c
— _
t Payable in
9
17
53c
—.
*
14
6
May
1 Apr.'
6
May
1 Apr.
1
May 15 May
May
1 Apr. 24*
May
1 Apr. 24*
May
1 Apr. 24*
May
1 Apr. 22
May
1 Apr. 22
May 15 Apr. 29
May
1 Apr. 15
May : 1 Apr. 15
58 1-3 c May
50c
May
41 2-3c May
Quarterly-
20
15 June
3734c
Extra
20
20
13
1
15
June
15c
.
Telautograph Corp
Texas Gulf Producing (interim)
Thatcher Mfg. Co. convertible pref. (quar.)
Tobacco & Allied Stocks, Inc.—
Texas Power & Light 7% pref. (quar.)
$6preferred (quar.).
To burn Gold Mines,, Ltd. (quar.)
15
15'
15
1
15
15
15
May
1 Apr. 20*
May 10 Apr. 29
4
May
1 Apr.
May 10 Apr. 24
May 15 Apr. 20
May 15 Apr. 29
May
1 Apr. 15
June 15 JUne 14
Sept. 15 Sept. 14
1 Apr.
.
Sunray Oil Corp
Tacony-Palmyra-Bridge,preferred (quar.)
20
Dec.
15 June
(quar.)
Trade Bank of New York
1-3-40
May
14334 c
6% preferred (monthly)
5% preferred (monthly)
16
1 Sept.
Oct.
$134
$134
10c
Ray Drug Co..
20*
20*
June
20
15 Dec.
Sullivan Consolidated Mines, Ltd
Sun
14
20
Dec.
t4334c
Preferred (quar.)
Stouffer Corp. class A (quar.)
Class B (interim)
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
July
June
Extra
Winsted Hosiery
1 Apr. 20
May
May 10 May
6
June 10 June
7
May
May
Stein
Apr.
20
25 Mar. 31
$134
Wilson-Jones Co
5
$2
$2
$2
(quar.)
(quar.)
(A.) & Co. (quar.)
14
14
Rhode Island Public Service—
Class A
$134
•
—
Preferred
May 24
July 15 July
1 Apr.
25c
May
1 Apr.
58 l-3c May
1 Apr.
50c
May
1 Apr.
41 2-3c May
$134
May 31 May
1 Apr.
30c
May
50c
5c
(quar.)
Ranier Brewing class A &
Class A and B
16
.
(quarterly)
6% preferred (quar.)
Apr.
May
6
May 15
5
May 15 May
May
Apr. 15
58
May
Apr. 15
50c
May
Apr. 15
41 2-3c May
Apr. 15
50c
May
Apr. 21
10c
Apr. 20
Apr.
35c
Apr. 15
May
40c
Apr. 25
May
75c
May
Apr. 20
May
Apr. 20
May
Apr. 20
Apr. 15
$134
May
20c
Apr. 15
May
16 He
Apr. 15
May
75c
May 15 Apr. 20
Apr. 15
3234c May
June
2.5c
May 10
June
May lO
334%
June
May 20
$134
50c
to
Apr.
29
5c
Peaslee-Gaulbert Corp. (quar.)
;
3
30c
Peninsular Telephone
Preferred A (quar.)
Preferred A (quar.)
15 June
1 June 15
July
Apr. 29 Apr. 15
8734c
5% preferred (quar.)
Oahu Sugar Ltd. (monthly)
;
Occident Insurance (quar.)
Ohio Public Service 5)4 % preferred (quar.)
7% preferred (monthly).
6% preferred (monthly)...
5% preferred (monthly)
Oliver United Filters, class A (quar.)
Onomea Sugar Co..
Orange Crush, Ltd., 70c. conv. pref. (s.-a.)....
Outboard Marine & Mfg. Co
25 Mar. 31
Apr. 29 Apr. 13
1 Apr. 15
May
$2
(liquidating)
NorwUlk Tire & Rubber preferred (quar.)...—
Nunn-Bush Shoes
Steel Co. of Canada
.
Apr. 25 Mar. 31
25c
•jB
__
8% preferred (quarterly)
8% preferred (quarterly).
Spiegel, Inc.. preferred (quar.)___
Squibb (E. R.) & Sons, 1st $6 pref. (quar.).
Standard Brands, Inc. pref. (quar.)
May
160c .1 Apr.
fin
20
15
Southwestern Portland Cement, 8% pref. (qu.)_
1
\%m
—
1 Apr.
1 Apr.
$1%
$134
$134
$134
$134
$134
Skelly Oil Co., pref. (quar.)
3734c
(reduced)
1 May
May
May
May
South American Gold & Platinum Co
Southern Calif. Edison Co., Ltd. (quar.)
Northern Ontario Power Co., Ltd.
Northern RR. of New Hampshire
Northwest Engineering
June
$.0034
-
11
May 19 Apr. 29
1 Apr. 15
May
1 Apr. 15
May
25c
22
20c
(quar.)
30
Not". 15 Nov.
Class A (quar
M-
May 122 Apr.
373|c
Preferred (quar.)..
Scott Paper Co., $434 cum. preferred (quar.)
Silex Co. (quar.)._
31
Aug. 15 Aug.
1900 Corp., class A (quar.).
Class A (quar.).
6% preferred (quar.)
Preferred
1
15
2-2-40
May
May
May
May
1
May
1
May
May 15
—
6d.
Southern Canada Power (quar.)
Southern Indiana Gas & Electric 4.8% pref---..
June
Newberry (J. J.) Co. 5% pref. A (quar.)
Newberry (J. J.) Realty Co., 6)4% pref. A (qu.)
6% preferred B (quar.)
Norfolk & Western Ry. preferred (quar.)
Northern Illinois Finance Corp
Preferred (quar.)
Coupon No. 7.
Rochester Button preferred (quar.)_
Rockland Light & Power (quar.)
Roses 5-10-25c. Stores (quar.)
Royalty Income Shares series A
Saguenay Power Co., preferred (quar.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
Securities Corp. General $7 pref. (quar.).
$6 preferred (quar.).
Servel, Inc., preferred (quar.).
,
May
May
May
May
May
Apr.
May
May
May
May
May
May
May
...
National Power & Light Co. $6 pref. (quar.)
National Savings & Trust Co. (Wash., D. C.)
Naugatuck Water (reduced)
Common (quar.)
.
Dec.
Cylinder Gas (quar.)
National Distillers Products (quar.)
National Food Products Corp., class A_.
National Lead Co., preferred B (quar.)
Apr. 20
Apr. 10
May
May
-
Sept.
National Casket Co
;
National City Lines, class A (quar.)
Conv, preferred (quar.)
Neisner Bros., Inc., preferred
14
June
pref. series A (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)__
6% preferred (quar.).National Automotive Fibres preferred (quar.)..
National Bearing Metals Corp. 7% pref. (qu.)_
Holders
on
June
conv. cum.
When
Payable of Record
15c
-
1
1
2-2-40
__
National
4
4
15
15
Apr. 25 Apr.
Morrell (John) & Co
Morris (Philip) & Co., Ltd—
5%
50c
...
(quar.)
Sept. 30 Sept. 30
■
.
Share
Amer. deposit receipts for ordinary shares
Bearer shares will receive the above dividend
Ltd.
Ordinary registered (final)
"
Per
Payable of Record
Company
2375
Chronicle
.
3734c
$1
15
Apr. 20
May 20
June 20
July
Aug.
Sept.
Apr.
Apr.
Apr.
20
19
20
12
15
10
for this dividend,
accumulated dividends.
,
Canadian funds, and in the case of non-residents of Canada,
tax of 5% of the amount of such dividend will be made.
CALL DATES
CONDITION OF ALL MEMBER BANKS OF FEDERAL RESERVE SYSTEM AS OF VARIOUS
ANALYSIS OF LOANS, INVESTMENTS AND CAPITAL AS OF DEC. 31, 1938
BANKS ON DEC. 31, 1938, COMPARED WITH SEPT. 28,
CONDITION OF ALL MEMBER
MEMBER
OF
31,
BANKS AS OF DEC.
1929
22
April
Chronicle
Financial
2376
1938 AND DEC. 31, 1937 AND OF CERTAIN CLASSES
1938
(In Thousands of Dollars)
Central Reserve City
a....
investments.a.J.
with Federal Reserve banks
Total loans and
12,937,437
10,712,818
2,298,477
13,957,823
10,574,143
1,797,407
330,879
2,447,792
2,401,538
459,990
276,671
2,317,492
2,545,618
538,376
2,046,611
2,566,080
529,411
517,209
172,283
29,709
154,644
32,070,490
8,694,388
745,650
31,626,889
8,192,978
774,887
31,751,755
7,005,209
589,457
8,334,782
1,968,901
4,103,767
883,775
11,653,960
2,354,176
68,247
34,572
320,553
10,112,847
1,352,670
322,278
4,119,695
119,824
50,553
3,817,382
119,644
73,374
1,261
1,460,367
968,380
335,567
3,319,785
106,771
United States..
-
T—.
........
--
-
...
-----
Demand balances with banks
and Ameri¬
in United States (except private banks
branches of foreign banks)..
can
in United States—j...;—
with banks In foreign countries.
-
Other balances with banks
Balances
branches
Due from own foreign
Cash Items in process of
Bank
1,758,709
collection.
premises owned and furniture
owned
945,037
and fixtures.
325,634
—.j......
indirectly representing real estate.a.-;
acceptances......'
collected...
Investments and other assets
Customers' liability on
4,196
-i.
i..
Other real estate
$
4,443.943
2,636,306
597,127
82,230
982,331
1,267,556
103,354
4,962,906
4,278,074
538.602
3,262,309
2,962,971
13,207,760
10,882,288
2,340,243
— —
obligations..
.
Obligations guaranteed by United States Government..
Obligations of Govt, corporation and agencies not guaranteed by
Obligations of States and political subdivisions.Other bonds, notes and debentures .a
Corporate stocks (including Federal Reserve bank stock).a..
Cash In vault----
Banks
$
S
United States Government
Reserve
Country
Member
Banks
Chicago
ASSETS
(Including overdrafts)
City
Member
Member Banks
New York
Loans
Reserve
1937
1938
1938
31,
Dec.
Sept. 28,
31,
Dec.
31, 1938
Condition on Dec.
Condition All Member Banks on-
...
27,393
140,748
118.603
404,626
807,504
610,753
34,076
1,992
54,398
11,289
4,004
50,886
69,723
3,578
2,259,351
971,465
342,694
-
1,904,710
1,776
222,527
12,764
1,885,687
94,605
579,743
119~72fe
786,776
272", 462
213,474
21,097
5,502
192
329,265
30,896
43,076
154,504
112,965
207,832
-
182,160
3,196
6,621
985
2,431
8,391
1,621
19,771
45,110
14,663,343
49,329,835
b47,691,526
b46,744,28C
13,657,020
3",289,286
17,720,186
31,852,795
30,308,304
29,317,204
11,011,639
2,558,360
11,196,531
7,086,265
20,438,710
707,267
2,079,830
6,088,093
456,517
537,887
19,747,450
781,034
2,131,984
7,273,337
1,596,974
83,419
181,490
7,034,292
11,462,315
11,521,632
9,556,698
702,077
20,971
566,116
61,288
461,512
131,637
10,044
9,398,613
724.377
121,292
9,461,126
43,363,138
143,425
6,209
138,737
32,664
43,649
69,683
108,083
41,770,619
117,432
14,001
40,838,656
117,510
121.414
173,611
43,423
104,228
12,654
185,290
43,905,588
b42,28l,642
2,403,098
Total assets-;-
LIABILITIES
Demand deposits—total...
Individuals, partnerships and corporations..,..United States Government---States and political
21,119,188
789,816
2,385,689
6,510,303
500,641
,----
------
subdivisions
Banks in United States----
-.
—
.....
....
-----
,
Banks in foreign countries
—
-.1
deposits—total.-.—.—
547,158
11,510,343
credit and travelers' checks, &c.
Certified and officers' checks, casli letters of
Time
381,201
167,525
29,066
.*
118,816
97,551
27,147
41,580
34,984
33,791
16,906
89,523
129,791
Other assets
739,905
100,174
108,909
894,302
121,082
280,280
a
144,508
120,722
100,638
....
Earnings accrued but not yet
1,004,937
•*--
—
—
Individuals, partnerships, and corporations:
— --------
,
Savings deposits
—
-—
-i—
Certificates or deposit.*
Christmas savings and similar accounts-i1—.
——,
Open accounts..-..——•
—......
Postal'savings.c..._.
States and political subdivisions
---■
Banks in United States —.v—r-
- -r —
!.
Banks in foreign countries.....
•---'
Total deposits..-..Due to own foreign branches....--
—- —
..—
rediscounts, and other liabilities for borrowed money.
Bills payable,
-
•
.
232,401
17,284
481,?21
36,230
9 350
128,641
10,571
268,744
108,252
5,644
3,019,471
15,828,705
302
475,338
12,411
66,234
44,004
147,179
23,083
4,400
11,705,752
12.,809,210
143,425
"""378
14,621
~~5~83i
,
2,666
30,173
800
11,839
1,670
7,371
8,560
15,864
1,486
,21,731
11,872
7,760
•29,506
16,553
73,981
252
20,606
r\
—
13,244
b41j,373,lll
12,064,464
3,032,435
15,942,938
12,865,751
•
_
•
.
-•
1
Surplus...
2,425,628.
2,046,844
645,543
274,395
2,430,606
2,010,421
602,-430
548»,395
807,960
169,635
126,500
796,435
643,532
,931,768
72,280
28,747'
219,812
217,354
311,355
63,350
28,951
105,671
67,373
17,474
16,363
3,216
373
11,798
22,143
5,409,884
5,371,175
1,592,556
256,851
1,777,248
1,797,592
..
.
b47,691,526
b46,744,286
13,657,020
3,289,286
17,720,186
14,663,343
25,038,348
21,596,060
23,740,652
10,325,125
2,216,925
20,387,425
7,168,330
1,687,899
8,527,008
7,213,538
4,913,614
6:223,559
6.341
6.341
36
13
344
2.082,726
635,548
-
265,345
37,530
contingencies.----.--
Other reserves....
Total capital accounts
.
Net demand deposits subject to reserve..-..,
25,982,672
...
.
N umber of banks....
222,359
.
.
.1..
Total liabilities and capital accounts.
35,817
.
Capital
Demand deposits—ad justed.d
235,366
32 ,115
4,954,696
3,809,606
,
183,946
7,541
14 ,718
6,338
*
—
•
i.,..........
CAPITAL ACCOUNTS
for
143
28,761
575,832
94,653
"
—
Total liabilities-—
Reserves
404 ,785
876
1,699
22,293,326
—
Other liabilities
—... -
153,657
5,722,945
49,329,835
:
Income collected but not yet earned-
Undivided profits
1,127,779
445,878
52,673
169,702
4,632,174
387,611
28,075
740,327
544.378
69,605
464,427
130,009
9,614
'
.........
Expenses accrued and unpaid.,
■
767,342
424,317
796,320
2,719,227
657,821
9,493
29,163
461,111
5,424,247
Acceptances outstanding
Dividends declared but not yet payable
,•
139,413
280,100
2,687,377
436,776
.194,636
694,113
5,436,442
452,772
5,214,585
142,667
1
...
•
"
558.954
5.945
,
since prior call dates are affected by the amount of investments
$94,509,000 and other assets $49,939,000 (principally loans) indirectly representing bank premises and other real estate, which .are now reported and shown separately,
b Revised to exclude acceptances of other banks and bills sold with endorsement which are now reported as contingent liabilities.
■•,■•,'
c Includes United States Treasurer's time deposits, open account.
"*
'
d Demand deposits other than interbank and United States Government, less cash items reported as in process of collection,,
a
The indicated changes
In loans, in other bonds, notes and debentures, and
in corporate stocks
.
ALL MEMBER BANKS—CLASSIFICATION OF LOANS,
,-\
.
•
'
'
.
,
.
INVESTMENTS, REAL ESTATE, AND CAPITAL,
(Last Six Figures Omitted)
.
.„ •
-
Banks
Banks
Banks
N.* Y.
Chicago
Banks
$
$
$
$
$
$
538
4,962
4,443
1,449
319
1,915
Agricultural loans
716
10
16
205
Comm'l paper bought in open market.
Bills,
acceptances,
&c.,
payable
in
247
9
13
91
Obligations
1,047
♦
*
2
24
873
353
298
98
19
5
*
3
1,080
2
185
175
426
568
93
34
161
278
97
13
1
38
44
*
47
48
♦
2
80
133
1,116
621
Furniture and fixtures
81
534
352
1,184
816
Farm land (including
23
Residential properties
136
10
Other real properties
165
23
199
132
478
2,340
894
108
739
597
(490)
(98)
(227)
(146)
426
234
80
65
46
1.323
504
10
450
357
98
166
4
164
1
and
improvements)
Assets indirectly representing bank prem¬
ises or other real estate—Invest'ts.
Other assets
face value—total
United States—total
330
121
27
100
82
Second preferred stock
Common stock
Maturing in 1939-1943
(222)
(119)
(12)
(62)
(27)
or
First preferred stock
Government corporations
not guaranteed by
agencies,
1
77
8
97
42
3
37
15
126
53*
33
•
6
29
22
Retirable value of—First preferred stock
Second preferred stock...
*
fixtures
and other real estate—Bank premises.
Capital—Par
9
40
*
*
580
Foreign corporations
premises,
furniture
7
10
52
22
*
11
Capital notes and debentures
43
126
28
Figures less than one million.
5
731
57
*
40
•
57
328
106
66
103
23
13
.
50
154
196
Other domestic corporations.
56
Federal Intermediate Credit banks
14
29
104
Other domestic banks
155
Other Govt, corporation and agencies
50
172
134
Bank
45
182
Affiliates of reporting banks
,
449
459
216
(963)
Federal Land banks
(164)
(138)
Other Govt, corporations and agencies.
of
(431)
45
433
and
(34)
1.267
22
Federal Farm Mortgage Corporation...
Obligations
(30)
1,223
1,139
Corporation......
610
(1)
"
35
58
291
2,453
Home Owners' Loan
19
118
Federal Reserve bank
2,636
158
2,887
Maturing in 1939-1943-.
403
312
75
404
(22)
2,401
(46)
Foreign—public and private.
1
4,278
#
1,141
Bonds maturing In 1949-1958
Reconstruction Finance Corporation...
510
128
Corporate stocks—total.
1,146
61
1,004
433
2,962
Bonds maturing in 1944-1948
1959 or later.
443
118
Other domestic corporations.
780
348
Bonds maturing in
85
(82)
181
4
726
Oblig. guaranteed by U. S. Govt.—total..
63
437
786
Industrials
6
285
Bonds maturing in 1939-1943
4
,
47
766
.i.
243
59
3,388
..
...
982
3
34
810
Maturing in 1939-1943
Railroads
95
*
*
7
...
*
3
(89)
241
69
220
10,882
Overdrafts
Treasury bills
37
119
61
2,721
All other loans
Treasury notes
2
124
U. S. Govt, direct obligations—total
$
1,478
Maturing in 1944 or later...:
717
.
.
807
149
;
In default
1
42
"
786
278
On other properties
♦
9
-v--.
Other bonds, notes and debentures—total-
10
1,720
On residential property
—
140
517
Public utilities
52
973
774
Real estate loans—On farm land
.'...
Without specific maturity..,
purchasing or carrying
Loans to banks
Banks
■
sub¬
2,447.
In default....*
7
*
76
94
securities
political
.
"
88
.
Reporting banks' own acceptances
and
133
•'«.
Acceptances of other banks, payable in
Loans to brokers & dealers in securities.
States
Maturing in 1939-1943.-,.
9
.«
of
divisions—total
483
"
loans for
Member Member
Chicago
N. Y.
35262
Other
Country
City
Banks
fember
Metnber Member
4,732
y
Reserve
City Member
All
Country
13,207
Commercial and industrial loans
United States
'
,
\
Loans—total
foreign countries
,
H
-
City
%
,
'
$
Batiks
•
"'
Reserve
Banks
Member
'
',
Central Reserve
City Member
1
ON DEC, 31, 1938, BY CLASSES OF BANKS
Central Reserve
All
9
.
294
336
*
34
44
*
6
16
1
43
80
3
68
70
35
11
126
796
938
25
21
21
211
863
1
*
14
♦
49
2
*
2,409
.548
94
47
*
-
29
109
17
169
8
16
538
100
652
731
23
25
126
202
8
21
_•
2.023
378
25
9
314
24
61
.
-
•
-
Volume
Condition of the Federal Reserve Bank of
New
Weekly Return ~of the New
York
The
following shows the condition of the Federal Reserve
1939,
comparison with the previous week and the corresponding
The
weekly
STATEMENT
OF
on
by
direct
Bank of New York
112,132,000
U.
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
42,243,000
120,000
321,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
21,000.000
596,000
2,653,000
217,000
3,473,000
218,000
•
Bills bought In open market
Industrial advances
3,829,000
Continental Bk & Tr Co.
Chase National Bank
4,636,000
Total U. S. Government securities-
918,777,800 41,480,049,000
343,012,000
Bankers Trust Co
205,666,000
Title Guar & Trust Co..
6.000.00Q
721,957.000
721,957,000
745,855,000
Marine Midland Tr Co.
New York Trust Co....
12,500,000
7,000,000
726,600,000
Due from foreign banks...............
62,000
60 000
65,000
Federal Reserve notes of other banks...
3,646,000
177,061,000
8,988,000
13,976,000
3,274 000
155,499 000
148,683,000
8,988 000
13.849 ,000
13,092,000
.........
Rank premises...
...
...
...
.....
25,000,000
...
5,000,000
Totals.
*
9,923,000
As
95,158,000
182,057,000
80,232,000
Foreign bank
213,006,000
Other deposits
Includes deposits in foreign branches as follows: a $280,702,000; 6 $90,460,000
c
$7,320,000: d $101,094,000; e $32,432,000.
LONDON
THE
STOCK
48,732,000
167,432,000
each day
Items
Other liabilities incl. accrued dividends..
149.786,000
1.411,000
166,992,000
1,424,000
Tues.,
Sat.,
1,334,000
British Amer Tobacco.
Cable & Wire ordinary.
7,056,465,000 6,819.664,000 5,433,835,000
Total liabilities...
40/6
93 /9
£41
4/-
Boots Pure Drugs
-
1
.
Marconi
Canadian
'
Central Mln&Invest..
Cons Goldflelds of 8 A.
Capital Accounts—
£14%
58/9
24/6
Courtaulds 8 & Co
Capital paid In
50,888,000
52,463,000
7,457,000
8,117,000
50,895,000
Surplus (Section 7)
52,463,000
(Section 13-b)
/
....
Other capital accounts
7,457.000
8,108,000
...
50,946,000
51,943,000
7,744,000
De
.
Beers..
17/7%
Ltd
........
Gaumont Pictures ord.
Total liabilities and capital accounts..
7,1^5,388,000 6,938,589,000 5,554,181,000
"
-
—
20/126/10%
£12%
Hudsons Bay Co
of
total
to
reserve
deposit
and
F. R. note liabilities combined
Contingent liability
ImpTobof GB&I... Holiday
London Midland Ry...
87.6%
90.4%
90.7%
purchased
for foreign correspondents....^
bills
on
Metal
396,000
75/-
Box.
to
Industrial
make
vances
...
ad
2,510,000
2,304,000
4,055,000
t "Other cash" does not Include Federal Reserve notes or a bank's own
These
Federal
Shell Transport
over
„
Unllever Ltd
....
Unlted Molasses
from the Reserve banks when the dollar was, on Jan. 31,
•
22/4%
20/6
Vlckers
West
100/£32
£4
25/32/23/20/6
100/£32%
£4
24/1%
...
Swedish Match B
*
,
,
certificates given by the
are
;
£42
4/-
3/6
£15
£15
58/9 \
24/3
,
£6%
89/6
88/9
10/3
ni16/3/1122/125/-
17/0
2/1 /19/3
75/£8%
101/3
£8%
£11%
15/102/6
£32%
£4%
15/—
,
' £32
£4
25/32/22/20/3
v
123/3 '
£12%
75/-
£12%
£8%
£11%
£8%
£11%
15/-
Rolls Royce..
United States Treasury for the gold taken
1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
"
x
75/-
■»
Royal Dutch Co.
Reserve bank notes.
120/£12%
£42
£6%
89/10/6
17/6
3/1 /20/126/£12%
75/-
17/2/6
1/21/-
Frl.,
;
58/9
24/-
58/1%
24/£6%
87/6
11/-
£11%
Roan Antelope Cop M.
<
...
40/7%
90/0
£8%
Rand Mines
RloTlnto———
Commitments
-
'
A..
Apr. 21
40/6
91/-
£6%
87/9
10/9
Ford
9,713,000
Apr. 20
4076 /
92 /£40
4/£14%
<58/1%
24/-
£6%
.
Thurs.,
Apr. 19
40/6
92 /6
£40%
4/£14%
Electrlc & Musical Ind.
Co
Distillers
Wed.,
Apr. 18
Mon.,
Apr. 17
-
150,439,000
received by cable
as
of the past week:
Apr. 15
availability
EXCHANGE
Quotations of representative stocks
5,815,476,000 5,622,223,000 4,378,832,000
Total deposits.......
Ratio
638,734,000
official reports:
per
'
Liabilities-*-
Surplus
4,225,000
28,793.000
2,336,000
3,713,000
25,895,000
2,451,000
52.740,000
National, March 29, 1939; State, March 29, 1939;
companies, March 29, 1939.
y March 31, 1939.
*
trust
903,230,000
F R. notes In actual circulation..
1,072,573,000 1,046,244,000
Deposits—Member bank reserve acc't.. 5.287,267,000 5,102,803,000 3,509,803,000
652,865,000
U. 9, Treasurer—General account
242,205,000
234,971,000
Deferred
49,072.000
4,369,000
7,175,388,000 6,938,589,000 5,554,181,000
Total assets..........!......
500,000
Public Nat Bk & Tr Co.
753,359,000
25,357,000
3,207,000
5,250,000
7,310,000
560.452.000
7,000,000
Fifth Avenue Bank
726,244,000
Total bills and securities
560,968.000
519,013,000
197,177,000
*256,538,000
43.219.000
268,018,000
4,324,900
50,538,000
133.379,000 d2,406,016,000
3,830,300
50,354.000
79,762,300
e9l1,348,000
2,424,600
13,520,000
9,253,300
107,831,000
28,266,700
351,984,000
8,369,500
89,007,000
9,497,500
85,944,000
4,000,000
100,270,000
256,538,000
331,160,000
134,259,000
Comm'l Nat Bk & Tr Co
.
Treasury bills.............
19,893,500
109,051,700
53,071,900
50,000,000
331,160,000
134,259,000
J._
10,525,000
45,838,000
167,654.000
5,200,000
61,617,000
94,332,000
56,144,300
581.382,000
182,956,700 61,615,891,000
45,626,700
555,565,000
71,537,000
c872,686.000
15,000,000
10,000,000
Irving Trust Co...
215,000
-
.
First National Bank
United .States Government securities:
Bonds.
13,746,900
173,698,000
26,257,900
476,638,000
1/61,383,100 71,748,209,000
90,000,000
2,332,000
Total bills discounted
Other assets......
Average
20,000,000
City Bank
476,000
120,000
477,000
Other bills discounted....
Uncollected Items
Deposits,
Average
77,500,000
20,000,000
3,245,411,000 6,030,319,000 4,624,690,000
S. Govt, obligations,
Treasury notes..
Time
Deposits,
6,000,000
:
Bank of Manhattan Co.
National
597,000
«...
fully guaranteed
or
Net Demand
Profits
1,256,000
1,503,000
101,434,000
1,376,000
98,812,000
Bills discounted:
•
HOUSE
20, 1939
5,145,223,000 5,927.382.000 4,511,302,000
_
.J.
reserves
Secured
CLEARING
YORK
Undivided
Capital
Members
Redemption fund—F. R. notes
Total
City
*Surplus and
•
Clearing House
hand and due from
United States Treasury_x
NEW
THE
CLOSE OF BUSINESS THURSDAY, APRIL
§
$
Assets—
Other cash t
OF
MEMBERS
ASSOCIATION AT
York
New
Friday afternoon is given in full below:
Apr. 12, 1939 Apr. 20, 1938
Apr. 19, 1939
on
issued by the
statement
Clearing House
date last year:
Gold certificates
York City
Clearing House
Bank of New York at the close of business Apr. 19,
in
2377
Chronicle
Financial
148
£11%
•
15/103/1%
£33
£4%
25/32/22/20/3
25/32/6
22/3
20/3
Witwatersrand
Areas
'
£4%
£4%
.
Weekly Return for the Member Banks of the Federal Reserve
£4%
-
£4%
£4%
.
System
*
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly jreturns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions "
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
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
securities.
The revised form also eliminates the distinction between loans to brokers and dealeri in securities located in New York Oity and those located
outside New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans,'
as formerly.
,
Subsequent to the above announcement, it was made known that the new items "commercial. Industrial and agricultural loans
and "other loans/!
would each be segregated as "on securities" and "otherwise secured and unsecured."
• <■"
.
•
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the
Chronicle, page 3590,
described in
an
,
The changes in the report form are
amounts of
ASSETS AND LIABILITIES OF WEEKLY
Federal
Reserve
S
.
Loans and Investments—total
Loans—total
......
—
Commercial, Indus, and agrlcul
loans
Open market paper
.
Loans to brokers and dealers In securs.
Other loans for purchasing or
S
$
Other loans
—
Treasury notes
$
8,837
3,135
1,120
1,855
666
604
3,058
707
383
653
503
413
,655
238
309
863
309
156
257
247
961
3,852
255
1,488
189
236
103
172
508
184
79
153
164
321
303
64
122
23
8
10
3
28
3
3
19
1
19
685
29
547
23
20
3
6
33
5
1
4
3
11
23
256
32
26
17
13
79
12
7
10
14
50
81
198
52
169
34
28
99
50
7
24
20
381
2
55
1
1
1
3
4
1
123
469
58
"179
68
/■■
342
3
70
812
2,140
93
195
""/I
86
113
51
"47
"45
8
110
27
9
5
30
'""41
201
'160
33
355
54
37
84
47
114
602
151
109
1,000
156
116
116
77
630
9
138
2,008
-
San Fran.
577
1,530
...
bills
Dallas
1,591
1,143
—
Mlnneap. Kan. City
I
21,691
8,120
539
securities..
Loans to banks..."
St. Louis
Chicago
Atlanta
$
.
carrying
Real estate loans
Treasury
1Veto York
%
,
CITIES BY DISTRICTS ON APRIL 12, 1939 (In Millions of Dollars)
Cleveland Richmond
PhilQ
Boston
Total
Districts—
ASSETS
REPORTING MEMBER BANKS IN 101 LEADING
314
3
5,863
2,038
3,320
330
2,262
46
1,111
93
107
52
60
02
17
48
134
133
1,379
259
281
65
85
478
99
48
135
54
Other securities
304
Reserve with Federal Reserve Banks.
7,866
358
4,655
301
411
163
118
1,019
143
77
167
117
337
United
States
bonds
Obligations fully guar, by U. 8. Govt.
252
56
434
140
74
19
43
21
13
59
12
8
12
11
22
Balances with domestic banks
2,612
146
174
170
288
166
174
445
152
84
274
239
300
79
489
103
106
35
49
85
23
18
22
30
Other assets—net
1,279
240
16.388
5,212
1,047
7,787
807
1,158
445
372
2,220
442
258
497
436
919
250
1,007
282
746
201
186
898
190
119
144
136
1,053
629
15
130
53
42
28
40
131
20
2
24
34
110
6.577
277
2,832
322
371
255
260
992
286
127
362
205
288
620
28
Cash in vault.:
LIABILITIES
Demand
deposits—adjusted
—
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
C ther liabilities .' £
Capital account
1
:—i
545
13
1
1
13
1
1
761
Foreign banks
Borrowings
20
"323
"13
~"l6
"~7
19
6
'"7
5
"310
3,694
244
1.605
*223
369
92
393
93
56
84
341
18
2378
Financial
Weekly Return
of the
Board
Chronicle
APril 22• 1939
of Governors of the
Federal Reserve
The following was issued by the Board of Governors of the Federal Reserve
System
System
Thursday afternoon, April 20,
on
showing the condition of the 12 Reserve banks
at the close of business on Wednesday.
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon th
for the System as a
returns
for the latest week
in
appear
our
department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS APRIL 19, 1939
1
Three Ciphers (000) Omitted
Apr. 19,
ASSETS
Gold ctfs.
hand and due from U. 8. Treas.
on
Apr. 12,
Apr. 5,
1939
1939
1939
i
-
13,266,561
---
13,102,409
•
'■
'
V
Mar.
Mar. 22,
1939
29,
1939
$
•
12.716,719
9,444
376,246
,
Total reserves..--
•
8,785
381,058
Redemption fund (Federal Reserve notes)
Other cash *
$
'S.
12,876,718
x_
Mar.
s
1
15,
Mar. 8,
1939
1939
'..5
$-
12,423,718
12,307,721
12,253,762
9,603
9,602
9,295
403,401
12,666,458
360,682
403.63C
10,163
405,553
12,943,003
12.836.95C
12,723,435
Feb.
12,183,719
10,130
415,243
Apr. 20,
21,
1938
1939
$
12,572,718
.
Mar. 1,
1939
S
$
12,154,719
432,094
12,049,719
10,259
445,875
10,642,413
8,860
452,812
12.609,092 .12,^96,717
12.505,853
11,104,085
2,289
6,472
9,904
Bills discounted:
Secured
U. 8. Government obligations
fully guaranteed.
by
direct or
'
1,229
1,606
-
Total bills discounted
Bills bought in open market
Industrial advances
1,871
1.932
1,568
1,525
1,696
1,649
1,954
1,744
2,128
3,068
2,552
3,322
3,439
3,457
3,345
3,698
4,417
9,540
561
561
561
13,879
13,894
14,005
554
554
14,091
14,059
14,122
553
553
.
14,586
.
550
553
'
.
'
,14,647
17,056
,
911,090
1,176,109
476,816
911,090
1,176,109
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,145,269
507,656
840,893
1,215.466
507,656
840,893
1,215,466
507,656
1,215,466
476,816
507,656
707,013
2,564,015
2.564,015
2,564.015
2,564,015
2,564,015
2,564,0 1 5
2,564.015
2,564,015
2,564,015
2,564,015
2,580,888
2,581,518
2,581,022
2,581,903
2,582,099
2,582,085
2,582,035
2,582,852
2,583,632
2,591,161
'""162
161
161
161
168
168
"""169
21,334
648,928
18,868
577,007
42,642
19,444
.592,833
20,825
718,097
42,732
t46,08l
-
Total U. 8. Government securities..
on
1,834
.1,488
560
Treasury bills
securities
1,062
1,490
'
'
13,478
.
Treasury notes
Foreign loans,
3,063
—
-
United States Government securities—Bonds..
Other
1/537 /
1,526
2,835
Other bills discounted
677,831
1,179,171
840.893
...
gold
—
"
Total bills and securities.—.—.--
-
'
Gold held abroad
-
Due from foreign banks.—
Federal Reserve notes of ether banks
Uncollected items
Other assets
...
,
Total assets
""169
169
170
19,058
634,023
17,480
588,753
578,264
42,735
51,150
42.804
44,804
51,687
50,181
44,400
15,840,746
15,926,704
15.788.872
14,382,836
4,120,798
•
19,613
672,694
42,633
49,104
42,640
50,162
.'
16,631,655
.
•
48,733
10,447,152
-16,211,438
19,498
581,828
42,682
48,130
.
-
42,723
47,384
16,111,152
'
-
19,382
.
.
535,646
42,735
16,008,086 tl6,076,446
19,952
'
LIABILITIES
,
Federal Reserve notes in actual circulation,.-.J
•4,417,822
4,394,453
4,398,430
Deposits—Member bank—reserve account....
9,742,839
950,870
9,527,804
1,015,034
267,432
247,116
9,317,830
11,202,406
11,057,386
663,169
4,153
646,270
4,686
4,017
■
United States Treasurer—General account..
Foreign bank
Other deposits
•„
222,716
285,975
-
——
Total deposits.——
--.
Deferred availability items
.
i.
.
yOther liabilities including accrued dividends
Total liabilities
16,287,550
CAPITAL
4,343,566
4,355,946
4,344,462
9,077,28 4
8,941,650
1,222,206
1,058,714
269,292
8,984,089
1,101,562
8,840.548
1,180,791
225,974
268,904
282,759
254,113
10,722,484
10,688,049
10,596,599
10,593,108
10.516,217
9;323,492
602,179
3,665
705,482
553,056
630,626
580,973
586,356
t3,658
3,336
3,044
2,955
4,613
15,663,744 tl5.732.502
15.496,557
15,582,724
15,444,607
14,035,259
10,890,950
10,830,994
573,939
586,372
3,929
134,926
149,152
27,264
32,758
7,547,076
1,167,818
246,296
237,344
262,461
•134,956
'
149,152
149,152
27,264
"
!
27,264
32,985
32,718
'
,
Total liabilities and capital accounts
reserves to
16,631,655
15,736,658
135,031
149,152
27,264
255,935
on
bills
16,44.7,152
1,427,718
135,486
213,212
134,956
134,948
135,016
.149,152
149,152
149,152
27,264
432,572
27,264
27,263
32,825
32,549
32,919
38,666
16,008,086 416,076,446
15,840,746
15,926,704
15,788.872
14,382,836
33/047
16,211,436
84.8%
84.7%
84.9%
purchased
135,006
149,152
27,264
32,920
.
-
16,111,152
deposits and Federal
Reserve note liabilities combined-
liability
4,335,313
.8,989,181
234,761
276,330
15,867,336
h
foreign
232,416
237,807
4,335,416
9,124,860
1,201,387
242,286
1,102,897
16,102,795
134,971
......
-'
yOther capital accounts
Contingent
.4,345,363
ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Ratio of total
-
,
133,489
134,930
149,152
■
147,739
•
27,264
'
27,683
•
84.6%
84.5%
84.3.%
84.4%
84.3%
84.2%
82.6%
12,647
12,524
12,545
,12,570
12,925
12,907
12,825'
2,394
3,316
7,830
for
correspondents
1,103
Commitments to make Industrial advances
11,659
12,"062
12,016
*
/
Maturity Distribution of BiUs and
Short-Term Securities—
1-15 days bills discounted
1,561
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
...
'
•
'
222
236
176
140
187
228
138
262
301
246
346
387
265
381
251
356
340
247
179
258
314
307
304
324
294
3,457
3,345
3,698
4,417
9,540
256
304
297
'
233
369
325
3,063
2,552
3,322
3,439
129
83
151
69
97
203
129
69
83
206
267
335
143
74
159
...
-
'
31-60 days industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
v
•
128
•
68
59
•
270
V
2,688
2.269
.
•
74
,
69
:
v
97
"
270
151
*"226
72
589
.
74
152
304
142
280
.
547
23
178
75
560
501
561
5ol
554
554
553
553
553
550
2,044
..
'2,358
2,359
2,405
2,410
2,123
2,231
2,428
2,143
1,669
.
*
1-15 days Industrial advances
16-30 days Industrial advances...—
109
—_
174
,
10,372
—
*•-—
Government securities
,
„
200
267
721
10,422
721
229
10,432
10,944
13,879
704
182
204
249
Total Industrial advances...........—....
1=-15 days U. 8.
165
-
2,835
......
Total bills bought In open market
•'
2,399
166
251
360
...
16-30 days bills bought In open market
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
\
2,368
104
295
265
*
1-15 days bills bought In open market
.
1,549
2,007
286
,363
16-30 days bills discounted
31-60 days bills discounted
13,894
•
160
.
232
419
337
'
145
,
566
648
570
202
243
266
496
10,964
10,928
14,005
14,091
14,059
14,122
124,720
101,710
179,703
181,733
.
72,518
91,685
186,113
121,500
2,092,199
26,500
89,348
192,168
158,680
2,097,319
72,518
185,125
167,163
2,139,209
2,564,015
2,564,015
2,564,015
52,010
26,500
153
147
342
205 v
-
13,478
2,564,015
Total U. 8. Government securities
430
.280
10,936
85,848
84,355
153,613
123,000
2,117,199
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
233
-
11,204
-
74,745
52.010
——_
124,720
1
11,443
14,168
14,647
17,056
147,733
101,710
78,510
179,703
2,056,359
321,701
1,827,326
14,586
-
76,209
J13.610
2,124,069
164,-203
198,233
2,076,859
2,100,659
72,518
185,125
2,106,907
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
115,848
193,788
225,160
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 Bant—
Gold ctfs. on hand and due from U. 8. Treas..
*
z
4,676,299
277,869
4.631,078
285,715
4,631,875
4,615.432
280,119
4,624,142
280,576
4.637,302
281,356
4,645,819
301,357
4,435,562
296,459
4,394,453
4,398,430
4,345,363
4,335,416
4,335,313
4,343,566
4,355,946
4,344,462
4,120,798
4,847,500
4,812,500
4,802,500
2,360
4,774,500
3,102
4,764,500
2,862
3,193
4,768,000
3,181
4,768,000
2,977
4,771,000
3,284
4,771.000
3,656
4,527,632
4,850,167
collateral
4,315,362
4,804,860
4,777,602
4,767,693
4,771.181
4,770.977
4,774,284
4,774,656'
4,536,104
"Other cash" does not Include Federal Reserve
notes,
These
are
cents on Jan.
314,764
2,667
By eligible paper
United States Government securities
Total
4,685,403
290,950
4,417,822
In actual circulation
4,723,841
306,019
t Revised figure.
certificates given by the United States
Treasury for the gold taken
31, 1934, these certificates being worth less
8,472
to the extent of the
provision of the Gold Reserve Act of
1934.
over
from the Reserve banks
when the dollar
devalued from 100 cents to
was
difference, the difference Itself having been appropriated
as
"
*
59.06
profit by the Treasury under
.
y
With the statement of Jan. 4,
1939 two new items appeared, "Other liabilities.
Including accrued dividends," and
tWo items corresponds exactly to the total of
two Items formerly In the statement but not
excluded, viz.:
"All other
statement for April 20. 1938 has been revised
on
the new
basis and Is shown
,
'Other capital accounts."
The total of these
liabilities,'• and "Reserve for contingencies."
accordingly-
The
Volume 148.
Financial
Chronicle
2379
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS APRIL 19, 1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Gold
certificates
from
United
New York
PhUa.
%
$
$
$
hand
on
Boston
Total
ASSETS
and
$
Atlanta
Chicaoo
St. Louis
$
$
$
$
Minneap. Kan. Citv
$
San Fran.
Dallas
$
$
$
due
States
12.876,718
Treasury
Redemption fund—Fed, Res. notes..
8,785
Other cash *
Total
Cleveland Richmond
622,996
825,545
1,376
558
648
833
240
788
683
477
326
585
98,812
31,570
26,159
23,518
23,181
50,645
16,809
9,135
19,255
17,615
810,261
1,400
35,636
770,325 6,245,411
655,124
852,352
348,295
287,823 2,169,320
329,228
223,372
319,784
218,230
847,297
740,731 6,145,223
871
28,723
381,058
13,266,561
reserves
323,944
264,402 2,117,887
311,736
Bills discounted:
213,760
300,203
200,030
i
Secured by U. 8. Govt, obligations
direct
Total
hills
141
75
60
223
150
87.
477
1,606
71
120
2,835
158
597
223
201
560
fully guaranteed
or
42
217
57
52
359
1,229
—
Other bills rilseniinteH
f11seoijnte.fi
Bills bought In open market
Industrial advances
..
1,785
3,473
2,784
67,984
13,478
65
20
.34
79
28
67
390
303
304
87
424
382
332
2
16
16
41
214
612
952
46,954
60,613
36,346
46,916
76,830
99,176
24,573
19,021
40,209
17
39
"85
225
17
104
85
24
1,176
20
71
2
817
458
5
843
47,696
41,369
102,026
53,403
131,706
21,650
53,395
44,123
56,958
23,092
27,660
61,570
24,961
35,708
14,476
>
•
.
■
.
U. S. Government securities—*
Bonds
'
Total
90,042
94,907
35,579
134,259
38,478
116,233
47,123
2,564,015
191,322
721,957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
2,580,888
193,307
726,244
209,971
254,010
135,652
117,276
287,760
124,265
78,776
232,794
103,293
217,540
911,090
1,176,109
notes
Total U. S. Govt, securities
' \
*• ' ' '
•%' H
256,538
331,160
73,522
"87,759
476,816
Treasury
bills
and securities.
Due from foreign banks
Fed. Res. notes of other banks
Uncollected
Items.
—
'
.
162
12
62
16
15
7
5
20
2
2
5
5
19,613
710
3,646
860
1,194
1,753
1,805
3,332
1,133
1,773
61,281
177,061
52,225
74,647
2,4,748
89,202
25,849
32,224
8,988
13,976
4,667
5,981
5,433
1,250
1,843
3,200
4,311
53,893
2,602
3,158
1,289
33,836
575
672,694
1,543
31,027
2,280
•
—
-------
'
Bank
"
premises
.1
42,633
2,931
49,104
Other assets
3,162
'
16,701
2,065
3,936
" 2,181
4,911
2,137
1,515
1,505
545,360
435,903 2,558,481
490,482
323^004
■
.
11
'
*
3,209
2,289
4,198
1
Total assets
927,174 1,193,632
16,631,655 1,031,728 7,175,388
351,045 1,106,252
493,206
-
LIABILITIES
F. R. notes In actual circulation
Deposits:
4,417,822
379,862 1,072,573
312,642
416,89,2
193,586
148,851
987,567
179,221
135,173
168,509
76,049
346,897
9,742,839
460,110 5,287,267
458,406
529,627
241,473
?10,789
226,560
46,383
178,830
45,916
556,942
110,359
15,955
5,060
108,867
41,545
5,097
6,330
1,037
2,809
17,180
268,362
161,839
280,406
233,981
700,436
34,038
.
Member
-
bank—reserve account
U. 8. Treasurer—General account.
950,876
82,596
234,971
44,405
115,609
30,563
Foreign bank
222,716
15,955
80,232
20,608
9,528
7,596
213,006
21,494
6,249
9,037
2,336
186,417 1,297,551
46,640
105,802
7,756
26,813
10,252
5,083
566,257 5,815,476
530,554
674,881
283,900
251,065 1,435,249
61,447
166,992
51,474
69,015
53,012
376
1,424
350
381
117
16,287,550 1,007,942 7,056,465
895,020
l,16i,l69
530,615
-
—L
-
Other deposits
1.
285,975
Total deposits
11,202,406
.
46,087
6,426
-
.
"
6,426
6,426
*
'
*
Deferred
availability Items.
663,169
4,153
Other liabilities, Incl. accrued dlvs
Total liabilities.-.-
23,296
90,740
32,347
16,786
34,081
"29,941
168
454
123
160
.278
117
423,380 2,514,010
4S0.053
313,958
483,274
3,970
4,685
2,912
3,153
4,245
3,613
„
..
.
205"
340,038 1,081,576
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
"134,971
149,152
9,405
50,895
12,049
13,683
5,075
4,516
13,649
10,083
52,463
4,983
5,630
22,666
2,874
7,457
13,696
4,416
14,323
27,264
1,007
713
32,718
.1,424
8,108
1,993
3,450
3,293
1,394
1,429
6,727
927,174 1,193,632
1,351
1,543
545,360
1,057
'
—
•<
Other capital accounts...
'
Total liabilities and capital accounts
16,631,655 1,031,728 7,175,388
Commitments to make Indus, advs
759
11,659
2,304
•
"Other cash" does not Include Federal Reserve notes.
1,664
151
"
FEDERAL
Total
Federal Reserve notes:
held
New York
Phila,
%
4,723,841
S
J
Cleveland Richmond
s
as
328,924
436,803
16,282
19,911
205,167
11,581
-4,417,822
by Agent
490,482
323,004
493,206
351,045 1,106,252
191
664
2,967
73
599
932
379.862 1,072,573
312,642
416,892
4,847,500
2,667
420,000 1,190,000
345,000
2,029
■
L
"
;
•/
Chicaoo
St. Louis
Minneap
Kan. Citv
%
403,214 1,178,429
23,352
105,856
9,965
2,121
1,229
Atlanta
$
S
S
S
S
..
1.0,561
.
1,142
STATEMENT
NOTE
4,011
3,892
1,266
1,788
1,001
1,980
'
306,019
In actual circulation
,
Collateral
Boston
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank.—.
RESERVE
545
v.
.
435,903 2,558,481
.
Three Ciphers (000) Omitted
Federal Reserve BanIt of—
v
San Fran
Dallas
"■
S
$
161,332 1,019,762
12,481
32,195
194,113
14,892
139,044
3,871
176,443
7,934
6,870
50,794
193,586
148,851
179,221
135,173
168,509
76,049
346,807
439,500
210,000
169,000 1,035,000
434,000
223
201
225
345,223
439,701
210,225
'
987,567
82,919
397,691
security
for notes Issued to bank:
Gold certificates
hand
on
and due
■
•
.
from United States Treasury. —
Eligible paper
-
Total collateral..
4,850,167
United States
Rates quoted q,re
•;;;
■
■
590
*
-
420,143 1,190,590
Treasury Bills—Firday, April 21
143,500
180,000
85,500
35
37
419
375
312
169,003 1,035,104
196,035
143,537
180,419
85,875
434,312
United
States
York Stock
Bid
Government
Securities
0.05%
0.05%
0.05%
—
at
the
New
York
May 24 1939
May 31 1939
71939
0.05%
0.05%
July
1939-.
5 1939—
12 1939
July
Stock and Bond Averages—See page
1
April 21
*
/
Figures after decimal point represent
(lit 1 ( 1( Mil
THE
1
PARIS
BOURSE
Apr. 15
Francs
one
or
32ds of
more
7,300
7,400
7,500
Banque de Paris et Des Pays Bas
,
Apr. 18
Francs
1,119
,1,108
1,114
1,139
Banque de 1'Union Parlslenne..
446
441
440
454
Pacific
Int.
Bid
.
Asked
Cle Generale
15 1939
—
Sept. 15 1939—
24%
100.8
14%
101.29
June
101.31
15 1941...
Dec.
15 1941..
1*4%
14%
102.28
102.30
francs
Francs
7,500
150
'147
152
153
13,400
13,300
13,800
14,200
.,.758
758
757
773
1,390
1,370
1,420
l",4i0
40
40
39
38
485
490
486
491
-817
812
812
200
200
200
1,390
Transatlantlque B
40
'
Citroen B__
June
Francs
154
<
Cle General® d'Electrlclte—
Rate
Maturity'
Apr. 19 Apr.: 20 Apr. 21
13,600
Canal de Suez cap
Asked
Apr. 17
7,300
Canadian
Int.
Bid
received by cable
Francs
Cle Dlstr d'Electrlclte
Rate
as
day of the past week:
Bank of France
.
'
Maturity
2395.
1
Quotations for United States Treasury Notes—Friday,
point,
Exchange.
2395.
I
each
a
New
1
0.05%
0.05%
0.05%
July 19 1939—
.
the
0.05%
June 21
page
Quotations of representative stocks
I
Stock
Asked
June 14 1939
June 28 1939
0.05%
0.05%
0.05%
0.05%
—
on
Exchange—See following page.
Daily, Weekly and Yearly—See
3 1939
May 17 1939
Asked
o
196,000
104
3
Transactions
May 10 1939.:
June
143
for discount at purchase.
Bid
;
.
April 26 1939
May
•*.
Comptolr Nationals d'Esoompte
Coty 8 A
*
,
.■«
822
103.2
103.4
H%
101.31
102.1
Mar. 15 1942...
IH%
104.13
104.15
Courrlere
211
212
214
Mar. 15 1940—
14%
102.10
102.12
Sept. 15 1942...
2%.
105.22
105.24
Credit Commercial de France.-.
504
504
500
June
15 1940—
102.11
102.13
Dec.
15 1942...
1 H%
104.23
104.25
Credit
1,570
1,570
1,570
1,590
Dec.
15 1940
14%
1H%
1^%
102.23
102.25
June
15 1943
...
14%
102.4
102.6
Eaux des Lyonnalse cap
1,370
1,370
1,320
1,370
102.27
102.29
Dec.
15 1943
-
14%
102.6
102.8
Energle Electrlque du Nord
320
323
322
323
Dec.
15 1939—
Mar. 15 1941
—
—
1
—
Lyonnalse
—
Energle Electrlque du Littoral—
542
Kuhlmann
■
BERLIN
STOCK
each
as
received by cable
day of the past week:
Apr.
15
Apr
17
Apr.
Apr.
Apr.
Apr.
18
19
20
21
Per Cent
Allgemelne Elektrlzltaets-Gesellschaft
115
114
113
115
159
159
159
—
159
106
106
106
118
3:112
112
Commerz-unrl Privat-Bank A. G. 6%.
_.
Deutsche Bank (Q%)
118
—
118
Deutsche Relchsbahn (German Rys.pf.7%). 124
Dresdner Bank 16%)105
124
105
124
105
105
Holt-
105
Farbenlndustrle I. G.
149
148
149
day
148
(7%)
148
Relchsbanks (8%)
Siemens & Halske (8%)
Ex-divldend.
124
180
1
J.
.
180
.178
178
179
192
192
192
189
191
104
.
Verelnlgte Stahlwerke (6%)
x
124
103
103
101
616
1,130
920
915
915
878
877
877
435
427
37
1,665
79.90
79.75
80.60
80.50
82.20
82.20
83.20
83.50
81.60
82.50
82.70
81.80
80.20
4H%. 1932, A
4M%. 1932. B
87.00
87.25
87.10
88.20
88.00
86.50
Soclete Francalse Ford
111.10
5,790
5,810
5,650
5,660
1,869
1,860
1,895
1,210
1,215
1,210
53
Soclete Generale Fonclere
53
52
55
—
Tublze Artificial Silk preferred—
69
68
68
70
1,375
Soclete Lyonnalse
—
87.10
111.30
1,855
Cle
d'Electrlclte.
87.30
110.10
1,198
Saint Gobaln C <fc C
Soclete Marseilles
86.20
110.30
5.730
Royal Dutch
86.40
109.30
Rentes. 5%. 1920
Wagon-Lit a
433
37
1,635
81.60
Unlo
433
37
1,635
81.90
Schneider &
432
37
1,635
Rentes4%, 1918
Rentes
1,140
924
872
Pecblney
Rentes Perpetual 3%
Rentes 4%, 1917
Rentes
of Par
(6%)116
Berliner Kraft u. Licht (8%)-.-.
608
1,110
HOLI-
Ry 0%
Capital
Pathe
610
1,110
DAY
Orleans
Closing prices of representative stocks
1,590
1,390
545
610
Llqulde
Lyon(PLM)
Nord Ry
EXCHANGE
540
215
1,100
L'Alr
THE
5*6
200
'*—■
1,374
1,345
1,373
631
634
....
630
"*
86
86
86
88
492
490
497
504
59
60
59
59
53
Stock Exchange
Stock and Bond Sales—New York
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
of such sales In computing the range
the New York Stock Exchange
United States Government Securities on
Below
furnish
we
Home Owners' Loan and Federal Farm Mortgage
the current week.
V' ,
daily record of the transactions in Treasury,
a
Corporation bonds on the New York Stock Exchange during
Quotations after decimal point represent one or more 32is
Bond Prices
Dally Record of U. S.
Treasury
120,7
120.15
120.13
120.13
120.15
120.14
Low.
4^0. 1947-52
of a pointt '.
120,7
120.8
120.11
120.13
120.15
120.14
120.15
120.11
120.13
120.15
120.14
90
120 7
7
12
10
2
10
.Total sales in $1,000 units...
(Close
•
High
115.14
115.8
115.12
115.10
115.9
Low.
115.11
115.8
115.12
115.10
115.9
Close
115.11
115.8
$1,000 units...
5
4s, 1944-54....
Total sales in
115.10
4
4
114.20
Close
114.23
114.20
Low.
114.20
—
mm'um
mm mm
104.15
104.15
104.15
104.15
Low.
104.15
104.15
104.14
104.15
....
Close
104.15
104.15
104.14
104.15
....
Total sales in $1,000 units...
1
4
5
11
m~m~
■'mm'mm
....
....
(High
110.20
110.22
■
2Kb. 1948...
110.21
110.21
~
110.21
1
Total tales
Total sales in $1,000 units...
mm^mm
106.29
mmmm
'
'
107.3
....
106.27
105
105
in'$1,000 units...
35
19
104.29
105.2
105.2
104.30
105.3
Low.
104.29
105.2
105.2
104.3d
105.3
Cl08C
104.20
105.2
105.2
104.30
105.3
$1,000 units—
20
■
t
' ,h
—•
1
....
5
108.29
108.27
108.29
108.27
108.29
108.27
8
4
Low.
108.26
108.27
110.16
110.17
110.17
110.15
110.15
(Close
108.26
108.27
110.16
110 16
110.16
110.16
110.15
110.15
Total sales in $1,000 units...
2
110.15
110.16
110.16
110.17
110.15
110.15
(High
$1,000 units...
High
1
3
3
2
3
110.28
110.29
110.29
110.29
110.27
110 27
110.28
110.29
110.29
Close
110.25
110.27
110.28
110 28
110.29
110.29
Total sales in $1,000 units...
13
27
17
7
3
.
"
.......
108.6
1
106.18
106.14
106
106.12
106
106.12
(Close
106.18
106.14
111.3
Total sales in $1,000 units...
3
1
111.3
111.2
111.3
3
10
111.14
■
Low.
2MB, 1942-47
....
mm
mm
'mm
mm
rn'+mm
110.7
lio'.H
110.14
'
110:14
3
1
'mm
108.3
108.2
108.3
108.4
108.3
108.2
108.3
108.4
(High
110.14
110.14
110.14
mm m m
3
....
110.14
109.15
109.20
109.24
109.24
109.20
109.24
109.23
109.22
Close
109.15
109.20
109.24
109.23
109.24
Total sales in $1,000 units...
1
103
25
4
101.29
2
107.9
107
107.4
107.6
107..6
107.8
107.8
-.I
107.3
107.8
107.8
107.6
107.8
|
107_.8~
Low.
107.8
107.8
107.11
107.9
101.29
101.29] 101.30
101.30
101.29
101.28
101.27
101.29
101.30
101.29
101.28
101.27
1
18
6
1
12]
6
(High
(Low.
104.28
104,3Q
104.26
104.30
j QJ Qgg
2Mb, 1942-44
Close
107.3
101.31
101.28
104.2ft]
104.30
Total sales in $1,000 units...
I'i
High
101.31
101.29
(High
,
2Ms, series B, 1939-49.. Low
,
109.24
109.15
1
'1
8
101129
1
High
• LoW.
3
Total sales in $1,000 units...
110.14
.11.
■
108.4
108.2
108.1
Close
1
mmmm
aio.14
'
108.3
3s, series A, 1944-52.... Low.
111.17
....
Loan
Home Owneri
■
110.7
Close
Total sales in $1,000 units..
111.17
mmmm
•
'"mmmrn
10
Low.
111.17
m m mm
;
111.14
110.7*
(Close
'
111.14
Total sales in $1,000 units...
'
'
'
•
205
78
77
6
108.23
108.22
108.22
108.26
108.22
108.23
108.22
108.21
108.26,
1 Close
108.22
108.23
108.22
108.22
108.26
Total tales in $1,000 units...
4
3
6
t Deferred delivery sale.
,
3
108.22
Low.
1
3
$1,000 units
Total sales in
♦Odd lot sales,
High
27
Total sales in $1,000 units..-.
2Kb. 1945-47
•
,
..
:
..
•
4
above
Note—The
4
4
table
includes
sales
only
Transactions in registered bonds
bonds.
107.26
107.28
107.30
108
108.3
1
107.26
107.28
107.30
108
108
1
Treasury 2Mb, 1945-1947.i......
Close
107.26
107.28
107.30
108
108.3
2
Home Owners' 2Ks,
Total sales in $1,000 units...
25
50
•:
'■,/
'
C.
1
:
"
1
...
26
~
..101.25 to 101.25
1939-49.
11
High
Total sales in $1,000
106.21
106.22
106.26
106.25
Low.
106.21
106.22
106.23
106.25
106.25
United States Treasury Bills—See
Close
2KB, 1951-54
eoupon
..109.22 to 109.22
107.6 to 102.6
108.16 to 108.16
Treasury 2Ms, 1955-1960
Low.
...
of
were:
Treasury 3s, 1951-1955..
High
2KB, 1948-51..
'
2
(High
...
U
■
High
•
4
106.12
| Low.
3s, 1942-47
106
111.3
Total sales in $1,000 units...
y
108.7
106.14
111.2
(lose
.
108
8
106.18
111.4
Low.
2KB, 1955-60......
108.8
*1
(High
•
High
3s. 1951-55
108.5
111.3
Close
...
108
111.3
$1,000 units...
.
108.5
Total sales in $1,000 units...
'
3s. 1946-48
108.7
mmmm
Lowt
3KB. 1949-52
108
mmmm
'
High
Total sales in
108.8
108.6
Close
•
'
3 HB, 1946-49
14
108.6
Low
110.29
110.25
3s, 1944-49
2
110.25
Low.
Total sales in
3K», 1944-46
104.8
128
108.27
Close
"
104.8
104.7
108.26
110.15
•
5
104.8
104.6
(High
•
42
2
Low.
((-lost
3Ms. 1944-64
105
2
(High
-..
•
,
104.31
1
104.7
High
.
105.1
105
Low.
/
25
Total sales in $1,000 units...
'
,•
107.5
104.29
Federal Farm Mortgage
1
3K8.1943-45....
107.5
1
104.26
106.27
mm
mmmm
107.5
104.29
2s, 1947
'■
1
107.4-.
20
'
24
....
107.4
104.26
v;
106.27
106.29
106.30
107.4
107.3
(High
Low.
(Close
Total sales in
106.29
106.30
mmmm
1
107.3
104.29
2Hs. 1950-52,...
1
Close
107.25
(High
/'■'
110.21
8
24
24
105
■
Low.
3K», 1941
105.3
(Low.
2Kb. 1949-53
110.21
110.21
106.30
High
105.*
(Close
,
..
105
41
107.25
107.25
mmmm
.'■»'.
"
■
104.31
282
(High
110.21
110.21
110.20
mmmm
104.31
48
Total sales in $1,000 units...
1
1
Close
105
Low:
-
104.17
106.13
110.20
Low.
$1,000 units...
Total sales in
105.1
(High
106.13
'■■'mmmrn
2
3«8. 1943-47
104.31
104.31
$1,000 units...
Total tales in
104.13
106.13
106.11
$1,000 units...
Total sales in
105.3
104.29
104.17
2
106.11
mmmm
105.2
104.29
Low.
■
....
106.11
(lose
6
105
104.24
2Kb, 1945
Low.
105.13
105.2
104.31
...
1941-43..
105.8
103
Total talet in $1,000 units...
....
4
(High
105.13
105.2
....
114.22
High
3 MM.
105.5
105.2
Close
114.22
....
$1,000 units...
KB. 1940-43...;.
106.6
104.29
2KB, 1960-65
.
....
■
1
3
106.6
106.6
Total sales in $1,000 units...
•
Total sales in
106.5
106.3
(Close
mmmm-
1
106.6
106.6
105.31
75
(High
High
$Ks, 1946 56
115.9
115.12
1
2KB, 1958-63
'mmmm
;
106.3
(High
iJLow.
,
''
'
106
11,000 units...
Total tales in
*
;
•■■■: ■■
■
106
(Low.
-'■•••"■
'
-
- •
106
(High
„
2Kb, 1956-59.•
'•
-
....
Treasury
•
Close
.
S. Bond Prices Apr. 15 Apr.17 Apr. 18 Apr. 19 Apr. 20 Apr. 21
Dally Record of U.
Apr. 15 Apr. 17 Apr. 18 Apr. 19 Apr. 20 Apr. 21
High
,
No
they are the only transactions of the day.
disregarded In the day's range, unless
for the year.
NOTICE—Cash and deferred delivery sales are
account Is taken
•
1939
22
April
2380
106.21
106.22
106.23
106.25
106.25
United States Treasury Notes, &c.—See
10
1
4
2
1
units...\
..
106.25
previous page.
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
Monday
Tuesdry
Wednesday
Apr. 17
Apr. 18
Apr. 19
Apr. 20
Apr. 21
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
*55
56
125
*53%
*120
38%
32
7h
*34,
32
*34
*32
7%
55
53% 54
*120
130
130
34
34
38%
73s
7%
73«
7%
7%
21
1934
1934
*19%
21%
*20
22
*20%
4984
50%
48
49
49%
*84
%
*65
734
32
73S
*20
7h
♦33
31%
*1934
%
35%
%
7«
*65
734
7%
734
500
35%
v32%
35%
"""106
325s
600
71s
714
3,600
*19%
7%
21
20%
20%
2014
2034
49%
21 s4
50
50%
50
60
78
%
%
*66
734
32
7*8
21
*84
35*2
*66
*19
21
78
Par
•
100
53
Apr 11
Apr 10
Abraham
& Straus...-Wo par
..Wo par
Adams Express-
Wo par
Adams-Miills
Corp
Address-Multigr
3,700
%
25
Acme Steel Co___
Air Reduction Inc
400
10
Wo par
1
1
%
%
%
8%
7%
7%
7%
6%
6%
0%
7%
6%
6&8
11
11
1534
17
7%
7%
159'4 161
11
*10
10
10%
7k
75«
*6
*9%
15%
7%
1534
7%
7%
156
158
*10
11
*934
10
10%
10%
10%
10%
7
7%
7
31%
*13
63
56%
56%
*56%
33%
31
31%
30%
1434
*56%
7%
157
157
13%
13%
lh
1%
1%
*13
7%
63
31%
1434
Allied Chemical & Dye. Wo par
151% Apr 10
*10
10U
100
10%
1058
IO84
10i2
1,800
12,300
2
*6
634
1034
11
15%
16%
73s
7%
156
*934
*10%
7
71?
T.SOO
100
*13
5M % Pf A without wai.100
$2.50 prior conv pref.Wo par
7
7
400
*10i2
1114
300
165s
8
*7i2
10i2
16i2
734
6134
200
3214
8,200
♦13U
14i2
14i2
200
1%
1*2
14%
1*2
*1%
2
200
1434
53
53%
53
19
17
17
12
12
*1134
12
12
12
12
12
53%
531.1
*50
53
*50
53
*50
53
*58
7%
I6I4
32
*10
*12%
*52%
*1212
1434
54
55
56
59
6OI4
*16%
17%
I684
1684
1678
17
115s
117e
♦Bid and asked prices; no sales on this
5K % Pf A with $40 war. 100
784
6134
Uh
17%
5K % P' A with $30 war. 100
800
63
*1%
7*8
4,500
323g
5312
*17%
♦73s
2,300
3134
51%
*16%
1434
16%
78
8I4
712
8
7
11
1484
day.
*13
11%
*50
147g
12
53
Wo par
Allegheny Corp.
7S
*612
31%
63
31%
*11%
53
*614
*gi2
1
14%
*58
*1%
*12%
*1%
5s Mar
Aug
10
738
16
16
67
Jan
10
812
738
1034
Feb 20
10
10
%
8%
7
*9
68
Alghny Lud Stl Corp..Wo par
Allen Industries Inc
%
8%
6%
11%
F eb 20
2,900
%
734
7
May
3,800
1,200
%
6%
*6
14% Mar
1058 Mar
40
8
734
*50
J In receivership,
53
5
Allied Kid Co
Allied Mills Co Inc
Wo par
Allied Stores Corp
Wo par
100
No par
5% preferred
500
1,100
10
a Del. delivery.
10
Apr 10
1% Jan
117
3
Apr 12
1234 Jan
3
5% June
19
Mar
9
734 June
28% Jan
4
4
145a Sept
Ilia Jan
Mar
7
Mar
1338 Jan
70
4
8
23a Jan
50
No par
No par
1312 Apr
6%
» New stock,
r
.10
50
preferred
Cash sale.
1034 Apr 11
Apr 11
53
xEx-dlv.
y
Mar
34% Mar
III4 Apr
114 "Mar
1978 Jan
4
85s Mar
4% Mar
38
Mar
483s Jan
1234 Apr
1% Apr
American Bank Note
4% Mar
124
Alpha Portland Cem..No par
Amalgam Leather Co Inc..
Am Agric Chem(Del)
Mar
3
Jan
113a Jan
4
5
13% Jan 21
193
28
Apr 11
I6I0 Mar 31
Apr
% Mar
6% June
9i2 Apr 10
6
Apr 11
54l2 Apr 11
50
95
4
4
8
8
Amerada Corp
884 Mar
1% Jan
1478 Jan
133s Mar
Apr
Allis-Chalmers Mfg
6% conv preferred
"2,400
Mar
655s Jan
15734
758
Oct
Jan
6% Mar
27% Jan
84
68
Oct
52
1
157
7»4
Jan
25
Nov
June
4
Jan 30
159
784
11
share
61
12334
45
18
Jan
3
157
734
45
36U Feb
1195s July
3014 Mar
42«4Mar
Feb
I95g
158
734
Alaska Juneau Gold Min—10
6434 Mar 15
MarlO
130
1914 Apr
45% Apr
6% Apr 11
117
Apr 12
84 Apr 10
6*8 Apr 10
5
Apr 8
518 Apr 8
9
Apr 8
14
Apr 8
634 Apr 11
8
7
8
31% Mar 31
634 Apr 8
Air Way El Appliance.. Wo par
Alabama & Vlcksburg Ry.,100
*66
33% Apr
Highest
$ per share $ per
$ per share
120
Albany & Susq RR Co
7
share
per
Abbott Laboratories...Wo par
1,100
*119
7'/8
$
Lowest
Highest
4K% conv pref...100
55
*33
■
Shares
130
31%
22
7&
55
*120
3234
21
mmmm
55
130
31%
*20
52%
♦54
♦120
3234
*1934
50
55
' 130
*53%
*120
-
of 100-Share Lots
Lowest
Week
•
*120
Range for Precious
Year 1938
Range Sine* Jan. 1
On Basis
EXCHANGE
the
Friday
YORK STOCK
NEW
for
Saturday
Apr. 15
1234 July
24
Oct
30
Aug
677g Nov
15s July
68I2
133s
125
Oct
Feb
Dec
•i5g
Jan
78
17%
17%
Jan
<
Jan
Jan
21% Nov
2934 Nov
14% Aug
197
1234
Oct
Oct
1478 July
13% Nov
70%
5534
Oct
20
Oct
3%
Oct
Oct
Jan 20
10
Mar
24
Jan
55
May
78
July
24% Jan
17«4 Jan
3
3
3
22
Dec
10
Mar
60
6
46%
Apr
19
69i2 Jan
Ex-rlghta
Jan
28%
Oct
23% July
63
1 Called for redemption.
Nov
New York Stock Record-Continued-Page 2
Volume 148
LOW
AND
HIGH
8ALL
PRICES—-PER
SHARE, NOT PER CENT
Sales
STOCKS
YORK STOCK
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
the
Apr. 15
Apr. 17
Apr. 18
Apr. 19
Apr. 20
Apr. 21
i per share
$ per share
$ per share
$ per share
Shares
4%
I per share
4»4
36
34
*124
4%
35
35
16
110
*
*34
■
*33%
1534
8%
20
20%
35%
16
*109
111
+
74
*61%
"6%
5%
*7
7%
*7
63
~*6%
*7%
7%
*61%
214
1484
*3%
*3
7
*3
7
*3%
7
*160
500
*160
500
*160
500
214
6
2%
2%.
1434
*14
6
2%
13%
14%
6
*53s
11%
llt2
11
13
13
5%
11
13
13
3%
3%
*26
*10
26
26
400
American Crystal Sugar
2%
14%
5%
6
6
11%
200
*12%
13%
3%
*12%
13%
700
26%
26%
27
27
44%
1%
45
*43%
1%
45
17
17%
17
17
5
100
164
No par
2
5
Apr 10
Apr 11
Apr
5
5
4%
4%
1,100
Amer Internat
17%
17%
3,500
55
*47%
1134
52
51%
100
American Locomotive.-No par
Preferred
-.100
*2%
27%
3
51%
11%
*2%
17%
51%
*47
55
11%
*2%
28%
*47
12%
12%
*2%
27%
3
28%
*115
121
*115 '
2434
*24%
4
*24%
4%
4
12%
3
28%
120% *115
2434
12%
28%
12
11%
11%
3,200
3
*2%
2%
100
29%
*28
31
300
25
80
24%
*24%
?4%
4%
39
37%
37%
3734
4%
3734
37
37
38
38
38
38%
3134
34
32
32%
32
33
32%
32%
33%
33%
34
1134
1,2%
34%
12%
12
12%
11%
12
160% *159
160%
13%
14%
13%
13%
*52.
5134
53%
54%
11%
*159
159
4%
12
159
4%
11%
13
13%
12%
13%
52
52
52
53
12%
12%
11%
*113g'
12%
12%
27%
12%
4%
11%
*150
159
*150
15834 159
4%
1
..No par
pref...;
100
Corp...No
non-cum
par
Amer Metal Co Ltd
Apr
8
Apr 11
Apr
8
2% Apr 11
27
April
117% Apr 20
100
23
No par
Amer Power & Light
6,500
Mar 31
11
No par
6% conv preferred
American News Co
8
Jun24
14% Jan 23
4% Apr 8
1438 Apr 8
47
Apr 11
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
1,100
121
2434
4%
6%
2%
25%
4184
1%
50
Home Products... 1
American Ice
700
117% 117% *111
*28
121
*24%
*48
American
1,600
27
Apr
Feb 16
538 Jan
164
10
6% preferred...
400
1%
66
4
Mar 22
Apr
4
117
12l2
27%
3934
12
413s
*123
.
149%
9
*9
12
15%
16%
79
79
*11%
27%
27%
27%
3934
15
Mar
177
Jan
10
Jan 14
3% Apr 10
No par
15
Jan
7
177
5% Feb 2
34% Feb 3
46% Mar 14
12% July
20% July
5% Mar
Mar
2
15
Mar
12
Mar
3034 Mar
18% Feb
13% Nov
20% July
784 Jan
4% Mar
12% Mar
30% Dec
Jan
Jan
Jan
40% Jan
124% Mar 20
44
June
79
10
Mar
z26
Jan
3
20
7
Feb
6
30%
79%
1584
4%
Jan
884 July
23
Mar
45
Oct
99% Mar
122
Nov
Mar
29%
-
3% Mar
32
Apr
8
4934 Mar 11
19
Apr
8
4434 Mar 11
16% Mar
San'y.No
10% Apr 8
15834 Apr 19
par
100
1838 Jan
162
9
13%
13%
13%
52%
53%
54%
1,400
12
12%
12%
1,100
American Safety Razor.. 18.50
12%
12
12
200
American Seating Co ...No par
100
Amer Ship Building Co.No par
x27
Apr 13
34% Mar 10
Amer Smelting &
4^%
conv
19% Oct
165% Jan
24% Nov
50
12% Apr 10
Apr 11
100
2234 Jan
72% Jan
58
Mar
8034 July
1138 Apr 10
10% Apr 10
25
pref...
•
27
27%
*27%
28%
*27% 28%
39%
3934
38%
40%
39%
39% 40%
132% *130
129*4 129*4 *128
132%
132% 132% *130
132%
*60
62
63
*60
*60
62% *60
62%
63
*60%
*
♦
*
149%
149%
149% *140
149% *140
149%
22%
23
"21% 22% "22% 22%
22%
23%
22%
23%
8%
81
8%
*834
8%
9%
*8%
9%
*8%
9%
11
12
12
*8%
12
*9
*9
12
*8%
*8%
17
17
16%
16%
16% 16%
16%
16%
17%
17%
*78
79
80
78
7734. 78
80
77% ■77%
*77%
*15%
16%
15%
15%
*15%
16%
*15%
16%
*15%
16%
153% 154
156
153% 154% 155
157% 156% 1*7%
15534
1538 Mar
12
Dec
20
7% Mar
2234 Apr
28% Mar
20% Jan
23% Nov
35% Jan
80
30
9
434
2?
30
22%
2438
*34
15%
*112
.113
10
10
2%
•
2934
'434
434
7,466
500
American Stove
*20
23%
22%
45
112
*35
1434
112
4%
Preferred
700
Amer
American Tobacco....*
80%
2,600
9%
9%
.
30%
4%
4%
6%
300
4%
2,200
Preferred
2%
15%
*112
*9%
10%
*9%
2
*21%
22%
*118
4
98
98
4
2%
21%
24
24
24
*20
23%
23%
24
23
*35
40
*35
16
16
'45
15%
26
4%
38
*34*4
*35
75
*25
36%
*10
10%
6'4
*75
35*4
*9%
7
23%
40
75
-
16%
114%
-
-
*76
6%
75
9%
6%
6%
*40
35
35%
9%
,*9%
6%
2%
*1%
75
*77
10
30
12
*1%,
73%
54
*73
88
*73
*44
52
*44
52
*44
52
32
*31
32
*31
32
*31
*90
92
*90
92
♦91
100
*91
100
28
26
26%
55%
5334
5334
18
16%
17.
*6%
1
*73
•
*90
•
N
*91
153
Jan 24
8% Jan
120%
150%
91%
Apr
152
3% Mar
14% Jan 20
6
68
Apr
'
33
734
Jan
5
Jan
7
25
5
21
May
54% Jan
4
29
7% July
45
Mar
36% Jan
16% Nov
Aug
91
23% Mar
634
Oct
Dec
9% Nov
Mar
93% Mar 10
Oct
Dec
88% Aug
5834 Mar
130
Jan
Jan
117% Mar
12% Mar
43% Jan 10
10
10
10%
7
100
73%
*73
52
*44%
31
92
*90
91
91
27%
28
5334
53%
54%
16%
1634
16%
17%
54%
17%,
77
«.
'
-
Corp
9% Apr 10
!.6
5% Apr 11
Jan 23
73
100
1
5% April
6% 1st preferred
100
70
Jan
7% 2d preferred,.
^
100
\
33% Apr 11
No par
preferred
Mar 31
100
41
Apr
Assoc Investments Co..No par
200
*
50
100
Associated Dry Goods..
4,400
52
Constable
Arnold
Apr 21
3% Apr 10
3334 Apr 11
-.5
No par
Artloom Corp.........Nopar
7%
92
2734
200
1,700
31
-
26%
5334
100
»
6%
32
■
pref
preferred...
Armstrong Cork Co
94
6%
6%
$6 $onv
2,200
7%
21
118% Apr 10
97% Apr 19
preferred ......
100
&Co(Del)pf7%gtd 100
7%
10
7%
*78
,
5,300
200
Jan 23
1% Apr 11
Armour
Armour & Co of Illinois
8
834 Apr 11
Copper Mining.
20
Co.......No par
7%
400
37%
*90
92
*91
37%
37%
*31
.
Apr 11
1,11
86.50 conv preferred.No par
75
*44%
88
*90
91%
*40
94
6%
73%
32
88
75
.7
6%
*31
•
2%
22%
*78
634
*43%
.
36%
*9%
94
6%
634
*40
36%
634
94
*6%
.
Dec
Dec
Oct
31
Dec
82
19
3% Mar
13% Apr
Archer Daniels Mldl'd.No par
*77
19%
Jan 10
AnchorllockGlass Corp No par
600
10
94
22% 'Jan
91% Jan
18% Jan
June
24
AP W Paper
34%
11,84
8
2838 Apr 10
4% Apr 10
Anaconda W & Cable..No par
«
lJOO
Andes
3534
4
2034 Apr 11
35
April
500
.*35
6% Mar
Mar
"
16%
114% *112
114% *112
11%
11%
*9%
*9%
:2%
40,300
300
6%
94
6%
73%
38
„
13% Feb 20
14% Feb 18
Mar
3% Apr
85 prior conv pref.......25
Anaconda Copper Mining..50
100
.
"4%
*34%
36
...
40%
12
Dec
Dec
15% Mar
58
8% Apr 11
Apr 10
........100
150
4
111
Jan
Dec
61'4
Jan
87% Jan 19
8984 Jan 16
78
Amer Zinc Lead & Smelt..
•
99
Jan
Apr
170% Mar 11*
4% Mar 31
10
*21
21
21%
22%
*21%
21%
120% 120% *118% 120% *118% 120% *118% 120%
98
98
98
98
97% 97% *97% 98
i
4
4
4
4
4%
4%
4%
4%
38
37
35%
*34% 38
*34%
*35%
35%
i2
'
*118
*98
41
130
58% Nov
140
Mar
Apr 10
147
100
2%
.
8
151% Jan 18
45%
April
75% Apr 11
American
600
4%
14% Apr
73
25
preferred
Foundries Inc
7
148
100
25
86 1st pref erred... ..No par
Woolen.....No par
100
30%
75% Mar
Am Water Wks & Elec. No par
12,200
90
*4%
Telp & Teleg Co
Am Type
1,900
9%
*80
4%
100
Common class B
200
5
8
9
Apr
1
15% Apr 11
Am Sumatra Tobacco..No par
100
3
8% Apr
par
...
1,300
'
'1%
...
Jan
20% Apr 10
Refining.. 100
9,700
5
30
30
Co.'...No
American Sugar
V.666
149% 149%
150
Amer Steel Foundries..No par
American Stores.......No par
78
5%
90
4%
100
103
Mar
4% Mar
Nov
9%
Oct
"
24
1434
10%
2%
*21%
2934
*35
112
10%
9%
*80
4%
4%
22%
15
112
,9%
85
2934
*20
45
14%
,
*4
4%
233g
*35
85
4%
2934
25
22%
45
*15%
*20
9%
.
90
*4
64% Mar 21
80%
81
4%
53% Jan 5
137% Mar 21
59% Apr 14
par
_
77%
*.
*148% 149%
4%
4%
9%
*85
30%
434
4%
4%
79
80%
80%
434
86%
4%
*29%
30
434
78
80%
80%
148% 148% *148% 150
.
86%
*4%
4%
78.
*77
35% Apr 10
129% Feb 17
25
6% preferred..
.
77%
100
Preferred
200
,
77%
Refg.No
Jan
American Snuff..
200
.
95
*4%
10,100
»
,
*15%
16
152% 154®4
77%
78'
77
77
79% '80
..'79% 79%
*148% 150
*148% 150
4%
4%
4%
5
934
9%
8%
9%
*85
*12%
7% Oct
47% Nov
41% Nov
Mar
14834 July
13% Mar
13%
American Rolling Mill
Mar
Jan
.
Jan
12
10,000
Nov
17% July
5% Jan
2% Mar
28
Preferred
Nov
45% Dec
2% June
Mar 23
No par
Am Rad & Stand
Nov
6% Nov
36
1% "Oct
2
...No par
640
Jan
5% July
25% Feb
9, May
85 preferred
20,600
Jan
7% Nov
2% Mar
$6 preferred
159
Jan
6% July
13% Mar
9s4 Jan 5
16% Mar 11
Nov
I684
83
Mar
1,900
37%
.
23%
9
12
39
60%
22%
*12%
.
130
59%
*
12
*11*8
12%
12l2
27%
.
July
9% Nov
"
*12
Oct
20
8% Mar
4
Dec
125
67% Dec
2% Mar
1,400
,
34% Dec
5784 Nov
2384 Nov
4% Mar
9
Oct
176% Nov
Mar
3% Jan 20
20% Mar 11
52%
•
Aug
105%
9% Mar
89% Feb
88% Mar
13% Sept
834 Feb 24
11% Jan 5
10% Jan 4
4
12
American Hide & Leather..
400
14 *
Nov
7084 Jan'
160% Mar
"
Amer Hawaiian SS Co
1,800
Jan
24% Jan
8
10
17%
4%
1%
3%
55
1438 July
52
135
12% Mar
115% Mar
12234 Jan
Apr
No par
17%
3%
684 Mar
23% Mar
Apr
Jan
Apr
12% Apr 10
No par
18%
43
,
35
I per share
114
<
100% Jan I
178% Feb 17
6
$7 2d preferred A
17
*3%
1
Jan
Highest
$ per share
share
Feb 21
$6 preferred..
*17%
4%
*4%
16%
17
43
3%
26%
Feb 11
2% Apr
No par
18%
5%
16%
18
l:
13
.
37
•
Encaustic Tiling.. 1
$ 7 preferred ........No par
600
12
*5%
*11%
6%
*11
61
American Express Co
Amer & For'n Power
1,200
11%
6% Apr 11
10
100
Amer European Sees
T.ioo
2%
14%
13
*10%
American
.
500
15
Corp._20
1st preferred
134
5%
17%
♦
f.ioo
7
10
134
18
"
6%
3%
Colortype Co
Comm'l Alcohol
1%
*17%
5%
4%
8%
American
*24%
5%
18U
55
12
4%
Am
26%
42%
17%
24*4
*5%
7%
400
64
*160
2%
""600
*24%
42%
134
5
118
2%
14%
Allegh Co NJ 25
3%
45
*24%
2%
14
No par
Am Coal Co of
3%
*42%
1%
118
5%
11
44%
134
2%
2%
14
American Chicle
6%
3%
*3%
500
100
1234
*42%
*1%
17%
29%
2%
14
*160
900
preferred,
3%
'
17U
*50%
11%
2%
29%
3%
167% Mar 3
17% April
32
Apr 8
13% Apr 8
105
Apr 18
109% Apr 20
14
Apr 5
5% Apr 8
534 Apr 10
Am Chain & Cable Inc.No
par
12%
3%
28
3%
700
15
7%
3%
7
500
*160
3%
*3
100
2,600
111
*7%
*61%
64
*61%
25
.
per
54% Jan
132% Mar
Year 1938
Lowest
8
3% Apr
125
American Car & Fdy__No par
Preferred
__100
5%
t
3134 Apr
April
83% Apr 11
par
3,900
111
7%
7%
63
7
3
Can
Highest
8 per share
100
Preferred
100
"6%
3%
Corp
Fdy.No
pref
35%
16%
*
*3
American
100
109
6%
7%
Bosch
conv
20%
35%
16%
15
5X%
2,900
*90
109% 109%
6%
*
90%
*20%
16%
7%
■
88%
109
*
15
7%
Am Brake Shoe &
100
35%
35%
*90
15
American
1,600
21
16
...
1,700
36
126
4%
89%
21
35
15%
5
36
16934 16934 *168% 170
20%
35
15%
87%
Par
Range for Previous
100-Share Lots
Lowest
*125
4%
36%
126
3%
*3
'
86%
86%
*168% 170
109% 110
7%
63
*61%
126
109
5%
7%
.
63
4%
3534
35%
125
*90
534
7%
7%
8634
4%
105
105
15
6>4
.
19%
*109% 110-
7%
125
*168% 170
115
15
*7%
*714
*61%
3%
86%
16
*90
111
•_
"h~
36
36
15%
115
*4%
35%
125
203*
19%
16i2
*80
35
87%
♦1683s 170
21%
4%
*124
126
8684
170
20l2
*4%
36%
*124
88%
*167
43j
*36
125
88
■
On Basis of
Week
$ per share
■
Ranye Since Jan. 1
NEW
j"'
Saturday
2381
30
8
April
5
90
Jap
'
110
m —
5% pref with warrants-_100
85 pref without warrants 100
Atch Topeka & Santa Fe.-lOO
*
m
m
90%
91
27%
28%
10,300
54
,1,200
16%
17
1,200
*6%
7
9
Jan 18
90
20% Jan 4
114%Mar 21
15% Jan 15
2% Jan 9
29% Jan 6
121% Jan 4
103% Jan 10
6% Jan 4
43
42%
Apr
It)
Mar
2
Mar
20
July
82
Oct
113% Oct
20% Oct
4% July
Apr
116
Oct
6434
?1% Aug
1034 Mar
97
juir
Mar
31% Aug
122% Oct
103% Oct
July
Jan
5
3% Mar
28% Mar
7
52
72
Jan
65
Jan
4
50
94%
58-
Jan
4
24% Mar
13
Mar 15
103s Jan
5
Mar
Jan
59% Dec
13
Nov
9
5% Mar
2% Mar
Dec
Mar 11
72
Nov
1038 Jan 3
78
Mar 15
4
Mar
*52
May
54% Mar 15
48
Dec
36
27
Mar
7
72
Mar
95
Nov
06% Mar 10
72
-Jan
95
Nov
85
96
Feb 27
Mar
.
77% Dec
12% Noy
75
Aug
73% Sept
39% Nov
'
1
2534
55%
17%
*6%
7%
25%
*52%
16%
*6%
27
7.
7
*6%
*1034
19%
*6
*53
7-
12 ■
*11
*11%
12%
*1134 •■12%
11%
11% *11%
12
12%
19%
19%
19%
19%
19%
1934
19%
19%
19%
19% 19%
105
*104
105
*103
105
105
105
*104% 105% 105% 105% *103
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
46
46
46
46
45% 45%
46%
46% *45% ; 47% *45% 47
53
*52
*52
53
*51
*52
*52
54
53
*52
53
54%
124
124
124
*120
*120
123% 124 / *120
*120% 124
*120% 124
5
5
5
5
*4%
4%
*4-%
5
*4%
4%
4%
*4%
3%
*2%
3%
*2%.
3%
3%
*2%
3%
2\
234
*234
*2%
*2
2
*2
2'
*2
*2
*2
2%
2%
2%
2%
2%
21
*19
21
*18%
*18% 21
23% *18% 21
*18%« 24.
*18%
5
5
5
5
5%
5%
5%
6%
5%
5%
'5%
5%
11%
11%
11%
11%
10%
10%
11%
10%
11%
10%
10%
10%
5
5
5
5%
5%
5%
5%
5%
514
5%
5%
5%
6%
6
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
22
*21
23
23
*21
22% *21% 22 34
*21%
2134 22
*2134
*
*
72
72
73
71
71
72
*68
72
73
13
*13% 13% "13" 13%
12%
13%
1234
13%
12%
1234
1234
*2538
13%
1734
30%
14
18%
*17%
7
7%
303s
13%
18
*25%
1338
17%
*111
*111
*19%
*100% 101%
*
28
120
*110
7%
7%
*
28
*110
120
*7%
7*4
20%
18%
*49%
47%
55%
21%
18%
50
48%
58%
14
18
20 %
18%
18%
28
*iio"
734
120
'
*110"
734
*49
20%
50
21
7%
18%
49%
*49%
50%
50
*47%
*47
55
56%
56%
16%
16%
16%
101% 101%
102
16%
*15%
15%
10
*15
104
102
50
57%
16%
105
17%
-
19,600
4,100
1,900
200
40
2,200
700
4,500
1,900
800
100
50
1,100
22,300
1,900
50
*47%
55%
16%
200
50
300
56%
54,100
16%
1,200
*104% 106
*16%
800
17%
67
87
Jan 11
.10
10% Apr
8
8
8
21
Jan
5
13
Jan
5
Mar
14
Oct
April
33
Feb 28
21% Mar
34
Nov
Apr 11
19
Feb 24
10% Mar
2138 July
50
Corp
...No par
50
Barnsdall Oil Co
5
Bayuk Cigars Inc
No par
1st preferred
100
2
Apr
Apr 10
Apr 11
Apr 10
Apr 10
17
98
50
28
20
114
Belding-Heminway
No
Belgian Nat Rys part pref
Aviation
par
Beneficial Indus Loan..No par
priorpf82.50dlv ser'38No par
Best & Co
No par
Bethlehem Steel (Del)-No par
5% preferred
20
preferred
100
100
Blgelow-Sanf Carp Inc.No
17%
200
Black A Decker Mfg Co No par
10%
3,200
20
*15
20
*15
20
*15
20
*30%
20%
40
*30%
40
♦30%
40
10
20%
21%
22
7,500
par
...No par
47
Apr 6
51% April
15% Apr 10
99% April
15% Apr 10
14
Apr 8
8% Apr 10
Boeing Airplane Co
Cash sale,
Jan 16
Mar 23
Jan
4
8% Jan
73% Jan
2984 Jan
21% Mar
5234 Mar
57% Mar
20
25
3
11
13
11
'
17%
Mar
11
Jan
July
July
12% Mar
5
9
Mar
21
Apr
115
11% Mar
90% Apr
25
94%
Apr
Apr
534 Mar
Sept
7
Feb 28
22% Jan
3
1734
4
Oct
Nov
Jan
19%
102
Dec
Oct
30% Mar
117
Dec
9
July
67
83
8% Mar
15% Mar
30%
Dec
21
Dec
56
Nov
75
4
2334
109
Jan
Mar
17% June
934 Mar
Jan
78%
Dec
18% Nov
114% Nov
2934 Oct
10% Mar
13% Apr
24% Nov
19®4 Nov
21% Oct
Feb 24
37
May
55
3
19
Sept
35%
Jan
35
Apr 18
44
<19
April
3434
Jan
Ex-rights.
Dec
98
26% Mar
3934 May
1234 June
27
1334
36
Dec
Jan 11
115
Dec
July
82
Jan
100
'
Mar
18
23% Mar 11
y
2
80
Feb 23
x Ex-dlv.
2% June
8. Nov
6% Jan
2434 Dec
5
Blumenthal & Co pref
r
Mar 22
Apr
4
19
Bloomingdale Brothers. No par
n New stock,
29
125
4%
5
2034 Mar 4
100% Apr 17
3
16% Apr 11
17% April
48% Apr 6
5
21% Feb 18
11434
Apr 12
Mar
7% Apr 10
70
5
*16
1
Apr
24%
xl2%
15%
110%
No par
85 preferred w w
Apr 13
6
25
Creamery
*10%
a Def. delivery,
Dec
48% Aug
5% Mar
100
10%
11° receivership,
126%
10% Jan
30% Jan
...100
16%
this day.
Nov
Jan
Mar
Dec
10
Bid and asked prices: no sales on
68
105
Dec
*16%
*15%
21%
Mar
Jan 11
127
Mar
8%
17%
21
36
5
14% Jan
27% July
109% Aug
9% Jan
5%
10%
35
3
8% Jan
Mar
Apr,
3 634
16%
20%
8
6684 Jan
Mar
Mar
*15%
10%
35
4734 Mar
6%
1734
101%
534
3834
Jan 18
2% Mar
*15%
......
Mar 15
12% Mar
preferred
Blaw-Knox Co
18
23% Jan 10
110
8% Jan
17% Jan
8% Jan
Conv 5% preferred
7%
Dec
8% July
30% Jan
......
Bendlx
30
4% Apr-10
9% Apr 11
4% Apr 10
5
Apr 10
19
Apr 11
Beech-Nut Packing Co
......
Mar
.4% Mar
.20% Apr 10
Beech Creek RR
,
14
4% Mar'10
3% Jan 6
4% preferred.
Bangor & Aroostook
Beatrice
Jan
30% Jan 3
10% Mar 14
2% Apr 11
Baltimore & Ohio
5lA%
72
par
Baldwin Loco Works ,,v t c—13
Barber Asphalt
May
6% Jan
Corp. of Del (The)-3
Barker Brothers
44% Nov
40
100
85 prior A
Aviation
104% Apr 12
,7
Apr 11
43% Apr 8
53
Apr 8
120
Apr 8
22% Mar
9
Mar
.No par
No par
Austin Nichols...
'
_
7,100
"
Apr 11
4
4%..Apr 10
17%
15%
10%
20%
8
8
*69
18%
56%
16%
54%
8
73%
tAuburn Automobile.-No
122
18%
*69
74
-
28
*112"
49%
50
*47
734
122
50
No par
5% conv preferred..*...100
Atlas Tack Corp
No par
10
18%
18%
5734
16%
28
*i"l6"
*
6% preferred
100
■
*98% 101%
*98% 101%
Apr 11
300
20
73%
20%
18%
50
18%
*112%
19%
20%
18%
50
18%
19%
20%
18%
-
28
14%
20%
18%
19%
55%
14
28%
14%
18%
Apr
19
.I..100
.....25
300
7%
*26%
20%
18%
*69
20
*47
19%
*
120
*7%
74
19%
*49
18%
*7
7%
28%
*112%
19%
*9834 102%
*
•
*
13%
20
16%
17%
*101
102
103% 104
17%
17%
17% *16
16%
15%
15% *15%
10
9%
10%
10%
*15
20
*15% 20
*35
' 40
*35
40
2134
*26
19%
*16%
21
30%
13%
13%
17%
*9834 102%
*
*69
*69
*69
*19%
7%
7%
7%
*26
111% 111% *111%
20%
100% 100%
*18%
20%
7%
30%
10
8
8
Atlas Powder—
130
.
7%
8
Apr
...
-■ -
•
*253g
13%
Apr
6
5% preferred
Refining
500
,
7%
15
4% conv pref series A... 100
Atlas Corp....
...■
*.5
5,400
«
7%
100
Atlantic
600
~
71
Atlantic Coast Line RR
200
-
53
5% preferred
3,100
m,
100
Atl G & W I SS Lines..No par
'
23% Apr 11
42% Jan
July
*| Called for redemption.
■■■■"
=
Dec
New York Stock Record—Continued—Page 3
£2382
LOW
HIGH
AND
SALE PRICES—PER SHARL,
Range Sines Jan. 1
Tuesday
Wednesday
Thursday
Apr. 18
Apr. 19
$ per share
S per share
S per share
Apr. 15
18«4
19
107
IO6I2 IO6I2 *105
52
52
*51% 55%
16%
16%
1612
1612
18
I8I4
1778
177«
21% 21%
21% 227«
*1%
214
1%
134
23
24
2312 23»4
6%
6%
*6%
67«
9%
10
97g
10%
19%
1978
19%
2014
*32
35
*3078 3312
4134 4134
*41%
42%
*1
1%
1%
9
9%
*8%
9
10
10%
I07g
11
36
38
15»4
36
11%
8
9
-
96%
47«
34
3%
25
19
12%
14%
158
96%
4%
33%
3%
24%
*18%
12%
14
*1%
*7
'
678
*19
2%
8%
678
20%
234
*24
1378
*1%
«
11934
80
15%
234
584
*2%
70%
*12%
*2%
10%
96%
4%
33
96%
4%
3212
3%
3%
434
*33%
778
27%
13%
*7
6%
5%
10%
I07g
13%
13
1934
1934
3
64
66
*19
19%
284
110%
*
5
5
g *334
4
*484
5
19%
2%
19
110
2%
2%
*110
*88
8
8
1,700
30
20
15
*12%
14%
*50
51%
*50
13%
15
51%
5%
10%
1
5%
43
3%
30%
5%
*77
*13%
*2%
14%
*39%
312
30%
*4%
42
334
30%
5%
14%
*39
42
378
30%
• 5%
40%
334
*30%
*4%
77
5%
1034
*484
39%
■ 734
27%
1*98
238
*22
100
23%
18
V 2934.
*85
*8s
1*1%
.10%
37%
7%
*2634
*98
100
22%
3034
88%.
*85
*7%
*18
■■*%
*85
*%
*134
38
38
*97g
%
*%
34
*%
%
%
2%
12%
*2%
12%
12
*32
'
35
33
4434
44%
33%
*4484
*3g
*34
33%
34
34
*734
9
*84
*7%
9
10%
10%
*10%
11
8%
87g
8%
45%
4434
%
*%
1
25
N
*%
25
59
78
*52
60
*52
*65
18%
70
*11234,114%
*22
93
*45
.
...
24%
*128
41%
25%
...
*24%
58
9%
85
.1
9
84
*7%
10%
80
*52
"166
700
*%
*%
%
84
600
%
5,800
1%
.12%
1%
1234
2,800
"
*33
*40
45
200
7«
7g
*%
*84
*8%
10%
%
9%
*34
85%
60
*52
60
3
3
18%
I884
11
*21%.
93
*72
93
*44%
39%.
23%
40%
2%
I884
*16%
234
18%
70
*65
70
J
.
114% *112% 114%
22
22% 22%
*73
80
24
*128
128
*118% 120"
*22
*75%
*44
39%
2384
*.;..
113
*10%
63%
62
41%
24%
2434
128
♦127%
*24%
70
113
.2234
79
30
63% 109,400
9%
1,100
170
80%
*9%
978
80%
*43
41
9
800
2?
19
*
10%
8%
27
""366
9
*3
10
80%
60
3%
20
t
120
22%
*100
24%
103
13
23
22
100
alOO
22%
alOO
22%
100
22%
*100
1334
4%
534
*4
*5
*4%
1434
*1434
*4
4
4
4
5
5
5
5
*5
5
*4
5
*4
5
*75%
127g
4%
*1134
13
*12%
15
15%
15
14%
14%
1434
15
*15
77
77
76
76
76
76
934
30%
6%
83
*72
44
IS
*15
9%
*7384
9%
30%
*25%
6
6
6
83
83
*75
79
*74
*4
15%
15%
78
*80%
79
*81
79
43
15
83
*884
*25%
*72
15
5
15%
15%
*75%
6
*79%
*95
104%
47»4
47
*100
110
10%
1%
26%
10%
1%
55
26%
*64
9%
30%
6%
6
....
5
24%
*128
•
79
Preferred
100
Coca-Cola Co (The)...No par
100
2^400
30
700
60
200
"l'eoo
Class A...
......No par
Colgate-Palmolive-Peet No par
6% preferred
.......100
Collins A Alkman
Colorado A Southern
600
300
Columbian Carbon
300
Columbia Plct
30%
6
*82
6%
8434
79
*72
79
10
%4
{In receivership,
13,166
100
"MOO
..100
4% 1st preferred
100
4% 2d preferred....... 100
Columb Br'd Sys Inc cl a.2.50
16
*25%
No par
5% conv preferred
100
Colo Fuel A Iron Corp .No par
15%
9.
7
8
Jan
4
75
Class B
2.50
v
v
t e No par
t c
No par
32.76 conv preferred.No par
Columbia Gas A Elec
No par
6% preferred series A
100
5% preferred
.......100
Commercial Credit
....10
4M% conv preferred....100
"3",500
Comm'l Invest Trust..No par
io~666
34.25 conv pf ser '35.No par
Commercial Solvents
No par
15,200
2,300
13,200
69,500
a Def. delivery.
8
7% Apr 11
% Apr
10
Apr
7
Apr
5
8
25
Apr 8
53% April
9
Apr 8
79
Commonw'lth A Sou. .No par
36 preferred series
No par
Commonwealth Edison Co..25
Rights
•
»
New stock.
,r
Cash sals.
5
Jan
54
MarlO
2% Apr
15'
68
3
35% Feb'28
18% Jan 3
2% Jan 5
9% Mar 23
9% Jan 3
2384 Mar 6
4% Mar 9
Mar
6
I784 Jan
4
4
3
9
3
3% Jan
94% Mar
122% Mar
Mar 11
9
4
107% Jan
24% Jan
94
2% Jan
10% Oct
20% Aug
21% July
5
May
4% Mar
34% Mar
63% Apr
12% June
2% Mar
62% Mhr
98% Jan
29% Mar
100% Jan
9
Mar
82
Feb 24
-
3
80
Jan
11
Feb 25
x25% Mar
40% Mar
Mar
% Jan
33% Nov
Dec
12% July
48% Mar
3812 Jan
22
June
70
22
% Dec
1
3
9
6
3
Dec
% Dec
8
Mar
12
Mar
3% Mar
25
May
35% Mar
9
Mar 10
7% Sept
Oct
51
88% Nov
,13% Jan
Jan
80
Dec
Mar
60
Feb
Mar
5% Nov
27% Oct
Mar 11
10% Mar
135
Jan
104
13%
87%
9%
3%
4%
Jan
23% Jan
Jan
14
73
93
Jan
57% July
7% Mar
78
May
36% Jan
7
Dec
1051s Mar
Jan
9% Jan
7% Jan
18% Mar
18% Mar
Aug
111
6
16% Mar
106
Mar
32% Mar
10% Mar
Mar
11% Apr 10
101% Feb
75
115
44'
Mar 16
62
Nov
Apr
15% Mar
67% July
29% Mar 10
78
Mar 13
45
Apr 13
60% Jan 5
30% Mar 15
133
v
2% Jan
12% Jan
19% July
13% Nov
2
7
sEx-dlv.
Jan
July
3
4% Jan
70
% Apr 14
Nov
1%
3
54
106
April
Apr 11
7% April
23% Apr 8
5% Apr 10
74% Jan 3
62% Jan 13
3884 Apr 10
105% Apr 6
42
Apr 8
106
Apr 14
9% Apr 10
1% Mar 31
45% Jan 3
z25% Apr 10
47
69
4
3
Apr
4% Mar 31
484 Mar 20
14
Apr 10
.
85% Mar 28
58
Mar 11
9
Apr
Jan
6% July
19s4 Dec
89% Nov
Mar
37% June
Jan
17B "Jan
1%
Mar
Feb
11% Apr
1
Dec
Dec
67g Mar
Jan 11
33
11
2
Jan
1%
% Nov
%
July
5% Jan
157, July
Mar
%
Jan
Feb
1%
4
Mar
Aug
Sept
4
Feb
20% Apr
89
Apr
% Dec
1%
%
2%
8%
4
4
4
85% Mar
Oct
May
3
9% Mar
14% Jan
13% Jan
Mar
June
69
Jan
106
6
1
1% Jan
Ort
Oct
18
115
3
59%
12%
46
June
% Jan
1% Jan
Jan
' Apr
20
8
9
2
% Jan 14
384 Jan
Jan
6% July
4% Mar
94
Jan
8%
104
17% Mar
3
JaD
28
5% July
111% Nov
14
July
26% Mar
5
4
Jan
Sept
19% Dec
72% July
Mar
4
Mar 21
13
90
96
3% Mar
Aug
Aug
58
July
106% Dec
26% Nov
6% Dec
47% Jan
102
120
Mar
88
52% Jan
,
99% Apr
4
Jan
22% Nov
4% Jan
197% July
Mar
2
Nov
89
18% Dec
6
July
8% Aug
45
July
9% Jan 5
5% Jan 3
5% Mar 11
95
42
12% Dec
46
Aug
46% Nov
8% Jan
Mar
21
Jan, 6
Jan
51
Mar
37% Apr
19% Jar 4
72% Mar 14
22% Jan 11
6% Jan 3
111
Mar
1
44% Jan
20% Jan
Oct
15% Nov
44% Nov
22
July
24% Jan
5% Mar
8% May
12% Mar
Jan 18
4
6% Jan 3
34% Mar 11
7% Jan 9
42% Feb 17
85
Feb 18
July
July
5
15% Mar
5
55
10
24
Mar
8% Jan
Dec
45
17% Jan 5
19% Mar 9
60% Mar 30
2% Jan 17
20%
29
16% Aug
22% July
3% Jan
Mar
13
Oct
13% Oct
100% Nov
7% Deo
64% Jan
534 Oct.
39
July
Mar
20
Jan
14%
Mar
4
26
36% Apr 11
21% April
127% Jan 6
114
April
41
Mar
Mar
Mar
Jan 11
13% Jan
37
Jan
Nov
14% Nov
46% Nov
23% Oct
5% May
16% Mar
2% Mar
Apr
Feb 10
Jan
100
Mar
8
8
20% Apr 11
7484 Jan 23
58
Mar
15%
13%
6%
14%
1%
3% Jan 4
20% Jan 4
38% Mar 14
48% Mar 11
»4 Feb 6
1% Jan 6
.
Apr
3% Mar
62
5
Jan
1% Apr 21
Apr 10
32
April
44% Apr 1
% Apr 1
84 Apr 10
42
80
30%
6%
8434
Mar
4
10
Special gtd 4% stock—...50
15%
*15%
*9
100
3% Jan 5
13% Mar 11
111
100
9,000
% Jan
Clev El Ulum 34.50 pf.No par
Clev Graph Bronxe Co (The). 1
Clev A Pitts RR Co 7% gtd.50
*7534
*9%
-
Bid and asked prices: no sales on this day.
No par
6)4% preferred—*....100
City Investing Co..
100
City 8tores_.__._-......_.6
Clark Equipment-___.No par
CCC&StLoulsRy Co5 % pref 100
1534
15%
*25%
6%
*80%
5% Mar
6
Dec
2%
12
5% Mar
13% Jan
.
43
10% Mar
27% May
3
184 Apr'10
9% Apr 8
% Apr 5
% Apr 8
% Mar 22
"
Climax Molybdenum
No par
Cluett Peabody A Co—No par
600
% Apr 21
1% Apr 10
.—100
Chicago Yellow Cab...No par
Chlckasha Cotton Oil......10
Childs Co...—No par
City Ice A Fuel
Jan 24
86
No par
Chile Copper Co
......26
Chrysler Corp.....
.6
Apr 10
8
8
98'
Apr 20
18% April
6% April
17% Apr 10
27
April
6% preferred.
80
.
33
Pr pf (32.50) cum dlv No par
{Chic Rock Isl A Pacific
100
7% preferred
.100
3,300
3,300
5
*72
9%
30%
6%
70
600
S3 conv preferred
Jan 12
6% Apr
22% Apr
.100
10
42%
*4
88
No par
...
Preferred
,
41%
2434
43
4278
42% 43
43%
43% 44
43% 45
*95
*95
103% *95
104%
104% *95
104% *95
104%
45% 4634
45% 45%
46% 46%
46% 47
47% 48
110
110
*107
*107
*107
110
*107
110
*91% 110
10
97g
10%
97g
97g
10%
10% 10%
10%
10%
1%
1%
1%
1% »
1%
1%
,1%
1%1%
53
53
53
*53% 54
52%
52% *52%
54%
26%
26%
26% 26%
26% 26%
26% 26%
26% 26%
S»2
53%
*87g
*26
600
*43
41%
2478
42
9%
*26
/
79
23
23
22%
23%
23%
104l2 *100
104% *100
104%
1334
13% 13% *13% 1334
4
*4
*4
4%
4%
6
*5
5
534
*434
*4
1234
*""400
70
U4% 114%
2234 23%
122
122
*122
122
125"
118% 118% *120
*60
6134
*6014
6134
61
61
*60%
*60%
61%
*61% 6134
13
13
1334 11234
14
12% 13
1234
14%
14%
13% 14
103% 103% *1027g 104
*l027g 104
*103% 104
*103% 104
*103% 104
120
300
%
9%
*52
70
*112%
100
*8
*52
61%
10
8%
Apr 11
3% Apr 8
3% Apr 11
.100
."
Mar 22
4
par
Chicago Pneumat Tool_No par
300
'200
%
1
...
109
Checker Cab
—6
Chesapeake Corp..
No par
Chesapeake A Ohio Ry.....25
Preferred series A. ......100
{Chic A East IU Ry Co
100
6% preferred
.100
{Chicago Great Western.. 100
4% preferred
100
Chicago Mail order Co
5
{Chic Mil St P A Pac..No par
6% preferred......
100
{Chicago A North West'n.100
700
35%
45
*%
*80%
22
*
1,200
I84
1234
35%
60
114%
25
%
2%
*33
9
100
1034
*40
34
""300
*%
*24%
61%
*9%
80%
22
*128
1®4
12%
%
5834
7,300
*1%
10%
%
—100
No par
....
%
••
12%
35
44%
7% prior prfferred.
Celotex Corp,—
Common
2%
10%
-
27
*Il234
*41
%
20
300
%
2%
1% Mar
Mar
Dec
37% Aug
40% Aug
3% Mar
5% Mar
316% Mar
147g Mar 16
4
3% Apr 8
2984 Apr 8
434 Apr 8
38% Mar 31
77
Apr 20
13% Apr 1
2% Apr 6
66
Apr 11
110
April
38% Apr 1
103% Mar 27
13% Apr 10
84
Apr 14
10
Apr 8
64
Apr 17
18% Apr 8
2% Apr 10
6% prior preferred
..100
Cham Pap A Fib Co 6% pf.100
88%
%
Jan 20
35
.
Cerro de Pasco Copper.No par
Certain-Teed Products..
1
32
M%
-
Caterpillar Tractor....No par
6% preferred
100
Celanese Corp of Amer^No par
590
'9
•
%
130
20
'
*85
*24%
^*'17%
4034
24%
*10%
88%
*%
I84
277g
60%
9%
80%
*16%
*44
*85
>
31%
10%
8%
18%
,
*40
3I84
*%
*%
*34
*234
*72
31
10%
%
*%■
%
Carpenter Steel Co——.*—5
Carriers A General Corp..
1
Case (J 1) Co
100
Preferred
.....100
22
*7%
20
*1%
2°
12%
*32%
'
3%
'.
*21
9%
21
%
Capital Admin class A
1
33 preferred A—.......10
Carolina Clinch A Ohio Ry 100
2,700
3,300
8
23
2%
1,000
29
100%
*21
%
2%
12%
33%
44%
38
*....
10%
Canadian Pacific Ry.......25
...No par
Jan
44
100
Cannon Mills
Preferred.
8
98
88%
%
2%
100
7,200
anada 8o»a Ry Co
Century Ribbon Mllls.No
28%
'*8%
*10%
60
*
41
84
*234
23
*72
*84
*7%
2778
60%
10%
*934
*80%
1834
10%
%
86„
59
10%
85%
3%
*1%.
%
'
%
*34
*24
62%
10%
*79%
*3
*%
*134
*%
%
*2%
258
1234
*85
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
-6
300
36
.98
*7%
Calumet A Hecla Cons Co p.. 5
400
8
*19
MOO
...11
Callahan Zinc Lead
200
2884
18%
31
.-No par
Participating preferred.. 100
Byron Jackson Co--.—No par
California Packing.—No par
5% preferred
—60
97
28
10
10
2%'Apr 10
7 - April
25% Apr 11
11% Apr 8
13% Apr 10
48% Mar 1
% Feb 15
5
Apr 8
9% Apr 11
12
April
Byers Co (A M)
5
.*88
23
•
700
3,000
5% Apr 10
18% Apr 11
30
-5
5°?. conv preferred...
Butte Copper A Zinc—
5%
4
*5
4%
*4%
100
18%
30%
2%
10%
584
38
8
400
6% Mar 31
J Bush Term Bldgdep7% pflOO
10
Butler Bros—
6% prMerred....
100
Central Agulrre Assoc .No par
Central Foundry Co
1
Central 111 Lt 4H% pref—.100
Central RR of New Jersey-100
Central Vloleta Sugar Co...19
97
37%
7%
20
100
2,200
28
*7
3034
*88
37%
*21
%
%
*%
12
37%
77g
*27
2%
%
1%
10%
%
*2
22%
10
4%
400
20% 20%
2%
2%
110% 110%
*4
96
,
*98.
88%
1%
*10
'
28%
*%
2%
*38
2%
38%
784
*134
*l2
*88
*434 -
ll",900
30
4%
534
4%
2
April
11% Apr 10
11% Apr 10
1
Apr 10
—1
Bush Terminal
(
6684
*64
6634
20%
20%
4
4
*4%
21
30%
*64
20%
*5
384
' 4%
101
100
*21
9
21
*1%
10%
.%
fr
734
27%
30
18
32
88%
%
2%
%
*%
*1%
*88
*21%
*712
*1784
10
■
38
7%
26%
101
i
101
*1934
5
384
4%
65
2%
2%
234
284
278
110
*110
110% *110% 110%
5
4%
*88
20%
,284,
5
4
*4%
40%
8%
28%
*19
65
2,600
1,300
5,700
79%
15%
234
72%
*13%
*2%
15%
2%
72%
800
40%
,
*
77
*13%
2%
72%
*39
400
"2",400
1
5%
10%
14%
10%
*39%
40%
79%
15%
2%
%
5%
5%
10%
1384
10%
13%
13
*3914
3%
*30%
*4%
*3812
1
No par
Burlington Mills Corp
1
Burroughs Add Mach—No par
600
700
*27
65
110
110
*334"
101
Hi
*64
64
20
800
3
70
70
70
72
*71
70%
6978 697g
118
*110
118
*111% 118
*111% 118
111% 111% *110
*111% 117
44
42
45%
4334 44%
417g 42%
4134 43
4334 43%
43%
*103% 104
*103% 104
*103% 104
*103%;104% *103%, 104% *103% 104%
16
16%
15%
16
15%
16
15% 16
16%
J6%
16%
16%
1*83
86
*83
86
*82
88
*83
88
86
86
*84,
87
1Q%
11%
1078
11%
\1V2 12%
11%
11%
1134
11%
11%
117g
*—*
200
!
8
1
Feb
12% Mar
10% Apr 11
Oct
8% Aug
16
Mar
30
30
13%
15%
.15%
51%
18
28
16
I984
•3
3
Mar 11
21% Apr 10
1,300
2,600
7
1984
3
31% Jan
No par
....
28
Mar
5% Mar
47
BUlova Watch.........No par
Budd Wheel
Mar
4
39% Jan
13% Mar 1
43% Mar 1
19% Jan 19
Dec
62% Deo
14% July
19% Jan
36% Oct
4% Jan
4
5
15% Jan
Bullard Co--.
.....
107
14
8
500
1,500
8
13%
234
*684
*6%
May
Apr
16% Mar
1% Dec
3
300
3%
80
*27%
*12%
1
*2%
*
15
Jan
2784 Mar 30
784 Feb 27
8
Apr
June
284 Mar
Apr 12
7
Jan
9
32
41% Apr 14
1% Apr 1
5% Apr 1
7% Apr 8
27
Apr 8
13% Apr 10
31% Jan 3
9% Apr 8
—.—5
—ICO
No par
100
Bucyrus-Erle Co
7% preferred
Budd (E G) Mfg
7% preferred
82
40
65% Jan, 4
5% Jan 4
34% Mar 9
80
5,600
25%
18%
13
13%
1%
8%
18%
*12%
1384
*1%,
31
Feb 18
9484 Apr 11
4
Apr 8
29% Apr 11
3
Apr 8
96%
4%
34%
96%
434
3334
3%
25%
7
4,100
g
5%
IO84
14
8
30
13%
*15
378
30%
5%
40%
79%
8
g
*50
3%
30%
*4%
*38%
11%
*27%
*1284
15
42
14
3
:
51%
*38
*
19%
3
13%
1%
684
Brown Shoe Co.
No par
Bruns-Balke-Collender.No par
16%
36
*10%
25%
1834
12%
1334
12
"MOO
3734
16
47g
25iz
1834
8%
67g
19%
37%
*35
347g
3%
3%
.
25
8,400
3,200
2,800
Corp
Boston A Maine RR
3
28% Jan
Highest
3 per share 3 per share
15% Mar
30% Oct
55% Mar 9
19% Mar 14
21% Mar 10
110
12% Jan 30
16% Jan 12
I684 Apr 11
1% Apr 8
19% Apr 10
5% Apr 10
8% Apr 8
16% Apr 10
Borden go (The)...
10%
100
600
'
3 per share
Jan 24
700
10%
20,
44
8
96%
Jan 23
51
300
800
34
3734
16
104
Bond Stores Inc
B org-Warner
share
16% Apr 8
per
No par
1
Class B
Year 1938
Lowest
Highest
.No par
Bon Ami class A
1%
400
800
10
3
5
Bohn Aluminum A Brass
9%
7,000
4,700
19%
36
*96
96%
4%
33
3%
500
10%
10%
7%
50
Par
100
4,400
10,500
*43%
1%
*8%
Rangefor PreHous
100-Share Lots
Lowest
15
5
..100
Bower Roller Bearing Co—17
Brewing Corp of Amsrlca—3
Bridgeport Brass Co
No par
Briggs Manufacturing .No par
Brlggs A Stratton.... JNo par
Bristol-Myers Co
<
5
Brooklyn A Queens Tr.No par
36 preferred
.No par
Bklyn-Manb Transit. .No par
36 preferred series A.No pa
Brooklyn Union Gas
No par
*32
107g A 11
10%
700
6%
6%
9%
*35
MtM'j
1
44
378
30%
534
40%
79%
I684
234
36
10%
8
15
*50
5%
*14
37%
15%
*35
8%
678
1934
27«
678
19%
27«
*73g
27%
15
1,0%
133s,
40%
*14 '
36
10%
38
15%
*7
12%
.
4
10
1038
367g
15%
9
133g
1%
%
31%
*1%
*8%
13%
1%
51%
*3712
3%
30%
*458
*38%
*77%
42%
1%
19%
*17% 19
*11% 12
13%; 13%
1%
*1%
784
12%
*4134
31%
42%
*1%
*8%
10%
3734
15%
*24
.32
15
34
19
11%
3
*50
*31
10%
197g
31%
43%
1%
2434
1934
*278
7%
6%
10
1%
3%
8%
678
»
*6
*17%
11%
1%
678
6
8%
On Basis of
Shares
10
19%
*24
14
*7
44
*78
4%
*32%
12
\
*4%
*38%
*96
£1734 1784
584
11
14%
334
15
*34
96%
434
32%
3%
2434
12
Apr. 21
$ per share
6
19%
7%
15%
51%
1*30%
*1%
8%
934
36»4
8
'
*38
42
F»778
4%
32%
3%
Apr. 20
$ per share
*984
19%
9%
10%
*125s
13%
S*27% 36
7«
6%
10%
13%
34
42
11
*28
1*15
k*50
9%
1834
*31
11*
8
8
6
6
1939
EXCHANGE
Week
20
1984 20
2034 20%
20% 21
*106
107
10612 106% *105% 107
*105% 107
54
54
53% 53%
5384 53% *53
5334
16
16
*15%
16
*15%
16%
16% 17%
17%
1778
17%
17%
17%
18%
1834 19
22
22
20% 21%
2O84 21%
22%
2284
2
2
*1%
2%
*1%
2
*1%
2
*22% 237g
23% 23% *22% 24% *22% 24%
15%
36
*95
NEW YORK STOCK
the
Friday
*1834
373s
15%,
*33%
38
1534
*34%
11%
STOCKS
for
I per snare
*20
21
Sales
NOT PER CENT
Monday
Apr. 17
Saturday
April 22,
4
Mar
June
Mar
Mar
Mar
Apr
8
13% Mar
Jan
8
3
53% Apr
15% Jan
4
30% Mar
6
13
9
Mar
Mar
83
Feb
8
25% Dec
5% Mar
67
May
60
May
57
Jan
3
23
Mar
109% Mar 20
84
Mar
9
91
Feb
9
Mar 14
60
Jan
13%
2%
64%
28%
3
Feb 14
110
Feb 25
Feb 6
Mar 9
Mar 11
Apr 5
Ex-rights.
-
31% Mar
90
Jan
5% Mar
1
Mar
25
Mar
22% Mar
30% Nov
76
Jan
45
Feb
60% Nov
25% July
129
Nov
142% Aug
61% Nov
17
Nov
104% Dec
39%
107%
237g
8%
Oct
Nov
Nov
Jan
Jan
11%
10
June
22% July
22% July
98% July
19
Nov
85% July
97* Oct
83
Oct
70
Oct
597g Nov
108% Nov
64
Nov
112% Oct
12% July
2% Oct
55% Oct
28
t Called for redemption;
May
Volume
LOW
New York Stock Record—Continued—Page 4
148
AND
HIGH
SALE
PRICES—PER
2383
Monday
Tuesday
Apr. 15
Apr. 17
Apr. 18
Apr. 19
Apr. 20
Friday
Apr. 21
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
6
5
5
21 Jg
6
21
*21%
*3%
2134
21
6
21%
6
*4
6
*4
434
434
*5
6
*5
19%
*6%
19%
634
73
73
6
*3%
*434
7
19
19%
6*4
6'4
*73
84
*80
84%
*114
934
18%
*6
*5%
21%
5
*4%
6-
18%
634
*6
81
*73
18%
81
*81
84%
120
7% preferred
OH % prior pref w w
1%
1%
1%
1%
500
Consol Film Industries
*8%
2834
29%
104% 104%
5%
*5%
6
7%
7%
7%
2%
2i2
*1%
*2%
2%
2%
*17g
30%
30
105
7%
*1%
738
*1%
9
2934
104% 104%
2834
29%
104% 104%
7%
2%
2%
*2%
*8%
2%
*9
12
95
2%
11
*90
1034
il3s
10%
1034
1334
14%
133s
14
13s
13s
1%
*53g
2%
*1%
13g
1%
*834
6
9
9
$5 preferred
...No par
Consol Laundries Corp..
5
Consol Oil Corp
No par
*2
2%
6
6
7%
2%
7%
7%
734
2
2
400
3
1,000
12
200
*284
"12
2%
300
V
11,600
12
95
*93
11
11
11%
1334
1334
14%
1%
%%
1%
91
90
90
37
36%
37%
3,000
*111% 114% *111% 114%
1034
14
10%
13%
13s
*89%
36%
1%
1%
*89%
12
"93
95
95
-
*88
92
*89
94
36
37
36
37
112
*llll4 11214 ♦1113s 112%
6
*5%
6l8
52l2
31
2%
2312
19
5334
57i2
58ls
3034
2%
23
18l2
2
171
*160
434
2%
*163
5
171
4%
4%
2414
22%
94
94
94
2912
29l2
29%
29%
*8i2
2214
24
4%
23
94
9
9i2
91
■
95
28%
22%
978
23
22
38
*31
38
*31
Apr
76
71
Jan
2% Jan 5
12% Mar 10
1
Mar
86% Aug
2% Oct
1% Apr
1
8% Apr 11
27
Apr 11
10134 Jan 4
434 Apr 11
7
Apr 11
1% Apr 8
is4 Apr 11
Apr 11
Jan 13
,
"3" 900
Container Corp of America. 20
93g Apr 10
1334
14
4,600
Continental Bak Co cl A No par
11% Apr 10
..No par
1% Apr 10
*29%
33
*30
33
*30
*76
8134
10%
*77%
28
29U
28
28
*70
10%
75
75
*70
27%
-
10%
Continental Insurance—$2.50
Continental Motors...
2%
2334
6,200
5,000
1934
500
Continental Steel Corp.No par
21% Apr 11
16% Apr 11
54
*52
470
Corn Exch Bank Trust Co .20
49
*170
54
5534
55
55%
171.
171
5%
.338
*3%
3%
171
4%
4%
4%
8,800
Coty Inc
22%
23%
8,500
Crane Co
95
29%
10
4%
23%
95
94%
2934
29%
3%
*50is
59%
*50
5978
*50
5%
338
59%
*11
12
*11
12
*11
12
2,300
79
*78
79%
*77%
29%
28%
28%
*74%
78
5%
438
*414
4%
38%
39
39
39
5%
22
5
5-38
514
22
2234
■
21%
*73%
83
*73i8
*45
16
5
*434
17
*5U
*5
108
4%
39%
4
4%
39%
39%
5%
5%
10,900
2234
23%
8,900
73%
73%
*73%
_v__
*45
1578
...
15%
5
5<
*16
*5%
5
5
17
*16
5%
*107
110
108
107
*107
109
1634
17%
17%
1734
23
23
23
12%
15
434
*12
12%
14%
12
12
1434
15%
*12
13
15%
14%
434
5
%
34
21
30
39%
14%
478
107.
1
5
20
21
2834
2834
*38%
*S3>
16
39%
6
6
*6
16%
*6
2834
*38%
16
16
84
84
*9
10%
*9
10%
*9
10%
*3H2
32%
12%
3234
33
*32%
12
11%
31
31%
3034
11%
30%
5%
*4%
12%
31
6
33%
11%
3038
33%
12
90
*112 '
114
7
*6%
6:
107S
11
10%
*1034
1034
*137
139
*118% 121
116
13
179
19
134
26%
13
134
20%
•
134
28
2%
10%
2%
7%
141% 143
j
18%
1%
2534
9%
7
24
26
26
26
*24%
1%
32
*30%
39
*36
*103% 104%
1
1934
11
*9
*101
139
1%
19%
2%
16
1634
*1%
1%
*3
4%
27%
2234
*10%
1534
*
1%
1 s4
*3%
28%
2234
2678
23%
12
*26%
*21%
13
4
*16%
*2%
2%
2%
600
7%
25%
7%
7%
7%
7%
25%
39
*36
878
.
*1
1%
3184
*36
38%
105%
83g
8%
*65
69%
*85%
87
*84
30%
31
84
85
31%
31%
*15
24%
*15
•Bid and asked
24%
3034
*14%
13s
5
7%
1%
138
5
7%
7%
16%
16
17g
*1%
*4%
7%
15%
16
*1%
134
4
4
4
*3%
27%
21%
*27%
27%
22%
27%
21%
*10%
12
300
23
1%
5
7%
1634
1'4
434
2734
2334
*1%
1%
"2",600
700
Evans Products Co.
6
6
16%
16%
3,800
Ex-Cell-O Corp
3
134
134
600
100
40
1,200
Fairbanks Morse & Co .No par
2334
2334
1,100
Fajardo Sug Co of Pr Rico—20
Federal Light & Tiaction.—15
12
12
100
*85
90
10
*90
100
95
95
100
*101%6l0134 *100
102
3%
3%
2
*7g
1
*2
*%
2134
86%
*20%
21%
*21%
*84
87
*84%
31
*30%
31%
24%
31%
*
3%
2%
1
22
87
31%
24%
100
4%
27%
12
2
Exchange Buffet Corp.Wo par
Fairbanks Co 8% pref
4%
85
3%
Eureka Vacuum Cleaner
27%
85
1
—100
4% 2d preferred
1,900
5
162
284 Mar
7% Mar
53
Mar
,
$6 preferred
100
Federal Mln & Smelting Co 100
Preferred
100
Jan 21
47g Jan
65% Jan
.16
18
4
13% Mar
6% Jan 6
17% Mar 10
4% Mar
13% Mar
6% June
Mar
26
Feb
Apr 13
•
9
Mar
7% Mar
Mar
4
1% Jan
123% Feb 25
84 Nov
76
18% Apr 10i
3238 Jan 11
25
3'
3234 Mar 13
2084
Jan 16
28
Apr
•
Apr 10
Mar 31
Apr 10
Jan
3
17
Jan
35
Dec
25%
78% Jan
135
Jan
3
31
5
87%
142
18% Mar
8
6
2
Jan
154%
Dec
Jan
13% Nov
3% Mar
38%
1538
3%
123g
Mar 10
Jan 4
Mar 6
Jan 19
„
2
Mar
13% Mar
Mar
6
2% Sept
6% Mar
30% Mar
I84 Jan
3
5
21% Mar
Jan30
178a
Deo
8% Nov
Deo
Mar
18
111,
138% Nov
120% Deo
118% Dec
173
Jan
"l6%
6
7
Oct
157
Feb
Mar 13
Dec
12
121% Mar
38
4384 Jan
1938
Nov
22% Mar
36
Dec
187
41% Jan 20
Mar
25% Dec
5%T uly
36%
15%
Doc
Dec
4
Jan
14
Oct
Oct
46%
4184 July
35
NOV
% Mar
234 Nov
Feb
29% Nov
45% Nov
111% Dec
10% Oct
17
33
Apr
94% Apr
78
Jan 20
2% Mar
38% Mar
80
Jan 20
40
Mar
72% Dec
8
46
Mar
79%
Oct
1% Dec
2%
6%
Jan
8%
Jan
6%
Jan
11% Mar 10
86
Mar
1«4 Jan
23g Jan
1% Dec
284 Mar
5% Jan
3
Jan
5% Mar
13
Jan
Jan 24
89% Mar 10
85
Apr 5
101% Apr 13
1Q1% Apr 13
4378 Jan
29% Jan
163g Mar
110
Federal Motor Truck..Wo par
27g Apr 10
Federal Screw Works. _Wo par
2
37g Jan
200
Federal Water Serv A.No par
22
200
Federated Dept Stores.Wo par
*84%
86%
200
Fed
7g Apr 6
1834 Apr 11
83
Apr 1
31%
32%
2,200
Fllene's (Wm) Sons
2734 Apr 11
1634 Apr 11
1%
5
4
4
Mar 15
300
* Ex-<3iv.
115
111%
Jan
Jan 6
Feb 8
Apr 3
Mar 10
Jan 4
Dec
141
90% Mar
130% Mar
109% Apr
5
186%
183%
3%
27%
33s
80%
Jan
I84 May
8% Mar
Apr
MarlO
Jan
Mar
Oct
34% Aug
8% Jan
102
Jan 18
15634 Jan
Mar
27% July
4% June
11% Jan 5
19% Jan 13
12
Jan 25
24% Jan
2% Jan 20
6% Feb 27
Mar 31
Oc
Oct*
12
9
14% Apr 11
I
Apr 11
234 Apr 10
24
April
20
Apr 10
11
Apr 11
81
Dec
40%
30%
8% Sept
2884 June
12% Jan
118% Feb 27
Apr 11
115%
Jan
Mar
Mar
Oct
121
1% Apr 10
Nov
65% June
Mar 11
115% Jan
6
Jan
17
25% Dec
884 Nov
2% Jan
Deo
117% Jan 26
4
25
11
115
138% Apr 19
175% Jan 3
1
April
15% Apr 11
,1% Apr 8
22% Apr 11
8% Apr 10
884 July
17% Dec
11% July
111% Deo
25% Feb
23% Nov
91% Nov
Apr 12
126% April
13634 Jan 26
12% j\pr 11
4
Apr 1
Nov
29% Nov
42
April
4
Oct
50
Jan
56
Apr 14
Dec
83
Mar
6% Mar 14
MarlO
7%
28% Nov
Mar
Feb 24
10
Jan
5
5
10
Jan
11
30% Jan 26
108
44%
94% Jan
13% Feb
6% July
31%
35% Jan 16
22% Jan 3
337g Mar 29
101% Apr 11
6
Mar 31
92% Nov
1
87
10
15% Nov
4
7934 Jan 23
10
Nov
37% Nov
9% Jan
44
30
July
Nov
20% Mar
Apr 12
5% Apr 1
15% Apr 10
39
"l'.ioo
Cash sale.
Jan
1384 May
1984 Mar
1584 Mar
1
r
102%
9
25% Jan
8% Jan
3%
n New stock,
3
Jan 26
24
103
Mar
49% Mar 23
2
Co.No par
48%
24% Jan
111
Nov
21% July
8% Aug
56
Aug
3% Mar
12% Mar
Jan
Feb
Apr 11
40
Oct
Nov
87
May
43g Mar
35
June
Jan
87g Jan
5% Nov
42%
117%
29%
10%
4334
12
7% Jan
78
Mar
Jan
7084 Oct
177
Dec
58% May
28% Jan
*%
*21%
Dept Stores 4H% pf-100
Fidel Phen Fire Isn N Y..2.50
3
3
6% Jan
48
Apr
6% Mar
Jan
2
a Def. delivery.
-
4
Jan 10
3%
24%
21% Apr
6% Mar
4
6
J In receivership,
56
22% Mar
29
Apr
2,5% Apr
1534 Apr 10
Apr 18
11% Apr 10
12% Apr 11
4
Apr 8
84 Feb 1
3
2
Jan 23
Elec & Mus Ind Am shares6% Apr 10
Electric Power & Light.Wo par
20% Apr 11
$7 preferred
No par
1834 Apr 8
$6 preferred—^—-Wo par
23% Apr 11
Elec Storage Battery..No par
% Apr 4
Elk Horn Coal Corp...Wo par
28
Jan 25
El Paso Natural Gas
3
38
Apr 13
Endlcott-Johnson Corp.—50
5% preferred
..IDT xl03% Mar 22
7
Apr 8
Engineers Public Service
1
62% Apr 8
$5 conv preferred
No par
65% Apr 8
$5H preferred w w..No par
69
Apr 11
$6 preferred
Wo par
7g Apr 10
Equitable Office Bldg. .No par
1% Apr 13
J Erie Railroad
..100
2
Apr 10
4% 1st preferred
100
7%
5
*7
*11
3%
2%
*
78
12
prices; no sales on this day.
70
400
5
24%
*67%
1%
90
*1934
70
2%
102
2134
100
1%
105
*20
13,200
68
'"8%
2%
*90
21%
9
*64
2%
*82
*7g
""no
9
68
2%
*101
3%
1,000
2%
90
*2
1,700
39
2%
1%
2%
102
%
1%
32
300
105
2%
*1
32
*37
300
1
*90
3%
.27
78
*80
%
*26
1
*101
3%
1,500
*72
90
*2%
2134
1
1%
102
1
25%
2134
*%
*1%
*72
78
%
.
105
2%
39
2434
9,80Q
4,800
7)
1%
*72
%
*90
3%
1%
3134
■
134
*1%
74
*80
21%
*1%
105% 105% *103% 105%
83,
*101
*78
preferred—...100
Rights
i
Eaton Manufacturing Co....4
23g
105
2%
6% cum
Electric Boat
102
3%
(N J).Wo par
Eastman Kodak
Eitlngon Schild...
Wo par
Electric Auto-Lite (The)
5
1%
*10%
60
5,800
31%
21
16,900
1% 192,900
20%
3,300
2,700
7,200
1%
31%
1
*1%
*3%
178
....1
...5
10%
*90
90
140% 142%
*170
pfj.100
Eastern Rolling Mills
27%
*2%
7%
2434
31
27%
800
10%
2%
26%
7%
1534
4,500
4%
27
*101
*82
4% \
1%
26
~*4%
1,334
13%
6% non-voting deb—*.100
$4.50 pref erred..---.Wo par
Duquesne Light 5% 1st
Eastern Airlines, Inc
10%
26
1%
80
27%
26
*2%
200
1%
26
*
200
121
19%
26
22%
7g
8,700
139
116
19%
2234
,8%
,
117
*137
1%
22
*70%
1%
139% 140%
No par
8% preferred——
100
Du P de Nem (E I) & Co...20
Duplan Silk
114
1%
22
1
1034
*9
117
21%,
1
1%
7%
16
114
11%
*1034
*101
10%
104% 105% *105
74
5
""766
Dresser Mfg Co
...No par
Dunhlll International
27%
1%
70%
1%
Douglas Aircraft
No par
Dow Chemical Co.....No par
13% •13%
4%
4%
70
2%
700
10%
*68
%%
"9",800
7
27
1%
69'
234
61
119% 119% *119
19%
*68
7
Ltd..----Wo par
117
*6%
14034
178
70
5
Dome Mines
60
1034
141
*68
*2%
»
138% 139
*116
68
*1%
No par
Co No par
Class A..——
Doehler Die Casting
*114
634
11%
140
*63%
5
1,600
5,700
10
1%
2%
*25
8%
*1%
¥1%
115
*17()
68
1%
""""76
Ltd. Wo par
5% pref with warrants.. 100
Dixie-Vortex Co
No par
26
"
,
97g
*35:
7%
31
*6%
1%
19%
26
31
7%
30%
7%
■25
i
5
13
30%
Distil Corp-Seagr's
100
25
C^r Co.—2
preferred
Diamond T Motor
2,000
84
*9%
6 % partic
100
16%
16%
*8234
10%
33
140
*63%
*1%
400
178
138%
68
%
39%
7
*6%
*1234
"el"
4%
8%
*70%
39%
*32%
114
13%
*63%
1
Diamond Match..
21
104% 104%
74
Raynolds A—No par
No par
Devoe &
30%
6'
9%
78
Edison.,,—..——10C
500
33
1234
,*9%
*32%
6778
*70%
Detroit
400
12%
10%
33%
11%
30%
8%
.
»200
28%
21
39%
6%
16%
84
10%
*16%
6778
70%
1
21
25
1
1
5
•
105% 105%
"
39
*36
'
21%
'
?"34
Preferred
2834 ■'■28%
*8234
117
*170
2%
7%
32
1
16%
84%
1034
*4%
1%
9%
2434
21%
26
26%
23
31%
178
738
24%
2134
IDenv & R G West 6% pf-100
*6%
114
13
4%
14134
1%
19%
*1%
1934
134
2678
10
238
*2%
13
*
139
1%
7%
97g
*9
*116
177
.
1%
400
*3834
11
11
*101
116
4%
179
*178
.
"
11
12%
4%
4%
145
U2
*6%
1034
114
116
116
434
23
70
2,500
39%
59% 60%
113,. 113
63
.•
*9
*137% 139
*11814 121
.
Deere & Co..
1,100
5
22
136
135% 136%
138%
*137% 139
*137% 138%
119
119
118% 119%
136
7,900
Dayton Pow & Lt 4H % Pf 100
—No par
107
18%
23%
109
100
28%
138
*101
140
143
16
(The).l
6,600
*21
114
114
136
*177
458 Apr 12
April
4% Apr 8
Corp.———5
.25
15%
2834
*104
*106
13
61
111
*6%
11
11%
*9
£11534 116%
30%
59%
109
117
4%
13% Apr 10
preferred.
Davison Chemical Co
Dominion Stores Ltd—No par
61
60
62%
-
*6%
13
Davega Stores
Jan 24
45
No par
No par
Cutler-Hammer Inc
12%
6%
*16%
*8234
*9%
*9
Cushman's Sons 7% prefr_ 100
15%
21
21
7%
7
17
90
117
37g Apr 1
38
Apr 14
4% Apr 11
19% Apr 11
73% Apr 8
«
*12%
1
29% Nov
Apr
Apr
Apr
70
•
3% Dec
3584 July
Mar
41% Jan
40% Feb 28
Jan
Nov
10
3184 Mar
12% Mar
6
June
11% July
36% Nov
21% Mar
6
Apr 13
49
116
4
6% Mar
»37% Mar
1438 Jan
Oct
3
96
10
.100
Sugar
m
Conv 6%
"""166
5%
8
6
3
Apr 8
49
Apr 5
1058 Apr 11
Preferred...--------No par
Class 'A
Apr
3% Apr
Curtlss-Wrlght.—
-
9
18
5%
Jan 16
40
23%
105
21% Mar
% May
70
12%
*34
7
19% Mar
15%
5
5
4
15
105
June
4784 Jan
*12.
1
106
Jan
6
91
20
Diesel-Wemmer-Gilbert.... 10
Delaware & Hudson
T_100
Delaware Lack & Western..50
5
*34
*103
*102% 106
2034
80
39%
2034
*28%
39%
5
*34
78
*102
106
*4%
6112
100
534
109
*107% 109
17%
18%
*23%
23%
36% Mar
107
Apr 14
24% Apr 8
-
23
*83
"""766
17
*5%
5%
284 July
103% July
z53
75
Cadahy Packing
T._.50
Curtis Pub Co (The)—No par
$8 preferred
—
16%
*5
*16
5%
17%
39l2
*6%
16%
—
*10
,
5
23%
30
16
10
75
*45
16
17
*434.
17
*5
*73%
75
*45
16
17
203s
Cuban-American
2,100
5%
23%
23%
78
39%
5%
18%
434
1,400
22%
23%
*103
4%
5%
1712
1438
12%
4%
22%
39%
4
26% July
1% Mar
65% Mar
4
31% Jan
29% Jan
Jan
1784
8% Mar
3
115% Jan 18
103g Jan
3584 Mar
Jan
22
934 May
3
Jan
Jan
95% Nov
100
.
preferred...100
Preferred
"""266
5
2312
*12i4
1,300
59%
83
*434
534
39%
■
Mar
44
Oct
7%
5%
Apr
100
Preferred
22
*16
17
12%
*,4
100
Nov
7%
IO84 July
Mar
57% Mar 10
•
5
Crucible Steel of America.
Cuba RR 6%'
3%
3%
Jan
12% Dec
34% Oct
104
10
6678 Mar 10
17684 Jan 6
7% Apr 11
20% Apr 8
35% Apr 6
28
April
No par
$5 conv preferred
~4" 700
5
*15
5
*16
5:
108
*16
12%
*11
3%
2
Dec
78
Jan 26
Apr 8
Apr 12
26% Jan 3
No par
Pref ex-warrants.
Crown Zellerbach Corp..
80
*50
3%
—
$2.25 conv pref w w„Wo par
22
*45
15%
59%
*11
39%
5
21%
*73%
...
15%
*434
*51
4%
39%
83
*45
16
4
4%
3%
59%
334 Jan 3
15
Jan 10
97% Mar 28
16% Jan 3
22% Mar 1
Crosley Corp (The)—..Wo par
Crown Cork & Seal
No par
""266
12
2% Sept
2% Mar
2,200
3,400
10%
*51
5
500
2934
*4
Jan
Jan
10%
5%
7
Mar
*29%
;73
Mar
6
19
1034
*4
278 Mar
Jan
85
30%
*70
Mar 10
Mar
Jan
*10%
5%
8878 Apr
Jan
*29%
73
6
38
1034
*3%
*3%
17
Mar
110
30%
28%
4% Mar
MarlO
93
10%
28%
4% Mar
21
24%
35
9%
24%
Mar
5
—25
500
29%'
29%
—1
—1
35
107%
778
9%
3%
Jan
5% conv preferred
100
Cream of Wheat ctfs—No par
97
*95%
9%
*9%
2334
23%
100
Preferred..
8
54% Apr 19
171
Apr 21
3% Jan 26
25
Corn Products Refining
100
24%
*70
*3%
*3%
9,300
-.5
Continental Oil of Del
22%
4%
23
1
514
3%
*334
1
2%
23%
*18%
2%
*31%
27%
29% Apr 11
1% Apr 10
19
35
*77
8
23%
2%
*31
' 81%
2734
*70
800
3,700
35
22%
75
*74
6%
31%
Apr
18%
55
*31
5
23
*52%
171
8
111
31
6
Apr
32% Apr 11
Apr
1
No par
$4.50 preferred.
Continental Diamond Fibre.5
10%
33-
10%
8134
10% ' 10%
2%
22%
18%
...20
Continental Can Inc
6
31%
88
100
8% preferred
300
30 %
35
22%
6
31
56
4%
22%
94%
*2834
9%
23
*31
57g
31
52
*164
28%
*9%
37
547g
4%
21%
*94
*89%
36%
52
567S
171
91%
112
57g
30%
2%
22%
*18%
2%
23%
20
52%
56
*164
23
36%
112
578
31
30%
2%
2234
*177g
52%
2234
18%
52%
57%
2234.
*18%
52%
56%
37
578
30%
30%
92%
112
884 Oct
14% July
268s Nov
10% Nov
55
9
Class B._.
Dec
1
94
5,600
4
9% Aug
2984 Dec
Feb 27
11
1%
Mar
88
1034
1%
Mar
6
85
Apr
"
1%
15
4
-100
5% preferred v t c
378 Apr
1
5
Mar 31
79% Apr 18
Consol RR of Cuba 6% pf.100
Consol Coal Co (Dql) v t c_-25
200
10%
13%
*9%
6
10% Sept
Consumers P Co$4.50 pfWo par
*9
*90
95
No par
Consol Edison of N Y..N0 par
800
6
*5%
$2 partic pref
500
28,200
30%
105
8% Feb
30% Jan
25% Jan 3
878 Feb 28
1
9
1%
9
6
Highest
73
100
100
10
6
Apr 11
Mar
Lowest
; per share $ per share
434 Apr 17
18% Apr 11
5% Apr 10
No par
*73
84%
5%
*90
Consolidated Cigar
81
*81
734
11
100
*73
Apr
6
Conn Ry & Ltg 4H% pref.100
Consol Aircraft Corp
1
8034
6
95
10
4,600
81
7%
2%
5
19
No par
8034
6-
11
Conde Nast Pub Ino...No par
80%
9
*90
*6%
7
*6%
6
19%
7
18%
19%
Highest
Congoleum-Nairn Inc-.No par
Congress Cigar
Range for Previous
Year 1938
$ per share
200
6
*5
6
*5
18%
634
Par
1,000
6
21%
*4%
*5%
Lowest
Shares
$ per share
Week
21%
6
21%
6
Range Since Jan. 1
On Basis of 100-Share Lots
9
9
<
6
21
STOCKS
EXCHANGE
79%
84%
1%
2878
29%
10434 10434
29U
30%
104i2 104%
*478
2034
19
*73
*80%
*1%
138
9*2
*4%
Thursday
NEW YORK STOCK
the
CENT
SHARE, NOT PER
Wednesday
Sales
for
Saturday
Jan
6
7
Jan 19
26% Mar 11
8984 Feb 6
1%
2%
5%
10%
1%
3%
19%
22%
6%
67
52%
96%
2%
1%
1
Oct
71
Jan
Dec
Mar
Mar
16
Oct
Apr
25
Dec
Mar
Mar
May
May
Mar
Apr
Apr
Oct
6
2% Nov
11%
Jan
43
Dec
3584
Oct
16% Oct
84% Nov
133
Nov
Feb
99% May
Mar
5% Aug
Mar
Sept
4% July
2% July
12% Mar
29
67%
Oct
35
MarlO
22% Mar
90% Oct
36% Nov
19
Mar 17
15
25
y Ex-rights
Jan
June
5 Called for redemption.
Oct
New York Stock Record—Continued—Page 5
2384
April
Tuesday
Monday
15
Apr
SALE PRICES—PER SHARE.
HIGH
AND
NOT PER
Aw. 18
Apr. 19
Thursday
Apr. 20
$ per share
$ per share
$ per share
17
Apr
% per share
$ per share
Wednesday
Sales
Range Since Jan. 1
NEW YORK STOCK
On Boris of 100-Share Lots
the
CENT
STOCKS
for
LOW
Saturday
EXCHANGE
Friday
Par
*2
*30%
20
3
*2
*30%
49%
19%
*1%
2%
*30%
*19%
*1%
*2%
*9%
9%
3
10
2%
2%
23«
49%
38
38
20
1934
1934
834
19%
1%
1%
1%
*2%
20
*2%
*9%
3
*30%
*1%
1%
2&8
*8%
2%
*1%
2%
2%
*8%
*10
9%
10%
*94
96
10
10
10
10
*10
10%
*10
96
*94
96
*94
96
*94
96
*4%
434
*4%
4%
14
14
14%
*47%
534
50
*46%
*5%
50
42%
43
5%
44
*43
8%
8%
145
*140
Fllntkote Co (The)
No jar
Florence Stove Co
No par
Florshelm Shoe class A.No par
200
t Follarisbee Brothers..No par
Food Machinery Corp
100
6% preferred series A—100
First National Stores. _.No par
6,400
600
234
234
'*2%
1034
10
21
21%
9%
1934
52
*45
*14
*46%
'8%
20
144
234
8%
57
21^4
128
128
34
*126
128
35%
41%
41
3334
40
*126
14
50
*115% 11734 *115% 118
%
%
333s
%
34%
40
34-%
40%
6%
2,400
20
234
40%
*115% 118
h
10%
20%
21
57
*40
57
21
21
*20
2034
128
128
*124
*258
10
*19%
40%
40%
*115% 118
434
7%
105%
105
*1
16%
40%
90
90
*30
90
%
33
90
*87
90
*87
1
16%
l5%
15%
15%
24
233.4
%
h
,
23%
17%
23%
*23%
17%
17%
*1734
10%
10
10
*10%
13%
*10%
17%
*
■
97%
"l8%
6
6
6
46%
45
45
8%
*.50%
44%
'
9
56
*3
8%
8%
52
8%
52
*52
13%
97%
97%
18%
6%
44%
8%
55
18%
18%
6%
45%
8%
55
2%
6%
55
*53
16
16
16
16
38
*35
38
*35
38
3
3
*72
*70
16%
80
25%
23
93%
3%
*3%
93%
3%
*70
75
%
%
%
78
16%
16%
16
16%
57%
24%
60%
60%
61%
24 34
25%
25
94
9434
9434
*3%
3%
24%
93%
93%
*3%
3%
•
5%
53S
1%
*1
*11%
1134
*2634
*23
13
19
—
*36
*23
18%
25
25%
*
28
25
134
'
*36"
50
28%
4
27%
32
*22
11%
27%
23%
1234
1834
14
1134
26%
23%
26%
.13
134
*11%
*11%
*11
19%
25%
-
%
5%
1%
13%
*1
*27
24%
*
V
28
2734
32
25
;.
m
72
*34
5%
*11%
*11%
27.
26%
*23%
13
19%
18%
25
25%
134
*40"
66
2734
66
32
34
34
%
*5%
.
*1
1134
*11%
*11%
*11%
2634
*233s
12
27%
2338
12%
13%
19% '20
2584
*25%
134
134%
23%
2734
*27
13%
18%
2534
16%
1'5%
16%
16%
1634
17
17%
11%
11%
11
1184
%
11%
%
*11%
*%
*%
%
*9
12
*9
12
*3
4
*3
\
*11
13
*29%
*34%
30
2934
35
10
10
*34%
9%
*13%
15
*13%
12%
12%
2934 2934
35
*34%
9% 10%
15
*13%
*98% 100
12
*3.
,*11
12
*934
4
*3
4
13
*11
13
2934
*2934
*34%
30
35
10
10
10%
15
15
15
35
*99
99% 99%
'9912
99% 99%
100% *100
100% *100
1003S *100
100%
20
19%
19'g
19%
19%
19%
*19%' 1934
*130
133
*120% 136
*120% 136
*120% 133
6
6
6
*5%
*5%
*5%
«s5'
53.1
*100
.
*65
*70
75
2%
2%
75
*70
75
*70
75
*3
*11%
*2934
*34%
*934
*14%
19
35%
34%
108
106% 106%
*734
10%
*
9
"62%
*7%
1034
106
10%
*
104
*27%
*27%
28
103.1
10%
10%
*61%
64%
5%
28
10%
*95
6234
*27%
10
j-63
63
30
-2734
30
10%
65
*100
105
*101
103
534
5%
41
1%
5%
42%
5%
41
5%
41%
1%
1%
1%
1%
*3%
3%
3%
*338
334
*
29
29%
28%
2834
5%
5%
5%
5%
1%
1%
1%
1%
10%
1134
10%
11
20%
*16%
21
*17
40
40
40
6234
*62
1%
40
104
65
5%
*18
*95
104
*62
43%
*1%
*334
*34%
*9%
10%
15
15
•
130
130
*130
*15
~
15-
,
534
*70
*2%
10%
29
5%
1%
11
10%
10%
65
*63%
*100
103
*96
62%
*28
^
^
■
—
—
•
.1,060
10
m
mm
m
mm
~3"666
"
116%
"60
159% *159% 160
1134
11%
11%
1,300
60
58%
m
m
'
—
"266
10684 10634
19
*15
102
100
1,000
30
mm mm
—
600
102
*96
63
*62%
63
30
*28
*63%
65
*64
65
103
103
f 103
10%
11%
5
31% Jan
4
Oct
2% July
14% Nov
22% Nov
30
20
24%
Jan
July
Dec
15% Nov
9% Mar
12% Mar
30%
Dec
32
J an
139
Mar
1
122
Apr
142
Dec
50
Apr
4
35
July
50
28
Mar 11
23% Apr
"moo
300
Oct
100
11
preferred
r
Hackensack Water
...25
7% preferred class A.....25
Hall Printing...
10
Hamilton Watch Co
Jan
24
Apr
30
Nov
35% Mar
30
Apr
35
June
5
Mar
13% Nov
21% Jan
Jan
31
5
8
15
Apr 19
17% Mar 10
Apr 12
10384 Mar 28
6% preferred
r_..100
Hat Corp of Amer class A... 1
130
101
Nov
June
100
"Nov
4
15
Mar
138% Jan 11
7% Mar 10
120
Apr
32
_
,
Apr 20
4% Feb
3
100
71
Jan 19
payes Body Corp..,..
.2
2
Apr 10
25
93
Hazel-Atlas Glass Co
Hecker Prod Corp
Helme (G W)
1
:
conv
4% June
50% Mar
Jan
5
1% June
Jan
4
7634June
12% Mar 10
5% Mar
4%
106
z7%
Jan
75
Nov
6%
Oct
11,1
Dec
11% Nov
110
Feb 20
117
Mar 24
81
May
111
Dec
100
159
Jan 21
165
Feb 17
140
Jan
161
Dec
10
Apr 10
17
Jan
5
10
Mar
63
Apr
86
Jan
3
135% Mar
6
100
No par
Holland Furnace (Del).
$5 conv preferred
10
98
Hollander & Sons (A).
Holly Sugar Corp
5
No par
100
Homestake Mining
12.50
Class B
par
No par
com
40
7
80
Mar
1434 Apr 17
Apr 11
19
Jan
7
15
Sept
51
Jan
4
17
Jan
105% Mar 18
110
Jan
6
98
Jan
11% Mar 9
15% Jan 4
104% Jan 12
102
54
Jan 28
7% Apr 10
10% Apr
1
104% Jan 12
60% Mar 31
27
Apr 8
834 Apr 10
100
103
v t
c._25
Howe Sound Co
5
Manhattan.... 100
Hupp Motor Car Corp
11%
11%
11%
11%
11%
7,500
Illinois
Hudson Motor Car
No par
1
Central
100
61
Apr
66
17% Jan
70% Jan
1% Apr
3
3
6
Apr
25% Apr 11
434 Apr
8
1
8
Apr
934 Apr 10
8% Jan
.
6
55% Mar
9
534 Mar
11% June
20%
Oct
87
Dec
135%
Dec
105%
60
Oct
Dec
21% Nov
52% Oct
Aug
118
1334 July
25%
Mar
108
Jan
May
48% Apr
17% Mar
66
Aug
6
Mar
46%
Jan
83%
Jan
Mar
5
23% Mar
Jan 20
1
May
Jan 9
Jan 10
134
5%
35%
8%
3
Mar
20% Mar
Mar
5
35%
18%
72%
105%
934
53%
3%
Oct
Oct
Nov
Nov
July
Jan
July
9% July
35% Nov
10
Jan
Jan
5
2% Jan
2084 Jan
3
% June
234
Oct
4
6% Mar
Dec
3
12
Apr
20%
35%
Mar 13
23
Mar
44
Apr
11%
6% preferred series A.. .100
16% Apr
8
35
Leased lines 4%
3834 Apr 10
49
.100
9
3
3
109% Mar 16
Apr 21
4% Apr 10
Apr 10
Mar 10
36% Mar
8
40
Mar 10
109% Feb
Jan 24
33
61
Houston Oil of Texas
4234 Mar
12634
Jan
Mar
Apr 10
stk.No par
5% preferred..
8
*128%
.No par zl04%
preferred
Dauch Paper Co. .10
&
Mar 11
34»4 July
140
Dec
.25
6% cum preferred
Hershey Chocolate
$4
79
Jan
No par
Preferred
Hlnde &
Apr 11
8% Apr 10
Mar
83
103
Apr 10
17.
12
8834June
Mar 17
5
Jan
w w_
1,500
1,300
""90
Feb 24
12
Apr 11
99
preferred
Nov
Apr 8
29% Jan 27
8
.100
,
Jan
24
32
Jan
Mar
6% July
22
„.100
No par
preferred..
Jan
28
"
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac-No par
6%
1%
Mar
Mar
5,500
7
Feb
% Mar
3
1%
21
8
1
Jan
'
6%
Household Fin
"
Apr
6
12
Houdallle-Hershey cl A.No
"3",300
Apr
5% Jan
*1%
43
7
18% Feb
29%
5%
*6
Jan
16% Jan
Jan
8%
10% May
19 ' Apr
8
1%
*41
24
,
Apr 10
5%
7
5
Apr
5% preferred
100
Hudson Bay Mln & Sm Ltd 100
*40% "43
Mar
3
Jan
3
100
42
8
15% Mar
20
z3134 Mar 13
9
29%
*40
Mar
Northern.. 100
8% preferred..........100
1%
7%
1
Dec
2
34 Mar
Oct
5%
41%
2% Mar
134 Jan
6% Nov
72%
Dec
29%
*5
1% Jan
7% Jan
Dec
108
2% Mar
52% Mar
13
5%
1%
41
Jan
Mar
Oct
Dec
22
*3%
*18
5
80
Dec
734 Mar
5%
21
15% Mar
©934 June
Nov
7%
*3%
*18
Mar
June
123s Jan
1% Jan
Hudson
21
10
32
21«4 Mar
5%
1%
*18
85
26%
68%
38%
60% Apr
% Apr
5%
29%
5%
21
Jan 4
Mar 16
Jan 3
Jan
10
800
11
2434
74%
383s
10 934
Jan
14% Apr 11
3,800
1,700
29
3%
Guantanamo Sugar....No par
3%
*28%
Jan
3% July
Greyhound Corp (The).No par
5J^% preferred....
.10
1%
5%
51%
2% Sept
June
45%
5%
*43
28% Nov
Apr
50
*1%
5%
44
Mar
134 Mar
28% Nov
1%
5%
44
13
37
13% Mar
*1%
5%
43
*1%
3%
July
34% Mar
1%
5%
42
67
5
7% preferred
30
11
37% June
40
No par
66
131
*57%
15«4 July
32% Mar 14
Hercules Powder
*64
131
19
61
Mar
24% Jan 26
...1
Hercules Motors
65
58%
Dec
5
32
Green (H L) Co Inc
500
131
10634
24
50
6
_
100
10%
*101
«,
10
:
2%
*95
m
800
75
.100
Feb
46%
5
79
.
12% Apr
16% Apr
8
8
AprlO
Apr 14
Apr 4
Feb
11%
7
Mar
4
Mar 13
1
% Apr 10
11
Apr 10
10
Apr 8
2434 Jan 27
22% Jan 23
June
27% Nov
2% Jan
:
133
60
135 '
*5
-
'«*•,<* m"m
20
10
9%
116% *107
100
r
2,400
300
10%
100%
20
2%
35
*99% 100
«*98
20
534
75,
600
2934
*14%
*14%
36
35
*34
37
*33%
3534
34% 35
*107% 108% *107% 108% *107% 1083S *107% 1083s
9
8%
*73s
838
*7%
8%
*734
8%
*734
11
11
10%
1134
11%
1134
11%
*11%
1134
62%
43
35
Great Northern pref
"""166
34%
*61%
104
19
*11%
2934
30
Prop.Nq par
8
8
100
6% June
334 Mar 14
4% Apr. 8
Great Western Sugar.-No par
Preferred
...100
Gulf Mobile &
13
10
.20
5%" preferred-.-.
100
108
62%
28%
104
19
1434
13
20
2%
1434
4
100
"
*1434
34%
*3
*
12
100%
*70
1,400
1,000
4
No par
4
3
Mar 14
Nov
16»4 Nov
20% Nov
Greene Cananea Copper.. 100
31,666
12
*98
2%
2%
2%
2%
2%
2%
*97
*95
*95
*95
100%
100
*95
100%
100
9%
9%
9%
9%
9%
9%
9%
9%
9%
*109
116% *109
116% *109
116% *107
116% *107
159
*..,
159% 159% *159% 160
159%
*159% 160
11
*11
*iir4 12
1034
1034
1034
*11%
11%
66
65
66
65
66%
65
65
65
64%
130
*130
131
131
12934 12934 130
*130
131
60
60
*57%
*57%
*57%
58%
*57%
*57%
58%
*104% 106
*105% 107
*105% 10634 *106
10634 *106
,
%
•
2*300
.
11%
%
11%
1
Apr
Green Bay & West RR.__;100
"
17%
17
12
100
*5
20
,66
"
*1034
1,100
32
11%
%
*9
13,700
26
Mar
41% Nov
47
Apr 20
84 Apr
-.1
5
$3 conv pref series...No par
Gt Nor Iron, Ore
Apr
3
Graham-Paige Motors.
Granby-Consol MS&P
100
2,900
90
72
(Jrant (W T).._._
13%
19%
Jan
53
100
.
.
Granite City Steel
28%
T6
_
Grand Union (The) Co
231"
June
9
Mar
8% Mar
14% May
24% Jan
1434 Mar 31
Apr 17
2% Jan 23
1% Apr 10
38
..No par
1
100<
*27
*11
Preferred
700
*27%
%
Gotham Silk Hose
300
27.%
11%
—1
Goodyear Tire & Rubb.No par
$5 conv preferred....Nb par
12
32
17%
..
No par
13
*40"
*%
*%
900
137
*
5% preferred,
2684
66
*1()34
*%
2,300
^
1%
1%
1134
16%
>
100
5%
*1
Goebel Brewing Co..,—
10
5%
*40
27%
27%
*27
31
75
5%
27
23%
1234
,400
34
.
No par
4H% conv preferred....50
(Adolf)
.......1
13% Apr 11
Apr 10
21% Apr 11
24,500
98
Feb
13% Jan 3
66% Mar 11
Apr 17
70
3%
34
4
4
9
8
Jan
July
2% July
Oct
13
4
Jan
8% Jan
Jan 26
95
26%
Jan
Jab
Nov
2% July
27% Nov
13% Mar
15% Mar
41
Apr
52
110
Dec
12»4 Mar
32%
15%
1684
99%
8
Goodrich Co (B F).....No par
95
*70
No par
Gobel
800
25%
*92%
3%
72
72
%
5%
1%
1234
11%
*1
134
*36"
50
3%
*70
11%
*26%
*23%
13
v
12%
19%
18%
*1
13
*
h
5%
75
23%
*9234
*3%
Apr
July
97a July
12% July
Mar
7% Apr 11
'.No par
45
Sept
54
$6 preferred,.
Glldden Co (The)
Apr
1
44
Qlmbel Brothers
53% Nov
124% Nov
Mar
101%
1%
27% Mar 10
No par
Au3
x85
Gold & Stock Telegraph Co 100
62
*75
6
15-% Apr 11
534 Apr 10
$5 conv preferred
125
25% Mar
111% Apr
21% Mar
684 Mar
General Tire & Rubber Co.-.6
Gillette Safety Razor..No par
Dec
Jan
118
Nov
79
4
Mar
Oct
1%
50
Jan
5
1% Jan 20
9% Apr 11
12
40% Nov
Mar
50%
6
8,700
78
15%
57%
25
Feb
117% Nov
% Mar
3
5
10
80
15%
%
5%
1%
12%
1134
27%
23%
700
22% Mar
10834 JUDP
3
6
98% Mar 28
100
1,600
3%
2%
59
*70
5%
80
*2
38
15%
23
75
'
*73
80
2%
1,500
16%
*15%
*35i,4
3%
'
100
59
1
24%
92%
2
8%
55
Feb 28
Not
6% Jan
porp. No par
,6% preferred...
...100
500
6,100
8%
15
*70%
15%
60%
15%
*59
59
3%
*2%
3%
6,300
6%
pref.No par
9
Gen Time Instru
mm
3,700
49
*47%
8%
*5212
9
3
80
*72
15%
*50%
23%
.
92%
*3%
6%
6%
"49
•
par
9
Nov
48
10% Jan
110
Nov
28
92% Apr
1% Jan
20% Jan
1334
834
6
Mar 15
38
87
138
3
*10%
«•«»*«.
Jan
38% Nov
108% Apr
27% Mar
Jan
1134
19%
Mar 31
51% Mar
84 Apr 19
16
*35
2
90
Gen Theatre Eq Corp.No par
3
2%
2,200
97%
Mar
5
Gen Steel Cast $6
19%
Mar
Jan
General Refractories...No par
16
*2
....100
1
2'.No
$6 preferred
5% July
19% Oct
20% Mar
28
410
♦
11
35
Jan
8
600
97%
19%
Jan
Apr
18
38
2
700
Oct
136
Apr
' Jan
125% Mar 11
Mar 24
6% preferred
Sept
9% Nov
102% Dec
59% Dec
11% July
534 Mar
117% Apr 11
1% Jan 5
Apr 15
1
14
10%
3
2
105
No. pair
Gen Realty <fc Utilities
6% Mar
75
Mar 31
10%
16
1534
20
13,800
7
.No par
$6 preferred..
Gen Railway Signal
•'
115
35
4% Apr 10
17%.
38
15%
—1
No par
Mar
Jan
25%
130%
44%
42%
36% Apr 11
8
28
Apr 4
2334
*46
■8%
*52
18
121% Apr
-No par
Common.
General Printing Ink
Mar
29.
2% Mar
Jan 27
$5 preferred
No par
Gen Outdoor Adv A.-.No par
4% Mar
82
4% Jan
127
Jan
18
.
9
Mar 13
121% Apr 21
Gen Public Service
w
Mar
....100
10
60
.
3
Mar 17
39
1034
"l9"
6%
44%
*
11
148
43
23%
*11
1334
Jan
M ar
700
24
52
55
600
1
19% Nov
June
83
6% preferred...
1,100
.16
*15
Wept
48
3
General Motors Corp
Oct
3
72% Jan 26
90
Dec
8%
Jan 17
9
15% Apr 10
19% Apr 11
17
3!.i
2%
No par
July
'
13
103% Mar 28
60% Jan 5
I734 Apr
% Apr 10
......
Mar
4% Mar
'
No par
No par
Cigar Inc
18
97
9% Mar
85
5
Oct
5% July
July
18
Mar
'
1
-No par
100
Jan
1834 Jan
Mar 31
9
Jan
52
Jan 18
2i2 Apr
10
.
Mar 27
7%
3%
2% Mar
Jan
,
14
8% Apr 10
134
8
Apr 10
19% Apr 11
125% Jan 31
31
April
36% Jan 27
114
Jan 3
No par
$6 conv pref series, A-No par
90
%
8
16
38
16%
*35
'
,
18%
6%
46%
'
*
"l8%
19%
Apr
Jan
4
General Mills.........No par
m
92.800.
.
Jan 26
40
17%
1034
103,i
1234
10%
*10%
97%
1,700
96
22%
19
*10
%
%
2% Jan
13% Arr 10
47% Mar 22
534 Apr 12
16
15%
24%
*10%
.
:
*87
90
*87
%
11
6
35
5
No par
Gen Gas & Elec A
1,300
42
41%
123%
*27%
100
5
$4.60 preferred
-
mmm
121% 121%
42
—
Bronze
General Foods..
4,700
—'
m
80
*7834
121% 122%
35
*30
%
"**15
24% -25%
18
18%
"18%
79%
41%
.No par
38
'
*10%
♦
41%
*115% 118
%
%
49% *45% 49%
34
600
'
1
17
41%
123
13
7% preferred ........... 100
General Electric......-No par
1,200
90
%
10
41%
*115% 118
34
8% Apr 10
Class A
General
33,600
35%
79
1
10
General Cable...
30
„
123% 123%
35
*27%
35
4%
1%
16%
•
128
3434
*45%
General
"""600
5
5
5
5
5%
4%
4%
*434
*434
734
*7%
7%
7%
7%
7%
7%
7%
7%
*7%
105
*105
110
110
*105
110
105% *105
*105% 110
1
1
*1
1
1
*1
1%
1%
1%
1%
16
16
*15%
15%
16% *15%
16%
16%
16%
16%
*30
35
*4%
*7%
,
35%
,
Nov
Sept
7% cum preferred.
34%
*%
*%
%
*46%
49% *48% 49% *46
49% *45% 49%
79
76%
76% *76% 79
78%
78%
78»4
*121% 123
*121% 122% 122% 122% *121% 122%
42%
40%
40%
40%
38%
40%
39% 40%
122% 122-%
122% 122% *122% 12234 122% 12234
*30
6,500
1,000
*40
84
58
32
Gen Am Transportation
200
*20'
234
1038
Jan
Apr
No par
6
General Baking
--6
$8 1st preferred_..i-No par
"1,700
9
144
834
♦140
Oct
Nov
5%
2% Mar
19% Mar
1% Mar
16 preferred
57
34%
334 Jan
25
5H % conv preferred—,..50
Gen Araer Investors...No par
1.100
*96% 103
4234 43
"
21%
33%
91
ll2 Apr 10
108% Jan 11
Jan
Gaylord Container: Corp
600
10%
128
Mar
4%
1% Mar
3% Jan
353s. Jan
334 Apr 10
9%
*126
128
29%
50
9% Apr 11
95% Jan 28
*2%
21%
109% Nov
Mar
90 84 Jan
Inc...-3
234
.21%
Mar
Mar 31
76
Gar Wood Industries
*40
21
*45
*2034
Mar
11
,
Gannet Co conv $6 pref No par
*18%
*18%
52
21%
18
85
2934 Jan
8
21
Apr 14
10312 Apr 5
14% Apr 11
220
14
Oct
Jan
Dec
Oct
37% Nov
1% Apr
""bob.
*46%
6%
39%
21
Apr
Jan 13
—
(The)
31%
15
Mar
m0.ll.ml-m
Gamewell Co
Oct
Nov
43% Nov
55
Galr Co Inc (Robert)
preferred
share
100
30
100
13
Apr
24% Mar
10% Mar
1934 June
Jan
20
per
26%
16% Mar
76
Mar 31
400
300
4%
,
2134
2134
36
10
8%
145
*140
6
96
4%-
6%
6%
*96% 103
42
4234
834
144
8
Apr
Highest
!
19% Apr 11
1% Apr 10
2% Apr 10
Freeport Sulphur Co..
10
Gabriel C© (The) cl A ..No par
1%
9
*2%
9%
10
21%
*45
8%
145
234
984
6%
10
800
2%
Apr
10
50
6%
58
No par
F'k'n Slmon&Co inc 7% pf.100
9
104% Mar 16
4884 Feb 16
31% Jan
1712 Jan 16
Francisco Sugar Co
'
15%
50
*8%
' *140
3
10%
15%
*96% 103
42
42
""lob
Jan 16
Apr 8
*94
*46%
42
10
Foster-Wheeler
17 conv preferred...-No par
21
9
....100
4H% conv pref
110
2,400
25% Mar
Apr 10
25
500
""800
2%
*1%
2%
4%
*13%
6
42
145
4%
4%
50
*96% 103
834
834
*140
*4%-
134
15%
6
6%
*96% 103
*96% 100
4%
*13%
*46%
14%
40
1%
9%
*94
*4%
2%
*30%
*20%
20%
234
9%
12
.
234
1934
$ per share
200
Firestone Tire & Rubber—10
,
2%
49%
Lowest
$ per share
175s
99%
38%
16%
1,100
*100
2%
Highest
$ per share
Week
Shares
19
19
20
20
20
19%
19%
193s
19%
1934
19%
10134 *100% 101% *100% 10184 *100% 10I34 *100% 10134 *100% 10134
42
41
*40
41
41
41
39% 39% *38% 41
39% 40
19
18
19
19
18%
1834
19%
18%
19%
1834
19%
18%
28
26
*26
29
28
*26
26% *26
*26%
27%
*26%
28%
19
*16
18
*16
*16%
18%
*16%
18%
*16%
17%
18%
17%
2
2
2
2
2
2
*1%
*1%
*1%
1%
*1%
*1%
22
22
*213s 22%
22%
22%
22% 22% *21% 2134
22% 22%
106
*106
♦106
107
*105
106%
107%
107% *106% 107% 106% 106%
17
16
17
17
17
17
16% *16 '
16%
16%
17%
17%
77
*65
'77
*65
77
*65
*65
77
*65.
77
*65
77
Range for Previous
Year 1938
Lowest
Aw. 21
$ per share
19
1939
22
Jan
Dec
Nov,
'
*5
7%
♦
*584
7%
*534
7%
Bid and asked prices: no sales on this day.
*6
$ In receivership,
a
Def. delivery,
RR Sec ctfs series A... 1000
n New stock,
r
Cash sale,
x
5
Apr 11
Ex-dlv.
y
11% Jan
Ex-rlghts.
4
3%
^ Called for redemption.
Dec
Volume
LOW
AND
New York Stock Record—Continued-Page 6
148
HIGH
SALE
PRICES—PER
SHARE,
Sales
NOT PER CI NT
Ranoe Since Jan. 1
STOCKS
On Basis of
NEW YORK STOCK
Saturday
Monday
Apr. 15
17
$ per share
6
Tuesday
Apr. 18
*5i2
6
21
21
20*4
21
9412
*147*2
74*4
10*2
*4U
534
95
96
$ per share
96
____
*5*2
6*8
20k
2012
*93
*14712
72
72
10*8
10*2
10*8
*4*4
512
4l2
4*4
5*4
4k
6
18
5k
20
97
93
5
5*2
19*2
*18
20
18
18
*90
95
*90
95
*90
~
500
71
10k
5
*4*4
10k
4k
5*4
5*4
5
5k
19
•
19
19
*90
95
234
834
284
2io
8*4
134
8l2
17
168
*1678
21o
8k
«k
*1%
*17*2
168
160
18*2
167
167
55*4
53*2
165
54
53*2
160
160
45|
5
438 V 4k
4*2
3*8
3
3
2k
2k
*6*2
7
6*4
6*4
*6k
6k
45*4
47*4
*157
4*2
3
4%
258
612
234
5k
9*8
700
2k
9
lk
*ik
lk
18*2 *17
18*2
167
165*2 *160
.
165
9,100
700
55
56
56k
55k 56*4
160*2
160*2 *157
160*2 *157
4k
4k
4k
4k
47g
3
3
3*4
2k
*234
7
7*8
6k
6k
7*8
29*
30
5
*4
5
517|
31*4
517,
31*4
*50*4
52
*31U
32
60*2
*31*4
*32
32l2
*32
21
*19*2
21k
*20
22
85*s
*80
88
1*80
88
*83
30
47,
32*4
32*4
*2114
22ls
*83
734
87
8*s
5,600
200
.
21
*82
6*8
578
7
67,
*95,
*79
80
*8
■
*18*4
50
31*4
32*2
31*4
6*8
6
6k
9
6k
6*4
6k
:
9*4
91S
9*4
*7812
*8
8k
*18
,
"
8
8*2
*18
18*2
123
*118
*7*2
71
69
69
69
18*2
123
69
*6834
*121
26,400
73
70-
Preferred
6*4
*13
6
5k
*6
*90
9*2
65,
*80
30*2
*95,
*2112
*2
No par
50
8k
19
Jan
71
6*4
*6*4
6*4
*12k
*8k
15
*85
98
*85
98
*85
98
*85
98-
*85
13k
*1212
13*2
*12*2
14k
*1258
14*2
*12k
"14k
*13*8
14l2
*85
98
*89
98
89
*88
95
*88
95
10
15 k
"
912
6*4
6k
3058
t
10
*
21,
*9
6I4
*80
81*4
9&8
21
21
*lk
9k
*9
6*4
*6*4
85
10
*20*4
*2
214
10*4
20*2
20*2
*2
2*8
13k
8k
10*4
8H4
30k
31
10
9k
13k
*8k
8k
30*4
31
30*8
"2*8
178
89
6
*80
22*2
*8
9k
6
9k
*21
22*2
*12k
8k
9%
9*2
*9k
81*4
32
*8
•
6k
81*4
31*8
*80
15
*12k
8.7g
8k
«
-
50
*25
15*8
22i2
*4*8
22k
26
26
.
*24k
22*8
*7*8
*
22U
*8.
22k
9k
*15
17
15
„
15
20
31k
10*2
21*4
2*8
*i3k Ts"
"26
30k
10k
21*4
*2
2k
10
*3*2
3k
18
29'
18
4
4
*38
2284
15,
28.
28
40*4
.-
42
*438
*35*2
100
100
2
22
11
27
46k
40
.
W
—
-
*24k
22k
22 k
22k
8*2
17
7*2
7k
*14k
1434
*3*2
17
*14
15
14k
:
3*2
*24k
23
*7k
'
37
4
36
*3*2
35
*1412
15*4
15
15
15k
15
15k
15 k
38
39*4
37*4
37*2
37
*33*2
35
*33*4
15
*33
*14>2
15k
38
15
15
15
15*8
15*8
15k
15k
37*2
,
38k
38k
,■
9
r
105*8 105*8 *105
9*2
4434
46
*2*2
*1734
•
>
3
109
*105
21*4
45*4
*2i2
1734
18*4
*105
21k
,
8k
46
45l2
*2*2
17*4
*105
1712
17*2,
i7k
40
40
*26
28
*26
29
—
«'*•
21*4 .22*2
34*4
323,
13*2
*28
*130
*21*8
3234
14
.13*2
27k
29*2
33*8
3234
13*2
14
27k
*26
*1
1*4
*1
■
.1*4
6*4
*5*8
6*4
12
12
6
11*2
.
*5*8
11*2
12
6k
6k
6*8
6*4
105,
*1*8
10k
1*4
*10*2
Ilk
438
4*2
Ik
4k
*1*8
4*4
11
*1*8
4*4
*43g
10*8
34k
3*2
3334
*25,
26*2
44*4
47,
*29*4
1078
10*2
*85
5
33 k
33
33k
2i2
*212
3*4
38*2
38*2
39*2
25*2
4*2
*29*4
4k
30*8
97
97
11
11
11*4
10k
10k
'
".-I
4212
*4k
29*2
97*4
*11
10*2
*90
*86*2 100
*
24k
*172
11*4
99
7k
10*2
46
31
13k
*11
10
*42
300
<3,300
1,400
'
4*4
100
300
1
7k
1,200
Lion Oil Refining Co..
1,000
Liquid Carbonic Corp.-No par
5,000
Loew's Inc
434
21k
19
109
*105
5%
.
"4,000
215«
21i2
.
*151
800
,
'
153
150
Louisville Gas A El A..No par
200
MacAndrews A Forbes
■
*130
1*8
7k
12
2k
175
*43
44
44
45
26*2
4k
30
1*4 Mar
1258 Jan
35
Mar
3
6
19
6
35k Mar 10
9
Mar
-Mar
18
16
Mar
30
Jan
8*2 Mar
3*8 May
17
Nov
10*4 Mar
13*2 Mar
305s Dec
x26k Oct
120
4
3
3
k Jan
Jan
4
2734 Jan
5
65s Jan
3
8
Jan
7*4 July
Dec
1*8, Jan
178 Mar
Mar
Mar 13
Mar 31
6
12i2Mar 10
638 Jan
Mar 14
Apr 14
Jan 20
40*? Jan 5
•
Macy (R H) Co Inc.__No par
lk
1,000
•
6*4
J
13*8
13k
590
7*2
7k
10 k
10 k
,
5,100
300
lk
Wlri4.# '
33k
2,600
4k
10k
4i2
140
10k
3,000
34*2
20,700
10
1
Magma Copper
Manatl Sugar Co
4
33
68
28*s Apr 21
33
Mar
Dec
*25k
44-k
4k
84 Mar
5
31
*29*4
*29*4
97
97*2
*96
97*2
*96
97*2
120
11*2
10*2
1134
Ilk
12
12*4
10*2
10*2
10k
*89k
10k
12*2
10k
*89k
12k
10k
1,100
3,300
99
Mar
3
4k Mar
Jan 17
684 Mar
8k Jan 17
25g Mar
7*2Mar
16
Marshall Field A Co...No par
5
8*8 Mar 9
15*8 Feb 17
1
2678 Mar 17
39k Feb 24
,
10
10
13kMar
9
9
1
6
1
134 Jan
7
Midland Corp
1*4 Mar
458 Sept
pref.100
pr
Martin (Glenn L) Co.
No par
2*4 Apr 19
..No par
3412 Apr 10
23
97k
38*2 Jan
I84 Jan
25
164
100
Jan
18*4 Mar
100
10
1,700
126
9
Mathleson Alkali Wka .No par
1,000
11658 Mar
3
4
900
4k
Dec
19*2 Jan
27
31
32
49*8 Aug
1958 Oct
40*2 Nov
23s Oct
1038 Nov
20*2 Jan
1038 Nov
10
July
Apr'6
Apr 8
Apr 8
4is Apr 10
43s Apr 11
934 Apr 10
Market St Ry 6%
Mar
32i? Nov
t Manhattan Ry 7% guar.100
Marine
7% preferred
May Department Stores
Maytag Co
No
53 preferred w w
No
56 1st cum pref...—No
McCall Corp
No
6% conv preferred
3
April
36
4
6
175
Feb 14
52
Mar 11
638 Mar 10
Jan
4034 Apr
par
par
93
par
107s Apr 11
984 Jan 26
McCrory Stores Corp
100
88
63s Jan
55s Jan
57*2 Jan
8
4
Apr 10
28*2 Jan 30
par
Jan
3
Jan 13
Jan
3
36*2 Mar 10
101
Feb 14
17*4 Jan 20
14*2 Mar 16
101*4 Mar 15
Mar
538 Dec
6*2 Mar
14*g Mar
2*4 May
■
284
7*2
16
1111 receivership,
s Def. delivery,
n New
Stock,
r Cash sale,
t Ex-dlv.
tEx-rlghts.
Jan
Jan
Aug
1478 Nov
373s Dec
7*8 Oct
Mar
61
19«4 Mar
Aug
165
Feb
28*2 Mar
53
Oct
3*2 Mar
163s June
7k Aug
28*2 Dec
75
25
156
Oct
3678 Nov
Apr
97
Dec
8®4 Mar
16
Jan
6
Mar
13k Nov
61
Mar
02*8 Nov
'
•Bid and asked prices; no sales on this day.
Oct
22
1958
Mar
1
100
Nov
57*2 Dec
16
Martin-Parry Corp
4434
5
Mar 29
Jan
154
1212 Mar
29k Apr
2478 Mar
MasoniteCorp
175
*172
3
June
13k Mar
Apr
Oct
23*2 Nov
107*8 Dec
2184 Dec
4
700
1
131
Jan
92
125
Oct
5s4 July
0
200
2k
1
Apr 20
OCt
9
63*4
Mar
43*2 Feb
39 k
*212
*39
Mar
9
■111*4
«4 Mar
3084 Jan
1
Modified 5% guar
Nov
Mar 31
Apr
Maracalbo Oil Exploration..
50
21*2 July
62i2 Nov
12*8 Mar
31*2 April
.,13
Apr 10
25% Apr 11
1
Apr 4
Apr
Manhattan Shirt
IO334 July
Mar
99
20*2 Mar 13
9
.
Jan
Deo
18*4 Nov
40k Nov
29
Mar 20
36*2 Apr
5
Bros
102
17612 Dec
11*8 Jan 19
243s Feb 25
.No par
Mandel
9
37*4 Nov
Apr
54k Jan
108
109
2
683s Nov
Dec
14k Mar
20*4 Mar
5
154
Feb
Jan
July
14% Nov
3558 Oct
Mar
Mar
8U2 Mar
157
Jan
19
Jan
20
Madison Sq Garden...No par
514
29
Mar
15*4 Apr 15
19*2 Apr
147*2 Jan
1584 Jan
105
Oct
Mar
a8
47
124
200
7*2 July
95
Mar
Mar
14*2 Apr 12
14*4 Apr 10
35
Apr 10
105
Apr 10
sJan
Mar 16
118
81
No par
Inc..
Jan
Oct
July
3158 July
215s Nov
8
8
Mar 14
Apr 10
31*2 April
Dec
223s
123s Mar
106*2
10734
177i2
1734
Apr 10
Oct
July
33s July
Mar
9912 Apr 11
173, Mar 20
Oct
19*2
15*8 Mar
212 Mar
22
Dec
146a Nov
Mar
25
preferred....... No par
1,300
31
99
6%
Mack Trucks
14*2
4k
41
*4.
27k
14l2
*26*4
1*8
*5*4
*4
34k
-
3,300
4k
10k
!L
2,000
35k
*1*8
*4k
1*4
-
22*8
35*4
14k
6*4
13k
■
mm
100
.10
Nashville
*2112
27k
*172
99
7%
28*8
17k
26
*89k
100
10
100
preferred
(P) Co
preferred
Lorlllard
■
28k
*4*2
Feb
J3
263s May
6*2 Mar
,*18*8
175
4k
61
5
18k
28*2
26*8
100
2i2 Mar
1434 Mar
Louisville A
*39
Jan
4
200
34*8
*2k
2*4
40
Oct
80
412 Jan
22*4 Mar
1,000
*1*8
4k
4<>8
10*2
1*4
4k
10*8
2% Apr 10
17
Apr 10
26
99
..No par
17*2
7*4
Oct
Mar
Long Bell Lumber A.„„No par
Loose-Wiles Biscuit
25
*172
29*2
No par
preferred....-No par
40*2
14l2
27k
1*8
*5*4
13k
143s
3
Jan 10
21
No par
Inc
Nov
434 Mar
40
Link Beit Co
56.50
91
8
3484 Apr
97i2 Apr il
Lima Locomotive Wka.No par
40*2
*
>
15
Loft
Jan 18
95
5*8
Lily Tulip Cup Corp...No par
100
Nov
3
100
1
Dec
16
5684 Mar 13
600
107
100
3284 Mar 13
100
.
12
Dec
100
154»
*11
12
33k
4k
*29*4
—100
Preferred...
Dec
10*2 May
63
Apr
*2*k
25
5
..25
Series B......
300
11
100
1.2
2k
175
42*2
Liggett A Myers Tobacco-.25
900
Mar 13
9978 Jan 17
)6i2 Jan 20
Apr 10
'
*17*8
-
6*4
33*8
2U
Life Savers Corp
42
14*2
10k
*39
5
300
Oct
13*8 July
24i2 July
Mar
1938
6k
1934
23*4
2038 Mar 31
93s Apr 10
,23
Lerner Stores Corp....No par
2412 July
123
5i| Mar
36*2 Apr 10
4*8 Apr 11
v
"Libbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
700
*28
14
60
1
6
4,100
*40*2
*17
27k
10*4
6% conv preferred
Lehman Corp (The).
Lehn & Fink Prod Corp
Mar
26
35
5
174
100
*96
7
Ilk
38k
22*4
1
>
-
Jan
12i2 Mar
118
12
Jan
25
Jan 24
3*8 Apr 10
38 Jan 5
1*4 Apr 10
Lehigh Valley RR
Lehigh Valley Coal....No par
Oct
July
78
5
34
*5 "
6*4
12
Apr
113
5
130
Jan
22
10k
47,
200
11*2 Jan
111*2
Jan
62
*130
*4
45
800
7
74k Dec
Apr
41*2 Apr 11
33*2
*26
27*2
lk
Jan 26
17
100
60
4% conv preferred
'
19*2 Jan
I2D4 Jan 20
Mar
4984
Lone Star Cement Corp No par
33*4
14i2
33*8
14
-
58
122
4
1,600
109
21k
153
m'
Nov
45k
2k
21*2
*4
*172
^
25
Lehigh Portland Cement...25
Lee Rubber A lire
2,100
1,100
Jan
124
3
5*4 Jan
3*8 Apr
No par
Bryant.....
24
Apr
45k
«/*«»«.
*1*8
25i2
26*2
*105
109
Lane
Mar
4614
20k
lk
4k
175
*172
*11
■
2i2
38i2
40*2
39
100
Oct
June
2734 Jan
Apr
Oct
Nov
83*4 Nov
12*4 July
4414 Mar
Jan
23
18
8
113*4
65,100
2k
.
5% preferred
100
Lambert Co (The).....No par
m
1,660
Feb
9*2
*4534
33*8
5
5
105,
Laclede Gas Lt Co St Louis 100
15
*105
9*2
*18
No par
1178
16
9
284 Mar 24
134 Apr 11
4012 Mar 9
Apr 10
19
Mar 3
1278 Apr 10
20
Apr, 8
2378Mar29
5*4 Jan 16
414 Apr
24k Apr
'3/27*4 Jan 19
25
Feb 15
20*4 Apr 11
7
Apr
13*2 Jan 20
23*2 Jan 20
13*2 Apr 11
14
Jan 27
18k Mar 9
10
15*2
39k
15
'
Kresge (S S) Co..
Kresge Dept Stores
116s
Feb
63
30
No par
preferred...No par
96*2 Dec
Feb
443s Jan
834 Apr 11
20
Mar
Jan 10
Jan
Jan
June
618 Mar
79*4 Mar 16
,
6
6
Mar 31
64
1518 Nov
62k Nov
5*2
3
Mar
571*8 Nov
July
140
12
9k Jan 19
978 Feb 28
125
Jan
46i2 Mar
Mar 24
Jan
Jan
48*2 Jan
30*4 Nov
3534 Jan
3538 Nov
9*8
9*8
*130
2l"
*2034
107
*105
9k
*105
*130
21k
•
*1*8
*5*8
109
107
4512 46
2k
*2*2
17i2. 18
9*4
21
21k
21k 21k
154
153k 153k *153
17k
1634, 17*2 *16k
41
*38
*38
40*2
*26.
2,9
28k 28k
21k
154
42
*130
9
2k
17k
278
17k
*40
17*2
*105
46
109
2034
1537, *153
*153
107
9
8k
*
Apr
Kress (S H) <fc Co
No par
Kroger Grocery & Bak.No par
35
*15
39*8
■
*105*4 106*2
28
40
4
35
35
.No par
100
*
Jan
37s
28
Feb 10
1484 Mar
A..No par
preferred..
MarlO
V 10*4 Mar 8
•92
Jan 11
Mar
4,800
17*2
15k
Feb 20
80
9*2
*15*4
3078 Mar
132
5*8 Apr 10
26*2
*13
15
3
7*2 Apr 10
23 k
26k "*24k
23*2'
23k
9
*7-k
■
*33
58
56 prior
200
5
,
1558
t..
225S
*4
17
14k
*3*2
4
22k
•
,
15*4
,
3*2
27
—
Feb
88
Kimberly-Clark
No part
Kinney (G R) Co_._..__.._l
5,400
-
4*2
*98*4 100*2
37
5
8k A pr 14
12is Apr 11
Keystone Steel & W Co.No par
_
28
29
29
28
28
28k 29
18
18
18*4
18k
13
18k
*17k
116k *114*2 116*2 *114l2 116*2
116*2 *114
4
4
3k
334
3k
3k
*3k
:
4*2
•*2
*k
*2 >>; #k
*k
*2
%
2
2
2
2
lk
*lk
,*ik
♦lk
21k 22'
21k 22ls
21k 22*4
21i2 22
11*8
Ilk
11*2
11*8
Ilk *11
11*8
11*8
*26
*26
27*2
*2612 28k
27*2
*26*2 28
40
40
40k 41k
,40k 41k
39*2 40k
5
5
4k
•4k
*458
434
434
*4*2
*36
36k *36
36*2
36*2 36*2
36k 36 k
*99
100k
look 100*2 100*2 *100
*98*2 100*2
101
102
100
101
100
*100
101k 102k
*174
*175
178
175
173
177k
177k *174
*15
*15
*15
16*2
16k
16k
16*2 ,*15
24
*23
24*4
*23*4
24*2
2414
23*4 23k
101
101
10U2 10112
176
*17512 177*4 .176
*16
168,
15k
1534
24i4 24U *2334 24*4
*32
*4
97
300
27*2
1734
*2
4*2
*3512
37
5
27*2
.
4
*26
■v
4*2
*4
*14
18
11
..
2212
4*2
*1434
28*4
*lk
2134
107,
22
■.
100
900
116*2 *1.14
*3k
*%
*2
2U2
10*2
.
22k
*24<k
22k
*8*4
3k
28
22*4
22
4*2
147S
116l2 *114
15
..100
Dept Stores
preferred
Kendall Co 56 pt pf
Kennecott Copper
:
50
*13k
"15
22 k
8*2
17
*3*2
18
28*2
*114
*13*2
2
Feb 17
132
11
Kelsey.Hayes Wh'l conv cl A_1
Class B__.
1
22,900
*80
Jan
105
5*8 Apr 11
April
.100
preferred
conv
1178
3
8
Apr
13
Apr 10
117*2 Jan 27
Kayser (J) <fc Co.
...
Kelth-Albee-Orpheum pf..l00
1,300
31*2
10*4
20k
*30,
*30
15
2212
*14*4
14k
.
31
*13*2
25"
*4
*25
14k
2212
4i2
22
4*2
32
14
6%
500
6*2
81k
35
10
Southern
4%
634 Mar
8
65*4 Apr
122*4 Apr
100
L pf ser B No par
^
'
*2912
*143,
No par
Kansas City
loo
10
*9k
6*4
6*2
81*4
Apr 14
Kan City P &
-
^
Oct
Oct
Mar
9*8
478
1084 Jan 5
2078 Mar 20
68
Kaufmann
-
-
-
,,kk
^
8
9
No par
300
98
*8
87,
Jan
16478
1434
Jan 27
Kalamazoo Stove & Furn
800
70
Mar
83
Apr 11
Apr 4
Preferred
20
'
77*2 Jan
Jones & Laughlln St'l pref. 100
2 ml
6k
6*8 Apr 11
8*4 Apr 10
;
18
preferred....
•
•
,
Johns-Manvlile.u
*.•
—
May
3*s Mar
96
4
120
30
—
48
141
3538 Jan 21
31k Mar 9
7
Jewel Tea Inc
2,600
W
9
6
1
Island Creek C oal
"""266
,
Dec
137
No par
1
Intertype 'Corp
100
56
Jan
185
5534 Jan
538 April
100
.....
300
19
123
29
Mar
8*4 Jan 5
484 Jan 12
8k Jan 6
Apr 10
84
7%
Preferred
8k
*7*2
*18*4
*121
Mar
6683 Mar
Jan 12
3134 Jan
Interstate Dept Stores.No par
'98
135,
Shoe
1,500
18k
Mar
19*2 Mar
9k
123
2
34
par
Apr
15
_
6434 Mar 10
International Sliver
Salt.....No
98
il30
Jan
29
...100
International
4.-
65s July
16*8 Nov
18k Mar
2*4 Mar
28*2 Mar
9*4
-
Mar
6k Mar
«
9k
-
2
Jan
5134 Jan
2,200
mmm
Jan
26*8 Apr 11
3*4 Jan 23
39*2 Jan 9
7
71
6l2
13i2
preferred
978 Nov
3412 Nov
June
100
pref
7
*78*2
Mar
193s Oct
5*4 Nov
80
414 Mar
700
14,600
15.
Mar
3
6k
.
Nov
1484 Jan
200
w
Sept
95
634 Apr 11
International
87
98
*8*«
*85
6%
146
7*8 Mar
35s Apr
278 Mar
16
Internat Rys of Cent Am._ 100
190
69*4
6k
conv
Feb
66*4 June
27k Jan
Jan 11
134
100
135
19584 Mar 13
4234 Apr 11
300
12838 *127
6*4
14
6%
290
41
,6*4
14
Inter Paper & Power Co
"
71
12SH *127
Int Nickel of Canada..No par
10,900
9,200
*68k
*68*2
71
70
72l2
69k
71*4
72k 72k
*127
128
128*4
128k 128
128k *128
40
39
39
40
*37*4
*36*4
*36*4
*38*4
*38*4
*36*4 39
16
*1334
14k
*1312
14k *13*4
16*2 *14
16*2 *14*8: 16*2
*14k
121
*118
121
*118
121
*118
*118
119*4 *118
119*4 119*4 119*4
72
*126
Internat'l Mining Corp._.._l
212
5k
6*2
9*4
*78*2
8
*118
1,400
Int Mercantile Marlne.iVo par
6k
6k
18*2
123
48
10*4 July
303g Aug
11912 Dec
Mar
16278 Mar 23
8
8
April
April
Apr 8
Apr 10
Apr 8
Apr 11
Apr
157*8
334
100
_
preferred
100
Inter Telep & Teleg...No par
Foreign share ctfs...No par
6*2
v.
*84,
87
6k
*78*2
*18
■I8I2
33
6k
6k
81
*118
71*2
49
32
32*2
9*4
478
51
,
6k
*8
»
18*4
*458
•
*79
*11634 123
*71
6*4
■6*2
918
97,
5
*4
Preferred
Int Hydro-Elec Sys class A .25
f
46
*
1*2 Apr
16
155
Mar
60
Mar
93*2
4*8
1584
3*8
2*4 Apr
1
734 Apr 10
Int Business Machlnes.iVo par
Internat'l Harvester
No par
"
9*8 Mar
28*2 Jan
8
-.No par
4
143s Mar
Feb
5
8
No par
Iron
"4,100
2,400
•
4458 45k
4434
45l2
*130*2 136
*130*2 136
7k
8*8
8*s
7k
29
29k
28*2 29k
46*4
*13012136
8*,
17*2 Apr
Apr
6
9458 Jan
17*4 Jan
90
100
Jan
Jan
151
8
8
4*4 Apr 8
41s Apr 10
Internat Agricultural..No par
Prior preferred
..100
1,100
31*8
136
8*4
Interlake
200
166
Apr
9*4 Apr
1
0% preferred
Intercont'l Rubber
""406
lk
18*2
lk
*16*4
67
20
t Interboro Rap Transit
100
Interchemlcal Corp._._iVo par
5,400
9*8
*2*2
2k
9
100
Apr
Highest
$ per share $ per share
29*2 Jan 16
119
3
148*2 Mar 20
No par
Ins ur a as hares Ctfs Inc
95
45k
46*2
46k
*130*2 136
130k 136
8*4
8k
8*4
8*8
30*2
30*4
29*2
29*2
5
4k
4k
*4l2
51
50
50*2
50*2
3ik 31k *3U2 32
*32
33
33
33*4
22
21*8
*20*4
21*8
*125
4512
2*2
8k
v
Ik
ik
*16
17k
167
54
56*i
160
*156
53k
160
2k
8*2
lk
18
167
*2*4
2l2
878
6% preferred
Inland Steel
1934
19*2
*90
86
10
Lowest
per share
8
438 Apr 10
1684 Apr 10
No par
Inspiration Cons Copper
400
Highest
$
No par
Industrial Rayon
Ingersoll Rand
1,100
4,900
'
•
Indian Refining..
300
2,600
71
72
95
*1734
.
5k
20*s
10k
*71
Lowest
5 per share
Par
94*2
*5
20*8
*92*2
*147*2
*4*4
10k
438
4k
Week
Shares
1034
70
10 k
4k
Apr. 21
*14712
70
72*2
10*2
95
*90
20
Range for Previous
Year 1938
100-Share Lots
EXCHANGE
$ per share
20
5k
20*4
94k
*434
20
*147l2
70
11
5k
*434
.
$ per share
*93
96
*147*2
74*4
Apr
the
Friday
Thursday
Apr. 19
$ per share
$ per share
6*2
Wednesday
2385
^ Called for redemption.
Saturday
Monday
Tuesday
Wednesday
Apr. 15
Apr. 17
Apr. 18
Apr. 19
16%
*678
52%
9%
7%
*88%
8%
16%
7%
16%
*684
52%
10
7%
93
8%
51%
52
66
*59
597*
*52%
Vs
16%
*67*
52%
10%
5310
53%
10i2
10
*7h
*8812
7%
*88%
7%
93
*8i2
*58l2
8
93
87*
66
87*
*50
60
*8%
*58%
*52%
'
*4
*13
712
12%
*4612
57%
47%
4%
116
111
4
48
12%
22
15%
13%
13%
*15
15%
*19'
3%
37*
11%
11%
1%
484
•
1%
4%
*%
*%
*1%
1%
12
12
11% 11%
91
91
*907« 92
*117% 118% *117% 118%
*118% 119
*118% 119
44% 45%
45% ' 467*
*1%
*11%
91%
,
35
*33
35%
*32%
34%
12%
*32
34
*32
11%
12%
13
*18%
47*
34%
*1034
*5278
534
.
*17%
*4%
19%
47*
34%
1234
55
*45
*52
6%
17
17
10%
9%
11
9;
25
24%
*160
170
*15%
*
10%
10%
9
24%
*1034
12%
*1034
*80
95%
20
18%
*80
*1834
18
9%
13%
*113%
111%
5%
.
.
12
95%
*32
.
600
Motor
18%
18%
5%
36
11%
54%
100
Mueller Brass
800
Mulllns Mfg Co class B—-.1
*4%
*34
36
35
5%
5%
17%
15
10%
8%
2478
46
*44%
6%
24%
170
*160
*80
95%
18%
*80
*44%
6%
46
6~O6O
&
80
11%
*10»4
11%
1,800
9%
9%
25%
1,200
National Biscuit
165%
200
25%
165
*80
12%
91%
*80
*18
20
*18
20
*1084
5% pref series A
100
13%
*115
112
*4%
*4%
5%
*4%
2334
12%
24
12%
1034
*11%
10%
90
90
90
*80
24
20%
21%
21% *20% 2078
*167% 170
*168% 174% *168% 170
*139
140
17%
7%
17%
734
16%
7%
7%
62
62
61%
61%
9
8%
.7%
12%
20%
170
*167% 173
*139% 141
17
17%
2,100
2,300
60%
13
•
*12
13%
200
3,200
300
9,100
200
7%
preferred A....
30
6%
preferred B
1,100
*38
44.
*38
44
*38
44
50
*45
50
*45
50
19%
*18
1978
*18
20%
*18
20%
*18%
20
*70
80
*70
80
*70
80
*70
80"
*70
80
35
35
19%
*108
109
10%
28«4
1334
13%
21%
33%
*2
*6%
*106
9%
*26%
13%
12%
137*
22%
34%
234
7
21%
33'
33
*2%
6%
119
*115
*53
55
?34
6%
•
2%
55%
*115
-
*45
%
234
J%
%
2%
2%
2%
%
*%
!
....
80
*70
72
*169
176
*70
.
*170%
*106% 109
*106%
20%
20% 21%
5434
*5484 55%
14
' 14%
13%
*77'
*84%
87
8
8%
884
*10534 108% *10534
30%
*30% 31%
3%
3%
3%
*35
367* «*35
7%
7%
7% <
'
17%
18% *17%
15
15%
14%
*100% 109% *100%
*4%
5%
5%
21%
34
35
34
"-"206
....
55
5i
2%
*%
*934
2%
2%
%
10%
.
*
380
210
%
*%
2%
'2%
%
*%
10
3
3
%
10%
*•%
*10
10
10
978
978
72
71
71
*71
*70
71
73%
7334
73%
174
*170
174
*170
175
*170
175
175
*17Q
*108
109
108
108
106% 107
109
*107% 109
215s
21% 2134
21%
21%
20% 21
20%
21%
56
56
56%
56%
55%
54%
54% 55%
*54%
14
14%
14%
1438
13%
14%
1334
13%
13%
92
*83*85
*83
86
86
87%
*85
88%
8'
858
8%
8%
8%
778
8%
778
8%
106'4 106% 106%
IO512 105% *105% 106% 105% 105%
,
,
31
*28% 31
*28% 31
*28%
*3
3
35s
3%
*3%
3%
3%
*34
*35
*35
36%
35%
35%
35%
7%
7%
7%
7%
7%
7%
7%
18
1834
18
18%
17%
18
17%
15
15%
1584
14%
14%
14%
14%
109%
109% *100% 109% *100% 109% *102
*5
*5
6
584
5%
5%
5%
30%
*28%
*3%.
35
31
3%
35
7%
1834
15%
153s
1063s 1063s
7%
18%
1,100
700
"moo
60
90
900
*17
20
*
...
—
*17
20
*17
20
*17
20
Bid and asked prices; no sales on this day.
*17
20"
*17
t In receivership,
preferred
...No par
50
df Western
100
Adjust 4% preferred....100
American Co...
10
6% preferred series..
50
North
.
...
_.l
50
100
North'n States Pow Co #5 pf.l
Telegraph
50
1,700
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
20
..No
6% preferred A__
100
Oppenhelm Coll & Co ..No
Otis Elevator
par
par
...No par
6% preferred..
-.100
Otis Steel
No par
#5.50 conv 1st pref..No par
Outboard Marine & Mfg
5
Outlet Co..
...No par
Preferred
100
—
2,100
Owens-Illinois
2,200
Pacific Amer Fisheries Inc
100
40
100
600
3,200
2,800
200
""""16
20
a Def.
7%
Corp part stk..l
preferred
...100
Pacific
Class C-.J2.50
5
Coast
10
1st preferred.
2d preferred
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
Pacific Mills..
...No par
Pacific Telep & Teleg
6%
preferred
No par
100
100
Pac Tin Corp top stk)_No par
delivery,
n New Btock.
r Cash sale,
30
Nov
2078 July
1684
Oct
MarlO
106
27% Jan 3
170
Apr 12
145
Feb
27%
6
V17%*Mar
6
June
178%
June
145% Sept
28«4 Nov
9% Oct
8IS4 Nov
Mar
5
4484 Mar
81% Jan
.15% Jan
Oct
154
127
13% Mar
Jan
July
31
12% Sept
23
Feb
Jan
18
Dec
30
July
59% Jan
50% Apr
55
Dec
82
July
70
Feb
75
Feb
20
2% May
4% Jan
11% Feb «
2484 Mar 14
Jan
Mar
99% Apr
978 Mar
6
Jan
4%
12% Aug
26
July
71
Nov,,
40
Jan
10884 Nov
Mar
7
Mar
23
38
12% Mar
18% Apr
30
Apr
2
Apr
8
8
8
8
20
Jan
Jan
Mar
2
384 Feb 28
9
Mar
18.
43% Feb 25
Mar
„5% Mar
6
101
118% Mar
Jan 17
111
Mar
7,
120
Mar
62
Mar
54
Mar
% Mar 27
168
Jan 25
106
Apr 12
18% Apr 11
54% Apr 17
12% Apr 11
82
Jan
3
7% Apr 10
102% Jan 4
30
Feb 24
234 Apr 10
32% Apr 1
6% Apr 10
15% Apr 8
12% Apr 10
104
Jan 23
1
" Jan
484 Mar
16% Jan
89% Mar
Jan 13
7% Apr 10
Jan
Il34 Mar
Apr
120
63% Nov
234 Jan
7% July
1% Jan
16% Dec
90
,Dec
38
Mar
June
198
Jan
Marl6
100
Mar
110
Dec
111
26% Feb 27
57
Jan
9
1984 Jan 3
88% Mar 27
1484 Jan 4
10784 Mar 13
1384 Mar
4584 Apr
578 Mar
75
June
63s Mar
92% Sept
26% Oct
57% Dec
20
93%
Dec
Jan
14% July
103
Dec
35
Sept
4
1% Mar
5
Nov
3984 Jan 19
10% Jan
1234 Mar
41
32% Jan 18
Jan
484
30
144
May
Mar
Sept
1478 Jan
3278 Feb
1984 Nov
Apr
111% Sept
87s
19%
7%
83%
Sept
May
Mar
13«4 Mar
122
Apr
15
25
4
Jan
20% Mar
112% Mar
27% Jan
42%
16%
40%
114%
Jan
133
1
140
434
195% Mar 10
16% April
Apr
Dec*
3784 July
>p
June
78 Dec
2% Mat
% Jan
1% Jan
4% Jan
8% Jan
5
38%
110
Apr 11
2% Apr 10
% Feb 17
834 Apr 8
70
Apr 8
preferred
100
JN Y Ontario & Western.. 100
Ohio Oil Co
3,400
Mar
4
10
Conv
3,600
10
28% Jan 4
18% Jan 10
16% Jan 4
Oct
Oct
634 July
22% Jan
23% Jan
53
Norwalk Tire & Rubber No par
Preferred
1_. 50
5,400
-
113%
1Q78
8
Apr
120
North western
10
3% Mar
17% Mar
11% Apr
16% July
115% Nov
12% Apr 8
10% Apr 10
28
50
N Y Shlpbldg
25% Oct
30% July
19% July
48% Nov
2134 Nov
Co.. 100
*N Y N H & Hartford—.100
'
'
Nov
17% Jan
47% Jan
5% Apr
860
—
....
5%
.50
300
...
NYC Omnibus Corp.-No par
New York Dohk......No par
ll",500
1,500
18%
....
100
Northern Central Ry Co
Northern Pacific....'
6%
*5%
6% preferred series A
North Amer Aviation
17% 17%
1734
1784
17% 17%
17% 18
18%
18%
*139
142
142
140
140
*139
142
*139
142
*139
*138% 142
884
884
834
9%
8%
8i
8%
8%
8%
8%
8%
834
42
*32
42
*32
42
*32
*35
42
*32
*35
40
40%
19% *17% 18% *173s 183g
*17% 19% *17% 19% *17% 19% *17%
42
*41
43
*40%
*40% 42
*41% 42
*40% 42
*41% 42
*114%
*114%
*116%
*116%
*116%
*11%%
56
55
56
56%
55%
5634
54% 55
55%
53% 55
4
4
*4
4%
3%
4%
4%
4%
4%
4%
4%
4%
*23s
3%
*23s
3%
2%
2%
*2%
3%
*2%
3%
*2%
3%
13
12%
12%
12%
12%
12% 12% *11% 13
*11%
*11% 12%
*4
4
4
4
4%
*4
4%
378
378
4%
*10%
10%
1034
10%
103s
1038
*10% 11
*10% 1078 *10% 11
30
29%
29% 30%
29%
29% 29%
29%
2984 30%
29% 30%
43
43
*44
45
43%
43% 44
43% 43% *42%
43% 44
*10
*10
1X>%
*10
*10
10%
10
10
10
10
1034
10%
120% *115% 120%
*115% 125
*115% 119% *115% 120% *115% 120% *116
*150%
1523s *150%
*150%
*150%
150% 150% *150%
1734
Yoik Central
No par
N. Y. Chic'& St Louis Co—100
New
17,800
1,200
3% Mar
28
Norfolk
21,000
4
11
Mar 22
N Y Lack & West Ry
3
Jan
6% Feb
8
Mar li
10% preferred
*%
106% Mar
105% Mar
75
N Y & Harlem...
55
*_
11% Sept
Mar 27
114
40
No par
3,500
Sept
12% Mar
5
110
N. Y. Air Brake..
1,900
20
Jan
8
107% Mar 14
8% Apr 8
400
43,500
Oct
19
94% Nov
18% Apr 11
Apr
Dec
Nov
Mar
73% Mar 14
32
14%
28
168%
10% May
4 *A % conv serial pref—100
Newberry Co (J J)
No par
5% pref series A..
100
1
*115
55"
*53
2% Apr ll
984 Apr 14
Jan
Nov
1478 Nov
15% Mar
Jan
July
12%
65
9% Mar
684 Apr
6%. Apr
29
1
Newport Industries
'2,100
*2%
3
*684
7
*110
118
*115
14% Apr 11
54
7% Mar
8% Mar
6
Mar
7%: Mar
14% June
58
Apr
No par
4~400
34
2%
Mar 25
"
223s
t
*115
*%
984
2
54%
*3*
10%
Nelsner Bros Inc
2234
■
*2%
103*
100
2178
3
*2%
7
6%
6%
6.%
6%
6%
*110
118
*110
118
*106
119
2
%
%
Natomas Co
33%
33
prior preferred......100
No par
600
21%
21
21%
32%
.
,
....
*49
20%
32%
40
100
National Tea Co
36
*34%
36%
35>,
*34%
*34%
35% *34%
109
109 / *108
*108
109
*108
109
*108, 109
10
10
10%
"
10%
10%
978
10
978
9%
29
/29
*28
28% 28% *28
*2634 29 ■
29
14
14%
13%
1438
14%
13%
13%
1378
1378
13
13%
13%
13
13%
13%
12%
12%
13%
21
*106
119
*115
6%
200
35
*108
10%
29
1484
10%
$2 preferred—
5^ % prior preferred
10%
20
*70
35
10
10
10
10
;
3
*234
10%
*18%
10
Nat Mall & St'l Cast Co No par
Jan 14
165
135
300
*45
10
100
100
.
13%
*12
44
10
18% Mar 31
8
10
Apr 8
49% Mar 31
50% Apr 4
50
10
10
Lead.......
National Supply (The) Pa.. 10
*45
3
9% Apr 10
86
Apr 21
—
„
150
3
16% Mar 10
117% Jan 5
20
4% Apr 11
Co.
-.
.l
preferred-No par
10% July
1284 Mar
Jan
3,600
*38
*2%
*978
#4.50 conv.
National
16% Apr 10
8% Mar 31
12% Jan13
111
Feb 2
884
8%
48
3
Nat Enam & Stamping. No par
Mar
26%
I8S4 Apr 18
4% Jan 13
23% Apr 10
11% Apr 4
Apr
4
37% Mar
684 Mar
15% Mar 7
94% Mar 27
23% Mar 9
11% Apr 13
Apr 1
109
95
64% Jan
15% July
62% Oct
110% Dec
Jan 17
175.
91
59% Apr 11
50
*2%
Nat Distillers Prod...-No par
Nat Gpysum
14% Jan 3
28% Mar 11
Oct
8% July
Mar
9% Apr
3484 Mar
5
25% Jan 4
15% Mar 15
17% Nov
32
Mar
26
9% Jan 20
7
..25
*45
2%
7% pref class B
-.100
Nat Dept Store.—...No par
6% preferred
-.10
Jan
Mar
4
Feb 15
51
9% Apr 10
7% April
23% Jan 24
National Pow & Lt.—No par
*38
2%
100
7% pref class A
11% Mar
'
Oct
54%
38% Aug
40% Nov
2284 July
10% Mar
8
Dec
117% Sept
Mar
5
Jan
9% Jan.5
8
National Steel Corp
48
2%
Nat Dairy Products...No par
25
30
110
Mar 31
7,500
50
2%
1
110
22% May
44% Mar 13
14% Mar 6
64% Mar 3
984 Apr 12
Apr 8
IO684 Apr 14
Mar
9
16% Mar 11
Jan 3
7% Jan 3
19
.
50
163
Mar
37% Mar 13
Apr 11
2,300
*45
3
das Co
1% Dec
Mar
18
7%
*38
*2%
w_—100
Register....No par
National Cylinder
300
2,300
Cash
May
39
5% Apr 19
14% Apr 8
»
72% Oct
1784 Jan
3% Jan
11% July
2% Jan
3% Jan
20% Nov
Mar
67
25
61
7%
61
85.
8%
1,200
140
*17,.
61.
Nat
20
110
86
86
7%
7%
13,300
21%
21%
*167% 174%
140
17%
17%
7%
59%
8%
*12
13
*12
89%
21%
21
7%
59%
8%
7%
61
60
•
140
17
*16
*85
140
.170
140
8%
16%
90
*80
89%
2078
20
w
Nat Bond & Share Corp newNo
'
18
1734
17%
17%
17%
17%
1778
i 9
9
8'
8%
8%
8%
9%
14%
15%
14%
14%
14%
13%
13%
115
116%
116% 116% *115
116% 115
112% *110% 112% *110% 112% *110% 11234
5
5
5
5
5%
5%
6
*484
5%
5%
*484
5%
*4%
5%
24
24
24% 24%
24% 24%
24%
*12%
17
15%
*12%
15%
*11%
15%
11%
10%
11%
11%
11%
10%
10%
'■
8%
100
pref.—.
cum
Nat Bond & Invest Co-No par
1234
91%
*1078
7%
10
10
3
Jan
4% Apr
Nat Aviation Corp.........5
7,200
9%
17%
5
6
Jan
12034 Mar 17
54% Mar 10
'45
Myers (F & E) Bros..-No par
Nash-Kelvlnator Corp
5
Nashv Chatt & Bt Louis—100
National Acme.1
*15
9%
20
17%
1,500
5%
-
_
11
95%
*17%
18%
103
5%
3
Apr 10
4% Apr 10
30
Apr 8
Murphy Co (G C)
-No par
5% preferred
100
Murray Corp of America.—10
16
25
24%
*165% 170
12
*10%
120
Jan
111
16% Apr 11
No par
Munslngwear Inc
Mar
10% May
1% Mar
484 Mar
% Dec
119% Jan 17
9% Apr 10
Apr 10
#7 conv preferred-..No par
160
"m
16
9
2478
6:
6%
6%
15%
10%
10%
*8%
46
*45
108
Co.
35
.2% Jan
17% Jan
10
5
—1
Wheel
Mar
6
4
5
111
Oct
Nov
July
4
2% Jan
934 Jan
1
July
92
8
3
14% Jan
Oct
111
Jan
Mar 22
30
Motor Products Corp.-No par
1434
Jan
30% Nov
Apr *117
100
Mar 10
54
40% April
34
Jan 26
-.60
-.
1,800
12%
5
*52%
"
1,2
18
12
19
Morris & Essex
33
12%
49%
4
118
Co——No par
12
2278
15% June
76
Apr
115
Montg Ward & Co. Inc-No par
Morrell (J) &
47% July
Feb 28
6% Jan
8
8
10
8
10
14
1
1088 Apr 11
8534 Apr 10
#4.50 preferred
..No par
Preferred serlesB-—No par
*11%
12
478
107
107
*10%
434
13%
12%
*18%
38
47
6%
170
247*
12%
11%
*13
33
*12
$ Missouri Pacific
—- 100
5% conv preferred100
Mohawk "Carpet Mills..—20
Monsanto Chemical Co
10
90
32,000
45%
10% Apr
1% Apr
4
Apr
% Apr
1
Apr
7% preferred series A—100
•
190
35%
*53
434
8%
44%
*33
*32%
*32%
11%
1978
47g
4%
600
118% 119
*10%
20
*139
*118% 119
44% 45%
*33
35%
11%
1,2
*17%
600
12
12
40% Apr
Mo-Kan-Texas RR—No par
1,900
"Cm
3% Apr
No par
10
preferred
Corp
Mission
300
1%
*92% 93
117% 118% *117%'.....
33
11%
11%
12% .*11%
#6.50
""466
11%
92
92
54%
107% 108%
5%
5%
1734
9%
13%
9
9%
14
14%
116% *113% 116%
111% *110% 112
5
5
5%
140
45%
35%
■
*10% .12
23%
12%
10%
140
%
1%
11%
*1834
10%
*80
5
*%
55
*160
170
*160
5
Minn Moline Power linpt.—1
85% Jan
Dec
I684 Dec
584 Mar
12% Mar
.
115% Mar 14
112
7% Nov
30
June
2684 Mar
12% Jan
16% Jan
'
Nov
57% July
3% Mar
May
11
39% Jan
Jan
Oct
73
Jan
14
Mar 13
29
1534 July
32% Apr
6% Jan
Nov
95
80
Apr
50
Feb
17
Jan 16
110
55
28% Jan
11% Apr 10
18% Apr 8
101
Apr 11
55
April
8% cum 1st pref--100
Minn-Honeywell Regu.No par
4% conv pref series B...100
1,400
*1%
1%
-.5
80
112
1%
1%
11%
-—5
Midland Steel Prod—-No par
50
6534 Mar 15
4
13% Jan 25
25
Apr 8
6% Apr 10
Mid-Continent Petroleum.. 10
500
58
338 Apr 10
Miami Copper
2,700
1,300
400
Jan 19
Apr 11
Apr
684 Mar
7034 Jan
18% Apr
-60
Mesta Machine Co
Mar 10
51
Merch & M'n Trans Co No par
10
300
Mar 27
Mar
70
Mar
12
12% July
5378 Oct
26% Jan
11% Nov
Mar
5
10
96
8
Apr 11
62
-No par
5% conv let,pref.
7
35% Mar
13% May
3
46
Mengel Co (The)
180,
4%
*34
2458
6%
17%
Melville Shoe..-
300
4
*53 '
9
6%
300
4%
22
15%
32%
7%
13%
18% Jan
7% Apr
No par
$6 preferred series A .No par
15.50 pref ser B w w.No par
48
.V %
100
preferred
"""366
4
478
*%
1%
11%
1
Stores
6% conv
Mead Corp
8%
66
57%
47%
11%
*1%
1
Co
Elec
McLellan
500
8
*38
*10%
*44%
6%
*15%
10%
8%
46
10%
McGraw
93
4
119
44
5%
2,800
884 Apr 11
7
Apr 8
88
Jan 27
% per share 6 per share
10
Jan
20% Nov
IO84 Jan 5
59% Mar 10
McKeesport Tin Plate..._. 10
12%
111;?
5%
49% Apr 11
48
*33
4%
6% Apr 10
Mclntyre Porcupine Mines..5
4
36%
25
*44%
118%
53%
53%
*106
107
5%
5%
634
*4%
22% Jan 21
McGraw-Hill Pub Co.-No par
*11%
*1%
20
1534 Apr 11
200
*38
*34
107
107
48
*17%
*111
112
*10%
12
,55
*10%
534
*11%
36
*34
107
107
11
1234
19
4%
*13
1,700
378
12
33%
11
11
1134
*111
1%
478
*4%
h
*%
1%
*1%,
1%
11%
*11%
12
91%
92%
91%
117% *117% 118%
*33
7%
Highest
j per share
2,300
12
*38
Shares
Highest
Lowest
Lowest
% per share
Par
52%
4778
3?8
378
13%
On Basis of
16%
7%
21
21
*2012 21%
10378 103% *103% 107
60% 60%
60% 60%
58%
112
*111
117%
118% 118%
43% 45
*33
35%
'
21
32%
13
102
58%
11%
1%
484
%
*30%
7%
7%
*2014
48
*38
48
12%
102
60
4%
31
7%
1234
21
112
334
1%
5%
7*
1%
31
31%
*111
11%
*1%
4%
47%
*21
103
*38
8%
8%
4
.102% *101
*56
60%
112
9
10%
*7%
*88%
*8%
*58%
*52%
47%
*4%
21%
*14%
*30%
7%
93
21
7%
*112
10%
7%
7%
*88%
4
12%
102.
8
93
21
4%
7%
*56
7%
52%
66
*52%
*46%
12%
61
*12
-*1
*60%
59%
7%
21
1%
64
12%
20%
105
5
*59
*52%
7%
61
4
10%
12%
20%
21
*41
*30
31
31
978
*7%
*88%
*8%
46
*13%
16%
53
59%
.
21
15%
*13%
*102
*11
the
Week
% per share
6
21
*4
4%
22
21
77*
1314
Friday
16%
*16%
6%
52%
10%
64
46
46
4%
4%
2034
1534
31
31
10
46
4812
*4612
2034
.
$ per share
16%
7%
16%
77*
53%
*6h
Range jot Previous
Year 1938
EXCHANGE
Apr. 21
Thursday
Apr. 20
$ per share
$ per share
$ per share
$ per share
17
17
STOCKS
NEW YORK STOCK
HIGH SALE PRICES—PER SHARE, NOT PER CENT
AND
1
100-Share Lots
Range Since Jan.
Sales
far
LOW
April 22, 1939
New York Stock Record—Continued—Page 7
2386
Jan
Jan
6% Mar
10
Nov
29% Nov
147
Nov
15% Nov
Mar 30
54% Jan
30%
Apr
60
Apr 10
22% Jan
10
Mar
22% Aug
Jan 24
Jan 26
45
39% Apr
52
Oct
115
Apr
50
Apr
3%
2%
11%
3%
984
Apr
Apr
Apr
Apr
Apr
8
11
10
8
10
8
27% Apr 10
41
Apr 8
9% Apr 8
Jan
116% Mar 25
115
Apr
Jan
3
40
Mar
7% Mar
3% Jan
2
3
70
16
Jan
5
6
Jan
4
1284 Mar 14
34% Mar 10
49
MarlO
14% Mar 11
5%
2%
10%
3'4
9%
z2234
32%
9%
Mar
Mar
Mar
Mar
Mar
Mar
87
Dec
Mar
Nov
76% Nov
11% Jan
5% Jan
21% Nov
9% July
15% July
30
Nov
43% Dec
1978 July
114
Apr 11
131
Mar 16
Apr
121
146
Jan 30
151
Feb 20
*132% Mar
149
Nov
7
17% Dec
30
June
17
Apr
s Ex-dlv.
y
10
2578
Ex-rights.
Jan
t Called for redemption.
Dec
Volume
LOW
AND
New York Stock Record—Continued—Page 8
148
HIGH
Apr. 15
10%
3*4
1134
*5*4
3%
12
10%
3*4
11%
10%
3%
1134
5%
*5%
5*2
42
*41
42
*80
100
*80
100
778
9
1%
39*8
*14*2
39*4
2*8
2*8
8*4
*10
10*2
*18
1%
8*2
*49
82
*%
1
*78
1
314
3LI
3*4
314
.
*21
24
*12
•
13%
*2
734
934
80
81*4
*2034
*18
1
24
13*4
*122
*122
24
__..l
36
Apr U
„43
19
2%
8%
200
Paimelee Transporta'n-No par
23,100
Pathe Film Corp______ATo par
1,400
Patino Mines & EnterpriVo par
Penlck & Ford
„.No par
884
80
'
*%
1
3%
3*4
3%
22
13%
$7
100
13*4
13%
Penn-Dlxle
1,200
'
.....jWo par
Penn Coal fr Coke Corp
——
22
22
Penney (J C)
2,7.00
80%
100
conv
17
1634
18*8
257s
*24*4
*111
34
24%
113
34
16%
17*4
*24
24%
,
111
111
33%
17%
29
*3234
"17%
16%
*23
*111% 114
'33*4
*122
17*8
Corp
29
29
No par
....No par
v t c
*24%
*111% 114
3434
*33
2%
*33
34%
*2
11
11
'
*2
*2
2%
*958
12
26
27'
20
21
"*18%
*15%
24
19
8
'1*7%
6*4
24*2
32%
"*1*2
*38
*60
79
8
*38
39%
*
*1%
2
*1%
*3*4
3%
k
91*4
*3%
k
90
*4
92
*132
142
90%
*130
140
31%
*4
*k
.
"*1*2
90
**4
91
137
137
38
*3
334
*25
3434
*2i2
3*8
*41
*25
34
33%
33
*2%
,
43
*658
40
*25
40
34l2
,
*6*2
3%
23%
*23
24
23
39*2
*3134
35%
35% ,35%
*
115
"~3~
*12%
•
13*2
*1234
5*2
*4%
25
25
33%
33%
3414
3%
*-_-.
24
*23
39*2
*3134
39%
5%
5*2
*13%
3%
15%
*4%
*50
65
*50
65
*50
65
*50
172
al66
' 166
*164
173
*165
173
*165
8*4
18
*23
•
9
6
534
534
*8
6
.
*23
25
23
23
23
*13
15
*13
15
15
*22
26
.
**4
8*2
%
*8%
%
177s
**4
17*2
18
*22
20
*17%
8%
•834
%
*9
*%
17*2
17%
8
*6%
8
9
9
834
**4
%
18
*6*2
30
7*2
.934
sii4
*6*8
9*4
*114
*%
1*2
778
8*8
8%
*8
*23%
*2
25.
,
.
P
7
*18
9*4
*2
'-
7%
734
*1%
■
938
1*8
1*2
1*8
*%
D8
*2
*%
*2
23
150
734
734
7%
7*2
734
*7%
**4
1734
18
1,100
*6*2
8
1.-...
^....
.
180
%
900
*21
*22
25
53
25
53
*22%
934
934
1*8
*1%
934
1%
%
%
7%
8%
8%
25
Class
4,900
*7%
5134
5234
53
*22%
53%
53*2
,
*113
11534
11534 11534 *113
2534
27
2534
7*2
8
7*2
26
26%
7%
734
-
*75
86
*80
86
*73
,
148
148
148
75
*72
74*2
13%
11*2
*10
13
*10
6
6*4
100
*75
*80%
148
116
72%
13
13
*10
5%
6
*113
*73
74%
13%
>
13%
11%
*10
*10
6
•
6
13%
6*4
400
"
2,400
1334
11%
•6%
27,600
6%
"
*75
,
*75
100
*75
100
*75
100
100
*75
100
58
18
112
31% Apr
5778
134
1%
•
5634
57
*16%
18
9*2
1534
12%
17
1%
16%
8*4
*15%
*8%
9*4
*8%
9%
*15%
*11%
.15%
15%
134
1%
16%
834
15%
12%
15%
,134
134
*16
10*2
56*2
5634
5634
17
1%
17
*16
57
56
58
134
17
57*4
134
1%
*16%
9%
*15%'
2,800
83
,
*15*2
16*4
*12%
13
*21
23%
18
18
r
72
11*4
*21
12
*11%
12%
*11%
12%
*21
22
*21
22
*21
22
100
*16%
1'8
*16*4
18
*1534
18
300
306
"
4
*33s
'4978
*40
8*2
*6*2
6'%
034
*8*4
9
11%
11*4
*35
1*8
147g-
*6*2'
*8*4
6%
9
11*4 ;■
11*8
*57
1*4
*65
*60
1*8
1*8
14%
15*4
8*2
*6*4
6*2
7
9
1%
11
10*4
23%
*18
70
*61
70
*60
50
*41%
50
*41%
86
*79
8
*79
8*4
*79
86
6*8
6*8
534
534
3734
3834
37*4
37%
55
*53
*53
*8%
5%
37
*53
55
,6%
9
11%
*65
7234
62%
1*8
02%
1
1%
15%
"50
15%
*43
*43
15%
53
50
11
*11%
11%
28
*20
23
*41%
50
8%
8*2
11
50
♦
66
*41%
61
48
*42
*50
*20
11*4
24
*60
.
.
1434
*40
48
10*2
8I2
1
3%
11
7234
60%
15
*8%
11
11
*65
*42.
46
11%
9
*8%
*■
11%
72%
61
46
47
*6*2
6*2
8*2
*6*2
49i2
*42
23*4
14%,
*32
50
*32
50
"3%
4
*3%
50
*41
22%
1
4
*40
52
22%
*8*4
n%
'7234
61
'
*43
11*2
*6*4
8*2
*65
1578
*35
50
7
61
61
*3*4
*6*4
7234
*65
4
*3%
8k
55
6
38
534
38
*53
55
*53
*8%
*79
86
*534
37%
534
11%
*65,
63
48
55
15%
54
*44
50
11%
300^
11%
50
4,100
32,900
...—
100
1,600
*20
24
300
66
8%
600
6
6
1,200
38%
38%
5,200
55
*53
174
Mar
47b May
5
7*2 Mar
Jan 14
•
,
Aug
July
Jan
•1534 Jan
3
6
7%
7*8
7*4
7%
*6*2
8*2
*434
6*4
6*4
1378
*13%
14
*13*4
14
19
137s
22
*20
7*4
6*4
9
3
15
Mar
8
Mar
Feb 27
109
20
*19
2034
1334
19
19
Mar
132
preferred
preferred
Reynolds Metals Co...No par
53ft % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Common
10
Mar 31
60
Apr 11
1
Mar 31
8
Apr 11
Apr 11
14*4
14%
*13%
400
Roan Antelope Copper
22*2
*20%
14%
22%
500
Ruberold Co
%
30%
%
30
*%
2978
%
*%
%
*%
30*4
2934
%
2934
*%
29*2
*2
29*2
%
29%
*%
%
*2
*2
*%
1*4
*134
1*4
*1*8
1*4
1*8
2%
fl%
*1%
*2l2
1*8
*1%
*2%
31%
1*8
2%
9
*17g
*2%
3134
1*8
2%
*1%
2%
9
*2%
32%
32%
91
91
32
33%
90
*85
*85
9
32
*2%
31%
32%
90
89
89
*102
104
104
104
*104
*110
112
*110
112
111
11%
*11
•
*11*4
9
11%
*11*8
106
111%
11%
Bid and asked prices; no sales on
*86
*104
111
*11*8
*111
11%
this day.
*11
%
*%
30
3,300
*1%
*1%
1%
2%
300
9
9
33%
*2%
32%
3234
91
93
93
50
*103% 106
170
8%
111
150
7%
11%
*11%
X In receivership,
11%
a Def. delivery.
'The)
13*2 July
98*4 Jan
88*2 July
13
Apr
74*2 June
7
Mar
9
Mar 11
June
484 Mar
8i2 Jan
Jan
37*4 Mar
6778 Jan
,
134 Sept
100
10
Safeway
6%
Stores..
preferred
preferred
pref erred,
Ravage Artns Corp
9*8
80
6678
683
Oct
Oct
Dec
Jan
9
1484 June
24
3
24i2
Jan
23% Jan
3
8*s May
18
Mar
1038 June
29*a
Jan
22
Jan
18 '
Mar
30*8
Jan
13*4 June
27*2
Jan
.
.
183s Jan
25i2 Jan
21% Mar 13
5% Feb 11
_
234 Mar
-
54
Mar 20
34*4 Mar
6
Apr
9% Jan
934 Jan
72
9% Mar
•
49i2 May
Apr
6
1
Dec
77s Mar
77*2 Nov
1958 Oct
38*2 Dec
5
Jan
4
May
77i2 Mar 15
65
Apr
85
Jan 18
45
Dec
64*2
Jan
10
Sept
1784
Jan
Sept
1434 Jan
4
Mar 13
77*2
Dec
4&s Mar
3334 Mar
5
II
2734 Apr
4
3
104i2 Jan 11
No par
1084 Apr 11
Oct
25% Nov
78*4 Nov
17*4 Mar
Jan 31
96
Dec
Nov
358
Jan
1138 Jan
82% Jan
1758 July
78
/ 69 ■
20I4 Jan
58
..100
100
100
Jan
13*2 July
40
45
No par
11
113s July
Mar 15
8
13% Mar 31
1812 Apr 11
84 Apr 8
27% April
% Apr 5
| 1
Apr 4
2i4 Mar 22
0*s July
58
July
June
9
113s Jan 12
17is Jan 6
75i2 Mar 15
July
5*2 Mar
_
5i8 Apr 10
35i8 Apr 11
Jan
15*8 Nov
16*4 Jan
Jan
17
85
6I4 Apr 11
...
Nov
Dec
Sept
39*2 Nov
7% Apr 10
7834 Jan 4
6% Apr 11
No par
134
152*8
117
8*4 May
54
par
Mines
105*2 Oct
11834 Nov
2158 May
Mar 31
par
100
6% preferred
100
tSt Louis Southwestern... 100
5% pieferred
100
1*4
2%
111
No
No
tSt Lo uls-San Francisco
200
112
Mfg
^Rutland RR 7% pref
Joseph Lead
h
8,000
Dental
St
*%
105% 106
106
111
Rlehfle'd Oil Corp
Oct
122*4 May
35*2 Jan
81
40%
Mar
59
Jan
Dec
Deo
Dec
Jan
11% Jan
Apr 11
Mar 30
54
Jan
Dec
Jan
2% Jan
2214 Jan
71
....100
100
11
16*4
33s
1*8
14%
14i2
42i2
9018 Mar 29
8112 Jan 3
16% Mar 11
38
7%
17*2 Nov
84 Jan
253s July
393s
Jan
Rltter
*2
%
Jan
71
200
31*4
*%
Mar
112
II714 Jan 19
Apr 10
10% Apr 8
1284 Mar 31
17
April
3
April
47% Feb ~
7
Apr
6i2 Apr 8
9, Apr 4
1034 Apr 10
-
5,200
*%
30
112
Mar 13
11% May
39*2 Mar
*20%
1334
Mar
86*4 Mar
10178 Apr
Apr
12284 Mar 27
159
Nov
25
Jan
712
7
114
70
734
7
39% Mar
14
27
11
138
Oct
4i2 Mar
1384 Mar
1278 Apr 10
*612
7%
7
*5
7%
i2
484 Mar
43
7%
7*4
7%
Dec
Feb 27
22i2 Jan
IOI4 Jan
9i2 Jan
Jan
Aug
5
Rhine Westphalia Elec 4 Pow
7*4
Mar
*8
3s Jan 20
Jan 21
Apr
9*4 July
1684 Jan
52
6% conv preferred..'
100
6 % conv prior pref ser A. 100
Revere Copper & Brass
6
Class A.
10
5
Jan
45
May
Republic Steei Corp—No par
534 %
86
June
5
5
Jan
I84 Jan
253g Jan
|Reo Motor Car'.—^
48
8%
Co..——-—-10
145
Apr
60*4
100
pref. 100
RemJngton-Rand——
1
Preferred with warrants..25
Rensselaer & Sara RR Co.-100
.'
*41%
*79
—50
60
60
—5
Reliable Stores Corp..-Wo par
Reliance Mfg
3,900
■
15%
5%
38%
,
9
*44
8%
86
7
1%
i,
Preferred
11%
7234
*60
1st preferred
Rels (Robt) 4 Co 1st
8%
1
4%
4% 2d preferred
Real Silk Hosiery—.
50
*6%
*6%
*8%
66
*41%
8%
*8%
*79
68
38
*
66
*$k
*32
200
3%
Reading
Nov
30
1% Apr
17
75
23
8% Apr 10
15t2 Apr 19
1234
Mar
20*2 Apr
11*2 Apr
16% Apr
21
'
41
Jan 12
5
514 Apr 10
~53%
Jan
9*4 Nov
5
1034 Jan 26
tRadlo-Keith-OrpheumJVo par
17
18%
July
7*2
36% Jan
8
Rayonler Inc.--------—--1
$2 preferred
25
21
25
*16%
Apr
Raybestos Manhattan.iVa par
100
90
35
2434 Jan
April
300
16
July
3*4 Mar
18*2 Dec
3% Mar
42
-*
Apr 12
7
preferred
200
9l2
9%
*15%
*11%
May
9% Jan
Jan 23
6%
4,100
134
18
'
*9
4
129i2 Jan 10
148
Apr 8
115% Mar 7
'
58
Apr 10
Mar 15
23
Pure Oil (The)-.--
—
62
li2 Mar
100
5% conv preferred-.'-—100
Putity Bakeries—-J..No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—.2Vo par
v $5 preferred B.
No par
$3.50 conv 1st pref-.iVo par
Pullman Inc
5,500
Oct
5*s Mar
No par
No par
4,000
73
39
6
17
5
5
5
5058 Apr 14
No par
Pub Ser El & Gas pf 15. No par
734
86
26*4 Nov
4
6% ,Apr 10
714 Apr 1
—No par
preferred.--._--^--100
preferred—- 100
preferred100
27%
2634
73
1234
7%
Jan
2% Jan
s4 Jan
1458 Jan
14i2 Jan
43l2 Jan
67% Mar
11934 Feb
3838 Mar
Jan-
8%
July
20*2
1684 Jan
103
"
July
9
8
Apr
115
100
7%
*80%
Apr 11
6%
180
86
*80%
11%
5%
116
8
Apr
} 5 preferred
150
Nov
43
•
5
14
Mar 31
300
116
4
Jan
Mar
4
173
Jan
300
1
Oct
8*4 JUly
50*2 Mar
4438 July
Jan
67
April
8
Apr 10
150
734
7%
72*2
*10
150
26-% "27%
86
72*4
1234
11%
*113
26%
7%
*82
86
150
116
7*2
72%
6
150
26*4
7*2
11%
5%
*113
26%
13%
1234
*148
1
5
60
5% pf (ser of Feb 1 *29).100
Puh Serv Corp of N J..No par
4,500
,
Oct
144*4
Mar
4
li8 Apr 10
3s Feb 6
8
No par
-
Procter & Gamble
,
149*2 149%
B.
5% cony 1st pref
5% conv 2d pref
25
11234 113
11234 113
34*4
33%
2
Mar
14334
27*4 Mar
712 Jan 11
I4 Jan 4
17% Apr 11
6% Apr 14
B,—L.iVo par
Pressed Steer Car Co Ine
100
420
5234
7
Porto Rlc-Am Tob cl A .No par
300
7%
%
8
Poor & Co class
200
2,600
52
11234 11234
33 78
33%
14
22
...
1,600
June
20f2 Jan
.
7% Apr 10
22
Apr 4
5% pref class A..
.
9lg
5334
53%
5
_
Pond Creek Pocahontas No par
26
.'
9
*11234 113*4 *112% 113%
34
34
34%
34%
34%
33*2
34%
34%
.105
105
*104% 106%
*103*4 104
*<10334 105
*10334 105
10,3*4 104
116
115
*115
115
115
115
116% 116%
*113% 116
*11414.11.5
1323, *128
*129
I3I84 *129
132%
13134 *128
13134 *128
13234 *129
53
112% H2I2
166
7% pref class B.100
20
Nov
1
638 Nov
90
Bolt--—,.iyo par
22
Nov
3
30*4
8% Mar 14
25U Jan 27
44% Feb 3
5
2i2 Apr
Apr
Pittsburgh Steel Co....No par
%
%
7%
7.34
*714
25
*21
834
7*4
1*2
*1*4
*%
"7%
*7*4
*6%
6% Apr 11
*23
Apr 18
35% Mar 27
Mar 16
700
9%
' Jan
63
Pitts Screw &
2,400
Nov
74
4i8 Mar
32
Sept
4
32f2 Mar 23
4384 Jan 3
314 MaJ 29
45i2 Mar 15
2% Jan
No par
Pitts It W A Ch 7% gtd pf 1Q0
9
43
Apr
114
Jan
Mar 31
534
*22
26
7
31% Apr 10
100
533 1st ser conv prior preflOO
Pittsburgh A West Va.
100
Pittston Co (The)
No par
Plymouth Oil Co
5
■
6
Mar
Apr 20
36
•J5 conv preferred
'
*6
'25
154
Mar 23
4
8
*22
9
834
3
Pitts Coke A Iron Corp No par
1834
26
*22
26
834
8*2
Jan
12
preferred
23
15
834
Flour
„
*4 Mar
75*4 Mar
10312 Mar
pref...100
Mills -----25
*8
834
23
15
83f2 Apr 10
132% Apr 1
-.100
*13
25
834
8
3g Jan
No par
100
No par
.—5
...
Mar
Jan
1*4 Apr
2*4 Mar
Mar 27
Feb 27
4
%
10
-100
.534
*14
•
CO
1734
5%
*23
8*4
25
*15
5%
8
534
5%
6*8
r
100
100
6%
300
173
.
-
Pittsburgh Coal of Pa
1,300
65
172% *164
578
4,
July
60
Mar 25
P.tts C C & St L RR Co —100
5i2
65
2
43
30
Feb 16
8
1% Apr
Pirelli Co of Italy "Am shares"
...
~3%
5l2
*4%
Hosiery
Plllsbury
10
115
3%
13
80
38*8 Jan
1734 Nov
13*s Jan
8*2 Oct
47% Nov
434
Feb 17
47
Oct
6*4 July
1734 July
1758 Mar
5
7
Jan
42
8*2 Mar
734 Mar
8% Mar 14
4434 Jan
Feb
II584 Dec
"
Pierce Oil 8% conv
300
14%
""2%
234
14
*458
*
115
115
*13
Petroleum
Phoenix
100
24
*32
—
prefer red
Phillips
------
7%
23
~~234
3*2
7%
Preferred
39%
23„
,
43
*6%
7*4
7
*
4,600
3%
*2%
*40
*6%
*22%
7%
*36
14
Phillips Jonep Corp.
*50
*23
.
115
~*2\
*4%
65
*164
'
*•
3%
*12%
534
#45g
*45
<
115
"*2%
3
14
200
*2%
7%
23
23-%
*3134
Philip Morris <fc Co Ltd
5 % conv prof series A.
25
43
!■.
pieferred
100
33%
*40
MarlO
3,100
3*8
43
10
758 Apr 10
534 Apr 10
28i8 Apr 11
36 - Apr 8
.6
-
Brewing Co..^.Nopar
Jan
Jan
31
Mar
Mar
Mar
Mar
15
Mar 16
4,000
33*2
*40
Mar 10
6
314 Jan 24
17
Dec
24i2
Mar
Mar 10
40% Feb
July
1578 Nov
121
Mar
19
3
30
Dec
110
116f2 Mar 14
Jan
558 July
Mar
Mar 14
29
2*2
30
14*s Mar
19*4 Mar
41
50
3%
10
120*8
4
34
%
3%
3%
9
Mar 15
2438 Jan
8
91%
38
33
7*4
1,43
3%
16l2Mar
124
8
,i.i—.w,
25
' *2%
.
43
*6*2
3%
*25
33%
*40
,43
7*4
*3
3%
40
*2*2
3*8
*40
7*2
*3%
3*2
8
Jan 18
75
144
Mar
Apr
Phlla & Read C & I--—No par
*4
91
*135
33
Dec
2i2 Mar
10*2 Mar
6
Apr
preferred.-No par
fcPhlla Rapid Trans Co
50
7%
85*2 July
5is Jan
1*8
13
?6
2
Mar
884 Mar
17
100
3%
*3*4
9134
*135
Pfelffer
58% Aug
55
\ 15S Jan 161
8
7% Apr
Phelps-Dodge Corp..-25
Philadelphia Co 6% pref-—50
40
"*1%
pieferred
Petroleum Corp of Amer
600
Mar
Mar 14
21
'5% prior preferred-. ...100
5%
3*2 Mar
41
No par
,
Oct
Oct
Oct
14% Nov
13*2 July
1
—.100
100
Pet Milk
-J
M
Apr 17
284
3
88
30i2 Apr 11
2i2 Mar 31
100
Pere Marquette
79
334
90 %
%
.
91
t
*338
.
1*4 Mar
Oct
21*2
57f2 Jan
8
Feb
338
Mar
2218
184
5*2
1738
Eastern
Peoria
w'
1,100
13,400
31%
31%
*39%
—
320
«.
6%
*
2
*3*4
3%
140
8912
*130
32%
79
2
*3*4
8
*6%'
39%
*
7834
"*!%
7%
31%
39%
.3%
18
6%
111
370
23
*16%
*38%
32%
*38%
2
•6*4
634% conv preferred-—100
Peonies G L & C iChic)-..lOO
—
25
*19%
8
8
,
"6*4
*
79
~
•18
24*4
19%
*16%
24
100
18
19%
18
*6%
2
.
20
6%
3134
378
*4
*3*4
I4.
24*2
19%
Peoples Drug Stores...JVo par
300
w
11
*10%
25%
*24
2334
*16%
18
8
6
3978
79%
11
*9*2
31
32
30*4
39%
*--_
24%
18*4
18%
*16%
*734
8%
'6*4
6*4
11
24*4
20
19
*2
2%
*9%
,
*15*2
'.8
6*4
3034
39*4
•
*2
2%
11
*9*4
50
20
*111% 114
35
3334
*32%
*2
2%
2%
*111% 114
RR
300
29
*24*2
Pennsylvania
20,600
17%
April
19
Apr 11
12
Apr 8
122
April
1534 Apr 10
Deo
4238
13
,
Dec
13*8 July
30
July
1*2 Mar
31*4 Mar
4
Deo
11% Mar
3
pref ser A ...No par
$7 con\ pref
17%
17%
10
Cement-..No par
Penn G1 Sand
*122
**
.
Jan
1358
103
Mar
16
28s Feb 25
11
102
Mar
6% Mar
Jan
*2
Feb
2
Aug
61*s Nov
Mar
65
Mar
11% Apr 10
1% Jan 26
534 Apr 10
9
Apr 10
48
Apr 10
74
Apr 10
34 Apr 3
—
Dec
9*4
584 Mar
238 Jan
4
1% Apr
Parke Davl« & Co._-i-.iVo par
Parker Rust Proof Co__._2.60
Oct
18*4
8884 June
Jan
400
81
*12%
13*4
*122
1358 Jan
4
share
Jan
6
Dec
29
107f2 Jan
26
1578
6*4 Nov
1
Sept
14i8 Jan
1,100
■
*122
Apr 10
per
Mar
3*4 Mar
5
734 Apr 11
18
Apr 14
1
52
1
1534
80
100
...10
Park Utah C M
4
share $
10
104 .Feb 14
1,900
*48%
*%
1st preferred
li2 Jan
60f2 Jan
.
IOOI4
1
per
5
3
41% Apr 14
Jan 27
6% Apr 10
100
Park & Tilford Inc
20%
58 Apr
No par
preferred
6% 2d preferred
1,600
9%
52
3*4
*20%
6%
10
81
3%
conv
Paramount Pictures Inc
19,500
8%
10
*48%
*%
4%
1%
9%
81
Paralfine Co Ino
14%
2%
52
*3%
*20%
*123g
100
40%
10*4
80
3*4
3,000
$
684 Jan 20
1%
15
8%
5% Apr
40%
1%
40%
9
10% Apr
Corp
1178 Jan
434 Jan
163s Jan
*14%
1%
40*2
*1434
*2
5
Pan-Amer Petrol & Ttansp.,5
Panhandle Prod & Ref new_.l
90
*18
20%
Pan Amer Airways
%
8%
*10
1
*12%
13*2
9
Apr
Highest
Lowest
Highest
$ per share
Apr
3
42%
*75
*48%
3*4
*20%
22
*12
9
■
.
10
6
8
8%
Pac Western Oil Corp
10
Packard Motor Car ...No Par
100
*80
10
81*4
*%
%
*40*2
90
2%
734
%
43%
100
10
52
*49
8134
81*4
2
934
52
1%
12%
*5%
*75
20%
1%
40%
14*4
*40*4
14%
7%
2*8
778
10*8
134
40*2
.14%
*12%
5*4
10%
100-Share Lots
$ per share
1,000
18,500
3,400
3%
8
8%
*18
20%
*80
90
8%
2
1478
•
8*2
*1%
3934
14*4
134
39%
7%
934
52
*18
*75
3%
12%
*41%
7%
7%
90
*8*4
20%
1*2
39*8
*14%
*178
15%
734
7%
*75
90
*10
*34
34
34
*39
*8%
23
34
34
43
""7%
9
*48
34
1134
Par
200
10%
3%
10%
3*4
11%
5*4
3%
102
*75
*18
1134
5%
5*2
34
95
834
Week
Shares
10%
*
8*4
7%
Apr. 21
$ per share
3*4
*40
41%
102
*80
Apr. 20
$ per share
10%
%
78
4112
Apr. 19
S per share
3*4
*5*4
On Basis of
Lowest
18
12
5%
EXCHANGE
share
10%
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
ver
10*8
3%
1234
NOT PER
SHARE,
Wednesday
Apr
$ per share
*10*4
PRICES—PER
Tuesday
17
Apr
$ per share
*80
SALE
Monday
Sales
for
Saturday
2387
Mar
51*4
7*2
Apr
16i8 Jan
14*s Mar
34
13
Jan
84
D4 Jan
Dec
25*2 May
4634 Jan
a4 Jan
2
Mar
3g
Dec
1*8 Mar
1**4 Dec
378 Dec
Jan
314 Jan
94
Jan
12*4 July
Jan
Jan
8*2 Jan
978 Nov
13*2 July
2084 Jan
33*2 Dec
2*2 Jan
49*4 Oct
1% July
383 July
5*8 Jan
7*4 July
2984 Nov
46*2
58*2
6
12
Mar
Feb 27
68
Mar
107*2 Mar 11
112*2 Mar 8
18*4 Jan 3
08
Mar
99
Nov
79
Mar
108
Nov
8«4 Mar
19
Jan
395,} Feb
98
8312 Dec
Range Since Jan. 1
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
AND HIGH SALE
LOW
On Basis of
STOCK
NEW YORK
Jot
Monday
Tuesday
Wednesday
Thursday
Friday
the
Apr. 15
Apr. 17
Apr. 18
Apr. 19
Apr.'20
Apr. 21
Week
$ per share
$ per share
13
13
$ per share
$ per share
$ per share
Shares
1312
68
68
*67
70
*67
13
1234
13%
share
1334
70
,*69
3,500
13%
*69
71
'
13%
1334
71
%
5,.500
5
434
47g
5
4%
4%
Bis
5%
*46
46
47
4634
4634
47%
*45% 46% *46
46i2 4678 *46
*114
II534 *114
11534
11534 *114
*11412 116i2 *114% 116% *114% 116%
%
%
%
%
*%
%
%
%
%
%
*%
*1%
1%
*1%
1%
1%
1%
*1%
134
*1%
1%
*1%
1%
17
17
1734
18
17%
17%
17%
17%
17%
17%
*1712
18
*2%
2%
2%
*2%
2%
2%
2%
2%
*2%
2%
*2la
2%
6 534
6534 ,67
64% 6634
65% 66
6634
66
6812
6 534 6634
14
14
13%
13%
13%
1334
13%
13l2
1338
13%
13% 137g
12
12
""
12%
12% *1178
12
1234
12% 12%
1238 12% *12
*50
*55
80
80
*55
80
80
*547g 80
55% 55% *55
4
4%
4%
43g
4t2
4%
*4%
412
4%
4%
414
4i2
47
*44% 47
44% 4434
*44% 47
*44% 4534
4434 4434 *44
9
9
*9
9%
*834
9%
*8%
9%
9%
9
9%.
*8%
*34
*34
*34
34%
34%
34%
337g
34
3314
33% *33% 337g
11%
11%
11%
1134
11%
11%
11%
11%
11%
11%
1178
12
*
1037s 105
104% 104%
104% 104% 104% 104% *l037g 105
*10414 105
%
*47g
%
5%
%
*434
%
500
5)4% preferred
200
v
1,100
*5
*1734
2134
234
19
20
20l2
*9214
*70%
94I4
797g
*234
*1734
19%
*92%
72
5
5
21%
*234
*1734
20%
*92%
100
7,500
•
300
700
*1734
*1934
19
20%
*1734
1934
94%
*92
94%
75
*71%
74%
*92%
*71%
75
*234
,
3
30
3,100
*234
*20
3
19
20%
95
74%
No
$5 conv pref
No
Bharpe <fc Dohme
No
$3.50 conv pref ser A _No
300
3
No par
Slmms Petroleum
10
Simonds Saw & Steel.-No par
4%
17%
2%
16%
18%
19
20%
93
72
Skelly Oil Co——•
""56
6% preferred
—100
d.oss Sheffield Steel & Iron.100
92
72
-
**'900
.^_.No par
104
104
104% 104% *103% 104%
103% 103% ♦103% 104'
13
13
13%
*1234
1434
12% 12% *12%
1234
13
12
12
12
12
*11%
12
12%
1134
1134
*12l2 I3I2 *12
13%
13%
*12% 13%
13%
1334
13%
13%
*13
14
*1234
14
11%
11%
11% ll34
11%
12
117g
12
11% 12
1134 12la
*11078
*1147g
*1107g
*11078
*11078
*11078
?"
2
2
2
2
178
17g
xVs
2
178
2
17g
2
16%
1634
16%
16%
17%
17%
17%
18»4
16% 1634
15i8 1634
130
*126
128% *125
12934
127% *122
129% 1297g
12712 12712 127
25
25
25% x'25
25%
25% 25%
25%
26
25% 25%
26i8
12
12%
12%
12%
12
12%
12%
12%
11%
1234
11%
12
13
1334
1278
13%
.13%
137g
13%
1334
12% 1334
133s
14%
18
19
18%
18%
19%
I934
19%
197g
18%
19%
1878' 2OI4
<6 preferred
25
70
400
300
Smith &
400
T.300
"
35
*28
334
*3'8
*42
"
45
,
35
3%
*27
44
*40%
2
178
*47g
2
2l8
218
*2834
*3%
*40%
*5
6
*1378
39i2
1534
40%
3834
14
14
14
44i2
IH4
6234
42
42
10%
1034
62 34
6234
20%
a3
39%
14
20%
*478
*14
35
534
1534
r
*27%
3
*3%
I7g
3%
21
21
.
1-'%
234
*1%
234
6
45
2
2
*5
6
*5
*5
*1618
15
*14%
15
38%
*13%
39
1434
397g
15
*41%
45
*41%
10%
43
39%
*1334
*41%
1034
1034
11%
10%
10%
62
63
63
64
65
65
2538
-
*45
*
1%
1%
1
234
534
234
2%
534
2%
2%
6%
25%
25
50%
*45
4434
*24
69
4534
2434
*69
6%
*50
8
*378
934
4
1034
6%
10
55.
52%
126
8%
25
25%
2%
-
13
*2,5%
52%
*24%
2%
126
8%
25%
2%
8%
1734
2634
26
26
6
6
534
*5%
5
'6%
*6
39
5%
434
39%
4%
28%
*35%
*47g
54
8
*4%
37%
5%
5%
*6
5
17%
*15
61
*56
61
*56
4
3978
*234
3
17
2
*14%
**1%
18
3
*2%
1934
187g
2%
8%
8%
12%
12%
*88
'91%
12%
12%
38% 38%
-
2%
*8%
1178
88
2
3%
187g
2%
9
12%
88
ll7g
1 l?g
37%
38%
578
6
6
678
678
6
6%
6
2%
2%
23g
80%
57g
67g
*72
3%
33S
7%
21%
2%
80%
338
*6%
18%
*28%
*2%
20%
9
6
8
1834
19%
29
29
2%
2%
4734
87
725s
17
89%
*78%
*20%
79%
20%
36
37%
8%
18%
29%
2%
20%
83g
2%
238
46
46
8%
71%
167g
*86%
79%
20%
35
8%
73
1678
87%
79%
20%
3578
2434
2%
*1278
*24%
*7%
177g
25 1
2%
13
2534
8%
I77g
26%
5%
434
6%
*3%
*33
*234
*14%
6
26%
27%
77g
7
•
13%
17%
61
634
3
*33%
*2%
18
*18
9
*2
11%
*88%
1134
8%
1134
91%
1134
*36
37%
534
67g
2%
*72
*3%
*8%
1134
*88%
1134
36%
*12%
*45
8%
71
I65g
86%
*78%
*20%
3434
*16
17%
*16
61'
4
*56%'
*3%
*33%
36
12%
91%
1134
91%
12%
38
578
2%
*72%
3%
2%
2%
47
8%
7234
17
86%
7834
21
36
*2%
2%
47
47
*l7g
*19%
8%
2%
*47
8%
72%
16%
87%
*78%
20%
20%
35
35%
74%
1634
87%
7834
7%
80%
3%
,
*90%
*12
38
578
7%
*6%
2%
*72%
*3%
93
12%
7834
787g
21
*20%
36%
35%
79
55%
55%
*53
56
*53%
56
14%
*13%
14%
*13%
14%
•Bid and asked prices; no sales
on
*53%
14%
56
this day.
6,100
45
22% Jan
30% Mar
10% Jan
1978 Jan
28% Mar
Feb
8% Dec
17% Mar
1*4 Mar
884 Mar
1778 Mar
6% June
15
Mar
22% Mar
434 Mar
37# May
10% Jan 4
8% Jan 4
7% Mar 11
5
Mar
34
42% Jan 24
6% Mar 11
6% Jan 3
48% Jan
5% Jan
Mar
119%
Apr
4% Mar
378 Mar
"32% Mar
3
3
.
2% Mar
9
21
6*4 Mar
Jan
13
Mar
15
Mar 16
'Mar
'
5978 Feb 17
4% Feb 9
40
Jan
7
434 Jan 10
21
Jan 10
134 Apr 10
7% Apr 10
11% Apr 11
87
Apr 11
5% Apr 12
6% Apr 10
5% Apr 10
Mar
2
53% June
27g
35
Apr
Apr
2% Mar
15
Mar
1
Mar
8% Mar
1% Mar
28% Jan
96
Feb
9
183s Jan 3
54% Jan 3
734 Jan 10
10% Jan
107g J: n
2
Mar 31
4
Apr 10
88
3
Apr
8
Mar
: 31% Mar
6% Dec
4
Mar
Apr
2% Mar
Jan
3,
584 Mar
10% Mar
77%
47g
Jan
74
77
June
3% Mar
3
478 Jan
6,
Apr 10
16% Apr 11
28
Apr 11
1334 Jan
5% Mar
200
10
20th Cen Fox Film Corp No par
$1.50 preferred
No par
26% Jan
34% Jan
100
Twin City Rap Trans..No par
1% Apr 8
17% Apr 11
7% Apr 11
16% Mar
25% Mar
2% Mar
200
No par
Truscon Steel
100
Preferred
900
i
Ulen & Co...
No par
Under Elliott Fisher Co No par
300
88
1,600
Union Paclflo
9400
800
207g
36
200
Def; delivery,
41
8
12% Jan
90% Jan
57
19«4 Jan
33
5
Apr 11
5
778 Apr 11
157g Feb 24
112% Mar 13
100
United Carbon
52
..No par
United Can* Fast Corp .No par
stock,
Jan
No par
United Biscuit.
Preferred
,
6
81% Apr 11
78
Apr 13
20% Mar 28
'
""loo
56
16
65% Apr
100
Un Air Lines Transport
600
Jan
Mar 28
45% Apr 8
634 Apr 10
No par
United Aircraft Corp
r
Cash sale,
3% Jan
72% Jan
4>4 Jan
2
100
4% preferred
Union Tank Car
300
16,900
12,400
Apr
a:16% Apr 21
100
Twin Coach Co
2,300
Union Bag& Pap new..No par
Union Carbide & Carb.No par
Union Oil of California
25
15
66
3
334 Jan 4
15% Jan 3
14% Mar 10
5,300
*547g
June
5% Mar
3% Mar
Apr 10
3,100
*H
6
5
17
16%
14
3
6% Jan
par
87g
74%
57
May
3% Mar
No par
Truax Traer Coal
Mar
6
3
No par
$6 preferred
49
6
378 Jan 10
Transcont'l & West Air Inc..5
"MOO
79
a
8
Apr
1,900
80%
3%
17% Mar
7478 Mar 11
Mar 22
preferred.No par
pref..':
3
1% Jan 17
2%
14
t In receivership,
conv
32% Apr
3934 Mar
3
Mar
3
Transue <fe Williams St'lNo par
Trl-Contlneutal Corp
No par
*5478
14%
$4.50
9
Jan
33% Jan
13
100
25
500
48
88%
14
3
Jan 28
5?g
734
*46
88
3% Apr 11
32% Apr 11
2% Apr 10
Tide Water Associated Oil.. 10
300
24*4 Mar
Mar
6%
2%
21
87g
2%
87S
cum
25% Mar
5
Mar
4% Mar
10% Sept
22% Jan
No par
Thorn pson-Starrett Co .No par
$3.50
Mar
1% June
2
Mar
1634 Apr
1
200
Jan
Mar
Jan
Mar
94
4
20
20
6
19
1.4
7
56
Thompson (J R)
Thompson Prods Inc..No
10% Jan
20% Feb
24%
30%
29%
50%
63%
6% Mar
Feb 23
2% Jan
26
No par
Third Avenue Ry
48% May
12% Mar
75% Mar
30% Mar 10
7% Jan *3
101
Mar
6% Mar
6% Apr 11
1134 Apr 10
1
100
100
734 Mar
29
9
8
10% Jan
No par
pref
19% Dec
15% Mar
Mar 15
16% Mar
Mar
7% Apr 10
1034 Apr 10
*2%
*18%
*8%
*2%
74
conv
48
Mar
June
32% Jan
34% Apr 11
29
Xl6%
8734
8
10
29
9
Apr
Timken Detroit Axle._%
7%
18%
1634
35
Timken Roller Bearlng.No par
Transamerlca Corp
2
7%
74
25
par
1,000
2,300
1,500
18%
48
8
1,500
734
2%
Apr
$3 dlv conv.preferred....10
1834
29
2%
21
884
4
Thermold Co
2%
3% :•
9
8%
9%
9%
878
9
87g
9%
9%
9%
10%
16%
16%
*16%
16%
16%
16%
*1634
17
17
17%
17%
*112% 117
*113% 117
*113% 117
*113% 117
*113% 117
*113% 117
*1334
8
__5
Preferred..
500
18
38
87g
73%
I684
*20%
3534
9%
*1634
8
Apr
4% Jan 26
Texas Pacific Land Trust
4,500
12
8%
Apr
6
37% Mar 31
5
The Fair
36
3%
4
Texas & Pacific Ry Co.... 100
$3.60
12%' 12%
*9%
1
9
50
Thatcher Mfg
*9
10
11%
24
4
100
1,300
1,000
8%
w__i
1,200
19
2%
10%
*19
'2534 Apr 11
4% Apr 10
7%
6%
2%
Swift International Ltd
14%
17%
61
4
*678
*12%
18%
*2%
*28%
2%
8
Texas Pacific Coal & Oil.:..10
*6%
21%
8%
2%
17
.......25
1,000
7
3
477g Feb 18
18% Mar 14
3% Jan
Apr
8
8%
14%
*7%
18%
*28%
Apr
3% Apr 10
26% Apr 10
1834
2%
10
3%'
2
8
Texas Gulf Sulphur....No par
18%
2%
8%
18%
29%
2%
Apr
Texas Gulf
*234
*3%
22
Swift & Co
Produc'g Co No
21% Jan
6
3
3
6
4
14
13
19
27
8
Apr
4
Apr 10
Texas Corp (The)
' Mar
4
Apr 10
Tennessee Corp
Mar
4
Jan
10
Without warrants..
2
.
11% Jan
38% Jan
25
(James)
5)4% preferred
Telautograph Corp
*
127% Jan
1,900
*14%
*1%
80%
*8
Superior Steel.
100
Sutherland Paper Co..
10
Sweets Co of Amer (The).:_60
Talcott Inc
29
Sept
Mar
7% Apr 11
Superheater Co (The)..No par
Superior Oil..'
w
4% Mar 14
57
Mar 16
5%
8%
17'z
2%
4
Apr
Jan
9% Mar
8% Mar
46
..100
10
Symington-Gould Corp
128
120% Jan 27
No par
6% preferred...
Sunshine Mining Co
Apr
1% Mar
15% Dec
17% Jan
3,900
6
20%
Sun Oil
Mar
O
8% Mar
1034 Mar
3% Apr
8% Apr
5% Apr 10
4%
.3%
*72%
■
(The).
A1
111
12% Jan
28%
18
2%
2%
1
No par
Studebaker Corp
24
10
Apr
4%
7
177g
Stokely Bros & Co Inc
Stone & Webster
7
5
.
28%
*234
2%
k
1,000
14,800
*14%
*1%
2%
80%
.........
4%
38%
4%
18
57g
10
Sterling Products Inc
Ste war t-W arner.
Apr 19
42% Apr 10
20% Apr
65, Apr 11
""206
3
36%
25
Starrett Co (The) L S__No par
5%
3
2%
50
:10
Standard Oil of N J
*5
5
6
*7
Standard Oil of Kansas
300
3
3%
19
25
700
*434
• 3
2%
par
No par
5
7
3%
57g
10
par
6%
37%
7
834
1,700
1,300
26%
434 Apr 11
Apr 11
13% Apr 10
25% Apr 11
23% April
par
O
Apr
19% Mar
5% Jan
*6
6%
18%
29%
700
2% Apr
par
*36
434
*56%
*3%
*33%
36
.
678
{ Stand Gas & El Co..-No
$4 preferred
...No
$6 cum prior pref....No
$7 cum prior pref
No
•6%
8
57g
I77g
*28%
*2%
T.800
.
Apr 10
Apr
37%
91%
12%
*37%
534
*7%
*6%
8%
1734
38
*56
*14%
*1%
200
3834
4
*16
*284
4,700
1,300
4%
28%
67g
14%
17%
*12%
*3%
4
397g
2%
1234
2534
*7%
1734
26%
57S
Jan '<4
1
t Stand Comm Tobacco
110
*25
38%
4%
28%
8%'.
400
*12%
4%
..
600
15,300
10,100
2,600
*43g
.
600
2,900
8%
24%
4%
,
100
54
2%
6
98
Standard Oil of Indiana.
200
18% Apr 11
No par
Standard Oil of Calif
16,200
Apr
No par
preferred
7,700
127
24%
$4.50
8
9% Apr 11
1
Square D Co class B
Standard Brands.:
8,600
4%
8
5
28%
8%
"moo
10%
6%
54
*36
4%
27%
*734
2,600
*126
3734
.
4
2,000
1,700
8%
*4
5%
36%
»
3%
*6
6%
Conv $4.50 preferredNo par
70
10%
6%
36%
4%
c
18
2%
8%
5%
*5
*2%
9
12%
*6
*1%
18
2%
12%
*35%
37%
4
7
,*3%
8%
*4%
6i
4%
2734
8
*33
4%
56%
126
8%
26
5%
37
*4%
*56
3%
1178
26
,
*15
4
126
26
27%
77g
3978
.
26
13%
*15%
*3
*54%
,
46%
"
8%
25%
26%
7
*33
*25
6%
250
13%
15%
26%
25%
50%
47
25
*45
4%
10%
6%
17%
14
17%
.
10%
126
8
17%
367g
37g
27%
•77g
4%
3*4
55
126
8%
25%
2%
8%
4%
4
*54
'
1734
*35%
4%
38%
8%
4
10%
6:
17%
2534
*8
4%
5%
37)}
2%
12%
*25%
*7%
7
2%
4734
8%
70%
167g
8
8
April
Apr 17
6
70
8%
69%
.
54
,
*12%
8%
6834
127
126
14
*2%
69%
24%
69%
*45
Apr
1%
234
*24%
16%
46
6%
6%
37
4%
6%
*35%
*4%
434
37%
4%
*2734
20
50%
46%
24%
50
25
'934
26
1734
*7
25
45-%
6%
12%
*734
*3%
25i4
50
37S
10
6
26
9%
5
■
12
1778
*72
267g
2478
45
8
26
2%
13%
26
17%
2634
2
26%
14% Apr
II
200
105
13
4
8% Feb
36
1,400
13,500
Feb
3% Jan
60
122
May
27% Mar 11
21% Jan 4
23% Jan 4
33% Jan 4
39% Mar 4
1% Apr 10
1
No par
$3 conv preferred A..No par
Spiegel Inc.—.._
2
6%
*117g
15%
26%
2634
2478
*24
8
25%
2%
1178
*734
19
13%
Mar 22
13,700
20%
6
6%
*11%
15%
15%
26%
24%
378
9%
-
6%
8
8%
3
*15
7%
4
6
126% 126%
*14%
*1%
12%
141
Ni
98
Mar
91
18% Jan 20
434 Apr
42
Jan
Apr
Jan 10
3
6
35% Jan 17
...
Oct
9%
45
4
1334 Jan
Spicer Mfg Co—
103%
234
8
Apr 11
Sperry Corp (The) vtc
42
1
1%
27g
'
934
*3%
45%
24%
70%
6
*11%.
25%
50%
4434
24%
69
734
83
,4
*1234
534
13
T5%
26%
*11%
1478
26%
42
•
*101
1%
26%
*45
42
Apr 20
Apr
Mar
19% Jan
Spencer Kellogg & Sons No par
200
60
Oct
18% July
5
17% Mar 11
17
Feb 28
Apr 11
15,900
,
28%
106%
7
""loo
14t2
40'%
14%
*20
20%
20% 2034
6
6
6%
6%
103% *101
103% *101
6
6%
100
1%
"
25
70
20%
20%
6
100
25%
4578
*23%
*69%
7%
10%
6234
*19
26
52%
: 4434
10%
61%
14%
39%
*14
Mar
Feb 21
2% Jap 25
1
Mar
24% Nov
34*4 Jan
Apr 17
Spear & Co
10
93
147g Mar
18% Mar
23% Jan 24
10% Apr 8
11% Apr 11
15% Apr 11
Sparks Wlthlngton.—No par
6
*14
38%
*10% 13
*1478 ,15%
I6I4
26%
25%
2614
2%
12% Nov
'20% Apr
6
_
127
50
""600
49% Nov
*84
8
Apr
_100
34
9% Nov
Aug
3% Jan
2134 Jan
29% Jan
95% Jan 19
1% Apr
—
Mar
634 Mar
Apr 10
Apr 11
Sugar. ..No par
2,100
19,500
14,200
3
35% Nov
3% Jan
Apr 11
8% preferred
Nov
70% Nov
4% Mar
14
Southern Calif Edison
Oct
23
36
Feb 21 U5*%»Mar 30
111
Jan
July
12% Mar
2% Apr
105
__25
Southern Pacific Co...100
Southern Ry
No par
6% preferred
*.100
Mobile & Ohio stk tr ctfs 100
Spalding (A G) & Bros.No par
1st preferred
....100
3,200
17,100
46
39%
14%
*14
5%
So Porto Rico
50
,
; 334
*43
2
5%
1534
6
534
6i2
13
*1214
*3%
45
3,400
•
38
*13
■6%
6%
100% 100%
1%
1%
2%
2%
6I4
6
*9938 10014
3%
*28
2
1%
1
*42%
1034
6234
38
45
*42
45
*28
37
3%
M__i00j
8puth Am Gold & Platinum__1;
SolvayAm Corp5)j%
....
45% Mar
18
Jan
101
Snider PacKlni 'orp
No par
Socony Vacuum OA Co Inc_15
....
....
...
Mar
5%
80%
3234 Jan
Apr
11%
11^4
12%
10%
10
Dec
Jan
July
27% Feb
78
3
Apr 10
Apr 11
Jan 18
Corp
10
Cor Typewr..No par
Mar
9% Mar
Feb
7
Jan
47
15% Jan
107
8
Apr 11
Smith (A O)
27,600
Feb
36
5
70
15
%
Jun 11
101
*10318 104
*13
1% Mar
15% Mar
234 Dec
7% J«n 5
50% Feb 16
1134 Feb 24
Jan
,
10% Nov
Oct
507a
113*4
69
6
8
Apr 10
Mlnes__6
Mar
112% Dec
2134 Jan' 5
II
Simmons Co
3
3434 Mar
Mar 17
18% Jan 10
104% Apr 17
■5H% conv preferred.__.100
Silver King Coalition
Apr
Feb
1*4 Nov
5
5
6
3% Jan 6
77% Mar 13
28
Co .No par
__:___No par
Sbeaffer (W A) Pen
Shell Union Oil_
Apr
4
Jan
85
34 Jan
44% Apr 21
8 • April
share
27%
June
% Sept
2% Jan
22% Jan
Apr
55
par
par
G)___No par
Shattuck (Frank
300
1,600
3,500
par
par
per
1334 Sept
62
9
10% Jan 25
8
8
16% Apr 8
2% Feb 21
60% Apr 10
11% April
10% Apr il
-1
Servel Inc
share $
50% Mar 10
117
% Feb
Del-No par
per
Jan 20
1
4
Jan
I
ilOO
Sharon Steel Corp
1778 Mar
113
No par
& Co__.No par
Sears Roebuck
700
2134
*92
27g
19
1934
94%
Seaboard Oil Co, of
8,200
4,200
5
21%
5
21
5
20%
27g
19
19%
2034
2034
234
5
21%
5
21
6
5%
20
20%
27«
*1734
*70%
5U
No par
No par
No par
Seagrave Corp
!
75% Mar 15
ia4 Apr 10
Apr 14
% Apr 10
3% Apr 10
45
Apr 8
Highest
Lowest
Highest
$ per share
share
I
100
Co
preferred
{Seaboard Air Line
4-2% preferred
200
■
*5
8% preferred
Scott Paper
per
67
1
{Schulte Retail Stores
$4.50
"2,000
$
5
100
Schenley Distillers Corp
700
%
%
*3g
Range for Previous
Year 1938
100-Share Lois
Lowest
Par
100
j
%
Zc
%
434
per
13%
*68
70
$
1939
EXCHANGE
Saturday
133g
April 22,
New York Stock Record—Continued—Page 9
2388
Apr
8
133g Apr 11
x
Ex-dlv.
y
30
66
104
Mar
Mar
1% Mar
Mar
7% Mar
Mar
17% Mar
5538 Mar
Mar
89' Mar
59*4
23% Jan
423g Feb 25
20
Apr
Mar
19% Mar
5
Mar
18
Mar 31
14
Sept
117
Mar 22
100%
13% Mar
4
65% Mar 10
20
Ma* 13
Ex-rlghts.
39
Jan
iJan
12*4
Apr
^Called for redemption.
New York Stock Record—Concluded-Page 10
Volume 148
LOW
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
Apr. 17
$ per share
$ per share
23s
31%
*5%
2l2
32i2
.r>34
5%
5%
Ranye Since Jan. 1
*63
Friday
Apr. 19
Apr. 20
Apr. 21
$ per share
$ per share
$ per share
Shares
2%
2%
30%
5%
5%
5%
63
,
2%
30%
5;%
5%
*63
2%
5%
5%
53s
63
66%
4*4
4
4
4
4
*26
27
27
27
7
*60
6*8
*75%
*38
*5%
*634
80%
7
*7
7%
*6%
7
7
*4%
4%
4%
*6%
*72%
*^8
*5%
7
80
5g
534
4%
6%
7
*634
434
7
82
.58
75%
75%
65S
5h
*6%
5U
7
71 z
81
*4*2
80
*170
*170
5
*3%
7> 4
*46
32
15
4%
712
*14%
15
4
58
■14%
*22
*46
*3%
6%
3%
35%
3%
37%
37%
3.%
34%
93
95
91%
36%
93
52
52
51
51
62i8
47%
62%
34
34
34
*44
3,700
8,100
300
73s
1&8
*42%
*19
•
278
278
2034
19?4
*113
115
-
*U4
109%
34
34
7%
*1%
50%
9%
*42%
*8%
50%
*42%
9%
*8%
1%
50%
9%
72
*%
18%
20
28%
%
19%
28%
*36
*37%
19%
19%
234
234
20%
*1%
*4%
117
*110
117
*111
117
68
68
*60
68
*60
'70
*60
70
*1%
*84 '
89
20
10%
*134
2
3434
134
88
*834
1%
134
3434
3334
4%
4%
23%
*21%
15%
2234
2%
15%
15%
*22%
*1%'
1%
19%
1934
*1%
*18%
2234
2%
1%
*8
*4
15%
22%
23
2%
*13s
2i8
1%
1934
6312
*61%
86%
*84
*61
86%
99
*94
96
lieu nei4
2434
2i2
2%
*414
5%
*38
%
*1
Us
19
?034
92%
18%
2014
8934
*131
63%
89•
134%
61
*8434
99
99
10
*834
1%
33
*46
24.
19
62
934
*9
33
4%
50
38
*17I4
1978
*1634
.
20
31
*60.
62
*84
60%
90
100
100
*%
60
*25
60
*25
60
,*75
110
*75
110
18
18
*18
19
95
*61
.95
*61
95
49
*42
*42
49
8%
*4%
*1%
4%
1%
1534
284
1%
*1%
1534
16
*2%
3
178
334
312
39
17s
35s
3%
*3714
110
*105
17
17%
4334
44%
13%
13%
55
*43
*9%
8%
4t2
8%
*4li
*15
234
'8%
*4
1%
*15
234
134
3%
1%
3%
1%
*3%
3%
3%
3%
800
Wayne Pump Co......
2%
300
Webster Eisenlohr
*1%
1%
19%
"l'loo
93
99
94%
*94
121
,121
115
116
24
24
,
.
2%
584
*
60
93
93%
93%
*12034 122%
115% 115%
24% 24%
*2%
*4%
%
48.
934
*25
18%
*61
45%
*9%
984
""766
-
*35
17
..30
.100
preferred.... 100
Wheeling Steel Corp...No par
12%
48
2,200
White Motor Co..
2
2
2
2,700
334
384
334
1,400
3%
3%
3%
1,900
*37
40
105% 105% *105
110
100
*16%
17
800
*42%
43%
33,900
1234
3,100
43%
43
1234
43%
12%
12%
12%
52
*42
52
*42
Spr Co No par
No par
Motors
1
..10
6% conv preferred
No par
$6 preferred
200
6
Mar 27
Apr
.<
6
100
10
Worthlngton PAM(Del)No par
Preferred A 7%
..100
0% preferred B
..100
32%
32%
32
32
300
90
91
90
91%
*89
91
240
Wright Aero nautical... No par
85
*75
75
75%
76%
77
77
500
Wrlgley (Wm) Jr (Del).No par
75
26
26
*2434
26
2634
25%
400
Yale A Towne Mfg Co
2234 Apr 11
13
13%
77%
26
13%
14%
*2%
•
183s
15
234
*65
75
13%
13%
14
1334
25%
14
99
98
98
99
99
11%
1178
3334
12
34%
12%
12%
1,700
3384
34%
20,900
75
*60
75
75
75%
100
18
15%
2%
18
18%
15%
3,100
5M % preferred
100
Youngst'wn 8teel Door. No par
15%
6,000
Zenith Radio Corp
*2%
234
1,000
Zonite Products Corp.
*60
75
<
17
17
17%
17%
14%
13%
*2%
*60
17%
17
14
14
14
14%
3
*2%
3
Bid and asked prices: no sales on
2%
this day.
2%
17%
14%
2%
1 In reoelvershlp.
25
Yellow Truck A Coach cl B_. 1
a Def. delivery,
100
Young Spring A Wire.-No par
n
New stock,
r
No par
No par
Cash sale.
1
*
21
Oct
39
Dec
10
Mar
20% July
Mar
31% Dec
Mar
60
65
Apr
90
Mar 31
Jan 27
75
Mar
95
Jaa
Jan
42
May
61
Nov
4
4
IO84
Dec
11% Apr 11
98
April
934 Apr 10
30
Apr 11
75
Apr 21
17
Apr 8
12
Apr 11
2% Apr
Ei-dlv.
v
8
11
Jan
3
Jan
2484
Oct
3% Aug
55% Mar
Mar 14
61% Mar
78
Dec
Mar 13
2O84
Jan
39
July
Jan 5
Feb 17
8%
Jan
2I84
10% Mar
6
4
36
Mar 10
42
Jan
Jan
11% Mar
7084
Mar
Oct
Mar
4
27
Jan
5
28% Mar
Jan
3
21% Jan
55% Jan
5
71
Mar
24
109
Oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
Dec
Oct
Oct
Mar
2578 Aug
57% Nov
80% Nov
31% Dec
2584 July
Jan
584 Mar
988 Mar
Mar
85
Jan
62% Mar
31%
Jan
11% Mar
22%
Jan
9
3%
Jan
284
Ex-rights.
15% July
15%' July
3%
67$
5%
60%
10684
27%
6384
27%
72%
75%
48%
65%
121%
23% Jan
63
Jan
3234 Nov
66
80%
33%
2184
114%
Mar
.
14% Mar
4
120
37
90%
*75%
Youngstown SAT
9% Mar
31% Mar
60*
31% Apr 19
Apr 10
*30
*89
77
Oct
144
20
1334 Jan
49%
108%
25%
50%
Nov
Nov
Mar
Jan 12
12% Mar 10
5
Dec
Feb 20
Jan
37
75
,
Jan 18
90%
17%
22% Jan 4
*32% Jan 13
65
89
*66
Feb 24
38
*75
33%
103
Feb 16
58
*30
32%
Jan
Mar
25% Apr 20
75
33%
July
July
Oct
93
32
33s
34%
33%
124%
Mar
38
34%
Jan
32
75
33
Jan
103
92
3478
Jan
Jan
16% Mar
1584 Mar
6I84 Mar
75
Nov
1%
24% Jan
60
120
119% Nov
9
% Mar
84 Dec
145
82% July
102% Jan
103% Deo
9734 Jan
4%
Mar
3
Jan
1% Jan
120
Jan
July
2% Mar
Jan
Jan
34
313^
1%
39
26%
Jan 6
Jan 12
Jan 4
105% Apr 20
15
Apr 10
4134 Apr 11
10% Apr 11
56
Apr 8
*32
33
Jan
Oct
4%
1284 May
Mar
Prior pref 4M% series.... 10
Prior pf
% conv series 10
s.
Mar
Mar
111%
3
8
200
Preferred
74
116
5
Apr
26
50
84 Sept
25% Mar
71
Apr
70
Apr
82% May
Jan
3
46
11
343s Nov
1% June
3% June
♦24
*97
Mar
1% Mar
8
8
*36
12
Oct
17
3% Feb
6% Feb
26
99
25
1% Mar
46
11
Deo
Nov
Mar
9
25%
*96%
8
31
11
3«4 Mar
28
31%
11%
6% Dec
16% Mar
1
46
99
I684 July
884 Mar
*24%
31%
11%
Mar
5
9
*36
*96
47s July
Mar
Apr 10
28
12%
Aug
184 Mar
6% Mar
5
Sept
1% Mar
46
98
July
Mar
3
*24%
11%
July
45
20
4
*36
25,900
July
8
Jan
28
98
8
4
51
Jan
46
13%
98% Mar 14
124% Mar 10
Mar
I84
*36
1234
9
11634 Apr
31% Mar
4%
Nov
54
2038 Dec
19% July
Mar
7
*2512-
*24%
4
Jan
Mar 10
8
48
26
14%
79
38
28
13%
3
20% Jan
*2512
*24%
28% Jan
3
*36
*25
Mar 14
Jan 6
Jan 4
Jan 3
Mar 4
Mar
8% July
20% Jan
87% Dec
10% July
2
Mar 13
97
Oct
2% Jan
4% July
33a Feb
384,Mar
6
107
Mar
Mar
Jan
23
31%
24%
3234
3%
8
3% Apr 10
35% Apr 8
Wisconsin Elec Pr 6% pref. 100
Woodward Iron Co
10
Wooiworth (F W) Co
8
Jan
.Mar
2% Apr
...5
Wilson & Co Inc
52"
*36
Willys-Overland
4% Mar
Mar 21
2
Mar
1784 May
Mar
6%
684 Mar
74
30
2% Jan
44
,1% Dec
1% Apr 10
..._1
800
*42
Jan
5O84 Jan
20% Jan
14% Mar
23
White Dent'l Mfg (The S 8)20
52
9%
Mar
1384 June
Mar 13
14
200
*42
90
Jan
60
$5 conv prior pref...No par
934
52
1834
45% Apr 20
984 Apr 13
7
Apr 10
3% Apr 8
1% Jan 13
""loo
93.1
*42
.
1% Mar
80
100
...
234
17
119%
1
Preferred
1,800
2«4
37
116% July
134 Jan
3% Jan
2
Jan
7«4 Feb 16
3134 Jan
$4 conv preferred
Wilcox Oil A Gas
17
Dec
15% Apr 10
80
Jan 27
400
37
Jan 26
50
White Sewing Mach...No par
*4
77%
74
3%
17
42%
*42
Mar
5 H % con v
384
110
13
5% conv preferred
Wheel A L E Ry Co
2
38
*105
12%
,
Jan
15% Apr
*29
Apr
Westvaco Cblor Prod..No par
300
2% Apr 10
3% Apr 10
% Apr 21
5% Jan
32% Jan
110% Nov
Feb
37
pot
White Rock Mln
3
3
3%
36
41%
rfo
Class A
20
95
45%
O84
884
Apr 10
Jan 4
8
Mar
Oct
Deo
4%
10% Apr
Weston Elec Instrom'i.No par
600
200
2
3%
*61
88
130
-.50
300
284
110
13%
1st preferred...
40
1%
16%
234
36
44%
Westlngh'se Air Brake.No par
Westinghouse El A Mfg
50
4%
15%
2
95
Apr
84 Apr 8
16% Apr 8
18% Apr 8
82% Apr 11
...100
preferred
Western Union Telegraph. 100
'60
18%
6%
500
2,800
3,400
10,700
7
95
»
100
Western Pacific..
"8%
15%
234
*110
43
Maryland.......100
...100
4% 2d preferred
8%
*1%
*15«4
17
43
Western
500
.
Jan
17% Apr 10
60
Apr, 8
85
April
114% Jan 24
20% Apr 11
..100
preferred
*1%
*1512
1%
38
*16%
6%
*4%
8%
4%
1%
110
16%
100
preferred
Western Auto Supply Co...10
1,300
*73% 110
18%
100
1%
16%
234
8%
4%
1%
15%
134
3%
3%
18%
*25
No par
4%
8%
8%
*36
16%
*9%
4%
2%
60
*73% 110
20% Apr 11
1% Apr 10
West Penn Power 7% preLlOO *120%
130
2<%
%
8
1434 Apr 11
1
6%
110
Mar 13
5
19% Apr
105
Jan
25%
1584
120%
6% Apr 11
7% preferred.
440
13% Sept
284 Mar
1534 Mar
Nov
Mar
par
..No par
$4 conv preferred
250
67
1% Apr
3% Jan
128s Mar 16
West Penn El class A ...No par
20
99
42
5% Mar
8
Wesson Oil A Snowdrift No par
700
60
99
113
June
9
134 Apr
par
Jan
8
par
par
De
1%
Jan
56
Wells Fargo A Co
*84
Feb 18
8
3
'
*105
12%
23%
1
1
%
%
%
1%
%
18%
1834
18%
18%
18 "
1878
18%
1934
20%
20% 2038
20%
2034
.19%
8734
90
90% 92%
89%
91%
89
134% *123% 130
130?i 130% *130
*123% 130.
13
13
*12%
13%
12%
13% *12% 13
*37
*37
38% *37
38% *37
38%
38%
18
18
*18
19%
18%
1834
*16%
18
*29
31
*29
31
*29% 31
*28% 31
110
9%
IWnrren Bros
1,000
83
2884 Oct
28% Nov
36% Nov
2% Mar
Feb
36
No par
238
19%
87%
*75
.
60%
*85
*9883
%
*25
*938
$3.85 conv pref
60
*1%
*28%
*42
5
1%
60
934
'83.1
8% Apr 11
is4 Apr 11
32% Apr 10
4
Apr 10
1
31
49%
Warner Bros Pictures
9,100
23
*19
3
19% Feb 20
.100
2234
1%
Jan
Apr 10
*2
110
*93s
85
Apr 10
7% preferred
De0
159% De
June
Mar 16
4
2234
*25
*42
100
25% Feb 18
4% Jan 4
31% Jan 4
Feb 14
37
700
86
30% Mar
131
Ward Baking Co cl A.No par
Class B
No par
1,000
11% Mar
14% Mar
7
Mar
1% Apr 14
1% Mar 20
5% Apr .11
15% Apr 10
No par
2%
19
97
Mar
37
No par
Prefer red..
% June
16
Mai 16
100
*2
19
3
Mar 24
77
Walk(H)Good & W Ltd No par
„
May
27% Mar
100
No par
Walworth Co
-
Jan 11
4M % pref with warrants 100
6
1734
1734
5% preferred B__
Walgreen Co
*22
19
34 Jan
20
Nov
Mar
134
Feb 28
Feb 25
Dec
15
48
3
78
52
120
5
*1%
3% July
Feb
Jan 11
Waldorf System.......No par
Waukesha Motor Co..
19
584 July
10% July
7% June
37
117
100
400
*75
*61
Feb 23
1
-
*1
*37
19
2%
2%
8334 Jan
162
Jan
125
5% preferred A...
400
2%
1% Mar
1284 Jan 21
% Jan 16
100
Preferred
10
*4
Dec
7% Nov
8
56% Mar 15
45% Apr 10
JWabash Railway........100
16
*2%
13%
100
24%
*4%
37
Detinnlng
16
51
89% 9034
13034 13034
Vulcan
6
2%
18%
157
120
15%
*4
20
18
5% preferred
..100
Virginia Ry Co 6% pref... 100
24
*2%
1
1
6%
200
*23%
3
64% Apr 12
100
*4
5l»
17%
6% preferred
Va El & Pow $6 pref. ..No par
2,100
♦8
3
Jan 20
8% Mar
2% Mar
8
17
Apr 10
113 8 Apr 21
138 Apr 12
5% Apr 6
15%
...
10
3%
Apr
2% Apr
Virginia Iron Coal & Coke. 100
50
,
18% Apr 10
24
*8%
Oct
Mar
Nov
47% Sept
40
16
22%
22%
*15%
10
90
%
30
"5,900
2%
Nov
Oct
42% Mar 13
1,100
5%
2%
Nov
June
34% Apr 11
.....5
2
*19%
50
56%
109%
7234
70%
71%
36
30% Jan 5
35% Mar 6
114% Feb 24
22%
*8
2%
3
20
95
50
Mar
Nov
Oct
July
7
121
Apr 10
Va-Carollna Chem.....No par
1934
*8%"
934
*1%.
2
3234
33%
434
4%
5%
21
71
49%
29% Mar
40
Apr
Apr 10
88
40
-Mar
21% Mar
2% Mar
9184 May
46
Apr 10
No
$3 convertible pref.-No
$1 1st preferred
No
Warren Fdy A Pipe
No
2%
2%.
100
*%
4%
50
*4
13%
18%
478
*2%
%
1%
33
6
*3s
*61
9%
1%
2%
2%
*4
1934
5% Mar
50
35% Jan
30% Nov
7% Oct
13% Nov
Jan 3
Apr 13
35%
Apr 10
17
100
700
41%
6%
40
*19%
1%
33%
*94
94
94
95%
94%
*121
121
'121
122%
121%
116%
116% 116
116% 116% *116
2334
24
23%
24
24% 24%
37
*28*2
5%
3934
1934
4%-
'*4
...
5%
40
121
13%
13%
'2%
2%
,39%
*19%
94%
*121*4 122%
24
*2
99
100
•
*2
*4"
193s
49
2%
10%
*22%
16%
34%
4%
*43
50
4%
5
41
193.J
10%
1%
*84
13% Mar
3% Mar
4
16
500
*84
Jan
25
"400
88
June
10% July
12084 Mar 11
9% Apr 13
69
Apr 10
'
No par
""760
6%
*84
46
..100
Vlcksb'g Sbrev & Pac Ry Co 100
Victor Chem Works
5
17%
88
*84
6ia4 Feb
111
700
17%
2%
*5%
24
9
3
4
2
100
V.ioo
6%
*1%
preferred
Vlck Chemical Co
1%
17%
*5%
9
Jan 18
5% Jan
10&8 Jan
7% Apr 10
1% Apr 10
No par
""460
2%
*17
*1%
9
2
:„.No par
7% 1st preferred
*1
6%
17%
4%
2%
23
•»sV-r
*1684
40%
1,934
*8
*4
2378
*15
1%
2%
17%
Q
*33
' 212
10i2
1
1%
Nov
32
Vandium Corp of Am.No par
Van Raalte Co Inc...
.....5
10
17%
5
Q
2378
2%
*8i2
....
1
'•
800
69%
*61%
*118%
pref A
Vadsco Sales
117
*178
*1%
*5%
20
*45
48
■
69%
♦111
1%
2
2%
6%
41
41
4%
5
.458
117
*61%
"3",600
.20%
*1%
*4%
*1
89
*19%
*9%
*33
k
*111
100
113%
20%
113
173
4% Mar
55
33
Apr 10
43% Feb 16
Preferred
3
6
4%
5-%
4H2
*234
*1%
*1%
*5%
2%
*85
5
20%
234
20%
,234
.
80
17%
*6
1738
41
*19
*118%
38
1%
9
*1%
17
...
37%
*
9
*1
'
6%
6i4
17
48
*118%
*118%
Us
17S
2%
19%
2834
Nov
162% Mar
10758 Apr 19
Universal Pictures 1st pref. 100
115
20%
'
*110
%
20%
20
20
*19% 20%
*19%
*113
115
*113
115
*113% 115
*1%
2 '
*1%
2
*1%
2
2
*4%
6%
*4%
6%
*434
638
63s
20%
117
178
80
conv
Universal Leaf Tob
27
19%
115
9
4
4
100
Universal-Cyclops Steel Corp 1
8%
*107
38
115
*110
*1
115
*
80
$6
T'eo
2834
29
„
*107
Mar
Mar
"
55
%
,Jan
NO par
s
Jan
7% Jan
Mar
United Stockyards Corp....l
Conv pref (70c; ..^..No par
1%
113
38
United Stores class A..No par
Deo
9% July
70
700
Nov
12% Nov
4438 Apr 11
200
13
8784
534 Mar
Mar
25
Oct
8%
180
Apr 10
60
Nov
10% Aug
3% Mar
*55
"166
300
*17
«
1934
19%
*2834
38
19%
234
27
Dec
114
4
Mar 27
7%
1%
72
%
*%
*17
38
Jan
3
68
2%
51
9
65
May
Jan 23
7% preferred
*160
.
4% Apr
62
No par
Corp.
U S Tobacco
900
8
45% Jan
*4434 Mar
Prefer: ed
2,400
Mar
Mar 10
Jan 3
Mar 8
Jan 5
....10
,
Sept
3
6%
5234
111%
65%
8% 1st preferred
...100
US Smelting Ref & Min..—50
Preferred
60
U S Steel
Mar
6
Mar 13
U S Rubber
94,500
Mar
884 Mar
% Jan 24
Apr 10
3% April
31% Apr 11
8684 Apr 11
48% Apr 11
Jan
8% July
39% Oct
67% Aug
12% Nov
49
20
Oct
7%
10% July
80%
50
4
7% Jan
10% Jan
share
Oct
Apr
35
100
No par
100
•
Jan
11
4%
Mar
100
5
87% Mar
8
Apr
Jan
7%
per
38
3
21% Mar
2584 Mar
U S Realty & Imp..
600
78% Mar 11
*13% Feb 27
115% Feb 14
10% Mar 6
Highest
»
60
13% Apr 11
334 Apr 11
6
Apr 11
51
Apr
..No par
4,200
79,600
4,000
*70
55
23
cl A ...No par
con\
U S Pipe & Foundry
*42%
*8%
7.0
55
25
*2%
*7%
4
,
.....50
"3",300
45%
1%
9%
70
116
*
80
234
.
51
*8%
*160
*106
36%
36%
2%
19
1834
2834
19%
,
*17
116
*
80
*113
25
28%
*106
2%
7%
1%
*42%
56
*%
1
*17
18%
27%
*52
57
*%
%
*2%
70
*160
*51
25
*19%
2%
20%
70
*160
55
*44
45%
•
72
*70
...
*17
638
*11812
*44
7%
2
*4%
*62%
47%
*7%
*
1934
64
47%
5
Prior preferred
57
39% 3934
39%
334
3%
4%
35%
36%
3634
94
94
94%
'51
52
50%
*62%
64
64
4834
47%
48
11034 *110% 111%
34%
34%
34%
4
*1%
19%
27%
*...ir 116
3778
*36% 373s
80
*62%
,
*46
57
*2%
29
*37%
Partic &
39%
107% 109
20
4% Mar
Feb 11
74
Mar
Mar
4% June
6% Jan 4
33% Jan 12
Mar 31
534 Apr 10
77
Apr 10
170
Apr 3
100
U S Leather
400
7%
119
*
100
'-738
2%
58
18%
4%
*6%
.1%
52
25
195s
29
*46
5
100
U S Industrial Alcohol-No par
1,400
*3%
7%
1%
*160
*
15
4
2%
*7%
59%
*%
15
No par
...No par
% conv pref
7% Ma.' 10
834 Jan 5
584 Mar 31
preferred
7%
1%
*70
*17%
15%
4
2
22
384 Feb 6
39% Mar 14
75% Apr 17
% Feb 11
Hoffman Mach Corp
4
7%
*8%
71
*56
*15
U S
32
2%
■V
•
*160
*23%
1%
*42%
9i2
71
32
7%
10
171
*23%
50%
*33
"l'eoo
U S Freight
U S Gypsum
8
"April
6% Apr
100
U S Dlstrib Corp
Conv preferred
5
35%
9334
*44
82%
81%
171
*4%
50%
34
7"ii6
8
No par
$6 first preferred...
100
*%
5
93
45%
U S & Foreign Secur
*4%
50%
110
34
900
80
7
64
*44
6%
*73%
5%
2%
1*8
51
*8%
109
45%
8
6
11
United Mer & Manu Inc vtc.l
United Papefboard
10
*5
3%
35%
46
Apr
100
*6%
92
47%
62% Apr
111% Jan
400
%
*7%
2%,
73s
*61%
45%
No par
United Gaa Improv't-.iVo par
$5 preferred
No par
7%
*6%
6%
5
484
*6%
*4%
Apr 10
4% Mar 31
60
Apr 11
3% Apr 11
2584 Apr 11
100
II84
7
34%
3%
Preferred
74
5%
53
3334
,90
5
11%
*%
38
2
30% Apr 10
434 Jan 26
10
73%
5%
*6%
45%
2%
45%
2%
'•1
37%
34
*44
*46
38%
3%
36
92%
*50
3%
*60% 64
46%
4838
110% 111
111% 112
57
37%
3%
$ per share
United Electric Coal Cos
57
*634
$ per share
par
United Dyewood Corp
11334 lm
sa
Lowest
No par
United Eng & Fdy
United Fruit
15%
4
7%
*3%
7%
No
United Drug Inc
30
32
15
4
*46
38%
39
.
15
Corp
$3 preferred
300
5
*23
*378
*634
57
32
14%
3734
50
*4%
United
600
/ 7
484
*73%
%
5%
684
4%
Year 1938
Highest
$ per share
Par
28
4%
Range for Previous
\QQ-Share Lots
Lowest
28
82
81% 81%
171% *170
171%
*170
5
*22
6%
.'
*80
80%
174
*4%
30
*22
*%
.5
*6%
*6%
7934
80-V
174
*4%
5
80
200
4%
*6%
*4%
6%
6%
*73
5%
34
*60
66%
4%
7
*4
174
*170
4%
5%
*4%
2%
33
28
*26% 28
72%
73
71% 72%
71%
72
72% 73%
113s
1134
11%
11%
11%
11%
11»2
II84
II334 11334 *113% 115
*113% 115
*11334 115
434
...
*4%
.
5%
12,600
5,900
1,700
2%
2%
3284
5%
5%
*26%
74%
63
*4%
27%
73
-
2%
3284
5%
*4%
31%
*4%/
*4
*
23g
31
*26
11%
12
11434 II434
On Basis of
Week
31%
538
63
EXCHANGE
Thursday
$ per share
2%
67
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Wednesday
Apr. 18
3034
5%
*5%
SHARE,
Sales
for
Saturday
Apr. 15
2389
^Called for redemption.
2390
193?
Friday
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
Range or
Friday's
Week Ended April 21
Friday
Week's
Range
BONDS
Last
Range or
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
1
Sale
Bid
Price
•8«
^3
E*
00
Asked
03 CO
High
tfc
No.
Low
Jan. 1
Low
O
120.14 120.7
120.15
15
114.23
5
104.17
—
131
115.14
1944-1954 J
D
.1115.8
1946-1956 M S
—'.<114.20
1940-1943 J D 104.17 104.14
1941-1943 M 8
106.11
.
21
106.13
114.17115.31
104j4105.8
3
106.11 106 27
110.20
110.22
11
109.30110.27
A
106.27 106.27
106.30
26
106.29107 12
1943-1945
O
110.15 110.15
110.29 110.25
110.17
14
109 22110.25
110.29
68
109,22 111.1
111.13
24
109.11111.8
109.2 111.17
1943-1947 J
1941
Treasury 3)48
Treasury 344s
Treasury 844s
.1944-1946
o
1946-1949
—1949-1952
D
Treasury 3s
..1946-1948
D
111.2
111.17 111.14
111.17
110.14 110.7
11
110.14
8
109.24
135
108.19h0.18
107.4
109.28
1955-1960
107.8 |107
1945-1947 M
108.26 108.21
1948-1951 M S 108.3 1107.20
....1961-1964 J D 106.25 106.21
1956-1959 M
106.6 1105.31
1968-1963 J D 105.13 105.2
107.11
396
104.12 107.11
108.26
21
1951-1955 M
S
M
Treasury 244s
Treasury 2448
Treasury 244s
Treasury 244s..."..
...1960-1065
Treasury 244
Treasury 244a...
Treasury 2 44s
Treasury 244s
D
—1109.15
__
Treasury 3s
Treasury 244s
Treasury 244s.."
8
J
D
—1945 J
D
113
18
80
105.13
109
105.3
429
107.25
105.3
1948 M S
1949-1963 J D 105
.1960-1952 M S 105.3
1947 J
108.3
106.26
106.6
104.24
D
107.25
107.3
—
.....
Treasury 2 44s
Treasury 2s
1
107.5
46
104.26
104.8
105.1
97
104.29
105.3
38
104.8
133
.iMar 15 1944 1964 M 8 108.27 108.26
May 16 1944-1949 MN
108.5
344s.._.
3s...
...1942-i944
J
109
105.19108.7
104
106.28
103.4
108.6
102.20105.13
102.20105.3
106.6
108.1
105.1
107.10
102.13105.1
.134*
13%
13%
1342
12%
12%
J
1945
1945
f 7b series C
♦External
s
f 7s series D
1946
♦External
s
f 7s 1st series
1957
♦External
seo b
f 7s 2d ser1es_1957
♦External
sec s
8 f extl conv loan 4a Apr
13
46
104.30
4
106
106.27
105.3
106.20108.10
101.20102.22
104.1 104.31
O
91
85%
1945 F A
1949 M S
J
16%
104 42
100%
10%
87
76%
"16%
16
19%
23%
26%
26%
26%
♦6s of 1928
Oct 1961 A
23
26
26
26
25%
26%
26
26
23%
27
27
27
24%
27%
27
82
79
82
78
75%
47%
44%
65%
47%
45
76%
73%
47%
♦0s extl gf gold of 1927. Jan 1901 J
♦Colombia Mtge Bank 6%s.
1947 AO
25%
—
♦Sinking fund 7s of 1920. —.1940 M N
♦Sinking fund 7s of 1927—1947 F A
Copenhagen (City) 5s
1952 J D
25 year gold 4 %s
1953
§♦ Cordoba (City) 7s unstamped 1957
|*7s stamped
1957
Cordoba (Prov) Argentina 7s..1942
MN
F
A
F
A
"45"
J
♦Costa Rica (Rep of) 7s
1951 M N
Cuba (Republic) 5s of 1904
1944 M 8
External 6s of 1914 ser A—1949 F A
,
Czechoslovak (Rep of) 8s.....1951 A
Sinking fund 8s ser B
—1952 A
23%
23%
*100%
*103%
53
53
101%
67%
"67%
Denmark 20-year extl
External gold 5%s
0s.!
1942 J
.....
J
A
..1955 F
External g 4%s.—_-Apr 15 1902 A
Dominican Rep Cust Ad 5%s.. 1942 M
1st ser 6 %s of 1926
—1940 A
96%
95%
83%
O
95%
94%
82%
67%
8
O
*65
16%
2
104 42
71
100%
106
110
81
16
20%
100% 108
99% 108
102
71
9%
"9%
9%
2
4
17
,
78
15%
51
92
14%
16
13
89
9%
8
z9
9%
34
1976 F
O
4642
A
A
Hi
"47""
63
60
100% 103%
67%
73%
25
75
30
30
76
93
105
98%
233
96
106
84%
131
69
92% 101
78%
5
97%
71%
65
70%
65
70
70
"i
5
71%
65
67
66
71
69
2
66%
69
1
65
71
17
17%
2
16
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s.
1948
1967
16%
16%
1
14%
96
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6%s—1953 MN
French Republic 7 %s stamped. 1941 J D
7%s unstamped
Externals stamped
7s unstamped.
105%
96
105%
*14
.——
3
105%
>1949
j
105%
104%
120
D
95
19
17%
104%
———1949
18
21
100
105% 107
11
19
105
,1941
•
120
"l2
105
109
2
104
105
'4
113% 120
1
103% 105
<zl03% <zl03%
♦6%s of 1930 stamped
1905 J
♦6%s unstamped..
,.1905
♦6%s stamp(Canad'n Holder) '05
D
O
18
♦7b unstamped.
22%
21%
98%
,98%
11%
14%
O
MN
J
A
1949
~18%
19%
16
16%
109
J
J
s
s
26
25%
33%
22%
25
20%
25
*22%
u
f g.
19
73%
1940
16%
1960 A
18
>
1979 F
A
12%
9%
*7%
13
D
D
1961 J
D
1961 J
D
30
'
103
1
103
101% 103
52
76%
44%
55
47%
54%
32%
42
1905 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
25
38%
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7%s 1950 J
A
*17%
21%
16%
23
D
*21
24%
24%
25
♦Medellin (Colombia) 0%s——1954 J
Mendoza (Prov) 4s read J
...1954 J
D
34%
15
4
13%
29
15
2
13
32%
•55
108% 111%
58
108% 111%
30
41
101% 104
101% 104%
26
100% 103
100
128
98% 101
16
...-
109 42
108%
108%. 109%
102
102%
102%
102%
101
101%
15%
21
1
18
1
12
7
12 42
10
8%
14
12%
2
12
a8
1
10%
12%
3
12%
,8%
8%
5
8%
6
12%
12%
13
9
10
12%
8%
12%
12
12
8%
1142
8%
15
8%
11%
14
11%
10
11%
4
11%
7%
1
7%
*6%
11%
7%
8%
12%
4
1
13
8%
11%
41%
38
41%
43
38
55
79
78%
82
63
75
85%
57%
57
58
54
55
65%
27
4
27
25
13%
V
11%
t
250
5
13%
36
70
.
54%
10%
%
*%
%
%
*%
1%
*%
16
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
16
14%
16%
14%
J
| ♦ Small
J
—1952 A
s
f 0%s
—Apr 1958 A
O
1943 F
A
1950 M 8
1905 A
O
1963 F
A
Municipal Bank
extl a f 5s.—1970 J
D
37%
11%
5
*
3
7%
7%
44
11
50
95
95%
102%
765%
98%
97%
50
94%
93
102%
102%
100%
98
96%
101%
66%
16
15%
48
*50
A
External sink fund 4 %s
External b f 4%s
4a s f ext loan
1%
1%
132
37%
11%
10%
D
♦6s series A.
1959 M N
New So Wales (State) extl
6s..1957 F A
1944 F
1%
1
1%
""% ""%
43%
1959 M S
s f 6s
1%
*1
1958 M S
f 0%s
Norway 20-year extl 6s
20-year external 6s.
%
1%
%
J
O
s
1952 J
%
1%
%
%
♦Sec extl
♦Montevideo (City) 7s
14%
72
1
%
%
J
♦Sec extl
External
%
1%
1%
1%
%
Milan (City, Italy) extl 0
%s
Mlnas Geraes (State)—
75
65%
""*%
D
5
*842
59%
57
D
12%
8%
8%
52
54%
D
1954 J
18
8%
59%
57
♦Mexican Irrigat'on gtd 4 %s—1943 M N
♦4%s stmp assented
-...1943 MN
♦Mexico (US) extl 6s of 1899 £.1945 Q J
♦4s of 1904
22%
12
A
♦Assenting 4s of 1904.. ——1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
|»Treas 6s of '13 assent (large) *33 J
32
12%
8%
12%
8%
1954 F
24%
27%
23%
18%
18
18
Japanese Govt 30-yr s f 6 %s
Extl sinking fund 6 %s
27
21
5
22
D
1951 J
Italian Cred Consortium 7s ser B '47 M S
Italian Public Utility extl 7s—1952 J
J
1946 Q
3
26
Italy (Kingdom of) extl 7s
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
19%
26
12%
1963 MN
33
18%
,
10
1
47%
,02%
52%
a8
1957 J
8%
22%
11
42
12%
1957 J
11
47
%b
21
12
10
44
18
♦6s assented
1962 A O
♦External sinking fund'08—1963 MN
11
35
20
1960 MN
7%
7%
20%
*23
~50~~
"16
54
45%
52
32
94% 101%
93
101%
100% 104%
103%
35
100% 106%
101%
99%
105
98% 105
113
94% 103%
98%
46
96
31
96
22
102%
102
3
94
°
"
44%
18
Jan 1961 J
f 5s
18
105
9
11
*7%
20
102
44%
21
♦Extl sinking fund 6s..Sept 1961 M
♦6s Assented
Sept 1961 M S
♦External sinking fund 6a
1962 A O
s
10%
7%
*7%
22
75 V
18%
71
15%
102%
1946
k
27%
19
26
O
Irish Free State extl
12
16%
102%
♦Hungarian Land M Inst 7 %s. 1901 MN
♦Sinking fund 7%s ser B—1901 MN
♦Hungary (Kingdom of) 7%8—1944 F A
Extended at 4 %s to
73%
•22%
16%
20%
'
..1945
f g
•
73
—1968
Helslngfors (City) ext 0%8_„.I960
Hungarian Cons Municipal Loan—
♦7%s secured
24
26
1908 FA
♦6s part paid
24%
18%
*18
*20%
74
*10
1942 MN
27
-22
46
100
O
18%
16
16%
45
1342
14%
109%
04
"26"
44%
*30
102%
<
21%
18
17%
14%
17%.
«k Communal Bks
♦Sink fund secured 6s
47s secured
18
14%
♦Heidelberg (German) extl 7%s "60
23
15
16%
44%
47%
N
J
For footnotes see page 2395.
18
23
68
19%
28%
102
9
64
*55
Jan 1961 J
."
173
68%
69
♦Hamburg (State) 0s
17
.
«
D
M
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented
Feb 1961 F
♦Chile Mtge Bank 644b
♦8448 assented
♦Sink fund 644s of 1926
54%
101%
O
Haiti (Republic) s f 0s ser A.—1952
14
11%
16
89
1942 M N
♦6s assented
105
O
U6H
97
1960 A
f 6s
108
105
67
67
♦(Cons Agric Loan) 0%s
1958 J D
♦Greek Government 8 f ser 78—1964 M N
♦78. part paid.
1904
7
1960
♦6s assented
100
...
...
1945 M N
17%
21
1960
♦External sinking fund 6s
30%
1969 A
99
92
15 1960 A
♦7s assented
80%
22%
—.1969 A
11%
28
14%
♦Carlsbad (City) 8s
...1954 J
J
♦Cent Agrio Bank( Ger) 7s
1950 M S
♦Farm Loan sf 6s__ July 15 1960 J
J
♦6s Oct coupon on
65%
23%
5 %s 2d series
♦Dresden (City) externa! 7s
89%
18%
89
1944 J
♦Chile (Rep)—Extl s f 7s
40
65%
71%
71
152
12
22
90
1967 J
f 6s..Oct
96%
94%
50
51%
28
O
♦German Rep extl 7s stamped. 1949 A
98
1960 A
coupon on
78
100% 102%
O
German Prov
97%
1952
20
19%
19%
25%
75% 79
95% 103%
89%
—1961
16%
95% 103%
79
97%
1967
7-year 244 a
30-year 3s
♦644s assented
16
157
91
1968
__
♦6s assented
♦Cologne (City) Germany 0 %s.l950 M 8
Colombia (Republic of)—
100
A
.Aug 15 1946 F
s
78%
20
8
1976
1975 M N
bonds.....1984 J
J
gg
♦Ry ref extl
9
15
3
78%
.98%
9842
92%
16%
100%
99%
104%
15
M
4%s-4%s_
s
254
15%
1977 M 8
f 7s
July
9
I
Canada (Dom of) 30-yr 4s
♦6s
.85
43
D
1961
♦Stabilization loan 744s
♦Farm Loan
9%
9%
1962 J
444-4448
10-year 244s
26-year 344 a
91
85%
78%
90%
83%
Bulgaria (Kingdom of)—
s
16
1950 J
Refunding s f 444s-444s
External re-adJ 444b-444s
♦Secured
44
12%
12%
85%
18%
15%
20%
—1958 F
....
s f I
52»
9%
11%
110
"
f
76
42
20
12%
89%
♦Budapest (City Of) 6s
♦Buenos Aires (Prov of)
♦6s stamped
s
92%
9%
10%
10%
9142
♦7s (Central Ry)————1952
f 6s
89%
10%
9
29
76%
95%
J
—1955 J
Sinking fund gold 5a
85%
55
1342
13%
1342
12%
12
•
27
20%
94%
14%
14%
14%
14%
13%
13%
13%
90%
12
1956 MN
-1957 J
Brisbane (City) s f 6a........1957
3% external
90
95%
♦External s f 6 44s of 1927—1957
External
4
96%
.
f
90
J
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 44s of 1926—1957
s
25
S
External 30-year s f 7s......1965
External
5
78%
78%
96%
♦Berlin (Germany) s f 644s....1950
♦External sinking fund 6s...1958
s
26
>...1955 J
Belgium 25-yr extl 644a
20-year
2.3%
1342
7
8%
105.26
2
1142'
10%
14%
10%
14%
14%
8%
11%
35
J
106.20108.16
9
11
9
9
D
26%
>.—1957 M
f
High
German Govt International—
1972 A
♦Bavaria (Free State) 644a
s f 6s
Low
*15
D
18
10%
4%s ....
1948 M N
8 f external 4 4$a——...,...1971 M N
8 I ext»l conv loan 4s Feb
4972 F A
External
No
11%
7
8%
9
1977 J
109.1
13%
.
S f external
External g 4448 of 1928
♦Austrian (Govt's) s f 7s
Jan. 1
D
4 %s external debt
107.9
90
f 7s 3d series. 1957
Antwerp (CJty) external 6s....1958
Argentine (National Government)
Australia 30-year 5s
External 5s of 1927
Since
c
12
9
11%
1900 M
.1951 J
♦Public wks 6%8—June 30 1945 J
28
26
O
90
"
High
*10%
—1962 MN
5%s 1st series
♦Antloqula (Dept) coll 7s A—1945 J
s
o
09 CQ
A
26%
Akersbus (King of Norway) 4s_1968 M 8
♦External s f 7s series B
♦6s assented..
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
2d series sink fund 5%s
>.1940 A O
Customs Admins 6%s 2d ser.1961 M S
1948 A
♦External
O
O
,.1962 MN
1949 F
108.8
104.30 104.26
—1947 F
♦Gtd sink fund 6s.
1901 A
1 "61 A
♦6s assented
♦Guar sink fund 0s
External loan 4%s ser C
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
Chile Mtg Bank (Concluded>
♦Guar sink fund 6s
102.10105.3
102
104.8
Municipal-
&
Govt
J
107
108.29
3s
......Jan
16 1942-1947 J
J
106.11 106.18
244s--Mar
1 1942-1947 IVI 8
*105.22105.27
Home Owners' Loan Corp—
3s series A....May
1 1944-1952 MN 108-4
108.1
108.4
244s series B,._Aug
1 1939-1949 F A 101.27 101.27 101.31
244s series G..
Range
i.
Asked
Low
Sinking fund 5%8—Jan 15 1953 J
104.6
Federal Farm Mortgage Corp—
Foreign
118.26 120.22
113.10115
D
—.
Treasury 344 s
Treasury 3%s
Treasury 3
s
&
Foreign Govt. & Mun. (Con.)
,1947-1952 A
Treasury 3%s
Treasury 344s
Treasury 3448
Bid
Price
-
High
U. S. Government
Treasury 4%s
Treasury 4a_.
Week Ended April 21
101%
99% 104
Volume
BONDS
Last
Week Ended April
Sale
21
Price
Oriental Devel iuar 6s
Extl deb 5 Ha
1953
Ha
S
M
49
49
50
1947
♦
1959
100H
17
99
60
60
53%
55
53 H
S
9H
S
A
O
J
8%
12H
♦Ref A gen 5s series A
2
26
4
34 %
38 H
50
♦Ref A
12
30 H
37
3
22
32H
25%
8
25H
42
10%
25%
10 %
25H
D
13
22
-:
22
1958
4 Hs assented—>——*1968
♦Porto Alegre (City of) 8—
1961 J
•—
13H
33
33
32
4 Ha assented
8%
27
36
35
9
68
5%
8H
8%
27
27
O
67 H
9H
:
50
43 H
9
8%
1
9
17
10 H
9
f 7s——1947 A
•External sink fund g 8s
1950 J
s
1
9H
15
9H
17H
J
1966 J
1952 MN
*10 %
26
30
♦Prussia (Free State) extl 6 Ha. 1951 M S
♦External s f 6s.
1952 A O
17%
17H
♦Extl loan 7 Ha
Prague (Greater City) 7 Ha
Queensland (State) extl s f 78—1941 A
O
1947 F
A
25-year external 6s
♦Rio de Janeiro (City of) 8s» >1946 A
♦Extl sec 6H8- —
1953 F
Rio Grande do Sul
102%
1950 M S
•Rhlne-Maln-Danube 7s A
11%
"~4
,
"l3
"(
~~9%
♦Certificates of deposit
♦Convertible 4Hs..
116
5H
1946 A
♦6s extl s f g
11H
10 H
11H
4
7H
D
11
10%
11H
32
7
6H
7H
18
7H
48
43H
20
15
20
19.
19
19
J
D
"io%
10%
10%
A
O
46 %
43 H
47
F
A
_
Rome (City) extl 6 H8>_>
18
n
19
15%
15 H
14H
>>>1952 MN
10H
1957 MN
♦8s extl secured s f
9H
♦6 Ha extl secured s f
1
6%
|*8s extl loan of 1921
1936
J
J
14
13 H
14
1950 J
J
11%
10H
U
:
.1956 M S
♦7s extl water loan
♦6s extl dollar loan
♦Secured
s
.
O
♦Saxon State Mtge Inst 7s
1945 J
♦Sinking fund g 6Ha—-—--1946 J
27%
D
7H
15%
12
7
15
Big Sandy 1st 4s.—
14H
17 H
32
1st M 5a series II...
2
20 H
21 H
1st g 4Hs aeries JJ
25
22
22 %
18
.21%
25%
*21H
♦8s secured extl
1962 MN
22 X
♦7s series B sec extl
1962 MN
21H
1958 J
1958 J
♦Silesia (Prov of) extl 7s
4 Hs assented-—-*
—
D
a
D
15H
33
H
.22%
18
25%
94
98
1st 5s stamped
Bklyn Union El 1st
Bklyn Un Gas 1st
103
94
34
.1971
1952
Taiwan Elec Pow s f 5 Ha
Tokyo City 5s loan of 1912
J
1979 MN
.
•
\
•
.
RAILROAD
'
...
AND
F
A
J
41
67
O
40%
,6
37 H
45
F
A
F
A
21
D
"~55%
5
36%
37 H
1'5%
.
36H
45
'
42
5
14%
18H
1
22
34.
1
16H
31
59
37
I m'L
23
«.
21
■
15
55%
54%
~
D
43
44 H
101H
A
101%
101
100
49 %
*108
'51%
1943
105 H
105%
66 H
il 08 H
107
D
1950
Allegh A West 1st gu 4s.—.1998
Allegh Val gen guar g 4s
,1942
Allied Stores Corp deb 4 Ha.—1950
A
.....1951
1952
Allls-Chalmers Mfg conv 4s
M
S
A
8Q%
■mi
—
'*!'««
F
A
M S
♦Alpine-Montan Steel 7a.
1955 M S
Am A Foreign Pow deb 6s__
2030 M S
American Ice s f deb 5s..,.—.1953 J D
Amer IG Chem conv 5 Ha
1949 MN
1949 J
Am Internat Corp conv 5 Ha
J
89 %
89
"lio"
108 %
*28
"~54"
r,
10
Ih
100
99
100
m
48H
102
102 H
101H
•
94'H
89
106H 112
30H
31
54 H
53
*102%
8
56
110
"73
100
40 v
60 H
102 H
103 H
Blnking fund 5Ha...1943
3Ha debentures
1961
3Ha debentures
1966
MN
111 "32
AO
107%
111 H
107 %
107%
107 %
,
J
D
deb..1950 J J 104
MN
0s„ser A. 1975
Anaconda Cop Mln s f deb 4 Ha 1950 A O "i04 %
♦Anglo-Chilean Nitrate—
S f Income deb.1.r
.1967 Jan
35
{Ann Arbor 1st g 4s—„
—1995 Q J
92%
Ark A Mem Bridge A Term 58.1964 M 8
97 H
Armour A Co (Del) 4s series B.1955 F A
J
J
97 H
1st m s f 4s ser C (Del)—
1957
Atchison Top A Santa Fe—
General 4s
1995 A O 107
♦Adjustment gold 4s
—1995 Nov
♦Stamped 4s.
1995 M N
102%
Am Type Founders conv
Amer Wat Wks A Elec
114%
68
113% 110%
114%
28
118
15
F
A
W
118%
117%
J
D
116%
117:,
11
114%
117%
117%
116%
F
A
114%
115%
60
114% 116%
113%
121%
113%
17
113% 115%
122
18
121% 124
73
96
65
82%
93%
27
99
17
112
100%
114%
100%
M
i'
*
U
»
113%
J
121%
J
723%
M S
J
1955
Conv gold 4s of 1909
Conv 4s of 1905
J
95%
1955
~«.
Rocky Mtn DIv 1st 4s
Trans-Con Short L 1st 4a
Cent Pacific 1st ref
1958
1962 M S
1946 J D
1944 J J
Cal-Aris 1st A -ef 4 Ha A
Atl Knox A Nor 1st g 6s
Atl A Charl A L 1st 4 Ha A
5s....1940
Central RR A Bkg of
42
92 H
98
3
3%
3
9
7%
J
S
*97
S
110%
A
111%
110%
103%
111%
110%
4
103%
■19
111%
24
25%
13
17
18%
23
*14
.17%
108
108%
13
47
■,
F
A
65%.
66%
O
64.
47%
04
A
,48
49%
*49
MN
115
89
99 %
107 H
*108H
99
96
103 H
109H
98 H 100 H
111
108
109
85
110H
86
63%
52
55,
115%
101
101
101
120
121
Ref A lmpt M 3 Ha aer E
1990
F
97%
97
A
;
*113
J
M
*
Warm Spring V 1st g 5s
♦Chic A Alton RR ref g 3s
1949
Chic Burl A Q—111 Div 3
96. H
89H
97
Illinois Division 4s
77 %
77 %
77
89 H
General
57 %
58 H
57
71H
1st A ref 4 Ha series B
10-year coll tr 5s..
MN
67%
67 H
68 H
67 H
79
56
55
72
4s
1st A ref 5s series A
98%
33
S
A
99%
114"" 117%
114
J
...1949 J
J
102
104% 111
107%
O
J
Ha—1949
95% 100
95%
101% 105
*108
1989
1941
2d consol gold 4s
22
86
100% 102%
100% 102
118% 124%
109
1989 J
R A A Dlv 1st con g 4s
9
15
98%
109%
J
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s...1940 J
94%
55
43
"98%
1950
1950
.72%
64
M S
S f deb 4 Ha (1938 issue)
M S
Ches A Ohio gen g 4 Ha
;
1992
MN
Ref A imp mtge 3 Ha ser D..1996
1948
107 H 111
110
77%
64%
5
46
1
S f deb 4Ha (1935 Issue)
95
110
100%
115
Champion Paper A Fibre—
101%
107'
100%
99 H
100 H
28
24
100%
99 H
96 H
91N
39%
16
15
58
115
24
M S
97
12
95%
2
25%
18%
-
75
109% 111%
102% 104%.
110% 111%
70
29
"95""
42
63
*51
S
5%,
8
107
115
97 H
95
6%
6%
10
95
100
4
97 H
97 H
98 H
•
7'
7
12
97%
91
52
97
4
71%
57 %
2395.
*3%
70%
77 %
MN
O
71%
97H
*91
J
32
12%
S
S
M
31%
6%
6%
N
D
J
19%
63
••
6% ;
M
J
1944
1952
1964
May 11945
Oct 1952
B
,
92
82
—.1941 M
General unified 4 Ha A
Atl Coast Line 1st cons 4s July
16
*31%
.1901
6s extended to May 1 1942—
Certain-teed Prod 5 Ha A
87H
43%
15
N
...1987
Central Steel 1st g s f 8e
95
94%
107%
52
Ga—
30 H
89 H
83
105
85
A
2
105 H 110
93
86 H
"36
53%
83%
A
-1966
feu gold 4b_.1949
20
109
89
40
88
*12%
Through Short L 1st gu 4s...1954
Guaranteed g 5s.———I960 F
92 %
95
118%
~82""
D
...1987
:
36
107
119%
*85
K
Y Power 3Har——.1962
92 H
109
"l07 H
♦General 4s
35
*74 H'
129
9%
1
106 H
116%
4
99 H 107
104H106
99 %
101
107
105%
J
A
26
43%
*33
-
33
84%
83%
«
1
91%
91
91%
-
*2%
19
*89
.I960
1948
1965
1910
Conv deb 4 Ha
113
*2%
19
*
D
112%
J
Central N
26
92 '
93%
112 %
J
105H 108 H
102 H 111H
;
70
J
120
19
•117%
114%
M S
♦Mobile Div 1st g 58—..1946 J
M
Central Foundry mtge 6s
.1941
M
Gen mortgage 5s
1941
M
Cent Hud G A E 1st A ref 3 Ha. 1905
F
Cent 111 Elec A Gas 1st 5s
r.1951
206
3
55
114%
♦Mid Ga A At Dlv pur m 5a_1947 J
108
23
90%
♦Mac A Nor Div 1st g
108%
,49
90%
3%
1112*32
100H
24
*4%
♦Central of N J gen g 5s
104
91%
O
Cent Illinois Light 3 Ha
105 H
99%
90%
D
98 H 104 H
,99 H
92
J
111H 112H
105H 108 H
104 H
,
41
47
A
{♦Cent New Eng 1st gu 4s
20-year
35
3
50
113 H
-.1959
7
:
12
36%
96%
48
,
♦Chatt Div pur money g 4s..l951
92
100
Amer Telep A Teleg—
75
118
B.^,—1959
♦Ref A gen 5s series C
10
8%
5
08
114%
114%
.1948
♦Ref A gen 5 Ha series
h
40%
40
8%
47
F
60
100
94
5%
O
J
{♦Central of Ga 1st g 5s..Nov 1946
M
♦Consol gold 6s...
..1945
49 H
26%
25%
A
J
41H
103 H 106 H
19
79%
*70
90%
48 H
5
85
72%
93
99%
111% 113
6
32
*4%
«.
'
AO
22 H
5
"32"
'
96
♦Cent Branch U P 1st g 4s
.
109%
29%
35%
75 H
95
50
96%
85 H
70
25
36%
57
105
81
99%
113
O
68
94
103% 107
O
17
105
106% 108%
A
33
*46 H
"l"05"
O
92
34
20
A
38
O
„
40
80%
10
~~5
«'
62
40
84%
45
40
112%
*"32"
A
82%.
70%
35
99%
113
JmS
64
47
107% 109%
18
203
108
81
.
73
"27*"
"~5
77
105% ,106
MN
,
60
39%
6
109
107%
1C6
59 H.
"25 %
37%
10%
7%
•
"84%
71%
O
40%
23
55
1950
F A
4s-_.—1981
D
J
Celotex Corp deb 4 Ha w w....1947
O
A
25
9
*35
Cart A Adir 1st gu gold
"73
24
5
28%
75
75%
MN
Carriers A Gen Corp deb 5s w w
80
A
73
31
59%
108%
D
39 H
1949
60
108%
J
72
D
30%
*6
,Caro Clinch A Ohio 1st 6s ser A. 1952
32
—
For footnotes see page
A
J
35
J
29
J
36
96% 102%
100% !07%
27%
D
80
33
104
108%
30%
J
36
;
gold 4s
132
30 %
J
*75-
.1950 A
LAN coll
99
*107%
J
O
trust,5s—.1944
1st 30-year 5s series
98
D
1962
O
Alleghany Corp coll
Conv gold 4s of
10)% 101
J
.1957
Guaranteed gold 5s..I.July 1969
Guaranteed gold 5s_—__Oot 1969
Guaranteed gold 5s
1970
Guar gold 4 Ha..I..June 15 1955
Guaranteed gold 4 Ha—
1950
Guaranteed gold 4H8—Sept 1951
Canadian Northern deb 0 Ha—.1946
Canadian Pac Ry 4% deb stk perpet
Coll trust 4 Hs
1946
6s equip trust ctfs
....1944
Coll trust gold 5s...-Dec 1 1954
Collateral trust 4 Ha
.*—1960
t*Car Cent 1st guar 4s
1949
.1948
3 Ha
debentures
105
58
1900
1900
...1946
68 with warr assented..
stamped.!
86
103
*30
105H
32H
36H
Alb A Susq 1st guar
4 Ha
104
49 %
27
106%
102
,
100H 104 H
*104 %
"56"
104
101
101
S
M
67
43
45
,
28
20%
105%
99
Canadian Nat gold 4Ha.
*
J
19
21
21%
6
103
51
■
Albany Perfor Wrap Pap 6s._.1948
♦58
54 H
"20% "28"
07
.
...
Canada Sou cons gu 5s A
129% 133
106%
..1950 J
{Bush Term BIdgs 6s gu
Calif-Oregon Power 4s
119
117
3
24
*o>>
1955 J
42 H
31
26%
26%
26%
1952
43
131%
*19
:1947 MN
6s
36
35
15%
23
J
Consol
5
9
117%
•26%
...
41%
"
...
{|*Burl C R A Nor 1st A coll 5s 1934 AO
♦Certificates of deposit
38%
«
"42"
MN
1
102% 108%
78
98%
86
101%
90
131
1945
5s
♦Certificates of deposit..
43 H
37
86
14%
55%
52%
47%
'
117
117
♦Buff Roch A Pitts consol 4 Ha. 1957
1943
1st cans 4s series B
Coll A conv 5s.,.
cons g
Debenture gold 5s...
45 H
12
86
49
40
"I
82
*30
47
51
103
1=
1950 FA
5s
44%
78
1941
g
40%
"'40%
J
A
10-year deb 4Ha stamped.—1946 F
1952
4Coll A conv 5s
52
,
103
l"03"
1967 M S
Bush Terminal 1st 4s
Adriatic Elec Co extl 7s
Ala Gt Sou 1st cons A 6s.
44
38
1955 MN
..1901 A O
38%
38%
—1947 M'D
Coll trust 4s Of 1907..
34%
58
39
D
1948
44%
4
*41
1st lien A ref 5s series B__i__1957 MN
Buffalo Gen Elec 4 Ha series B.1981 F A
Buff Niag Elec 3Ha series C...1907
*
Adams Express coll tr g 4s
33
37%
"37 H
49
INDUSTRIAL
COMPANIES
11
37%
j" J
54 H
42 H
41
J
{§*Abltibi Pow A Paper 1st 6s>1953
43
40
50
1979 MN
external conversion
1
37
45%
39%
£9%
3%-4~4% % ($ bonds of *37)
3%-4%-4«i«s extl conv.—
1978
4-4%-4%% extl read)
,..1978
3 Ha extl readjustment-—
1984
Venetian Prov Mtge Bank 7b>.1952
♦Vienna (City of) 6s
—1952
♦Warsaw (City) external 7s
1958
4Hs assented
1958
Yokohama (City) extl 8s—
1981
45%
-
10
3%-4-4%s ($ bonds of *37)
external readjustment
44%
54
1964 MN
♦External s f 6s.._
8
16
53
14%
49
25
%
23%
10
46
55
*42%.
*42 %
23%
10
9%
40%
*46
External a f 5Hs guar1961
♦Uruguay (Republic) extl 8s—>1946 F A
♦External s f 6s
!
1960 MN
16%
45
51H
50 H
43
59
"99
51
O
A
23%
18%
10%
40
M
24%
23%
16%
11%
1944 J
1st Hen A ref 6s series A
,
16
10%
Bklyn Manhat Transit 4Ha—1900
Bklyn Qu Co A Sub con gtd 6S.1941 MN
29
17%
1
~li H
FA
MN
28
25H
2
25 H
96 %
28
15
32
17%
19%
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 6s
1941 J
Bklyn Edison cons mtge 3HS—1960 MN
25H
27
22
*16
1955
t 6Hs_—
17%
*22-
♦Sileslan Landowners A sen 68—1947 FA
F A
Sydney (City)
18
19%
18%
*18%
10%
F
Serbs Croats A Slovenes (Kingdom)
24%
10 H
Boston A Maine 1st 5s A C
56
.21H
21H
23%
~i§H
M~S
1952
44
6H
16%
18%
17%
1966
H
5
1
17
19
M 4Hs ser D..1960
9H
27 %
25 %
D
18
;
24
18%
20
'17%
17%
1960
10 H
9%
9%
J
1968 J
1940 A
—
f 7s
11
6
62
16%
106
:18H
1948
Cons mtge 3Ha aeries E
3 Ha a f conv debs...
San Paulo (State of)—
♦88 external
cons
47%
74
1951
Telep of Pa 6s series B
1st A ref 5s series C
Beth Steel
63
2
19%
ivi"s
—...
♦Debenture 6s
,,-1955
♦Berlin Elec El A Undergr 0Hs I960
14H
14 %
6H
5
10H
9%
49
52 %
19%
Belvidere Delaware cons 3 Hs.-1943
♦Berlin City Elec Co deb 0 Ha. .1951
♦Deb sinking fund 6 Ha
1959
8ao Paulo (City of, Brazil)—
54
17%
Battle Creek A 8tur 1st gu 3s_.1989
Beech Creek ext 1st g 3 Ha
1961
i
62%
51%
.1951
Bell
72
102
48%
18%
—I960
4a stamped
20 H
1967
>1952
♦Roumanla (Kingdom of) 7s
1959
♦February 1937 coupon paid....
♦Saarbruecken (City) 6s
1953
_
10%
10%
3
"26"
Toledo Cln Dlv ref 4s A....1959
Bangor A Aroostook 1st 5s
1943
14H
69H
15
>1966 M N
♦7s extl loan of 1926
♦7s municipal loan
O
1968 J
♦8s extl loan of 1921
72
100
74%
yd
1996
Con ref 4s._
25
62
♦S'western Div 1st mtge 5s. .1950
♦Certificates of deposit
13 H
20
60
19
62
102% 105%
53%
— —
Certificates of deposit....
(8tate of)—
11
100%
53%
D
44
37%
52
51%
P L E A W Va Sys ref 4s_._1941 M N
14 H
13
100%
O
High
33%
20%
22
*60
A
Low
3
104%
*20
Since
Jan. 1
20
39
103%
♦Certificates of deposit..
31 %
9%
56
1948
♦Certificates of deposit
♦Ref A gen 5s series'F
19 H
6H
55
J
1995 J
' ♦Certificates of deposit..
19 H
30
11
33%
53H
♦Ref A gen 5s series D.....2000
70
"~3
36H
•
,
.
102 H 105%
107
101
62
102%
11
30
O
♦Certificates of deposit
gen 6s series C——1995
.
14H
36%
33 H
A
♦Certificates of deposit...
12 H
23
6
103 H
*25
A
I
No.
39
J
1948
Bait A Ohio 1st mtge g 4s_July
♦1st mtge g 58—
July
13 H
14
18
*15%
102%101H
O
102
9H
8%
-----
O
High
J
S
Refln'ng deb 3s
1953
J
J§♦ Auburn Auto conv deb 4Hal939 J
J
Austin A N W 1st gu g 5s
1941 J
Baldwin Loco Works 5e stmpd.1940 MN
97% 103
21
D
1940
52 H
100
M
♦Stabilization loan
48 %
99
♦Nat Loan extl s f 6s 1st ser..I960 J
♦Nat Loan extl s f 6s 2d ser._1961 A
Poland (Rep of) gold 6s.-,
57
99%
M
(Rep of) external 7fl
;
52 H
O
1963 IVIN
♦Stamped
~32
53 %
D
J
♦Pernambuco (State of) 7s
Peru
53 %
Is
<§3
Bid
Low
Atl A Dan 1st g 4s
—..1948 J
Second mortgage 4s
1948 J
Atl Gulf AWI8S coll tr 58
1959 J
M
Atlant'c
19H
16
Range
Friday's
&
Asked
Price
High
Low
39
53 %
M N
No.
18H
Range or
Sale
Week Ended April 21
1
Jan.
Last
N. Y. STOCK EXCHANGE
Since
<5
«5&a
High
*14
1963 MN
A
ser
A
1955 A
(City) s f 4 Ha
♦Panama (Rep) extl 5
♦Extl 8 r 5s
F
C
Asked
A
Low
1952
1953
1958
♦Nuremburg (City) extl 6a
c2
Friday's
Bid
BONDS
Range
Range or
>•
N. Y. STOCK EXCHANGE
Week's
Friday ■
Week's
Friday
Oslo
2391
New York Bond Record—Continued—Page 2
148
,
19
9%
97%
101%
23
102
35
77
9
14%
97% 100%
100% 103%
94
1958
M
S
95
94
95
F
A
86
85%
88
5
1977
1971
85%
F
A
92%
93
11
91%
100
94%
99%
New York Bond
2392
Friday
Range or
N. Y. STOCK EXCHANGE
Week Ended April
Sale
'I
21
Bid
MN
J
J
Chic Ind A Sou 50-year 4s
J
1966 J
1956 J
Chic L 8 A East 1st 4 %s
1969 J
-
13
Stamped as to Penna tax
{{♦Den A R G 1st cons : 4s
15
{♦Consol gold 4 %r
1936 J
{♦Den A R G Wes* ,'en 5s.Aug 1955 F
9%
11%
3%
3%
66%
1
4
72
*111
24%
13%
...
3%
3%
*65
86%
15%
....
---.
...—
11%
6
111
{Cblo Milwaukee A 8t Paul—
♦Gen 4s series A—.-May 11989 J
•19%
1989 J
1989 J
1989 J
1989 J
{♦Chic MIlw St P A Pac 5s A--1975 F A
♦Conv ad J 6s
Jan 1 2000 A O
{♦Chic A No West gen g 3%s-1987 M N
♦Gen g 3 %b series B..May
♦Gen 4%s series C—May
1
1
♦Gen 4 %s series E
May 1
♦Gen 4%s series F—May 1
♦General
4s
2%
D
MN
"I H
D
D
lnc
{♦Erie RR 1st
9%
«
4
8
-
2%
18
"8%
2%
•
2
65
65
58
60
63%
49
.1944
-
43
50%
1st mtge 4s -eries D———
11
3%s
104
1963
Chlo A West Indiana con is¬ .1952 J
let A ref M 4Mb series
-!.j
4s.. .1942 MN
f Cln Un Term 1st gu 6s ser C -1957 MN
1st mtge guar 3 Ha serifes D_ -1971 MN
Clearfield A Mah 1st gu 68.— -1943
Cleve Cln Chic A 8t L gen 4s— .1993 J
General 5s series B
.1993 J
Ref A impt
J
J
64
O
.1942 A
"49H
1960 F
O
1970 A
Colo A South 4 HB series A... .1980 MN
ColumbiaG A E deb 5s--.May ig52 M N
Debenture 5s..
Apr
16 1952 A O
Debenture 5s
Jan
15 1961 J
4s.. 1948 A
O
1955 F
A
Columbus Ry Pow A Lt 4s...-1965 M N
Commercial Credit deb 3%s—1951 A O
2Mb debentures
...1942 J D
Commonwealth Edison Co—
M S
1st mtge 3Mb series H..
1965 A O
1st mtge 3 Hb Berles I
1968 J D
Conv debs 3%b_———-1958 J
J
3%s (int waived to and Including
.May 15, 1939)
C—1958 J
J
Conn A Passump River 1st 4s-.1943 A O
Conn Ry A L lst A ref 4 %s
1951 J
J
J
1951
108%
__
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s—1956 J
conv
deb 3 Hs
non-conv
1961 J
deb 4s._1954 J
♦Debenture 4s
1955 J
♦Debenture 4s
-1955 A
♦Debenture 4s
J
s
Crown Cork A Seal
s
Cuba Nor Ry 1st 5Hs
Cuba RR 1st 58 g
F
D
1952 J
109
108%
107%
14
108
111%
106% 106%
108
108
105
107%
89%
91%
26
75
85
52
68
79%
*102
104
104
"_4
85
106% 106%
102% 104
50
48
50
48
65%
36 H
32%
37%
26
32%
47
100%
99%
58
92% 102%
100
99%
100%
100%
49
94
*109%
108%
103%
104%
102%
102%
105%
105%
106%
107
8%
18
2
40
46%
45%
87%
87
90
100%
112%
2
109
....
109
19
102%
92% 102%
109% 112
109% 111%
107% 110%
104%
32
103
102%
48
101% 103%
106%
61
107
52
105
105% 108%
104% 110%
1
67
15
104
101%
21
100% 101%
101
101%
"21
102
*90%
'101%
1954
J
(Amended) lst
cons
2-4s
58
7
•rlk
1941
-123%
103%
98%
•
106%
99%
50%
55%
"55%
"l4""
Grays Point Term lst gu 6a—1947 J
Gt Cons El Pow
(Japan) 7s___1944 F
1st A gen a f 6%s
1950 J
14
14
"
98
99%
98
102%
98
101
89
.
84%
*104%
"75"
103%
102%
89
89
.
"73% ~80%
77
64%
13
103%
13
89%
*
84
"75%
"75%
74%
91%
81%
74%
90%
80%
1
13
76%
65
91%
66
2
53
53
6%
6%
K—
.
Gulf Mob A Nor lst
5%s B—1950 A
O
O
71
106%
105%
106%
347
98%
1st ref A Term M 5s
stamped 1952 J
Gulf States Steel s f
4%s
1961
Gulf States Util 4s series C
1966
J
*89%
104% 10'6%
89%
89%
110% 112%
108% 109
5
6%
103%
*60
109%
109
110%
106
106%
105
106 %
106%
107%
106% 107%
105%
106%
106%
105% 107%
105%
106%
106
20%
20%
103%
102%
105
103%
18
108
22%
100% 104%
9%
10%
9%
13%
9%
15
*6
*7
46%
110%
109%
106%
107%
108%
107%
105% 104%
*102%
97%
106%
32
97
106%
103%
105%
31%
*34
40
57%
*31%
107%
55%
"l5
48
110%
107
12
7
6
12
107%
4
108%
105%
38
48
"98
"35
107
36
103%
105%
17
33%
20
35%
40
38
108
58%
8
44%
52
107% 110%
106% 108%
107% 109%
107% 110%
103% 105%
100
105%
97
100
105% 109%
103% 105%
104% 106%
37
29%
34%
40%
39
45%
38
32%
107% 110%
52%
70%
*67r"
93
{{♦Housatonic Ry cons g 5s...1937
Houston Oil sink fund 5 %s A. 1940
Hudson Coal 1st s f 5s ser
A...1962
Hudson Co Gas lst g 5s
1949
Hudson A Manhat lst 5s ser A
1957
♦Adjustment income 5s.Feb 1957
Illinois Bell Telp 3%s ser B—1970
Illinois Central lst gold 4s
lst gold 3%s
Extended 1st gold 3%s
lst gold 3s sterling
Collateral trust gold 4s
Refunding 4s
1951
117%
MN
J
D
A
O
O
g
31
30
*124%
1961
31%
6
14
46%
"37
12%
112%
22
112
79
91
93
96%
107% 110
105"«jl05»i«
117% 121
67
25%
101
28%
124
126%
12
12%
112
73
43%
11%
111
77
38%
102%
36%
125%
51%
15%
112%
87
91
83%
*85%
*82%
s
o
1952
1955 MN
101%
27
30
•
45
o
85
*82%
t
49
75
"46%
48%
*41
47%
45%
*50%
49%
49
26
48
46%
63
"l8
54%
48
62
47%
9
44%
62
44%
54%
60%
71
39
56%
1950
83%
83%
83%
1951
90
63
63
70
63
65
3%S—1953
Omaha Dlv lst gold 3s
1951
8t Louis Div A Term
g 3s...1951
Gold 3%s
1951
Springfield Dlv lst g 3%s—1951
Western Lines 1st g 4s
101%
J
1951
Purchased lines 3 %s
J
...1952
Collateral trust gold 4s
1953 M N
Refunding 5s
..1955 M N
40-year 4%s
Aug 1 1966 F
Cairo Bridge gold 4s
Litohfleld Dlv lst gold 3s
Loulsv Dlv A Term
27
J
...1951
3
71
26
46%
55
5%
7%
103% 103%
77% 81
"39
117%
26
MN
F
9
6
108%
69
101%
94
81%
69
-
71
MN
*
89%
80%
103%
91
*104%
*32%
Hocking Val 1st cons g 4%s
1999
Hoe (R) A Co 1st
mtge
—.1944 A
73%
71
108%
f Hackensack Water lst 4s.....1962
♦Harpen Mining 6s
....1949
88
78%
15
69%
53
94
74%
74%
58
82%
78
100% 105%
88% 101%
81
"~3
76
68
1940 M N
1950
90%
103% 106%
77
General 4%s series D
1976 J
General 4%s series E
1977 J
General mtge 4s series G
1946 J
Gen mtge 4 sserlee H
—1946 J
Gen mtge 3%s series 1
1967 J
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfsB
Feb
45
*50
77
Great Northern 4%s series
A—1961 J
General 5%s series B
.1952 J
General 5s series C
...1973 J
18
»
39%.
100
98%
*83
13
40%
98%
*33%
"98%
45
13
12%
lst mtge 4%s
1956 J
Gotham 811k Hosiery deb 5s w w '46 M 8
Gouv A Oswegatcble lst 5s
1942 J D
Grand R A I ext lst gu g 4
%s__1941 J
62%
59%
103% 107%
105% 107%
99% 101%
48%
71%
16
12%
104
105%
99<>16
J
59
48
103%
F
50
47
105%
F
98% 104%
50
46%
103%
J
43%
123% 123%
102% 105
53%
49
1948 MN
39
123%
103%
99%
98%
"50
lst mtge 5s series C
Gulf A Ship Island RR—
*105
9%
m
1%
100% 102
41
*44
1940 J
19
1%
39
107% 109%
*110%
10
2
100%
105% 111%
108%
65%
5%
5%
7%
2
"41"
..1945 J
♦Good Hope Steel A Ir sec 7S..1945 A
Goodrich (B F) conv deb 6s...1945 J D
4s..
40
58
54
1%
100%
owner
Gen Motors Accept
Corp deb 3s 1946
15-year 3%s deb
1951
Gen Pub Serv deb
5%s....... 1939
Gen Steel Cast 6%s with warr.1949
gu
35
7
6%
*5%
17%
Francisco Sugar coll trust 6s...1956 M
Greenbrier Ry lst
87% 98%
102% 104%
58
"~7
103%
1982
{{♦Proof of claim filed by
♦Certificates of deposit
(Germany) 7s
♦Sinking fund deb 6%s
♦20-year s f deb 6s
56
104%
43
D
M
...1974
101
100% 102
101
96
103%
*31
♦Certificates of deposit..
Fonda Johns A Glov 4%s
1952
{{♦Proof of claim filed by owner.
76
106
.
98
*92
"l04%
{Florida East Coast 1st 4 %s...l959
♦lst A ref 5s series A
67
105%
102
M r
Firestone Tire A Rubber 3%s_1948
{♦Fla Cent A Pennln 5s..—.1943
.
67
104%
101 '
39.
*7
14
14
39%
"87%
278
9%
7%
39%
40
*40
107
*
21%
18%
.
66
9%
22%
7%
'
107%
105%
106
22
67
9%
40
10,8%
106%
J
6s series B extended to 1946
J D
Dayton Pow A Lt 1st A ref 3 Hs 1980 A O
Del A Hudson 1st A ref is
1943 M N
82
86
20
98%
48
16%
11%
11%
15
»
101
1942 M
—.—1942 M S
♦Gen Elec
88 H
79
D
f 5a stamped
70
70%
A
7Hs series A extended to 1946... J
Fort ootnotes see page 2395,
s
99%
*.._ i.
40
23 "
9
A
90
76 H
100%
*12%
L
M g
96
86
1950 M N
...1942 J
1st Hen
1st lien 6s stamped
30-year deb 6s series B
F
J
90
69
68%
J
1951
9%
99 %
56%
63%
88 H
79
J
f 4s
13
70 H
J
1960 J
f deb 3 Hs
63%
57%
108%
*107%
io4~"
181
1
*12
O
{♦Ga A Ala Ry lst cons 5s Oct 1 *45 J
{{♦Ga Caro A Nor lst ext 6s__1934 J
O
Consumers Power 3%s_May 1 1965 Mis
1st mtge 3Hs
May 1 1965 MN
1st mtge 3 Hs—
1967 M N
1st mtge 3 Hs
1970 M N
1st mtge 3 Ha
1966 M N
Container Corp 1st 6s
1946 J D
15-year deb 6s
1943 J D
Continental Oil conv 2Mb
1948 J D
Crane Co
48
*106
J
D
—.1956 J
Consolidation Coal sf5s
1975 A
93 M
*78
65
30
16%
14
9%
Gas A El of Berg Co cons
g 5s.. 1949 J D
Gen Amer Investors deb 5s A. .1952 F
Gen Cable lst s f 5%s A
1947 J
*104
J
ConnRlvPowsf 3%s A
.1961 F A
Consol Edison (N Y) deb 3%s.l946 A O
3 Ha debentures
1948 A G
3 Hb debentures
1956 A O
3 Ha debentures.
1958 J
J
{♦Consol Ry
85
J
1973
1981
1953 A
1953 A
MN
*98
...
Consol Oil
77
A
1st s f 4 Hb series C
O
1977
Coal River Ry 1st gu 4s
1945
D
Colo Fuel A Iron Co gen s f 5s.. 1943 F A
Stamped guar 4%s_.
63%
77
51
*60
65
102'" 103%
"44"
16%
14
1967
Ernesto Breda 7s
1954
Fairbanks Morse deb 4s
—1956
Federal Light A Traction 1st 5s 1942
6s Internationa series
1942
Fort StUDCo lst g 4%s
61H
A
1977 F
1st mtge g 4a serlee F
63.
64
"49H
J
Cleve Short Line 1st gu 4 %s—. 1961 A O
Cleve Union Term gu 5%s—.. 1972 A O
g
63
90
*
1948 MN
Gen A ref mtge 4 Hb series B. 1981 J
Columbus A H V 1st ext
108% 110%
110% 111%
100% 103
105*ii 108%
106
109%
75
64
O
1942 J
Columbus A Tol 1st ext 4s
H
106 M
*
.1940 M S
♦6s Income mtge
41
105
106
.1990 MN
48—.— 1940
Cleve Elec Ilium 1st M 3%s— .1965
Cleve A Pgh gen gu 4 %s ser B .1942 A
1st s f series B guar
15
109
*42
16%
*80
St L Dlv 1st coll tr g 4s
Spr A Col Div 1st g 4s
Series B 3 Hn guar
Series A 4%s guar
13
14 M
108%
106 %
W W Val Dlv 1st g
Series C 3%s guar
Series D 3%s guar...—
Gen 4Mb series A
79
*105
D
4Mb series E— .1977 J
96%
64
*100
D
Cln Wabash A M Dlv 1st 4s .1991 J
88
*111%
.
con gu
91
71
*10
108%
105% 109%
106
107%
'
,1996 J
.1953 A
—
107
68%
O
{♦Choc Okla A Gulf cons 6s— .1952 MN
Cincinnati Gas A Elec 3%s— 1966 F A
1st mtge3%s._
-1967 J D
Cin Leb A Nor 1st
107
109%
105% 108%
100% 104%
97.
87%
90
1943 A
—
107M
102 %
89M
102 H
87 %
""89%
D—. -1962 M
Chllds Co deb 6s
104
108
107
107
-1951 M
guaranteed..
104
107
.1963
1st mtge 3 M» series E
92%
143%
60%
Chicago Union Station—
Guaranteed 4s.
25
.95%
102%
102%
*102%
41%
105
85%
139
107%
64%
*50
102%
19
112
103
*50
J
1955 J
♦Genessee River 1st n t 6s.. 1957 J
J
♦N Y A Erie RR ext 1st 4s.. 1947 MN
{♦3d mtge 4 %s._
1938 M S
83%
57%
44%"
O
4s prior.. .1996 J
♦Gen conv 4s series D
♦Rel A imp* 6s of 1927.—.
♦Ref A impt 5s of 1930.
♦Erie A Jersey 1st s f 6s
4%
70
cons g
♦1st consol gen lien g 4s
♦Conv 4s series A
♦Series B
9
4%
5
*62%
Dec 1 1960 M S
68
gu
5
14
70
*49%
*50%
44%
D
18%
16%
10 9%
MN
.1965 A
Erie A Pitts g gu 3%s ser B... .1940 J
Series C 3%s
.1940 J
.
57
11
33
_
A
.1965 A
18
5%
2%
106%
.1941
5
70
105%
*107%
Elgin Joliet A East 1st g 5s
El Paso A S W 1st 5s_!
5s stamped
45
6%
12%
110
89
12%
6
14
144
J
25
106% 108%
105
106%
111%
*82
11
10%
14.
110%
42
98% 103
*105%
11
58
4
25
*104
5%
5%
110% 113
111% 112%
110% 112
.9
40
Ed El III (N Y) 1st cone g 5s.. .1995 J
Electric Auto Lite conv 4s
.1952 F
5%
3%
14
111%
10%
5%
101%
107%
105%
*106%
105%
105%
J
5%
3%
35
101%
J
3
5
6
-54
,
*25
D
1
2
111%
112%
111%
111
*40
O
J
5%
66
11%
111
14
""2
....
Eadt Ry Minn Nor Dlv 1st 4s.. .1948 A O
E*st T Va A Ga Dlv 1st 5s
.1956 MN
20
14
*4%
D
DuVjuesne Light 1st M 3%s_._1965
11
12%
.
19
60
5%
4%
5%
O
7
3%
.
*11
June 16 1951
3%s
3%
A
27
6%
11
UH
{♦Refunding gold 4s———1934 A O
♦Certificates of deposit
{♦Secured 4%s series A--.—1952 MS
♦
Certificates of deposit.
♦Conv g 4%s
—1960 MN
Gold
16%
10%
11
10
*44%
J
Memphis Dlv 1st g 4s—
1951
Chic T H A So'eastern 1st 5s.-I960
10
F
1966 M S
108
107%
107%
7%
15%
9%
14%
3%
6%
5
3%
3%
5%
3%
3%
*20%
111%
111%
M S
"~5
11
3%
5%
5%
16
"
'
A
1951
16%
3
7
6%
16
9
3%
J
Dow Chemical deb 3s
1951 J
Dul Missabe Air Range Ry 3 %sl962 A
{{♦Dul Sou Shore A Atl g 5S-.1937 J
3%
2
12%
6
12
9%
10%
106%
107%
9%
1995 J D
♦Second gold 4s
.1—1995 J D
Detroit Term A Tunnel 4%s..l961 MN
29
10
15
*6
29
28%
5
109
*9%
1965 A
F
ser
Gen A ref mtge 3 %s ser G
♦Detroit A Mac 1st lien g 5s
6
10
6M
'
Ch St L A New Orleans 6s
31
•
11
6M
27
'
12%
12%
D
♦Certificates of deposit
11
Gen A ref M 4s
28%
2
11%
"12 %
D
J
141
10%
10%
11%
12
MN
J
211
11
M N
J
7%
2%
10%
11%
M N
-May 1 2037
stpd-May 1 2037
1 2037
1941
{{♦Chicago Railways 1st 6s stpd
Aug 1938 25% part paid .. {♦Chic R I A Pac Ry gen 4s- 1988
30
25
*20%
6%
2%
10%
10%
MN
♦1st ref g 5e
♦1st A ref 4%s
20%
20
20
19%
18%
18%
19%
19%
6%
....
14
A
*
20
-----
8
19%
20
M N
♦1st A ref 4%s ser C-May
♦Conv 4Mb series A
,
~20~~
1987 M N
,
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4%b stpd Fed lnc tax.-1987
♦Gen 5s stpd Fed lnc tax.—1987
♦4 %s stamped
..—1987
{♦Secured 6 Ha
1936
20
19%
*18%
108
104%
105%
105%
105%
107
A
High
12
14
107%
"~9%"
Low
109
106%
J
Jan. 1
No
High
A
Since
©
ftjeo
105%
106%
1936 J
♦Assented Cub) to plan)
♦Ref A imp* 6s ser B
Apr 1978
{♦Des M A Ft Dodge 4s ctfs
1935
{♦Des Plains Val 1st gu 4%s—1947
Detroit F ilson Co 4 %s ser D..1961
5%
©
108%
105%
*107%
MN
1951
Range
Is
A sited
•
75
111
....
dk
105 %
1969 J
1st mortgage 4 %s
1969 J
Den Gas A El 1st A ref sf 5s... 1951 MN
9%
or
Friday's
1971 J
81%
13
*7%
3%
3%
21
....
Range
Bid
Low
Del Power A Light 1st 4 %s
1st A ref 4%s
22%
13
61
17%
12
*10
MN
Last
High
101
12%
2
13%
86%
15%
*9%
J
J
Price
Low
26
1939
Week's
Sale
Week Ended April 21
1
.
97
15
*
"iJH
J
J
1947
1947
1947
1966
No.
100
13
13%
Chicago A Erie 1st gold 6a
1982 MN
{♦Chicago Great West 1st 4a—1959 M S
N. Y. STOCK EXCHANGE
Jan
High
*96%
13%
14 H
♦Certificate* of deposit-.—
bonds
Since
Asked
&
Low
{♦Chic Ind A Loulsr ref 6a
♦Refunding g 6a series B
♦Refunding 4s series C
♦1st A gen 6s series A
♦1st & gen 6s series B—May
April 22,
Friday
Range
Friday's
Price
O
A
{{♦Chicago A East 111 1st 6a—1934
{♦C A E 111 Ry gen 5e
1961
Record—Continued—Page 3
Week's
Last
BONDS
1951
42%
41
43%
162
59%
75%
85
'63*"
60
60%
63
"61*
New York Bond
Volume 148
Last
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended April 21
Record—Continued—Page
Price
Range
Friday's
A
Asked
Bid
Low
High
No.
.1948 F
43
.1940 A
Low
♦
Ind
.1986 M
S
*55""
.1948 J
{Interboro Rap Tran 1st 5s.
*6%
Certificates of deposit..
56
1932
conv
O
32
M S
deb 4s
1947 A
{♦Int-Grt.Nor 1st 6s ser A
.1952 J
♦Adjustment 6s ser A__July 1952 A
♦1st 5s series B
♦1st g 5s series C
Internat Hydro El deb 6a...
Int Merc Marine s f 6s.
Internat Paper 5s ser A A B
Ref s f 6s series A
Debenture 5s
22
91
97 %
6
106
109H
56
2
56
68
66
82
6
80
7
99% 102 H
43
%
Metrop Ed 1st 4 Ha series D—1968
Metrop Wat Sew A D 5 Ha
1950
68
Laugblln Steel 4 %a A.
17
83
69
72 %
52
13
48%
95
9
22
56 H
84H
77 H
92%
57 %
60
61%
2%
12
2
S
92
82 %
76H
24
95 %
71%
80
56
75 %
1
2H
12
D
90 H
85H
36 H
{♦1st
35
65
72 H
56
71H
66
"22
62 H
17
18
109
104%
104H
17
93
1947 F
H
Prior lien 4 Ha aeries D
♦Cum adjust 6a aer A
12
♦55
72
73 H
95
58 1937 extended at
83 H
79
103
103
98
106
103
*95
100H
102%
102 H
100
103
103%
100
100 V
*7 %
103
95
7
8
83
103 H
'
85%
79H
45
45
42
58 H
51
44%
43
50 H
72
67
s
21H
51%
—...
♦Certificates of deposit-_
Sec 6% notes extend
.
4Ha
cons
♦5s assented
..>—.2003 MN
Leh Val Term fty 1st gu g 5a
68 assented..
1941
A
1941
O
A
Lex A East 1st 50-yr 5s gu. 1.1966 A
Ugget A Myers Tobacco 7s
conv
1944
F
Liquid Carbonic 4s conv debs..1947 J
little Miami gen 4s series A
1962 M N
a f deb 3 Ha
...—1946 F A
.1952 J
5S—
22
14
21
16
22
57
120
1951
'128%
127%
12
108%
107
100%
65
*80
83
83%
♦
A
52
125
115H
129H
107
107
1940 J
99%
99H
91
91
1st A ref 4 Ha series C
2003 A
85 %
85%
84 H
1st A ref 4s series D
2003 A
1st A ref 3%s series E
2003 A
Paducah A Mem Dlv 4s
1946 F
77%
104
108H
....1965 J
Nat Steel 1st coll sf 4s
{♦New England RR
♦Consol guar 4s
g
4s
New England Tel A Tel 6s A..1952 J
65
86 H
N J Pow A Light 1st 4 Ha
80
87
New Orl Great Nor 5s A
75H
92H
110
105H 107H
101
97%
72%
07%
75
48%
19
45
11
39
41
32
107%
107%
9
114
107 H
114%
11
98
....
74
*68
QQ
14
40
43
64
38
49
104% 107%
114 '
116%
97%
29%
104%
105%
*105%
145
100
72
46
102
102
103%
104%
"45% "60%
69%
*102%
102% 105%
104% 106
h*%
*%
O
%
"%
%
%
".H!(#«•
*%
'%
*'■>/»
*1%
1%
O
"
O
*%
1%
%
D
—1983 J
1st A ref 5s series B
{{♦N O Tex A Mex
n-c
123%
127%
125%
126
27%
27%
124% 128%
123% 120%
108 H
67 H
108%
108%
107% 109%
•«
20
A
O
J
67%.
68
65
75
50
50
50
59%
104%
104%
74%
34%
103
61
103%
102
103
104
104
102
60%
\
61
58
29
23
25
25
31%
"25"
1954
"25""
33
35
*23%
lnc 6s__1935
28%
31%
36%
♦Certificates of deposit
84 H
84H
93 H
89 H
♦1st 4 Ha series D
84 %
78
♦1st 5Ha series A.....
1956 A
1954 O
24 H
124""
20
120%
1953
86
105 H
122%
2fr
127M
1955
♦Certificates of deposit
%
60
25 !
*17'
D
%
105% 109%
123%
*20
1956 F
77 H
105%
*30%
D
N O A N E 1st ref A Imp 4 Ha A 1952
New Orl Pub Serv 1st 6s ser A..1952
New Orleans Term 1st gu 4s
%
105%
1051*32
.1961 MN
1st g 4 He series B
N J Junction RR guar 1st 4s. .1986 F
1960 A
♦1st 6s series C
22
1955 MN
A
99
104
Atl Knox A Cln Dlv 4s
,
70%
67%
43
1964 MN
99H
98
94
75
"46 "~
48 H
45
guar 5s—1945 J
1945 J
83
22
*65""
94
109
79
.
1977 AO
*48 April.1914 coupon off...1951 A
♦Assent warr A rets No 4 on *51
62
110
*82 H
1945 M S
J
1952
34
65
102% 105%
*%
(♦Assent warr A rets No 4 on '26 J
♦4s April 1914 coupon on
1951 A
•
81H
22
1980 M 8
47%
22%
29%
Nat RR of Mex prior lien 4 Ha—
80H
*104
St Louis Dlv 2d gold 3s
*92
*
*%
*%
91
100 H
58
105%
98
Assent warr A rets No 4 on '57
{♦Naugatuck RR 1st
98 X 101H
49
66 H
"75"
*100
*44
J
Newark Consol Gas cons 5tf.._ 1948 J
97
85H
97 H 101
82 H
88
110
111H
70 H
77
77H
Mob A Montg 1st g 4 Ha
South Ry Joint Monon 4s
Lower Austria Hydro El 6 Ha. 1944 F
100
91H
•
17%
19%
*104%
1950 MN
♦1st 6s series B
2003 A
16
21
22%
127H 130
Louisville A Nashville RR—
Unified gold 4s
1st A ref 5s series B
19%
20%
22
J
♦4s April 1914 coupon o{f—.1977 A
♦Assent warr A rets No 5 on '77
61
108
109
v
J
107
"ii
14
70
*14%
22
A
r1951
♦4s April 1914 coupon on
127 H 129H
122H 126
78%
♦
H
128%
125H
81
108%
<
1978 F
110H
H
83%
84
127%
A.
♦4Ha Jan 1914 coupon on...1957 J
♦4 Ha July 1914 coupon on.. 1957 J
♦4Ha July 1914 coupon off..1957 J
52
127
ser
107
22
*14%
13%
*63
1955 M N
107
1
65
81
For footnotes see oage 2395.
D
...1955 M N
4
30
2
12%
15
o
97
20
106%
91
'
14%
o
3
"
109
f 4 Ha series C—1955
1
97
J
♦
a
Nat Gypsum 4 Ha s f debs
National Rys of Mexico—
22 H
58
112
Louisiana Gas A Elec 3 Ha
1966 M S
Louis A Jeff Bridge Co gu 4S..1945 M 8
ser
16
67
39
106
O
F
21H
21H
50
51H
A
1944 A
A..1969 J
52
45H
13H
13.
13H
107
1949 M 8
—-
45
108
D
1949 M 8
Louisiana A Ark 1st 5s
47 %
60
,99%
♦Long Dock Co 3Ha ext to...1950 A O
Long Island unified 4s
:
1949 M 8
Lorlllard (P) Co deb 7s
56
97
100%
,
Guar ref gold 4s
4s stamped...
35
127%
97
Loews inc
Lone Star Gas 3Ha debs.—_ 1953 F
35
40
127%
deb 4Hs—1952 A
Lombard Elec 7a Series A
35
65
12%
16%
o
Mountain States TAT 3Ha—1968 J D
Mutual Fuel Gas 1st gu g 5s...1947 MN
Mut Un Tel gtd 6a ext at 5%..1941 MN
23
18H
4;' 44 H
*113%
A
1961
6a
Lion Oil Ref
1955
D
Nat Acme 4 Hs extended to....1946 J
Nat Dairy Prod deb 3H • w w.. 1951 MN
"56
12%
12%
65
14%
"2%
13%
13 Ji
6%
21%
20%
21%
19%
4%
21%
20%
21%
20%
12%
2%
O
f 5s series B
Nassau Elec gu g 4s stpd
*53 %
13%
J
1955
s
19H
t
3
12%
16
107
49 H
:
4
14%
100% 105%
98% 100
30
16H
14H
18H
16%
3%
13%
*13
21%
20%
15
102%
98%
19
•
3%
14 a
A
43
H
17%
12%
108%
Nash Chatt A Bt L 4s
*15%
16%
13%
'
101%
21
14
...2003 MN
5s—
F
16H
17H
14H
13%
108
17H
*14
8
98H
16 H
14
•
34
27
101H
19
*40
...2003
..—2003 MN
♦4 Ha assented
♦General
23
35
14
20
9%
108H
Constr M 6s series.A
Constr M4Hs series B_
44
MN
21%
17%
13
8%
—1977 M S
*15%
MN
26
20%
19%
21%
D
17%
15
34%
88
O
21 %
14"
45
21
24%
14
Gen A ref
19
♦
,10
38%
18
4% .July 1938 MN
*34 H
15
53
64%
—....-1965
17%
...1940 J
2003
■
at
4
37
-
*13
Gen A ref a f 5a series A
37
20
22%
1%
-
*13
Gen A ref
91
39
*12
1974
9
2%;
23
233*
19M
m"s
1975
*17"
4%s_—1940 J
*4s assented
cons
31H
*
♦Lehigh Val (Pa) cone g 4s..-.2003 MN
♦General
4s.
6s debentures
64 H
84 H
35
*19
1964 FA
6
-
2%
68%
55%
51%
37%
32%
68
*13
Gen A ref a f 5s series D.....1955
Morris A Essex 1st gu 8 H—-2000
52'
89%
37
to.....1943 j"j
4 Ha assented
27H
64
89 H
Certificates of deposit
1943
Leh Val Harbor Term gu 5s_._1954 PA
Leh Val N Y 1st gu
21H
51H
21
*51H
♦Certlflcates of deposit—1964
s f 5s
.
...1974 FA
8
8%
6%
Montana Power 1st A ref 3H«-1966
Montreal Tram 1st A ref 6s....1941
90
53 H
53 H
*30
♦1st A ref
5
7
3%
1%
51
A
{♦Secured 6% notes....—.1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s aer A '60 MN
Monongahela West Penn Pub Serv
O
1st mtge 4 Ha.
1960
67
84 H
21H
51 %
A
3
5%
4%
13
5
O
♦Ref A lmpt 4Ha..
75
67
,
84 %
T1944
—1954 F
f 6s
68
"§4%
♦Certificates of deposit—1954
♦1st A ref
T
*
84H
D
Cons sink fund 4 Ha ser C—1954 J
Lehigh A New Eng RR 4s A—-1965 A O
Lehigh A N Y 1st gu g 4s.—.1945 M S
♦Lehigh Val Coal Co—
♦1st A ref a f 5s.
Jan 1967 A
-3%
2%
7
*64%
J
{Mobile A Ohio RR—>
♦Montgomery Dlv 1st g 5a..1947
58 H
45
1975
♦5s Ctfs of deposit...
J
1978 J
8
*2
2%
4%
17%
31%
28%
4%
2
7
♦Certificates of deposit...
91H
50
48 H
*
J
2
13 H
*43 H
<*43%
A
f 4 Ha A—1964 J
s
32
8%
♦Certificates of deposit...
♦1st A ref 5s series I
1981 FA
98
102 H
49
1942 F
♦1st mtge Income reg
25%
10%
29%
4%
♦Certificates of deposit—
♦Conv gold 6 Ha
1949 MN
♦1st A ref g 5s series H
..1980 A O
106 H
48 H
.....1941 J
Lehigh C A Nav
...1962 J
—1977 M S
♦Certificates of depoalt...
♦1st A ref 5b series G
1978 MN
102H 105
100
A
J
♦General
166 H
88 H
106
85 %
3% to. -1947
50
25%
"
28%
4%
J
♦1st A ref 5s series F
163
83H
76%
14%
9%
42%
*1
D
1962 J
{♦Mo Pac 1st A ref 6a
90
*55
100H
72%
10
60
*9
10
107 H
Lake Erie A Western RR—
2d gold 5s
77%
"16""
*44%
25%
aer A
1965 F
♦Certificates of deposit...
93 H 100
107
79%
"48 %
Lake Sh A Mich So g 3 Ha.—.1997 J
Lautaro Nitrate Co Ltd—
D
96
"90% "97"
94%
*1%
40-year 4s series B
*158
A
..^1942 F
O
1949 M S
J
1978 J
27
*_—.
1953 F
1960 F
Coll tr 6s series B
A
89%
88
I
'6%
M-K-T RR pr Hen 6s ser A
92 H
1959 M S
Coll A ref 6 Ha Beries C
Coll A ref 5Hs series D.
Coll tr 6s series A
J
J
99
.
"94%
*2%
20
106%
H
35
'
*96%
t
J
{♦Mo Pac 3d 7s ext
{Laclede Gas Light ref A ext 5a 1939
J
♦1st A ref 5 Ha aeries B
{♦ Mo-Ill RR 1st 5s series A...1959 J
Mo Kan A Tex 1st gold 4s
1990 J
{♦Kreuger A Toll secured 5s
Uniform etfs of deposit
J
MN
J
20
94
......
8%
%
*%
J
17H
■
102
7
%
....
1938 J
gu
cons 6s
17H
*
Kinney (G R) 6%s ext to
D
1941 J
Koppers Co 4s series A
1951 M N
Kresge Foundation coll tr 4s..1945 J
3 Ha collateral trust notes
*%
{♦1st cons 5s gu as to int—1938 J
♦1st A ref 6a series A!
1946 J
103 X 107
36
30 %
27
1954 J
1954 J
1st A ref 0%s_—
8%
J
g4s Int
37
1943 MN
Kings Co Lighting 1st 5a
95
7
*38 J
con
25
(par $925). .1943
A
01% 104%
10% 111%
95
1939
{{♦M St P A SS M
107H 109 H
36 H
r-
O
54%
111
1951 M S
♦25-year 5 Ha
29
*
1961 J
39
103
96 H
79
24 H
26
108%
...
50%
50
1934 MN
1949 M S
♦Ref A ext 50-yr 6s ser A...1962 Q F
1
*
1946 M~8
Kentucky Central gold 4s
1987 J
Kentucky A Ind Terin 4%s—.1961 J
...1961 J
Stamped
87
110%
{♦Minn A St Louis 5a ctfs
5
7
.59%'
Keith (B F) Corp 1st 6s.
75
102
{♦Mil Spar A N W 1st gu 4s...1947 M S
J
{♦Mllw A State Line 1st 3Ha..1941 J
58 X
-
83%
75
102
D
1940 J
♦Con ext 4 Ha
84
24%
♦Karetadt (Rudolph) 1st 6s...1943 M N
♦Ctfs w w stmp (par $645)—1943
—i
1956 J
f 7s
City Air Line 4s.
Jack Lans A Sag 3 Ha
94%
83H
88 H
53,
11
25
65%
62H
108 %
104H
1960 J
4%s unguaranteed..
....1961 J
Kings County El L A P 6s
1997 A
Kings County Elev 1st g 4s...1949 F
1st gold 3 Ha
1952
Ref A lmpt 4 Ha series C
1979
{♦Mid of N J 1st ext 6s
.—1940
{♦Mil A No 1st ext 4 Ha....—.1939
a
127
81
111
A
1st
101
20
75
95H
33%
22%
82%
Michigan Central Detroit A Bay
100
93
46
92
91 %
*23%
Apr 1950 J
stmp (par $925)
9%
O
84
*
125
*7
♦1st A ref gold 4s
"66"
1980 J
9%
54
*48%
1950 AO
Kansas Gas A Electric 4Hs
8
A
♦Miag Mill Macb
60 H
82%
"25"
....
20 H
2%
~
92 %
o
City Sou 1st gold 3s
2
94 H
O
Ref A lmpt 5s
Kansas City Term 1st 4s
2%
•9
"80%
D
M
1961
_
10H
M
36
81
*70
J
♦Mex Internat 1st 4s asstd
1977 M S
♦4s (Sept 1914 coupon).....1977 M S
4,.
20
20
87
57 %
61%
99%
121
1959 MN
{{♦Met West Side El (Chic) 4s. 1938 F
20
76 H
A
*83
89 H
100
84%
{{♦K C Ft S A M Ry ref g 4s.. 1936 A
♦Certificates of deposit
Plain
1st ext 4s
{♦Man G B A N W 1st 3Ha...1941 J
Marion Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A...April 1940
J
Mead Corp 1st 6s with warr. .1945 MN
70
51
"~95~~
.1955 F
warr
10%
104 H
6
49
Kanawha A Mich 1st gu g 4s„1990 A
w
17%
56
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
w
26%
24%
15
63
*
82%
James Frankl A Clear 1st 4s..1959 J
♦Ctfs with
46
19
118
2H
1941 A
1955 M 8
Int Rys Cent Amer 1st 5s B
1972 MN
1st lien A ref 6 Hs.-i
...1947 F A
Int Telep A Teleg deb g 4%s._1952 J
♦Ctfs
33%
27
9X
1947 J
Kan
36
18
32
*
1956 J
1944 A
Jones A
31%
30
129
"~2H
......1956 J
23
35 H
8
9
72%
51%
31%
39%
32 H
34
99%
19
O
59
82
100
67
♦Certificates of deposit..
♦Second 4s
D
2013
Manila Elec RR A Lt a f 5s...1953 M S
Manila RR (South Lines) 4s...l939 MN
53 %
O
1942 MN
High
105% 107
{♦Manhat Ry (N Y) cons 4S..1990 A
54
Int Agric Corp 6s stamped.
559
44%
26 H
Low
70 %
32
H
"6
25
73%
45%
26%
95
104
56
56
54
9
107
41H
•
•,-y
^
A"
1932
!♦ 10-year 6s
{♦10-year conv 7% notes
♦Certificates of deposit.
Interlake Iron
56
Feb 1 1957 MN
f
No.
High
106H
*67%
66
107 H
60
106 %
.'57%
s
Jan. 1
95
104 %
94
Q9
A
Manati Sugar 4s
Since
Asked
A
32
11
J
F
.1961
56%
Range
Friday's
Bid
Low
103f|,105
73
♦103
.1966 J
_
Range or
Sale
Price
s f deb 5S.1951 MN
Maine Central RR 4s ser A...1945
D
Gen mtge 4 Ha series A
D
1960
60 %
40 H
1
J
Industrial Rayon 4 Ha
Inland Steel 3%s series D___
Last
STOCK EXCHANGE
Week Ended April 21
High
43
22
35H
.1940 A
.1956 J
15
35 H
95
.1950 J
{♦Ind A Louisville 1st gu 4s_
Ry 3%s series B
43
41H
32
103«32 1032«32
103%
Ind 111 A Iowa 1st g 4a
Union
47
46
46%
.1963 J
♦Ilseder Steel Corp 6s
Ind Bloom A West 1st ext 4a
N. Y
McCrory Stores Corp
.1963 J
1st A ref 4%s series C
Illinois Steel deb 4%s
2393
Week's
Friday \
BONDS
Since
Jan. I
CQCQ
HI Cent and Chic St L A N
Joint 1st ref 5s series A
4
Week's
Friday
BONDS
*21
A
25%
25
*22
25%
25%
30
14
37
26%
24%
35%
39%
23
34%
.
Now York Bond Record—Continued—Page 5
2394
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended April 21
Price
<k
Low
A
A
O
A
O
A
O
1946
2013
2013
10-year 35*s sec s f
A
Re! A impt 4 44s series
C
Ref A lmpt 6s series
Cony secured
74
N Y Cent A Hud River 3 Ha
Debenture 4s
49 44
52
55
604*
784*
5744
6244
7944
494*
52
6144
784*
*
2013
A
O
1998
F
Mich Cent coll gold 344s....1998 F
A
Lake Shore coll gold 3 43s~
N Y Chic A St Louis—
♦Ref 5 44s series A
♦Ref 4 44s series
C
,.1946 F
*604*
*59
,
"54"
Purchase money gold 4s
O
684*
4744
7144
694*
8344
104
107
9
100
107
9
49
5944
49
58
5043
10843
14
2
♦Non-conv debenture 4s
1955 J
♦Non-conv debenture 4s
1956
O
—1956 J
...1948 J
J
..1940 A
♦1st A ref 4 44s ser of 1927
D
-.1967 J
13
15
104*
1044
134*
104*
12
{♦N Y Ont A West ref
g 4s
1992 M S
♦General 4s
1955 J D
{♦N Y Providence A Boston 4s 1942 A O
4s..1993 A
6
O
344
*43~"
N Y A Richm Gas 1st 6s A
1951
102"
N Y Steam Corp 344s
1963 J
*49*
10944
110
102*
103
10344
J
7
§♦2(1 gold 4 44s.
1937 F
A
*2
♦General gold 5s
1940 F
A
*4
♦Terminal 1st gold 5a
1943 Wl N
*0
tl»N Y Westch A Boet 1st 444s'46
Niagara Falls Power 344s
1966
Nlag Lock A O Pow 1st 5s A..1955
Niagara Share (Mo) deb 5 448.1950
J
102>32
3
'
6
544
'40
40
102 44
102'#j 1034*
10944
108 44 HI
62
80
78
76
77
k
704*
10
109
11144
10844
954*
104^32 10444
944
944
84*
84*
3
108
10944
7
94
100 44
O
10844
954*
10844
94
"944
5a_._1941 IVIN
O
A
,
59
*41
1204*
12044
2
45
1
3
1204*
10044105'»«
9
844
54
,
*26
4
174*
107""
39
50
4'944
50
6544
deposit stamped
Apr *33 to Oct'38 coups.. 1945
Nortb Pacific prior Hen 4s.
1997 Q J
Gen lien ry A Id g 3s Jan
2047 Q F
Ref A impt 4 448 series A
2047 J *J
Ref A lmpt 6s series B__2047 J
J
Ref A lmpt 5s series C——2047 J
J
»
irhpt 5s series D
2047 J
Northern States Power 344a
1957 F
Northwestern Teleg 444s ext..1944 J
{♦Og A L Cham 1st
♦Stamped
4s...1948 J
M
3J4s
f*2d ext gold 5s
Pacific Tel A Tel 34*s
"43
107
1094*
O
~40~~
9854
106 43 10744
40
40
44 43
•
404*
39
5143
5154
.42
*40
~40k"
105
9354
40
O
.I960 A
Pitts Y A Ash 1st 4s ser
1st gen 5b series B_
A——1948 J
.1962 F
38
52
•
D
.
D
1960
M
1950 J
Porto Rico Am Tob conv 0s.. 1942
6s Btamped
1942
{ §♦ Postal Teleg A Cable coll 5s. 1953
Potomac Elec Pow 1st M
••
■
'
*9843
S
645*
J
1064*
s
7543
1
106
1
34
43
35
1
35
41
12
220
109
105*
10843
10844
58 43
IJO
4
34
35
11 43
794*
1951
.
67
1064*
34
34*8.1906
j
106
*110
D
1977 J
Pressed Steel Car deb 5sl
104,
A
1974 J
4
794*
107
1044
10854
7944
1643
$8
.
.
f deb 5s
ig48 J
J
J
.*2
254
253
*42
40
"
4
49 H
97
97
57
55
55
.79
5643
7354
5643
59'
31
54
6144
72 43
53
68
80
7344
,7454
7343,
6943
80 •
100 43
D
98
12
9544 10043
pt pd ctfs
for deb 6s A com stk
(65% pd).—
^Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen A ref 4 44s series A
J
..1997 J
Purch money 1st M
w
conv
544s '54 M
J
57 "
8
1
.
0
544
27
4
105
107
107""
"35
106
10844
1084*
1065*
8
24
106
•
♦Cons mtge 0s of 1928
1953 F
1955 A
♦Cons mtge 0s of 1930...
A
4s
s
f conv
debentures...a..1952
Wl
*10454
*944
"20
~~2
11344 1164*
11644 U84*
Roch G A E 4 44s series D
b Gen mtge 5s series E
1977 M S
118
1962 Wl
8
,87
27
W Gen mtge 3j*s series H
1967 M
S
106 44
6^44
53
112
D
110
D
10744
53
2
112
112
18
1,10
1104*
18
10744
10844
23
A
*68
*64
1084*
J
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1044*
1044*
5344
10844
,110 '
103 44 1064*
644*
53
814*
60
11144 11344
109
11144
105J4 lC94i
1084*
1094*
1084*
72
42
10744 1094*
7
1084* 10944
1014* 1014*
1034* 10544
1955 F
A
5344
1955 J
J
1947 Wl 8
10144
824*
102
3>*8 conv debentures
T Paris-Orleans RR ext 643s_.
834*
24
57 44
9944 102
89
8244
100*i#
10044
41
9844 1024*
124 44
100*32
1944 A
O
1949 Wl
8
4944
12444
8
*42
1941 F
A
103
1942 J
D
50
D
17
2
2
6344
45
i03~~
68
12344 12444
45
.
*10244
61
10144 103
10144 10144
*100
WIN
1
9944 1014*
102
100
2754
3
21
28
2
2344,
28
24
2743
Richm Term Ry 1st gen 6s
♦Rima Steel 1st s f 7s
♦
1st
con
1952
1955
22
103
102
9844 10244
100
10044
9844 1024*
,
1005* 10743
A
D
A coll trust 4s A....1949 A
F Gen mtge 344s series I......1967
T§*R I Ark A Louis lst 444s—1934
O
M
1043
S
18
1654
1844
4
46
33
44
48
1543
20
*122 43
10844
10844
*1C843
843
843
i08k"
109
U153
—
..
844
443 ' ; ,4 43
J
26
"5
J
*444
643
Safeway Stores s f deb 4s
1947 J D
Saguenay Pow Ltd 1st M 44*8.1906 A O
St Jos A Grand Island 1st
J
4s...1947 J
10543
10543
106
10643
10744
1074*
9344
'
„
1344
26
4
554
6
454
*5-
J
J
843
26
30
O
444s.. 1941 J
con
♦Stamped
1354
4444
33
.
S
Wl
♦Ruhr Chemicals f 6a.:
1948 A
{♦Rut-Canadian 4s stmp...::.i949 J
{♦Rutland RR 1st
.33
1643
*43
J
10^43 10544
-
744
83
6544
D
22
2143
10144 105
107
67
75
185*
3
,
2643
10254
J
{♦Rio Grande June 1st gu 6s..1939
{♦Rio Grande West 1st gold 4s. 1939
6544
51
"3
23 4*
234*
s
10344 1054*
10944
945*
10154
23 4*
*23
O
1124* 11344
1124* 11544
107 4* 110
11744
385*
494*
Richfield Oil Corp—
8
~
5*' 107
85J3
96
'
2
118
V
43
23 4*
113
10844
1
v
102
23
25
90
96
1854
104
*
D
*35
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10454
.
2544
113
109)4
86
96
1854
10844
10344
*115
10244
.
25 4*
103 44
,
90
J
10344
113
104
8544
M N
10844
6
99
34
'65
89
1952 WIN
♦Direct mtge 6s.
1st M s f g 3s loan ctfs
Paramount Pictures deb 6s..
D
,—1959 A
♦Rhine-Ruhr Water Service 6s. 1953 J
644
105 44
For footnotes see page 2355.
.1958 J
108
*10744
9643
1966
t*
M N
105
105
112
.
1045*
6844
A
1st mtge 4 44s series B
1st mtge 444s series C
1943
94
N
10544
1952
101 5* 10643
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4 44s ser A.
104
9443
Gen mtge 444s series C_.
1956 WIN
Revere Cop A Br 1st
J
mtge4ks-1956 J
♦RhelDelbe Union s f 7s...
J
1946 J
J
1944 J
102 44 10744
103 43
104
64
J
1903 F
104
105
10343
65
2
444
Panhandle Eastern Pipe L 4s._1952 Wl S
Paramount Broadway Corp—
Guar 344s trust ctfs D
Guar 4s ser E trust ctfs
28 year 4s
11654
11253 11643
5444
J
1942 Wl
——-
guar
50
J
Parmelee Trans deb 6s
*1135*
cons
105
-
48
O
Pat A Passaic G A E cons 5s..
♦Paullsta Ry 1st s f 7s
Penn Co gu 3 44s coll tr ser B.
Guar 3 44s trust ctfs C
III II
—
122
J
8
106 43 10654
*95"
*107
5944
5044
J
1968
10854
106"" 106""
A
5144
10744
J
Wl
9454
10843
86
J
1955 J
F
90 43
?
9954
B..1966
444s
107
*95
"885*
1902 J
Ref mtge 34*s series C
Paducah A 111 1st s f g
108
108
*10544
1004*
1938
ser
90
O
M N
w.1956 Wl s
10644
106 44
1064*
D
D
11244
89 43
9044
A
M N
Rensselaer A Saratoga 6s gu... 1941 WIN
Republic Steel Corp 4 448 ser B 1961 F A
D
1946
Pacific Gas A El 4s series G...1964
1st A ref mtge 35*s ser H... 1961
1st A ref mtge 344s ser I
1966
|*Pac RR of Mo 1st ext g 4s. 1938
106
10444 10554
Remington Rahd deb 44*8
J
4s......1961
Otis Steel 1st mtge A 444s
115
1074*
9043
5344
604*
7444
*344
WIN
Pacific Coast Co 1st g 5s
14
11344
♦Rhino-Westphalia El Pr 7s...1950
10644
A
4
7
1054*
85
80
'45
100
10344
F
14
3
8
1054*
10744
10744
J
1043
112
3
"
O
5044
D
..1946 J
69
4
A
77
57 44
1972 J
Ontario Transmission 1st 5s
1945
Oregon RR A Nav con g 4s...1940
Ore Short Line 1st cons g 5s__.1946
Guar stpd cons 5s
1946
Ore-Wash RR A Nav
98 M 1035*
1095*
104*
40
124*
,
45
5044
1900 J
Ontario Power N F ls$ g 5s
26
110
9044
41
58.
...1967 M S
...
Oklahoma Gas A Elec 34*8
4s debentures
1
123
-
s
Wl
2
45
S
...1965 M N
10843 11153
104 .•
10943
107
104,
110
1064*
*80
108
1
10454
,
18
774*
43
4644
J
Connecting Ry 1st 4s—.1943
1064*
7
13
101
8
4644
7744
43
J
Ohio Edison 1st mtge 4s
1st mtge 4s
10844
*42
J
J
gu g
...
J
WIN
Gen A ref 4 44s series
B—...1997 J
J
A
343
110
10643 115
1135*
{♦Radlo-Kelth-Orph
*40
1945
s
10943
34
*96
Purity Bakeries
11844 123
106
*45
♦Oct 1938 A sub coupons
1144
{♦Providence Sec guar deb 4s__1957 WIN
{♦Providence Term 1st 4a_..__ 1956 Wl s
*110
*10544
71
1104*
A
154*
60
,
♦Apr 1 1935 A sub coupons__1945
J
S
6744
57 43
A
44s..
Port Gen Elec 1st 4
44s,
1st 68 1935 extended to
81
34*
WIN
109?*
M
55
1903 F
4s
cons guar
cons 4
1st gen 5s series C
1st 444s series D
109 44
A
10444
1948
76
1
4
10744
10444
994*
1094*
1143
343
100
1937 J
60
55
60
110
S
344
6 43
103 4i 10643
10
64
109
1094*
D
Wl
443
10643
84*
45
102'32
*76
North Cent gen A ref 5s......1974 Wl s
Gen A ref 4 44s series A
..1974 wi a
1st mtge
9
H109 44
O
Ohio
124*
*244
A
Ref A
1044*
10944
South 1st A ref 5s.l961 F
♦Certificates of deposit
♦Ctfs of
54
10144 1054*
54*
904*
4 44s__—.1964 WIN
Gen mtge 5s series A...
1970 J D
-Gen mtge 6s series B„_
1975 A O
Gen 4 44s series C.__.
J
-.1977 J
106
9
7443
1960 F
Series I
•
7.
7
97
61
Series H
,11044
M S
il*Norfolk
guar 6s—
30
9643
89 4*
D
1963 J
1957 M N
Series J
109
93
9043
16
Series F 4s guar gold
Series G 4s guar
77
J
tNord Ry ext sink fund 6 44s..1950 A
4s.__.1990
*23
ioi
J
N YTelep 1st A gen s f 444s—1939 M.N
Ref mtge 344 s ser B—.
1967 J
J
N Y Trap Rock 1st 6s
...1946 J D
6s stamped
„
1946
49
112 43 11544
49
5844
9054
54
5944
1094*
A
...1949 Wl
^♦Philippine Ry 1st s f 4s
Phillips Petrol conv $s._
m
6
104
10
*104
11643 H753
35
79
49
55
D
,
54*
4
5
77
110
ti*N Y Susq A West 1st ref 5e 1937 J
41
54*
N Y Queens El Lt A Pow 3448 1965 M N
N Y Rye prior lien 6s stamp... 1958 1
J
Wl N
16
4
—.
con gu
104*
47
12
114
634*
"5944
1967 J
344s...1907
5744
77
1
117
*344
1981 J
5s series A
sec
4744
44
10'
44*
80
*106
634*
J
444
1044
1044
12
17
94
94
11643
1977 J
..1952
1544 s Pirelli Co (Italy) codv 7s
Pitts Coke A Iron conv 4 44s A.1952
16
1544
Pitts CCCA St L 444b A—1940
154*
Series B 4 44s guar
1942
1744 i
Series C 4 44s guar
....1942
274*
Series D 4s guar.
1945
84* {
Series E 344s guar gold.....1949
1744
104*
16
12
*434*
{♦Harlem R A Pt Ches 1st 4s 1954 M N
General g 4 44s series C.
General 4 44s series D
♦Conv deb 6s...
11
4 4*.
'12*
D
{♦Phila A Reading C A I ref 6s. 1973 J
11
10343 10754
39
*4543
J
..1974 F
7544
17
'12*
General 5s series B
70
11
100
9554
22
114
Phi la Bait A Wash 1st g 4a_—1943 M N
Phlla Electric 1st A ref
12
MN
,.1957
•_
J
3 44s deb..l962 J
Phila Co
104*
11.44
O
♦Collateral trust 6s
conv
68
•114*
■1044
167
7743
O
1980 Wl S
50
*1044
1044
J
Phelps Dodge
174*
*1044
*1044
10954 11243
90
8444
11543 119
934*
"7944
4s...1940 A
cons
1st g 4 44s series C
994*
*1044
13
93
60
70
106 43
83
8143
9343
33
*40
11
10444
82
58
*204*
J
23
10444
1174*
9844
10644
70
.
WIN
34
11743
9744
93
104«*
107 43 109
'10
113
8
874*
60
*45
*504*
{♦N Y N H A H n-c deb 4a
1947 Wl S
♦Non-conv debenture 3448^.1947 Wl S
1114*
8644
1174*
9743
♦iDeome 4s......
April 19 '0 Apr
Peoria A PeklD Un 1st 5448...1974 F A
11644 1174*
12
52
it
1§*N Y A N E (Boet Term) 4s. 1939 A O
1114*
111
9944 10144
484*
63 60
61
1004*
49
1941 M S
11044
1114*
Pere Marquette 1st ser A 5s...1956 J
1st 4s series B
1950 J
123 44 126
17
1004*
J
Peoria A Eastern 1st
1074* 10944
35
'I ml
1943 A O
1947 M S
Peop Gas L A C 1st cons 0s
Refunding gold 6s
107 44 1084*
10953
11644
100
93
116
105 Vt
*10843
O
1952
High
93
"974*
974*
1984
34*8
Low
10554 10754
9344 984*
WIN
1970
1981
deb
4
Wl N
A
—.1968
Debenture g 4 44s
General 4)*s series D_,
Gen mtge 44*8 series E
*
No.
9444
105
1054*
Wl N
1970
I960
1905
Conv
28
1
High
Jan. 1
72 X
53
*12 44
N
N Y A Long Branch gen 4s
50
107
10
.....
1973 Wl N
1943 J
65
109
1946 M N
♦N Y L E A W Dock A Imp 5s
39
O
Since
©
J
A
©
050a
*106
O
1981 J
series B
Gen mtge 34*8 series C
Conso! sinking fund 4 448
General 4 44s series A
784*
11644
♦Non-conv debenture 3 44s..1954 A
„„
5543
1064*
*1244*
♦N Y L E A W Coal A RR 544s '42 Wl
♦Conv debenture 3 448♦Conv debenture 6s
218
„
5043
1075*
107 4*
O
1973 Wl N
A
ser
4 44s series B
-
6044
52
N Y A Harlem gold 344s——2000 M N
.
70
107
1949
♦N Y A Greenwood Lake 5s_.
{♦Northern Ohio Ry 1st
6244
61
4 44b
Pennsylvania PAL 1st 4448—-1981
Pennsylvania RR cons g 4s
1943
Consoi gold 4s
1948
4s sterl stpd dollar.May 1 1948
844*
8544
10543
N Y Gas El Lt H A Pow g 5S..1948
Norf A W Ry 1st cons g
57 44
7744
62
70
N Y A Erie—See Erie RR
g
6244
6'»44
774*
Range
u
Asked
&
94
944*
D
PeDD Glass Sand 1st M 4 44s. .1900 J
Pa Ohio A Det 1st A ref 4 44a A.1977 A
82 44
4544
80
1965 A
1966 A
N Y Edison 344s ser D.—
1st lien A ref 3 44 a ser E
tl*Nbrfolk A South 1st
71
454*
514*
Penn-Dlxle Cement 1st 6s A...1941 M S
734*
78
47
*66
1941 A
N Y Connect 1st gu 4 44s. A——1953 F
1st guar 6s series B
—1953 F
N Y Dock 1st gold 4s....——.1951 F A
Conv 5% notes—
1947 A O
N Y A Putnam 1st
57
or
Friday's
Low
High
10944 10944
53
8
Range
Bid
Low
"92
56
44.
A
3-year 6% notes
♦Debenture 4s
36
64
,54
5544
45 43
A
extended to—1947
N Y Lack A West 4s
73
Last
Price
Sale
21
General 5s series B
—1974 AO
1978 M S
4s collateral trust
1st mtge 343s
109
794*
A
A
Ref A lmpt 4 44s ser
24
744*
504*
61
—1997 J
..1942 J
"39
6044
554*
1952 MN
314 s
No.
111
59
Week Ended April
Jan. 1
High
♦109
£2
N. Y. 8TOCK EXCHANGE
Since
Asked
nAi
BONDS
Range
Friday's
Bid
1939
22
Week's
Friday
Range or
Sale
Newport A C Beige gen gu 4438.1945 J
N Y Cent RR 4s series A
1998 F
April
Week's
St Lawr A Adlr 1st g 6s
2d gold 6s
106
1990 J
J
1966 A
O
*.._-
St Louis Iron MtD A Southern—
♦8Rlv A G Div 1st g 4s
1933 WIN
54J*
♦Certificates of deposit
*43
{♦St L Peor A N W 1st gu 6s
1948 J
St L Rocky Mt A P 6s
sptd— 1955 J
J
{♦St L-San Fran pr lien 4s A.. 1950 J
♦Certificates of deposit...
J
♦Prior Hen 5s series B
ctfs
843
_
52
6543
63
5143
64
155*
1243
5243
743
62 43
10
64
843
943
61
1743
14
M~S
854
9
12
743
9
1
743
844
9
75*
943
79
9
51
753
743
60
1
5443
65
2943
3544
2353
843
843
60
1989 M N
♦2d 4s lnc bond ctfs...Nov 1989 J
l*lst terminal A unifying 5s. 1952 J
♦Gen A ref g 5s series A
1990 J
8
9
844
Y"j
..
♦Con M 4448 series A
1978
♦Ctfs of deposit stamped..
♦{St L SW 1st 4s bond
*55
J
90
554*
8
I960
♦Certificates of deposit.
*843
10453 10643
10544 107
10643 10744
*23
J
J
J
17
315*
1644
17
"4
11
11
1
16
843
1354
1443
14
14
1344
1554
Volume
New York Bond Record—Concluded—Page 6
148
bonds
N.
Y.
8TOCK
Last
EXCHANGE
g JO
Week Ended April 21
Friday's
&
Asked
Bid
Low
con g 4s_. 1968 j
{♦St Paul E Gr Trk 1st 4%s—. 1947 j
D
{♦St Paul A K C Sh L gu 4 %S_. 1941 f
A
High
*4
Range
No.
bonds
Since
Is
cq 5
N. Y. STOCK EXCHANGE
Jan. 1
Low
*87
J
St Paul a Duluth 1st
5%
3%
96 H
97%
1966 ivi
{{♦Wabash RR 1st gold 5s
1939 m n
♦2d gold 6s
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
96%
114%
Virginian Ry 3%s series A
6%
9
5
96 H
St Paul Un Dep 6a guar
1972
8 A a Ar Pass 1st gu g 4s
1943 j
J
San Antonio Pub Serv 4a
1963 a
O
San Diego Consol G A E 4s
1965 MN
Santa Fe Pres A Pben 1st 5a__
1942 m
1946 J
51
106
111%
*108H
110
j
*15
j
j
*15
18
A
o
*25
26
A
o
*1989
m n
♦Stamped
♦Guar s f 6 Ha aeries B
♦Stamped
Scioto V A N E 1st gu 4s
{{♦Seaboard Air Line lstg 4s.. 1950 a
1950 a
{♦Gold 4s btamped
♦Adjustment 6s
Oct 1949 F
1959 A
|♦Refunding 4a
*115
9
cons
'
o
1945 ms
6a series A
♦Certificates of deposit--.
1933 m"s
{5*Atl a Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs—. 1935 F a
1935 F
♦Series B certificates
Shell Union Oil deb3Hs
1951 M
Shlnyetsu El Pow 1st 6%s
1952 J
♦Siemens a Ha lake deb 6Hs—. 1951 m
6%
6
—.
*2%
s
59 H
1950
59%
99%
41
104
8
106
45
1961 m
s
1st mtge A ref 4s--_-
1965 F
a
Southern Colo Power 6a A
1947 J
j
Southern Kraft Corp 4Hs-
1946 j
D
"4
107%
1st A ref 5 Ha aeries A..;
102% 105
107%
{♦Western Pac 1st 5s
Western Union
106% 108%
10S
106
109%
108%
109%
10
102
102
102
2
108% 110%
104%
100
94
24
Gold 4 Ha
Gold 4 Ha
1988 m
-
103
3
101
45
46
14
41
45
47
90
43
62
79.
46
46
%
8
44 H
43%
45
ivi
7
5
119% 121%
110% 111%
106
*
5
105
45
83%
105%
79%
84%
105%
1
15%
15%
78%
14
RR 1st consol 4s
1966 f
White Sew Mach deb 6s—
1940 M n
57%
{{♦Wllkes-Barre A East
39%
57%
57%
Wilson A Co 1st M 4s series A.1956
39
10-year secured 3 Ha
1946 J
j
53 H
52
51%
68
Conv deb 3%s
Winston-Salem 8 B 1st 4s—
San Fran Term 1st 4s
1950 a
O
83%
83%
2
82%
93
{♦Wis Cent 60 yr 1st
80
.77
,1956
Devel A gen 6 Ha
Mem Dlv 1st g 6s
-
-
St Louis Dlv 1st g 4s.
62%
.1956
Devel A gen 6s
.
48%
.1956
Devel A gen 4s series A
65%
47
gen
1st A ref 3s series 0—
So'western Gas A El 4s
105%
.1961
.1953
2%s
Studebak&r Corp conv deb 6s-. .1945
.1950 MN
Swift A Co 1st M 3%s.
j
Tenn Coal Iron A RR gen 5s—. .1951 J
Tenn Cop A Chem deb 6s B._. .1944 m 8
Tenn Elec Pow 1st 6s ser A_—. .1947 j D
1st
cons
gold 5s
"Io5
21
89%
5
76%
.1953
Gen refund s f g 4a
■
.1951
Texas A N O
gold 5s
Texas A Pacific 1st gold 5s
Gen A ref 5s series B
5
103
%106%
25
103
105
68
86
76%'
107%
129
99%
100%
*101.-19
....
r
*116
80
81'
81
.1979
Gen A ref 6s series D
1980
Tex Pac Mo Pac Ter 5Ha A... 1964 m s
79%
84
*80
100
100%
1960
..Jan 1960
9%
1937
{{♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Ha.—— 1952
42
38%
41
92%
♦AdJ Income 6s-_
:9%
47
131
91%
3
105%
47
1953
106
54%
Tol A Ohio Cent ref A Imp 3Ha 1960
1950
Tol St Louis A West 1st 4s
*85%
*57
55%
47
104%
105
A_. 1953
Trl-Cont Corp 5a conv deb
♦Tyrol Hydro-Elec Pow 7%s— 1955
OilI
.
7%
87%
105
53
54%
——-
89
-----
during current week,
lot sale,
n Odd
*
a'list
of the New York Stock Exchange bond Issues
■>"'
;
:
.
'•
'
•
;
2
;
,
.
Deferred delivery aales transacted
Transactions
tinder
No sales' transacted during current week.
during the* current week and not included in
.■..
:.y-" /
;.
y.
"
Exchange,
Stock
York
New
the
at
56%.
Daily, Weekly and Yearly
United
Stocks,
Railroad <k
State,
Number of
Shares
Miscell.
Municipal &
For'n Bonds
Total
States
Bonds
Bonds
.
23%
26
which have
»
105,
20 at 102.
♦ Bonds selling flat.
Week Ended
26
°
•
Friday's bid and asked price.
April 21. 1939
20
Is
at
ser.
{ Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies y
60%
90%
65%
109
106
a Deferred delivery sale; only
not included In year's range.
Cash sale; only transaction during current week,
Budapest 6s 1962, April 18 at 8%.
Siemans"& Halske 6%.s 1951, April 19 at
13%
93
106%
yearly
.V' v.y
•/:'
U S Pipe & Fdy 3%s 1946, May
123% 124
*123%
*103%
106.
*22%,
110
103% 107%
.v""■'
•-
"98" 166"
100 %
100
53
the current week and not Included In the
during
y,'.-:/
1942
Tol W V A Ohio 4s series C
Toronto Ham A Buff 1st g 4s-. 1946
1949
Trenton G A El 1st g 5s——-
116
102%
104%
5%
108%
107% 110%
5
9%
*8%
C 1957, May 1 at 105.
Hackensack Water 4s 1952, April 26, 1939 at
; Nord Rys 6%s 1950. Oct 1 at 102.
" *
..
37% -46%
85
90
9
m n
7
106%
Ex-interest.
Tokyo Elec Light Co Ltd—
1st 6s dollar series
17
100%
the yearly range:
Third Ave Ry 1st ref 4s._
9%
4%,
«.
109%
Paris Orleans 5%s 1968, Sept. 1 at 100.
96% 100%'
100%
transacted
Cine Un Term 5s
95
79
sales
If The following is
113% 118%
80
89
78%'»89
81
M,
*.
108
been called In their entirety:
105% 108%
117
5%
-
113% 115%
103
107%
•
11%
5
{ Negotiability Impaired by maturity,
t The price represented
the dollar quotation per 200-pound unit of bonds.
Accrued interest payable
exchange rate of $4.8484.
■ y
... ...
■
102%
84%
2000
Gen A ref 6s series C
126%
94 % 101
101%
85%
.*
r
101% 103
107
106%
125
Cash
NO sales.
transaction
x
106% 107%
230
107
105%
*83%
107"
16
III"
*114
"i07"
26
101%
101%
e
?
104% 105%
56
74
113
7
3
108%
D
97%
110
~
107%
108
88%
48
5
102%
—1961
100% 103%
8%
1948 M s
range:
18%
103%
»« .1977
-
12%
104%
*125
.1943
con
104% 107%
106% 108%
105
106%
Texarkana A Ft 8 gu 5Ha A--. .1950
Texas Corp deb 3%s
7
104%
103%
107
100
31
....
-
8%
10%
6
14
'
97
90%
101% 101%
112%
110
105
104%
103%
.1944
-
14
*13%
1st g 4 Hs-_. .1939
Term Assn of St
106%
108%' 108%
108%
j
1
22
102%
*4%
1901 j
4s—
2
.
92%
102
8
;
3Ha..—1968 A"6
1st mtge fl f 4s ser C
111
.1968
Standard Oil N J deb 3s—
Conv
74
111
D-. 1960 mn
ser
80
110
59
52%
104% 104%
109% 110%
19
{♦Wor A Conn East 1st 4%s—1943 j
Youngstown Sheet A Tube—
80%
65
48
44%
3
8%
-
76%
58
11
<
45
*7
Wisconsin Public Service 4s
66%
*55%
So'western Bell Tel 3 Ha ser B_. .1964
50
'"~8
Wisconsin Elec Power
deb
22%
*110%
1960
4s.-.1949
91%
61%
72
77
17%
89%
{♦Sup A Dul dlv A term 1st 4s '36 mn
79
.
2
101%
ioi%
57
24
62%
66
*46
.1951
♦{Spokane Internat 1st g 5s—. .1955 J
.1946
Staley (A E) Mfg 1st M 4s
■
59%
62%
.1996
15l!
49
.
67%
19
8%
44
52
82%
57
*100%
1947
♦Certificates of deposit
'
55
92
92%
♦Certificates of deposit
80
68
60
gu 5s_1942
126
.1994
66%
57%
.110
1949 M
Wheeling Steel 4%a series A
61%
40
3
23%
66
28
.
*104%
1966 M
D
44%
.1955
14
62
49%
44%
2361 j
ser
45
1st 4s stamped..
Southern Ry 1st cons g 5s
4
19
58%
59%
—2361 j
Registered
72%
1
15
58
57
61%
s
68%
55%
89%
95
82%
104% 107%
15%
23%
3
59%
58
d
m
..I960
West Shore 1st 4s guar
104%
■'
107
78%
'
42 H
51%
•,
■<
19
-.1951 j
43
59%
123% 125%
105% 108%
to
106
S
43%
57%.
107%
100"ji101%
J
-
16
s
43%
58%
107
'
125%
110%
83%
m
1981 M n
.1955
40
106% 108%
«.
121%
o
1946
1969 MN
So Pac RR 1st ref guar 4a
*• w
107%
106~~
ser A—1946
Gold 4 Ha—
-
47
39%
121
♦Westphalia Un El Power 6s.-1953 j
95,
90%
103
103
107
Teleg g 4%s_.1950 mn
Wheeling A L E Ry 4s
■
35
110%
79
1943 a
25-year gold 5s
30-year 5s
Southern Natural Gas—
1951 A o
1st mtge pipe line 4 HaSo Pac coll 4s (Cent Pac coll)-. 1949 j D
1st 4Ha (Oregon Lines) A-_. 1977 m s
95
15
110
121%
s
1977 j
♦5s assented,-..
117%
15
;,r
'm'i*
*124%
1952 A
West N Y A Pa gen gold 4s.
107%
H
86
*100 "16
d
Western Maryland 1st 4s
106 H
93
80
89% !01%
70
d
m
75
-.
66%
16
50
#
j
1967 J
-
121
38
*107%
d
E.1963
ser
-
58
90%
*25
A
1939 J
1950 J
mtge 3 Ha series I
78
90
11*
6%
101% 107%
5
100%
*
J
105
115
107%
107%
8
60
36
A
1966 j
82
91
"~3
96
>113%
1962
3Hs
Southern Calif Gas 4%s
59%
105H
105%
South a North Ala RR gu 6s-. 1983
South Bell Tel A Tel
21%
6%
106
75%
20
H
103%
1951
Socony-Vacuum OH 3 Ha
58
5
*88%
h
West Va Pulp A Paper 4 Ha—1952 J
62
55
4
100%
s
ivi
1945 f
t 58—
GeD mtge 3 Ha
West Penn Power 1st 5s
3
13
6%
87
1945 f
5
1st
14
6
*55
..1941
Westchester Ltg 5s stpd gtd
103% 105%
20
95
96
s
6%
7
iooH
1948 M
5"
4
.
'58'
*18
Wash Water Power
40%
3
*104%
59%
-
3
91
57
z58
.
43
6
7%
7
59%
1939
2%
105%
57
17
43
17
-
7%
1955
Wash Term 1st gu 3%s
1st 40-year guar 4s
10%
12
2%
104%
105
11
5
6
2%
*2%
d
1952
Skelly Oil deb 4s
5%
16%
*1.2
♦Silesia Elec Corp 6Ha.
1946
Slleeian-Am Corp coll tr 7a__:-. 1941
Simmons Co deb 4s
6%
52%
17%
17%
»
6%
Warren RR 1st ref gu g 3%s..2000 F a
Washington CeDt 1st gold 4s..1948 Q m
8
15%
42
S
{♦Warren Bros Co deb 6s-
4
28
1
a
4
4
28%
48
15%
1980
—
15
24%
6,
6%
♦Ref A gen 5s series D
17%
8
-
15%
O
m
2%
6%
:5H
.
A
1978
Certificates of deposit
6s debentures
18
*13
J
1976 F
6s debentures
High
105% 107%
36%
49%
10
25%
Hs A. 1975 ivi s
Warner Broa Plct deb 6s
„
31
16%
Walker (Hiram) GAW deb4%s 1945
Walworth Co 1st M 4s—
1955
■
4
4
; *3%
6
a
S
2%
4%
*2%
No.
39
Jan. 1
*48
4s__1939 J
g
gen 5
19%
9%
"""9
High
107%
*
1941
♦Ref A gen 4 Ha series G_
31%
16%
8%
Qq&3
39
A
Since
§?
Asked
&
107
107%
-----
1954
♦Ref A geD 5s series B
30
25
16%
A
20
{♦Wabash Ry ref A
116% 116%
120 %
*10
♦Certificates of deposit...
♦1st
15
25
'
25
25
25
O
O
21
1939 f
♦Omaha Dlv lstg 3%s____.1941
♦Toledo A Chic Dlv g 4s
1941
50%
105% 106%
110
112%
109
110%
15%
19%
106%
Il946
{♦Schulco Co guar 6 Ha
{♦Des Moines Dlv 1st
68%
51
*110%
s
98%
114% 118
s
Range
Friday's
Bid
Low
87%
6
114%
1940
Range or
Sale
Price
High
87%
8
Last
Week Ended April 21
St Paul Minn A Man—
{Pacific ext gu 4b (large)
Week's
Friday
Range or
Sale
Price
2395
Week's
Friday
'
"
"
.
!
•
,
Bond
Sales
S
sec
1952
it7s
1st lien A ref
4s__„,—June 2008
*
25
109
27
11%
114%
107%
19
113%
34
107
40
1st lien A ref 5s_——-June 2008
113%
5
34-year 3 Ha deb—:r
1970
35-year 3Ha debenture.-—.1971
United Biscuit of Am deb 6S---1950
96%
23
United Clgar-Whelan Sts 5s
1952
1953
United Drug Co (Del) 5s„
37
99
$2,687,000
$848,000
$144,000
•2,942,000
2,979,000
883,000
1,110,000
4,941,000
441,770
872,000
253,000
436,880
3,151,000
913,000
515,558
3,297,000
1,290,000
214,000
232,000
4,104,000
4,278,000
4,819,000
Saturday
,
9%
13
114"i,116%
.108% 109%
111% 114%
104% 108%
110
116%
94 "' 99%
93
660,200
524,040
Tuesday
85
106% 110
71%
75
$3,679,000
Monday.—.—
♦Guar
UJlgawa Elec Power s f 7s—
1945
Union Electric (Mo) 3%s
1962
{ {♦Union Elev Ry (Chic) 5s—1,945
Union OH of Calif 6s series A—1942
3 Hs debentures
1952
Union Pac RR 1st A Id gr 4s—1947
-----
_
_
———
Wednesday -i— V..:
Thursday-----Friday.
I
—
—
391,760
2.970.208
$18,191,000
128,000
4,486,000
$6,029,000 y $2,087,000
$26,307,000
1,223,000
3,135,000
..-.
—
Total-.
•
v
1 to April 21
Jan.
Week Ended April 21
Sales at
„
New York Stock
</
,,1938
1939
Exchange
•*
1938
1939
107% 109%
"2
39
72
83%
69
81
U N J RR A Canal gen 4s
1944
{{♦United Rys St L 1st g 4s
1934
"4
109% 110%
24%
30
tU S Pipe A Fdy conv deb 3Hsl946
U 8 Steel Corp 3Ha debs.-1948
74
102% 118%
88
104
.
2.970,208
■
4,973.680
^0,852,085
$2,087,000
Stocks—No. of shares-
$9,323,000
$30,109,000
75,887,31-9
;
Bonds
Government
$58,066,000
6,029,000
4,423,000
89,064,000
83,410,000
18,191,000
20,103,000
441,297,000
430,781,000
$26,307,000
$39,849,000
$560,470,000
$572,257,000
State and foreign
Railroad and industrial
106
36
50
1951
38%
50
1947
35%
50%
United Stockyards 4%s w w__1951
85%
♦Un Steel Works Corp 6Hs A—1951
♦Sec
s
f 6Hs series C
♦Sink fund deb 6Hs ser A
Utah Lt A Trac 1st A ref 5s—1944
93
1944
93%
99%
{{♦Utll Pow A Light 5H3
{♦Debenture 5s
1947
1959
66
69%
65%
69%
Vanadium Corp of Am conv 5s
1941
Vandalia
1955
106% 106%
1957
Stock and Bond Averages
90
98%
Utah Power A Light 1st 5s
Total
106% 106%
%
%
Cons
s
cons g
4s series A
f 4s series B
{♦Vera Cruz A P 1st gu 4 Ha
{♦July coupon off
1968
Va Iron Coal A Coke 1st g
5
Va A Southwest 1st gu 5s.
1st cons 5s
..1949
18
the
daily closing averages of
representative
New York Stock Exchange
compiled by Dow, Jones & Co.:
103%
107% 110%
27%
are
stocks and bonds listed on the
as
96
1934
Va Elec A Pow 3 Hs ser B
Below
10
Date
72
56%
20
63
10
15
Total
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
Rail¬
Utili¬
65
trials
72
1958
30
Indus
35
2003
Bonds
Stocks
roads
ties
Stocks
Total
128.71
25.75
22.37
42.98
106.50
92.03
46.43
107.16
Apr. 21.
128.41
25.86
22.25
42.92
106.26
91.73
46.36
107.21
•Apr.'20.
'127.01
25.63
22.06
106.23
91.76
46.21
107.08
Apr. 19.
42.48
87,82
25.30
21.94
41.97
106.11
91,81
46.20
106.95
87.77
Apr. 18;.
Apr. 17-
125.38
127.34
25.68
22.18
42.60
106.16
91.83
*46.31
107.18
87.87
129.61
26.15
22.69
43.39
106.13
91.91
46.53
107.09
87.92
88.03
87.89
*
New York Curb
2396
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only
of the regular
weekly range are shown In a footnote In the week in which tbey
occur.
April 22, 1939
transactions of the week
and when selling outside
No account «s 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
beginning on Saturday last (April 15, 1939) and ending the present Friday (April 21, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
Friday
Par
Week's Range
for
Sale
of Prices
Low
High
Acme wire v t c com—20
Aero
Supply Mfg class A.*
Alnsworth Mfg common.5
5*4
Feb
900
400
5*4
6k
Apr
11
100
1X
Apr
2
Feb
Apr
Apr
*4
pref——.*
—*
Alliance
Invest
X
""ioo
"86"
""216
*16
60
conv
Co
Aluminum
71.
98 H
common.
8% preference.—..100
"96"
112
166"
112
"ITooo
112
14
250
700
14k
IX
Ltd
common.*
preferred
X
Jan
0
Apr
90
American Airlines Inc.. 10
20
950
109*4 113
k
"2*0*4
""900
1*4
19*4
1*4
400
100
7% 1st preferred
Borne Scrymser Co
Mar
7X
18*4
115*4
Mar
15X
Mar
10c
common
Mar
4
141
Jan
110X
7% 1st preferred
preferred
Apr
25X
Mar
Mar
3X
Jan
Apr
60 X
Jan
Apr
OH
Jan
Apr
2k
Mar
Jan
i*
*
Centrifugal Corp..1
M
w
'«•
.... .
23
Feb
75
2X
27*4
29*4
125
27
Jan
35
26*4
1*4
26*4
100
25X
Apr
34
!
33 H
50 preferred....—....*
American General Corp 10c
52 preferred
1
"3M
to!
•
Jan
8X
Feb
{Brown Co 6%
40 X
Mar
112 X
Apr
Apr
500
3X
Apr
4X
Jan
20
16
16
200
13*4
14
600
OX
ui«
*
ex
Seal-Kap com
2
Superpower Corp com*
*
31X
18
Mar
18
Jan
Buff Nlag A East Pr pref 25
55 1st preferred
..*
Jan
15
Jan
Apr
66
300
X
20 X
55
29
Feb
70
Apr
9
Apr
X
68*4
16X
3,000
8%
200
Jan
77 X
13
Apr
27
100
"""266
2X
10
Car lb Syndicate
7,300
2
Apr
7*4
5,500
5X
Jan
82 X
50
78 X
Apr
5%
4*4
400
5*4
Apr
82 %■
82
5*4
5*4
4%
4X
8%
8%
900
4X
Apr
8
Jan
Carnation Co
Jan
Carnegie Metals
Jan
Apr
Cbmmon
1,400
200
v
10
*k
Jan
H
Jan
3,200
X
Jan
2,000
%
16
5H
Jan
Jan
11*
Jan
Jan
X
Jan
IX
10
68
"2% "3"
i~200
68
Apr
Jan
98
Feb
2X
Apr
68
X
._*
14X
.1
*16
500
*16
Vie
...
200
Jan
Feb
27
7*4
Mar
20
4*4
Apr
-7*4
Jan
Apr
23*4
Jan
Apr
2*4
Feb
,
'
2X
.
37*4
18X
18
19*4
20
com
4X
7% preferred
...30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
17X
6
34*4
Mar
19*4
Apr
23*4
Mar
107
11
Apr
2
Jan
15*4
2*4
1
""600
""1*4 "Tx
1
Apr
»
Jan
Jan
102
Jan
Jan
*4
Apr
2*4
Jan
Jan
1*4
Mar
Feb
4
Mar
Feb
17*4
25
i»,«
*4
3*4
16*4
xi,«
26*4
Apr
"33*4""
1,600
Jan
Mar
27*4
27*4
1*4
IX
100
1*4
Apr
""% "l"
1:266
X
5*4
Apr
Feb
8
*4
Feb
1*4
3*4
Apr
4*4
Jan
Jan
28*4
Mar
100
*
"79"
12 X
"79" """"26
12*4
11*4
3,100
6*4
100
24*4
2^4
~~1~X'
Jan
Mar
Jan
•'
»u
Apr
Mar
Jan
85*
Feb
96
Mar
78-
Jan
87
Mar
10
Apr
21*4
Jan
6*4
Apr
5*4
Feb
9
6*4
*
...
Apr
•
15
Jan
18*4
3%
'2,000
79*4
.2x
3%
Cent Hud G A E
100
Mar
23*4
Jan
2*4
Apr
4*4
Jan
,
Apr
Mar
preferred—r
Centrifugal
8k
Jan
Apr
Apr
k,
Feb
16 X
15
Jan
IX
Jan
4
Strip
....
Jan
Cbarls Corp
Mar
Apr
45
Jan
Chllds Co preferred
29 X
Jan
Cities Service common..10
Preferred
•
Apr
9
Feb
Jan
Apr
22 X
Mar
Apr
Feb
Mining
Preferred B
Preferred BB__
*
1,600
1*16
Mar
1,700
X
7X
Mar
IX
Jan
Jan
iox
Mar
4X
Apr
6k
Mar
4X
Mar
Clark Controller Co
Claude Neon Lights Ino
Jan
8X'
Jan
Jan
2
Jan
Jan
Cleveland Eleo Ulum
7% 1st pref vtc
30
Apr
40
Feb
4
Apr
5
Jan
11
Feb
13
Jan
8
24*4
7*4
172
Bell Tel of Pa 6X% pf.100
Benson A Hedges com
*
._»
7*4
24X
7
172
3*4
325
8
400
4*4
*
8X
3,700
5X
Jan
11X
Feb
2,500
20X
Apr
36X
Jan
98
7n
:
Apr
Jan
Mar
14
Mar
5*4
Jan
Feb
4*4
Jan
Mar
Jan
5
Apr
3*4
Feb
Mar
1*4
Jan
50
212
Apr
15
50
110
Apr
130
Jan
50
62
Jan
79
Feb
5*4
212
,110*4 110*4
,
64
64
""""*4
40*4
6X
49*4
37*4
6*4
48
5k
Apr
10 X
Jan
Colon Development ord
Apr
"8
""466
*4
Apr
350
34*4
Apr
•
*4
40*4
6*4
52*4
2,400
2,900
'
6
43*4
Apr
Jan
Apr
Mar
Mar
6
Jan
Jan
*4
58
9*4
55*4
Jan
175
Mar
120
Jan
123
Mar
Colorado Fuel A Iron
16
Jan
35
Mar
27
Jan
42 X
Mar
Colt's Patent Fire Arma.25
Columbia Gas A Eleo—
£1
warr
_
preferred—100
Jan
Jan
Feb
Mar
Feb
5
Mar
Mar
51
Mar
Jan
84
Feb
53*4
Jan
81
4*4
Apr
7
4X
Jan
5*4
Mar
Jan
20*4
Mar
3X
40
45
67
43*4
37
67
55
4*4
500
5
16
1*4
Feb
Jan
Jan
X
2,600
X
IX
Apr
3*4
Jan
"36*4 "38~~
""266
34*4
Jan
38*4
Feb
4*4
300
Apr
6*4
Mar
"2*4 "2%
'"166
X
36*4
4*4
4
1*4
Apr
Apr
2
Mar
2*4
Jan
3*4
Mar
7*4
Mar
7*4
Mar
8*4
Mar
7*4
Jan
2*4
164
6% conv preferred
Jan
Jan
4
5*4
110*4
4*4
7*4
•'
100
Cohn A Rosenberger Inc.*
1,500
Conv 5%
For footnotes see page 2401.
1,600
3*4
1
26*4
7X
50
9*4
Apr
Jan
,
Apr
212
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
172
Apr
6*4
85
*4
2*4
7*4
4*4
Cleveland Tractor com...*
Cllnchfield Coal Corp..100
20
Mar
900
Clayton A Lambert Mfg..*
50
Beaunlt Mills Ino com—10
Jan
Mar
96
«»
1
Mar
100
14*4
91*4
Mar
City A Suburban Homes 10
1,500
Jan
1*4
'♦ 3*4
Cities Serv P A L17 pref. ♦
30 preferred
_•
City Auto Stamping
*
2
6X
Mar
Mar
1,400
*
36
5*4
Mar
3*4
1
100
7X
IX
.....
Mar
61*4
1*4
10
Feb
35X
3A
27*4
13*4
85
454
5
40
1
25
•
Co.
37X
5
48
91*4
5*4
1*4
IX
X
*
Jan
'""260
5*4
Pipe..
4
300
'
Apr
Feb
3*4
Chamberlin Metal Weather
Apr
16X
300
100
Jan
6 X
4
,
Conv pref opt ser '29.100
Jan
X
Feb
14
20
V*
89
Jan
Conv
100
86*4
7
89
1
...
Apr
X
86
7*4
2X
50
86
100
25X
Apr
76
91*4
100
2,000
17 X
14*4
preferred..,
2X
1,500
14*4.
preferred—'
Jan
3,300
50
7%
Apr
""fo
.50
Cent Obio Steel Prod
1
Cent Pow A Lt 7% PfdTOO
Cent A 8outh West Utll 60c
Cent States Elec com
1
100
18
i?
com
4
4
0%
Mar
X
5*4
78
_A*
(L) Co com...»
7% 1st preferred
100
Jan
17
Jan
500
500
k
2
Baumann
Conv pref
6
Apr
Jan
Apr
300
X
Cherry-Burrell common..6
ChesebrQugh Mfg
..25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—.4
6
X
Barium Stainless Steel... 1
Barlow A Seellg Mfg A
6
100
1*4
1,000
20
■
102*4 103*4
11
11*4
103
Jan
Apr
13
19*4
Baldwin Locomotive—
1
20
Feb
Feb
10
♦
1st preferred.."
Chief Consol
...10
1
"366
"26"
x»i«
Feb
27*4
Jan
2%
Aviation A Trans Corp
.1
Axton-Flsher Tobacco— *
Bellanca Aircraft com
Bell Tel of Canada
Feb
23*4
4X
15
"400
Warrants
51.60 conv pref
Beech Aircraft Corp
Bell Aircraft Corp com
24
100
31X
15*
"~6% ~~7X
..5
Basic Dolomite Ino com.. 1
Bath Iron Works Corp
1
Jan
400
*4
2*4
1X
0% preferred w w
25
0% preferred xw—___25
Class A common
Babcock A Wilcox Co
21
11*4
Feb
3X
X
200
15
•
3X
IX
Avery (B F)..„
Jan
100
23 H
Apr
17
T
Automatic Products.
5
Automatic Voting Mach—*
Purch warrants for
Apr
96 X
68
Atlantic Coast Line Co—50
Austin Silver Mines
Mar
22*4
27X
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
*
Coast RR Co pref
100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries
*
Atlas Corp warrants
Atlas Plywood Corp
Mar
22*4
Apr
21X
"26"
7% 1st partio pref... 100
Celluloid Corp common. 15
37 dlv preferred
*
Jan
Mar
11
t o
Rayon Corp
31
Apr
X
Castle (A M) common..10
Catalln Corp of Amer—__ 1
Mar
Atlanta Birmingham &
Atlantic
Casco Products
Feb
X
■
8*4
Option warrants.......
Assoc I<aundrles of Amer.*
Assoc Tel A Tel class A
Apr
26 %
1
Carter (J W) Co common. 1
Mar
ht
........1
*
Mai-
Celanese Corp of America
1
Class A
55 preferred.
11*4
1
com
preferred
Carrier Corp common
Eleo Industries
Amer deposit rcta__—£1
Assoc Gas A Eleo —
Jan
*
common
36
Mar
7X
5X
Jan
9*4
"f66
*
Carolina P A L 37 pref
7*4
02
Mar
Mar
—*
Feb
3X
■
1*4
4*4
Jan
31
...25c
Class B—
Mar
X
X
Apr
Jan
Mar
77
Apr
Capital City Products...*
Carman A Co class A
3
Jan
7*4
Apr
Apr
-Apr
»is
1
Jan.
112
OX
Apr
Apr
.*
Jan
Jan
Apr
2
non-voting
Canadian Marconi
Feb
Jan
X
B
IX
14
IX
Mar
Jan
*16
Jan
2
200
2X
12*4
32
Jan
3*4
1,900
4%
6X% pref shs £1
3X
Jan
Apr
Apr
108k
l
Apr
23 k
11
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Feb
2k
Jan
3X
IX
Am dep
Mar
Feb
67
3,900
6
com
Apr
J6«
Calamba Sugar Estate..20
Camden Fire Ins Assoc...5
Jan
100
"i'ioo
Arkansas P A L 57 pref..*
7*4
36,700
Jan
21X
v t c—_50c
Cables A Wireless Ltd—
Apr
500
2*4
2%
2Xr
7X
1,100
2,100
X
Jan
29*4
20*4
21*4
Cable Elec Prod
Mar
Jan
1
10
Common
Apr
6X
IX
7*4
8k
"Iox "Iox
Am dep rets..
Burry Biscuit Corp..12He
Jan
IX
Jan
Jan
""a """*18
Feb
Burma Corp
OX
57 X
\x
Apr
11*4
6
Mar
21*4
Bunker Hill A Sullivan 2.50
350
11
Mar
2*4
29
5*4
11
5*4
12*4
com..
Apr
,4k
X
.
Jan
Jan
Bruce (E L) Co com.....5
Buckeye Pipe Line
50
Apr
Apr
300
IX
Ashland Oil A Ref Co
Mar
Apr
200
*16
24*4
Apr
7*4
—-1-
15X
2,500
68 X
Apr
3*4
800
.2*4
*
13
800
.5X
8%
_
Common class A—__*
pref..
36 preferred
Brown Rubber Co
Mar
7
2*4
Associated
Jan
*
Wupperman.
Apex Eleo Mfg Co com
Appalachian El Pow pref *
JArcuturus Radio Tube—1
Arkansas Nat Gas com...*
Art Metal Works
26 X
70
0%
5*4
12*4
400
Brown Forman Distillery
Jan
\0X
15
American Thread pref.r.6
Preferred....,
10 k
24
'It
68*4
...
50 series preferred
Anchor Post Fence
28 X
31X
66
Amer Potash A Chemical
American Republlos..—10
Class A
Mar
Jan
Mar
24
22
Amer
Angostura
25
100
„
50
4%
74
pref...TOO
25X
k
16X
10
Brown Fence A Wire com.l
Jan
ex
150
25
1st 50 preferred
116
Jan
4*4
3
Am dep rets ord reg—10s
Jan
Amer Laundry Macy
Amer Lt A Trac com
Am
31
Mar
125
3,600
27
Ws
11
Jan
Apr
3k
British Col Power cl A...
100
ll*
Jan
9
29*4
Preferred
Jan
1*4
£1
26
28 X
1
Amer Maracalbo Co—
Amer Meter Co—.
Amer dep rets reg
British Celanese Ltd—
Jan
Apr
Amer Hard Rubber Co..60
Amer Invest of 111 com...*
6% preferred
—25
Amer Mfg Co common 100
Jan
Tobacco—
Apr
Apr
Apr
29*4
Feb
32
Am dep rets ord bearer£l
18 X
24
Jan
4
24
*
22
3*4
9
Jan
•rt
Class A
800
3*4
Apr
Apr
British Amer Oil coupon.. *
British Amer
Jan
3*4
4
Brlllo Mfg Co common...*
2,400
33*4
35*4
112*4 112%
Mar
1
1*4
k
Jan
39*4
100
Ok
6%
8*4-
*
"21*4
24
...
52.60 preferred
2X
Apr
20*4
1*4
4*4
-.100
9
Amer Foreign Pow warr
Amer Fork A Hoe com..*
*
•IK
Apr
300
*
Ci
■
Apr
Apr
200
100
preferred
7%
Mar
Amer Gas A Elec com
Machine.
Brill Corp class B
Class A—
Mar
26*4
20 X
5
Registered
29*4
.TO
13*4
X
75
300
Jan
Jan
IX
4X
Preferred
Jan
,..26
n-v
17*4
34
1.300
ht
Bridgeport
Mar
Jan
Class A with warrants.25
Class B.
__1
Class B
Apr
Bright Star Elec class B.
Feb
1
15X
1
35
Bridgeport Gas Light Co. *
■Xi
Amer Cyanamld class A. 10
8
3X
Rights
Jan
Apr
"ix "i"66o
IX
Am Cities Power A Lt—
Class A
X
18'
67
.....
Amer
Jan
16 X
2d
Mar
X
$3 preferred
56.60 prior pref....
8
10
Breeze Corp
Brewster Aeronautical—1
Mar
f-2
39
Apr
IX
16*4
Brazilian Tr Lt A Pow...*
Jan
American Capital—
Class A
1)0
131
Mar
Common class B—10c
Feb
Mar
2*4
.1754
...
Jan
5k
Mar
3X
Bourjols Inc
Apr-
46
Jan
Jan
17
1,700
5
Bowman-Blltmore com.—
104
Amer Box Board Co com.l
*4
Jan
.25
Jan
Apr
16k
IX
X
35
10 k
100
Jan
3
111*4
American Beverage com—1
American Book Co
Mar
108
100
1
*
Blumenthal (S) A Co..—*
Bohack (HQ Co com...*
53 opt conv pref..
ox
15%
X
34X
10X
15X
Corp com
Blue Ridge
Jan
Jan
14
Aluminum Industries com1*
6%
Feb
Jan
110X
k
Mar
13
5%
Bliss (E W) common
1
Bliss A Laughlln com....5
Mar
Jan
14*4
Blauner's common
Mar
Mar
"366
Apr
z34
Jan
Mar
7X
High
X
*4
Jan
94 k
17 k
400
14
X
66 X
86 X
2
10
{an. 1, 1939
Low
warrants...
18
Jan
com—..26
com
Purchase
Range Since
Shares
High
Birdsborp Steel Foundry
A Machine Co com...
Jan
*
Low
Price
52,50 conv pref
Jan
Jan
62 X
.
for
Week
BIckfords Inc com
Jan
X
X
8X
50
*
Aluminum Goods Mfg.
Aluminum
8X
1
81
75*4
•
Jan
Jan
IX
84
81
pref
conv
Class A
Apr
16
Allied Internat Invest com*
$3
6
Par
of Prices
Berkey A Gay Furniture. 1
Mar
•
com.
com
Allied Products
81k
20 X
Apr
Alabama Gt Southern..60
$6 preferred
Alles & Fisher Inc
Jan
3X
5%
7k
IX
—
Ala Power $7
24
(Continued)
High
18X
1*4
7*4
.
}Air Investors common..*
Conv preferred
*
Low
'"506
.....
"*"3*4
Air Associates Inc com—1
STOCKS
Week's Range
Sale
Range Since Jan. 1, 1939
Shares
......
Class B
Warrants
Last
Week
Price
Sales
Friday
Sales
Last
STOCKS
2
2*4
200
IX
Apr
4
4%
4*4
100
4*4
Feb
4*4
4*4
4*4
4*4
4*4
500
4
Apr
9
80
Jan
Mar
Jan
79
80
400
70
Apr
94*4
Jan
62*4
62*4,
100
55*4
Jan
72*4
Mar
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Columbia Oil & Gas
Price
1
Columbia Pictures Corp..*
Par
High
2%
2,000
234
234
4%
Apr
Jan
14
Jan
11
Jan
*ii
1,000
Jan
preferred
Florida P A L f 7 pref
Feb
Jan
26
Community P & L W pre! *
Community Pub Service 2S
26
24.%
1
Ford Hotels Co Inc
36%
29%
Apr
X
Apr
Community Water 8erv__l
Am dtp rets ord
13%
100
13%
4%
4%
5%
5%
'
554
Consol GELP Bait com *
74%
113X 115
®1»
4x«
1
Consol Retail Stores
Jan
80%
Mar
Fruehauf Trailer Co
1
Fuller (Geo A)
1
*
230
112%
Mar
117%
%
Apr
1%
Feb
3%
■5%
5%
~5%
*
5%
5%
i
Mar
Jah
16
Mar
Apr
88 34
200
6234
1
17%
2
Jan
Jan
i9
Mar
Jan
1434
Mar
Jan
Jan
5034
Mar
Jan
5234
Jan
Jan
Jan
i«<
Jan
Jan
7034
Apr
52
4234
9
Mar
Apr
Jan
Apr
5%
14%
3%
Mar
Gen Rayon Co A stock.._*
Mar
General
300
10%
Jan
|
Feb
1%
6 "
700
4
Apr
5%
100
4%
Apr
6%
6%
Mar
20%
4,700
'17%
Apr
23%
700
4%
Mar
9%
Jan
%
Mar
2
200
1%
IK
1%
V
"*"566
Jan
Feb
10%
Apr
9%
Mar
1
Mar
IX
Feb
Jan
17%
Feb
Apr
%
Jan
*xa
50
7
7
t c_*
.
48%
51%
7
56 preferred.—
Warrants
*e«
""356
5
—..35
1
534
10%
23%
23%
5%
5%
>
Apr
7%
7%
1,700
2
2
18%
Mar
17%
Mar
7
6% pref w w
....20
Detroit Gray Iron Fdy.—1
Det Mich Stove Co com.. 1
14
Tx
100
1%
1%
2%
Mar
36
Apr
9
Mar
Jan
25
Mar
Ma>-
Apr
7
Apr
9%
,
Jan
•
62
Apr
.
Feb
12%
Jan
60
73%
100
Hartford Rayon v t c
Jau
Jau
Mar
20%
Jan
Apr
""iX
Mar
72
Mar
Mai-
2
Light
Hart man Tobacco
Harvard
1
T
~8%
4%
5
2,000
3
5
Mar
8%
9%
1.7Q0
7%
Jan
5%
Jan
7
Apr
200
Jan
14%
Apr
Jan
1
Co
Brewing Co.—.1
Hat Corp 01 Am
IX
434% prior preferred. 100
~8~"
1%
17%
1%
17%
1%
800
50
1634
.
450
Apr
Apr
6
Eastern Malleable Iron. .*25
"■%
'"%""%
Apr
5%
8
7
10%
10%
1%
Jan
15%
(Ohas E) Co cl A.—*
Co class A...10
Jan
Hires
Hoe (R) &
Holllnger Consol G M
IX
Jan
1,100
2%
Apr
100
14 %
15
Apr
17%
Mar
Hormel (Geo A) A
18%
Mar
Horn (A
Mar
Horn
500
'Apr
IX
8%
1
1,800
29,600
'8
—*
*
54
53
54
6334
61%
63%
3%
- 3%
17 %
2
6X
800
3%
Jan
Jan
1,200
Apr
12%
Jan
50 X
59
400
"3 %
3%
17 X
T—1
Elec P A L 2d pref A
Apr
65
Feb
Apr
72 34
17%
50
5%
Mar
Mar
Jan
Apr
3%
Mar
Jan
5%
Jan
3%
10%
Mar
Jan
100
IX
Jan
IX
15
Empire Dlst El 6% pf 100
,
21%
70%
Mar
1%
Apr
Apr
Jan
Mar
Empire Of A Fuel Co—
100
100
—100
.—100
Empire Power part stock.*
50
61
66%
*150
62
63%
100
Esquire-Coronet
1
Mar
5%
6
1,900
Mar
Brewing
11%
Feb
73
Mar
54%
21%
Feb
74
Mar
Feb
24 K
Mar
Imperial Chem Indus..£1
Imperial Oil (Can) coup.
Registered
Imperial Tobacco of Can.6
Imperial Tobacco oi Great
Apr
10%
Jan
X
Apr
%
Jan
Apr
28%
Mar
8X
Jan
5
Mar
Apr
11%
1,800
9%
Jan
7%
100
Apr
2034
8 34
1
"ll%
200
Jan
23 %
Mar
100
4%
Jan
8%
Mar
5
100
5
Apr
7
Jan
14X
Apr
22
Mar
Jan
155*
1634
400
"8II
1
4,200
Apr
Jan
.11
Mar
134
Apr
4
Mar
Jan
65
""i~X "ix
%
"Too
V
2734
334
,600
>u
Jan
9X
*x«
Feb
Jan
New class
25
Jan
%
Feb
IX
Mar
Mar
23
Mar
21
Apr
36
Mar
Apr
'
634
Mar
.
634
2234
Jan
Jan
-634
334
Apr
934
Jan
Feb
4
Feb
6%
734.
Apr
234
100
T660
Jan
Apr
734
934
Jan
634
2334
Apr
26 34
Jan
24
Jan
Mar
26 34
10
Jan
30
Apr
4134
Feb
45
Mar
'
7
""ioo
30
30
.
14
h
R200
Jap
Feb
Apr
1334
Apr
Apr
Jan
15
934
1334
Jan
50
334
14
1234
834
Feb
Jan
Mar
Mar
8
1134
Jah
12
2334
Apr
2434
234
Apr
3434
Apr
108 34
Apr
934
Apr
8
Jan
Jan
'
"3534 "3034
""9% "9%
Tioo
57%
5934
1,200
3%
59%
'""ioo
3%
200
100
Mar
3
39 34
Jan
11034
Mar
Feb
12
,
Apr
6934
Jan
334
Mar
634
Mar
$34
Apr
53
Jan
12
Apr
Mar
9
Jan
JaD
9
Jan
4
4
200
4
Apr
1%
1%
100
134
Apr
1634
400
1434
Apr
500
3 34
Mar
5434
Mar
20
2
16%
3%
16
334
4
7% preferred
Apr
34
Apr
534
Apr
434' Mar
2 34
Jan
'2934 Mar
434
Jan
Feb
25
634
5434
734
-
Feb
Mar
Feb
Feb
1534
1534
2,500
1434
Apr
17
15%
1534
1534
200
1534
Apr
1634
Mar
1534
1534
100
15
Apr
1634
Feb
2934
2934
100
2934
Apr
32
Feb
x6
x6
20C
7
Jan
.
"1% "~634
""40
6
Apr
6 34
200
Apr
10 34
534
100 34
Apr
1234
i»1#
Apr
134
134
Jan
Jan
Apr
34
Mar
•n
1
8342134
100
63%
International Cigar Maoh •
series
60
purch warrants.
Industries Inc..——-1
34
15X
1434
834
6334
2134
14%
16
6234
834
34
Mar
Apr
10
500
59
Apr
6834
Mar
300
2034
Apr
2434
Mar
500
12
Apr
2134
Mar
*300
2
25
»x§
'T% ""234
Jan
Jan
Jan
108
Apr
B—
Vic common......
Jan
«xe
534
8 34
Oil—
Insurance Co of No Am. 10
Intl
Mar
134
Apr
Jan
Industrial Finance—
13.50
Jan
234
Jan
i"
800
Jan
Mar
34
100
134
IX
New non-voting class A
Pref
Jan
100
Indiana Pipe Line
A stock
2401.
Mar
10734
40
1634
Internat Hydro Elec—
For footnotes see page
10234
Jan
'""SO
334
£1
Indian Ter Ilium
6
20
Ireland
Jan
5
5
Flat Amer dep rights
FldeUo Brewery
16
Jan
6
20%
Metallurgical...*
Apr
10334
134
200
2
~~7%
10
Indiana Service 6% pi. 100
7% preferred
100
IndpH P4L6H% pf-100
Jan
*x«
Jan
Britain A
Feb
20
7%
19%
7%
9534
10
*
52
9%
Fanny Farmer Candy ooml
Fedders Mfg Co
Ferro Enamel Corp
11
60
Illuminating Shares A
%
1
Apr
Jan
34 ".Feb
"
Dlv arrear ctfs
European Electric Corp—
Option warrants
Falrchlld Aviation....... 1
Jan
2934
2~9()6
Jan
'
6% conv preferred
71
17
5%
Eureka Pipe Line com..50
1434
34
22 34
1,400
100
100
Jan
Apr
4
Hygrade 8ylvania Corp..*
Illinois Iowa Power Co...*
71
Feb
Feb
39
Apr
100
Feb
500
1
"31% "34"
1
i—
Feb
243^
%
X
Equity Corp common..10c
$3 conv pref
Common
7% pref stamped
Apr
'87
30
15%
jHuylers of Del Inc—
51%
6
Emaco Derrick A Equip..5
134
Jan
734
234
*
56
65 %
60
preferred—
6 34% preferred
7% preferred
8% preferred
6%
300
Feb
23
IX
Hydro Electric Securities. ~
Hydrade Food Prod,
6
Jan
18%
1%
ix
Feb
129 34
Apr
"""'Te
7% prof unstamped —100
10
100
10
10
Jan
.
!
Apr
/ 534
,
*n
Apr
'""166
Hussmanu-LIgonler Co..
29%
Mar
53
—1
Elgin Nat Watch Co
V -3%
1%
10
Mar
34
63
100
preferred—
Hubbell (Harvey) Inc....5
Humble OH A Ref.
Jan
2%1
Jan
12434
%
1
C) Co com
<fe Hardart—.
15
1,200
Elec Shovel Coal $4 prel—*
Electrograpblc Corp..... 1
IX
Hummel-Ross Fibre Corp 6
"254
warrants...
69 34
100
Co com*
3
1
950
Holophane Co common..*
Holt (Henry) A Co cl A—•
Horder's Inc
*
2%
Elec-Bond A Share com..6
7%
6
Jan
19%
3%
15%
80X
128%
77%
'
Heyden Chemical———JO
Feb
734
1234
5
25
Hewitt Rubber common..6
Jan
Apr
Mar
Jan
Feb
8
w—26
19%
■
IX
w
2234
200
ex-war
18%
2%
15
15%
Preferred
Apr
•
9834
Apr
600
*
—2
Class A
18
18
600
Helena Rubenstein
HeUer Co common
?34
Jan
Apr
5
<
IX
27%
com—.5
conv preferred.. .60
Mining Co.
25c
Jan
10
Apr
Apr
Apr
%
68 preferred series B__.*
Economy Grocery Stores
IX
.25%
12%
Apr
""160
$7 preferred series A...*
Easy Washing Mach B__
6%
,
10534 10534
cl B com.l
pfd
Hazeltlne CCrp........
Preferred
,
Elec Power Assoc com
100
Haverty Furniture cv
Hecla
154
1,534
11
Feb
834
33 X
*
com.*
25
Hartford Elec
Jan
'"Ik"
5
1
Hamilton Bridge Co
Jan
Mar
Mar
9%
9
14%
Hearn Dept Store
1%
64
434
Electric Corp..
...
Jan
1
6
100
1%
IX
—6
Mar
Apr
10
1%
Duval Texas Sulphur...
2
$8 preferred
Mar
Jan
x30
Apr
8%
60
•
Durham Hosiery cl B com *
Edison Bros Stores
21%
5%
Apr
3%
100
""1% "5%
Hall Lamp Co
Haloid Co—
2054
Apr
33
Engr.l
25
pref *
Feb
.2134
20
125
Die.—
Corp
Jan
33
200
5
9
80
Gull
Feb
5
24
6%
19
7% 1st preferred
100
Gt Northern Paper.....25
Gulf States UtU 55.50
Jan
6
334
1%
Varnish...*
Mai
Mar
7
37
xx#
agreement extend. *
Non-vot com stock
78
Apr
4~50C
Gorham Mfg Go—
Mar
IX
Jan
Mar
,
Feb
28
*
10
Apr
Mar
9434
*
Inc class A
Oil
96
~~4%
6%
S3 preferred
c
20
*
Mar
100
*
*
Class B
57 preferred
Goldfieid Consol Mlnes.
V t
37
Jan
Apr
Apr
22%
.'•'U
1%
-.100
Eastern Statee Corp..
A.*
Godcbaux Sugars class
Gorham
"i"
Jan
Jan
79 34
65
3%
Guardian Investors——.1
Jan
29%
Apr
;
31
125
•
4%
Grumman Aircraft
14
Dubiller Condenser Corp.l
100
29
r
....
Jan
Apr
""56
85%
534
Apr
Dominion Steel A Coal B 25
*
Mar
*
-1%
18%
Apr
z30
Common.....
10034
634
Grocery Sts Prod com..25c
Dobecktnun Co common. 1
East Gas A Fuel Assoc—
......
Jan
Am dep rets ord reg..£l
DlvoorTwln Truck com..l
10
i
Apr
Distillers Co Ltd—
Eagle Richer Lead
.....
Greenfield Tap &
Distilled Liquors Corp...5
Duro-Test Corp com
Preferred
Jau
24
10
70
Jan
55 preferred
*
Gilbert (A C) common.—*
Mar
10
64
9534
Georgia Power 58 pref..
IX
2%
2%
31%
27%
preferred—
10
Diamond Shoe Corp com.*
62
Jan
10
4
15%
7%
Dominion Textile Co....*
Draper Corp
Driver Harris Co
10
5234
99%
83%
1%
1%
Dominion Bridge Co
Apr
9934
~33% "34
Gray Manufacturing Co. 10
Great A tl & Pac Tea—
,
Apr
S3 preferred..
Jan
300
100
21
21
100
6% preferred A
Grand Rapids
Apr
Apr
1354
Gen Water G & E com... 1
Jan
Apr
6634
500
4634
Feb
Apr
Feb
Feb
100
15%
99%
6%
7
13%
Detroit Paper Prod.
Detroit Steel Products...*
53 codv
Apr
36
7
Mar
69
14%
General Tire & Rubber—
Jan
IX
"l"66
*
234
80 34
17 34
69
com.20
preferred
;.*
Mar
26
Feb
Apr
15%
,*
$6 conv pref w w_.
General Telephone
7
Feb
%
134
1
27
Feb
Apr
Mar
Apr
Shareholders Corp-
Common—.
Apr
20%
200
7
14
Derby Oil A Ret Corp com*
Detroit Gasket A Mfg.—1
Jan
Jan
4%
22
.
34
34
5
""16
22
Feb
Apr
23%
100
1
100
34
Mar
Apr
9
400
11%
66
110
Gilchrist Co
110
Jan
14%
11H
23 X
10
35
Glen Alden Coal
"
Dayton Rubber Mfg com.*
70
34
Jan
Apr
Darby Petroleum com...6
Davenport Hosiery Mills.*
70
34
51%
Jan
6
70
Jan
Apr
108
Gen Outdoor Adv 6% pllOO
4%
10
Feb
2%
46%
■
*
De Vilbiss Co com..
3
3
14
—10
A conv preferred
Jan
Apr
1%
"""800
com
Jan
Mar
2
600
1%
Jan
8xi
400
2
134
Mar
%
9,200
—26
Stores
90
Feb
Jan
5
Jan
Apr
1634
..
20
""166
1
Apr
11
17 K
Amer dep rets ord
Jan
634% preferred.—100
Curtis MfgCo (Mo)
5
Fansteel
Apr
83
—*
1
Apr
2
com...25c
Cuneo Press Inc..
Falstaff
43
8634
20
17%
29
Jan
200
1
*
4%
8x»
te—
87%
IX
86%
..100
Jan
Mar
1734
25
34
3%
Crystal Oil Relcom
v
40
General Investment com.l
Crown Cork Internat A..*
Electrol Inc
27%
34
1234
"I4OO
*
A
'""125
Apr
83
27%
40
pref.*
Gatlneau Power Go com.*
v
Jan
12%
Brewing Co
Option
Mar
Jan
3X
20
Crowley, Mliner A Co.—*
Crown Cent Petrol (Md).6
Class
stock
4% conv preferred.-.100
Gamewell Co $6 c
Jan
"
pref erred-i...
26
10
18%
*
Sfl
Jan
55%
n
5%
6
preferred.....
Mar
1534
Jan
15%
3%
H
Crocker Wheeler Elec
15
1934
Gen Pub Serv 56 pref—.
Creole Petroleum
Elsler
Feb
Apr
5
preferred
10
8%
6% conv preferred—60
Courtaulds Ltd———£1
6%
Jan
1,700
reg.£l
Gen Fire proofing com
*
Gen Gas A El 6 % pref B
*
74
Duke Power Co..
17
16
Jan
200
preferred
50
15
16
9%
82
7%
conv
com
Mar
17
934
1834
Apr
80
Delay
53
Co
Mar
17
15
partlc pref
15
Jan
5
$6 preferred A__
—*
Cos den Petroleum com..
Decca Records
Mar
....
5% preferred
12%
~3%
5
Jan
Apr
Gen Electric Co Ltd—
200
5%
Jan
I34
Mar
General Alloys Co
2
Dennlson Mfg 7% prel
23
Jan
200
A__
23
Apr
Mar
2
Class
Apr
Mar
6%
Jan
2
r
1634
92%
•x«
Apr
X
1
6% preferred
Cuban Tobacco com
8,000
Mar
84
200
Common
Preferred..
Feb
1%
Jan
3
1,200
*
Crown Dru« Co
19%
52%
3%
S3 prior preference——*
Croft
Conv
Jan
Jan
Common
Jan
6
92
Apr
IX
Cook Paint A Varnish..
Copper Range Co.Copperweld Steel
Corroon A Reynolds—
60
Apr
Mar
86
Cont Roll A Steel Fdy—*
Cooper Bessemer com
17%
Froedtert Grain A Malt-
Jan
Continental Oil of Mex._l
preferred
Mar
Jan
634
Jan
Feb
8X
46%
2%
Consol Steel Corp com..
Cont G A E 7% Prior pt 100
$4
Jan
434
3 34
134
1034
6%
37
Jan
300
10
Feb
934
300
•
Apr
Feb
100
preferred
8%
Consol Royalty Oil
73
18
19
B
Apr
71
1
Mar
Apr
Apr
Ford Motor of France—
4%
Consol Mln 4c Smelt Ltd.5
Mar
90
4%
4
Ford Motor of Can cl A—*
4%
.
900
73%
100
6% pre! class A
Consol Gu Utilities
200
6,700
12 34
Apr
5034
834
150
*
Amer dep rets
100 frcs
Fox (Peter) Brew Co—.6
37
--*
$3 preferred
Consol Copper Mines—6
57%
Mar
Apr
634
50
74
56
*
Jan
16
High
68
Apr
71
3,600
8%
7%
74
74
4
Conn Gas & Coke Secur—*
Consol Biscuit Co.—-—1
8%
100
reg—£1
Mar
Class
1
Low
Shares
Ford Motor Co Ltd—
Compo Shoe Macn—
ext to 1946
Range Since Jan. 1, 1939
for
Week
of Prices
High
Low
56
Jan
Apr
13 %
Mar
%
Apr
24
""366
26
«m
Apr
%
Warrants
Commonw Dlstrlbut
Price
Fire Association (Phlla.).l
Flak Rubber Corp
10
56
Commonwealth & Southern
e
Sale
(Continuea)
Low
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1,1939
Last
Sales
Friday
Sales
Friday
STOCKS
{Continued)
V t
2397
New York Curb Exchange—Continued—Page 2
148
Jan
Mar
34
Jan
Mar
4J4
Jan
New York Curb
2398
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
of 11 ices
High
Price
Low
Internal Papei A Pow wan-
2%
2%
5%
1%
25
22%
400
25
Mar
5%
Apr
4%
27%
Jan
Jan
Molybdenum Corp
27
Jan
Jan
Feb
400
2 %
Apr
%
200
%
Mar
ht
300
6%
%
Apr
7i#
*
*
12
12
3%
%
4
%
~"iU ~~4%
.....
10
.....
7%
%
Mar
»!•
Mar
1%
Apr
110%
Apr
6%
Jan
Nat Mfg A Stores com.—*
National OH Products.—.4
9
Mar
National P A L $0 pref-—*
76%
107%
Feb
%
"i%
V\y% "i%
79
58
TM
1%
2%
2%
1,500
2 %
1%
1%
11%
1,100
11%
11%
76% "ii%
Apr
Apr
44
4%
43%
44%
39
40
2%
2%
15%
%
Apr
8%
Apr
Nat Tunnel A Mines—.—*
1%
Mar
Nat Union Radio Corp.—1
"i'e
Apr
15%
Jan
10
Feb
Mar
45
12
Jan
7
Jan
16C
41 %
Apr
2,800
32%
Mar
900
2
Jan
,25
15%
9%
%
7%
1,300
900
26
100
9%
12%
9%
12%
200
Apr
Apr
Mar
Jan
3%
Mar
05
15%
Apr
Apr
9%
%
Apr
3%
8
Jan
39%
Apr
Jan
Apr
111%
50%
78%
5%
5%
Mar
100
102
3%
Mar
Feb
40
Jan
15
preferred
55
Apr
72%
Mar
Asy,
Mar
—100
%
'
57%
56%
125
57%
$2 preferred..
.*
New England Tel A Tel 100
New Haven Clock Co
18
New Idea Inc common.—*
11
11%
New Jersey Zinc
51%
54
32%
New Mex A Aria Land—1
Jan
Newmont Mining Corp. 10
17
Feb
New Process Co
Jan
23
Feb
N Y Auction Co com
Feb
N YClty Omnibus
24
Jan
Jan
22
Jan
80
Mar
27
Apr
400
25
15
Apr
13%
Mar
30%
Feb
9%
Jan
1%
2,400
1
Jan
1%
Jan
Founders Bhares.
Mar
New York Transit Co
N Y Water Serv 0% pf.100
25
100
x8
600
26
26
100
26
Jan
35
23%
23%
250
19%
Jan
30
~2~400
1%
4%
92%
Apr
Apr
"~5% "5%
Jan
,
1%
N Y Merchandise
7%
~
Mar
25
24%
1%
26%
1%
550
23%
1,700
*»i«
%
1%
25
25
.
50
25
»i«
Feb
Feb
1
'..■I!
preferred....
1%
Mar
Apr
34
Jan
2%
%
1%
Jan
Apr
Mar
31
Jan
Mar
7%'
6%
1st
"66"
*
'
10
pref—'
100
6% 2d preferred
Feb
20%
Jan
27
Mar
9
Mar
Jan
110
766
"4% "7%
100
4%
Apr
7%
Jan
14%
Apr
18%
Jan
5%'
15
Feb
2
300
200
2%
Apr
Apr
Feb
53%
Feb
6%
17
Mar
Mar
5
Jan
2%
Feb
54%
Apr
6
10%. 10%
132% 133
3%
3%
96
96
14
TOO
T26
1,100
"58"
Mesabl Iron Co.—,
1
Metal Textile Corp.—,25c
%
Jah
Jan
149
Mar
Jan
4
Feb
125
3%
80
Feb
200
14
Apr
~26%
"750
25
4
1,100
3%
Warrants...
6%% A preferred—100
17
14%
"25"
4
Apr
10
1
25
Apr
9
"59"
%
%
3%
%
"""50
58
Apr
Jan
Apr
7
2,800
Apr
Apr
3%
it
2%
98%
20%
5%
28
Maf
Feb
Jan
Mar
77
Nlplsslng Mines—
5
1
1
100
Michigan Steel Tube..2.50
Michigan Sugar Co
*
5%
Preferred
Middle States Petrol—
2%
4
4%
%
10
4%
**u
Mar
1%
Mar
1
Apr
Mar
35
Apr
95
Jan
%
Feb
Mar
%
"h
Feb
2%
Jan
Jan
8
Jan
Jan
Feb
J an
Feb
100
5%
Apr
%
400
*i«
Mar
2%
100
2%
Jan
%
2%
500
nie
Apr
5%
Mar
Middle West Corp com..5
6
1
Mar
13ie
1,000
3%
%
7%
900
5%
Apr
Apr
8%
Feb
2%
*
Apr
3%
Feb
•
*
12
Jan
93
*
Jan
50c
%
7%
7%
Midwest
Piping A Sup
*
Mining Corp of Canada..*
Minnesota MIn A Mfg...*
Minnesota P A L 7% pf 100
7%
7
12
1%
1%
42
45
80
Miss River Power pref. 100
Missouri Pub Serv com..*
900
80
all3%all334
100
1%
Mar
Apr
1%
8%
12
1%
Jan
Jan
Jan
Jan
Mar
Jan
37
Jan
10
80
Apr
150
115
Jan
115%
Feb
Feb
4
Mar
1,900
3%
2401.
Apr
Apr
15%
109
Mar
Mar
82
""'IB
""206
1%
300
50%
Mar
90
Mar
*11
1%
4
Mar
Mar
Feb
Jan
•h
2
Apr
Feb
Jan
3%
4%
800
Apr
6%
Mar
Mar
Tooo
41%
Apr
90%
64%
Mar
~~
6%
1%
4%
100
6%
Apr
7%
Mar
100
1%
4%
Jan
1%
5%
Mar
87
"47%.
50
6%
1%
"T%
2
1
*®18
;1
*
•
100
Nor Amer Lt A Power—
Common
$0
preferred
0% prior preferred
60
No Am Utility Securities.*
Nor Central Texas Oil—6
Ohio Edison $0 pref
53
400
13%
""l50
82
82
7%.
.
*
27
7%
27
17
,
17%
Feb
Apr
94%
100%
Mar
Apr
Feb
/
Jan
1%
4
"
,
Feb
Mar
5%
Mar
Jan
12%
20%
Mar
Apr
31
Apr
26
Apr
Feb
Feb
Jan
'
111
1C0
100
114
114
20
»
98%
50
97%
110
Apr
Mar
105%
112%
"16
"800
35
35
250
111%
Feb
104%
"98% "98%
Jan
114%
111%
Apr
105
97
8%
8%
35
Apr
Apr
Apr
Mar
Jan
Apr
Mar
Mar
9%
13%
43%
*
Jan
Mar
Mar
98
1%
1%
1,300
Apr
1
Apr
103%
1%
5
1%
Jan
7
Apr
Mar
1
*
2%
Mar
Jan
Feb
Apr
4%
9%
32%
32%
1,100
31%
Apr
33%
Mar
29%
29%
50
28%
Jan
30
Mar
104% 105%
80%
80%
200
104%
Apr
10
68%
Jan
5%
8
32%
5%%
$1.30 1st preferred
%
16
100
98
111
"16% "16%
Serv
Jan
24
100
*
0% 1st pf.25
1st preferred...25
Pacific Ltg $0 pref
*
Pacific P A L 7% pref.. 100
Jan
Apr
87%
4%
6%
200
100
Pacillc Can Co common._*
Feb
47
Apr
81
10
6
Oklahoma Nat Gas com.15
$3 preferred
50
Pacific Public
Apr
Feb
Jan
*18
10
Pacific G A E
Jan
Feb
%
*
%666
100
Omar; Inc
Overseas Securities.—
Apr
15
%
■
100
0% conv prior pref--100
Oldetyme DlstUlers
1
Feb
1%
65%
22%
21%
Mar
43
200
Mar
3%
Corp..*_*
com
300
15%
15
Northern Sts Pow cl A..25
Northwest Engineering—*
Novadel-Agene
54
%.
Apr
Apr
"43% "43%
"43%
Ohio Brass Co cl B
600
13%
15%
7% preferred
Northern Pipe Line
1
53%
North Amer Rayon cj A—*
Class B common
_*
0% 1st preferred
Oilstocks Ltd common
5%
'
9%
91%
Apr
Ohio P 8 7% 1st pref—100
%
$6 preferred
Mexico-Ohio OH
Michigan Bumper Corp.. 1
Michigan Gas A Oil
1
Apr
4%
Jan
%
33
Apr
'£77%
,1
Ohio OH 0% pref
Ohio Power 0% pref
93%
33
5%
150
Apr £103%
Niagara Share—
Jan
33
......
Partlclpat preferred—16
Metropolitan Edison—
4,300
r%
Jan
6%
%
Jan
Jan
6%
.78%
74
Nor European OH com.-.l
Nor Ind Pub Ser 0% pf.100
1
10%
Jan
4%
22%
Mar
Apr
Class B opt warrants
Noma Electric
6%
13%
Jan
16
6%
4%
3%
Apr
20
x77%
"49%
3%
Jan
19%
6%
78
Class B common—'—5
100
Feb
99
100
Class A preferred—.100
NUes-Bement Pond.——f
6%
•
Jan
6
Feb
Mar
Jan
26
4
Nineteen HundredCorp B 1
19
Apr
20
19%
Mar
Mar
"66"
Class A opt warrants..-.
-
Jan
x7 %
107
Corp-*
Common..
Mar
Jan
*.
2
«
Niagara Hudson Power-
Jan
98
10
NYPrA Lt 7% pref—100
Jan
,
23%
6
Mar
25
1
23%
Jan
Jan
Apr
'
1,000
Warrants
N Y ShlpbuUdlng
Jan
1%
57%
1%
60%
*
Apr
1
Mar
62%
1%
1%
N Y A Honduras Rosarlo 10
$0
14
Apr
10%
46%
—
1 Apr
10
Jan
Apr
300
59%
60%
Apr
8
1,750
*
.:
Mar
Mar
;
1%
25
Jan
Mar
Apr
4%
Jan
Mar
Feb
Apr
Api;
*
15
Apr
104
—
Jan
Jan
Feb
12
7%
preferred.*
Jan
36%
Apr
•
Jan
%
100
4%
Jan
'
Jan
Mar
~"io
110% 110%
42%
42%
Mar
•1%
.
Jan
23%
150
15
page
12
%
%
Apr
Feb
Apr
Apr
%
Mar
11%
2%
1%
15%
100
1,500
Merrltt Chapman A Scott *
nee
600
13
Feb
Apr
%
Mar
8%
%
10,900'
54%
10
200
Mar
5%
100
11
Memphis P A L $7 pref..*
Mercantile Stores com
*
Mid-West Abrasive-
•
12%
500
1%
»xe
13
Jan
7%
1%
4%
Jan
Feb
Apr
Jan
4%
Jan
4%
26%
7%
7%
MoColl-Frontenac Oil—
Midwest OH Co
10%
600
11%
Apr
%
22
Jan
300
Feb
8%
Jan
1%
60%
4
10%
14%
$2 non-cum dlv shs
Co
com.
preferred-
0%
Jan
Apr
4
23%
7%
54%
Mid vale
7%
Jan
5%
100
Nevada Calif Elec
Feb
Mar
78%
2%
4%
10 i%
1
Midland Oil Corp—
$2 conv pref
Midland Steel Products-
13
Nestle Le Mur Co cl A—*
Apr
Feb
2,
300
—*
For footnote*
51%
50%
Jan
Mar
5%
Apr
-
Nehl Corp common
1st preferred
25
May Hosiery MUls Ino—
t c
10%
New Engl Pow Assoc.___*
1
v t c
11
*
--*
Nelson (Herman) Corp—.6
Neptune Meter class A—*
Apr
22
Massey Harris common—*
\
*
6
40
*i«
45
{ Vebel (Oscar) Co com...*
Mar
Jan
Apr
24
*
Class A
Jan
4%
*
Class B
73
Sugar Refining.*
Navarro OH Co
Jan
•
11%
1%
Manlschewltz (B) com...*
Mapes Consol Mfg Co
*
Marconi Intl Marine
Communlca'ns ord reg £1
Participating
National
Jan
85%
Apr ■;
y&
National Tea 5% % pref. 10
National Transit
12.50
22
-*
Merchants A Mfg cl A
Jan
Feb
100
26
*9%
3%
2%
Conv
Mar
Apr
Apr
Apr
Apr
%
Mar
Jan
Mar
"766
%
~1~266
"3~
*
part preferred.—*
National Steel Car Ltd.—*
300
8i«
2%
"3%
3
1
common
9%
1
Mead Johnson A Co..—
Memphis Nat Gas com
Nat Rubber Mach
13%
""400
7%
2%
7%
2%
69
Jan
57
15%"
Mar
28
Apr
45
12
13%
.
Nebraska Pow 7% pref. 100
4%
Apr
500
%
1
64
12
11%
525
2%
3%
1%
10
4%
Feb
600
*
—
Nat Service
Mar
6%
76%
7%
-
6% preferred j
100
McCord Rad A Mfg B...*
Mo Williams
Dredging-—*
Jan
Mar
•
Apr
31
11 %
100
*
preferred
%
Jan
Jan
43
5%
5%
12
29%
74%
30
Apr
Feb
Apr
56
Jan
200
10
*
National Refining com
Jan
33 %
Mar
Feb
Jan
9%
12%
'5%
11%
6%
Lucky Tiger Comb G M.10
$4
Jan
4
38
Mar
Feb
National Fuel Gas
60
Mar
Feb
Jan
70
.
9%
20
69
130
Apr
Apr
Jan
Mar
Louisiana Land A Explor.l
Louisiana P A L $6 prel..*
Master Electric Co
100
%
22%
112%
*
Marion Steam Shovel
Mass Util Assoc v t c
Mar
Mar
122%
6%
9%
500
"69" rMar "69" "
$3 conv pref—
60
National Container (Del).l
preferred...——100
Margay Oil Corp
10
14%
7%
10%
%
Jan
*
„
7
10%
Jan
900
Mar
*
Manati Sugar opt warr
Mangel Stores
$6 conv preferred.
Mar
8
99%
Loblaw Groceterias cl A..*
Class B
5
Mar
%
9%
39
•
common
5%
Apr
Feb
Jan
Apr
25
Lynch Corp
Jan
Mar
Apr
Apr
17
-1
Majestic Radio A Tel——1
4%
5%
80%
Develop.-.25
Ludlow Valve Mfg. Co
5
7
21
•
100
Apr
900
4%
700
99
Llpton (Thos J) class A...1
7%
1,300
%
3% >,
V
5
Jan
200
20%
Lehigh Coal A Nav._..._*
0% pref class B
Loudon Packing..
Jan
7
92%
Lefcourt Realty common.
Common
Jan
5%
6%
National City Lines com.l
25
6
%
Apr
National Candy Co..__..*
1594
-
Apr
5%
3%
6%
Apr
Class B
Locke Steel Chain
Apr
7-
Apr
70
Mar
24%
5%
94%
105
Mar
Nachman-SnrlngfUled.—*
91
700
Mar
31%
28%
Nat Auto Fibre com——1
Nat Bellas Hess com
1
Jan
4%
Mar
6%
166%
Feb
Jan
*2l"
Jan
Jan
.......100
0% pref
Jan
Jan
78
Langendorf Utd Bakeries-
...1
Lone Star Gas Corp
,.*
Long Island Lighting—
•
Jan
Mar
3%
2%
Apr
'
Jan
Feb
14%
5%
23
Apr
29%
Mountain Sts Tel A Tel 100
67%
Foundry A Mach.l
Lane Bryant 7% pref..100
Lockheed Aircraft
4%
2%
Feb
94%
Lakey
!,
200
155
{Mountain States Pw com*
91"
100
6
Jan
Mar
85%
Kress (8 H) special pref. 10
Kreuger Brewing Co—-.1
0% preferred
Lit Brothers common
5%
14%
/
Apr
100
Ino
Mar
30
29%
Mountain City Cop com 6c
Mountain Producers
10
Apr
Kobacker Stores Inc..-..*
Oil
1%
~~70
Mtge Bank of Col Am shs..
77%
(D Emil) Co com..*
Leonard
Jan
Feb
93%
Klelnert (I B) Rubber Co 10
Knott Corp common..—1
Le Tourneau (R G)
Line Material Co
Apr
5%
Muskegon Piston Ring.2%
Muskogee Co com
*
*u
4%
91
Klrkl'd Lake G M Co Ltd 1
preferred
1%
100
Murray Ohio Mfg. Co—*
Mar
*i«
Kimberly-Clark 6% pf.100
Conv
Apr
Mar
{Moore (Tom) Distillery. 1
19%
21%
2%
1%
Kennedy's Inc
6
Ken-Rad Tube A Lamp A *
.....
38%
Apr
14%
2%
1%
Julian A Kokenge com—*
Kansas G A E 7% pref. 100
Class A
9%
3%
14%
155
155
High
300
3%
Moody Investors part pf.*
1
Apr
Mar
Jersey Central Pow A Lt—
Lackawanna RR (N J). 100
Lake Shores Mines Ltd._l
Mar
Mar
Feb
3%
%
1
4% conv 1st pref
Jan
Apr
Apr
Apr
16%
%
16
-.*
Koppers Co 0% pref
Kresge Dept Stores
Low
.1,500
11
1
Feb
15
1
Italian Superpower A——*
Klein
A
Soc
*»i
Iron Fireman Mfg v t c_.*
Kingsbury Breweries
1
Kings Co Ltd 7% pi B 100
6% preferred D_.—100
Kingston Products
1
Klrby Petroleum
1
Shares
200
Ward A..
Montreal Lt Ht A Pow..*
3%
%
Interstate Home Equip..1
Interstate Hosiery Mills..*
6%% preferred.-.-.100
6% preferred
-—100
7% preferred,
100
Jones A Laughlln Steel. 100
High
10%
3%
3%
Montgomery
2%
4%
10%
Interstate Power $7 pref—*
Investors Royalty
1
Jacobs (F L) Co.
Loan
1
15%
Jan
Feb
•
Mar
%
11
Vitamin.. .1
Jeannette Glass Co
10
Apr
34%
50
Warrants series ot 1940—
Irving Air Chute.—
Low
Montana Dakota UtU—10
-—*
Internatlonal
Price
Range Since Jan. 1, 1939
for
Week
Monogram Pictures com.l
Monroe
Range
of Prices
Monarch Machine Tool.
2%
Class B.,
preferred
pref
Week's
Mock. Jud, Voehrlnger—
Common
$2.50
Mar
Apr
International UtUlty
$1.76
Par
Apr
%
%
Sales
Sale
High
2%
Internal oaiety Razor B_*
$3.60 prior
Last
22%
4,500
—'
Class A
STOCKS
{Continued)
Low
25
International Petroleum-.*
International Product*—
April 22, 1939
Friday
Range Since Jan. 1, 1939
for
Week
Shares
Internat Metal Indus A..*
Registered
Exchange—Continued—Page 3
Sales
Apr
8
8
100
*
8
Mar
108%
Jan
85
Mar
7%
Mar
•
20
Jan
21%
Mar
Page-Hershey Tubes com.*
Pantepec OH of Venezuela-
99
Jan
101%
Mar
American shares
4%
Paramount Motors Corp.l
Parker Pen Co
10
Parkersburg Rig A Reel-_1
Patchogue-PlymouthMUls*
Pender (D) Grocery A
Class B
*
*
11%
4%
9%
35
5%
7,700
"ii%
""356
9%
200
9
Apr
14
Mar
15
"n"
Mar
20
Mar
100
35
Apr
35
Apr
Mar
Apr
7%
Jan
3%
Mar
16
Jan
39%
Feb
Apr
12
Feb
29
Jan
30%
Jan
*
31
Apr
31
$5 preferred
*
Penn Gas A Elec class A__*
53
Jan
56
Peninsular Telephone com*
Preferred
100
Penn Edison Co—
$2.80 preferred
7%
7%
100
4%
3%
11
7%
3%
Jan
5%
Apr
Mar
-
Jan
Volume
New York Curb Exchange—Continued—Page 4
148
T^ast
Week's Range
for
Sale
of Prices
Law
High
Week
Penn Mex Fuel Co..
Price
Low
Shares
1
Penn Trade Co
%
2.50
Pennroad Corp vtc
9
9
i%
1
i%
*6
preferred
Penn Bait Mfg Co
Pharls Tire 4 Rubber
1
pref 25
Par
Line stamped
Sllex Co common....
Jan
Jan
$3
Feb
~~7%
"7% "~7%
Simmons H'ware 4 Paint.*
Jan
100
Mar
167
Jan
Simplicity Pattern
Feb
16
Jan
Jan
84%
Mar
Singer Mfg Co
Singer Mfg Co Ltd—
29%
175
29%
1
Apr
75
Mar
27
Feb
Apr
Jan
Apr
Feb
Smith
118%
29%
Feb
118%
Feb
Solar
Mfg. Co
4%
Jan
Mar
6%
Jan
Jan
2%
20%
50
10 H
12
Apr
Apr
29
,10.
Apr
18%
Feb
49
10
Jan
55
Mar
6%
Jan
152
Mar
43
Feb
L200
Apr.
12%
Jan
Southern Union Gas.
64%
Jan
49
6%
40
Apr
47%*
6%
100
900
1
7%
200
"~7%
V
7%
■
%
7%
300
8
1%
*16
3%/
"
Q
3%
200
3
Q
100
9
102
102
17
102
17
1%
20
1,900
►
1
%
36
Jan
Mar
South Penn Oil
Jan
Apr
1
Mar
9%
Jan
8
Feb
2%
Jan
Mar
102
Mar
40
.
108
108
100
10
*
*
preferred
$0
preferred—
$1.60
Mar
Mar
450
44%
26
Apr
47
48
19%
18%'
20%
■
60
35
5%
*
100
Quebec Power Co
-*
Ry 4 Light Secur com...*
Railway 4 Utll Invest A..1
Raymond Concrete Pile—
99%
Jan
%
14
Jan
58%
Mar
Feb
Apr
158%
Jan
100
Mar
18%
Mar
Sterling
Apr
12%
Mar
Stetson (J B) Co com
12%
12%
Stlnnes
«u
21
Apr
1
Apr
2%
Apr
50c
*
25
common.*
5
2%
Jan
Relter-Foster
50c
Oil
%
Jan
7
Apr
-1
§ Reynolds Investing
Richmond
%
CoVoting trust ctfs
1
RochesterGAE16% pf C100
6% pref D
100
2
2%
-
600
1%
%
100
%
Jan
Am dep rets ord
1
Root Petroleum Co
$1.20
conv
1%
1%
1%
Rossla International.__..*
"%
"% ""%
Royal Typewriter
*
Russeks Fifth Ave._i._-2H
1
Rustless Iron A Steel
conv
600
4
7%
8%
1,900
pref..
1
Salt Dome Oil Co
Samson United
250
Jan
Taylor Distilling Cor
102
Feb
Technicolor Inc common.*
15
Jan
Texon OH A Land Co
2
1
2,100
24%
13%
Feb
Jan
"li"
11
•1%
"12"
"L306
1%
100
"10% "11"
....25
20%
20%
'"266
200
Apr
2%
Mar
Apr
Jan
6%
Mar
*
Mar
43*
71
Jan
3%
Apr
Apr
6%
12%
Mar
7
Apr
44%
Mar
Feb
3,
Jan
Trans
65*
Jan
Apr
Mar
Feb
4%
Jan
Apr
"~2~ "Mar.
Jan
Apr
3%
59%
9%
Apr
17
1
Apr
1%
Jan
Jan
1
Jan
Seeman Bros Inc
9%, Jan
19%
Apr
Apr
11%
27%
22%
Feb
Jan
Mar
Jan
32%
%
13%
4,100
%
Mar
3,000
4%
Jan
150
$5.50 prior stock
12%
Sentry Safety Control
.
Tublze Chatlllon Corp.,
1
Class
A
—
,
Serrick Corp (The)
80c dlv.
1
com..25
5% cum pref ser AAA 100
110%
Sherwin-Williams of Can.*
For footnotes see page 2401.
Jan
Mar
Mar
14%
5%
5%
Mar
30%
3%
1,100
3
31%
31%
200
31
%
%
100
3
,15%
95%
95%
17%
Apr
'hi
Mar
22%
14
1,000
175
69%
"3"
""260
2%
11
11%
200
10%
11%
300
4%
2,000
IZIZI ""3"
11
95%
;■
%
Jan
%
<
500
17%
,
%
99
Jan
Jan
94
101%
4
15%
Apr
8%
10
Apr
Apr
15%
2
Jan
2
Feb
62
5%
4%
Apr
14%
1%
Mar
Feb
15
63
Apr
81
98%
,
Feb
4%
66%
107"
107
68%
Apr
105%
105%
50
167"
Too*
Apr
111
"i<
8%
15
1%
3%
3%
%
2,300
.
"~8~~
22
r™ m~*%
20%
Series B pref.
13%
38%
2
'
Apr
3%
-Apr
3%
Unexcelled Mfg Co
10
1%
1:
700
1%
com..*
7%
5%
Mar
Jan
3%
Apr
1 %
11
*
13%
Apr
2
3
Apr
4%
Feb
42%
%
Mar
Jan
Mar
Apr
Investment
Union Premier Foods Sts. 1
Traction
Co
13
13
%
Un Clgar-Whelan Sts..10c
United
Corp
13%
"900
*
$3 cum A part pref
'hi
2,100
7
*
1
1%
81
1st $7 pref non-voting.*
%
Jan
%
Option warrants.
com
Feb
Mar
A.*
*
$6 1st preferred
*
United Milk Products...*
2%
7,200
400
83
%
%
"l%
"T% "1%
"l,200
1%
1%
4,300
21%
1%
24%
5,000
Jan
Mar
5%
Apr
19%
200
18%
Apr
22%
Mar
94%
800
83
Apr
Mar
109% 110%
60
113%
115%
Mar
Jan
Am
dep rets ord
United
M ar
Jan
1%
1%
preferred
1%
hi
Apr
Apr
7
3%
92%
'hi
86%
3
2%
36%
19
Apr
Feb
23
Jan
73%
5
reg
Umted Profit Sharing.-25c
10%
Apr
%
2%
20%
09%
24
United N J RR A Canal 100
2%
500
Apr
Molasses Co—
Jan
Jan
United
5%
8,.500
6%
74
80
15%
Apr
Mar
1%
2,000
*
preferred
9
9%
4%
%
1,500
warrants
United Elastic Corp..
Mar
14
Apr
19%
,150
22
8,
7
Tsoo
"
Apr
Apr
5%
ull
Jan
Feb
United Lt A Pow
%
%
Apr
2%
Apr
Apr
,
8
United G A E 7% pref. 100
Apr
•
Apr
Jan
Apr
Apr
%
1%
700
%
*
Mar
70
Mar
Jan
%
3%
38
Jan
1
Mar
Feb
2 %
300
1%
3%
6
9%
Apr
Jan
1%
'"%*"Feb
4
69%
108%
10 %
,
.
Mar
United Chemicals com—*
4%
90
42
Apr
4%
Feb
18%
93
Feb
40%
'
Apr
6
Shawlnlgan Wat 4 Pow..*
45%
Jan
5%
4%
Apr
_.
Ulen A Co ser A pref..
$3
*
Seversky Aircraft Corp
1
Shattuck Denn Mining..5
36
Jan
1
Seton Leather common
Jan
Apr
Apr
Apr
*
preferred-
Apr
400
Jan
11%
2%
38%
Mar
Feb
31
.1
Tung-Sol Lamp Works
Common class B
£1
1
9%
•
9%
m
*
Mar
5
Allotment certificates
Jan
Apr
Apr
8
2%
Selfrldge Prov Stores—
Amer dep rets reg
Truns Pork Stores Inc.
%
600
25
Feb
1
6%
%
%
%
5
Jan
7%
10
1
10
57%
57%
%
1
stock
4
Jan
Feb
12%
Selected Industries Ino—
Common
Mar
%
Screen—
Pict
United Gas Corp com
13%
*
Selby Shoe Co
*16
7%
2%
1,100
50
Feb
Apr
Mar
6%
Feb
Union
13%
Apr
1
%
3
Jan
Jan
28
Apr
%
31
7%
Apr
Mar
Jan
5%
*
*
2%
Union
200
1%
1%
Segal Lock 4 Hardware..1
Seiberling Rubber oom
Lux
Common...
Transwestern Oil Co
Jan
Jan
*
Securities Corp general
500
Mar
35
Jan
5
Todd Shipyards
Corp
*
Toledo Edison 6% pref. 100
7% preferred A——100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
200
6%
%
Feb
Jan
2%
3%
Ordinary reg.,..—£1
Def registered 5s
Jan
Apr
21'
6%
6%
3
>*
Union Gas of Canada
*
Apr
Tobacco Secur Tr—
Jan
37
18
Warrants
8%
4%
60
Tobacco Prod Exports
Scranton Spring
Scullln Steel Co com
Jan
100
Tobacco Allied Stocks—
%.,
Feb
4V
Tlshman Realty A Constr*
2%
39
Screnton Lace common..*
Brook
Water Service pref
Apr
Apr
49
4%
Apr
2%
,2%
5
Tilo Roofing Ino
Apr
hi
Jan
Feb
107
Mar
2%
300
.1
Tenn El Pow 7% 1st pf. 100
Texas P & L 7% pref...100
1
2%
11%
7%
Tri-Continental warrants
-2%
Jan
Jan
4%
3%
1
A
class
A'pr
3%
_.*
8covill Mfg....
Sherwln-Williams
com
Ino
.Jan
600
55
52
Corp com 1
5
Savoy Oil Co
Schlff Co common:
Convertible
Corp
104
Apr
Apr
Apr
28
3%
Mar
14
Apr
1%
1,000
4%
31%
2%
*
Ryan Consol Petrol
._*
Ryerson A Haynee com._l
Safety Car Heat 4 Lt____*
St Lawrence Corp Ltd...*
$2 conv pref A.
50
St Regis Paper com
.5
7% preferred
100
$2.50
51'
3%
"~8~
2%
105
__1
%
1
14
2%
3
Taggart
35%
48%
600
<■»
"2%
Tampa Electric Co com..*
45
„
51
2%
Jan
112
"2G0
Royallte Oil Co Ltd.....*
31%
Apr
Jan
Apr
1%
4%
400
'11
Apr
4
1%
20
pref..
Apr
1%
5
9
—6
%
15%
13
Apr
24%
reg—£1
2,200
3,000
15
Thew Shovel Co com
Roosevelt Field Inc
%
23%
.*
Swan Finch Oil Corp
Rolls Royce Ltd—
Rome Cable Corp com—5
%
1
$3.30 A part
Class B com
Jan
Mar
Jan
1
18%
Apr
Feb
13%
Roeser 4 Pendleton Inc..*
10%
"23"
,.50
96
25
96
Apr
Superior Port Cement
%
12%
Feb
pref
112
96
96
6%
700
*
....
conv
Tastyeast
prf 100
37%
7%
Superior Oil Co (Callf).«.25
RIO Grande Valley Gas
Rochester Tel 6% %
1%
Apr
6%
Mar
4
*
.1
Radiator
Oil
5% %
18%
10%
21%
105%
7%
—_*
Jan
'
Rice Stlx Dry Goods
Jan
25
*
Jan
33%
Jan
9%
500
Reliance Elec 4 Eng'g—5
Sunray
Jan
5
Apr
12
*
Apr
Apr
%
%
1
Inc
(Hugo) Corp..
Sullivan Machinery 1
Sunray Drug Co..
Mar
-_*
"466
102
•
Jan
41
Reed Roller Bit Co
Reeves (Daniel)
Feb
Apr
35%
"~2% "¥%
50
6
12
150
Apr
*
Feb
Stroock (S) Co
-_*
com
Mar
»i6
9%
17
900
*
9%
16
9%
600
100
0% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Jan
Apr
Red Bank Oil Co.—
Raytheon Mfg
1f6% % pref....
12%
10%
Jan
5%
-
Feb
18%
104%
;
Apr
6
Stein (A) & Co common..
Sterchl Bros Stores
123
104
Phos
Jan
150%
20
Wholesale
12
Apr
4%
Jan
2%
Feb
1,400
"""%
1
5
Mar
108
100
9%
phate & Acid Wks Inc 20
Mar
25%
1
Starrett (The) Corp vto.l
Steel Co of Can Ltd..^..*
Jan
Jan
34%
625
113
17%
*
Standard
Mar
200
600
*
Standard Silver Lead
Mar
106%
325
150% 152
112
*
preferred
1
Standard Steel Spring—.5
Standard Tube cl B
1
Mar
Jan
6%
4%
17%
10%
Apr
Apr
9
100
preferred
Preferred
Mar
Jan
4%
4%
17%
pref*
Common class B
Mar
101
-
1%
preferred-.20
conv
Standard Pow <fe Lt-
Jan
350
-
200
17%
Feb
Apr
1%
18%
104%
108%
20
50
1%
1%
...
Standard Oil (Ohio) com 25
100%
14
14%
Mar
Apr
300
3
Mar
Apr
21%
Mar
5Q%
44
preferred
conv
Jan
<
14%
7%
Jan
hi
Quaker Oats common
13
23%
100
2%
21%
.10
preferred
10%
93
Pyrene Manufacturing.. 10
Common.
Mar
Mar
Standard Oil (Ky)
10
Standard Oil (Neb).—25
29%
Puget Sound Pulp 4 Tim.*
Pyle-Natlonal Co com—5
6%
Jan
%
17%
Standard Invest $5%
Puget Sound P 4 L—
15
3%
Jan
48%
-*'n
Mar
Mar
Feb
27
7% prior lien pref... 100
|Pub Utll Secur 87 pt pf..*
hi
%
Common
Public Service of Okla—
6% prior lien pref... 100
Mar
1 %
Standard Products Co
*
*
Mar
19%
.__.*
Mar
Jan
107
6%
34%
Jan
%
Apr
104
20
Apr
Feb
Apr
10%
94%
"100
104%
Feb
hi
2%
2%
Jan
5%
104
700
Apr
5%
8%
7%
Jan
5%
27%
600
2%
Conv
Feb
7
100
7%
6
30
Standard Dredging Corp—
Jan
2%
Mar
Standard Brewing Co
Standard Cap 4 Seal com.l
Apr
23
A pr
14
18%
6
29
6
29%
£1
Stahl-Meyer Ino
Mar
Apr
Apr
hi
3
7%
Am dep rets ord reg
Am dep rets ord bearer £1
Spencer Shoe Co'
Feb
4%
12
Apr
Feb
Mar
2%
Apr
Mar
Spanish <fe Gen Corp—
Jan
•i»
Apr
5
...25
4
Jan
1%
10
Southwest Pa Pipe Line. 10
Mar
7
7 %
Southland Royalty Co
8
117
Apr
17
.
3%
*
-..125
Apr
Apr
•
101%
200
1%
Preferred A.
1%
Feb
90
1
preferred
Apr
6
94%
"96% "96%
preferred.,
Jan
42
148
Public Service of Indiana—
16
Mar
100
*
17 prior preferred
Mar
South New Engl Tel...100
Southern Pipe Line
10
6%
100
7% 1st preferred
Feb
43%
29%
28%
1%
Southern Colo Pow cl A.25
91%
preferred..
1st preferred
Jan
Feb
Jan
Public Service of Colored o-
6%
Jan
27%
Mar
*
*
28%
800
29
27%
Apr
300
28%
27%
7%
25c
Gas
Apr
2%
Pressed Metals of Am—1
Prudential Investors.
Apr
Apr
40
25
Jan
3%
1 %' Mar
5%
Jan
2%
Jan
Mar
1%
800
300
Apr
Apr
48
Mining
1
Prentlce-Hall Inccom....*
Providence
1%
1%
3%
100
1%
4
Apr
6%
Premier Gold
Corp
9
1%
4
5%
94%
5
Prosperity Co class B
9
1%
1
2%
41
Power
Producers
Apr
Jan
4%
84%
400
.
__25e
Sugar common—5
Corp of Canada— *
6% 1st preferred
100
Pratt 4 Lambert Co
*
Jan
Jan
"7 % "~7%
6%
Forglngs
Powdrell 4 Alexander
Jan
1,200
6
Polaris Mining Co
Potrero
Jan
219
2%
2%
Pitts Bess 4 L E RR....50
1
Pittsburgh 4 Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
"
*
Pneumatic Scale com
10
Feb
3
Apr
■
6% original preferred.25
6% preferred B
.25
7%
*
2%
Apr
South Coast Corp com... 1
Southern Calif Edison—
Jan
Postage
Meter
Pittsburgh
(H) Paper Mills...
5% % pref series C
16
300
Apr
170
3%
1
3%
Bono tone Corp
Soss Mfg com.
5,000
Jan
84%
.]
30%
Apr
1
Pioneer Gold Mines Ltd-.l
Pltney-Bowes
3%
20%
4%
300
"16
Amer dep rets ord reg.£l
Sioux City G & E 7% Df 100
Skinner Organ
*
10%
7%
2%
Conv $3 pref series A. .10
Pierce Governor common.*
Pines Wlnterfront Co
177"
100
Apr
7
»
,
VA
177"
1%
1
com
5
29%
Feb
13%
1%
200
*
58
100
12
12
12
*
pref
conv
Apr
"466
'11
Apr
Slmmons-Boardman Pub—
23%
59%
58
Feb
9%
1%
Feb
Phoenix Securities—
Common
>n
Apr
2%
9%
105%
74
59%
High
Low
Shares
25
2
Apr
Apr
'
Phillips Packing Co.
Price
Shreveport El Dorado Pipe
Mar
'hi
15
~15~
pref....*
Phlla Elec Pow 8%
Week
Apr
92%
95
"l5"
Philadelphia Co common.*
Phlla Elec Co $8
for
of Prices
Low
High
1%
5%
144%
94%
50
Pennsylvania Sugar com 20
Pa Water A Power Co....*
Pep per ell Mfg Co.....100
Penect Circle Co
*
Week's Range
Sale
High
Apr
98
•
*
Last
2
500
3,900
Penn Cent Airlines com._l
Pa Pr 4 Lt S7 pre!
Range Since Jan. 1, 1939
STOCKS
(Continued)
Range Since Jan. 1, 1939
STOCKS
(.Continued)
Par
Sales
Friday
Sales
Friday
2399
Apr
237
Jan
6%
242
Mar
Feb
200
%
%
Mar
hi
Jan
10
Shipyards cl A—1
10%
10%
100
9%
Mar
10%
Apr
1
1%
1%
2,600
1%
Jan
1%
Apr
Class B
New York Curb
2400
Sale
Par
United Shoe Mach
Week's
Last
STOCKS
(ConcludeA)
com.
Preferred
25
Range
of Prices
High
Low
Price
73%
72%
for
43
Low
4 75
72
30
42
2%
3%
4%
53
53
6%
Jan
Apr
%
Feb
Jan
Community Pr 4 Lt 6s '57
Mar
Jan
Apr
1%
28%
Apr
10%
Apr
20
22 %
22
22%
300
21
Feb
2%
600
2%
Jan
3%
*11
Feb
Feb
Mar
60c
%
%
%
1%
ih
15%
i:_
15%
1,400
3%
600
1
Insurance
Unl versa! Pictures
3%
8
....
100
%
Jan
1'"
Apr
2%
Jan
15%
Universal Products Co.—*
Utah-Idaho Sugar
Utah Pow a Lt 17 pref..
48%
Utah Radio Products
Apr
Apr
6
Jan
13%
~%
%
.5
48%
Apr
%
Apr
Jan
Mar
Apr
49
300
48%
1%
42
100
1%
1 %
425
"ili ~T%
"266
*
1%
42
*
Utility A Ind Corp com..5
Conv preferred
,
42
Class B.
14 conv pref
5
Van Norman Mach Tool_6
Veneiuela Mex Oil Co—10
Venezuelan
1%
20
Cont'l Gas A El 6s...1958
Apr
Cudahy Packing 3%«.1905
Delaware El Pow 5 Hs.1959
Mar
%
\
Feb
1%
Mar
2%
Jan
Eastern Gas A Fuel 4s.I960
Edison El Ili (Bost) 3 %s 05
Feb
Elec Power A Light 5s. 2030
Jan
Mar
Apr
.6*
Jan
Elmlra Wat Lt A RR 5s *60
El Paso Elec 5s A
1950
Jan
Empire Dlst El 5s
Apr
3§H
Jan
Jan
28
Feb
20
Apr
20
Mar
400
5%
7%
Apr
Jan
1,300
Jan
53
Mar
6
Apr
9
Mar
4%
100
4
7%
6
6
200
6
1%
1%
100
1
Apr
Apr
Apr
»
common;
.*
Waltt A Bond class A.—.*
Class B
*
•ie
38%
ui«
Apr
9
Feb
Florida Power A Lt 5s. 1954
Apr
Mar
Feb
It
Mar
2%
West Texas Utll 10 pref—*
West Va Ccal A Coke
*
Western Air Express.....1
2%
100
Jan
2%
Wellington Oil Co
—1
Wentworth Mfg......1.25
Apr
8%
3%
300
Apr
Apr
2%
Apr
86
Jan
"loo
100
%
Apr
300
3%
2%
Mar
38%
40
20
1%
12
6s ex-warr stamped-1944
4%
32
4%
100
6% preferred
.£1
Wright Hargreaves Ltd—*
Y.ukon-PaclHo Mining Co_6
"I"
5%
5
Feb
Mar
Mar
13%
13%
"m "T."
8
X
58%
81%
84%
107"321071*3i
83%
*55
59%
94%
95
104% 104%
107% 107%
"94%
4%
4%
.
5%
■4%
4%
5%
%
.
%
57%
60%
111
%
%
24,000
68,000
58%
79%
11,000
96%
Apr
Apr
Jan
61
Jan
9*0 00
94%
Apr
5,000
104%
Jan
3,000
106%
Jan
18,000
14,000
12,000
8,000
4%
Apr
"
60% 147,000
110% 111
7,0C0
68
68%
71%
31,000
*110% 111%
102% 102% "2', 000
1%
4%
101
101%
19,000
40% 40%
*107% 108
82%
83
~~9~000
101%
100
1,000
Mar
* Jan
68
Jan
Feb
91%
108%
68%
Mar
Mar
Jan
Jan
97
106%
108%
Mar
10
■
Jan
Feb
Apr
9%
Feb
%
Apr
%
Mar
1%
1%
Feb
53%
109%
Apr
66%
Jan
Apr
4%
100
3,000
19
19
91
92%
1,000
19,000
96
98%
97
112
66%
Apr
107%
Jan
111
102
Jan
81%
Mar
Mar
Mar
Apr
104%
Jan
99%
Jan
102%
Mar
39%
Apr
50%
Jan
Jan
108%
Apr
87%
Apr
Mar
99
Apr
104%
15
Mar
107%
92%
98%
81
Feb
20
Mar
94%
Mar
89%
Jan
98% 214,000
92
Apr
99%
Feb
36,000
63,000
95
Jan
99%
Mar
98%
102%
101
Jan
Jan
♦Gesfurel
103% 104
Mar
105
Jan
81
Apr
90
90
Apr
97%
Jan
19,000
76
Apr
90%
Mar
73
Feb
87
Jan
92%
Mar
95%
Jan
103%
Mar
78
*66
103%
2,000
1,000
leTooo
89
102% 303,000
75
Jan
Jan
62
63
4,000
58
Jan
70%
Mar
1953
25%
25%
Apr
29
Mar
66%
1,000
2,000
25%
66%
*60
66%
Apr
72%
60
Jan
72
Jan
87
Jan
91
Mar
Gobel
6s
Jan
Jan
Jan
Grocery Store Prod 0s. 1945
Guantanamo A West 0s *58
Guardian Investors 5s. 1948
62%
(Adolf) 4%s—1941
10
Apr
Apr
Apr
"7 %"
Mar
6%
Jan
3
Jan
10
Jan
.9
Jan
Hall Print 0« stpd
♦Hamburg Elec 7s
1947
Mar
Feb
Houston Gulf Gas 0s..1943
Jan
Apr
8%
6%
Jan
Apr
15%
Mar
1
50
100
Jan
1%*
.
102
»
Jan
S f deb
Indiana
6%s
May 1957
104% 105
1951
101%
1st A ref 5s_—
103% 104
101% 102%
1908
101
1st A ref 4Hs—...1907
Aluminium Ltd debt 5sl948
95
Amer G A El debt 5s..2028
Am Pow A Lt deb 08—2010
Amer Radiator 4%a._1947
Amer Seating 0s stp—-1940
Appalachian Elec Power—
1st mtge 4a
1963
194F
Appalao Power Deb 0s 2024
Ark-Louisiana Gas 4s. 1951
Arkansas Pr A Lt 5s—1956
Associated Eleo 4 %a—195?
Associated Gas A El Co—
Conv deb 4 Ha C
194*
1949
I960
Registered
98
Avery A Sons (B F)—
Canadian Pao Ry 0s..1942
Carolina Pr A Lt 6s„.1966
Cedar Rapids M A P 6s *53
Cent Ohio Lt A Pr 5s„ 1950
D..1957
Cent Pow A Lt 1st 5s_1950
Cent States Elec 6a
1948
ex-warrants... 1954
Cent States P A L 5Hs *63
Chicago A Illinois Midland
Ry 4Hs A
i960
Chlo Jet Ry A Union Stock
1940
|*Chlo Rye 5s ctfs
1927
Cincinnati St Ry 5 Hs A *62
Mar
96%
Mar
7,000
33,000
103%
108
Apr
Apr
Indiana Hydro Eleo 5a 1958
Indiana A Mich Elec 6s '55
5s
——1957
106%
109%
Jan
Mar
♦Indianapolis Gas 5s A 1952
Jan
88
68,000
Apr
96%
7,000
Apr
108%
2.000
99%
Apr
102
Mar
108 %
108% 108%
20,000
107%
Apr
111
Mar
107
107
*118
83%
104
120
106
107%
Mar
118%
Jan
123%
Mar
104%
104% 105
"15*060
102%
Jan
105
103%
63
102% 103% 72,000
50% ,53% 106,000
101 %
Jan
104%
Jan
41%
Jan
63%
Mar
36%
37%
36
41%
40
7,000
.
36%
37%
41%
35
"39"
40
37%
39%
46
46
"Apr
104%
11,000
31
Feb
27 %
30
Jan
,42%
Mar
Jan
47%
Mar
Apr
Mar
37.000
2,000
62,000
1,000
42
,
35
Feb
40
29%
Jan
44%
40
Jan
76
4,000
72<%
Jan
103
103
13,000
102%
Jan
104%
15,000
104
Apr
104,
Feb
46,000
73
103
;
*88%
91
91%
*88
93
85
Feb
82 %
Apr
86
'
90
109
1,000
6,000
6,000
5,000
1,000
59
Mar
46,000
Mar
Mar
87
Mar
116%
Jan
12,000
103%
102% 103%
98
98.%
,95%
96%
30.000
99
'
20,000
43,000
88
16,000
99%
14,000
33*666
*99% 101%
*90 ~~
92
87%
90
89%
92
105% 105%
*109%
1957
7s series F
Interstate Power 5s.—1957
Debenture 6s
.1952
Interstate Publl
c
6s series D
..1956
6s series B
58%
,42%
44
16,000
88%
87
88%
66,000
82
Jan
85
83%
85%
44,000
77
101
102
*101
4.2
87%
1947
4%a series G__.....1901
Kansas Elec Pow 3 %s_ 1960
87%
1st mtge 5s ser H—.1901
♦Leonard Tletz 7%s..l940
Apr
Lexington Utilities 5s_1952
105
Mar
Lib by MoN A Llbby 6s '4?
Jan
105
Mar
113
Feb
Apr
Long Island Ltg 0s„.1945
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
81
115%
103%
91%
102%
Mar
101
io~666
Mar
67,000
98%
Apr
Apr
20,000
35
Jan
46
Mar
39%
37%
39%
48,000
32
Jan
46%
Mar
62%
60%
62%
43,000
55%
Jan
69%
Mar
Mar
103
.1955
page 2401.
103
44%
*72%
*73
100%
103%
44%
77%
80
5,000
5,000
8,000
98
103
44%
70%
72%
Apr
102%
Feb
Jan
104%
55%
78%
Feb
Jan
81 %
Apr
Apr
Apr
Jan
Jan
102%
'Feb
Feh
Mar
Feb
Jan
Apr
44
Mar
38
Jan
47
Mar
40%
40%
42
10,000
104
103% 104%
105% 105%
105%
*105
52.0C0
103%
Apr
107
51.000
105%
Jan
106%
Mar
108,
Mar
121%
103%
Mar
97%
Mar
103%
107
Jan
" Apr
119>
120
*4*666
119
102
93
102
11,000
101%
Apr
89%
Apr
"93"
91%
99
93%
2,000
33,000
101
93%
88%
Apr
105
Jan
100%
Apr
97
103
103%
4,000
100
Jan
103%.
108
1C9%
109%
33,000
107
Jan
110%
t
100%
104
104
*90
106%
22%
50
100% 100%
"7*666
95
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Mar
103
Mar
16,000
102%
105%
Jan
91
Feb
30
50*666
93
106% 107%
Jan
Jan
Jan
105
95
Feb
Jan
107%
Apr
29%
1,000
28%
Jan
29%
Mar
103% 103%
1,000
103%
Jan
104%
Mar
29%
1943
Apr
66
Apr
96%
92
Jan
101%
Feb
82
Apr
91%
Mar
*45
55
52
*90
96%
95%
Feb
Memphis Comml Appeal—
Deb 4 Hs
100
Jan
Jan
3,000
110,000
♦7s without warr ts. 1941
Marlon Res Pow 4%s.l954
McCord Rad A Mfg
6s stamped
Jan
80
60
33
Kansas Gas A Eleo 08.2022
Kansas Power 5s
1947
Lake Sup Dlst Pow 3 %s '60
Lehigh Pow Secur 6s..2026
39
98%
Mar
52%
60
31%
,
Jersey Central Pow A Lt—
Apr
37
100% 101
Mar
Apr
"32"
Gas—
Mar
38%
92%
87%
102%
39%
59%
31%
42
1969
100%
Jan
Feb
7,000
41
6s series 1..
Feb
Mar
105
Jan
83
49
Jan
148%
97%
86%
Apr
Jan
Apr
Apr
97%
96%
Apr
105%
4,000
2,000
55
38%
,103%
26,000
99,000
Mar
Mar
22,000
93%
59*666
54
55%
69%
103% 104%
103%
-
Apr
Apr
108
99
105
Jan
36%
41%
107% 108
104%
7s_—1942
1942
4,000
93
Jan
Jan
*4*666
102
102%
•
Mar
98
102
1948
*104% 105%
100%
98% 100%
104%
104% 105
114% 114%
*100% 102
52%
44
1955
Mar
Apr
Apr
Apr
6,000
71,000
0%s series D
94
Jan
Apr
32,000
.1901
Iowa Pow A Lt 4%s._1958
Iowa Pub Serv 5s
195
Isarco Hydro Eleo 7s. 195;
6s stamped
Jan
Mar
Service—
4%8 8erles F
1958
Iowa-Neb LAP 5s—1957
Fraschlnl
1Q7
Jan
Feb
,63
62%
83%
41%
"58%
103
110%
40
38%
6%s series F
Jan
Jan
Apr
36%
41%
56%
1952
Mar
Jan
Mar
39
Mar
Jan
94
Mar
Mar
109%
50%
68
126%
81
Mar
Mar
17,000
110%
123%
69%
101
41
Apr
86
Mar
94%
80
Mar
8,000
103
*32%
123
20,000
Feb
Apr
78
79
120
94
Feb
104%
Apr
Apr
49
1.000
92%
Feb
Jan
85
17,000
9,000
81%
Mar
65
110%
100%
I2T666
124
94%
66%
Jan
Apr
Apr
Apr
54
120
140%
Mar
96%
99%
53%
124
3,000
88.000
110%
Apr
86
120
140% 140%
92%
94%
80%
81%
103
Apr
104
108% 108%
Jan
Mar
Jan
93%
12,000
120
Apr
Mar
Jan
^10,000
108%
108%
26%
100%
103%
Jan
Jan
52
Kentucky Utilities Co—
20,000
Mar
Jan
Apr
51%
Italian Superpower 08.1903
91%
101%
Apr
107%
101%
95%
94%
85%
53%
Jacksonville
Mar
Jan
Feb
60
61
1903
Mar
Mar
53
50
Apr
108%
1st lien A ref 5s
'
Mar
81%
105%
106%
Jan
Apr
18%
94%
101%
101%
54
Isotta
52%
Mar
Apr
•
59
611,
107% 108
99%
109%
40
107%
86
Apr
Mar
98
1950
6s series B
89 %
13,000
Indiana Servloe 6a
7s series E__
106%
100%
*59
International Power Seo—
0%8serle8 C
1955
Jan
105
•
36
.....
86
...1900
Broad River Pow 5s—1954
Canada Northern Pr 5s *53
102%
Jan
104
Locom Works—
Bethlehem Steel 0s
1998
Birmingham Elec 4 Hal 968
Birmingham Gas 5a_..1959
Mar
Jan
100% 100%
warrants...1947
5s without warrantsl947
1st M 6s series A... 1956
1st M 6s series B
1957
Jan
87
81 %
4,000
45,000
»
.
105
6> with
♦Convertible 0«__—1950
Bell Telep of Canada—
96
104
100%
1977
Assoc T A T deb 5Hs.A'65
Atlanta Gas Lt 4%s__1956
Atlantic City Elec 3 %s '64
1951
105
"8~66O
*59
87%
47
45
-
38%
20% 20%
99
99%
101% 103
102% 102%
t—
1953
6s series C
106%
Jan
152,000
40
196*
0%s series B...
Jan
98
•
103% 103%
108% 108%
108 H
86 H
101
91%
103%
Mar
Mar
102
8,000
1,000
107%
Electric Corp—-
1947
$11,000
1,000
Jan
40
109
1949
Idaho Power 3%s
1967
111 Pr A Lt 1st 0s ser A. 1953
3
*f6
.
"8% "Mar
50
46
36%
100%
♦Hungarian It&l Bk 7 %s*63
Hygrade Food 0s A
1949
"7%""Apr
'19,000
89
*44
37%
0%s ex-warrants... 1943
Houston Lt A Pr 3%s.l966
Apr
66
107% 107%
1935
92%
2%
Apr
Apr
12
89
♦Hamburg EI Underground
A St Ry 5%s
1938
Heller (W E) 4s W W —1940
0s series A
1950
60%
82%
5%
4%
Mar
200
1st A ref 6s
see
128%
Gt Nor Pow 5s stpd—1950
2%
4%
"s'sOC
1
1940
For footnotes
102
Jan
81
0» series B
1st A ref 6s
1st A ref 5s
0s series B
Apr
125
82%
Apr
7%
82%
1,000
Alabama Power Co—
Yards 5b
100%
*120% 128%
90
Georgia Power ref 5a._ 1967
Georgia Pow A Lt 5s..1978
Sold
Conv deb 5Hs
Feb
111%
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
Jan
3%
97
Bonds
Debenture 5s..
Mar
Jan
81
Jan
"566
"_5%
BONDS
Conv deb 4 Ha
Mar
87
*100% 102
1st A ref 6%s ser B.1964
1st A ref 5s ser C—1950
Conv deb 5s
86%
131
109%
90
Feb
10
82%
Petroleum.....I
Debentures 4%s
10,000
81
15
5%
82%
2
Woolworth (F W) Ltd—
Amer dep rets...
6c
6Hs
109% 110
81
50%
1%
Wolverine Portl Cement-10
ser
109%
Jan
Apr
Mar
74%
129
90
Apr
7
Wlllson Products Inc.—1
Wisconsin P A L 7% pf 100
Cent Power 5s
*129% 131
104
9
*
1
Williams (R O A Co....*
Williams Oll-O-Mat HI..*
Wilson-Jones Co..—
*
5s series C—
76%
76%
78
Grand Trunk West 4s.1950
Weyenberg Shoe Mfg
Baldwin
Mar
Gatlneau Power 1st 6s_1950
General Bronze 0s....1940
Westmorel; nd Inc.......*
Woodley
86
General Pub Serv 5s—1953
Gen Pub Utll 0%s A. 1950
Jan
Feb
10
Western Tab A Stat—
Vot tr ctfs oom
—•
com
78% 144,000
78% 102,000
78%
49,000
Mar
Glen Alden Coal 4s.-.1905
3%
Western Maryland Ry—■
Wolverine Tube
Mar
76%
Apr
Jan
77
78%
78%
67%
72%
72%
Mar
84
Gary Electric A Gas—
1%
6%
%
10%
1952
♦First Bohemian Glass7s'67
Florida Power 4s ser C 1966
Feb
Tu
10%
13,000
Finland Residential Mtge
Banks 0s- 5s stpd—1901
Jfm
Apr
%
5
10%
70%
0%s series A—.—1953
Erie Lighting 5s
1907
Federal Wat Serv 5%s 1954
50
200
"166
Wagner Baking
Wahl Co
68%
Jan
Ercole MareiU Elec Mfg
Feb
%
4%
Mar
70%
Aug 1 1952
♦Certificates of deposit
%
0%
*1«
;
77
♦Deb 7s
Mar
"T ,"T*
*
Apr
♦0%s
Aug 1 1952
♦Certificates of deposit
1%
200
66
76
Detroit Internet Bridge—
Jan
54
29,000
Denver Gas A Elec 6s. 1949
Feb
60
78%
70
Cuban Tobacco 6s.—.1944
Jan
1%
20%
6
Va Pub 8erv 7% pref..100
Westmoreland Coal Co
19
Apr
68
KCuban Telephone 7%s.'4l
Jan
Apr
'
'
20
20
0%
Waco Aircraft Co
7% 1st preferred
Jan
Jan
%
1%
Vogt Manufacturing.—..*
Walker Mining Co
1
Wayne Knitting Mills—6
Welsbaum Broe-Brower—1
8%
68%
stamped...1943
Mar
%
11
1%
Petroleum...1
v t c
0s ser A
1%
1
High
71 %
66
Gen mtge 4%s
.1954
Consol Gas Utll Co—
'
100
1
1971
he
—7
|Utll Pow ALt common..1
7% preferred
Valspar Corp com—
.
N
ser
Feb
4%
14
Jan
""566
I'jg
1
Utility Equities Corp
$5.60 priority stock
<3
"266
1
com
.
12
....
Jan
Jan
1%
14%
200
2
10
Low
3,000
71% 180,000
Consol Gas (Bait City)—
5s
1939
Mar
200
1949
(Bait) 3%s
Jan
*1#
1969
5%s
Mar
Apr
Apr
Universal Consol Oil
Universal Corp v t c
Universal
16%
27%
4%
2%
%
.*16
69%
Cities Serv P A L 6%s_1952
Jan
1%
—
71
1968
Debenture 6s
*
United Verde Eiten
United Wall Paper
1950
Conv deb 6s
Debenture 6s
*
1st pref
United Stores v t c
75
Jan
1%
36%
Jan
75
Mar
68
700
250
2%
Range Since Jan. 1, 1939
*
Consol Gas El Lt A Power
50
1%
34
—1
Price
Conn Lt A Pr 7s A—1951
100
1%
32%
U 8 Rubber Reclaiming.
U 8 Stores Corp com
196«
Apr
Jan
82%
*
conv
Cities Service 5s
Jan
Apr
10
U S Plywood
$7
Par
3
1.700
1*
$ 1% conv pref—
U 8 Radiator oom
Week
2%
300
U 8 Lines pref—
for
of Prices
Low
High
85%
44%
4%
U 8 and Int'l Securities—*
U 8 Playing Card
Week's Range
Sale
Ys
2%
1
1st pref with warr
Last
High
Apr
1939
Sales
BONDS
{Continued)
Shares
1
April 22,
Friday
Range Since Jan. 1, 1939
Week
73%
43
25
United Specialties com
U 8 Foil Co class B
Exchange—Continued—Page 5
Sales
Friday
1952
Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
4s series G
.1905
100
99% 100
*81%
24,000
85
Feb
106 %
105% 106%
24*666
105%
Apr
108%
Feb
110%
110% 110%
9,000
107%
Jan
110%
Mar
Volume
Friday
Last
Week's Ranoe
Sale
of Prices
Low
High
Par
Price
Middle States Pet 6 Ha '45
Midland Valley RR fis 1943
5
$58
60$*
97$*
23,000
15,000
18,000
43,000
7,000
103
Mississippi Power 5S..1955
98%
%
103$*
89
87%
88$*
1957
97
98
98%
108$4 109
Mlas River Pow 1st 5s. 1951
Missouri Pub Serv 68-1960
Mar
101%
Mar
Tide Water Power 5s..1979
/101%
Mar
76$*
80%
80$*
100 %
$82
Jan
2026
ioi"
99
101
Deb 5s series B
2030
97$*
97
97%
34
37
|*Nat Pub Serv 5a ctfs 1978
Nebraska Power 4%i.l981
*110 k"
Jan
99%
Apr
109%
Jan
Feb
Mar
87
Jan
33
Apr
6.000
1,000
5,000
115%
101
Nevada-Calif Eleo 68.1956
'81
79 %
80$*
New Amsterdam Gas 5s '48
N B Gas A El Assn 5s 1947
76%
118%
Jan
30,000
6,000
62% 102,000
54
Jan
62%
60
62,
1950
59
New Eng Power 3 $*8-1961
New Eng Pow Aasn 5s_1948
Debenture 5%s
„
109
"90 %
1954
109
29,000
91$*
93
91%
93
27,000
Feb
Mar
72%
Mar
72
,
Jan
107%
87%
1,000
90$*
Mar
72%
es stamped
109
Feb
Apr
,98%
Mar
4,000
99%
Feb
91
10,000
89%
Apr
103
2,000
102%
Jan
90$*
91
103
101%
Feb
107%
107$* 107%
N V State E A G 4%s 1980
102
101
53,000
NY* Westcb'r Ltg 4s 2004
Debenture 6s
1,000
83%
102
106$* 106%
1954
$54
Apr
106$*
99
Jan
104%
112%
10,000
1113%
Nippon El Pow 0%s._1953
Jan
Jan
Jan
50
56
Mar
Feb
50%
Jan
61%
21,000
31
Apr
52%
42
22~666
23
~i~66o
23
70%
.73
71%
27,000
68'
73 $2
107
2,000
7,000
58,000
104%
Mar
107
Feb
81%
78%
Apr
90
Feb
115%
6.00C
73%
68 series A
1952
6s series A
80%
80%
113
1973
Utah Pow A Lt 6s A..2022
4%s——
115%
68%
94
1944
♦fis Income
deb
West Penn Eleo 5s
fWest United CAE 6%s*56
Mar
115%
Apr
Mar
68%
Apr
81%
Apr
79%
94%
91
Apr
96%
Mar
Mar
89%
Apr
98%
Mar
89
91%
23,000
87
Jan
95
Mar
87
87
2,000
82
Jan
91%
Mar
23
24%
31%
Mar
Wise Pow A Lt 4s
1966
Jan
Jan
108%
105% 105%
"3^000
105
Apr
108
104% 104%
v2,000
104
Jan
105%
Jan
113% Mar
102%.:' Feb
,113
101%
.113
3,000
101% 102
53
53
4,000
14,000
Ap)
50
Apr
l04'i»
Feb
Mar
63
105%
Feb
106 H
104
Mar
Apr
Jan
"le'ooc
100%
Jan
11,000
102%
Jan
'Apr
105%
...
Jan
87
87
4,000
87
94
Feb
Jan
87%
sa
6,Q0C
87%
Apr
94%
Feb
26%
1,000
25%
Feb
28%
Jan
i~666
26
Jan
27~ ~
Apr
24%
Jan
24%
Mar
8%
Jan
11%
Mar
11
Mar
104
1937
99
Feb
Jan
Mar
106
104 932$041332
$106
102%' 103
To§'
110%
37,000
53
104%2
"87%
^.1947
87%
{♦York Rys Co 58
Stamped fis
19%
107%
$108% 110%
Yadkin River Power fis '41
Mar
25,000
23%
Wheeling Elec Co fis-.194)
Mar
Jan
112
Mar
91
2030
Mar
'
Apr
7,000
Wash Ry A Elec 4s
1951
Wash Water Power fis 1960
86%
,53
Jan
Mar
95%
1954
West Texas Utll fis A 1967
Apr
Apr
72
Jan
Mar
27%
80%
82%
93%
West Penn Traction fis '60
103%
106%
113%
27
Waldorf-Astoria Hotel—
Feb
109
94
'
Mar
Apr
52
95%
1946
Mar
99
84%
94
.
•
118
9,000
40,000
5,000
70
83%
"83%
Va Pub Serv 5%s A..1946
1st ref fis series B
1950
0s~—
26%
Jan
Mar
Jan
Apr
116%
40%
35
107
107
West Newspaper Un 6s '44
Jan
79
47,000
83$*
83$*
1959
105%
New York Penn A Ohio—
♦Ext 4%s stamped. 1950
NYP4L Corp 1st 4%s'67
Mar
44,000
71%
1974
6%S
Mar
Apr
90
:95%
100
100
1942
♦Income 6s series A.1949
Mar
96
23
1976
6%S.
Mar
New Orleans Pub Serv¬
N V Central Elec 5 %s 1950
107
Jan
$117%
40%
$23
Un Lt A Rys (Del) 5%s '62
United Lt A Rys (Me)—
Feb
119
Jan
54%
58 $4
1948
Jan
35
33
1956
United Lt A Pow 6s
Apr
89%
Apr
1,000
Jan
Conv deb 5s
60
101
55
6s.
106%
57'
93%
54
57
♦United Industrial 0%s '41
♦1st s f 6s
1945
Apr
120%
Jan
29,000
118$* 118%
Apr
110%
Jan
96
United El Serv 7s
Mar
37
Jan
107%
101
High
Jan
99%
86%
104
91%
Conv 6a 4th stamp. 1950
United Elec N J 4s
J 949
Mar
104%
99%
Jan
92%
Mar
86
JaD
98
120$* 120%
2022
6s series A
77
Feb
101%
Jan
37,000
110$* 110%
Netoner Bros Realty 6s '48
Low
103
TJlen Co—
islooo
9,000
42,000
1,000
9,000
104
"92%
Twin City Rap Tr 6%s '52
Mar
73%
9,000
104% 105%
2022
A
Feb
Jan
100
84
Nat Pow A Lt 68 A
series
108%
49,000
110% 100$*
6s
95%
105
Apr
Montana Dakota Power—
5 H%—
1944
Nassau A Suffolk Ltg 5a '45
105
$
Tleta (L) see Leonard
88%
94
103 $4
Price
Texas Power A Lt 5s_.195P
Apr
97%
102%
82%
98$*
1955
Par
Mar
Range Since Jan. 1, 1939
Week
Feb
93%
96
for
of Prices
Low
High
Apr
59
28~66o
97$*
Week's Range
Sale
98%
66%
Jan
93%
6,000
Last
High
Low
96$*
BONDS
(Concluded)
1, 1939
Range Since Jan.
96
Milw Gas Light 4 He—1967
Minn PAL 4%s
1978
Miss Power A Lt 5a
for
Week
Sales
Friday
Sates
BONDS
(Continued)
1st A ret 5b
2401
New York Curb Exchange—Concluded—Page 6
148
104%
No Amer Lt A Power—-
$96
1956
5%s series A
108
108
99%
Feb
4,000
47
Jan
57%
Mar
3,000
107
Mar
.
108%
Jan
AND MUNICIPALITIES
Agricultural Mtge Bk (Coll
♦20-year 78..__Apr 1946
Apr
95%
96%
:
48
Nor Cont'l Utll 5%S—1948
Ne Indiana G A E 6s..1952
49%
108%
Northern Indiana P 8—
5s series C
1966
5s series D
1969
104%
$104% 105$*
-104% 105%
103-
1970
N'western Elec 6s stmpd'46
4%s series E
97$*
98$*
109
1945
Okla Nat Gas 4 His
1951
Jan
Apr
Jap
Feb
106%
104%
105%
Feb
Apr
102%
Mar
'47
$20
32
109
Mar
♦6s ctfs of dep
Aug '47
$20
32
Jan
*68 ctfs of dep
Apr *48
$20
32
$10%
$10%
$10%
$10%
$9 ■
18
97%
Jan
1,000
19,000
108
98
Apr
104%' Mar
*
98 %
97
Pacific Coast Power 5s '40
99%
2C.00C
94%
98$*
Okla Power A Water 6s '48
107
Apr
104
36~0C0
-98%
109
105% 105%
mn
1946
6s oonv debs
17,000
Apr
102
$105% 108
N'western Pub Serv 6s 1957
Ogden Oas 5s
97
15,000
91%
Jan
7,000
101%
Jan
3,000
112%
102$* 102%
112$* 113%
1941
Pacific Invest 5s ser A.1948
90
90
113
113
1955
Park Lexington 3s
1964
Penn Cent L A P 4%s.l977
1st 6s
Penn Eleetrlo 4s E____1971
Penn Ohio Edison—
100
Deb 6%s series B..1959
Penn Pub Serv 8s C..1947
Penn Water A Pow 6s_1940
Peoples Gas L A Coke—
4s series B__
1981
85
Pblla Elec Pow 5%s-.1972
Jan
87%
Mar
Jan
Jan
98
Jan
100%
41,000
97
91$*
93 I
112
112
Tr&nslt 6s 1962
Pledm't Hydro El 6%s
Coal
Apr
113%
Jan
91
76
39$*
'60
6s..1949
.104
Pittsburgh Steel 6s
1948
♦Pomeranian Elec 6S..1953
Portland Gas A Coke 6s *40
96%
$16
67%
68%
108
Potomac Edison 5s E.1956
37%
Feb
1961
Potrero Bug 7s stinpd.1947
PowerCorp(Can)4%sB "59
$43
105%
"
4~66O
102%
3,000
106
$17
♦7s
147'
,147
$9
18
Feb
19
Feb
15
Mar
15
Mar
$8
17
.tan
106
Mar
16%
Mar
Jan
Mar
Jan
103%
109%
Mar
.„„_1948
♦7%s ctfs of dep...1946
Jan
108
Mar
Cent Bk of German State A
105
Jan
108%
Jan
Mar
Apr
Mar
m%
1.000
41
14,000
38
2,000
103
:
95%
1,000
Apr
Apr
76
76
104
51
Jan
108
Jan
99
Jan
Jan
Jan
20%
77
Feb
81%
82
Jan
44%
Mar
Jan
J05%
Mar
20$*
Feb
♦External 6%s
♦Saxon Pub Wks 6s.._1937
$21
Jan
Feb
♦Maranhao
$23
101
101
50$*
1948
Apr
152%
Jan
Sbawtnigan W A P 4$4s '67
1968
1st 4 $48 series D_
1970
Sheridan Wyo Coal 6s 1947
1st 4% s series B-
Apr
20
Mar
Apr
20
Mar
17
Jan
22
14
Apr
20
Mar
"11
Feb
13
Mar
6%
11$*
Jan
Jan
15
Mar
15
Mar
10
Feb
10
Feb
Jan
9
Jan
25$*
Jan
'26%
Mar
25%
26%
Mar
11%
.Jan
Apr
Apr
63%
90%
Apr
8%
Jan
15
6%
Jan
Jan
14%
Southeast PAL 6s..r2025
Sou Calif Edison Ltd—
.
1945
104%
Ref M 3 $*s.May 1 1960
109%
Debenture 3%s
$78%,
,'97
80%
u)6o
104%
109% 110%
104
S'westem Lt A Pow 5s 1957
Mar
Jan
103%
Mar
$85%
So'west Pub Serv 6s.. 1945
105% 105%
87
Apr
Apr
65
107
106
Apr
♦Parana
♦Rio de
Apr
103%
102
Mar
Apr
J05%
103%
Mar
105%
83
Feb
Jan
95%
1(J4%
Mar
Jan
103%
Feb
1,000
11,000
11,000
42
Apr
52%
Jan
♦Russian Govt 6%s... 1919
-.1921
♦5%s
$%
1961
$9
♦7s
Feb
Jan
♦
No par value,
x
a
Mar
.94%
Feb
♦
Bonds being
Jan
106%
Mar
5
Jan
Mar
Apr
70
Apr
70%
Apr
70%
$ Friday's bid and asked price.
Mar
70
Mar
Apr
69%
Mar
87
Jan
Mar
24,000
54%
17,000
17,000
55
58
54
Apr
54
Apr
96%
70%
Apr
35
Cuban Telep
50
4,000
50
Apr
64
Mar
34
1,000
34
Apr
50
e
Jan
99% 100
78,000
88%
Jan
100%
Feb
11,000
60,000
38%
Apr
53%
Jan
97
Anr
102%
No sales were transacted
34
"98%
41%
98%
99%
during current week.
Curb bond Issues which have been
^
called
7%s 1941, Sept. 1 at 105.
pref., July 1 at 100, plus dlvs.
1955, May 5 at 104%.
current week and not
Included In weekly or
No sales.
V
38%
n U nder
In year'p
yearly range:
(Hugo)
99%
JaD
„
Cash sales transacted during the
Mar
50
14%
Western United G & E 5%s
Jan
2d stamped 4s
Apr
traded flat.
Stein (A) & Co. 6%%
Mar
53%
21
2d stamped 4s
Jan
10 %
,
In their entirety:
Mar
41,000
5,000
59
14%
Reported In receivership.
104%
59
21%
52
Apr
•
.
$03%
$04%
58%
57
Jan
Mar
Apr
10%
Deferred delivery sales not included In year's range,
In year's range,
r Cash sales not Included
Ex-dlvldend
Apr
57
21
%
Jan
49
the rule sales not included
range,
Apr
57%
$90%
Mar
Mar
Feb
%
Mar
Feb
56%
58$*
Mar
96%
Mar
81
58$*
21
V»". %
11
11
^The following is a list of the New York
Standard Inveetg 5$4» 1939
%
2,000
50
$9
102
55
♦Starrett Corp Inc 68.1950
4,000
22,000
%
50
♦Santiago
stamped.1945
7s
,"...1949
102%
25,000
Standard Pow A Lt 68.1957
10%
Janeiro 6%s.l959
Mar
111
59
90%
Jan
Feb
58%
$57
Apr
16
Feb
Jan
57
11957
26
Mar
Jan
58
Debenture 6s.Dec 11966
Corp—
1940
1946
Tennessee Eleo Pow 5e 1956
Tern! Hydro-El 6$4s—1953
Texas Elec Service 68.1960
7s—.1958
(State)
32
32
32
$87% 90
11%
11%
i 10%, 11%
$%
%
♦Santa Fe 7s
Standard Gas A Elec—
1948
1948
..1951
26
Feb
94%
106%
110%
li0%
112%
105%
2~o6O
10,000
26
$20
$20
$20
•
83
Jan
"
32
$10%. 17
♦78 ctfs of dep..... 1947
Jan
Apr
3,000
8,000
102% 103%
103
103%
So'west Pow A Lt 68..2022
30
26.
Mtge Bk of Denmark 5s *72
49
•
■
9
18
27%
26
"♦0%s ctfs of dep... 1947
Apr
31%
Apr
10,000
9,000
$26-%
dep...-.1946
Mar
Apr
103%
111% 111%
104% 105
43%
43%
103%
27
108%
108%
33,000
31,000
1st A ref mtge 4s—1960
1951
S'western Assoc Tel 5s 1961
,18
135$*
76%
"
87
100% 113,000
Ref M 3$*s B.July 1 '60
Sou Indiana Ry 4a
Apr
"iio" >'"]?eb
101
10,000
109% 110%
Sou Counties Gas 4 $48 1968
Feb
107
19,000
8,000
87
100
Jan
Feb
24
104%
2,000
14
15,
Apr
Mtge Bank of Columbia—
16%
4,000
104
11
$24
♦Mtge, Bk of Chile 6s. 1931
Jan
134
23",000
104$*
Mar
35
20%
104%
104
88
"108%"
1,000
103% 104%
104$*
104%
Jan
Apr
♦7s ctfs of
2,000
25
12
$26%
♦7s ctfs of dep.Oct '47
$107
Sou Carolina Pow 68.1957
Stlnnes
16%
13%
♦7s ctfsof dep. May '47
10,000
Feb
16%
11
♦Issue of Oct 1927.—...
8,000
35%
1,000
14
Mtge Bk of Bogota 7s_l947
♦Issue of May 1927
Mar
Mar
Jan
Jan
5,000
-$8
Mar
Apr
-96%
3,000
.1951
♦7s ctfs of dep
Mar
88
53
Jan
Apr
17
17
$8
90%
101%
100
Api
85
20
.1958
7s
Jan
26
Scrlpp (E W) Co 5$4s. 1943
Scull In Steel 3s.
1951
8,000
85%
28%
23,000
85%
$16%
$10
♦Medeliln 7s stamped. 1951
Jan
25
♦Scbulte Real Est 68—1951
Mar
20
♦Secured 6s..
Jan
17
22
,31
♦Hanover
70%
135$* 135%
17
MUr
$.—16%
16%
1952
72
108% 109
Feb
25%
25%
Danzig Port' A Waterways
62,000
"40."
$17
Apr
,
87%
85
...1953
62,000
$27%
{♦St L Gas A Coke 6s. 1947
San JoaquinrL A P 8s B '62
Jan
21%
*19% "Feb
85%
1955
5%s—
6a-
28
Safe Harbor Water 4%s '79
debs..^.
>17
♦0%s ctfs of dep._.J95f>
Danish
107%
92,
106%
75%
lb6%
♦Ruhr Housing 6%s_.195S
6s gold
te
♦6%s ctfsof dep....1954
146
9.600
82%
1,000
30
1947
(City) 7s__. 1939
♦Hanover (Prov) 6%s.l949
♦Lima (City) Peru 6%a '58
Queens Boro Gas A Elec—
A...____1952
Gas Corp 6 $48.1953
Jan
12
'
30
$15
♦German Con Munlc 7s '47
Jan
23
$15'
♦6s ctfs of dep.-Oct '61
Feb
100%
30
87% 126,000
6 Ha series
Mai
22
21$*
21%
♦6s ctfs of dep..July '61
Feb
109%
109%
39%
45
81$*
11%
40
$20%
21%
Jan
10
'
Cundlnamarca (Dept of)
Mar
108%
"
16
9,000
16
$7
♦6s series A.1952
Mar
17%
5,000
82
13%
$7
♦Prov Banks 6s B..1951
Feb
Apr
64
17\1)00
80
Feb
Mar
107. "
22
83%
Debenture 6b
13
13%
1948
7s
Valley
♦7s ctfs of dep.
Mar
77%
,
Bogota (see Mtge Bank on
♦Cauca
Mar
97%
113%
84.
'
-
18
r
18%
95%
80
87
106%
Mar
11
18
♦7s 3d ser ctfs of dep. '57
ctfs of dep.'57
20
Apr
148
18
18
ser
$6
Apr
83%
1st A ret 4 Ha ser D.195C
Conv 6s (stpd)
D ctfs of dep. 1945
$9
♦7s 2d
$17.
92%
Puget Sound P A L 6 %s *49
1st A ref 5s ser C
1950
(stpd)
ser
♦78 1st ser ctfs of dep.'57
18
18.
1951
91%
106%
6s
ser
♦Bogota (City) 8s ctfs. 1945
33,000
18,000
1966
Servel Inc 5s
*7a ser B ctfs of dep. 1945
♦7s ser C ctfs of dep. 1945
♦Baden 7s
Pub Serv of Oklahoma—
♦Ruhr
A ctfs of dep. 1945
*7b
,
6% perpetual certificates
4s series A
lumbia—
\
Mar
45,000
69%
of) Co¬
Mar
.99
95%
108%'
27
104%
103%
94
96%
(Dept
32
27
Columbia (Republic of)-r
$102% 103%
♦Prussian Electric 6s. .1954
Public Service of N J—
5,000
112%
27
♦Caldas 7%8 ctfs of dep.'46
$109$* 109%
4 Ha series F
♦7s ctfs of dep. Jan
Antloqula
26%
$20
'46
Jan 1947
Jan
100%
91%
106%
31,000
108
102% 103
106% 106%
94
1961
4s series D„
Pittsburgh
94
Mar
Feb
32
$107
102$*
4H* series B.......1968
Pblla Rapid
113%
Mar
Apr
8,000
108% 108%
1954
5s series D._
85% 1C1.000
36%
1,000
1104% 105%
98%. 101
♦7s ctfs of dep. Apr
♦20-year 7s
Mar
76
74,000
99
100 H
104
»
1950
6s series A
iviar
94%
92%
99% ICO
36%
"~94%
1979
—
82%
84 $4
97%
Mar
89
1,000
Pacific Pow A Ltg 5s
105
113
2,000
Pacific Ltg A Pow 5s_.1942
106%
Jan
:
Pacific Gas A Eleo Co—
1st 6s series B
GOVERNMENT
104%
104$*
4,000
103%
FOREIGN
Under-the-rule sales transacted during
weekly
No
2
n
or
the current week and not Included In
yearly range:
sales.
.
Deferred delivery sales
transacted during the current week and not
Included
weekly or yearly range:
8^66
"'
Abbreviations
Used
"cum " cumulative;
"v t
Above—1"cod", certificates of deposit; "cons," consolidated;
"conv," convertible; "M," mortgage;
c," voting trust certificates;
without warrants.
"n-v," nob-voting stock;
"w l," when Issued; "w w," with warrants: "x-w
"
Financial
2402
April 22, 1939
Chronicle
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
Week's Range
Last
Sale
m*>'m
*
1st pref v t c.
Benesch&Sons Co Inc com*
«
mm
0,
V
55
59
30c
1.35
268
2%
mrnm
mmm
Paal H.Davis & @o.
Mar
Members Principal
Jan
65c
Apr
2.10
Apr
2%
22%
80%
Mar
150
16
Apr
311
71
Jan
Apr
10 S. La Sail© St.,
Jan
5%
5%
5%
350
112%
5%
Mar
mmmmm-
4%
5
160
4
Apr
8%
5%
Jan
1 astern Sugar Assoc corn. 1
1
mmmmmm
13
13
50
Apr
14%
Jan
mmmmmm
115
Apr
128%
Mar
%
preferred..
114%
100
Davison Chem Co com. 100
Preferred
Fidelity
...
Deposit—
..20
Fidelity & Guar F Corp. 10
Finance Co of Am A corn.5
113% 114%
'
m
m
m
m
m
m
Merch & Miners Transp..*
Mt V-Woodb Mills-
'
29%
9%
Apr
Apr
35%
10%
Mar
10
150
10
Apr
10
Apr
17%
377
16%
Apr
21
Mar
71c
95c
3,215
7Ic
Apr
1.40
Jan
75c
m
m
~
mm
75c
150
7.5c
Apr
1.40
Jan
65
13
Jan
17
Mar
95
35%
Jan
45
-Mar
10%
Apr
14%
mm
m
m
83
30%
9%
9%
""90c
1
1
112
2
m
14%
38
11%
m
14%
38
rnm
"l2%
12%
1,086
1.10
100
1.00
Feb
1.25
Jan
12
83%
Jan
88%
Mar
100
20c
Jan
30c
Apr
73
Jan
Mar
16%
Apr
84%
23%
1.10
Northern Central Ry...60
Owings Mills Distillery.
1
.
.
Penna Water & Pow com.*
U 8 Fidelity & Guar
Bonds—
A
86
m
•.m
2
m
86
30c
30c
mm m
mm
20
80
81
110
18%
mm
20
2,477
58 flat
.1975
B 5s
..1975
Stocks {.Continued)
Par
m
m
24%
19%
21% $18,000
24%
4,000
20%
24%
mmm
m
Aviation Corp
Aviation & Trans C
Apr
■22%
24%
Jan
27%
Apr
Mar
84
mmm
86
8,500
84
Apr
80%
Mar
102
1,000
102
Apr
102%
Mar
Aviation
Last
Sale
Price
Week's Range
Week
of Prices
Low
High
Bigelow-Sanf'd Carp pf 100
Boston & Albany..
Boston Edison Co
Boston
13
60
100
150%
70
13
67
73 X
41%
17
ClassA.;
131% 135
Mar
1
21
5
Feb
Jan
11%
Jan
11
156
100
175*
17%
18%
100
7%
7%
,7%
1
Jan
Mar
Mar
5
30
5% conv pref
1
;
8%
Jan
6%
Jan
Apr
1%
Jan
*
*
Apr
25
7
101%
"l%
33%
Apr
12%
Jan
1
Jan
1%
Mar
Jan
Preferred.
Deere & Co
7%
27%
*
*
i
%7%
75
5%
65*
6
6%
6%
1%
%
Tan
24
Mar
'is"
60
3,594
%
7
Jan
Apr
8
Jan
Jan
1%
Jan
Fox
fa
13%
Fuller Mfg Co com......l
2%
350
%
Apr
2%
Jan
Common..
100
5
5
30
4%
Jan
6%
Mar
5%
100
11
11
10
Me Cent—
cum
Elec Household Utll cap.5
v t o.l
2%
Mergenthaler Linotype..*
Narragansett Racing Assn
Inc
2%
18
]
4%
4%
1%
"21%
New England Tel & Tel 100
North Butte
2.50
Old Colony RR_*.
100
105 J*
21%
Apr
18c
Apr
15%
Jan
Apr
6%
9%
Mar
.Feb
.■
*
112%
Feb
1,175
35c
Mar
1.00
Jan
25
75c
Apr
1.50
Jan
90c
%
16 J*
1%
14%
'
5
590
7
7%
10
2
Jan
2%
9%
Apr
16%
Jan
80
Jan
108%
Apr
830
102%
21 %
Apr
„37%
Jan
11%
100
9
Apr
17%
Jan
23
10
23
Apr
20%
23%
Mar
255
18%
20
4
Jan
100
Apr
8%
Jan
18%
150
Feb
18%
Apr
2%
350
3%
Mar
18%
350
14%
2%
17%
Apr
22%
Mar
24%
Apr
43%
Jan
3%
Apr
4%
Mar
10'/*
9%
23%
23%
71%
75c"
65C
84c
71
70**
17%
Jan
22%
Feb
28%
Warren Bros
*
Warren (S D) Co
Jan
Apr
42%
84
40%
60
Jan
10%
Apr
Apr
*
2%
24
10**
,
'
71%
Apr
85%
Jan
Jan
15
2%
Apr
44%
Mar
50c
Apr
84c
Apr
87
71
41%
5,555
69%
125
24
30
1%
23
Jan
Mar
Mar
$2,000
80
Apr
Mar
1,185
37%
4%
Apr
Apr
51%
6%
8%
Mar
50
6%
110
5%
Apr
445
21%
18%
8%
Apr
2,050
22
276
10%
5
5
7%
7%
8
8
35
35
11
8
11%
100
11
600
,V
50
500.
50
10
5
Apr
Apr
Jan
9%
1%
Illinois Brick
4
10
Illinois Central RR com 100
11%
10%
Indiana Steel Prod com___l
2%
2%
11%
5%
6%
Jan
9
Apr
8%
11
8%
J^n
Mar
Jan
Jan
Jan
37
Jan
13
Feb
17%
Jan
Apr
1
Apr
2%j
500
4
Apr
9%
Apr
6%
20%
100
Jan
Feb
Mar
34%
440
*.
Jan
Mar
150
1%
4%
11%
37%
27%
7
'
"if
Hupp Motors com--—--.]
%
4
Jan
Jan
Jan
Jan
2%
Apr
Inland
*
72%
74%
115
66%
Apr
94%
leb
Tnternntlonal Harvest com*
53%
56
339
49%
Apr
66
Mar
24%
Feb
Iron Fireman Mfg v t c...*
Jarvls (W B) Co ear>—...1
16
16
50
15%
Jan
19
Mar
19%
23
1,100
18
39
39
100
36
Steel Co cap
Joslyn Mfg & Supply
Katz Drug Co com
90
22
HibbSpenc Bartlett com.25
Co..
Jan
42%
25%
5%
23%
19%
9%
Hall Printing Co com... 10
Horders Inc com
*
Houdaille-Hershey cl B__*
2%
Jan
Apr
Bonds—
90
Grfeat LaKes D <fe D com..*
Apr
36%
5
5,
*
Razor
Feb
1%
157
41%
Goodyear T & Rub com..*
11%
950
3%
71
Eastern Mass St Ry—
.1948
Gillette Safety
'
10
2
39%
General Motors Corp:.. 10
Gen Outdoor Adv com...*
100
10%
41
2
*
com.
Mar
582
43
Utah Metal & Tunnel Co. 1
Vermont & Mass Ry Co 100
Apr
510
73%
43
jan
Mar
584
24
73%
3
11
Mar
42%
Hein Werner Motor Parts 3
16
2%
Gen Amer, Transp Com._5
Harnlschfeger Corp com. 10
Heileman Brew Co G cap.l
Apr
Jan
Mar
14
Jan
Apr
2
15
63
Jan
Feb
Jan
10
Jan
Jan
IX
Apr
Apr
80c
8%
8%
Jan
9%
6%
11%
14%
14
5
Apr
59
24%
.
Apr
100
50
Apr
,
Jan
4
6%
.
250
Apr
5
15%
Jan
200
Mar
663
*
Jan
2%
25c
20
9
Apr
11%
9%
15%
542
Apr
63
9
1%
14%
8%
Jan
'
70
2
2%
pref...20
15
X
10**
17**
10**
*
..
Jan
Mar
Apr
United Shoe Mach Corp.25
6% cum pref
....25
*
2
31
103%
90c
*
Mar
20
90c
nx
Feb
9%
11%
conv
General Candy Corp A...5
1%
13c
10%
18
General Finance com___.l
15
Jan
63
$3 cumul
Jan
100
40c
25
Reece Button Hole MachlO
_.
(P) Brewing com
Mar
309
38c
*
Stone & Webster.
1%
Mar
50
700
2%
,
84%
250
300
22%
5
Apr
5
3%
Jan
Jan
Jan
53%
10
13%
Mar
3%
1.
8%
Feb
27%
2
555
,
*
Apr
Mar
Mar
3%
13%
17
24%
40c
50
Shawmut Assn TC
Jan
105**
104
,
...
Pennsylvania RR
Quincy lyiinlng Co
4%
Jan
,
%
6
0%
'27%
General Foods
National Tunnel & Mines.*
New Eng G & E Assn pref *
Pacific Mills Co
18
62
28%
Fairbanks Morse com.:..*
150
s
Feb
Apr
130
281
2%
19
Apr
16%
Jan
Apr
■2%
2%
Elgin Natl Watch Co... 15
Gardner Denver Co com.. *
10
15
Jan
6%
Four-Wheel Drive Auto. 10
Isle Royal Copper Co... 15
Mar
*25%
15
Eddy Paper Corp (The)..*
Apr
Hathaway Bakeries—___*
Mar
108
50
6%
Apr
32%
55
Jan
7,570
6%
Dodge Mfg Corp com....*
5%
,
Jan
6%
4
1%
84
,
45
100
26%
17%
"(>%
5%
95
•
*
com....
Diamond T Mot,Car com.2
27%
75
IX
»
1%
11%
11%
Dexter Co (The) com....6
Corp
6
Apr
108% 108%
22
23%
22%
Mar
Gillette Safety Razor
Feb
Apr
1
23
...25
Mar
Apr
150
6%
2
Dayton Rubber Mfg com.*
Cumul cl A pref
35
Crane Co com..
4%
'
83
Jan
4%
■
1,100
63
10%
.-.100
i
Apr
19%
-100
%
7%
Amer.2o
3
18%
16%
Continental Steel-
Mar
19%
40
101**
5
Corp...*
Mar
*
10
48
.
9%
Common pt sh A....-50
26
Employers Group
Feb
1,550
13**c l7%c 170,500
com-.--'-.1
77
Jan
Jan
75%
26%
9%
Consol Biscuit
Jan
4%
18%
23%
Apr
6%
Compressed Ind Gases cap5
Feb
'
1%
6%
26**
15
15
100
57%
25
capital.
Rights (w !)_..
60
361
4%
101
.10
(New) common
New
20
5%
Apr
Apr
Commonwealth Edison—
111
3%
9%
Cities Service Co—
21
5%
Jan
16
.50
570
1%
Chic Rivet & Mach cap...4
Chrysler Corp common..5
66
3X
10%
17%
66%
.'IX
*
com..
19**
5%
Jan
Mar
Apr
64%
15
10%
17%
48
Prior lien preferred
Container Corp of
.
23%
Jan
18%
465
■
05
65**
,
66
3%
20
9
'
66
*
17%
Apr
Central S W—
21
100
23 %
Apr
6
19%
10
100
Adjustment
Eastern SS Lines—
Common...
Apr
9%
500
4%
com.
.100
...
20%
650
7.
Consumers Co-
Apr
Apr
16%
«
"19%,
..*
Foundry cap..
Castle <fe Co (A M)
Consolidated Oil
1
27
v
50
10**
6%
Campbell Wyant com—
Feb
12%
4%
3%
87
1
21
10
10
..—10
Mar
6
210
Mar
78%
1%
IX
20
64
Jan
1
Jan
Jan
**
Mar
75
32
17
63%
Mar
26
Apr
40
Chic Flexible Shaft com..5
19
5%
20
\
Chic & N VV Ry com... 100
56
4
1,000
17%
Mar
146
5%
22**
17
Mar
15
1%
Jan
100
.
20%
JaD
Apr
30
Jan
Feb
Apr
4
26
Eastern Mass St
Ry—
Common
......100
90
Mar
com.
23
5
...1
4%
•
2%
4%
150
Jan
Apr
26
Jan
Apr
46
Mar
3%
Apr
5
Mar
Feb
7%
Mar
Jan
40%
Mar
6%
6
6%
400
5
35%
35
35%
95
29
3%
50
2%
Apr
%
%
1,000
%
Apr
%
5
1%
1%
£0
1%
Apr
2%
Jan
Common
*
3
3
2,700
2%
Apr
3%
Feb
Cumul pref
*
25
25
10
22
Jan
5
650
4
Apr
6%
Jan
2
'Mar
5%
?Jan
2%
Jan
Kellogg Switchboard com.*
Kentucky Utll Jr
cum
pf.50
Kerlyn Oil com A
April 21, both inclusive, compiled from official sales lists
5
3%
Kingsbury Brewing cap__l
Chicago Stock Exchange
to
20%
14%
16
"1%
April 15
Apr
16
10
38%
Calumet & Hecla.......25
Srles B5s.
13%
15
,15%
12%
523 zl27
,
Jan
12%
East Gas & Fuel Assn—
Torrlngton Co (The)
Mar
Elec" Mfg cT a">
292
05
Ctfs of dep
10
Mar
89%
11%' 12
pref..
Mass Utilities Assoc
29%
Jan
2%
Apr
31
Class A
6%
Apr
7%
38%
71%
3
.
Apr
16%
Apr
Mar
7%
General Capital
Gil Christ Co
4%
2,325
1,050
1,000
Apr
Apr
82
2%
Preferred B
300
21%
8%
1%
Apr
7%
1st preferred.
4%
8%
33%
12%
67
3
4%% prior pref
6% preferred
4'X
19%
.....—,
Butler Brothers
Chicago
Jan
Jan
200
Mar
7%
...»
Mar
3,700
170
CI D 1st pref std.... 100
Boston Personal Prop Tr_ *
Common.,
13%
1%
Jan
493
17%
Range..
Apr
100
Jan
15
Apr
Boston & Maine—
Copper
Mar
33**
1%
47
tlx
100
10%
1%
33%
147%
70%
41%
Prior preferred—
Jan
Brown Fence <fc Wire—
Chicago Corp common...*
70
90
100
*
7%
10
15
High
1,742
70
.100
Elevated
Boston Herald Traveler.
12
20
IX
IX
152% 157%
74%
134 %
100
100
4%
(E J) cap...*
Chain Belt Co
Low
Shares
r)
____50
pref
8
8%
22%
(New) common.;
Preferred...
Range Since Jan. 1, 1939
for
American Pneumatic Ser
non-cum
4
Borg Warner Corp—
Braeh & Sons
Prpfprrpfl
1st pref
8%
Apr
11%
Convertible pref—
Sales
Friday
0%
Apr
29%
*
'
Common
Amer Tel & Tel..
Mar
4%
2%
%
Central 111 Sec—
Exchange
Jan
1
%
150
500
5*
"ll%
5
com
Berghoff Brewing Co
1
Bliss & Laugblln Inc com.5
,.
Boston Stock
Par
300
5%
2%
8
cap.l
Belmont Radio Corp
High
Low
Share*
4%
2%
Barlow & Seellg Mfg A com fa
Bastlan-Blesslng Co com.*
1939
Range Since Jan. 1
for
Week
2%
7
'..3
Bruce Co (E L) com
ApYil 21, both inclusive* compiled from official sales lists
Stocks-
Price
,
(Del)
Cent 111 Pub Ser $0 pref..*
to
of Prices
Low
High
Asbestos Mfg Co com
Mar
102
-mm
Read DFUg<fc Chem 5%s.'45
April 15
Week's Range
Sale
Bendlx
Jan
1
..
•
Bait Transit 4s flat...1975
Last
.
"
100
New Amsterd'm Casualty 6
North Amer Oil Co com.. 1
Sale*
Friday
Jan
'
Preferred
CHICAGO
Jan
Jan
10
29%
mm
Houston Oil preferred.. 100
Common,class A
Apr
12%
78
116%
117
16%
m
mm
mmrnm'mm.
Mar Tex Oil
1,074
Municipal Dept. CGO. 521
Trading Dept. CGO. 405-406
Jan
2%
Exchanges
Bell System Teletype
Jan
1.20
37
2%
Apr
16
73
24%
31%
Mar
74%
10
74
Consol Gas E L & Pow...*
High
Apr
17
35c
1.20
—
.*
Black & Decker com
19
32c
-
•
20%
804
20%
19
mm
m
m
m
—
20%
Low
Shares
Low
20%
Arundel Corp..
*
Atlantic Coast (Conn) ..50
Bait Transit Co com v t c.*
Week
of Prices
High
Price
Par
Stocks—
Listed and Unlisted
Range Since Jan. 1, 1939
for
SECURITIES
CHICAGO
April 15 to April 21, both inclusive, compiled from official sales lists
La Salle Ext Unlv com
4
Apr
Jan
Leath A Co—
Friday
Last
Sale
Stocks—
Par
Price
Sales
Week's Range
of Prices
High
Low
for
Range Since Jan. 1. 1939
Week
Shares
Low
Llbby McNeill & Llbby..*
Printing—
High
Common
Abbott Laboratories—
55
54
55
25
31%
Adams Oil & Gas Co com.*
6%
31%
7
7%
400
50
6
Apr
11
300
11
*
com
Aetna Ball Bearing com._l
Allied Laboratories
com.
Allied Products com
Class A
5%
25
16%
.30%
Amer Tel & Tel Co cap. 100
Armour & Co common...5
see page
7%
11
.*
10
Allls-Chalmers Mfg Co...*
Amer Pub Serv pref.
100
For footnotes
*
Lindsay Lt & Chem
Common (new)
Acme Steel Co
64
64
65
2408.
3%
4%
53%
Apr
64%
55
31%
6%
Apr
43
Apr
9%
Mar
Lion Oil Ref Co
com.
10
*
com
Jan
Liquid
Jan
"15"
Manhatt-Dearborn com..*
Carbonic
com...*
8%
Mar
Marshall Field
*
11
Apr
15%
Mar
Merch & Mfrs Sec com A.l
4
5%
Apr
Prior preferred
16%
Apr
8%
19%
Jan
50
Jan
Mickelberry's Food
225
•
70
906
2,150
28%
"59
147%
3%
Apr
Jan
Jan
47%
72%
Mar
Apr
170%
Mar
6%
Jan
Apr
25
Jan
com
Middle West Corp cap
3%
1%
15%
750
1 %
12%
*Apr
470
Apr
20
Jan
15%
115
14%
Apr
Jan
%
10%
%
50
%
Apr
18%
%
11
100
1,850
1
"2%
5
6**
4
4%
1,800
26
*
com.
2%
1%
14%
15%
2%
50
5%
16%
33%
152% 156%
4%
200
4%
Lincoln
27%
30
2%
3%
650
6
9%
3%
Apr
15
Jan
Feb
Apr
5%
Jan
Mar
28%
Feb
2%
Apr
4%
Jan
Mar
26
6%
3,750
5%
Apr
8%
*
%
%
300
%
Jan
%
Jan
._.*
3%
3%
150
2%
Apr
5%
Mar
Midland United Co—
Common
Con v preferred
Volume
Sales
Friday
Range Since
Last
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Shares
Price
Par
Jan. 1, L939
Week
Ohio Listed and Unlisted Securities
High
Low
Members Cleveland Stock Exchange
Midland Util—
4%
1
%
Jan
1
Apr
%
Feb
5%
Apr
%
Jan
1%
Apr
Jan
3
5%
%
3
—
950
1%
4
%
Apr
%
1
4
5
650
5
100
7% prior lien pref
100
7% preferred A.. ..100
6% preferred A
Feb
50
6% prior lien pref...100
Miller & Hart conv pref..*
19,550
2
•
50
3
GILLIS
Feb
•
Montgomery Ward—
43
National Battery Co pref.*
Nat Repub Inv Tr
pref
*
National Standard com. 10
30
41%
Mar
150
30%
Jan
50
5
Apr
%
1
200
16
Apr
550
16%
Apr
150
11
Jan
Friday
Last
Week's Range
Jan
7%
1,100
6%
Apr
20
40%
Jan
Sale
of Prices
Low
High
47%
50
11
Apr
18
27
12%
.
Stocks (Concluded)
Feb
9
..
Sales
Jan
Mar
19%
16%
7
A. T. & T. CLEV. 565 & 566
Jan
18%
11%
7%
Betiding, Cleveland
Telephone:OHerry 6050
Mar
16%
-
Mar
34%
Jan
4
50
1
Union Commerce
Apr
45
17%
11%
"
18%
Northwest Bancorp com..*
155
4%
1
•
^
Mar
220
'
4%
Noblltt-Sparks Ind com. .5
Northern 111 Finance com.*
167%
45
31
........
Jan
l<g| RUSSELLco.
Mar
156
156
National Pressure Cooker. 2.
54%
31
*
Mountain States Pw prf 100
Class A
Apr
40%
704
46%
44%
*
Common
2403
Chronicle
Financial
148
Price
Par
1, 1939
Range Since Jan.
for
.
Week
High
Low
Shares
■
Northwest Util—
100
100
Prior lien pref
7% preferred
.»
1.
-
-
«.
«.
-
«
-
41
41
-
12% .12%
-
Feb
Cliffs Corp vtc
16%
175
16
Apr
13
13%
115% 116
575
12
Apr
23%
22%
Jan
Jan
190
115
Apr
118%
Jan
Apr
16
16
Cleveland Ry........ .100
Feb
7%
Mar
13%
*
Dow Chemical pref
116
100
Oshkosh B'Gosh com....*
6%
6%
Apr
11%
12
150
11%
Apr
15%
Jan
Eaton Mfg_.I
Apr
24%
Jan
Faultless Rubber
55
16%
278
15%
14
18
al9% a20
14 14%
105
:_10
30%
Apr
40%
Feb
General Tire & Rubber. .25
18% al9%
75
34%
167
a
33%
26%
24
'
24%
100
24
9%
9%
73
Parker Pen Co com
Penn RR capital
50
Peoples G Lt&Coke cap 100
Perfect Circle (The) Co...*
------
Poor & Co class B....:__*
Potter Co (The) com.
1
Steel
Car
—
—
—
—
*
-
100
Preferred
1%
1
Serrick Corp cl B com
1
—
-
-
-
-
Apr
123
Mar
Mar
157
Jan
7%
Apr
10
Mar
Lamson & Sessions
672
.
60%
Apr
77%
Mar
Leland Electric
9%
9%
30
15%
Jan
26%
Mar
National Tile.
8%
Apr
10%
Mar
Nineteen Hundred Corp
Jan
107%
Mar
11
1
1%
88
88
Apr
11%
540
10
Apr
16%
300
1%
Apr
2%
Jan
9%
100
9
Apr
13%
Feb
Seiberling Rubber..
'
17%
17%
Mar
Feb
725
25%
Apr
28%
18
638
17
Apr
19%
Jan
10%
Mar
•
50
Mar
3
14
14
14
100
11%
Apr
74
70%
74
773
66
Apr
8%
90%
515
7%
Apr
13%
75
77%
Apr
112%
1%
Apr
81%
1%
1%
1
Vikine Pump Co—
Wahl Co com....
Teleg
1,200
%
Feb
1%
Apr
17%
18%
550
15%
Apr
18%
142
16%
Apr
-24%
Jan
91%
330
83%
Apr
119%
2%
150
2
Apr
2%
4%
950
3%
Apr
5%
(Wm) Jr (Del)..*
Zenith Radio Corp com..*
15%
Apr
5%
Jan
Feb
1%
Jan
2%
Mar
Mar
17
8%
30%
Apr
26
Jan
8
Apr
12%
Jan
30
Feb
35
Jan
84
18
8
Mar
50
Jan
88
Mar
240
68
Jan
110
18
Apr
205
7%
6%
7%
84
18
6%
27%
Feb
Apr
4%
Jan
11
249
11
Apr
14%
Jan
pref 100
aOO
a60
10
60
Apr
67%
Jan
—
West Res Inv Corp
-
-
-
08%
a33% a34%
175
a8%
.Younestown Sheet & Tube*
2%
12
..50
White Motor.
435
2%
2%
2%
Works.'...*
Watling, Lerchen & Co.
Jan
6%
Member*
100
4
74%
75%
13%
15%
15.000
Telephone: Randolph 6530
80
Apr
22%
Jan
Apr
111%
Feb
105%
Exchange
April 15 to April 21, both inclusive, compiled from
Week's Range
Last
Sale
Range Since Jan. 1, 1939
for
Week
of Prices
High
Low
Shares
High
Low
Price
Par
Stocks—
Securities
official sales lists
Sales
Friday
Cincinnati Lifted and Unlisted
.
Mar
Apr
12
2,560
105% 106%
Apr
3
DETROIT
Buhl Building
Jan
'
74%
243
Chicago Stock Exchange
Exchange
Detroit Stock
Jan
•
New York Curb Associate
Exchange
New York Stock
Detroit Stock
......
Jan
17
877
32
30
Bonds—
Commonw Edison 3%s-'58
30
150
30%
17
40
65
30
Jan
4
------
3%
103
Mar
3%
4%
•«.----
Wrigley
1%
2%
•_
2
Woodall Indust com.-
Apr
16%
W'house El <fe Mfg com. .50
Wiscon Bankshares com..*
38%
%
com. 100
Williams Oil-O-Matic com*
10
-
17%
Walgreen Co common....*
Western Un
0.
-
38%
89%
...*
152
1%
„
Jan
39
38%
— —
-
9%
11
Jan
2%
17%
-
Feb
-
w
Jan
9%
Weinberger Drug Store... *
v
**40
14
Jan
50
80%
*
Apr
40
Mar
20
Preferred
Jan
9
25
Jan
9%
Utah Radio Products com *
U S Gypsum Co com
9
Jan
15%
Union Carb & Carbon cap *
9%
-
_
_
preferred.......100
8%
10%
Trane Co (The) common. 2
United Air Lines Tr cap.5
-
—
:.'*
Van Dorn Iron
26%
3
3
Thompson (J R) com...25
-
Thompson Products Inc..*
Apr
4%
35
32
Jan
7
25
Swift & Co
3%
9
8%
Jan
100
■
Apr
'
Jan
8
26
A*
3%
7
26%
3%
129
a20% a20%
a7%
a7%
3%
3%
._...__*
Otis Steel.
12%
23%
Jan
3%
.
'
29%
2%
918
203
Swift International.....15
-
3%
Apr
150
8%
7%
Sunstrand Mach Tool com5
—
— ......
-
Apr
2%
25%
7%
-
*
Apr
2%
,_5
Jan
•
24%
Standard Oil of Ind.....25
Mar
14%
12
-
—
RichmanBros
•
Jan
101%
100
165
Mar
XX
9%
Standard Gas & EIeci.com.*
—
_
90
.
40%
Jan
10
13
39%
1%
20
10%
1%
Conv preferred.......20
—
4*
Ohio Brass B
104
Feb
Apr
38
100
_.u
20
88
2
Stewart-W arner
Murray Ohio Mfg..
National Refining new..
Apr
300
34
Mar
35
100
3%
*
.
.
106
105
Southwest Lt & Pw pref..*
Standard Dredge com.
9
8%
8%
Sivyer Steel Castings com *
Sou'west G & E 7% pref 100
Jan
Mar
31%
13
*
.
.
_
Mar
8
40
a24%
39%
Midland Steel Products..*
22%
50
...
23
23
110
100
Jan
3
Apr
1%
50
.
100
158
a23
Mar
Jan
Jan
2%
Apr
1,000
1%
al5% al5%
*
Goodyear Tire & Rubber.*
Halle Bros pref
100
Ranna (M A) $5 cum pref *
Kejley Isl Lime & Tran..
Jan
26%
Mar
95
5
a9 6
a96
....100
Goodrich (BF)
1%
'
Spiegel Inc com
Jan
1
__*
Preferred
Jan
%
Slgnode Steel Strap—
Common
Jan
14%
Apr
151
1,550
67%
1%
-
108%
60
8
7%
65%
%
7%
Mar
145
151% 152
1%
1%
Sears Roebuck & Co com.*
16%
100
111
Schwltzer Cummins, cap__l
29
Apr
*
Preferred..
Mar
Apr
8%
300
%
8%
7%
110
111
Quaker Oats Co common. *
Rollins Hos Mills com,
6%
%
1
Pressed
10
r
Auto City
W. D. GRADISON & CO.
Briggs Mfg com . . . —
Burroughs Add Mach _ * ._*
DIXIE TERMINAL
BUILDING,
official sales lists
00
Last
Week's Range
Sale
Par
Stocks—
Price
of Prices
High
Low
Range Since
for
3%
*
2%
_*
Chajmpion Paper & Fibre.*
Burger Brewing
Jbn.l, 1939
—
.
.
Det Steel Corp com
Churngold
50
.
Cincinnati Telephone
Crosiey Radio,.....:
.
;
.
Eagle-Picher.
2
91
*
10
Eureka Vacuum
High
Low
112
Hatfield prior pref......
pref...
Hobart A
Apr
11%
Jan
107%
Mar
Apr
3
Jan
23 %
.*
Mar
4%
Feb
8%
8%
143
7%
Apr
14%
Jan
Hoskins Mfg com
*
*
10
5
109
Apr
27
167
25
Apr
27%
Jan
Apr
4%
Mar
Wurlitzer
6
4
Mar
5
Feb
23
Apr
.26
Mar
Jan
41
Mar
Kingston Prod
53%
51%
53%
10
10
2%
8%
32
34%
20
Feb,
Masco Screw
6
1%
Apr
15%.
'590
10%
4%.
500
4 '
1%
Jan
Mich Steel Tube
Jan
Micromatic Hone com__.l
Mar
1%
Feb
Packard Motor Car com
6%
Apr
Parke Davis com
6
Apr
Feb
Murray Corp com
..
2%
Jan
Apr
61%
Mar
2%
2%
875
2
Mar
2%
Jan
40c
40c
350
30c
Feb
45c
Mar
2
2
100
2
Apr
10%
11
353
10
Apr
13
13%
13%
205
13%
Ap.r
16
Jan
10%
11
17
Feb
2%
.
,
-
—
—
— —
—
-
-
11
-
-
2
5%
5%
-
"
1,529
1,270
200
Last
Sale
Price
Week's Range
of Prices
High
Low
1%
3
*
a6
Cleveland Builders Realty*
2
a6
a9% al0%
~45%
Cleve Elec 111 $4.50 pref..*
2408.
44%
113
2
45%
113
Range Since Jan. 1,1939
for
30
9
55
170
137
25
'
2
-
„
44%
112
Mar
7%
Jan
Apr
6%
10%
2%
Mar
61
Mar
Apr
Apr
Apr
113%
Jan
Jan
Apr
"
8%
Jan
Jan
51c
600
46c
Apr
76p
1%
,
650
1%
Apr
2%
575
45C
Apr
55c
Jan
1,064
20%
Jan
23%
Mar
1
Jan
1%
'
Jan
100
2%
Apr
3%
Jan
84c
400
75c
Jan
96c
Mar
2,400
300
12c
Apr
30C
Jan
20c
18C
16c
5%
5%
5%
5%
Apr
8
2
2
100
2
Jan
2%
Jan
1
1
100
1
Mar
1%
Jan
5%
5%
950
4%
Apr
8%
Jan
3%
------
,
3%
3%
40
3
Apr
4%
Jan
270
36
Apr
43%
Mar
360
Apr
8%
Feb
7
1%
1,356
*
6%
6%
6%
100
—
3%
3
24
Scotten-Dillon com
------
1%
Mar
690
1%
—
'
40
7
2
10
1
Stearns (Fred'k) pref—100
Timken-Det Axle com
10
Preferred
100
Tivoli Brewing com
1
Tom Moore Dist com
1
Union Investment com
*
United Shirt Dist com
*
Universal Coolter A__^__.*
B.:
*
Jan
2%
~i%
...
High
Low
Apr
4%
Jan
Mar
83c
------
Rickel (H W) com
Week
Shares
9
2%
2%
——————
*
Parker Wolverine com...*
Standard Tube B com
Sales
Jan
Apr
—*
Pfelffer Brewing com
official sales lists
Mar
7%
38
10
36%
Feb
Apr
8
19%
Apr
2,282
com50c
1
100
Jan
Feb
41%
1
Prod.2.50
Mar
3%
Mid-West Abrasive
1%
•
1%
0.0.
Penin Metal Prod com__.l
Friday
600
40%
00
McClanahan Oil com
57%
Cleveland Stock Exchange
For footnotes see page
.1
Prod com._.l
4%
Jan
Jan
1%
1%
Feb
27%
Jan
6%
u
—
*
Lakey Fdy & Mach com.
Mar
Jan
5%
23%
130
La Salle
9%
Jan
Apr
48c
Feb
Apr
Jan
Mar
Apr
22%
Feb
8
4%
2
2%
13%
,i
Mar
45c
20
125
Apr
3
22%
24%
11
Apr
Feb
15
45C
Apr
Apr
Apr
i%
9%
3%
24
1%
5%
Apr
2%
Apr
8
Mar
Mar
Apr
3%
Apr
25%
610
1%
Apr
2%
70
96%
Apr
500
100
Jan
1%
6
2%
23
100
Jan
Jan
Feb
97
97
11%
12%
450
10%
Apr
18%
Jan
111% 111%
——————
45
109%
Jan
111%
Apr
3%
Jan
"~2%
2%
2%
2%
Apr
40c
40c
40c
300
32c
Mar
55c
2%
2%
290
2
Apr
3%
3
3
200
3
Mar
4
Mar
3%
3%
3%
100
2%
Jan
5
Mar
2
1%
2
1,300
1%
Jan
2%
------
—
-
—
—
—
1
Feb
100
22%
Apr
Apr
i%
A
Jan
Mar
170
100
1
10
Kresge (S S) com
Mar
;
1%
Apr
Apr
'
Kinsel Drug com
7%
1.25
123
Jan
Jan
Mar
3%
5
16
com.1.—.1
Mar
Mar
2%
6
Cleveland Cliffs Iron pref. *
100
4
Jan
1%
605
220
50c
12
50%
50
City lee & Fuel
1%
11%
14
Mar
101
475
1%
103
10
67
Brewing Corp of Amer
1%
1%
84%
Jan
80c
130
152
Apr
»
2%
100
92c
1%
•
10
200
Par
2%
105
50C
'V
'1
Jan
150
IX
,
Jan
341
5X
'
17
27
32%
•
20%
92
IX
•
100
435
5%
f
8
3
2%
10
8
"32%
4
20
100% 100%
23%
17%
4%
—
Hudson Motor Car com..*
Hurd Lock & Mfg com__.l
100
April 15 to April 21, both inclusive, compiled from
Stocks—
com.10
*
Houdaille-Hershey B____*
•4H
10
Preferred
■
13
250
7
Jan
"41%
—
-00-1-0.
Hall Lamp com...
4%
23
50
U S Printing
112
112
_.*
U S Playing Card
88
6
22 %
17
56%
4%
*0-0.
—
Hoover Ball & Bear
Jan
10
*
Randall B
1
10
Goebel Brewing com
1
Grand Valley Brew com._l
12%
10
*
Manischewitz..
Feb
Gar, Wood Ind
92
12
1,758
14
3%
1%
15%
15%
General Motors com
i%
100%
.
General Finance com
2
Jan
23
*
Sports Products
8%
103%
Apr
,112:
Apr
5
------
com——3
25
171
443
37%
Lunkenheimer
_
Jan
Apr
12
100
.__*
Rapid
Mar
Mar
7%
35"
1st preferred.......
Procter & Gamble
101%
4%
*
Kroger
Feb
70
*
.......
Kahn
Jan
99%
4%
10
100
.5
Participating pref
Hilton-Davis
1%
10
21
26
.'._*
'
50
•
151
'
'4%
16
com:....5
X
10
4%
62%
100
1%'
1%
11%
00-0.
—
Mar"
Mar
1%
1
5
-
Jan
1%
1%
90c
92c
105
MotorTruckcom....,*
Frankenmuth Brew com
1
Fruehauf Trailer. ...
1
2%
965
105
'----■mm
00
18%
1,600
2%
—
-
Apr
1%
4%
Fed
4
91
10
'
8%
Jan
3%
2%
Mar
3
42
4%
90
10
_
Early & Daniel
Gibson Art
106 %
50
*
Cincinnati Street Ry. 1,.
Crystal Tissue
10
8%
ioe% 106%
2
2%
*
* .,
Cincinnati G & E pref. .100
—
Jan
11%
14.
•
------
A.
Jan
31%
59
0.-0.
14
7%
Apr
17
455
Week
Shares
3%
2%
100 % 100%-
00
62%
Ex-Cell-O Aircraft com ... 3
Aluminum Industries.
-
Jan
Apr
5
1,655
99c
90c
1
Navcom_..10
Detroit Edison c,om_...100
Det Gray Iron com
5
Det-M ic h Stove com
.1
•
Apr
1%
Det Paper Prod com
Sales
6%
13%
90c
.
Det & Cleve
Friday
0.000.
40c
Apr
900
"
Continental Motors com..
April 15 to April 21, both[ inclusive, compiled from
0*
-00
Chrysler Corp com.
5
Consolidated Paper com. 10
Cincinnati Stock Exchange
20%
*
Metal Weath com 5
Chamb
Teletype: OIN 68
»
12%c
Brown McLaren
CINCINNATI, O.
Telephone: Main 4884
.5%
19%
'«. i.
+
00
/
25c
1,758
27c
13%
1%
Burry Biscuit com...
New York Stock Exchange
27c
......
1
Baldwin Rubber com
Member*
Cincinnati Stock Exchange
1
Brew com
1,6.54
Jan
Jan
Feb
'
2404
Financial
Last
Warner Aircraft
com
Wolverine Brew
com
Week's Range
of Prices
Friday
for
Sale
Week
Price
Par
April 22, 1939
bales
Friday
Stock* (Concluded)
Chronicle
1
Range Since Jan. 1, 1939
High
1
IK
66 5
Shares
Low
1
Stocks {Concluded)
High
Jan
IK
1
19c
19c
1,000
15c
Jan
25c
*
UK
11%
250
10%
Apr
Mar
19
Mar
Week's Range
for
Sale
Lovo
1%
Sa es
Last
of Prices
Low
High
Week
Price
Par
a6
Standard Brands, Inc
*
Standard Oil Co (N J)...25
a6
a46%
Range Since Jen. 1, 1939
Shares
Low
140
a6%
High
143
Jan
7%
Apr
6%
44%
5%
43%
Apr
Jan
Jan
60
all%
67
11%
Apr
Union Carbide & Carbon.*
Jan
a44% a46%
6%
6%
a36% a38%
all% all%
a73%
a71% a73%
178
81%
Feb
90%
Jan
United Aircraft
..
Young Spring & Wire
a35%
a35% a35%
a2%
a2%
a34% a36%
12
34 %
Jan
41%
Feb
22
2%
Apr
3%
Feb
Studebaker Corp
6%
1
038%
Texas Corp (The)
25
Tide Water Assoc Oil...10
5
(Del).*
Corp
United Corp (The)
Wm. Cavalier & Co.
a2%
United States Rubber Co 10
U 8 Steel Corp...
a36%
*
a91%
MEMBERS
New York Stock Exchange
Los
155
480
46
47%
o91% o91%
47%
WestlnghouseElec & Mfg50
275
Apr
36
1.031
Mar
47%
Jan
14%
Mar
Jan
51%
Apr
Apr
103%
69
Jan
Mar
46
20
8%
110
Jan
Chicago Board of Trade
Angeles Stock Exchange
Philadelphia Stock Exchange
San Francieco Stock Exchange
April 15 to April 21, both inclusive, compiled from official sales lists
623 W. 6th St.
Los Angeles
Teletype L.A. 290
Friday
Sales
Last
Los
Par
Stocks-
Angeles Stock Exchange
April 15 to April 21, both inclusive, compiled from official sales lists
Sales'
Last
Par
Stocks-
Week
Price
Low
Range Since Jan. 1, 1939
1
Berkey <fe Gay Furn Co
6%
Bell Tel Co of Pa pref..
High
Shares
6,750
3%
Low
■
1
High
250
40c
Apr
75c
Jan
50
10c
Apr
10c
300
1%
Mar
2%
Jan
5%
2
5%
3c
3c
1,000
al4% a 15%
13%
13%
64
*
5%
central Investment
3c
al5%
13 %
100
Chapman's Ice Cream
*
Chrysler
6
Corp.
90c
61
Consolidated Oil Corp..
IK
3%
61
7%■
3%
4%
4%
a60%
*
Electrical Prods Corp...
Emsco Derrick & Equip..5
90c
90C
61
Consolidated Steel Corp.
Creameries of Amer v t c
Douglas Aircraft Co
7%
3%
4%
a59% a60%
9%
10
10
.
7 %
7
7%
Exeter Oil Co,A com.
47c'
47c
50c
1
Farmers <ft Merchs Nat'1100 a370
a370
a370
General Motors com—..10
41
40%
41.
Globe Grain & Milling. *25
7
Goodyear Tire <fe Rubber.*
a25%
Holly Development Co.—1
Hupp.Motor Car Corp...l
1.10
1.05
al.2o
al.25
7
230
5%
Apr
Menasco Mfg Co.
12
100
Apr
Nordon Corp Ltd..—
187
Apr
124
Mar
Jan
Jan
8%
Apr
20
3%
Apr
5%
Jan
568
58%
Apr
84%
Mar
110
3%
Apr
6%
Jan
26%
141
'23%
Apr
30%
Jan
38%
42%
1,114
2%
7%
100
36%
2%
6%
Apr
Apr
Apr
1%
1%
2,319
51%
3%
9%
2%
Mar
2%
7%
7
320
3%
100
3%
22
63%
Jan
17
16%
18%
115% 116%
29%
29%
3%
3%
1,081
Apr
Jan
Phila Rap Trans 7%
Mar
6%
Jan
Salt Dome Oil Corp.—.1
2,550
Tacony-Palmyra Bridge..*
Traaslt Invest Corp pref...
10%
2%
2%
33%
11%
Mar
Apr
Jan
Mar
51%
Mar
8%
Mar
Jan
30%
Apr
1%
Mar
24%
lVs
Apr
2%
36%
Apr
1: 2%
Jan
Jan
4%
5%
Apr
24%
Jan
Mar
115
119%
30%
Feb
29%
Apr
Jan
157
3%
Feb
4%
Mar
20
11%
Apr
16%
Jan
48
Mar
.
*
Scott Paper
Union Traction
'
United Corp com.—
Preferred.
United Gas
—
_*
....*
.
Xpapcom.,——*
43%
Apr
50%
25
34%
Jan
37
%
%
319
%
Jan
2%
842
2%
33%
130
90
12%
6,057
10%
113% 115
8%
8%
410
111%
37
7%
Apr
40
8
Apr
6%
Jan
2%
2%"
31%
11%
Feb
1%
Mar
Mar
2%
Jan
3%
2
Apr
•31%
Jan
3%
38%
Feb
Feb
Jan
13%
Feb
Jan
1%
3,275
4%
2%
2%
4%
3
Feb
Mar
Apr
60
400
38
Jan
4%
3
402
3%
1,756
2%
OO'JaD
.
'
%
Jan
Mar
Jan
——50
Feb
15%
39
35
%
1
841
47%
34%
Feb
Mar
120
11%
45%
5
92%c
24%
2%
24
11%
11%
Mar
_
1,25
a
3%
70%
67 %c
1.J0
prf 50
Jan
399
5
*
.
Phlla Elec Power pref--.25
Feb
Jan
210
Phila Elec of Pa $5 pref..
Apr
Apr
405
17%
Jan
46c
7%
.50
Mar
Apr
37%
Pennsylvania RR
Jan
1.00
6%
360
1%
17%
400
4
Pennroad Corp v t c ——-1
83%
9%
9
1,176
Nat'l Power & Light—— *
Apr
960
1,300
Lehigh Coal & Navigation*
Apr
Apr
90c
61
210
a23% a25%
24%
I
352
25%
Jan
3c
Apr
200
1,018
8
Apr
3c
15
General Motors
Preferred .1
——*
Westmoreland Inc—
Lockheed Aircraft Corp.. 1
Los Ang Industries Inc...2
Los Angeles Investment-10
117%
4%
Apr
Apr
1%
Feb
Mar
Apr
11
25
.
63
4
10
48c
alOc
148%
12%
170%
20%
Apr
4%
59
62%
*
Electric Storage Battery 100
40c
2
Buckeye XJn Oil pref v t c
Calif Packing Corp cool¬
*
8%
530
.
High
Low
60
•
9%
157%
12%
117% 118%
4%
4%
3%
3%
118 %
5
...
Curtis Pub Co com.i
alOc
10
Broadway Dept Store
Budd Wheel Co—
Apr
48c
—
com..
6%
alOc
1
Warrants.---
Jan
Shares
12%
100
*
Range Since Jan,. 1,1939
I&
153
157%
—-—10
Budd (E G) Mfg C<?
' 6%
5%
,
High
8%
Barber Co
for
of Prices
Low
American Stores.
Chrvsler Corp
Bandlnl Petroleum Co
Bolsa-Chlca Oil A
Week's Range
Sale
of Prices
Price
American Tel & Tel.... 100
Friday
Week's Range
Sale
113%
.*
Westmoreland Coal..._j.*
8%
8%
116
Jan
Jan
9%
Mar
10
Jan
Jan
Feb
Bonds—
Elec & Peoples tr
ctfs 4s '45
$9,500
9%
Mar
1
6c
6C
6c
1,000
6c
Apr
10c
_j
65c
500
62 %c
Apr
85c
Jan
Pittsburgh Stock Exchange
25c
62 He
25c
65c
1
25c
700
Feb
30c
Feb
Pacific Finance com.^..10
April 15 to April 21, both inclusive, compiled firom official sales lists
10%
10%
11%
9%
29%
a32 %
715
25c
9%
11%
Apr
Mar
—
Oceanic Oil Co..
Pacific Distillers Inc.
Preferred A..
_io
11%
Preferred C
i...... 10
Pacific Gas <fc Elec com..25
10%
9%
29%
6% 1st pref.
a32 %
__25
Pacific Indemnity Co__l 10
Pacific Lighting com
*
.
$6 prefefredi
11%
9%
29%
:
o32 %
29
30
44
..*
105%
2%
Warrants...
2%
Ryan Aeronautical Co.
'
48%
Mar
108%
3%
Jan
7%
8
1,245
Apr
3%
Jan
Jan
4%
Feb
28
870
25%
640
6%
5,848
5%
Feb
50
30%
Mar
8K
8%
25
41
41
28 %
28%
27%
32%
.
28%
27%
27%
33
90
111
.7%
Jan
39
Feb
20
Jan
31
24%
Apr
32%
7%
Mar
Jan
Apr
9%
Mar
23
Jan
27%
Mar
10
40%.
Apr
43
Jan
626
28%
Apr
29%
Feb
658
27%
28%
Mar
625
32
Jan
32%
12%
26%
11 %
12%
1,705
10%
Apr
26%
26%
'821
29%
Mar
37%
37%
210
25%
35%
Apr
37%
Apr
45%
Mar
a6 %
5K
a7.
a7
„
4_2
5%
Union Oil of Calif
25
Universal Consol Oil
10
14%
*
22c
Jan
Jan
7%
Apr
5%
Apr
8%
7%
16%
Apr
19%
Mar
14%
125
12%
Apr
16%
Mar
8%
14%
2%
33
21%
3,885
3,421
100
17
■8%
Webrr S'awcse A Fix 1st
pf*
Wellington Oil Co of Del.. 1
Mar
65
6
16%
VandeKamp'sH DBakers.
Jan
1%
26%
8%
Transamerlca Corp
Jan
10%
a33% a33%
25
Jan
36
Apr
3%
27
Superior Oil Co (The)...25
Taylor Milling Corp.
_*
Apr
Apr
100
26%
Southern Pacific Co...100
Standard Oil Co of Calif..*
6%
438
28
25
So Calif Gas 6 %
pref A.. 25
2%
33
1..
3%
■5%
26 %
41
Mar
Jan
Signal Oil & Gas Co A
*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd. .25
25
33%
Apr
6%
—.25
Jan
43
a33%
Original pref
Mar
105
Safeway Stores'"Inc
Security Co units ben int..
6%. preferred B—
5%% preferred C
32%
16
200
l
—
Jan
3%
1%,
3%
33%
31%
27%
8%
Jan
Jan
8
Jan
8%
Apr
5
140
4
Mar
5
2%
100
2%
Apr
5
22c
25c
4,100
19%c
Mar
30c
1,000
for
of Prices
Low
-High
Week
Price
Allegheny Ludlurn Steel..*
Arkansas Gas
pref
15%
7
35
7
_*
Byers (A M) common..
'
37%
100
Armstrong Cork Co
*
—
Clark (D L) Candy Co.
"
82
5%
.
Jan
12%
Jan
60c
30c
Apr
Apr
100
-
7%
56%
5
Apr
*
5%
5%
Columbia Gas & Electric.*
6%
6%
297
5%
Apr
Follansbee Bros pref. —100
■6%*
6%
25
6%
Apr
—
Fort Pitt Brewing
1
1
Hoppers Gas & Coke pf 100
60%
Lone Star Gas Co—*
7%
1.50. Feb
Jan
57%
Feb
72%
Jan
Feb
7%
7%
Apr
9%
4%
500
4
Apr
5%
1%
250
1%
3
Jan
Jan
23
Pittsburgh Screw & Bolt—*
Shamrock Oil <$>Gas Co—1
1%
23
50
22
Apr
Apr
93%
5%
1%
Pittsburgh Brewing pref.. *
Pittsburgh Plate Glass..25
preferred
Mar
90c
38
1,430
1%
1%
Jan
Feb
12
7%
.
6%
250
60%
Jan
6%
8%
4%
Mountain Fuel Supply.. 10
Nat Flreprooflng Corp...*
1
60
Apr
Apr
400
30c
Jan
7
Jan
35
25
8%
High
27%
Apr
14%
100
37%
30c
Low
110
7
"
Range Since Jan. 1, 1939
Shares
17%
8%
Carnegie Metals Co......1
94%
35
90%
Apr
28%
116%
5%
10
9%
Jan
500
4%
1%
Apr
1%
3
Feb
6%
28%
118
5
Mar
6%
Apr
10
6%
.
.
Apr
•'
Mar
Mar
United Eng & Foundry...5
United States Glass Co...1
"28%
120
25%
50c
50c
50c
100
50c
WestinghouseAlr Brake..*
20%
90%
19%
87%
20%
261
18
Apr
31 %
Jan
59
83%
Apr
llt%
Jan
1 %
1%
38
1%
Jan
2%
Jan
Westlnghouse El & Mfg_50;
27%
'
92
33%
Mar
75c
Apr
Mar
Mar
Unlisted*—
Pennroad Corp v t
Jan
3c
Par
Stocks—
Week's Range
Sale
C.....1
Jan
•
,5
Alton, 111.
Mining—
Black Mountain Consol 10c
Calumet Gold Mines...10c
Sales
Last
Apr
"2*4
5
Friday
Apr
380
a32
7%
IK
Roberts Public Markets..2
Feb
Mar
459
2%
a32
7%
10%
30
105% 105%
a32
8
Apr
Apr
Apr
9%
.
44
44
Republic Petroleum com.l
5%.% pref.......
50
Richfield Oil Corp com
*
450
12%
11%
28
200
236
Jan
3c
3c
lc
5c
a8c
a8c
a8c
50
7c
Jan
10c
Jan
1.10
1.10
1.10
100
1.10
2.50
Jan
Imperial Development.25c
Apr
l%c
l%c
lc
Jar.
2c
Feb
3c
l%c
3%c
5,000
3c
3,000
3c
Feb
4c
Jan
ii%
Apr
18%
Jan
20
35%
Apr
489
149%
FRANCIS, BRO. A CO.
Jan
__.i
Mngll
Tulsa. Okla.
*
Cardinal Gold
Cons Chollar G & S
Zenda Gold
MJnlng.'
i
Unlisted—
Amer Rad & Stcl
Sanitary
Jan
Atlantic Refining (The).25
Aviation Corp (The)
(Del)3
Bendix Aviation
Corp
5
al9%
a5%
a20%
Borg-Warner Corp
Caterpillar Tractor
a22%
a43%
£
Col.I*
Columbia Gas & Elec
Corp*
Commercial Solvents
*
6%
019%
a 19%
a5%
a5%
19% a20%
a22% a22%
a42% a43%
a
410
23
53%
Jan
Jan
165%
Mar
Apr
38%
Jan
22%
75
19%
Apr
185
5%
19%
Apr
8%
Jan
760
Mar
29%
10
21%
Mar
31
42%
Jan
Jan
52%
8%
alO
]
6%
6%
al()%
a22% a22%
a5%
a5%
60
5
Mar
a23
a22
a23%
115
24
Jan
26%
7%
27%
200
7%
35%
Apr
11%
Feb
290
Apr
44%
Jan
103
37%
Jan
42
25
18%
Mar
24%
125
45%
90
*
a41 %
*
al5%
0.7%
0.7%
a33% a35
a40% a41%
al5% al5%
*
a46
a44% a46%
International Tel & Tel..*
a6
a31
Loew's Inc
*
a37%
*
45%
al3%
al4%
a20%
& Co
New York Central RR.._*
Nor American Aviation.. 1
North American Co
*
Paramount Pictures Inc..l
Radio Corp of Amer
*
Republic Steel Corp
.*
Seaboard Oil Co of Del...*
Sears Roebuck & Co
.*
Socony-Vacuum Oil Co.. 15
Southern Ry Co
;
*
Apr
10%
26%
Jan
12%
Feb
Feb
Feb
50
Jan
a30% a3l%
a37 % a37%
45%
45%
al3% al4%
al3% al4%
a20% a21
Teletype: St. L 193
Exchange
April 21, both inclusive, compiled from official sales lists
to
Jan
Sales
Friday
Sale
Stocks—
Par
Price
Week's
Range
Low
Range Since Jan. 1, 1939
for
Week
of Prices
High
Shares
Low
High
Mar
Jan
American Inv
*
30
*
common
35
Apr
55%
Jan
Brown
6%
Apr
9%
Feb
Burkart Mfg common.
30%
Apr
43%
Jan
50
40%
Coca-Cola Bottling com__l
Columbia Brewing com..5
Shoe
common.
..1
Mar
52%
Jan
193
45
Apr
50%
Jan
Collins Morris common.. 1
207
14%
Apr
22%
Jan
Dr Pepper common
204
12%
Apr
19%
Apr
60
10
Jan
13%
Jan
Apr
8%
Mar
30
32
96
27
34%
*
30
35
80
30%
15
15
25
15
32
50
31%
Apr
34%
Mar
7%
275
6%
Apr
8%
Jan
4%
985
3%
32
Feb
32%
Mar
Jan
36
Mar
Apr
20
Jan
75
19%
26%
a8
a5%
a6%
180
5%
Feb
*
Ely & Walker D Gcom..25
1st preferred
1
*
14%
14%
14%
650
15%
Apr
25
Jan
Griesedieck-West Br
18
18
150
16%
Mar
21%
Jan
Hamilton-Br Shoe
Huttig S & E> common.__5
a65%
a65% a66%
80
69%
Jan
74%
Jan
11%
11%
11%
ffl2% al3%
175
11%
Apr
Jan
75
16%
Jan
13%
23%
Jan
_
.
6%
_
3%
29
15%
100
Falstaff Brewing com
18
al3%
St. Louis Merchants Exchange
St. Louis Stock
April 15
244
a7%
For footnotes see page 2408.
5%
100
Last
0.7%
a34%
Kennecott Copper Corp..*
;
St. Louis Stock Exchange *
Telephone: CHestnut 5370
Mar
a 10%
a22%
a5%
Electric Power & Light...*
General Electric Co
*
Montgomery Ward
New York Cotton Exchange
N. Y. Coffee & Sugar Exchange
.
Mar
5
General Foods Corp
Goodrich (B F) Co
Int Nickel Co of Can
j
Chicago Stock Exchange
Chicago Board of Trade
Jan
20
'
ST, LOUIS
MEMBERS
New York Stock Exchange
>;<i.
N. Y. Curb Exchange
(Associate)
Feb
237
Continental Oil Co (Del) .5
A
'
*
450'
1877
FOURTH AND OLIVE STREETS
,
12%
*
12%
12%
Amer Smelting &
a4l %
Refg.."
a41% a4l%
Amer Tel & Tel Co
100 al56% al53%al5.7%
Anacpnda Copper
23
23
23
-.50
Curtlss-Wrlght Corp
ESTABLISHED
INVESTMENT SECURITIES
com.
*
3%
28%
15%
115
7%
49
1.05
7%
49
1
29
105
15%
400
115
7%
49
5
140
135
1.75
4,765
—100
85%
6%
85%
20
Hydraulic Pr Brick pref 100
1.75
1.80
340
Preferred
com
M-----
6%
10
Jan
Apr
9%
Jan
27
Apr
32%
Mar
15%
Apr
115
18
Jan
Apr
122%
Jan
7% " Apr
8%
Feb
46
Jan
1
Apr
Apr
6%
85
1.75
58
7
9%
Mar
Jan
Mar
Feb
86
Mar
Apr
3
Jan
Volume
Financial
148
Friday
Week's Range
of Prices
Friday
for
Sale
Par
Week
Price
Low
International Shoe com..*
Laclede Steel common..20
16
Range Since Jan. 1, 1939
Low
32 H
16
42
10
125
Jan
10
10
20
20
2d
2154
1134
Mar
Am
*
12
Mar
1134
Mar
American Tel & Tel Co. 100
Amer Toll Bridge (Del)..l
Anaconda Copper Min..50
157
Apr
10
6
525
6
Apr
-.100
106
106
5
103
Jan
90
90
17
17
100
*
5
St L Bk Bldg Equip com.*
2 3*
23*
St Loulp Pub Serv pref A.*
2
2
Apr
Atlas
19 X
Feb
234
Apr
2 34
Feb
634
Mar
65*
Jan
Corp
Cal Ore Pwr 6%
Apr
Apr
Stlx Baer & Fuller com.. 10
6
63*
25
5Vs
Jan
634
Mar
Consolidated OU Corp
22
2334
175
2134
Apr
3234
Mar
13*
53,000
24 34
Jan
24 M
Jan
31J4
31X
2,000
10614
Apr
106 *4
Apr
27
1063*
106 3*
open
solicited
Coait
Pacific
on
until 5:30 P. M.
Stock
which
Exchange*,
Eastern Standard Time
Mar
Private Wire to
*
2534
Idaho-Maryland
Friday
65
Apr
76
Mar
7
Jan
9
Feb
Stocks—
Par
Price
Low
Range Since Jan. 1, 1939
for
Shares
7%
754
73*
Anglo Amer Mln Corp
25c
25c
30c
550
43*
434
Low
705
4X
Associated. Ins Fund Inc 10
Byron Jackson Co
*
TVs
20c
300
20
Calamba Sugar pref
20
Apr
423*
Jan
27
63*
2,085
6
200
6
Apr
Apr
7
6
934
Mar
23c
25c
945
23c
37c
Jan
1.60
1.65
254
1.50
Apr
Apr
2.50
03134 03134
15
29
Apr
40 A
Jan
100
3
A pi
334
Feb
12c
Feb
1.65
5
3
_.l
So Calif Edison
4
10
Apr
Feb
30c
_
4,000
834
834
a4334 04534
200
4434
Apr
834
5234
4
634
.
_
-534
Apr
Caterpillar Tractor pref 100
10334
334
623*
5
Consol Chem Ind A
1
""43*
Preferred
45
"1023*
334
Jan
553*
Apr
85
Apr
108
'
105
330
1634
35c
Apr
4
Jan
2,043
9
Apr
380
43*
1034
Jan
434
77
Apr
Jan
Jan
3534
634
Jan
4134
Apr
100
31
Jan
1034
3334
Apr
Apr
37
33
333*
82
200
Mack Corp com. .10
8054.
2134
22
300
7934
2134
Foster & Kleisercom___234
1.25
100
1.25
Apr
1.60
380
534
3834
Apr
Apr
Apr
Apr
93*
5134
834
934
83*
744
534
63*
238
754
4,148
.12
18
5
1,160
53*
6
10
-
2034
235
18.34
Apr
2334
500
40c
Feb
55c
220
1.40
1.80
834
10
Ex-rlghts.
Changes Made in New York Stock Exchange
April 13, announced
«
Exchange, in its "Weekly Bulletin"
a
further group of changes in stock
two letters and
assigning
new
The following
three-letter
the latest
are
.
To
.
Deisel-Wemmer-Gilbert Corp. (The)
Elk Horn Coal
Erie &
DWG
_„.EHO
Corp. (The).
Pittsburgh KK. Co
Great Northern Iron Ore Properties
Pan-American Petroleum & Transport Co
PH
GNI
PC
PPS
—
Philadelphia Co
Pittsburgh Coal Co. (Pennsylvania)...
RV
Jan
EPR
•
OR
PP
Rutland RR. Co
TZ
Telautograph Corp.
Virginia Iron, Coal & Coke Co
Virginian Ry. Co. (The)
VK
VR
PHC
PBH
RTL
.....
;
TEL
VKE
— —
VltY
Apr
50
125
3834
3834
12*4
4334
Mar
Apr
42
565
22
Apr
3234
Mar
■24
Apr
3734
Mar
Apr
Apr
163*
16.34
Mar
Jan
1034
53*
93*
Mar
1134
113*
734
Mar
make these changes at this time in order to avoid confusion which
might
result from the reassignment of the same symbols within so short a
Mar
of time.
Mar
509
.Meier <fc Frank Co Inc... 10
10
205
3
334
634
9
850
53*
113*
113*
802
1°
10
103*
174
934
v
Apr
Apr
Apr
93*
Feb
5
690
lo 3*
2,65
Jan
•
Feb
50
,
Apr
Mar
In
a
letter sent to
the ticker
Feb
Mar
Jan
Jan
4
t
110
8
Jan
103*
Mar
1;50
1.75
220
Jan
2934
3034
1.242
Apr
Apr
2.40
30
1,40
-2734
Mar
32
323*
2934
1,621
429
31J4
2834
Feb
25
323*
2934
Jan
3434
3234
2934
Corp com—.*
433*
44
4234
1053* 106
534
534
1,025
413*
Feb
493*
90
...
Exchange members
changes, the Committee
on
April 12 regarding
Floor Procedure said:
on
All the changes
contemplated under the plan will then have been com¬
pleted with the exception of approximately 30, consisting of changes to
shorter symbols for active stocks by using symbols
formerly used for inactive
stocks, but how available through changes made by assigning longer
the inactive
to
symbojs
The committee has, however, determined not to
stocjks.
period
'
'
It may
be of interest to note that during recent active markets, by actual
count, when the ticker ran one minute or more late the saving attributable
Mar
Pacific Coast Aggregates 10
Pacific Gas & Elec com..25
6% 1st pref
634% 1st pref
..—.25
16 dividend
*
Pacific Pub Service com..*
1st preferred
106
*
*
com
*
R E & R Co Ltd pref... 100
Rayonler Incorp com
Rayonler Inc pref
....
1.20
Apr
534
Mar
760
183*
42
393
4134
Apr
Apr
Apr
1.20
330
35
20
9
..26
Ryan Aeronautical Co...I
104 3*
471
1934
35
1
Rbeem Mfg Co
1
Richfield Oil Corp com...*
2934
183*
4134
Pig'n Whistle pref
9
120
1.10
35
834
153*
11
734
153*
100
1534
103*
11
425
103*
734
754
Shell Union Oil 534% pflOO
634
1,396
4,492
634
53*
2.00
634
Schleslnger Co (B F) com.*
2.00
460
1.75
103
103
22
5
109
734
2134
5934
2.80
Jan
Jan
Jan
60
Apr
Apr
Apr
Apr
163*
233*
Jan
Jan
10 M
Jan
Mar
73*
Jan
Apr
2.00
Jan
103
Apr
11
Apr
50
32
Jan
100
1154
1254
2,050
103*
Apr
Spring Valley Co Ltd....*
Standard Oil Co of Calif..*
434
263*
2934
434
20
434
Apr
534
Mar
2634
295*
1,219
2534
Apr
293*
Mar
Jan
33
Mar
,31c
31c
100
26c
Mar
36c
12
515
1434
Jan
6,000
1134
534
Apr
6
Apr
73*
Jan
30c
30c
Mar
55c
Jan
1634
Apr
Apr
Apr
17
234
Apr
3634
Super Mold Corp cap
10
293*
Transamerlca Corp
..2
TreadweH Yukon Ltd
1
115*
53*
30c
25
Victor Equip Co com
.
.
ser
"1634"
16.34
17.
10
Union OU Co of Calif
Universal Consol Oil
YpHow Checker Cab
53*
677
143*
133*
153*
1,700
2,378
1,546
2.50
2.50
300
_.
1
150
25
25
20
21
12
24
106
Bank
San
Francisco
Jan
33y
213*
Jan
4
California business in March showed
over
place
Jan
Jan
Jan
Mar
Jan
Mar
February,
a
a slight
improvement
sharp decline which was taking
according to the current "Business Outlook"
Wells
by the
San Francisco.
against
as
a year ago,
released
Feb
1934
1934
!
Business
Jan
14
'
'
Activity in California Showed Slight
Improvement Over February, Reports Wells Fargo
Mar
100
Texas Consol Oil Co
1
Tide Wat Assoc Oil com. 10
March
Feb
Apr
12
Southern Pacific Co
symbols was at the rate of approximately. 1,650 characters
As the ticker is capable of printing 500 characters per minute, the
saving in tape delay can readily be computed.
Mar
33
33
the revised
Jan
12
6
com
So Calif Gas pref ser A. .25
to
per-hdur.
Mar
33
Soundvlew Pulp
li
y
834
13
Paraffine Cos
d Deferred delivery,
1.80
13
Pacific Light
«.
.
Ex-divldendv
Jan
10
8
Jan
Feb
March Calcul Machine...5
6
Jan
MJJ
Mar
184
8
634
8
1,920
*
Apr
83*
12
Pacific Can Co com.
434
100
"•
2634
10
50
Feb
310
•
12
*
o4 34
EP
Mar
24
10
1.00
45
6 Ex-stock dividend.
From
Feb
40c
Magnln <fc Co (I)
Natomas Co
Apr
EH
Mar
Lockheed Aircraft Corp—1
O'Connor Molfatt cl AA._*
40c
DW
Mar
2634
N American Oil Cons
100
o4 34
.
a Odd lot sales.
active stocks to
.
1534
40
6
40c
symbols to less active issues.
Jab
2134
1.40
27
*
996
improve the stock ticker
reporting service by shortening the symbols of the most
Mar
Apr
Apr
Apr
3834
Menasco Mfg Co com
1
National Auto Fibres com 1
Apr
95c
3834
com
of
Jan
1734
40
"27"
693*
493*
54c
ticker symbols under its plans to
Jan
113*
40
G) Inc._.l
75c
200
Ticker Symbols
Mar
477
10
Leslie Salt Co....--.-..10
Mar
Apr
Apr
60c
Mar
changes, which will become effective April 24:
200
834
43
35
40c
The New York Stock
Jan
1,000
"
.
10
Langendorf Utd Bak pf_50
8534
3034 Mar
1.05
1.50
Hutchinson Sugar Plantal5
Jan
Mar
40c
"40c
Mar
78
Jan
Mar
203*
Hunt Brothers
LeTourneau (R
„Feb
«
1.00
F05
;
6
4234
173*
Holly Development
1
Honolulu Oil Corp cap...*
Preferred
1.25
113*
Hawaiian Pine Co Ltd—*
Langendorf Utd Bak B_.. *
.
634
Hale Bros Stores,Inc.....*"
10
10
7
6
"734
com
37
53*
Gladdlng-McBean & Co..*
834
47
Mar
100
50
Golden State Co Ltd—
Apr
56o
t In default.
Further
Feb
91
225
Ems'*o Der & Equip Co. .5
Ewa Plantation Co cap..20
Fireman's Fund Ins Co..25
534
534
Warner Bros Pictures....5
Jan
Feb
6
20
Mar
107
Apr
193*
534
1434
.
79
403*
a634
Mar
Mar
45c
Mar
6.
2734
73*
Mar
Apr
Jan
19
18
10
Jan
6 34
0353* a353*
Feb
30
Jan
21
cap234
23 34
55
1
Mar
25c
Jan
com
20
722
a63*
«
Apr
General MetalsCorp
100
26
063*
a634
Apr
8
General Paint Corp com..*
20
25
46
70
10534
Jan
20
Brands Inc..,
Apr
14
General Motors
Feb
Apr
734
253*
120
46
90
Food
,Jan
"
5
x
165
ft
Jan
4
,
Feb
Mar
5
No par value.
14
«.
83*
Listed,
11
-
Feb
43*
Apr
150
Cash sale—Not included in range for year,
14
«.
48
Apr
210
t
11
-
Jan
3
53*
50
334
o634
Feb
Emporium Capwell Corp. *
*
45
45
3
o534
21
3,200
1,727
63
*.
Feb
Mar
JaD
7
2.15
20
D1 Giorgio Fruit pref. ..100
Pref (wvv)
24
Jan
*
Apr
-78
193*
Jan
1.75
r
30C
1034
"7834
*
Apr
2034
Jan
133*
43*
Crown Zellerbach com...5
1434
5
39
2.15
Jan
100
17
149
o21
2.15
Feb
590
163*
Mar
17
200
,
*
Creameries ofAmvtc
Jan
83*
190
35c
105
634
Apr
Apr
30c
1023* 10334
334
334
Coast Cos G & Elst pref 100
Apr
53*
Apr
153*
«59
334
41
12
35c
Central Eureka Mining.. 1
Jan
Apr
Mar
1,275
124
30c
Carson Hill Gold Min cap 1
Jan
1434
1434
■
8
16c
434
o21
334
100
Jan
o634
a634
25
com
r
Jan
Mar
143*
14 X
Calif Packing Corp com..*
Jan
Mar
12c
12c
'
40
46
Callf-Engels Mining....25
Chrysler Corp com..
Jan
3
100
2034
46
Calaveras Cement pref.100
Jan
Jan
Feb
Apr
22
145
.
20
93*
73*
3734
31
161
350
1253* 128
13
1234
s
13
Apr
Apr
434
165
31 J*
United States Steei com..*
Vlca Co com
25
High
'
128
Bank of California N A..80
73*
315
.
6
*
U S Petroleum Co
ttr.
Alaska Juneau Gold Min 10
1
100
734
Feb
20
6
Studebaker Corp com....1
United Aircraft Corp cap. 5
"We eTr
w
High
193*
2534
Schumach Wall Bd com.
Schumach Wall Bd pref..*
Exchange
Week's Range
/fcCtv
293*
18
10
78
"25c
Pacific Ptld Cement prf 100
Packard Motor com
*
Sales
*
Jan
Jan
230
2534
Oahu Sugar Co Ltd cap.20
Pacific Port Cem com
100
Standard
(JJ
834
334
6
Mines..1
.5
North American Aviation 1
April 15 to April 21, both inclusive, compiled from official sales lists
s
Apr
13*
53*
3334
a33 34 a353*
353*
Nas-kelvinator Corp
7-4150
Francisco Stock
Sale
43*
1,214
65
Mountain City Copper._6c
offices In San Francisco and Los Angeles
Last
7
a634
Radio Corp of America.._*
San
Jan
100
33
pf.10
Montgomery Ward & Co. *
Go.
Broadway, New York
own
Jan
2
734
Hawaiian Sugar Co—.20
M J & M M Cons
Members New York Stock Exchange
Cortlandt
73*
5
5
"33"
Monolith P Cein 8%
111
334
Mar
Apr
Api
*
Kennecott Copper com
McBryde Sugar Co
are
(2 P. M. Saturday*)
Schwabacher Si
-
Mar
a6
"634
Inter Tel & Tel com
.*
Italo Pet Corp of Am com. 1
Italo Pet of Amer pref
..1
Order*
1134
100
Apr
Apr
Mar
5,000
J4
13*
193*
pf '27.100
Cities Service Co com..10
General Electric Co
.......
834
65.
Curtlss-Wrlght Corp.— „.]
Domlnguez Oil Co.
.*
Bonds—
Southwestern Bell 3s..1968
188
a634
5
2734
36
5
434
265*
Apr
a6
Blair & Co Inc cap
.1
Bendix Aviation Corp...5
10
2734
2134
3
com
25
....
Mar
315
67c
Jan
5
....^.
Mar
170
Jan
5
5
■.
17
Apr
9
a33*
5
...1934
Apr
2334
*
Aviation Corp of Del
12
38c
2334
834
a334
5
United ltys 4s
4S c-d
.J
High
14834
626
1,800
Sterling Alum common...1
15
125
all34 al2
15334 157
55c
55c
8crug£s-V~B Inc common.5
Wagner Electric com
Low
5
90
108 34
Apr
Apr
2
Range Since Jan. 1, 1939
Shares
High
52c
Anglo Nat Corp A com
Argonaut Mining Co
Apr
2
50
Mar
108%
Apr
16
10034
2
Feb
Rad <fc St Sntry..
Apr
88
30
2
10034 100 34
Low
Price
Apr
*
preferred.
Week
9
3
Rice-Stlx 13 G 1st pref.100
for
of Prices
Unlisted—
Mar
6
Nat^Oats Co com
Par
Week's Range
8 5*
10
Nat Bearing Metals com. .*
35
Apr
1534
m
9
Midwest Pipe common...*
Stocks {.Concluded)
High
3134
Mo Portl Cement com..25
1st preferred
Sales
Last
Sale
Shares
High
32
Nat Candy common
2405
Sales
Last
Stocks (Concluded)
Chronicle
Fargo Bank
&
Union
Trust
Co.,
The Wells Fargo index of California business
activity stood at
preliminary March level of 97% of the
compared with 96.6% in February and
92.1% in March, 1938.
Of the four index factors, freight
a
1923-25 average, as
car
loadings and
bank debits advanced from
February to
March, while the other two,(industrial production and de¬
partment-store sales) declined slightly.
In the first three
months of 1939 the index declined 3.1
drop of 8.6 in the
same
1938 period.
points,
as
against
a
APril 22• 1939
Financial Chronicle
2406
Canadian Markets
LISTED AND
province ol
Alberta—
56
58
55
0s
6«
98
91
86
89
89
108
117""
115
11958
May
1 1901
106 % 107%
112
111
109
106%
2 1950
Feb
4s.
105
4 H»
Prov of
6s
Saskatchewan—
June 15 1943
76
4 %«..
76
79
Railway Bonds
Canadian Pacific Ry—
perpetual debentures.
-—Sept 15 1942
4HS-.---.Dec 16 1944
6s
July
1 1944
Deo
4%s._
89
92%
July
Stocks
Price
Par
(Concluded)
93
84%
85
—
114%
—
1 1969
July
68
—Oct
...Feb
Ask
121% 122
Jan
-
107
1 1902
Jan
4s3s-
1 3902
1 1970
99H
of Prices
High
Bale
Par
Stocks-
Corp-.----.*
—..100
Associated Breweries
*
Bathurst Power & Paper A*
-100
Bell Telephone-
Power.*
ColPowerCorpA.*
Brazilian Tr Lt &
Building Products A
(new)*
Dredging..—-
56
25
24
25
700
44
Apr
01
Jan
74%
4,515
70
Apr
82
Mar
25%
1,758
23
Apr
29%
Mar
10
156
.
Apr
Jan
17
MaJ
Jan
7
685
15%
.
7
91.
Apr
14%
Apr
60
IS
77
2
33
30
33
11 %
2
26
6Q5
"ni""
Lindsay (C W)
67
Apr
77%
Mar
66%
Apr
Mar
75
66%
33
160
•
4%
73%
171
7
Jan
Apr
3%
48
Apr
47
31
'48
1.50
115
-
Jan
Jan
Apr
160
"
795
Jan
Jan
1.50
Jan
2%
Mar
90
1.60
Apr
2
Jan
•8
92
7%
Feb
1.0
Mar
22
23
252
23
Jan
24
Feb
163
163
10
162
Mar
167
"
169
126
160
Apr
178
222
1.60
Jan
Jan
218
172
203
Mar
302
32
300
Apr
310
183
185"
Feb
167%
214
185
202
170
Jan
192%
Feb
Mar
Mar
16%
Jan
10
75c
18
Apr
Apr
Mar
37
Jan
Feb
Can
108
Jan
Mar
115,
Mar
162
77
Jan
78
60
55
Jan
75c
•
75®
40
55
18
Apr
.25
50c
Feb
985
: 9%
Apr
25
15
1.00
18
Jan
Apr
75c
11%
Jan
11%
Jan
16%
Mar
Jan
93%
Feb
5%
Apr
120
2%
Jan
0
Mar
5%
5
Apr
8
Jan
Inter City Baking
5
66
Mar
82
Jan
Intl Paints (Can)
57%
Jan
57
57%
5%
4
4%
770
1.35
270
26
14
11
94
28
29%
15%
16
85
75
25
1,220
430
30
835
16%
15%
16%
28%
29
52%
52%
23
24
3,988
10,957
15
Apr
*
*
Page-Hersey Tubes Ltd..*
Quebec Tel & Po.w A
22%
3
Jan
75
Mar
115
5
5
11
4
11%
4
"72%
90
13%
112
Apr
Apr
Jan
17%
115
•
Reliance Grain
SouCanPw6%cum pref. 100
Jan
15
10
Apr
12%
11
Mar
13%
5%
Mar
10
4
15
Apr
Mar
9%
1,495
8
Apr
17%
17%
5
36
Mar
34
10
174
2
90
10
11%
40
1.50
37
5%
9
"97"
9
75c
282
9%
Jan
38
Jan
Apr
68%
Apr
25
Apr
30
2
11%
9
3
Jan
13
Feb
Apr
20
Jan
1.05
50c
Jan
9
Apr
15
29%
Apr
60%
81
Feb
94
1.35
5%
8
Jan
Apr
Mar
Jan
1.50
Jan
Jan
Jan
Mar
Mar
Jan
Apr
0%
Apr
10%
Jan
Mar
1.00
Mar
12%
Mar
10
1.00
10
12
Jan
68%
12%
Mar
97
97
68
97
Apr
104
101
102
111
101
Jan
105
Jan
SI cum pref.
.
* No par value.
_...*
Jan
7%
7%
50
6%
Feb
7%
Jan
4%
4%
4%
150
4%
Jan
4%
Mai
1.25
10
1.25
Apr
1.25
Apr
10
1.25
4
.
1.1C
'
4%
106
Nov
1.00
Jan
1.40
Jan
275
108'
1.00
74
215
4
107
*
107%
*
Walker-Good & Worts (H)*
Jan
Jan
Walkervllle Brewery
Jan
130
Jan
8%
75c
Sarnia Bridge Co Ltd
Jan
Mar
10%
23%
5%
Co Ltd
*
A..*
Jan
3%
77
*
Feb
27%
Apr
Apr
25
12
Jan
6
10
9
6
17
72%
1.50
Jan
Jan
577
11%
87
Jan
5
4%
395
25
2
Apr
0
7%
72%
25
9°/ cum 1st pref
100
Provincial Transport Co..*
365
8%
34
■
Apr
Power Corp of Canada—
Jan
5
115
"m
Stor v t
Jan
25
15
8%
.
19%
-
6%
18
19%
S3 cum pref.
51%
2,265
15
"7"
pf*
Melchers Distillers Ltd
56%
3
70%
2%
*
Melchers Distilleries
26%
25
Jan
36
Apr
23
3.50
87
Apr
25
Apr
84
Mar
42%
Jan
1.10
75
135
50
6,268
7%
30
23
47
Apr
30
Mitchell (Robt) Co Ltd..*
Feb
3%
54
Jan
Mar
Feb
4,977
80
Feb
Mar
Jan
2%
550
50
45
3
3%
1.10
Jan
80c
35%
16%
'
Apr
9
130
46%
70%
1.70
Feb
12
15c
1.50
10%
94
33
Jan
Jan
650
<
75c
McColl-Fron 6% cm pf.lOO
10
'
Massey-Harris5%cmpf 100
Mar
11
.
500
25c
1.80
9
Jan
15%
Mar
Paper..*
Jan
28
8%
132
12
25c
Ltd A..*
15
Mar
Jan
r
3%
32
17%
Mar
6
80
Apr
Apr
3%
40
Jan
14%
Jan
3%
13%
13%
Apr
3%
30
Jan
Mar
3
2
,
'2%
Co__i00
Mar
50c
4%
6
12
75c
1
3%
-
Apr
Mar
335
5%
6
Feb
8%
1.10
215
30c
-
4%
Apr
45
Mar
Apr
MacLaren Pow &
Apr
30c
3%
85c
Mar
Jan
M tl Refrog &
28 %
1
2.45
Apr
45
30
600
95c
Jan
Jan
23
Apr
7%
111
7%
3
Jan
Mar
Feb
45
Jan
Feb
Mar
1.80
Mar
2.20
45
"~6~"
105%
Apr
00 K
10
3
6%
93
1.12
185
125
6
10
1,000
3%
2%
Apr
25%
1.20
2.45
Mar
14
Apr
18%
Feb
28%
Apr
103
3
Apr
Mar
'
12
•
5
3
Mar
Jan
112
325
4
6
'•'
36
Jan
3%
5
1.00
Apr
10
11%
103
Jan
107
18%
5% cum pref
...20
Lake St John P & P
*
Mackenzie Air service...*
55%
116
Apr
32 H
285
3%
♦
Fraser Companies Ltd.—*
Voting trust ctfs
...*
Freiman (A J) 6% cm prf 100
Goodyear T & Rub of Can *
445
92 H
4
B
4
57%
10%
7
27%
648
33
Apr
1.05
Ford Motor of Can A
88
28%
111
32%
Apr
4%
4%
150
.
*
Mar
291
4%
4%
•
—
Falrchlld Aircraft Ltd.—5
F'leet Aircraft Ltd
*
532
70
Feb
1.05
A
Eastern Dairies7%cmpfl00
14
7%
Feb
95
"5,%
CubAlrcraft...
Mar
1.25
12%
Feb
4%
1.25
Jan
19
Jan
95
4
Feb
55C
15
11
5
90c
*
Corp Ltd
Feb
504
7%
Consol Paper
Apr
Feb
Mar
12
"45"
Mar
6%
1,927
4%
5%
23%
Apr
2.45
Mar
<•
4%
19%
1.10
Mar
65
Jan
Jan
3
175
96
12
Jan
7
1.75
.
586
■
20%
11%
5% cum pref.r
^..15
City Gas & Electric Corp.*
Commercial Alcohols
*
Jan
12%
■'•5
14
Uli
Vlckers Ltd
'
75c
Mar
103
Cndn Pow & Paper Inv
19%
243
24 %
"l5"
-T_l
*
—._*
Canadian Wineries Ltd... *
Catelll Food Prods Ltd...*
20%
Jan
Apr
3%
Cndn Marconi Co
Jan
Apr
3%
Apr
General Electric. .50
*
CndnIntlInvTr5 % cm pf 100
15
420
102
Cndn General Invests....
50
3%
Jan
2.00
20
18%
16
Jan
28%
27%
-
Cndn
Mar
88%
1.30
115
Preferred
24%
Apr
Apr
111
111
—_*
Cab6%cmpfl00
Canadian Breweries Ltd.. *
30
57
3
'"33"
Jan
27
13 %
7H
16
Ltd--*
pf 100
Jan
61%
Jan
Apr
19
96
Can Wire &
5%
45
4
2,400
1.75
Canada Vinegars Ltd.
88
29H
Canada <fc
Jan
21%
.7%
20%
4%
Canada Malting Co
Jan
,150
112%
12
*
Dom Sug (new) *
Feb
69
10
20%
*
Can Nor Pow 7% cm
Jan
.
Apr
1.15
25
Co
,
Donnacona Paper
75c
"i%
B...
Jan
Jan
70
2.00
Mar
105
6%
8%
42
"57%
Ltd
Jan
Apr
266
1.15
19%
.
2%
21%
Jan
tApr
1.40
81
20%
.—
Mar
4
753
1.15
Canada Bud Breweries
2%
4,920
171
13%
(New).
55c
3,084
4%
79
Brit Amer Oil Co Ltd
.3%
9
3%
65c
4
1
:
British Colum b ia Packers.
Jan
474
60
"65c
4%
Apr
162
3%
70c
4%
Ltd..—..*
High
•Low
Shares
3%
Apr
207
69
Price
*
...
1939
Week
4%
3%
16H
HI H 114
for'
of Prices
Low
High
•3%
1%
16 H
.
Par
Week's Range
Sale
Stocks-
1,
Range Sinci Jan.
Last
4%
1.25
25
Sales
Friday
3%
100
4
compiled from official sales lists
April 15 to April 21, both inclusive,
.5
Feb
27
16
Montreal Curb Market
Calgary Pr 6 % cum prf .100
7
8
'27.50
..*
1,620
■71
Apr
302
100
Jan
21
155
5%
100
Feb
12
Brewers & Dlsts of Vane.
710
1.50
4%
*
100
— .
14%
Jan
110
r+
218
Jan
Apr
5%
_
Mar
Jan
1.50
_
Jan
Mar
9
Preferred
Preferred
22%
Apr
Beauharnois Pow Corp...*
2,008
1.60
4
Lang & Sons (John A).... *
Laura Secord
__3
18%
Apr
11
48
169
18
6%
161
10
*
Intercolonial Coal_._-.100
Intl Bronze Powders prf.25
Intl Nickel of Canada
»
Internat Pet Co Ltd
*
International Power
*
Preferred
^___-__-l00
Lake of the Woods.-—..*
Jan
42
11
22
34
19%
16%
Enamel & Heating
*
Can.6
Jan
120
125
7
Apr
25
25 H
.
"oo"
Corp
15%
Jan
Apr
2,487
11%
1,60
.—..—100
Commerce—...
...100
Montreal...
100
Nova Scotia..—.
100
Jan
2%
"5
6%
1.50
55
Imperial Tobacco of
Mar
110
Mar
•
39
Feb
101
235
19
m
10%
1,070
13%
98
1.50
Eastern Dairies
Indust Accept
4%
21"
120
220
81
•* *
W mm
jf
Apr
9%
1,375
28
0%
3%
IS
'
19
East Kootenay Power...
Imperial Oil Ltd
Jan
30
Mar
102
Apr
10H
1
Mar
33
Mar
10%
Apr
109
1%
90 H
90 H
....100
100
Holllnger Gold Mines
6
Howard Smith Paper
*
Preferred
100
Hudson Bay Mining——.*
4%
50
160
...25
Bathurst Pow & Paper
25%
Gypsum Lime & Alabas..*
Hamilton Bridge—
*
Apr
Feb
*
28
Dominion Bridge-^
Gurd (Charles)
2%
Apr
11
4
Asbestos Corp
115
Goodyear T pref inc
Mar
110
"
Aluminium Ltd
2,736
Preferred
106%
7
110
70
V .*•'«*
Mar
2
5H
Rights
General Steel Wares
Jan
290
24%
19%
66%
3
11
25
Prod.. *
Famous Players C Corp..*
Foundation Co of Canada *
Gatlneau Power.—
*
Preferred.-100
Jan
104%
9%
V
,
120
160
Jan
-
47%
Electrolux Corp
MaJ
'9%
747
70
Abltibl Pow & Paper Co..*
6% cum pref
r_100
5H
*
19
Apr
Mar
3
11
Mar
24
1
Jan
7
6
120
19
Jan
60
107
8%
19%
50
107
2%
Jan
Apr
16
67
Jan
Apr
8%
12%
11
Mar
45 %
Dominion Textile.
9%
7
19
12%
5%
Dry den Paper
9%
7
......
28
47 H
Preferred
110
3,180
17%
24
Jan
Ry—-25
Cockshutt Plow.--..
*
Consol Mining & Smelting 5
Crown Cork & Seal Co—*
Distillers Seagrams
*
Dom Tar & Chemical.—_*
Mar
Jan
7
em
120
22%
Apr
Alcohol-.*•
Poinlnlon Glass.—— .-100
Dominion Glass pref —100
Dominion Steel & Coal B 25
Apr
102
8%
9%
17%
'<*
8%
659
•
Apr
Class B
25
90
Mar
1
11
9%
2%
Jan
14
--..*
pref
Apr
102
107
7%
23
Converters.. 100
Dominion Coal
8%
175
5
166
2%
98
Pacific
.
7
ef m.
Canadlenne
Jan
1,836
26 H
11
Canadian
Mar
162
Apr
90
15
1
7
4*
j an
1.225
98
Canadian Indus
Feb
66
7
.
••**
Jan
16%
16
13%
Rights..
69
Jan
24 H
27 H
Canadian
Apr
15
25
100
-
90
^99
9%
9%
Jan
24
Canadian Celanese.-——*
Preferred 7 %
156
99
-
_
90
7
r.
Jan
14
24 H.
10%
Preferred
30
Apr
15H
.*
(new)-*
*
45%
48%
99
3,177
10%
2%
Apr
1,581
6
175
,9%
Jan
2.50
Apr
710
6
10%
Foundry.*
Canadian Car &
Jan
23
.100
...
Jan
15
175
15 H
167
175
Can North Power Corp—
Canadian Bronze. J—
Mar
41%
73%
*
Feb
52%
198
52 H
......
10
107
6%
29
220
8
15
51%
1.00
50
29
Feb
Feb
9%
7H
51H
■
Canada Steamship
,38%
55
•
yiau Biscuit pref......100
Winnipeg Electric A
*
B
♦
Royal
High
Low
107
10
1.00
1.00
——100
Preferred
25
107
29
29
*
Canada Cement
V
Jan
5,108
43
*,r
2%
B
Bilolo Gold
Shares
.....
pref-—-50
1, 1939
Week
rr vtK
9%
9%
107
100
Preferred—
Amal Electric Corp.
Amal Elec Corp
British
Low
9%
Agnew-Surpass Shoe
Algorna Steel
Preferred
Price
73
Apr
-J
official sales lists
Range Since Jan.
for
32
Apr
Banks—
Sales
Week's Range
Last
Arp
64%
45%
156
_
-
pref..100
ZelfersLtd pref..;
Friday
29%
127
66
42
preferred
.50
Mills pref, 100
Preferred
both inclusive, compiled from
Mar
9,496
30%
74%
pref .100
Shawlnlgan W & Power. _*
Sherwln Williams of Can.*
Preferred
100
Southern Canada Power.. *
Steel Co ol Canada.
*
Preferred
25
Montreal Stock Exchange
April 15 to April 21,
Apr
47
Voting trust..
United Steel Corp
110
98 H
Mar
100
42%
:
Tuckett Tobacco
Grand Trunk Pacific Ry—
117% 118%
117% 118%
1 1969
58
114%
114% 114%
114 5, 114%
—.
68----.
Ry—
July
11946
0Hs--
113% 113%
116% 116%
4%s... ...June 15 1955
Feb
1 1956
4H0
1 1957
.—July
4Hs
-
Bonds
Canadian Northern
Canadian National Ry—
Sept
1 1951
4%s...
Jan
7%
•
Apr
,
25%
Quebec Power—
*
Holland Paper__.. — *
A
Bid
Fen
5%
100
42
St Law Flour
Ask
Bid
22
High
7%
Apr
4%
40
42%
Saguenay Power pref—100
St Lawrence Corp
—*
112% 113%
Government Guaranteed
130
66
St Lawrence Paper
Dominion
6
29%
30%
Low
100
98
-J-
Week
Shares
570
5%
5%
-
Range Since Jan, 1. 1939
for
.
4%
4%
4%
*
McColl-Frontenac Oil
*
Montreal Cottons pref. 100
Mont L H & P Consol
*
Montreal Tramways—100
National Breweries
*
Preferred
—25
National Steel Car Corp..*
Noranda Mines Ltd...—*
Ogllvle Flour Mills.
*
Preferred
100
Ontario Steel Prods preflOQ
Ottawa Lt Ht & Pow prf 100
Ottawa Electric Ry
*
Power Corp of Canada—*
Price Bros & Co Ltd.—*
Masse y-Harrl8
94%
91%
11946
1 1954
1 1960
sept
5s
100%
100
0a
4%8
73
72
4s
.
Ask
Bid
Ask
Bid
Ry—
Canadlap Pacific
of Prices
Low
High
—
74
Nov 15 1946
Oct
1 1951
6H0--
100% 108
116%
115
11960
114H 115%
121H
120
108 H 109 H
..Mar
4 Ha
107
Brunswick—
Apr 15 1960
4 He
Apr 15 1961
Province of Nova Scotia—
4HS—■SePt 16 1952
110
Province ot Quebeo—
86
4Hs
Mar
4%s_.
99%
88
Prov of New
6s_..
40
102
100
Week's Range
Sale
Ask
109
11942
Sept 15 1943
-May
1 1959
June
1 1962
Jan 15 1905
Oct
5a
53
Jan
1 1948
4H0.---.-Oct
1 1956
Prov of British Columbia—
6s
July 12 1949
4H0--Oct
1 1953
Province of Manitoba—
4Hs
Aug
11941
6s
June 15 1954
5a
Dec
2 1959
68..
Sales
Last
Bid
Province of Ontario—
Ask
Friday
Friday, April 21
and asked quotations,
Bid
Montreal Stock Exchange
Municipal Issues
Provincial and
Closing bid
UNLISTED
38%
Apr
50%
Jan
122
19%
Apr
20%
Jan
Apr
5%
108
Jan
Mar
v
~40~"
20
39%
40
19%
20
'
Volume
148
Financial
Chronicle
2407
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
(Concluded)
Par
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1939
»
Alexandria Gold
1
30c
Low
Shares
Stocks
High
Arno Mines Ltd
1,925
30o
Apr
50c
Jan
He
9,500
He
Apr
lHc
Jan
2c
2c
100
lc
Jan
2c
Mar
1,000
10c
Jan
16Hc
Beaufor Gold:.
lOHc lOHc
1
8c
Apr
14c
Feb
Canada Wire B.;
28c
Jan
Canadian
5c
Apr
Apr
10c
Jan
Apr
1.00
Jan
Breweries pref. *
Cndn Bk of Commerce. 100
6c
6c
1,000
74C
74c
200
3c
1
1
1
Dome Mines Ltd..
1
East Malartlc Mines
"31
2Hc
Feb
6c
Jan
15c
Apr
25c
Feb
Canadian Can A
100
2.20
Apr
.2.74
Jan
31
1
18 He
1,000
31
2c
33 H
Jan
Preferred
Canadian Dredge
29C
Apr
Jan
2o
Apr
3,875
2.10
Apr
2.80
Jan
.5,900
1.04
Apr
2.35
Jan
8c
2.26
2.34
1~25
1.15
1.31
*
5.00
4.50
5.00
700
4.50
Apr
6.00
Mar
_.*
18c
17c
18c
2,500
17c
Apr
25o
Mar
'
Falconbridge Nickel
Francoeur Gold
Inspiration Min & Dev__.l
23c
Foundry.
23c
1,000
22c
Apr
44c
Jan
3c
300
3HC
Apr
6Hc
Feb
1,300
5c
Apr
10c
Jan
Canadian
Kirkland Gold Rand
1
7c
10c
Mar
1,34
1.35
600
Jan
1.74
Mar
39 H
4.10
40 H
2,395
34
Apr
50 H
Jan
4.25
1,450
4.20
5.80
Jan
52 H
52 H
615
52 H
Apr
Jan
58 H
Macassa Mines
1
Mclntyre-Porcuplne
1.15
1.15
4014
6
4.10
"i"l5
McKenzle-Red Lake Gold 1
7c
7c
1,000
Feb
1.20
Cariboo...
480
9H
26H
Apr
18
340
Apr
125
14H
Apr
250
41
34 H
23H
150
160
630
69c
75c
16H
3X
2.15
Jan
Jan
12c
Feb
Charter Trust.
100
Chromium Mining
47c
2,900
36o
Apr
60c
Mar
800
1.95
Apr
3.35
Jan
36c
2.2C
...
100
»
*
3.00
2:90
3.10
4,070
2.82
Apr
4.80
Jan
Pandora Cad-
1
5c
4Hc
5c
220
4Hc
Apr
16c
Jan
Consolidated
2.25
2.25
2.25
145
2.10
Apr
2.60
Jan
Consol
1.31
1.43
600
1.35
Apr
1.85
Jan
Cons
1.60
1.70
3,500
1,300
1,45
Jan
1.91
Mar
: 5.60
Mar
..)
4.75
•
4.75
Conlarum
*
Smelters
1
Apr
70c
Apr
1.39
Jan
65c
4,230
50c
Jan
85c
Feb
55c
Jan
Gas..
100
4.60
Apr
2.42
2.42
2.42
100
2.45
Mar
2.65
Jan
Darkwater.......
13 H
13H
500
13c
Jan
14H0
Jan
Davles
1.60
1.60
1.60
100
2.00
Mar
2.08
Jan
Denlson Nickel
1
1.92
1.92
1.92
50
2.10
Feb
2.17
Feb
1.20
1.30,
400
1.18
Apr
1.72
Jan
Distillers Seagrams.
Dome Mines (new)
60c
Feb
Dominion Bank
9c
Jan
Dominion Coal
Jan
Dominion
500
38o
Mar
500
36c
Jdn
225
21 He
5
Jan
5H
Apr
8 H
Jan
1.36
3,163
1.36
1.31
14 H
52c
52c
*
6c
6c
300
1
3c
3c
200
52c
300
Mar
6c
Jan
3 He
Mar
6c
.
1.30
1.30
5,000
1.30
2 He
2Hc
1,000
2Hc
94c
1.00
2,650
12,565
94c
177 H
1.67
Jan
5,000
41c
Stadacona (new)
*
47c
47c
53c
47c
8ulllvan Consolidated
1
81c
80c
82c
47,085
8,490
Apr
Apr
Jan
78c
Mar
Mar
,20c
21c
200
35c
Mar
37c
Apr
4.90
Apr
8.85
Mar
4.95
1
Federal-Kirkland
Anaconda Oil Co Ltd
*
9c
10c
Calgary & Edmonton
*
2.01
2.10
1,000
9c
"Jan
1,275
1.93
Jan
15^c
.; 2.75
Jan
13c
Jan
Ford A
1.02
40C
1.00
Apr
1.72
Jan
Francoeur
34 H
34H
70
31H
Apr
44 H
Jan
Gatineau Power.
of Prices
...
*
_
*
100
80c
1,105
4%
335
5c
5c
900
4Hc
Apr
9Hc
Jan
2 He
3c
13,600
2c
Feb
4c
Mar
15 He 16 He
1,450
20,400
15 He
Apr
30c
Jan
51
51
10 He
...1
Bank of Montreal'
Bank of Nova Scotia.. .100
Bank of Toronto
.100
Barkers pref
Base Metals
..50
Beatty 1st pref
Bldgood Kirkland
Big Missouri
Apr
17Hc
Feb
Halllwell
5Hc
Apr
10 He
Feb
3c
Apr
Harding Carpet
Feb
45c 51 He
6Hc
116,600
-
-
Brewing & Distilling..
British American Oil..
5
Bro ulan-Porcupine
1
*
Brown Oil
20 %
32c
*
------
B uf falo-Ankerite
1
12
Buffalo-Canadian
♦
3
.
2,000
IHc
Apr
3Hc
3c
Apr
6c
Jan,
Jan
3H
Mar
JaD
15 c
Apr
35c
Jan
Home Oil Co
2.20
8Hc
175
17c 18 He
18 He
7
18Hc
25
8,800
1,487
9c
19
Mar
Jan
Mar
Jan
1.40
Jan
99 H
Jan
2H
Jan
165
17c
18c
105
5H
Mar
Imperial Bank
Mar
Imperial Oil
Imperial Tobacco
Jan
175H
Mar
Apr
30c
Jan
Mar
30c
Jan
6
Mar
7H
Mar
Jan
32 H
Jan
9H
4H
20
28c
10M
4H
2H
5,634
25
5%
Mar
Jan
75c
Jan
4,200
1,180
36c
Canada Cycle & Motor. 100
*
Canada Malting
101H
Feb
23%
34 He
7H
Mar
Apr
36c
3H
12H
Feb
2,185
89 H
4
22
Apr
2,500
6,700
3,400
7 H
International Petroleum.. *
28c
2.10
90 H
International Nickel
Jan
17H
6Hc
100
Feb
Jan
4
230
7H
91
*•241
101H 101H
37
33
127
236
Apr
3H
7
Mar
5H
10H
Mar
Apr
101H
Mar
102
32
Jan
35 H
Mar
1
Apr
1
202 H
Feb
215
8,362
15H
Apr
16 H
8,135
5,100
13 H
Jan
16H
15%
22c
25c
4
5
340
70
72
25
7
46 H
25
7
100
22c
Apr
3%
Apr
70
Apr
7
Apr
17H
16H
Apr
Jan
Mar
Feb
45c
Jan
7H
Mar
90
Mar
7
Apr
45
47
8,368
42 H
Apr
56 X
23 H
25
6,571
22 H
21c
Apr
27H
Jan
34c
Jan
11 He
Jan
6c
6,200
5c
3,300
5c
Mar
13He
Jan
500
4Hc
Apr
11c
Jan
2.08
Kerr-Addison
21c
1
Laguna Gold
21c
2,000
Jan
1.57
1.53
1.47
Apr
35c
35c
700
33c
Mar
73c
Feb
1.35
1.30
1.38
34,850
1.15
Jan
1.75
Mar
1
..1
1.62
19,600
Jan
1
8Hc
8Hc
8Hc
10,241
5Ho
Mar
Lake Shore...,
8 He
1
40
39
40 H
4,206
Lake Sulphite
Lake of the Woods
32%
Mar
50 H
*
I 60c
60c
25
50c
Apr
3.25
Mar
*
15
100
13H
Apr
17
Mar
Lamaque Gold Mines
Mar
Apr
Jan
10
50
16
5c
Apr
89 H
101
1
213
5Mc
Apr
Jan
1
5c
5Hc
Jan
Jan
5c
Klrkland-Hudson
65c
Mar
35H
1
Kirkland Lake
2.80
31c
Apr
8c
5Hc
Jan
Apr
Jan
Jan
25 H
5Hc
Jan
Apr
26 He
24c
1,915
5HC
33c
31c
5,400
2,800
—.1
15H
1.81
9c
27c
Jelllcoe Cons
J M Consolidated
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Mar
Jan
3.75
1
Mar
Mar
Jan
15
Jan
1
18c
5c
15
Apr
1.98
Jacola Mines
10 H
17
Apr
13 H
Jack Walte
2 He
14
llHc
8
.
29 H
15H
Mining.._.l
22c
Apr
"2,080
16,225
Jan
'
6c
210
210H
5
11.75
4,023
4,100
8c
pf.100
Apr
7H
2 26
1.95
Apr
Jan
28 H
22c
Intl Metal A..
International Metal
Apr
21,800
3
...5
Inspiration
International
14H
16
9c
35c
12
100
9.55
13
20 H
19c20Hc
11
128
305
H'
2.05
Hudson Bay Min & Sm__*
Hunts A
.—
30c
25
34,340
34,57
13
Howey Gold..
32c
Apr
50
19
"UH
8
2H
26 He
16c
11c
20
lOHc
Hollinger Consolidated... 5
1.00
7
10.00 10.65
32
Feb
30
30
16
6H
2,100
Homestead Oil
2.00
33
64C
Apr
8
Mar
15
3H
Apr
Mar
3%
"16c 16 He
"iQc
.
Mar
5He
*
.
35
2.08
»
2c
40c
660
Feb
310
15H
,
500
40,606
10c
252
6 He
Preferred
2c
44c
4H
1.58
Jan
*
Canada Bread
2HC
7c
6H
41c
"
Apr
Apr
Jan
*
Canada Cement
17
11
94c
Feb
Bunker Hill
1
Apr
Apr
25
'210
1.10
20
Building Products (new).*
Oils
3H
4
12
3H
9,000
60Q
300
Calgary & Edmonton.
Calmont
Apr
51,715
239
10c
------
4c
He
5
17c
9H
1,500
1.14
6
25
718
19
4He
58
1.15
,_1
20
34H
16c
588
10.15
13Hc
2c
303
100H 100 H
3H
3H
1
Mar
4
h 250
167
♦
Mines
6c
"42c
303
3,400
14,900
11,408
Bralorne
7,800
11
11H
249
14c
Bobjo Mines
6 He
"4
Hlnde & Dauch...,
1.14
Brantford Cordage pref. 25
*
Brazil Traction
4c
6c
Jan
6Hf
High wood-Sarcee...
7
Mar
6c
Jan
------
2%o
6c
Hedley-Mascot Mines...!
Jan
34 H
65
94c
Harker
Jan
38c
220
66
97
1,000
1.10
Jan
23c
Apr
Mar
35
57 H
3c
96c
72c
Mar
16c
50
78
72
.
25
Mar
1.00
*
Blue R'bon pref
Apr
67 H
57
500
8c
3H
3HC
2H
18c
175
13Hc
Apr
3Hc
38c
------
60c
Ma-
2H
600
-
Apr
60
2c
iHc
11,600
-
47c
2.00Q
3Hc
8c
—
1,000
22,700
.
21c
250
48c
6Hc
2HC
3c
Hard Rock
i
20c
203
4c
1 He
•8c
------
28c
Jan
.1
9Hc
1,000
25
30c
Mar
2Hc
1
J
1
Biltmore
1
—
4;700
12 He
1
Halcrow Swa
4,000
216
Feb
15c
...1
3c
212
20c
2,500
'
6c
13c
*
Feb
6
3c
Jan
3.25
llHc
19c
Gypsum Lime & Alabas..*
._*
;
5 He
16c
100
_*
Gunnar Gold..
2.55
1.14
.100
Greaj Lakes voting
Jan
230
7H
Jan
28c
2c
..)
Jan
2.55
Apr
4c
47c
Grandoro.
17C
1.52
Jan
5H
4Hc
Granada Mines
67
-
2H
5
12,,900
3,000
35,782
5Hc
57
Voting pref
Grull-Wihksne
Apr
Apr
240
20 He
"72"
20c
216
4H
5H
5Hc
.1
Jan
51
.
94
18c
.'
Jan
Mar
,
16H
Apr
2Xo
50
.....
14H
32c
48 He
»
Beauharnols
Bell Telephone Co
Preferred
G r ah am-B ousquet
52c
9HC
1
.
Beattle Gold
Jan
25o
Jan
87
4
"""6c
Apr
9,700
lie
Jan
Apr
11
__1
Apr
Apr
13,025
*
Bear Exploration & Rad.
2%
21X
I60
23%
199
..50c
Ea&le
3H
33
'
Apr
161
'
Gold Belt
Apr
Mar
11H
14
4H
23HC
30c
50
4,300
3
27
88 H
13H
1
6H
100
18c
5
'5
17c
.87H
88
1
3c
...1
.100
Mar
98c
9Hc
...
Cons
Mar
2.55
-------
Bankfield
50c
4
93c
...1
Auglte-Porcupine Gold ...I
Bagamac Mines
...1
51
10 He 10 He
------
Ashley.
33c
8
1,759
6H
...
Goodyear Tire...
65c
30c
i
Goodflsh
4%
8
19H
5c
Glenora
Gold
High
-
65c
30c
3
27
"13 %
*
Goldale Mines
4%
*
3
17 H
16c
Gillies Lake
Low
,
'
27
"19"
God's Lake
Shares
3
..100
General Steel Wares....
Week
High
7
6H
Fleury-BIssell pref
Low
8Hc
10H
Jan
Range Since Jan. 1, 1939
7Ho
Apr
Jan
for
Jan
Feb
24
6H
55c
Range
Mar
6.00
Jan
Mar
50
Fleet Aircraft._..j)
3.70
(M
Apr
?
He
Apr
Jan
♦
Astoria-Quebec
46
19
Apr
Apr
Sales
2
Mar
32c
-
4.50
1,430
2,000
4c
2.00
Week's
1,965
3c
8
8c
500
"
Arntfleld Gold
4c
2.37
4Ho
9,325
Exchange
4.95
20 H
2Hc
Apr
Apr
1,000
32c
Friday
Anglo Huronlan
4.50'
20
2Hc
279
Ap
1.05=
2,000
2.30
*
Mar
11,700
1.00
100
Mar
13c
5c
34H
...1
Mar
27c
4c
32c
April 21, both inclusive, compiled from official sales lists
Gold Mines
9Ho
Apr
8Hc
Rights
Preferred-
Mar
Feb
Apr
4Hc
2.10
Toronto Stock
Amm
5c
14c
6H,
8Hc
Preferred
Anglo-Can Hold Dev.
5,400
/ 7
1
2~20
"
*
Apr
20
.1
Fleury-Blssell
*
4H
Petroleum..,25c
Fernland Gold. .-L
Firestone
:
100
Feb
Jan
4.90
7.50
Copper....
4H V4H
5Hc
6 He
5
1,375
Algoma Steel
Mar
202
8.00
Aldermac
Jan
6H
25
7.90
i
12 H
Mar
.
35,645
16,785
Oil-
-
Apr
4H
25
Faulkenham Lake Gold.-l
u
25
7H
393
5H
East Malartlc
Eldorado
Equitable Life
Fanny Farmer, i
...1
Apr
3,828
1.30
Feb
Falconbridge
Ajax O & G-.
19
9H
5H
2.36
Jan
Mar
„
Jan
2Hc
400
•'
8
5H
31o
Jan
...1
20
Mar
4%
1.13
4.60
Apr
Apr
Afton Mines Ltd
Mar
2.25
3.55
Apr
10c
8.10
*
Mar
3He
1.26
Mar
4.00
18Hc
.
18H
2.27
2 80
225
4,590
Apr
100
210H
Feb
Apr
1
1,050
13c
Apr
....
Jan
15H
2Hc
..1
3.05
9c
preferred
19
200
Mar
Mar
10
7,700
4.90
6%
36
Jan
%
1,000
17
13,600
4:90
Abitlbl
203 H
He
8c
120
Acme Gas
34
17c
1,910
Sale
Jan
7c
4,000
Price
30 H
14c
6.IS
Par
2,502
8c
9He
Stocks—
20
17c
5.95
Last
Jan
5Hc
8Hc
to
13 H
1
fjToo
April 15
645
•
,'8 He
♦
16H
31H
1
Crest Oil.
1
Royallte Oil Co
16c
East
4.90
*
Apr
Duquesrie Mining
*
Okalta Oils
9Hc
Jan
4.C0
20c
Davles Petroleum Ltd.-...*
Home Oil Co
*
Jan
6,100
Feb
10c
*
Jan
60c
Mar
Wood Cad
Wright Hargreaves
Jan
8Hc
Apr
18
1.03
3.00
12 He
*
_
22
Apr
27c
2Hc
.
*
Walte-A mulet
.
Apr
4 Ho
1.01
80c
Jan
Jan
Mar
20
17
"26""
61
182 H
1,500
12,850
2
*
•
Apr
Mar
Mar
270
Mar
Dorval Slscoe
4.00
Teck-Hughes Gold Ltd...l
Expl Ltd.^__ 1
Foundry._....*
97c
45 c
1.65
45
176
17
12c
200
,
Dominion Steel Coal B..25
Dominion Stores
Dominion Tar
.1.02
Towagmac
Dominion
Jan
Jan
40c
Ventures Ltd.
203
17
1.44
96c
1
100
pref....25
Apr
;
He
30 H
Exploration.,. 1
1.74
Apr
5c
16
"31
4Hc
40c
1
...»
Apr
97c
...
"16H
Apr
"
17c
67
is
5c
9
14
1,000
2,878
28c 32Hc
Mines...1
*
47 H
18
30c
1.26
375
17c
177 H 179
*
...
Apr
Apr
1
Thompson Cad.
...
95c
"
...1
Sylvanlte Gold
i
Petroleum.
15
17c
45
*
1
40c
l
13M
Reward Mining
Feb
24c
14 H
......
....6
Brit Col.. 1
Red Crest Gold
Mar
30c
85C
24c
Bakeries...*
Placer Development Ltd.l
1
102
2,500
13,150
5
Mines
Cosmos
Apr
32c
1.00
60c
65c
*
Chibougaihau
Consumers
1 00
31c
40c
Com Petroleum..-.
Pam our-Porcuplne
13
Jan
85c
Commoil...
Pato Consol Gd Dredging 1
Pend-Orielle M & MCo.J
100
'
32c
l
Cockshutt...
:
Jan
6c
Jan
Slscoe Gold Mines Ltd
2.39
8,100
8c
Sladen Mai
Arp
8Hc
Apr
1
Feb
7Hc
3He
2.15
Jan
3H
8Hc
1.000
1
Jan
13
Jan
1.05
4c
1
6H
Mar
3 '
2.75
3Hc
...1
Apr
9
Jan
Apr
*
...
Jan
20
Apr
Newbec Mines Ltd...
Sherrltt-Gordon
3H
30
265
Jan
1.03
Jan
70c
Chestervllle-Larder Lake.l
Shawkey Gold
1,980
9
3%
2%
2.05
Chemical Research
San Antonio Gold.'
4
3H
Jan
Mar
1.1
Jan
1
Apr
14
Jan
241
Apr
69c
260
3 H
Feb
1.50
4,400
15H
.
16 H
200
Jan
2.10
Jan
New True Fissure
Jan
7H
1,650
Apr
I
Apr
Mar
1,560
14,530
74c
.
Jan
19
73c
.1.31
Quebec Gold..,
260
Mar
4%
Jan
2.20
-10 He
Premier Gold
Preston-East Dome
7
17H
6H
Jan
2.28
Apr
Powell-Rouyn Gold—
179
Apr
273
Jan
73c
Apr
Apr
4.75
Apr
3
115
18
1.80
2.11
43c
lOHc lOHc
1
159
Jan
23
2.25
1.07
o
Apr
15
l
10He
Plckle.Crow Gd M Ltd
Apr
18
11H
__i
Trethewey
10
Pioneer Gold
3H
1.00
191
112
l
Castle
550
Perron Gold
1,485
Central Patricia.......
Central Porcupine
500
O'Brien Gold
1.25
18H
170
'
40c
1
_
25
9
40c
_
Apr
28
*
*
_
15
245
25
Wineries
McWatters Gpld...
McVlttle-Graham_
25
Mar
Kirk land Lake Gold..;-.
Lake Shore Mines Ltd-._.l
Jan
17
10H
10H
H
Cndn Wallpaper B__
5c
Apr
26 H
14 H
15
69c
5c
7%
6H
*
3c
Jan
677
3H
Malartlc
22c
,
J-M Consolidated Gold...!'
Mar
8
18
27
Oil
152
Vx
1.00.
*
R
Mar
77
Jan
Jan
18
*
Canadian
Mar
Feb
140 X
67
2
162
1.25
Canadian
66
17H
106
18
18H
Cndn General Electric..50
Cndn Indus Alcohol A..
C P
Mar
2
169
*
Jan
Apr
18
1,050
3Hc 113,500
High
15
200
145H
17
1.10
*
Can Car &
69
Low
10
m
2u
B.
15H
144
*
Canadian Can
19,700
2Hc
Eldorado Gold M Ltd..;..!
Joliet-Quebec
2,000
20c
2.15
18HC 18Hc
*
Duparquet Mining Co
3Hc
17c
Range Since Jan. 1, 1939
Shares
2
Breweries.:...*
2.15
2.15
Cons Chlbougamau Gold-1
145
Canadian
70c
1
High
15 H
68
50
17c
*
Low
1. *
Preferred
300
Bousacadillac Gold
Cndn Malartlc Gold
Central Patricia Gold
Price
.100
4,000
1
Cartler-Maiartlo Gold
Canada Permanent
Canada Steamships
9c
8c
,'
Big Missouri Mines
Central Cadillac Gold
Week
*
17Hc 17Hc
9c
for
of Prices
*
Feb
*
__^.l
31c
Par
Canada North Power
Canada Packers
30c
(Continued)
Week's Range
Sale
He
Arntfiled Gold.
Sales
Last
Mines—
Aldermac Copper Corp
Exchange
Friday
for
Sale
Stocks
Toronto Stock
Sales
Lapa Cadillac
»
_
Laura Secord (new)
Lava Cap.
*
*
6.00
1
6.10
2,072
5.50
Feb
6.85
Mar
26c
UX
31c
10,150
1,460
26c
Apr
54c
Jan
11H
10 H
Apr
13 H
Jan
63c
65c
2,410
59c
Mar
85o
Jan
'
.
No par value.
1
65c
Jan
10 X
27c
.3
15
Mar
Markets—Listed and Unlisted
Canadian
Last
LoblavV A
B
Macassa Mines
Lake..
Manitoba A Eastern
Maple Leaf Gardens
Preferred
23 H
771
22
Jan
25
21
21
Apr
23
21 H
722
4.40
11,370
3.85
1.95
1.77
1.99
23,550
35c
31 He
35c
54c
50c
55c
12,225
20,700
3,000
lHc
lie
lc
1.25
173
29H
Apr
5H
Feb
300
81
49H
1.03
Apr
Apr
6c
Mar
4,050
38c
Apr
75c
Jan
2.05
Jan
4,710
1.10
19H
1.00
36 H
475
20
155
23
23H
■
17 He
Omega Gold..
Oils
Pacaita
.
Pantepec
Porto Rico pref
-
-
-
— -
E Dome
200
lHc
2.00
7H
Apr
500
5He
12c
94
Apr
104 H
Apr
4.75
4c
500
4c
Apr
16c
4H
350
4H
4c
500
3 He
3c
Apr
Apr
Apr
Feb
7Hc
Mar
40c
16,625
35c
Apr
1.69
6,045
1.45
Jan
1.94
Mar
4.65
4.85
8,665
4.50
Apr
5.60
Jan
2.35
2.40
1,150
2 25
Apr
1.93
1.90
1.95
1.21
1.32
12H
2.40
1.75
58c
40c
900
5c
3,500
4 He
440
32c 34He
46c
20c
Mar
4,100
250
22 H
Apr
2,200
6c
Apr
5c
6c
»8,100
5o
Apr
178
32
112
9
1.32
1.42
23,500
5,400
12c
6,900
2Hc
2Hc
500
He
Jan
Jan
31c
Mar
44 H
Jan
125
Apr
15HC
Feb
1.70
Mar
Apr
"
1.18
Jan
10c
Apr
17o
Jan
He
Apr
4Hc
Jan
2
92c
Jan
1.14
Mar
"T.05
1.00
1:05
3,150
96c
92c
1.02
20,225
90c
Apr
1.45
Jan
1
6.35
6.15
6.40
1,721
5.25
Jan
7.20
Mar
—*
*
lHc
l«c
lHc
125
Mar
155
Mar
Apr
2Hc
3H
lHc
3H
50c
—
Preferred...
1
Slscoe Gold
Lake
...
Stadacona
Standard Chemical
Standard Paving..
Steel of Canada
Preferred...—....
Stuart Oil
Gold..
—
Sudbury Basin
81
*
1
*
Feb
Apr
5
Feb
4H
Feb
Jan
90
Jan
1.67
96c
96c
1.03
17,555
96o
Apr
41c
46c
15,000
41c
Apr
80c
6Hc
6c
7c
Apr
13c
48c
45c
54c
.
7,000
45c
35,665
25
5H
5H
5Hc
,
Mar
200
75
69
71
812
66 H
69 H
250
65
15c
.
Jan
Feb
Sylvanite Gold
Tamblyns
Teck Hughes
—*
1
*
*
*
Texas Canadian
3.10
69c
1.75
Toburn
*
General Trust-100
Toronto Elevators
50
pref——25
*
Ventures
Walkers..
Preferred
....
*
Westons
Preferred
Wlltsey-Coghlan
Winnipeg Electric A.....*
Preferred
Wrieht Harereaves
100H 101H
Hs'59
103H 104H
1
1957
95
93
—Dec
103H.104
89
90
4s...1957
86
88
'47
100
Price Brothers 1st 5S..1957
deb
conv
89H
Provincial Pap Ltd 5Hs
67
Saguenay Power 4Hs A '66
97 H
40
93
94
4Hs series B
1966
Shawlnlgan W A P 4Hs *67
Smith H Pa Mills 4Hs '51
H
105H 106H
105H 106H
104 H
104
101H 102H
103H 104 H
75 H
United Grain Grow 5s_1948
76H
United Securs Ltd 5Hs '52
101H
1951
34
Winnipeg Elec4H8---1960
4-5s series A....
1965
36
•
No par value.
*
,
/Flat price.
n
-.1965
4-58 series B
92
90
63H
62 H
102
104
66
67
51
52
Nominal.
NOTICES
CURRENT
—Dr. Paul M. Atkins, who served from
L. Grant in the formation
conduct
Mar
74
Mar
Jan
Jan
Apr
24Hc
Jan
80c
82c
76c
Apr
3
25
2H
Jan
4
Jan
4
5
3H
Apr
4H
Jan
3.10
4,600
2.78
Apr
3.55
Jan
11H
145
11
Apr
12 H
Feb
4.05
12,234
3.80
Apr
4.75
of
a new
Apr
1.30
Jan
firm, Grant & Atkins, Inc.,
consulting service on bank investment
a
according to an announcement.
Daniel
which will
policies and programs,
Offices of the new company will be at
55 Liberty St., N. Y. City.
Comptroller, Dr. Atkins liquidated
banks. Since 1937. he
has carried on financial consulting work, appearing frequently as an expert
witness before the Board of Tax Appeals to testify as to the value of securi¬
ties.
For 10 years he was a resident of Chicago, serving for five years on
the faculty of the University of Chicago and for five years as engineereconomist for Ames,"Emerich & Co.
Daniel L. Grant is a member of the Investment Committee of Manhattan
During the time he worked for the
more
13,000 security issues for about 1,200
than
of Lindsey Grant & Co., Inc. has been
Foundation, Inc., and as President
engaged in economic research and security
Watson
a
new
analysis since 1931.
W. W.
former president of
Arthur P. Hogan is Secretary and Treasurer of
Vice-President of the new company, is a
firm.
'
•>
& Curtis, members
—Jackson
of the principal Commodity and
Stock
10 Post Office Square, Boston, and numerous
booklet entitled Sixty Years of Finance
Exchanges with offices at
branches elsewhere have prepared a
Besides giving the history of
has to offer the public
and gives rudimentary particulars regarding the securities and commodities
markets and the execution of orders for stocks, bonds and commodities.
of their sixtieth anniversary.
the.booklet describes the facilities the firm
Jan
65c
1932 to 1937 as Special Liqui¬
Comptroller of the Currency, is joining
dator of Securities for the
the firm,
members New York Stock Exchange, has
—R. H. Johnson & Co.,
the following
Robert
R. A.
Seager, John J.
69c
1,700
1.85
750
Apr
2.30
Jan
Miss Marie A.
185
10
Mar
16H
Jan
Warren W. Klosterman and William
25
80
Feb
90
made
York, Clifford E. Minor,
additions to their staff—in New
Sullivan,
J.
12H
Farrell, Walter F. Frey and
Feb
80
1.10
1.20
12
10,110
28 H
2,662
1.03
11
Mar
Apr
1.65
Jan
14
Mar
4.80
Apr
38
100
4H
2H
Apr
5
Feb
3,155
1,687
18,099
3H
Apr
7
Jan
4.30
Apr
5.80
Jan
5.50
Apr
8.25
Jan
Apr
51H
Jan
85
20
28
2,851
626
11c
38
19
Jan
20 H
Jan
10c
Apr
15c
Jan
Apr
12H
Jan
3,200
110
10
87
1.74
Feb
3
3H
10
87
9H
87
Apr
Apr
4c
3,000
3,900
He
3H
Mar
1.55
97
1.50
Apr
154
1.50
He
1.50
7H
7H
10
7.65
8.05
10,021
•
8.00
104
103
1956
3 Hs
1973
Montreal Tramway 5s 1941
37
5s.
in recognition
19 H
100
50 H
49H
1939
value) 3s
3 Hs
74
Jan
1.50
Montreal L H A P (650
Power Corp. of Can 4
70
1.01
19 H
B
26
105
104
94
1961
8c
1 50
/25H
par
5HB——
Jan
6.30
4c
1956
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Feb
He
3Hc
45H
44 H
68-1945
37
Jan 11950
Fraser Co 6s
3.00
41
*
100
2Hs to '38-5 Hs to '49—
96 H
1949
Eastern Dairies 6s
14Hc
10c
Maple Leaf Milling—
m
65
Oatlneau Power 6s
Apr
5.90
White Eagle
.......
Mar
38 H
10c
Wendlgo
4s_
7c
4.50
T.OO
*
Ask
82
82
B
88H
East Kootenay Pow 7s 1942
1.80
41
*
Amulet
Feb
1952
107
36
•
Co—
.1956
Donnacona Paper
800
2H
3H
m,
100
Distributors Group,. Inc.
10
28
United Fuel A pref
14 He
Bid
'
93
the
Apr
11H
Gas
Aor
5 Hs series
98
Dom Gas A Eleo 6HB.1945
2,000
80
80
1.17
Ucbi Gold.
Apr
6 H«
Utility Bonds
2nd
4,900
69c
Jan
{
Manitoba Power 5Hs.l951
45
113H
1961
8c
1.75
38 H
36
„
6Hs ex-stock
15c
12
12
Apr
Apr
5b
Consol Pap Corp—
2.05
3.80
1949
5s '63
Cedar Rapids M A P
12c
11
4.00
Mar
36
35
quotations, Friday, April 21
Jan
Apr
.
Apr
100
2,000
7c
77
106
Canadian Vickers Co 6b '47
1.90
2.90
18H
2H
2viH
15
•
36
35
108H 109
Mar
4Hc
4,450
100
19H
Jan
3He
Ask
H
75
Mar
4
81c
;.
Supersilk B
44
5H
3
Sullivan
Supersilk A...
1H
6 He
8.50
10
•
40
19H
77 H
11c
8H
3,000
36
Canadian Lt A Pow 5s 1949
8H
12c
8H
2.05
"
Jan
1.03
7 c- 217,950
5Hc
Jan
Jan
He
1H
35
Apr
Jan
160
70 H
•66H
Jan
Apr
"He
1H
Apr
3
1.60
200"
8c
Sudbury Contact
3
81
42c
"5 He
*
Straw Lake Beach
8
25
3H
3H
81
—1
1
1
.*
*
*
..»
25
Sladen Malartlc
Sturgeon River
3H
3H
*
100
—
l'.»5
lHc,
He
Jan
192
Feb
10Hc
10c UHc
28
lino
Apr
10
-lie
11c
Apr
465
1.40
Apr
Mar
He
Apr
Mar
6He
117
Mar
1.28
Jan
9C
2H
22H
34 H
2c
3,925
Mar
Apr
6c
184
Jan
Mar
2
22H
125
500
1.41
.1
Jan
2H
32 H
2Hc
1.31
Mar
Feb
Mar
2H
125
2HC
1.33
Jan
17c
32
Jan
Apr
4 He
183
Mar
Apr
Apr
9
2%
184
Jan
2.70
100
1.17
""5c
5c
Jan
2.45
40c
....
61c
1.80
80
'
.
Apr
1.18
34,150
9
9
Jan
97*
.3,510
1.31
,
Canadian Inter Pap 6s
Jan
7H
7Hc
3 He
'
Apr
104H 105H
91 H
93H
Jan
21,400
Apr
29 H
101H 102H
Jan
1.70
Mar
10c
791
Canada North Pow 5s. 1953
Jan
2.76
99
7 He
10,000
Calgary Power Co 5S..1960
Canada Bread 6s.
1941
Jan
145
35c
—
— —
Simpsons B.
Simpsons pref
United Fuel B
Jan
2 40
100
.
United Steel
4H
1.40
Jan
500
15c
30 H
Montreal Island Pr 5Hs '57
Jan
24,323
98
13He
19c
29 H
30
Minn A Ont Paper
Jan
1.69
Quebec
Slgman Mines,
Toronto
5
30
Feb
37
Mar
3c
Jan
15 H
35
Feb
4.75
1--l
...i
Sherrltt-Gordon
""
53c
Jan
1.57
-100
Sheep Creek....
Waite
2Hc
Apr
37c
1
Shawkey Gold.....—*—1
Union
Apr
26c
1.50
6c
33c
Slave
lHc
2,100
22 H
Sllverwoods.
Apr
4c
1
Gold Mines......1
Sand River Gold
91c
3.05
3Hc
65c
Apr
12
40
Jan
Apr
20c
100
..1958
Burns A Co 5s
Jan
100
.
Jan
35
Apr
13c
13c
.
Jan
1.73
9,123
97
Jan
6.00
l,10j.Mar
24
110
12
12
37 H
30 H
Jan
3.35
4H
—*
San Antonio
3H
Apr
4c
...i
St Anthony
Apr
90c
7
Lao
Bank.
Royallte Oil
Russell Ind pref-
Apr
3
2.01
1 He
6c
125
20c
Mar
90
Apr
29H
Jan
2.85
3.05
1.25
29
Jan
75c
Apr
Feb
23 H
105
Mar
25
38c
70
30
395
1953
Alberta Pac Grain 6b. 1946
Beaubarnois Pr Corp 5s '73
Bell Tel Co of Can 6a.l955
Brown Co 1st 5Hs
1946
Mar
1.25
2 He
He
7
Gold—....
Royal
70c
8.85
5,900
3,500
28Hc
2
Apr
75c
3,580
1.06
lHc
29c
,
8.00- Apr
100
75c
3
2,500
24
Bid
Jan
38o
2,281
2.25
41c
80
26 H
20c
Abltlbl P A Pap ctfs 5b
Feb
42c
Jan
Apr
Closing bid and asked
Mar
6c
8.00
3 He
Industrial and Public
Jan
.
25C
82
Apr
Mar
1.00
1.00
—
Riverside Silk
9c
Mar
3 He
4,000
75c
—...*
*
Red Crest...
Ronda
3c
10c
70
13c
40c
Pros Air
Roche Long
Jan
Apr
3
Relnhardt Brewing
Reno
Jan
51 He
1.64
-
Premier
Preston
61H
Api
Apr
4Hc
7H
.Feb
38c
24
Mar
Apr
.*
—1
1
Corp
Power
24
Apr
40c
-100
Powell Rou
Jan
7c
2.15
-----1
1
Gold
Pioneer
6H
16c
8.00
1
1
Pickle Crow
Apr
6,200
4c
1
—1
Paymaster Cons.
Perron Gold..
Mar
7c
.....
Gold
Paulore
42 H
Jan
1
—
Partanen-Malartlc. .
Feb
com
.....
Temiskamlng Mines
Jan
44
900
94
Pandora-Cadillac.
2HP
15,800
4c
Apr
2c
Jan
Apr
23
10c
3K
165
Jan
5,117
40c
*
-1
Porcupine
20c
7c
Page-Hersey
Pamour
170H
443
22c 127,700
3HC
1,325
3Hc
80
*
Supertest
Jan
75 H
*
*
—•
Jan
72 H
74 H
Orange Crush
Preferred
1.45
40
Apr
4.H
:
3c
4H
3c
*
*
Mar
41
10c
5
1
*
-—-*
— 1
Olga Gas
Smartest ordinary
"
48 H
16c
Mar
*
Jan
635
24
•
45 H
47 H
Rogers Majestic
Shawlnlgan
A
Jan
24
12Hc
Mar
Robb-Montbray
lc
165
4H
4H
Feud Oreille
8c
30
42,
41H
42
Mar
2H
41c
**
1
1
Oils Selections
Jan
Apr
89c
10 He 13 He 108,500
lc
2,000
lc
pref-—-.
Gold
Okalta Oil
V
155
Jan
13c
Jan
35
35
1.15
Mar
1.32
Mar
8c
1,600
17,465
155
59
Apr
5
8Hc
95c
1
*
North Star
O'Brlon
Montreal L H A P
Jan
5,700
35H
1
1
North Star....
24c
Jan
1,942
4,830
13 He
*
Norgold Mines
Normetal...
Mainly...'
1.16
"1.00
Apr
Mar
3H
80
*
-,1-1
—*
*
numbers tone—
Jan
90c
1.50
..*
Kirkland-To wnslte
53 H
1.21
Apr
*
100
1.15
Mar
1.10
20
14
1.75
Pref.. 100
Mar
■7H
94
52 H
*
North Emplre....
Jan
60
Feb
83
12c
1.10
Mar
500
25H
Honey Dew
8C
1
... —
Jan
Apr
........1
Nordon Oil.
7H
4H
20
■—
Mines
Noranda
Hamilton Bridge
6
Jan
5
95c
4
Hamilton Bridge
Jan
3Hc
4H
—
Mar
7c
750
1.19
pref—20
*
Newbec Mines
4H
87
11H
55
12
4
1.75
3Hc
Dominion Bridge..
Apr
995
9 He 10 He
44c
40c
300
90e
DeHavllland pref.
Jan
600
1
Naybob Gold
Dalhousle
Jan
Apr
4H
32 H
~~43c
National Steel Car..*.
New Gold Rose.
Feb
7
1.00
10
3 He
1.11
100
4H
11H
Oil*
.100
4
13 He 13 He
-*
National Grocers
J-n
20
4H
52 H
3
3H
... ...
1.65
Mar
5H
Jan
Apr
3H Apr
3
3
4H
Feb
3 He
lHc
5,000
3
Jan
Apr
84
*
—.100
1
National Grocers
1H0
Mar
.
National Brewing
Mar
3H
30
Oils—...—25c
Moneta-Porcuplne
1
.....
Ho
5H
Monarch
Murphy
Jan
Mar
6
4H
Mines.....—6
Lake..—.1
M c V lttle-Grahain
1
McWatters Gold
*
Mining Corp
—*
Monarch Knitting pref. 100
A-
55c
69c
55
"8"
McKenzle Red
M orrls-K lrkland
3.20
Jan
3 He
Mclutyre
Moore Corp
Apr
Mar
43c
1.25
..100
*
Jan
Jan
30c
3H
:
High
Low
Shares
lHc
lHc
—-1
*
Canada Bud
*
Canada Vinegars
*
Canadian Marconi.
1
Coast Copper.
...5
Consolidated Paper..
*
Crown Dominion
—*
Mar
1.70
5H
3
Price
Par
Brett-Trethewey
5.90
5H
3
Week
BruckSilk....
Apr
3H
"~h%
-
M c Do ugall-Segur
70c
4.10
4.25
10
Maple l^eaf Milling.,...*.»
Preferred..;
—-*
Maralgo Mines
--1
Maesey Harris.-—
*
Preferred
.—-100
McColl Prontenac
— *
Preferred
Jan
21 H
1
»
*
Malartlc Gold
Jan
2.60
3.60
22 H
He
4
4c
66c
for
of Prices
Low
High
Jan
85c
Apr
2.80
1
1
Madsen Red
8Hc
Apr
2.60
i
MacLeod Cockshutt
Mar
23 H
*
*
—*
Little Long Lac
4c
2.70
*
Leltch Gold
63c
15,550
15,850
7,715
4c
70c
Lebel Oro
Week's Range
Sale
Stocks—
1939
Range Since 7iu». 1,
Last
High
Low
Shares
Sales
Friday
Week
High
Low
Price
Par
(Concluded)
Stocks
of Prices
1.1939
Range Since Jan.
tor
Week's Range
Sale
both
April 15 to April 21,
Sales
Friday
Exchange—Curb Section
inclusive/compiled from official sales lists
Toronto Stock
Stock Exchange
Toronto
1939
22
April
Chronicle
Financial
2408
95
Feb
lHc
Feb
8Hc
Jan
2.12
Mar
Apr
2.00
Mar
7H
Apr
11
Mar
7.30
Apr
8.90
Mar
Fisher; in Philadelphia, Russell
-—Colyer, Robinson & Co., Inc., 1180
has
issued
a
summary
of New Jersey
April 15th, with an added tabulation
Banning
announce
&
Raymond Blvd., Newark, N. J.,
Municipal bonds available as of
of 1 to 10 year maturities.
Co., investment bankers,
do
an
—The New York Stock Exchange firm
of Mervin Ash & Co. announces
moved to 120 Broasway from 1 Wall St., New
City.
—F. P. Ristine & Co.,
view
retail sales department and
exclusively wholesale business.
that its offices have been
York
100 West Monroe St., Chicago,
that they have discountinued their
will, in the future,
Y. Page, Carl K. Miller,
J. Sweigard.
15 Broad St., New York City, has prepared a re¬
of the current position of The Brooklyn
—"William H. Combs & po., 61 Broadway,
pared a study of the current
Union Gas Co.
New York City, have pre¬
outlook for stock prices.
Volume 148
Financial
Quotations
Bid
a3s
Jan
1 1977.
033
Feb
1 1979
o3^s July
1 1975
Nov
o4 %s Apr
100
fl4%8 Apr 15 1972
103
a4%s June 1 1974
1 1966
106% 107%
o4%8 Feb 15 1970
107
a3%s Mar 1 1900
03 Hs Jan 15 1970
a 4a
May 1 1957
a4s
Bid
100%
99 H
102
o3 %s May 1 1954
<*3 Ha Nov 1 1954
City Bonds
Ask
99 h
«4%s Jan
106% 107%
a4%8 Nov
15
a4%8 Mar
o4s
May 1 1959
a4a
May 1 1977
116
04s
Oct
*78
04 %s Mar
%a June 1 1965...
%a July
1 1963
1 1967
1 1900
116% 117%
o4%s Dec 15 1971..
1
117
o4%s Dec
04 Hs Mar
1 1904
118
LOS ANGELES
118% 120%
121
122%
122
123%
122% 124
123% 125
126% 127%,
-
a4
116% 117%
inc.
Insurance Stack Series
Ttenccendacnt Share* Corporation, Sponsor
118% 120
—
04^8 Sept
a4%sMar
1902_„______
FUND,
Stock Series
122%
121% 122%
122% 123%
a4
117
FISCAL
121
a4%8 May 1 1957
o4%s Nov 1 1957
113
112% 113%
112% 113%
1 1980
—
1 1981
112
Ask
117% 119
119% 120%
120% 121%
120% 122
1 1977
108
106% 107%
__
1 1958
2409
Over-the-Counter Securities—Friday April 21
op
New York
Chronicle
1 1979.——
117% 118%
JERSEY CITY
BOSTON
New York Bank Stocks
Par
Bid
Ask
Par
Bid
Ask
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
Bid
Bid
62.15
less
1
3s 1981.
62.20
less
1
Canal A Highway—
5s Jan A Mar 1964 to '71
4%a April 1940 to 1949—
Highway
62.35
Highway Imp 4%s Sept '03
61.50
m
45
23%
24%
75
100
—
—
m
13.55
Canal Imp 4s JAJ '60 to '07
Bid
Gen A ref 4s Mar 1 1975.
Gen A ref 2d aer 3%s '65
Gen A ref 3d 8er 3 %8 '76
Gen A ref 4th
ser
3s 1970
Gen A ref 3%s
1977
1939-1941.
MAS 6
1942-1960
...MAS
27
28%
1725
Sterling Nat Bank A Tr 25
22%
24%
103
Trade
14%
17%
1939-1941.
—
NEW YORK BANK, TRUST CO.
120
Broadway, New York
;,
MAS 6
.
1942-1900
...MAS
no
1959
1952...
109%
Bell
System
101
103
1952
113
116
1941.
11961
Par
122 % 124
112 % 115
4%a July 1952.
5a
....
July 1948 opt 1243.
111% 112
1.11% 112%
Conversion 3p 1947
115% 117%
117% 119%
111% 112%
Bid
107%
106% 107%
106% 107%
3%a 1955 opt 1945. -MAN
4a 1940 opt 1944
...
Ask
/33
Central Illinois 5a.
36
/33
4%s
Central Hanover..
"722
Chicago 4%s and 6a__
First Carollnas 6s
First Texas of Houston 58.
100% 101
101% 102%
101% 102%
Fort Wayne 4%s.
100
84
,85
...
100
New York 5a.
3s
100
101
99
99
'
Empire
12
13
10
FIRE
INSURANCE
Ohio-Pennsylvania 5s
100
Oregon-Washington 5s.__
/48
100%
Pacifle Coast of Portland 5s
Pennsylvania 3%s
Phoenix
4%s
5a
*
l
*
Potomac 3a.
,
NT. Y. Tel.—Rector 2-3300
100% 101
99% 100%
105
106%
106% 107%
100
St Louis 5s
24
f22
100% 101%
/H %
12%
San Antonio 3s
Southwest
5s.___.
Union of Detroit
83
„
*99%
4%s
86
100%
100%
Bid
Par
Aetna Cas <fe
Surety— -10
Aetna
Aetna
Agricultural
25
Ameilcan Alliance
1(1
Jersey Insurance of N Y-_.
Knickerbocker
5
37%
9%
Lincoln Fire
5
2%
6%
8%
3%
American of Newark— .2%
12%
13%
Maryland Casualty
1
Mass Bonding A Ins._12%
56
59
36%
Merch Fire Assur
5
41
45
25
Merch A Mfrs Fire New'k 5
8
9
49%
Merchants (Providence)..5
3
4%
30%
-25
-10
29
,
Bid
Ask
Baltimore American- -2%
5%
New York
100
12
15
87%
40
60
North
100
65
75
Bankers A Shippers— -25
KM)
Boston
115
120
100
20
29
Camden
38
Potomac
100
San Antonio
65
5
100
Virginia
Fremont
1
2%
Lincoln
2
5
90
100
75
78
1.70
1.90
4
Virginia-Carolina.
100
85
...
Fire
-.5
Carolina.
19%
24
10
Ask
Bid
Ask
due
due__
May 15 1939 b. 25%
June 15 1939 b. 25%
due.....July 15 1939 6.25%
due
Aug 15 1939 6.25%
1%
1%
1%
1%
1%
due
due
Nov
Dec
Jan
2 1940 6
due
Mar
1 1940 6 .35%
1 1940 6 .35%
8
.11%
2
25%
22%
New Brunswick—
10
New Hampshire Fire
10
26%
New York Fire
Continental Casualty. —5
31%
1%
33%
Northeastern..
2%
50 -
Northern
Excess
5
-
Federal.
10
Fidelity A Dep of Md. -20
8
6%
37
39
.116% U8%
5
2.50
Northwestern
National.25
Pacific Fire..
26
Phoenix.
10
62%
Preferred
81
84
Providence-Washington
9%
31%
43%
45
15%
17
87
90
23%
25
5
124
128
112% 116
Accident
.
70%
72%
6
60
Firemen's of Newark. ...5
13%
29%
.
5
12.50
-.10
Franklin Fire
56%
123
'
River..
26%
117
New Amsterdam Caa
North
4%
20
25%
48
2%
7
21%
—_
10%
2
Fireman's Fd of San Fr_25
1 1939 b .30%
11939 6 .30%
due
10
National Liberty
National Union Fire
-10
Fire Assn of Phila
1%
1%
1%
1%
1%
1%
21%
24%
54%
-10
National Fire
Connecticut Gen Life- —10
City of New York
Eagle Fire
Federal Intermediate Credit Bank Debentures
6%
91
603
592
Employers Re-Insurance 10
Bid
com.
National Casualty
Par
65
60
39%
74
22%
-10
Moines
63%
21%
Automobile
Dea
62%
71
American Surety
Pennsylvania
17%
10
21
American Reserve
Carolina...
2%
16
20%
99
Ask
Ins Co of North Amer
Ask
1%
•
5
American Equitable..
American Home
-10
Virginia-Carolina 3a
100%
10
27%
Bid
10
Homestead Fire.
92
100
Par
1
45%
26%
Life..
PA.
Companies
4.3%
-
90
6s.
Joint Stock Land Bank Stocks
Denver
C«>o.
Home Fire Security—
104
34%
23%
47%
First Carollnas....
AMERICA"
Ask
100
American Re-Insurance. 10
Atlantic
NORTH
A. T. & T. Tel.—Phla 220
Insurance
101
99% 101
Dallas
OF
STOCK EXCHANGE BUILDING, PHILADELPHIA,
52
Virginian 5s
•
ASSOCIATION
Established 1895
91
55
5%
90
1625
PHILADELPHIA
(Geo. 3:. iunvdev
99% 101
89
Bid
OF
COMPANY
Lincoln 4%s
Par
4%
80
100 15751
Trading Markets in:
ASSOCIATION
101
Atlanta
37%
53
103
.20
United States
INSURANCE
lOo
__s.
35%
51
100
13%
Lafayette 5a
6a
.20
10%
53%
101
100
96
9%
52%
100% 101
:
Southern Minnesota 5s._.
Greensboro
Illinois Midwest 6s._
Iowa of Sioux City 4%a___
58
29
94
47%
12
Ask
102
81%
10%
1530
26
Members Philadelphia Slock Exchange
24
Flf-st Trust of Chicago 4 %s
Fletcher 3%s
91
52
25
'
Denver 5s
9%
100 1490
99% 101
North Carolina 3s
/4%
5%
100% 102
'99% 100%
99% 100%
Dallas 3a
Fremont 4%s
6s
*
254
'
50
Colonial Trust.
Ask
215
249
5
72%
45%
20
Chemical Bank A Trust.10
Clinton Trust.
FIRE
New Orleans 58......
36
Bid
200
100
108% 108%
112% 112%
Bid
Montgomery 38....^.
101
4
67%
We Maintain
Ask
100
Par
51
Lawyers.
Joint Stock Land Bank Bonds
99% 100%
49
100
CAMDEN
Bid
Companies
415
100
Ask
3a 1955 opt 1945.___._JAJ ;
106%
3a 1950 opt 1940
JAJ
Burlington 6s
N Y-l-1248 and 1-1249
Ask
405
Continental Bank A Tr.10
Corn Exch Bk A Tr__—20
Federal Land Bank Bonds
Bid
Bid
Bank of New York—__ 100
Bankers
10
Bronx County
__?
Brooklyn
Govt of Puerto Rico—
U S conversion 3a 1948
Atlantic 3a
Tel. BArclay 7-3500
-
Philadelphia
New York Trust
Ask
108% 110
Atlanta 3s.
—
Teletype
111
Bid
111
1955
MAN
-
Wilmington
1.25%
"
Ask
4%a July
38 1956 opt 1940
12%
Laird, Bissell & Meeds
0.90%
110% 111%
Inland Terminal 4%a aer D
U S Panama 3a June
Hawaii 4%s Oct 195fl
Bank
107% 107%
4%a Oct
Feb
Public National
Ask
'
105
6s
5%s Aug
25
720
97,
and INSURANCE STOCKS
Bid
Philippine Government—
68
54
115
.107% 108%
105% 106%
Bid
„
47
Merchants Bank.____.i00
United States Insular Bonds
Apr
11
50
Peoples National
111%
George Washington Bridge
4%s ser B 1940-53.MAN
9
680
First National of N Y..100
1685
Holland Tunnel 4%s ser E
100% 101%
102% 103%
13%
10
134
Barge C T 4s Jan *42 A '46.
Ask
104
Exchange
161
,
„
Penn
31%
155
Port of New York Authority Bonds
Port of New York—
29%
Commercial National.-100
Fifth Avenue..'
100
11%
134
Barge C T 4%s Jan 1 1945.
....
140
40
National City..._i
12%
National Safety Bank. 12%
Improvement—
4a Mar A Sept 1958 to '67
142%
142%
Canal Imp 4%8 Jan 1904—
Can A High Imp 4%s 1965
Ask
World War Bonus—
.
National Bronx Bank...50
Chase
Ask
3s 1974
17%'
45
Bensonhurst National. ..50
New York State Bonds
15%
40
17%
19%
10
30%
32%
10%
due
Oct.
15 1939 6.25%
16 1939 6.30%
Reinsurance Corp (N Y).2
7%
duel
Apr
Bid
Arundel Bond Corp 2-5s *53
Ask
87
56
Debenture
3-0s
1953
•
•••
1954
97%
2-3 s
1945
Inc 2-68
1953
.
series BAC
49
series A A D
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-08.1953
49
5
10
11%
Seaboard
10
20
28
19%
63%
22%
Security New Haven.___10
28
30
Globe A Rutgers Fire. -15
2d
15
preferred
-.5
10
10
..10
46
48
52
ture Corp 3-6s
1953
Potomac Realty Atlantic
Deb Corp 3-68
1953
A
—
Rhode Island
Surety
24%
23%
8%
26
24%
4%
222
7%
Springfield Fire A Mar__25
5
111
25%
Stuyveeant
9%
20%
11%
Sun Life Assurance
100
370
420
21%
Travelers
100
435
445
66%
25
26%
69%
71%
U S Fidelity A Guar
U S Fire
54
56
U 8 Guarantee
5'
Home___
28
29%
Westchester
2%
114
3%
Co__2
19%
20%
4
47%
49%
10
51%
deb
3-6s
/.1953
Unified Deben Corp 5s 1955
Fire
54
29
30%
2.60
Chicago & San Francisco Banks
Par
A Trust
Bid
Ask
90
First National
195
Bid
Ask
290
300
204
Northern Trust Co
538
553
69%
208
Bk of Amer NTA8A 12 %
100
Continental Illinois Natl
49
Par
Harris Trust A Savlngs.100
.100
Bank
A Trust
33 1-3
100
67%
203
Realty Bond A Mortgage
—
10
Fire
24
American National Bank
/30
/30
88
Globe A Republic
22%
10
Revere (Paul)
52
94
*
6
Hartford Fire
88
Potomac Maryland Deben¬
Nat Bondholders part ctfs
Central Funding
217
Seaboard Fire A Marine..5
Hartford Steamboller.. -10
1953
Potomac Deb Corp 3-6s '53
Potomac Franklin Deb Co
3-6s
1953
48
8t Paul Fire A Marine.__25
39
Halifax
Potomac Cons Deb Corp—
3-08.
1953
54
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
3
24
37
Hanover.
issues) 2-5s
1
6
22
5
-10
Great Amer Indemnity -.1
80
56%
68
Empire Properties Corp—
39%
Great American
1954
Series B 2-5s
54%
Ask
Corp—
Series A 3-6s
89
37%
20%
Georgia Home
Potomac Bond Corp (all
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-0s '53
Corp 5
Republic (Texas)
Bid
Nat Union Mtge
28
General Reinsurance
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
26%
Glens Falls Fire
Sept
6
Gibraltar Fire A Marine. 10
due
.30%
58
48%
.
50%
For footnotes see page
2412.
SAN
FRAN CISCO—
31%
33%
1939
April 22,
Chronicle
Financial
2410
April 21—Continued
Quotations on Over-the-Counter Securities—Friday
DEALERS
RAILROAD BONDS
Guaranteed Railroad Stocks
3o$epb Walker* Sons
Mcmhtrt J^ew
Dealer* in
120 Broadway
^
Members Philadelphia
Stock Exchange
WALNUT ST.,
1420
Tel. REctor
-
2-6600
STOCKS
Railroad Bonds
Parentheses)
' ' '■
1 > •'
Par
6.00
66%
10.50
117%
122%
6.00
....
10
13
2.85
40
79%
04
3.50
75%
4Ms
44
77
5.00
68
*78
2.00
40
48
2.00
45%
6.50
52%
147
45%
56%
...
(Pennsylvania)
—
100
Fort Wayne A Jackson pref (N Y Central)......
100
Georgia RR A Banking (L A N-A CL)
..100
Lackawanna RR of N J (Del Lack A Western) —
—100
Michigan Central (New York Central).
—50
Morris A Essex (Del Lack A Western).
—
-100
New York Lackawanna A Western (D L A W)—
...50
Northern Central (Pennsylvania)..
...50
Oswego A Syracuse (Del Lack A Western)...
—
9.00
—
42
650
5.00
42 »
43
Lehigh Valley 4Ms...
Macon Dublin & Savannah 5s.
170%
59
6.00
131
300
.66
135
.
•» -
m
132
136~
237%
242
0.00
49%
54
5.00
58
62
5.00
55
59
0.00
—
•
—
„
3.50
52%
5.00
—60
(Del Lack A Western)
—60
Seashore (Penn-Readlng)........
Philadelphia & Reading
1947
........
—1959
—.1991
.....
—
1940
—
2000
4s...................1948
——
1993
....
1947
Canal 5s
1939
Pennsylvania & New York
61%
57%
'26
3.00
—100
•
—
Terminal 5s
Lake Erie 5s
1941
...,i
—1947
Portland Terminal 4s.i...
.....1961
Providence A Worcester 4s
1947
Terre Haute & Peoria 5s
........
1942
Toledo Peoria A Western 4s
—1967
Toledo Terminal 4Ms
—
1957
Toronto Hamilton A Buffalo 4s
....—....—.1946
United New Jersey Railroad A Canal 3 Ms
—
1951
Vermont Valley 4Ms..
——
—..1940
Washington County Ry. 3Ms
.....1954
West Virginia A Pittsburgh 4s..
.......1990
Pittsburgh Bessemer &
29%
56
98 M
100
46 M
48
73 M
34
76
30M
33 M
Bonds
Atlantic Coast Line
62.00
1.25
New Orl Tex A Mex 4%s—
64.00
3.00
64.50
4%s..
Baltimore A Ohio 4%s
4.00
New York Central 4%s—_
62.75
4.00
6s
64.75
4.00
3%s Dec 1
65.00
4.00
A Maine 4%s.._.
1936-1944—
6s
i
N Y N H A Hartf 4%s—
2.00
Northern Pacific 4%s
62 2 5
PennsylvanlaRR 4%s—.
61.50
1
62.50
2.00
5s
64.40
3.25
1.50
61.25
0.50
2%s series G non-call
Dec 1 1937-60
64.75
4.00
Pere Marquette
64.75
4.00
Reading Co 4%s
00
4.75
65.20
K
93%
92%
...
*
.— .
48
64.70
4.00
61.75
1.00
61.50
1.00
61.25
2.00
Union Pacific 4%s
Internat Great Nor 4%s_.
64.00
3.00
Long Island 4%s
63.50
2.50
Virginia Ry 4%s
Wabash Ry 4%s——
63.50
2.50
Northern 4%s
6s
6s
Southern Ry 4%s
5s—
_
Texas Pacific 4s__
4%s—
,
5s—
Hocking Valley 5s
»—
Illinois Central 4%s
—
58.
1.00
2.00
2 00
Hanover
61%
64.25
6S
3.00
64.00
;
3.50
64.00
Missouri Pacific 4%s.
3.50
64.25
5%S
3.00
1.00
0.50
61.50
1.00
99
98%
5;% 8
$1.60
-
99
6s
«...
1.50
Western Maryland 4%a—
62.75
Western Pacific 5a.
64.75
4.00
64.7§
4.00-
5 %s
—
*
Bid
way
100.14 100.16
6
1.80
less
1
6
2.30
less
1
117
Dec
2a..
2s
Apr
Federal
100.4
85 M
75
Natl. Mtge Assn
■
•
Par
Bid
CuDan Atlantic Sugar—7%
4%
Ask
—;
For footnotes see page
112
111
revenue.-1942 6
1.40
less
%
3.40
less
1
U S Housing
$6 preferred.....
1
105%
104
52
62
36
"39
52
•54
102,3
102
12
2412.
i
Savannah Sug Ref
com—1
5%
14%'
West Indies Sugar
Corp._l
Bid
| Ask
28%
31%
4%l
5%
25
New Eng
81%
$7 prior lien pref
*
New Orl Pub Serv $7 pf._*
93
16
New York Power A Light—
100
'
92
.
22
5
54
5%% Pf 50
Northern
(Del)
88%
90%
99%
97
108 % 110%
52
52%
States Power—
7%
100
..*
*
pref
Ohio Edison $6 pref
...»
pref--.100
0% pf._100
Ohio Power 6%
116
38
98 %
7% cum preferred...100
N American Co
23
36%
95%
.__*
$6 eum preferred
83
'
110% 112%
E 5M% Pf-*
Pub Serv Co—
(Minn) 5% pref
26%
30"
Ohio Pub Serv
20%
preferred...*
*
46
15
New Eng G A
90%
26M
43 M
25
20%
3%
$7 cum preferred
5 %"
Penn
7% preferred
$7 preferred
22
Okla G A E 7%
21%
23
Pacific Pr A Lt 7% pf-.lOO
22%
24%
Penn Pow A Lt $7 pref
100
7% preferred
pref..100
62
64
105
106
98 %
100
103 M 107%
113% 115
98% 100
105% 107%
105
78 M
107 M
80M
101
*
109
0% preferred
..100
Republic Natural Gas
1
Rochester Gas A Elec—
25
26 M
5
6%
0% preferred D
100
Sioux City G A E $7 pf.100
95
Queens Borough G A E—
Idaho Power—
*
100
$6 preferred
Gas..*
108%
111%
21
3%
24"
5
Jamaica Water Supply—
50
preferred
pf..l00
100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
Kan Gas A El 7% pref.
89
92
0% pref series B.
25
Tenn Elec Pow 0% pf.100
28%
29%
95%
100
95%
Southern Calif Edison—
52
ioo"
98%
114% 117
7% preferred
69
71
23%
24%
Texas Pow A Lt 7% pf.100
25%
27
Toledo Edison 7 % pf A.
*
$5 preferred
27
29
9o%
97%
Mississippi Power $6 pref *
70%
73%
7% preferred
74
77%
Utah Pow A Lt $7
5% conv partlo pref..50
....
*
100
94%
98
99%
108% 108%
Union Elec Co of Mo—
Memphis Pr A Lt $7 pref. *
$7 preferred
4M
Nebraska Pow 7% pref. 100
50
100
74%
113% 115%
Nassau A Suf Ltg 7% pf 100
101% 102%
7% preferred
100
Mass Utilities Associates—
Par
|
WeBt
7% pref
Monongahela
Ask
Mountain States Power—_
90
100
Derby Gas A El $7 pref..*
7M%
72 %
'
Dallas Pr A Lt 7% pref.
,
Bid
Mississippi P A L $6 pref. *
Miss JRlv Pow 6% pref-100
Missouri Kan Pipe Line..5
6%
81
pref..100
A Gas $6 pref *
Jer Cent P A L 7%
Authority—
1%% notes Feb 1 1944
8%
7%
1
Eastern Sugar Assoc
108 M
99 M
91
Interstate Power $7 pref.*
Sugar Stocks
.
98
96
107
78%
1
100
100
7% preferred
7% preferred
Interstate Natural
54
51
4s serial revenue.. 1908 6
100.10 100.12
June 1 1939
—
Bridge—
f revenue '77.AAO
4s serial
100.19 100.22
Home Owners' Loan Corp
Preferred
100.23 100.25
4s s
101.26 101.30
Call Jan 3'40 at 102.
—...
Jan 15 1942
Trl borough
1%S Jan 3 1944—
.
100.25 100.27
%%
Reynolds Invest'g 5s 1948
2s May 10 1943—
l%s
1941
Nov 1 1941
100.26 100.28
%%
102.24 102.28
CallMay 16*39 at 101
105
102
79%
*
6% prefer red-._.T
Central Maine Power—
$6.50 cum
% % notes July 20
100.7
102.14 102.18
1 1943
76
103 M
,
■*
19%
88%
$6 cum preferred
Corp—
1939
1940
July
1
72
102 M
70.
Federal Water Serv Corp—
Reconstruction Finance
100.18 100.20
Fed'l Home Loan Banks
Is
50
83 *
"
25
preferred
7% preferred
1944
3 %s revenue.'——1949
Federal Farm Mtge Corp
Sept. 1 1939
:
'
45
NEW YORK
Pub Serv
5
.
107%
106%
Authority 3%s '08
3%s revenue
...
Continental Gas A El—
Ask
New York City Park¬
104
Commodity Credit Corp
IMs
97
95
Par
5
Consumers Power $5 pref*
Bid
Bear-Mountaln-Hudson
84
115%
Consol Traction (N J) .100
Ask
88%
2%
Carolina Pr A Lt $7 pref..*
98%
— — —
87
82
pref__*
Arkansas Pr & Lt 7% pref *
Associated Gas & Electric
Original preferred
*
$6.50 preferred,_*
$7 preferred—^—,.—*
Atlantic City El 6% pref.*
Birmingham Elec $7 pref.*
Alabama Power $7
Consol Elec
% % notes Nov 2 1939.
.102"
100M
Utility Stocks
Buffalo Niagara A Electern
98
Miscellaneous Bonds
.
"
50
45
Ask
Bid
Cent Pr A Lt 7%
River Bridge 7s.._ 1953
63 M
UlM
Bell Teletype: N. Y. 1-1043
Fuller, Cruttenden & Co., Chicago
Public
3.50
61.25
—
2-3888
"Direct wire to
62.00
—
6s—
■
Maine Central 5s
46
Incorporated
WALL STREET,
64
0.75
62.75
2.00
62.65
64.75
4.00
Great
92
41
1.00
62.65
Southern Pacific4%s
2.00
62.75
—
—
4.00
...
51
90
3.50
62.50
62 00
— — — — _ — _
64.75
6%s
70
65
4.00
64,25
64,25
61.75
5%S
4.00
Erie RR 4%s
63
v
4.00
64.75
64.75
Denver A R G West 4%s—
44
60
2.00
64.75
St Louis Southwestern 6a..
2.00
62.50
4%s
•
2.25
62.50
St Louis-San Fran 4s
1
Chicago R I A Pacific—
Trustees' ctfs 3%s.
2.00
62.75
4% a
1.75
62.40
6s
4.75
65.20
6s
72
,.
40
Bishop Reilly & Co.
2.30
July 1937-49
Jan A
Chic Milw A St Paul 4%s.
105%
105%
STOCKS
PUBLIC UTILITY
1 50
4s series E due
62.20
5s.
60
fo7
1 00
61.50
Chesapeake A Ohio—
6s
,
109
'
Cent RR New Jersey 4%s.
Chicago A Nor West 4%s.
48
45
f)EA LERS
"<■
3.75
64 50
6s
—
84
81
107 M
;
3.75
2.00
Canadian Pacific 4%s
4%s
40
38
68
*
101M
1.00
62.50
—
74
70
100
3.25
64.50
——.
3.25
64.25
.
N Y Chlo A St L 4%8
62.50
Canadian National 4%s_.
5s
61.50
64.25
5s
4.00
64.75
—
75
,
2.00
64.50
58-
Boston
Ask
Bid
Ask
Bid
30
101
98
70
-
Railroad Equipment
37
28
1940
-
Northern 4s
New York & Harlem 3 Ms.
New York Philadelphia A Norfolk
New York A Putnam 4s...
Norwich A Worcester 4Mb..
New London
•
««
".
Memphis Union Station 5s...
Mohawk A Malone 4s
63%
10.00
-100
(Terminal RR)._
—100
RR A Canal (Pennsylvania)..
..100
Utica Chenango A Susquehanna (I) LAW).
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central),
United New Jersey
Warren RR of N J
Kansas
140
6.82
Franklin & Clearfield 4s._
Oklahoma A Gulf 5s
r
/28
1950
—.1959
1978
Iowa 4s...
Jamestown
''momo-m*
166%
7.00
—100
Indiana Illinois &
27
...
—
Florida 5s.......
Central—Louisville Dlv. & Terminal
Illinois
87
37%
81
1962
1945
—1945
3Ms—......1953
Iron Range 1st 3 Ms
Florida Southern 4s
55%
41
•
Georgia Southern &
84%
1.50
—
■—
"i
——
1945
1945
1939
1939
1943
1940
—-
-
Duluth Mlssabe A
:
34
4.50
—100
Tunnel RR St Louis
800
4.00
3.00
Chicago (Penn.) pref..
Preferred
'44%
31%
52%
3.875
—50
Lake Erie (U S Steel)
Pittsburgh Fort Wayne A
4.00
50.00
'
Pgh Ygtn A Ashtabula pref (Penn)
...
100
Rensselaer A Saratoga (Delaware A Hudson)——
..100
St Louis Bridge 1st pref (Terminal RR).........
—100
Second preferred
West Jersey A
72%
;
5.00
Delaware
Pittsburgh Bessemer A
Preferred
...
——
-
1944
Buffalo Rochester & Pittsburgh 4%s registered.....
1957
Cambria & Clearfield 4s
—....—-.1955
Chicago Indiana & Southern 4s
—
1956
Chicago St. Louis A New Orleans 5s
....1951
Chicago Stock Yards 5s..
1961
Cincinnati Indianapolis & Western 5s....
.1965
Cleveland Short Line 4Mb
—11961
Cleveland/Terminal A Valley 4s
—..1995
Connecting Railway of Philadelphia 4s...
^
1951
Denver & Salt Lake Income 6s.. J
.....
1960
28%
75%
8.50
«.
—
stock
26
8.75
100
(New Haven)
100
Canada Southern (New York Central)..
—100
Carolina Clinchfleld A Ohio com (L A N-A C L)_.
—100
Cleve Cinn Chicago A 8t Louis pref (N Y Central]
Cleveland A Pittsburgh (Pennsylvania)..
60
55
2.00
Pitts)........
Boston A Providence
Betterment
I
4s—
Baltimore A Ohio 4 Ms
Boston A Albany 4%s—.
Boston A Maine 5s
70%
...100
Central)
(New York
Boston A Albany
Youngstown 5Ms
6s
Atlantic Coast Line
(Illinois Central)
Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A
Beech Creek (New York Central)
Canton and
Akron
Asked
Bid
in Dollars
Alabama A Vlcksburg
Albany A
Asked
Bid
Dividend
:■
■.
PHILADELPHIA
DeHaven & Townsend, Phil.
Direct Wire to
v
Guaranteed Railroad Stocks
(Guarantor In
-
Kingsley—0782—Bell Teletype Phil. 377
GUARANTEED
NEW YORK
a Co.
Robert L. Whittaker
"York Stock Exchange
United Gas A El
Virginian Ry
113
115
(Conn)
100
pref...*
100
83 M
47%
138
85%
49
142
Volume
148
Financial
Quotations
Public
hid
Amer Gas A Power a-6s '53
Amer Utility
374*
Serv 6s_1964
Assoc Gas A Elec
744*1
WE
Bid
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 44*8 '65
77
Income deb 34*s
1978
304*
Income deb 34*s
1978
31
274*
1094* 1104*
53 4*
Income deb 4s.
1978
34
34 4*
Mich Consol Gas 4s 1963..
Income deb 44*8
1978
$7 H
384*
Missouri Pr A Lt 34*8.1966
Conv deb 4s
1973
61
Conv
1973
62
68
70
Narragansett Elec 34*8 '66
994*
New Eng G A E Assn 5s.*62
N Y, Pa A N J Utll 5s 1956
80
4>*s
Conv deb 54*s —
1973
8s without warrants. 1940
744*
98
Cons ref deb 44*s..1958
Sink fund lnc 44*8—1983
Sink fund lnc 5s
60
34
37
994*
Investing Companies
North American Co—
30
1983
684*
99
3 4*8
32
30
1034* 1034*
102 4* 1024*
1044* 1044*
1949
34*s
S f lnc 44*s-54*s—1986
4s
Sink fund lnc 5-08—1986
Bid
32
1954
.—.1959
3)*s
1968
109
Nor States Power
Admlnls'd Fund 2nd Ine.
Afflllated Fund Ino
14*
♦Amerex Holding
North Boston Ltg Prop's—
Secured notes 34*s._ 1947
Blackstone Valley Gas
A Electric
106
93
75
77
Ohio Power 34*8 1968
804*
82 J*
Ohio Pub Service 4s..l962
1st mtge 34*s
Cent Maine Pr 4s
1004* 1004*
108
1084*
2
/I
Cities Service deb 6s__l963
694*
Portland Elec Power 6s '50
704*
58
1962
Consol E A G 6s A
B
884*
904*
1962
_
68 series
1st A ref 6a
♦Class a.
Boston
454*
454*
47
.4—1962
1st A ref 8s
1st mtge 34*8
1968
Pub Serv of Northern 111
47
Crescent Public Service—
1st mtge 34*8
Coll lao 6s (w-s)
1954
Cumberl'd Co PAL 34*s'66
217
43
454*
1054* 106 J*
Pub Utll Cons
2194*
107
1094*
674*
Dallas Ry A Term 6S.1951
Series AA
774*
694*
674*
.
_
674*
Havana Elec
43
Ry 5s—1952
Inland Gas Corp 64*8.1938
Tel Bond A Share 5s—1958
Texas Public Serv 5s..1961
694*
464*
884*
106
3.32
-
-
2.51
«■
«
•
87"
1084* 1094*
Deposited Bank Shs ser A1
Deposited lnsur Shs A
1
3s
Chanln Bldg 1st mtge 4s '45
Chesebrough Bldg 1st 6s '48
/94*
42
124*
»
1st 4s (w-s)
1948
Court A Remsen St Off Bid
34*8...
Bid
No Amer Tr Shares 1953-*
1.09
1.19
6s
1948
—.1945
2s
1955
97
504*
64*s series BK
314*
354*
54*s series F-l
284*
21
234*
284*
6
Deb 5s 1952 legended-..
50 Bway Bldg 1st 3s lnc '46
8
.35
Quarterly Ino Shares.. 10c
16.58
17.85
6.39
7.07
5% deb series A
Representative TrustShsl#
Republlo Invest Fund.26c
2.61
Selected Amer Shares..24*
Selected Income Shares...
3.41
Sovereign Investors
♦
—....
13.13
/484*
51
334*
53%
44
14.04
9.26
10.14
100
100
9.54
9.04
21c
23c
8.71
9.50
3.91
.61
"67
Spencer Trask Fund
• '13,77
Standard Utilities Inc.SOc
.47
14.58
4.20
♦State St Invest
-
-
-
Corp
*
Super Corp of Am Tr ShaA
3.22
'
AA
2.26
B
4.15
D
29.67
27.59
.51
67 4*
64 %
.i—
4.50
4.90
Supervised Shares
5.32
*+
m'~
mtge 6s
..1951
404*
103 E 57th St 1st 6s... 1941
41
165
20
Trustee Stand Invest Shs—
3
9.74
8.96
3.96
;
Series C..-.
1
2.29
Series D__
1
2.24
Trustee Stand OH Shs A.l
5.32
4.32
6.78
7.38
5.90
6.42
5.79
Series B
6.30
_.l
4.94
4.09
4.46
Trusteed Amer Bank Shs B
,54
.59
2.87
3.14
Trusteed Industry Shares.
.78
.88
4.86
5.29
U S El Lt A Pr Shares AB
J44*
5.51
......
6.00
Petroleum shares.
RR equipment shares...
Steel shares
<•
4.39
4.79
3.43
3.74
4.97
5.41
Tobacco shares...
4.91
5.35
♦Huron Holding
Corp
Voting shares
.1.
Wellington Fund
2.08
.93
..
—1
12.52
13.78
*
In veatm't
1
.15
.35
Investors..*
14.88
16.00
♦Independence Trust Shs.
1.95
Institutlonal Securities Ltd
Bank Group shares
1.02
1.13
1.21
1.33
Banking Corp
A Co
24*
14*
„
♦Central Nat Corp cl A..*
26
23
7
♦Class B
♦
♦First Boston Corp
Insurance Group Shares.
1
.10
2
144*
.
154*
♦Schoelkopf, Hutton A
Pomeroy lnc
10c
com
14*
y*
:
474*
/194*
494*
22
Bway Bldg
let 54*n '51
lst leasehold 3s. Jan 1 '52
29
32
404*
394*
45
Film Center Bldg 1st 4s '49
314*
40 Wall St Corp 6s
1958
28 4*
42 Bway 1st 6s
1939
/494*
Bldg—
374*
Fox Thea A Office Bldglst 64*s
1941
/34*
Fuller Bldg deb 6s
1944
5s
income
.—.1943
Rittenhouse Plaza (Phlla)
2 4*s
—1958
Roxy Theatre—
1st mtge 4a
1948
Btamped
54*8 stamped
..1961
Realty Assoc Sec Corp—
244*
Par
Am Diet
44
46
29
31
1st 54*s (w-s)
1956
60 Park Place (Newark)—
Harriman Bldg 1st 6s. 1951
254i,
28
Hearst Brisbane Prop 6s '42
Hotel St George 4s
1950
434*
46
Lefcourt Manhattan Bldg
1st 4-5s
1948
434*
464*
584*
614*
Lefcourt State Bldg—
1948
Lewis Morris Apt Bldg—
1st 4s
1951
Lexington Hotel units
514*
384*
524*
234*
1947
404*
51 Broadway Bldg—
34*8 with stock
616 Madison Ave—
1950
354*
*.
—
~
Rochester
.
~
—
*
29
100
110
154*
30?*
113
Telephone—
274*
S0
$6.60 1st pref
100
110
'
—
So A Atl Telegraph
25
Sou New Eng Telep...100
117
»
»
1454* 149
Wisconsin Telep 7% pf.100
Corp—
•
99
Int Ocean Telegraph... 100
Mtn States Tel A Tel..100
122
preferred
102
14
17
60
---
126
...
38
1957
3s with stock
64
25
444*
314*
Chain Store Stocks
664*
1st 3s
1956
684*
574*
Textile Bldg—
1st 6s
1958
364*
39
694*
Trinity Bldgs Corp—
1st 54*s
1939
374*
474*
414*
Lincoln Building—
1963
w-e
34*s
Peninsular Telep com
Preferred A
40
194*
Ask
Syracuse Hotel (Syracuse)
4-64*8
Loew'g Theatre Rlty
1st 6s
1st
119
Emp A Bay State Tel..100
/174*
13
117
100
Bid
15
Telep of Pa pref...100
674*
Sherneth Corp—
73"
354*
par
Pac A Atl Telegraph
.
644*
304*
"
175
_
Cuban Telep 7% pref..100
/28
»
New York Mutual Tel. 100
94
170
Gen Telep Allied
1956
Ask
100
_
424*
Savoy Plaza Corp—
3s with stock
88
1124* 114
384*
414*
5
—.100
Bell Telep of Canada
Bell
Bid
Teleg (N J) com.*
Preferred
Franklin Telegraph
1957
704*
1st 24*-4s (w-s)
1949
Graybar Bldg 1st Ishld 5e'46
Corp
1947
2 Park Ave Bldg 1st 4-5a'46
914*
92
384*
Wall A Beaver St
Par
3s
1st 44*s
1947
534*
—1951
684*
1950
1951
16
1948
734*
preferred
6
100
87
8
-
Par
Kobacker Stores
-
-
7% preferred
Bid
Ask
67
75
|
100
14*
2
Miller (I) Sons oommon..*
2
2
24*
64*% preferred
100
Murphy (G C) $5 pref .100
19
24
105
110
7% preferred
(M
100
19
100
104
H) Co Inc..*
Kress (8 H) 6% pref-
64*
114*
Westinghouse Bldg—
1st mtge 4s
Ask
B/G Foods lnc common ♦
Flshman
18
Bid
*
Bohack (H C) common...*
Diamond Shoe pref
154*
Corp—
w-e
Borland Shoe Stores
7%
534*
Walbridge Bldg (Buffalo)—
344*
London Terrace Apts—
1st A gen 3s w-e....1952
Ludwlg Baumann—
1st 5b (Bklyn)
Telephone and Telegraph Stocks
51
58
-
m
6.27
.
4.88
—
-
~
6.27
—
W
*.
3.38
....
"
a hares
Incorporated
f5l%
....
"41
7" 45
3.07
♦
.
Prudence Secur Co—
64*8 (stamped 4s) —1949
Broadway
2d
394*
52d A Madison Off Bldg-
1st 5a (L I)—
2.23
♦Putnam (Geo) Fund
24
4
8
/4
Olicrom Corp v t c
1 Park Avenue—
394*
500 Fifth A venue—
Income 54*s
2.47
.1
'
Hotel units
Equit Off Bldg deb 5s. 1952
1st lease
^
17.59
22 4*
'
54*
314*
254*
2.52
Series I960—.'.
Series 1958.. :
Food shares
68
/42
....
....
54*8 series Q
1950
2.11
to
27.24
Mining shares
54*8 series C-2
Eastern Ambassador
'
4W
Investing shares
Merchandise shares—J—
1004*
66
N Y Majestic Corp—
4s with stock stmp_.1966
464*
Dorset 1st A fixed 2s._ 1957
43
«*'
Plymouth Fund Inc.—10c
Automobile shares
Ask
N Y Title A Mtge Co—
Colonade Construction—
7.02
484*
"
Building shares....
Chemical shares....
S f deb 5s
1957
6.48
No Amer Bond Trust ctts.
16.38
Aviation
N Y Athletic Club—
Brooklyn Fox Corp—
6.37
C
Metropol Playhouseslnc—
68
5.87
25.61
B
354*
65
7.96
7.82
....
Steel...:
-
J.
Mortgage Certificates
23
324*
-
-
Fundamental Invest lnc .2 .15.30 .16.58
Fundamental Tr Shares A 2
4.60
5.26
Metropolitan Chain Prop—
B'way A 4l8t Street—
1st
-
5.56
Group Securities—
Agricultural shares
364*
134*
7.02
7.35
7.22
Railroad equipment....
15.77
3.90
A sk
8.49
6.48
Metals
*
5.15
Foundation Trust Shs A.l
1st leasehold 34*-5e 1944
Broadway Motors Bidg—
4-6s...
1948
H
3.35
General Capital Corp....
General Investors Trust.*
1400
.Machinery
6.76
B'way Barclay lnc 2s.. 1956
9.66
...
•
Foreign Bd Associates Inc.
104*
/20
8.93
-
2.35
Beacon Hotel lnc 4s.. 1958
7.03
6.69
314*
•
8.70
Bid
7.85
Fidelity Fund Ino
ATLANTIC CITY, N.
9.30
6.49
ment Fund series A-l—
Bell System Teletype NY 1-2033
7.35
4.70
8.60
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref l
INC.
Street, New York
6.79
4.32
—
6.17
.1
10c
/334*
j
—
Bank stock
1.52
Dividend Shares
26c
Eaton A Howard Manage¬
Members New York Stock Exchange & Other
Exchanges
1~28
Building supplies
Electrical equipment...
Insurance stock
-3.60
...
Bank stock series
Apt 1st mtge 3s. 1957
Agriculture
Automobile
Aviation.
2.76
Insurance stk series. 10c
Fixed Trust Shares A... 10
Real Estate Bonds and Title Co.
5.49
12.02
1.15
2.51
NEWBURGER, LOEB A CO.
LEBANON, PA.
6.16
11.15
25
14.59
Deposited lnsur Shs ser Bi
Diversified Trustee Shares
CORPORATION
COMPANY,
Telephone WHitehall 4-6300
.
w
1114*
First Mutual Trust FundFiscal Fund Ino—
PHILADELPHIA, PA.
3.41
N Y Stocks Ino—
*
—
2.13
Ask for Quotation List PRU.
Wall
10.75
Oils
Specific Property Issues
1st
64*
2.24
Delaware Fund
Collateral Issues
Alden
""
54*
2.13
D
40
9.84
Voting shares
National Investors Corp.l
New England Fund
1
9.93
3.05
4.35
108
Pow 34*8—1961
5.10
10
Nation W|de Securities—
Common
25c
23.73
9.17
I]
7.19
20.33
3.95
22.07
'
18.91
Mutual Invest Fund
134*
2.51
C„
PRUDENCE
23.76
284*
We specialize in:
BOND
4.60'
3.60
1064*
85 4*
4.18
6.51
Maryland Fund Ine—_10c
Mass Investors Trust
1
126
Western Pub Serv 54*8 *60
Wisconsin G A E 34*8.1966
10.51
Manhattan Bond Fund lnc
1
i.
♦7% preferred
14.28
9.49
.29
1154*
904*
12.98
14.73
12
69
Wis Mlcb
PRUDENCE
3.71
9.54
Series 8 2
22 4*
67
Toledo Edison 34*8—1968
Utlca Gas A El Co 58.1957
49
Series S-4
Series S-3
_
22.22
1024* 1034*
'43
444*
Sou Cities UtU 5a A.. 1958
Federated Utll 54*8—1957
64*
_
8.61
.14
104
44*8
..1947
Sioux City G A E 48—1966
70
Series K-2—
Accumulative series—1
Series AA mod
1
Series ACC mod..
1
1074*
76
1968
54*8—1948
St Joseph Ry Lt Heat A Pow
Dallas Pow A Lt 34*8.1967
14.88
14.88
5%
13.70
Commonwealth Invest.-11
♦Continental Shares pflOO
Corporate Trust Shares—1
1094* 1104*
Republlo Service coll 5e '51
Fund Ino.—.
Canadian Inv Fund Ltd—1
Century Shares Trust
Chemical Fund.
147.4* 1494*
2037
22.21
13.55
13.56
54*
British Type Invest A...1
Broad St Invest Co Inc_.fi
Bullock Fund Ltd
1
814*
174*
/154*
.—.2037
20.24
Series B-3
Series K-l_._
.43
.
Public Serv Elec A Gas—
Cons Cities Lt Pow A Trac
28.40
51*
3.38
79
25.99
Series B-2„
3.14
•
1004* 102
Peoples Light A Power—
1st lien 3-6s
1961
9.91
Series B-l
44*
Assoc.
624*
Parr Shoals Power 58—1952
Ask
9.30
5
1064* 1074*
1084* 1084*
Old Dominion par 5e..l951
1968
G *60
ser
Bid
1
Keystone Custodian Funds
23
214*
2.84
95
Central Public Utility—
Income 64*s wltb stk '52
Corp.
3.18
.38
Central G A E 54*8— 1946
1st lien coll trust 6s 1946
Par
Investors Fund C
11.51
2.86
1064*
1064* 1064*
.1964
Cent Ark Pub Serv 5s. 1948
Central Illinois Pub Serv—
Ask
10.65
(Wise)
34*s
_
921 Bergen Avenue
Tel. Journal Sq. 2-4400
63
664*
Broadway
Teletype JCY 1518
Private Wire System Connecting Branch Offices In
leading Cities
1084* 1084*
N Y State Elec A Gas Corp
4s
1965
Assoc Gas A Elec Co—
115
New York City
Tel REctor 2-5485
974*
954*
UNLISTED
IN
City Office
974*
984*
1064* 107
Mtn States Pow 1st 6s.1938
MARKETS
Members N. Y. Stock
Exchange and other Principal Stock and Commodity Exchanges
Main Office
Jersey
64"
1973
deb
TRADING
GOODBODY fit CO.
554*
78
ACTIVE
Investment Trust Issues
26
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
314*
314*
Conv deb 5s
MAINTAIN
Ask
59
Corp—
2411
Securities—Friday April 21—Continued
Utility Bonds
| Ask
394*
58
Associated Electric 5s_1961
Over-the-Counter
on
Chronicle
For footnotes see page
2412.
23
«
#.
9
124*
Reeves (Daniel) pref... 100
United Cigar-Whelan Stores
$5 preferred
*
3
•
99
184*
204*
Securities—Friday April 21—Concluded
Quotations on Over-the-Counter
Industrial Stocks and
•
30 X
8X
10
Cynamid—
pref
—'
16
27
8X
Petroleum
3
89X
5
20X
*
15
)
58
♦
28
3
15X
X
Service A.
4
2X
37
)
2X
3
1
»
8
»
18
*
Columbia Baking com...
25 X
11X
10X
Corp..2£
*
1
Petroleum Heat A Power.«
93 X
1
22^ Pilgrim Exploration
Pollak Manufacturing
•
17
•
62X Remington Arms com
31X Scovlii Manufacturing-.25
17X Singer Manufacturing..100
...
IX Singer Mfg Ltd
Skenandoa Rayon Corp..*
5X
1
3X Solar Aircraft
standard Screw.
20
41
25
3X Stanley Works Inc.
Stromberg-Carison Tel Mfg
10
20
Sylvania Indus Corp
*
Taylor Wharton Iron A
27 X
Steel common
•
IX
Tennessee Products
•
54 X
Pathe Film
100
7% pref
Conversion
15c
BRAUNL & CO., INC.
40c
ix
2X
5
7
3X
21X
2X
20
4X
5X
6X
6
4X
5X
5
30
Bid
4X
52X
»
20
24
Time Inc
28X
18X
32
Trlco Products Corp.
28 X
Tublze Chatllloncum
75 X
28
31
/3X
3X
8
/3
/3
3X
Kobolyt 6Xs
3X
Land M Bk Warsaw
4X
Leipzig O'land Pr
—
Warren
3X
2X
'
7X
42 X
46X
12X
13X
(Northam)—
-
•
19
10X
11X
2X
5X
preferred
100
West Va Pulp A
Pap com.*
35
37
West Dairies Ino com v
11X
12X
13
14X
Wickwlre
5X
Wilcox A
4X
Extinguisher.
4X
.100
t c 1
*
Spencer Steel—*
Glbbs com
50
1
42 X
46 X
4 X
5X
27 X
preferred
4X
/22
3
X
X
6X
7X
26X
23 X
17
>,.15
T) & Co.
$5 preferred
M&ctadden Pub
3
IX
.
10.
11
38X
—10(
40
3X
2
common.'
•
26
24
31
32 X
10
IX
lox
23
25
IX
115
N Y
108
100
11X
Scovill Mfg
22
26
Texas
97
103
10
National
95
6XS—.—1945
1959
1963
Corp 3s
■mm
107 X
/14X
15X
/17
5
/17
3
)
/17
/19
3
/19
Rhine Westph Elec
24
2d conv Income
3
f 17
/7
/7
/17
114
5
/35
Water Bonds
Ask
Did
"
New York Wat Serv 5s
99X 100
103
mmm
,
»
101
89
jT7
5s .1954
Ohio Water Service 5s. 1958
101
83
1
88
4Xs..I960
1st coll trust
104 X 106
1st consol 5s
101X
.1957
103 X
■
a
Prior lien 6s.
105X
mmm
66
101 x
•
■
.
Phila Suburb Wat 4s.
.1905
'69
5s
Indianapolis Water
1st mtge 3X8
105 X
loox
4s ser A_'06
Co
Kokomo W W Co
Long Island Wat
loi x
—..1958
Scranton-Sprlng Brook
'mmm
96 X 100
105 X
105 X
'57
••
•
—
107
Middlesex Wat Co 5Xs
Monmouth Consol W 6s *66
105 X
...
105 X
...
101
Sprlngf City Wat 4s A
'50
72 X
99X
*50
85
1951
90
95
♦
No
/Flat
par
CURRENT
—The Association of
101
,
Union Water Serv 5Xs '51
102 X 104X
W Va Water Serv
4s..1961
103
tories
m
m
n
this study
104
I Quotations per 100
♦
100
99
101 X
102
will
■
71
17
*86.54 89.40
35
Ry 7a
1947
/19
m
1945
ns
Vesten Elec
„
NOTICES
Jordan & Harrison,
105
S. Armstrong
102
W msport Water
m-mm
105
mmm
105
mmm
103 X 106
5s.—1952
Exchange.
gold rouble bond, equivalent to
issuer.
•
Ex-Uquidatlng dividend.
.,
77.4234 grams of pure gold.
who have been
and whose findings
mously approved by the
Engineers, Inc., has just
president of the Association.
preparing this study for the
and recommendations
have been unani¬
Association include: George S. Armstrong, cf George
C. Oliver Wellington, of McKinsey,
& Co., Inc.. chairman
A. P. Farnsworth, of Coverdale & Colpitts.
with the confirmation of quality and condi¬
and was undertaken in view of increased public interest
Wellington & Co.; and
The study
1950
1960
1949
0s series A
Quotation not furnished by sponsor or
/IS
/68
study on the confirmation of inven¬
by a special committee of its membership, and the results of
be published in the near future, it was announced by O. R.
Stevenson, of Stevenson,
past 10 weeks
98
96
York Curb Exchange.
New York Stock
1943
conversion scrip..
08—1953
Consulting Management
105X
a Interchangeable.
6 Basis price, d Coupon. e Ex-interest
Nominal quotation,
w i When issued, w-s With stock,
x Ex-
t Now listed on
prepared
m
94
1950
1951
1st mtge 5X8
1950
Westmoreland Water 5« '52
5s series C
Now selling on New
48
/68
/45
approved a comprehensive
received and
mmm
value,
price,
dlvldend.
48
Wurtemberfir 7s to
70"
.
mm
•
76
103 X
90
6X8
7% gold ruble.
■'
101X
1949
Texarkana Wat 1st 5s. 1958
6s aeries A
101
1951
Soviet Soc Repub
Unterelbe Electric
63
.1967
lst&ref 5a A
5s series B
5s. 1950
Water—
6s series B
35
Union of
*
/16
6s..
Wichita Water—
New Rochells
9
/16
95
/19
1st mtge 5s
1950
1965
21
86,
5s series B
6s *65
New Jersey Water
Toho
/19
86
Western N Y Water Co—
101
97
102 X
6Xs
1'.
Members of the committee
mm
Monongabela Valley Water
Morgantown Water 5s
1037 to Dec 1937
mm
107 X
105
Muncle Water Works
102 X 103X
82
Terre Haute Water 5s B
107 X
April 1935
April 1937
Utll 7s.—1946
Electric 7s
1955
Oct 1935 to
Uruguay
82
mmm
106
Jugoslavia
1950
1956
Stettin Pub
/20
Water Service 5s. 1961
mmm
104 X
5XS.1955
Coupons—
Oct 1932 to
93
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
5s..1958
2d series 5s
/19'
106X
12
68
...
Jan
Scranton Gas A Water
103 X
Mtge Bk
5s
/55
/35
.
mmm
St Joseph Wat
—
1966
Indianapolis W W Secure
6s....
1958
Joplln W W Co 58
1957
State
/19
Richmond W W Co 5s.1957
4Xs—
....1954
1954
1962
.
104
mmrn
101X 104 \
Huntington Water—
68
106 X 108 X
103
101
107
101X 104
5s series B
—
/9X
/II
/16
Dec 1 '35 stamped
mmm
102
A
.1952
■„
mmm
Roch A L Ont Wat 5s. 1938
76
100
6s series B
100
Pittsburgh Sub Wat 5s '58
Plamfield Union Wat 5s '01
71
71
Greenwich Water
101X 104
15 *38.
German Young coupons:
mmm
*
Pinellas Water Co 5 Xs.
6s series A
103 X
German defaulted coupons:
101X
1st 5s series C..
101
1948
1st consol 4s
1941
City Water (Chattanooga)
5S
Apr 15 '35 to Apr
1950
1948
1948
1st A ret 5b....
6
/5X
/11X
99X 100
Peoria Water Works Co—
9X
/8
/5
-
'
German Dawes coupons:
•
Penna State Water—
105X 107
27
/26
'/5X
German Scrip..
103 X 104 X
Butler Water Co 5s..
mJm
:
/22
mm
•
1948 /18
/17
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
8%
1947 /rox
66
Santa Fe 7s stamped.1942
/19
Santander (Colom) 7s_1948
/8
Sao Paulo (Brazil) 0s. .1943
/20
Saxon Pub Works 7a..1945
/18X
0Xs
1951
/20
Saxon State Mtge 08—1947
Slem A Halske deb 68.2930 /350
103 X
Ore-Wash Wat Serv 5s 1957
100 x
*105 X
/II
/18
4s scrip
•rrnmm.
Bank
German Central
m
Ohio Valley Water
,
mmm
Bk 6s.'47
Saarbruecken M
116"
105
107
/60
/20
/20
8s
5Xs '53
Ohio Cities Water
105
1953
n
'
mm
92 X
85
Newport Water Co 5s
'
98
'51
96
/IS
/23
/19
/15
/8
/18
Ask
Bid
/10
Salvador 7%
1957
7s ctfs of deposit. 1957
*
45
f 35
1933
Rom Cath Church 0Xs '46
R C Church Welfare 7s *40
Rlodc Janeiro 0%
mmm
99
7% '36
1941
/7
7
104X
—1902
6s__1962
/17
3
2
1st 6s
22
preferred.!
17 X
ffmm
4 In
European Mortgage
5% scrip
1950
Coupons
1936-1937
Porto Alegre 7s
1968
Protestant Churob (Ger¬
many) 7s
—1946
Prov Bk Westphalia 0s '33
Prov Bk Westphalia 6s '30
5s
—4
1941
fir
5
15X
/35
/40
/20
6Xs
Poland 3s
5
Woodward Iron—
/18
Panama
3
1
6%
.
42
40
1952
24
/15
7
Nat Paper A Type com.
n
S 99X
7s——1940
Panama City
3
0Xs._
P
"
/18
Oberpfals Elec
17
m
m
m.
/ 85
—
17
9
J
/20
/85
55"
/52
L. /15
)
/22
5s.
/IS
Landbank 6Xe '38
4s
/7 X
/5 8
7
58
54
/47
3
101X 101 x
*
Witberbee Sherman 6s
2X
IX
3
16
/13
Shipbuilding 5s..1946
/18
/18
1947
Oldenburg-Free State—
7b to
...1945
50"
Bank
100X 101X
1949
1940
3X8
Nat Radiator 5s.
Conv deb
mmm
3X
/25
Distillers Products—*
Nat
*
8~~
16X
Central Bk
Central German Power
City Savings
62
58
/35
48—.1946-1947
,(C4D) 4s—.1948-1949
Nat Central Savings Bk of
Hungary 7 Xs
1962
National Hungarian A Ind
Mtge 7s
1948
North German Lloyd 6s '47
German
see
•
/18
7s.—1957
(A A B)
Central Agrlc Bank—
4s_1951 111
90
Am Wire Fabrics 7s..1942
102"
100
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy—
80
75
'
1st conv s f 6s
1940
97 X
97 X
Crown Cork A Seal 4 Xs '48
Crucible Steel of America
96
95
4Xs..
1948
72
Deep Rock Oil 7s
1937 /69
Haytlan Corp 8s.
1938 /16
Kelsey Hayes Wheel Co—
77
74
Conv. deb 8s
.1948
54 X
53 X
McKesson A Rob 5Xs 1950
/18
1948
Nat Bank Panama—
fM
/15X
flX
i
American Tobacco
28
„
Ley (Fred
Bonds—
5X
,
26
Bakeries $5 pref.
Interstate
Nassau
i
•
45
/39
/20
/37
/19
/18
1945
Munlc Bk Heesen 7s to '45
Municipal Gas A Elec Corp
Recklinghausen 78—1947
16X
/15X
7
7
/
0Xs '40
Montevideo scrip
—
.
/21
3
36
33
ii-
8s '41
Water 7s
/40
*
100
1943
Mertdionale Elec
/7X
45
/60
Mannheim A Palat 7s. 1941
3 /HO
Sta—.6
100
42
42
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
23X
/16
3
196
iox
•
16X
'
Ind Corp—
0Xs...
P
Munich 7s to..
5X
4X
May 1935
Nov 1935 to May 1937
Nov 1932 to
/2i
2
22 X
York Ice Machinery
7%
-
Brown Coal
IX
*19X
,7X
Worcester Salt
35 X
7Xfl
17
Bank196
British Hungarian
96
93
.
9
20 X
40
25X
32 X
scrip
5
lix
9X
$3 cum preferred
WJR The Goodwill
Brazil funding
105
Preferred
5X
3X
35
3
95
/IS
P
P
Coupons—
/3X
/18
/22X
/34
40X
com..6
7%
0
6X
preferred
2X
IX
X
9
7s..
38X
Welch Grape Juice
$3 cqnv
7s..
IX
IX
24
7
8s.
*
Veeder-Root Inc com
66
7
125
......100
Preferred
2X
IX
63
5X
Fire
7
2
IX
121
United Piece Dye Works.*
Douglas (W L) Shoe—
Conv prior pref--./
Gen
5
/13
/17
/16X
83
►
Draper Corp..
5
30 X
22X
/18
Housing A Real Imp
Palatlnlte Cons
Bavarian
5X
/23
6
16
14X
/26
8
7s.
5X
/17
/32
/2b
8
36
4X
1939
7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Xs '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 6s funding.1956
Jugoslavla 2d series 5s. 1956
Hansa 8S 6s..
7
33
34
Ask
Bid
3X
*
pf.10
United Artists Theat com.*
Dollar Bonds
Foreign Unlisted
181
175
X
)
2-5422
12 X
11
)
Dictaphone Corp.
Tel. HAnover
Y.
William St., N.
52
)
Dentist's Supply com.
Exchanges
17X
7
Pan Amer Match
10X
*
Corp
American Hard Rubber—
lix
29X
0
6% conv
Chilton Co common
65
Ohio Match Co
American Enka
Bankers Indus
55
'
Pharmacal
Norwich
Inactive
/.
IOC
(new)
Preferred 0X%
35
*
Bonds and Coupons
Foreign Stocks,
Ask
Bid
Pai
Clock—
New Haven
2X
IX
♦
American
Bonds
Ask
Bid
r
1929
22
April
Chronicle
Financial
2412
deals particularly
tion of inventories
This sutdy was made to determine how the
confirmation of inventories may be extended by
substituting for the usual certificate as to quantity and condition of inven¬
tories prepared by officials of the corporation a similar certificate by
in the subject
scope
of inventories.
of independent
qualified management engineers.
Copies of the interim
to
the
Committee
on
draft of the committee's study have been supplied
Procedure of the American Institute of
Auditing
Accountants.
—Moe I.
Katz.of Katz Bros, has been
Exchange, Inc.
elected a member of Commodity
r
Volume
148
Financial
General
NOTE—For mechanical
REGISTRATION
UTILITY-INDUSTRIAL-INSURANCE—MISCELLANEOUS
it is
reasons
However, they
OF
2413
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
are
not always possible to
arrange companies in
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
All stockholders of the New York
corporation became stockholders of the
Delaware company.
The megrer was approved at a meeting on April 13.
same time, stockholders authorized
cancelation of $5,000,000 out¬
standing debt of the Agfa Ansco Corp. through issuance of the preferred
UNDER
ACT
At the
The
following additional registration statements (Nos. 4020
4025, inclusive, and No. 3965, a refiling) have been filed
with the Securities and
Exchange Commission under the
stock.
/.
to
Securities Act of 1933.
Suspended from Dealings—
The New York Curb
Exchange has suspended the company's common
stock from dealings, the
company having been merged with the Agfa
Ansco Corp. (Del.)—V.
148, p. 1943.
The total involved is approximately
$30,239,044.
Air
Track
Manufacturing
Corp.
(2-4020,
Form
A-l),
Mich., has filed
Aetna Ball Bearing Mfg.
Detroit,
of
a registration statement covering 150,000 shares of $1
par
stock to be offered at $5 a share.
Of the total offering, 125,000
shares will be put on the market
by underwriters in behalf of the company
and 25,000 shares for the account of the F. L. Jacobs Co.
Issuers part of proceeds will be used for debt and
3 Months Ended March 31—
common
Provision for Federal
a
Net profit
Earnings
Motors
Corp.
(2-4022,
Form
A-2),
of Detroit,
Pacific Lighting Corp. (2-4023, Form A-2), of San Francisco,
Calif.,
has filed a registration statement covering 200,000 shares of no
par value
cumulative dividend preferred stock.
Filed April 17,
1939.
(For
Mont., has filed
for
a
Co., voting trustees, (2-4024, Form F-A), of Shelby,
a registration statement covering voting trust certificates
86,000 shares of $1 par common stock.
Fred Shupe is
Filed April 17, 1939. -
Steam Power,
Inc. (2-4025, Form A-l)
of New York, N. Y., has filed
,
a registration, statement
covering 1,000 shares of 7% cumulative conver¬
tible 1st preferred stock (dividend rate to be
8.75% after 1941) and 1,000
shares of no par common stock furnished
by stockholders both to be offered
privately to H. K. Curtis and W. E.. Tobin in units of one each at $90 per
unit, there was ,also registered 10,000 shares of no par common stock,
for the conversion of preferred stock, by certain stockholders
optioned for private sale to purchasers of preferred stock at $2.50 for 5,000
shares and $7.50 for the remaining 5,000 shares.
Issuers part of proceeds
to be used for working capital, construction of two
specimen buses and
reorganization.
William McClellan is President of the company.
No
underwriter named.
Filed April 18, 1939.
■,
■•
"
reserved
'
.
Quarterly Distribution
Md., has refiled
more,
Shares,, Inc. (2-3965, Form A-l), of Balti¬
registration statement covering 1,000,000 shares
a
of 10-cent par value capital stock, which will be offered first at
$6.67 and
then at the market price.
"Proceeds will be used for investment purposes.
Cedric H. Smith is President of the company.
Smith Burris & Co. has been
named underwriter.
Refiled April 14, 1939.
(original statement
March 9, 1939, appearing in the "Chronicle" of March 18).
The last previous list of registration statements was
in our issue of April 15, page 2251.
/
Abraham & Straus, Inc.—'-Stock Reduction Voted-—
At annual
filed
during January and
February of 1939 additional orders wee obtained amounting to over $85,000.
Backlog of unfilled orders at the end of February amounted to approximately
$120,000.
"
».
Earnings for Period ffom Feb. 7 to Dec. 31,1938 [Incl. Herberts Eng'r'g Corp.]
meeting of stockholders held April 18 resolution reducing auth¬
3 Mos. End. Mar. 31—
Net profit after interest,
deprec. & Fed. taxes..
Earns,
sh.
per
stock (par
on
Subs*)-
Sales
.v.Cost of goods sold-...
1938
'•
1936
$339,672
$969
$1,094,941,
$1.(14
$0.03
$3.33,
-
The net profit for the 12 months ended March
$2.18 per share.
Interest--,
1937
:
,■
.
31, 1939
'
was
$1.19
$714,574
or
:
Officer—-
■'
/
—
Directors elected T. A. Rand, Assistant Secretary and Treasurer
replace T. W. Lux. All other officers were reelected.—V. 148, p. 2251.
Combined net income---
Interest
on
,
to
...
_.*>
_
$165,829
18,480
482.
$173,853
13,162
243
$352,595
8,3 r 2,
180
$187,257
$361,087
100,963
56,061
122,469
7.194
.
Assets—
i,
Net income._
No allowance has been
x
818,869
made for possible
60,232
Federal
'
Comparative Consolidated Balance Sheet
.
Mar.31,'39 Dec.Z 1/38
Assets—
Cash
$
1,715,239
2,687.931
52,065
....
58,441
Acer. int. & divs..
Aint. rec. for sees.
sold, not deliv'd
15,620
Secure, at cost.... 42,454,035
178,404
41,323,637
Liabilities-
11,597
$
/>ee.31,'3S
$
1,263,000
Coll. trust 4% bds.
due Mar. 1, '48.
1,403,500
2,242,500
% debs.,
Aug. 1, *46. 6,883,500
pay. for sees.
5,218,500
10-yr.
due
11,142
pndis-
Cow. trust 4% bd3.
due June 1, '47.
Prop. & eqpt., less
depreciation
on
/
Mar. 31,'39
$
1
$173,847
surtaxes
profits.,
,
Arnt.
2,089.000
purch., not ree'd
42,031
89,036
434,373
440,812
30,328,691
30,305,038
3,803,969
3,787,063
surplus.
Total..
x
44,248.100 44,260,0091
Represented by 1,500,000
Total
44,248,100 44,260,009
shares.
market value of the companies' investments
at March 31, 1939 was $17,946,157 as
compared with $10,960,804 at Dec. 31,
1938—V. 148, p. 1629.
Note—The
excess
of cost
no par
over
Agfa Ansco Corp.—■Merger Completed—
The merger and consolidation of the
the Agfa Ansco
Copp. of Delaware
Agfa Ansco Corp. of New York with
was consummated on April 15,
according
by Dr. Ernst Schwarz, President.
The recently
formed Delaware corporation took over the asets and liabilities of
the New
York Corporation and will continue the business with the
same officers and
directors.
to
an
announcement
*
,
:
...
-
-V,
$106,201
Accounts payable.-..
_
-
'
190,000
Capita] surplus...:
.....
Earned surplus
Total-..x
After
—$398,9821
reserve
for
160,712
18,228
Total
-...-$398,982
depreciation of $18.612.—V. 147,
Air Reduction Co.,
1,683
7,422
expenses
Capital (par $5).....
— —
$20,036
w~«
Deposit on sales contract..
Accrued
_,
-
p.
3148.
Inc.:—New Unit Organized—
Early in 1938 company found that the manufacturing facilities of its
subsidiary in the electric welding field, the Wilson Welder & Metals Co.,
Inc., were inadequate.
In order best to take care of this deficiency a new
company was formed called Weldrod Corp. with a capital of $600,000, half
of which amount was subscribed by Air Reduction and half by the General
Electric Co.
Plants have been built at Sparrows Point, Md., and Cleve¬
land to produce electrodes in sufficient quantities and under economical
conditions, to take care of the requirements of both companies.
Air
Reduction is charged with the responsibility of managing these electrode
manufacturing units while the General Electric Co. has taken over the
manufacture of welding machines for the Wilson company in accordance
with the latter company's own patents and designs.
On March 21 the Weldrod Corp. changed its name to Arcrods Corp.
—V. 148, p. 2108.
Air Track
.
Mfg. Corp.—Registers with SEC—
See list given on first page of this department.
Accruals & res. for
Earned surplus
-.
.
143,368
taxes, conts.,&c.
Com. stk. & cap.
for the period from
Liabilities—
'
4,897
53,965
Property (at coso)
>.x219,684
Deferred charges_—^14,235
33,728
Accrued interest..
x
r._ —
Inventories
x8,710
1.
...
Provision for taxes
tributea
1937
99,441
11,205
,
$6,500
.
$16,906
Total income..
General expenses
.....
____
Balance Sheet Dec. 31,1938
1
.
$184,790
57,239
securities
Miscellaneous income..
Interest
1938
;
—.
*---—
...
Accounts receivable.
1939
>
19,234
1,613
1,120
—
less the loss of Herberts Engineering Corp.
Feb. 7 to Nov. 18, 1938, of $11,727.
,
1
Express Co.—Earnings—
3 Months Ended March 31—
Income: Dividends on securities..
.
......
I.-.j.
_.
$166,2 55
—119,152
37,869
Note—The combined net income of $6,500 shown in the aoove summary
is represented by a net income of Aircraft Precision Products, Inc., for the
period from NoV; 19 to Dec. 31, 1938, of $18,228 (transferred to earned
Cash
Adams
— —
surplus)
^
New
i
Organization expes(e (Herberts Enginejring Corp.)__
$391,853
"
j..
—
expenses....
Combined'profit from operations ^
cap.
$25)
-
,—
Selling and general
-Earnings—
1939
•
Customers include such concerns as Douglas Aircraft Co.," Inc.; Vultee
division of Aviation Mfg. Corp.; Lockheed Aircraft Corp.; The Glen L;
Martin Co.; Brewster Aeronautical Corp., and others.
Unfilled orders on
hand at'the end of the year amounted to $75,482 and
given
orized capital structure of company by cancellation of 2,261 shares of 4
% %
cumulative preferred stock which company had purchased during year was
approved.
Common stock outstanding remains the same/—V. 148, p. 2251.
Acme Steel Co. (&
Y.) below.
The manufacture of such devices requires extreme
precision and the
employment of highly trained engineers and skilled workmen.
In order to
acquire men with the necessary training the company recruited most of its
personnel from the aircraft industry, and. as a result was in a position to com¬
mence operations with experienced personnel.
At the same time it was
necessary to equip the plant with modern machine tools and equipment
appropriate for this class of precision work, and $216,796 was invested in
specialized equipment.
'
A
"
During the past year the company completed additional financing to
provide necessary working capital and complete purchase payment for its
machinery and equipment by selling 17,560 shares of capital stock to the
public by O'Melveny-Wagenseller & Durst, an investment banking house
of Los Angeles.
Upon completion of the financing, the company paid all
of its notes and its
obligations under purchase contracts, and on Dec. 31
had no funded debt, bank loans or fixed obligations of
any kind outstanding.
The predecessor company was incorporated on Feb. 7, 1938, and considerable time was required to secure and equip the plant with the
necessary
machinery, engage the services of the proper key men for the various
departments, and build up an organization thoroughly qualified to manu¬
facture hydraulic aircraft equipment.
Although it was anticipated that at least a year would elapse before the
cohipany .ould be expected to show a profit, company reports that a net
income of $6,500 was earned up to Dec. 31, 1938, after providing for de¬
preciation, taxes and other usual charges and absorbing losses arising from
the early months of operation,.
subsequent page).
maximum of
voting trustee.
Nil
<
The company's principal business is the
designing and manufacture of
aircraft hydraulic control equipment,
including units required for actuating
landing gear retraction, wing flap operation, cowl flap operation and other
miscellaneous applications of actuating cylinders; control valves
required
to operate such
actuating cylinders, and control valves required for power
brakes: and various high precision machined parts relating to the foregoing.
In addition, the
company manufactures hydraulic shock absorbing struts
for main, tail and nose wheel
landing gears.
85
see
(N.
following:
Mich.,
Detroit operations to Muskegon plant, taxes, test houses and
working
William R. Angell is President of the company.
Van Alstyne
Noel & Co. and Hugh W. Long may be underwriters.
Filed April 17, 1939.
Porter
loss$929
$0.52
....
The first annual report of this
corporation covering the period from date
of organization of its
predecessor on Feb. 7,1938 to Dec. 31, 1938 affords the
capital.
Hannah
;
Aircraft Precision Products, Inc.—Annual
Report—
>
a registration statement
covering 551,348 shares of common stock,
which is to be offered at the market. Proceeds will be used for
moving of
further details
$63,552
121,500 shares
...
See Agfa Ansco Co.
development, mill, power plant, building, equipment, tanks and working
capital,
James I. Barry is President of the company W. H. Koch Co. has
been named underwriter.
Filed April 15, 1939.
Continental
loss$929
12,673
.1.*
per share on
1938
$76,225
v.-
Agfa Ansco Corp. (Del.)—New Name—
registration statement covering 500,000 shares of $1 pat common
each.
Proceeds of the issue will be used for
stock to be offered at $1.25
has filed
1939
•
.
tax.
—V. 147, p. 3442.
Mississippi Tung Oil Corp. (2-4021, Form A-l), of Poplarville, Miss.,
has filed
Co.—-Earnings—
N
Net income, after allowance for
depreciation
working capital.
Rex
Fuller Rodney & Redmond have
15, 1939.
C. Jacobs is President of the
company.
been named underwriters.
Filed April
alphabetical order.
exact
Albion
Properties, Ltd.—Dividend—
The above society held their general meeting at the registered offices of
the
387, Leeds Road, Bradford, England, on March 30, 1939.
A dividend of 6% per annum and a final bonus of Id. per 2s. share was
approved by the board of directors for the year.ended Dec. 31. 1938.
society,
Alleghany Corp.—President Resigns—
of George A. Tomlinson of Cleveland as President and
of the Executive Committee was revealed on April 15 when
Mr. Tomlinson confirmed reports to that effect.
Mr. Tomlinson submitted his resignation by letter on April 14 because,
he said, "I am trying to reduce my business contacts,"
There was no
Resignation
Chairman
other
reason
for the action, he said.
The resignation means that Mr. Tomlinson wijl no
be a Candidate fork
as a director at the annual meeting of the corporation in Baltimore
election
month, he said.
He had been listed for re-elect
by the corporation's management
He is not a
peake & Ohio Railroads—V. 148, p. 2252.
next
out
.
r
in the proxies sent
Ireetor of the Chesa¬
|t i
"
Financial
2414
Net income after deprec.,
announced
deductions $206,582
depl., Fed. inc. taxes & other
—V. 148, p. 2252.
$89,492
1936
1937
1938
1939
..
loss$29,765
$162,415
x$177,496
254,400
246,000
Nil
$0.70
$0.66
undistributed profits,
y Net profit.
254,400
254,400
Earnings per share
$0.35
x Before
provision for surtax on
Shs. com. stk. (no par)..
1862.
Allied Kid Sales Co.—Sales—
Company reports sales of $767,020 in March, a gain of more than 22%
over the total of $624,143 for the same month last year. - Physical volume
amounted to 3,705,242 feet, an increase of about 21% compared with the
3,064,315 feet sold in March of 1938.;
For the first nine months of the company's current fiscal year, which
ends on June 30, 1939, dollar sales of $6,164,138 were only slightly below
the $6,233,193 reported in the same nine months of the previous fiscal year.
The company reports that while there has recently been little or no ad¬
vance buying, partly because of uncertain world conditions, the volume of
day to day business continues at a satisfactory level.
The company also
notes that the indications of a style trend toward increased use of kid leather ,
which appeared earlier in the year, have now become more definite.—V.
148, p. 1467.
'
(& Subs.)- —Earnings—
Allied Mills, Inc.
.
1937
1938
1939
12 Mos. End. Mar. 31—
$970,756
„$1,105,313
946,000
stock
946,000
$1.03
Earnings per share
$1.17
x After
depreciation, Federal taxes
interest,
Net profits
Shares capital
x
1936
$2,398,446
$2,265,508
886,888
$2.55
886,888.
$2.70
and
deductions.
other
148, p. 571.
Surplus—
meeting held April 12 voted for a total write¬
$53,478,062 in surplus accounts.
This action eliminates a profit$43,152,066 as of Dec. 31,1938, and writes down goodwill,
idle plants, patents and products development by a net amount of $10,325,996.
Paid-in surplus stands at $15,586,325 upon giving effect to the
Stockholders at their annual
down of
writedowns
while March
looking forward
reasonable to
Henry M. Reed, President of the company, said that,
figures showed a profit for the first quarter of 1939 and was
to the best business this year since 1929.
This, he felt, was
expect unless there should be a general war.
Stockholders re-elected directors and approved a participating
.1937
$7,371,354
Net sales—
5,133,777
943,313
5,200,732
864,248
5,132,852
1,201,967
$376,253
134,838
$69,589
132,822
$1,036,535
153,525
x$306,177
79,494
$511,091
$202,411
$1,190,060
x$226,683
39,682
29,941
40,528
23,622
Depreciation......
Operating profit.....
'
Other income (net)
$4,976,859
4,031,140
1,251,896
and promises.
under false representations
& Telegraph Co.—Earnings—
American Telephone
34,716
134,351
Operating expenses.....
Telephone & Telegraph Co.
1939—3 Mos.—1938 x 1939>)~ 12
Earnings of American
Period End. Mar. 31—
x
doubtful
$26,118,082 $104,5.59,729 $105,632,985
23.097,697 92,617,358 90,324.936
$3,784,749
$3,020,385 $11.942,371 $15,308,049
37,369,704 148,538,965 168,694,112
2,343 220
8,989,777
7.737,734
■
122.718
464,130
647.176
operating income.
Net
38,012,102
1,747,464
(net)-•
173,508
Minority interest
Net profit
......
Deficit.
Earnings
....
$1,020,993
644,600
$441,468
639,500
$138,261
643,550
$198,032
x$223,793
644,600
$505,289 sur$376,393
"
$868,393
y$1.58
Nil
x Loss,
y 639,600 no-par shares in 1938 and 644,600 no-par shares in 1937.
Note—No provision was made for surtax on undistributed profits in 1939,
1938 or 1937.
•
.
*
,
' .
• ;
*
Consolidated Ealance Sheet March 31
>
!
Assets'"^ '
• .>
1939
LiabUUies-
£
&
Property acct—13,627,565
1,045,983
Wages payable—
3,485,254
marketable
securities
177,749
490,257
1,273,767
Inventories..
Treasury stock.
74,156
Bonds—
Aluminium Ltd.—To Retire
sales on
-
13, voted to retire entire issue
of 5%
Agricultural Chemical Co. (Del.) (& Subs.)
614.625
599,723
577,317
r.
2, '36
1,391,015
579,634
92 989
107.249
103.745
90,539
452,561
24,066
488.306
443,247
470.018
23,790
x35,000
23.343
36,559
Mar. 31, '38 Apr. 1, '37
$1,681,458
Deprec. of plants & de¬
pletion of mines
Res've for self-insurance
Prov. for Fed. inc. tax..
profit credited to
■
earned surplus acct.loss$152,955
No
$427,390
provision made for surtax on undistributed
$665,421
$214,264
profits.-*-V. 148, p. 1307.
American Book Co.—Common Dividend—
have declared a dividend of $1 per share
Directors
Brake
American
Shoe
on the common
April 17. ""Similar payment
'
Foundry Co.
&
(& Subs.)—
1939
$408,937
$0.22
yJEarnings per share
Federal and foreign income taxes,
1944, 1630.
After depreciation,
stock.—V. 148, p.
American Business Credit
1937
1938
$240,486
$0.44
3 Months Ended March 31—
Net profit
x
x
Operating expenses
_
——
y
$842,433
—
4,406,240
55,186,999
Reductions
1
Net inc.
applic. to stocks
48,908,663 210,793,957
10,795,049
.
10,379,833
■.
.
.■
Corp.—Operations—
Inc.—New Director—
Manager of the company, was elected a
American Chain & Cable Co.,
George F. Carrington, English
director at the recent annual meeting, to
ceased.—Y. 148, p. 1630.
succeed A. P. Van Schaick, de¬
Chicle Co.—Earnings—
1938
1939
Quar. End. Mar. 31—
1937
1936
Net profit after int., de-
-
$785,861
437,500
437,300
$1.98
$667,319
$800,413
$866,366
'
440,000
445,000
$1.83
$1.79
$1.50
10,431,461
173.970,427
■
i ■■
i
»
,2,286,210
stock—, 42,284,306
&
»■
■
»
■
"■
—'
'
'
$8.53
$9.^1
Includes current mainteanace, depreciation, traffic, commercial, gen¬
eral and miscellaneous expenses and operating rents,
y Includes propor¬
tionate interest in earnings or deficits of Western Electric Co. and all other
controlled companies not consolidated (partly estimated).—V. 148, p. 2253.
Per share—Amer. Tel.
.
$1.94
$2.26
Tel Co. stock——
x
American Water
Works & Electric Co.,
Inc.—Weekly
Output—
Works and Electric
of the electric properties
of American Wate
April 15, 1939, totaled 41,the output of 38,685,000 kwh.
Co. for the week ending
992,000 kwh., an increase of 8.6% over
for the corresponding week of 1938.
Comparative table of weekly output of
•
electric energy for the last five
follows:
,
1938
1937
1936
1935
38,791,00051,680.000 36,228,000 40,214,000
Apr.
1
45,840,000 38,212,000 48,157,000 39,040,000 39,960,000
Apr.
8
-—40,686,000 39,779,000 49 946,000 45,072,000 37,670,000
Apr. 15— ——41,992,000 38,685,000 49,814,000 46,512,000 39,135,000
The power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of March totaled 201,929,213 kwh.,
as compared with
170,621,063 kwh. for the corresponding month of 1938,
an increase of 12%.,
•" •'
For the three months ended March 31, 1939, power output totaled
584,722,904 kwh., as compared with 513,563,567 kwh. for the same period
last year, an increase of 14%.—V. 148, p. 2254.
1939
—44,045,000
—-
Anchor Hocking Glass
Corp. (& Subs.)—Earnings—■
Earnings for 12 Months
Net profit after
Ended March 31, 1939
depreciation, taxes, and all
$1,055,864
$1.10
other charges
of South Africa Ltd.—Results
Month of March, 1939—.
Anglo American Corp.
of Operations for the
(In South African
compared
Currency)
Tons
Companies—
Brakpan Mines Ltd
Daggagontein Mines Ltd
Springs Mines Ltd
West Springs Ltd.
The South African Land
ploration Co., Ltd
.
xEach of which
&
Value of Gold
Milled
140,000
143,000
154,000
88,500
Declared
£259,453
298,543
313.628
140,032
Costs
£144,189
146,171
153,321
89,013
Profit
£115,264
152,372
160,307
51,019
69,700
x
140.342
86,236
54.106
Ex¬
Union of South Africa.
calculated on the basis of £7 8s. 0d. per ounce
is incorporated in the
Note—Revenue has been
fine—V. 148, p. 1632.
..
Argo Oil Corp.—Smaller
Directors have declared a
Colortype Co.—Sales—
first quarter of 1939 are $2,651,626 as
$2,642,791 for same quarter of 1938.—V. 148, p. 1159.
Sales of company for
with
8,666,208
i.
A.
—
American
42,221,438
■
■ "■»
184,401.888
36.242,620 159,427.198
•
2,107,644
T. &T. Co.
226,623,326
38,528,830 168.093,406
\
<
44,391,950
of subs, consol. held by
public...
137,297,509
42,700,551
'
■
■
■ *
■
1052694672
716,070,145
Earnings per share on common.....
—V. 148, p. 2254.
Gross receivables outstanding as at March 31, 1939, according to pre¬
totaled $5,012,599, exceeding all previous figures and
representing an increase of $1,090,086 for the month.
Gross volume of
business handled during the month amounted to $2,636,374, the largest
in the company's history.—V. 148, p. 1792.
prec'n & Fed. taxes..
Shs .com .stk .out. Cno par)
Earnings per share.
—V, 148, p. 1017.
the undivided
45,302,282 194,810,931 199,327,018
3,606,381 15,983,026 27,296,308
50,780,759
Total net income.—
$1.06
On common
liminary figures,
American
are available,
180,519,699 180,201,926 717,790,455
37,813,463
34,972,625 146,334,373
Other Income (net)...
Mar. 25——
>
,
stock, payable April 22 to holders, of record
was made on Jan. 21 last.—V. 140, p. 2690.
x
$9.36
$8.21
$2.07
Co.
years
x!80,000
'
'
Week Ended—
Net
x
At
$1,993,072
,
$2.12
Output of electric energy
shipm'ts made
during period.
'
$6,749,364
,
(Consolidates the accounts of the American Telephone & Telegraph
and its principal telephone subsidiaries)
v
1939—3 Mos.—1938
1939— 12 Mos.—1938
Period End. Feb. 28—■
$
$
$
$
Operating revenues
269,113,921 260,476.833 1058935759
Net inc. applic. to
sinking fund debenture gold bonds issued and outstanding in the amount of
$5,188,000 on July 1, next, at 103 and accrued interest.
Bonds were issued
under trust deed dated July 1, 1928.
Union Trust Co. of Pittsburgh is
trustee.—-V. 148, p. 1944.
,
* • ■
Gen. oper. & admin, exps
Prov. for loss on time
>$2,468,203 *$3,366,968*$ 14,854,353
Deficit.
Interest
Total.....i...20,876,076 20,934,532
a After depreciation
and depletion,
b Represented by 644,600 no-par
shares,
c 5,100
shares at cost in 1939, 5,000 shares in 1938.—V. 148,
p. 2109.
"
Ameiican
...
Tel. &
share._
Total incomei
58,176
9 Months Ended—
Mar. 30,'39
Gross profit from oper.. $1,031,287
-----
Subject to minor changes when final figures for March
y Does not include the Company's proprotionate interest in
profits or deficits of subsidiary companies.
*
Bell System Consolidated Earnings Report
y
60,600
meeting held April
-
Net operating income.
Total.........20,876,076 20,934,5321
Directors at
-
of Amer.
x
430,240
61,739
71,394
68,663
_
Deferred Items
/
*
1,-142,402
Investments
$174,930,510
168,181,146
—
Tel. Co.—per
Taxes
160,190
&c
Accts. & notes rec.
c
124,537
627*7 i5
3,214,135
l—. '3,016,103
Surplus..
Working funds, ad¬
vances,
62,501
117,545
633,979
Reserves—......
100,000
...
45,695
Accrued taxes-...
U. 8. Govt. 8ecur_
Other
$
b Common stock. .16,759,600 16,759,600
162,850
Accounts-payable. ,286,348
14,377,531
1,501,901
3,603,041
Cash...
1938
$
1938
1939
a
Balance
y$0.21
y$0.69
$39,577,084 $38,678,319 $153,326,793
42,045,287
42,045.287 168,181.146
Net income
y
Earns,
share on
stock.......
per
common
Interest deductions
Dividends.
$169,935,243 $192,387,071
16,608,450 17,456,561
$43,717,823 $42,856,027
4,140,739
4,177,708
Total incomd-----
CY2,890
...
Common dividends
Interest income--..-.-.
Other income
accounts, &c
Fed. income tax (est.)..
Mos.—1938
Operating revenues.$27,303,620
Oper. exp.,incl. taxes.. 23,518,871
Dividend income
....
•
Trust—Promoters Indicted—
The Department of Justice and the Securities and Exchange Commission
April 18 reported the indictment of Sidney J. Dillon of Des Moines, Iowa
and Lewis E. Crowley of Dallas, Texas by a grand jury in the lederal
District Court at Davenport, Iowa, for violation of the fraud provisions of
the Securities Act of 1933 and of the mail fraud statute.
/
The indictment In 12 counts charges that Mr. Dillon and Mr. Crowley
were trustees and officers of three investment trusts known as the American
Securities Trust, the Mutual Trust Shares and the Cooperative Trust
Shares in which a large number of participating interests were sold to the
public from 1931 to 1936.
It is charged that in connection with the sale of
the participating interests in the trusts Mr. Dillon and Mr. Crowley
employed a scheme and artifice to defraud and for the purpose of obtaining
1936
1938
•
$6,134,569
retire¬
with 70 as the
American Securities
Co.—Earnings—
1939
$6,453,343
earning more than $3,000 a year,
1793.
,
ment plan for employees
retiring age.—V. 148, p.
money
Alpha Portland Cement
12 Mos. End. Mar. 31—
Total profit
Provision
for
Corp.—
Sanitary
Standard
&
Radiator
American
Write Down of
and-loss deficit of
—V. 148, p. 1629.
-V.
the reorganization plan will be made
Bondholders have named a protective committee.
meeting April 28.
a
—V. 143, p.
(& Subs.)—Earnings—
3 Mos. End.Mar. 31—
Net profit
y
and have
plants at
Toledo, O., employing 2,000 persons.
A final effort to obtain approval of
at
Allen Industries, Inc.
refused to approve a plan for reorganization
their intention of taking over on May 1, the three
Bondholders
Ended Mar. 31, 1939
Earnings for 3 Months
Co., Toledo, Ohio—*
American National
Corp.—Earnings—
Allegheny Ludlum Steel
April 22, 1939
Chronicle
.
Dividend—
,
-
^
„
dividend of 15 cents per share on the common
stock, payable May 17 to holders of record April 22.
This compares with
20 cents paid on Nov. 25 and on May 16, 1938 and a regular semi-annual
dividend of 10 cents paid on Nov. 15, 1937.—V. 147, p. 2384.
Volume
148
Associated
Financial
Gas
&
Electric
Co.—Welfare
Utility Subsidiaries-
Units
Chronicle
Held
2415
Baltimore Transit
t
It
Period End. Mar. 31—
Operating
Operating
that the "public interest
and the interests of investors and
require registration under the Act
(Holding Company) of these
companies, which are charged with the
duty of administering, for the benefit
of employees of the Associated
System, substantial sums derived ultimately
from consumers of that
system/'
-
,
Atlanta Gas Light
1938
Maintenance
^
expense.____
Uncollectible accounts
_
Federal income taxes
Other taxes..
_
_
<..1.:^-.
1
;
$74,961
1,734
$69,904
1,677
$127,274
3,507
$119,499
3,266
$76,695
6,359
$71,581
5,647
$130,780
18,234
$122,765
16,560
_
income.
_
Barker
Bro$. Corp. (& Subs.)—Earnings-—
3 Mos. End. Mar. 31—
Net sales
____________
Cost of sales
$4,210,247
2,953,791
64,375
20,387
77,008
1939
1938
1937
1936
$2,758,623
$2,634,833
1,667,404
1,106,694
1,624,583
1,124,888
$3,294,973
1,961,502
1,164,138
$2,591,742
1,587,477
_
Expense & depreciation..
Operating loss.
199,477
$981,266
3,165
13,382
$895,209
10,172
6,637
$997,813
238,116
$912,018
184,014
$759,697
283,237
10,652
22,845
4,858
$728,004
262,789
16,105
22,530
;
(net)_.___
Gross income
Provision for retirements-
...
;
__
...
Amortization of debt discount and
expense
Other deductions
;
148,
$101,522prof$201,455 prof$78,625
27,761
10,811
$3,521
$101,522 sur$173,694
sur$67,814
$0.15
13,116
32,122
__
Net loss..__________
Earns, per share
$114,638Prof$l 69,333 prof$50,878
$3,521
Total loss...
_
953,387
$15,475
11,954
Federal income taxes.
—V.
Gross income
Bond interest
Other interest
$380,132
260,633
Other income
x Net
operating revenues
Merchandise and jobbing (net)
Other income
264,310
$70,336
$65,934
$112,546
$106,205
Note—No deduction is made for
interest on ser. A 4% and 5% debentures.
1 he approximate
interest for the three
months, at the full stipulated
rates, is $235,245 —V. 148,
p. 1794.
1937
$4,631,909
3,216,641
84,748
20,648
91,573
237,032
_<i_T
expense
$391,584
Net income..
Co.:—Earnings-
revenues
$158,194
88,290
Gross income
Fixed charges..
For the week ended April
14, Associated Gas & Electric System reports
net
electric output of
89,809,025 units (kwh.).
This is an increase of
8,838,067 units Or 10.9% above production of
80,970,958 units for the
comparable week a year ago.
1
'
Gross output, including sales to
other utilities, amounted to 95,766,295
units for the week.—V.
148, p. 2254.
Calendar Years—
$165,195
90,234
Operating income
Non-operating
.
Weekly Output—
x
expenses
Net oper. revenues
Taxes
consumers
Operating
Operation
revenues
Electric Co.
found
Co.—Earnings—
(Including Baltimore Coach Co.)
1939—Month—1938
1939—3 Mos.—1938
$1,028,685
$1,025,680
$2,878,300
$2,887,837
863,490
867,486
2,486,716
2,507,705
The
Securities and Exchange
Commission determined April 18 that
Employes Welfare Association, Inc.,
Delaware; Employes Welfare, Inc.,
New Jersey, and Trustees
Under-pension Trust Agreement, dated Dec. 14,
1937, were subsidiaries of the Associated Gas &
on com.
Nil
Nil
27,747
$0.72
p. 2112.
Bayuk Cigars^ Inc.—Earnings—
Consolidated Earnings for 3 Months
Gross profit
136
Ended March 31, 1939
___
$981,285
____
Net income..
Preferred dividends
/___
Common dividends
x
$438,105
78,000
412,478
/,
Selling, general and administrative expenses!.
Provision for depreciation of
buildings, equipment & automobiles
$426,443
78,000
289,671
Amortization of
Before provision for retirements.
cost of
Profit.^....
J......
Discount, rental, dividends and miscellaneous income
...
Comparative Balance Sheet Dec.
31
"...
"
1937
$
$
1938
•
Assets—
Property,
a
&
Liabilities—
plant
1937
$
S
6% pref. stock
Com.stk.(?25 par)
equipment...12,853,629 12,557,996
Total....
Interest on notes payable
(net)..
Provision for taxes on income..
1,300,000
2,343,625
372,000
399,000
1,300,000"
178,375
157,860
1st mtge. 5s, 1947.
188,687
147,015
Gen. mtge.
773,686
799,549
4>$s. 195$.....
5,875,000
5,875,000
41,262
Notes payable
Accounts payable-
24,229
76,614
471,344
357,55$
19,500
19,500
225,452
175,214
........
Appliances dn rent
Merchandise, &c._
Prepaid insurance,
taxes, &c
149,939
Div.
20,063
380,843
403,010
dis¬
count & expense
Accrued accounts.
dei'd
183,322
Service exten. dep.
86,267
92,994
23,878
Res.; Retirements. 2,502,291
37,986
property-.-i.—
Other
19,190
Cancellation
debit
items..........
Uncollect, accts.
20,137
9,216
15,316
178,591
210,790
210,790
671,308
682,240
Donated surplus...
Earned surplus...
...
14,669,476
14,389,4011
Including intangibles and idle
■'
Atlantic
1939
Net profits.
per sh. on com.
stockafter pref. divs__
$0.15
$0.71"
1936
$0.69
$0.74.,
Exchange has approved the listing of 149,178 out¬
standing shares of common stock, par $5.—V. 134, p, 330.
Corp.—New Directors—
Inc. from
Axton-Fisher Tobacco Co.-—Sale
of Shares Ordered May 4
Federal Judge Alfred C. Coxe on
April 17 ordered the public sale on May 4
of 80,610 class B shares of the
coihpahy, fixing an upset price of $12 a share.
The sale will be held at the Federal
Building.
The shares constitute the
chief asset of Standard Commercial
Tobacco Co. in process of reorganiza¬
tion.—V. 147, p. 3446.
.
RR.—Deposits under Plan:—V
*
Total
4
,
Plan
2,542,416,235 2,688,789,683 2,287,061,853 2,213,579,111
537,692,225
505,745,507
483,659,550
410.383,655
296,202,069
300,733,896
281,501,094
259,522,403
Maintenance'of equlpm't
974,361,066
929,021,258
729,760,385
681,340,325
Transportation expenses.
543,737,230
523,312,258
482,536,364
452,616,575
Renewals....;
400,000,000
433,000,000
362,265,000
362,265,000
Est. & renewal accts.—Cr.
37,042,238
39,837,470
35,159,619
31,259,446
...
-defl72,534,117
36,814,234
defl7,500,92l
78,710,599
27,707,242
11,894,257
14,916,853
16,403.909
...144,826,875
'48,708,491
def2,584,068
82,733,770
22,418,148
30,000,000
Income from deposits and
.
investments..
Total
6% int. to the renewal Id,
„Int. on loans received.....
.
."
_
.
.
........
21,742,574
Int. on bond issue of 1931
22,255,593
10,916,876
28,333,333
........
40.000,000
tion of annuities and in-
demnities
Allotment
95,114,508
73,182,000
25,189,836
'
30,000,000
Total-
on
........
Holdings
$75,000,000
Deposits and Assets
Amount
% of Total
$69,352,500
92.47
(total)
B. & O., Southwestern Division 5s__
B. & O., Pittsburgh Lake Erie &
158,120,750
45.000,000
124,908.750
39,402,500
79.00
87.56
West Va. 4s
B. & O., 30-year conv. 4^8.
*
B. & O., 5-year 4^% secured notes
Buffalo & Susquehanna RR. Corp.,
43,182,000
63,031,000
50,000,000
39,651,000
38,560,000
43,461,000
.
■
465,269
501,812
6,085,001
5,625,156
5,226,459
4,830,885
7,592,026
7,665,635-
6,556,161
4,816,949
1,933,306
1,933,306
1,317,168
......
of
int.
to
the
the fund to assume
int. on the partic. bonds
par
valhe
Contingency
funds
doubtful debts
Balance, deficit
-V.
147,
p,
'3
x
y
47,691,849
.....—
61,309,376
283,489,158
28,021,408
151,301,043
92,415,991
1634.
Corp. (& Subs.)—Earnings—
Mos. End. Mar, 31—
1939
1938
Net profit...... $1,023,996 loss$561,605
Earnings
1,317,168
for
....
l^ess value of Portefeuille
x
b
"
Amortiz. of differences in
•.
for Modification. of Interest Charges and Maturities
a
1935
receipts
Bendix Aviation
interest charges and
maturities,
'
1936
Maint. of way, structures
/
Following the regular monthly meeting of directors in New
York, April 19,
the following statement shewing
progress up to the close of business
April 18,
of the company's plan for modification of
given out:
'
1937
Gen. service, gen. exps._
Int.
on April 15, G. Hunt Weber
Co., nominees of the Allied
International Investing Corp. were elected
directors.—V, 147, p. 3604.
was
'
2,482,769,306 2,630,00 ),363 2,230,276,957 2,165,484,923
various sources.
59,646,929
58,780,320
56,784,896
48,094,188
amortization fund—.
■
At the annual meeting of stockholders held
and William Hutchinson of A. M. Kidder
&
Baltimore & Ohio
$0.68
[In Belgian francs]
1938
„
Int. on bond issue of 1937
Automatic Products
73,701
Int. to fund of regulariza-
Co.—Listing—
The New York Curb
stock,...
consolidated) is not included
profit and loss —V. 148, p. 1161.
$1,983,000
x After
interest, depreciation, depletion, taxes, costs, &c.
Note—No provision has been made for
any surtax on undistributed profits.
—V. 148, p. 1469.
'
Atlas Drop Forge
common
Belgian National Railways Co .—Earnings—
Net oper. income
1937
$1,993,000
393,060 shares
$287,976
22,593
the three months of controlled
company (not
in the above statement of
consolidated
-Earnings—
$2,048,000
Earnings
242,355
...14,669,476 14,389,401
1938
$538,000
on
Income from traffic
manufacturing facilities.—V. 147
Refining Co. (& Subs.)
Quar. End.'Mar. 31—x
Total
gas
3302.
share
Calendar Years—
Contrib. for ext.
a
per
134,309
64,836
11,038
Capital surplus...
..............
_
stock.
Including dividends of $5,250 from controlled company not consolidated.
Note—The equity of Bayuk
Cigars, Inc., in undistributed earnings for
2,299,019
146,741
,
:
1st preferred stock.
on common
$341,852
x24,480
x
24,198
Malnt. of meters
Total,
Earnings
rental
contracts-
p.
Dividends
______
250,844
Consumers' depos.
Improve, to leased
Net profit
Dividends on 7%
6%
on
pref.
stock..........
8,641
__
Unamort. debt
161,877
bonds,
-
$366,333
5,199
73,158
2,343,625
S. F. &.spec. depos
Cash...
Receivables
_i
■
1938
595,409
38,765
5,259
cigar machine licenses and patent rights
per
share.__
,
$0.49
,
.»
1937
$806,508
Nil
$0.38
After depreciation, interest and Federal income taxes,
y
shares (par $5) of capital stock.
For the 12 months ended March
1936
$860,820
$0.41
On 2,097,663
31, 1939, net profit was $1,741,648,
equal to 83 cents a share, comparing witfc net profit of $887,020, or 42 cents
a share; for the 12 months ended March
31, 1938.
91.82
B. & O., 1st mortgage 5s... 1.1
B. & O., ref. and gen. mtge. bonds
1st mortgage 4s— 1
Buffalo Rochester & Pittsburgh Ry.,
consol.
-
2,568,000
1,834,200
71.43
23,854,000
81.93
3,675,000
2,887.500
350,000
218,000
62.29
$384,129,450
81^72
72,771,578
100.00
1st
Totals
Grand totals
$456,901,028
In the B. & O. RR., 5-year
4% % secured notes listed above
notes owned and held by the
$13,490,000 of
a
,
$542,812,328
RFC, which
to the loans from that
corporation also shown above.
By security holders of securities affected by the plan,
April 18, 1939.—V. 148, p. 2256.
at close of business
Beech-Nut
Packing Co.—Earnings—
x
3 Mos. End. Mar. 31—
Net profit
y
Earnings
1939
1938
$523,556
are
84.17
included
in addition
b Received
as
*
,
Home
Appliances, Inc., South Bend, Ind.—
Offering of $625,000 Debentures— •
Company has contracted with Burr & Co., Inc., New York, for the sale
a new issue of $625,000 5-year
5% convertible deoentures, the proceeds
largely for new working capital, including additional
manufacturing facilities, and to discharge a $200,000 note held by the
Bendix Aviation Corp.
A registration statement has already been filed
with the SEC.
Offering of the debentures, which will oe convertible into
common stock any time up to and including
May 1, 1944 on the oasis of
400 shares of common for each $1,000 debenture, is expected to be made
next week.
It will comprise one of the first puDlic offerings of securities of
a small industrial company in this market in some time.
The company produces the Bendix Home Laundry, an automatic wash¬
ing machine which is sold by more than 4,000 dealers at retail throughout
the country.
According to Don O. Scott, President, the company expects
to enlarge its facilities to make and sell other home
appliances as well as a
larger proportion of the parts used in the production of the Bendix Home
Laundry, which washes, rinses and damp dries in one continuous operation.
The corporation's sales are made direct to some 85 distributors, except at
its Detroit factory branch, which carries on a retail sales business.
.
$426,993
y
from which will be used
Instalment
sales to Consumers are financed under arrangements with
Investment Trust Co. and Commercial Credit Corp.
is 125,000 units per year on the basis
of one eight-hour shift per day, or 250,000 units
per year operating two
shifts.
During 1938 the company sold over 49,000 units.
Among the
largest stockholders of the corporation are Ben Smith, Atlas Corp., Bendix
Aviation Corp. and Don Scott.—V. 148, p. 2112.«
Commercial
1936
$558,568
$1.28
$1.20
After charges and estimated Federal income taxes,
ommon stock (par $20).—V. 148,
p. 1312.
x
are
78.57.
1937
$522,871
$1.20
per share
Bendix
of
Reconstruction Finance Corp., loans
*
86.92
.$470,040,750
72.771,578
RR., 1st mtge. 5s
Lincoln Park & Charlotte RR.,
mortgage 5s__
,
.
61.18
29,114,000
4^s_
Indianapolis & Western
mortgage
Cincinnati
.
Directorate Reduced—*
The number of directors has been reduced by one
through the resignation
of Walter J. Buettiner, former Vice-President.
Other directors and officers
were reelected.—V.
148, p. 1947.
$0.98
On 437,521 shares
Present maximum plant capacity
April 22, 1939
Chronicle
Financial
2416
Power Co.—Earnings—
1939
California-Oregon
Beneficial Industrial Loan Corp. (& Subs.)—Earnings
1939
1938
1937
1936
x Consol. net earnings-$1,559,363 $1,613,910
$1,670,977 $1,388,183
Shs. com. stk. outstV2,314,989
2,314,989
2,314,989
2,314,989
Earnings per share
$0.63
$0.61
$0.64
$0.51
x After
all interest, amortization, charges and provision for minority
nterests and Federal income tax.—V. 148, p. 2112.
Years Ended Jan. 31—r
3 Mos. End. Mar. 31—
310,043
Provision for Federal income taxes
Berghoff Brewing Corp.—Earnings—
1939—3 Mos.—1938
$82,872
$60,807
1939—Afon (ft—1938
$35,151
$26,616
Period End. Mar. 31—
Profit..,.
— —
Earnings per share..
x After
charges and Federal income
capital stock.—V. 148. p. 1794.
taxes,
y
$2,317,479
operating income.-—
$2,079,008
Dividend and interest revenues.-----::---:.-_
43o
Merchandise and jobbing (net)-----—Dr40,8b6
On 299,190 shares of
$2,079,324
992
$2,038,577
$2,036,076
expense-—203,223
203,197
Borg-Warner Corp.—Acquisition—
Gross income
corporation has acquired the Pump Engineering Service Corp. of
Cleveland, Ohio, and now operates that concern as a subsidiary, according
Interest on funded
1938
1939
$42,282
3,775
1,016
'
;
Accrued Federal income tax,
Net income.
1.
Surplus income at Jan.
Total
$43,802
3,698
$37,490
384,150
.
___
$39,755
384,928
$424,683
41,738
348
41,738
Dividend declared--
Surplus income at March 31,
"
1939
Cash in bank..
—
.
Hi vs. receivable..
1938
"
$38,923 Div, pay. Apr. 15."
22,354 Accrued liebiiities.
$44,735
21.627
share 15,000 shares of class A common stock (par $5).
same time an issue of 30,000 shares of class B common
stock is being offered to the present directors of the company
and their associates^ at par
($1). These- securities are
4,266,824
375
750
deferred charges
Paid in surplus...
Surplus income
x
x
the above
the-
After ordinary takes, rentals and interest, but before amortization
148, p. 1795.
and
exclusively to manu¬
beverages prepared from
the written consent
and trade mark
"Canada Dry" for a period beginning on the date of the license agreement,
March 7, 1939, and continuing for such period of time as the terms and
conditions of the license agreement are complied with by the company, or
license above
filed in. Federal Court in Brooklyn April 13 a petition
requesting that it be permitted to reorganize under Chapter 11 of the
Chandler Bankruptcy Act. The petition, filed by Charles E. Murphy, the
company's attorney, was signed by William P. Crowell, Secretary and
Treasurer, who said he had been authorized to take the action by the board
company
trustees.
•'
.
agreement.
in the process of organization and
Its present business address is 1409
until the termination of the
>
•'
statement the company said:
.
1 application to the court was made by the Brooklyn 'Daily Eagle'
and was the result of a friendly understanding on the part of the large
creditors of the company.
The petition showed that these creditors were
the Mersey Paper Co. of Canada, the Federal Reserve Bank of New York,
the Lawyers Trust Co.j the Brooklyn Trust Co., the Kings County Trust
Co. and the Union Central Life Insurance Co. of Cincinnati,
"Since last August the( present management has been analyzing the
paper with the purpose of perfecting plans for this reorganization.
It is not
only the intention to strengthen and simplify the capital structure so that
the paper will be economically sound, but also to so improve its editorial
content that it will again take its place as one of the re illy outstanding
papers of the country."
\
,
The statement said the court proceeding would not interfere with the
conduct of the paper other than to bring about an improvement in all
departments.—V. 144, p. 1100/
Ip
mentioned which permits the company
facture, bottle, sell, and distribute carbonated
Canada Dry Extract, and none other (except with
of Canada Dry Ginger Ale, Inc.) . under the trade name
Brooklyn Daily Eagle—Acts to Reorganize—
of
a
^
...
_
five years at par.
The 5,000 shares of class A stock issued to
named persons in exchange for the frachise must be escrowed- with
Director of the Division of Securities of Kentucky pursuant to the pro¬
visions of Sec. 165a-39 of the Kentucky statutes.
.
The company proposes to engage in the manufacture and distribution'
of Canada Dry products iri the territory under the provisions of the exclusive
provision for income taxes.—V.
The
TT
been
1939—Month—1938
,1939—3 Mos.—1938
$1,428
$6,136
prof$4,171 prof$53,143
Loss.........
_
.
_
^
G.
Radford,
724.
Mar. 31—
.
,
question was granted to M. W. Lewis, J. H. Ruffin, C. 8.
E. Livingston, and W. L. Lyons & Co., under a written
agreement between them and Canada Dry Ginger Ale, Inc., and has
assigned to Canada Dry Bottling Corp. of Louisville by them in exchange
for 5,000 shares of the class A common stock and an option in their favor
on an additional 5,000 shares of the class A common stock for a period of
The license in
293,692
382,945
Bowman-Biltmore Hotels Corp.—EarningsPeriod End.
speculation.
least 12 months.
335,043'
379,903
Total..........$4,287,507 $4,328,851
Total..,.....-.$4,287,507 $4,328,851
—V. 148, P.
4,945
3,953,025
239,890
239,890
a
of
Loss on sale of se¬
curities (net) Dr.
.
7.994
3,953,025
sbs. no par)
as
Company—Incorporated in Kentucky Dec. 19, 1938, for the purpose
acquiring and making use of an exclusive license to manufacture, bottle,
sell, and distribute Canada Dry beverages under the distinctive package,,
tradename and trademark "Canada Dry," in 24 counties in Kentucky
and nine counties in Indiana.
Company will also distribute its products
in the several countines in the Lexington, Ky., area for a period of at
$41,738
Cap. shs. (260,860
Investment in se¬
curities,
•. 4,220,770
Prepaid expense <fe
Bottling Corp. of Louisville—Stock Offered
& Co.., Louisville, Ky., are offering at $5.75
At the
1938
$41,738
$927,079
■
per
offered
1939
Liabilttie.S—
.
•
Canada Dry
Balance Sheet March 31
Assets—
45,047
15,498
82,190.r J
16,481 -
$894,189
148, p. 2258.
—W. L. Lyons
$382,945
$379,903
,,-,
V™
— v--
Net income
—V.
Pr44,241
— —
and
costs'of projects abandoned-.
deductions
:;
Miscellaneous
$421,640
Deductions
debt-----
Amortiz. of prelim,
Property Trust—Earnings—
3
fonths Ended larch 31—
Iiicome from securities
238,154
238.210
Other interest (net)--..-.-
«
Boston Personal
...—-----
;---
Amortization of debt discount
by Charles S. Davis, Borg-Warner
:
1
announcement made on April 19
President,—V. 148, p. 1947. •
operating revenues
electric plant
Net
This
to an
591,108
116,333
$2,317,218
Net
Rent for lease of
$0.20
$0.27
,
y
7,876
7,2/0
638,802
91,309
investment
^_
$4,642,00a
1,047,28o
261,925
300,000
283,593
— -
—
Appropriation for retirement reserve
Amortization of limited-term
Taxes
x
1938
^
$4,686,882
1.038,046
Operating revenues.
Operationg expenses — . —
Maintenance and repairs
a
has never engaged in
Maple Street, Louis¬
stockholders will be held at that
The company is
business before. *
"The
ville, Ky., and annual
divid<r66S
meetings of its
1
authorized capital of $200,000,
and 75,000
Capitalization—The company has an
divided into 25,000 shares of class A common stock (par $5)
shares of class B common stock (par $1).'
There is now outstanding
shares of the class
A
common
stock issued for the purpose
5,000
of acquiring the
mentioned and are escrowed with the Director of the Division
"of Securities of Kentucky.
These 5,000 shares of class A stock are
as
follows:
M. W. Lewis, 800 shares; J. H. Ruffin, 800 shares; C. S.
license
owned
Livingston, 800 shares; W, L. Lyons
1,800 shares.
The ownership of such stock by the above-named
represents their ownership in the license agerement granted by
Radford, 800 shares; G. E.
.
Dry Ginger Ale, Inc.
& Co.,
persons
Canada
.
,
.
,
Underwriting—W. L. Lyons & Co., Louisville,. Ky.,' is the principal
By the terms of the underwriting agreement there is a firm
commitment on the part of the underwriter to* purchase 15,000 shares of
the class A stock at $5 per share and 30,000 shares of the class B stock
at $1 per-share.
This commitment is subject only to the registration
of the securities with the Securities and Exchange Commission and the
Securities Department of the State of Kentucky, and to the provisions
underwriter.
Brooklyn-Manhattan Transit System—Earnings—
(Including Brooklyn & Queens Transit System)
Period End. Mar. 31—
TotalOper. revenues
Totaloper. expenses,-.
Net
Taxes
rev.
1939—Month—1938 »
1939—9 los —1938
$4,343,625
$4,294,238 $36,318,982 $37,018,567
3,029,851
3,083,248
25,754,440 26,175,341
from oper.I.
properties>
558,148
on oper.
Operating income
Net non-oper. income.
of
*
$755,626
69,098
$645,184
89,873
$5,870,654
710,925
$824,724
696,863
$735,057
688,903
$6,581,579
£,214,089
$46,154
$367,490
,
Wakefield & Co., of Louis¬
Foster & Co. of Lexington, Ky., and
under¬
of the
the underwriting agreement.
W. L. Lyons & Co.
said brokers its interest in 200 shares of the 1,800
shares of the class A stock received by it for its proportionate interest in
the license granted by Caada Dry Ginger Ale, Inc., and deposited
in
escrow with
the Director of the Division
of Securities of Kentucky.
Each of said brokers will pay to W. L. Lyons & Co. the sum of $10,000 for
the securities to be transferred to them.
.
Purpose of Issue—The purpose of this offering is to provide working capital
and funds with which to acquire the necessary machinery and bottling
equipment to manufacture and bottle Canada Dry products under the
provisions of the franchise referred to.—V. 148, p. 1,634.
company covered by
will assign to each of
$6,893,9.39
6,192,681
$701,258
Gross income.
clause.
ville, Ky., have agreed to purchase from Yf. L. Lyons & Co., the
writer, 2,000 shares each of the 15,000 shares of the class A stock
$6,161,649
__
war
a
Holt on
$1,210,990 $10,564,542 $10,843,226
565,806
4,693,888
4,681,577
$1,313,774
732,290
.
$12? ,861
to surplus
Accruing to minority in¬
terest of B. & Q. T,
Corp..
.
—
,
4 ,862
------
__r
Canadian National Rys.—Earnings—
Balance
B.-M.
to
T.
$122,999
System.:—
$46,154
(Excluding Brooklyn & Queens Transit System)
1939—Month—1938
Period End. Mar. 31—
Total oper. revenues
$2,523,270
Total oper. expenses....,
1,546,474
Net
Taxes
rev.
on oper.
"
1939—9 Mos.—1938
$2,501 $23 $21,090,043 $21,657,411
Gross income
13,213/501
13,457,524
$915,409
360,862
$7,876,542
2,903,969
$8,199,887
2,919,502
$554,547
87,951
$4,972,573
691,138
$5,280,385
707,175
$698,993
Net non-oper. income
1,586,414*
$631,153
67,840
properties
Operating income
$642,498.
$5,663,711
5,171,909
•
—V.
to
$67,369
$118,632
$491,802
Directors have declared an extra
1939—Month—1938
Period End. Mar. 31—
$1,832,080
1,486,139
Total oper. revenues
Total oper. expenses
Net
Taxes
rev.
from oper.__
on oper.
•
properties
1939—9 Mos.—1938
$1,804,874 $15,329,911 $15,473,134
1,500,092
12,560,860
12,746,004
$345,941
$304,782
212,505
204,944
$2,769,051
1,789,919
LtdExtra Dividend— /
dividend of 12 K cents pier share in addi¬
on the common stock,
Similar payments were
made
on
Feb.
1938.—-V. 148, p. 874.
15, last and on Feb. 15,
Canadian Pacific Ry.—Earnings—
Earnings for the Week
Ended April 14
$2,727,130
1,762,075
'
148, p. 2259.
.
Dividend—
share on account
stock, payable
March 1,
Directors on April 11, declared a dividend of 50 cents per
of accumulated arrears of dividends on company's class A
June 1 to holders of record May
last.—V.
148,
p.
15.
Dividend of $1 was paid on
875.
Caterpillar Tractor Co.—Earnings—
1939
1938
.$50,040,821 $56,970,988
12 Mos. End. Mar 31—*
Net sales
-
1937
1936
$59,501,461 $40,937,398
.
Cost of sales, oper. exp.,
Operating income
Net non-oper. income.Gross income
Total incdme deductions
$133,436
13,715
$99,838
14,309
$979,132
131,674
$965,055
136,402
$147,151
137,921
$114,147
135,362
$1,110,806
1,235,118
$1,101,457
1,225,267
to
x
surplus
Indicates deficit.—V.
$9,230
x$21,215
x$124,312
x$ 123,810
148, p. 1795.
Canadian Colonial Airways,
Inc.—Listing—
The New York Curb Exchange has approved the listing of 199,9993^
outstanding shares of capital stock, par $1.
„
&c., less miscell. inc.. 43,372,191
Depreciation.
2,441,580
$4,227,050
344,183
Balance
Interest earned
Interest paid.-
Current income carried
$60,000
$2,559,000
$2,499,000
Co., Inc.—Accumulated
Decrease
1938
1939
Carman &
Brooklyn & Queens Transit System—Earnings—
$220,991
tion to the regular quarterly dividend of like amount
both payable May 15 to holders of record May 1.
$825,068
—V. 148, p. 2258.
Increase
1938
$3,294,543
148, p. 2258,
Canadian Oil Companies,
—V.
surplus
"
$3,515,534
Traffic earnings
Current income carried
Week Ended April 14
1939
.
-I.-
Gross revenue
$5,987,560
5,162,492
575,129
580,361
Total income deductions
''
,
$976,796
345,643
from oper...
Earnings of the System for the
$701,258
$367,490
Net
^
4,330
„
45,06o,467
1,964,706
31,377,105
1,817,488
$9,594,997 $12,471,289
486,011
519,987
$7,742,805
462,254
8,348
3,779
45,136,012
2,239,979
8,819
profit before Fed¬
$12,982,928 $8,201,280
Prov. for Federal taxes._
2,296,745
1,399,971
Netprofit
$3,355,921
$8,203,228 x$ 10686,182 ■ $6,801,309
Before deducting provision for any amount which may become due for
eral taxes.
$4,566,902 $10,072,189
1,210,981
1,868,961
x
surtaxes on
undistributed earnings.
Volume H8
Financial
2417
Balance Sheet March 31
1939
Assets—
4
Notes & accts.
1939
$
208,631
Liabilities—
1938
%
2,933,858 Accounts payable.
Assets—
$
,124,723
1,847,756
Accrued payroll &
ree.
less reserves....
9 ,943,877
11,557,172
expenses....—
627,618
18 617,291 20,729,472
Inventories
Pats.,
1938
$
Cash_.
Comparative Balance Sheet Dec. 31
Notes payable—.
Res. lor Fed, taxes
1,172,518
trademarks
and goodwill
„
Accounts receiv'le.
Accts. rec.,
Colp
Land,
139,578
Notes
rec.,
—52,815,991 55,817,210
Total
Represented by
y
1,882,240
no
par
refundable
Notes
1,472
14,901
83,980
4,870
55,038
23,474
244,219
26,282
277,606
Acer. int. receiv'le
Taxes
—
local
Fed'l
,
Deferred credits..
1936
Central Indiana Gas
Total——
Central RR. Co. of New
1938
1937
$2,126,894
1,470,045
*...-,
$2,385,936
•
5,936
12,500
145,701
with whom discussions looking to the formulation of a
plan of adjustment
of the interest obligations on these bonds are now proceeding.
Those named
in a. letter reporting progress in the discussions and addressed to
$460,761
Dr9,486
$452,247
94,213
$271,708
139,425
81,250
3,995
$358,034
669
392
general
mortgage bondholders
Net operating revenues
Merchandise and jobbing (net).
Other income..
x
...
Provision for retirements
<
...
;—
...
—
-
-i..
...__
—
_
Amortization of debt discoxmt and expense
Federal and State tax on bond interest_
Other deductions
971
108,019
145,646
3,993
554
567
*
1,332
■
-
-
>,417
$44,483
Before provision for
retirements.
$
•
500,000
500,000
Common stock.. 4,648,969
Prop., plant & eq.10 ,951,103 10,882,824
6H% cum. pf. stk.
Cash
x
130,869
Merchandise,
309,665
—.i
46,526
278,763
"
ma-
terials & suppl's
$
.
<4,648,969
Funded, debt-—— 4,581,000
967
Notes payable
4,581,000
1,859
payable.—
Consumers' depos.
165,052
Vice-President, Bowery Savings Bank, New York.
The Company hopes that a conclusion xqay be reached in the near future
to the provisions of a plan of adjustment to be proposed to all bondhold¬
ers, by which, if the tax uncertainties which exist are satisfactorily resolved,
the necessity of court reorganization may be avoided,
according to Mr.
Scheer's letter.
-
On March 17 the company announced that the quarterly instalment of
interest due April 1, 1939 on its registered general mortgage bonds would
not be paid on that date because or the company's failure by a very large
its fixed charges from 1932 to 1938, inclusive, and that
a plan of vol¬
earn
efforts were being made to obtain tax relief and to work out
untary adjustment ~V. 148, p. 2260.
136,846
3,635 Accrued aocounts.
Period End. Feb. 28—
Operating revenues
„Operating expenses.'. ^
State & municipal taxes.
Social security taxes.
Federal (incl. inc.) taxes
...
_
.
,
Corp.-—Earnings—
1939—Month—1938
"
$175,527
$187,011
94,304
101,076
13,676
' 14.127.
1939—12 Mos.—1938
5,185,331
$2,178,063
.1,234,521
1,263,753
161,800
158,215
16,488
14,999
1,717
1.820
11,821
9,565
$58,270
$56,162
104
64
4,118
$58,374
20,417
2,363
$56,226
20,417
1.013,
1,756
$666,186
245,000
13,206
50,716
$34,656
18,928
$33,040
18,928
$357,264
227,136
.
134,291
130,259
127,373
Treasurer, Metropolitan
as
1937
1938
,
Liabilities—
Receivables..
Hagerty,
Central Vermont Public Service
1937°
1938
Assets—
'Harry O.
Savings Banks Trust Co., New York; Walter H. Bennett, Chairman, Emi¬
grant Industrial Savings Bank, New York, and Earl B. Schwulst, First
Balance Sheet Dec. 31
..
.
are
•Life Insurance Co., New York; Alfred H. Meyers,
Treasurer, New York
Life Insurance Co., New York; Mild W. Wilder Jr., Treasurer, Mutual
Benefit Life Insurance Co., Newark, N. J.; August Ihlefeld Jr., President,
margin to
'
Net income.
x
Jersey- -Bond Adjustment Under
Discussion—
10,255
145,536
56,724
-
5,282
...
no
E. W. Scheer, President, on April 20 named the spokesmen for the group
of holders of substantial Amounts of the company's general
mortgage bonds
-
Notes interest.
Other interest
Represented by 20,000
y
$378,487
106,779
v
...
Other taxes
Bond interest
177,022
.$8,481,641 $8*264,774
1,705,957
55,081
Federal income taxes
Gross income
Total...
278,351
Or61,738
1,173
Maintenance expense.
Uncollectible accounts-
Gross income.
1,000,000
278,351
241,904
$439,053
Operation expense
x
$8,264,7741
..$8,481,641
Represented by 11,610 no par shares,
147, p. 3153.
x
Comparative Income Statement
revenues
—
1,044,900
1,000,000
par shares.—V.
Co.—-Earnings—
Calendar Years—
Operating
.
912,488
1,000,668
1,044,900
Capital surplus.-.
Earned surplus
$95,150
120,000
$0.79
348
1,350
x$6 pref. shares.
y Common shares.
(A. M.) Castle Co.—Earnings—
1939
1938
1937
$35,880
$66,138
$298,200
240,000
240,000
240,000
Earnings per share
$0.15
$0.27
'• $1.24
x After
depreciation and Federal taxes.—V. 148, p. 1796.
60,568
19,992
State,
&
Other.Reserves
3 Mos. End. Mar. 31—
Net profit
Shares common stock...
47,963
59,393
15,778
Interest-..-
50
—
Deferred debits...
x
4,870
53,549
(contra)
Accrued Items:
14,901
(contra)
Prepayments
8,232
7,649
mdse.
rec.,
contracts disctd.
mdse.
contracts disctd.
Mat'ls & supplies.
55,817,210|
52,815,991
After reserve for depreciation,
shares.-—V. 148, p. 1797.
x
132,006
Properties, Inc.
...
Total.
1937
1938
Liabilities—
...
2,150,000
1,797,708
_
1
1 Preferred stk. (par
buildings,
$100)..
.11,,515,200 11,661,496
equipment, &C.20 004,983 20,547,679 y Common stock. 9,
,411,200
9,411,200
Prepaid insurance,
,733,577 13,733,577
Capital surplus...13,
41,208
taxes, &c_
49,028 Earned surplus.—14,
,231,155 15,215,475
x
1937
1938
Prop., plant & eq.$7 ,886,062 $7,293,226 Long-term debt.. .$4,463,323 $4,346,000
Investments
50,000
85,000
9,687
9,687 Notes pay., to bks.
Cash, gen. & work¬
Notes pay., others
123,288
ing funds
79,239
314,039
180,053 Accounts payable.
91,584
Special cash depos.
500
284,484 Consumers' depos.,
Accts.
taxes, &c—...
6,633
184,525
136,323
193,394
Special deposits—
603
609
Def'd credits items
145
Def'd debit items.
13,760
16,616
Service ext. depos..
Reserves:
32,415
4,885
Retirements.... 1,181,290
1,108,056
36,972
Net operating income.
Non-oper. income (net)
209
Prepaid insurance,
Uncollec.
39,316
'
•
103
103
Earned surplus...
Total
x
65,909
10,077
.....11,540,010 11,359,234
Represented by 54,000
Total. j_r
--------
Other interest wet)
Other deductions.
_
938
_
.
Net income
Pref. div. requirements—V. 148, p. 2260.
'
—11,540,010 11,359,234
Central Vermont Ryv,
no par shares .outstanding.—V. 147, p. 3304.
Co.—Earnings—
Net operating income-
Non-oper. income (net)Gross income.Bond interest.——
(net)
_
_ _
-
Other deductions-
3,477
$273,638
111,242
02,787
15,366
57,578
3,731
27,441
$256,402
3,228
„
$6,722,290
2.441,812
690,209
37,276'
341,364
$3,283,801
47,244
189,326
"
,
$270,161
(
$6,840,668
2,380,196
714,887
47,731
414,053
$534,478
Operating revenues*--,$575,609
Operating expenses
207,147
State & municipal taxes.
59,198
Social security taxes
3,642
Fed. (incl. inc.),taxes
'35,461
Other interest
1939—12 Mos.—1938
1939—Month—1938
Period End. Feb. 28—
$3,211,629
41,906
•
$647,818
245,000
5,136
21,762
Net
1,284,600
44,608
220,884
rev.
$28,293
$5,205
27,269
$97,731
79,402
x$53,472
27.233
$1,060
32.820
x$22,064
37.979
$18,330
97,317
x$132,762
106,538
$60,044
2,062
$78,987
7.150
$239,301
8,008
105,160
$57,981
107,141
$71,838
314,463
$135,091
$165,123
$386,301
oper.
■
.
Net/railway oper. loss.
Other income-
_
$31,760
1,828
-
Loss before fixed ch 'ges
Fixed charges
Balance, deficit
Mos.—1938
$1,257,542
from ry. oper
income.
Hire of equip., rents, &c.
.
1939—3
$384,826
379,621
Railway tax accruals.
Railway
$375,920
227,136
$426,643
398,350
Railway oper. revenues.
Railway oper. expenses-.
$3,253,535
$259,630 ; $3,331,045
1.312,958
106,867.
19,976
1,479
181,793
15,330
$644,103
3,715
Inc.—Earnings—
1939—Month—1938
Period End. Mar. 31—
Central Maine Power
$662,668 "
3,094
3,474
1
Sundry
Gross income.
Bond interest.
accts.
Contrlb. for ext.
-
$29,931
.
—,
,
$1,122,109
1,175,581
1,159,811.
70,291
•
$231,293
320,5Q4
$551,798
'
Net income
Pref.
—
div., requirements.
$149,817
108,099
$135,954
$1,816,318
$1,703,443
108.099
1,297,182
-1,297,182
Note—During the period full preferred dividends have been paid, onehalf of the payments being applicable! to the current dividend and
to dividends in arrears.—V. 148, p. 2259.
Central Ohio Steel Products
3 Months Ended March 31—
one-haJf
x
Indicates loss.—V.
148,
p.
1797.
Certain-teed Products
.
Corp.—--New Directors-—
Stockholders have elected L. J. Sheridan, President of L; J. Sheridan Co.,
Chicago, and Houlder Hudgins, President, since.March 1 of Sloane-Blabon
Corp., a Certain-teed subsidiary, as directors of this coporation to fill
vacancies on the Board.—V. 148, p. 1950.
Co.—-Earnings—r-
'; !
1938
$50,235
1939
,
Profit after charges but before Fed. income taxes—
—V. 148, p. 575.
•
,.
"
$40,867
.
•
Chesapeake & Ohio Ry.—Young Ousted from Executive
Committee—
The influence of Robert R. Young, Chairman of the Board of the Alle¬
Central & Southwest Utilities Co.—Capital PlanCompany, largest unit of the Middle West Corp., is drawing plans for
recapitalization, Gail Borden, President, has announced.
In a letter to stockholders, Mr. Borden saidvthe proposed recapitalization
would result on the elimination of dividend atrrears and provide a simple
corporate, structure.
NQ definite plan has been approved by directors, he said, and before any
plan can be submitted to stockholders it must be submitted to and approved
bv the Securities and Exchange Commission.—V. 148, p. 2260.*
Central Ohio Light & Power Co.-
1936
1935
76,015
119,498
769,015
77,447
124,323
$1,339,915
671,678
103,321
115,266
3,349
$1,190,670
628,825
88,794
95,170
5,958
Cr3,7l8
$496,323
3,130
$451,490
4,381
$446,299
2,931
$499,454
114,600
213,087
9,742
4,536
$455,872
$449,230
89,475
179,437
951
244
158
3,980
3,399
2,754
38,028
29,472
x9,000
18,089
y 12,000
18,151
Crl5,129
028,365
$134,589
$148,401
$146,584
$101,181
Total operating income- $1,432,807
740,969
Operation
Maintenance
Taxes(excl.Fed. inc.tax)
Earnings—
1937
$1,422,277
1938
Calendar Years—
Uncollectible accounts—
Exps. allocated to constr
Net inc. from opers—
Non-oper. revenue (net)
Gross income
-
Prov. for depreciation.-
Int.—Long-term debt—
Int. on unfunded debt—
Taxes assumed on int—
96,000
196,433
.
$375,639
3,340
$378,980
75,000
180,000
Amort, of bond discount
and expense
Prov. for Federal taxes.
Fixed charges allocated
to construction.—
Net inc.
1,735
Includes provision for Federal undistributed profits taxes,
y Includes
comparative purposes $9,990 additional provision for 1936 Federal
income and undistributed profits taxes charged to earned surplus during
x
for
the year 1937.
to him.
current meetings, nor was any explanation
This was commented on widely,in view of the fact
17, he had sent identical telegrams to Earle Bailie, John B.
Holister, John L. Dickinson, John P, Murphy and C. L. Bradley demanding
their resignations as directors of the Chesapeake Corp. or the C. & O. The
Chesakeake Corp is now in process of dissolution.
Mr. Young was represented at the stockholders' meeting by Robert
McKinney, Vice-President of Alleghany.
When the call for proxies was
issued Mr. Kinney voted the Alleghany's 624,080 shares of C. & O. stock
merely for quorum purposes.
The Alleghany holdings were not voted for
directors.
Trustees of the Chesapeake Corp. and representatives of the
Continental Bank & Trust Co, and the Marine Midland Trust Co. newtrustees of the Alleghany Corp.'s bond issues, likewise did not vote their
proxies representing C. & O. stock included in the collateral behind two
Alleghany issues.
All of the directors nominated by the management were reelected.
Directors named by the common stockholders and the votes they received
were: Earle Bailie, 2,847,355; Frank B. Bernard, 2,848,577; G. D. Brooke,
2 847 253; J. L. Dickinson, 2,847.363; H. B. Erminger Jr., 2,848,739;
Homer L
Ferguson, 2,848.501; Herbert Fitzpatrick, 2,848,819: Ralph C.
Gifford
i. B. HoUister. 2.846,466 and Robert R. Young, 2,047 7w
The preferred stockholders named as their representatives,
Mr. Young failed to appear at
made of his absence.
that on April
,
.
,
2,848Soi:
available for
surplus and divs—
ghany Corp. in the affairs of the Chesapeake & Ohio Ry. Co. was further
reduced on April 18 when he was removed A a member of both the Executive
abd Finance Committees of the railroad.
The action of the directors, taken at the reorganization session imme¬
diately following the annual meeting of stockholders, only served to widen
the breach between Mr. Young and certain other.directors whose resig¬
nation on the eve of the annual meeting he had demanded. It likewise made
doubly important the reorganization session of the New York Chicago &c
St. Louis (Nickel Plate) on May 16, Mr. Young is now Chairman of that
company, and it was indicated that the next step in removing- him as a
factor in the C. & O. system and bringing nearer to an end the controversial
C. & O.-Alleghany situation, will come when reelection as Chairman is denied
.
*
Josphn A.
Dart and John M. Miller Jr.; they
V°S'offtcera were* reelected
received 79,395 and 79,382
at the reorganization, meeting. At the stock¬
holders' meeting 5,164,077 common shares were represented out of 7,657,675
outstanding.
.
2418
Financial
Gifford
Mr.
was
named
Mr.
to
Young's post
bonds may be
-Annual
County Light & Power Co
Calendar Years—
Electric
Gas
by Mr. Ferguson.
2260.
Chester
Report-
1938
revenue
Total operating
Ordinary expenses
revenues
169,434
12,318
25,083
5,331
Maintenance
Provision for deprec., renewals & replacements.
Provision for Federal income tax
26,320
6,676
7,254
12,213
Provision for other Federal taxes
Provision for State and local taxes
Operating income
Non-operat ing i ncome....
»
$51,310
19,633
:.
..........
series
Chicago North Shore & Milwaukee RR. (& Subs.)—
Operating revenues-.....-
1937 figures restated for comparative purposes.
.
...
.
3,367,340
1937_
$4,091,724
4,088,858
loss$145,045
rev—
9,560
$2,865
27,901
oper.--ioss$135,485
234,472
$30,766
251,786
$81,042
200,230
def$87,905
260,200
$369,957
196,657
$221,020
207,819
$119,188
212,308
$348,105
193,945
xl ,279,5*5
$13,201 prof$93,120
xl,166,565
1,296,287
$154,160
1,227,587
$1,452,885
9,616,523
$1,179,767
8,163,638
Net
Net rev. from
Taxes.
19,555
Operating deficit.
Non-oper. income.-
Balance Sheet Dec, 31,1938
Total deficit
.
1937
1938
x
1,064
258,141
360,000
360,000
1,174
258,290
360,000
$1,360
1,220
258,142
360,000
$617,293
$618,686
$618,944
$618,001
1,08,7
;
($6,927 in
Balance Sheet Dec. 31
1937
1938
1938
in
Inv.
Aurora
Liabilities—
$
1937
"
•
„
$
debenture bonds 5,310,000
13,840,100
71,439
62,373
Cash.._-....i...
6.000,000
interest re¬
413,705
426,349
.258,319
investments
Cash'..------
103,534
129,327
157,509
220,675
employees
280,306
~4~666
"
217
-
notes
..13,919,337
x Represented by 27,491
no par
in treasury.—V. 146, p. 4111.
Total.
Operating expenses....Taxes
$265,983
217,555
Operating loss—
Non-operating income..
3,749,025
'—13,919,337 13,918,488
y
1937
1936
-
1935
$1,672,818
70,264
■
"
$184,381
235,436
$199,934
226,633
$238,930
213,588
$26,698
20,583
ioss$25,342
24,535
1,844,923
-■
66,825
$51,055
16,082
loss$66,493
Net income
on funded debt, &c.f
537,244
—
$34,973
$6,115
loss$49,877
x541,472
x521,040
x.569,394
$506,499
$514,925
""$619,271
charges.....
'
$603,737
x After deducting cancellation and
adjustment of charges applicable to
prior years, &c:,.of $7,600 in 1937, $33,969 in 1936 and $16,268 in 1935.
y Before deducting interest and expenses on obligations not assumed by
receiver.—V. 146, p. 1706.
„
Chicago Great Western RR.—Modifications to Reorgan¬
ization Plan Listed in ICC Report— *
The Interstate Commerce Commission April 17 modified its plan of
reorganization for the company.
The Commission found it necessary, due
to the deepening of the depression in 1938 and a consequent impairment of
the road's cash position, to change the plan so as to provide for the issu^
ance of obligations upon reorganization to procure at least an additional
$800,000 for working capital.
Provision also was made to give greater
flexibility of future financing.
The changes will' increase both the capitaliza¬
tion and fixed interest requirements of the new company.
The Commission's modification will increase to $16,386,350 from $15,586,350 the amount of new first mortgage 4% bonds to be issued upon
reorganization.
>"
Or the amount, $2,050,000 is now specified to provide'funds for working
capital instead of $1,250,000 originally provided.
The $2,050,000 would
be part of $6,226,690 needed by the road to effectuate reorganization—
to pay off Reconstruction Finance Corp. and Railroad Credit Corp. debt
and to buy certain properties from the St. Paul Bridge & Terminal Railway.
Unless sufficient bonds can be sold at par to obtain the necessary funds
for reorganization, the Commissiqn observed the plan could not be put into
effect.
In the event the new bonds are not saleable at par, the Com¬
mission inserted provisions in the
plan whereby the money could be
obtained from RFC by the pledge or new bonds or from private sources
through the same method.
/
■
The increase in the amount of first mortgage bonds issuable upon reorgani¬
zation would raise the annual fixed interest requirements to around $849,000
annually the first year instead of $623,454 under the original plan.
The Commission also modified the plan so as to permit the refunding or
renewal at maturity of the $500,000 of Wisconsin Central first 3f$s, which
the new company is to assume, either by the creation of a new first lien
mortgage or the extension of the present mortgage.
Also, in order to permit
greater latitude in fulfilling obligations under the Mason City & Fort
Dodge mortgage, the Commission inserted alternative provisions to permit
the purchase of these bonds at market value or by such other methods that
will preserve rights of the bondholders.
Under the original plan, the
mortgage was to be canceled and the property conveyed to the new com¬
pany, or, in the alternative, the property sold at foreclosure.
To permit greater flexibility in future financing, the Commission modified
the plan so as to permit the use of new first mortgage bonds and new general
income bonds, within specified limits, to be issued for such purposes.
It
was stipulated that the new first mortgage would
always be a closed issue
limited to $20,000,000 and the income mortgage closed and limited to
$6,500,000.
The Commission ruled that the plan need not be submitted to common
stockholders for a vote since their equity has been declared to be without
u
value.
As amended, the reorganization
substantially as follows:
Undisturbed equipment
provides initially for
a
capitalization
obligations, such principal amount as may be
outstanding on date of consummation of the plan $4,208,122 as of Jan. 1,
1938; Wisconsin Central Railway first 3}4% assumed bonds $500,000;
first mortgage 4% bonds, $16,386,350, or, in lieu thereof, $10,159,660 of
such bonds and a note or other evidence of indebtedness for about $6,226,690; general income 4^s, $6,095,796; 365,747 shares* of $50 par value
5% preferred stock, $17,287,388; 352,283 shares of $50 par common stock.
$17,614,171, a total of $63,091,827.
39,837
49,041
417,935
69,200
3,055,888
8,163,638
895,808
funded
T
3,156,148
9,616,523
Deficit--.--:—..
a
46,711,506|
46,936,053
Total
Less
reserve
counts.—Y.
of $33,798 in
146, p. 1870.
Total-.---.
46,936,053 46,711,506
1938 and $31,690 in 1937 for doubtful
«
V
ac¬
v
Chicago & North Western Ry.—ICC Examiner Proposes
Reductions of $103,158,995 and $10,384,333
in capitalization and fixed
result from reorganization of the
Commerce Commission April 18,
Walsh.
Total capitalization of the new company was set at $449,998,270, as
compared with a $553,157,265 capitalization as of Jan."I, 1938.
Fixed
interest charges, as recomm ended by the examiner, would amount to $3,394 ,987 as compared with $13,779,320 for the 5-year period 1926 to 1930.
It also was announced April 18 by the ICC that the case was assigned for
oral argument June 29.
Exceptions to the proposed report must be filed
before May 29, while replies to the exceptions are due June 19.
interest
charges,
respectively,
would
company as recommended to Interstate
in a proposed report by Examiner J. V.
The examiner recommended that the ICC should conclude and find that
the equities of both
New
classes of stockholders have
"
•'
Net loss for the year..
'on
Plan—Would Reduce Capitalization by $103,158,995, Cut Fixed
Interest Charges $10,384,333—Hearings to Start June 29—•
$1,816,031
1,961,690
54,275
2,023,688,
7,613,149
Matured prin. and
debt, &c.------
6,636,949
-Income Account—
$1,909,571
\;
8,717,401
1,041,604
ship, &c
Current liabilities.
adjusted accts.
3,749,025
7,254,242
Ioss$48,427
18,065
Other deductions
Int.
*
2,295,980
at
Reserves
'
1938
4,165,613
payable
Def. liabil. and un¬
shares after deducting nine shares held
$1,746,824
1,932,723
80,084
4,165,613
49,041
504,513
225
Chicago Aurora & Elgin RR.
Calendar Years—
39,837
475,591
unadjusted accts
1,566,186
13,918,488
and
date of receiver¬
Deferred charges &
*
Total
of
36,895
24,800
(sec-.)16,074,963 16,099,462
gold notes--
4,290,000
225
Capital stock
ctfs.
deb.
Income
Acc'ts
on
1,824,328
Deficit
7,621,100
7,989,400
Coll. loans past due 2,295,980
int.
payable..
x
1937
4,995,700
indebtedness--,
74,899
15,000
'
$
7,989,400
Funded debt
4,000
50,447
Special funds—
Special deposits—
Deposits for pay .of
interest,
Misc. current liab.
ceivable
prior
•
$
$100)
Receivers
Materials & suppL.
on
payable to
affiliated cos... 4,290,000
Accrued Interest
to
>
7% pref. stock (par
Accts. rec. & due
from officers and
a
1938
Com.stk.(par $100) 4,995,700
6% pref. stock (par
$100)..
7,621,100
equipm't.43,624,088 43,377,292
Property leased— 1,719,062
1,719,062
Notes
15,798
•
4,950,000
Accrued interest
EE. Co. (in receivership)
13 ,840,100
Mlscell. investm'ts
7,798
»
Accrd.
6,000,000
50-year
$1,381,747
5,780,949
.
Liabilities—
Road &
S
gold bonds..,.__
Elgin
$1,203,167
6,984,117
adjustments applicable
1937
$
.
matured prin. &
$
Debenture
Chicago
&
1937)
'
1938
Assets—
'
Assets—
>
3,726,482
$52,849 def$107,790
28,193
19,885
^
Other assets
Deficit.
1935
$3,618,692
3,976,296
Consolidated Balance Sheet, Dec. 31
Other
1935
$520
258,141
Miscellaneous expenses.
Int. on notes payable..2
Accrd. int. on deb. bonds
$37,021
operations.
Includes
years
•
1936
$520
$1,937
— -
Profit and loss deficit—
Chicago Aurora & Elgin Corp.—Earnings;
$173,300
Gross deficit.
Fixed charges__....
6%, due June 1, 1954, $267,000; notes payable—bank, $35,000; accounts
payable, $36,215;, matured interest, $375; customers' deposits, $4,159;
taxes accrued, $19,924; interest accrued, $1,776; other current liability,
$675; reserves, $156,476; contributions in aid of construction, $9,229;
earned surplus, $28,974; total, $1,144,804.—V. 134, p. 135.
Calendar Years—
—
1936
$4,029,145
,
,
Assets—Property, plant and equipment (including intangibles), $1
068,266; investment, SI; cash, $22,751; special deposit, $375; accounts
receivable, $29,018; materials and supplies, $6,688; deferred debits, $17,705;
total, $1,144,804.
Liabilities—Common stock, $585,000; first mortgage gold bonds series A
Total income
1938
ry. oper
rev.
Net auxiliary oper.
$58,191
$38,635
x
$3,222,295
Operating expenses..---
Calendar Years—
$55,702
2,488
4
——
Gross income
assume
7,203
11,830
$51,306
,
Income deductions_
Interstate Commerce Commission has authorized the trustees to
liability with respect to $1,920,000 of equipment trust certificates,
T, to be issued by the Continental Illinois Bank & Trust Co. of
Chicago as trustee, and sold at 100.50 and dividends to the Northwestern
Mutual Life Insurance Co. of Milwaukee.—Y. 148, p. 2261.
$286,901
186,641
10.079
...
paid.—V. 148, p. 1950.
The
$239,183
47,718
$300,489
revenue...
1939
22
Chicago Milwaukee St. Paul & Pacific RR.—Issue—
xl 937
$250,041
50,448
_
April
Commissioner Mahaffie, dissenting, said that he did not consider it sound
to lend government funds in order that unearned interest on defaulted
the Executive Com¬
on
mittee and his place on the Finance Committee was taken
—V. 148, p.
Chronicle
New Capitalization
no
yalue.
Outlined
1st &
capitalization, including $13,100,000 4%
gen. mtge. bonds
a rehabilitation and improvement program, would consist of
$11,678,000 equipment obligations and a Public Works Administration 4%
loan of $1,020,000, both of which would remain undisturbed, $4,548,000
4% Sioux City divisional mtge. bonds, $2,932,500 4% Des Plaines divisional
mtge. bonds, approxmately $663,000 4% notes to Railroad Credit Corp.,
approximately $3,118,000 2and 1M% bank notes, $25,000,000 2%%
and
notes to the Reconstruction Finance Corporation, $54,888,074
2%% and 1J^% 1st & &en* mtge. bonds, $105,058,904 4V>% 2d mtge.
income bonds, $106,996,076 5% pref. stock and $120,995,716 no par com¬
reserved for
mon
stock."
Fixed interest charges
terest
that
would amoupt to $3,394,987 and contingent in¬
charges to $5,972,742.
This is on the assumption, the examiner said,
the
bonds
reserved
to
finance
rehabilitation
a
and
improvement
program may be sold on a 4%
this rate may be increased to
basis.
It should be provided, he said, that
6%.
Miscellaneous provisions of the proposed plan disclosed that the new 1st
& gen. mtge. bonds to be issued at reorganization should be part of an au¬
thorized issue of $500,000,000, and issuable in series.
Series A bonds, in
the amount of $58,316,093, should be issued for exchnge or substitute
pledge at reorganization.
The bonds should be, dated Jan. 1, 1939, and
mature Jan. 1, 1989., and bear fixed interest at 2>£% per annum, payable
semi-annually, and contingent interest at 1M%.
Distribution
$1,000
of the
Distribution of New Securities
new securities is provided for
as
follows for
each
bond:
Holders
of
$31,315,000 3H% geh. mtge. bonds of 1987 would receive
$198 1st & gen. mtge. bonds, $463 2d mtge. bonds, $427 pref. stock and
0.40 shares
common
stock.
•
\
Holders of $30,552,000 gen., mtge. 4% bonds of 1987 would receive $202
1st 4s, $470 income bonds, $434 pref. and 0.41 shares common stock.
Holders of $5,789,500 4H% bonds of 1987 would receive $205 1st mtge.
bonds, $478 income bonds, $440 pref. and 0.42 shares common.
Holders of $23,661,000 A%% gen- mtge. bonds of 1987 would receive
$207 1st mtge. bonds, $481 income bonds, $444 pref. and 0.42 shares com¬
mon.
Holders of $40,694,000 gen. mtge. 5% bonds of 1987 would receive $208
1st mtge. bonds, $485 income bonds, $447 of pref. and 0.43 shares common
Holders of the $14,775,000 15-year 6H% secured bonds matured 1936'
would receive
0.51 shares
$250 1st mtge. bonds,
$582 income bonds, $537 pref. and
common.
Holders of
Sioux
City & Pacific RR. 1st mtge. 3H% bonds of 1936,
amounting to $4,000,000, would receive $1,137 1st mtge. bonds.
Milwaukee & State Line Ry. 1st mtge. 3}i% bonds, which amount to
$2,500,000, would be exchanged for $311 1st mtge. bonds, $445 income
bonds and $384 preferred.
Holders of the issue of $3,750,000 of Manitowoc Green Bay & North
Western Ry. 1st mtge. 3H% bonds of 1941 would receive $375 new 1st
mtge. bonds, $399 income bonds and $366 preferred stock.
St. Paul Eastern Grand Trunk Ry. 1st mtge. 4K% bonds, amounting to
$1,120,000, would be exchanged for 11.80 shares of new common stock.
Holders of the $15,000,000 Milwaukee Sparta
& North Western 1st
mtge. 4% bonds of 1947 would receive $240 1st mtge. bonds, $271 income
bonds, $330 pref. stock and 3.12 shares common.
Des. Plaines Valley Ry. lstmtge.4M% bonds, totaling$2,500,000, would
be exchanged for $1,173 of new 1st & gen. mtge. bonds.
St. Louis Peoria & North Western Ry. 1st mtge. 5% bonds, amounting
to $10,000, would be allotted $428 1st mtge. bonds, $388 income bonds,
$384 new preferred.
Holders of the $32,572,000 1st & ref. mtge. 4H% bonds would receive
$143 1st mtge. bonds, $230 income bonds; $302 pref. and 4.86 shares of new
common.
>
,
.
.
,
"
Volume
Financial
148
new
in
The property of Citizens Light & Power Co. of Adrian, Mich., was
December for approximately $3,300,000 cash.
common.
New
Consolidated Income Account
common
Ended Dec.
Years
Surface
Lines—Franchise
1936
1937
1938
2261.
p.
$
$
$
allowances):
..121,905,200 143,179,822 103,769,966
Gross oper. rev. (after deducting
Crude and refined oils..
Developments—The
sold
(Co. and Subs.)
31
stock in the amount of 6.24 shares would be issued for each
$1,000 of debentures and unsecured claims.—V. 148,
Chicago
2419
Chronicle
Holders of the $15,250,000 1st & ref. mtge. 5% bonds would receive $145
1st mtge. bonds, $233 income bonds, $307 pref. stock and 4.94 shares of
following is taken from the 1938 annual report:
Natural gas
38,584,561
41,731,250
The ordinance relationship which had existed between the Surface Lines
companies and the City of Chicago since Feb. 1, 1927 was abruptly ter¬
minated on July 15, 1938.
On that date the last temporary permit—the
Electricity
48,180,283
49,663,153
2,065,220
1,461,804
1,421,586
1,718,009
2,065,971
1,439,051
1,381,680
1,795,360
37,383,563
45,703,841
2,280,894
1,455,221
1,387,810
1,612,615
215,336,664 241,256,288
193,593,912
95,937,789 108,503,465
10,640,603
11,306,098
Depletion, depreciation and replacements.. 25,936,493
28,580,024
Taxes
14,272,284
13,990,212
80,147,197
9,479,433
23,647,606
11,492,228
3,567,724
22,223,930
658,602
Manufactured gas
Railway and bus
Heating, ice and water..
fifty-first—extending the 1907 and 1913 ordinances expired, and the
City Council failed to grant a new permit.
f On July 20,1938, the City Council passed a new ordinance to the receivers
of the Surface Lines companies, authorizing them to operate under certain
additional burdensome conditions, including 3% compensation to the city,
for the period from July 16 to Oct. 31.
The receivers were allowed only
five days in which to file their unconditional acceptance, and on July 23
they recommended to Judge Wilkerson that the new grant be not accepted.
On July 25 the Court approved the recommendation of the receivers and
ordered them to continue unified operation until Oct. 1; also, to set aside
in a "city compensation fund" an amount equal to 3 % of the gross revenues,
to be held intact subject to further order of the court.
This order was
further extended on several occasions and it now continues to and including
July K 1939.
At the close of the year this "fund" amounted to $747,091.
On Dec. 17,'1937 Walter A. Shaw was named by Judge Wilkerson as
adviser to the court to study plans and proposals regarding unification of
the local transportation agencies and an ordinance relating thereto.
A
representative of the Mayor of Chicago and of the Chicago Motor Coach Co.
took part in subsequent discussions with representatives of the other com¬
panies,
After numerous conferences were held, Mr. Shaw filed several
preliminary reports of progress, and on Sept. 26, 1938 presented to the
court
his recommendations for unification of the three local systems.
These were modified in a supplementary report dated Oct. 31,1938.
Repre¬
Real estate rentals.
Total gross operating revenue
Costs, operating and other expenses:
Cost of sales and operating expenses...
Maintenance and repairs
......
Rents and royalties...
•
discussions with
Excess of par over book value of debs. & bonds
of Cities
"
a
merger
companies sold
New
Orleans
Texas
&
Interest
1938
"
.
sh. on 375,000
$33,412
402,980
2,176,984
13,160,382
1,396,810
13,878,898
1,428,581
13,983,110
1,418,239
6,024,690
6,437,756
6,664,262
926,839
1,958,965
2,190,295
19,196,264
funded debt of Cities Service Co.
9,513,875
30,234,237
22,645,989
"•
cos.
in hands of
.
'
1
,
•"
9,678,066
9,516,216
4,400,000
2,000,000
3,667,874- b6,702,306
b4,002,426
200,000
tax.r_r..
Net income...
a
5,814,515"
6,965,4.96
9,615,714
Less interest capitalized, $65,473 in 1938, $88,019 in 1937 and $55,022 in 1936;
1937.
b Including surtax of $3,463,726 in
$337,442Jel
1937 and $975,706 in 1936.
\ A
J
Consolidated Surplus Accounts for Calendar Year 1938
Consolidated Capital Siirpliis—Surplus from ail sources (net) as at Dec. 31, 1937,
$78,876,072; surplus created through reductlpn in the stated value of common stock
of Cities Service Co. as authorized by the stockholders at the annual meeting held
April 26, 1938, $149,822,680; reduction in stated value of common stock retained
in the treasury
(Dr) $1,250,000; general reserve against certain investments (un¬
balance restored to surplus), $5,366,536; total, $232,815,288.
Deduct—
Reduction in carrying value of investments in and advances to sub. cos. or provision
of a reserve therefor, losses written off and other adjustments to investment accounts;
of new
wil} be
applied
$118,417,015; additional reserves for depletion, depreciation and replacements (net),
$67,064,307; reserve for accrued undeclared dividends on preferred and preference
stocks of Cities Service Co. to Dec. 31,1937, $32,446,911; development and explora¬
properties ($1,486,502) and discount and expense on
preferred and common stocks, organization, &c. ($2,775,711),
tion expenditure on foreign
issue of
original
written
off, $4,262,214; other charges and credits (net) applicable to prior years,
$4,152,694..
Capital surplus as adjusted, Dec. 31, 1937, $6,472,147.
Discount
on
preferred, preference and common stocks of Cities Service Co. reacquired during
1938 and retired or held in treasury, and accrued undeclared dividends thereon to
Dec. 31, 1937,
(Cr.) $12,439,799; undeclared cumulative dividends to Dec. 31, 1937
preferred stocks during 1938 (Dr.)$2,563,027;
released through purchase of sub. cos.'
capital surplus as at Dec. 31, 1938, $21",474,973.
Consolidated Earned Surplus
$4,185 prof$44,242 prof$116,646
Dec;
■
31,
1938,
$5,814,515.
(Since Dec. 31, 1937)—Net income for
ended
year
Deduct—Losses on sale or other disposal of certain
utility properties, $665,358; unamortized bond discount and expense "applicable to
bonds retired or sold and charges Incidental thereto, $610,742; other surplus charges,
Nil
'
$0.12
$0.31
x After provision for surtax on undistributed profits,
y After deprecia¬
tion, Federal taxes and other charges.—V. 147, p. 3759.
shs. com. stk. (no par)
1,687,484
and accounts payable
and carrying charges collected on instalment sales, $414,455 in 1938 and
'
y Net loss
Earns, per
1,983,486
on notes
Provision for contingencies..;
,
205,056
.
434,460
funded debt of sub.
Int. digs, on
'
,
*
397,660
Provision for Federal income
«
1936
1937
on
•
presented for approval at annual meeting May 25, Earnest E. Norris,
President, stated in letter to stockholders.
V.
No change of any kind is contemplated in existing shares of pref. stock.
Present authorized
capital stock consists of 90,000 shares of common
stock, par $100, of which 89,700 are outstanding, and 30,000 shares of
pref. stock, par $100, 24,534 outstanding.
Directors have recommended
adoption of amended articles or incorporation changing the authorized
number and par value of the coihmon stock from 90,000 shares of $100
par to 1,000,000 of $20 par, with 448^500 shares exchanged for the 89,700
now
outstanding, remaining 551,500 to be reserved for future issuance
for proper,corporate purposes.—V. 148, p. 2261.
1939
,
otherwise disposed of..
to minority interests.
on
City Auto Stamping Co.- -Earnings—
or
on sub. cos.' pref. stks. In hands of public.
Proportion of net Income of sub. cos. applic.
1
3 Mos: End. Mar. 31—
(excl. of int. charges
deficits of certain sub.
public............
Split Stock—
Plans to split company's common stock at the r Lite of five shares
stock of $20 par for each existing share of $100 par common stock
49,686,915
Amort, of debt discount <fc exp. of sub. cos..
Divs. paid & accrued undeclared cum. divs.
Ry.—May
Pacific
1,07'2,043
56,060,382
bond interest coupons..-
unified company.
,
.
1,269,203
Sundry charges, incl. Fed. & State taxes on
agreed
plan, Federal Judge James H. Wilkerson has laid down rules
be followed in the negotiation for a new city franchise for a
Cincinnati
•
funded debt of Cities Service Co.) :
on
Terms for Franchise Negotiations—
1
Before he will approve any procedure for the negotiations, he said, the
securities committee of the two systems must name persons who have
authority to bind the proposed new company to a franchise.
"The court," Judge Wilkerson said, "wants to be sure there is no op¬
portunity for bondholders to be able to kill the whole thing."
He rejected a proposal of attorneys for the Surface Lines that a franchise
be negotiated and then submitted to bondholders for their approval.
He
said it would be unfair to the city and the court to have a franchise passed
by the City Council and adopted at a referendum with the bondholders
still having the power to nullify the action.
He added that he would not
permit court officers to participate in the negotiations unless arrangements
were set up by which they would have authority to bind the hew company.
—V. 148, p. 1636.
•
retired
43,086,133
Provision for net oper;
a
,
5,250,423
987,258
6,744,193
824,156
2,397,967
Interest & other charges
Assured that Surface Lines and Elevated Railways interests had
which must
cos.
Gross income..
Int.
on
and sub.
through sinking funds
It was expected that
would be required to work out a final and conclusive
Judge Fixes
Service Co.
42,377,191
'
.
683,408
•
Federal
<
Int. on notes & accts. rec. & miscell. income..
owners
adjustment.
invests, in & advances to other
7,092,933
a
more
47,222,830
cos..
of securities of the proposed consolidated company.
several months
586,896
revenue......32,911,824
Net operating
on
27,576,003
570,490
Income from affil. pipe line cos. and divs. and
int.
3,490,760
4,264,075
30,803,106
Provision for bad debts
of the Surface and Elevated systems continued
view to an-acceptable compromise, and on Jan. 20, 1939
Mr. Shaw informed the court that all parties were agreed on a distribution
sentatives of the
....
:
Selling, general & administrative expenses..
Nil
Earned surplus as at Dec. 31, 1938, $4,517,229.
$21,186.
'
Consolidated Balance Sheet Dec. 31
1938
Compo Shoe Machinery Corp.—Registrar—
The
Commercial National
Bank &
Trust Co. of New York has been
Assets
«
Cash
Report—,
and miscell. investments and advances
Operations—The consolidated gross operating revenues were $215,336,664
compared with $241,256,288 in 1937, a decrease of $25,919,624.
Consolidated gross income was $43,086,133 in 1938 as compared with
Sinking fund assets
Marketable securities,
Merchandise,
Other deferred charges and
1,383,820
1,623,909
292,103
627,059
112,900
23,388,553
4,094,277
180,584
24,685,600
4,199,372
.
Liabilities—
.1
f
Preferred and preference
stock. .'.—
stock.
82,489,075
—v
.__._L._Pref. stock of sub. cos. in hands of public
Common
;>
Minority common stockholders' int.
......
in sub. cos
96,856,575
b37,040,668 cl85,715,850
112,678,100 ' 120,011,849
28,888,397
39,603,263
Funded debt In hands of public :
Subsidiary companies, bonds
Purchase
others (unsecured)..
_
commitments on sec. of Richfield Oil Corp.
Divs. payable on
181,577,685
17,436,181
8,860,000
payable (secured)
Notes payable to
Accounts payable,
286,061,322
318,663,614
176,372,406
and notes
Cities Service Co.—debentures..
Current liabilities—-Notes
accr'd int. and other charges
preferred stock of certain subs
Provision for Federal income tax
;
banks (secured)—non-current.......
Notes and accounts payable—not current
Customers'and line extension deposits.
—
Preferred stockholders of Louisiana Oil Refining Corp..
Reserve—Depletion, depreciation & replacements
General reserves against certain Investments
d Reserve for accrued undeclared cum. divs.
2,609,494
3,487,845
25,432,818
161,693
5,102,021
25,446,714
1,168,117
199,554
8,691,613
17,720,000
Notes payable to
issued to banks $15,000,000 of 3 M % notes with
to 1946 and issued to insurance companies
$20,000,000 of 3%% bonds which will mature serially from 1947 to 1954.
The proceeds from these new issues were used, among other things, to
retire all the 5J^% bonds due in 1942 and all the 6% bonds due in 1943,
held by the public, and to reduce other indebtedness.
As a result of this
financing. Cities Service Co. was able to collect more than $11,000,000
through payment and retirement of securities and accounts held in its
Cities Service Gas Co.
1940
Reserve for crude
Reserve for
7,407,591
4,179,000
328,450
167,436,646
5,366,536
5,961,741
4,411,639
........
196,368,421
27,633,798
4,284,142
1,528,659
2,476,212
13,113,702
refundable
Other reserves
5,589,680
1,588,765
2,364,374
11,391,598
a21,474,973
ahd oil price changes
Injuries and damages
Contributions for extensions, not
78,876,072
Surplus In suspense—excess of par over book value of
Cities Service Co. debs, owned by Cities Serv. Sec. Co.
portfolio.
refunded Its entire funded debt consisting of
$27,500,000 of 5% bonds due in 1962 and $5,000,000 of 4% long-term notes
due in 1941, by issuing $30,000,000 of 3 A % bonds due in 1968 and $6,500,000 of 4% debentures due in 1948.
The proceeds from this financing also
provided sufficient cash to retire $1,500,000 of its current bank loans and
the entire $1,050,000 of indebtedness due Toledo Light & Power Co.
.1,080,068,702 1,269,032,513
Total
portfolio.
Surplus from all sources
Earned surplus
Co.
misc. unadjusted debits.
1,856,213
146,619
...
"
current..
...
Oil Co. issued $5,000,000 of long-term notes payable,
Toledo Edison
1,881,691
—
Employees' Holdings, Inez—Advances & securities sold
under repurchase„agreement, less reserve._
Accounts and notes receivable (personnel)..
Unamortized debt discount and expense..
of $60,000 per month, with the final maturity of
$1,460,000 due in 1944.
The average interest rate on these notes is ap¬
proximately 3H%As a result of this financing, Cities Service Co. was
able to collect more than $3,000,000 through payment on notes held in its
The
less reserve..
Notes and accounts receivable—not
19,687,580
7,098,493
1,507,300
36,128,433
12,394,476
10,415,798
materials and supplies
Prepaid interest, insurance and other expenses—...
maturing at the rate
from
j,_
15,079,424
* 364,657
35,078,580
65,633
59,487
18,231,841
6,352,195
2,456,296
26,086,669
...
Crude and refined oil t,at market)—j_.„
Balances In closed banks,
■
___—>
—
Other notes & accts. receivable, less reserves
construction.
maturities
i
57,762,688
13,152,695
.
339,014
54,560,618
—
Mdse. accts. receivable, incl. instal. contracts
had no notes payable or bank loans at the end of 1938.
For the eight years ended Dec. 31, 1938, the consolidated funded debt,
notes payable and preferred stocks outstanding in the hands of the public
has been reduced by $143,000,000 face amount or stated value, while gross
expenditures for construction and acquisitions amounted to $210,000,000
for the same period.
Financial—Cities Service Oil Co. (Del.) issued to banks $25,000,000 of
long-term notes which, mature serially at the rate of $300,000 per month,
with tbefinal maturity of $7,300,000 on Oct. 1,1943.
The average interest
rate on these notes is 3.8%.
The proceeds of these notes were used to
retire all the 5 A % bonds of this company due in 1942 held by the public,
amounting to approximately $15,000,000; to retire $7,200,000 of 4% notes,
$4,800,000 of which were due in 1940, and to provide additional funds for
serial
..
Customers'accts. receivable, less reserve..
Cities Service Co.
Fuel
2,476,485
(
stated value of preferred stocks outstanding in the hands of the pub¬
with practically no increase in the total consolidated funded debts and
Arkansas
»
47,996,020
....
banks and on hand..^....
Current assets—Cash in
par or
,
•
Special cash deposits."
$56,060,382 in 1937, a decrease of $12,974,249.
The gross income of Cities Service Co. was $18,048,446 in 1938 as com¬
pared with $23,483,500 in 1937.
Net income was $5,293,702 in 1938 as
compared with $9,615,714 in 1937.
The net income for 1938 was $5,293,702
after deduction of $200,000 for contingent reserves but did not include
$520,813, being the company's interest in the undistributed earnings of
subsidiary companies for the year.
The net income for the year 1937 was
$9,615,714 after deduction of $4,400,000 for contingent reserves but did
include $5,497,141, being the company's interest in the undistributed
earnings of subsidiaries for the year.
•
During the year the company and subsidiaries expended $22,000,000 for
construction and acquisitions and effected a net reduction of $21,100,000
payable.
deposit in escrow, withdrawable only upon com-
Invest,
in 1938 as
notes
$
869,024,635 1,048,309,493
pletion of addition to property..__
in and advances to sub. cos. not consolidated
-
Henry L. Doherty, President, says in part:
lic
on
1937
S
*
& other props., incl. intangibles
Public utility, petroleum
appointed registrar of the preferred stock.—V. 148, p. 2263.
Cities Service Co .—Annual
'
*
(net)...
-
-
527,229
4,517,229
^
'
Total
a
—
—
1,080,068,702 1,269,032,513
Capital surplus,
b Represented by $10 par shares, c Represented by no par
d On preferred and preference stocks of Cities Service Co. ot Dec. 31,1937.
shares,
Financial
2420
Comparative Income Account
City Water Co. of Chattanooga—Annual Report—
1938
Int. on Investments in bonds of sub* cos
1937
1936
32,436,768
.»
$2,368,374
$2,580,062
pref. stock of certain sub. cos....---
614,257
3,056,231
4,251,093
1,771,401
7,883,982
2,099,432
1,609,491
9,348,645
8,023,627
4,448,367
Int. & divs. on investments in ana aavances to
affiliated and other companies.——;
I rit. on indebtedness
from subsidiary
.
companies
—
3,071,074
_
Maintenance.
26,669
59,042
1,586,806
1,382,344
825,030
414,029
Cities Service Co. retired through sink, fund
$886,766
248,389
392,142
$881,057
236,248
%W7,TI2
37,495
Other......
33,2/7
473,228
Interest
on
237,258
34,904
ilo'Zof
141.205
190,800
4,856
18,745
1,421
158,631
51,728
190,800
3,059
18,745
1.396
190,800
3,580
18,74o
1 >246
$151,067
$166,418
$174,626
157,596
.
...
52,579
,
funded debt
— ...
Other interest charges——<
book value of debentures of
Excess of par over
$875,542
1,729
_
Reserved for retirements
383,111
1,860
Int. on notes & accts. rec. & sundry receipts—
_
$879,758
1,299,
Taxes—Federal income
2,696,722
affiliated
Net profit on securities of subsidiary,
and other companies sold——
$884,795
1.970
— —
Gross earnings
Operating expenses.-.---,——---
collected
engineering fees
and
Management
.
of subsidiary companies.
1936
1937
1938
Calendar Years—
Operating revenues
Non-operating income
543 724
Divs. on common stocks of certain sub. cos...
Divs. on
April, 22, 1939
Chronicle
(Cities Service Co.)
Yean Ended Dec. 31
Amortization of debt disc't & expense
Miscellaneous deductions—...
—
Amortization of purchase discount on bonds of
sub. cos. held for investment...,.
Gross income..
Interest on debentures....
...r
Franchise, cap. stk., deb. coupon & other taxes
1,334,736
58,466
207,952
97,193
9,386,782
352,009
378,011
380,816
304,971
*1,079.166
550,000
CV5.497.141
-
•
of sub., affii. & other cos. sold
Provision for Federal income tax*.—
...
Net loss
on sees,
Operations of subsidiary companies (net).....
Proyislon for contingencies—
Net
x
1,767,825
1,186,847
59,869
262,472
118,747
9,648,493
108,881
199,171
9,133,397
575,089
——
Amort, of debt discount and expense
1,765,639
758,629
807,241
41,520
obligations
& accts, pay. & other
on notes
^Liabilities—Funded debt, $3,816,000; accounts payable, $168,246; accrued
interest, dividends and taxes, $152,725;
133,079
deposits, $111,698; other deferred credits and liabilities, $2,251; retirement
reserve, $392,742; contributions for extenisons, $68,307; preferred stock,
$1,000,000; common stock, $1,740,300; surplus, $91,079; total, $7,543,349.
V. 132, p. 2759.
Cr2,116,39I'
(f^po.ooo
2,000,000
$9,615,714
$6,965,496
Columbia
Broadcasting
customers' security and extension
System,
Earnings—
Including surtax of $768,167.
1937
$
.
Subs.)—
(&
Inc.
'
.
Apr. I '39
$9 ,705,793
13 Weeks Ended—
'
Apr. 2, '38
Gross income from sale of facilities, talent and wires $9,984,345
(Cities Service Co.)
Sheet Dec. 31
1938
.
balance Sheet Dec. 31,1938
,
Assets—Property, plant and equipment. $7,097,894; miscellaneous in¬
vestments, $1; cash in oanks and on hand, $28,168; accounts and notes
receivable, $46,194; materials and supplies, $16,355;'prepayments, $11,524;
unamortized debt discount and expense, $324,144; unamortized preferred
stock commission and expense, $16,142; other deferred charges, $2,927;
318,608
$5,293,702
Balance
—
370,o22
.
200,000
income.....
Assets—
v
$18,048,446 $23,483,500 $20,715,569
—
Admin., management & engineering expenses.
General, leagl and other expenses, j..
..."
Depreciation of furniture and fixtures
—Int. on indebtedness to sub. companies
Int.
Netincome—.
'
.159. 665,131 228,866,176
Indebtedness of subsidiary companies..—
..—.139, 705,365 153,637,987
Co.'s proportion of undis. surp. less deficits of sub. cob...
——al36,622,838
Discount and expense on original issue of pi'ef . & common
2,775,711
stocks, organization, &c.
24,747,992
Other investments and advances..
23, 756,566
1,486,502
Development & exploration expenditures on foreign props.
131,532
240,671
Office furniture and fixtures, less reserve...—....
14,400,401.
Cash in banks and on hand——*
30, 221,941
Securities of subsidiary companies..J
—
Profit.
—
—
—
—...
2,985,571
2,998,226
——
$6,998,774
$6,707,567
3,670,877
1,377,755
11,938
139,368
3,690,420
1,479,748
commissions....
Time discount and agency
Investments in and advances to sub. cos,:
-
—
.
Operating expenses
Selling, general and administrative expenses.
Interest!-.-—i—
—
--„ —-
—
__...
—"'
.
12,753
137,624
.Depreciation......*.— ;
...
—
Federal income taxes. —324.525
265,180
$1,474,310
$1,121,842
....
Profit—
Misceil. income (net) incl. interest, discount, divi-
—
427,748
604,662
1,533
21,544
Accts. rec., personnel Unci, officers & directors of sub. cos.).
Unamortized debenture discount and expense...9, 263,383
92,777
2,707
10,127,598
8,117
959,096
Loans, notes and accounts receivable...
Prepaid expenses—*
—
■--
—
-•
———————
...
Other deferred charges;
.......
*P*
27,403
Net
x
profit for the period—
Earnings per share
.
20,670
29.685
$1,494,980
$0.87
dends, profit and loss on sale of securities.
496,168
Accrued int. on securities of sub. and other cos
$1,151.527
—
—
...—
$0.67
x Calculated upon the
1.708,723 shares of $2.50 par value stock either
outstanding at April 1, 1939 or to be outstanding upon completion of ex¬
change of old $5 par value stock.—-V. 148, p. 2262.
'
Total.
363,807,523 574,484,030
i..
Columbia
Liabilities—r
Preferred and preference stocks...
Common stocks
—....—
Debentures of various maturities, 1950 to
Held by public.. ——.......
1969:
———.
Indebtedness to subsidiary companies.—
—
Interest
accrued
coupon deposit accpunts of sub
.
2,656,874
—
2,462,950
1,040,303
358,975
377,274
;—'.
securities of Richfield Oil Corp*;.
—
Accrued taxes and other charges...j
Provision for Federal Income tax
c
3,182,517
———
cos
—
on
176,372,406 181,577,685
3,351,069
3,159,769
5,713,200
6,086,000
549,100
i—....
Interest
409,343
587,830
27,633,798
—.
Reserve for accrued undeclared cumulative dividends
Reserve for contingencies....
General reserve against certain investments
.
1,168,117
247,553
1,079,166
7,305,959
5,366,536
8,460,926
.....
.
tion of het undistributed surplus of sub.
Earned
—i
surplus
...
cos..
5,293,702
.
363,807,523 574,484;030
— .
r
After deducting surplus of sub. cos. at respective dates of acquisition,
b Capital
surplus,
c On preferred and preference stocks to Dec. 31, 1937.
d $10 par.
e No
par shares.
'
a
Acquires Oil
Company'
This company, through its affiliate, Arkansas Fuel Oil Co. of Shreveport,
La.,-has acquired Orange State Oil Co. of Miami, Fla., through the acquisi¬
tion of a majority of its common stock.
The purchase price was not
^revealed, but it is believed to be mors than $1,500,000.
►
Orange State Oil Co. has odean terminals at Miami, Jacksonville, and
Tampa, and has Urge terminals in several other cities in Florida,:—V. 148,
p. 2262/
:
"
■
»
■
.
Citizens Utilities Co.
Calendar Years—r
Total operating income-i
■
>
1938
10*17
131,898
150,958
15,127
216,370
1936
$1,729,965
806,143
111,124
141,067
24,188
174,874
$497,241
15,166
'
$472,568
5,110
...
$1,869,437
$1,924,118
859,611
126,279
146,200
13,635
912,523
(other than income taxes)
Federal and State income taxes.——
Operating
expenses-
Maintenance
Taxes
Provision for depreciation.....
232,813
-
.
$490,898
9,300
'
Gross income
Interest
on
'
—
funded debt.
...
$500,198
289,656
$512,407
280,154
$477,678
280,228
2 % normal tax and personal property
taxes
refunded
Interest on 3% income notes for year
.
—
Edison Co.—41% of Debentures Sub¬
for—A statement issued by James Simpson, Chair¬
April 18, says:
'
scribed
.
At the close of business
April 17, more than $10,400,000 of the final block
$25,283,300 of convertible debentures, Z%% series due 1958, had been
taken through the exercise of subscription warrants.
The amount sub¬
scribed to date is 41% of the offering.
The subscription period terminates
April 28 and, therefore, has 10 more days to run.
With 10 days to run.
the corresponding percentage was 37. in the December offering.
The company pays interest at the,rate of 3 lA % per annum from the date
of
it collects the
subscription price.
Weekly Output—
■*
/
pommonwealth Edison Go. group (inter¬
deducted/for the week ended April 15, 1939, was 138",6z3,000
kwh., compared with 119,027,000 kwh, in the corresponding period last
year, an increase of 16.5%.
The following are the output and percentage
comparispns for the l ist four weeks and the corresponding periods last year:
.
The electricity output of the
company sales
Week Ended—
Apr.
Apr.
Apr.
—
Other income deductions
......
52,553
52,784
.
6,649
52,339
,14,235'
...
-
$157,989
$165,233
1938
,
:
Increase
16-5
9.7
<
119,027,000
125,573,000
121,360,000
123,155,000
'
2263.
14.3
8.3
"
Commonwealth Investment Co.—Asset Value—
Company reports that on March 31 the company's capital stock had net
value of $3.20 per share.
This compares with $2.50 per share on
March 3!, 1938, apd represents a gain, including dividends, of 34.4%.
Analysis of the company's investment portfolio shows that since a year
ago the company has substantially increased itk holdings of bonds and
preferred stock.
On March 31 there Were*202 securities in the investment
portfolio.—V,'148, p. 435.
'
.
asset
„
.
$138,462
Percent
Output
—
—V. 148, p.
Commonwealth Utilities Corp. (& Subs.)—Earnings—
Calendar Years—
1. Jil
Net income
_——Kilowalt-hovr
1939
15
138,623,000
8—L
137,718,000
I..
—138,728,000
Mar.. 25-.
133,416,000
"
Net income from operations—
Other income.——*
Suit,,
;
(& Subs.)—Earnings\
Corp.—$52,666*926
Commonwealth
bl2,872,259 a78,876,072
.
——————
v....j. +
Electric
,
man,
Total—
&
Judge John P. Nields of the U. S. District Court (Del.) has granted a
brought by Ben Williams, Jr., trustee of Inland
Gas Corp. for triple damages of, $52,666,926 and counsel fees of $500,000
against the corporation.
«
'
The Securities and Exchange Commission, Aoril 13, denied an application
by a bondholders protective committee for Inland Gas Corp. bonds asking
permission to intervene in the hearing on Columbia Gas & Rlectric COrp.
integration plan.
However, the commission granted Richard B. Hand, attorney for the
committee, permission to cross-examine Witnesses, providing issues "are
not unduly prolonged."
Whether or not the committee will be permitted
to file a brief in the case will be determined later, it was announced.
A petition filed by the City of Toledo, Ohio, to intervene in the ease
probably will be granted, according to commission circles.~V. 148, p. 1952.,
Surplus from all sources (net), incorporating co.'s propor.
Gas
Dismissed—
motion for dismissalof suit
Consol. Cities Lt., Pr. & Trae. Co, 1st lien 5%
Accounts payable...
Purchase commitments
06,856,575
d37,04Q»668 el85,715,850
....
(asubsidiary).,..
gold bonds..
Owned by Cities Service Securities Co.
82.489.0*5
.
—...—
—
Operating
Operating
1938
$3,670,451
expenses,
including taxes..
1937
$3,920,32.3
* 2,886,361
$976,283
28,381
$1,033,962
39,546
$1,073,508
279,752
3,011
12,993
2,933
Crl43
3,207
Cr8,646
$707,793
....
2,694,168
$1,004,663
267,106
2,789
24,185
.
revenues of subsidiaries'.—
Consolidated Balance Sheet Dec. 31
1938
1937
$
$
Assets-
plant &
Property,
equipment
9,734,606 10.023,377
Dep. to guarantee
...
.
fulfillm't of
con¬
tract
Invest,
25,000
in
vances
&
to
25,000
ad¬
517,424
investments
533,356
137,652
"¥,186
•
349,347
440,000
deposit...
9,931
9,905
U. S. Govt. sees..
8,100
15,800
Notes, warrants &
276,250
7,092,195
7,100,840
Accounts payable.
Customers' depos.
63,752
92,426
73,007
84,131
notes, &c_
130,604
Accr'd Fed., State
and local taxes..
65,756
70,983
Accrued Interest
.
276,250
on
Instal. acc'ts rec..
3~8~5l6
Unbilled income..
44,437
Deferred liabilities
27,323
Reserves
2,945,328
—
38.471
61,580
57.472
370,060
Earned surplus
369,735
43,189
1,455
249,500
11,520,674 11.848,108
-V. 147, p, 2862,
$369,300
$448,643
15,018
15,056
25,002
Minority interest..
Balance of earnings of subs, applic. to C. U. C.
Propor. of deferred divs. on cum. pref. stocks of
subs, applic. to C. U. C.—deduct&i above
Other income of C. U. C
...
22.390
$406,708
36,750
$488,701
39,099
$369,958
$449,601
110,215
110,578
Balance applic. to com. stocks of C. U. C'
Common dividends (both series)
.....
22,736
long-
299,400
783,191
152,478
165,463
16,608
Balance applic. to capital stocks of C. U. C
Divs. on preferred stock of C.U.C..
35,006
Total
163,200
16,331
preferred stocks
$259,743
$339,023
263,042
Expenses, taxes and other deductions
Deferred charges &
term debt
158,962
on
Total...
1,326
128,526
-
Sinking fund appropriations of netincome..
311,485
1,911
Reacquired
:
23,881
3,289,405
in
370,705
121,454
21,217
exps
....
Netincome..
Capital surplus
Interest receivable
prepaid
long-term debt
Dividends
228.754
Material & supplies
Other assets
on
Interest charged to construction
accr'd liabilities-
Contributions
Gross income
Interest
Amortization of debt discount and expense
Other interest
Other deductions.
88,451
250,982
....
132,700
.
aid of construct.
accounts rec
Operating income....
Non-operating income..
$
Other current and
3,680
Miscell. invests
Cash..
1937
$
Com. stk. (par $1)
Long-term debt.
come
(sub .not consol.)
Special
,
funded debt, in¬
Cent.
Am. Pow. Corp.
Other
1938
Liabilities—
Total.
—
11,520,674 11,848,108
...
219,209
Note—The statement does not include non-recurring income; nor does it
include net debits of $63,277 to contingent reserves in 1938 and net credits
of $1,193 in 1937.
Volume
Financial
148
Offering to Preferred Stockholders—This issue of preferred stock, series B
%, is offered in exchange, share for share, to holders of preferred stock,
Consolidated Balance Sheet Dec. 31, 1938
Assets—
Liabilities—
$1,594,092
7,182,170
Property, plant & equipment
(incl. intangibles)
.$23,179,160
c
aNetamount
Pref.stocks—sub. cos
— _
Investments
2,503,907
_
—_
15,901
Sink. &miscell. special funds.
71,963
Common stock
21,776
Notes not currently receivable
b Preferred stock
Mln.
Cash
632,799
int.
in
3,628,250
&
stks.
com.
surplus—sub. cos.
Long-term debt
Notes
•
payable—banks..
Special deposits
17,214
Accounts payable
Notes and loans receivable
16,591
Dividends declared.
Accounts receivable (net)—
284,905
Interest receivable
251
Materials, supplies and mdse.
Other c urrent assets
182,192
195
526,792
5,594,200
950,477
139,706
—56,213
8,871
Matured interest........—
97,863
Customers'deposits
220,057
59,203
19,297
687,063
4,928,646
87,402
Taxes accrued
Interest accrued.
—
44,285
Other current liabilities.
Unamort. debt disct. & exp__
11,319
Deferred credits..
Other deferred debits
55,464
Reserves..
Prepayments
—
.....
Contribs. in aid of construct'n
Arreagesin divs.onpref.stks.
of 8Ub.cos.__...
Earned surplus.
Total.
......
......
.$27,037,922
129,340
104,785
1,023,494
r
1
Capital surplus
—
$27,037,922
Total.
By which the book investments in stocks of subsidiaries exceeds the
adjusted net assets applicable to such shares at dates of acquisition,
b Represented by 768, $7 series A, 3,970, $6 series B and 12,464, $6.50
series C, all shares of no par value,
c Represented by 3,406 class A shares,
and 288,873 class B shares, both of no par value.—V. 146, p. 1546.
a
Commercial Investment Trust
Corp.—Options—
Corporation reports that options evidencing the right to purchase 61,057
common stock of the corporation were in existence as of March 31,
1939, as follows:
shares of
No
,
.
of Shares
Option
Under
Expiration Date
of Options
Price
100.
—
June 30, 1939
Dec. 31, 1941
$35.00
_
'
3,600.
520.
—
—
33.33
_
Dec. 31, 1939
Dec. 31, 1941
33.33
'
;
8,200.
3,200
—
44,856.
V
45.00
_
565—
_
:
—
i
—
.
_
—
—
—
—
—
Dec. 31, 1939
Dec. 31. 1940
45.00
—
45.00
——
Dec.
32.00
——
16...:
—V. 148, p. 1637.
21,1943
At will of company
45.00
1
2421
Chronicle
series A
5%, with adjustment of accrued dividends by payment of $0.04 1-6
by the company
This offer to referred stockholders will
per share in cash
.
expire on April 21,1939, at 2:30 p. m. (EST).
To effect acceptance of this
offer of exchange a preferred stockholder's stock certificate must be deliv¬
ered with the acceptance of offer of exchange and in accordance with the
instructions thereon, at the office of the company, 132 West Fayette St.,
Baltimore, before expiration of this offer.
The preferred stock, series B
%, will be issued in exchange in Baltimore on May 1, 1939 (alter all of
the company's preferred stock, series A 5%, shall have been called for re¬
demption but before the date fixed for such redemption).
Business—Company was incorp. in Maryland June 20, 1906, by consoli¬
dation of two former corporations, Consolidated Gas Go. of Baltimore
City and Consolidated Gas Electric Light & Power Co.
It has subsequently
acquired all or part of the properties and businesses of a number of other
companies, some of which previously had, and some had not, been subsidi¬
aries of the company.
Company's principal business is the purchase, production and sale of
electricity ana artificial gas.
Company and its predecessors have been
engaged in the production and sale of gas since shortly after the incorpora¬
tion of the first predecessor in 1817, in the production and sale of electricity
since 1881.
Other business of the company includes: Sale of
as and elec¬
trical appliances and allied merchandise: production and sale of steam;
operation of a cold storage warehouse business, including loans to custom¬
ers; operation of office building for use by the company and its tenants;
and, by a wholly-owned subsidiary, purchase and sale of natural gas in a
limited area in Maryland.
Company is now furnishing, without competition from other public
utilities, electricity and gas in the City of Baltimore and adjacent territory.
Electricity and gas for industrial purposes are supplied to a variety of users.
The population of Baltimore, according to the 1930 census, was 804,874.
Company's electric lines extend throughout Baltimore County, most of
Anne Arundel, Howard, Harford and Carroll counties, and portions of
Prince George's, Calvert and Montgomery counties, including the munici¬
palities of Annapolis, Aberdeen, Arundel-on-the-Bay, Bel Air, Bowie,
Chesapeake Beach, Hampstead, Havre de Grace, Laurel, Manchester,
North Beach, Sykesville and Westminster, and the former municipality of
Ellicott City.
The total population of the territory served with elec¬
tricity is estimated to be about 1,176,000.
Company's gas distribution system extends into portions of Baltimore,
Anne Arundel, Howard, Harford, Carroll and Prince George's counties,
including the municipalities of Annapolis, Aberdeen, Bel Air, Havre de
Grace, Laurel and Westminster, and the former municipality of Ellicott
City.
The total population of the territory served with gas is estimated
to be about 1,000,000.
Capitalization Giving Effect to Present Financing
*
Outstanding
Authorized
Community Power & Light Co. (& Suhs.)—EarningsOperat ing revenues.
Operation
...
Taxes
$152,836
Net oper. revenues.
222,343
483,287
272.645
422,593
...
Series
N3M%, 1971
03M%.1968-_-
Series
—
•
!
$150,681
v
37,897
•
$1,899,058
5,870
$1,904,928
453,263
$155,819
38,098
$1,451,665
$117,721
$112,784
5,079
Interest to public.
Interest to parent co
*
39.779,
2,593
70,485
70.582
841,474
$1,748,483
2,723
mtge. 4^s, 1954
Indebtedness to Mayor
265,673
$1,485,533
28,476
836,941
.
•
'
N
1,027
1,025
304
12,308
3,111
20,712
237
$35,858
$43,314
$554,792
$596,784
103,045
1,675
99,210
5,824
$450,072
450,072
$491,750
491,750
834,811
6,662
827,56i
■■■■. 9,380
5,824
6,998
186,449
& expense
Miscell. inc. deducts
—
—.—
Dividends paid and
To
accrued
public.
on
Balance applicable to parent company
„Bal. of earns, applic. to parent company
Earns, from sub. cos. deducted in arriving at above:
interest earned
Interest not earned.
Preferred dividends
1,675
—
Other deductions—
___•
'
!■
♦
Common di v. from sub.—not consolidated
a
Other income
a
—
_______
.
.
$1,424,890
Total
a
Amount available for dividends and
a
Includes
shares
6,393•
125,029
247
_
Expenses, "taxes & deductions from gross income.
.
2,620
preferred stock—
....
To parent company
.
$125,029
882,6p0
_
surplus...
_
$542,240
306
$1,528,168
891.740
$636,428
representing amount assigned to
Public Utilities, Inc., received as a
(1938—$186,443)
of common stock
dividend.—V.
of
General
148, p. 2263.
Consolidated Gas Electric Light & Power Co. of Bal¬
timore—Preferred Stock Offered—Subject to exchange rights
of present
preferred stockholders, public offering was made
April ,18 of 223,063 shares of 4J^% cumulative series B
preferred stock (par $100) at $112.50 and accrued dividends,
by an underwriting group headed by White, Weld & Co.
The offering was delayed last week because of unsettled
conditions abroad.
The
shares
being offered by the underwriters are those
shares not required or reserved for issue to holders of the
existing series A 5 % preferred stock of the company and the
offering is subject to the allotment and to the existing pre¬
ferred stockholders' prior right of exchange.
The new pre¬
ferred issue is being first offered in exchange, share for share,
to the holders of existing series A 5% preferred stock.
This
-
April 21 at 2:30 p. m. (EST).'
•
'
offering group include: The First Boston
Corp.; Minsch, Monell & Co., Inc.; Spencer Trask & Co.;
Joseph W. Gross & Co.; Harriman Ripley & Co., Inc.;
Lee Higginson Corp.; Bonbright & Co., Inc.; Alex. Brown
& Sons; Jackson & Curtis; Goldman, Sachs & Co.; Kidder,
Peabody & Co.; Baker, Watts & Co.; Robert Garrett &
Sons; W. W. Lanahan & Co., and Mackubin, Legg & Co.
The 223,063 shares of series B 43^% preferred stock being
offered is part of 500,000 shares of authorized preferred stock
of all series.
The new series B preferred stock is redeemable
at $115 plus accrued dividends for five years and at $1 less
thereafter for three-year periods until the redemption price
right expires
Others
—
—x
—
-
par)__.
s.
Purpose—The 223,063 shares of preferred stock, series B4K%, are being
offered, in exchange, share for share, to the holders of existing preferred
stock, series A 5%, and shares not so exchanged (less shares reserved by
the company) will be sold for cash to the underwriters.
The proceeds
of the shares sold to the underwriters, after payment of the expenses of the
in connection with the issue and sale oir exchange of the preferred
such additional funds, if any, as may be necessary),
applied to the retirement (by redemption or otherwise) of the
unexchanged shares of preferred stock, series A 5%, and the remainder,
if any, will be applied toward reimbursement of the company's treasury
for capital expenditures made since April 30, 1934.
be
22,500
-
223,063 shs.
a
-
2,000,000 shs. 1,167,397 shs.
—
Mortgage bonds of all series limited to $100,000,009 outstanding at
time.
Closed mortgage except that $3,400,000 may be issued to retire a like
amount of 5% bonds outstanding due July 1, 1939.
x Created by contract of Annapolis & Chesapeake Bay Power Co. dated
Aug. 30, 1923, assumed by the company in 1933 in connection with the
purchase of the properties of the Annapolis company.
By articles supplementary to the company's charter, dated April 6,
1939, 223,063 unissued shares of preferred stock, series A 5%, were reclassi¬
fied by directors as preferred stock, series B 4H %•
On April 14, 1939, all
or any part of 223,063 shares of preferred stock, series B4M%, was author¬
ized by the board of directors to be offered in exchange, share for share,
for preferred stock, series A 5% (which will be called on or about April 26,
1939, for redemption on or about June 26, 1939, at 110 and accrued divs.),
and the shares not so exchanged (or reserved by the company for exchange)
x
„
y
'
be sold to
to
u
"
the underwriters.
•;
Underwriters—The names of the principal underwriters and the respective
of the preferred stock severally underwritten by each,
number of shares
are
follows:
as
Shares
Shares
White, Weld & Co
52,513
First Boston Corp
34,500
Minsch, Monell & Co., Inc.. 26,000
Spencer Trask & Co.
12,500
Joseph W. Gross & Co
10,000
Harriman Ripley & Co., Inc. 10,000
Lee Higginson Corp
10,000;
Bonbright & Co., Inc..
—
9,000
Alex. Brown & Sons
8,000
Jackson & Curtis—8,000
Goldman, Sachs & Co.
6,000
Kidder, Peabody & Col,—
6,000
Baker, Watts & Co
5,OCX)
Robert Garrett
Sons
5,000
W. W. Lanahan & Co.
5,000
— .
—
—
—
—V.
148,
p.
2264.
'
Stein Bros. & Boyce—
Clafiin, Hubbard # Jenkins Co. 1,500
Yarnall & Co..
—
1,000
Marburg, Price & Co—
Johnston, Lemon & Co—
Mead, Irvine & Co
Edward D. Allen & Co
500
300
300
250
Simon J. Block & Son
250
Owen
250
Daly & Co—_
J, Harmanus Fisher & Sons..
John D. Howard & Co
Walter Koppelman
— _
250
250
250
Henry G. Riggs——
250
Trail & Middendorf, Inc
250
250
C. T. Williams & Co., Inc.—
5,000
Mackubin, Legg & Co.
2,350
2,350
Frank B. Cahn & Co
v
.
.
^
Corp.—Earnings—
Consolidated Laundries
3 Months Ended—
Mar. 25,
loss after deprec.,
'39 Mar. 26, '38 Mar. 27, '37 Mar. 21, '36
Net
Earns, per sh. on
Before
-
—
400,000
„
$11,726
pfx$49,049
Nil
.11
Nil
Nil
shares common stock."
x
'
prolx$ 1,665
$16,060
interest and taxes
Federal surtax.
1
Consolidated Balance Sheet
-
a
-i
$363,492
__________
Accounts
$319,902
Notes
Notes and acc'ts
211,929
1,168,318
receivableInventories.-
Mtge.
*.
year.—..
93,617
b
_
6,537
15,280
Fed. Income tax—
84,573
84,573
Salesmen's & other
77,762
77,762
Conv.
59,478
gold
nulldings,
machinery & de¬
Land,
1st
57,440
395,000
395,000
327,125
deposits
stock
—-
75,000
186,070
6,537
101,526
263,570
Pref. stk. dlv. pay.
Labor
________
Treasury
(cost)
c
75,000.-
,c„
payable in 1 year
bonds dep. with
of
196,251
Pur. money mtges.
83,023
U. S. & municipal
Dept.
200,000
bonds due In one
receivable
—cost.
$200,754
209,519
lstM.6%ser.gold
1,242,082
longnotes and
term
$89,511
payable-
payable——
Accruals'.
201,320
and
acc'ts
Mar, 25'39 Mar. 26'38
Liabilities—
Afar. 25'39 Mar. 26*38
Assets-
Cash,
429,125
10-yr,
notes._
M.
6%
—
series
75,000
bonds
livery equipment
3,908,139
4,183,723
Deferred charges._
94.418
1
123,920
Purchase
money
1
mtges.
payable.
Goodwill—
Res. for workmen's
com pen.
90,694
348,600
95,488
Ins., <fcc
Preferred stock
348,600
—
d Common stock..
Capital surplus...
2,000,000
854,401
2.000,000
854,401
1,262,738
Earned
becomes $110.
-will
6,100,000
and City Council of
any one
on
stock (together with
3,400,000
Closed
y
Preferred stock series B 4H%
in the
company
y
*
—
out interest—
$1,751,206
'
Amort, of debt discount
Net income.
(28,440,000
Consolidated Gas Co. of Baltimore City con¬
solidated 1st mtge. 5s, July 1, 1939
Common stock (no
.
•j 22,145,000
— -
Laurel, Md., payable $2,500 annually with¬
Retirement accruals
Gross income
($7,076,000
-
Consolidated Gas Lo. of Baltimore City gen.
$157,754
Drl,935
LV2.155
Non-oper. income (net).
$4,386,209
1,942,487
$4,640,103
2,035,415
$382,810
168,893
17,561
38,602
$383,187
.170,485
17*,826
42,039
____
Maintenance
Balance
1939—12 Mos.—1938
1939—-Month—'1938
Period End. Jan. 31—
1st ref. mtge. sinking fund bonds:
Series M 3 3^ %, 1965
- -
surplus.
—
i
1,099,908
.$6,002,249 $6,316,306
a After
reserve for doubtful accounts of $47,056 in 1939 and $36,673
in 1938
b 7,832 shares of common stock,
c After reserve for deprecia¬
tion of $5,285,884 in
1939 and $5,061,489 in 1938.
d Represented by
Total.
Total
$6,002,249 $6,316,306
400,000 no-par shares.
Notes Called—
All of the outstanding
•
•
•
,
($400,000) convertible 6 y2% 10-year sinking fund
redemption on June 15
at the Irving Trust Co.,
gold notes due April 15, 1941 have been called for
at par and accrued interest.
Payment will be made
New York City.-—V. 148, p. 1166.
Financial
2422
148.
Pratt has been elected
2117
p.
a
1939
Cornucopia Gold Mines- -Earnings-
Congress Cigar Co.—New DirectorStewart C.
-V.
April 22,
Chronicle
director, succeeding D. A. Jenks.
Operating expenses
Consolidated Edison Co. of New York, Inc.—Output—
$135,726
85,152
10,777
10,518
$173,419
114,075
11,173
12,523
_ —
General A admin, expenses..
Company announced production of the electric plants of its system for
16, amounted to 135,100,000 kilowatt hours, com¬
pared with 123,200,000 kilowatt hours for the corresponding week or 1938.
an increase of 9.7%.—V. 148, p. 2203.
1938
1939
3 Mos. End. March 31Net metal recoveries
.
Deprec., depletion & amortization.
the week ended April
Continental Gas & Electric Corp. (&
Maintenance
expense..
Depreciation -1
Provision
for
-
-,
■
p.
1937
1936
$2,473,348
$2,359,597
121,741
238,160
478,885
103,185
831,790
126,114
249.007
451,237
94,961
748,470
161.247
x227,641
$684,366
12,316
$676,039
12,877
$736,538
206,653
$696,682
189,581
304,499
$688,916
187,862
305,352
124,237
2,068
129,170
Purchased power
Purchased gas
—.•—
—
— ——
Maintenance.
3,078,717
1,507,015
...I—
—
—
-
Taxes—Incl. Fed. inc. taxes of subs.
-$11,143,981 $12,043,937
,
47
Gross income
Total net earnings.
;
Interest on funded debt
Amortization of debt discount and expense...
.
—......—
-
Dividends on preferred stocks held by publicMiscellaneous deductions
:
-
-
-
....—-
$11,123,867 $12,043,984
3,386,319
3,390,000
222,259
214,569
1,067,548
1,067,547
30,309
Cr5,289
— ---
Depreciation and depletion.
Balance.
"
Int.
on
.
352,396
6% bonds, ser. A.
6% inc.bds.,ser. B
146,106
coll. trust
Int.on coll .trust
.
:-..1------i—
Electric Corp. deductions—
_■
Interest
on
debentures.—
$6,417,432
.
....
$2,570,320
.....
$2,598,357
164,015
15,210
157,973,
059,930
—
156,026
Cr21,795
$3,415,855
Consolidated net income..
Dividends
Dividends
on
stock
■
Assets—
$
S
.
.198,361^500 193.568,314
Misc. liabilities.
Cash..
_•
receivable....
Mat'l & supplies
—
.
4,006,706
3,125,931
Acc'ts payable, i.
Accrued interest
Acer. gen. taxes
Fed. A State in¬
390,013
427,513.
Misc.
A mkt.
19,149
1,878,844
'86,115
30,558
liab.
175,905
Surplus...
379,507.
2,589,045
:
Mich,
Corp.
3 Mos. End. Mar. 31—
Pref. divs. (1 %)
Com. divs. (quar.)
-
..
Deficit—..........
Earnings per share on
2,530,000 shares com.
stock (par $25)'-
1937
1936
$3,780,217
321,227
$2,210,160
1,014,990
$2,649,409
600,581
$3,064,810
686,452
375,000
Total income
Federal & State taxes
1938
261,448
Depreciation
1939
$2,803,362
♦Netearnings
Other income
$4,101,444
788,652
390,000
$3,225,149
599,649
420,000
$3,249,990
$2,003,358
430,042
1,897,500
$2,922,793
430,041
1,897,500
$2,205,500
$2,799,990
430,041
1,897.500
430.041
1.897,500
$324,184
$0.62
sur$595,251
$0.99
*
4~50"5()5
$122,041sur$472,449
■
•
'
$0.70
$0.94
Net earnings from operations, after deducting charges for maintenance
and repairs and estimated amount of Federal taxes, Ac.—V. ,148, p. 1638.
'
.
and Berwick
periods)
A
Salmon
Falls
1939—12 Mos.—1938
$387,357
$368,763
224,845
-209,03d
31,335
3,660
26,790
30,273
3,885
28,672
$4,628,552
2,571,094
376,154
"46,146
293,626
$4,738,462
2,752,661
365,299
$100,727
9 7,438
$96,903
5,542
$x,341,532
72,207
$1,260,754
51,549
$108,165
32,745
.65
$1,413,739
392,969
Cr3,872
166,584
$1,312,303
400,739
14,893
$102,445
32,749
Cr2,962
13,095
$60,462
29,166
$59,563
29,165
$858,058
347,396
$748,068
299,051
Gross income
_
Bond interest
Other interest (net)...
Other deductions.
_
,
Net income
Pref. div. requirements-
•
37,184
322,561
Crl5,283
178,779
—V. 148, p. 2265.
■
Cutler-Hammer, Inc.—Earnings—
Earnings for 3 Months Ended, March 31,1939
,
Gross profit from operations... L
Selling
——
$646,516
379,387
86 >482
46,658
44,984
——
$89,006
——;
...
expensesGeneral <incl, ciciin iiri s traLi v e expenses......^..
...
.
Provision for depreciation and amortization
;
Social security and unemployment taxes
Profit from operations.....
Charges to
reserves for
z
....
32,303
inventory fluctuations A other conting- -
Net profit for the period.
——
—
$56,702
—.
Note—The above figures do not include provision for Federal and State
income taxes, which/cannot be
determined at this time.-—V. 148, p. 1801.
Dallas Power & Light
Co.—Balance Sheet Dec. 31,-1938—
Assets
Plant, property A equip....$33,221,870
Cash in banks^-on demand..
1,660,621
Special deposits.......
.
12,981
Accounts
receivable..
Materials and
Other
curr. A
355,324
supplies.--..."
Prepayments—„
accrued assets.
Deferred debits..—
Capital stock expense'.—.. j.
Consignments (contra).—...
,"
362,117
19,348
7% preferred stock
$6 preferred stock (no par)...
Common stock (262,500 shs,
no
par)
...
1st mtge. bonds,
Accounts
— —
Mat'd long-term debt A int.
277,460
9,853
Taxes
Customers'
deposits..
301,653
12,981
_
......
accrued...
Interest
accrued
t
liabilities.
Reserves—Property retirem't
Accident
Inventory
—
314,140
625,885
313,066
137,142
3,345
2,029,889
149,111
17,520
14,402
adjustment
Uncollectible accounts
2,783,561
Surplus reserve.x—:
751
Other
Consignments (contra)
Corporate earned surplus
$36,339,6631
5,250,000
3)4 % 1967. 16,000,000
Deferred credits—.——
Total...
$3,500,000
4,427,134
payable
14,193
405,896
3,000,000.
Company has no preferred stock authorized or outstanding.
Its only funded debt is represented by Its 5% note in the amount of $974,950
to the Reconstruction Finance Corporation.
George M. Clark has resigned as a director of the corporation and
Leslie L. Vivian of New York was elected a director on April 12, 1939.
Mr. Vivian was elected as the nominee of Van Alstyne, Noel & Co., who
are expected to be the underwriters in connection with the new
offering
of the company's common stock.
Subs.)—Earnings—
6,000
Light Co .—Earnings—
1939—Month—1938
The proposed offering of 551,348 shares of common stock would bring
the company's outstanding shares to the currently authorized total of
Corn Products Refining Co. (&
381,262
6,004
12,389,396 12,124,702
— —
Othercurr. & accr.
See also list given on first page of this department.—V. 148, p. 1801,
60,610
341,130,
Net operating income.
Non-oper. income (net).
mission
_
.
_
226,250
1,057,100
/
60,606
Federal (incl. inc.; taxes
Corp.—Registration Statement Filed
—Capital Expansion Planned—
,
Securities
Cumberland
Operating revenues
Operating expenses.,
Continental Motors
Mr. Angell stated that the company, which witft predecessors, has been
engaged in the design, manufacture and sale of automotive engines for
37 years, has in the past few years expanded its.activities and that
Continental engines now provide power for airacrft, farm, railroad, oil
field and industrial equipment, in addition to automotive engjneeffor trucks,
busses, fire fighting apparatus and boats. \
According to the Aeronautical Chamber of Commerce, Continental
Motors Corp. produced and sold during the first nine months of 1938
over 90% of all aircraft engines of 75 or less horsepower delivered in the
United States.
The design of certain of the company's products permits
their use for military purposes, including training ships, pursuit planes,
bombers and combat tanks.
A 500-h.p. single sleeve valve radial diesel
engine which is under development has a potential use in marine and
railroad transportation and for large, electric generating sets and lighting
plants.
"The company also manufacturers a natural gas operated engine suitable,
for powering air conditioning units and a line of natural gas operated
engines used iu jbhe oil fields.
In the company's 1938 fiscal year the total sales were diversified
among
seven major types of products, none of which aggregated more than 24%
or less than 6% or total sales.
■,"»
'
The company's two principal plants are located in Detroit and Muskegon,
Total.
Cumberland County Power &
State A municipal taxes.
Social security taxes
Total..—....222,763,768 223.887.365
over
12,389,396 12,124,702
Electric Co. for all
Including time deposit in 1938 and 1937 and working funds In 1937.
.
—
Period End. Feb. 28—
<
Corporation riled April 17 with the Securities and Exchange. Com¬
a registration statement covering an additional issue of 551,348
shares of common stock.
According to William R. Angel 1, President, the
major purpose of the financing is to secure additional working capital.
In this connection Mr. Angell pointed out that the improvement in sales
which commenced with the current fiscal year on Nov. 1,1938, has-carried
through to the present, each month showing a gain over the preceding
month.
The company's unfulled orders on April 1, 1939, were In excess
of $2,950,000, as against' approximately $2,400,000 on April 2, 1938,
an Increase of approximately 23.7%.
Sales of the company for the first
five fiscal months, ended March 31, 1939, were in excess of $2,900,000,
as against approximately $2,450,000 for the five months ended March 31,
1938, an increase of 20.4%.
March, 1939, sales set a nine-year high mark
for the month.
"
"
.
(Including
—V. 147, p. 276.
Net income
-
226,250
1,057,100
b Merchandise contracts discounted.—V. 147, p. 3453.
112,235
30,580,872
1,058,857
143,610
379,507
4,418,067
Paid-in surplus-
Total.—.222,763,768 223,887,3651
Total
596,650
curr.
profit,.'
Capital surplus.:.
1,832.620
596,649
_.
Acc'ts ree. from
cos.
1,280,573
Deprec. reserve. ; 31,549,459
Other reserves
1,053,024
Contrib.forext.
165,944
1,756,914
676,035
Reserves
Pref. shs. of sub..
1,482,357
1,993,722
1,256,351
1,964,169
taxes
423,320
Earned deficit
1,250,000
1,734,488
1,954,501
payable..
come
Dlvs.
com.
.....
93,607
2,047,936
4,004,578
3,062,819
Defd debits—-
356,947
76
273,569
Com. stk. (1-par).
17,505,498
Prepayments
17,509,629.
136,742
' 35,442
374,208
5,049,000
50,000
25,959
124
256,018
13,604
25,959 Unred. ice coupons
101,948 Accrued items....
38,441 Deterred credits..
Notes payable of
sub. cos.....
Materials A suppls
.
—
8,945,801
securities....
♦
.
,413,428
5,878,101
J
Unbilled revs.2.
a
•
5,166,323
208,288
Accounts payable.
134,292
Consumers deps.. 97,649
b Notes receivable
47,784
debt.
Unrealized
stocks of subs.
Ac...
affiliated
Sub. co. long-term
3,432,000
Notes payable....
Long-term debt. 132,207,000 134,185,000
Def'd liabilities.
902,951
914,806
8,581,168
Pref. A common.
Peps, ot pay. of
dlvs. of pref.
paper
2,170
302,566
47,784
b Notes receivable
.
$
3,385,500
bonds, series B.
9,038,987
1,354,852
Acc'ts and notes
stocks,
10,652
287,410
284,484
1,799
285,261
9,687
156,474
Accts. receivable—
\
1937
$
8,627,064
debt
-
Coll. trust 6% inc.
Cash..—.
■
Special cash dep.. 1
Notes A warr. rec.
18,857,900
8,581,168
(no par)..
disc., prem. &
expense.:
Short-term
Liabilities—
$
900,197
Special deposits.
a
stock
Common
1938
1937
•$
and
plant
795,705
200,000
Investments..—
Unamort.
$
preference
7% cum. stk.
(par 3100)— 18,857,900
rights, tranche
Ac..
Assets—
Investments.....
Prior
Plant, property,
•
equipment, Ac..11,296,837 10,656,674
8,750
27,485
1937
8
Liabilities—
—- -
Consolidated Balance Sheet Dec. 31
»
Special deposits...
1938
1937
:
Prop.,
Consolidated Balance Sheet Dec. 31
1938
•
—...
$31,087
$78,364.'
$64,463
$9,990, additional provision for
1938
3,324,596
—....
■
x Includes
for comparative purposes
1936 Federal income and undistributed. profits taxes, charged to earned
surplus during the year 1937..
.
$4,501,531
1,320,053
1,320,053
prior preference stock-.-—-------
on common
295
....--.---
Netipcome
Expenses and miscellaneous deductions—ox — ..
Income from interest, dividends, &c-..........—
.
—
$7,377,156
Amortization of debt discount and expense..—162,246
Taxes...
134,780
—
—— ~ —
Fixed charges of divs. of subs——
Fixed charges of Crescent P. S. Co.:
Federal income taxes-
Continental Gas
(& Subs.)—Earnings—
$2,479,132
467,045
109,707
'
815,719
Total operating revenue
Operations
->20414
$32,686
Income from operations— — -—
$726,753
Non-operating income (net)9,785
120,000
Federal and State income taxes....i..
$37,331
1938
Years—
Calendar
of plant
—.. —
$29,279
3,407
- -
2713.
Crescent Public Service Co.
2,326,686
11,934,031
1,836,167
4,825,139
—.....
Net earnings from utility operations..—l...
Other Income (net).—.
— —
-----
147,
:
_
Federal A State income taxes..
Net profit before
-V.
1937
■
■
120,000
3,103,368,
1,340,950
— —.
amortization
for
•
1,804,470
11,945,831
1,944,871
5,074,734
.
...
reserve
■
-.$36,478,206 $37,671,692
.....
—-———_-------
acquisition adjustments.
State, local, Ac., taxes
Subs.)—Earns.—
1938
Calendar Years—
Subsidiary Operating Companies—
Operating revenues——
Electricity and gas purchased for resale -.
Operation expense
1.682
$35,648
miscellaneous income
Net profit before
Miscellaneous income
9,853
449,227
—$36,339,664
Total
x Surplus
reserve, provided for in the franchise from the City of Dallas
to be created and maintained out of net earnings after paying therefrom
the authorized return, is stated in the franchise to be
may be used as an
"available for and
equalizing fund to promote the orderly and economical
operation and development of the grantee's business and to provide for any
unexpected or unusual contingencies or reverses therein."
The surplus
reserve may be used for transfers to accident reserve, and to property
retirement reserve, and also for providing the continuous and consecutive
monthly payment of the authorized return to the extent that the monthly
net earnings available therefor may be insufficient.
The income statement for the calendar year was given in V. 148, p. 1320.—
V. 148, p. 1802.
-i
Dayton Rubber Manufacturing Co.—Listing—
The New York Curb Exchange has approved the listing of 176,839 1-3
stock, par $1, upon official notice of issuance, in substi¬
tution for a like number of shares of common stock, without par value, on
snares common
a share for share basis, with the authority to add to the
notice of issuance, 46,518 additional shares of common
V. 148, p. .1802.
list,
upon official
stock, par $1.—
Volume
Financial
148
Delaware Power & Light
12 Months Ended Dec. 31—
Total operating revenues
seven.
132,413
$1,936,886
16,792
$1,920,644
68,623
~
_
Operating income
Total non-operating income..
Gross income
long-term debt.
__
_
Miscellaneous deductions.
...
__________
committee
subject to the approval of the court.
The plan, as amended, has met with the approval of the first mortgage
bondholders' committee and the debenture holders' committee.
The United States Bankruptcy Act requires as a condition to the con¬
firmation of the plan that it be accepted by two-thirds of the bondholders
and
debenture holders
company,
on
filing
Dome Mines,
571 000
Devel.,oper.&
1939
$1,845,157
655,880
190,774
656,968
197,677
x
1937
Total income
figures restated for comparative purposes.
'
Assets—
1937
$
Liabilities—
$
x
Investments
Funded
90,096
Misc. spec, funds.
(incl.
Cash
90,096
3,803
Cust. & ext. deps.
285,500
Accounts payableAccrued accounts.
740,449
...
633.078
Notes receivable-_
11,030
Acc'ts receivable..
793,692
856,498
Mat'ls & supplies-
181,403
206,313
Deferred charges,.
780,257
Deferred
796,316
Total
x
27.045,761
11,466
De
Reserves
•
no-par
-
...
Contrib.
in
167,932
surplus.,726,047
The directors have declared
a
Total
x
v.
_
_
_
__
Income from utility operations
-
Gross corporate income
on funded and unfunded debt
Interest charged to construction..
Amortization of debt discount and expense...
...
$56,165,171 $57,991,057
41,043,969
43,654,719
$1,857,222
$1,765,577
30,135
Netincome—----------
$9,173,942
,
Including all operating and maintenance charges,
»'
741,633
519,730
771,446
760,326
267,22
265,797
$411,363
175,000
278,830
$372,745
256,250
$337,564
100,000,
are
643,587
431,418
$200,976
maintained in Canadian
Consolidated Balance Sheet Dec. 31
Assets—
Cash in
cl938
—---•
sinking funds, &c__
hand
on
securities
Applicances installed
on
rental
12,877
:
or
approval
Inventbries of materials and supplies
Other receivables
$8,360,416
appropri¬
cl937
$19,726,030 $19,861,214
298,443
168,857
2,406
1,976
140,589
71,466
450,479
403,200
1.
804,491
861,446
-
b Accounts receivable
Ad vs. to officers and employees
268,997
current
452,785
v
,
4,135
276,624
19,782
25,255
269,345
22,368
298,367
—
—
x
$1,816,471' $1,795,712
438,577
Fixed capital....
Marketable
270,546
23,317
-
$1,888^08
Investments, &c
Crl87,491
$1,793,155
31,386
•
.
445,110
dividends
$15,121,202 $14,336,338
Dr9,946
40,371
r__
1935
$4,244,159
2,478,582
currency are stated herein dollar for dollar in United States currency.
1938
Cash in banks and
f.
Interest
1936
$1,838,318
Netincome...-
$15,111,256 $14,376,709
5,854,259
5,747,295
.
.
1937
•
a
Other miscellaneous income.
Subs.)—Earnings—
Note—The account of the subsidiaries which
1939
•
106,897
$1,068,310
$4,514,499
$4,428,408
2,657,277 '
2,635,253
$1,814,407
—23,911
Gas & Electric Co
(& Subs.)—Earnings—
Utility expenses
106,114
$1,111,326
1938
depreciation
Prior ch'ges of subs, companies on obligations &
stocks publicly held..
Int. charges of Dominion
dividend of 55 cents per share on account
1
'
expenses
revenue
Preferred
Detroit Edison Co.
101,437
$1,097,776
v,
Prov. for amortization &
27,045,761 26,236,651
the $2.20 cumulative
12 Months Ended March 31—
Gross earns, from utility operations
$961,413
Net oper. revenues.^
preferred stock, no par value,
payable May 1 to holders of record April 24.
Similar distributions have
been made in each of the 22 preceding quarters.—V. 148, p. 276.
on
2,734
$1,005,212
$4,358,258
2,543,851
revenues
Other income
shares.—V. 147, p. 2680.
Met's, Inc.—Accumulated Dividend—
of accumulations
844
$996,339
'$1,034,437
Calendar Years—
Operating
Operating
168,088
—
2,165
$954,928
79,510
<(
"667,847
TotaL
1930
,
Dominion Gas & Electric Co. (&
of
aid
construction
Earned
26,236,651
Represented by 375,000
credits.
1937
$1,901,614 y$l,738,097
713,532
601,033
182,026
172,917
9,422,402
12,900,000
114,879
91,113
176,740
174,228
642,754
692,782
15,511
13,606
2,130,333
2,559,802
12,900,000
debt
3,895
time
deposits)
9,718,345
.
J
$
$
•
Common stock.
286,198
Special deposits.
1937
1938
Prop., plant & eq.24 ,158,737 23,353,580
with
y After deducting minority charges of $18,608.
Note—In the above figures no allowance is made for depreciation,
deple¬
tion, and adjustment of surplus or contingent reserve accounts.—V. 148,
p. 2264.
'
Balance Sheet Dec. 31
1938
filed
15,165
Miscellaneous earnings..
$1,370,755
1,275,000
$1,329,445
1.275,000
Dividends
be
1,766
Net income..
Net income.
should
1938
$1,824,737
gen. costs
Outside exploration written off
305
Acceptances
148, p. 1954.
Ltd.—Earnings—
Taxes
22,281
23,160
claims.
before May 29.—V.
or
3 Mos. End. Mar. 31—
Total recovery
$1,989,268
$1,953,678
571,000
22,281
23,826
5,217
1,908
Amortization of debt discount and expense
Taxes assumed on interest
Other interest
holders'
$5,422,393
2,197,737
183,723
649,971
262,151
87,914
120,253
_
_
_
Provision for State and local taxes
on
xl937
,
'
.
2423
The reorganized company will have a board of directors not exceeding
Six! original directors will be nominated by the first
mortgage bond¬
committee and one will be nominated by the debenture holders'
Co.—Earnings—
1938
$5,521,033
Ordinary expenses
2,251,963
Maintenance
173,650
Prov. for deprec., renewals and replacements!"I"
662,524
Provision for Federal income tax.__
269,866
Provision for other Federal taxes
93,731
Interest
Chronicle
317,557
—
Prepaid expenses and deferred charges
----
ations to depreciation or retirement reserve and accruals for all taxes.
Note—Figures in the foregoing statement reflecting net income for periods
prior to Dec. 31,1937 do not take into account any Federal surtax on undis¬
tributed net income, as tax returns indicated that no such tax was payable.
For subsequent periods, the company estimates that it will be required to
pay Federal income tax at the minirppm rate of 16H%-—V. 148, p. 1639.
Total
-r
—
Liabilities—
„Assets—
"
.
Accept, discounted
$
1,560,108
1938
1939.
Liabilities—
$
463,241
U.S. Govt, secursf.
Surplus
and bought under
resale
Interest
agreem*t-61,762,285 72,225,402
rec.
86,096
207,688
35,296
3,598,858
3,278,392
159,009
accr.
Sundry debits
Gash and due from
banks
v
5,000,000
2,684,901
-
Undivided profitsReserve for div
440,924
due
to
repurch.
370
Sundry credits..._
17,390
28,044
1. .67,166,356 76,210,019
Total.-........ 67,166,356
76,210,019
-V. 148, p. 436.
Detroit International
Hibbard,
Bridge Co.—Reorganization—
chairman of a committee representing holders of
Bridge,, Co. and Canadian Transit Co. joint first
mortgage sinking fund 63^ % gold bonds is notifying depositing bondholders
that the committee has approved and adopted a plan of r torganization,
dated July 1, 1938, as amended.
A meeting of holders of these bonds will
be held on May 31, at Windsor, Ont., in proceedings affecting Canadian
Transit Co. in the Supreme Court of Ontario, at which time the com¬
mittee has announced its intention to vote in favor of approval of the re¬
organization plan, on behalf of all holders of certificates of deposit who do
not file with the depositaries of the committee a written dissent from the
plan.
•
■
as
International
members of the committee are LeRoy Ballinger and Charles T.
Leslie B. Soper, 15 (Broad St., New York, is Secretary, and
Guaranty
Co., New York, and Toronto General Trusts Corp., Toronto, are
Other
Ellis.
Trust
depositaries.
•
'
;
Proceedings for the reorganization of these companies are also pending in
the"U. S. District Court in Detroit, under Section 77B of the
Bankruptcy
Act, and the same plan of reorganization is being sent to security holders
for acceptance in those proceedings. "
,
,
.
•
The plan of reorganization as amended has been approved by order of the
U. S. District Court for the Eastern District of Michigan, Southern Divi-*
sion, by order dated as of March 27, 1939.
The court has determined that
the plan, as amended, is fair, equitable and feasible and does hot discrim¬
inate unfairly in favor of any one class of creditors or stockholders.
The plan may be briefly summarized as follows:
Detroit International Bridge Co. is to be recapitalized so that the
only
issue of securities outstanding will be common stock, of which
approximatelj 92.3% is initially distributable to the holders of first mortgage bonds
and 7.7% to the holders of debentures.
For each $1,000 of bonds, including
all accumulated and unpaid interest the holder will receive 16 shares of
stock, and holders of the debentures will receive for each $1,000
of such debentures, including all accumulated and unpaid
interest, two
shares of common stock.
The total original issue will be 207,648 shares.
In addition, stock purchase warrants entitling the holders of the preferred
stock to purchase an aggregate of 7,027 and holders of common stock to
purchase an aggregate of 2,500 shares of new common stock at $12 per share
for
a period of two years are issuaole.
Thus, under the plan, the reorganized company will have an authorized
capitalization of 217,175 shares of the new common stock, of which 207,648
shares will be originally issued as follows:
To holders of first mortgage
To holders of debentures
bonds.
_
191,648 shs.
___
Total
98,771
84,396
752,496
679,027
———$22,034,224 $22,002,685
-
a. After general reserve of $1,707,414 in 1938 and
1937 and reserves for
amortization and depreciation of $6,868,843 in '38 and $5,518,654 in '37.
b After reserve of $55,197 in 1938 and $45,477 in 1937.
c See note under
147,
income account.-^Y.
p.
2390.
•-
,
Dominion Stores, Ltd.—Stock Delisted—
The common stock (no par) has been stricken from listing and registra¬
tion on the New York Stock Exchange.The application of the company
to reihove
the issue from listing and registration has been granted by the
Securities and Exchange Commission.—V. 148, p. 2122.
Dow Chemical
'
9 Months
x
Net
Co.-—Earnings—
En4ed Feb. 28—
profit
Earnings per share on common stock
L.
x After
int., deprec. & Federal income taxess,
148. p." 1321.
profits surtax.—V\
of
(net
.
1939
allowances,
&c.) & other oper.
revenues....
—
,
& Co. (& Subs.)—-Earnings
returns.,
outward freight,
1939
1938
$2,440,560
$3,044,258
$2.30
$3.10
but before undistributed
'
,
(E. I.) du Pont de Nemours
3 Months Ended March 31—'
Sales
-
1938
,
1937
V I
.
.
$66,641,738 $52,094,385 $74,062,665
-
Cost of goods sold & oper. charges..38.811,792
Sell., gen. & adminis. expenses
9,304,093
32,787,640
44,524,596
» 7;885,994
4,721,136
4,309,081
9,782,682
3,974,969
,
Prov. for
deprec, & obsolescence
Income from
$13,804,717
operations
from
not
$7,111,664 $15,780,418
37.289
107,308
25,708
65,000
65,000
105,000
investments..352,014
24,544
in Gen. Motors
222,046
110,389
802,490
7,500,000
2,447,383
2.443.918
Inc. from marketable securs
Inc.
—..
—
in controlled cos.,
invest,
wholly owned
Income from miscell.
Profit on securities (net)
.
-
Inc. rec. from invest,
Corp.---
— -
$21,783,564 $10,063,790 $19,157,534
13,188
13,188
14,188
Total income
Interest on
outstanding bonds
$21,770,376
Fed. taxes on income (inc .
for surtax on undistrib. profs.)
$10,050,602 $19,143,346
Prov. for
prov.
Netincome
stock
Divs.onpref. stock—$4.50 cum
Div3. on debenture
2,695,000
990,000
3,130.000
$19,075,376 $ 9,060,602 $16,013,346
1.639,396
1,639,396
1,639,3§6
562,500
562,500
16,000 shs.
Balance applic. to common
Total.
207,648 shs.
The remaining 9,527 shares will
be reserved for the exercise of stock war¬
preferred and common stockholders as above noted.
The reorganization by the issuance of only one class of common stock
appeared to be the only feasible course.
An attempt to issue any new bonds
or even preferred stock on
reorganization did not seem wise or practicable.
The Canadian Transit Co. will continue, as heretofore, to be a
wholly
owned subsidiary.
rants issued to the
.1.
"
•'
common
.
.
~—
11,215,000
519
r
,
;
„•—
Capital surplus
Earned surplus of Dominion Gas & Electric Co.
from June 30,1933.
----r--.------Earned surplus of subsidiaries..
agree¬
2,950,000
;
.—
Paid-in surplus
<
ments.
B.
Minority interest in subsidiaries
$7 preferred stock
Common stock (II par
50,997,622 52,097,365
Unearned discount
C.
—
75,000
'261,154-
banks &
customers..
Detroit
Consumers'deposit and accrued interest
Due to International Utilities Corp. (non-curr.)
Deferred liability.
1
Miscellaneous reserves
!
Loans payable and
U. S. Govt, secur.
Total.
__
2,533,087
75,000
..
_—
i__-
1
Accounts payable and other accrued liabilities
Accrued di vs. on pref. shares of subs.
Sundry reserves for
disc, taxes, &c._
funded debt..,.:
Other accrued taxes
5,000,000
5,000,000
$9,008,719
120,554
"20,630
19,741
55,798 '
63,903
217,769
204,538
127,492
110,530
193,476
251,436
17,853
17,974
558,773
532,365
31,423
>
44,076
39,114
«;
164,614
163,646
4,005,959
4,046,335
2,500,000
2,500,000
156,428
156,428
1,283,710
1,283,710
2,739,766
2,720,265
54,000
Provision for Dominion income tax.
$
5,000,000
on
xl937
$9,011,189
-
Municipal debs, instalments maturing
1938
$
Capital..
cl938
.•
Notes payable by sub. to bank
Corp. of New York—Balance Sheet March 31—
1939
.
Funded debt
Accrued interest
Discount
•
.
,
$22,034,224 $22,002,685
—
,
Incl.
E.
I.
stock. .$16,873,480
$6,858,706 $14,373,950
Nemours &
undivided profs, or
wholly
du Pont de
Co.'s equity in
losses of controlled cos. not
,
owned, amount earned on common
--L
$17,109,459
stk. outstanding during
period, excl. shares held in treasury 11,055,921
Amount earned a share
$1.55
stock is-_.
$7,176,571 $14,806,572
Shares of com.
^
11,037,947
11,047.838
$0.65
$1.34
2424
Financial
Chronicle
Surplus Account March 31
1939
1937
annual stockholders' meeting W. H. Versselt, Treasurer of the
Regis Paper Co., was elected a director of this company to succeed
J. F. Schoellkopp Jr.
Other directors were reelected.—V. 148, p. 879At
$
St.
256,251,529 244,772,477 226,
(,236,595
Net income three months
19,075,376
9,060,602
,013,346
16,
Adjust, resulting from revaluation of
investment in Gen. Motors Corp_
6,500,000
a6,000,000
a8,500,000
Edison Light & Power Co., York, Pa.—Utility Act
Upheld for Pennsylvania—Supreme Court Unanimously Backs
Fixi%„ of Rates by State—"Prudent Investment" Issue Ignored—
—
placed
bonus
between
on com.
plan
val.
&
cost
stk. awarded under
431.720
-
282,258,625 259,833,079 250,749,941
Dividends on debenture stock—.___
1,639,396
1,639,396
1,639,396
Dividends on pref. stock—$4.50 cum.
562,500
562,500
Divs. on common stock-13,826.623
5,524,606
*8.293,939
tl Surplus at March 31-
--
upon
a
Through
Sany; that an order annually, (1) Service Commission reducing its revenues
of the Puolic violated the procedural requirements of
y some $435,000
failed to permit the utility to earn a fair return on the
property; (3) confiscated the company's property; (4), was
supported by substantial evidence.
The ruling read by Justice Reed was by unanimous decision of the Court.
Justice Frankfurter filed a separate opinion, however, concurred, in by
Justice Black, in which he chicled the Court for oasing its decision as to
fair rate-making upon the Smyth vs. Ames case, decided in 1898.
He con¬
tended that in reversing the Pennsylvania case, styled Denis J. Driscoll
et al. vs. Edison Light & Power Co., the Court's opinion "appears to give
new vitality needlessly to the mischievous formula for fixing utility rates
in Smyth vs. Ames."
That case held, among other things, that fiir value;
including consideration of reproduction costs; must, be taken into account
in determining the rate base for utilities.
"due process"; (2)
not
Duquesne Light Co .-—Earnings—
Year Ended Jan. 31—
1939
1938.
Operating revenues—t
—$29,623,969 $30,748,294
Operation expense
8,983,682
8,739,061
Maintenance and repairs-—V.
2-,110,584
2,265.551
Appropriation for retirement reserve--—------2,911,584
2,459,863
Amortization of leaseholds-847
721
Taxes-2,219,897
2,176,103
Provision for Federal and State income taxes-__1,722,400
1,928,900
-
Company's Contentions Denied •
extended opinion, marked by an imposing array of citations
precedents, the Court denied all contentions of the power com-
fair value of its
1802.
p.
an
of laws and
Directors have declared a final "dividend of 30 cents per share on the
American Depository Receipts for ordinary registered shares payable
April 22 to holders of record March 23.—V. 148,
Reversing a three-judge court decision which had held the statute invalid
enjoined the Commission's imposition of temporary reduced rates
the Edison Light & Power Co. of York, Pa., the High Court turned
deaf ear to the contention of "confiscation."
and had
In accordance with past custom,
Dunlop Rubber Co., Ltd.—Final Dividend—
__
schedules,
"prudent-
investment" theory into utility rate-making procedure.
The New York "Times" in a special dispatch April 17 had the following:
266,230,106 252,106,577 240,816.606
----
a
temporary rates for public utilities pending determination of final
but it sidestepped again the Administration's plea to write the
the amount at which du Pont com¬
pany's investment in General Motors Corp. common stock is carried was
adjusted on the books of the company in March. 1938 to $190,500,000
($19.05 a share , and in March, 1939 to $197,000,000 ($19.70 a share), to
$190,500,000 ($19.05 a share), which closely corresponded to the equity
indicated by the consolidated balance sheets of General Motors Corp. at
D©c. 31. 1937. and Dec. 31, 1938, respectively.-—V. 148, p. 1167.
a
Court today rebuffed an attack upon the constitutionality
Pennsylvania statute permitting the State Utility Commission to fix
The Supreme
of
Total-.
W
1939
22
Corp.—New Director—
Eastern States
1938
Surplus at beginning of year
Difference
April
-
Federal Intervention Base
.
_
The Federal Government had intervened in the case in an effort to have
_
Net operating revenues
_.—
-.- -
—
Rents for lease of electric properties.
-
-.
_
-----
the Court uphold the theory of "prudent investment" as a basis of valuing
$11,674,974 $13,178,094
180,100
179,715
Net operating income
u------------$11,494,874 $12,998,379
Merchandising, jobbing and contract work (net)._
4,681
2,871
Dividend revenues---i_
93,665
96,704
Interest revenues-----..--—
303,266
239,212
Miscellaneous (net) income
4,557
Dr 11,160
—
—
—
.
_
Gross income—.
Interest
on
Other interest (pet)--
Appropriation for special reserve
Miscellaneous deductions
Net income
—
-
--
—
--
--
--
--
—
—
_
*r-V, 148, p. 2265.
,
$11,901,044 $13,326,007
2,450,000
2,450,000
315,941
315.947
Crl36,133
025,499
Cr41,667
500,000
131,844
129,927
funded debt
Amortization of debt discount and expense-
$9,181,058
—
public utilities for rate-making purposes. The decision today did not deny
a theory, but did not embrace it as fully as the Government had hoped.
Justices Frankfurter and Black contended in their separate views that
experience had made it clear that the Smyth vs. Ames decision, and the
uses to which it had been put, "represented an attempt to erect temporary
facts into legal absolutes."
"The determination of utility rates—what may fairly be exacted from
the public and what is adequate to enlist enterprise—does not present
questions of an essentially legal nature in the sense that legal education and
lawyers' learning afford peculiar competence for their adjustment," Justice
such
Frankfurter
"These
,r
wrote
are matters
^
enterprise is to secure observance of thosCi procedural safeguards in,the exer¬
cise of legislative powers which are the historic foundations of due process."
Some llMumbo-Jumbo" Found
$9,955,632
At
;
:
'
for the application of whatever knowledge economics
and finance may bring to the practicalities of business enterprise. The only
relevant function of law in dealing with this intersection of government and
one
point he termed the precedents laid down in Smyth vs. Ames as
much "mumoo-jumoo." He insisted that such a doctrine should not be
invoked when it is not necessary to do so.
"The Court's opinion in the present case does not avoid issues of consti¬
so
East Bay Transit Co,—Earnings—
Income Account for Calendar Year l93S
Operating revenue- Operating expenses".
Taxes------—-----1-
Balance
-
Inter est.—
-
—
.
—
-
.
—
_—
--------
»
—
-
—
-----
—
-
-
-
—
_
—
—
-
General
under the old precedent, had produced results which were unreliable,
"arbitrary and absurd."
"The rule of prudent investment, combining as it does exactness, ease
out
897
2,107
imcome_.-_i.u-.-__-..
of
$50,445
415,034
Surplus at beginning of year.
Surplus at end of year---—--—.
1937
rule of
Liabilities—
1938
$0,589,507 $6,565,734 Acc'ts and wages
34,495
44,157
payable.-..-— '$712,314
758,772. -.498,596 Employees'depos.
19,569
Acc'ts receivable.
164,799
Mat'ls & supplies.
.186,748 Unadjusted credits
131,438
96,138
104,517 Acer, deprec. res._
192,045
Prepd. ins. & rent56,635"
59,836 Tax reserve—.
75,116
Prepaid taxes.—
34,846
60,882 x Capital stock..- 6,139,231
Unadjusted debits
rate-making."
'
•
The complaint of Justices Frankfurter
the opportunity.
19?7
,
best adapted to modern business
conditions and practices in this country," he said. "The case at bar offers
the Court an opportunity to write off the book an unsound and unworkable
Balance Sheet Dec. 31
1938
Assets—
application and proper principle fpr the determination of just compen¬
sation, is the standard for rate-making
$465,479
— _
directly oh the
thesis of "prudent investment." Mr. Jackson argued that the rule of fair
value, with its requirements of consideration of reproduction cost,"as set
$53,450
—
Jackson,.filed a brief before the arguments, asking the Court to
overthrow the old Smyth-Ames decision and give a ruling
684
Miscellaneous profit and loss debits—net
Net
solve the very easy
$52,767
-
--------
—•— =
tutionality," Justice Frankfurter concluded.
"It accepts the much more
dubious constitutional doctrines of Smyth vs. Ames and its successors to
constitutional issues raised by the Pennsylvania Act."
Intervening as ''friend of the Court," the Government, through Solicitor
$3,464,183
3,197,178
214,238
*
-----
-
Non-operating income. Balance.
-
and Black
was
" 1
that the Court
did not take
;
Properties.Cash
i.
18,681
-
Surplus..--------
Electric Power Associates, Inc.—Dissolution Voted—
$579,395
'
Dissolution of this company was voted on April 17 by special meeting
126,134"
of stockholders.
191,961
50,033
6,139,231
465,479
,
The order will
be carried out by distribution of securities held where
practicable or by cash payments from sale of securities over an extended
period of time.—V. 148, p. 1803.
415,034
El Paso Electric Co.
'
total.
Total— u— *...$7,735,192 $7,520,468
,x
$7,735,192 $7,520,468
— .
•
Represented by 65,042 shares, no par.—V. 143, p. 1227.
East Missouri Power
Calendar Years—
Operating revenues—Electric
Operating expenses and taxes
'
Operation
1938-
$206,690
147,797
_
;
Maintenance
Taxes.
1937
$192,215
'
__
•—-
Gross income--------
$58,892
$82,964
$93,246
"$1,185,424
Drl ,262
Dr5,918
Dr45,726
$1,176,669
Dr27,060
•
-
Interest and other deductions.
Net income.—
:
$81,703
36,247
$87,328
36,158
$1,139,697
436,582
$1,149,609
438,846
$45,455
$51,169
$703,115
$710,763
2,083
2,083
25,000
25,000
$49,086
$678,115
339,770
$685,763
335,228
$338,345
46,710
$350,534
Electric Co. (Del.)..
$291,635
[Earnings of El Paso ElectMc Co, (Del.)]
$303,824
1,786
$59,035
$56,717
14,108
12,000.
$47,034
5,950
25,457
;
7 % preferred dividends.
Common dividends.
—
Non-oper. income (net)
$48,931
142
___
•
143,284
Net oper. revenues.
Net operating income.Other income.
1939—12 Mos.—1938
$2,914,790
$2,889,684
1,172,219
1,215,218
171,438
195,977
326,360
361,170
1939—Month—1938
$221,767
$227,922
93,132
93,932
15,006
12,249
30,665
28,495
Operating revenues
Co.—Earnings—
(Del.) (& Subs.)?—Earnings—
[Earnings of El Paso Electric Co. (Texas)]
Period End. Feb. 28—
Balance. -1
Int. & amortiz. (public)-
Balance.
Interest (El Paso
Co., Del.)-_
$36,609
5,950
25,457
Balance Sheet Dec. 31, lljb
Assets—Tangible property, $1,037,029; intangibles, $82,584; investment
$172; deferred charges, $11,287; total, $1,232,937..
Liabilities—Common stock (14,547 shares, no par), $363,675; 7% pref.,
stock (par $100), $85,000; 1st mtge, bonds, series A, 5%, 1956, $225;000;
current liabilities,
$29,952; depreciation reserve, $203,540; reserve for
accrued dividends on preferred stock, $1,488; contributions in aid of con¬
struction, $19,502; capital surplus, $198,382; earned surplus, $106,399;
total, $1,232,937.
•
Elec.
—
Balance.
in common stock of parent company, $198; cash, $65,903; merchandise &
other accounts (net), $23,925; materials & supplies, $11,839; prepayments,
_
$43,37£
u______
Appropriations for retirement
'
reserve
Balance.
i
Preferred dividend requirements (public)
_
i
_t
46,710
'
3 Months Ended March 31—
Net profit
1939
—
Eaton Mfg. Co.
Quar. End. Mar. 31—
x
Net profit
Earnings
per
1937
(& Subs.)—Earnings—
1939
1938
$725,999 loss$199,042
1937
1936
x$836,779
$583,382
$1.20
stock
$1.03
Nil
Before Federal surtax.—V. 148, p. 1322.
revenue
1938
$303,824
25,000
85,770
80.279
J
>
Total.
15
$402,420
33,757
$409,104
24,398
Balance
Preferred dividend requirements
$368,663
182,972
$384,706
182,972
Balance for common dividends and surplus
—V. 148, p. 2266.
$185,691
$201,734
Expenses, taxes and interest
Emsco Derrick & Equipment Co.—New
At the recent annual meeting, T. J. Crumpton
Inc.—Weekly Input—
,
IucreQ.se
Operating Subsidiaries of—
1939
American Power &"Light Co
108*129,000
Electric Power & Light Corp.._ 52,160,000
National Power & Light Co.
83,630,000
—V. 148, p. 2266.
—-
— —
-
to the board of directors.—V.
For the week ended April 13, 1939 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co
as
compared with the corresponding week during 1938, was as follows;
Miscellaneous
$0.84
share on
Ebasco Services
—
-
common
x
$291,635
25,000
1939
Note interest deducted from above earnings
—
1938
-
$95,870 loss$126,341
$176,748
y Earnings per share—
$0.18
Nil
$0.34
x After depreciation, interest and taxes,
y On combined 518,615 no par
shares of class A & B stocks.—V. 147, p. 3158. '
—
12 Months Ended Feb. 28—
Earnings of El Paso Electric Co. (Texas)...
Earnings of other subsidiary companies applicable
to El Paso Electric Co. (Del.)__
"
Easy Washing Machine Corp.—Earnings—
*
Balance applic. to El P^so
■
1938
99,954,000
46,043,000
81,173,000
Amount,
8,175,000
6,117,000
2,457,000
%
8.2
13.3
3.0
Director—
of Los Angeles was added
148, p.730.
Erie RR.—To Pay Bond Interest—
Acting under
due last Nov. 1
court order,
on
New York
the trustees in bmkruptcy will pay interest
Lake Erie & Western Coal & Railroad first
mortgage series A extended 5H% bonds of 1942
148, p. 2266.
;
Ffurrisvyorth
President—
Television
.
•
&
Radio
hdd by the public.—V.
Corp.—New
Vice-
*
E;,A. Nicholas, President of this corporation,
ment of Ernest H. Yogel as Vk^President.—-V.
announced the appoint¬
148, p. 2267.
Volume
Financial
148
2425
Chronicle
General Balance Sheet Dec.
Family Loan Society, Inc. (& Subs.)—Earnings—
Gross income collected-_
69,644
1.043,442
13,345
323,692
18,470
352,515
Operating charges
Operating expenses
1938
1939—9 Mos.—1938
$2,324,296
$1,927,213
1939—3 Mos.—1938
$814,415
' $688,205
Period End. Mar. 31—
54,452
943,567
$443,430
28,600
$351,168
28,955
$1,211,210
88,500
71,902
50,703
62,014
18,290
,45,589
130,992
156,153
110,048
112,087
$302,113
1,505
38,499
149,772
$258,335
62,500
$835,565
49.814
$635,158
187,500
100,666
80,316
396.427
200",000
$112,337
Gross profit
Interest
$929,194
$95,835
$309,009
$247,658
80,629,364
net
res_
.
Net profit
Divs. paid part, pref
Preferred, series A
Common
_
_
1st mtge.
330,881
Govt,
Stocks.......
Cash
on
tel mortgage) ...u
Notes receiv.
(in¬
Employee thrift ac¬
192,250
211,105
199,865
counts
9,254,893
9,142,240
Federal inc. tax—
181,554
2,988,769
100
100
3,319
3,199
230
230
ments
Accts. rec., miscell.
3,920
7,139
Heal estate.......
Loans & bills
Res.
126,079
536,215
597,336
x
16,889,918
14,638,900
62,062
177,385
173,887
22,957
57,359
old
for
Partic.
age
4,599
4,015
pref. stock
69,230.
2,272,570
(1,720shs.no par)
69,230
x
Pref. series A...
2,053,260
y
Com. stock..
784,523
Capital surplus
1,754,658
1,611,997
Earned
unpaid
Funded debt ma¬
yUnmat'd
48,867
42,294
surplus
Other
1,515,387
1938
1937
Maintenance..
$4,318,542
492,477
466,444
2,204,146
661,296
......
442,532
2,189,500
450,020
Depreciation
ana transportation expenses..
General expenses
400,218
3,364,672
3,356,436
Oth.
curr. assets
debits.
_
6,379
$711,289
322,957
$1,053,348
18,836
681,694
59,750
Add'ns
741,543
87.063
V
171
759
37,397,309
34,242,743
134,976,951
Florida Power & Light
mtge. 5% bonds, series A,
$
'
Liabilities—
'
731,292
447,328
AcCts.
Co.—Earnings—
1939—12 Mos.—1938
$1,505,646 $14,488,690 $14,138,080
$1,360,353
$1,446,041 $14,024,252 $13,522,059
1939—Month—1938
Materials
&
§
payroll.
Operating income.
150,000
50,723
_
Other int.,& deductions.
Netmcome
x
61,969
Accrued' Interest..
1,991
Equipment purch.
111,941
118,519
5 849,022
184,694
Special deposits...
Investments
1 395,908
6,299,022
1,169,463
Cap. stk. (par 825)
Fix.assets at cost. 10 670.422
9,396,626
Earned
439,211
437,928
99,783
140,265
1,924,405
.....
Reserves
expenses-.l-...'
Deferred income.
_
surplus...
3t971,126
6,000,000
3,201,752
4,276,586
3,069,972
Total .........19,932,284
19,291,859
12 elected Chairman of the Board. .He
E. McCarthy, formerly Vice-President
succeeded as President by John
general manager.
Frederic T. Wood was made Vice-Chairnian of the
Board.
Joseph T. McCarthy, Vice-President of/the New'York City,
Omnibus Corp., was elected Vice-President of this company.—V. 148,
P. 2123.
...
•
Report-.— '
'
,
.
1936
.
Calendar Years
1938
1937
$6,115,901
2,470,335
754,334
253,821
$5,558,444
2,716,170
738,543
290,048
$5,434,470
706,928
237,790
$4,848,824
1,910,759
730,580
238,101
Totaloper.revenues._ $9,594,391
Expenses—
Transportation.
3,169,291
Maint. of way, &c—___
1,177,996
Mamt. of equipment...
1,754,377
$9,303,205
$8,614,508
.
2,801,967
1,181,019
2,733,525
900,935
904,945
906,971
1,430,914
1,676,884
852,884
$7,002,599
2,591,792
916,199
$7,123,303
2,179,903
901,160
£6,515,855
2,098,653
770,305
$6,694,208
1,034,057
805,362
$1,675,593
$1,278,743
$1,328,349
Traffic, &c
Total oper. expenses.
Net
earnings
Taxes
1936
2,235,320
xl935
1,625,898
Gross income
.
94,525
107,158
$1,763,481
$1,373,268
$1,435,507
Hire of equipment
Int.
facility rents
on
funded debt
Miscellaneous
charges.
_
Total deductions
Deficit...
x
Some of the
state
$3,729,066
1,965?525
519,912
17,253
2,902,367
115.747
435,339
15,214
2,957,280
99,304
x$2,331
$22,832
x$12,667
234
933
658
$21,899
538
985
1,427
*$13,325
\
3,049
1,032
x$l,599
1,012
$23,326
3,051
x$10,276
2,981
$8,498
x$2,612
x$13,257
1,828
36,870
1,478
Other deductions.
$53,433
$3,5^5,220
$3,507,138
h2,181,952
2,071,631
Commerce Commission revised instructions
493
'493
$20,275
1,675
35,458
v
1,478
$4,622
$15,959
$18,336
575
_
550
12,304
_
Deficit after fixed chgs
Indicates loss.—V. 148, p.
Fundamental
"
2124.
Investors,
...
Inc.—Earnings—
1938
$60,856
$60,263
16,963
Interest
$61,700
$56,586
19,257
$24,327
17,743
a$43,299
z$43,957
x$37,329
$12,431
80,885
55,831
104,576
42,748
—
Total income.
Expenses
Profit
-
Cash dividends....
1937
$55,625
'961
1936
1939 ; •
$59,238
1,025
3 Mos. End. Mar,31—
Income—Dividends__>
844
$22,540.
1,788
'
11,897
of securities amounting to $163,754y $43,299 paid ouo of undistributed neb income in 1939, $43,957 in 1938*
$37,647 in 1937 and $14,962 in 1936.
z Exclusive of net loss from sales of
investments. aExcl. of net profit from sales of investments.
x
Before
profit
net
from
sales
Balance Sheet
Assets—
Securltes owned.
on
1939
1938
.$7,913,350 $5,749,748
March 31
1939
Liabilities—
Accts. pay.
531,584
1,070,852
22,363
Deferred charges..
24,810
160
$24,108
3,108
3,658
380
Sundry accts. pay.
$4,104
287
4,600
Accrued liabs
Unred'd
1938
for sec.
purch
dep. under
Dividends receiv..
scrip
&
unclaimed divs.
Reserves
Capitalstock.....
Paid-in surplus
3,108
16,653
31,933
1,156,144
1,118,638
10,724,572 10,440,130
Unreal, net depree.
over
cost of
vestments
Earned surplus
Treasury
$3,536,215
3,222,759
Inter¬
effective Jan. 1, 1936.
x$2,585*
12,051
429,314
21,974
2,966,354
118,573
1935 items have been restated in accordance with
$118,221
118;229
x$7
12,659
$313,456
619,936
26,165
2,869,160
213,745
$132,858
99,982
10,043
Deduct—
Joint
1939—3 Mos.—1938
$32,&76
$8,992
Inc. a vail, for fixed chgs
x
Gloversville RR.—rr Earnings—
Scrip redemp. fund
87,888
Other income
—
$9,530
agreement^
$228,69.5
84,761
•'
•
,
$9,523
Total income
Cash
Railway oper. income.
.
531
Rent fop leased roads
interest deductions. ___
y
Uncollectible revenue..
#
the rate reduction reserve for the
$2,301
4,652
.
Net ry. oper. income..
Other income—
$7,728,265
3,177,842
1,216,090
1,824,426
Freight
Passenger
Mail, express, &c
Incidentals, &c
.
1,153,008
3,260
.
Ry. operating income.
xl935
685
705
779
685
1,426,941
1,390,219
Tons freight carried
1,157,227
1,422,692
Tons carriea one mile
336,913,501 342,844,161 308,977,743 274,402,288
.1.621 cts.
1.759 cts.
1.767 cts.
Av. rev. per ton p. mile1.815 cts.
536,738
473,456
435,823
Passengers carried
394,326
138,847,387 113,942,995
96,656,601
Pass, carriedohemile.-'.108,750,697
1.977 cts.
1.956 cts.
1.962 cts.
A v. rev. per pass. p. mile
2.272 cts.
1
Income Account for
1,153,008
$12,783
from ry. opers
Misc. dedupts. from inc.
Calendar\ Years
1937
1938
miles operated
Aver,
rev.
Net rents
.
„
'
General Statistics for
'
*
■
....
1939—Month- -1938
$41,746
$46,378
39,446
33,595
Ry. tax accruals
and
Florida East Coast Ry.— ■Annual
.
.......
Operating revenues
I
Ry. operating expenses.
•
Ritchie was on April
$1,439,099
Fonda Johnstown &
Net
John A.
$1,824,956
applic. to pref. stocks
whether paia or unpaid
'
19,531
$326,067
for the period,
$195,275
-
Divs.
Period End.'Mar. 31—
New Chairman, &c.—
was
,
transfer agent
113,285
.19,932,284 19,291,859
Total
$5,610,937
2,600,000
1,320,000
251,838
110,000
Registrar and Transfer Co., Jersey City, N. J., has been appointed coand The Corporation Trust Co., Jersey City, N. J., has been'
appointed co-registrar for the $7 preferred stock of this company, effective
as of April 6, 1939—V. 148, p. 2267.
<
•
"
'
6,000,000
prior year's Fed.
income tax.....
$5,989,752
2,600,000
1,320,000
244,796
2,650
Transfer Agent—'
Claim for refund of
'
$542,046
216,667
110,000
20,104
$672,265
216,667
.
4,218,766
Def. chgs. & prepd.
,
535,851
$5,074,402
536,535
1938, have been reduced to give effect to
respective periods.
,
1.230,339
4,343,631
obligations.
Long-term rec. fr.
Intangibles
$5,453,901
•
Dividends on these stocks are cumulative.
Note—The litigation relating to the reduction of rates was finally decided
against the company in Nov., 1938, when the U. S. Supreme Court refused
to review the decision of a lower court.
A reserve for the amounts involved
had been provided by appropriations from surplus.
Beginning with the
month of Dec., 1938, operating revenues have been reported on the basis of
reduced schedules of rates.
The operating revenues for the 12 months ended
Feb. 28,1939, are reduced by $464 ,438 which is the amount of rate reduction
reserve applicable to the 9 months ended Nov. 30, 1938.
Operating rev¬
enues for the month of Feb., 1938, and for the 12 months ended Feb< 28,
*
179,412
$660,711
11,554
.
$671,948
$286,091
x Dividends accumuiatea and unpaid to
Feb. 28, 1939, amounted to
$6,102,115.
Latest divioenas amounting to $1.31 a share on $7 preferred
stock and $1.13 a share on $6 preferred stock, were paid on Jan. 2, 1939.
96,088
72,102
.
Gross income
50,000
Inv. subscrip. pay.
Other accr'd taxes.-
Fed. inc. taxaccr'd
plies at cost.....
$5,451,251
2,650
$5,071,752
221
$530,645
11,401
Int. on mortgage bonds.
Interest on debentures.
288,138
169,330
Omnibus Corp..
$660,490
221
Other income (net)
$
216,554
650,000
sup¬
7,306,335
1,266,666
$530,424
Net oper. revenues...
Rent from lease of plant.
1937
170,688
accrued interest.
7,616,974
833,333
702,218
83,333
696,596
133,333
Oper. exps., incl. taxes._
Prop, retire, res. approps
$0.66
450,000
cost
at
Accts. receiv., incl.
616,021
464,438
59,605
Balance..
Incl.
pay.-,
accrued
U. S. Treas. notes
,
amounting
2267.
$1,360,363
Period End. Feb. 28—
Operating revenues
495,000
1938
1937
$
.1
'■•••
1, 1931 and subsequent interest dates and
accrued since Sept. 1 on 1st & ref.
each year to $750,000.^—V, 148, p.
Dec. 31
Consolidated Balance Sheet
Assets-
902,104
902,477
■
Total ......1136,885,436
134,976,951
.......136,885,436
Includes interest due Sept.
x
$159,173
$293,068
480,000
$1.22
$205,640
480,000
$0.85
paid..
I
240,000 shs. cap.stk.
Earns, per sh,on
Cash.
prop.
thru.inc.&sur.
unpaid on 1st & ref. mtge. 5% gold bonds, series A, amounting to $16,875,000 at Dec. 31, 1938, and $14,625,000 at Dec. 31,1937.
y Includes interest
Balance.
1938
to
Pxof. & loss def.
■$862,315
26,618
635,779
40,745
...
equip, purch. obiig's, &c—
Dividends
liabilityj_.
Oth .unadj .cred's
Mis-', fund, res.
$698,745
163,569
$1,034,246
on
1,175,944
Tax
'
540,090
419,318,.
2,125,956
364,946
$755,256
298,092
Federal income tax
Int.
1,062,689
1,129,737
5,100
44,267,755
$4,149,055
Traffic
Other income
6,762",065
1,295,307
Acer. depr. eqpt,
4,965
46,256,221
2,917
1936
$4,454,637
Calendar Years—
operating revenue....^
7,227T33
1,289
Work, fund adv.
Other def. assets
(& Subs.) —Earnings
Fifth Avenue Coach Co.
7,183
44,243,822
Acer. depr. road
747,174
1,475,503
Represented by 102,663 (113,628 in 1937) no par shares, y Represented
1803.
by 427,921 (4071549 in i937) no par shares.—V. 148. p.
Gross
5,725
47,194,302
227,627
1,992,908
x
*
liab.
liab-_
cur./
Other def.
259,426
1,696,170
1,477
.....13,778,671 14,514,755
Total
14,514,755
.....13,778,671
5,000
82S.455
int.
accrued
Deduct rate reduct. res..
Total
5,000
816,005
tured unpaid.
144,071
-
56,616
Misc. accts. pay.
20,684
179,686
rec.
matured,
Int.
32,036
1,547,603
car serv.
Total
pensions
123,718
50,321
Aud. accts., &c.
379,719
43,035
Agts. & cond'rs.
rob¬
and
'
(depree. value).
Deferred charges..
187,783
602,001
Mat'l & supplies
Int. & divs. rec.
for embezzle¬
Res.
and fixtures
Furn.
283,047
1,903,366
Special deposits.
9,307
beries
Due tr. employees.
pay.
3,059,151
10,827
Invest, ctfs. issued
'
warrants..
_
invest'ts.
Traf. &
1,900,000
Loans & bills pay
balances
645
& municipal
■
_
Cash...
Unadj.
Partic. div. on pref.
3,059,151
ctf8.)_-__. 2,988,769
vest.
Scrip
187,385
190,421,.
3,900,000 4,800,000
Notes payable
2,008,966
1,463,694
Notes receiv. (chat-
.
1,900,000
grants...
Misc. accts; rec.
$
$
payable
Divs.,
hand and
in banks
Dec. 31-38
Mar. 31'39
Liabilities—
$
389,103
_
45,000,000
38,517
.
Traf. & carserv.
bal. receivable
Mar: 31*39 Dec. 31 '38
!
781,823
602,001
Advances
Consolidated Balance Sheet
Assets—
19,985
781,823
prop.
12,000,000
45,000,000
77,723
1st & ref. m. bds.
Inv. In affil.cos.:
Other
12,000,000
408,535
318,854
19,985
railway
bonds
274,949
Impts. on leased
2,000,000
307,075
233,369
RFC loan
Depos. In lieu of
Misc. phys.prop.
37,500,000
37,500,000
1,230,000
Equlp. obllga'ns
stock.
Common
property
$
$
Liabilities—
Inv. la road and
equipment... 80,544,149
1937
1938
$
Bonds
Operating bad debt res,.
Federal income tax
31
1937
$
Assets—
Total.
.148, p. 437.
1,473,012 $6,846,998
Total
stock
In¬
Dr2,812,997Z>r4,89G,152
84,898
151,342
Dr708,070
Dr32,288
....$8,473,012 $6,846,998
2426
Financial
Fort Worth & Denver City
Calendar Years—
1937
Comparative Balance Sheet Dec. 31
1936
$5,464,428
605,024
8,773
449,831
779,974
$7,404,759
$6,078,225
$5,473,927
646,200
530,552
989,673
223,002
528,435
888,993
198,132
2,263,413
1,898,994
1,881,004
353,039
66,120
Traffic
Transportation
357,938
63,904
380,469
55,863
346,948
48,344
7,162
General
Miscellaneous
1,111,814
218,580
6,748
5.032
4,242
$4,611,594
$4,656,817
$4,074,311
Tax accruals,
;
$2,747,942
357,668
$2,003,914
408,949
Sink,
fund
and
(net)—Dr.
303,524
Jt. facil. rent (net—)Dr.
204,040
$907,108
$1,594,965
$2,390,274
293,676
215,719
Cash
136,238
263,212
$1,880,879
Hire of eqpt.
15,789,642
Total
146,
p.
15.646,335
1551.
11,020
1.729
31,359
9,578
2,096
48,118
423
303
437
596
439
541
3,233
Gross income..
Deductions—
$1,925,913
$1,272,876
$1,268,559
.
Interest
of discount
10,424
724,988
327,957
3,502
121,305
726,379
436,144
3,760
80,742
def$120,509„
$748,161
$25,851
Int.
on
unfunded debt..
327,040
3,858
&c.
Market'le
1939—9 Mos —1938
Accts.
,
Invs.
$
1938
Liabilities—
Funded
2,463,607
1,571,569
...
v
140,561
Cust.s' deposits.
40,919
149,250
Accrued taxes..
Accrued interest
281,877
342,203
197,900
185,485
78,900
15,000
not
Prop, purch. obigation......
Serial
69,610
64,781
114,661
104,724
c
1937
1938
$550,122
1936
$713,633
364,826
172,209
395,085
20.5,765
171.480
123,670
$112,783
7,302
$82,793
5.553
a
$88,347
12,267
20,411.
$52,915
7,075
6,420
$12,446
180,357
$77,159
182,448
$55,668
134,715
$39,420
101,698
14,904,691
reserves..
9,338
5% cum. pf.stk.
b Common stock
<
?
......
13,113
10,713
7,664
Res. for differ¬
147,248
22,226
debt
$47,298
5,616
$120,084
*15,589
27,336
v'
exps.
Unamort.
Operating profit
Other income—
$570,139
277,546
17,376,021
8,055
*$100 par)...
6,084
•
12,196,000
12,196,000
25,161,597
25,021,697'
245,294
$21,804
6,757
2,601
Selling expenses, &c
$576,846
322,575
$13,087
8,717
Net sales
Cost of sales
34,555
ence
Reacq'd bonds
Organiz'n
1935
8.055
600,000
obligation
reserve...
Other
charges......
Fyr-Fyter Co.—Earnings—
399,675
.
Deprec.A amort.
d Def'd assets <fc
Calendar Years-—
117,565
167,341
152,450
depos.
rec.
36,715
107,566
Div. payable...
taxes..
437.
48,141
„
Acer'd payrolls &
762,111
currently due.
Prepd. irrnur. &
both payable May. 1 to holders of record April 20.
preceding quarters.—V. 148, p.
payable.
149,250
with trustee..
Like amounts were paid in each of the nine
S
82,204,333
789,172
mat'ls,
on
Accts.
1937
$
debt.... 80,500,778
expenses
sup's & mdse.
Accts.
131,512,252
2.488,541
2,292,818
secur.
recelv'le^
of
Cash
,
-
1937
at cost...
.
per
stock, par $5,
______
652,024
$
•
Cash......
Franklin Fire Insurance Co .——Extra Dividend—
page
075,637
$2,059,416
1,500,000
1938
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 25 cents per share on the com¬
mon
075,645
$1,075,042
Plants & props.;
$195,631
$133,664
$37,079
$31,440
118,166
115,228
118,166
115,228
$1.63
$1.12
share.
$0.30
$0.26
After depreciation and Federal income taxes.— V. 148,p.1477.
x
07,214
$1,648,982
Consolidated Balance Sheet Dec. 31
Investments
Common shares putst'g.
345,439
648,552
$1,971,921
609,800
...
dividends
Common dividends
(Peter) Fox Brewing Co.—Earnings1939—3 Mos;—1938
340,810
646,825
022,319
Net profit../.
devel.costs,&G32,118,072
Period End. Mar. 31—
338,682
656,789
bonds and debs.
on
Assets—
Net profit.
-V. 148, p. 1958.
Net income.
382.247
664,727
991
4,941
348,252
4,843.065
•
on
redeemed.
.
def.$3 8,412
funded debt
x
2,190,681
2,623
345,366
4,539,064
Depreciation, Ac.
725,545
456,181
3,553
121,691
727,004
_
on
$9,233,477
560,494
204,701
293,262
funded deDt.........
Profit
J 935
1936
58,115,564
516,045
231,768
316.580
2,250
6,470
300,834
4,754,586
"
—
Amortiz.
2,438.743
6,165
Earning s-
4,729
460,566
„
Preferred
...
Int.
Earnings
_
.
.
Rent for leased road
Amortization,
—
-
1937
$8,680,996
559,701
273,864
323,138
Taxes
sees.
and accounts
expenses
Subs.)
$8,789,524
587,112
218,906
330,953
Maintenance
353
deprec'n.
Total
1938
Gross rev., incl. oth. inc*
72.208
._
.
Gatineau Power Co. (&
$947,817
Inc. from unfunded
Miscellaneous income...
Accrued
•
668
Misc. non-op. phys. prop
Inc. from funded securs.
Interest due
Unadjusted credits
668
10,416
15,646,335
Corporate surplus.
Adminis. & gen. exps
Directors' fees.
Prov. for douotful accts.
11,190
1,666
26,290
.....15,789,642
154,907
$1,180,639
Miscell. rent income
6,356,909
194,207
$1,211,572
668
2,522,023
6,162
6,501,658
245,981
unadj. debits...
Operating
Inc. from lease of road..
65,520
128,814
Tax liability.
299
Net oper. income
Non-0per. Income—
64.495
146,425
7,343
Materials & suppls
Deferred assets and
15,671
12,984
—
212,916
138,230
150,882
232,511
•
interest
accrued
4,602
-
64,912
148.293
payable..
wages
Unmat'd
162,529
curr. assets.
$1,560,647
149,721
230,287
$1,414,672
3,943,000
Audited accts. and
72,210
Other
$
2,626,600
889,964
178,620
Accts. receivable.
1937
$
2,626,600
Outstanding bonds 3,761,000
13,907,551
Calendar Years—
Operating income.
Liabilities—
Capital stock
589,441
28,585
452,725
$
&
other investm'ts
$1,589,232
&c,
road
Special deposits...
-V.
Net re venue
in
equipment..... 14,278,023
$3,884,695
$1,867,397
Transp. for invest.—Cr.
Operating expenses
Invest,
1938
1937
$
Assets—
$4,244,121
$6,478,991
673,746
1,056,671
228,300
2,240,466
Total oper. revenue.Maint. of way & struc..
Maint. of equipment
1938
1935
$6,910,911
677,553
Drl83,705
668,921
Z)rll9,377
Passenger revenue
Mail, express, &c
April 22, 1939
Ry.—Earnings—
1938
$5,929,447
Freight revenue
Chronicle
disc. & exp_._
Total
5,344,103
4,782,662
,..^...143,053,454
142,517,986
Paid-in surplus.
Earned surplus.
,468,725
2,218,725
5,667,363
5,086,741
Total,.._.. .143,053,454
142,517,986
Difference between cost and par value of reacquired bonds and deben¬
less discount applicable thereto,
b Represented by
1,635,950 no par shares in 1938 and 1,621,960 no par shares in 1937. c Dif¬
ference between cost and par value of reacquired bonds held in treasury,
a
Total income.
-.
Miscell. deductions—..
Federal taxes
,
tures held in treasury,
pirns discount applicable thereto,
Net income
Profit and loss surplus
148,
Earnings for 3 Months Ended. March 3 J.
V •
1939
1938
1937
$121,575
$156,147
$190,822
3ost of sales
■
*
76,359
101,822
104,555
Selling & admin, exps
40,944
46,969
51,901
13
1936
STet sales billed.
$7,356
$34-,366
1,647
1,966
$9,003
1,862
1,428
$36,333
2,741
8,902
$13,453
1,579
2,138
$3,727
$5,713
$24,690
Apr. 1 '39 Mar. 26 '38 Mar. 27 '37 Mar. 28 '36
$231,467
1,588,697
y$322,817
$183,572
$394,973
1,588,697
1,588,697
1,588,697
$0.09
Nil
$0.14
x After depreciation, Federal
taxes, &c.
y Before surtax on undistributed
profits.-r-V. 148, p. 1642.
Earnings
$12,273
1,179
$5,923
1,590
607
Co.— Earnings—
Weeks Ended—
Net profit...
8hs.com .stk.out. (par $5)
40,414
$4,272
per
share.
$0.03
General Electric
Profit....
.......
Miscell. deductions.
Feder il income tax
•
Profit for period
.
—
.
■
'
Costs, exps.& oth. chgs.
63,070,709
Net inc. from sales...
on
Liabilities—
Mar.31/39 Dec.31,'38
Assets-
S5A66.560
$132,048
34,787
Oth. inc., less int.paid &•
Dec.31,'38
$20,048
profits
15,234
16,741
Acer. Fed. taxes._
5,935
5,867
1,201
1,826
Profit avail, for divs..
•
Inv.
lower
at
cost or market
94,732
87,187
of
166,844
423,807
.
10,033
1
Buildings & eqpt.
155,544
419,369
10,173
..
1
Patents....
Goodwill
Deferred charges..
.
tributors
lies,
•
accr.
for
items,
_
12,384
186,193.
New Unit
par,
no
$878,813
443,500
par)...
184,455
443,500
180,357
$871,953
$878,813
'.j.
Total...
shares class B
Period End. Mar. 31-
Operating revenues.
Operation..
.
Maintenance
Retirement accruals...
c
Net oper. revenues
General Foods
—V.
1939—Month-
$25,421
14,726
2,897
2,702
3,627
-1938
$25,824
15,379
2,268
1,531
2,762.
$330,027
181,861
30,451
28,083
40,557
$308,678
187,867
26,762
-
.
p.
increase
,
.
'
of
,
2124.
Corp. (& Subs.)—Earnings—
1937
,
1936
$36,527,2721
24,025,275/Not
...$13,411,960
Exp. & other charges..
8,643,905
report.
expenses.
...
$4,676,790
137,242
$4,967,238
$4,119,173
32,644
$4,891,836
Depreciation..
$4,814,032
884,922
743,446
801,848
746,882
$4,082,316
$3,375,727
$4,089,988
$4,067,150
5,251,440
$0.75
5,251,440
5,251,440
$0.78
5,251,440
$49,075
3,369
$3,883
341
$52,444
5,515
$52,801
4,010
$3,542
$46,929
$48,791
Other income....,
Report—
1937
1936
1935
<n ,501,019
$1,193,621
800,327
$1,078,678
774,778
_
_
Net profit
com.
stock
$602,281
293,654
Operating income
Other income
Total income
Interest
Other deductions
Net profit.
$543,115
244,003
$393,294*
241,345
$308,627
81,113
$299,112
94,033
$151,949
71,810
$70,372
111,704
$389,740
208,682
13,616
...
$393,145
213,212
12,463
$223,759
213,935
14,055
$182,076
218,719
14,285
loss$4,231
loss$50/928
def $4,231
def$50,928
$167,442
■
$167,470
$303,900
x233,528
$167,470
revenues.
$0.77
com¬
Corp.—Overseas Sales—
Sales of General Motors
cars
and trucks to dealers in the overseas markets
during March totaled 37,031 units,
or slightly in excess of sales in March
of last year.
In the first three months of 1939, sales of 101,239 units
represented an
increase of 4.2% over sales in the first three months of 1938.
For the 12 months through March, 1939, sales totaled 358,234
units—a
decrease of 4.2% from the volume in the 12 months ended March
31,1938
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. 148, p. 2268.
t
.
'
Advertising Co.—Class A Dividend-1-
The directors have declared
accumulations
on
May 5.
a dividend of $1 per share on
account of
payable May 15 to holders of record
paid on Feb. 15, last. Dec. 22 and Aug 15
the class A stock,
'
Including uncollectible railway
$0.64
z
General Outdoor
$167,442
z
Depreciation provided during the quarter aggregated $431,547,
of which $96,827 has been included in selling, administrative and
general
expenses,
a Depreciation
provided during the three months aggregated
$384,367, of which $124,673 has been included in selling, administrative
and general expenses,
b Includes provision for depreciation and freight
charges.—V. 148. p. 2268.
V
,
______
See
Includes proportionate share in results of operations of controlled
panies.
Dividends paid-.-...,,—
Balance, surplus
a
out¬
General Motors
revenue
See
...
standing (no par)
Earnings per share
x
$1,650,972
1,048,691
j
.1
Federal taxes—
$44,314
8,487
957,904
$11,792,233
7,115,443
$4,647,447
244,389
1938
revenues
$11,888,208 $12,501,997
8,028,992
7.854,550
$3,859,216
259,957
1958.
Railway tax accruals—
x
'
'
$0.25
$86,882,953,
an
Total income
$3,883
Galveston Wharf Co.—Annual
Net
$0.40
17,091
$1,014
Calendar Years—
Operating
Operating
1,747.439'
$7,086,830
Operating profit-.... $4,768,055
,199,183
455
income
p.
$0.25
abpve—V. 148,
1939—12 Mos.—1938'
$1,469
equip, notes
148,
"
faf. 31—
1939
19.38
Net sales-......A....$36,544,019 $34,265,086
b Cost of goods sold,... 23,132,059
22,376,878
Shares
Net
$5,339.,391
$7,075,739 $11,626,408
3 Mos. End.
x
$1,469
Balance
on
Organized—-
Gross profit..
Co.—Earnings-
Non-oper. income (net).
Int.
2,250,987
,
Galveston Electric
Taxes
$0.26
See Mr Reduction Co., Inc.,
40,000 shs.
Represented by 20,000 shares preference class A no par and *0,000
no par.—V. 147, p. 2532*
"
*
x
$9,375,421
1,811,933
compared with $65,376,400 for the same quarter of 1938,
33%.
■
•...•■•
shs. pref. cl. A no
22,480
Surplus
$871,953,,
12,683
188,896
Cap. stk. (20,000
ci. B
Total.........
$5,263,806
Orders received during the first quarter of 1939 amounted to
...
Res. for deprec'n.
x
$7,373,431
Earns, per sh. on 28,845,927 shs. of com. stock.
doubtful
accounts
9,887
18,515
22,480
Treas. stk. class A
1,906.871
Acer, dealers & dis¬
34,719
Notes & accts. rec.
,
„
sundry charges!
$31,944
Other
$108,159
onhand..,
Securities at cost..
'
1938
1937
1936
$65,086,557 $73,412,420 $51,423,071
59,822,751
64,036,999
46.083.680
$9,737
Mar .31,'39
Accounts payable.
depos. &
Co.—Earnings—
3 Mos. End. Mar. 31—
1939
Net sales billed. .^...'..$68,537,269
Balance Sheet
Cash
d Applicable to future operations.—V
2268.
x
$126,471
73,783
Other income—1,652
Net profit on sales
p.
General Baking
Like amount
was
Volume
148
Financial
Chronicle
1938, and a dividend of $1,50 per share was paid on Dec. 24, 1937. this
latter being the first payment made on this issue since
May 15, 1931, when a
regular quarterly dividend of $1 per share was disbursed.—V. 148, p. 731.
General Public Service
Gimbel
Bros., Inc.—Directorate Reduced—
Stockholders approved a resolution to decrease the number of directors as
provided in the company's certificate of incorporation from 21 to 18.
For
some time there have been
only 18 directors on the Board.—V. 148, p. 278.
Corp.—Meeting Place Changed—
Great Northern Ry.—Annual
At a recent meeting of the board of directors the place of the annual
meeting of stockholders was changed by amendment of the by-laws from the
office of the corporation in the State of New Jersey to the office of the
corporation in the State of New York.—Y. 148, p. 2268.
General
2427
1938
,
Aver, miles of road operNo. of pass, carried
1937
Telephone Corp.—Gain in Stations—
Growth in number of company-owned telephone stations served by Gen¬
Telephone Corp. has continued this year, according to John Winn,
President of the system.
The increase for the first quarter was 1.13%,
or 5,180 stations, bringing total stations to
463,994 as of March 31.
This
improvement follows full-year gains of 3.15% in 1938, 6.84% in 1937,
6.65% in 1936 and 4.58% in 1935, Mr. Winn said.
Operating companies
of the General Telephone system constitute the largest group of telephone
companies in the United States outside of the Bell system.—V. 148, p.2269.
Rev. per ton per mile-Net
from ry.
rev.
per
0.975 cts.
0.859 cts.
0.889 cts.
$1,820
$1,818
$1,500
Income Account
Frei ght revenue
Telephone Tri Corp .—Report—
.
,
'
for Calendar Years
Total operating revenues.
i.
_
General
—r--—
-
$1,03 ,631
437,847
-----
Interest and other deductions
—
.
:
— _
—
$592,784
238,836
—
238,836
$389,146
Annual dividend requirements On preferred stocks
outstanding at
end of each
year
Balance
.
Uncollected ry. revs__.
$54,517,108 $61,377,723 $56,880,722 $50,061,214
24,698,423
33,564.569
32,744,383
31,127,644
8,364,234
8,425,163
7,842,526
6,216,821
9,257
Railway oper. income.$16,334,189 $25,139,406 $24,901,857 $24,901,566
Equip, rents (net debit).
1,479,331
965,016
889,029
997,612
Jt. facil. rents (net deb.)
375,582
404,982
453,257
420,100
Netry. oper. income-$14,479,276 $23,769,408 $23,559,571 $23,483,854
Non-oper. Income—
142,530
142,677
'133,414
313
324,081
327,800
401,134
388,691
Miscell. non-oper. physi"
<
Inc. from lease of road._
Miscell. rent income,
—
-
.
cal property-
Separately
— — .
' 209,488
—
oper. prop--_
Dividend income
securities
Miscellaneous income---
■
,
3,841
154,987
Consolidated Balance Sheet Dec. 31, 1938
Assets—
Common stock
1,326,725
4,077
142,110
496,213
984,671
Special cash deposits—
Accounts receivable (net)
Materials and supplies.,--!-'
Prepaid accounts & defd. chgs
---$18,053,990
"Separately
11,231
165,465
Int. on funded debt——
unfunded debt-
120,706
rents
Miscell. tax accruals—
Int, on
Amort.
of
discount
—
Net income
----.
Pref. stock
profit and loss
of sub. cos. held
standing...
Earns, per sh.
3,751,970
by public
1,903,986
$7,139,860
13,804
•
15,067-
15,439
15,000
4,997,788
15,000
14,993
-
15,000
.
—
'
15,000
x
Deficit,
—
on
y
_
-
y2,498,923
cap.stk
$1.09
Assets—
169,786
$
1938
841,741
3,022,411
equipment.--557,681,897 557,612,633
Impts. on leased
526,386
526,691
ry. property..
9,575
33,483
;—
mtg. prop, sold
Misc. phys. prop
Inv. in affil.
Income for 4 Months Ended Dec. 31, 1938 (Parent Company)
Dividend received
declared
on common stock of Mich. Assoc. Tel. Co
from earnings prior to date of acquisition,
credited to investment account
$121,104
—
Operating expenses—
$64,700
2,235
<
4,296
1,750
—
Federal income tax
paid to parent company
»——;
$56,418
158,500
deposits—
Traffic
and
10,000
10,000
351,960
'
com.
'
of
stocks
—
882,567
938,725
Tel.
Assoc.
Cash in'banks.-
interest
743,596
(20,184 sbs., par $100).
Co. (42,000 sbs., no
par)
------
-------
$1,224,000
241,240
6,012,980
8,469,983
31,330
Mat'l &
supplies
Int. & dlvs. reo¬
Accrued Federal income tax-.
42,399
Other curr .assets
Work, fund adv.
4,297
Other def. assets
27,729
26,079
254,437
prems.
$1,719,058
(est.)
April 7—
1938
$18,750
$18,750
1
to
liabs.
417,842
205,109
210,753
46,654
5,361,501
curr.
deprec
:
49,598
'
6,103,910
405,329
5,571,937
59,388,702
102,747
1,318,890
1,683,990
3,558,880
—
5,397,83/
61,948,546
Road.
Equipment
35,230,430
Miscell. phys.
property
Oth. unadj. cred.
Add'ns to
102,818
prop,
through Inc. &
surplus
tired
re¬
through
60,740
Inc. <fc surplus
Sink, fund res've
26,856,517
23,005,760
7,130,873
61,814
—
Misc. fund res—
204,772
214,115
Appr.
2,421,026
3,020,294
surp,
786
not
Invested
18,526,504
3,526,504
Profit & loss—
98,853,566
90,835,358
spec.
x
-—Jan.
201,718
liability—.
Tax
25,663
294,159
unadjusted
debits
Georgia & Florida RR.—Earnings—
Operating revenues
—V. 148, p. 2269.
42,386
25,390
Disct. on funded
Other
671,500
163,250
int.
Funded debt
debt
-V. 147, p. 3457.
338,900
accrued.—
paid in
advance—
Total
tured unpaid.
631,993
6,651,635
9,117,606
30,893
Rents and insur.
175,462
Funded debt ma¬
Accrued
706,405
Mlsc.kccts. reC.
49,522
Accounts payable
—Week End.
1939
6,774,818
Mlec.accts. pay.
Int. mat'dunpd.
Ins. <fc cas. res..
rients receiv—
5%
—
450,000
$1,719,058
Total
3,782,224,
1,076,609
'6,818,315
!, 703,208
601,522
Other def.llabil.
200,000
Tel. Corp., parent co.,
3,572,456
1,087,017
Other
car
balances
from agents &
Demand note payable to Gen.
$350,000
Co.
Tel.
Assoc.
360,899
payable
Unmatured
conductors—
Paid-in surplus
Interstate Tel. Co. (23,000
shares, no par)
(Parent Company)
Common stock (par $20)-...-
(100%owned):
349,000
7,000,000
14,491
*..
receivable—
Liabilities—
•
Non-negot. debt
to affil. fcoS
1,152,008
,34,575
—
Special deposits.
Loans and bills
4,782
-
40,000
Net balance rec.
Balance Sheet Dec. 31, 1938
.847,321
Loans & bills pay
Traf. & car serv.
wages
Time drafts and
serv.
Div. on com. stock ($1 per sh.) charged to surplus accounts as
authorized by board of directors___
>Assets~
1,004,583
-
matured—330,761,515 336,628,515
Demand loans &
receivable
~
construction
Funded debt un¬
-
56,404
.
—
Net income
$
stock.-_249,092,150 249,092,150
cos.213,947,277 215,270,046
balances pay .'
Other invest'ts.
3,308,958 4 2,059,898
Cash.—
22,748,203
16,137,309 Audited accts, &
deposits
Balance
2,247
5,493,505
,
Grants in aid of
17
45,275
6,018.037
1937
$
Capital
Sinking funds—
-$17.443,655
.Total
$3.98
Par $100 each.
Liabilities—
$
8,050,000
—
z2,485,588
$2.87
z
1937
Inv. In road and
reserve—
$7,109,867
General Balance Sheet Dec. 31
1938-
&
liabilities.—------
$9,873,547
y2,485,583
No par vaiue shares. ■
22,886
_
$5,062,065
y2,498,923
$4.04
'
—
'
in arrears
•*>
•
•
Deposit in lieu of
Southwestern
70,125
18,755,665
141,900
$2,712,560 $10,089,920
$2,683,756
Undeclared divs. on'pref.stk
.$17,443,655
Total.
Mich.
1,176
77,304
429,486
244,096
.
Income approp. for inv.
"Income bal. transf. for
76,563
Depreciation reserve.-------
cos.
440,552
'
426,042
246,805
Income applic. tosinking
and reserve funds
'
Shs. of capital stock out-
Contributions of tel. plant-..
sub.
541,191
3,495
75,172
74,050
17)298,166
39,833
<
"
$1,224,000
-
Consolidated earned surplus.
Insurance
„
12,373
275,835
-
407,586
250,299
269,435
Current
in
958,176
on
debt--,.
—
Misc. income charges—i.
Long-term debt of subs.
Invests,
,
503,538
25,530
75,050
.68,019
15,571,487
18,361
funded
of Gen. Tel.
surplus of sub...-
Interest
5,716
211,331
$27,009,79Q> $28,608,740 $27,300,163
652,464
30.835
75,331
70.836
14,121,823
oper. prop—.
Rent for leased roads
241,240
(par $20)
—r——
Minority int. in com. stock
Portion
1,954,999
ating Income—
physical property._
Div. approp. of income,
(Corp. and Subs.)
Paid-in surplus
TrlGorp—
Cash, incl. ctfs. of dep. and
working funds
.
177,606
prof48,316
Liabilities—
'
Telephone pladt, equip., &c._$l4,421,032
Miscellaneous investments.-.
68,829
.
__
Deductions from Oper¬
in
;
176,668
3,882,151
238,755
H
& accounts-
Gross ipcome.
168,097
45,875
1,982,889
396,348
v
2,205,150
534,637
—
Inc. from funded securs.
Income from unfunded
,
*.
^
-
Railway tax accruals—
•
$627,982
$353,948
Net income
:
-
Total oper. expenses.
Net rv. from ry. oper—
$1,068,250
440,267
—_.
.
-
.
-
Transp. for inv.—Cr._.
$1,071,700
3,451
Net earnings—)
.
—
Transportati on
Miscellaneous.
$94,942,292 $89,625,105 $81,188,858
10,247,812
8,660,007
6,994,058
14,927,846
13,623,780
12,630,006
2.282.051
2,152,655
2,029,222
30,709,734
29,098,139
25,801,313
867,528
921,402
844,366
753,248
2,246,750
2.380.052
2,556,346
1,908,037
58,287
91,174
54,571
54,670
8,652,584
13,257,006
2,254,863
27,296,664
-
.
$3,443,784
2,372,084
$1,032,631
2,000
.
Maintenance of way...
Maintenance of equip.
Traffic—--
Miscellaneous
Net operating income —
Other deductions (net)
1935
Total oper. revenue. .$79,215,531
'
1937
$3,496,001
2,463,370
;—
Operating expenses and taxes
.
Joint facility (net)
four months ended
Dec. 31,1938, representing the period of actual operations of the corporation
and its subsidiaries since the date of acquisition of such subsidiaries.
For
the purpose of comparing the opeations of the subsidiary companies for
the full year-1938 with the full year 1937 there is given below a statement
of combined income of such subsidiaries for those periods.
1938
$1,856
.
1936
.$68,544,001 $81,560,214 $77",150,514 $70,211,977
4,544,458
5,081,691
4,977,601
4,416,108
3,601,251
3,720,897
3,684,501
3,532,206
770,776
1,106,684
927,573
825,441
1,963.103
3,450,360
2,862,617
2,206,630
' Dr208,058
22,446
22,299
Pr3,505
------
Incidental
■
The statement of consolidated income is for only the
Year Ended Dec. 31—
1937
Passenger revenue.—-2
Mail and express...
Other transportation---
Comparative Operating Results
'
0.951 cts.
oper.
train mile—
1938
General
1935
1936
8,071.54
8,087.49
8,188.15
8,278.28
1,146,447
1,407,668
1,457,725
1,301,366
Pass, carried 1 mile- —-271,001,010
311,557,322 301,706,187 260,145,967
Rev. pass, per mile
1.677cts.
1.630 cts.
1.648cts.
1.686 cts.
Revenue tons carried,-. 23,264,183
41,513,174
34,203,355
29,394,382
Tons carried 1 mile----7017 295740 9477,756018
8664,572456 7372,079484
eral
Corporation began business on Aug. 30, 1938, when, on that date, it
acquired, pursuant to the amended plan of reorganization of Indiana
Central Telephone Co., the assets formerly held by the trustee of the
estate of Indiana Central Telephone Co.
Upon receipt of the assets the
corporation issued for distribution to former 1st lien bondholders of Indiana
Central Telephone Co., in accordance with provisions of the amended plan,
51,000 shares of common stock together with purchase rights entitling the
holders to buy additional common stock aggregating 10,200 shares
at
$22.16 2-3 per share.
All of the purchase rights were exercised (in accord¬
ance with its agreement as set forth in the amended plan the corporation's
parent company, General Telepohne Corp., exercised all rights not exercised
by the other holders) and the corporation received for the 10,200 shares of
common stock issued as a result of the exercise of such rights, cash in the
amount of $226,100.
f
"
The assets received by the corporation consisted of cash in the amount
of $6,958 and all of the outstanding common stocks of Interstate Telephone
Co.;. Michigan Associated Telephone Co. and Southwestern Associated
Telephone
Co.,
three
operating telephone
companies.
Southwestern
Associated Telephone Co., in addition to its telephone properties, also owns
643 shares out of a total of 1 ;000 shares of outstanding common stock of the
Haskell Telephone Co.
Earnings—During the period from Aug. 30, 1938 to Dec. 31, 1938, the
corporation received a dividend on the common stock of Michigan Asso¬
ciated Telephone Co. amounting to $121,104.
Of this amount $56,404,
representing the portion of the dividend declared from earnings prior to
Aug. 30, 1938, date of acquisition, was credited to the corporation's invest¬
ment in the common stock of Michigan Associated Telephone Co.
The
balance of $64,699 was credited to income and represents the total gross
income of the corporation for the period.
Operating expenses and taxes
for the period amounted to $6,532 and interest paid, $1,750, leaving net
income of $56,418.
•
Report—
Statistics for Calendar Years
,
April 7—
1939
1938
$268,596
Total.
$273,394
x
J—— 823,767,817 826.289,202»
Total..
823,767,817 826,289,202
Does not include net losses to Dec. 31, 1938 amounting to $12,028,522
($12,045,532 in 1937) of subsidiaries, in which this company holds directly
indirectly a majority of the outstanding capital stock.
or
Gillette Safety Razor Co.- —Earnings—
1939
3 Mos.End. Mar. 31—
Operating profit
Depreciation
—
—
367,382
Taxes
Net
1938
income
$867,547
Per share of pref. stock$2.89
Per share com. stock.$0.24
1937
$1,159,784 x$l,693.554
119,358
114,052
284,561
324,782
$1,347,407
112,478
$755,864
$2.52
'
$1,254,720
$4.18
$0.19
$0.44
1936
$1,588,787
98,219
263,202
$1,227,366
'
$3.96
$0.42
Including $2,372 net adjustment relating to restricted foreign earnings.
Note—Figures for certain foreign subsidiaries are for periods ended
Feb. 28, 1939.—V. 148, p. 1478.
x
JSl evo President, (Sec•
President of the Lehigh Valley RR., has been nominated
for election at the annual meeting on May 11, the
announced on April 15. Mr. Kerr is to be elected President of the
Great Northern to succeed the late William P. Kenny.
Frank J. Gavin,
assistant to the President of the Great Northern, also has been nominated
for a place on the Board.—V. 148, p. 1959.
Duncan J. Kerr,
director of this railway
company
(Conn.) Gas Co*—$800,000 Bonds Sold—
understood that F. L. Putnam & Co., Inc., Hartford,
have sold to one purchaser for investment, at 100 and int.,
Greenwich
It is
bonds due April 1, 1954.
Hancock Oil Co. of California—Extra Dividend—
Pro¬
ceeds will be used to redeem outstanding 1st mtge. 4%
bonds
$800,000 314% 1st mtge.
due Nov.
have declared
Directors
dividend of 25 cents per share and a
an extra
quarterly dividend of 50 cents per share on the class A and class B common
all payable June 1 to holders of record May 15.
Like amounts
were paid on March 1 and Dec. 1, last.
See also V. 147, p. 2866.—V. 148,
p. 733.
1, 19.56.
stocks
1st
be secured by the same mortgage indenture as the
The bonds will
April 22, 1939
Chronicle
Financial
2428
4s of 1950, but will be issued under a supplemental indenture of
with the same trustee, which, among other things, will provide:
(a) that the bonds shall be first mortgage 3*A% bonds dated April 1,
1939 and due April 1, 1954, and that the company shall have the right to
redeem all or any part of the bonds on any interest payment date prior to
maturity upon published notice given once a week for four successive weeks
in a Boston and in a Hartford daily newspaper, the first publication to be
at least 30 days prior to redemption date at the principal amount of the
bonds redeemed and premiums of the following percentages of the principal
amount: 4% if red. on or before April 1, 1942: 3% if red. after April 1, 1942
mtge.
mortgage,
(M. A.) Hanna Co. (& Subs.)—EarningsQuar. End. Mar. 31—
Operating profit
1936
1937
1938
1939
$533,145
2,813
72,390
27,470
9,278
10,450
Deprec. & depletion
84,028
Federal taxes
14,218
52,004
16,279
$0(8,129
11,634
77,219
25,261
$172,106
$57,562
$494,015
$430,373
$0.01
loss$0.10
$0.33
$0.26
Interest.^
$136,295
—
Net income
and on or before April 1, 1946; 2% If red. after April 1, 1946 and on or before
April 1, 1950: 1% if red. after April 1, 1950 and on or before April 1, 1953,
and at no premium thereafter, together in each case with accrued interest
to the redemption date.
There is no sinking fund.
(b) That the aggregate amount of bonds to be issued under such supple¬
mental indenture shall not exceed $1,000,000.
(c) That the purpose for which such bonds may be issued is limited to the
acquisition of a like principal amount fo first mortgage 4% bonds, due
Nov. 1, 1956.—V. 148, p. 1959.
*
$279,630
.
—
Earns, per sh. on 1,016.-
shs.
961
com.
stock
(no par)....
been
Note—No djduction has
earnings.—V. 148, p. 1324.
Hannah Porter
made
for
the
surtax
undistributed
on
',
Co.—Registers with SEC—
of this department.
See list given on first page
,
April 11, authorized the corpora¬
control of Central Greyhound Lines, Inc., of Cleveland, and
Northern Greyhound Lines, Inc. of Minneapolis.
Greyhound Corp. now owns 49.7% of Northland's outstanding common
stock, while the Great Northern Ry. holds 45.83%.
*
Greyhound Corp. was authorized to purchase 1,500 additional shares of
Northland common at $27.50 a share.
This will give it 50.7% of North¬
17 declared a dividend of 15 cents per share on the
stock, payable June 1 to holders of record May 6. A like amount
paid on March 1, last, this latter being the first dividend paid on the
common shares since June 1, 1938, when 25 Cents per share was distributed.
A dividend of 25 cents was also paid on March 1, 1938, and previously regular
quarterly dividends of 50 cents were paid.
Directors on April
The Interstate Commerce Commission
common
tion to acquire
was
„•
New President, &c.—
..
land's outstanding common..
Greyhound Corp. and the New York Central RR. each owns 50% of
Central Greyhound's voting stock, Greyhound will pay $50,000 for 10,000
shares of class B voting stock.
In authorizing Greyhound to acquire additional stock in Norfhland the
Commission stipulated that a voting trust agreement with the Great Nor¬
thern Ry. be terminated, thus giving Greyhound voting control.—V. 148,
p.
1807.
Gas
&
(& Subs.)—
Inc.
System,
[Including in 1930 earnings and expenses of the Greenwich Gas Co., which
was sold to non-affiliated interests in Feb., 1937]
•
„
—$1,252,470
48,687
Gross earnings
_
Operating expenses—
Maintenance.
Taxes—Federal
,
.
_
retirements
Gross income
—
.
Deductions—Subsidiaries:
Interest on funded debt—
Other interest charges
of debt
and expense
disc,
$646,625
141,824
1,000
6,640
CY215
680
938
12,628
$489,760
$517,844
— -
702
—
31,185
6,251
Miscellaneous deductions
Consolidated Baldnce Sheet
'
♦
»
Property, plant and equlp't.$ll,888,851
Miscellaneous
investments
^
911,085
83,386
.
Secur. and cash in sink, fund
43,129
359,891
238,927
Cash with trustees....
Cash in hanks and on hand..
Notes and accts. receivable..
.
82,166
Materials and supplies
Prepayments..
5,472
'
502,744
Unamort. debt disc. & exp._
35,160
6,455
$192,753
$184,446
$173,492
Net incomq..
283,475
263,519,
2,118
33,238
6,436
247,767
—
Amortization of debt dis. and exp__
"
of Dec. 31, 1938
as
Liabilities—
Funded debt of subsidiaries..
$3,262,500
Funded debt of company....
4,921,500
Notes payable to banks.
Accounts
payable.
59,705
;•
114,249
....
Accrued divs. int. and taxes-
269,092
Customers'
372,491
sec.
and ext. deps.
Deferred credits
'.
:
2,085
Retirement reserve
1,2690889
80,721
Sinking fund reserve
int.
in
stock
Unamort. pref. stock comm.
Min.
»"and expense..r
— -—
62,067
Other deferred charges.6,708
Contributions for extensions.
com.
and
surplus of s mslJaries
•
Preferred
stock..........
Common
stock.......
_
216,333
230,359
2,560,400
.
500,000
325,102
Surplus...
Total'
.514,184,430
.....
147,
3611.
p.
'
.
Total.;.
.$14,184,430
Corp .—Listing—
of voting
par
Hawaii Consolidated Ry.,
Calendar Years—
Ltd.—Earnings1937
$681,017
166,718
Non-oper. income
$786,578'
146,806
82,323
Total revenue
Maint. of way & struct..
Maint. of equipment...
,
1936
>$691,276
156,907
$847,735
139,855
76,125
1938
$653,490
133,088
Rev. from operations...
$848,183
131,852
72,386
$759,335
132,998
74,918
258,235
149,766
226,564
89,413
1935
$612,619,
146,716
Traffic, transportation—
125,595
Int. & miscell.
.
.
2,574
9,398
$165,795
$239,984
$216,620
$193,081
.154,500
154,500
103,000
rents—^
Net income
Divs.
275,506
106,867
263,485
general expenses.....
Taxes...
103,000 /
paid on pf. A stk__
19,323,
42,361
Balance Sheet Dec. 31,1938
Assets—Property investments, $6,742,970; cash on han$ and in banks,
$149,382; sundry debtors, $60,984; material and supplies at cost, $91,734;
paid in advance, $6,250; special funds, $3,914; total
$7,055,235.
' ;
Liabilities—Capital stock, $3,654,960; creditors & wages, $76,656; int.
on
note, $36;' accrued taxes, $72,825; dividends matured unpaid, $523;
loans payable, $35,000; unadjusted credits, $2,969; accrued depreciation,
$1,467,867; funded debt retired through income & surplus $222,756; sinking
fund appropriation reserve, $5,774; insurance and casualty reserve, $135,809; profit & loss account, $1,380,061; total, $7,055,235. t
At Dec. 31, 1938, dividends had been paid in full on the preferred A 7%
cumulative stock to March 1,1923, and 1 ^ % on account of year to March 1,
1924.—V. 147, p. 3764.
V
••
/
.
Hazelton
Co.—$1,000,000
Water
'•••'
.
.
,
Sold
Bonds
Privately—
Water & Electric Corp., sold
privately to an insurance company during 1938, an issue of $1,000,000 1st
mtge. 4j^s, dated March 1, 1938, due March 1, 1958.
Proceeds were
used principally for refunding purposes.
(See also Northeastern Water &
Electric Corp. below).—V. 147, p. 113.
The company, a subsidiary of Northeastern
Hewitt Rubber Corp.
(& Subs.)—Earnings—
3 Months Ended Mdrch 31—
k
1939
b Net profit..-......
x
per
After
share on common stock.
depreciation,
2533.
Hotel
H. H. Rousseau has been elected Vice-President of this company.—V. 147,
3611.
(Pa.)
$41,573
$0,25
,
Federal income and
1937
1938
„
..
$103,553
$10,691.
•
$0.61
$0.06
undistributed profits taxes.
—V. 147, p.
•
Grocery Stores Products Co .—New Vice-President—
p.
*
"
April 18 the election of Raymond
trust certificates representing 66,480 additional
$1, upon Official notice of i&suance has been
approved by the New York Curb Exchange.—V. 148,.p. 2125.
listing
shares common stock,
Earnings
—V.
on
rents and insur. prems.
charges.
interest
Hartford Rayon
The
9,423
$459,399
Balance.
Deductions—Parent company:
Interest on funded debt—
Assets
$677,672
10,665
Miscellaneous deductions
Minority interest
Other
70,821
25,960
173,782
99,949
133,730
1,283
8,542
131,296
C'rl,118
8,577
.....
$1,631,869
583,682
348,114
47,942
39,785
165,320
70,288
$608,605
......
„
$1,318,076
44,168
61,460
161,570
68,750
.......
Amort,
1936
$1,624,448
7,420
61,062
$1,301,157
356,601
income..—...
Other
Reserve for
1937
$1,257,014
1938
Calendar Years—
Operating
revenue
Non-operating income
announced
Directors of the company
Willey as President to succeed J. E. Lewis.
Mr. Willey formerly was
Vice-President.
Mr. Lewis remains as Chairman.
J. E. Macloskey, Jr., general counsel, was named tp the new post of
Vice-Chairman.
Other
officers
are
Vice-Presidents,
Kenneth
Seaver,
P. B. Moss man and G. G. Coolidge; Treasurer. W. F. Bickel; Secretary,
Ps R. Hilleman.—V. 148, p. 1169.
.:
(
Water
Greenwich
Refractories Co.—Common Dividend
Harbison-Walker
Greyhound Corp.—Control of Two Bus Lines Allowed—
.
•
.
Lexington, Inc.—Earnings—
The Hotel Lexington according to a statistical report recently released
by Amott, Baker & Co., Inc., showed net income for the year ended Dec. 31,
1938 of $197,742 before bond interest depreciation and amortization. This
,
Gulf States Utilities
Period End. Feb. 28—
Co.—Earnings—
The report indicates that
—
$777,379
253,445
Maintenance..
50,218
37,901
527,813
503,290
108,4.19
97,942
1,233,160
1,101,973
$365,298
Dr 9,454
$323,849
Dr7,036
$4,7,17,609
Drl6,059
$4,323,418
23,105
$355,844
118,586
$316,813
98,645,
$4,701,550'
1,332,906
$4,346,524
1,198,423
Operating revenues...^. \
Operation.
-
•Taxes
...
Net oper. revenues.
Non-oper. income (net).
with $62,473 for the year 1937.
"
1938 earnings were equal to 5,07% on $3,120,000
collateral'mortgage 4% cumulative'income bonds and $780,000 4% cumu¬
lative income debentures outstanding pursuant to a plan of reorganization
compares
1939—12 Mos.—1938
1939—Month—1938
$798,529 $10,597,170 $10,191,757
338,83^
4,118,588
4,263,076
dated
AUK- 2i 1935 and confirmed by the U. S. District Court for consum¬
Bankruptcy Act.—-V. 146, p. 1554.
mation under Section 77-B of the
Houston Gulf Gas Co.—Income Account—
1938
Operating revenues—Natural gas.,
Balance
Interest and amortiz—.
;
•»_—
$218,168
Balance for
-V.
148,
p.
common
divs. and surplus.
$3,368,644
1,225,655
$3,148,101
1,172,734
$1,975,366
Net operating revenues.
Other income (net)
$1,370,928
604,438
2271.
Interest
Reorganize—
Interest
The company, which has been through two receivership reorganizations
in recent
will seek another reorganization through a Federal court
bankruptcy proceeding, W. L. Collins, President, announced April 16.
The company has filed a petition in U. S. District Court at St. Louis,
stating that it is unable to meet its debts as they mature and that it desires
to effect reorganization under the Bankruptcy Act of 1938.
The petition
asks for appointment of a trustee to continue operations of the business
a
plan of reorganization and
until further
$770,143
mortgage bonds.
debentures
$1,357,779
254,280
1,838
254,280
120,250
A
.120,250
189,953
30,181
456,534
14,949
$175,478
$511,766
7% income notes..
Other interest and deductions
.
As of Feb. 25, 1939 current assets are listed as
of $1,384,461.
$1,606,129 against current
Balance Sheet Dec. 31,
acquired by Mr.
Collins and
a
group
of
associates last July 16, terminating the receivership which Circuit Judge
William S. Connor decreed 10 weeks before, after a long court contest.
A previous receivership had been terminated by reorganization in which
Luke E.
Hirt, lawyer, became head of the company.
He was replaced
by Presley W. Edwards, broker, who was head of the company when the
later receivership was decreed.—V. 147, p. 2687.
equip.
.$18,238,807
Cash In banks—On demand.
16,498
177,873
8,923
29,792
Notes receivable
282,085
Accounts receivable
33,294
Inventories....
on April 11 as President of this company and
by C. M. Kendig, formerly Vice-President and Treasurer.
was reelected Chairman
of the Board.
Mr. Kendig will
retain his post as Treasurer.—V. 148, p. 1478.
.
no
5,170,080
par)
Long-term debt
Accounts
134,941
Matured interest on long-term
8,924
debt
95,598
Taxes accrued
2.077
Interest accrued
debits
^
135,953
7,988,000
—
payable
3.433
Deferred
$S06,300
1,500,000
176,591
Other current and accr. liab.
1,961,086
Total reserves
Capital surplus—
Earned surplus
2,313
870
Deferred credits
i
169,473
915,562
succeeded
Beckwith
preferred stock, series A.
7% pref. stock, series B—_
Common stock (517,008 shs.
Other current and accr. assets
Frank C. Beckwith retired
Mr.
7%
Prepayments
Hamilton Watch Co.—New President—
was
1938
Liabilities—
Assets—
Plant, property and
(incl. intangibles)
Special deposits
liabilities
of the company was
Net income.
Investment and fund accounts
of the court.
Control
on
345,400,
$1,355,941
years,
pending filing and approval of
orders
on
on
1,211,421
500,000
$761,882
8,261
Gross income
Interest
Hamilton-Brown Shoe Co.—-To
$3,125,920
1,424,578
Operating expenses, including taxes..
:
Property retirement and depletion reserve approp.
$1,545,274
Preferred dividend requirements.
15,223
$2,473,303
$2,142,989
597,715
Balance
$3,110,696
15,249
Crude oil..
Total- operating revenues..
Balance..
$237,258
Appropriations for retirement reserve
1937
$2,458,054
12 Months Ended Dec. 31—
$18,928,738
Total
-146,
p.
4117.
Total,
$18,928,738
Volume
Financial
148
Houston Electric Co.
Per iod End. Mar. 31—
Operating
$254,595
$36,893
2,109
$42,381
15,509
1,838
482
$19,806
Net oper. revenues
Interest
on
bonds
Net income
—V. 148, p. 1961.
465,175
341,841
359,420
1,440,254
405,339
322,393
341,803
580
$438,043
177,992
22,439
6,173
$405,419
190,742
24,962
7,506
$24,454
$231,439
Years End. Dec. 31—
—
1
1938
____
1937
1936
$2,421,994
$2,435,141
$1,992,660
•
1,661,629
Other income credits.
1
Income deductions..__
$545,876
387
77
$755,756
453,629
$545,953
411,173
$307,585
35,000
$695,938
467,162
1,446,784
$773,836
466,251
•
$755,369
324
$695,797
■.
141
1,579,844
$773,511
1,726,197
Operating income
$302,126
35,000
79,144
$134,780
35,000
'
Net
income
Preferred
dividends
Common divs. (cash).-..
Common divs. (stock)..
x
>
$228,776
35,000
126,631
131,907
y429,610
bonds,
1937
7% cum. pref. stk
Working
b Common stock..
fec.,
2,680,500
advs.
Customers'
Consum's sec. dep.
174,705
161,781
32,202
29,586
Accounts payable.
208,385
217,062
17,870
303,409
117,872
132,906
15,157
Accrued accounts
for pay't
Notes & warrants
Notes payable
receivable
Acc'ts receivable
Mat'ls & supplies.
Def'd debit items.
Total .........$7,839,670
After
for
Fed.
Res.
132,262
tax, prior years.
Def. credit item..
707
1,531,437
141,499
b
reserve,
1,385", 802
151,121
131,771
753,963
$7,538,358
...$7,839,670 $7,538,358
Total
•
158,289
v
no
shares.—V,' 147,
'
:
par
.
Co.—Earnings—
The results of the
'•
the extensions that connect the I. R.
T. subway lines with the I. R. T.operated Manhattan Ry. elevated lines, it erred in not giving proper effect
to another joint operating agreement.
This agreement, according to the
over
the elevated
express
tracks and
over local tracks as well.
The decision of the higher court, unexpected by many legal experts asso¬
ciated with transit in this city, was generally regarded as a victory for the
In the decision the Circuit Court
upheld the contention of the city that
the I. R. T. must run trains at a five-cent fare over both the;subway and
elevated lines with free transfers between each.
''
It rejected the I. R. T. contention that the Federal receiver of a railroad
.
.
rid of any obligation, even one to give transportation to a munici¬
pality, simply because the company can make no money by performing this
obligation.
The decision was written by Federal Judge Learned Hand, presiding judge
of the Circuit Court,
Judges Harris B. Chase and Thomas W. Swan
concurred.—V. 148, p. 1809.. ■".*
may get
.
.
International Mining Corp.—Asset Value-—
W. H. Chadbourne, President states:
At March 31, 1939. the net asset value of the 523,273 shares of common
,
.
stock of your
corporation outstanding in the hands of the public was $6,079,363, or approximately $11.62 per share. While such net asset value does not
purport to represent values realizable upon liquidation, there has been
deducted in calculating the net asset value the sum of $230,600 for estimated
Federal income tax (but not Federal excess profits tax) which would have
been payable in 1940 on unrealized appreciation of litsed securities if such
securities had been sold at the closing market quotations on March 31, 1939.
All
estimated
taxes
to
March
31.
asset value.
operations of the properties for the quarter ending
1939:
Metals Sold—
„
Ozs.
1st quarte(, 1939....16,911
4th quarter, 1938
15,515
•
,
.
Gold
Copper
Lead
•
Zinc
Ozs.
Lbs.
- Lbs.
Lbs.
1,005,348 14,111,044 26,640,556 22,072,876
1,128,894 13,636,422 27,436,260 41,085,441
1939
prod'd..
expenses.....
1938
$2,424,358
1,700,528
$3,640,867
3,071,138
1937
'
*
$6,141,386
4,202,652
'
1939
and
of
the reserve
$314,026 for
;
The above calculations have been made without regard to shares of com.
issuable against outstanding purchase warrants.
If all of the out¬
standing warrants had been exercised at March 31, 1939. the corporation
would have received $472,390 additional capital: the number of shares of
common stock outstanding in the hands of the public could then have been
570,512. and the net asset value on March 31, 1939, calculated as above,
would have been approximately $11.48 per share. The above common stock
purchase warrants expire Sept. 1, 1939.
..stock
,
Silver
Earnings for 3 Months Ended March 31
Operating
'
The higher court decided that while the lower court had correctly inter¬
preted the agreement by which the I. R. T. was obliged to give service over
mining venture losses have also been deducted in calculating the above net
Howe Sound
Value of metals
elevated lines.
30,000
.862,808 /
Represented by
In a decision believed by many transit
experts to enhance greatly the
possibility of the city's acquiring the Interborough Rapid Transit Co. and
Manhattan Ry. lines for municipal operation, the U. S. Circuit Court of
Appeals ruled April 18 for drastic modification of the District Court decision
permitting the I. R. T. to rid itself of its obligation to operate the Man¬
hattan Ry. elevated lines.
The decision hinged upon interpretation of the series of intricate agree¬
ments between the I. R. T. and the city for the operation of the subway-
inc.
305,965
3161.
March 31,
Interborough Rapid Transit Co.—Court Directs Com¬
Run Elevated—Appeals Ruling Uspets Lower Edict—
182,879
Earned surplus...
a
125,118
$625,421
'
Contrib. for exten.
P.
483,945
...
-
45,000
157,137
.
Res. for deprec'n..
a
69,115
67,385
for construction.
dep. with
of bond interest,
a
1,425,484
gold bds. due '43 2,715,500
27,557
113,987
36,516
153,166
i.__
trustee
$500,000
1,425,484
$500,000
1st intge. coll. 6%
&e. (not curr't).
on
264
822
funds....
Cash
Cash
..$1,234,483
Balance available for dividends
—V. 148, p. 1962.
"1Q^7
1.
Ltabiltlies-
Property ........$7,044,907 $6,772,081
•
577,406
Net income
Interest charges
Other deductions
city.
Consolidated Balance Sheet Dec. 31
1938
,
Notes & accts.
811,069
deprec. expenses
higher court, requires the I. R. T. to give service
r
Includes interest, depreciation, Federal income tax, interest on
refund of taxes account of tax-free covenant in bonds, and amortization
of bond discount and expense, &c.
y Paid in common stock, 52,763 shares.
Assets—
or
All Federal and local taxes.
Backs 5-Cent Fare—-
1935
$2,335,213
expenses and taxes.._
x
$2,622,959
„
Operation, maintenance and retirement
pany to
(& Subs.)—Earnings—•
Gas purchases, operating
Gross income
Earnings for 12 Months Ended March 31, 1939
Gross revenues.
$182,209
Houston Natural Gas Corp.
revenue..
$2,915,208
$3,100,578
1,496,099
119,914
34,678
27,578
30,045
14,496
Other interest, &c
Amort, of dt. disc. & exp
Gross
1939—12 Mos.~ 1938
$274,796
130,036
44,804
30,260
32,802
revenues
2429
Indianapolis Water Co.—Earnings—
Earnings
1939—Month- —1938
Operation
MaintenanceRetirement accruals
Taxes
Chronicle
1936
$2,951,145
2,524,962
The division of the
corporation's net assets into cash, receivables, listed
follows:
securities and non-liquid assets as of March 31. 1939 is as
Cash and accounts receivable, less payables and less
$723,830
$569,729-
$1,938,734
9,421
Operating income
10,496
271949
Other income
Total
$426,183
176,554
$733,251
85,352
$1,966,683
84,583
$602,737
73,719
$513,377
Net inc. before deplet.
Earnings per share on
capital stock...
$580,225
219„874
Depreciation.
$494,873
$1,882,100
.$529,018
$3.97
$1.12
$1.04
$1.08
Note—No provision has been made for surtax on undistributed earnings.
—V. 148, p. 883.
.
.
.
Hupp Motor Car Corp.—Settles Tax Claim—•
The Detroit City Council on Aprjl
14 authorized settlement of the
corporation's $275,000 city tax bill for a cash payment of $125,000.
S. L. Davis, President of this corporation, which recently obtained a
loan of $900,000 from the Reconstruction Finance Corporation, told the
Council that sale of 350,000 shares of common stock had been counted on to
provide operating funds but "the foreign situation has ruined the stock
market."
If relief from overdue taxes were granted, be said/the company
would reopen its plant with what funds it had.:—V. 148, p. 1961.
Illinois Iowa Power
Co.—Exemption from Act Denied—
The Securities and Exchange Commission has denied the company ap¬
plication for exemption from the provisions of the Public Utility Holding
Company Act of 1935, under Section 3(a) (2) of that Act.
The Com¬
mission in its findings concludes:
An examination of the comparative net operating revenues of the ap¬
plicant and its subsidiaries for the year 1937 discloses that the revenues of
the subsidiaries (after eliminating inter-company transactions) aggregate
about 39% of the net operating revenues of the applicant.
On the basis of
fixed gross utility assets the assets of the applicant's subsidiaries are ap¬
proximately 38 % of the assets of the applicant
On the oasis of net income,
after eliminating dividends and interest paid to the parent by the sub¬
sidiaries, the subsidiaries have a considerably greater income than the ap-i
plicant; Illinois Iowa's net income on this basis was, for the year 1937,
$962,857, while the total net income of the subsidiaries for the same year
was $1,513,958.
•
It is apparent that the business of the subsidiaries is an important part
of the applicant's total business.
In so far as net income is concerned,
.
,
the
'
<
,
therefore, we must deny the present application
because of the very large proportion of the business of the applicant's
system being conducted by its subsidiaries rather than by the applicant
own
operations.
„
.
,
On the facts of this case,
itself.
Litigation Relating to Plan of Recapitalization—
From the 1938 annual report we quote the following:
Certain holders of the old preferred stock of the company in May, 1937
filed a complaint against the company in the Circuit Court at Champaign
County, 111., seeking to enjoin the company from carrying out the plan of
recapitalization and from paying dividends to common stockholders or
assenting preferred stockholders without first redeeming shares of the
preferred stock held by the plaintiffs and requesting an order requiring the
company to redeem the shares of preferred stock held by the piaintiffs at
$110 per share plus accumulated unpaid dividends.
Company's answer to
the complaint and the plaintiff's reply thereto were filed, but the trial judge
before whom the case was to be held disqualified himself and a new judge
was assigned to the case early in November, 1938.
Since that time certain
preliminary motions have been heard and disposed of, and the company is
now preparing answers to interrogatories propounded by the plaintiffs.
It
is expected that the case wih come to trial during the present year 1939.—V.
148, p. 1809.
.
Oil Co.-Unlisted Trading
the New York Curb Exchange, but the new non-voting class A common
stock, par $1, and the new class B common stock, par $1; has been admitted
to unlisted
trading.
■
The
new
non-voting class A stock,
par
$1, have been
issued share for share in exchange for old non-voting class A common stock,
par, and the new class B common stock, par $1, issued share for share in
exchange for old class B common stock, no par.—V. 147, p. 113.
no
;•
would have become payable in 1940 on unrealized
appreciation, if such securities had been sold at the
closing quotations on March 31, 1939 but before
provision for Federal excess profits tax on unrealized appreciation.
Investments in other mining ventures and develop¬
ments and unlisted securities, including affiliated
'
-
4,363,893
71.78%
1,576,471
companies, stated at cost to predecessor company,
plus subsequent acquisitions and advances at cost,
less reserve of $314,026 for mining venture losses..
Deferred charges (prepaid New York Statd franchise
tax and advances for expenses)
25.93%
"
•
0.47%
$6,079,364
%
28,152
100-00%
prepared by the corporation's accounting department,
quoted on stock exchanges being valued at the closing market
quotations on March 31, 1939 and those not so listed being valued at cost.
♦.
During the month of April, 1939, corporation sold 400,000 ordinary shares
of British American Tin Mines Limited owned by it at a.profit of approxim¬
These figures were
assets listed or
ately $418,751.
Since March 31,
its
common
1939, corporation reacquired 1,900 additional shares of
a cost of $11,236.
As a result of this, the number of
corporation now outstanding in the hands
stock at
shares of common stock of your
of the public is
521,373.—V.» 148, p. 2125.
Application—
International Utilities Corp.—Withdraws
The Securities and Exchange
Commission has issued an order consenting
of the applications of International Utilities Corp.,
General Water Gas & Electric Co. and Securities Corporation General
and the declaration of American States Utilities Corp. in connection with"athe
to
withdrawal
proposed plan of International Utilities Corp., General Water Gas & Elec¬
Corporation General to sell 39,060 shares of preferred
stock of American States Utilities Corp. to the issuing company;—Y. 148/
tric Co. and Securities
2273.'
p.
'
International
Order Vacated
Water
&
Power
Co,—SEC Exemption
by Court—
The U. S. Circuit Court at Boston has vacated the order of the Securities
and Exchange Commission of July 31, 1937, under which the company was
granted exemption from the provisions of the Public Utility Holding Com¬
pany Act in so far as the issuance of common stock under its reorganization
plan was concerned. This order did not cover general exemption from the
provisions of the Act, but only involved the common stock to be issued
either on exercise of warrants or conversion of the preferred stock into
common.
The petition
Jr
owner
The
by John Lawless
for review of the order had been brought
of 5,000 shares of International Paper class C common stock.
has remanded the case to the Commission for further pro-
court
In 1937, when the International Paper & Power Co. was contemplating
recapitalization plan, it already had applied for exemption from the
Utility Holding Company Act. Such an application granted the company
exemption until the Commission reached a decision on the application.
The reorganization plan contemplated the issuance of common stock,
either on exercise of warrants or through conversion of preferred, and
its
company
This exemption was
although Commissioner Healy at that time said the
upheld by the
asked specific exemption of those securities.
granted by the SEC,
Commission lacked
jurisdiction, a view which has now been
Circuit Court.
Th*> decision of the court, however, is
,
Indian Territory Illuminating
The company's old non-voting class A common stock, no par, and the old
class B common stock, no par, has been removed from unlisted trading on
1.82%,
:
changes, taken at market .value at March 31, 1939,
less Federal income taxes which at present rates
applicant receives a larger amount from the subsidiaries than it does
from its
$110,848
provision for taxes;.____
Investments in securities listed or quoted on stock ex-
.
.
_
.
.
A
considered academic for two reasons.
prices of the common and preferred stocks are
such as to preclude either the exercise of the warrants or the conversion of
the preferred, and there has been no application for issuance of new com¬
mon stock under either provision.
;
.
The second reason is that International Paper & Power C6. has set up a
liquidating trusteeship for its utility holdings, which has taken it out of that
business
In approving the plan for the liquidating trusteeship earlier in
the year, Chairman Douglas of the SEC praised it highly.
Hearings have
The first is that the present
,
Financial
2430
been held
on
the company's application for exemption from the provisions
anticipated that a favorable decision
the need for action on the exemption
stock issuance.—V, 148, p. 734.
of the Holding Company Act, and it is
will be forthcoming which will remove
of the common
Investors Fund C,
Profit
-
Net realized profit on investments
1937
1938
$1,694,291
$1,714,257
569,994
79.764
543,339
$1,785,450
590,559
102,000
249,355
102,000
265,637
$693,177
27,183
$743,342
41,845
$711,639
48,805
18,221
$720,360"
$785,187
$760,444
$408,833
107,718
Maintenance and repairs
Prov. for
depreciation..
General taxes
$22,996
59,941
Other income
$82,936
180,321
*
balance, Dec. 31.1938.
Net oper. revenue
Dividends.
$209,429
-
Balance Sheet March 31,
1939
Other inc. deduc's
Net
Co.—Earnings—
(Including for entire period results of operations of propetty acquired by
the company from its subsidiary in 1938)
:
4~6~2~666
Net operating revenues
Non-operating revenues.
_
-
-
-
_
^
-
Miscellaneous income deductions.—-—...
.
383,909
34,630
$751,688
"
-»—
Interest charges (net)
Dividends on preferred stocks Of subsidiary
Net income
$1,292,886
437,034
17,420
2,254
..t—
$874,347
undistributed income:
on
Apprpriation to depreciation & retirement reserve.
Gross income.
$1,218,962
73,924
998,763
87,767
226,740
123,275
—
Taxes, other than income taxes
Provision for income taxes
$1,142,957
»
65,439
$3,041,501
— —
Maintenance
Provision for surtax
$2,930,103
897,226
81,394
241,492
161,700
1,500
327,829
$1,208,396
;
r_._ ——
—.
-
1937
1938
Years Ended Dec. 31—
-
—
318,430
51.408
29,267
283,761
63,977
$321,254
$437,448
(net)
income
.....
Note—Accounts in the income statement for the year 1938 are not in all
comparable with those for the year 1937 owing to changes in
accounting classifications required by new uniform systems of accounts
adopted in 1938.
The net effect upon net income resulting from these
changes is believed to be immaterial.
Discount and expense relating to bonds of the subidiary outstanding
during the period (to date of retirement in 1938) covered by the foregoing
income statement was charged
to contributed surplus in 1929.
If such
discount and expense had been amortized by charges to income over the
terms of the bonds, net income for the years 1938 and 1937 would have been
reduced by approximately $2,500 and $3,800. respectively.
After completion of
stock
($100
par),
History and Business—Company is engaged in the business of supplying
domestic, commercial and public consumption and for fire protec¬
water for
At present
the company serves an area of approximately 40 square
property, $9,946; reserves, $2,912,036; surplus, $580,099 total, $25,102,696.
—V. 146, p. 3196.
'
•
»
■
Island Creek Coal Co.—ProductionMar., 1939
Month of—
340,181
miles
a population estimated by the company to be in excess of 350,000,
located in the Borough of Queens, N. Y. City, and in Nassau County, N. Y.
The N. Y. City territory includes Jamaica and parts of Richmond Hill,
Kew Gardens, Jamaica Estates, Creedmoor and Floral Park.
The Nassau
with
County territory includes the incorporated villages of Floral Park, New
Hyde Park, Stewart Manor, Bellerose and South Floral Park, part of the
incorporated viilgae of Garden City, the Bellerose Terrace Fire District,
the Elmont Water Supply District and the New Hyde Park Water Supply
District, all located in the towns of Hempstead and North Hempstead.
In addition, the company sells water to the Franklin Square Water Dis¬
trict pursuant to a written contract expiring in 1943, and to the Garden
City Park Water District pending completion of the installation of its own
supply, which is expected to be not later than May 1, 1939.
Company
also supplies a small number of customers outside its own territory.
The
Sipes through whihIn 1938is distributed to such customers are not owned
water the gross revenue from such water districts and
y the company.
customers was
$17,509.
Approximately 89% of the operating revenues for the calendar year 1938
derived from customers in the City of New York.
*
•
The company obtains its water supply from its own wells, located within
the territory,,
The water from these'wells is either pumped into the dis¬
tribution mains directly or into elevated tanks and ground-level reservoirs
from which it then passes into the distribution mains.
The water drawn
from some of the wells is purified artificially, but in the case of other wells,
because of the quality of the water, no artificial purification is required.
Water is distributed through a completely interconnected ("gridiron")
system of mains.
Company has a present pumping capacity of 66.7 million gallons per day,
as compared
with a 1938 average daily puxnpage of less than 28 million
gallons and a maximum daily pumpage of 40 million gallons.
was
-Balance Sheet Dec. 31, 1938
Property,
,
plant
&
$10,902,105
equip
1,000
Investment—miscellaneous..
39,766
Cash......
als due from N. Y. C.
1,119,703
1,602
87,924
8,583
1,170,809
(net)
Deposits, &c., c urrent assets
.
Materials and supplies.
Prepaid Ins., taxes, &c
744% pref. stock (par 55100).'
$6 pref. stock (no par)
Common stock (100,000 shs
no
Accts. receiv. & hydrant rent¬
_
i
$985,200
1,000,000
,
1,715,941
par)....
1st mtge. 3Ms, series A
Notes
5,745,000
payable
775,000
Accounts
payable.....
Dividend
payable
99,283
25,000
185,912
......
Federal taxes & interest
Customers' depos. & accr.int.
Accrued
108,100
Items
Deferred
70,867
credits.
'
...
255,646
Reserve for depreciation.
1,037,568
Contributions in aid of constr
183,753
1,144,222
Surplus..'
.$13,331,493
Total..,.
Surrender
4
•
.
LlabUUleti—
\A.s$pts'
$2,472,900;
6% cumulative preferred stock ($100 par), $3,900,000;
common stock
($10 par), $2,500,000; funded debt, $11,700,000; accounts payable, $340,429; preferred stock dividends payable Jan. 3,1939, $101,776; taxes accrued,
$346,535; interest accrued, $174,433; consumers' deposits, $48,645; other
current liabilities, $15,897; contributions by consumers for construction of
Production of coal (tons).
21,500
34,650
$244,964
$430,651
tion in the territory served.
Assets—Property and plant, $22,064,985; cash on deposit with trustee,
$463,191; advance to Des Moines Electric Light Co., $1,070,000; cash in
banks and on hand, $764,082; cash on deposit for payment of dividends on
preferred stocks, and other deposits, $107,009; accounts receivable—cus¬
tomers (less reserve of $39,252), $207,461; due from Des. Moines Electric
Light Co., on current account, $55,198; materials and supplies (at cost.or
less), $114,039; deferred charge, $256,730; total, $25,102,696.
preferred
215,437
62,379
51,976
.
the present financing, the outstanding capital stock
$5 cumulative preferred stock, series A, on
requirement will be $75,000 and 100,000 shares
Deferred debits.
Balance Sheet Dec. 31,1938
cumulative
$390,612
which the annual dividend
respects
Liabilities—7%
295,999
54,982
45,879
158,989
of common stock.
Assets—-Cash on deposit in Irving Trust Co., $102,595: securities held by
Irving Trust Co., as depository, at value based on closing market Quota¬
tions March 31, 1939 (cost—$6,008,228;, $4,960,907; dividends receivable.
$17,212; prepaid taxes) N. Y. State franchise), $811; total, $5,081,525.
Liabilities—Accrued ta.ces. $7,016* compensation to Investors Manage¬
ment Co., Inc., payable quarterly under terms of management contract
(for quarter ended March 31, 1939), $12,704: dividend payable April 15,
1939, $53,829; capital stock (par $1), $538,287; paid-in surplus, $5,307,582:
profit and loss surplus, $209,429; unrealized depreciation in securities,
$1,047,322; total. $5,081,525.—V. 148, p. 440.
Operating revenues
Operating expenses
$946,462
88,011
96,880
298,359
will consist of 15,000 shares of
,
Iowa Power & Light
59,938
__
Gross corp. income..."
Int. on long-term debt.
$263,258
53,829
-
Balance, March 31,1939
6 Mos. End.
Dec. 31 '38
■Years Ended June 30
Prov. for Fed. inc. taxes
Total..
stock, series A, or of any
Earnings for Stated Periods
12,704
Management compensation
profit
shares of $5 cumulative preferred
other series.
Operation
$38,382
2,683
Taxes other than income taxes
Net
as
one or more
Total oper. revenues
Earnings for the 3 Months Ended March 31, 1939
Profit & loss surplus,
ferred stock
1936
Inc.—Earnings-
dividends
Cash
April 22, 1939
Chronicle
Total..
.$13,331,493
of 10,000 Shares of Preferred, Stock—
"Under the order of the P. S. Commission of New York authorizing the
issue and sale by the company of the
A, it will be
series
necessary
15,000 shares of $5 cum. pref. stock,
for the holders of the 10,000 shares of $6 series
(no par) cum. pref. stock (which were issued in 1931 in exchange for 20,000
shares of 7 34» % pref. stock issued as a dividend on the common stock in
1930) to surrender such shares to the company for cancellation, and for the
transfer $1,000,000 on its books to the reserve for depreciation,
an amount equal to capital ih respect to the shares so surrendered.
company to
Feb., 1939
284,849
Mar., 1938
;
221,393
being
Hydrant Rentals—Relations with City of New York—
In 1934 the City of New York suspended payments to the company on
—V. 148, p. 1963.
account of
Jamaica
Water
Supply
Co.—Stocks Offered—Public
offering was made April 20 by Blyth & Co.,Tnc., of 15i,000
shares (no par) $5 cumulative preferred stock, series A, and
60,000 shares (no par) common stock.
The preferred stock
is
priced at $103
per
share plus accrued dividends
from
March 31,
1939, and the common stock at $33 per share.
Offering of the common stock will not represent new financ¬
ing by the company, all of the shares being purchased from
Warren Leslie, Chairman of the Board, who will receive
the net proceeds.
<
*
.
The $5 cumulative preferred stock
is redeemable, as a whole or in part,
time, or from time to time, upon 30 days' notice, at $108 per share,
except that if 75 % of the property shall be taken by eminent domain or sold
or conveyed to any governmental authority, the preferred stock will then
be redeemable, at ,$103 per share within 90 days after receipt of the major
part of the consideration for the property.
at any
Purpose of Issue—Net proceeds of the preferred shares, together with
other funds of the company, will be devoted to the following purposes:
(1)
(2)
(3)
(4)
(5)
(6)
•
Redemption on May 1, 1939 of the 19,704 outstanding
shares of 7H % pref. stock at $52.50 per share
$1,034,460
Payment of a note payable to Manufacturers Trust Co., the
proceeds of which were used for working capital
100,000
Installation, equipping and housing of two electrically-oper¬
ated wells each of the capacity of 1,000,000 gallons per
day, and the erection of a pressure filter plant of a capacity
of 5,000,000 gallons per day and of a 1,000,000-gallon
steel standpipe, all to be located on the company's prop¬
erty at 180th Street and 106th Avenue, Jamaica
186,300
Installation, equipping and housing of one electrically-ioperated well of a capacity of 1,750,000 gallons per day, and
the erection of a 1,750,000-gallon steel standpipe, to be
located on the company's property at 92d Avenue and
127th St., Richmond Hil
78,942
Installation, equipping and housing of two electrically-oper¬
ated wells, each of a capacity of 1,250,000 gallons per day,
to be located on the company's property at Hempstead
Turnpike and Elmont Road, Nassau County
48,500
Extension and improvement of the company's distribution
system
188,480
Of the 15,000 shares of $5 cumulative preferred stock, series A, offered,
5,000 shares are being issued fori the purpose of providing part of the funds
required for construction.
hydrant rentals and attempted to obtain a reduction from $45
hydrant per year to $18.50 per hydrant per year.
The P. S. Com¬
a rate of $40 per hydrant per year, effective March 1, 1936.
The city contested the jurisdiction of the Commission to fix such rate, and,
in April,: 1937, the Court of Appeals sustained such jurisdiction.
Following
this decision, the company instituted an action to enforce its claim against
the city for unpaid hydrant rentals.
The hydrant rentals for the period
subsequent to March I, 1936, at the rate of $40 per hydrant per year, were
not contested further by the city, and payment or $471,173 (including
interest) was received during 1938.
On Jan. 1.1, 1939 the claim of the
company for hydrant rentals for the,period from Jan. 1, 1934 to Feb. 29,
1936 at the rate.of $45 per hydrant per year was upheld by the Court of
Appeals, and on Feb. 23, 1939 payment of $708,955 (including interest) was
received.
In order to continue the payments of dividends and carry out
its construction program pending the collection of these hydrant rentals,
the company obtained loans from banks.
At Dec. 31, 1938 the amount of
such loans was $775,000 and bn Feb. 25, 1939 (after payment of $675,000,
note due Empire Trust Co.), this amount was reduced to $100,000, following
the final payment by the city.—V. 148, p. 1963.
,
per
mission fixed
.
Jones & Laughlin Steel Corp.—-Collateral on
Deposit—
Corporation has notified the New York Stock Exchange that the following
is a list of promissory notes and
(or) assignments on deposit as collateral with
the trustee under indenture of mortgage securing first mortgage bonds,
series A, 4M%, due March 1* 1961 of the company: •„
Promissory Note of:
Authorized
Outstanding
Dated
lO, 1939
April
...April
Shannopin Coal Co
April
The Vesta Coal Co
....April
Adelaide Land Co....
...April
Jones & Laughlin Steel Service, Inc
April
Assignments by Jones & Laughlin Steel Corp.
of the indebtedness of The Monongahela
Connecting RR. Co. to said corporation in
the amount of
10,
10,
10,
10,
10,
1939
1939
1939
1939
1939
Amount
$6,415,271
340,526
10,809,780
1,245,784
1,616,126
586,080
April 8, 1938
410,000
Jan. 9, 1939
1,510,000
Assignment by Jones & Laughlin Steel Corp.
of the indebtedness of Aliquippa and Southern
RR.
Co. to said corporation in the
amount of
t
The corporation also reports that all notes dated Jan. 9,1939, which were
deposit with the trustee, were surrendered to the corporation upon
deposit of the above obligations.—V. 148, p. 2126.
on
Johns-Manville Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Net sales.
Other
income
j
Capitalization Giving Effect to Present Financing
1st mtge. 3^% bonds, series A, due Dec. 1,1961
x
$5,745,000
$5 cum. pref. stock series A (no par)
y60,000 shs,
15,000 shs.
Common stock (no par)..
120,000 shs.
100,000 shs.
x Additional bonds
may be issued under the indenture upon compliance
""
Inter-State Iron Co
Jones & Laughlin Ore Co...
Total income
Costs, expenses and taxes
Depreciation and depletion.......
1939
1938
..$10,397,408 $10,435,118
68,120
53,464
$10,465,528 $10,488,582
9,762,601
10,178,856
577,809
549,302
__
Net
profit..
with the terms thereof,
Preferred dividends
ance,
—V.
y The charter of the company authorizes the issu¬
subject to the provisions thereof, of 60,000 shares of cumulative pre¬
148,
p.
1963.
$125,118 loss$239,475
131,250
131,250
Volume
Financial
148
Kansas City
Period End. Mar. 31—
Total oper. revenues
Operating
Chronicle
Public Service Co.—Earnings—
1939—Month—1938
$566,631
$576,677
443.921
"
459,965
expenses.
Lehigh Valley Coal Co. (& Subs .)—Earnings—
1939—12 Mos.—1938
$6,418,539
$6,709,571
5,241,540
5.366,458
Consolidated Income Account for Calendar Years
[Including Wholly-Owned Subsidiary)
a
Net oper. revenue
$122,709
$89,880
$83,163
$798,390
113
136
3,367
$975,675
21,332
$89,993
46,802
71,059
$83,299
45,898
71,437
$801,757
567,880
849,937
$997,007
566,754
862,189
$27,868
$34,036
$616,059
$431,936
Social security taxes
Operating income
Non-oper. income
Gross income
Fixed charges
Depreciation
Deficit.
—V.
255,08
<
123,519
oper.
oper. expenses.
$1 183,322
297,000
Railway oper. income.
Equipment rents (net)..
Joint facility rents (net).
$301,389
29,769
11,697
$296,635
51,280
.,5,954
$886,322
98,356
29,403
Ac., t$xes
Federal & State
Net ry. oper. income.
—V. 148
p. 2126.
$259,922
$239,401
$758,563
357,938
Co.—Earnings—
1938
Calendar Years—
$2,515,961
Operating revenues
1,441,519
Operating expenses.....
Taxes
372,027
serve
1937
1936
—
Deficit
«
Consolidated
$2,319,990
1,264,847
286,940
■
$704,419
211,555
Crl3,807
$727,468
182,389
$771,348
266,667
4,602
Accts.
on
Cr643
21,988
Net income
dividends.
1938
$331,866
140,035
38,694
26,250
"
45,379
$
410,820'
310,457
515,018
526,651
423,501
487,760
b Tot. other assets
1,045,784
1,185,343
7%
328,017
293,717
138,456
9,749
6,718
cum.
6% Junior pf..tock
644,9 00
x Common stock..
2,000,000
Long-term debt.. 6,523,900
of amort
423,545
377,765
Other def. charges
73
124
J
4,008
1
155,326
5,141
15,041
'/
pensation ins'ce
Coll. note payable-
.22,789,880 24,031,210
charges
& unadj. items.
89,169
Advanced royalties 1,616,076
Stripping expense.
180,926
85,101
3,426
1,108,101
33,817
117,270
420,558
(no par)
in
•
-,
.
1938 and 52,500 shares
'
Total
$2,692
See also V. 148, p. 1173.
Jan. 4,
Keystone Steel & Wire Co.—Earnings—
1939—9 Mos —1938
$516,560
z$423,489
1939—3 Mos—1938
$317,608
z$187,569.
Earns, per share.$0.42
$0.25
$0.68
$0.56
x After all charges, including provision for Federal income taxes,
y On
757,632 shares capital stock,
z Before undistributed profits tax.—V. 148,
p. 1173.
'
:
4
.
/
,
■
. >_
■
y
,
,
Key West Electric Co.—Earnings—
Period End. Feb. 28—
1939—Month—1938 V"
-
1039—12 Mos.—1938
$14,743
$186,483
4,470
55,643
1,605
1,553
13,967
26,791
9,811
19,664
•
.
.
$7,115
$9,748
j0r787
$90,083 "
Dr7,197
Dr775
•
$70,560
Drl.lll
$8,961
2,383
$6,340
2,383
$82,886
23,313
$59,573
20,360
$44,624
$39,212
24,374
$24,703'
24,374
$14,838
$329
UnlnnoA
Balance for common dividends and surplus
-
«
A.
«
-
«
'
$69,449
19,921
(F. & R.) Lazarus & Co.—1 o-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
value, payable May 24 to holders of record April 14.
This
with 50 cents paid on Dec. 27 last and 12H cents per share paid
Oct. 25, July 25 and April 25, 1938.—V. 147, p. 4058.
no par
compares
Corp.—New President—
At a special meeting of directors, A. A. Garthwaite, formerly VicePresident, general manager and Treasurer, was elected President to succeed
Watson.
Mr. Garthwaite retains the position of general
the late John J.
William B. Dunlap, formerly Assistant Treasurer, was elected
129.
Co.—Listing—
'The Chicago Stock Exchange has approved the application to list 32,000
shares of common stock, par $10 which Will be admitted to
additional
trading upon official notice
.
.
.
•
of issuance.—V. 145, p. 1906.
1939—12 Mos.—1938
$201,127
Drl7,696
$538,240
Dr94,699
Dr95,195
$341,055
298,328
$183,431
307,746
$443,541
1,113,189
$556,806
1,155,048
$639,383
Gross income..*
On reserve
$491,177
$1,556,730
$1,711,854
1,057,302
1,058,941
$652,001
coal lands.
264,853
_
259,501..
Federal and State unem¬
70,296'
22,649
2,930
Federal taxes
282,315
89,074
14,403
"13,635
>_-
72,261
23,198
5,685
"9",660
349,431
ployment tax—
Fed. old age benefit tax.
351,035
40,527
Cr7,873
1,446,274
229,924
97,788
39,024
1,000
9,000
CY3.716
1,447,950
$229,125
$1,365,292
$1,168,058
227,409
227,409
1,205,437
227,409
1,205,437
Penna. income tax
Miscellaneous
deduc'ns.
CV379
Minority interest-
$84,450
Net loss
Shs. outst'g
Mar. 31—•
227,409
■Preferred
1,205,437-.
,
1,205,437'
Note—-Computation after providing for preferred stock at its fixed rate
of $3 per share/—V. 148, p. 1481.
Lehigh Valley RR.—Interest—
Payment of 25% of the interest due May 1, 1939. will be made on ptefrom (a) 4% general consolidated mort¬
sentation for stamping of coupons
gold bonds, due 2003, "plain" and "assented"; (b) 5% general con¬
mortgage gold bonds due 2003 "plain" and'"assented": and
general consolidated mortgage gold bonds, due 2003, "plain"
and "assented."—V. 148, p. 1964.
gage
solidated
Lima Locomotive Works—New Directors—
C.
W.
Floyd Coffin and Joel S. Coffin were elected directors of this
andC. L. Winey at the annual meeting
148, p. 2275.
company to succeed C. L. Myers
of stockholdei-s held recently,—V,
Lion Oil Refining
Co-Removed from Listing & Registration
The company's common stock, no par, has been remoyed frbm listing and
registration on the New York Curb Exchange.—V. 148, p. 148.
Lit Brothers,
Philadelphia—Accumulated Dividend—
The directors have declared a
dividend of $1.50
per
share
on
account of
accumulations on the 6% cum. pref. stock, par $100, payable April 29 to
holders of record April 19.
This compares with $2 paid on Oct. 1 last;
paid on Jan. 28,1938; $2 paid on Oct. 28, 1937; $4 paid on Jan. 25, 1937,
10, 1936, this latter being the first payment made since
2, 1933, when $1.50 per share was distributed.
The last regular
quarterly dividend of $1.50 per share was paid on April 1, 1932.—V. 147,
$4
and $2 paid on Oct.
Jan.
1784.
Loblaw Groceeterias, Ltd.—Sales—
Period End. April 1—
Sales
1939—4 Weeks—1938
1939—14 Weeks—1938
$1,850,586
$1,865,192 $19,298,244 $18,503,011
Extra Dividend—
an extra dividend of \2H cents per share in
quarterly dividend of 25 cents per share on the class A
stocks, all payable June 1 to holders of record May 10.
Similar amounts were paid on Dec. 1 and June 1, 1938, and Dec. 1 and
June 1, 1937.—V. 148, p. 2127.
Directors
Le Roi
-
Int. and carrying charges
p.
2274.
Treasurer.—V. 147, p.
.
$361,018
Dr 19,963
Inc. from other oper.—
24,824
$3,957
Preferred dividend requirements
manager.
..28,213,678 29,010,482
1939—3 Mos. —1938
selling coal
$154,513
54,477
1,094
2,426
$6,578
Lee Rubber & Tire
Total
(c)
*•
$18,127
4,859
Appropriations for retirement reserve
on
9,465,000
4,{584,207
1939, has been extended to May 1, 1939.—V. 148, p. 1481,
Period End. Mar. 31—•
„
Balance
147,017
9,465,000
6,280,737
Income from mining and
•
Balance
142,672
Lehigh Valley Coal Corp.— ■Earnings-
Commori...
Interest and amortization
payable
•
the 7 % cum
The directors have declared a dividend of $1.75 per share on
/
14,576,000
.,
Deprec'n & depletion
pref. stock, par $100, payable out of capital surplus on July 1 to
holders of record June 15.
This dividend is for the quarter ended Sept. 30,
Net operating revenues
Non-oper. inc. (net)...-*
194,666
debt.^.._ 13,612,000
with
reserve...
Time Extended—
conv.
-
42,818
investments in Burns Bros.
Total inc. from oper..
Keith-Albee-Orpheum Corp.—Preferred Dividend—*
—i'
542,170
16,480
28,21.3,678 29,010.482
Other income
$181,305
$80,083
Note—No provision is made in above figures for taxes on undistributed
profits.—V. 148, p. 441. •
D
—
4,911/243
468,336
acct.
a After reserves of $48,229,232 and surplus arising from revaluation of
$9,149,915 ini 1938 and reserves of $46,408,235 and surplus arising from
revaluation of $9,633,526 in 1937.
b Includes $60,000 ($240,000 in 1937)
11,906,921
$130,463
revenues
5,820,784
open
Earned deficit....
32,595
848,527
,
Period End.Mar. 31—
parent company
Other liab. def...
1,542,107
Capital stock
...
Net income
1,500,000
Notes payable and
in aid of
[Excludes earnings of Julius Kayser (Australia) Ptg., Ltd.!
1936
Quar. End. Mar. 31—
1939
1938
1937
$167,301
Income from operations
$221,652
$77,453
$275,169
1,293
Interest.
1,057
2,433
1,402
13,650
Reserve for taxes......
34,279
5,431
:
29,390
72,274
Depreciation
*
...
55,8,53
66,897
63,073
......
200,065
1,500,0,00
Mat'd fd. dt., <fcc.
Total def.
182,737
•
Company reports that the time within which 1st and ref. mtge. sinking
(Julius) Kayser & Co. (& Subs.)—Earnings-—
stock,
403,267
com¬
fund gold bonds, 5% series of 1924, and secured 6% notes, class A, due
Jan. 1, 1943, may be deposited under the plan of the
company
dated
Total. ........13,332,456
11,906,921
x Represented
by 59,500 shares
(no par) in 1937.—V, 147, p. 3018.
p.
319,507
Accr'ds.f.obliga's
Workmen's
,
148,
16,883
88,574
44,682
1,019,301
.
Surplus
—V.
11,200
137,179
un-
44,682
17,787
4,045
accrued.
construction
Taxes..
State
20,268
Pref. stk. divs. pay
Contrib.
Maintenance:,--..
&
employm't tax..
<fcc
{108,856
\
Income taxes.
Reserves
Total...------13,332,456
153",340
130,342
Cust. adv. for cons
Operation-..—-
164,918
.
Interest
Operating
Fed,
leases, contracts,
1,245,172
5,522,905
Def'd liabilities...
Taxes accrued..
Bond disc't & exp.
x
24,471
1,282,043
Federal taxes accr.
Real est., bldgs.,
2,000,500
644,900
pref. stk. 2,000,500
Misc. current llab.
Acc'ts receivable..
262,623
113,803
46,478
334,002
120,163
1936.
47,084
taxes.
Funded
Accounts payable.
46,042
profit
local
Mining
158,736
307,518
141,164
Net
to
co
Accrued State and
$
Customer's deps..
Cash dep. with tr.
Sepcial deposits...
in proe.
payable
affiliated
$
Liabilities—
10,643,422
1,820
Prepayments.
315,427
&C
76,167
1937
Utility plant..... 11 ,970,372
Investments
1,820
Mat'ls & supplies.
434,633
Int. accr. on fund,
1938
1937
$
-i.—
435,498
Acct.
Balance Sheet Dec. 31
Cash
427,484
payable...
Mortgage
45,512
$443,916
140,035
38,694
131,250
$441,039
140,035
38,694
131,250
$486,487
140,035
38,694
350,350
6% pref. stock divs
•
56,164
104,683
20,183
7 % pref. stock divs
Assets—
610,156
debt, notes pay.;
for
structure, eqpt.,
$
584.45S
422,594
Tot. sink, fd.assets
5,343
1937
$
Accounts payable.
•
count and expense...
Common
66,955
...
305,625
$4,717,673
1938
Liabilities—
$
203,834
857,546
cos...
Miscell. accts. rec.,
Inventories
a
$4,122,143
Wages
agents..
receiv.
Cr5,806 Dr7,193,903
4,717,673sur2,254,454
,
1937
'$
coal—customers
$688,347'
Amortization of debt dis-
$4,584,207
Cr630,453
4,122,143
Comparative Balance Sheet Dec. 31
with coupon
affiliated
$682,929
5,418
1
long-term debt..
$1,092,517prof$589,724prof$221,776
Accts. receiv. from
274,109
222,133
.,255,220
$1,453,633
Dr242,897
4,584,207
172,625
paying
$2,169,102
1,212,063
$768,203
3,145
•
245,181
1,358,748
1938
Assets—
1935
$2,490,534
1,421,781
343,230
$725,523
1,944
Int.
229,665
1,394,636
$6,280,737
Previous deficit-
Dep.
$702,414
2,005
Miscell. int. deductions.
267,414
1,393,073
expenses on re¬
coal lands.
Profit & loss adjust.....
•
Operating income
Non-operating income..
Gross income.
94,098
96,500
Cash
.
287,961
unem¬
Deprec'n & depletion.
$725,739
Kansas Electric Power
$2 ,694,500
995,371
877,581
51,250
Carrying
$894,246
150,975
17,532
_
920,316
84,792
$597,165
Federal & State income,
$1,204,246
310,000
_
$3,389,359
847,501
96,435
deductions
Net loss for year.....
i
from ry. opers
$1,763,681
789,911
91,330
Interest payable.......
Miscell.
2.150,810
$402,635
106,000
rev.
$2,131,798
1,218,538
39,023
$1,765,669
1,092,480
74,036
$1,446,034
Gross income
$3,355,056
$400,389
99,000
Net
Railway tax accruals.
1935
1936
$342,777
1,004,367
98,890
ployment taxes..
$3,152,741
1,969,418
1937
.$14,157,988 $16,156,094 $17,432,537 $16,690>171
13,815,211
15,558,929
15,300,739
14,924,502
Total income from
1939—3 Mos—1938
1939—Month—1938
$1,070,790
$1,140,992
670,401
738,356
revenue^.
—
......
operating propertyIncome from other prop.
Other income
City Southern Ry.—Earnings—
Period End. Mar. 31—
Railway
Railway
1938
t
Cost of sales
148, p. 2126.
Kansas
„
Sales of coal
$1,343,112
265,962
101,474
$116,712
22,923
10,625
$1,176,998
22,361
10,469
General taxes
2431
have declared
addition to the regular
and class B common
Loft, Inc.—Stockholder Sues to Stop Payment to Lawyers—
Temple N. Joyce, of Arnold, Md., suing as a stockholder and on behalf
April 18 filed suit in Federal Court to enjoin
of all other stockholders, on
company from transferring 59,375 capital shares of the Pepsi-Cola Co. to
the law firm of Hays, Podell & Schulman, and to David L. Podell, as counsel
for the firm, pursuant to an agreemept
entered March 10, 1936.
Under the agreement the attorneys were to
an action against Charles G. Guth, former
V. 147, p.
the Grace Co.
Gross earnings
Earnings for 3 Months Ended March
Interest and taxes
27,726
Depreciation
67,270
1935
$495,842
$485,726
411.015
32,252
63,660
421.027
30,660
63,400
$19,467
$17,700
$21,200
$19,245
Long-Bell Lumber Corp .—Earnings—
*
1939
3 Mos. End. Mar. 31—
1937
$30
205
Total net income
income
7,111,724
9,500,000
' 10.302c
pound.
7.550c
$221,666
24,229
....
1—
(after deducting estimated Federal normal
tax)
$245,895
—;
is after deducting gold and silver
operating costs, Arizona taxes, Federal social
security taxes, depreciation and administrative expenses, but does not
include any allowance for mine depletion, capital stock tax or Federal income
The average cost of producing copper,
includes all
and
values,
148, p.
tax.—V.
1032.
S.
Van
.
Ry.—Change in Committee—
Manhattan
1936
$879
206
$1,528
106
.
16.611,724
Average net
x
.
1938
$7
289
„
Pounds
7,003,179
9,608,545
production cost per pound
Income from mining operations ...
Other income (incl. railroad) —
31,(1938
Assets—Fixed assets (net), $801,670: materials and supplies on hand,
$23,119: current assets, $46,299: fire insurance prepaid, $3,442: undis¬
tributed accounts, $3,673; deficit, $200,811: tota», $1,079,013.
Liabilities—P'irst mortgage 5% bonds, $390,000; capital stock, $637,480
accounts payable, $10,794; wages accrued, $10,341; outstanding tickets,
$11,837; suspense accounts, $8,731; interest on bonds to Dec. 31, 1938,
$6,223; reserves, $3,607; total, $1,079,013.—V. j.40, p. 4239.
Loss before deduc, for int.
31, 1939
...
asofMarch31,1939 (inventoried at cost)
Copper sold
Average net selling price per
General Balance Sheet Dec.
Interest
accounts.—
-
-----
Unsold copper
x
Net deficit
of Jan. 1,1939
Unsold copper as
Total.
1936
$501,212
427,120
28,060
65,500
417,620
Operating expenses
transportation
conducting
Copper produced
Ami
1938
$494,915
in
895.
Magma Copper Co.—Earnings—
(Ont.) Street Ryv -Earnings-
London
Calendar Years—
decrease
the
and
accounts
receive 25% of any recovery
President of Loft, the PepsiThe action, tried in Delaware, resulted in a
verdict for Loft, involving 91% of the capital shares of the Pepsi-Cola Co.
The complaint filed April 18 asked the court to decree that the agreement
was
"unconscionable" in that it provided for excess payment for legal
services, and asked that it be modified.—V. 148, p. 2275.
in
Cola Co. and
1939
22
April
Chronicle
Financial
2432
committee for the
that committee of
Merle-Smith/ Chairman of the protective
bonds has announced the election to
consolidated 4%
Carter, Chairman of the independent committee for Manhattan
Ry. first mortgage bondholders, known as the Carter Committee. The
addition of Mr. Carter to the committee, Mr. Merle-Smith stated, provides
greater unity in the representation of the bondholders' interest and is thus
a step in the committee's program to speed up
the acquisition of Man¬
hattan properties in unification.—V. 148, p. 1965.
C. Shelby
'
Loss for 3 months
$235
$296
$1,086
$1,634
of March 31, 1938, was the owner of certificates o?
beneficial interest for 100,780.1 shares of the common stock of The LongBell Lumber Co., which at the time had outstanding 197,683 shares of
common stock (par $50) and 147,771 shares of preferred stock (par $100).
The Long-Bell Lumber Corp. owns practically no other assets.
There
fore, in addition to giving its own income account, the corporation gives
also the income account for the period of The Long-Bell Lumber Co.;
The corporation as
Interest
162,942
172,829
32,728
—
$780,480
338,179
$417,716
7,563
$442,301
9,501
1936
1937
1938
x Net operating revenues
Merchandise and jobbing (net).
$513,517
260,041
202,121
51,544
$802,644
180,768
loss$6,096
168,685
145,571
40,630
$133,510
1937
•
431,730
,
Gain before deduc'ns for
deple'n. deprec. & int.
Depletion
Depreciation
,1938
$849,446
Calendar Years—
Ended March 31
Earnings of Long-Bell Lumber Co. for Quarter
1939
Manila Gas Corp .—Earnings—
,
204,692
51,298
10
16
$425,289
124,408
$451,819
112,807
$300,881
3,736
8,489
$339,012
55,517
2,788
4,850
22,780
2,101
Crl ,247
Other income.
'
x
Gross income
—;
Provision for retirements
—....
Loss for 3 mos, ended
Note—No provision
Gross income.,
made for surtax on undistributed profits.—V. 147,
2536.
p.
$189
$360,983prof$365,887
$234,989
March 31-..-
Subs.)—Earns-
Louisville Gas & Electric Co. (Ky.) (&
x
591,525
1,430
1,084,780
248,505
$3,962,873
Net operating income
$3,955,071
226,250
213,125
2,485
—
•
—.
...
x
,
1,422
1,122,734
573,039
income taxes..
Dividends from affiliated company
946
$4,178,483
Interest on funded debt..
:—
1,030,450
Amortization of debt discount and expense.!
160,227
Other interest (net)...
87,381
Amortization of flood and rehabilitation expense..
250,000
Amortization of contractual capital expenditures._
37,000
Miscellaneous deductions
22,560
$4,182,267
1,030,450
160,003
21,059
$2,590,865
—;
.
—
r
Net income
270.833
\
37,000
17,757
made by the company for Federal and State income
the year 1937 was reduced as a result of deductions made for losses
Note—Provision
taxes for
resulting from the flood in Louisville
—V. 148, p. 2276.
'
4
•
during January and February, 1937.
.
Lucky Tiger Combination Gold Mining
Two-Cent Dividend—
'
Directors have declared a
;
Co.—To Pay
k,
dividend of two cents per share on the common
stock, payable May 1 to holders of record April 20.
Like amount was paid
on July 30 and on April 30, 1938, this latter being the first dividend paid
sirice April 20, 1937, when an extra dividend of two cents in addition to a
regular quarterly dividend of three cents per share was distributed.—V.
147, p. 2397.
------
$254;323
Before provision for retirements.
Balance Sheet Dec. 31, 1938
Assets—Property, plant and equipment (including intangible^), $5,449,437; sinking fund, $676; cash, $63,765; accounts receivable, $307,641;
merchandise, materials and supplies, $160,369; prepaid insurance, taxes, &c.
$3,960; total, $5,985,849.
Liabilities—Common stock (15,000 shares), $750,000; 1st mtge. 6%,
sinking fund, bonds, $830,000; notes payable, $48,510; accounts payable,
$18,962; interest accrued, $25,030; taxes accrued, $43,227; sundry accruals,
$7,922; consumers' deposits, $4,104; retirement reserves, $1,557,987; un¬
collectible accounts, $35,070; contributions for extensions, $15,384; com¬
$2,645,165
Gross income.
1,060
a
—
$234,543
528,096
1,181,000
1,181,000
3.......
Miscellaneous income.
Other deductions
...$10,774,648 $10,481,024
3,342,056
3,482,142
,
Prov. for Federal and State
:
*
and dividends.
Loss on foreign exchange--—
— _—
Appropriation for retirement reserve
Amortization of limited-term investments.
Taxes
—- - -
....
Government tax on interest
1938
1939
Operating revenues
Operation expense—
Maintenance and repairs
50,953
Bond interest
Note interest
Other interest
;
Years Ended Jan. 31—
— ...
pensation self-insurance reserve,. $25,000; staff transportation reserve,
$2,208; capital surplus,- $1,880,697; earned surplus, $741,749; total, $5,985,849.—V. 147, P. 3462.
Maple Leaf Milling
Co., Ltd.—To Ask Bondholders to
Take Lower Interest in Cash—
.
special bondholders meeting for May 9. Holders
of b%% first mortgage bonds are being asked to accept cash interest at
3% from Dec. 1, 1938, to Nov. 30, 1943, with regular coupon rate of 5H %
from 1943 to maturity.
Extension in date of maturity/rom June 1, 1949,
to Dec. 1, 1958, is also sought.
Plans call for acceptance by the bank for the five-year period of interest
at the annual rate of 2^%
on
deferred bank loan.
No changes are
proposed in the capital structure other than that no dividends are to be paid
on any of the shares until bonds outstanding are reduced to $3,000,000 and
then only if net working capital is in excess of $2,000,000.
The company will be released from the obligation to make sinking fund
payments on bonds but will covenant to pay to trustee on account of sinking
fund on Sept. 30 in each year 70% of amount, if any, by which net working
capital exceeded $1,750,000 the preceding July 31. ^
Proposals also provide that all insurance moneys received and held by
trustee in respect of damage to or destruction of the mill at Kenora shall
be released and paid to the company to form part of its working capital,
subject to appropriate arrangements being made with bankers for release
from time to time out of current funds up to $250,000 for erection of a new
Company has called a
r
•
Macon Gas Co.—Earnings—
Calendar
;
:
.
Net operating revenues
(net)
Merchandise and jobbing
Gross
$96,953
16,144
938
-
__L
I'
Other interest
Amortization of debt discount and expense.
Other deductions
„
Netincome
■_
;
—.
Common dividends..:
...
,
$114,034
-20,000
$94,034
32,555
11,408
1,828
2,603
$61,062
1,000
60,626 "
"*
$45,639
1,000
38,040
Before provision for retirements.'
'
1,000-barrel mill at St. Boniface or
Income for the Year Ended Dec. 31, 1938
Operating revenues
Non-operating revenues
Assets—Property, plant and equipment (incl. intangibles), $1,464,9371
special deposit, $1,065; cash, $56,050; accounts receivable, $109,729;
other receivables, $1,071; appliances on rental, $96; merchandise, $5,172;
materials and supplies, $9,909; prepaid insurance and taxes, $747; un¬
amortized debt discount and expense, $68,885; total, $1,717,663
Liabilities—2d
preferred 5% non-cumulative stock, $20,000; common
($100 par), $475,500; 1st mtge. 4^% bonds, $735,000; notes payable,
$140,000: accounts payable, $54,015: interest accrued, $3,647; taxes ac¬
crued, $16,137; consumers' deposits, $19,748; retirement reserve. $161,602;
uncollectible accounts reserve, $33,192; contributions for extensions, $1,548;
maintenance reserve, $3,821; earned surplus, $53,452; total, $1,717,663.
—V. 147, p. 3313.
Total revenue
Total operating expenses and taxes
Depreciation estimated
*
Provision for retirement reserve.
General taxes
!
1
Bus finance expense
Amount
paid
on
67,209
bus notes, including interest.
Balance due on bus notes
...
66,354
1937
$372,337
303,402
47,326
$2,146
61,911
133,564
7,794,562
Bus hours
income
2,080,324
192,045
$20,866
.
.
i
—
,.
"
-
interest
Net income.
$649,249
259,946
1,797
23,0$3
1,376
$363,046
106,505
'.
Preferred dividends
- -
.
November and December, 1938
from Ohio Electric Power Co. by consolida¬
Note—Includes results of operations for
only of properties taken over
tion and merger on Nov. 1, 1938.
31, 1938
Balance Sheet, Dec.
Liabilities—
Assets—
Plant,
property, right,
$5 cumulative pref.
fran¬
$13,561,221
chises, &c__.
Investments and fund acct..
13,032
Special cash
Accounts
deposits
receivable
(net)
Materials and supplies..
83,390,717
stock
600,000
Common stock
8,650,000
Long-term debt
10-year serial notes (due cur¬
Debt discount and expense in
Sundry deferred charges
Cash and working funds
x
509,572
44,309
1,527
318,224
8,201
366,896
208,538
75,000
134,988
rently)
Accounts
payable..
189,146
86,765
Accrued taxes
Accrued interest
Consumers'
Other
41,242
deposits
current
18,734
liabilities
Reserves
Contributions for extensions.
Surplus at
Earned
organization
surplus
1,252,770
4,424
110,211
477,524'
$21,609
Note—The P. S. Commission of Wisconsin ordered the company to Use
the Interstate Commerce Commission system of accounts as of Jan. 1,
1938.
This redistribution will account for the increase in maintenance
?.
Interest,on long-term debt.......
*
Other interest charges.....■
Amortization of debt discount and expense.
Total
x
.Net operating
_.
7,416,263
2,159,241
195,927
Cash passengers
Businiles
_______
„.
Net earnings
on
141,682
122,629
126,330
40,405
■
Prepaid taxes and insurance.
317,563
53,326
$2,729
$1,787,535
707,240
*
:
process of amortization
Co.—Earnings—
1938
$391,754
;
...
Total gross earnings
stock
Madison Railways
$1,762,075
25,460
-
.
— __
Operation expense
Maintenance
Taxes assumed
Balance Sheet Dec,. 31, 1938
Years Ended Dec. 31—
Winnipeg.—V. 147, p. 3614.
Power Co.■h—Earnings-
Marion-Reserve
Federal income tax
,
...
Preferred dividends.
.
$125,550
18,928
$106,621
33,097
7,000
99
5,103
259
•
—
Gross income
Bond interest
x
$451,934
354,982
Statement of
i
income..j
Provision for retirements;
Note interest
$499,710
391,631
15,120
2,350
.
Other income (net)
x
1937
$108,079
Operating. revenues
:
Operating expense^ and taxes
x
'
19.38
Years—
..$15,031,5211
Total...
.815,031,521
Represented by 30,000 no par shares.—V. 148, p. 1033.
Melville Shoe
Corp.—Sales—r
of $4,134,846 for the four weeks
of $2,807,028 for the like period of
Corporation on April 15 announced sales
ending April 8, as compared with siles
Volume
2433
Financial Chronicle
148
Balance Sheet Dec.
1938, an increase of 47.3%.
Sales for the 16 weeks ending
$11,098,161, as against sales of $9,385,236 in the same weeks
an increase of 18.3%,—V. 148, p. 2128.
Martin-Parry Corp.—Earnings—
28—
1939
Net sales
$58,224
89,030
113,254
$30,806
prof$6,499
$45,336
616
455
513
$30,190
Net operating loss
Disc't on purchases &
prof$6,954
$44,823
other income. _
Loss.
1,250
paid
...
Federal and State income taxes
Interest
Net loss
made for undistributed
•
"
Inventories......
2,879
752
48,255
80,635
Prepd. insur,, &c.t.
106,973
14,739
in hanks
...
Notes receivable, v
Accts.rec.Jess res.
After reserve for
x
31—
Total earns, from oper..
Prov ..for deprec.
Income
& depl.
charges (net).IFed. inc. tax..
Prov. for
officer..
34,720
Advs. by
50,152
Res've for
Prof. & loss
deficit
$156,914;
7,665
Operating revenue.*„*.
x
Operating expenses
386,985
.........$1,046,979 $1,044,585
1939 and $589,982 in 1938'
Total
•
•
„
Works, Inc.
1939
1938
$652,534
$670,208
435,645
439,801
16,432
16,794
38,510
•
41,212
com.stk.out.(nopar)
$161,947
828,171
$0.15
1936
1937
Non-operating income.
$477,052
830,428
$0.52
on
$289,692
330,513
$0.30
:;
,
on
an
$1,608,408 at
28, 1939.—V.
'
Loan Co .—Promoters
Securities and Exchange
■;
Indicted—
Commission
and Orrin E. Boyle, both
provisions of the Securi¬
sale of common stock
and debentures of the Metropolitan Personal Loan Co.
The company was
formerly engaged in the small loan business with offices in, Allentown,
Philadephia, Harrisburg, Bethlehem, Easton, Chester'and Stroudsburg, t
Pa. and in Mt. Rainier, Md.
Mr.Meyer was President and director and
.Mr,-Boyle was attorney and director of the company.
The arrests followed
the return of a secret indictment by the Federal Grand Jury sitting at
Buffalo, N. Y. before Jujige John Knight.
Bail was fixed at $5,000 for each
defendant.
'■
:•
' • « • .. .
The indictment charged that the defendants induced persons in New
York and Pennsylvania and in the District of Columbia, to purchase
securities of the Metropolitan Personal Loan Co., by representing that the
company had substantial assets against which it had set up reasonable
reserves for losses, when in fact there was included in the assets a large
amount of worthless notes and securities, and the company had set up no
actual reservas for losses; that from the time of the organization of the
company in 1932 its earnings had progressively increased each year, and it
had accumulated large surpluses out of which dividends had been regularly
paid, when in fact, the company had been operating during all of this time
at
loss, and it had accumulated no surplus, but on the contrary had a
large deficit, and the dividends had been paid from sources other than
income or surplus; that the con^pany was financially sound and its securities
safe investments, when in fact the compaily was in a bad financial
condition, its capital was badly impaired, and the actual book value of the
stock being offered was considerably less than the offering price.
The attention of the Commission tvas first directed to the activities of the
April 13 reported the arrest of James W. Meyer
of Allentown, Pa,, on charges of violating the fraud
ties Act of 1933, Mail Fraud, and Conspiracy in the
■
a
Divs.
of
offering
$1,250,000. An investigation
made by the Commission developed the charges that Mr. Meyer and Mr.,
Boyle had no actual investment in the company, but secured control of its
operations through ownership of voting commdn stock donated to them by
the company for promotion services; that to create the appearance of a
to register an
purchased for the company
amounts of notes receivable
of very questionable value at considerably less than.the face amount thereof,
and had caused these notes to he taken up on the books of the company
at face amount, crediting the amount in excess of the cost to income and
surplus, and to reserve for losses, and Using the latter account to absorb
successful company .Mr. Meyer and Mr. Boyle
from several defunct small loan, companies large
operating losses.
,
•
- •
■
The charge of untrue and misleading
in
resulted in the issuance of a stop order by the
further sales of the securities.
The Commission
»
the registration state¬
Commission suspending
found, among other
things, that the company's books showed "a flagrant disregard of sound
accounting principles, impelled in most instances by a desire to continue
policy of dividend payments which, with an accompanying appearance
of strong financial condition, would present its securities to the public as
statements
.
194,488
23,513
23,885
"•
dis¬
debt
.
_
_- -
ment
x
_
Mexican
Light & Power Co.,
Month of January—
Gross earnings
Operating expenses
1939
$654,505
,
...
521,657
$132,848
Net earnings
-V. 148, p.
45.234
45,234
$39,079
$87,704
$6,383
appropriation of $102,864 in 1935;
1937, and $174,731 in 1938. ,
• ;
Balance Sheet Dec. 31, 1938
$45,680
$103,105 in
:
"v..'-
1938
$805,194
562,221
$242,973
priced
pany,
>•
$8,442,235.
'
Liabilities—Oommon stock (no par) issued and
shares, stated value, $1,700,000; 7% series, cumulative
$130,800; 6% series, cumulative preferred (par
preferred stock (no par
junior
tive
_
outstanding 8o,000
preferred (par $100),
$100), $601,300; $6 cumula¬
value) issued and outstanding 1,369
declared on preferred stock,
$535,338 reserve balances ap¬
and $90,568 transferred from
$63,553; accrued interest $55,544; dividends
$11,309; reserve for depreciation (including
plicable to properties acquired in prior years
contributions in aid of construction account
tions in aid of construction, $2,502; capital
value assigned to npt assets acquired over
$497,572; contribu¬
in 1936),
surplus—representing excess, of
stated value of capital stock
issued at organization plus surplus arising from appraisal of major property
acquisitions since, less write-off of intangibles of $730,397»$435,601; surplus,
Mississippi Tung
See list given on
,
Oil Corp.—Registers
with SEC—
Co.—Earnings—*■
Missouri Edison
$264,412
126,229
6,945
7,636
24,654
16,043
8,345
;
Maintenance...
retirem't res've
Taxes—State, local, &c.
Fed. & State income..
19,459
15,515
19,450
<■
funded debtGeneral interest. ... „ _
Amortization of debt dis¬
-■
1,586
$73,026
•
$58,754
23
47
$91,053
35,750
3,056
$73,049
3,182
$58,802
35,750
3,288
3,419
$86,456
35,750
2,496
Total net earnings
Interest on
y5,227
$89,566
1.487
266
(net)
3,419
3,419
«
35,750
_
3,4i9
count and expense.
525
deductions.
Miscell. inc.
x
Federal
income
-Assets—
Plant,
stock
tax
only,
profits tax.
tri buted
prop.,
franchise,
Dec. 31
stk__
y Common stockFunded de6t
$7 pref. cum.
r'ts,
and
Notes
in process of
amortization ...
exp.
30,490
Prepaid accts. and
deferred charges
33,909
payable
$183,800
240,000
650,000
$183,800
47,000
16,800
3,719
6,230
1938
Calendar Years—
$1,397,344
Gross earnings.
Oper. expenses & taxes..
1,016,627
Net earns, from oper.
$380,717
4,128
Other income (net)
affiliated co_.__
Accounts payablp.
18,426
4,488
14,969
566
Customers' depos.
32,362
Accrued taxes....
39,164
11,568
35,511
Income taxes.----
19,815
Misc. accrued
$384,845
General interest (net)
Amort, of dt. disc. & exp
2,021
18,252
Amort,
on
of capital
stock
commission & expense
Miscell. inc. deductions.
Net
incohie—
Divs.
on
7% pr. lienstk.
Divs.
on
$6
pr.
1936
'
1935
$349,565
7,819
$329,007
5,146
supplies.
T Vi 96
101,473
1,093
643
Capital surplus...
Total
x
121,018
121,018
74,721
43,321
y
Total
$1,446,163 $1,407,088
...
$334,153
231,798
1,398
18,300
$307,403
231,828
2,034
18,298
lienstk—
231,129
18,300
.--..$1,446,163 $1,407,088
Co.—Transfer Agent—*
Bank
effective
Mutual Investment
Earnings for 3
Income—Dividends
Realized profits on
Fund—Earnings—
Months Ended March
sale of securities
2,545
Net
$127,758
,111
46,452
20,487
$52,695
4,151
1,829
53,930
23,780
—
■
SI 8,630
26,295
$44,925
8.018
income
Distribution to
2,546
$99,101
66,360
29,268
31, 1939
-
Expenses
shareholders
Assets—Securities
stock tax
custodian (cpst $2,754,912),
due on sub¬
accrued dividends receivable, $4,793;
Investment Fund shares, $110; cash
$46,278; deferred
$570), $673; total,
custodian,
March 31,1939
owned and held by
market, $2,178,438;
scriptions for Mutual
at
21,987
—
Balance Sheet
2,546
3,076
in
for
Missouri Kansas Pipe Line
of New York has been appointed transfer agent and City
Trust Co. registrar for the capital stock of this company,
April 17, 1939.—V. 148, p. 1034.
894,382
2,54(r
3,140
..
uncollectible accounts of $1,692 in 1938 and $2,559
Represented by 2,400 no par sharse.—V. 147, p. 3615.
After reserve
1937.
$304,007
3,395
$357,384
231,798
2,563
2,979
6,555
1,110
83,911
liab.
Reserves....:—.
receivable.
Mat'ls &
$1,198,390
$1,278,427
949,420
V
2,979
Accrued interest..
Contrlb's in aid of
construction —,
notes
Total income
earnings
funded debt-
Total net
Interest
1937
$1,394,623
1,045,058
650,000
32,000
860
Cust'ers' acets. &
240,000
,
to
37,703
Cash
1937
1938
Liabilities—
1937
&C.._$1,826,379 $1,284,923
Debt discount
x
y
Balance Sheet
1938
■
$16,344
*
$48,218
$30,697
6,973
,.35,381
8,577
Includes provision for Federal undis
$44,266
12,866
Net income
Dividends on pref.
610
.
Farmers
Electric Co.—Earnings—
5,942
20,229
14,823
7,311
13,337
y6,698
'
$197,406
96,071
$226,346
107,993
$86,190 '
Net earns, from oper.
1935
1936
1937
1938
$257,658
114,790
Operating revenues
Operation..
Other income
department.
first page of this
Calendar Years—*
Prov, for
1965.
$8,442,235 —V. 148, p.
$348,026; total,
The Bank
1965.
Michigan Gas &
/'v
.
cash,-$188,460; special deposits,
receivable, &c. (less reserve for
$98,914; materials and supplies
at average cost, quantities ana condition determined by the com¬
$72,008; prepayments, $8,368; deferred charges, $204,087; total,
Assets—Utility plant, &c., $7,851,387;
$19,013; customers' accounts and notes
uncollectible accounts and notes of $8,516),
Surplus
from
$73,961
28,281
$51,617
$51,617
Including retirement
Ltd.—Earnings—
operations
and depreciation..
24,223
2,|739
investment,"—Y. 145, p. 2854.
attractive
$333,243
195,675
39,383
24,074
$132,938
45,234
$84,313
45,234
..
a
an
40.233
•
pref. stocks...
on
Balance
were
in 1936, when the company sought
of stock and debentures aggregating about
193,000
42,571
726
r
of 28%.
Unfilled orders as of March 31 totaled $1,583,253, against
the end of March, 1938, and $1,519,613 on hand Feb,
148,.p. 1648.
....
v\\
■
.
increase
defendants
$313,151
79,740
$331,673
1,570
....
_
bonds red. thru
1936; $105,403 in
of Justice and the
$340,449
189,981
42,641
$392,395
$881,048
469,635
88,123
sinking fund-.
; V
March amounted to $762,982,
in March, 1938. More than a
(iozen industries, including furniture,
building, and numerous consumer
lines using fiber containers, wrooden boxes and lumber* are customers of
Mengel, so that its orders usually reflect the trend of general business.
New bookings for the first three months of this year were $2,166,466, aa
increase of 22% as compared with the $1,777,136 bookings in the same 1938
quarter, according to William L. Hoge, President.
Shipments in March were $674,941, compared with $575,373 a year ago,
increase of 17%. For the first quarter of this year, Mengel shipped orders
worth $1,929,394, as against $1,508,930 in the same period of 1938/ an
Metropolitan Personal
$312,425
count and expense..__
Loss
21,715
59,198
Company reports that new bookings during
an increase of 65% over the $463,095 booked
The Department
$340,268
181
5,174
>,220
funded debt.
^
Up 65%-—
98,243
706,519
i
Gross income
Net income
—V.
Mengel Co.—Bookings
111,990
$944,706
544,157
Net operating income-
Amort iz.
$784,727
414,121
433,743
21,434
96,675
$0.16
Earnings per share—..^
148, P. 885.
1936 '
$1,082,554
598,136
Misc. int. deductions—
$1,028,903
$172,400
828,181
1937
$1,158,777
Taxes...,
Int.
Earnings—
1935
1938
Calendar Years—
5,679
513,778
Co.—Earnings-
Michigan Public Service
23,905
Federal
and State taxes.
5,832
Net inc: trans, to surp
Shs.
$1,400,000
21,877
33,200
accruals
■
.
Mathieson Alkali
3 Mos. End. Mar.
1938
1939
series
14
$4,261,000;
deposits
liabilities,
$443,863;
depreciation of $634,550 in
148, p. 2283.
-V.
and
,
28
Capital stock...$1.400,000
Notes payable..—
100,000
Accounts
payable
y
....$1,046,979 $1,044,585
Total
$49,059
prof$5,903
Liabilities—
1938
$846,909
$899,719
Prop. & plants...
Cash on hand and
1~024
profits tax.
Sheet Feb.
Balance
1939
4,207
~
$31,484
_______
Note—No provision
and
30
26
44
Miscellaneous charges
Assets—
$119,753
(quoted
and
by
$188,509;
$18,623
63,959
sold..
Cost of goods
31, 1938
&c.,
$7,936,191; investments, $44,440; cash,
$325,102; special deposits, $13,323; marketable securities at cost
value, $6,210), $6,240; customers' accounts and notes receivable, &c.,
(less reserve for uncollectible accounts of $24,997), $203,705; materials
supplies priced at average cost—quantities and condition determined
company, $192,595; prepayments,
$10,269; deferred charges,
pior lien and preferred stock selling commissions and expense—in process
of amortization, $7,786; total, $8,928,161.
Liabilities—Common stock (par value $100), $1,556,000; common stock
(no par), authorized 19,000 shares, issued and outstanding 2,500 shares,
stated value, $187,500; 7% series prior lien stock, cumulative (par $100),
$948,000; $6 series prior lien stock, cumulative, issued and outstanding
4,878 shares, stated value, $439,020; 6% series preferred stock, issued
outstanding 3,733 shares, par value $100 per share, $373,300; $6
preferred stock (no par value) issued and outstanding 818 shares, less
shares reacquired, stated value,
$80,400; long-term debt,
accounts payable, $115,646; dividends declared, $17,931 ;customers'
$46,895; accrued taxes, $80,351; accrued interest, $62,363; other
$5,608; customers' advances for construction, $17,560; reserves,
contributions in aid of construction, $7,693; capital surplus (representing
excess of value assigned to net assets acquired at Jan.
1, 1917, over the
par value of securities issued therefor, &c., $128,116; surplus,
total, $8,928,161.—V. 148, p. 1965.
plant,
Assets—Utility
1937
1938
3 Months Ended Feb.
x
April 8 were
of last year,
charges (original issue stamps
$2,230,291.
in hands of
$104, capital
r.
2434
Financial
Chronicle
Liabilities—Accrued expenses, $7,243; accrued
distribution on Invest¬
ment Fund shares,
$21,987; reserve for Federal taxes, $2,280; reserve for
possible New York State taxes, $4,590; Mutual
Investment Fund shares
(issued and to be issued on
subscriptions received-—219,868.7 shares of
$10 par value), $2,198,687;
paid-in*surplus, $608,514; earned surplus or
deficit, $613,000; total. $2,230.291Y. 148, p. 588.
Operating Revenues
Freight.,..
Passenger
General Statistics for Years Ended Dec. 31
1938
Mail
Passengers carried
Pass, carried
mile
one
Rev, per pass, per mile.
Revenue tons carried—
110,671,042
1.96 cts.
7,903,436
2.169,727
do 1 m. (000omitted).
Rev. per ton per mile
1.02
Rev; per mile of road
cts.
$8,457
1936
3,294
1.02 cts.
$9,505
1.12
xl938
1937
Transportation..
Miscellaneous—,
Transports'n for invest,
cts.
Total oper. revenue,
3,293.91
Operating
31,307,599
27,422,354
_
202,780
1,368,371
_
Traffic expenses
Transportation expenses
oper. and transp.
for investment...
General expensesU:
Misc.
4,150,369
5,134,758
1,477,580
3,765,629
5,101,705
1,388,702
10,702,055
213,313
1,496,693
211,745
1,491,865
24,107,100
22,661,701
Sep.
8,013,216
5,050,518
8,645,898
4,322,658
2,962,698
381,858
4,323,240
510,749
3,344,556
4,970.033
4,833,989
4,972,198
1,625,477
138,209
Revised.-t-V. 148,
: 1938
45
44
$1,083,746
$1,610,296
$755,305
20
10
806.506
216
___
21
806,132
169
58,196
689,850
55,622
690,907
2,518
56,950
681,450
2,203
50,255
687,066
$1,555,369
$1,558,296
471,623
prof.51,999
$1,546,765
791,460
rents
unfunded debt..
on
Total deductions
Net
926
$1,554,410
profl42,295
loss....
•••'
'
1938
817,481
-
$
/
$164,548
46,898
Prem.on cap. stk.
Grant in aid of
railway property 5,899,331
5,860,141
'•
8,616
564,256
...
income bonds
Traffic &
1,004,958
795,116
balances payable
Misc. accts. pay..
277,670
240,763
92.972
1,540
102,274
1,980
accr.
285,880
286,300
Other current liab.
Deferred liabilities
40.939
25.778
851,972
1,060,000
2,070
2,304
agents & cond'rs
Miscell. accts. rec.
117,302
$75,351
Mat'l & supplies..
Int. & dlvs. rec
$44,923
Funded
190,300
618,831
16,922
2,380
Other def. assets..
23,176
514,977
533,923
Total
-V.
p.
212.628
211.878
503.070
10,364,388
1,698,257
424,918
423.579
182,624
Profit & loss bal.. 8.016,394
7,851,476
through income.
43,383
Approp.
.
not
surp.
specifically "inv.
Total
.66.819,405 65,998.116
National Bond & Share
Corp.- -Earnings—-
3 Months Ended March 31—
Cash dividends
Interest on bonds.,
1939
Income charges
Provision for inc. taxes—normal
Surtax on undistributed
earnings,,.__
...
avj
iuvvjlwu
tu
xxmuiouooiujai „y
shares of British
Earnings
«,
301,333
$887,540
38,805
179,424
$1,892,300
126,649
325,043
72,000
$669,311
$1,368,608
11,972
9,773
14,414
$1,583,181
41,948
$1,209,425
$0.88
1649.
20,006
$639,532
$0.52
Montour
RR.—Earnings-
March—
1939
406,880
125,517
153,235
Net after rents.
From oan. 1—
Gross from railway
Net from railway..
Net after rents
—V. 148, p.1813.
$110,761
348,085
78,145
107,113
23,311
31,098
compared with cost:
March 31, 1939,
ended March
$121,650
30,916
37,986
466,613
169,624
174,050
Inc. (&
Subs.)—Earnings—
Consolidated Earnings for 3 Months Ended
March 31
1939
1938
1937
Net
profit
after taxes
depreciation
Earnings per share
—V. 148, p. 1034.
and
Nashville
$221,044
$0.65
Chattanooga
Assets—
■
$213,841
$0.63
No.
No.
or rev.
car'd 1
accrued.
Dec. 31
1937
m.
-
depreciation in value of securities
during
the
three
months
Liabilities—
19,119
86,472
......
508.105
1,626,558
5,601,563
845,000
128,225
Reserve for taxes,
27,648
Capital stock— 4, ,500,000
Capital surplus— 5 ,025,291
110,369
4,500,000
Pay. for
sees.
Prof. & loss
'
1
.
pur.
1
p.
89,088,287 $9,323,227
Represented by 360,000
1813.
Quar. End. Mar. 31—
Net ptofit
x
Total
(180,000 in
1938)
no
par
shares.—V.
1939
1938
1937
$190,198
$112,176
$172,915
3 Months Ended—
Net profit from operations.
Int., divs., rents and miscellaneous._
on
sale of securities
Net profit before other deductions
and Federal income taxes
Other deductions
Prov. for
;
Federal normal inc. taxes..
Net profit....
148,
Co.—Earnings—
After charges and normal Federal
income taxes.—Y.
Profit
809,597
..$9,088,287 $9,323,227
National Malleable & Steel
Castings
x
3,730,036
on sec.
sold&divs.paid Dt 1 ,350,298
Surplus income
831,646
—
Total
1938
$54,000
x
6 ,859,675
Furniture & fixt.
1939
Div. pay., Apr. 15,
but not received.
24,601"
Qther securities, at
$0.21
& St. Louis Ry.—Annual
Report
or
1939--.--
delivered
U. S. Treas.
notes,
at cost.
$71,525
pass, carr'd.
rev. pass,
1938
$1,,609,433 $2,075,986
and
National Gypsum
1936
1935
1,116
1,119
1,150
1,174
440,398
655,534
705.042
643,001
49,326.430
66,557,689
62,579,396
53,936,824
Aver. rev. per pass
$2.40
$1.84
$1.59
$1.48
Av. rev. per pass. mile...
,
2.13 cts.
1.81 cts:
1.78 cts.
.4.77 cts.
Tons of rev. fr't carried.
4,818,082
5,296,706
5,145,727
4,234,381
Tons rev. frt. car. 1 mile
906,386,548 992,568,627 936,923,172
794,319,010
Aver. rev. per ton
«
$2.31
$2.18
$2.25
$2,36
Aver. rev. per ton mile..
1.227 cts.
1.163 cts.
1.233 cts.
1.256 cts.
Average miles operated.
receiv.
but not
1936
$166,720
$0.49
$809,59
Appreciation, Dec. 31, 1938, $728,955; deprecia¬
1939
Cash in banks.
x
Traffic Statistics— Years Ended
1938
31,
cost
550,878
213,157
198,658
$831,64.6
-
Balance Sheet March 31
1936
$217,917
99,351
91,266
-
$488,205; depreciation
1939, $1,217,160.
Rec.forsecur.sold
1937
801,442
$854,597
45,000
54,000
-
(b) Aggregate unrealized appreciation
as
x
(Conde) Nast Publications
V.
3,545
$53,156
Notes—(a) Realized net profit from sales of securities (computed on the
basis of average
costs), $36,636; less provision for taxes applicable to taxable
net profits of $7,281
(computed on the basis of specific costs in accordance
with Federal tax
regulations), $1,200; profit carried to profit and loss on
securities sold, $35,436.
interest
1938
$158,796
59,573
63,932
6,314
4,677
$65,021
820,624
Surplus income balance March 31
Diva,
Gross from railway
Net from railway
6,095
Dividend declared from surplus income
20,340
$1,333,854
$1.20
7,790
Total
tion,
18,501
,
Surplus income-r-Balance Dec. 31
$55,225
$63,015
Net income...
.
preferred
per share on common......
148, p,
$1,783,965
108,335
1
subsidiary.
Net income...
—V.
on
$782,848
104,692
63,278
_
Provision for dividends
1937
$2,831,583
776,898
270,720
$1,239,899
...
Net profit—_*
Other income
1938
$1,712,008
659,119
270,041
$1,519,903
expenses
Research expenses.,.
Total....
Expenses
Provision for Federal, State and other taxes..
-Earnings-
1938
$72,113'
3,681
.....
...
"
1939
182,624
1967.
.
$2,877,792
1,040,132
317,757
28,228
1,750,451
66,819,405 65,998,116
148,
1.000
liability
Oth. unadj. credits
Additions to prop.
2,039
<12,369
Unadj,, debits.
unpaid..'
Equipment ....10,707.829
Miscellaneous..
29,746
662,834
12,449
ma¬
Accrued deprec'n;
1,684,995
Other curr. assets.
Balance Sheet Dec. 31, 1938
debt
5,56,679
Tax
1,578,272
11,813
unpd.
Unmat'd int.
105,082
«
Working fund adv.
Assets—Property, plant and equipment (including
intangibles), $2,749,115; cash, $44,159; notes receivable, $905; accounts
receivable, $152,039;
other receivables,
$942; appliances oh rental, $13,254;
merchandise, $16,869;
materials and supplies,
$17,137; prepaid insurance and taxes, $6,501;
other deferred debits,
$1; total, $3,000,924.
Liabilities—Common stock (5,000 no par
shares), $430,701; 1st mtge.
bonds, $1,833,000; accounts payable,
$77,260; interest accrued, $11,773;
taxes accrued,
$7,676; sundry accruals, $1,224; consumers' deposits, $22071; service extension deposits,
$37,416; retirement reserve, $471,397; un¬
collectible accounts, $31,776; contributions
for extensions, $13,080; reserve
for interest on income
bonds, $63,451; other reserves, $97; total; $3,000,924.
—V. 148, p. 1813,
mat'd.
tured,
153,162
Before provision for retirements.
Int.
car serv.
671
30,925
.17,584,000 17,640,000
wages payable..
Traffic & car serv.
59,511
CT5.305
39,697
...
debt
10,480
1,693,397
53,747
balance receiv._
Net bal. due from
10,480
Audited accts. and
Loans and bills re¬
46,885
$
25,600,000 25,600,000
.
565,897
1,906,485
1,941,974
Special deposits...
$128,342
36,533
..
9,110
Other Investments 1,769,476
Cash
2,253,244
Time drafts & dep.
760,000
$91,809
Sundry income charges
Partial return of premiums
paid in prior years to
a self-insurance fund
construction
Funded
mtge. prop, sold
Misc. phys. prop..
Inv. in affil. co...
1937
$
17,982,516
de) vable.
Selling and admin,
2,712
1938
Liabilities—-
Capital stock.
Deposits in lieu of
$109,935
18,217
46,936
3 Months Ended March 31—
Gross profit
192
•
1937
$
•
■
1937
$117,652
Monsanto Chemical Co.
(& Subs.)
69
169
'
190
.....
Gross income.
Interest.
,
58,116
1,779
78,579
34,482
8,680
193
Int,
$533,531
423,596
$141,063
21,092
....
on
78,027
21,101
8,680
Equipment ....17,843,245
Impt.
on
leased
$635,972
494.904
...
212,490
5,002
441
89,541
21,897
8,720
44,
Miscell. tax accruals.—
Interest on funded
debt..;
-Earningsf—
expenses and taxes
reserved for int.
•
8,948
A S3 cts
revenues
earns,
266
74,576
14,943
profits.
Invest.—Road ...32,691,084 32,754,936
x
x
76,173.
Central Balance Sheet Dec. SI
Merchandise and jobbing (net)..
Other income (net)
Net
Dr310,032
221,754
5,026
66,455
Dr369,210
5,062
73,815
..805,076
Miscellaneous
2,449,078
Gross income...-.;
Provision for retirements
.Dr260,581
230,521
.5,058
$1,696,705
•
Calendar Years—•
Operating
Operating
J>484,8< 4
214,390
J
1966.
p.
$725,318
Deductions—
2,514,319
4,963,397
3,849,166
prop,
$1,518,799
,
Separately oper. prop.^
Rent for leased roads
1,920,843
593,476
1,190,066
5,039,232
oper.
Gross income...
'
865,736
324,330
Mobile Gas Service
Corp.-
2,031
$912,102
Dividend income.
5,905,706
3,984,863
x
688,162
Cr8,773
......
$1,789,805
Miscellaneous income...
21,516,648
5,453,749
Balance, deficit.
:
__
Inc. from funded securs.
Inc. from unfund. securs.
1,374,434
22,403,981
Gross income
Int. & other inc. charges
.
Joint facility rents, &c__
Inc. from lease of road.. "
Misc. physical property.
185,764
Net oper. revenue....
Taxes, rents, &c
Net ry. oper. income.
692.499
5,113,814
78,958
675.603
Cr7,478
88,260
$12,510,172 $12 085,360 $11,120,990
1,789,261
2,060.296
1,182,501
877,159
541,497
455,152
2,711,665
921,860
.
Non-0 per. Income—
Hire of equipment
3,830,845
4,827,755
1,331,996
9,965,854
Total oper. expenses..
Other income
expenses... .$10,947,877
from ry. oper..
Operating income..,.
1,960,451
2,956,220
11,634,387
4,588,013'
1,639,944
2,927,650
'
accruals
Uncollectible
22,505,683
32,120,316
3,959,432
4,509,124
1,322,913
11,041,361-
rev.
Tax
1,784,806
3,377,899
731,807
5,423,199
$
26,017,454
2,446,813
2,843,332
Operating Expenses—
Maint. of way & struc..
Maint. of equipment,.
Net
3.293.91
$
26,762,327
2,391,212
2,966,777
27.857,730
_
3,293.91
•
$
05,565
,
1935
1,800,822
3,481.510
769,945
5,732,387
95,556
640,036
Crl0,084
96,175
584,386'
General
$8,325
1936
.
1,446,421
2,552,382
779,196
5,494,882
Traffic
Consolidated Income Account for Calendar Years
Unci. Controlled Companies)
Average mileage oper___
3,293.91
Operating Revenues—
$
Freight
22,873,854
Passenger
2,172,169
Mail, express, &c
;
2,811,707
1935
$9,976,900
951,446
603,881
346,210
425,054
1,116,144
620,315
383,973
469,655
Ry. oper. revenues,. .$13,659,542 $14,299,433
$14,145,656 $12,303,491
3.294
1.10 cts.
$9,751
,
-
Maint. of way & struc..
Maint. of equipment—
759,111
784,954
623,829
134,190,565 140,703,930 103.846,578
1.78 cts.
1.74 cts.
1.89 cts.
9,475,607
8,986,912
7,410,396
2,623,493
2,360,737
2,01,5,738
•
1936
1,207,133
636,155
392,337
518,252
Operating Expenses—
1935
3,294
1937
1,050,783
627,569
329,750
526,716
Express
(Company and Controlled Cos.)
1937
3,294
629,513
1938
$11,124,724 $11,545,556 $11,555,569
-
Miscellaneous
Missouri-Kansas-Texas RR.—Report—
Average miles operated.
April 22, 1939
Income Account
for Calendar Years
1936
$55,624
148, p. 1649.
Co.—Earnings—
Apr. 1 1939 Apr. 2 1938 Apr. 3 1937
$348,063
y$425,658
$883,907
9,134
11,461
16,836
434,849
$357,197
2,868
68,000
y$414,198
$1,335,592
4,541
»
4,199
"183,000
$286,329
y$418,739
$1,148,393
x After
deducting $109,923 in 1939, $110,330 in 1938, and $105,035 in
1937 provision for
depreciation,
y Loss.—V. 148, p. 1650.
"
.......
Volume
2435
Chronicle
Financial
148
31, 1938
Balance Sheet Dec.
Co.—Earnings—
National Pressure Cooker
Earnings per
—V. 147, p.
1938
$401,781
1939
$756,962
31—
6 Months Ended March
Gross sales.__
*
investments
$81* cash
loss81,905
Nil
35,262
all charges & re6.t but before taxes
share
_
3918.
Net profit after
$0.35
National Steel Corp.— Underwriters Named—•
April 19, with the Securities and Exchange Com¬
registration statement covering issues of $50,000,000 first mortgage bonds and $15,000,000 of serial notes.
The amendment disclosed that the bonds will bear interest at 3% and
that the serial notes, dated April 1, 1939, will mature in equal annual
instalments of $1,500,000 each on April 1 of each year from 1940 to 1949
inclusive, and bear interest payable semi-annually on the first days of April
and October in each year at the following rates, respectively:
■
1940, % %; 1941, 1%; 1942, 1 H%; 1943, 1A%\ 1944, l3A%] 1945, 2%;
1946, 2J^%; 1947, 2M%; 1948, 2H%; 1949, 21^%.
Corporation filed,
mission an amendment to a
and the amounts to be taken
Witter & Co.
Stone
Dean
TT
^
Ladenburg, Thalman & Co.;
Rollins & Sons, Inc.
■
$350,000—A. G. Becker &
Co., Inc.; Clark, Dodge &
.
E. H;„
'
Co.; Hallgarten &
Co.; Shields & Co.
Co.; Hemphill, Noyes &
$300,000—G. M.-P. Murphy & Co.
$200,000—Alex. Brown & Sons; First of Michigan Corp.; Moore,
Lynch; Singer, Deane & Scribner.
„
,
$150,000—Curtiss, House & Co.; Eastman, Dillon & Co.; Hawley,
Co.; Laurence M. Marks & Co.; Merrill Turben & Co.; Mitchell,
Co.; First of Cleveland Corp.
'
'
,
Serial Note Distribution
Leonard
&
&
&
_
„
Huller
Herrick
$15,000,000 of serial notes were stated as Kuhn,
$5,100,000; Harriman Ripley & Co., Inc., $5,100,000; White,
$2,250,000; the Lee Higginson Corp., Smith, Barney & Co.;
the First Boston Corp., Kidder, Peabody & Co., and Glore, Forgan & Co.,
$450,000 each"V. 148, p. 2129.
*'
England Fund—To Pay
New
'
Directors have
declared
of five cents was
a
dividend of seven cents per
...
a
such amortization.
securs.
251,131
Invs. of
24,216
March 31—
andmiscell.Fed.
supplies &
parts; at
1.57,383
20,629
156,824
10,385
Equip, pur. obllgs. 4,558,217
d Bpnds assumed. 3,749,321
Res. for deprec'n.. 3,153,084
5,686,351
3,840,321
taxes
Accrued interest..
105,286
108,060
......
taxes,licenses,&c
44,656
48,379
Special deposits...
April 17.
$5,344,257
2,048,732
1 115,564
677,760
263,500
213,500
damages & work¬
'4 172,480
4,482,957
9.627,622
Miscell. reserves..
44,558
29,070
Capital stock...
3,078,889
2,666,798
324,951
379,309
6,604,132
697,150
6,842,750
707,828
91,037
21,005
$3,068,481
76,801
$3,323,842
1,050.000
$3,085,957
995,833
41,709
85,477
62,303
Other income
available for fixed charges.
Bond interest
**
Other interest
Earnings per share on
199,840
304,914
2.000,187
,*
...
2.000.187
x$151,613
$1.39
x$279,883
$1.54
$1.56
capital stock..
'
. •
'
months of the current year the company
Indicates deficit.
x
During the three
of
887,500
41,576
$74,614
appropriations*
surplus..*.
$3,287,659
$2,053,668
2,333,551
$2,074,801
Net income..
Balance,
9,426 telephones*a3 compared with a
months of 1938.—V. 148, p.
the three
had a net gain
net gain of 1,903 telephones during
2279.
■
„
1
Non-operating income. .
Total earnings*
Operating expenses
_
4,020
$1,030,148
...
.....
380,877
:
Maintenance
..— - -
Taxes
39,104
150,163
L.
...
Provision for retirements
56,611
32,000
.
Amortization of rate case expense.
Interest on
funded debt..
construction J:
$371,392
316,080
Cr 1,468
1,439
*
_
.1
Other interest.*
Miscellaneous
25,039
5,485
and expense.
Amortization of debt discount
deductions ......
-
6,483
$1,003,399
443,840
49,611
134,758
32,000
$287,191
316,080
03,702
3,639
25,039
5,394
&
Prov.
$394,991
280,821
22,066
Prov. for oth.
Fed. taxes
Prov. for other taxes
Operating income
Non-operating income..
bl936
$448,490
307,153
22,364
$429,978
304,409
23,989
_
Taxes assumed on int
Amort,
of debt disct.
29,672
2,852
1,925
13,206
$44,448
2,111
31,219
a7,874
21,007
1,852
695
30,111
a6,360
1,814
12,894
592
12,344
$66,841
3,413
$50,399
7,506
9,369
$58,632
5,949
$57,906
24,411
$70,254
28,077
$64,581
34,583
76
242
25
228
2,790
CO o r-i r-H
amortization ($238,619)
Net income-
•
& Western RR.—Report—
[Excluding the Wilkes-Barre & Eastern RR. Co.]
'
Calendar Years—
1937^o„
Railway operating revenues
—. —.. *
$2,957,895 $3,234,936'
Railway operating expenses
2,030,376
2,162,687
,
—
Net
revenuef^om railway operations..
Railway tax accruals. :
Includes
$1,072,249
$927,519
408,500
....
...
...
347,605
Railway operating income
356,347
470,192
Net rents—debit
-
railway operating income.
Net
"$724,644
51.9,019
Other income
$48,826
-,
-
64,745
60,401
$113,572
11,783
......
Miscellaneous deductions
Fixed charges
from income.
$428,698
207,388
655,593
.647,560
...
--
1938
•'
in road
ry.
25,547
25,560'
397
Mtec. phys. prop..
19,582
397
18,334
Receipts outstand.
for fund. debt..
V
Invest .In affll.cos.:
3,598,761
552,857
Advances
3,598,761
460,537
Miscell. obligations
817
909
416,742
investments
Cash..
loans
affiliated
—..
recelv.
500,000
22,546
Audited
18,445
&
& supplies..
Mat.
189,679
72,707
35,039
5,277
169,545
420,192
4,306,408
114,410
4,305,640
debt
ma¬
tured unpaid
accr.
454
3,791
253
Other current liab.
12,173
Oth. def. liabilities
887
14,934
8,682
610
Unmat.rents
246
14,172
123,001
838,258
599,511
274,576
Tax liability.
644,062
Accrued deprec.—
equipment
paid in ad¬
335
unadj. debits
410,813
519,390
Unmat. Int. accr..
15,478
prem.
\
153,315
98,989
49,907
insur.
vance
327,882
1,047,594
Fund,
Other def. assets..
Oth.
897,037
&
pay..
Misc. accts.
80,238
Other curr. assets.
&
acct.
Int. matured unpd
78,251
con¬
ductors
6.402,825
6,402,826
786,249
payable..
wages
Net bal. rec. from
Misc. acct. rec
cos...
bal. payable
Traffic & car-serv.
agents
768
40,000
Traffic & car-serv.
&
Special deposits—
balances
s
Non-negot. debt to
390,868
Stocks-
1937
■
12,816,319
Preferred stock.r_ 12,964,844 12,964,844
Stock liability for
223,237
conversion
223,237
3,792
Governm't grants.
' 70,380
28(000
Equip, obligations
12,000
Mortgage bonds.. 8,239,500 8,239,500
36,809,863 37,212,029
in
lieu of
Mtgd-prop, sold
$434,284
$
Liabilities—
leased
on
Dep.
Other
I
*
property....
$545,771
Sheet Dec. 31
1938
s
&
equipment-
Improv.
'
1937
$
Assets-
invest.
$368,297
-
Other
273
82,213
35,828
unadjusted
134,596
credits
Add'n
80,909
165,771
129,732
to property
thru. inc. & sur.
Fund, debt retired
3,505
4,354
50,000
50,000
6,946,910
through inc.&sur
6,352,212
1
$20,343
$30,179
24,000
provision for Federal surtax on
figures restated for comparative purposes.
a
credited to capital
.
Susquehanna
York
New
Deficit
Dividends
Y. Rys.
shares in 1938 and 457,496 no par
by New York Railways Corp.
from Eighth Avenue Coach Corp.
g In respect of amount to
on basis of recapture contract; balance per previous report
295
&
expense
of receivables
Rents
566
31,
contract
to date,
Corp.
e Represented by 481,044 no par
shares in 1937.
f Arising from contributions
Int. & divs. rec—
276
debt
1938, $895,868.
b $475,000 to City of New York under franchise
Eighth Avenue Coach Corp., less amount ($150,049) amortized
c For which reserve is being provided,
d Originally issued by N.
of
deposits-
1935
$377,008
263,559
21,995
$46,559
22,585
Gross income..
Int. on funded
Miscellaneous interest.
York
Demand
for renewals & re¬
placements
Prov. for Fed. inc. taxes.
Jan.
equipment,
New State Ice Co.—Earnings1937
1938
31—
Maintenance
commencing
29, 1935 and ending on Dec. 26, 1958 stated on basis of amount
which, less prioramoriztation is provided to be paid by City of New
in the event it, shall exercise the right granted by the recapture contract
between the City of New York, New York City Omnibus Corp. and Madi¬
son
Avenue Coach Co., Inc. dated Jan. 29, 1935, $7,500,000; Less—
Amortization for the period from date of contract, Jan. 29, 1935 to Dec.
on
Comparative General Balance
Years End. Dec.
Ordinary
23,577,429 23,575,814
in monthly instalments
basis of recapture contract
On
Total
23,577,429 23,575,814
Total..
a
48,941
Net deficit
receivables (net), $148,941; operating materials
in closed bank (net), $450; accounts receivable
Total oper. revenues
129,948
a Credit
Capital surplus
Earned surplus...
of the company for the
$10,107,880; cash, $195,0221
and supplies, $9,125; cash
from affiliated companies,
$54,676; construction materials, $57,977; prepaid insurance, $769; un¬
amortized debt discount and expense, $321,330; unamortized commission
and expense on sale of preferred stock, $147,877; unamortized rate case
expense, $15,509; other deferred charges, $230; total, $11,059,787.
Liabilities— Funded debt, $5,875,000; accounts payable, $34,871; taxes
accrued, $13,777; interest accrued, $52,680; due to affiliated company,
$7,590; customers' security and construction deposits, $269,814; deferred
credits, $1,293; reserve for retirements, $917,523; contributions in aid of
construction, $148,169; 7% cumulative preferred stock, $1,950,000; common
stock (50,000 no par shares), $1,000,000; capital surplus, $599,240; earned
surplus. $189,829; total, $11,059,787.—V. 146, p. 3962.
Assets—Property,' plant
items.
56,000
$24,817 loss$59,259
—
comparative purposes, the income account
1937 has been restated .
Balance Sheet Dec. 31, 1938
For
year
304,020
Total income
Net income
x
Organiz. exp.,&c
&
unadj.
.
_.
Gross income.
Interest on
$996,916
$1,026,128
.
_
i
b Payment .i....
c
f Deferred credit.
6,842,750
372,797
304,020
6 604,132
324,951
353,922
360,598
men's compensa.
e
$6,842,750 less amodnt equal to
surplus.—V. 147, p. 3316.
xl937
1938
Calendar Years—
Operating revenues
680.124
be
to
amortized......
be amortized
Co:-—Earnings-—
New Rochelle Water
Amount
a
55,502
63,368
$1,848,574
-
156,999
—.
Equipment at cost 9
$3,295,525
59,326
42,042
debt
affll. cos., at cost
Land and bldgs...
2,196,128
Res. for injuries &
Defd.
$3,300,668
Miscellaneous deductions.
Dividend
1937
,
_
$5,004,084
1,935,583
1,996,388
—
income._—'
Discount on funded
1938,
$18,002,712
12,658,455
$5,297,057
Net operating revenues
Operating taxes. _
Income
_
;$18,685,720 $18,044,147
13,368,663 13,040,083
Operating revenues
Operating expenses..*
Net operating
1939
.
312,173
Accrd. State, local
Prepaid insurance,
Previously dividend
434,326
taxes.....^
251,131
50,030
at cost..
372,946
inc.
Fed.
Accrd.
Receivables
303,153
Accounts payable.
576,452
Marketable munlc.
$
$
Liabilities—
$
528,831
Cash...
1937
1938
1937
•
$
cost
Telegraph Co.—Earnings—
England Telephone &
New
Dec. 31
Consolidated Balance Sheet
Invs. In & ad vs. to
3 Months Ended
25,642
$2,656,860 $2,725,999
469,379
Interest and other deductions
446,086
a Net income
$2,210,774 $2,256,620
Provision for such amortization
238,618
231,669
b Net income.
$1,972,156 $2,024,951
Dividends
.1.
1,906,864 * 2,239,744
Before provision for amortization of "amount to be amortized on basis
of the recapture contract in monthly instalments."
b After provision for
repair
share on the common
$2,700,357
(net).
Gross income
Seven-Cent Dividend—
1 to holders of record
paid on Feb. 1, 1939.
stock, payable May
Net earnings from operations.
$4,652,672
1,952,315
38,296
_
...
...
1938
Underwriters of the
$4,722,106
2,103,542
$2,618,564
Net operating revenues.
Other income
This compares with
Aug. 1, and May 2,
1938
1937
$11,959,573 $11,552,019
7,237,467
6,899,347
!
Assets—
Loeb & Co.,
Weld & Co.,
share on the common
Subs.)'—Earnings—
Omnibus Corp. (&
Years—
Taxes.
...
$500,000—Dominick & Dominick; Hayden, Miller & Co.; Hayden,
Co.; Stone & Webster and Blodget, Inc.; Union Securities Corp.;
$400,000—W. E. Hutton & Co.;
New York City
Calendar
.
o
& Co.,
Bonbright
&
dividend of 50 cents per
a
Operating revenues
Operating expenses
$7,200,000—-Kuhn, Loeb & Co.; Harriman, Ripley & Co.
$5,000,000—Morgan Stanley & Co., Inc.
$2,600,000—White, Weld & Co.; Dillon, Read & Co.
$2,300,000—Lee, Higginson Corp.
'
$2,000,000—Smith, Barney & Co.; First Boston Corp.; Blyth
Inc.; Mellon Securities Corp.
*
$1.000,000—Kidder, Peabody & Co.; Glore, Forgan & Co.;
& Co., Inc.; Goldman, Sachs & Co.; Lazard Freres & Co.
Halved—
New Process Co.—Dividend
Directors have declared
stock, payable May 1 to holders of record April 20.
$1 paid on Dec. 23 last and 50 cents paid on Nov. 1,
1938.—V. 147, p. 3769.
by each are listed
follows:
on
$575; notes
materials, supplies & mdse. (at cost or average cost), $19,924; deferred
debits, $15,954; total, $1,064,936.
Liabilities—Capital stock (no par): Auth., issued & outstanding, 3,000 shs.
$300,000; long-term debt, $365,400; accounts payable, $17,488; matured
interest, $420; taxtes accrued, $11,828; interest accrued, $7,308; other
current liabilities, $1,608; deferred credits, $1,753; deprec., renewals &
replacements reserve, $226,152; capital surplus, $27,071; earned surplus,
$105,906; total, $1,064,936—V. 147, p. 3022.
Underwriters of Bonas
.
Underwriters of the bonds
as
equipment (incl. intangibles), $878,469;
(at cost or less), $8,475; sinking & miscellaneous special funds,
hand & demand deposits in banks, $110,741; special deposits,
receivable, customers, $1,503; accounts receivable, $29,215;
&
plant
Assess—Property,
$38,134
36,000
$25,618
undistributed profits, b 1936
Total
-V.
-
.42,400,845 42,184,927
148, p. 1968.
I
Total.
.42,400,845 42,184,927
2436
Financial
Chronicle
New York Lake Erie & Western Coal & RR. Co.—Int.
Niagara Share Corp. of Md. (& Subs.)—Earnings—
Interest due Nov. 1,1938, on the guar. 1st ratge. extended bonds, series
A,
due 1942, is being paid beginning April 15.—V. 148,
p. 1176.
3 Mos. End. Mar. 31—
1938
$261,920
9,143
1937
1936
4,527
$337,751
30,572
$311,779
2,640
$313,644
32,944
$271,062
38,073
$368,323
29,160
$314,419
32,431
$280,699
174,164
$232,989
172,087
$339,163
178,119
$281,988
$106,536
1,265,947
$60,902
1,264.702
$161,044
1,243,845
$111,027
1,196,022
$1,372,482
$1,325,604
$1,404,889
$1,307,048
301
875
$309,117
Other income
ship of Subsidiaries—
Approval
1939
Dividends and interest..
New York Title & Mortgage Co.—Plan to End Receiver¬
Gross income
General expenses
given April 12 bv Supreme Court Justic Alfred Frankenend the Federal receivership of Land Estates, Inc., and
Liberd.tr Holding Corp., wholly-owned subsidiaries of New York
Title &
Mortgage Co., now in liquidation.
thabr
was
to steps to
t,
taxes,
_
Under the authorization, an application for the sale of the assets of
th8
two subsidiaries will be filed with the U. 8. District Court
by 8tate Superin¬
tendent of Insurance Louis H. Pink and trustees of various
-
mortgage
certificate issues sold by the parent company.
Clains of investors allowed against Land Estates in Federal Court
total
$2,800,000, although the estimated realization value of the assets
ip $900,000, Mr. Pink said.
Claims allowed against the Liberdar
company total
-
-
prior years..
Divs. on class
$3,800,000, while the actual value of the assets is about $928,000, accord¬
ing to Mr. Pink.
Frankenthaler
that
neither of the subsidiaries
insurance
are
a
dividend
of $1
45,240
45,557
45,760
$1,327,182
$1,279,489
$1,358,060
$1,261,288
Note—-No provision has been made for
possible Federal surtax on un¬
distributed profits.
Consolidated Balance Sheet March 31
cor¬
1939
Assets—
a
1938
'$
Accts .¬es rec.
144,115
390,474
Accounts payable.
Int. & divs. pay..
113,768
125,281
20vyr. 5Yi%
Invest'ts (bonds,
y
notes &
per
Unamort.
bd.
Average miles operated,
Passenger Traffic—
No. of passengers carried
No. pass, carried 1 mile,
No. pass, carried 1 mile
•
Class A pref. stock
23,445
Class B com. stock
miles
804.69
833.27
221,441
2,841,931
1935
834.97
,
342,037
6,130,699
•.
342,011
6,402,022
12
x
7,357
7,667
8,267
..
each passenger
12.83
Avge.
amount rec. from
each passenger (cents)
17.92
18.72
27.940
pass,'
1.879
1.533
1.493
per mile of road-
Average
142.00
141.00
146.98
.1,890
each ton
1.900
Average receipts
per mile
1.404
Income Account
1.534
....
Total oper, revenue.. $4,378,085
Maint. of way <& struct...
811,072
Maint. of equipment
626,068
Traffic....
......
.
Transportation _•
Miscellaneous..
286,593
1,589,032
279,052
Total oper. expenses$3,591,817
...
Net ry. oper. income.
non-oper.
_
_
_
$4,871,214
'
"
601,116
267,861
1,631,288
283,190
1,699,992
302,667
786,268
400,515
144,392
19,102
270,387
$3,885,334
985,880
a340,752
244,422
21,924
$378,782
16,870
.
130,010
26,694
17,064
Investments
Cash.'
4,215
.7,241
funds
840
3,382
Miscellanebus income
2,092
$177,740
399,999
$184,244
563,026
Total non-oper. inc._.
Deducts, from IncomeRents for leased roads
_
_
Miscellaneous rents
Miscell. tax accruals
Interest on funded debt.
funded debt
...
Miscell. income charges.
65,000
228
65,000
$155,563
480,991
613
348
6,136
780,926
3,011
6,136
779,984
11,364
20,598
115
19,873
20,859
65
29
608
19,873,
•
$391,645
Balance Sheet Dec
1938
§
equipm't.31,514,861
Impts.
on
lieu
755,726
116,828
99.640
3,722,093
262,971
3,728,529
387,049
576,062
20,822
11,715
147,272
11,715
Special deposits...
Loans & bills rec..
325
car serv.
balance receiv._
22,754
36,442
35,027
103,532
35,027
151,054
41,019
26,239
Bal. from agents..
Int. and divs. rec.
curr.
179,936
Vouchers & wages.
Miscell.* accounts
174,737
payable
137,608
Interest
matured,
unpaid.
5,020,200
Acer,
int., rents,
cos.
on
$3,646,592
1,841,657
$3,857,099
1,951,707
14,757
336,666
43,278
20,746
361,828
13,999
304,498
1,119,232
1,119,255
863,357
286,039
277,768
534,858
$11,336
$182,863
pref. stocks of sub.
or
.
declared
paid
or
16,815
___'
Net income
Consolidated Balance Sheet Dec. 31
1938
$
1938
76,769,573
2 ,631,882
3 566,203
3,911,172
95,705
67,632
1 786,173
802,825
282,587
265,367
Bond dlsct. & exp.
in process of am¬
ortization
Special deposits
Marketable secure,
29,549
56,268
Tax
52,678
55,352
1,204,450
1,200,636
58,442
77,731
def331,953
1,039,189
a
Accts.
&
receivable
7%
7%
$6
195,471
.
cum.
cum.
823,811
65,648
54,191
4
pref
,400,000
$
6,075,500
2,010,000
13,694.825
16,495,859
16 ,138,924
held by public..21
int.
&
in
4,400,000
2 ,010,000
stock.13 ,694,825
Pref. stks. of subs.
Min.
1937
6 ,075,500
pref
Deficit
1,473,821
670,774
$
prior lien
b Common
stock
1 314,288
i.
cum.
preferred
notes
Mat'ls & supplies
Prepayments
Liabilities—
2.511,311
Investments
317,690
1938
$
_75 ,777,066
114,400 21,118,000
com.
surplus
of subs
Funded debt
208,900
201,951
^.43 ,746,245
43.829,000
Deferred liabilities
67,498
67,751
1,483
12,349
Current liabilities.
1 ,855,530
482,228
Reserves
8 ,743,221
2,522,484
9,039,227
119,687
Contribs. in aid of
412,108
412,294
assets.
construction
vances
4,399
140,310
609,070
38,943,391
39,857.906
debits
■___
c
4,399
148,643
593,202
Deferred assets
Total
$3,846,-892
10,207
$3,938,249
1,836,495
*
Working fund ad¬
Unadjusted
1936
$3,613,986
32,606
Bal. of curr. div. requirements not
297,012
Surplus
1937
$3,939,838
48,411
held by public:
Dividend paid
4,249,750
_____
_•
Interest on long-term debti
General interest (net)
___■
Amortization of bond discount & exp_
Miscellaneous income deductions
308,891
liability
Accrued deprec
Unadjust. credits.
1938
$351,781
Gross income.
Other def. charges.
Cash
&c
31,139
4,831,270
181,924
..$12,554,275 $ 12,063,022 $ 11,467,938
8,614,437
8,449,035
7,621,046
taxes.
Net operating income
Utility plant
197,798
165,135
31,760
(& Subs.)—Earnings-
Other income
Assets—
bals.
,
147,707
...
5,044,646
,
_________
$
45,853
.
24,607,948 24,644,3201
Total.......^.24,607,948 24,644,320
Represented by 43,847 no par shares in 1938 and 44,383 no
par shares
b Represented by 166,755 no par shares in
1938 and 166,968 no
shares in 1937.—V. 148, p. 445.
\
Calendar Years—
Operating revenues
Operating expenses and
of
construction
reacq.
Total-----
16,000,000 16,000,000
16,063,000 16,201,345
aid
649,973
2,157,230
420,367
Materials, &c
Other
in
8,799,000
493,009
2,307,612
in 1937.
Deferred accounts
Time drafts & deps
Sinking funds
Misc. accts. receiv.
Grants
8,595,500
& accr. llabs.
Earned surplus169,029
1937
$
Capital stock
Traffic, &c
1,036,993
investments
Traffic &
59,202
760,430
ol
Cash...
Fund. & long-term
debt
Curr.
Capital surplus
$421,810
1938
Funded debt
130,956
mtgd. prop, sold
Inv. in affil. cos...
Other
32,470,875
leased
property
Misc. phys. prop..
in
137,071
739,775
to surp. in 1938Misc. unadj.credits
declared
Liabilities—
167,025
3,836,705
bds„& cap. stks.
31
1937
S
"
Road &
166,964
3,957,425
in
85,991
Prov. for divs.
$323,541
3,842,347
Utils.Corp. cred.
83,500
338
6,136
792,833
1,597
stock.
int.
-.._!
615,861
_
$
3,842,001
of No. Continent
Includes credit of $64,945, covering accruals
account Railroad Retire¬
law, amended, effective Jan. 1, 1937.
Deposit
subs
Dlsc.(net)on
ment Act in 1936—this
Assets
500,324
(conv.)...
b Common
1937
$
Reserves
par
-
5,021
799,170
Net loss for year—$489,408
$181,406
483,944
$848,339
512,712
205,547
35,119
3,377
2,858
pref.
Minority
North West Utilities Co.
.
Amortization of discount
a
580,446
Deferred charges
a
65,000
unfunded debt..
on
607,904
Other assets
1,437
on
535,208
540,863
stock
rec.
_*!_i
(net)..
560
78
Gross income.
,
1938
Liabilities—
554.766
Accts. & notes
124,088
1,872
1,732
1,260
& accounts.
Income from sinking and
_
Non-cum.
a
20,069
3,454
securities
Int.
$
21,848,609 21,768,274
355 765
381,414
13,837
840
Inc. from funded secure.
Income from unfunded
reserve
$
Assets—
Fixed capital
$325,428
2,353
Dividend income......
$688,070
490,452
201,874
32,421
1,160
2,752
$40,590 prof$88,726
Inventories!
129,915
26,701
1,417
....
$808,047
40,292
1937
physi¬
cal property-
other
J
36,812
252,013
Consolidated Balance Sheet Dec. 31
901,523
276,337
285,921
,
$646,233
41,837
v
j
w
1938
$3,720,310
$302,538 ;
;
Net loss.
$4,621,833
86.5,335"
635,843
260,288
1,734,663
224,179
841,801
333,992
181,978
23,293
244.100
,
$3,572,888
18,006
130,064.
26,695
$4,279,653
120,268
140,746
81,166
1937
$4,053,775
2,572,153
140,650
151,514
Subsidiary companies deductions
1935
$4,414,689
802,235
948,893
650,591
$222,259
Net rev. from ry. of>er._'
Tax accruals, &e.
Equipment tents (net).. "
Joint facility rents (net).
Other Income—
Miscell. rent income.
1936
$4,126,754
95,557
112,836
79,542
1938
.
Interest on bonds and convertible gold notes
Amortization of debt discount and expense.
Other interest charges
;
Miscellaneous deductions from gross income
'
1937
$4,578,658
93,971
110,242
88,342
(& Subs.)—Earnings
■
253,250
39,638
270,274
Gross income—
Years ,Ended Dec. 31*
All Lines {Incl. Elec.)1938
Freight revenue
$4,146,660
Passenger revenue
53,414
Mail and express
96,238.
Allother transportation.
81,773
Mispell.
2.255
1.355
1.340
$804,391
$3,710,480
2,349,571
Operating incomey
per ton
(cents) .1
•-.
Other income.-j
Average
1.910
>
Provision for taxes..
hauled,
amount received
from each ton.
-
.
revenues
Maintenance..
303,166
134.63
miles
loss$14,856
Federal income taxes
Provision for retirements
•
364,873
$324,458
Operating expenses____...
2,406,051
2 >160,657
1,897,834
341,74.3,720 304,657,853 278,946,015
410,124
739.
Mar. 25,'39 Mar. 26,'38 Mar. 31,'37
■■__
North Continent Utilities
Corp.
1.583
367,12.3
p.
Rayon Corp.—Earnings—
Weeks Ended—
Operating
Freight Traffic—
No. of tons carried.,.
2,194,331
No. of tons carried 1 m..295,420,311
No. of tons carried 1 mile
28,702,360
Indicated present value.—V. 148,
y
American
-Calendar Years—
'
.
1,327,182
Total _________31,605,935
28,702,260
After charges and provision for Federal income
taxes, exclusive of sur¬
tax on undistributed
profits.-T-V. 147, p. 3770.
32.399
"
3,016,000
7,376,895
3,937,914
1,279,489
x
20.47
27.474
reserves,
Net income
•«
24.121
After
North
371,213
7,597.215
carried
receipt per
per mile (cents)
x
920.11
.
,
3,5.32
Avge.
Total .........31,605,935
3,000,000
7,353,395
6,810,114
Earned surplus...
1936-
.
per mileof road
Average
1937
conv.
348,334
Report—r-
Traffic Statistics Years Ended Dec. 31
1938
259,463
(par $5)
Capital surplus
Miscell. assets—i.
Dec. 22. 1936.—V. 148, p. 887.
.
12,860
258,271
Reserves for taxes.
dis¬
318,034
20,623
60,223
debs., due 1950.11,228,000 11,280,000
68,750
39,639
Res'fpr cpnting's. 1,500,000
1,500,000
stocks).30,521,592 26,834,771
count & expense
%
%
979,954
xInt.& divs.rec._
share on the no par
common stock, payable June 15 to holders of record
May 20.
Like amount
was paid on
March 15 last and compares with $2 paid on Dec. 22 and
June 27, 1938; $1.50 paid Dec. 23, 1937, and $1.75 on June
30, 1937, and
Norfolk Southern RR.—Annual
Liabilities—
487,804
x
1938
1939
v
$
Cash............
Noranda Mines, Ltd.—$1 Dividend-—
The directors have declared
1,273
45,000
porations under jurisdiction of the State courts and that the fairnass of the
plan is in the exclusive jurisdiction of the Federal Court.
The plan proposes that the assets of the two companies be sold
to
creditors' committee for administration.—V. 148,
p. 1651.
170,961
pref.
Earn. surp. Mar. 31..
Stockholders of the parent company and an unsecured creditor who
objected to methods proposed to fix claims of creditors were informed
by
Justice
A
stock, &c..__
The court was informed by counsel to,Mr. Pink and the trustees
that
creditors expressed overwhelming sentiment in favor of the
plan to end
the Federal receiverships and liquidate the assets.
.
1939
22
April
-V. 148, p.1969.
Total
Total..
^
..38,943,391 39,857,906
86,190,328
Capital surplus
_
1,025
86,875,1751
Total
,...86,190,328 86,875,175
a Less reserve of
$145,975 in 1938 and $147,214 in 1937. b Par
value $1
outstanding 260,531 shares, stated at amount
originally assigned to no par
value shares,
c Arising
from preferred stock
reacquired by subsidiary
Volume
Financial
148
2437
Chronicle
Corp.—Annual Report—
acquired all of the capital stock of
General Balance Sheet Dec.
Northeastern Water & Electric
Sept. 27, 1938, the corporation
Hazleton Water Co., which serves Hazleton, Pa., and vicinity with an
estimated population of 62,000.
The proposed increase in the indebtedness
of the corporation, which the $4 preferred stockholders approved at a
special meeting held March 22, 1938, for the purpose of financing
purchase of the aforesaid company, was made unnecessary by the use
cash in the treasury of the corporation and the issuance by the Hzaleton
Water Co. of $1,000,000 4Ms, dated March 1, 1938, due March 1, 1958.
On
the
of
with
insurance
an
Proceeds
company.
the
Co.
and Colby
of four
changed
companies.
Section 11 of the
the provisions of
accordance with
In
Public Utility
its electric
exchange for
will
bonds.
Substantially all of the funds required for
obtained from subsidiary companies, which liquidated
indebtedness owed the corporation through the private sale of 1st mtge.
bonds on a favorable basis, resulting in a material saving to the system in
annual interest charges.
(See V. 148, p.. 1333.)
'
Consolidated Income Account for Calendar Years
collateral
this
6%
trust
were
purpose
.
Maintenance
Deposits in lieu
of mtgd. prop.
28,660
Misc. phys. prop
12,754,708
General taxes.
Federal income taxes
Net operating income
Notes
Advances
unfunded debt...
Amort, of debt discount and expense.
Miscellaneous deductions
;
earnings^...
Minority interest in net
39,442
374,177
377,984
3,282
56,953
20,836
2,939
3,285
44,376
8,234
2,781
$574,848
335,113
172,233
-
1938
$
d65
Deps. for extens..
Deferred income..
31,336
150,092
155,627
int. receivable..
&
Mat'is
64,985
Deferred charges..
a
Less
37,980
8,708
3,012,493
2,279,276
6,559,250
6,510,607
356,409
555,686
c
1333.
p.
Service Co .—Earnings1939—12 Mos.—1938
Northern Indiana Public
1939—3 Mos.—1938
Period End. Mar. 31—
$4,525,157
3,271,745
incomes
$4,354,292 $17,427,494 $17,761,195
3,172,512 12,836,759 12,975,661
$1,253,411
Operating revenues
Oper. exps. and taxes...
$4,590,735
$1,181,779
-1,607,250
1,619,348
1,569,589
income & surp
17, 707,059
17,707,059
Misc. fund res__
630
630
ed credits
Add'ns to
5,818,876
8,865,677
327,026
1,852,539
Total
Operating revenues
Operation expense
;
deprec'n..
L
Provision for Federal and State income
Net
$10,793,547 $12,112,413
—
Other interest
charged to construction...
Miscellaneous deductions
Interest
$
$
6% cum.
243,401.031-
chises, &c—.220,366,387
9,383,058
$519,270
$1,941,339
$2,134>650
Capital stock of
subs, in hands
No* of pass. carr.
No. pass, carried
950,381
1,209,204
1 mile-.-..-.
232,385,810
284,267,254
• v
•
1.606 cts.
<
1935
1936
1,132,732
1937
1938
,
1.745 cts.
,
213,390.695
<
1,652 cts.
freight
1 mile..--.
Av.
receipts
1.008 cts.
0.985 cts.
1.033 cts.
$9,373
$8,952
Calendar Years
1937
1936
$8,202
Operating Revenue—
1938
Freight revenue...,--.$47,608,922
revenue._—
Other transport'n rev.—
Incidental & joint facil'y
Total oper. revenues
4,056,275
3,462,326
1,894,059
Operating Expenses—
$7,745,996'
11,529,066
2,058,001
22,335,603
1,018,240
2,431,084
Traffic
Transportation
MLscell. operations
General
Transp. for
invest.—Cr
Total oper.
61,262
35,585
.56,684
affiliated
$7,473,140
14,110,869
2,005,164
24,519,711
1,104,589
2,846,546
48,354
$6,783,523
12,498,522
1,916,669
22,901,125
987,917
3,314,883
84,235
$6,181,163
11,991,446
1,841,788
20,532,072
867,403
x2,731,472
51,747
23,193
13,454
12,322,034
16,510,149
4,980,000
7,500,000
551,550
466,475
'
112,664
119,128
Deprec. (retire.)
reserve
2,923,272
,
Res.forreduct'n
2,652,623
of
314,054
Mat'l & supplies
3.441,759
3,622,360
'
capital
sets, &C-
1,636,507
290,492
as¬
—
Misceil. reserve
Res.
for
.
amort,
of sundry
fixed
362,637
assets...
Contrib. for ex-,
Res. for conting.
890,922
961,864
Capital surplus.
Earned surplus.
4,183,808
1,527,638
1,559,485
.249,000,559
Total.
1,289,431
Total.......249,000,559 281.486,583
281.486.5831
Special deposits only,
b Represented by 729,166 shares of no par
c After
deducting reserve for doubtful accounts apd notes of
$390,621 in 1938 and $609,130 in 1937.
d Represented by $25 par shares
in 1938 and $100 par shares in 1937.—V. 148, p. 2280
a
»value,
Northern States Power
Co. (Minn.) (& Subs.)—Earns.
Year Ended Dec. 31, 1938
Consolidated Income Account for the
Operating revenues
Operation expense
.——
Appropriations ror retirement reserve
Provision for
$7,188,918
1,116,417
2,482,852
$4,450,368
..$35,616,301
13,695,702
1,770,687
3,093,157
——
Maintenance expense.
and depreciation
Other income
$3,128,536
733,012
2,435,809
$6,974,710
1,224,446
2,451.846
767,600
2.508,373
$7,726,342
7,233,302
$10,560,457 $14,770,061 $16,385,297
Int. on funded debt
14,437,087
14,354,399
14,256,640
Other deduc. from inc..
445,783
297,920
311,874
$14,959,644
14,231,311
296,551
income.
Gross income
$431,782
2,480,000
$0.73
$0.17
$460,425 account of Riilroad
_def$4,322,414
Net income
$117,741
$1,816,783
2,480,000
Nil
2,480,000
$0.05
2,480,000
(par $100).
share
—'
Shs. outst'd
included in 1934 a charge
1934.
In, 1935 a credit
Retirement Act
1934, was included.
Net
of
of $460,425, to offset charge in
4,778,623
1,232,766
!
Taxes.
Federal and State income taxes
operating income
$11,045,365
27,733
—
Gross income
Interest on long-term
6,297,357 $10,651,003 $10,788,187
4,263,099
4,119,058 a 5,597,110
oper.
523,555
543,049
tensions
1935
$61,906,306 $53,845,654
to
cos.
Sundry cur. liab.
1,636,507
$9,752,054
5,301,686
Non-operating income._
Pensions
525,213
Indebtedness
Unbilled gas and
$44,093,600
Ry. oper. income
Equipmentrents.net
Joint facility rents, net.
x
765,209
4,452,425
deposits
$9,964,857 $12,839,537 $13,587,902
6,836,321
5,864,827
6,398,984
Taxes and uncoil, revs—
Earned per
339,027
6,011,790
Notes & accts.
expense..$47,056,727 $52,011,662 $48,318,405
Net oper. revenues
Net ry.
1,301,976
"
$54,735,531 $51,993,325 $45,262,826'
4,565,442
4,201,068
3,525,510
3,738,518 ' 4,025,306
3,554,732
1,811,708
1,686,608
1,502,585
.$57,021,585 $64,851,199
Way and structures
Equipment
358.940
payable..
Customers' deps
4,252,058
1,610,962
562,331
$7,783
0.948 cts.
Income Account for
,
354,123
5,000,190
Divs.
electricity—_
V
•
per
Passenger
c
1,423.148
1,427,442
taxes..
Salaries & wages
in proc.
T_.
53,782
888,850
Accts, payable. _
Accrued interest
13,913,560 Accrued
12,599,019
Other cur. assets
per
mile
revenue freight
Rdv. per mile of
road (av. mile)
ton
5,277,964,003 4,382,753,092
18,594
554,429
552,303
debt
receivable—.
>
1.4,724,524,155 5,776,545,781
$7,943
.
chges
j
other
1 13,741,823
16,585,487
18,561,633
14,813,612
carried
No. tons revenue
20,000
909,936
Bond interest &
•
No. tons revenue
143,926
25", 000
credits
Deferred
Notes payable..
of amortiza'n.
Cash,
1.615 cts.
94,930,800
169,414
315,065
New bus. promo,
exps.
Average rate per
,pass, per mile..
260,183,172
28,667,329
98,904,300
of public
55,86?
disc, and exp.
983,204
28,550,113
nong-term debt.
Defd. liabilities.
163,086'
_
b7,291,663
CI B com stock.
152,935
prepaid
.
34.155,100
8,538,775
d CI A com stk.
a93,304
Investments
accounts.
$
38,961,000
39,026,300
305,416
Prepaid insur
Unamort.
1937
$
38,961,000
pf.stk. 39,026,300
352,980
other deposits
Other def
2,341,578
1938
property,
rights,
fran¬
cap.stk.of sub
Statistics for Calendar Years
1,704,625
1,463,663
31
Liabilities—
"
Plant,
Qther
$6,216,223
2,727,270
7% cum. pf.stk.
Stock disc. exps.
Ry,—Annual Report—
62,719
1937
1938
Assets—
$587,390
Passenger and Freight
29.070
7% cum. pref. dividends
6% cum. pref. dividends. —_
i
Consolidated Balance Sheet Dec.
673,974
'
1,191,668
226,125
$4,551,076
Sinking funds &
Northern Pacific
$7,470,609
1,375,000
Netincome
$4,785,633
.
$6,181,271
—
pref. stock, $5 series of Northern
(Minn.) held by public—
Divs. on pref. stock of Northern States Power Co.
(Wise.) held by public
Minority interest in net income of Chippewa &
Flambeau Improvement Co
-—
—
Minority interest in net income of other subs
cum.
on
States Power Co.
Exp. on sales of
i
Cr49,396
66,186
_________
Balance.
59,972
—V.
622,541
51,294
662,602
94,066
41,843
Crl09,571
140,809
Amortization of sundry fixed assets.
$4,845,505
2,710,855
income...,.
148, p. 1969. :
4,021,029
3,810,259
.*
46,995
Net
.$10,821,280 $12,182,262
—
-
Amortization of debt discount and expense.
Divs.
69,849
27,733
...
long-term debt
on
1,491,278
2,900,000
4,967,358
1,314.766/
taxes
operating income.
$4,637,730
2,696,391
>
13,824,337
1,770,687
3,093,157
4,819,806)
Maintenance expense.—
Taxes
.843,507,190 847,087,898
—
—
(Del.) (& Subs.)—Earnings
1938
1937
$35,616,301 $35,831,102
14,360,053
Years—
11,465
—
175 930,345 180,344,205
2280.
$1,193,244
i
Joss
balance
—843,507,190 847,087,898
10.069
Gross income
and
360,316
1,859,157
through
tired
1,061,594
57,951
31,098
1,062,420
43,353
30,748
$1,263,480
Interest and other deduc.
676,091
.Other income (net).....
—
prop,
surplus
441,585
Northern States Power Co.
Total
18,237,446
,417,063
unadjust¬
Other
Profit
receiv—
Calendar
223,212
45,530
8,439
....19,941,988 18,237,446
Represented by 91,579.3 shares no par, at stated
Represented by 172,235 no-par shares,
d Interest
b
reserves,
vhlue of $50 each,
Net oper.
33,334
3,705,400
331,319
588,333
19,941,988
only.—V. 148,
172,235
Capital surplus
Earned surplus—
39,427
556,547
Otherassets.
62,398,477
equipment.
Gross income
Resirves
supplies
& ei. appliances.
TotaL.,
.
53,019
64 ,207,222
deprec.
Accrued
Funded debt re¬
curr. assets
Interest
4,578,965
14,838,881 12,839,726 b $4 pref. stock— 4,578,965
172,235
Investments.3,479,114
3,479,672 c Common stock..
31,671
Cash
374,514.
720,378 Min.'int. in subs..
Notes receivable..
275 "
765 Funded debt..... 4,475,050
270,881
a Acc'ts receivable
324,753
255,557 Accounts payable.
231,787
Unbilled revenues.
152,761
126.621 Accrued accounts.
Fixed capita!
Declared divs; and
5,521,993
47,171
1,012,391
453,265
Other def. assets
1937
$
Liabilities—
$
1,135,833
Other income
31
1937
S
6 ,045,875
debt...
Appropriations for retirement reserve &
172,235
Consolidated Balance Sheet Dec.
•
liabilities..
Prem. on funded
agts.
conductors.
Wkg. fund advs.
$1,036,843
$1,091,014
305,708
366,309
Assets—
60,626
liab.
curr.
through inc. &
bals., receiV—
—V. 148, p
$726,628
•
75,302
46,967
Traf. & car serv.
Total
1,410
81,995
Other
30,555
rents
1,400
accrued
$662,666
$670,672
420,342
on common
1938
95,000
7.859,120
18,860
35,000
deposits
Oth.unadj. debts
$651,572
on
Dividends
5,602,561
Loans & bills rec.
Other
318,028
int.
Unmatured
Unmatur'd rents
Interest, divs. &
213,631
454,764
£,339,151
311,969
unpaid
of
Sepecial deposits
from
581,433
5, 338,326
payable
'lime drafts and
966,595
162,711
139,522
203,947
31,738
1936
$4 preferred stock.366,317
stock
86,117
Net income......
Dividends
—
Cash
959,869
139,710
149,656
1,710
on
1,601,358
475,407
8,481.368
1,480,383
437,241
7,302,139
8,732,870
$916,175
221,406
3,103
30,642
7,743
Gross income
Interest
land's...:..
&
594,511
3,829,181
Interest matured
Tax
of land grant
Rec.
592,768
3 ,201,606
pay
Other def. liabils
J.
4,193,847
„287,069
Interest on funded debt..:.
1,643,436
1,121,913
Bonds
"Contr. for sale
Misceil
bals.
serv.
accrued
9,189
2,051,704
772,920
9,109
Stock
Notes
car
Vouch. & wages
Other investm't:
Material & suppl
$629,106
_
—
Other income
146,330,572 146,330,572
33,594,797
33,594,798
2,487,761
2,489,011
4,583,855
4,594,124
Bonds
and
Misceil .accounts
Inv. in affil. cos.:
Misc. accts. rec.
120,236
171,600
213,528
94,547
r
99,382
11,984,741
836,201
1, 271,508
317, ,104,500 318,376,500
_
Funded debt
Traffic
$2,167,180
1937
$2,155,011
925,994
renewals & replace.
Prov. for retire'ts,
construction
90,200
90,200
prop.
$
of
Grants in aid
leased
$2,172,982
1938
Operating revenues
!
Oper., general and admin, expenses..
on
railway
1937
$
Capital stock...248 ,000,000 248,000,000
equipment...608,147,472 607,026,421
of public
Holding Company Act of 1935, relating to the simplification
utility systems, the corporation is undertaking to dispose of
properties and natural gas companies either through sale or
other water companies, to the end that the operations of the system
be confined to water companies.
Since the close of the year the corporation has retired all of its 20-year
$
$
Stocks..
purposes.
corporation's policy of simplification, the Ellicott City
Water Co. and Bel Air Water & Light Co. were merged into the Carroll
County Water Co., the name of the latter company being
to
Maryland Water Works Co.,, and Caribou Water, Light & Power
acquired the properties of New Sweden Light & Power Co.
Light & Power Co.
The foregoing resulted in the elimination
1938
Liabilities—
Inv. in road and
Impts.
31
1937
1938
Assets—
Amortization of debt
debt
discount and expense
Other interest
Amortization of sundry
Interest
———
fixed assets
charged to construction
deductions
Miscellaneous
Balance
Divs. on
>
pref. stock of Northern States Power Co.
inc. of Chippewa & Flambeau
Minority int. in net
Net income
Preferred dividends
Common
dividends
$11,073,098
3,810,259
662,602
93,943
41,843
Cr109,571
140,810
—:
.— — -
_
(Wise.) — ...
Imp. Co
2
—
——
:
,T
$6,433,213
226,125
29,070
$6,178,018
1,375,000
' 3,750,000
2438
Financial Chronicle
Consolidated Balance Sheet Dec. 31.1938
Assets—
Liabilities$5 series cum. pref stock.
$27,500,000
90,000,000
10,936,356 b Common stock.
93,304 Capital stock of sub. cos. in
hands of public and min¬
4,853,870
ority interest in surplus..
119,128
1,050,113
2,923,272 Long-term debt.————
98,904,300
•
Fixed assets.
$218,754,976
Investments...
.
Special deposits
Cash—*.*.,
—*
•
Bond int. and other deposits
a Accts. and notes receivable
Materials and supplies-.*.*
3,441,759
Note payable—bank .
-—
$3,067,354; preferred capital stocks of subsidiaries in hands of
public, $1,125,800; minority interests in common capital stocks and surplus,
$5 non-cumulative preferred stock (par value $5),
29,244 shares at priority liquidation value of $100 per share, $2,403,600;
common stock par $1, outstanding at stated value of $40 per share, $385,280;
excess of par or stated values of capital stocks, capital surplus and earned
surplus of subsidiaries at dates of acquisition over the recorded values of
the investments on the books of the parent companies.$323,556; excessof
par or stated values of preferred and class A common stocks of subsidiary
over cost to parent company (stocks purchased since date of acquisition of
subsidiary), $827; surplus arising from appraisals of property, plant and
equipment; telephone companies, balance remaining after adjustments
made May 31, 1934, $266,171; surplus arising.from retirement of preferred
capital stock, re-acquired preferred and common stocks in treasury of
issuer, bonds owned inter-company, and re-acquired bonds in treasury of
issuer, $55,985; earned surplus, $449,929; total, $12,402,380.—V. 148,
p. 1816.
\ ,;
Accounts payable.........
886,457
DIvs. declared on
351.438
711
Accrued salaries and wages.
$511,499; preferred:
25,000
1,636,507
301,574
8,018
Indebtedness of parent coIndebtedness of affil. cos.**
Prepayments.
Accrued
Debt discount A expense in
by
regulatory commission in
process of amortisation—
New business promotion ex¬
penses In process of amort
Other deferred charges.
interest—
—
23,193
23,294
Deferred liabilities.—.—..
340,105
Capital surplus.
Earned surplus..
212,199
.
299,965
.
Reserves....—*.—.—....
Contributions in aid of const
339,027
.
on
354,123
4,855,661
1,427,442
Indebtedness to affil, cos...
Cost of property study
Expense
525,213
..
—
Other accrued liabilities....
12,599,019
of amortization—
process
* *
Customer's deposits..—.
87,943 Accrued taxes.
— .——
.
pref .stks.
.. .
.
.
.
18,835,645
543,049
Ohio Water Service
0,760,155
—
—
*
Net
...$257,000,747
Total....
b Represented by 4,000,000
$390,621.
.
$2,920,998
$2,836,238
$2,781,737
$2,551,973
126,928
160,651
1,134,639
140,264
333,790
1,081,624
125,932
1,063,657
166,356
305,823
254,368
60,950
940,179
150,330
304,939
248,325
40,000
Operation expenses.——
1936
173.643
331,000
272,786
284,607
82,848
48,058
1935
$818,020
8,629
$768,474"
8,606
$804,650
8,949
Gross income.......*
$826,649
$777,081
398,100
9,423
$813,599
401,636
6,025
24,901
7.703
25,128
$336,954
171,969
109,884
$380,809
123,619
$55,101
$63,718
8,650
$140,008
101,305
$87,383
113,462
—
'
Assets—Plant, property, rights, franchises, &c., $7,374,387; miscellan¬
investments, $1,650; deferred municipal accounts receivable, $140,927;
$168,380; United States Government securities and bonds of affi¬
liated companies, $51,971; accounts and notes receivable (less reserve of
$13,567) $31,760; accrued unbilled revenue, $16,705; materials and supplies,"
$31,105; prepaid taxes, insurance, &c., $8,463; deferred charges, $203,753;
$136,827
24,788
$160,554
113,462
652
eous
$307,140
103,917
66,396
8,969
and expense
...
Misc. Inc. deductions..*
10,648
-
cash,
25,944
General interest
Amort, of bond discount
10,64$
10,648
Balance Sheet Dec. 31,1938
total ,
395,884
.
$342,309
191,000
191,000
827
*■
—
$759,218
415,953
10,181
long-term debt.
on
—
Net income
Dividends on class A common stock—'
$747,390
11,828
„
interest-
expense..—..—*——.——
120,809
Net earns, fromoper—
Other income (net)....-
Int.
$339,939
2,370
■
Amortization of debt discount and
1937
Maintenance expenses..
Prov, for depreciation..
State and local taxes....
Federal income taxes
$359,131
4,164
$363,295
191,000
1,093
3,023
long-term debt.—.....
on
Miscellaneous
1938
————
$629,138
289,199
Gross income—$289,859
Interest
Co.—-Earnings-
1936
1937
"$672,154
313,023
earnings...$286,836
Other inqoipe, net——
no par shares*
-
Northwestern Public Service
Calendar Years—
Total gross earnings
.*
Power and gas purchased
for resale.
1938
$594,914
308,078
Operating revenues—...
Operating expenses and taxes.......
352,980
Total—$257,000,747
a After reserve of
-V. 148, p. 2130.
Co.—-Earnings—
"
Calendar Years—
1,835,698
-
sales of capital
stock of sub. Co.—i——
1939
22
reserves,
...
Unbilled electricity and gas.
Accts. A notes rec.—other-
April
Federal income taxes, $86,711; accrued Federal income taxes, $62,478;
other current and accrued liabilities, $10,412; other liabilities, $6,449;
$8,029,103
.
Mobilities—1st mortgage 5% gold bonds, series A, $3,820,000; accounts
payable, $5,253; general taxes accrued, $45,638; Federal income taxes ac¬
crued, $12,929; interest on long-term debt accrued, $79,583; miscellaneous
accruals, $3,766; consumers' deposits and accrued interest thereon, &c.,
$18,100; reserve for retirements and replacements, $424,166; contributions
for extensions, $18,079; class A common, stock (40,522 no par shares),
$3,155,898; capital surplus arising from revaluations of property $213,900;
earned surplus, $231,792; total, $8,029,103.—V. 147, p. 3023,
,
Net Income.........
7% pref. dividends.....
6% pref. dividends.....
$388,459
171,948
109,884
Balance........—.*
$106,627
"
•
*
193,472
Omnibus
Corp.—Earnings—
Calendar. Years—
Dividends from subsidiaries:
Chicago Motor Coach Co
_._*
..._
Gray Line Sight-Seeing Co. of Chicago— —
Fifth Avenue Coach Co..
———** — .*
New York City Omnibus Corp.
——
Balance Sheet Dec. 31
1938.
1937
$719,6.25
$734,500
442*454
9,000
553,067
970,368
1,069,537
Total dividends received—._—
$2,132,447
excess of dividends received over equity in net
$2,366,105
.—
1938
A .ttcf.t
<
1938
Liabilities—
7% cum. pref;stk.
($100 par) —
6% cum. pref. Stk.
($100 par).
!
y Common stock..
Long-term debtAccounts payable-
1937
$
1937
®
i
$
,
Utility plant—-.14,364,321 14,255,429
Bond disct. A exp.
In
process
of
1,831*400
1,694,875
7,962,000
216,959
205,656
174,701
Other assets——
Cash.—.....—..
.
Customers'
471,665
51,479
108,630
Marketable securs.
x
2,456,700
1,831,400
1,694,875
7,807,000
114,302
Accrued interest..
211,115
...
438,627
59,681
92,632
545,320
202,269
Other def. charges
Special deposits..
2,463,100
*
amortization...
Ousts.' accounts,
Accrued taxes..—
Income taxes.—.
warrants A notes
187,776
10,886
222,354
construction...
*—■—*
73,057
Coach Co., a subsidiary
$1,929,940
$1,948,452
49,251
43,577
46,663
72,245
187,846
.*—
—...
Dr427,125
9,471
348
-
200,814
Custom's advs. for
Mat'ls A supplies.
*———*——.—.
Dr202,855
General expenses and miscellaneous taxes—*.—
Provision for Federal income taxes—--—..—
Interest on long-term payable to Fifth Avenue
191,378
*
384,985
.
'
Total income..
213,304
153,458
-
369,126
.—*
income of subs, for year (credited direct to surp.)
Interest—
....—;„—*—.**-*
114,169
161,375
292,656
deps.
receivable, Ac..
—
Net
Prepayments—...
Reserves;
8,80£
4,500
1,070,217
882,370
194,667
— — —
4,500
193,375
Net income—»
Dividend paid on pref. stock, $8 per share. —
Dividend paid on common stock.*
.........
a
Contribs. In aid of
construction
...
1,025
434,615
Capital surplusEarned surplus.—
$ J ,654,809
,
568,729
1,123,889
Including $54,600 in 1938 and $72,800 inl937 paid to Chicago Motor
Coach Co,
327", 988
•
.
a
$1,623,186
550,530
811,698
»'■■■.
•.
Balance Sheet Dec, 31
Total..
—
.....
16,270,648 16,098,665
Total —.......16,270,648 16,098,666
1938
1937
1938
1937
'
x'After
reserve
in 1937.
y
Assets—
for uncollectible accounts of $48,656 in 1938 and $47,062
Represented by 52,150
Ohio Finance Co. (&
3 Mos. End. Mar. 31—
Net earns, after all taxes
a
•'
1936
1937
$146,089
$0.76
1938
:
$128,859
$0.65
Chicago
Fifth
Holding Corp# (& Subs.) —Earnings—
19*37
1938
*
•
■
c
.
by Ohio Service Holding Corp...
Total
and
ice
on
applicable toI
pref. stock of subsidiary ice company
...
—
$568,814
CdachCo—
7.158,599
96,749
....
—
-
3,516.294
352,956
1,931.363
d Common stock.
452,136.
543,934
■'
•
407,556
surplus— 2,395,176
Total..—.18,599,230 19,429,858
18,599,230 19.429,858
Oswego Falls Corp.-—Earnings-*-
.:
$24,880
1
—*
'
$143,634
12,915
14,034
17,990
.
V 3 Months Ended March 31—
•
1939
Net sales.....
$1,302,966
Net income after deprec., but before
interest and discount on fund. debt.
134,441
Interest and discount on funded debt28,40.6
14,840
14,422
20,299
794
335
x
y
Net income.
—
Per share..*
......
,
167,784
33,849
139,322
29,514
—
—
_.
......
$206,352
46,830
common now
96,692
$62,223
348,975
Drl ,095
$410,104
Operating
Operating
$159,522
97,299
$449,929
Consolidated Balance Sheet Dec. 31,1938
1, 1938
Assets—Property, plant and equipment, $11,521,668; investments in ice
delivery companies, at cost (deduct—Reserve for net deficit at Dec. 31,
1938 of $16,008), $39,968; miscellaneous investments, at cost, $23,529;
special deposits, $3,733; cash in banks and on hand, $433,289; special de¬
posits, $1,425; notes and accounts receivable (less reserves of $11,761),
$41,886; ice delivery companies (less reserve of $26,371), $24,380; unbilled
revenues, $45,016; accrued interest receivable, $490; materials, supplies and
merchandise, $216,791; deferred charges, $50,206; total, $12,402,380.
Liabilities—Long-term debt outstanding, $3,553,032; note payable add
mortgage bonds maturing prior to Dec. 31, 1939—secured by mortgages,
$13,037; accounts payable and accrued payrolls, $64,491; accrued interest
on long-term debt in hands of public, $15,768; accrued taxes—other than
$109,808
$0.49
"
$133,935
$0.60
outstanding.—-V. 147, p. 3618.
Old Dominion Power Co. (&
Calendar Years—
$35,300
410,104
4,526
$106,035
$0,47
No
Net Income.
on
$7
cum.
$182,931
$187,092
203
79
$190,505
145,595
2,180
17,503
1,802
$183,134
145,595
2,089
17,503
1,704
$187,172
146,247
1,734
17,581
$23,425
...
Interest on long-term debt—
General interest
Amort, of bond discount and expense
Miscell. income deductions.
Includes
1936
$724,940
x537,847
195
Gross income..
x
1937
$778,874
x595,943
$190,310
expenses and taxes
Other income (net)
Dividends
Subs.)- -Earnings—
1938
$775,841
585,531
revenues
_.
Consolidated earned surplus at end of year
•
allowance is made avove for Federal income tax and surtax on
undistributed profits, y Net income per share is based on 224,752 shares of
x
Net operating income..
Sundry adjustments—net-*...
1937
$1,292,615
193$
$1,323,675
$156,456
$189,367
57,375
$131,992
Consol, earned surplus at end of preceding year
3,516,294
_
Note—The above balance sheet does not reflect Omnibus Corp.'s equity
$2,335,964 at Dec. 31, 1938, In the undistributed surplus of subsidiaries
earned, since dates of acquisition.-—Y. 147, p. 3317.
;
* «■'
Balance before preferred stock dividends of Ohio
>
Dividends paid or declared on pref. capital stock..
*
of
$5 par
7,109,120
Long-term payable
to /Fifth Avenue
5,000
no-par shares.
...
Total
..."
6,299,022
to sub
.
earnings
—
*
Total.
$131,576
$13,436
Interest from subsidiary ice companies!—
Interest from Telephone Service Co. of Ohio......
Other income..
Expenses
8,371,563
.
Earned
$465,572
—
Common stocks owned by Ohio Service Hold. Co.
Dividends
Coach Co— 8,371,563
Gray Line SightSeeing Co....
5,000
New York city
Omnibus Corp 7,158,599
Organic, expense
96,749
1,336,123
Holding Corp
telephone
5,849,022
term pay
$1,467,699
"
Ohio Service
15,748
Acer. int. on long-
Avenue
$130,198
Ice companies (combined)-1—Revenues
Operating expenses, dividend charges and minority
;
interests, in earnings;
*———_*„
,
10,898
14,623
8% cum. pref. stk.
($100 par).—— 6,199,120
2,750,000 ,3,600.000
.
a Less
reserve df $15,441 in 1938 and $15,156 in 1937.
b From Fifth
Avenue Coach Co.
cNot being amortized,
d Represented by 624,383
Telephone earnings applicable to common stock
owned by Ohio Service Holding Corp..—,*—
1
to compion stocks owned
43,571
11,594
Federal taxes...
Capital surplus—
Subsidiary., Companies—
applicable
73,753
Acer. State A mise.
^
'
142,182
Acer. Fed. inc. tax
Motor
Coach Co—
$92,715
$0.38
■
8,698
123.982
payable.
Divs. payable...!
16,275
110,613
$
8,109
Accounts
71,057
Inv. in stk .of subs.:
The Telephone Service Co. of Ohio and subsidiaries
consolidated—Revenues....i.*.w—
*.——
$1,505,559
Operating expenses, dividend charges and
minority interests in earnings—A.———.*
1,375,361
Ice earnings
Acc'ts receivable
$
Liabilities—
$
•
202,307
15,011
b Div. receivable.
1939
Years Ended Dec. 31—
$
Cash
sharea.~V. 148, p. 741.
Subs.)—Earnings-
$154,598
$0,81
;
Earns, per.sh. on com—
—V. 148, p. 1817.'-
Ohio Service
no par
$16,242
11,786
$21,608
pref. stock....
Federal undistributed
profits tax.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Utility plant,
&c.,
$4,307,479; miscellaneous Investments,
$1,578; cash, $107,024; special deposit for accrued bond interest, $9,027;
receivables (net), $85,005; materials and supplies, $28,657;
prepayments,
$4,574; bond discount and expense in process of amortization, $216,596;
total, $4,759,942.
Liabilities—Common stock (13,000 no par shares), $715,000; 17 cumula¬
tive, preferred Stock, $639,825; long-term debt, $2,911,900; accounts pay-
--
Volume
Financial
148
able, $19,331; due to Kentucky Utilities Co.. (parent company, $40,890;
deposits, $34,917; accrued taxes, $9,321; accrued interest,
$37,582; other current liabilities, $1,732; deferred liabilities, $1,593; re¬
serves, $302,446; contributions in aid
of construction, $19,095; earned
surplus, $26,310; total, $4,759,942.—V. 147, p. 3618.
customers'
Overseas Securities Co., Inc.—Earnings—
1938
$12,902
$11,849
1,544
1,099
10
85
$14,542
5,467
$13,033
11,413
$14,456
4,190
11,581
$2,337
20,441
$1,316
18,555
Miscellaneous
Total
Expenses
Interest
debentures.
on
Net loss from operations
Net loss from sales of securities.
Net loss for the period
..
'$19,871
$22,778
....I
$4,530
prof233,655
prf$229,125
"
•
$19,871
$22,778
Balance net loss
Note—During the period, as shown in the statement of
Corporation on April 17 filed with the Securities and Exchange Com¬
mission, a registration statement (No. 2-4023, Form A-2) under the Secur¬
ities Act of 1933 covering 200,000 shares (no par) $5 dividend preferred stock.
The stock is to be offered in exchange to holders of the company's $6
dividend preferred stock on the basis of one share of $5 preferred and $3 in
cash for each share of $6 preferred.
The exchange offer will expire May 11,
1939.
Any of the shares not taken under the exchange offer are to be
purchased by a group of underwriters headed by Blyth & Co., Inc.
The
stock will be offered to the public at not more than $102 a share, and the
underwriting discount will Vary from a maximum of $4 to a minimum of $2
a share, depending upon the number of unexchanged shares taken down by
the underwriters, it is stated.
The prospectus states that in order to facilitate the offering it is intended
to stablize the price of the new preferred stock.
This is not an assurance,
it states, that the price of the securities will be stabilized or that the stabiliz¬
ing, if commenced, may not be discontinued at any time.
According to the registration statement, all shares of the $6 preferred
exchanged will be retired by the company.
The net cash proceeds received
by the company from the sale of the $5 preferred are to be used, together
with other cash of the company, for the purpose of retiring on or before
July 15, 1939 all of its outstanding $6 preferred stock.
The new preferred stock is redeemable at the option of the company
after at least 30 days' notice at the following prices plus accrued and ac¬
cumulated dividends:
If red. on or before July 15, 1944, $105 a share;
4,550
13,013
44,152
Distribution paid to shareholders
prf$184,974
profit and loss
account, a net unrealized depreciation of $400,399 was sustained on securi¬
ties owned, based on market quotations at Dec. 31, 1938, and March 31,
1939.
Profits and losses from sales of securities have been
computed unfiormly
by the company since its inception on a first-in-first-out cost basis.
No charge has been made against income on account of amortization of
debt discount and expenses, the entire amount of which was written off
against paid-in surplus when the company's debentures were issued.
If.
this write-off had not been made, the proper proportion of the debt dis¬
count and expense chargeable as amortization against income for the period
would be $1,605.
Liabilities—
1939
1938
$24,063
for
$30,909
bought
not
but
3 Mos. End. Mar. 31—
$13,211
Net profit.
Shs. com. stk. (par
26,127
receivable....^.
11,346
6,083
Sundry accts. pay^
securities-
1.797,740
1,228,628
Acer. int. on debs.
1,063
5% gold debent'es
913,000
Prepaid
expenses.
•
y
•„
750,000
Capital stock...
surplus...
2,216,455
750,000
.$1,854,048 $1,266,6801
after deducting 2,828 shares in
1938) on deposit for matured
on
1936
1937
-
$412,463
430,956
$0.79
x$392,789
430,956
$0.70
Light Co.—Accumulated
have declared
Dividends—
the 7%
dividend of $1.50 per share on the 6%
dividend of $1.75 per share on
a
pref. stock, par $100, and a
Feb. 1, last; Dec. 24, Nov. 1,
Nov. 1 and
on
Aug. 1, May 1 and Feb. 1,
1938; Dec. 24,
Aug. 1, 1937.—V. 148, p. 1971.
Telephone & Telegraph Co.—Earnings—
1939—Month—1938
1939—2 Mos.—1938
Operating revenues
$5,596,033
$5,370,682 $11,353,329 $10,889,730
Uncollectible oper. rev..
18,730
26,700
37,430
47,400
Pacific
•
Earnings for 12 Months Ended March 31 (Incl.
Subs.)
1937
1938
1939
1938
$287,779
430,956
$0.45
cumulative pref. stock, par $100, both payable on account of accumula¬
tions on May 1 to holders of record April 20.
Similar amounts were paid
Owens-Illinois Glass Co.-—Earnings—
*
.
Calif. (& SubsEarnings—
$0.25
Pacific Power &
$1,854,048 $1,266,680
Total....
share
1037.
The directors
cum.
Total
$100 a share.
•
2,149,687
2,575,121
2,149,687
y Represented by 147,172 no par shares
treasury,
z Includes $13,925
($13,950 in
bond interest.—V. 148, p. 446.
$102 a share there¬
915,000
•
Profit & loss deficit
Paid-in
.
1939
$10).
Earnings per
—V. 148, p.
$18;635
8,479
8,479
1,060
Invest,
■
July 15,
share; thereafter and incl.
a
share, and thereafter at
a
$193,660
429,000
x
210,000
Coll. loan pay
Acer. Int. and dlvs.
$101
Pacific Finance Corp. of
received
19,837
but not delivered
15,1945, $104
share;; thereafter and incl. July 15, 1947,
a
1938
1939
'
securities
for
Due
sold
sec.
1946, $103
after and incl. July 15, 1948,
—V. 148, p. 1970.
•
.
Cash
z
Due
thereafter and incl. July
'
■-«
Balance Sheet March 31
\ Assets—
200,000 shares of $5 divi¬
Guaranty Trust Co. of New York has been appointed registrar for the
$5 dividend preferred stock.
The Guaranty Trust Co. is also registrar for
the $6 dividend preferred and common stocks.
1937
$12,153
2,390
operations—Dividends.
Interest
Transfer Agent, &c.—
Manufacturers Trust Co. is transfer agent for
dend preferred stock.
Registers 200,000 Shares of Preferred Stock—
1939
3 Mos. March 31—
ncome from
2439
Chronicle
1936
.
Period End. Feb. 28—
,
Net
sales,
oth.
&
roy.
$75,953,735 $86,819,132 $84,920,276 $60,779,255
oper.revenues..
Cost of sales, roy.
paid,
•
.
,
Operating
pat., develop. & other
$5,577,303
3,892,368
$1,430,189
$3,324,300
$2,896,597
70
791,236
expenses
$5,343,982 $11,315,899 $10,842,330
3,913,793
7,991,599
7,945,733
$1,684,935
revenues.^
70
732,111
141
1,578,543
141
1,473,610
$698,148
1,353,027
$1,745,898
2,890,456
$1,423,128
2,712,165
.
59,552,327
expenses.......
oper.
Operating
64,924,671
69,588,773
46,824,834
Net oper. revenues
Rent from lease of oper.
prof.
&
Mfg.
&
net
oper.revenue......$16,401,408 $17,230,358 $19,995,605 $13,954,421
Int.
bank
debs..&
on
527,347
& admin, exps
gen.
for
Prov.
7,485,471
'
management
,
526,958
777,116
165,747
& losses—
exps.
,43,937
245,290
44,745
$8,091,189 $11,865,205
1,040,046
972,327
$7,731,382
759,102
Net
„
148,
1,484,114
2281.
p.
Ltd., Inc. (& Sub.)- -Earnings—
Penick & Ford,
Other income.
Cash
1.
...
_;T
proceeds
$7,992,447
350,474
^.
& income from opers
Selling, adver., gen. & adminis. exps:
from sale of pat.
rights
"
'
_
Total income
Total income.
$8,397,037 $10,187,208 $13,902,53.1
2,448,476
2,540,425
2,855,546
...
Prov. for Federal taxes,.
of shs.
at end of
„
Earnings
$9,320,485
1,397,332
$7,646,782 $11,046,985
$7,923,152
period. $5,948,561
'
Net income for
No.
outstanding
2.661,204
period...^..
share.
2,661,204
1,330,602
1,267,600
x$2.87
r
$8,30
$6.25
par stock.-'—V. 148, p. 1037.
$2,24
per
Earnings per share based upon
x
Net income
21,361,175
22,125,526
7,562,442
Operating expenses—._
Taxes
7,063,897
2,023,654
Crl 1,214
5,639,173
....
2,040,591
016,909
5,828,433
Bond and other interest.
Int. charged to
constr'n
Depreciation
...
23,589,578
,
7,906,936
3,554,042
<>14,262
6,938,933
*
21,449,315
6,541,238
5,096,218
03,370
6,971,165
Amort, of bond disc, and
Net profit.
Div. on pref. stks.
668,438:
900,408
527.150
324.421
expense
i
stk. taxes.
i
Number of shares...
Earned per share—
—V.148.P; 1335.
•
$10,262,653
1,510,635
$9,481,415
1-,513,655
164
99
264
1,179,990
...
Oper. exp. and all taxes.
Maintenance..
398,223
155,740
Gross revenue
1,179,990
1,179,990
Net income
4325,893
4,825,893
b5,630,208
3,860,714
_
x
Includes
1938
Property account-11 ,428,511
173,026
investments
Sinking fund.....
1,608,631
1,608,631
Cash and deposits.
693,349
$3.32,
$4.18
1939
$4.71
,
$4.22
186,126,163
Mat'
{ 8,934,471(
receivable (•
supplies..
1,935,443
.
22,572,350
1,480
stock
46,000,000
<fc advances for
construction
.
redemption
7,140,000
2,112,309
200,000
2.209,526
4,230,993
4,413,282
1,110,409
'
payable.
Notes payable..
884,585
Acer, bond int..
362,500
500,000
362500
7,039.812
9,430,428
pay.
632,988
70,528,147
633,584
Reserves-
65,523,596
Earned surplus.
21,133,286
17,854,803
Acer.
Total.......228,330,240 215,990,326
x
Represented
shares.
divs.
>
.228,330,240 215,990,326
.Total
by 196,665 no par shares,
par
taxes..
y
2,716,080
153,009
.
Prem. on cap.
27,042
27,042
526,317
1st mtge. bonds, 4s 4,000,000
4,000,000
137,220
232,740
a
Common stock..
Represented by 1,608.631
stk.
2,450,000
payable-
170,122
168,705
Accrued liabilities.
267,270
T ..
Mat's & supplies-
295,729
402,907
Defd. credit items-
18,841
32,576
12,757
48,311
8,961
Res. for storms, &c
36,000
24,000
3,452,462
244,822
244,822
3,397,262
33,220
Accts. receiv.
(less
reserve)
Capital stock exp.
Unamortized debt,
309,394
disct. & expenses
a
340,995
13,651,781 13,508,415
Total
Res. for
deprec.
34,253
Donations
16,389
Surplus reserved..
128,241-
176,851
Surplus unapprop.
396,139
297,469
.13,051,781
13,508,415
Total..
133,988 shares (no par).—V. 148, p. 1817.
9 Months
Crude Oil Corp. (& Subs.)
.
.
Net
operating revenue.
.
for the period
Subsidiary Dissolved—
On Feb. 28,
1939, the Penn Valley
1938
$187,524
2,215
$243,055
$189,739
184,544
$313,464
273,122
70,409
2,876
------
4,474
$40,342
4,638
$6,793
$44,980
$2,319
Other income
Net profit
-Earnings-
1939
Ended March 31—
Expenses,incl. deprec., depletion, &c.
Federal and State income tax
&
premium
Accts.
140
2,716,080
Pref .stk. ($100 par) 2,450,000
1,297,635
Deben. called for
979,401
$
140
Drilling and cleaning.
1,042,646
1937
$
(scrip)
125,312
Penn Valley
&
26,493
2,475,134
Accrued
no
245,000
1938
Liabilities—
Com. stock
Accounts
Minority int. in
Consumers' dep.
deferred
charges
29,937,924
22,532,600
10.859,992
Disct.&exps.on
securities
19,666,500
stock
surplus of sub.
Gas storage and
Miscel
cap.
of subsidiaries
com.
]
re-:
deferments
19,666,500
Common stock 29,937,924
1,527
Long-term debt. 46,000,000
7,141,537
4,063,140
4,472,751
7,000,000
Notes
y
$
Pref. stock...
Pref.
in
1938
S
Liabilities—
x
3,806,930
less
1939
$
serve
$382,585
"
201,419
102.000
156,080
Del. debit items..
* arch 31
1938
$
Plant, prop, and
franchises
195,859,842
able,
$508,559
180,687
140,687
11,310,968
135,415
1,608,631
1,608,631
Prepayments
receiv-(
$525,199
171,500
267,976
I
$2,926,824
Consolidated Balance Sheet
Accounts
9,385
363,380
1937
.
$2,745,871
stock of $804,315.
Due from banks
18,849
367,612
$
def$297,290
$311,992 in 1939, $524,405 in 1938, $543,007
1936, $311,992 in 1939.
b Incl. extra div. on com.
Cash....
19,032
382,189
non-operating income.
Marketable secure.
$2,885,333
stock out¬
securities
650,504
316,283
257,211
$551,844
171,500
267,976
...
dividends
j.
Common stk. dividends
1,179,990
Includes other income of
Investments
,979,350
676,073
366,966
159,833
18,525
and expense
R63. for accrued deprec.
Assets—
standing (no par)-.-Earnings per share.....
Assets—
$2,097,896
388,872
Interest charges
5,285,495
806,842
394,406
157,826
Amort." of debt discount
Other
a
1935
1936
1937
863,522
x
Balance Sheet Dec. 31
pref: stock of
Pacific Lighting Corp.
Cash div. on com. stock
of Pac. Lighting Corp.
in 1937 and $245,260 in
$90,460
370,000
$0.24
-$1.00
-Earnings
1938
$2,376,726
on
of com.
$368,891
369,000
231
Div. on com .stk.of subs.
Shs.
$251,172
136,176
24,537
„
Peninsular Telephone Co.
Preferred
$7,937,961
1,424,953
$10,244,663
of subs 1,353,292
Remainder to surplus.
$599,231
140,212
90,129
"
Calendar Years—
1936
1937
1939
1938
t-$47,344,815 $45,306,148 $53,138,288 $50,2U4,418
Gross revenues
Div.
Depreciation
$12.50
12 Mos. End. Afar. 31—
a
$458,044
110,938
64,013
_
;
Prov. for Fed. inc. & cap.
Lighting Corp. (& Subs.)— Earnings—
Pacific
•
27,313
$246,452
4,720
'$430,731''
830,000
1,065,000
1,055,972
569,491
$594,428
4,802
.
....
Miscellaneous income—net.
,
54,116
and licenses.:
$815,943
.679,553
$283,092
369,000
$0.77
Profit. .1
received
$1,273,981
$1,070,698
639,967
k
***"1937
1938
1939
3 Months Ended March 31—
Gross profit
Profit..
,
$893,769
operating income.
Net income
—V.
647,170,
'
_
baddebts.....
Sundry
348,910
342,192
897,882
sales & prov. for
on
5,182,213
6,581,036
_
839,922
bonds..,
Disc,
Operating taxes
369,687
6,875,945
loans..
Sell.,
property.
Development Corp., a wholly
owned
subsidiary of the Penn Valley Crude Oil Corp., was dissolved. This action
of Penn Valley Crude Oil Corp. iri acquiring all of the assets and assuming
all the liabilities of the subsidiary company was accomplished in order that
the
capital structure of the company
might be simplified.—V. 148, p. 743
Financial
"2440
April
Chronicle
1939
22
Consolidated Balance Sheet Dec. 31
chises, Ac
Special
Philadelphia
Total operating expenses
Net operating revenue.
from
4,913,754
Cust.sec. dep., Ac.
291,213
Divs. pay. on pref.
Pur. money, Ac..
Due to affil. co.__
239,068
96,704
75,769
305,655
14,269
187,000
officers
13,723
$3,254,716
1,080,849
1,148,510
158,264
Fed.
855,979
255,057
76,380
152,305
taxes accrued...
823,790
62,134
Gen. taxes accrued
3,730,345
$4,791,269
State inc.
A
12,043
x
Net income.
x
Unaudited
$3,590,130
and
before
provision
$3,642,759
deprec.,Ac 8 ,462,875
Res. for non-prod.
48,104
veils, Ac
Other reserves.... 1 ,286,798
Res. for
tax,—V.
Pennsylvania Dixie Cement Corp* (& Subs.)—-Earnings
3l, 1939
Consolidated Statement for 12 Months Ended March
Sales, less cash discounts and allowances
Cost of sales, ordinary taxes, operating expenses, &c_;
*...
....
Provision for depletion and depreciation...;
Addr-Other Income
;u.......
__
............
Peoples Gas Light & Coke Co.-r^Notes^—
,
Company sold $2,500,000
$205,199
Total
depletion and depreciation charges for the
12 months ended
31, 1939, ariiblinted to $1,285,912 of which $506,805 (the basis
Used for present Federal income tax purposes) was charged to operations.
The balance ($779,107) was charged to special reserve.1'
_
Pfeiffer Brewing
Consolidated Balance Sheet
•
■
Mar.31 '39 Dec. 31 *38
oorfo
Man 31 '39
C
Cash....
&
Liabilities-
2,512,185
accounts
U. 8, Govt,
298,913
1,539,441
.
...
35,000
33,894
secur.
Sundry inv. A def.
bFixed assets....
7,199,249
126,782
»
237,874
1,420,274
35,000
26,3?5
7,262,000
40,700
Res,
Dec. 31 '38
$
$
'
Accts, pay. (trade)
103,983
198,557
Accrued- liabilities
'■•
°
receivabIe (net).
Inventories
3,320,409
.
72,389
283,140
for Fed. inc.
and surtax.....
103,154
6331,000
152,083
pref. stk_ 3,030,000
1st mtge. 6s...
Res. for sell insur.
106,088
7,167,000
149,330
3,030,000
c
$7
a
Common stock..
400,000
951,930
def25,849
951,936
182,822
cum
Two of the notes were for $165,000,
Total..
Philadelphia Electric Co.—New Director—
Walter E.
Earnings for 12 Months Ended March 31, 1939
Gross revenues
.——
...—
Pennsylvania Gas & Electric Co. (& Subs.)- -Earnings
1938
'1937
*
1936
1935 '
Net earnings
..:—
...
—
—
.
Federal income tax
.*
_—_
—
—
.
Retirement expenses (or depreciation)
—
.—
—
664,542
131,195
B
—-
—
Interest charges
$2,439,453
-—.
.—i.—
...—
.
$1,643,716
676,012
11,588
99,588
239,309
-
$1,063,652
61,418
660.905
$1,125,070
x664,176
123,413
1250.470
$320,688
.
exps.
$1,058,457
46,549
$1,105,006
Operating revenues..—
Non-operating income..
Oper.
—-—
Operation (incl. maintenance) expense..^.,
Taxes.-.......—...-...—- — -:——,——
Amortization and other deductions.
Calendar Years—
.
Other directors were reelected.—V. 148, p. 1654.
Jr.
and
148, p. 1653.
.
He succeeds Edward Hopkin-
Philadelphia Suburban Water Co.-^Earnings—
a
shares.—V.
\
Long, Vice-President of the United Gas Improvement Co.,
has been elected a director of this company.
..11,745,464 12,342,710
Represented by 400,000 no par shares,
b After "reserve for depletion
depreciation as at June 30, 1926, together With provisions out of
earnings since that date, $18,493,556 ($18,388,958 in 1938); transferred
from special reserve since Jan. 1,1937, $1,706,424 ($l,513,9081n 1938),and
special reserve created out of capital surplus for elimination of appreciation,
included in appraisals of June 30, 1926, remaining in accounts at Dec. 31,
1937, $7,668,989 ($7,859,903 in 1938).
c Represented by 121,200 no par
the first due Feb. 1,19*0, bears interest
1H%, and the second, due Feb. 1, 1941, bears interest at 2%. A third
$170,000 is due Feb. 1, 1942, and bears int. at 2H%.
The proceeds of the bank loans were Used as follows: $120,000 for a new
bottling building and equipment; $85,000 for a new office building: $170,000
for machinery and equipment, and $125,000 was used for the paymeiit of
an existing bank loan.—V. 148, p. 1489.
at
note for
on
Total....—„_11.745,464 12.342,710
_
Co.—-$500,000 Loan—
The company, in order to complete an expansion plan, borrowed $500,000
from the banks in Dec. last and Jan. of this year and issued unsecured notes.
400,000
Capital surplus...
Earned surplus...
Deferred charges...
1940; $1,000,000 at 1 % %, due 1941;
The new notes are secured by pledge
$2,752,000 of Natural Gas Pipeline Co. of America first mortgage pipeline
and collateral 6% bonds, series A, due 1946, and are redeemable at any
time on 30 days' notice at 100M in multiples of $500,000.
Upon retirement
of $3,000,000 promissory notes, the banks released $3,312,000 of Natural
Gas Pipe Line of America 6% first mortgage pipeline and collateral bonds.
—V, 148, p. 1489.
of
•
Notes
of promissory notes to five Chicago banks on
terest at 1%% and maturing May 31,
and $1.000,000 of 2 % notes due 1942.
432,690
March
A
147,
March 9, and used the proceeds, together with other funds to retire.$3,000,000 in promissory notes, ihaturing serially from May 31, 1940 to May 31,
1942. at 10014.
The new promissory notes include $500,000 bearing in¬
funded debt.
Profit before provision for Federal income taxes....—...
a
stock (no par), stated at $59,426.—V.
shares class B
2873, 1787.
p.
$606,734
31,155
....
Total income
on
1,082",200
Total
$637,889
Profit from operations
Interest
——.-29,253,676 29,171,390
And 224:189
$6,056,458
4,942,919
x506,805
.
...
42,231
....29.253,670 29,171,390
a Less reserve for uncollectible notes and accounts of $137,557 in, 1938
and $133,291 in 1937.
b 20,000 shares (no par),
c 10,000 shares (par
$100)
d 112,223 shares (nopar) class A partic. stock, stated at $l,4o7,128,
Total
•
.
149,414
229,707
34,136
Earned surplus...
$2,173,867
undistributed profits
for
60,678
7,867,287
Other curr. liablls. '
Contrib. for exts..
148, p. 2131.
173,108
160,882
Accrued Interest..
9,614
1937
$6,985,061
$4,890,950
1,300,821
—
.
495,147
Notes & accounts
a
employees..
Mat'ls & supplies.
5,839,175
...
Total hit. deductions (net)
Deferred liabilities
1,309,474
and
1938
$9,705,023
■
— _
447,352
,608,173
Cash.
Due
Co.—Earnings—
12 Months Ended March. 31—
.1939
Gross revenues.
—$10,730,126
Funded
7741496
722,452
Working funds...
receivable...---
Panhandle Eastern Pipe Line
2,422,950
Capital stk. of sub. 2 ,510,400
debt
11 ,499,600 11,755,100
188,642
38,622
20,126
Notes payable....
192,008
Accounts payable.
209,347
1Q 79Q
1
deposits../
deferred items..
A. T. & T. Teletype; Phla 22
1628 Walnut Street
d
24 ,253.539 24,084,687
143,312 /1,369,472
Prepaid accounts &
Members New York Stock Exchange
N. Y. Telephone: Whitehall 4-4923
1
Bond disc. & exp..
YARNALL & CO.
c
fran¬
Investments
1,760,000
1,000,000
1,516,555
pref.stk. 1 ,700,000
7% cum. pf. stk. 1 ,000,000
Common stock.. 1 ,516,555
b $7 cum.
property,
rights,
$
$
Liabilities—
Assets—
Plant,
1937
1938
1937
1938
Philadelphia Electric Co. Common Stock
Metropolitan Edison $6 Prior Preferred Stock
United Gas Improvement $5Preferred Stock
Pennsylvania Power $5 Preferred Stock
Pennsylvania Sugar Co. Common Stock
$340,424
y 12,451
236,613
1,752
$617,219
Balance available for dividends
$1,034,417
93,377
$1,025,937
96,947
—V. 148, p. 1972.
$1,127,794
x649,652
120,116
$1,122,885
'622,294
119,272
The corporation was placed in the hands of receivers April 19 upon pe¬
tition of the North American Coal Corp., Cleveland, whose claims against
$358,026
13,782
262,012.
$381,318
15,761
265,579
1,036
946
.
*
,
Pittsburgh Terminal Coal Corp.—Receivership—
the mining company approached $250,000.
Net earnings.
Charges of cub. cos
—
Interest
on
... .
yl2,451
218,677
.
funded debt
Sundry int. (net)
-
'
-
936
.
Amortization of debt dis
12,056
Net income.
Divs,
on
pref. stock...
14,563
18,405
18,914
$76,568
11,250
...
.
$75,045
105,000
$62,790
105,000
$8oai8
.105,000
$29,95<5
$42,210
$24,882
Balance, deficit...._. sur$65,318,
x
Includes surtax,
pany
held by public.
y
Dividends
on
preferred stock of subsidiary
com¬
,
JudgeR. M. Gibson in Federal Court appointed S. W. Blakslee, VicePresident and General/Manager of the Coal company, and John M. Ray-
burn, an independent coal engineer, as receivers.
The recejvreship action
was not taken under Section 77-B of the Bankruptcy Act.
Officers of the Pittsburgh corporation offered no opposition to the Ap¬
pointment of receivers, nor did the Pittsburgh & West Virginia RR.,hwhich
is guarantor for $2,662,000 of first mortgage 40-year 5% sinking fund gold
bonds issued by Pittsburgh Terminal Coal.
As of Dec. 31. 1938, sinking
fund requirements for these bonds were $1,517,364 in arrears.
Last week the mining conipany defaulted on a $57,000. payroll due its
miners and shortly thereafter the maintenance crews were Withdrawn from
the mines by the United Mine Workers' Union, leaving the properties in
danger of flood and other damages likely to occur because of absence of
protective crews.
The receivership, action was taken as a means to conserve the resources
of the company and to permit the discharge of its obligations to the miners.
Immediate action in this respect, it was expected, would be brought about
through the issuance of receivers' certificates.—V. 148, p. 1973.
,
Consolidated Balance Sheet—Dec..31, 1938
>
Assets—Utility plant (including intangibles), $7,463,827; investments,
deposits, $678,766; bond discount and expense in process of
amortization, $206,834; appliances rented under optional sales contracts
(less reserve of $72,461), $85,691; miscellaneous deferred charges, $2,755;
cash, $307,276; receivables (net), $233,762; naterials and supplies, $96,574;
Prepaid insurance, ,&c, $6,227; total, $9,081,713..
Liabilities—-7% ' cumulative first preferred stock, $1,500,000; common
(par $10), $1,200,000; preferred stock of subsidiary companies,
$199,200; funded debt, $4,197,000; deferred liabilities, $12,030; accounts
payable, $32,016; accrued interest oh funded debt, $61,953; customers'
and special
security deposits and interest accrued thereon, $11,111; general taxes acrued, $46,504; Federal and State income taxes accrued, $28,967; dividends
payable and miscellaneous current liabilities, $9,405; reserves, $1,523,346:
earned
s«rPl<W.
$237,287:
1938
1937
1936
1935
$5,395,132
81,949
$5,098,109
$4,962,320
215,067
$5,477,0811
2,814,434
Total gross earnings
Operation expenses
Maintenance
Prov. for deprec. & deple
Prov. for non-prod, wells
757,723
$5,240,094
2,423,962
214,851
674,552
& aband. leaseholds..
156,218
222,970
149,443
44,837
234,208
al52,193
54,807
188,593
a279,965
236,212
183,203
244,107
General
taxes
—
Common dividends.
640,003
$1,403,364'
_
Mar., 1939
114,708
Feb., 1.939
129,251
Mar., 1938
104,818
,
Corp.—May 1 Interest Payments—-
Present Unpaid
Payment in Dollars per
Principal per
Interest Rate to Be Present Unpaid Original
Original $1,000 Bond
Paid
$1,000 Bond (a)
Series
A
$610
$9.15
iy2
840
15.75
1 %
3
1,000
none
4
none
o
830
950
700
$1,481,144
7
1,000
1,000
703,620
9
900
1,000
l.ooo
none
4.15
y2
.
none
14.00
2
none
none
12.50
16.90
18.75
11.25
15 (a)
900
1H
IH
1%
i n
3H
iy2
1!4
y2
16
980
IH
17.15
17
1,000
IX
16.25
18
692,593
900
$340,941
$682,987
$710,771
$777,524
249,929
280,605
306,289
334,977
13
14
$91,012
78,753
...
$402,382
210,000
168,342
$404,482
210,000
168,342
$442,547
210,000
168,341
$12,259
$24,040
$26,140
$64,206
Including surtax of $5,516 in 1937 and $18,150 in 1936 for undistributed
profits tax.
.
Corporation announces that Eppler & Co., public accountants, have, as
required by the various trust indentures, determined the interest payable
May 1 next to bondholders of record at the close of business April 15,
1939 on the publicly held registered bonds of the 18 series.
The present
unpaid principal per original $1,000 bond, the rate of semi-annual interest
on the present
principal amount, with the corresponding paymentsjjn
dollars, are shown in the following table:
10
11
12
Surplus
a
Prudence-Bonds
8
$1,322,990
611,264
of
Balance
Int. & other charges of
Pa. G. & El. Corp
income
Preferred dividends
2,301,916
166,109
564,697
$36,872
PondCreekPocahontas Co.—OutputMonth of—
AA
$952,205
subsidiary companies.
Net
141,985
1936
1937
1938
y$4,554 prof$11.602
undistributed profits,—V. 148, p. 888.
on
Production of coal (tons)-....
—V. 148,p. 1973.
6
Fed. & State inc. taxes..
Net earnings
Int. & other charges
$5,046,930
2,586,333
222,038
.
1939
y$79,276
Before provision for surtax
$5,177,388
221,581
686,836
Operating revenues..... $4,991,035
Non-oper. revenues (net)
55,895
Operating Co .—Earnings—>
...
y
total,
Pennsylvania Gas & Electric Corp. (& Subs. )—Earns.
Calendar Years—
Plaza
3 Mos'. End. Mar. 31—
Net loss
>1
960
980
,
1,000
*
•
y2.
30.00
14.70
12.50
5.00
4.50
(a) Pursuant to plan and trust indenture payment for the 15th series is
original $1,000 bond, until cumulative rate of 3\i% Per annum to
Oct. 1, 1936 is paid.—V. 148, p. 2544.
on
Volume
Financial
148
Pratt & Lambert,
Inc.—Registrar—
The Marine Midland Trust Co. of New York has been appointed registrar
for the company's common stock.—V.
147, p. 128.
2441
Chronicle
Quebec Power Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Gross revenue
Prudential Investors,
Mar. 31 '39
Inc.—Comparative Bal. Sheet—
Mar. 31'39 Dec. 31*38
Dec. 31*38
Assets—
a
$
Liabilities—
Investments
(at
Due for
(cost)—Bonds
Net operating revenue
335,099
stocks
1,242,863
1,140,073
Common
stocks
8,163,882
8,083,206
Reserve for taxes,
18,684
15,121
Capital stock—
6,000,000
385,395
548,307
Operating surplus.
361,241
6.000,000
371,670
Capital surplus...
3,781,624
3,750.716
90,000
90,000
13,725
4,750
3,298
2,672
Div. pay. on pref.
Cash in banks—de¬
mand deposits
U. 8. Govt,
_
b
_
secur.
(at cost)
Accounts receiv
Accrued int.rec.
,
Furniture & fixt-.-
1
$442,994
128,005
$312,652
$314,989
_
—V. 148, p. 1039.
■To Discontinue
Queens Borough Gas & Electric Co.Rate Suit—
Edward F.
Barrett, President of the company, announced on April 13
will discontinue its pending Supreme Court action to
validity of the order of the Public Service Commission of Dec. 20,
1938, reducing as of Jan. 1, 1939, rates of electric consumers in an amount
estimated by the Commission to be between $520,000 and $530,000 per
that
the company
test the
1
10,234,262
66,600
66,225
stock
$1,034,698
591,704
.
Surplus before depreciation and income taxes.
335,099
Preferred
1938
666,268
„_i.
expenses
Fixed charges
6,488
bought
sec.
1939
$1,105,665
$439,397
126,745
Operation, taxe3 and other
10.204,107
annum.
Total...
Total.....
....
10,234,262 10,204,107
Aggregate market value of the investments and United States Govern¬
ment securities as of March 31, 1939 was $8,515,936, as of Dec. 31, 1938,
$10,086,012, taxable cost as of March 31-, 1939 was $9,801,887, Dec. 31,
1938, $9,689,336.
b Represented by 44,150 (44,400 in 1938) no par shares
$6 cumulative preferred stock and 493,100 (500,000 in 1938) no par shares
common stock.—Y. 148, p. 447.
a
Public Service Co. of New
Period End. Feb. 28—
Operating
Operating
252,179
due
exps.
1938 storm.
76,131
5,097
$6,092,754
232,063
73,693
5,204
2,866,232
will result in immediate lowering of
commercial and retail power consumers,"
file these new rate schedules
on or before
April 15.
Refunds will then be made to consumers, of the
difference between the old and new rates on their bills for electric service
rates
to
residential,
Mr. Barrett said.
since Jan.
"The company proposes to
1, 1939."
Mr. Barrett further stated that the order of the Commission had been
served
Dec.
23, 1938, arbitrarily requiring the company to immediately
accept and file a completely new schedule of rates prescribed by the Com¬
mission, on not less than five days' notice. Since a Saturday, Sunday and
holiday intervened, the company had only two working days in which to
examine such rates, and so, with no fair opportunity to determine their
effect on earnings, found it necessary in the meantime to seek the pro¬
tection of the Courts.
Having
275,000
now
for the first three
available operating results for 1938 and
months of
26,401
24,259
270,536
301,325
1939, it has decided in spite of the very low return which these
yield, to pass on such savings at once to its consumers, eliminate the
expenses of litigation, give a fair trial to these greatly reduced electric rates
and look for new and increased business at such rates.
$168,937
1,372
$165,528
1,721
$1,703,881
25,654
$1,943,888
41,974
increases in gas rates, in connection with which the Commission has already
determined that the gas rates had failed to pay a, fair return.—V. 147,
$170,309
58,361 ;
$167,249
$1,729,535
693,307
Cr20,391
120,831
$1,985,862
.
(incl.
$6,090,631
2,913,320
to
__
State and municipal tax.
Social security taxes._Federal
1939—12 Mos.—1938
1939—Month—1938
$528,745
$500,747
revenues....
expenses
Extraord.
Hampshire—Earnings—,
"This determination of the company
electric
inc.
913,538
873,717
63,567
58,381
tax)
taxes
...
rates
The company still has an application pending before
Net
operating income>
Non-oper. inc. (net)
the Commission for
p.3921.
Gross income.
Bond
interest
Other interest
427
(net)....
Other deductions
56,018
CY752
-
9,514
9,458
Railway & Light Securities Co.—Earnings—
672,212
Cr21,499
107,766
3 Mos. End. Mar. 31—
Cash
Net income.$102,007
Preferred div. requirm'ts
$935,788
633,392
$102,525
55,816
52,176
$1,227,383
624,036
Note—Figures for all periods include operations of the former wholly
owned subsidiary, Manchester Street Ry., which was .merged with the
company as at Dec. 1, 1937.—V. 148, p. 2283.
J. (& Subs.)—Earnings-
Period End. Mar. 31—
1939—Month—1938
1939—12 Mos—1938
Gross earnings.
$11,111,741 $10,549,822 $128433,088 $127367,348
Oper. exp., maint., depreciation and taxes..
Net inc. from oper
& surplus
Bal. for divs.
New President—
■
»
__
$3,016,574
1,983,276
$2,616,942 $36,157,342 $35,840,785
1,546,606
23,888,219
23,497,055
the March meeting that he be relieved
board of directors on April 18 elected Thomas N.
McCarter, Chairman of the Board.
Edmund W. Wakelee was elected President and Percy S. Young, Chair¬
man of the Executive Committee, an office created at the suggestion of Mr.
board
elected
also
Thomas
N.
McCarter
Jr.,
for the request that he be relieved of the presidency, his age and a
desire to be free from the routine of the daily detail of management.
He
stated at that time that "the corporation and all its properties are in first
class condition from both the economic and operating standpoint.
The
and
„
1939
1938
556
Acer. int. receiv.:
99,547
63,897
50,115
Unamort. bd. disct
99,000
-
1938
Liabilities—
coll.
Conv.
'•>
trust
4)4 % bonds due
'
•
OCt. 1, 1955
$4,000,000 $4,000,000
.
12,002
12,370
31,704
Accounts payable.
105,000
Tax liability
x
Res. for dividends.
1,905
5,200
31,704
Pref. stock series A
6%
($100
cum.
par)...........
2,113,600
Com. stock (no
par) 163,140 shs. 2,146,447
y
Earn.
$9,031,268 $9,489,184
Total....
1, 1932)..-
x
as
No
353,480
..$9,031,268 $9,489,184
Total.
,
363,263
„
(since
surp.
Jan.
2,113,600
2,146,447
836,848
351,882
Special surplus..:
provision has been made for Federal surtax on undistributed profits
be determined until the end of each year, y Of
such tax, if any, can not
which
28,l60
non-voting common shares.
are carried above at book amounts which represent
are
Note-—Investments
reasons
simplication of the corporate structure is almost- completed and the re¬
mainder of it is all planned."—V. 148, p. 1818.. '
$56,185
not include realized
does
Comparative Balance Sheet March 31
1939
notes..$3,957,420 $3,149,543
Stocks.
4,430,041
4,065,001
598,106
Accept, notes rec.
449,373
1,155,823
Cash.297,031
Vice-President in
Charge of the Southern Division and Robert A. Zachary was made a VicePresident.
Mr. McCarter Jr., has been assistant to General Edward C.
Rose.
Mr. Rose remains a Vice-President with headquarters in Newark.
Mr. Zachary has been Assistant Vice-President in Charge of Public Re¬
lations.
All other executive officers of the corporation and subsidiary
companies were reappointed. William B. Hartshorne, who has been assistant
to President McCarter, will be assistant to the Chairman of the Board.
In Mr, McCarter's statement to the Board, in March, he gave among the
$47,288
$46,305
securities.
McCarter,
The
$117,157
16,971
44,000
of income
statement
Bonds and
Accts. receivable.
In compliance with his request at
$113,092
21,804
44,000
$37,210
above
.
of the Presidency, the
44.000 "
unrealized profit and loss on
Assets—
91,526,563
1936
$58,066
59,091
$106,355
16,050
44,000
*
18,002
"
income^
Note—The
y
92,275,746
7,932,881
8,095,166
^$99,212
Total income...-
Expenses and taxes
Int. & amort, charges..
1937
$46,164
66,928
$57,631
41,581
dividends
Net
Public Service Corp. of N.
1938
$48,131
58,224
1939
Int. received & accrued.
adjusted values for those acquired prior to Feb. 10, 1932, and cost for those
acquired subsequently.
These investments, priced at market quotations,
were less than their book amounts by $219,502 at March 31, 1939 and by
$2,087,839 at March 31,, 1938.
Dividends receivable by Railway & Light Securities Co. after March 31,
prior thereto, aggregating $18,535 at/March 31, 1939
and $20,207 at March 31, 1938, are not included as assets in this balance
sheet.—V. 147, p. 3921.
"
'
declared of record
Public
Co.
Service
of
Northern
Energy Contract—
Illinois—Interchange
'
*
From the 1938 annual report we take the following:
The litigation attacking the validity of the interchange energy contract,
pending since
1933,
was
dismissed in January,
1939,
by the voluntary
action of stockholders of Commonwealth Edison Co., who brought the suit.
Their action
followed the decision of the Appellate Court of Illinois in
December, 1938, approving t|ie dismissal by the lower court of a supple¬
mental complaint which charged that the notice of the stockholders' meeting
of Commonwealth Edison Co., held Jan. 23, 1937, was inadequate; the
Court stated; among other things, that the notice of the meeting "went
beyond the ordinary requirements imposed by law under similar cir-,
cumstances."—V. 148, p. 1180.
v"
.
Puget Sound Power & Light Co. (& Subs.)-^i?a™n<7S
Period End. Feb. 28—-
Operating revenues
Operation.;
.
_
1*939—Month—1938
$1,359,858
—441,871
Maintenance
1939—12
/os.—1938
$J ,303,587 $15,876,012 $16,479,708
440,152
5,500,298 • 5,833,505
'Net oper. revenues.__
*Non-oper. income (net).
Balance.
Interest & amortization.
..
,
Raritan River RR.—Bonds
The $359,000
•
"
^
Extended—
1, 1939, have been extended 20 years to
1st 5s due Jan.
Jan .1,1959, at 4
.
Earnings for 1938 follow:
Gross, $321,103; net, $80,082; other
$3,058; interest, rentals, &c., $43,027; balance, $40,113.—V. 146, p.
Reo Motor Car Co .—Prepares
Plan—
in receivership under the Chandler act proceedings,
has suspended operations to take a complete inventory, pre¬
paratory to the filing of a reorganization plan In Federal Court Detroit, by
not later than May ;15.
The last of a schedule of 500 trucks of the 1938
model has been assembled, winding up the working out of excess inventory.
Counsel for Therodore I. Fry, receiver, has informed Federal Court that
a
$2,000,000 loan is necessary if the company is to be successfully rehorganized.
The reorganization plan when completed may be based in part
upon obtaining such a sum from the Reconstruction Finance Corporation'.
Some interests, however, favor liquidation of the company's assets.—V. 148,
P. 1491. I
The
,84,930
189,159
1,094,197
2,204,311
1,213,876
.2,169,803
$642,666
Dr 14,508
$589,345
$7,077,206
Dr 16,547
Dr 158,917
$7,262,524
Dr 177,4,13
company,
new
$572,798
$6,918,289
3,838,552
$7,085,110
3,852,838
two
$3,079,737
1,469,869
$3,232,273
1,487,487
$1,609,868
550,000
$1,744,786
550,000
$628,157
318,584
320,507
'
Balance
$309,573
Appropriation for retirement reserve
$252,291
Balance.
Prior preference dividend requirements..
Balance
$1,059,868
1,583,970
$389,184
Republic Natural Gas
Directors have declared an
(to.—Initial Div.
.
on
'
May 5, 1938.—V. 148, p. 1039.
Republic Steel Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Operating profit
Adjust, for min. interest
1939
$4,492,431
CV374
$4,492,805
Total profit
1,055,781
Deprec. & depletion
2,774,125
130,000
Federal taxes
'
1938
1937
$725,523 $11,607,447
GY13.854
Dr21,465
Pullman, Inc.—Stock Reduction Voted—
$4,238,998
1,347,822
2,397,148
75,550
57,446
$5,567,063
$361,032
Earns, per sh. on
preparatory to writing down by $33,143,225 the figure at which
stock of Pullman Co., the transportation subsidiary, is carried on the books
of the parent company.
Such new figure will reflect the depreciated original
property as it is required to be shown on books of
Nil
(no par)
Reduction in stated value was made to reinforce the corporations' surplus
account
4,127,-
264 shs. common stock
©f capital
cost basis of all carrier
$532,899 y$3,062,564
Net profit....
a
recent special meeting approved reduction in the
represented by its shares from $193,727,600 to $154,982,080, by reducing the capital represented by each share to $40 from $50.
at
1936
$4,170,842
C'r68,156
$739,377 $11,585,982
1,096,020
1,255,051
2,705,921
2,513,868
x2,250,000
T.-C. Furn. pref. divs..
amount
.
,
$2 par share for
the old shares on Oct. 15
Dividends of 10 cents per share were paid on
Interest.
Balance, deficit.
-V. 148, P. 2284.
.•
■
Company recently split up its stock issuing one new
old $1 par shares previously outstanding.
and
New Shares—
on
initial dividend of 20 cents per share on the
payable April 25 to holders of record
$2 per stock new outstanding,
March 23.
;
$1,194,786
1,583,970
$524,102
Preferred dividend requirements
Stockholders
income,
3818.
currently
197,233
>
Taxes......:
78,088
..
k
..
x
y
Includes
provision
'Nil
of $925,000 for surtax
on
$1.22
undistributed
Nil
profits,
Loss.
New Directors—
N. J. Clarke,
Vice-President in Charge of Sales and C. M. White, Viceelected directors to succeed
and Corliss E. Sullivan, deceased.—V. 148, p. 1491.
the carrier subsidiary in
President in Charge of Operations, have been
regulations.—V.
Julius Kahn, retired,
Quarterly
accordance with Interstate Commerce Commission
148, p. 1947-
Distribution
Shares,
Inc.—-Registers
SEC—
See list given on first page of this department .—V.
with
(R. J.) Reynolds Tobacco Co .—Interim
148,
p.
1656.
Dividend—
Directors have declared an interim dividend of 50 cents per share on the
and class B common stocks payable May 15 to holders of record
April 25.
Like amount was paid on Feb. 15 last and on Nov. 15, 1938. and
common
-
Financial
2442
dividends of 60 cents per share wee
16, Feb. 15 and
paid on Aug. 15, May
Dec. 31,
Scheer,
Reading Co.—41 st Annual Report—Year Ended
from the remarks of Edward W,
1938—Extracts
President, together with income account
are given in the advertising pages of this
Income Account
for Calendar Years
Coal...-
.
Merchandise
Miscell. operations
_____
Incidental & jt. facility.
26,338,883
3,893,133
21,363,567
3,077,347
846,512
712,662
989,606
794,231
664,122
1,148,014
$59,291,758 $51,359,908
?',■
,
1
4,685,887 j| 4,469,125
3,935,089
10,755,976 10,243 412
8,550,742
906,902
893,068
905,824
22,916,414 22,185,756 20,037,575
240.342
226,421
226,459
1,966,278
2,503,826 x2,107,618
3,865
3,403
11,162
Hy* Op€T* J£zp&Tl8€8~~~r~*
3,274,335
8,934.959
of equipment...
Traffic-.
Maint.
901,943
.
Transportation
.
20,723,999
Miscell. operations..—
218,770
1,566,801
2,650
General expenses—_
Transp. for invest.—Cr.
$40,518,205 $35,752,145
....$35,618,159 $41,467,934
12,861,839
17,286,417
2,929,576
4,116,320
—
Railway tax accruals...
Total ry. oper.
$13,170,097 $13,456,784 $12,021,288
$9,932,263
inc
Other Oper. Income—
Hire of freight cars, net.
Dr9,793
95,354
86,499
—
Non-0per. Income—
Miscell. rent income..
32,777
479,737
84,647
Dr76,383
333,011
121,610
86,451
$686,738
$488,001
$610,515
$458,774
211,499
11,198
423,398
$649,872
233,029
18,651
610,000
.843,984
125.981
455,591
789,125
149,161
29,433
14,686
164,931
28,435
12,499
144,337
28.289
12,480
inc. $2,274,777
12,379,101
$2,332,185
16,189,020
$2,167,083
16,111,868
$2,540,126
15.102,486
-3,215,155
3,255,779
138,288
175,715
5,140,215
55,941
3,250,519
137,989
168,942
5.187,820
16,622
3,259,767
137,643
176,167
5,446,354
7,057
351,420
.7,210
580,573
7,371
$9,083,792
3,295,309
$9,349,675
Dividend income
Inc. from funded secursj
877,108
Inc. from sink.,
&c.,fds.
Miscellaneous income...
Tot. other non-op.
Gross income
Miscel Ianeous
rents
Miscell. tax accruals
Int.
on
funded debt
Int.
on
unfunded debt..
funded debt
Miscell. income charges.
Total deductions
_
_;
Net income.
Income balance.
137,850
169,145
5,408,649
19,316
_
—_
598,687
$9,596,797
6,515,071
Net
$6,828,301
$6,470,669
1,120,000
1,680,000
1,120,000
1,680,000
1,120,000
1,680,000
(4)2800.000 (4)2,800,000 (4)2,800,000
general expenses for the year 1934 $379,058 set
aside under Federal Retirement Act.
This Act was declared unconstitu¬
tional by the U. S. Supreme Court on May 6, 1935, and the amount accrued
ih 1934 was canceled and adjusted in 1935. y Figures revised.
There was included in
.
General Balance Sheet
Dec. 31
'
1938
1938
,1937
$
$
t
1
equipment .304,497,924 309,311,310
Invested in road
>
Itnpts. on leased
ry.property..
,
48,202,553
48,121,525
Deposited in lieu
of mtge. prop,
916,280
923,699
12,838,630
12,404,466
sold..—
Misc.phys. pro p.
Liabilities—?•"•'.
1st
2d
pref. stock.. 27,991,200
pref. stock.. 41,970,650
Common stock.
Stocks.......
45,629,401
46.016,579
Bonds—..
69,989,100
Long-term debt. 125,947,137
Non-negot. debt
14,137
,to affil. cos...
1937
construction
.
41,970,650.
69,989,100
126,906,934
Traff.& car serv¬
12,763,722
12,327.302
1,692,957
1,860,164
Notes
2,000,000
2,000,000
6,505,649
Audited accts. &
6,457,834
payable
2,481.112
3,523.522
8,725,613
11,885,793
Mlsc: accts. pay
143,6-00
260,178
•
97,312,294
1,028.849
Unmat.rts. accr.
328,625
Other curr. liab.
1,183,378
Unmat. lnt.accr.
80S,642
780,200.
1,003,746
Material & sup.
1,871,862
4,815,151
Misc. accts. rec.
rec.
91,963,646
59,489
1,273,022
car
able from agts.
dlvs^
82,717,839
1,747,211
7,695
769,652
Unmat .divs.dec1
"
Net bals. receiv-
int. &
182.650
Unadj. credits.-.
1,740,782
6,823
1,119,597
419,013'
328,626
1,040,336
177,071
83,639,838;
Int. mat'd unpd...
Divs.mat'd unpd
& conductors-
5,781,500
307,823
326,113
'
-
Steel Corp.i—Earnings—
'
Mar. 31, '39 Dec. 31, '38 Afar. 31,'38
Ended—
discounts, returns
3 Months
&
Gross sales, less
Cost of goods
7,215
Oth. curr. assets
^
775,560
10,932
,,
Deferred assets.
577,097
928,237
Unadjust. debits
820,808
871,087
Add'ns
to
418,627
sold.---
,
profit on sales..
■;
through Inc. &
surplus
$39,056
$257,746
$178,481
2,306
loss$69,700
7,348
$180,787
loss$62,351
$207,778
-
-
operations.
••
.
$158,463
3,157
Miscellaneous income
Interest. &c
—
for Federal income taxes.
Est. prov.
Net profit
_
-
— —
Mar. 31,
Note—Deprec. as provided,
charged as follows;
on
1938
A
$28,855
711
$30,509
$29,566
March 31
114,724
1,091,639
76,333
2,038,263
2,003,899
111',844
61,701
2
2
—.
------
Fixed assets....
1,738,000
1,589,743
1938
1939"
Accounts payable-
340,327
Receivable
'38
$29,648
861;
Liabilities—
-
$140,671
$283,983
Inventories
loss$62,651
'39 Dec. 31, '38 Mar. 31.
$124,899
$65,484
.due bks.
Accrued liabilities.
Reserve
for Fed¬
300,000
200,000
U0.710
32,871
eral income tax.
77,186
114,523
1,189,048
870(783
1,189,048
864,495
1,294,200
1,022,547
.
hand
1,106,423
85,984
Prep'd & def .assets
y
300
a*.
$29,717
depreciation provided
1939
324
22,000
$29,117
600
Selling, gen. & adminis. expense—
'Assets—
94,901
13,854
—
Costof sales..
Total
339,453
has been
Notes pay
$2.50
cum.
pref.
stock.-
Invest, in and advs
to subs
Patents.-.---..-.
a
Common
stock-
Surplus.
Total.-.....-.$3,966,827 $3,488,969
y After reserve for doubtful accounts of $14,914 in 1930 and $11,599 in
1938.
z After reserve for depreciation of $341,792 in 1939 and $246,368
in 1938.
a Represented by 871,934 (865,312 in 1938) shares par $1 after
deducting 303 (215 in 1938) shares held in treasury at a cost Of $1,454
Total.-..-.—$3,966,827 $3,488,969
($1,032 in
1938).—V. 148,
p.
2285.
—
.
Mountain & Pacific Co.— Tenders—
The Manufacture Trust Co. will until 3 p. m. May 4 receive bids for
the sale to it of sufficient first 5% 50-year gold bonds.to exhaust the sum
of $11,772 at prices not exceeding par and interest.—V. 147. p. 2546.
St. Louis Rocky
Lighting Co.—SI Dividend—
declared a dividend of $1 per
share on the common stock,
payable June 1 to holders of record May 15.
Like
Dec. 23, and on June 1, 1938.
See also V. 147, p.
amounts were paid on
3620.
St. Louis-San Francisco Ry.—Annual Report—
spite of an 11.9% decrease in total operating revenues,
sustained a net revenue of $5,302,350, it is shown in
last year
1,738,000
1,561,776
the Frisco
the annual
"
,
,
A program of roadway and rolling equipment improvements, begun
in 1932 when the road went into the management of the trustees, was
continued last year, the report stated, with the expenditure of $i;764,000
on physical improvements alone.
This figure brought total cash expendi¬
tures for additions and betterments since Nov., 1932, to $11,161,000, while
report.
•
payments or provisions for equipment, trust obligations have
367,687 since that time.
•
"Although business fell off sharply in 1938 along with the
totaled $18,-
general busi¬
the trustee in conjunction with
decline," said a statement issued by
"the Frisco roadbed and
the annual report,
Fund, debt ret'd
P.&L. balance-
$289,641
95,029
16,130
$260,903
1,125
52,000
— ----
!_
ness
prop,
through Inc. &
surplus.
$967,418
677,777
$364,874
93,729
13,400
$1,140,434
allowances----
In
64,688
Loans & bills rec.
te
wages
41,440
156,935
Special deposits.
bals. rec.
ice bals. pay...
Deferred liab...
2,250,367
3,787,925
Ca.sh.t_—
.v."-.
Safety Car Heating &
1.894,138
Advances. 1...
Other investm'ts
3169.
Rustless Iron &
Directors have
1,894,410
850,000
special deposits, $117: cash,
$
27,991,200
Grants in'aid of
Loans & bills pay
Inv. In affil.cos.:
•
$
:
$18,710; appliances
$61,953; prepaid
$9,113; ap¬
pliances on rental (contracts assigned), $7,323; other deferred debits, $2,640;
total S3 003 873
'
■
'■
„
i
Liabili'ties-L-Common stock (10,000 no par shares), $100,000; 1st mtge.
5)4% bonds, $1,447,000; notes payable, $390,603; accounts, payable,
$39,981; interest accrued, $43,204; taxes accrued, $3,042; sundry accruals,
$1,544; consumers' deposits, $14,154; service extension deposits, $6,745;
retirement reserves, $386,957; uncollectible accounts, $19,457; contribu¬
tions for extensions, $50,698; cancellation of rental contracts assigned, $12,698; other reserves, $48,425; earned surplus, $499,362; total, $3,063,873.
z
$69,653
1,399.782
$2.08
$870,669
1,399,782
$2.66
$1,228,301
1,399.782
; $2.88
surplus.—def$1254,691
Shs.com.outst.(par $50)
1.399,782
Earns, per sh. on com...
" $0.35
\
.
(including intangibles), $2,~
$38,047; accounts receivable, $97,564; other receivables,
on rental,
$4,217; merchandise, materials and supplies,
insurance,
&c., $3,788; improvements to leased property,
$5,669,653
1,120,000
1938
Balance Sheet Dec. 31,
plant and equipment
819,701: miscellaneous investments, $700;
Cash in banks and
Balance,
Assets—
provision for retirements.
Assets—Property,
44,520
$3,295,309
79,585
22,810
2,817
2,174
404
loss
Before
x
$9,388,313
5,714,173
44.402
38,025
$2,038 prof$28,942
270
7,543
360,569
1.1,044
1,680,000
dividends._...(.3)4750,000
and
--- -
bond interest.
Balance Sheet
Firstpref. divs, (4%)—
Second pref. divs. (4%)*:1
serv.
- —; - -
_
6,839,345
Disposition of Net Inc.~
Inc, applied to sinking,
&c,, reserve funds..
Traffic
-4
12,298
Amortization of discount
&
$136,328
Other interest---------------- - - -—
Net profit from
'
,
-- - - -
Federal and State tax on
$174,354
$103,555
79,585
22,410
1,331
1,862
*
-#——*
28,077
Deductions—•
Rent for leased roads...
x
$150,465
46,910
---
—
..
Other interest. .—;
Gross
unfunded
from
^securities & accounts.
Common
—
144,215
Separ. oper. prop, profit
r
70
Gross income
Bond interest
Note interest
$185,4881
Drl 1,536
401
JDr28,598
—
—
retirements.
Provision for
265.309
$178,994
— - —
Gross income
—V. 147, P.
235,144
16,310
433,526
830,825
Misc. non-op. phys. prop
on
and taxes--
operating revenues--.^
Merchandise and jobbing (net)
$541,072
$564,237
241,457
31,084
„
527.980
$172,060
Other equip, rents, net..
Joint facility rents, net..
Total
15,607,763
3,586,475
18,773,553
5,316,769
Netrev. from ry. oper..
Income
1937
$450,797
$454.583
275,590
—
——$48,479,998 $58,754,351
—
Maint. of way & struc..
Total.
Light Co.—Earnings—
Net
x
x
832,549
704,724
1.249,200
3,248,055
710,751
540,192
973,130
_ —
Roanoke Gas
Calendar Years—
Operating revenues
Operating expenses
1,460
27,681,234
3,518,473
21,700.736
—
shares" applied for
2132.
Other income
yl935
1,457
$21,307,133 $24,768,171 $26,510,962 $24,312,627
*
Passenger
2
Mail and express
Total..
1,451
v
1936
1937
1.452
1938
Avge. miles operated_ —
lit). Oper. Revenues—
and balance sheet,
issue.
'American
total of 4,992,444)4
option, making a
an
—V. 148, p.
1938.—V. 148, p. 447.
Jan. 3,
1939
April 22,
Chronicle
in the best condition in
operating rquipment are now
result of continued im¬
the history of the line as a
provements carried on during the year."
Commenting on a summary of expenditures for improvements, interest
and other obligations paid since the trustees took over the property and
totaling $31,354,781, the report said;
made out of funds derived from the operation of
The trustees have borrowed no money for any purpose."
"These payments were
Total .^.....455,621,369
-V. 148, p.
463,480,042
Total
.......455,621,369 463,480,042
Amend By-Laws—
10 will consider amending
provide that the present 11 directors shall be divided into
Stockholders at their annual meeting on May
first class of three to be elected at the next annual meeting*
the second class of four to be elected at the second annual meeting; and the
third class of four to be elected at the third annual meeting next ensuing,
instead of 11 directors elected annually as heretofore.—V. 147. p. 3469.
three classes,
Ritter
Dental Mfg. Co.—President Resigns—
Wayman has resigned as President and a director of this
but will continue to serve in an advisory and consulting capacity.
No successor to Mr. Wayman was named.
Edward J. Reis, Hitters*
German plant representative, has been elected a Vice-President and General
Manager.
F. R. Shumway, Secretary, also has been named a VicePresident.
George A. Wilson, Ritters' New York attorney, has been
named a director, increasing the board to seven.
William S. Herrnon of
New York, Vice-President and director, has been named Chairman of the
Executive Committee.—V. 147. p. 3321.
Edwin
L.
company,
Roan
Antelope Coppe/ Mines Ltd.—*Listing—«
Stock Exchange has authorized the listing pf 1,359)4
additional "American shares," each representing four units of ordinary stock,
The
upon
New
York
of the allotment on Sept. 19,
ordinary shares pursuant to the exercise of
official notice of issuance, on account
1938 to an employee of 5,438
organization of the Frisco Transportation Co. in 1937
of operating coordinated auxiliary motor truck and bus
stated that one bus line was put in operation last June
between Springfield, Mo., and Seneca, Mo., and that this line was extended
in November to Afton, Okla.
Trucking operations were inaugurated be¬
tween Carthage, Mo., and Miami, Okla., last January.
Since Nov., 1932, it was shown, interest totaling $2,028,434 has been
paid or provided or on bonds of the Kansas City Memphis & Birmingham
KR., and was paid in full to March 1,1939, on general mortgage and income
bonds, the report pointed out.
During 1938, partial payments were made
of interest due on refunding mortgage bonds of the Kansas City Ft. Scott
& Memphis Ry. and consolidated mortgage bonds of St. Louis-San Francisco
for
Richfield Oil Corp.—To
the by-laws to
the trust estate.
Referring to the
1975.
the
purpose
service, the report
Ry.
Taxes for
of gross,
1937
were
$3,908,865, equal to 73.7% of net revenue, or
8.7%
it was pointed out.
Traffic Statistics for Calendar Years
1938
1937
1936
Rev. frt. handled (tons).
Revenue ton miles
Average mile per ton
Rev. per ton
Rev. tons per
mile
train mile-
1935
14,768.862
17,625,909
16,888,918
13,981.609
3492077309 4289,971257 3990,068305 3296,262944
236.45
243.39
236.25
235.76
1.09cts.
l.OOcts.
1.06cts. ,
1.09cts,
.
427.50
429.30
401.20
1,418.115
1,370,491
1.063,544
197,098,596 180,800,317 139,026,802
2.04 cts.
1.92 cts.
1.91 cts.
1.93 cts.
143.62
138.99
131.92
130-72
407.98
Rev. passengers carried.
1,133,210
Rev. passenger miles.-.162.753,791
Rev. per passenger mile.
Aver, miles per passenger
Volume 149
Financial
Consolidated Income Account
for Years Ended Dec. 31
letter
v£fJ£?ting Rcvenues~ .1938
Fright.
1937
1936
1935
--.-$37,875,744 $42,909,254 $42,298,701 $35,837,011
3.320.429
3,785,055
3.451,938
2,678,757
1.318.952
1,424,416
1,358.271
1,311,552
654.795
807,271
659.099
789,569
1,129,687
1,345.208
1,470,026
1,297.978
revenues
807,936
947,733
814,463
647.057
Passenger.
Mail
Express.
Switching
Other ojper.
Total oper. revenues.
.$45,107,543
$51,218,937
Operating Expenses—
Maint. of way & struc.^
Maint. of equipment...
Maint. of equip.—deprec
7,321,406
7.718,421
Transportation.
17,973,361
399,113
Miscell. operations
General
1,991.635
Transp. for invest.—Cr_
176,589
Net oper. revenue....
$50,182,968 $42,431,454
7.797,342
8,452.225
3,102,963
1,484.892
20,077,113
410,214
2,096.133
226,537
3,073,795
1.504,049
Traffic
7,303,565
3,206,979
1,333,942
16,319,547
3.169,316
1,468,595
18,274,160
356,658
2,050.747
127,734
d1,656,263
136,609
$8,024,592
$9,012,185
Hire of equip,
3,901.410
a3,312.454
b3.713,420
2.865.335
(net)....
35,201
230,569
Cr3lb"l95
229.303
0118,865
300,742
282.328
$1,135,171
$4,793,030
$5,116,889
$1,261,049
126,103
23,709
3,259
146,963
28,574
2,349
Interest and dividends
Miscellaneous_ •
Gross income
127,970
,51.813
2,322
$5,269,960
$1,558,281
55,618
7,454
48,967
8,825
6,280
53,369
10,411
9,009
$1,241,888
12,774,838
$4,911,053
12,841,172
$5,197,171
12,919,898
$1,476,347
13,036.363
Balance—
Balance..
-$11,532,950
$7,930,109
$7,722,727
$11,560,016
14,961
10,250
Deficit
—
Includes $1,292,383 accruals for Federal RR.
Retirement Act of 1937,
and Federal and State
Unemployment Acts; also credit of $70,1100 account
of cancellation of 1936 accruals
for the Retirement Act of 1935.
b Includes
$981,016 accruals for Federal RR. Retirement Act of
1935 and Federal
and State Unemployment Acts
c
$2,195,195
Dr'SQO
$1,023,347
Drl2,977
$975,785
7,198
$85,273
3 ,562
$1,010,371
377,567
$982,983
379,294
$53,711
$632,804
251,593
$603,689
251,167
$381,211
149,115
$352,522
149,115
$232,096
60,000
$203,408
60,000
$172,096
$143,408
8,739
21,549
$62,159
—
$2,241,011
807,729
124,055
285,880
69,121
31,455
Appropriation for retirement
•
reserve
^
.....
-
Debenture dividend requirements
...
Balance—
Preferred dividends requirements.
Balance for
-
dividends and surplus...
common
—V. 148, p. 2285.
_
859,675
114,597
245,137
...
Scranton-Spring Brook Water Service Co. (& Subs.)—
Calendar Years—
Operating
Operating
1938
income,,....
on
$4,157,318
1,909,807
$2,238,877
Dr6,574
$2,247,510
4,260
$2,232,303
1,734,675
58,523
14,791
$2,251,771
1,734,675
61,978
15,061
$424,314
taxes
"mi
income.
Interest
1937
$4,085,207
1,846,331
$440,056
.
revenues.;
expenses and
Net earnings
Other
Gross
Bal. avail, for interest
on fixed
chge. ob.ig.
Int.
$93,614
Balance
56,723
7,897
______
$85,633
Interest & amortization.
20,233
$4,975,135
Miscell. tax accruals....
Miscell. income charges.
$95,626
Dr2,012
Net oper. revenues
142.294
$1,312,858
Deductions from Inc.—*
Rentals.
$185,042
Non-oper. income (net).
'
--
Rentals..
$189,386
60,542
8,544
24,673
Taxes
134,705
109,608
1939—12 Afos.—1938
1939—Month—1938
revenues
Operation
Maintenance. __1
6,432
Jointfacil. rents (net)..
Net ry. oper. income
Norv-Oper. Income
Operating
$4,524,752
tax accruals...
Bankers
City
Savannah Electric & Power Co.—Earnings—
Period End. Feb. 28—
259.324
$5,302,350
Uncollectible ry.'revs...
2443
be obtained from the corporate trust department of the
can
Trust Co., New York, or R. F.
Watkins, Treasur.-r of the Salt Lake
Union Depot & RR., Denver, Colo.
c'7.963,689
7.623,113
8,355,928
Operating Charges—
Railway
Chronicle
long-term debt
-
-
Miscellaneous interest, &c. (net)
Amortization of debt discount and expense._r
a
Includes charges of $138,781 for levee
district assessments applicable to
prior years and $241,802 for expenses
resulting from flood damage:
d Includes credit of $363,123 covering ad¬
justment of amount charged in 1934 in
respect of contributions under
Railroad Retirement Act, which was held
unconstitutional by the Supreme
.
Court of the United States.
.
1937
$
$
Assets—
„
lnv. lnrd. & eq.:
Road.
Dep.
in
lieu
of
..
„
mtged.
Prgf.
Misc. phys prop
lnv. in affil. cos..
Other investm'ts
Cash
"
rec.
44,027
900
49.157,400
5,190,000
3,307,432
5,136,864
465,881
681,393
payable
2,790,225
312,962
2,652.826
Misc. accts. pay.
Int. mat'd unpd.
604,870
75,058,966
Divs.mat'd unpd
13,565
609,431
1,259,018
1„113,656
5,075,564
Funded debt
5,813,381
63,793,532
13,565
ma¬
tured unpaid.
42,362,420
42,375,720
curr
4,817
5,708
10,632
10,499
229,438
2,133,982
Other curr.liabil.
239,748
1,105,144
1,304,564
Deferred liabils.
178,487
388,631
199,470
49,462,407
48,904,639
1,916,727
1,884,039
.assets
Deferred assets. ".
Unadj.
debits..
Unmatured
int.
accrued
Add'n
to
prop,
thru Income &
...
Approp. surplus
not specifically
invested..
Prof.& loss
Total
•: .455,795,591
-V. 148. p.
457,535,389
227,752
233,455
(del.) 81,491,735
68,932,852
..
.
Total... 1,
.455,795,591
457,535,389
1975,
St. Louis Southwestern
Ry.—-Committee—
■
The Interstate Commerce Commission
on April 4 approved the
applica¬
Joseph Dembitzer, Ludwig Geiszt, ana Martin Domke to serve as
foreign holders of company's first terminal and
unifying mortgage bonds; due Jan. 1, 1952.—-V. 148, p. 2285.
tion of
a
protective committee for
San Antonio Gold
Mines,
Liquid Position
as at
End
Ltd.-—Earnings—
of Third Operating Period, Mar. 25, 1939.
Liquid Assets'—
Cash and
'
.
bank...
»
Bullion in transit
!
...
Bullion
hand.^,..
on
...
Ore in process
Stores and supplies
Accounts receivable-
a.-
...
.
...
j.
(.....
.
payroll payable.
_
.
.
_
.
$483,411
95,689
11,149
50,254
126,596
6,304
$773,401
83,335
-
Gold production Jan. 1, 1939 to March
25, 1939 (three periods).
Tons milled (three periods only)
27,426.per ton.
Cost per ton (exclusive of income taxes and
—V.
depreciation)......
147, p. 3027.
„■
Year Ended Jan. 31—
1939
revenues
expense.
Maintenance
and
repairs
Depreciation
Amortization of limited-term investments.
Taxes
Provision for Federal income taxes
...
$690,066
$264,769
9.65
5.J84
Total
a
$59,917,163
....
Represented by 100,000
$8,139,658
2,960,933
538,098
J,290,000
460
1,044,615
258,368
148,
P.
445,725
2,621,942
Total.-..
shares
$59,917,163
V. 144, p. 2675.
Selected American
Shares, Inc.—Stockholdings Reduced
Company was one of the few investment companies that reduced stock
holdings eariy this year, retaining 37.1% of total assets, or $3,395,830 in
cash and government bonds as of March 31, 1939.
This compares with
only 0.2%, or $21,617, held in 6ash as of Dec. 31, 1938.
According to figures released by the company, most of the stock holdings
were eliminated from the portfolio the end of
January in anticipation of the
downward trend.
Net asset value of Selected American Shares, Inc.,
declined from $10.21 per share to $8.74 during the quarter.
The
following securities were eliminated during the quarter: 3,500
Chrysler, 7,500 Goodyear, 3,000 Boeing Airplane, 9,700 United Aircraft,
15,000 American Radiator, 4,000 Holland Furnace, 500 International
Tel. & Tel., $105,000 International Tel. & Tel 5s of 1955, 2,000 Westinghouse Electric, 8,000 National Biscuit, 2,000 American Smelting, 5,000
Anaconda, 3,000 International Nickel, 5,000 Phelps Dodge, 1,000 Atchison,
5,000New York Central, 2,500 Southern Pacific, 1,500 American Locomo¬
tive, 300 Lima Locomotive, 5,000 Montgomery. Ward, 2,500 Bethlehem
Steel, 7,500 Republic Steel, 5,000 Industrial Rayon.
Only three issues were added to the portfolio during this period: 300
Corn Products, 9,100 Dome Mines, 800 International Business Machines.
Company's assets of $9,142,297, as of March 31, 1939, were diversified
as
follows: Agricultural
machinery stocks,
1.8%; automobiles, 2.3%;
aviation, 1.5%; building, 5.0%; chemicals, 3.5%: communications, 2.5%;
electrical equipment, 1.9%; food, 0.6%; household products, 0.2%: metals,
9.5%; motion pictures, 1.2%; office equipment, 1.5%; oils, 5.0%; public
utilities, 7.4%; railroads, 5.2%; railroad equipment, 4.3%; retail trade,
7.6%; steels, 1.4%; miscellaneous'U. S. Treasury bonds and cash, 37.1%.
—V. 148, p. 596.
'
,
Steel
Sharon
Corp.—Earning s-^-
3 Mos. End. Mar. 31—
1939
1938
a
zl937
zl936
Gross sales, less disc'ts,
&
returns
allowances-
$3,307,234
2,957,928
$2,098,991
$6,408,379
.1,887,064
5,308,526
147,000
180.527
183,000
171,165
218,200
275,260
$4,502,237
3,825.513
214,228
251,054
■•14,384
15,342
1.500
17,729
3,125
12,000
18,000
$5,895 loss$162,205
14,147
10,296
$573,540
31,623
"$176,267
$20,042 loss$ 151,909
12,429
Manufacturing costs
Prov. for depreciation.^
Sell., gen. & admin, exps
Taxes., other than prop¬
erty and income
$605,163
$295,657
77,032
3,279
Prov. for serv. contr. fee
3,125
"T.SOO
Balance
Other income.
Total income
Interest
.
14,048
3.125
y
23.939
——
Amort, of bd. disc. & exp
Provision for Federal and
1,046
State income taxes—
$1,972,505
2,690
$1,975,195
620,000
620,000
61,9.54
Cr5,093
8,270
61,9.54
Cr35,870
$1,468,679
119,389
.
104,400
2,729
$475,778
b$7,613 loss$151,909
$212,615
Less
x
on
sale
discounts,
returns
and
of marketable securities,
allowances,
z
y
Includes
Consolidated
$101,387 profit
as reported
statements
Does not include losses of subsidiary companies, amounting
approximately $27,000.
b The foregoing statement for 1939 does not
a
$1,329,111
to
include the increase of $5,207 in the equity of this company in its partly
owned subsidiary.
,
Salt Lake Union Depot & RR. Co.—Interest—
Company has mailed to holders of its first mortgage 5% bonds, the
principal of which became due and payable on Nov. 1, 1938, but was not
paid, a circular letter proposing a tentative plan for payment"on May 1,
1939, of interest at 5% per annum since Nov. 1, 1938, and for the
pur¬
chase or payment of the bonds on or before July 15, 1939.
Copies of the
.
,
,'
'
,,
Note—No provision for income taxes is required because certain allowable
deductions
for income
financial purposes
2285.
par
surplus^
215,282
$2,153,810
Net income-.
no
5.000,000
surplus
„
by company,
-V.
1,207,500
5,862,500
Seaboard Commercial
1,162~840
537
Other income deductions
46,544
.
Corp.—Volume of Business—
;
Corporation reports total volume of business for the three months ended
31, 1939, of $10,986,291. compared with $6,725,196 for the first
three months of 1938.
Net earnings, after provision for reserves, taxes,
&c., for the first quarter of 1939 were $59,187, against $40,903 for the same
period last year.—-V. 147, p. 3922.
1
•Earnings
1938
$8,522,427
3,087,118
623,592
1,355,000
$2,153,273
Interest on funded debt
Amortization of debt discount and expense.
Other interest (net)
230,650
5,184,803
,
March
Netprofit
Other income.
1,049,024
...
liabilities.
liabilities
Earned
Prov. for doubtful acc'ts
.
San Diego Consolidated Gas & Electric Co.—
Operating
Operation
items
Deferred
Reserves
Capital
x
Less accounts and
Accrued
6,171
56,371
"
...
"surplus..
53, ,285
thereon
$6 cum,, preferred stock.....
a Common
stock...
2,150,744
394,395
Unadj. credits..
Other
interest
380,339
3,307,432
111,782
443, 816
payable....-,
deposits and ac1
Contributions for extensions
$5 curq. preferred stock...
350,753
wages
agts. & conduc
crued
249,660
'
&c
consumers
Consumers'
66,094
Deferred charges
5,136,804
balances pay.
Audited accts. &
395,883
670,720
Mat'ls & suppl's
Int. k divs. rec.
165,729
revenue....
Prepaid insurance,
275, 009
Accounts
J, 133,905
Materials and supplies
1,446, ,502
payable to
of Spring Brook Division..
56,288
5,190,000
—....
RR Cred Corp
Bank loans
Net bal.rec.from
Misc. accts. rec.
unbilled
Federal
Notes payable to bank
{
(net).
.$35,993 5001
from
Service
Corp
Accts.
*
rec.
loan
Water
acc'ts
receivable of Spring Brook
Division
....
Accrued
Special
303,184
in aid of
RFC.
49,028
526,045
_
consumers'
Long-term debt
.$57; 555,791
Notes pay., sec.:
1.409,906
11,531,385
6,277,579
car serv.
balances
Deferred
Traf. & car serv.
deposits......
Special deposits.
•-
65,243,226
900
49,157,400
677,903
696,379
1,477,277
11,531,288
7,129,073
chises, &C--._.......
Investments and funds
eobstruction..
699,784
525,666
Long-term debt .233,088,597 234,547,597
Time drafts and
Traf. &
•"
828,168
113,152
.
65.543,226
'
ser. A stk.
Grants
..
prop
sold
$
,
Preferred stock.
89,033,407
Plant, property, rights, fran¬
Notes & accts.
1937
$
-
Common stock.
337,714,296 337,418,698
Equipment... 87,584,254
Liabilities—
Cash..-
1938
Liabilities—
-----
Consolidated Balance Sheet Dec. 31, 1938
Assets—
.
Consolidated General Balance Sheet Dec. 31
1938
Net income.
tax
purposes
in prior years.—V. 148,
Sheffield Farms Co.,
L.
A.
Van
were
Bomel,
charged
p.
to
profit and loss
for
1976.
Inc.—New Directors—
President of this company, announced
on
April 21
that Dr. C. R. Roberts has been elected a member of the board of directors.
—V. 146, p. 3521.
Shippers Car Lines Corp.—Initial Preferred Dividend—
Company paid an initial dividend of $1.25 per share on the preferred
stock on April 1 to holders of record March 28.—V. 148, p. 597.
Power
1938
1937
1936
53,609,294
117,085
234,832
6,000
773,536
415,068
122,745
256,867
6,000
$3,677,092
799,244
428.499
108,316
220,538
6,000
$3,290,847
720,021
449,424
101,463
$2,051,988
940,851
$2,035,077
b989,281
$2,114,496
b997,896
$1,791,537
1,010,504
31—
1939
$3,654,733
& maint. exps
804,657
440,171
Gross revenue
Gen. oper.
purchased
Water rentals
—...
Taxes and insurance....
Reserve for exchange...
Net oper. revenue....
charges....
Fixed
repayable in three semi
Dec. 31, 1939, and
June 30, 1941.
company's subsidiary, Alabama Gas Co., and is
annual instalments of $100,000 each, commencing
four semi-annual instalments of $150,000 each, commencing
Effect of Proposed Recapitalization
Earnings—
Power Co.-
Shawinigan Water &
3 Mos. End. Mar.
Mos. End. Mar.
o
.
earnings
Net
Surplus..
39,243
$59,332
39,993
$16,619
$16,157
$19,339
.....
Other
$18,351
$2,133,877
■
Cr3,221
$2,783,005
16,619
4,435
16,157
19,339
Capital surp., Mar. 31 $2,138,740
$2,074,766
16,365
prof44,982
Cash...-
.....
8,772
/■» '''■
for taxes.
deprec,.of
bapk stocks,...
of bonds
9,157
The
26,450
24,770
242,897
269,029
Other accr'd liabil.
Income
&
18,799
196", 192
1,610,328
67,649
Deferred charges.. 1,336,036
Other assets.——.
Simpson's Ltd.—Accumulated
Reserve
Dividend—
declared a dividend of $1.25 per share on account of
accumulations on the 6Yi% cum. pref. stock, payable May 1 to holders of
record April 22.
Dividend of $2.25 was paid on Feb. 1 last; dividends of
$1.25 were paid on Nov. 1, Aug. 1 and May 2, 1938; a dividend of $2.25 was
paid on Feb. 1, 1938, and a dividend of $1.25 was paid on Nov. 1,1937.—
V. 148, p. 289,
" ■: ■
January 31—
Ended
Year
O j>er ati ng revenues _
-...
—
Appropriation for retirement reserve.
Prov. for
Federal
$677,038
425
676
deprec., amort. &
dividends--...—-...
and State income taxes.... ,>.. .
income.-----
......—
Other income
^
_ —..
i
.
on
$677,463
-.."...
^
and expense - ........
Other interest (net)....... — — *_<—
Other income deductions..... _:. *.. . _■■_ _ . _
.
Net income-------
34,390
12,837
5,631
,
-
6,573
Co.—Earnings—
Southern Natural Gas
Statement of
Income Years Ended Dec.
Operating revenue
Operating expenses.—
$6,080,710
3,906,759
....
—
—
F Net
income.
1
Income before interest,
Interest
&c_
—
—
;
-
Amortization of debt discount and expense.
Cost and exps.
on
Dividends
x
on
—
...
Including $110,900, amounting to 20 cents per
*$)
•
Cash.
17,880
626,285
cust'rs
Due from sub.
affiliated
Other accts. receiv.
5,941
187,371
Deferred charges.
Total
_
142,112
12,379
1,241,377
Acer. Fed. & State
152,502
141,368
reserve
$4,863,658 in
Income taxes
tor
for
depreciation,
Capital surplus...
Earned
surplus.—
431,787
16,497
1,423,504
992,996
29,940,871 31,092,239
Total
obsolescence
1937 and $5,936,085 in 1938.
and
amortization
of
b Represented by 554,500
stock and 274,939 shares class B stock, both no par value.
Note—On March 10, 1939, the company repaid to the New York Trust
Co. the balance of $1,475,00Q due on the 4% collateral note and obtained
release of the securities pledged therefor.
On the same date the company,
pursuant to order of the Securities and Exchange Commission dated March
9, 1939, issued its 4H % collateral note in the amount of $900,000 to First
National Bank of Birmingham.
The new note is secured by all of the
shares class A
capital stock and
$1,500,000 6)4% income note, due July 1,
$4,852,124, maturing April 29,
1939.
(est.).._
148,p. 2286.-
;
(& Subs.)-
1938
$32,058.97/
■
-Earnings—
1938
1937
.
Calendar Years—
$469,602
$365,592
Gas. sales
199,811
205,584
Expenses.
...
—......—■ _
—
Net operating income
Other income
Net earnings.
.
.
i
_ .
—
...
-
Federal income tax.
$269,791
13,148,
_ _.
$170,848
82,518
10,234
$282,939
137r275
ll!l01
1,465
_
: _.
oh undistributed profits
Federal excess-profits tax
Other deductions.
$160,008
10,839
_ _ _ _ _ _.
...... - -.
_
Depreciation and depletion. - - —. i.
Surtax
April 14—
$2,174,158 $36,165,697
$2,408,432
Southern United Gas Co.
;
.
Jan. 1 to
1939
-
—
;-—
—
_.
Si -.
23,968
3,748
69,840
46,888
$13,233
$12,620
■
40,893,
. ..
—
—
Gas Co. to the date its capital
acquired
—
—
Amount of deficit of Citizens Gas Co. since the date
its capital stock was acquired which is applicable
stock
to its
Cr5,706
was
minority stockholders
Consolidated net income
Consolidated Balance Sheet Dec. 31,
CY267
$18,593
$13,233
1938
$2,101,023; invest¬
305,121
9,639
1,423,504
1,593,998
1,499,356
-.—29,940,871 31,092,239
After
1977.
in need of
amount of
Accr'd taxes, other
221,920
194,410
$2,946,786def$1456,909
Railway—Reconstruction Loan Extended—
Commerce Commission op. April l7 found the company
financial reorganization in the public interest and ap¬
proved the extension of time of payment, for a period endipg not later than
April 29, 1944, of a loan by the Reconstruction Finance Corporation, in the
195,889
548,424
2,421,447
The Interstate
not to be
174,200
6,804
$1,750,044 def$224,722
4,503,596
179,647
53,163
78,975
(net).:.
Southern
-
233,788
331,355
Other accr'd llabil.
employees
Other assets
Capital stock... 5,000,000
249,080
12,835
4,463,526
2,230^754
Deficit of Citizens
Accrued interest..
Advs. to officers &
Mat'ls & supplies.
$
$5,662,543
$9,820,714
1,529,115
835,599
Net income
1937
$
than income
208,554
7,800
-V. 148, p.
1939—3 Mos.—1938
$47,200,332 $44,691,924
37,379,618 39,029,381
(Company Only)
5,000,000
Long-term debt...20,801,523 22,552,577
Notes payaole—39,280
171,000
and
cos
$41,318
$2,193,155
Net ry. oper. income.
Interest—
1938
b
663,099
$4,165,850
Joint facil. rents
——
Accounts payable.
with trustee
of bonds.
Accts. rec.,
$2,478,652
1,061,799
,87,044
$1,329,812
x665,400
68;735
share On 554,500 shares,
Liabilities—
$
.24,328,156 25,108,668
3,115,286
3,093,676
235,100
306,684
Investments
Dep.
99,920
1937
1938
aL s set s
Fixed capital
$2,378,732
$2,329,074
1,070,520
82,998
•
226,326
_
class B stock
663,843
accruals.1,507,562
(net) __
829,269
Net rev. from ry. oper.
Railway tax
—v.
income.......—$949;230
227,250
class A stock..
paid out of earnings for the year 1936.
Balance Sheet at Dec. 31
a
.
of natural gas exploration......
■Balance of net
Dividends
493,178
$704,417
$10,892
Equipment rents
$6,303,282
3,924,551
155,124
T.......
—.
c
$2,173,950
operating income. -■
Other
517,895
—Second Week of April
1939
1938
«
,
$674,735
31—
1939—Month—1938
revenues_$17,236,073 $15,749,063
13,070,223 13,555,908
Gross earnings
1937
1938
Earnings'—
1939—6 Mos.—1938
$1,192,630
$1,197,595
1,914
*
31 {Company Only)
.31,836,342 32,953,197
1658.
Railway oper.
$223,554
$216,500
.
of income accounts net income for the year
been reduced by $34,390 and for the year'ended
Jan. 31, 1939, $8,544, to reflect adjustments applicable to the period prior
to April 30, 1938, included therein of amortization of debt discount and
expense oh 1st mtgo. gold bonds, series A 6%, due July 1, 1947, outstanding
at Jan. 31, 1939, charged to surplus as of April 30, 193$, which has been
applied retroactively in the accounts.—Y. 148, p. 2285.
,
«
Note—In the above statement
ended Jan. 31, 1938, has
1,423,504
988,254
Southern Pacific Lines—
412,286
11,460
-
1,423,504
1,676,641
108,466
109,423
$689,640
409,698
34,174
...
funded debt.
Amortiz. of debt discount
;
22,208
78,740
$108,532
Railway oper. expenses.
,
Gross income
Interest
—
Period End. Mar.
■
Net operating
—
'
Surplus——1_
-V. 148, p.
$185,970
77,438
81,250
■
Int.
$688,964
— _ _
.
$197,587
_
—$116,337.
Netearnings
300,000
330,046
65,838
...
— —
— -
Operating expenses
828,724
139,258
300,000
319,385
55,010
—; —
1939—Month—1938
Mar. 31—
Period End.
$2,331,341
835,867
125,594
liabilities
surplus
—-.—
436,587
27,007
■;
Gross earnings
1938
$2,334,383
........:
...
Operation expense
Maintenance and repairs
'Vs
1939
;
'
... —
...
Total
,
20,174
■ 5,112
-
.
7;-/,-;7:
'V
A
Southern Canada Power Co., Ltd.
2285.
Earnings—
Co.-
.
Deferred
-------"-31,830,342 32,953,197
Total
-V, 148, p.
.
86,199
Capital surplus
Earned
■
The directors have
Southern Colorado Power
320,721
13,751
taxes
Customers' depos.
Contrib. for ext'ns
company
deficit for the
•
208,596
Acer. Fed. & State
three months ended
a
201,200
"
204,848
—
11,047
employees
...
•
357,323
other
9,049
merchandise
'
long-
term debt..
Accr'd taxes,
than income..
Prepaid taxes & ins
reports consolidated income of $2,829 for the period of
March 31,1939; expenses & charges were $5,356, leaving
period of $2,527.—rV. 148, p. 1819.
"
A ccr'd int. on
999,548
&
Mat'ls, supplies
Simms Petroleum Co .-^-Earnings—
$
5,000,000 5,000,000
debt—.22,226,523 23,932,577
Notes payable
228,118
367,255
Accounts payaole.
273,426
267,268
$
Long-term
420,606
1,123,404
1937
1938
Capital stock...—
29,421,676
; «
receivable
from 'affll. co—
Dr703,729 Drl769246
Total.........$6,474,956 $5,314,677
390,910 (392,500 in 1938) no par
Cost
Dec. 31
'
Liabilities—
17,880
--
Receivables
Account
$4,875,437.
y Represented by
Shares,—V. 147, p. 2704.
x
$
iFixed capital—"...28,665,307
328,870
Cash.......——
Dep. with trustee
665,400
68,735
277,250
— —
1937
$
.,392,184
$1,033,664
■
1938
"
Advs. to officers
Total.......-$6,474,956 $5,314,677|
90,028
226,326
——
-
Consolidated Balance Sheet at
,
Assets—
than
other
sec.
'
,
,
1938
Common
Reserve
39,086
435,188
7,934
Cr253
income
—
A stock
—
class B stock.....—
/
V
1939
Unreal,
;
"
*
39,014
665,017
receivable......
$2,845,325
7~<
stock..$5,000,000 $5,000,000
Accounts payable.
31,173
Capital surplus... 2,138,740
2,074,766
y
—
Dividends On class
Dividends on
15,251
$2,653,355
1,159,598
18,876
Crl 1,469
94,165
$2,490,089
1,132,389
Balance of net
18,351
•
$2,903,565
Liabilities—"
.
Notes and accr. int.
before interest, &c_
long-term debt—...
4,458,6o9
$2,638,104
12,289
------—
construction
—
Amortization of debt discount and expense
Cost and expenses of natural gas exploration—...
■>
Balance Sheet March 31
1939
1938
market.x$4171,708 $3,246,840
Inv. in shs. of affll.
"
banks
1,599,217
1,593,563
$2'4TI'«2q
Interest charged to
——-
...
62,124 profl01,221
Assets—
—v;
Miscellaneous interest.
$2,781,992
Net profit for
Invest, at
^'|99,348
4,421,548
—
income.—
income
Income
$2,126,556
Cost of treas. shares....
—
Interest on
1937
......
(Including Sub. Cos.)
1938
1937
31
Years Ended Dec.
Operating revenue
--.i.—
Operating expense—--——-,-
1936 "
1938
......
-2—
Consolidated Income
Net operating
1939
period after
mdividends (as above).
1,233,727
—
— —
8,600
Surplus Account March 31
Capital surplus, Dec. 31
Adjust, of prior periods.
Loss on securities sold..
$5,189,776
par). — _
stock ($7.50
Total j——
10.580
Includes Federal income tax.
x
capitalization:
Common
$58,342
39,991
$55,400
.....
declared.. .i.
—
Proposed
$77,522
$55,749
39,130
'
Dividends
2,250
1.426,oU4
—-
$6,423,504
1936
$90,475
22,943
8,200
1938
if they
$6,423,504
1937
-$68,633
10,983
—
—
Total
Capital surplus
$68,094
9,652
x2,693
.
class B stocks
value of class A and
Capital surplus
Total stated
Earnings—
1939
31—
Total income-
B stock outstanding.
adjustments upon the above balance sheet,
consummated as of Dec. 31, 1938, is summarized below.
had been
$1,111,136 $1,045,796 $1,116,601
$781,034
b Including $39,844 in 1938 and $39,784 in 1937 amortization of bond
discount and premium.—V. 148, p. 596.
Expenses
......
Fed. capital stock tax...
contemplates the exchange of one
for each share of class A
outstanding, and one-half share of such new common stock
per share,
stock presently
for each share of class
The effect of these
Surplus before deprec,
and income tax
Association-
21, 1938, and to be
with the SEC on Dec.
recapitalization plan filed
A
submitted to the stockholders May 3,
share of new common stock, par $7.50
203,402
25,000
*
Shawmut
1939
22
April
Chronicle
Financial
2444
1956, of the
Assets—Property, plant, & eqpt. (incl. intangibles),
ments (at cost), $101,890; cash, $16,895; accounts and notes
(net), $61,532; materials & supplies, $36,695; prepayments,
count & expense on bonds in process of amort., $2,878;
receivable
$31,461; dis¬
organization ex¬
penses in process of amortization, $3,650; total, $2,356,025.
Liabilities—6% non-cumulative ($100 par), preferred stock, $1,376,618;
common stock
($1 par), $61,420; 1st lien 6% income bonds, $648,900;
pirchase obligation, $1,000; indebtedness for capital stock of Citizens Gas
Go. (payable in gas), $15,650; notes payable (secured), $75,000; notes pay¬
able, $25,000; accounts payable, $21,988; accrued liabilities, $28,559;
consumers' deposits, $10,045; reserve for income tax contingencies, $2,717;
contribution for line extension, $79; corporate surplus, $89,048; total, $2,356,025.—V. 147, p. 585.
Standard Gas & Electric
Co.-;—Weekly Output—
puolic utility operating companies in the Standard
for the week ended April 15, 1939, totaled
106,019,899 kilowatt hours, an increase of 11.1% compared with the
corresponding week last year.—V. 148, p. 2286.
«
Electric output of the
Gas
&
Electric Co.. system
Volume
148
Financial
Chronicle
Southwestern Gas & Electric Co.—Earnings—
Calendar Years—
(James) Talcott, Inc.—Earnings—
1938
1937
1936
1935
Operating revenues
x
Oper. exps. & taxes—
$7,613,474
4,719,006
$7,454,689
z4,507,341
$6,659,559
3,835,694
$5,903,362
3,553,504
Operating income
Non-oper. income (net)_
$2,894,468
21,052
$2,947,348
30,061
$2,823,865
35,635
$2,349,858
38,031
$2,915,520
781,000
182,186
$2,977,409
799,000
216,319
$2,859,499
816,999
236,607
$2,387,889
963,268
130,273
$1,952,335
$1,962,090
$1,805,892
618,422
763,350
618,422
945,100
618,422
327,150
$1,294,348
53,488
618,422
$570,563
$398,568
$860,320
3 Mos. End. Mar. 31—
Net earns, after all ex¬
Gross income
Int.
long-term debt.
on
_
Balance
8% preferred dividends7% preferred dividends.
Common dividends—-
Includes depreciation.
z
1937
$
$
New Director—•
Roger W. Whitman
was elected a director of this company at a meeting
board held April 19.
Mr. Whitman is President of the American
Hosiery Co. and is also President and a director of the National Knitted
Outerwear Association representing the New England area.—V. 148, p.
892^
Telephone Service Co. of Ohio (& Subs.)—Earnings—
Years Ended Dec. 31—
Def'd
•
2,190,410
2,371,882
&
ent
So.
64,917
Pref.
stock
250,077
141,031
439,069
419,441
154,605
Assets—Property,
154,605
2,928
plant and equipmerit, per books, $8,488,583;miscel
investments, at cost, $21,651; special deposits, $1,818; cash in
on hand,
$273,611; special deposits, $1,425; accounts receivable
(less reserves of $5,060). $19,004; unbilled revenues, $45,016; accrued inter¬
est receivable, $490; materials and supplies,
$206,513; deferred charges,
$40,939; total, $9,099,050.
Liabilities—Long-term debt outstanding, $3,799,000; accounts payable, |
$49,349; accrued taxes, other than Federal income taxes, $69,373; accrued
Federal income taxes, $56,020; accrued interest on long-term debt in hands
of public, $14,768; other accrued liabilities, $5,736; due to Ohio Service
Holding Corp. (parent company), $79,352; other liabilities, $5,474; reserves,
$2,223,144; preferred capital stocks of subs, in hands of public, $1,125,800;
minority interests in common capital stocks and surplus, $511,385; capital
stock of Telep. Serv. Co. of Ohio authorized and issued (100 shs., par value
$100 per share), $10,000; excess of par or stated values of capital stocks,
capital surplus^ and earned surplus of subs, at dates of acquisition over the
laneous
2,534
2,750,722
2,208,720
banks and
Contrlbs. in aid of
806,005
construction
241,517
240,178
Earned surplus.
Total.-,.38,386.799 37,715,7381
169,955
157,588
1,189,641
2,119,078
___
..
Total...
..38,386,799 37,715,738
Springfield Street Ry.—Stock at Auction—
R. L.
Day & Co;, auctioneers, Boston, sold at auction April 12 28,954
of the capital stock (29,000 shares
outstanding) of the company
$2,100 for the lot.
Thestock was owned by the New England Investment
shares
Security Co.,
subsidiary of the New Haven RR.
a
The sale was held in accordance with
an
\
'
order of the court in the reor¬
.
'
'
'
•
.
-
Standard Oil Co. of
The
.'
.
148,
a
$637,138; excess of par or stated values of preferred and class A common
over cost to parent company (stocks purchased since date of
acquisition of sub.), $827; surplus arising from appraisals of property,
plant and equipment (balance remaining after adjustments made May 31,
1934), $266,171; surplus arising from bonds owned inter-company, and
bonds reacquired by issuer and held in treasury, $17,018; earned surplus,
$228,494; total, $9,099,050.—V. 147, p. 432.
1977.
p.
0-
'
-1
stocks of sub.
■
Kansas—May Delist Stock—
Committee
on
Stock List of the New York Stock Exchange will
May 4, to determine whether or not it would recommend
the Board of Governors of the
Exchange that the capital stock of the
company be removed from the list in view of the concentration of a large
percentage of the issued shares in the hands of the company and its manage¬
ment, the reacquisition by the company of more than two-thirds of the
amount of its capital stock
originally listed in 1932, and the fact that only
a small
percentage of the purchases of the stock on the Elxchange during
the calendar year 1938 and the
year 1939 to date Were for the account of
others than the company.—V.
148, p. 1182.
hold
recorded values of the investments on the books of the parent
company,
.
ganization proceedings of the New Haven RR.—V.
hearing
on
to
x
Period Ended Mar. 31—
Net profit-
Earnings
x
per
share.
Expenses..
Netincom^_
Deficit
$20,156
$0.07
Dividends
sur$3,848
lossl4,582
$232
2,096,085
„
$335,151
33,613
67,467
$234,071
238,457
$4,386
1,420,926
only.
'
1939
i,
'
i
1938
Liabilities—
1939
1938
$
'
$
^
4,306,318 10,860,089
Accts. rec. lor sale
Management fee
.
44,036
60,176
65,231
Securities......31,205,890 18,861,300
Dividend
37,140
56,350
273,453
70,500
249.995
.
Res. for taxes
■
of invest, secur.
a
declared
Accounts payable.
b
287,441
3,865
Com.stk.,no par29,773,327 26,391,010
5,137,777
3,034,110
Surplus of assets..
Total
a
in
35.572,384 29,786.621
Total
—35,572,384 29,786,621
Securities atle "ger amounts (cost), $34,823,111 in 1939 and
$24,402,454
b Authorized, 600,000 shares.
—.
Outstanding after
treasury stock, 546,905 (499,990 in 1938) shares.
The income statement for the three months ende<d March
31
148,
p.
Steam
Power, Inc.—Registers with SECr—
was
on
,
Prof,
on
Thatcher Mfg.
Depreciation
Profit-.
1937
x
$51,383
128,752
$445,103
143,137
$151,817
143,756
$243,806
$180,134
$1,013,354
$295,574
68,868
61,332
183,245
79,879
plant
&
for Fed.
Exclusive of
our
$269,485
13,307;
—-r
—
1938
1939
$1,748,978
1,536,991
1,223,571
43,934
_
Federal income tax, &Ci
$118,802
$830,109
$215,695
proportion of earnings of Canadian affiliate.—V. 147
P. 3171.
Net profit—
dividends.
Preferred
on
,
xl9S6
$1,644,920
1,459,624
1,078,968
51,109
1,396,286
1,023,990
49,422
$171,310
18,359
$329,547
21,399
$322,865
16,032
$189,669
16,743
55,040
$350,946
19,624
91,919
$338,897
10,256
77,337
$117,886
104,377
36,706
$239,403
108,558
.'36,706
-
58,178
$183,919
103,983
—
Common dividends.36,706
—
-
Surplus
$43,229
.
def$23,197
$251,304
110,199
36,706
*
$94,139
$104,399
$0.89
,
$0.96
Earns, persh. on 146,832
shares common stock
$0.54
(no par)
Includes Operating results of
x
.
$0.09
<
Ocean Glass Co., Inc.
ware, on July 9, 1935; earnings statement for
operating results of this subsidiary.—V. 147, p. 3471.
1939 includes the
Co.—Option Price Reduced—
,
held by Thermoid Managers' Group Inc., F. E. Schluther and M. E. Gold¬
and on unallotted options aggregating 4,500 shares, from $12 per share
man
to
$8
per
share, and the extenskon of such options for two years from the
of April 16, 1940.—V. 148, p. 149@.
present expiration date
y
$1,907,393
Net profit
Shs.
common
Co.-^-Earnings—
1939
3 Mos. End. Mar. 31—
stock out-
1938
1937
x$273,266 x$3,168,206
2,411,380
$1.31
2,411,380
$0.11
possible surtax on undistributed profits,
Federal taxes, &c.—V. 147, p. 3172.
Before
Period End. Feb. 28—
Operating revenues
Operating expenses
State and municipal tax.
Social security taxes
1936
$2,068,856
*
,
2,411,380
$0.79
standing (no par)
Earnings per share
Supervised Shares, Inc.—Asset Value—
y
2,411,380
$0.86
After deprec. and
Co.—Earnings—
1939—Month—1938
$218,590
141,147
$205,593
130,951
15,839
1,899
14,321
1,676
1939—12 Mos.—1938
$2,536,063
1,706,995
184,468
$2,485,537
1.660,626
169,169
13,9b7
17,906
11,515
The company reports net assets of $8,180,664 on March
31, 1939, equiva¬
lent to $8.96 per share on 913,499 shares outstanding on that
date, com¬
pared with net assets of $7,101,212
share on 992,340 shares.
1937
.
$1,468,712
1,297,681
1,081,277
45,094
:
Twin State Gas & Electric
x$174,938
——
x$138,500
'
.
Total income--—$282,792
Miscellaneous deductions
40,695
1936
425,115
tax, &c-
y$220,500'
Before Federal income and undistributed
Of the company, on March 21, 1939, authorized a reduction in the price
at which shares of common stock may be purchased pursuarit to options
props. & prov.
Net income
y$240,218
y
Co.—Earnings—
Costs and expense..--.-
x
on
22,199
147,348
Timken Roller Bearing
1938
sale of reacquired
Total gross income
25,106
Company notified the New York Stock Exchange that the stockholders
company stock
Deprec.
$263,088
27,351
97,237
153,609
3 Mos. End. Mar. 31—
Gross sales.;
Net sales.
Superheater Co.—Earnings—
loss$7,456
251,261
$364,876
31,919
112,457
y$206,360
,
Fpb. 1, last, Nov. 1.
Aug. 1, April 26 arid Feb. 1, 1938, and on Feb. 1^,1937.—V. 148, p. 290.
Profit from plant oper..
Inc. from other sources..
$409,765
Before Federal income tax.
Thermoid
Similar payment was made on
1939
7,223
$385,075
——
liquor
a dividend of 50 cents per share on
account
the $2 con v. pref. stock, payable April 26 to holders
3 Mos. End. Mar. 31—
$255,865
10,608
published
Stott Briquet Co., Inc.—Accumulated Dividend—
15.
'
10,386
deducting
The directors have declared
of record April
$354,268
*
9,232
profits taxes.—V. 147, p. 2706.
See list given on first page of this department.
,
$791,074
535,209
Note—Thatcher Manufacturing Co. acquired all of the capital stock of
Olean Glass Co., Inc., of Glean, N. Y., manufacturers of packers' and
2287.
of accumulations
1936
$895,872
541,604
non¬
—
Deductions
Res. for depr., depl., &C.
—
1938.
in Y.
and
Other income——
Balance Sheet March 31
Cash in banks....
income
Gross income-.
'
$374,761
374,993
249,995*
$20,683
17,813
sees..
1936
$486,351
27,500
84,091
$253,843
273,453
.
>
—
Profit
1937
x$324,745
25,500
45,403
25,218
50,429
$252,770
—
_
1938.
$328,417
i
Net gain fr. sale of
x
$257,589
$0.85
x
;
—
.
$399,379
Expenses
Corp.—Earnings—'
1939
—...
Dividends declared
Operating profit.$375,844
1937
1938
$967,718
568,339
recurring income
After all charges—V. 148, p. 598.
Quar. End. Mar. 31—
Divs. & interest received
Reserve for taxes
v
$8,023
$0.02
$0.38
Subs.)—Earnings—
1939
$898,338
522,494
i 1939—9 Mos.-^l 938
1939—3 Mos —1938
State Street Investment
Texas Pacific Coal & Oil Co. (&
3 Mos. End. Mar. 31—
Gross earnings—
Subs.)—Earnings-
$115,823
—
'
Other
Standard Products Co. (&
*
Consolidated Balance Sheet Dec. 31, 1938
Reserves...
1,494,660
Consolidated earned surplus at end of year.
divs.
833,221
.
$182,624
445,504
129,126
payable
154,605
$232,624
50,000
$228,494
—
y After reserve of $48,511 in 1938 and $86,193 in 1937.
z Represented
by 363,500 no par shares at stated value.—V. 148, p. 2134.
&
$312,494
84,000
Balance
1
Divs. naid by the Telephone Service Co. of Ohio.-
$131,576
95,670
5,378
Sundry adjustments—net
Misc. curr. liabils-
154,605
Mat'ls & supplies.
at
Dr328
42,781
339,777
450,000
Customers' depos.
586,797
secure.
Receivables
$130,198
182,624
—
36,888
—
330,000
_
payment of pref.
y
104,886
Consolidated net earnings for the year—
1
Consolidated earned surplus at end of preceding yr_
—
310,345
718.920
Accrued interest
,
for
stock dividends-
Marketable
$236,462
104,166
——
of
maturity
Fed. income taxes.
\
1.731,721.
dep.
$234,364
—
serial debentures
50,900
W.
(par-
company)..
on
$345,257
108,795
Balance.
Interest on 1st lien 5% coll. trust bonds of Tele¬
phone Service Co. of Ohio...--------
$
liabilities—,
Accrued taxes
Cash.
Cash
$
Accounts payableCurr.
deferred charges
Co.
117,527
—
Noted receiv. fro-m
Cent.
$351,891
expenses
_
ex¬
of amortization-
Util.
1937
$1,467,699
1,122,442
Net income before div. charges & minority ints._
Div. charges and minority interests in earnings.-
7% cum. pref. stk.
($100 par)
8,834,600
8,834,600
z Common stock.
4,500,000
3,000,000
Long-term debt...19,150,000 19,150,000
Prepaid accts. and
.
1938
$1,505,559
1,153,668
Operating
1937
Liabilities—
Plant,prop..rights,
franchises, &c_.33,114,665 •31,609,194
55,743
71,515
in process
$158,749
$177,407
of the
$622,438
1938
Other assets
disct. &
reserve.
Includes $2,873 undistributed profits tax.
1938
Assets—
pense
$79,603
1936
1937
Sales volume of $23,926,390 for the three months ended March 31 com¬
pared with $20,168,983 for the first quarter of 1938.
Balance Sheet Dec. 31
Bond
1938
but
Revenues
Balance, surplusx
1939
$67,295
and taxes,
penses
before
Misc. int., amort., &c._
2445
March 31, 1938, amounting to $7.16
Net oper.
income
Non-oper. income (net),
-
9.594
112,048
117.665
$48,190
201
$49,051
85
$514,646
1,992
$524,110
45,095
$48,391
11,161
$516,638
133,936
87,695
48,759
$569,205
133,936
104,364
36,044
$246,248
249,475
per
►•Net asset value per share as shown above for March 31, 1939, was about
15% below the figure of $10.57
per
share reported at the close of 1938.
—V. 148, P. 2287.
Tilo
V.
deductions
2,607
Net income-..
$27,870
20,790
$27,942
20,790
interest
Other interest
Other
(net)
Roofing Co.—Listing—
The New York Curb Exchange has approved the
tional
$49,136
11,161
7,212
2,821
Gross income
Bond
shares
common
stock,
148, p. 1979.
par
$1,
upon
official
listing of 75,000 addi¬
notice
of issuance.—
Pref. div. requirements.
—V.
148, p. 2288.
6.753
'
$294,861
249,475
Financial
2446
1939
1938
Federal taxes
$51,782 loss$23.528
stock
$0.26
Nil
Inasmuch as net sales of $831,474 for the period represented a slight
decline from the total of $857,516 for the first quarter of 1938. according to
C, E. Neizer, President of the company, the indicated net profit was pro¬
duced by substantial reductions in manufacturing costs.
Current assets of
$1,661,716 as of March 31, 1939 included cash of $246,915 and compared
with current liabilities of $388,690.—V. 147, p. 3172.
3 Months Ended March 31—
Net profit after all charges, including
n
,
General Balance Sheet Dec. 31
Deposits in lieu of
Investments in
Bonds, notes
Advances.
Material and supplies-i.
Interest and
Union Pacific RR,—42d
Discount on funded
pages of this issue.
W. A. Harriman,
Total
subsequent
— --.
Net
income.
-
—
_
—
-
—
— ...
$4,713,899
of this development to Jan. 1, 1939, the
10,879,590
and other products were.
----- —
—------
—
—"
-
9,347,776
1,531,813
expenditures, $5,737,,168 was charged against receipts in
determining net income and the balance of $3,610,607 will be charged off
against future receipts as depreciation or otherwise.
i The suit
by the State of California against the company and its sub¬
sidiary, Los Angeles & Salt Lake RR., asserting title to oil and gas under¬
lying certain lands claimed to have been tide-lands, has been dismissed.
No appeal was taken and the judgment has become final.
This dismissal
resulted from the decision of the California Supreme Court in another
litigation in effect between the State and the City of Long Beach, in which
it was held that the State has no reserved title or interest in oil and gas
underlying tide and submerged lands which it granted to the city in 1911.
These two decisions dispose finally of the State's claims, but do not adjudi¬
cate any question of alleged existence or ownership of tide lands or sub¬
merged areas within the boundaries of lands to which the company through
its subsidiary claims title.
• •
*
•
The statement mentioned a judgment against the City of Long Beach
obtained by Los Angeles & Salt Lake RR. Co. in 1925, quieting title to
certain areas included in the company's oil development, which are in fact
a major part of its properties within the boundaries of the City or Long
Beach, and reference was made also to a taxpayers' suit to compel the city
and its officials to bring suit to attack the validity of the 1925 quiet title
judgment.
That suit has been dismissed as not stating a cause of action.
However, on March 13, 1939, the city instituted suits against the company
and its subsidiary, asserting that a "large portion" ,but without descrip¬
tion or specification, of the land claimed by the company and its subsidiary
was tide and submerged land at the time of the admission of California into
the Union, and that the city is the owner thereof and of the underlying
oil and gas.
The city asks the Court to determine the portions of the land
in question belonging to each of the parties, their respective rights in and to
the underlying oil and gas, and requests an accounting for the oil and gas
produced therefrom.
The company and its subsidiary will, of course,
plead in defense the quiet-title judgment of 1925 as weh as denials of the
allegations which are the basis of the city's claim.
To permit drilling and recovery of Oil and gas, notwithstanding any title
question, and to protect against darinage by drilling on adjoining lands
owned by others, contracts were entered into early in 1938 between the
City of Long Beach and the company committing the city to issue drilling
permits as and when applied for by the company, and agreeing that the
company proceed with its oil development, recover and market the oil and
gas.
The contracts provide that if as the result of litigation title to any
part of the lands in question be determined by final judgment to be vested
in the city, the company shall account to the city for the "net proceeds'"
realized from the disposition of oil and gas in the proportion which the
area found to be owned by the city bears to the total area of the land de¬
Of the total
.
scribed in the contracts.
Production by lessee from the
three wells in Carbon County, near Medi¬
cine Bow, Wyo., declined substantially, the oil -produced during 1938 from
these wells and the small producer completed in 1937 being 253,718 barrels.
During 1938 our lessee completed the drilling of one well which produced
only gas and started driLing another well which was abaodoned in Febru¬
ary, 1939, after being drilled 5.836 feet.
This lessee also drilled in the same
vicinity in 1938 three additional wells (two of which were producers)
under leases from the Federal and State governments.
The total of royalties received from oil leases in 1938, including leases in
the vicinity of Los Angeles and Long Beach Harbors, was $404,775, of
which $358,638 is included in "miscellaneous income" and $46,136 is in¬
cluded in the income of the Las Vegas Land & Water Co.
Operating Statistics for Calendar Years
1938
1937
1936
Revenue pass, carried..
1,684,267
Rev. pass. carr. 1 mile._944.680,863
Rate per pass, per mile.
Revenue freight (tons)..
1.74 cts.
25,284,671
Tons (1,000) per mile...
Aver, rate per ton p. mile
11,713,953
1.028 cts,
463
_
vg.tr. load (rev.) (tons)
1935
2,052,571
1,880,651
1,528.782
1072827,716 907,324,454 648,882,466
1.60cts.
1.64cts.
1.70cts.
28,609,938
26,720,428 22,734,897
13,297,243
12,522,299 10,603,455
0.983 cts.
1:014 cts.
1.037 cts.
465
45S
463
.
114,9o7
259,598
„■
3,947,751
20,250
131,605
1,232,322
-
«
$222,302,500 -$222,302,500
99,602,981
353,147,195
5,518,354
-
unadjusted credits
Surplus: Approp. for add'ns & betterments..
Reserved for depreciation of securities.-Funded debt retired through in, & surp._ \
Other
a
——...
& face val. of sees.
Difference between par
1,236,792
9,588,006
304,399
4,116,308
3,574,25198,175
1,636,003
371,945
272,111
8,043,1/4
•
7,776,109
8,573,473
-—
Sinking fund reserves
Profit and loss.
3,375,707
6,667,422
1,201,269
8,194,859
912,516
4,111,536
3,578,174
59,175
1,625,738
429,011
324,099
8,189,807
—
Reserve for depreciation
99,602,981
354,963,010
4,754,683
*
96,560
8,627,423
114,863,201
5,252,139
30,767,754
34,972,571
992,229
350
250,782,284
39,565,199
*
'
98,669
8,020,483
111,661,138
5,024,281
30,733,178
34,972,571
6^7,789
,,
100,000
250,883.665
39,565,199
------$1,210,357,821 $1,206,243,128
all inter-company items,
securities of the Los Angeles & Salt Lake RR., and the St. Joseph & Grand
Island Ry. owned by other system companies are not included. The differ¬
ence between the par and face value of such securities as carried on the
books of the issuing companies (less unextinguished discount on the bonds
and discount charged to profit and loss, but added back in consolidating
the accounts) and the amounts at which the securities are carried on the
books of the owning companies is set up here to balance.
Total
As
a
—-
this
consolidated balance sheet excludes
,
1,590,288
receipts from the sale of oil
Excess of receipts over expenditures
1,024,84b
4,940,042
30,498,242
963,757
114,433
-$1,210,357,821 $1,206,243,128
—
Insurance reserve
$7,744,424
The expenditures—cost of drilling wells and constructing other
facilities and production expenses and taxes, paid and ac¬
crued—were.
— -
-
Grants in aid of construction.
Non-negotiable debt to affiliated companies.
Traffic and car service balances payable
Audited accounts and wages paj able
Miscellaneous accounts payable
Interest matured unpaid
.——
Dividends matured unpaid
'
Funded debt matured unpaid
■,
Unmatured interest accrued-Unmatured rents accrued.
Other current liabilities
Other deferred liabilities
■
;
Tax liability
— —
V
Premium on funded debt----——
1,440,236
depreciation) and taxes
—— —
From the beginning
-
Funded debt
Expenditures for drilling wells and constructing other facilities
totaled $3,019,846, of which there was charged against re¬
ceipts, representing intangible drilling and.development costs
such as labor, fuel, repairs and hauling in connection with
drilling, geological work, clearing ground, building roads and
certain materials with no salvage value.
—
Preferred stock--
chairman of the board states in part:
was no change during the year in the amount of
Production expenses (including
3,352,bb4
Liabilities—
Capital Stock—There
capital stock outstanding in hands of the public.
The number of stockholders as of Dec. 31, 1938, considering a holder of
both preferred and common stock as one stockholder, was 49,989 as com¬
pared with 49,607 as of Dec. 31, 1937, an increase during the year of 382.
Funded Debt—There was a net decrease during the year of $1,815,815.
Investment in Road and Equipment—'The net increase in "investment in
road and equipment" during the year was $2,797,736.
Highway Motor Coach Operations—During the year 140 motor coaches
were air-conditioned, 14 thirty-seven-passenger streamlined motor coaches
of the latest type were ordered for delivery early in 1939 and a motor coach
depot was constructed at Boise, Idaho.
Oil Development—In the oil fields in the vicinity of Los Angeles and Long
Beach Harbors the company completed during the year the drilling of 48
additional wells (all producing), and at the close of the year had 120 pro¬
ducing wells and six wells in the course of drilling or located.
Company
also completed during the year one "injection well," into which is reinjected
surplus gas produced from other wells for the purpose of conserving such
gas for future sale and at the same time maintaining pressure in producing
wells.
Company drilling is still confined to only that necessary to protect
its properties against drainage.
In March, 1938, the voluntary proration
arrangement with other producers under which production is restricted
was extended to all company wells and the restriction has been made more
rigid.
During the year 7,905,324 barrels of oil were produced.
The results of operations for the year were as follows:
Receipts-
9,739,0o8
51,045
6,447
4,661,540
18,114
699,910
1,150,594
paid in advance...
Common stock
.
,
-
debt
-
350
380,357
Other unadjusted debits.—
Annual Report^-A comparative
sheet as or Dec. 31, 1938, will
^
8,264
3,626,594
1,107,061
5,240,393
21,579,507
850,997
120,073
114,485
— ■
Rents and insur. prems.
quarter, and about
"Reports and Documents" on
be found under
;
-
-
Working fund advances
Other deferred assets
76% above the sale in
income account and balance
,
Other current assets
(shipments)-,- — —
all charges———
46,617 iossll3,325
Orders received during the first half of April indicate that April sales will
10% above the average monthly sales in the first
Aprillast year.—V. 148, p. 450.
dividends receivable—:
,
23,447,319
41,877
-
Rents receivable.
1938
$538,456
Net profit after
be about
_
receivable—
Miscellaneous accounts
united Drill & Tool Corp .—Earnings—
Net sales
_
Special deposits
Loans and bills receivable
Traffic and car service balances receivable..
Net bal. receivable from agents & conductors
'•re¬
1939
$765,196
67,735,085
12,855,781
Sinking funds
Union Premier Food Stores, Inc.—Listing—
The listing of 75,000 additional shares common stock, par $1, upon official
notice of issuance, has been approved by the New York Curb Exchange.—
'
Stocks—
trust certificates.
and notes
U. S. Govt, bonds
!?.527,878
81,160,708
65,765,780
19,759,318
20,725,936
80,956,197
other companies:
Bonds, notes and equip,
Cash
20,367,837
9,651,437
affiliated cos.: Stocks
and equip, trust certificates-
Investments in
dividend of 25 cents per share on the common
10 to holders of record April 24. Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 148, p. 1980*
3 Months Ended Mar. 31—
$922,327,897
827,55b
on'oA^'ef?
29»2^'§§Z
$925,125,632
363,157
Miscellaneous physical property..
Directors have declared a
■
and equipment.
mortgaged property sold-
Investment in road
California—Smaller Dividend—
■
1937
1938
Assets
stock, payable May
v. 148, P. 1980.
calendar years was
Feb. 25, p. 1183.
given in the "Chronicle" of
Earnings per share on 194,454 shs, cap,
Union Oil Co. of
APriI 22> 1939
,
income account for
The consolidated
Co.—Earnings—
Tokheim Oil Tank & Pump
Chronicle
•
"
and Year to Date
1939—Month—1938
1939—3 Mos —1938
$9,777,528 $8,298,690 $27,833,019 $24,152,965
Passenger revenues
1,198,978
1,019,450
3,383,260
3,304,283
Mail revenues.
448,785
407,831
1,257,187
1,154,811
Express revenues
198,898
140,294
423,358 359,446
All other transportation311,171
251,912
946,305
894,323
Incidental revenues
134,902 V.
139,720
379,212
* 416,100
Earnings for March
Period End. Mar. 31—
Freight revenues
-
Ry. oper. revenues...$12,070,262
$10,257,897 $34,222,341 $30,281,928
1,203,*59
2,552,865
392,229
4,374,207
251,472
448,251
Cr273
1,090,913
1,882,038
337,269
3,863,466
229,865
419,827
Cr452
2,861,926
7,174.138
1,127,028
12,817,409
751,146
1,331,836
Cr501
2,433,386
5,690,328
973,943
11,639,703
715,420
1,302,280
Crl,177
from ry. oper. $2,848,352
Railway tax accruals.__
1,299,196
$2,434,971,,
$8,159,359
3,836,354
$7,528,045
1,236,361
Railway oper. income. $1,549,156
Equipment rents (net),..
607,623
Joint facility rents
21,504
$1,198,610
512,414
17,195
$4,323 ,005
1,737,758
114,947
$3,832,051
1,606,724
$669,001
$2,470,300
$2,082,422
Maint. of way & struc—
Maint. of
equipment...
Traffic expense
Transportation expense.
Miscellaneous operations
General expenses
Transportat'n for invest.
Fet
„
rev.
Net ry. oper. income.
—V. 148, p. 1822.
$920,029
v
United Gas Improvement
Week Ended—
■
3,695,994
142,905
,
Co.—Weekly Output—
Apr. 15 '39
(kwh.)
Apr. 8 '39
Apr. 16 '38
92,835,806
*:
Electric output of system
—V. 148, p. 2289.
.93,998,722
82,629,071
vV
United States Pipe &
V
"
V:'
Foundry Co .—Debentures
Called-—
($958,000) 10-year 3 >£% convertible debentures
May 20 at 103 Vi and accrued interest."
All of the outstanding
have been called for redemption on
Payment will be made at the Gity
City.—V. 148,
p.
United States Realty &
3 Mos
Net
End. Mar. 31—
loss
after
x
Before
George A.
York
-<
Improvement Co. (& Subs.)—
yl936
yl937
zl938
zl939
deprec.,
•
x$103,283
x$118,197
$100,367
provision for surtax on undistributed profits,
y Exclusive of
Fuller Co. and subsidiaries and Plaza Operating Co. and sub¬
z Exclusive of Plaza Operating Co.—V. 148, p. 1497.
int., Fed. taxes, &c—
sidiaries.
Bank Farmers Trust Co., New
"
450.
United
States
*$112,046
Rubber
Co.—FTC to Dismiss
Charges
Against Company—
The
Federal Trade Commission will issue
in the near future an order
ending the proceeding against the company, which filed a consent answer
April 17 to the Commission's compl-int charging violation of the RobinsonPatman Anti-Price Discrimination Act.
The company, in its consent answer, Slid all the material allegations
against it were admitted except those regarding the activity of United States
Rubber Products, Inc., one of the subsidiaries named in the complaint.
This
subsidiary was dissolved and wholly
liquidated at the end of 1938,
Its right to a hearing was
the parent company taking over its business.
waived by the company.
The FTC statad in the complaint that the
company
'
through its sub¬
named above, Gillette Rubber Co.
and Samson Corp., had sold large quantities of special brand tirs toe
Montgomery Ward & Co., Inc.; Atlas Supply Co.; Western Auto Supply
Co.; Western Auto Supply Agency of Los Angeles, and Arkansas Fuel Co.
on contracts at prices different and lower than the prices charged and allowed
by it to other purchasers of tires of like grade and quality bearing its own
sidiaries, including in addition to one
orands.
This action, the FTC
the effect had been to lessen
charged, was a discrimination in price and
competition.
further alleged in the FTC complaint that United States Rubber
had sold its own brand tires to different purchasers at substantially differing
It
was
prices resulting from the allowance to some purchasers of various discounts,
commissions or rebates, which have not been allowed to all purchasers.
The manufacturer also entered into contracts for sale of tires to certain
Volume
148
Financial
Chronicle
dealers, oil companies and others purchasing such tires in large
quantities
or volume at
prices lower (after deducting the amounts of such discounts,
commissions and rebates) than the prices
charged to other customers whose
requirements
The
were smaller in
company was also
$249,346
Earns, per sh. on 129,281
shares common stock.
charged with violating the act through sale of
x$183,003
x$258,868
$223,350
$1.70
$1.18
$1.76
$1.49
retail
respondent,
has
or
sold
Victor
tires
After
x
United States Steel Corp.—Number
of Stockholders—
Of the common stock
outstanding March 31, 1939, 2,156,527 shares or
brokers' names, representing a decrease of 9,946 shares
1
-J
„
(Del.)
Taxes
w_
Current expenses....
preferred stock..
•'
1938
$2,290,739
$2,056,518
62,710
$2,163,794
1,866,521
1,866,521
$256,810
$297,273
513,287
12,627,208
$5,729,755
2,167,808
$5,400,317
2,051,438
$3,561,948
1,171,595
$3,348,879
1,171,436
$2,390,352
$2,177,442
common
dividends and surplus
148, p. 2289.
surp. at
Mar. 31
Period End. Feb. 28—
Profit from operations_
Other income
standing (no par)....
per share.....
Does not
14,529,491
include any
distributed profits,
y
14.529,491
14,529,491
$0.02
$0.02
Nil
■
,
—
^
Provision for
i_
for amortization of plant ac-
quisition adjustments..
51,377
543,787
778,364
88,013
1,116,019
$1,672,342
$2.15
$3,161,459
$4.01
$3,923,338
$5.10
120,000
120,0007,317,219
7,542,248
1,828,344
...
....
,
£,269,985
.......
..
-
..
*
....
—
—
.......
....
Subsidiary Holding & Investment Cos.—
*
2,571,287
2,599,807
162,246
.
164,015
1,320,401
2,209,025
515,954
,1,320,401
1,851,347-
,
.
509,059
312,211
,
Interest apd dividend income...
.Balance...
United Light & Rys. Co.—
$7,191,368
1,349,766
42,227
_
....
General, expenses,,&c-...
162,024
237,328
Cr795,553
•_
Interest and dividend income.._............
net
$4,573,537
$6,321,830
Consolidated Balance Sheet Dec. 31,1938
Liabilities—
f
Utility plant (incl. intang.).$388,885,205 b7% cum. 1st pref.........
Investments,
67,635,256 b 6.36% ser. of '25* cum. pf.
——
17,645,628
in process of amortization.
2,306,763
a
c
Exps. of appraisal & audit
of subsidiary company
Prepaid insurance & taxes..
604,399
1,275,577
Miscell. (net) def'd charges.
1,276,304
Cash (incl. time deposits)..
18,024,931
Depos. for payment of divs.
on
Accts. & notes receivable...
Accts. receiv. from affil.
cos.
Dividends receivable.
Materials and supplies,.
Common stock
pref.
thereto
Long-term debt
committees of several large
Deferred liabilities
notes of sub.
cos.
__
Period End. Mar. 31—
Sales..
—V.
148, p. 1502.
522,082
7,514,734
Accrued general taxes........
Fed. and State income taxes.
Reserves
......
Contributions for extensions.
Paid-in surplus
Earned surplus...
Per
........$515,174,9121
order
Total.
Taxes
<,
,
-
70,542
$541,255
68,422
$435,691
61,904
$579,075
368,539
$609,677
369,912
$497,595
371,479
192,000
10,229
192,000
8,000
Net operating income.
$1,462,985
725,493
83,129
118,928
99,744
8,510
192,b00
7,084
28,694
28,818
28,955
370
29,119
8,056
prof $9,930
$110,145
Non-operating income..
Gross income.—;
......
on
on
4,093,259
Shurtleff, trustee,' has filed With the Securities and Exchange
Commission an application for approval of a plan of
reorganization, a de¬
claration in connection with the issuance of 16,575 shares ($1 par) common
stock and an application regarding the solicitation of consents for the
approval of the reorganization plan.—V. 140, p. 2204-
96,705
$508,533
367,313
1st mtge. bonds.
1st lien and gen.
.
191,996
mtge. bonds
Other interest.....*—
"
Amortiz. of debt discount
,
Other income deductions
Net loss..
."
13,078
$20,511
$14,006
;
Balance Sheet Dec. 31
Liabilities—
$
Assets—
prop,
1938
and
«
;
Purch'd
15,437,919 15,427,103
Inv. in subs
3,487,252
3,052,026
119,132
Miscell. investpa'ts
119,267
149,149
Cash.—
170,750
equip., <fcc
Accts. rec. (other)I
,
pay able......
28,739
_
27,336
36,292
Notes payable....
17,064
74,785
73,418
Accrued Interest—
156,385
157,510
Accrued
5,546
5,413
4,125
.,
contracts
Accounts payable.
211,736
210.575
Note & accts. rec
$
10,143,900 10,177,600
-.
'
...
a
■■
Long-term debt.
1937
$
1937
1938
.
100,769
107,871
taxes
•
Other accrd
4,125
liabs.
Inventories
81,190
99,233
469,709
—
817
1,200
7,808
1,081
6,836
(non-curr.)
11,280
40,887
Consumers' deps-.
Accrd. int. receiv.
79.269
79,145
.
Guar. custa. mdse.
512,220
accounts
.
Due to affil.
cos—
7,454
Purchase contracts
pay*
Contributions
for
13,801
12,140
1,863,296
1,807.395
line extensionsReserves
...
7% cum. pref. stk.
($100 par)
1,331,800
1,346,800
b Common stock..
2,495,000
2,495,000
Surpl. from apprals 3,374,796
3,374,796
13,460
defl63,077
263",809
c
485,247
$515,174,912
119,760
153,560
$595,074
Int.
Int.
,
758,950
$504,742
90,332
1,405,001
Vernjont Lighting Corp.—Reorganization—
.,..
....
Depreciation,
1935
1936
$1,579,511
711,383
102,278
129,434
95,161
6,191,354
of State
Harry
1937
$1,637,509
3,621,676
2,056,033
Commission, in process of amortization,
b Hepresented by shares of $100 par.
c Represented by shares of $35.—V
.148,
p. 291,
a
_
Maintenance..
Surplus..
Earned surplus
19,550,974 20,015,498
Total
a
-19,550,974 20,015,498
Total
After reserve for uncollectible accounts of $46,524 in 1938 and $48,319
in 1937.
Total
1938
$1,551,470
685,663,
114,357
1 146,127
100,581
Calendar Years—-
Operating expenses
950,000
45,789,200
1502.
y\:
;(3ross operating revenues
Deferred charges..
62,493,725
1,297,955
p.
Washington Gas & Electric Co.—Earnings—
3,741,415
Dividends payable
Misc. current liabilities.....
the management advisory
1939—Month—1938
1939—6. Mos.—1938
$6,000,527
$5,564,995436,418,046 $35,199,878
A'
,'y ■
y'"
due
—
on
Walgreen Co.—Sales—
1,831,096
5,250,000
Notes payable...
currently.
The new President brings with him long
industrial companies—V. 148,
98,473,149
....233,415,000
—
Accounts payable.
Accrued interest..
-.U.i
10,083,400
24,798,200.
_
9,023,564
94,295
'
..
ser. of 1928 cum.
$3,886,900
5,312,300
Capital stock of subs, held by
public and surp. applicable
Serial
366,172
preferred stock
b'6%
of the board of directors held April 11, Wilbur C. Cook was
a member of the board of directors.
All the other
President and
effect about three months ago.
Plant,
income.._._g
Unamort. debt disct. & e,xp.
Gas conversion expenditures
a meeting
experience in industrial relations, and has been
1,372,960
42,942
136,861
110,863
CY794,089
Interest on debentures..
......l...
Amortization of debt discount and expense.......
....
y
and expense..
$5,569,329
j
......
218,121
Crl ,619,044 Crl,764,13 5
—
distribution and management—V.
officers of the corporation were reelected.
Mr. Cook's election was to fill
the vacancy created by the resignation of J. M. Livingston, which took
.$10,676,837 $12,454,556
.
Interest on long-term debt
Amortization of debt discount and expense..
Dividends on preferred stocks held by public....
Minority int. in consol. net inc, of sub. holding cos
General interest, expenses, &c_._i_
Taxes
'
Consolidated
At
elected
........
...
Taxes
148,p. 600.
from utility operations........1.$19,881,253 $21,516,974
i,
Dr39,760
Drl9,283
...
$1.69
After all charges of manufacture,
x
;
1937
Total net earnings.
..$19,841,493 $21,497,691
Interest on long-term debt
6,793,541
6,717,140
Amortization of debt discount and expense.....
473,895
377,807
Dividends on preferred stocks held by public...
1,705,048
1,705,047
Miscellaneous deductions
192,171
243,141.
.
103,734
Net profit.$1,365,539
.
—
State, local, &c. taxes—
Federal and 8tate income taxes..,
Balancel.
369.093
Ward Baking Co.—New President—
......
....
Other income (net)....
$5,600,197
37,191
Net inc. per com. share.
un¬
:$77,350,783 $79,331,380
8,788,920
9,117,844
26,840,143
27,376,271
4,295,105
4,230,338
8,054,770
7,382,749
,
......
reserve
Net earnings
1938
,
Maintenance expense.
*
429,665
261,906
273,881
:
expense
_
1,736.451.
184,156
58,087
29,160
75,897
Prov. for income taxes..
$0.01
on
Light & Rys. Co. (& Subs.)—Earnings-
Calendar Years—
Depreciation
•
Exps. in connection with
sale of pref. stock.—29,160
Includes $71,456 provision for Federal income tax.
Subsidiary Operating Companies—
Operating revenues.:
;
Electricity and gas purchased for resale
Operation
1939—6 Mos.—1938
$4,510,811
$5,395,212
225,610
204,984
,509,749
$2,078,693
213,870
159,053
j...
Provision for deprec—_
Deb. int., disc't & exp__
14,529,491
provision for estimated Federal surtax
—V. 148, p. 2135.
United
Ltd.—100,000
»
Earnings
x
Worts
1939—3, Mos.—1938
$2,000,790
$2,368,541
77.903
141,208
______
Total income
$12,934,504
stock out-
common
&
been sold and the balance was withdrawn.
Bank interest.
Earn.
Shs.
...
Preference Stock Sold—Balance Withdrawn—;0ff the
215,000 cumulative dividend redeemable preference shares
(no par) offered in December last by Dominion Securities
Corp., Ltd. in Canada at $20 per share, 100,000 shares have
12,729,320
$2,569,805 $13,204,637 $12,924,481
$433,700
reserve
(Hiram) Walker-Gooderham
$205,184
12,947,827
$7,139,646
1,739,329
Shares of
1,866,781
$2,056,518
Bal. of earned surplus at
Dec. 31..
$7,578,739
1,848,983
145,465
;
Balance for
$2,071,965
;
,
$579,164
Balance.;.
$2,209,892
59,763
78,164
$2,123,331
$7,334,568
Drl94,922
Preferred dividend requirements.
1936
1937
$2,303,340
x76,836
x74,114
93,294
$7,683,844
Drl05,105
$472,944
_____
$586,655
Dr7,490
Appropriations for retirement
—Y.
$17,866,674
6.887,110
1,446,520
2,198,477
$614,365
141,421
Balance.
Balance.
1939—12 Mos.—1938
$620,509
Dr6,143
Interest and amortizat'n
-Earnings—
1939
$2,241,326
yl04,907
79,901
.
...
common
x
Bal. applic. to divs...
Divs. paid on $3 cum.
131,870
205,278
Non-oper. income (net).
,
United Corp.
-V. .>
.
$1,427,341 $18,322,0U
531,679
7,111,397
123.595
1,482,361
185,413
2,044.410
541.126
Net oper. revenues
stock March 31,1939, were
1,713,207 shares, or 19.69%, against 1,736,606 shares, or 19.95%, Dec. 31,
1938.
Brokers' holdings of preferred stock were 328,512 shares, or
1.12%,
March 31, 1939, compared with 341,030 shares, or
9.47%, Dec. 31, 1938.
New York State investors'
holdings of common stock March 31, 1939,
were
1,243,018 shares, or 14.28%, compared with 1,252,795 shares, or
14.40%, Dec. 31, 1938.
Investors' holdings of preferred stock March 31,
1939, were 1,242,276 shares, or 34.48%, against 1,247,291 shares, or
34.62%, Dec. 31, 1938.
Foreign holdings of Steel common March 31, 1939, amounted to 872,490
shares, or 10.02% of the issue, compared with 862,561 shares, or 9.91%,
held Dec. 31, 1938.
Of the preferred stock, 79,303 shares, or 2.20%,
were owned abroad March
31, 1939, against 79,031 shares, or 2.20%, so
held Dec. 31. 1938.—V. 148, p. 2135.
"
3 Mos. End. Mar. 31—
Dividends received
i
>
$±.498,783
Taxes
■.
holdings of
1937
$183,874
$0.26
1939—Month—1938
revenues
Maintenance
75.22%, compared with 6,536,779 shares, or 75.11%, Dec. 31, 1938.
Of the preferred stock
outstanding, 382,030 shares, or 10.60%, were in
brokers' names March 31,1939, a decrease of
12,229 shares from the 394,259
shares, or 10.94%, held Dec. 31, 1938.
Investors' holdings of preferred
amounted to 3,220,781 shares, or
89.40% of the outstanding issue, March31,
1939, compared with 3,208,552 shares, or 89.06%, held by them Dec. 31,
>'
1938
$156,247
$0.22
charges including Federal taxes but without deduction for
profits tax.
y On
696,000 shares capital stock.—V. 148,
Period End. Feb. 28—
or
New York State brokers'
all
■■
Operating
Operation
from the 2,166,473 shares, or
24.89%, held by brokers on Dec. 31, 1938.
Investors' common stock
holdings March 31, 1939, were 6,546,725 shares,
1938.
1939
$233,615
$0.34
Virginia Electric & Power Co.—Earnings—
,
.
Works—Earnings—
1663
p.
1936
y After deprec., taxes, profit
charges.—V. 148, p. 1823.
per share
undistributed
Common stock of the United States Steel Corp. outstanding March 31,
1939, amounted to 8,703,252 shares, while preferred stock totaled 3,602,811
shares.
■
were in
reserve and
Net profit.....
Earnings
1937
undistributed profits,
on
Chemical
x
y
to
1938
3 Months Ended March 31—
to the answer, has owned any
so-called "commercial accounts" since
according
Dec. 31, 1938 —V. 148, p. 1342.
24.78%,
1939
stated that, although retail stores had been owned
answer
Neither
stores
Before surtax
x
sharing and inventory
and operated, it had oeen determined about Jan.
1, 1937 to dispose of all of
the 29 stores then own^d and that
they were disposed of as rapidly as prac¬
ticable.
Inc.—Earnings—
Quarter End. Mar. 31Net profit
y
amount, it was charged.
tires through its own retail stores to certain users and consumers at
prices
lower than those charged other retail
purchasers for tires of same grade and
quality.
The company's
2447
Van Raalte Co.,
ment of
—V.
b Represented by 100,000 no par shares,
c Arising from retire¬
preferred stock reacquired from a subsidiary as a dividend in 1938,
147, P. 2878.
Weeden &
Co.—Earnings—
1939
3 Months Ended March 31—
Sales*
Gross income—.
■
....
...
—
Expenses and taxes.——
Net income—;—
Earned-per share.
—
—
"'"7" 1938
$30,041,974 $18,935,555
■
89,578
71,679
88,687
81,576
$891
loss$9,897
loss$0.40
$0.04
Financial
2448
Cmsolidat
Balance Sheet March 31
Cash
$168,912
$281,719
1.764.039
12.535
1,115.818
9.672
35,304
27.543
.—...
...
Inventory..
..—
(secured)
expenses.
17.247
10,880
autos
700,000
700,000
a
1935
1936
489,983
453,717
Taxes
2,336
702,569
718,905
Special bank loan.
700,000
700,000
Other liabilities—,
209,741
214,506
Miscell. reserves__
533,008
563,494
524,809
Deferred liabilities
Deprec. reserve —13 ,476,837
Property reserve._ 7 ,290,947
12,844,016
Bond Interest
1st ref. 5%
f. gold bonds.
30-yr.
47,155
50,744
666,567
570,638
s.
Deferred charges to
542,678
543,984
operation
$4,467,487
2,457.462
2,595,131
374,320
350,630
1,020
$1,877,720
17,619
$1,659,394
15,848
$2,078,557
1,149.728
$1,895,340
1,172,723
$1,675,243
1,208.839
.
Gross i ncome
Int.
on
$2,045,701
..v
1,114,778
long-term debt..
'
General interest
88,068
$354,627
218,877
$135,750
$809,647
690,374
pref. stock
644,954
$621,268
300,814
$164,692
$320,454
$119,886..
Balance.
Balance Sheet Dec. 31
1938
1938
in
exp.
1,550,439
30,552
.965,122
Prepayments
.....
i,680,477
18,355
944,259
900,000
798,932
17,057
.......
3,706
Special deposits..."
54,548
Bonds of affil, cos.
a
Receivables
...
13,000,000
$6
cum.
pref. stk..
debt..22,012,400 22.649,900
249,310
Consumers' depos.
261,702
180,264
Accounts payable.
189,206
Accrued interest..
293,947
299,720
Accrued
216,522
179,857
taxes...,-
68,283
Fed. income taxes.
U. S. A. Treasury
bills
b Common stock.. 13,000.000
970,237
.
301,604
Material A supp..
Pref.
stock
218,013
5,908
Total........: 44,920,171
301,083
7,777
74,980
1,601,652
,1,082,384
112,678
Reserves
reserve
44,940,728
6,665
1
_
...
in
aid
...
373,401
806,777
-—-
—
'
Provision for income taxes
I
Net
operating revenues
Non-operating revenues
...
Total...;..
1,009,597
44.920.171 44.940,728
1938 and $76,945
147, p. 3779. /
Interest on f unded debt
Operating profit....
_
Other income..
Total earnings.......
deductions
$8,989,842
3,532,670
511,795
2,143,721
1,967,089
$1,044,356
128,083
Other interest charges
... — -
Interest during construct,
charged to prop. & plant
—
—
,
— .
$956,675
26,042
$3,511,652
103,932
$3,490,083
129,754
$982,717
129,137
[,615,584
510,882
1938
S
Assets—
RR.
Cash
hand and
on
Bank loans
199,748
200,897
in banks
the
event
of liquidation
65,524
131,745
accrued__
123,402
69,720
69,720
17,902
23,547
Consumers' deps..
950,7 83
Amt. pay. to em pi.
105,753
26,849
123,687
833,053
Due to affil. cos
Inventories
153,040
144,856
Due from affil. cos.
2,234
13,546
1, 072,817
(current acct.)_.
Other
1,133,602
.
Deferred charges..
accrued llabil
Reserves
Prem.
on
—
.
Co. (& Subs.)—Earnings—
1938
1937
$9,633,276
2,982,208
$9,298,065
Calendar Years—
„
Operation expense...
Maintenance
Taxes
.
I.
Net oper. revenues...
$63,622
Non-oper, income (net).
Dr6.879
Interest and amortiz'n
$56,742
28,989
Interest and amortizat'n
$2,1(15,974
1,031,298,
79,621
10,062
15,966
$2,209,206
1.084,902
,191.600
146,342
189.777
$78,394
Dr5,805
$833,664
Dr72,554
$808,184
Dr55,794
$72,589
$761,110
Depreciation
1,302,201
...
....
Taxes other than income...."
Income taxes
J.
...
Net operating income
Other income (net)...
Gross
_
_
;
_
.
1,387,440
23.0,926
;
i
.
_,
Interest
$2,856,692
12,434
$3,150,955
1,440,801
$2,869,126
1,443,985
311,878
,5,789
34,728
.336,927
11,323
6,296
$1,357,759
$1,070,594
559,535
277,865
..
559,536
.
1.
long-term debt
? $400,684
1......
$182,970
Preferred dividend requirements...
119,452
$179,848
119,452
$63,518
$60,396
$43,750
•
220,836
Net
..
'
common
dividends and surplus
148, p. 2289.
Willson Products, Inc.
3 Mos. End. Mar. 31—•
Gross sales
x
$338,483
Net profit
30,074
Earns, per share on com.
stock outstanding
x
-Earnings—
1939
After charges
$0.23
1938
and expenses in
•;
_c
$260,613
loss$14,363
Nil
1936
$289,890
$350,359
73,288
including Federal income taxes.—V. 148,
p.
effect for 1938.
Utility
rec.
317,945
63,000
proc.of amort. 3,127,577
35,024
1,222,828
Special deposits...
80,316
Cust.
notes
3,439,769
15,153
566,887
59,708
20,770
sees.,
accts.
Gross
1938
from
1937
1936
par).....10,656,800 10,656,800
($100
.
,
par).".... 6,173,100
(8100
Com. stk. ($50 par) 7,309,250
Debt disc. &exp.
Other def. charges.
Cash.....
x
7% cum. pref. stk.
6% cum. pref. stk.
from No.
West Util. Co..
y
196,875
53,550
.....
-S
Liabilities—
$
Investments
Mln,
Int.
Mat'ls & suppliesDue from affil. cos.
942.790
1,088,836
482,999
.
6,173,100
7,309,250
cap.
Def'd liabilities...
28,040
28,040
35,939,246 35,872,000
62,998
63,251
Curr. mat'y of 4%
270,000
debs..—
425,000
Notes payable
45~386
Accounts payable.
234,617
276,932
Cust. deposits
601,457
2,371
54,669
In
stk. of sub. co_.
Long-term debt
serial
and
receivable
1937
1938
1937
""
plant.....61,412,745 62,514,143
152,497
153,489
Accrued
450,291
taxes
98,456
Federal & State in¬
1042.
come
302,008
taxes
Accrued interest..
Winnipeg Electric Co. (& Subs.)—Earnings—
Calendar Years—
277,866
Consolidated Balance Sheet Dec. 31
1938
Prepayments
$0.57
*
the above income account for 1937 in order to conform to
the classification in
Marketable
1937
...
inco-re.-l.............I..
in
Balance for
.
Note—Revenues and expenses in connection with the operation of the
Madison General Office Building included in the previous report as miscel¬
laneous operating revenue (net) have been reclassified to electric revenues
Note
-V.
..
7% preferred dividends
6% preferred dividends
351,707
348,9.38
$412,172
229,202
Balance
on
Other income deductions.....
AsSCtS
Balance.....$27,754
Appropriations for retirement reserve
168,925
$3,133,103
17,852
.
income.
$752,390
139.411
28,839
3,131.737
560,046
1,287,018
1,293,647
597,399
Maintenance
1939—12 Mos.—1938
1939—Month—1938 "
$168,512 1
$184,014
79,024
9,455
16,410
Operation.
93,782
•
1.607,8b5.
1,500,243
!■
Represented by 3|.00,000 shares, $20 each.—V. 147, p. 2878.
Operating revenues
anything
Western Public Service Co. (& Subs.)—EarningsPeriod End. Feb. 28—•
7,925,549
93,782
pref. stk.
General interest.
Operating revenues....
8,288,857
_
352,328
Total......-..33,173,235 32,926,852
.....33,173,235.32,926,852
Total
—V.
'
44,996
.
354,759
for construction.
Amortization of bond discount and expense.
...
63,713
-
_
_
Contrlb. by cust'rs
shall be paid to the holders of common stock and the holders of common
stock shall then be entitled to receive, pro rat A, all of the assets remaining.
h
31,446
and
current
dividends which
shall have accumulated therdon to the date of distribution before
146, p. 3038.
280,119
64,291
Interest
Wisconsin Power & Light
of the corporation, the preferred stock is
entitled to the par value thereof and all accrued and unpaid
112,793
.
-
Dividends accrued
for pay.
of mat'd int., &c
„
It also holds othdr securities of these railroads.
200,000
231,910
12,248
9,171
ceivable..
Corp.—May Delist Stock-—
The Committee on Stock List of the New York Stock Exchange will
a hearing May 5, to consider the advisability of making application to
the Securities and Exchange Commission to strike from listing and registra¬
tion on the Exchange the common stock ($100 par value) of the corporation.
The operating subsidiary, Western Pacific RR., of which it holds all the
preferred and common stock, is in the process of reorganization under
Section 77 of the Federal Bankruptcy Act, as is Denver & Rio Grande
Western RR., of which the corporation holds 50% of the common stock.
11,000,000
Payroll accrued—
Deposits
$3,106,380
$3,104,702
$
6,000,000
154,414
Taxes accrued
1,023,452
984,706
1937
••
4.742,500
200,000
...
Accounts payable-
513,457
hold
In
585,000
6% cum. pref. stk. 4,742,500
y Common stock
.6,000,000
Funded debt
11,000,000
Property <fc plant. .29 ,585,130 29,198,629
371,294
Invest, & adv—.
467,324
y
Pacific
278,880.
$
Liabilities-
-
$3,619,837
$853,580
32,455
2,913
Cr9,150
603
1938
1937
Surplus
$916,273
'
—
Net income
Preferred dividends
Common di vidends
divs.
res.,
^
$846,995
and expense...
for
and surplus.
—V. 148, P. 1668.
Western
$8,882,567
3,227,194
$1,017,020
27,336
»
available
retire,
$2,246,497
778,027
584,525
...........
380.950
.
Amortiz. of bond discount
receiv. (trade)
821,578
'
$1,254,765
380,950
32,435
•6,909
08,051
34,799
$650,434
278,880
360,000
-
Other accounts re¬
1939—12 Mas.—1938
1939—3 Mos —1938
.$2,423,123
Operating revenue
Operating expenses
$1,230,371
'
24,394
$1,097,477
........
Gross income
Cos.—-Earnings—1
(Including Constituent Companies)
Period End. Mar. 31—
214.003
$1,108,158
Drl0,681
_ . ..
Balance Sheet Dec. 31
for uncollectible accounts of $75v702 in
Western Massachusetts
Balance
204,500
-----
Accounts and notes
Interest
747,067,
—
of
b Represented by 260,000 no par shares.—V.
Taxes
1937
$6,393,735
3,012,036
312,222
941,755
683,347
Provision for depreciation
112,399
864,518
liabilities
Deferred
Earned surplus...
After
Maintenance.
. _ _
181,677
Misc. curr. liabils.
1,018,895
construction
a
Operating revenues
Operating expenses_...
Other ded uctions
divs,
payable
Contrlb,
in 1937.
1938
$6,280,398
3,040,495
Years—
Long-term
process
Cash
5,990,769
Liabilities—
Bond discount and
of amortization.
5,990,769
Electric Co,—-Earnings-
Wisconsin Gas &
Calendar
$
$
39 ,220,709 39,296,695
823,777
964,450
plant
1937
$
1937
$
Investments
b 50,000 shares of $100 each,
2,1942; thereafter 5% . c Repre¬
sented by shares of no par value, 281,712 shares class A and 283,2< < shares
of class B.—V. 148, p. 2138.
Taxes
*
Utility
80,570,016 80,064,889
Total
a After reserve for doubtful accounts,
non-cumulative dividend rates 4% to Jan.
21,009
$810,260
Net income
-1
617,291
90,767
13,281
86,348
18,423
21,673
Miscell. deductions
A
•
'
83,743
and expense.
Divs. paid on
14,411
15,245
Amort, of debt discount
-..80,570,016 80,064,889
Total,..
541,699
7,290,947
656,325
Surplus
23,861
$2,054,696
Net operating income. $2,034,986
Non-operating income-10,715
121,865
2,161
western)
&c
$4,847,171
$5,368,239
2,859,825
748,084
116,869
secur.
Scrip ctfs. (North¬
752,040
681.975
Mat'Is & supplies.
^
$5,541,870
3,016,901
i
656,475
& salaries
deposits
men's Comp. Bd.
4071.
West Texas Utilities Co.—EarningsCalendar Years—
1938
1937
inch
pay.,
wages
dep. with Work¬
$2,004,656 $1,461,218
stock.
Consumers'
200,000
&
funds
Working
Operating revenues
Operating expenses
Accts.
other accts. rec.
S
5,000,000
5 ,000,000
13,754,521
c Common stock—13 ,754,521
Funded debt
36 ,945,752 36,946,200
and
Consumers'
1937
$
Liabilities—
b Preferred
722,261
704,730
200,000
liab_.
Call loan
110,388
9,219
Total
$
to
dep.
on
131,477
Represented by 25,000 no par shares.—V. 147, p.
a
Funds
meet spec.
Surplus...
$2,004,656 $1,461,218
Total
8,340
8,065
9,737
stock.
Common
a
12,385
Prepaid
15,042
bon'sl
&
1938
1937
$
Phys. properties..76,477,820 75 ,851,490
7,795
Sundry investm'ts
7,754
,367,242
Cash
1,240,030
Pro v.for Fed. taxes j
&
fixtures
Furn.,
49,400
Acer. exps.
600
Dep. on bd. purch.
pay.mnsec'd)
L'ns
cust'ers
from
$585,000
49,425
$1,099,000
cured)
Balance Sheet Dec. 31
e
1938
A$$CtS
(se¬
pay.
Due cust.(secured)
Acer. int. receiv..
Due
Notes
1938
1939
Liabilities—
1938
1939
Assets—
1939
22
April
Chronicle
Contrlb.
.
Reserves
oper._x$6,606,195
Operating expenses
3,352,257
$6,750,381 x$6,639,869
3,446,445
3,274,845
$6,352,338
3,090,111
Net operating income.
Interest on funded debt.
53,365,024
1,255,348
51,780
507,370
527,966
538,504
1,242,598
66,201
502,334
1,133,137
1,052,719
1,018,601
1,000,000
6,717
6,708
22,134
40,193
5,884
54,340
$372,391
$440,568
$385,354
in
aid
40,471
4,751,931
of
60,799
$279,034
204,712
36,402
$3,262,226
50,216
$3,303,935
1,255,348
48,610
194,742
3,989,307
Misc. curr. liabils
1935
earns,
construction
Other interest
Taxes
Depreciation. 1
Amortiz.
of
bond
dis¬
count & expense
Other income deductiqns
Net inc.
for int.
x
4,940
Total
x
67,732,814 68,611,986
After
reserve
Total
217,541
218,918
2,287,983
...
Surplus
$3,253,938
1,255,330
1,767,624
...67,732,814 68,611,986
of $97,319 in 1938
for uncollectible notes and accounts
Including premium discount and expenses applic¬
able to refunded issues in process of amortization over unexpired terms of
refunded issues, or lives of refunding issues, whichever is shorter.—V. 148,
p. 1185.
and $100,152 in 1937.
y
Wood, Alexander & James, Ltd.—Accumulated Dividend
before
prov.
on ser.
B bds
The
Includes $22,046 in 1938 and $1 373 in 1936 for miscellaneous income
(net).
directors have declared
accumulations
on
a
dividend of $1.75 per share on account of
the 7% cumulative
able May 1 to holders of record April
of the eight preceding quarters.—Y.
first preferred stocks, par $100, pay¬
26. Like amounts were paid in each
148, p. 292.
Volume
Financial
148
Chronicle
2449
gUpurls awd Jtoatrnjewis.
PUBLISHED
UNION PACIFIC
ADVERTISEMENTS
RAILROAD COMPANY
REPORT—YEAR ENDED
FORTY-SECOND ANNUAL
To the Stockholders of
AS
Union Pacific Railroad Company:
'
DECEMBER 31,
..
.
.
193S
•
-
The Board of Directors submits the following report for the year ended December 31, 1938, of the operations and affairs
of the Union Pacific Railroad
Company, including lines leased from Oregon Short Line Railroad Company, Oregon-Wash¬
ington Railroad k Navigation Company, Los Angeles & Salt Lake Railroad Company and The St. Joseph and Grand Island
Railway Company.
than those
The lessor companies have certain income and charges, and the figures in the Income Account, other
relating to transportation operations, and in the Profit and Loss Account and General Balance Sheet and tabula¬
tions and tables relating thereto are
as
stated
on a
consolidated basis, excluding offsetting accounts betiveen the companies except
otherwise noted.
.
'■
.
,
.
INCOME
'
The operated mileage at close of year and income for the year 1938, compared with 1937, were as follows:
.
1938
1937
Decrease
Increase
Operated Mileage at Close of Year
Miles of road-
15,717.26
$162,064,310.60
116,834,578.21
$11,851,096.55
$44,482,062.98
15,293,994.56
$45,229,732.39
13,244,160.11
$2,049,834.45
$29,188,068.42
1,742,834.54
$31,985,572.28
1,732,739.70
$10,094.84
$33,718,311.98
$8,644,167.12
'$8,562,894.10
2,269,157.65
$81,273.02
150,186.75
$10,832,051.75
$231,459.77
$19,867,391.44
$22,886,260.23
$4,713,899.76
4,506,670.55
3,300,297.22
65,660.73
223,188.71
.■
333,970.08
479;657.78
$428,521.24
4,228,302.62
3,765,484.99
101,365.80
228,634.26
345,811.72
538,291.39
.285,378.52
278,367.93
—
.1
*
expenses
...
over expenses —:
*
Taxes.
_
...
-
v-
.
_
A*
-
-
-
Railway Operating Income
of joint tracks, yards, and
use
19.98
-
—■
„—.
revenues
Rents from
15,737.24
$11,063,511.52
Revenues
11.96
$150,213,214.05
105,731,151.07
—
-
7.83
.19
Transportation Operations
„
Operating
Operating
9,911.69
1,542.71
4,282.84
_
,
Miles of yard tracks and sidings-.*.-
Total Mileage Operated.
9,903.86
1,542.52
4,270.88
$30,930,902.96
•_
Miles of additional main track
terminal facilities.
Hire of equipment—debit balance
—■
Rents for use of joint tracks, yards, and terminal
2,419,344.40
facilities.
Net Income from Transportation Operations.
11,103,427.14
$747,669.41
$2,797,503.86
$2,787,409.02
$3,018,868.79
Income from Investments and Sources other
than
Transportation Operations
Income from oil operations in Southern California—net
Dividends on stocks owned
!
;
Interest on bonds, notes, and equipment trust certificates owned.
Interest on loans and open accounts—balance
V-■
Rents from lease of road and equipment
—
,
—
Miscellaneous rents
;
,-
—_
!
Miscellaneous income.Total---
—
... .
$465,187.77
35,705.07
5,445.55
11,841.64
58,633.61
$13,623,344.83
$3,986,932.81
$32,522,672.25
$968,064.02
$14,263,258.04
28,038.71
'498,206.00
Total Income...
$9,636,412.02
$33,490,736.27
-.
$14,188,163.76
$75,094.28
Fixed and Other Charges
Interest
on
funded debt
Miscellaneous rents
—
Miscellaneous charges
Total-.*-*,
'
$14,789,502.75
DISPOSITION
OF
NET
'
$17,655,516.22
$3,981,724.00
$383.78
152,363.78
$77,653.28
$14,867,156.03
$18,701,233.52
-------
Net Income from All Sources.
Dividends
28,422.49
650,569.78
$3,981,724.00
$1,045,717.30
INCOME
Stock of Union Pacific Railroad Co.:
on
Preferred Stock:
2 per cent paid April 1, 1938
2 per cent paid October 1, 1938--
.A-—A.
—
$1,990,862.00
-i—;
1,990,862.00
-
Common stock:
m per cent paid April 1, i938
'
1 Yi Per cent paid July 1, 1938-m per cent paid October 1, 1938..—--------1 lA per cent payable January 3, 1939. —
'1
-
$3,334,365.00
3,334,365.00
*
3,334,365.00
3,334,365.00
13,337,460.00
Operating results for
year
1938 compared with
year
$17,319,184.00
$1,382,049.52
Surplus, Transferred to Profit and Loss.
13,337,460.00
$17,319,184.00
Total Dividends
$336,332.22
$1,045,717.30
1937:
J
•
Per
1938
Average miles of road operated
9,907.52
$162,064,310.60 '
Cent.
.1
$10,256,416.83
755,186.35
4.4
71,963.70
472,506.04
$130,685,961.16
17,320,897.81
4,996,449.96
2,112,937.79
2,948,967.71
1,513,613.33
13,148.92
2,472,333.92
$150,213,214.05
Decrease
6.30
9,913.82
$120,429,544.33
16,565,711.46
.5,024,152.29
2,040,974.09
2,476,461.67
1,623.826.49
5,537.86
2,047,005.86
....
Increase
1937
16.0
Operating Revenues
1.
2.
Freight..
Passenger
3.
Mail
4.
Exoress
5.
Other
.
.
6.
passenger-train
Switching.-
7.
Water line--
8.
Other
-
-
-
_
_
$27",702~33
operating
revenues
_
_
3.4
7.3
7,611.06
425,328.06
»
Total
.6
110.213.16
■
9.
7.8
57.9
$11,851,096.55
7.3
"
17.2
' April 22, 1939
Financial Chronicle
2450
Per
Cent.
Decrease
Increase
1937
1938
Operating Expenses
$42,767,639.28
4,244,151.42
50,282,801.33
8,803.87
3,430,967.52
5,001,449.85
$48,034,586.03
4,666,453.43
54,657,836.31
960.03
$105,731,151.07
$116,834,578.21
$44,482,062.98
$45,229,732.39
$9,310,726.66
1,900,456.01
1,681,707.40
2,185,313.62
$9,540,231.90
1,367,169.05
35,792.47
— —
13. Traffic
-----------14. Transportation—rail line.----------
—
-—----- —
Transportation—water line-16. Miscellaneous operations
15.
Transportation for
18.
investment—Credit
Total operating expenses.-—---------'----------
19.
20.
Revenues over expenses
21.
State and county
22.
Unemployment insurance
Federal retirement— :
Federal income
Federal capital stock.—•
Other federal---
23.
—
----—
;
_
25.
26.
\
10,960.08
3,625,438.82
5,840,263.57
12.9
11.0
$5,266,946.75
422,302.01
4,375,034.98
2,156.21
194,471.30
838,813.72
9.0
8.0
19.7
5.4
14.4
385.6
$3",70247
$11403,42744
9.5
$747,669.41
—;
-
1.7
Taxes
,
24.
-
—
7.7
$1,371,259.55
3,895,687.20
$17,725,359.91
30,309,226.12
------
— - —---
Total maintenance---
12.
$16,354,100.36
26,413,538.92
4,662.20
Maintenance of equipment-
11.
-----—------- — -----
■
_ — - -—
-
—.
—
—;
--r — —-—
—
250,295.61
liTo
*"""'"""10149
202,486.00
13,304.87
—
"
~~
~
42.6
150,259.00
.8
15.5
•
taxes.--!
Total
27.
Railway operating income.-^----------- — !
Equipment rents (debit)-----------30. Joint facility rents (debit)-.-—— — —
28.
31.
Net railway operating income
—
L-.
$31,985,572.28
8,562,894.10
$81,273*.02
.9
536,417.95
.140,091.91
26.1
$22 ;886,260.23
$3,018,868.79
70.39
—
$13,244,160.11
$19,867,391.44
—
——
,
$29,188,068.428.644,167.12
676,509.86
------
29.
$2,049,834.45
—.
$15,293,994.56
—
— —
2.4
39.0
1,645,914.93
.
1,935,018.01
352,745.00
13,203.68
,
•V-.
$229,505.24
^$533,286.96
72.09
1.70
—-
8.7
$2,797,503.86
13.2
•
Per cent—Operating expenses
of operating revenues.--------—.
2.4
Freight Traffic
(Commercial Freight only)
11.6
•
of revenue freight
Ton-miles,
25,284,671
"
carried
V
freight
Average distance hauled pbr ton:(miles)2
Tons
463.28
1.028
'
•_!.
—
-
Average
Average
Average
,
o
.3
4.6
.983
•;
.
5.6
$.32
' '
-.
-
1,684.267
944,680,863
j —-
560.89
73.56
*—«, -------- -
- —
Average distance hauled per passenger
Average passengers per passenger-train
$5.67
11.9
1.50
--
-
Streamlined Train)
mile.-.--
one
.
,
"
464.78
■
Passenger Traffic
(Excludes Motor Train, other than
-
3,325,267
1,583,290,677
28,609,938
13.297,243,583
$5.99
,
Average revenue per ton-mile (cents)-.----.--.------ —----i-—
Average revenue per freight-train mile.--- — - —
Revenue passengers, carried
Revenue passengers carried
v
11,713,952,906
;
revenue
,
—
{miles)—
mile
revenue per passenger-mile (cents)-revenue per passenger-train mile, passengers only.- —
total revenue per passenger-train mile-- — — --— —
2,052,571
1,072,827,716
^ .
^
;
*
1.739
$1.28
$1.85
.
80.02
1.600
$1.28
$1.72
11.9
7.3
522.68
.
17.9
368,304
128,146,853
~ ~ « «
» .
~ ~
.
8.1
6.46
8.7
7.6
$.13
.
GENERAL BALANCE SHEET—ASSETS
■
December 31,
1937
December 31,
V
1938
Investments:.
Road apd
Equipment
- -
'
' '
-
$962,258,960 4 5
701.
704.
705.
$37,133,327.65
"
$37,133,327.65
$925,125,632.50
$922,327,896.99
$363,157.35
9.529,318.95
$827,555.59
7,702,227.73
$9,892,476.30
■
Total-
13,310.236.52
•.
surplus prior to July 1,1007,
credited to this*account.--
,
$23,823,091.13
13,310,236.52
and equipment fund—.—- - - - -
Appropriations from income and
$2,797,735.51
$959,461,224.64
$23,823,091.13
-
'
' •"
Receipts from improvement
,
—C — — - —
Decrease
Increase
$8,529,783.32
—
Investment,in road and equipment--Deposits in lieu of mortgaged property sold _•—Miscellaneous physical propefty.--------- —
'Total--'------
— -- - — -----
—-
—
$2,797,735.51
;
"
'
$464,398.24
$17827,091.22
u
$1,362,692.98
/
:
■ft
706,
r
Investments in affiliated
.
companies:
1--.
—
—
-'-
$20,363,886.91
11,710,859.36
19,527,877.86
$81,160,708.06
65,765,779.95
■
~
! '
$3,950.00
$51,602,624.13
$80,956,197.19
67,735,085.14
—--—.,
— -
other companies:
Investments in
Stocks'
'
.
'•■'!'
$2,059,422.23
*""iX987058"5l
--------- —
Total
.
trust certificates------
$20,367,836.91
■
9,651,437.13
20,725,936.37
$50,745,210.41
-
—
Advances
707.
v
,
Stocks-----
Bonds, notes, and equipment
;
——-1
; i—- >—-—
Bonds, notes, and equipment trust
■'
certificates.---
-------
$857,413.72
$204,510.87
~
$1 >969,305.19^
*
■"
Total
i
-.-i_
—
----"
$148,691,282.33
— —•
»
United States Government Bonds
and Notes.u——
«
703.
!_
Sinking funds
•
Total
<*
^----1-.—
708.
Cash.
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable.
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
_
--
715.
716.
—
'
.*.* —
—
719.
Other current assets:
Baltimore and Ohio Railroad Co. capital
payment of extra dividend of 1914
-
-
--
Rents receivable
Miscellaneous items
stock applicable to
'
$6,903,537.50
$99,650.00
$1,149,246,110.62
$1,935,378.41
$23,447,319.1341,877.23
8,264.48
3,626,594.25
1,107,061.43
5,240,393.14
21,579,507.44
850,997.53
$13,708,260.93
$9,739,058.20
""
$9,168.21
51,045.44
6,447.50
3,352,663.65
1,024,846.24
4,940,042.27
30,498,241.56
963,756.92
114,433.17
113,531.70
953.01
/
1,816.98
273,930.60
82,215.19
300,350.87
113,875.70
1,080.96
1
8,918,734.12
112,759.39
'
5,640.24
344.00
127.95
$50,805,491.61
$380,357.45
4,661,540.58
Unadjusted Debits:
723. Rents and insurance premiums paid
725. Discount on funded debt— —
—
in advance
Cj
Total Unadjusted Debits
$259,598.28
3,947,751.53
$120,759.17
713,789.05
$.5,041,898.03
Working fund advances
Other deferred assets
Total deferred assets..
$5,331,081.14
$4,207,349.81
$834,548.22
$18,114.26
699,910.52
$20,249.75
731,604.56
1,232,321.67
31,694.04
$1,868,618.46
$1,984,175.98
$115,557.52
$1,210,357,821.45
$1,206,243,128.02
—
Deferred Assets:
.11
.
—
Total Current Assets.
722.
'—.— —
$100,000.00
-
120,073.41
718.
720.
$19,759,318.17
$350:00
$1,147,310,732.21
—
711.
714.
$1,764,794.32
$146,926,488.01
—
Investments--.--,
Current Assets:
712.
713.
.
$12,855,780.67
—
:
$2,135.49
81,727.99
$4,114,693.43
Volume
Financial
148
Chronicle
2451
BALANCE SHEET—LIABILITIES
GENERAL
December 31,
1938
751.
Capital
Total
•
$321,905,480.79
Capital Stock
Total
in Aid of
757.
Nonnegotiable Debt to Affiliated Companies.
Traffic and car-service balances payable
Audited accounts and wages payable-___
$763,670.90
$5,375,706.75
$1,291,715.23
—
$1,201,269.18
8,194,858.95
912,515.81
—
—____ — — _
—
Deferred
1
Total Current Liabilities—
'
k
Liabilities:
/
-
$1,236,791.98
9,588,005.63
804,399.26
88.924.61
'
■■
$35,522.80
1,393,146.68
$108,116" 55
84.168.31
4,022,611.20
.
4,032,140.20
'
r
117,034.46
122,504.74
59,175.00
1,625,738.46
429.011.09
324,099.40
.
4,269.88
347.02
39,000:00
10,264.61
1,636,003.07
371,945.03
~57,b"66~66
272,111.09
$20,436,377.78
,
9,529.00
122.851.76
3,334,365.00
98,175.00
3,334,365.00
—
-t■,*,«
4,756.30
r
121,304.34
—
768.
$1,815,815.00
1
Coupons matured, but not presented— —••_-_.
CouDons and interest on registered bonds, due first proximo.
Dividends matured unpaid:.
Dividends due but imCaJled for—
Extra dividend on common stock declared Janaury 8, 1914,
payable to stockholders of record March 2, 1914, unpaid.
Dividend on common stock payable third proximo __
Funded debt matured unpaid-4Unmatured interest accrued,
Unmatured rents accrued
Other current liabilities-
767.
$4,754,683.37
_______
*
761. Miscellaneous accounts payable
762. Interest matured unpaid:
766.
$5,518,354.27
$6,667,421.98
Construction—.___
$1,815,815.00
,
"
Liabilities:
Current
764.
354,963,010.00
$676,868,490.79
"
Grants
763.
$321,905,480.79
$675,052,675.79
______
754.
759.
760.
Decrease
$222,302,500.00
99,602,980.79
353,147,195.00
'/'/ V'--
■
Increase
"
$222,302,500.00
99,602,980.79
Debt.
Funded
■
31,
1937
Stock
Common 8tock_____________..___..__
Preferred stock.
755.
December
51,988.31
$21,697,990.79
$1,261,613.01
..
'
"
Other deferred liability
Tax liability
$8,189,807:27
8,573,473.16
$8,043,174.13
7,776,109,00
$16,763,280.43
$15,819,283.13
$943,997.30
V $98,668,87
8,020,482.62
111,661,138.44
$606,940.33
3,,202,062,52
2,784,968.41
2,179,910.60
605,057.81
2,467,170.83
770.
771.
2,844,370.51
$128,839,322.92
$124,804,571.04
$4,034,751.88
$853,277,433.17
$849,320,725.87
$3,956,707.30
$30,767,754.54
34,972,570.88
992,228.66
350.00
$30,733,178.nl
34,972,570.88
667,788.66
100,000.00
V,; $66,732,904.08
$66,473,537.55
—
r.____4
—
v,Total Deferred Liabilities
Unadjusted Credits:
V
/
772. Premium on funded debt.
773. Insurance reserve (Reserve for fire insurance)
4
♦Reserve for depreciation—_
___—
778. Other unadjusted credits:
Contingent interest _____
$146,633.14
797,364.16
.
,
$96,559.77
8,627,422.95
114,863,200.96
—
—
•
—
.
$2,109.10
„
________
—
Miscellaneous iteins
Total Unadjusted
?
Credits.
—
Liabilities..
Total
i-______
Surplus:
'• ^
iv '
Appropriated foP additions and betterments__4
;
Reserved for depreciation of securities
Funded debt retired through income and surplus._____
Sinking fund reserves
377,199.68
V-
,
___
—
'
•
Total Appropriated Surplus.________4
784.* Profit
and
.....y-
■
Total
.
250,782,284.46
________________
Surplus..—
,
$317,357,202.41
$39,565,199.74
$99,650.00
$259,366.53
250,883,664.86
$317,515,188.54
$39,565 499 74
$1,210,357,821.45
Loss—Credit, Balance
$34,576.53
324,440.00
$1,206,243,128.02
$101,380.40
___________
$157,986.13
;
As this consolidated balance sheet excludes all
'■'■■v':
intercompany items, secur¬
ities of the Los Angeles & Salt Lake Railroad Company and The
St. Joseph and Grand Island Railway Company owned by other
System companies are not included:
The difference between the
par and face value of such securities as carried on the books of the
issuing companies (less unextinguished discount on the bonds and
discount charged to Profit and Loss but added back in consolidating
the accounts) and the amounts at which the securities are carried
,on the books of the owning companies' is set up here to balance. __
Total
Grand
!•
-
'-I
EXPENDITURES CHARGEABLE
Extensions and Branches—___
Additions and Betterments (excluding equipment)
_
_
_
_
———
Equipment---.:
'4
•;
-
-
4
:_
Total Expenditures-_—
Total Credits.
________
_
_
^
_
_
4
__
4
_
—_______
4
4
-
-
-
_
_
_
_
4
.
as
Two
NOTICES
of May 1/ 1939 under the name of Goodbody & Co., it was
The
Atlanta and
new
firm will operate 24 offices, adding branches in Memphis,
Charlotte to
the present
Goodbody list.
All of the com¬
modities and stock business, both domestic and foreign, conducted by Hub¬
bard Bros. & Co. will be continued by the
hew firm.
new
general partners and one special partner are expected to be
of the New York Cotton
Exchange from 1926 to 1928 will become a partner
Goodbody & Co Mr Hubbard is also a member of the New York Stock
.
.
Exchange and the Liverpool Cotton Association, Ltd., and other leading
J. A. Russell, partner of Hubbard Bros & Co.,
commodity exchanges.
and also
a
member of the New York Cotton Exchange, becomes associated
with Goodbody & Co. and will represent them on the New York Cotton
Exchange.
George R. Siedenburg who has been associated with Hubbard
Bros. & Co. in their foreign department, will also be associated with Good-
body & Co. in the same capacity.
Hubbard
Bros. & Co. with its predecessor firms dating from 1878 is one of the oldest
member firms of the New York Cotton Exchange and other commodity
exchanges, and Goodbody & Co. has been prominently identified with the
New York Stock Exchange since 1891.
Hubbard, Price & Co.
drawal of Mr.
own
name.
In 1884 the firm of
organized and in 1895, the firm,
was
Price, became Hubbard Bros. & Co.
on
the with¬
Their business has
been largely commodities.
S.
T.
Hubbard
graduated from Harvard University in
1907."
After
spending several years in the south shipping cotton here and abroad, he
became associated with the firm of Hubbard Bros. & Co. and was admitted
to
partnership in 1915.
»
,
to be admitted as
general partners and Ralph H.
Hubbard are now partners in
Hubbard Bros. & Co., and with the exception
these men were previously associated with the dis¬
solved firm of Berg, Eyre & Kerr, whose business they will continue with
Lawrence Turnure & Co.
Lawrence Turnure & Co., now the sixth oldest member firm of
the New
York Stock Exchange, was originally established In 1832 by Moses Taylor
under his name.
R. Pyne,
In 1849, Mr, Taylor formed
a
partnership with Percey
and in 1851 Lawrence Turnure was admitted as a partner.
Mr.
Taylor later became President of the National City Bank, but the firm
Mr. Pyne suc¬
President of the National City Bank upon Mr.
kept his name until 1889, when it took its present name.
ceeded
Mr.
Taylor
as
In its earlier
days the firm
was
active in financing foreign trade, particu¬
The firm
larly with the West Indies, and owned a large fleet of vessels.
was
reorganized in 1935 when it went into the brokerage business, following
the enactment of the Banking Act of 1934.
It has always been closely
identified with Cuba, and sugar interests there, and is still active in sugar
The late S. T. Hubbard, father of S. T. Hubbard, Jr., started the present
& Co. under his
Johp Kerr and William Monypeny Newsom
Hubjbard, a member
of the New York Stock and Cotton Exchanges," as a special partner.
Henry
G. Ely, Roy J. Clark, Henry Blohme and Gail Borden, 2nd, will also be¬
come* associated, with the firm*,on May 1.
Messrs. Kerr, Newson and
are
Taylor's death.
The merger brings together two of the older established firms.
firm of Hubbard Bros.
107-year old Stock Exchange firm of Lawrence
Turnure & Co. on May 1.
of Mr. Hubbard, all of
Samuel T. Hubbard, Jr., senior partner of Hubbard Bros., and President
of
$11,230,813.80
$2,797,735.51
___,
—Goodbody & Co. and Hubbard Bros. & Co. will merge their respective
businesses
,
$8,433,078 29
——________
admitted to partnership in the
learned.
-•
$1,406,514.58
6,376,369.67
650,194.04
_.
—
Net increase in "Investment in Road and Equipment"
CURRENT
.
'
.
.0-
$1,202.27
3,842,213.45
7,387,398.08
.
—
Credits to Investment, in Road and Equipment:
Cost of property retired and not replaced-,-
Cost of equipment retiredAdjustments
,; ;
$4,114,693,43
..
—
■
ROAD AND EQUIPMENT
TO INVESTMENT IN
—
—
"i'
,
'•
securities.
Other partners
of Lawrence Turnure & Co. are Lawrence
Turnure,
a
grandson of the founder of the firm; Gerard L. Pears, a member of the New
/York Stock Exchange, David H. Haughey, and William T. Veit.
Besides
membership in the New York Stock Exchange, the firm is also a member of
the New York
Coffee & Sugar Exchange, and associate member of the New
York Curb Exchange.
.
Beverley M. Eyre, now a partner in Hubbard Bros. & Co., is expected
to continue as an
independent Stock Exchange member.
Financial
2452
Santos coffee
COMMERCIAL EPITOME
May
July
September
Friday Night, April 21, 1939
Coffee—On the 15th inst. futures elosed 3 to 5 points net
The Rio
(old) contract closed 1 point higher
(new)
nominally 1 point higher.
was
light, and prices
the
market
market
closed
were
as
also
well
as
had
published.
influence
bullish
a
other commodity
were
A stronger
coffee
higher at 13.70 milreis
on
dealers.
On the
17th inst. futures closed 9 to 11 points
lower for the Santos
contract, with sales totaling 33 lots.
Rio (new) contracts
were
unchanged, but old contracts
points
The
lower.
market
met
on
5 lots
some
2 to 4
were
rather
substantial
selling at the opening, which sent prices off 9 to 13 points.
The market later rallied about 7 points, but
eased
off again.
quoted at 18.35 milreis compared with 18.30
but the free rate
was
unchanged.
unchanged and Havre
was
of which 159,000
Europe
destinations.
and
were
Brazil last
were
for the
14,000 for
In the previous week the exports
was
Saturday,
Spot prices in Brazil
week cleared 258,000 bags,
85,000 for
on
1)4 francs higher.
United
States,
subsequently
The dollar rate in the free market
were
other
211,000
On the 18th inst. futures closed 4 points down to
bags.
unchanged, with sales totaling 60 lots, this applying to the
Santos contract.
point
The Rio old contract closed unchanged to 1
totaling 7 lots.
off, with sales
futures
quiet around last night's closing quotations.
Switching out of May and into distant positions was the sole
trading. During early afternoon Santos con¬
tracts were 1 to 2 points higher, with September at 5.95c.,
up 1 point.
Rios were unchanged to 1 point lower, with
September at 4.12c., off 1 point. Havre futures were fid.
lower.
Cost and freight offers from Brazil showed little
change. Mild coffees were steady with Manizales at 10J4
to 11c.
Roasters were only buying from day to day , but con¬
4 to 6
Mild coffees
were
•
barely
closed
in
observance
of a national holiday, coffee
lost ground in quiet trading.
Santos
contracts rallied 5 to 7 points with March at 5.94c.
Old
Rios were unchanged with May at
some
4.12c., while March new
were
)4 to 1 franc
higher. Mild coffees were barely steady, with some thought
willing to sell Manizales at 10 %c.
Brazilian offers were
light and about unchanged.
Rios sold at 4.45c.
In
Havre futures
Rio coffee prices closed
May
July
September
as
4.15
-.-4.12
4.09
ollows:
December...'
March.
Transactions totaled 271 lots.
The
futures
cocoa
new
(old A) contract closed 5 to 2 points net lower, with sales
totaling only 16 lots.
Santos coffee futures went into new
low ground at the opening as Brazilian milreis exchange
continued to weaken against the dollar.
Losses of 1 to 5
points were registered, with May selling at 5.66c.
It still
was 9 points above the all-time low
registered on May 20,
1938, for the spot May position.
During eariy afternoon
May was back to last night's close at 5.70. Rio contracts
at that time were unchanged to 5
points lower.
The free
market rate on Brazilian exchange was 250 reis weaker at
18.95 milreis to the dollar.
Cost and freight offers from
Brazil were 5 to 10 points lower. Havre futures were
A franc
lower.
Today futures closed 5 to 7 points net higher, with
sales totaling 70 lots in the Santos contract.
The Rio (new)
contract closed 6 points up, with sales
totaling 3 lots, while
the old Rio closed 3 points up, with sales of 4 lots.
With
Brazil
Street and
Sriceswent to 4.23c.—off 5 points., July also for the season,
lay of cocoa futures down into new ground went into
On the 20th inst. futures closed 6 to 2 points net lower for
the Santos contract, with sales totaling 85 lots.
The Rio
futures recovered
from Wall
.
The Brazilian
free market exchange rate on milreis was 30 reis weaker at
18.38 milreis to the dollar. .On the 19th inst, futures closed
were 1% to.2 francs lower.
steady, with Manizales at 10
came
readily absorbed liquidation in May contracts,
prices holding steady. During early afternoon the market
was
unchanged compared with previous finals. Much of
the business consisted of switching out of May into distant
positions, while the liquidation was done for Wall Street
account with the trade taking the contracts.
Warehouse
stocks continue to rise.
The overnight gain was 8,700 bags.
The total now is 1,291,318 bags, against 624,771
bags a
year ago.
Local closing: May, 4.35; July, 4.44; Sept., 4.53;
Dec,, 4.67; March,. 4.82.
'
,
'
On the 20th inst. futures closed 7 to 4
points net lower.
Transactions totaled 732 lots.
Liquidation of May con¬
tracts weighed heavily on the cocoa futures market.
|A1though trade absorption was active, that month „broke 8
points to 4.27c. Other positions were 6 points lower. The
market was at new lows for the year.
Trading was on a
broader scale than in some time, with 600 lots done to
early
afternoon, of which 400 consisted of switches out of May
into deferred options.
The market ignored bullish Bahia
cables.
Warehouse stocks decreased 500 bags. 'They now
total 1,290,830 bags compared with 625,528 bags a
year ago.
Local closing: May, 4.28; July, 4.38;
Sept., 4.48; Oct., 4,53;
Dec., 4.63; Mar., 4.78. Today futures closed 4 to 6 points
net lower.
Transactions totaled 508 lots.
Liquidation of
May contracts by Wall Street commission houses forced
feature of the
futures
demand in evidence
market
was
points net lower for the Santos contract, with sales
totaling 98 lots. ".The Rio (old A) contract closed unchanged
to 3 points lower, with sales totaling 10 lots.
Liquidation
in May contracts together with further weakness in Brazilian
milreis exchange influenced considerable selling in the coffee
futures market, with the result that prices sagged.
Santos
May sold at a new low price of 5.71c., off 4 points and within
14 points of the all time low registered last May.
The free
market rate on Brazilian milreis was 50 reis weaker, a net
loss of 250 in 2 days.
Cost and freight offers from Brazil
showed little change.
Rio No. 7s on the official spot market
were quoted at 13.5 milreis per 10 kilos, off 800 reis.
Havre
5.92
__5.95
;i
...
—
Local closing: May, 4.37;
net lower.
Trading in coffee
tinued to show interest in Colombian coffees.
as follows:
5.72 December
——5.80 March
„__5.87
-
-
July, 4.45; Sept., 4.55;
Dec., 4.70; Jan., 4.75. On the 17th inst. futures closed 1 to
2 points net lower.' The opening range was 4 to 3 points net
lower.
Transactions totaled 208 lots, equal to 2,787 tons.
It was reported that Wall Street liquidation, principally in
May, weakened prices 4 to 5 points during the day. There
were
also some switching operations of futures for actual
cocoa,
London actuals came through llAd. higher, while the
Terminal Market was unchanged to 3d. lower with 610 tons
sold.
Local closing: May, 4.35; July, 4.44; Sept., 4.54;
Dec., 4.68; Jan., 4.73. On the 18th inst. futures closed 1 to
2 points net higher.
Transactions totaled 161 lots. Liqui¬
dation of May contracts by commission houses for Wall
Street was the feature of the trading in cocoa futures. Their
selling was readily absorbed by manufacturers with the result
that the market this afternoon stood 1 to 2 points net higher.
Trading to early afternoon totaled 125 lots. " London was
steady. Warehouse stocks continued to increase. The over¬
night gain was 6,100 bags. Certificated stocks of cocoa now
total 1,282,913 bags, compared with 624,178 bags a year ago.
Local closing: May, 4.36; July, 4.46; Sept., 4.55; Dec., 4.70;
March, 4.83. On the 19th inst. futures closed 1 to 3 points
the spot in Brazil
10 kilos.
per
prices closed
-
the little
Havre
the
on
trading centers.
M to 1 Yz francs lower but Rio 7s
200 reis
1 lot and
responded readily when
as a consequence
President's peace message was
stock
on
Offerings
1939
Cocoa—On the 15th inst. futures closed 3 to 5 points net
higher. The opening range was 1 to 2 points up from the
previous close. Transactions totaled only 79 lots, equal to
1,059 tons. The session on the whole was a quiet one and
without any real feature.
London actuals were unchanged
to 1 Ad. higher, while the Terminal Cocoa Market advanced
1 ]/2d. to 4fyd., with 100 lots traded. On the local Exchange
higher for the Santos contract, with sales totaling 11 lots.
Rio
April 22,
Chronicle
4.16
..4.16
low
„
ground, while Dec. equaled its old low. In addition to
outright liquidation of May, many holdings were switched
out of May into later positions.
The turnover was 400 lots
to early afternoon.
Warehouse stocks continued to mount.
The overnight gain was 5,900 bags, which
brought the total
supply of certificated cocoa, to 1,296,798 ; bags. Local
closing: May, 4.22; July, 4.33; Sept., 4.44; Oct., 4.49; Dec.,
4.57; Mar., 4.72,
Sugar—On the 15th inst. futures closed 1
to 2
points net
lower.
Transactions totaled 149 lots. The market appeared
to be influenced somewhat
by the President's peace gesture
to the
dictators, and some selling came on the market, but
hardly sufficient to cause any real dent in prices, the
market holding steady during most of the session. The raw
market was quiet but steady. Sellers continued to ask 2.92c.
and 2.95c. for nearby arrivals, but
probably would accept
2.90c. on forward shipments.
The world sugar contract
closed unchanged to 1 point lower.
Transactions totaled
96 lots.
London raws were %d. higher at 6s. 9%d., with
futures there yd. to %d. higher.
On the 17th inst. futures
closed unchanged to 2 points net higher.
Trading was fairly
active, with sales totaling 520 lots.
The May, July ancl
September positions were the active months, the May
volume mostly being in switches in advance of first notice
day next Monday. No sales were reported in the raw sugar
market.
Refiners " were' said to be waiting for the trade's
reaction in refined before making commitments.
Offerings
of nearbys were held at 2.95c., with buyers interested at
2.92c., but forward shipments were on offer at 2.92c. The
it
was
,
Volume
Chronicle
Financial
148
world sugar contract closed 1 to 134 points net higher,
sales totaling 165 lots. Today was first-notice day for
2453
with
May
appeared, which were stopped early. London
was firmer at
%d. to Id. net higher, while raws were held at
6s. 9%d., equal to 1.24^c. f.o.b. Cuba.
On the 18th inst.
futures closed 1 to 2 points net higher in the domestic con-
lard futures ruled very steady today and prices closed 3d.
higher on all deliveries. Chicago hog prices were very steady
and scattered sales were reported at prices ranging from
$6.75 to $7.35.
Western hog marketings totaled 52,500
head against 59,200 head for the same day a year ago. On
the 19th inst. futures closed unchanged to 2 points higher,
tract, with sales totaling 274 lots.
Trading in lard was quiet, with prices moving within an
extremely narrow range. Further heavy sales of American
lard were reported late Tuesday, this lard being purchased
for the United Kingdom. Clearances of lard from the Port
of New York totaled 375,000 pounds, destined for South-
and 30 notices
The world sugar contract
closed 1 point up to 34 point down, with sales totaling 88
lots. Reflecting a rise in raw sugar to a new high price for
the year, domestic sugar futures were active and firm.
In
the early afternoon the market stood 1 to 2 points net higher,
In
raw
sugar
refiners cleared the market of nearby
ampton and
Hamburg.
Liverpool lard futures were 3d.
the spot position and unchanged on the deferred
months. Western hog marketings at the principal centers
totaled 58,200 head, against 46,700 head for the same day a
year ago.
Hog prices were steady, with prices ranging from
$6.75 to $7.35.
On the 20th inst. futures closed 2 points net higher on all
active deliveries. Trading was light and without any special
feature. There were no export shipments of American lard
reported from the Port of New York today.
England
purchased large quantities of American lard during the first
3 days of this week and late on Wednesday the demand was
reported to be active. Liverpool lard futures were 3d. higher
to unchanged.
Hog receipts for the Western run totaled
65,800 head, against 40,500 head for the same day a year ago.
Prices on hogs at Chicago closed 10c. to 20c. lower, the lat9
top price reaching $7.15, with sales generally ranging from
$6.50 to $7.10. Today futures closed 10 to 7, points net
higher.
Trading was relatively quiet, with the market
sensitive to any slight demand.
■
•
raws at
2.95c. and distant shipments at 2.92c., spot sugar
a
new high
price, up
Later, nearby sugars
higher
selling at
3 points over the last previous sale,
were offered at 2.98c., while forward
/
held for 2.95c. An increase of 100,000 tons in
sugar deliveries during the first quarter was encouraging
but not surprising.
In London futures were
to l%d.
higher and in new high ground. Raws there were done at
1.26c. f.o.b. Cuba.
On the 19th inst. futures closed unsugars were
changed to 1 point up in the domestic contract, with sales
totaling 403 lots. The world sugar contract closed 5 to 434
points up on the near months and % to 2 points up on the
distant deliveries.
markets went to
Both the domestic and the world sugar
new
high prices for the
year.
Reflecting
a
strong market in raw sugar and a good demand for refined,
the domestic futures market made net gains of from 1 to 2
points.
In the raw market refiners bid 2.95c. for nearby
without eliciting any orders. ' Forward shipment
sugars were 2.92c. bid. In the refined market the withdrawal
by Sucrest of offers of sugar at 4.30c. for May delivery and
sugars
4.35c.
for
June
delivery
feature, indicating that
to satisfy the refiner.
London futures were 34d-to l%d. higher.
Raws there were
offered at 7 shillings for the first time since 1932.
■*
enough
business
had
the
was
been
dailf closing prices of lard futures in Chicago
booked
May____
<
prices rose to new high levels for the season. Both May and
June options sold at 1.3334c«> the
highest price quoted since
September, 1937.
The top quotation registered since trading
January, 1937, was
1.4734c., paid on April, 6, 1937, for the September, 1938,
delivery. London futures were unchanged to 234d. higher,
while raws were offered there at 7s. 3d., equal to 1.3434c.
a
pound f.o.b. Cuba.
Refined sugar was advanced 434d.
per cwt., while refined for export was withdrawn until the
end of August.
Domestic sugar futures were quiet and
the world sugar contract started in
Interest in raws at 2.95c. for.nearbys was reported,
n?i4rt5«r sales ware made.
Sucrest was reported to
tvtJ ^
m r1,^e su£^r at $4.30 for
equaled yesterdays 7
was
gstt'ng
consumers
will be canceled after
Prices
were
as
to withdraw
April 27.
Cubas
Lard—On the
b.72
Pacific
Crude,
nearby-.03H
bid;
Corn: Crude, West, tank, nearby— .05%
Denatured: Drums, carlots, shipment-80 to
01ive.
t 84 to 85.
£CX.
g
Crude, tanks, West-.04% to
Edible: Coconut,'76 degrees
Bean;
N.Y.-6.7 to 6.8.
Lard:
Prime,
ex.
winter-9e. offer.
Cod:
Turpentine;
Rosins: $4 60 to $7.90.
August
•
'
6.97®
|December__
6.83®
6.94®
-
n
n
Rubber-On the 15th inst. futures closed 8 to 10 points
fet higher. The firmness of the market today was attributed
tt1*^ 5 c? J^0 reP°rt 011
consi^ption m the
United States .during March^ which totaled 50,165 tons, the
highest since June, 1937.
This figure
was
better-than the
trade in general anticipated, and compared with 42,365 tons
.
15th inst. futures closed unchanged to 2
The market opened unchanged, with very
little feature to the trading the balance of the short session
and prices were confined to a range of 5 to 10 points.
Hog
prices recently have declined materially, as indicated by the
average price of hogs as of April 14, compiled by the United
States Department of Agriculture.
The average was $6.88
per cwt., as compared with $7 on the previous day, $7.10
a
week earlier and $8.39 a year before.
The average of
$6.88 is the lowest since December, 1934.
On the 17th inst.
futures closed 2 to 5 points net higher.
Trading was relativeiy light, with the undertone steady.
Futures gained
7 points on the early buying, but near the end scattered
realizing wiped out part of the eariy gains.
Clearances of
lard from the Port of New York totaled 279,000 pounds,
destined for Hull, England.
Liverpool lard futures closed
unchanged to 3d. lower.
Chicago hogs were firmer, sales
recording prices ranging from $6.75 to $7.25. Western hog
marketings totaled 55,100 head against 47,800 head for the
same day last year.
On the 18th inst. futures closed unchanged to 2 points higher.
Trading was light, with the
undertone steady.
During the early session prices advanced
5 points on scattered covering induced by reports of a continued heavy export demand.Export shipments of lard
from the Port of New York today totaled 499,375 pounds,
destined for Liverpool, London and Glasgow.
Liverpool
points lower.
6.65
till! 6"»5 NovSer::::::::-.:::
were
t.
6.62
Cottonseed Oil sales, including switches, 109 contracts,
Crude, S. E. 5%c'.
Prices closed as follows:
May,.-.—
6.63® 6.661 September...;..
!_ 6.95® 6.96
2.02
*
6.62
40
•
I.IIIIII II Il2f04
March.
...
Coconut:
30 to 32c.
*
i.961January
2.01
-—2.05]
6 6o
6.60
Crude, Norwegian, light filtered, 30c. offer.
$L40 contracts which
•
672
offer.
The
Y
follows:
May..
July..
September.-------
on
6 65
ob
S ?t 4?sah2that rtfKfSSS'difficuRy
in
6 62
high but
year
fraction lower
apparent m the raw market.
662
bjd
during early afternoon, with May selling at 1.97c., up 1
point, while September at 2.06 was-unchanged. A slightly
tone
655
82 g
were a
hesitation of the English market was ascribed to technical
market condition.-. rather than to any change m the situation.
Here world sugar contracts were 34'to 234 points lower.. The
domestic futures market was unchanged to 1 point higher
easier
6^52
oc?ob?rber~
^6
Coast_2^ bid.
in
sugar
6.45
mionH
Teday futures
closed^ pomts down to was checked with sales totaling 134.
unchanged by increased offerings.
lots.
The
sugar
t^ toCTO^ lt.-whjte futures
T^.30
-6.42
Qjjg—Linseec[ oil markets were reported, quiet, with
quotations on Xank cars at 8.2 bid, and tank wagons 8.2 to
g ^
Quotations: China Wood: Nearby tanks,—no quo-
unchanged to 1 point net lower m the domestic consales totehng 251 lotea The world guar contra,*
In; London spot
W%jzt
6.42
„
steady.
rise
T6.27
6^40
Pork—(Export), mess* $22.87 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $17,25 per barrel/ Beef:
(export), steady.
Family (export), $21 per barrel (200
pounds)* nominal.
Cut Meats: Quiet.
Pickled Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 12c.; 8 to
10 lbs., ll%c. Skinned, Loose, c.a.f.—14 to 16 lbs., 1734c.;.
18 to 20 lbs., 1634c. Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 1434c.; 8 to 10 lbs., 1334c-; 10 to 12 lbs., 1234c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,,
1034c.;18 to 20 lbs., 1034c.; 20 to 25 lbs., 10c.; 25 to 30 lbs.,
934c.e Butter: Creamery, Firsts to Higher than Extra and
'Premium Marks: 2334 to 24c. Cheese: State, Held '37—
20 to 23c.; Held '38—16 to 18c.
Eggs: Mixed Colors,
Checks to Special Packs: 14% to 18c.
"
„
with sales totaling 225 lots.
Interest in sugar converged on
the world contract.
Influenced by a strong London market,
dehvery,
*i°25
6.35
0ctober--7----------- 6.55
.
closed
S)
Juiy_"_~riIIIIIIIIIIIII
On the 20th inst. futures closed 2 points to 1 point net
lower in the domestic contract," with *abs totaling 174 lots.
The world sugar contract closed 2
pomts up to 34 point down,
in
on
gain of 18.4%. It was 64.5% better than the
30,487 tons consumed in March, 1938. Selling pressure in,
the market was noticeably absent, and the market responded
readily to the slightest demand.' Sales totaled 770 tons,
including 20 tons which were exchanged for physicals. There
was considerable scattered short covering.
Spot standard
in February, a
,
,
No. 1 ribbed smoked sheets in the actual market advanced
34c. to 15%e. Local closing: April, 15.75; May, 15.75; July,
15.76; Sept., 15.76; Dec., 15.76; Jan., 15.77; March, 15.77.
On the 17th inst. futures closed 8 to 10 points net lower.
Trading was unusually quiet, with transactions totaling only
780 tons, including 90 tons which were exchanged for physical
rubber. What trading there was contained httle of interest.
Spot standard No. 1 ribbed smoked sheets in the actual mar34c. to 15%c. Little activity was reported in
the outside market.
Offerings from the Far East proved
too high for the local trade.
Local closing: April, 15.65;
ket declined
July,
15.67; Sept., 15.67; Dec., 15.68.
On the 18th inst.
futures closed 7 to 11 points net higher. Transactions totaled
141 lots.
After opening unchanged to 5 points lower, the
market firmed
up
under buying of the December position
by a commission house creditedjwith acting for an important
trade interest. Sales to early afternoon totaled 1,030 tons,
of which 400 tons were exchanged for physical rubber. At
that time July stood at 15,68c., up 1 point, and December at
15.70c.,
up
The London market closed unchanged
Singapore also was steady. Local closing:
2 points.
to l-32d. lower.
2454
Financial
15.72; July, 15.75; Sept.,
May,
15.78; Oct., 15.78; Dec.,
On the 19th inst. futures closed 21 to 17 points net
15.79.
Transactions totaled 205 lots. This market was firm
early afternoon, of which 50 tons
exchanged for physical rubber. At that time the mar¬
ket stood 10 to 12 points net higher, with May at 15.83c.
The buying of July and September positions by a London
dealer was reported as the feature.
The London market
closed steady and unchanged to l-16d. higher.
Singapore
also was steady.
Local closing: May, 15.90; July, 15.96:
Sept., 15.95; Oct., 15.95; Dec., 15.97.
On the 20th inst. futures closed 7 to 8 points net lower.
Transactions totaled 246 lots.
Rubber futures were steady
throughout the forenoon as a result of dealer buying in May
position to lift hedges against rubber sold to factories,
according to ring gossip.
Up to early afternoon sales
totaled 850 tons, of which 50 tons were exchanged for
physical rubber.
At that time Sept. stood unchanged at
15.95c., while Dec. at 15.95 was off 2 points.
London
closed unchanged to, 3-32 higher.
Singapore also was
steady.
Local closing; May, 15.83; July, 15.88; Sept.,
15.88; Oct., 15.88; Dec., 15.90.
Today futures closed 4
points to 1 point net lower.
Transactions totaled 81 lots.
Prices of rubber futures were fairly steady in quiet trading,
which to early afternoon amounted to 670 tons, of which 20
tons were exchanged for physicals.
May rubber sold at
15.80c., off 3 points, and July at 15.90c., up 2 points. The
London market closed quiet and unchanged to l-16d. lower.
It was estimated that United Kingdom rubber stocks had
decreased 1,050 tons this week.
Singapore closed steady.
Local closing: May, 15.79; July, 15.87; Dec., 15.89.
higher.
on
sales of 850 tons up to
were
.
.
"
Hides—On the 15th inst. futures closed 36 points net
higher for the old contract, while the new contract closed
37 to 42 points net higher.; The opening range for both con¬
tracts was unchanged to 11 points advance.
In a spirited
session the market later scored some very heavy gains and
closed at about the top levels of the day.
Two contributing
bullish influences responsible in large measure for the
strength in hides, was the President's gesture for peace and
the upswing in securities markets.
Trading in the new
contract totaled 6,760,000 pounds.
There were no sales in
the old contract.
Certificated stocks of hides in warehouses
licensed by the exchange increased by 4,289 .to a total of
1,209,722 hides.
The domestic spot market held steady,
with
»
sales.
Local closing: New contract: June, 10.06;
Dec., 10.84; March, 11.16.
Old contract:
June, 9.16; Sept., 9.41.
On,the 17th inst. futures closed 16
to 24 points net lower, this range covering both contracts.
The opening range was 21 to 39 points net lotver.
The
market recovered .part of the initial losses during the later
dealings, the recovery being attributed largely to shorts
taking profits.
Certificated stocks of hides in warehouses
licensed by the exchange increased by 8,155 hides to a total
of 1,217,877 hides.
Trading around the local ring was fairly
active, although business was confined entirely to the new
contract.
Transactions totaled 9,12u,0Q0 pounds.
The spot
market was ■ quiet.
Local closing: New contract: June,
9.90; Sept., 10.25; Dee., 10.60; March (1940) 10.92.; Closing
nominal prices for old contract were: June, 9.00; Sept., 9.25.
On the 18th inst. futures closed 6 to 7 points net lower.
Transactions totaled 199 lots. An easy trend was in Evidence
no
Sept.,
10.47;
in the hide futures market.
but
■„
other
firms
Commission houses
were
sellers,
buyers, absorbing offerings at con¬
cessions.
The market during early afternoon was 9 to 19
points net lower, with June new selling at 9.80c. Sales of the
new contract to that time totaled
5,320,000 pounds.
Cer¬
tificated stocks of hides decreased by 883 hides.
They now
total
1,216,994 hides.
Pending cerrification are 174,847
hides, raising the potential stocks to 1,391,841 hides. / Local
closing: New contract: June, 9.84; Sept., 10.19; Dec., 10.53;
March, 10.85.
On the 19th inst. futures closed 8 to 13
points net higher. Transactions totaled 143 lots. Prices for
raw hide futures were
steady today as liquidating apparently
had run its course and the decline was checked. Commission
house
demand
feature.
were
for, the
new
September contract
was
the
It absorbed
offerings by trade and local interests.
During early afternoon September sold at 10.21c., up 2
points. Sales in the new contract to that time amounted to
1,520,000 pounds, of which 200,000 represented exchanges
physicals.
Local closing: New contracts: June, 9.92;
Sept., 10.32; Dec., 10.65.
for
On the 20th inst. futures closed 7 to 10
points net higher
the new contract.
Transactions totaled 189 lots.
On
for
of activity in spot hides futures rallied sharply,
prices standing 20 to 27 points net higher during early after¬
noon, with Sept. new at 10.52c. and Dec. new at 10.92c.
reports
Sales
the
new contract
to that time totaled 4,640,000
Sales in the domestic spot market late yesterday
totaled approximately 40,000 hides, while in the
Argentine
market 7,500 hides were sold.
Prices were higher.
Certifi¬
cated stocks of hides decreased 4,499 pieces.
They now total
1,222,970 hides.
Local closing: New contract: June, 10.02;
on
pounds.
Sept., 10.39; Dec., 10.75.
Today futures closed 23 to 17
points net lower for the
contract.
271 lots.
There
were
new
no
Transactions totaled
sales recorded in the old contract.
Raw hide futures opened 1 to 12 points lower, but recovered
after the opening, selling 3 to 10 points net
higher during
early afternoon.
Sept. then stood at 10.42
tract and Dec. at 10.85.
000 pounds to that time.
Sales of
new
No sales
on
the
contracts
on
new con¬
were
3,840,-
the old contract had
Chronicle
been
April
Local
recorded.
closing:
June,
9.80;
1939
22
Sept.,
10.16;
Dec., 10.55; Mar., 10.90.
Ocean
Freights—During the early part of the week the
was quiet, but towards the end of the
period there was quite a pickup. Charters included: Grain
Booked: Forty-seven loads Montreal to Antwerp, May 1-15,
2s. 9d.
Fifteen loads Albany to Scandinavia, May 1-15,
basis, 14c. Seven loads Baltimore to Liverpool-Manchester,
prompt, 2s. lid.
Grain:
St. Lawrence to Antwerp or
Rotterdam, option picked ports United Kingdom, May 1-8,
basis 2s. 9d.
St. Lawrence to United Kingdom, May 10-18,
basis 2s. 9d.
St. Lawrence to Greece, May 10-22, basis
28. 9d.
Scrap: Atlantic range to Gydnia, late April-early
May, 21s. 6d. New York to United Kingdom, May, 17s. 6d.
Atlantic range to Japan, June, 20s.
Time: Round trip west
coast South America, delivery Gulf, prompt, $1.
Canadian
round trip; $1.15.
Five months, delivery Europe, spot
market for charters
3s.
10^d.. Delivery West Indies, redelivery United King¬
dom via North Pacific; April, 4s.
Round trip Pacific Coast
trade; delivery United Kingdom; April, 3s. 7jH>d.
•
>
deadlock continues in the Appalachian soft
and at the present time it is said there is very
little promise of a settlement in the immediate future.
A
Federal labor conciliator intervened,, but after a five hour
session, operators and representatives of 338,000 miners
said there still appeared no immediate prospect of a settle¬
ment.
The active demand for anthracite, particularly the
small steam sizes, resulting from the Appalachian coal
stop-"
page is causing delivery delays despite the expansion of
output.
Negotiations began Tuesday on a new wage agree¬
ment for tb* anthracite mines.
It is feared that, unless the
soft coal strike is ended first, the United Mine Workers may
hold up negotiations and thus precipitate a
stoppage of
mining by the end of tha month. Since anthracite is becom¬
ing increasingly competitive with bituminous, an effort to
subject, both branches of the industry to a single national
labor agreement is feared among coal operators.
Currently
anthracite activity in and around New York is heavy.. De¬
liveries are running from four to five days b diind.
Pea coal
is scarce, but larger sizes are able to meet the
heavy seasonal
demand.
Railroads, it was learned, have placed orders for
pea coal in advance and are taking most of the supply for
their own use in the present bituminous shutdown.
^
Coal—The
coal strike,
Wool—The wool markets continue in the doldrums, with
prices apparently drifting lower.
It is reported that fine
wools are being offered for June and later
delivery at from
3 to 5c. per scoured pound below sales on similar
spot wools
in the Boston area.
However, limits seem set to the decline
by Federal loan aid.
It is not impossible, some say, that
current offers of new clip wool will be found
pretty close to
the lows of the year on the 1939
ciip. Sales of good French
combing, original bag, for immediate shipment, bring from
64 to 65c.
Similar new wools, including 12 months' Texas,
are at the same time
being offered at 60 to 61c. for JuneJuly delivery.
It is pointed out, however, that in spite of
the dull markets, ^consumption continues good
though how
long current rate can be maintained seems an open question.
For the first two months of this year 105,000,000
pounds,
grease basis, passed through the mills as compared with
41,000,000 pounds in the same period of last year. The
weekly consumption for this year may average somewhat
lower than the first quarter, declares the. Department of
Agriculture. There is little of volume interest in the current
dull market where mill interest is at
m
a
minimum.
Silk—On the 17th inst. futures closed 2c. higher to 3^c.
on the No. 1 contract, and 1
^c. off to 2c. better on the
lower
No. 2 contract.
Japanese buying in the late trading did much
on the local Exchange.
Buying from trade
As to be expected, there was considerable profit-taking on the bulges. Transactions totaled
only 670 bales, of which 580 bales were in the No. 1 con¬
to bolster
prices
sources was
also reported.
tract and 90 bales traded in the No. 2 contract.
Local clos¬
ing: Contract No. 1—April, 2.04; May, 2.36; July, 2.18;
Sept., 2.02; Oct., 1.993^; Nov.,- 1.99. Contract No. 2—
April, 2.39^2; May, 2.34; July, 2.13; Sept., 1.Q9; Oct.,
1-973^; Nov., 1.963^- On the 18th inst. futures closed 13c.
to 4c. net higher for the No. 1 contract, with sales totaling
205 lots. The No. 2 contract closed 9c. to 53^c. net higher,
with sales totaling 22 lots. Bullish implications in silk sta¬
tistics were reflected in a sharp rise in both spot and futures
silk quotations. Initial gains ranged from 3 to 11c. a
pound,
the latter on the No. 2 contract. Trading was active, with
Japanese interests reported on the buying side, sales to early
afternoon reaching 1,320 bales, of which all but 140 were in
the No. 1 contract.
The April No. 1 delivery sold at $2.53,
highest quotation since June 29, 1931, when all positions
sold at $2.55.
July No. 1 sold at $2,253^. In the mean¬
while crack double extra silk in the spot market went to
$2,533^, highest since Sept. 14, 1931. Local closing: No. 1
contract—April, 2.,53; June, 2.38; July, 2.253^; Aug., 2.163^2;
Sept., 2.093^; Oct., 2.053^. No. 2 contract—April, 2.47K;
May, 2.42; July, 2.203^; Aug., 2.10. On the 19th inst.
futures closed 83/>c. to 4^c. net higher in the near deliveries
and l j^c. up to 3^c. down in the distant deliveries of the
No.
lots.
1
contract.
There
-
Transactions in this contract totaled
145
only three contracts traded in the No. 2,
and these trades were made in the September delivery at
were
.
Volume
net
a
Financial
148
Strength of nearby positions and of spot
Prices went to new high
gain of 2c.
the feature of the silk market.
was
levels for the
No. 1 positions,
May selling at $2.49, up 6c. during early afternoon. In the
uptown spot market crack double extra silk advanced 3Hcto $2.57 a pound.
The Yokohama Bourse closed 26 yen
higher to 23 yen lower. Grade D silk outside advanced 32 H
yen to 1,195 yen a bale.
Local closing: No. 1 contract—
May, 2.51 H; June, 2.43; July, 2.30; Aug., 2.18; Sept., 2.10;
Oct., 2.05; Nov., 2.02H- No. 2 contract—Sept., 2.09.
20th inst. futures closed
On the
markets
were
net lower.
to 6c.
Sharp declines in the Japanese
Transactions totaled 119 lots.
here.
11c.
silk futures and spots
reflected in lower prices in
Week Ended
Exports to—
Apr. 21, 1939
•
in the May and June
season
2455
Chronicle
Opening breaks ranged from 3 to 11c. During early
was selling at 2.39c., off 4c., and July
at $2.26H> off 3 He.
In the meanwhile the price of
Ger¬
Great
Exports from—
Britain
France
Houston..
-
New Orleans
884
207
3,953
Corpus Christ!..
2,176
2,719
816
531
350
1,736
78
350
2,987
7,114
10,312
3,655
378
431
14,656
300
-
Toial
Other
China
Japan
399
Galveston
230
4,094
500
6,064
50
50
Lake Charles—
767
Mobile
Norfolk
Los
Iti lg
man g
-
+*
118
—
3,065
50
;
767
»»
118
.
3,365
300
419
Angeles
San Francisco...
m
_
49
.-..
518
6,940
Total
1937
.
9,874
1,930
10,079
1,199
5,900
37,278
2,718
7,872
4,647
5,680
616
13,445
17,166
33,866
8,863
1938
Total
1,356
0,347
Total
8,143
13,499
48,491
3,700
78,071
afternoon June No. 1
No. 1
market dropped
3He. to $2.53 HOn the Yokohama Bourse the market
closed 23 to 38 yen lower, while the price of Grade D silk in
the outside market dropped 10 yen to 1,185 yen a bale.
Local closing: No. 1 contract: April, 2.45; May, 2.41; June,
2.34; July,.2.23; Aug., 2.11; Sept., 2.02; Oct., 1.98H; Nov.,
L96H. Today futures closed 3He. to 2c. net higher, with
the exception of July delivery, which was 4c. net lower.
Transactions totaled 84 lots.
A rally in raw silk futures
carried prices up about 3c. a pound in the futures market in
small trading.
Sales of 290 bales were made on the No. 1
contract to early afternoon.
None had been recorded up to
crack double extra silk in the New York spot
that time
In the uptown spot
the No. 2 contract,
on
market
the price of crack double extra silk declined lc. to $2.52H a
pound.
The Yokohama Bourse closed 8 to 16 yen higher,
while the price of grade D silk in the outside market was 20
yen lower at 1,163 yen a bale.
Local closing: No. 1 contract:
June, 2.37; July, 2.25; Aug., 2.14H; Sept., 2.05; Oct;, 2.02;
Nov., 1.98H*
From
—.—t.
361
Houston
1,276
_
614
Corpus Christi
Corpus Christ!
Brownsville
New Orleans..
989
_.
.
Savannah
—/.
-W
—
_
284
-
^
88
-
*
-
-
—
U
175
—
—
—
L*
-
~
5
6
16
14
112
795
795
.•
-
*
j
65
—
m
-
19
14
M.
-
O
•
Baltimore
----
2.797
The
2,689
3,613
\
457
657
13,296
3,(383
following table shows the week's total receipts, the
1, 1938, and the stocks tonight, compared
total since Aug.
with last year:
1 1938
639
Week
Corpus Christi.._
-
—
-
Pensacola,
-
4'
—
6
Savanna bu
Charleston
Lake Charles.
_
r
16
_
46
779,584
60,524
11,354
L.872
34,026
15,833
38,759
12,234
591
Mobile
&c
Jacksonville.
521,912
Wilmington
12,603
2,066
469
-
635
621
25
31
•
NeW York—_
398,785
11,522
2,023,574
203,973
74,455
3,613
-124,572
187,651
78,795
26,794
53,401
■
*»
-
_
_
^
.1
795
—
In order that
comparison
„
^
_
_
342
21.504
49,623
31,796
504,720
51,753
16,761
761,150
56,223
4,038
9,542
1,556
147,681
34,069
5,634
15,095
28,281
146,591
50,715
20,377
25,868
29,660
2,698
■-
'
►
.
20,608
100
100
3,600
950
1,175
30,687 6,837,528 2,022,997 2,723,259
13.296 3,230,625
Totals.
.
1,888
'
J
—
Boston
Blatimore
459
14,044
112
Norfolk
may
be made with other
years,
give below the totals at leading ports for six seasons:'j
1937-38
193.8-39
Receipts at—
1936-37
193.5-36
1934-35
1933-34
'
G7
3.469
2,706
5,350
10,923
31,180
135
2,207
591
7,502
5,888
•12,603
2,066
6
635
5,731
3,619
17,597
9,028
1,127
"""621
""739
"406
31
34
310
21
18
111
1,514
386
350
639
Galveston
3,598
Houston
7,043
Orleans.
Mobile
-
Savannah
.
-
4,720
8,883
2,080
3,586
6,586
32,098
684
190
2,742
Brunswich
Charleston
Wilmington.
_
Norfolk
N'port News.
All others
Total this wk.
Since Aug.
"""112
459
""429
"
"
692
1,307
""882
2".488
10~, 09 2
"Oil
2",524
13,296
30,687
40,673
34.771
21,251
79,174
1. 3.230.625 6,837.528 5,970.791 6,318,772 3.840,406 6,821,263
for the week ending this evening reach a total
of 37,278 bales, of which 6,940 were to Great Britain, 1,356
to France, 9,874 to Germany,
1,930 to Italy, 10,079 to
Japan, 1,199 to China, and 5,900 to other destinations.
In
the corresponding week last year total exports were 78,071
bales.
For the season to date aggregate exports have been
period
the exports for the week:
2,927,494. bales, against 5,009,847 bales in the same
previous season.
1,039
139
90
-
'.
97
'
1,390
-
'•
*•
j
+
■
•
-
-»
.
»
513
500
'29
-
:
'
200
21,688
18,562
14,761
Francisco
San
-
1,511
8,468
3,798
3,472
V
*
3,243
-
—
-
u
229
4,945
226,597
1,195
1,612
91,109
10
70,298
„
—
«.
4,041
169,041
1,936
6,384
10
■
Seattle..-.-.
■
7,471
'
-
5,902
155
61
«
33
13
-
.
__
10,674
510
-
600
,
20,230
500
~
~
-
66
Boston.......
228
-
35,770
51,245
1,168
10,272
885
~
.
,
773;494
77,953 590,202 2927,494
782,038 461,767 551,170
655,859 313,640 1357,412
81,956 900,008 5009,847
21,791 662,146 4.694,751
408,977 277,156
422,650 377,062
Totai.
1937-38 1515,792 717,116
1936-37 1056.616 677,287
above table reports
never
been our practice to include in the
of cotton shipments, to Canada, the reason being
that virtually
Dominion comes over and and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
all the cotton destined to the
inquiries we are receiving regarding the matter, we will
March the exports to the Dominion the present season
In the corresponding month of the preceding season
the exports were 21,966 bales.
For the seven months ended March 31,1939, there
were 124,090 bales exported as against 183,831 bales for the eight months of 1937-38.
however, of the numerous
say
that for the month of
been 11,246 bales.
have
In addition to above exports, our
telegrams tonight also
the following amounts of cotton on
cleared, at the ports named:
give
us
shipboard, not
On
.
Shipboard Not Cleared for—
Leaving
Apr. 21 at—
Ger¬
Creat
France
Britain
Foreign
Stock
Coast-
Other
many
£ wise
Total
*
Houston—
New
—
200
2
100
500
Galveston.
100
1,513
3,878
65
1,076
"523
Orleans. .
2,000
7,600
268
10,805
•
.Too
"337
6,414
7,442
10,367
365
202
19,818
7,573
8,131
3,945
7,347
28,088
36,054
j
7,075
10,400
12,688
12,094
Savannah
Mobile
Norfolk
"960
------
107,173
Other ports—
Total 1939-.*
less
or
9,343
4,759
5,359
36,142 1,986,855
51,807 2,671,452
67,258 1,500,661
for future delivery during the
fairly/active, with the trend of values
cotton
in
past week lias been
more
511,512
614,720
492,626
147,681
34,069
50,793
28,281
downward.
Confusion and uncertainty still
prevail, witlr apparently little headway being made as con¬
cerns legislation
at Washington.
With weather and crop
news being more .or less of a bearish tenor, thdre is very
little incentive for
operations in a substantial way on
either side of the market.
On
the
15th inst.
prices closed unchanged to 2 points
The market opened 2 to 4 points lower under selling
attributed to Bombay straddle liquidation. Offerings in May
were fairly active, but initial prices proved to be the lows for
the day,.
The market- advanced in sympathy with the
action of the stock market after the offerings had been
absorbed by trade and local accounts'.., There was some
reselling by early buyers as prices rose about 4 to 6 points.
Overnight Washington reports pointing out that Farm Ad¬
ministration lawyers had ruled that new legislation would be
necessary in order to release cotton from loan stocks before
Aug. 1 and to obtain appropriations for cotton export
subsidy. Those in the trade who have opposed the export
subsidy program placed a constructive interpretation on this
ruling. Spot cotton business remained of small proportions,
sales at the 10 designated markets last week amounting to
14,384 bales, compared with 16,643 in the previous week and
23,814 last year. Average price of middling at these markets
was 8.32c.
On the 17th inst. prices closed 3 to 15 points net
higher.
"
The exports
of the
—
331
Speculation
760,427
788,974
627,408
45,891
16,678
'
7,043
New Orleans
:
1938
5,888 1.772,251
290,379
_
Beaumont
••
1939
7,502 1,857,534
937,282
996,552
496
Houston
Since Aug
1 1937
This
Aug
3,598
Galveston
Stock
1937-38
Since
This
Week
New
~
-
New York
Los Angeles
53,224
478,686
1
131
Total 1937--
1938-39
we
«.
714
Philadelphia.
826,880
257,308
8,591
866
-
2,152
468
.511
Total 1938--
"
Receipts to
Apr. 21
57,750
«
-
-
521
4,565
Baltimore....
-
842,861
8,871 107,790
12,074
728
6,670
63*769
150
110
Gulf port
-
'w
5,400
'
Charleston
f
Totals this week.
-
M
336
684
Norfolk......
Other
2,171
-
9.052
4,774
-
-
-
297
__
8,435
Charleston
24,351
1,036
360
9,198
Savannah
*;
6,730
9,449
'
591
26
■
■
810
Jacksonville..
Pensacola, &c.
188,772
58", 170
1,320
Mobile......
«
54",847
77,453
5,142
30,405
Lake Charles.
16,135 199,992
44,212 176,620
r
w,
107,786
10,788
Orleans.
China
'
173
Beaumont
New
7,043
16
1
28,375
-
496
~
1,009
132
*.
3,598
1,069
-
377
2,096
•
-
,
-*•
'
Lake Charles—.
Norfolk
2,440
106
•
Mobile
—
.
-
639
192
268
283
496
,
2,412
Houston
126,875 82,06.8
114,647 106,458
57,561 24,376
1,240
12,606
97,703
80,767
63,128
Total*
Fri.
12
11
63
Thurs.
Wed.
Tues.
Man.
Sat.
66,367
115,404
'27,971
Total
Japan
253,721
Italy
many
NOTE—Exports to Canada—It has
Friday Night, April 21,1939
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receitps have reached 13,296
bales, against 21,385 bales last week and 11,788 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,230,625 bales, against 6,837,528 bales for the same period
of 1937-38,
showing a decrease since Aug. 1, 1938, of
3,606,903 bales.
>
Receipts at—
Britain. France
1"
Total
Galveston
■'
Ger¬
Great
Galveston
Total
'
cotton
.
Exported to-
Aug. 1 193840
Apr. 21. 1939
Exports from—
Below
are
higher.
response
The opening range was 1 to 4
to steadier
points higher in
There was considerable
months, and this buying served as
Liverpool cables.
demand in the nearby
quite a stimulus for the entire list. Increasing indications of
tightness in May contracts with certificated stocks of only
27,635 bales available for delivery on first notice day, a
week from today—together with fears that no cotton from
loan stocks will become available before May goes off the
board, accounted for
the
near
month buying. At the opening,
outstanding interest in the May position amounted to 346,100
bales.
The strength of May, which resulted from trade price
fixing and local covering, carried that month up to net gains
and
of 16
points, while new crop positions, after declining to new
movement, rallied to net advances of 5 to 6
points. As a result of May firmness, Southern spot quotations
rose
10 to 15 points, with middling ranging from 8.19 to
8.84c. and averaging 8.45 at the 10 designated markets. On
the 18th inst. prices closed unchanged to 9 points net higher.
The market opened steady, unchanged to 3 points lower
under a little scattering liquidation and foreign selling.
Offerings from abroad were light, with Bomblay showing little
disposition to supply the contracts which had been more
freely available from that source last week. Some hedging
was
credited to South American account in the July and
October deliveries. Advances in May were established on a
moderately active demand.
Some buying of July was
attributed to straddle buying against sales in Liverpool.
A
fair part of the business during the morning also represented
the transferring of accounts from May to later deliveries at
further widening of the differences.
The best levels of the
session were reached during the last half hour, but final
quotations were 4 to 5 points off from the top levels of the
day.
Tightness in May contracts owing to covering prior
to first notice day on April 25, was primarily responsible for
market firmness.
Average price of middling at the 10
designated spot markets was 8.53c.
Middling quotations
were 4 to 12 points higher at thesa markets.
On the 19th
inst. prices closed 5 points net lower,
After holding fairly
steady throughout the greater part of the session, the cotton
market turned irregular later this afternoon in a moderate
volume of business.
A short time before the close, active
months registered a gain of 5 points to a loss of 3 points from
the closing levels of the preceding day.
Around midday
prices were unchanged to 5 points higher.
Featured by
active bidding in the May and July positions, futures opened
unchanged to 3 points above yesterday's last quotations. The
spot month again was in good demand, with offerings
relatively small.
Price fixing orders from the trade in the
July position were in good volume.
Cooperative brokers
were buyers of the May option, while some short covering
again was in evidence. Offerings were supplied by brokers
with Bombay connections and the South, and there was some
hed e sales by a leading spot interest.
There was no spec¬
tacular developments in the weather.
* On the 20th inst. prices closed 1 to 5 points net lower.
lows
in
the
turnover
V$
market
to the
.
this
and
morning
prices only
partially
of
the July
Trade
by,renewed
on
depressed futures
positions
a
the Liverpool Exchange today.
given
were
for
prices
closed
points
4
to
volume of
business
active
.previous day.
5
points
the
displayed
sales.
A
positions
advance "of
an
Mid
.33
on
.65
on
•St. Low Mid.. 1.39 off 1.34 off 1.29 off
.31
on
•Low Mid
.50
on
Mid
Basis
.17
on
St. Low Mid-
.58 off
.43 off
St.
Mid
5
showed
points
from
time
a
decline
the
of 4
closing
Brokers
orders all
around
some
to 1 point above yesterday's
with
Bombay
the ring in the
offerings
coming
connections
Mid
■.
*
York for the past
>
'
8.98
in
for
middling upland
Apr. 21 for each of the past 32
years
Fri.
7.97-
8.09
have been
New
as
York
1923
27.30c.
1915
10.40c.
1922
18.05c.
1914
13.10c.
1921
1936
-11.85c.
-11.85c.
1928
12.10c.
41.75c.
1913
1912
12.15c.
15.30c.
1919
-11.75c.
19.05c.
1918
1925
24.75c.
1917
28.60c.
30.75c.
20.15c.
1911
1926
7.50c.
1916
12.10c.
1932
-
6.20c.
1927
1924
_29.90c.
11.95c.
15.00c.
1910
15.25c.
1909
10.80c.
1908
10.00c.
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the grade, Basis Middling %, established
on
contract
on
discounts for grades and
staples
of
10
Premiums and
are the average quotations
markets, designated by the Secretary of Agriculture,
8.16- 8.24
.12- 8.20
8.22- 8.23
.17
8.01//
'7.81 n
7.94»
8..01//'
8.03 n
7.66- 7.71
7.69- 7.80
7.77-
7.84-
7.69-7.70
7.80
7.84
7.41//
Closing.
Range
——
—
Closing
j
7.46n
-
7.88
7.84
-
7.79-
7.i
8.02 n
7.81
—
.80- 7.87
7.84
.87
—
Aug.—
'
Range
Closing-
7.48//
7.45//
7.46 /<
7.42//
Sept.—
Range—
7.36//
7.41/1
7.38- 7.42
7.37-
7.41
Closing
7.46
7.43//
7.37 n
7 Am
7.41 n
Oct.—
Range
—
Closing
_
—
7.47
7.43-
7.48
—
-
7.45-
7.51
7.39-
7.45-
7.52
7.46
7.42
7.45
.tl-
7.46
.46
—
Nov.—
Range—
7.39 n
7.43//
7.32- 7.37
7.32-
7.36
7.40
Closing
7.40//
7.37 n
7.39- 7.45
7.36- 7.44
7.31- v7.36
.32-
7.41
7.36
7.33- 7.34
.37
7.31-
33-
7.44//
.
7 .-tin
Dec.—
Range
Closing
_
—
7.42
—
—
7.47
A1940)
Jan
7.32-7.34
7.38-
7.40- 7.44
7.36-
7.36n
-_
7.40n
7.41//
7.36
7.38
7.42
7.33.
7.32
-
37
7.37
■-*_
7.39//
7.43//
7.43//
7.39 n
7.37- 7.42
7.37-7.47
7.44- 7.50
7.41-
7.42
_
—
7.45 n
7.45//
7.41
7.35 n
•
_
*
7.49
.40//
—T-
7.36- „7.41
.37-7.44
7.39n
.43
.—_
Closing.
Nominal.
Range
Range}or Week
8.34
1939-
i:25 A-p*r".~l9
Since Beginning of Option
8.37 Aug. 23 1938
May 25 1938
7.37
Apr.
1939..
7.3*1
7.31
7*36
18
Aug. 1939..
1939
1939-
7.52
7.60
Dec.
5 1938
Apr.
11 1939
9.05 July
8.12 Oct.
Jan.
24 1939
8.07 Sept. 30 1938
7.26 Jan.
,
4 1938
7.46
pr" 15 *7*88 Apr"
A
May 31 1938
Oct.
7.30
15
7.81
8.11
7.90 Apr.
,
7*66
10 1939
8.01
9.27
7 1938
July
.8.20 Nov. 21 1938
22 1938
3 1938
Oct.
24 1938
23 1939
7.49 Feb.
23 1939
26 1939
7.75
Apr.
18
Apr. 20
7.45 Apr.
18
7.26 Man.
Apr.
20
7:44
18
7.29
27 1939
7.71 Mar.
7.1939
4 pr
20
*7 *5*0*'Apr"" 18 *7 *36* "Apr .~2tf 1939
7*78 Mar"
20 1939
17
7.49
.
Apr.
Feb,
Jan.
Mar. 14 1939
1940.
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 Cottop Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
•
,
New York
Apr. 14 Apr. 15 Apr, 17 Apr. 18 Apr. 19 4.///.20
Open
Contracts
Apr. 20
(1939)..
!
—
37,100
20,100
32,100
22,300
14,800
37,600
35,400
39,600
41,400
50,600
36,800
621,700
12,900
--
— — —
5,600
19,700
25,100
20,100
35,200
151200
436,100
4,500
3,100
9,300
8,200
7,500
15,800
207,500
279,200
'
October.
—
December
-
j—
-
600
January (1940)-March
-
600
700
1,100
1,200
1,300
38,500
1,600
600
4,500
3,800
4,600
4.400
32,600
Inactive months—
•
August (1939).-
"3", 000
September
100
November
.
New Orleans
71,800
47,000 111,400 115,000 119,200 110,600 1,618,700
Apr. 12 Apr. 13 Apr. 14 Apr. 15 Apr. 17 Apr. IS
Contracts
Apr. 18
4,300
41,300
3,400
1,700
3,600
2,550
July
8,950
2,450
2,100
2,650
8,450
9,000
67,650
October—..
8,050
4,250
2,400
2,550
6.450
9,100
104,250
3,500
250
100
1,050
1,800
22,250
"160
May (1939)
December.
.
1,600
100
January (1940)
200
March
200
"200
May
100
50
24.400
8.900
Total all futures
table below
for deliveries
8.25
8.23- 8.24
follows:
10.20c.
-
8.19-
8.18- 8.19
July—
on
16.00c.
„
8.06- 8.23
Open
at
20.05c.
20.60c.
1933
8.09
-
—
Total all futures..
1930
1935
1934
Apr. 21
8.87
1929
1920
Apr. 20
7.95
Mar. 1940..
quo¬
8.87c.
8.94c.
1931
Apr. 19
7.96
Range
to
-13.86c.
-
Friday
Apr. 18
7.94-
Feb.
a
of
1937
1938
Thursday
Apr. 17
7.90-
New York Quotations for 32 Years
quotations
follows:
Wednesday
Closing
Dec.
the
8.97
as
Tuesday
Range.
Nov." 1939.
selling
Wed. Thurs.
8.93
week have been
Monday
Jan.- 1940—
trade
The official quotation for
middling upland cotton in the
New lork market each
day for the past week has been:
Tueg.
-
June—
May
8.84
.61 off
MaH1939)
Jill}'
M°n-
.38 off
.70 off
Apr. 15
1939..
last
.48 off
.81 off
1.36 off 1.30 off 1.26 off
Saturday
July
of
.60 off
—
Mid.
•Mid.—
Not deliverable on future contract.
Nearby
May and July contracts,
Liverpool houses and
8.69
1
Futures—The highest, lowest and closing prices at New
1939..
from
Sat-
1
'■]
Option Jot—
changed hands on the opening, with two
spot interests credited with taking about
5,000 bales of the July option.
Most offerings came from
local professionals and
Bombay interests.
1939
St.
,
■.
Apr.
leading
A¥il 21~
Gray—
Good Mid
•
of
The
T__
2.28 off 2.26 off 2,25 off
•Mid
•St. Good Ord. 2.01 off 1.97 off 1.96 off
•Good Ord— 2.61 off 2.68 off 2.57 off
blocks of cotton
15
1.30 off 1.24 off 1.19 off
1.63 off 1.59 off 1.56 off
Mid
•St.
.96 off
1.12 off 1.04 off
Good Mid
.31 off
Local professionals sold old
crop deliveries and
bought new months in a moderate way.
Some good-sized
Middling upland
Yd. Stained-
.43 off
the South.
the
on
1939..
points
had
on
.58 off
Low
Mid
Range for future prices at New York for the week ended
Apr. 2l , 1939, and since trading began on each option:
Around
5 points below
tations.
on
.65
.31
2.12 off 2.09 oil 2.08 off
ac¬
close
levels
.82
on
St. Low Mid
June
and
the
on
Even
»
the May delivery
of the list.
Prices
before
on
Mid
May
irregular tone today
an
short
.68
on
.33
.50
.17 on
.50
Mid..
on
.40 off
•Mid
Extra While—
Good Mid
St.
on
.22
on
.30 off
.40 off
.50 Off
.54 off
.63 off
.73 off
1.48 off 1.43 oft 1.39 off
♦St. Low Mid- 2.16 off 2.14 off 2.14 off
•Low Mid
2.82 off 2.81 off 2.81 off
St.
2.61 off 2.58 off 2.57 off
Ord
.37
on
.62 off
Tinged—
•St. Good Ord. 2.01 off 1.97 off 1.96 off
•Good
.25
.10
.66 off
Good Mid
1.30 off 1.24 off 1.19 off
Low Mid
.
off for
balance
.31 off
.09 on
.06 off
Mid
Range.-
midday the market was 6 points
to 3 points higher.
In an active opening,, futures
responded to lower cables from Liverpool, and initial prices*
Avith
St.
.62
April—
lower
were
on
on
Oct.
for
up
futures
cotton
large
local
on
.82
Closing
••
.
Today
6
by
support
some
.94
.88
.68 on
plan
subsidy
export
on
.74 on
on
Sept
accounts.
and
States
United
.80
on
.50
Range
A general liquidating movement caused
of
talk
on
.56
Fair
Range..
counts, New Orleans interests and Wall Street houses also
absorbed contracts.
Longer
St. Good Mid..
Mid.
responded
option, but bought October.
1 In. dk
Inch
Spotted—
Good Mid
Closing
declines at Liverpool, opening unchanged to 2 points
quotations of the preceding day.
Contracts
sellers
15-16
Inch
Mar.—
supplied by brokers with Bombay connections,1 Liver¬
interests and the South.
Cooperative brokers were
pool
X
Longer
Good Mid
below the last
were
1 In. &
Inch
White—
Closing!
the opening of the futures
on
15-16
Feb.—
list was 2 to 4 points below yester¬
At noon the market was unchanged
Although bidding was rather active,
not heavy
was
1939
22
Inch
of the trading period the
day's closing levels.
to 4 points lower.
prjl
staple premiums represent 60% of the average premiums
J^-inch cotton at the 10 markets on April 20:
Range
displayed an easier tone today
Shortly before the end
business.
moderate volume of
a
over
for the
The cotton futures market
A
Chronicle
Financial
2456
1,650
400
300
12,850
50
6,300
"266
50
1,000
1,550
9,050
19.050
25.500
251.500
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
The Visible
cable and
as
afloat
are
this week's returns, and
consequently all foreign
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
figures
are
Volume
148
Financial
add the item of
exports from the United States for
1939
bales
Stock at Manchester
:
Total Great Britain
Stock at Bremen
_
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
Total
1936
1,050,000
189,000
851,000
128,000
631,000
87,000
979,000
184,000
251,000
15,000
718,000
41,000
27,000
13,000
452,000
European stocks
209,000
182,000
21,000
80,000
76,000
9,000
4,000
22,005
47,000
16,000
12,000
11,000
8,000
581,000
491,000
619,000
1,373,000 1,858,000 1,470,000 1,299,000
164,000
137,000
239,dOO
110,000
220,000
206,000
100,000
203,000
78,000
92,000
124,000
87,0o0
291,000
380,000
384,000
255,000
837,000
:1,106,000 1,125,000 1,178,000
India cotton afloat for Europe
American cotton afloat for Europe
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
;
Stock in TJ. S: ports
Stock in U.S. interior towns.
U. S. exports today. .—■
Total visible supply
Of the
„
.-2,022,997 2,723,259 1,567,919 1,870,333
2,831,695 2,322,171 1,387,245 1,814,475
8,538
8,861
5,116
16,638
——
8,829,068 6,400,280 6,582,346
—8,083,553
Market and Sales
above, totals of American and other descriptions are as follows:
following statement.
For
the
convenience
311,000
687,000
364,000
295,000
57,000
130,000
65,000
44,000
123,000
195,000
138,000
165,000
131,000
277,000
216,000
158,000
' 51,000
57,000
24,600
119,000
100,000
203,000
206,000
220,000
.2,022,997 2,723,259 1,567,919 1,870,333
2,831,695 2,322,171 1,387,245 1,814,475
8,861
16,638 '
5,116
8,538
Manchester stock.
Bremen steel:
Havre stock..
Other Continental stock
American afloat for
Europe
U. 8. port stock.
U. S. interior stock—
U. S. exports tooay—— —
—__
Total American
-—5,636,553 6,611,068 3,973,280 4,694,346
Easi Indian, Brazil, Ac.—
Liverpool stock.492,000
Manchester stock
61,000
363,000
487,000
'
59,000
63,000
41,000
46,000
22,000
35,000
274)00
32,000
110,000
239,000
87,000
92,000
384,000
255,000
1,125,000' 1,178,000
...
Bremen stocki
Havre stock——
Other Continental stock
—
afloat
Indian
—
58,000
42,000
47,000
_
for
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
Total East
India, &c__
137,000
124,000
—
380,000
1,106,000
—
336,000
43,000
44,000
24,000
71,000
291,000
837,000
——2,447,000 2,218,000 2,427,000 1,888,000
5,636,553 6,611,068 3,973,280 4,694,346
—
Total American
Total visible supply..
1..8,083,553 8,829,068 6,400,280 6,582,346
Middling uplands, Liverpool
4.99d.
4.94d.
7.49d.
6.62d.
Middling uplands, New York.
8.87c.
8.96c.
13.79c,
11.80c.
8.95d.
Egypt, good Sakel, Liverpool..__
9.22d.
I2.95d.
9.60d.
3.98d.
Broach, fine, Liverpool.
4.13d.
6.20d.
5.57a.
Peruvian Tanguis, g'd fair, L'pool
5.14d.
6.09d.
9.04d.
C.P.Oomra No.l staple,S'fine.Liv
4.23d.
4.20d.
6.l0d.
'
"
"
"
""
"
Continental imports for past week have been 61,000 bales.
.
the
reader,
Closed
Saturday—. Nominal..
__
—
—
Total week.
Since Aug. 1
—-
week
above
of
figures for 1939 show
115,166 bales,
loss
a
of
decrease
a
745,515
1936.
over
1938,
from
an
gain of 1,501,207
a
— —
"300
.
200
200
500
500
-1-
1,725
63.224 101,oi if
———
1,725
164,224
Overland Movement for the Week and Since
Aug. 1—
give below a statement showing the overland movement
for the week and since Aug. 1, as made
up from
telegraphic
rsports Friday night.
The results for the week and since
two years are as
follows:
'
1938-39
Apr. 21—
Shipped—
Week
Aug. 1
3,237
3,525
Sinpe
Aug. 1
Week
155,321
4,124
152,346
922
—275
7,239
132
4,127
7,924
142,635
543,686
4,332
9,818
173,508
115,856
3,000
5,224
140,458
792,326
'——19,088 1,003,941
19,328
1,230,372
342
2,511
20,396
8,106
246,883
369,420
3,014
275,385
634,521
16,314
954,987
Via Rock Island
Via Louisville
2,714
Via Virginia points.
Via other routes, &c
-
—„
—
-
Total gross overland.-Deduct Shipments—
_
Overland to N. Y., Boston, &c-__
Between interior towns..
795
Total to be deducted--
--
21,815
7,828
339,777
187
....
Inland, &c., from South- —-I-.. 6,255
f
7,237.
--
Leaving total net overland-*—
*
1937-38
Since
*
,
Via St. Louis-,,.
Via Mounds, &c
-11,851
—
•
161
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this
year
the
week
has been 11,851 bales, against 16,314 bales for
last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 320,466 bales.
'
1938-39-
■
In Sight and Spinners'
Total marketed.
excess.
Southern
-
—
Week
.«
Aug. 1
3,230,625
634,521
4,633,000
—-145,147
— *39,064
30,687
16,314
100.000
8,498,146
-
of
Since
Aug. 1
Week
Receipts at ports to April 21
13,296
Net overland to April 21
11,851
Southern consumption to April 21120,000
Excess
1937-38—
Since
Takings
over
■
*300
—
Steady.
——
We
Interior stocks in
increase of 1,683,273 bales over 1937 and
bales
last
from
725
_
—
—
Total
725
Steady-.—
*—
Steady-...-.—
Steady. —
Steady,Steady-.——-
.
Contr'ct
Spot
—
Nominal.
Monday
Nominal..
Tuesday
Wednesday- Nominal.
Thursday
Nominal.
Nominal.
Friday.
—
SALES
Market
Closed
—
The
we
Futures
Spot Market
164,000
78,000
of
also add columns
which show at a glance how the market for
spot and futures
closed on same days.
1
Aug. 1 in the last
Liverpool stock----
New York
at
The total sales of cotton on the
spot each day during the
week at New York are indicated in the
921,000 1,239,000
181,000
236,000
173,000
299,000
17,000
9,000
.
Stock at Havre
Stock at Rotterdam
1937
1938
803,000
118,000
—
2457
Friday
only.
*April2l—
Stock at Liverpool
Chronicle
147.001 11,812,515
*16,647
1,570,840
878,802
6,837,528
954,987
4,020,000
mill
takings
consumption to April 1..-
226,557
529,911
.
,
J-.9,603,505
130.354
the
Came into sight during week.106,083
Total in sight April 21
receipts for the .week and since Aug. 1, the shipments for
Noi-th.spinn's' takings to April 21 27,291"
1,082,929
9,957
At
the;"Interior
Towns
movement-^-that is,
the
the week and the stocks tonight,
and the
same
items for the
corresponding period of the previous year—is set out in
detail below:
"
'
..—
*
Decrease.
'
Movement to Apr. 21,
ments
Week
/
Ala., Birm'am
66
63
85,985
36
''
349
—-
8,710
64,379
4
69,542
804
44,159
293
1 '131,517
804
31
Bales
~
52,175
47,640
,» m» m.
....
Hope
38,923
Jonesboro—
Little
134
104,255
1
40,175
Pine
"
,
'
3
50
24,457
New
114,818
460
91,519
Mobile---
5
74
8.88
8.93
8.92
8.77
8,70
8.75
8.75
8.75
8.80
8.35
8.30
8.37
-
L
17,128
4
17,101
8.69
8.84
8.98
8.91
8.97
36,322
"*38
8.35
8.93
45,166
920
33,424
8.20
8.35
8.45
8.50
8.45
8.50'
3,891
95.900
1,927
219,431
2,165
8.25
8.30
.8.40
8.40
Hoi.
117,090
3,524
166,084
3,374
8.10
8.15
350
500
8.33
8.32
Hoi.
1,128
29,180
28,650
46,242
8-40
8.28
8.45
500
139,980
34,300
818
10,700
8.28
8.33
8.32
Hoi.
35
32,739
229
78,070
1,412
300
;49
27,272
12
16,798
46
85,893
•
m
137,699
178
Little Rock.-.-
34,'800
Dallas
—
8.04
34,449
710
Fort Worth
——
8.04
8.19
—
10
16,702
329
147,128
352
62,381
2,113
50,079
1,629
58,026
27,590
310
38,560
13
39,951
369
32,400
2,607
83,538
405
299,379
65,498
2,221
68,122
459
25,576
539
257,045
closing quotations
for leading contracts, in the New Orleans cotton market for
the past week have been as follows:
37,412
25
16,122
110
18,150
1
19,980
142
51,903
740
15,270
Saturday
Monday
359
46,084
58
76,028
191
29,164
Apr. 15
Apr. 17
3,237
3,273
4,295
175,011
4,124
4,108
32,531
"
-
10,949
88
45,429
Mo., St. Louis
3,145
155,330
5,385
2
1,798
149
7,764
130
3,552
62
338,494
732
271,310
260
519,952
2,057
152,222
1,321
84,448
2,758
66,521
2,370
133,148
2,345
92,123
15,134 1871,559
30,458
704,676
12,530
23,986 2528,416
26,461
622,024
122
7,549
1,521
October
2,474
December. 7.486-7.50a
(1940) 7.476-7.49a
February
7.51
Oklahoma—
May (1939)
S. C., Gr'ville
Texas, Abilene
,
4-*.+.
~
21,97 9
»
-
6
14,723
15
45,268
466
1
63,168
4
~~
Brenham
Dallas..
7
4,662
2,939
148
Austin.....
Paris
«-
~
15,469
~
w
~
45,966
17,986
~
13
13,866
"*85
40,767
180
113,859
104
42,584
26
93,387
23,556
15,661
795
f
2
6,479
2,359
a21
a7,639
27,529
23
35,679
5
41,829
4
17
Marcos
im
Texarkana.
Waco
5*,419
209
22,869
"*62
13,306
*
731
35,864
a273
264
Robstown..
-
J
M
a
19,383
90,446
14,241
July——
August
Total,.56 towns
24.524 4434,988
63,588 2831.695
38.748 6368.060
Includes the combined totals of 15 towns in Oklahoma,
above
totals
show
during the week
509,524 bales
more
that
the
39,064
than at the
same
receipts of all the towns have been
the
same
Wednesday
Apr. 19
Thursday
Apr. 20
8.32
Friday
Air. 21
8.07
8.20
8.32
8.35
7.83
7.91
7S
7.95
7.54
7.58
7.58- 7.60
7.55
7.52
7.566 7.57a
7.52
7.51
7.48
7.46
7.486 7.50a
7.46
7.43-
8.30
week last year.
a
bales
stocks
and
period last
14,224
7.97
...
..
November
Jan.
7.586-7.52a
7.44
7.466 7.48a
_
March— 7.526-7.54a 7.586-7.59a 7.556-7.56 a 7.526-7.54a 7.486-7.50a 7.546 7.55a
April
Tone—
Spot
Quiet.
Steady,
Quiet.
Dull.
Quiet.
Quiet
Steady.
Steady.
Steadv.
Steady.
Steady.
Steady
55.385 2322.171
San Antonio.
interior
7.926-7.93a
September
Options
decreased
Tuesday
Apr. 18
June..—
.
Tenn.. Mem's
The
,
New Orleans Contract Market—The
City
*
-
21,849
*760
San
8.30
•
•
28,788
15 towns *
-
8.19
197,829
7,841
^
.
8.15
8.15
ei
131,251
-
Houston
'
,
_
179,970
627
N.C., Gr'boro
8:17
8.30
,
288
Yazoo
8.62
8.37
8.20
113,129
Vicksburg..
Hoi.
8.58
•
8.60
560
-
8.38
8.64
855
L
8.34
Savannah__T—_
31% 554
...
8.67,
8.24
8.79
Montgomery—
Augusta..'
Memphis
M
Natchez
8.55
8.09
'
Norfolk——
15,448
478
.8.70
8.43
-
Friday
8.31
8.29
32,304
118,033
460
;
Wed'day Thursday
8.29
—
Orleans
—
Tuesday
8.25
69,838
26
Columbus..
8.14
—
22,026
13,300
Greenwood.
Galveston
257
■2
Jackson
201
Saturday Monday
637
Ga., Albany..
La., Shrevep't
•Miss., Clarksd
35,316
24,891
100,927
774
^
Rome
283
.
Closing Quotations for Middling Cotton on-
65,513
36,506
40,925
Macon
.
61,955
96
i
—
46,317
931
48,575
...
86,770 1934--.
Bales
—13,250,917
--12,316,317
8,253,344
184,880
"
134,677
24
Columbus,
—
^
W.'
-
150
Atlanta.-.Augusta
-
^
'
Bluff.
-
—
398
'
Walnut Rge
Athens
——r_
1935.
"
Apr.,21
104
■
1936—
Week Ended
26,969
40,041
83
983
-
93,351
*82
:
—n- — -.
59,330
356
34,722
130,472
_
19,315
Rock
Newport...
8,149
600
,
1
60,131
-
"
52,432
426
69,020
170,526
—
Since Aug. 1—
--.149,592
146,924
.
of the week:
166
.
■
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
799
12,055
'
Forest' City
Helena
22
40,597
1,412
51,618
102
50,246
.419
.
193
74,386
159,705
38,998
60,202
Ark., Blythev.
Apr.
Week
Season
2*036
—
Stocks
ments
Week
1,047,541
.
Movement into sight in previous years:
Week—" ■
1937—April 22
1936—April 23
1935—April26-
Ship¬
Receipts
38:686
3,175
12,789
Montgom'y
21
70,867
Eufaula
Selma
Apr.
Week
Season
Stocks
"
"
Movement to Apt. 22, 1938
1939
Ship¬
Receipts
13,913,266
.
—
Towns
__
are
tonight
year.
bales
have
,
The
less than
Activity in the Cotton Spinning Industry for March,
Bureau of the Census announced on April 20
1939—The
that, according to preliminary figures, 25,827,970 cotton
spinning spindles were in place in the United States on
March 31, 1939 of which 22,472,330 were operated at some
time during the month, compared with 22,524,742 for
February, 22,440,278 for January, 22,444,784 for December,
Financial
2458
82.3 for
Kingdom 7,009, France, 2,446, Germany
for March,
Australia 3.
WORLD
place for the month
CCC
319.
spinning spindles in place, the
number active, the number of active spindle hours, and
average hours per spindle in place, by States, are shown
the
the
was
Average per
March 31
ing March
Total
United States,
25,827,970
22,472,330
8,235.568,348
319
Cotton
18,607,766
6,420,464
17,042,764
4,812,106
6,424,370,180
1,650,407,099
345
State—
257
Alabama
799,740
617,460
160,791,069
201
Arizona
growing States
New England States.
Ali other States
Spindle in Place
below:
'
311,701
2
....
Alabama
630,097,266
337
California
532,360
473,726
137,775,087
259
Georgia ...2
2,980,948
1,158,623,959
358
Louisiana
574.252
209,289,259
304
2,524,476
876,831,430
242
200,016
152,344
48,675,913
1,676,234
1,867,160
-
Maine
Massachusetts
Mississippi.
New Hampshire
355,388
262,350
69,442,815
Missouri......
5,396,046
1,898,533,608
298
976,376
805,906
291,390,632
5,694,620
591,798
5,374,530
528,360
2,131,170,173
225,604,110
374
217,038
82,221,133
325
Virginia
253,114
638,984
566,160
206,830,304
324
All other States
736.696
585,110
159,748,544
217
South Carolina..;
Tennessee
...
Texas
of
lint
"
and
MARCH REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND
ACTIVE
Cotton
Eight
Ended
In Con¬
2
0.04
90
44
67
2
0.24
84
44
64
90
54
72
_____
Brownsville
dry
:
Dallas
El
Luling
N acogdoches
In Public
Storage
suming
Establish¬ & at Com¬
2
Paris
1
—
March 31
ments
presses
{Bales)
{Bales)
1939 649,237 4,603,338 1,415,972 13,489,173 22,472,330
1938 512,626 4,017,164 1,768,311 10,941,503 22,291,046
J
1939 547,497 3,897,650 1,204,784 13,435,973 17,042,764
1938 428,995 3,416,246 1,483,095 10,854,335 16,792,920
1939
48,442
84,839
4,812,106
168,648
581,532
1938
67,437
491,716
219,885
i
1939
16,901
124,156
42,540
1
1938
16,194
109,202
1939
4,886
38,276
1938
4,386
1939
6,597
36,021
42,589
1938
7,062
58,712
1939
2.39S
1938
389
1939
1 1938
f
1
New England
States
All other States
■
•
4,758
4,878,150
617,460
65,331
8,370
619,976
10,410
14,857
22,882
22,647
17,956
11,148
4,100
4,422
4,626
4,287
73,769
551,448
110,576
62,270
479,202
353,279
279,268
7S.798
A
-
Included Above—
Egyptian cotton.
r
Other foreign cotton
Amer.-Egyptlan cotton..
*
8,313
27,047
/
63
78
40
90
92
52
71
40
66'.
0.84
78
38
58
79
40
60
2.04
1.36
74
42
2.85
0.-78
0.51
84
•
2
2
i_
58
86
40
63
86
40
63
0.26
0.34
0.44
1.20
80
1
.
,
►
68
36
59.
44
62
77
•
4.5
65
34
53
42
63
52
69
0.50
74
50
62
1
0.04
86
58
72
2
0-32
0.08
83
50
66
1
80
40
60
1
0.56
86
46
66
1
..
Tampa
Georgia—Savannah
1
_
.
.
.
Atlanta
Augusta.:
a.
Macon
0,36
0.80
0.40
82
44
63
1
Miami
Pensacola.....
86
1
2
Florida—Jacksonville._
*_
.
82
62
,
72
79
52
83
46
78
38
58
0.80
84
48
66
1
84
82
50
2.77
77
43
3
0.82
80
40
2
0.96
78
66
48
0.27
2
.
0.86
2
Raleigh
Wilmington
Tennessee—Memphis.
Chattanooga..
.
'
69
0.22
2
Charlotte
0.16
0.61
2
_
2
1
Carolina—Charleston.
Greenwood
North Carolina—Asheville
36
-
66
66
•
58
60
'
5,969
65
42
84
0.46
0.22
'
72
0.33
1
!
!
50
82
2
60
36
94
1
•
80
1
__
58
42
74
2
...
Birmingham,
Montgomery
59
■
1
3
.......
Nashville.
''
57
The following statement has also been received by tele¬
graph, showing the heights of rivers at tlje points named at
8 a. m. of the dates given:
"
91,024
New Orleans
Imports of Foreign Cotton
Above
zero
of gauge.
.Above
zero
of gauge.
Above
zero
of gauge.
.....Above
.Above
zero
of gauge.
of gaug^.
Memphis.-
(500-Pound Bales)
Nashville
8 Mos. Ended Mar. 31
March
42
,
63
0.64'
2
Alabama—Mobile
24,083
Not Included Above—
Linters..:
84
61
2
;...
Vicksburg
South
61
dry
Louisiana—Alexandria
{Number)
38
'
2
:
Little Rock._L
March
{Bales)
.
Oklahoma—Oklahoma City...
Arkansas—Eldorado
Active
69
84
2.78
....
1
Taylor-
During
46
0.01
■
1
San Antonio
Spindles
92
1.26
2
Palestine
Amite.
36
dry
...
Fort Smith
40
90
•
0.56
1
.....
_
62
44
82
1.52
dry
A.
80
0.92
2
Paso
Kerrville
Mississippi—Meridian..
1
Cotton-growing States...
69
48
Shreveport..
Mar.
jj
58
Mean
90
AND
{Bales)
United States
70
32
Low
"
Cotton
Months
55
84
Thermometer
0.50
Pine Bluff...
•
Year
84
dry
Brenham
Mar. 31—
During—
u
0.06
■
Abilene
Hand
on
High
1
New Orleans
■
Inches
Austin.
(Cotton In running bales, counting round as half bales, except foreign, which is in
500-pound bales)
Cotton Consumed
Rainfall
Amarillo
SPINDLES
COTTON
148
a..-*.
Rain
,
Texas—Galveston
73,769 bales of linters,
EXPORTED,
Virginia..
1
'
'
on
compared with
562,293 bales of lint and 66,809 bales of linters in February,
1939, and 512,626 bales of lint and 62,270 bales of linters
in March, 1938.
It will be seen that there is an increase in
March, 1939, when compared with the previous year, in the
total lint and linters combined of 148,110 bales, or 25.8%.
The following is the statement:
bales
1,225,812
Dags
Cotton Consumed and on Hand,
&c., in March—Under date of April 14, 1939, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports apd exports of cotton for the months of March,
1939 and 1938.
Cotton consumed amounted to 649,237
Report
....
.
381
:
Census
315,728
110,273
—
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in the extreme southern portion of
Texas, the condition of cotton is generally good.
In the
southwestern section of Texas, 'it has been too dry for
preparation of the soil.
Field work is progressing very
slowly in the northern portion of the cotton belt.
320
Rhode Island
51,964
-
-----
!
Tennessee
Texas.
Mississippi
195
5,930,158
New York..
North Carolina
South Carolina
174,569
289,986
736,532
184,468
—
243
220
109,334,115
354,850
496,400
•».
39,138"
21,007
Oklahoma
193,817
.
Bales
North Carolina
690,748
3,238,084
689,300
3,627.516
Connecticut
.
New Mexico..
79,410
...
"
••
,
State—1
Bales
•
Arkansas
Georgia
on
The loans average 8.80 cents per
pound.
Figures showing the number of bales on which loans have
been made by States in which the cotton is store are given
Stale
Active Dur¬
$202,681,802
Aggregated
and the cotton released.
for March
'
In Place
Cotton
on
Com¬
modity Credit Corporation announced that "Advices of
Cotton Loans" received by it through April 13, showed loans
disbursed by the Corporation and lending agencies of $202,681,802.10 on 4,425,301 bales of cotton. This includes loans
of $1,345,595.10 on 29,613 bales which have been repaid
Active Spindle Hours
Spinning Spindles
Loans
4,426,301 Bales Through April 13—On April 14 the
in the following statement:
'
STATISTICS
production of commercial cotton, exclusive of linters, grown
1937, as compiled from various sources was 35,591,000 bales, counting
American in running bales and foreign in bales of 478pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the
year ended July 31, 1938, was 26,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 147,000,000.
The world'8
in
December, 83.6 for November, 81.9 for October,
1938.
The average number of active
per spindle in
The total number of cotton
55, Canada 870, Panama 10, Japan 3,288, South Africa 85,
lands 815, Yugoslavia
and 66.6 for March
spindle hours
1939
22
The distribution for March 1939 follows: United
1,055, Italy 631, Denmark 64, Nether¬
1939 and 199,144 bales in 1938.
November, 22,113,952 for October, and
1938.
The aggregate number of
active spindle hours reported for the month was 8,235,568,348.
Based on an activity of 80 hours per week, the
cotton spindles in the United States were operated during
March, 1939 at 86.6% capacity. This percentage compares
on the same basis with 87.8 for February, 85.7 for January,
for
22,449,280
22,291,040
April
Chronicle
Shreveport.!
Vicksburg.,
zero
April 21, 1939 April 22, 1938
14.9
16.2
32.3
33.0
>
18.8
13.5
22.5
,23.0
37.2 •
40.2
Country of Production
1939
A_—
Egypt
Peru
1939
1938
3,940
■
31,962
29,738
'290
25,249
6,929
18,062
10,469
20,467
27,736
20
...
1938
.
3,564
676
"
China
203
Receipts
from
the
Plantations—The following table
indicates the actual movement each week from the planta¬
"
Mexico
2,245
British India
2,681
1,372
5,526
3,821
494
77
1,627
1,832
9,583
14.360
95.433
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.,
The
79.604
-
All other
Total
Linters
imported during
seven
Southern
Week
months ended Feb. 28, 1939, amounted to 27,328
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
equivalent 500-pound bales.
1938
1939
1937
1939
1938
1937
1939
1938
1937
Exports of Domestic Cotton—Excluding Linters
(Running Bales—See Note for Linters)
Jan.
20.
27.
8 Mos. Ended Mar. 31
March
Country to Which Exported
37,387 116,840
43,199 120,588
82,643
54,826
61,831
3329,120 2629.639 2090,671
3291,719 2628,795 2046,413
Nil
133.463
5,798 119,744
30.702
17,573
Feb.
Nil
74,203
Nil
10,309
10.
35,546 104,958
29,078 112,608
135,433
8,472
United Kingdom.
31,595
101,389
350,858
,394,119
17.
25,681 101,785
82.257
3246,532 2598.040 2001,896
3212,973 2575,215 1952,548
3174,825 2570,224 1926,804
Nil
96.794
56,513
France
15,575
.33,140
319,707
672,706
24.
21,337
86,337
66,019
3138.203 2543,310 1880,455
NU
59,413
19,670
31,500
42,181
229,021
409,015
Mar.
28,136
18,159
254,143
3096.651 2500,609 1810,771
3051,323 2479,799 1744,860
3012.260 2460,874 1685,584
Nil
1939
Italy
Germany
1938
1939
1938
3..
57,820
587,062
3.
25,736
82.658
64,149
15,370
212
10.
92,663
67.954
39,957
NU
Nil
71,853
2,043
Nil
49,069
NU
1~4~, 652
75,930
159,017
17.
53,808
71,164
538,790
561,538
24.
27,264
32,436
21,973
67,994
47,032
61,190
17,929
NU
126,089
101,917
720,403
438,300
31.
19,979
44,595
59,427
2986,570 2431,771 1622.611
2951,233 2397.991 1569,244
NU
Japan
NU
10,815
6,060
China
16,339
4,827
60,018
Canada
10,708
22,870
152,864
183,198
7,648
15,289
69,069
241,155
Spain
...
Belgium..
Other Europe
All other
8,760
Apr.
10,469
7.
Total.
330,370
425,588
11,788
51.480
50,142
2907,928 2362.621 1503,310
NU
16,110
NU
14.
»
2,786,173
54,793
21,385
26,976
42,828
3,173
Nil
13,296
30,687
40.673
2870,759 2338,818 1440,172
2831.695 2322,171 1387,245
NU
21.
NU
14,040
Nil
4,656.579
The above statement shows:
Noie—Linters exported, not included above were 16,331 bales during March in
,1939 and 24,225 bales in 1938.
151,588 bales for eight months ended March 31 in
from the
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,392,943 bales;
Volume
in 1937-38
148
Financial
Chronicle
8,397,214 bales and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 13,296
bales, the actual movement from
the plantations was nil bales, stock at interior
towns having
decreased 39,064 bales during the week.
were
2459
Shipping News—Shipments in detail:
Bales
GALVESTON—T° Ghent, Apr. 18, Elizabeth Van
Belgie, 157
To Antwerp,
Apr. 18, Elizabeth Van Belgie, 94
To Dunkirk,
Apr. 18, Elizabeth Van Belgie, 399
I
To Trieste, Apr.
15, Maria, 713
To Venice, Apr. 15,
Maria, 171.
-
157
94
_
399
—
713
171
_
_
To
World's Supply
and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's
supply of cotton for the week and since Aug. 1
for the last two
from all
seasons
sources
obtainable; also the takings
sight for the like period:
are
Cotton Takings,
from which statistics
amounts
or
out
gone
of
Gdynia, Apr. 15, Vigrad, 1,155; Apr. 20,
Trafalgar,
To
Copenhagen, Apr .20, Trafalgar ,617
To
285—11
1,440
617
_
Bremen, Apr. 20, Kellerwald, 2,176
To Gothenburg, Apr. 20,
Trafalgar, 967
~~I" ""II"
T° 2uena Ventura, Apr. 20, Margaret Lykes, 156___
U/^T^9^Tfca£?n!^ Apr" 20• Marsaret Lykes, 224HOUSTON—To Trieste, Apr. 13,
Maria, 287-To Venice, Apr.
13, Maria, 479
To Liverpool, Apr.
18, Dakarian, 1,188
—IIIIIIII
.To Manchester, Apr. 18,
Dakarian, 2,765
To Bremen, Apr. 19,
Kellerwald, 2,663---To Hamburg, Apr.
19, Kellerwald, 56__
<
' '
I_
To Antwerp, Apr. 15, Elizabeth Van
Belgie, 33—— i——
To Ghent, Apr. 15, Elizabeth Van
Belgie, 298
To Copenhagen, Apr.
15, Trafalgar, 209; Apr. 19, Frieda, 700—
To Dunkirk, Apr. 15, Elizabeth Van
Belgie, 161
To Gdynia, Apr., 15,
Trafalgar, 474
To Gothenburg, Apr. 15,
Trafalgar, 22—
I_
To Marseilles, Apr. 20, Maddelena
Odero, 46.To Genoa, Apr. 20, Maddelena
Odero, 50--J.
To Japan, Apr. 20,
Skjelbred, 531To China, Apr. 20, Skjeibred,
350——
J
NEW ORLEANS—To
Liverpool, Apr.-12, West Chatala, 1,196
To Manchester, Apr. 12, West
Chatala, 1,791--.To Japan, Apr. 18, Ivimakawa
Maru, 3,973; Denymore, 2,091.
To Ghent, Apr. 17, Patrick
Henry, 50
,-_r
To Antwerp, Apr. 14,
Burgerdijk, '77—■—
To Havre, Apr. 17, Patrick
Henry, 350—_
_i
To Bremen, Apr. 15,
Frankenwald, 1,567—
To Hamburg, Apr. 15,
Frankenwald, 2,527
To Rotterdam, Apr. 17, Patrick
Henry, 223; Apr. 14, Burger¬
dijk, ,81
To Genoa, Apr. 15, Maddalena
Odero, 230--.
To China,, Apr. 18, Denmore, 503
;
CORPUS CHRISTI—To Ghent, Apr. 10, Elizabeth Van
Belgie, 78To Havre, Apr. 10, Elizabeth Van
Belgie, 299-.
To Dunkirk, Apr. 10, Elizabeth Van
Belgie, 1
LAKE CHARLES-*—To Havre, Apr.
19, Meanticut, 50MOBILE—To Hamburg, Apr. 14, TugeIa,T7
To Bremen, Apr. 14, Tugela, 750
NORFOLK—To Hamburg, Apr. 21, Sarcoxie, 118--LOS
ANGELES—To Japan, Apr.
13, Yamabike Maru,
100;
Apr. 15, Keiho Maru, 550; Apr. 17, President Pierce,
1,252; Dagmar Salem, 1,163
To China, Apr. 17, President Pierce 300.
SAN FRANCISCO—To France, (?),, 50
To Japan, (?), 419
:
—;
To China, (?), 49-_
1
;
—
2,176
967
—
156
,
224
— — —
287
479
—
„„
1,188
2,765
2,663
.
-
1938-39
1937-38
Week and Season
56
.
33
298
„_
Week
Season
Week
Season
_
Visible supply April 14
Visible supply Aug. 1
American in sight to April 21
8,198,719
8,846,994
1061083
_
Bombay receipts to April 20—
Other India ship'ts to April 20
Alexandria receipts to April 19
Other supply to
11,000
16,000
April 19 *b..
Total supply
Deduct—
4,339",022
9,603,505
1,782,000
581,000
1,399,800
369,000
63,000
21,000
130",3 54
'
13.913,266
1,888,000
466,000
1,798,200
382,000
57,000
24,000
18,000
10,000
8,415,802 21,594,246
9,086,348 22,786,488
8,083,553
Visible supply April 21
8,829,068
8,829,068
332,249 13.510,693
224,249
9,431,093
108,000
4,079,600
„
'257,280 13,957,420
192,280 9,719,620
65,000 4,237,800
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 4,633,000 bales in 1938-1939 and
4,020,000 bales in 19371938—takings not being available—and the aggregate amount taken by
Northern and foreign spinners, 8,877,693 bales in 1938-1939 and
9,937,420
bales in 1937-1938, of which 4,798,093 bales and
5,699,620 bales American.
b Estimated.
4
.
India
Cotton Movement from All
of Indian cotton at
474
.
—
„
_
22
,
46
—
_
-
_
—
50
_
-
531
-
350
—
—
_
1,196
1,791
6,064
50
.
77
...
Total takings to April 21 _a___
Of which American_—
Of which other
8,083,553
909
161
—
7,858",941
„
Ports—The receipts
—
—
— —
—
— —
for three years, have been as follows:
.
1,567
2,527
_
304
230
500
-
.
—
...
78
299
■
-
Bombay and the shipments from all India
season from Aug. 1, as cabled,
ports for the week and for the
350
_
———
1
50
17
750
——_
118
*
3,065
—
300
50
419
.
'
*
1938-39
April 23
1930-37
1937-38
;
—
-
—
•
Receipts—
Since
_
49
-
Since
Since
C
...
,
^
Week
Bomnay.
Aug. 1
Week
63,000 1,782,000
•.
For the
••
57,000 1,888,000
Week
.
Week
Aug. 1
Aug. 1
Total
66,000 2.576,000
Since August 1
Exports
;■
■■
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
'
4
Mar. 31
Great
Conti¬
Jap'nd:
nent
China
Britain
Great
Total
Conti¬
Britain
■
Japan dr
China
nent
Total
6,000
9 000
38.000
53,000
61,000
190,000
838,000 1089,000
5,000
1937-38—
39,000
44,000
33,000
196,000
545,000
68,000
21,000
218,000
10,000
24,000
157.000
309,000
10,000
39,000
345,000
538,000
279,000
553,000
838,000 16;0,000
505,000
545,000 1240,000
841,000 1149.000 2403,000
4,000
1937-38
—
1936-37—
—
.
Of which American-
17,000
9,000
14,000
.
.t
—
303,060 1149,000 1520 ,p00
8,000
29,000
1938-39--
imports-.
Amount afloat—---a
5I660
Other India-
38,000
7,000
123.000
35.000
—
Of which American
774,000
12,000
1936-37—
363,000
581,000
466,000
-
—-v-
April 21
385,000
Total stocks
Total
*
April 14
49,000
823,000
321,000
6,000
132,000
.39,000
48,000
919,000
382,000
41,000
22,000
122,000
18,000
53,000
921,000
368,000
62,000
9,000
116,000
17,000
Forwarded.
■
Of which American..-
Bombay—
1938-39—
April 7
55,000
938.000
,
Froru—
88,3,000
37,278
—
$7,000
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing
prices of
spot cotton have been as fellows:
Total all—
18,000
38.000
74,000
10.000
19,000
39,000
68,000
190,000
1936-37
B
18,000
1937-38-
,
34,000
18,0(10
4,000
56.000
413,000
1938-39
—
—
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,000 bales.
Exports from all India ports record an increase
of 6,000 bales during the week, and since
Aug. 1 show an
increase of 430,000 bales.
.
Soot
Saturday
Alexandria, Egypt
1938-39
Shipments
Moderate
Mid .Upl'ds
4.99d.
'
1937-38
Thursday
Friday
Good
demand.
inquiry.
5.02d.
5.08d.
A fair
business
Moderate
Quiet.
demand.
business
..doing.
5.0ld.
doing
5.014.
•
'4.99d.
,
j
[
2
[
Market,
Q't but st'y Q't but st'y Q't but st'y Barely ft'y,
pts. adv, to 3 to 4 pts. 3 to 4 pts. 2 to 5 pts: 3 to 9 pts. 3 to 6 pts.
1 pt. dec.
advance.
advance.
decline.
decllpe; '
decline
1
P. M.
1936-37
Wednesday
f Q't but 8t'y
Q't but st'y Quiet; unch Barely st'y; St'dy, un¬
Quiet;
1 pt.dec. to 2 to 5 pts. 3 to 5 pts.
to 1 pt.
2 to 4 pts. changed to
Futures
Market
Apr. 19
(
Tuesday
A fair
\
i
12:15
P. M.
opened
Alexandria Receipts and
Monday
(
Market,
advance.
pts. adv.
Quiet;
2
advance.
decline.
decline.
3 pts. adv.
Steady:
,
Prices of futures at
Liverpool for each day
are
given below:
Receipts (caPtars)—
This week
Since
-
Aug. L
_
90,000
7,053,594
*
•
90,000
9,037,188
40,000
9,002,783
Sat.
Apr. 15
This
Exports (bales)—
—A"* 1
To
■
■'
'•
'*
Since
Week
L-
Liverpool
Aug.
This
1
Week
Since
This
1
Aug.
Week
'
-
To Manchester &c
To Continent & India
Tues.
Mon.
W
;
d.
Thurs.
Pri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Since
Aug.
'
■d.
d.
New Contract
1
d.
•
d.
d.
d.
d.
d.
<
d.
d.
d.
May 1939
1
■
?
to
Apr, 21
12,000 140,430
137,437
15'odd 526,938
2,000
22,102
3,000 155,023
142,412
10",000 581,156
22,795
3,000 173,227
176,893
9",000 611,308
37,675
4.63
4.68
4.67
4.73
4.71
4.66
4.66
4.66
4.63
4.64
4.60
July--
4.41
4.46
4.45
4:50
4.49
4.44
4.44
4.42
4.39
4.39
4.36
—
-
4.29
4.29
4.26
4.24
4.20
Total exports
•-
29,000 826,907
13,000 901,386
12,000 999,103
Note—A cantar fs 99 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended
Apr. 19 were
0,000 cantars and the foreign shipments 29,000 bales.
Y
'
4.34
4.33
4.31
4.36
4.35
4.38
4.38
4.36
"4.36
4.29
4.27
4.25
4.21
March.
.
To America.
4.34
4.39
4.38
4.41
4.41
4.39
4.39
.4.32
4.30
4.28
4.24
May
4.36
July
October-,.-'-—
4.40
October
—-
—
4.38
4.37
4.33
4.29
December.
January 1940
—
«
-
-
4.40
-
-
»
-
-
4.44
-
4.42
-
*
mj
,'4.45
4.43
^
4.35
4.37
4.37
-
«...
4.47
4.35
4.35
4.42
-
-
-
•
-
4.26
4.33
«p
-
-
4.43
4.36
4.27
-
4.34
4.45
-
4.20
4.28
...
,4.30
.
Manchester
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for
comparison.
BREADSTUFFS
Friday Night, April 21, 1939
Flour—The local flour situation has shown little change.
Inquiry for flour in the local market continues spotty, and
1939
1938
8H
32s Cop
Lbs. Shirt¬
ings, Common
Twist
i-otton
32s Cop
Upids
to Finest
Middl'g
Middl'g
to Finest
Upl'ds
Twin
Cotton
consumers'
8.
20-
8K@ 9K
8
9
@
9
5.18
27-
8K@ 9 A
8
9
@
9
5.10
8H® 9H
8
9
@
9
d.
d.
s.
d.
d
d.
s.
d.
d.
Jan.
lOtf @11*4
10K@HK
9
9
10K@10
IK
9 10K@10
IK
4.93
4.82
Feb.
3..
5,13
10—
17-
10—
necessary,
are
Government
9
5.07
@
9
5.15
8A@ 9)4
@
9
5.18
10
10
8H@
8
9
@
9
5.29
10
8
9
10H®nH
IOK@HK
IOK@HK
10
@11K
9K@11K
@10
3
5.06
wheat
10
0
@10
3
5.10
10
0
@10
3
4.97
events and
9
9
@10
0
4.91
9K@iiy8
9H®11 H
9K@11K
9
9
9
9
@10
4.89
tional bearish factor in the downward trend of wheat:
9
9
@10
4.94
were no
9
9
@10
10K@10
5.02
IK
5.16
9H
@10
3
5.21
@10
3
5.13
8K@ 9K
@
9
@
9
3
5.27
8 10K@
9
IK
5.16
8
9
9
9A
8
9
8K@ 9K
9A
8
@ 9
7**@ 8 10H
4.93
8
9
4.99
@10
9
@
5.40
4.95
10
8A@
8A®
@
9
4.92
@10
4.79
has
import flour.
@
9
of
the
Wheat—On the 15th inst. prices closed ^c. to %c. net
lower. Trading was light, but the market ruled heavy during
9
4.93
is
to increase their
9
@10
Apr.
7-
and, if
British
bakers
9
9
14-
the
interest
8
8A® 9A
8 A® 9A
.
that
scheme whereby
of
8
17—
21-
England
item
8
24..
31—
reserves
An
present.
8H® 9A
8A® 9A
9
Mar,
3-
a
at
10K@HK
10K@HK
10K@11K
1
24-
flour
needs
from
report
formulated
d.
contracts are supplying the bulk
regular shipments on
8lA Lbs. Shirt¬
ings, Common
most of the session, prices dropping at one time to %c. net
lower, from which level the market showed little tendency
to
The bearish influences were reports of widespread
growing weather in the domestic winter
belt, a somewhat calmer outlook toward European
rally.
rains and favorable
substantial estimated stocks of wheat in Canada.
The gesture for, peace on the part of the-President had little
market influence. A stronger securities market was an addi¬
There
overnight developments to induce buying and open-
>
reports from the spring wheat belt
crop
Octoberl
caused increased
new
timid in view of the serious political situation.
Crop
hours
spring wheat belt will greatly improve subsoil moisture
May and July showed losses no greater than He.
experts said heavy snows and rains received the last 24
in the
There
reserve.
were
indications of damage to winter;
no
wheat due to recent low temperatures.
Exporters sold
more
bushels of Canadian wheat, mostly from
Vancouver, to the United Kingdom.
On the 19th inst.
prices closed unchanged to He- higher. Improved milling
and export demand for wheat gave prices an upward tilt
today, but the stronger stock market and announcement
that the British Ambassador would return to Berlin caused
than
late
800,000
selling by traders who believed the European political
The result was that prices
situation to be less foreboding.
closed very little
changed from yesterday.
60%
61%
62%
Thurs.
Fri.
61
62%
63%
61%
61
62
63%
62%
63%
%c. to He. net
sympathy with the lower trend
of the wheat market.
The Argentine Government's first
estimate of the 1939 corn crop, about which there had been
much conjecture, while not having a bearish effect, could
hardly be construed as having a bullish influence. The esti¬
mate indicated production of 212,598,000 bushels, somewhat
larger than the record small crop of 185,000,000 bushels
last year, but about 35% below normal. B. W. Snow, crop
expert, estimated Argentina's exportable surplus at about
1,333,000,000 busheis. Much, however, will depend upon
home consumption.
The Buenos Aires corn market closed
He. to He. off. Sustained firmness in the cash market here
held corn futures about steady during much of the session,
but the grain finally yielded to the weakening influence of a
bearish wheat market.
Support by cash interests was no¬
where as brisk as in the previous session. On the 17th inst.
prices closed He. to He. net higher. Corn closed near the
day's best prices, with hedge lifting on 82,000 bushels sold
by shippers helping the upturn.. Export business was slow,
although 50,000 bushels of United States corn already in
European ports, were sold. Receipts were moderate and
bookings very small. On the 18th inst. prices closed He. to
He. net higher. It was reported that shippers sold 106,000
bushels of. corn to industries and good demand for actual
grain, as reflected in premiums of about 2c. over the May
contract, helped to strengthen the futures market.
No. 2
yellow corn sold at 50 H» compared with 48 H for May at
the close. Some afloat Atlantic and Gulf corn was sold to the
United Kingdom.
On the 19th, inst. prices closed He. to
He. net higher. The upturn of corn lifted prices to the best
levels in more than a month. Rainy weather has restricted
movement of corn, but increased arrivals are expected inas¬
much as new reduced rail rates from Illinois points became
effective today. Shippers sold 35,000 bushels at He- to He.
higher prices, with No. 2 yellow quoted as much as 2 He.
Corn—On the
North American
15th inst. prices closed
This market sagged in
lower.
developments in Europe and sellers'
September
wheat contracts, which can be satisfied by delivery of spring
wheat, bore the brunt of the selling, some of which repre¬
sented spreading against purchases of May contracts. Sep¬
tember futures were off as much as He. at one time, while
awaiting
-
Dec. 29. 1938
Wed.
.Tues.
60%
61%
62%
60 4
61%
62%
-
Sept. 7, 1938
Oct. 6. 1938
FUTURES IN WINNIPEG
Mon.
Sat.
May
July
selling of September wheat contracts on the Chicago Board
today, resulting in a drop of as much as He. in the price at
times.
May and July contracts lost only small fractions,
however. On the whole the market was a quiet affair, most
dealers
CLOSING PRICES OF WHEAT
DAILY
When Made^l
I
Season's Low and
July 23, 19381 May
62*4
Jan.
4, 19391 July
62%
Jan.
4. 19391 September
67%
74%
71%
72 4
May
July...
September
Liverpool quotations. On the 17th inst. prices closed He. to
He. net higher. An accumulation of orders lifted wheat
prices He. to He. at the opening today, but when this
business had been completed, trading became dull.
Quota¬
tions fluctuated within a He. range the remainder of the
session, holding stubbornly to early gains.
Pit traders
attributed most of the buying to higher prices at Liverpool
and uneasiness over the troubled European situation. Com¬
mercial wheat buying, including lifting of hedges on grain
and flour business, some for export, helped to support prices.
The spot market was He. higher and shippers sold 100,000
bushels out of local elevators. Export sales were estimated
as high as
1,000,000 bushels, including 700,000 bushels of
Canadian Pacific grain to the United Kingdom, some Ameri¬
can hard wheat in store on the Continent and five loads of
Gulf hard winters sold to Europe.
On the 18th inst. prices
closed unchanged to H point lower.
Bearish weather and
When Made
High and
Season's
despite fractionally higher than due
ing prices were down
April 22, 1939
Chronicle
Financial
2460
May
export business was estimated at 1,250,000 bushels, mostly
Canadian wheat. This was believed to indicate nervousness
over
foreign importers. Sales of wheat abroad the past
few days have been averaging about 1,000,000 bushels.
Processing interests were active in the cash market and this
contributed strength to the futures section. Sharp improve¬
liigheE
On
business the past week
stimulated demand for
Liverpool wheat prices closed
He; to He. net
higher, and export business was estimated at 500,000 bush-'
els, mostly Canadian grain from the Pacific.
On the 20th inst. prices closed unchanged to %c. higher. •
Wheat values fluctuated within a narrow range today, but
held small fractional gains throughout most of the session.
Active international trade, with European importing na¬
tions building up reserve stocks of wheat and flour, con¬
tinued to have a strengthening influence on prices in all
.
20th
Today prices closed He. off to unchanged.
Corn futures were fractionally lower despite shipping sales
in
ness
,
corn.
300,000 bushels, largest in months, to proces¬
Delayed opening of lake navigation was
reported holding up shipment of corn purchased at Duluth.
Open interest in corn was 58^809,000 bushels.
of
than
more
in the East.
sors
"DAILY
CLOSI.NG
DAILY
CLOSING
Season's
exporters, increasing the week's volume to
6,000,000 bushels.
British dealers took almost
Canada for Ant¬
werp yesterday. . The crop in India was estimated at 35,- '
000,000 bushels less than last year.
Liverpool wheat closed
unchanged to %c. higher.
A statement .indicating the do¬
mestic export subsidy program will be continued next sea¬
with
son
and
wheat
that
is
abroad
much
wheat bought
movement
of
grain
expected by
another
100,000,000
bushels
heavy
planting in other producing countries.
%c. lower.
Activity
today, result¬
slump in futures trading on the Chicago Board.
Today
prices
closed unchanged
to
in the international wheat market diminished
ing in
a
Prices
were
fractionally lower most of the session in
sym¬
pathy with declines at Liverpool.
Most of the trading was
done by elevator, shipping and milling interests changing
positions among the various futures contracts.
Selling at
Liverpool, where wheat closed H to %c. lower,
was blamed
hedgers insuring themselves against loss on
large quantities of cash wheat bought by importers this
week.
Increased Argentine shipments also had a bearish
largely
on
effect.
The manner in which foreign markets ignored
reports of incidents in the Polish corridor and on the Slo¬
frontier
puzzled
traders
here, but
with speculators virtually out of the
market, commercial
selling dominated the trade.
Doubling of margin require¬
ments for grain trading in Chicago because
of the war
failed
scare
in
wheat
was
DAIL/
__
to
arouse
speculative
CLOSING
'
PRICES
50%
High and
60%
55%
56%
CLOSING
PRICES
6F
.
______
Open interest
OF
WHEAT
IN
WHEAT
gat
;•
_______
88%
67 %
68
NEW
Wed.
bearish trend of the wheat and
FUTURES
Mon.
69%
68 %
68%
88%
IN
CHICAGO
Wed.
Thurs.
69%
69%
69%
67%
67%
68%
68%
68%
68%
^ues.
Fri
69%
68
68%
Wed.
Thurs.
48%
5Q%
49%
50%
49%
50%
48%
49%
50%
Fri.
65%
CHICAGO
51%
51%
50%
When
Fri.
49%
50%
51%
Made
Apr.
3,1939
Mar., 16, 1938
Apr.
3,1939
.
corn
markets.
On the 17th
prices closed He to He. net higher. An item of interest
was .the report
that shipping sales of oats totaled 78,000
bushels. This tpgether with the firmness of wheat and corn
had
a
.
wholesome influence
on
oat values.
On
inst.
18th
the
prices closed ,He. off to He. up. This market was dull, the
little trade in evidence being largely routine.
On the 19th
inst. prices closed He. net higher.
In spite of increased
activity in this grain, prices were just a shade, above-the
previous finals at the closing of this session. "However, the
undertone was steady throughout, and this was attributed
to the strong spot situation,'with prices in this section the
highest since early in the year. Shipping sales were also large.
On the 20th inst. prices closed unchanged to %c. net
higher.
Trading was light, with the undertone of the mar¬
ket steady during most of the session.
Today prices closed
Vi to %c. net higher.
Further good demand for cash oats
helped
to
price in
DAIL/
lift
May
than
more
CLOSING
contracts
a
to
OF
September—
DAIL/
29%
27%
27%
29%
27%
26%
Season's High
and
30%
293-3
29%
CLOSING
as
30%c.,
30%
27%
27%
30
27%
27%
When Made
J
Season's Low and
Jan.
4, 19391 May
23%
Jan.
3, 19391 July
245-3
Jan
4, 193 91 September
26%
OF
OATS
-
28%
28%
FUTURES
Mon.
28%
28%
28%
30%
28%
27%
When
Sept.
...
PRICES
29
-
high
best
FUTURES
IN
CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
OATS
Sat.
May
July...
as
year.
PRICES
May
July..
September
Fri ^
88*4
Tues.
IN
When Made
I
Season's Low and
July 23, 1938|May--__
46%
Sept. 24, 1938 July
48%
Jan.
4, 19391 September
49%
inst.
October
Thurs.
88%
YORK
Wed. Thurs.
65%
65%
NEW
prices closed He. to He. net lower.
light, the lower levels being largely due to the
was
May_
July-
YORK
,
IN
Tues.
66%
FUTURES
Mon.
Sat.
Sat- Afon. Tues.
88%
88%
88%
'
May.
July.
September.
interest.
68,068.000 bushels.
No. 2 red
DAILY
many
CORN
47%
49%
_____
vak-Hungarian
64%
Oats—On the 15th inst.
Trading
from
traders to discourage
OF
—
May
July
September--,
2,000,000 bushels of Canadian, Australian and Argentina
wheat overnight," and English bakers werd asked to in¬
crease
flour reserves.
Belgian dealers also were in the
market,
PRICES
CORin
Mon.
Sat.
European importers, led by Great Britain, were
to have taken more than 2,000,000 bushels of
than
more
OF
-Sal.
64
May—
July v
September
».
from
wheat
PRICES
,
No. 2 yellow
_
estimated
%c. net
of market supplies accounted for the steadi¬
and meagerness
wheat;
markets.
to
unchanged
prices closed
inst.
Corn prices advanced1 minor fractions to the best
level since early March.
A good demand from processors
among
ment in flour
corn.
the
Oct.
Apr.
IN
Tues.
Wed.
29
29
29
28%
28%
28%
30%
28%
27%
Made
6.1939
18, 1938
5,1939
WINNIPEG
Thurs.
29%
29%
____
Fri.
29
29%
28%
Ry e—On the 15th inst. prices closed He. to He. net lower.
The
reactionary trend of wheat and corn values together
of favorable growing weather, influenced some
selling of rye, part of which was for short account. On the
17th inst. prices closed He. to He. net higher.
There was
with reports
:
Volume
Financial
148
nothing of special interest to the trading in rye, the market
holding steady with slight gains in sympathy with the firm¬
ness of wheat and corn.
On the 18th inst. prices closed un¬
changed to 3^c. up. This market ruled very quiet, apparently
ignoring the bearish weather reports and the heaviness of
wheat markets. On the 19th inst. prices closed Kc. to %s.
net lower. The action of the rye market was contrary to the
other grains, and the heaviness displayed in this market was
attributed largely to switching of hedges.
On the 20th inst. prices closed ^4c. net higher.
Although
trading
the
session.
changed.
Today
Trading
DAILY
CLOSING
was
May
July
.September_
Season's
High and
53%
49%
September
49%
R YE
OP
CLOSING
PRICES
I
—
...
October..
DAILY
Sat.
44%
Mon.
■
40%
41%
WINNIPEG
Thurs.
Wed.
Tues.
37%
36%
35%
Fri.
38%
37%
36%
38%
38%
37%
36%
40%
40%
41%
41%
41%
FUTURES IN
Mon.
37%
36%
35%
.____
40%
40
40%
41%
41%
OP BARLEV
Sat.
May...
July
October.._r
WINNIPEG
Wed.
Thurs.
Fri.
IN
Tues.
40%
...
CLOSING PRICES
Made
3, 1939
Mar. 16, 1939
Apr.
5. 1939
37
36%
38%
37%
36%
Hard winter clears
Rye flour patents
.3.55 (
Seminola, Dbl., Nos. 1-3—5.10< 15.40
2.65
go
Corn He
flour.
July 1 to—-
Barrels
United
bblsAOO lbs bush
536,000
62,483,000
527,000 39,270,000
189,000
45,581,000
317,000 26,700,000
543,750
8,000
407,000
36,250
1,165,250
2,000
56,000
Brit. No. Am. Col.
71500
257,514
4,445,641
Total 1938..... 119,324
4,264,480
__
Total 1939.....
The
lbs bush
118,000
lih/ooo
78,000
18,000
134,000
55,000
GRAIN
Wheat
Philadelphia
Baltimore.
New
63,000
•
Joseph.
58,000
55,000
4,000
2,000
204,000
89,000
385,000
118,000
3,000
5,000
148,000
103,000
494,000
Same wk '38
337,000
Same wk '37
409,000
79,000
Orleans__i
—
15,000
40,000
52,000
128,000
28",000
120,000
....
2,936,000
3,754,000
124,000
1936.
Wichita
983,000
Hutchinson
St. Joseph
656,000
198,000
17,817,000
2,455,000
6,347,000
912,000
157,000
921,000
1,197,000
504,000
1,801,000
96,000
205,000
583,000
_
Indianapolis
15,000
13,704,000
844,000
1,001,000
1,826,000
4,904,000
5.,865,000
....
Minneapolis
3,256,000
5,198,000
2,412,000
104,000
3,000
135~666
582,000
92,000
431,000
316,000
15," 1939.. 72,026,000 41,002,000 11,615,000
8, 1939.. 73,639,000 41,544,000 11,814,000
16, 1938.. 45,078,000 42,558,000 19,048,000
7,376,000
7,524,000
3,147,000
8,239,000
Note—Bonded grain not
Included above:
Wheal
694,000
44,690,000
2,068,000
71,646,000
6,593,000
1,187,000
4,526,000
15, 1939..136,741,000
8, 1939..137,231,000
16, 1938.. 42,849,000
9,204,000
9,333,000
2,191,000
2,177,000
9,032,000
1,253,000,
6,719,000
6,645,000
8,424,000
9,204,000
7,376,000
2,191,000
7,285,000
6,719,000
15, 1939.-208,767,000 41,002,000 20,819,000
8, 1939.-210,870,000 41,544,000 21,147,000
l6, 1938.. 87,927,000 42,558,000 28,080,000
4,400,000
Total April
Total April"
Total April
72,026,000 41,002,000 11,615,000
;
,
...I..
....136,741,000
Total April
Total April
Total April
,
bush 56 lbs
Rye
Oats
bush 32 lbs
78,000
123,000
•
.
Barley
bush 56 lbs bush 48 lbs
18,000
Since
Week
Exports
July
April 14*
2,000
2,000
20,000
1,000
180,000
64,000
"
"
21666
18,000
.
'
'
•
Corn
'•
'
1,
Bushels
Week
Since
July 1,
April 14,
1939
July 1,
1938
1937
Bushels
Bushels
Bushels
Bushels
1937
No. Amer.
Bushels
3,068,000 190,645,000 147,173,000
73,514,000
1,576,000 79,471,000
.
7,344,000,
Since
July
1,
.
906,000
.
68,999,000 47,691,000
15,008,000
3,839,000
1,481,000 103,923,000 177,773,000
591,000
12,000,000
28,96.8,000
22,114,000
Othef
Total..
_
536,000
10,963,000 453,688,000 397,076,000
211,000
45,000
17,855,000
7,317,000
896,000
36,010,000
71,711,000
of
on
1/666
,
21,000
5,000
300,000
612,000
Since Jan. 1
280,000
7.56,000
351,000
76,000
25,000
44,000
4,221,000
23,031,000
13,189.000
1,010,000
986,000
2,486,000
Since Jan. 1
passing through New
403,000
3,381,000 224,540,000 301,014,000
CCC /Through April 13 Aggregated
224,902,626 Bushels—The Commodity
Credit Corporation announced on April 14 that, through
April 13, loans made by the Corporation and lending agencies
under the 1938-39 corn loan program aggregate $128,055,049.74 on 224,902,626 bushels; The loans by States in which
the corn is stored are as follows:
Loans
$128,055,050
Slate
599,000
Receipts do not include grain
9,567,000 14,004,000
9,701,000 14,140,000
16,663,000
Since
.
1938
24,000
Orleans
for foreign
ports
Bushels
39,763
Illinois
33,661,724.65
59,063,214
Indiana
3,064,482.26
62,380,281.05
5,378,036
Iowa
Kansas
2,485,580.54
—
109,448,593
4,386,683
119,397.67
214,731
Minnesota—
9,114,297.96
16,005,046
Missouri.....
3,347,752.82
5,877,889
10,603,735.72
18,700,653
Kentucky
through bills of lading.
Nebraska
South Dakota
from the several seaboard ports for the week
ending Saturday April 15, 1939, are shown in the annexed
Amount
$20,037.54
Colorado
The exports
on
83,000
2,110,000
The world's shipment of wheat and corn, as furnished by
Bropmhall to the New York Produce Exchange, for the week
ended April 14 and since July 1, 1938, and July 1, 1937, are
shown in the following:
52,970,000
24,000
*
Barley
Bushels
88,705,000
New Orl'ns*
1938
Rye
Bushels
Other Can. & other elev.
80,990,000
14,000
1938.
Oats
Ft. William & Pt. Arthur
66,264,000
48/000
Week
total,
42,000
962,000
2,231,000
29,000
4,471,000
493,000;
.
543,000
3,552,000
21,000
1939
Albany,
Bushels
Bushels'
India.!...
Baltimore
295,000
■
Corn
Bushels
7,285,000
7,495,000
Wheat—-New York, 205,000 bushels;
Lake, bay, river & seab'd 20,405,000
1,053,000
11,000
Total wk '39
1,015,000
4",000
Australia
40,000
•
1,085,000
"
Argentina.
Corn
bush 60 lbs
341666
3,752,000
"3,000
89,271,000 23,184,000 82,615,000
62,693.000 13,944,000 71,044,000
56,000
192,000
Boston.
19,000
2,837,000
2,432,000
205,000
—
83,285,000 21,464,000 80,037,000
39,000
Halifax
214,000
2,855,000
5,136,000
'
135,000
St.John, W.
38L000
1,385,000
279,000
778,000
York.
Galveston..
68",660
......
1,099,000
Buffalo, 214,000; Philadelphia, 8,000; Erie, 220,000;
1,140,000 bushels, against 911,000 bushels in 1938.
"3",000
280,000
1,211,000
Phliadelphia
■
29,000
164,000
6,299,000
28,000
1,149,000
Wheat
.
97,000
2,111,000
232,000
— _
——
Total April
receipts of flour and grain at the seaboard ports for
Saturday, April 15, 1939, follow:
bbls 196 lbs
182,000
73,000
10,878,000
12,186,000
205,000
—
241,000
5,698,000
afloat..........
Milwaukee
Corn
New
—
"ll",000
62,000
13,000
3,000
258,000
2,923,000
Wheat
67,000
3,923,000
2,169,000
1,821,000
Flour
——
IIII
386,666
90,000
Sioux City.
St. Louis
"7",000
1,000
......
688,000
—
Kansas City
Omaha..
the week ended
Receipts at—:
9,000
3,012,000
...
countries
Total
8,000
.
'
~l/666
I'
—
«
2,000
Fort Worth
40,000
9/666
16,711,000 259,282,000 204,036,000
14,126,000 237,796,000 225,878,000
15,518,000 178,546,000 125,719,000
.—
—
2,000
8,000
113,000
107,000
"
~55~666
Since Aug. 1
1937
10,000
80,000
244,000
r
Black Sea.
1938
1,000
167,000
—
1939
Total wk '39
Barley
Bushels
24,000
32,000
60,000
.—v.
...
35",666
33,000
54,000
7,000
■
Rye
Bushels
10,000
*
23,000
.
3,000
50,000
406,000
'
,
40,000
125,000
■
"226,000
City.
273,000
75,000
255,000
34,000
Wichita
Oats
Bushels
.
Bushels
Galveston
515,000
248,000
380,000
878,000
Omaha
STOCKS
Corn
United States—
Bushels
New York..26.000
Canadian...
69,000
•
15,000
Kansas City
Buffalo.
Barley
60,000
168,000
18",000
St. Louis..
498,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 15, were as follows:
bush 56 lbs bush 48 lbs
bush 32 lbs
420,000
Peoria
Sioux
lbs
Rye
220,000
Indianapolis
St.
56
Oats
1,069,000
_
85,000
Summary—•
"■
Corn
368,000
Toledo
1,248/000
735,000 109,775,000
929,000 66,476,000
1,014,000 101,917,000 2,694,000 47,590,000
visible
Total April
1,365,000
480,000
5,000
Duluth
Milwaukee
60
5,000
"3",000
60,000
116,232
Other countries.
Total April
242,000
—
1938
610,772
.American.,...
Wheat
Minneapolis
Bushels
West Indies
of the last three years:
Chicago
Bushels
1,808,355
Canadian—
Flour
Bushels
15,500
Buffalo
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
Receipts at—
Bushels
1,
15,212
afloat...
All the statements below
Since
Apr. 15,
1939
July 1,
1938
July
41,770
Detroit
No. 2 white
42%
Rye, United States c.i.f....
60%
Barley, New York—
40 lbs. feeding
53%
Chicago, cash
-.50-60
Week
Kingdom.
Continent...
Oats, New York—
65%
1939
"
3.25
Corn
Since
So. & Cent. Amer.
GRAIN
...
April 15,
1938
Barrels
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50 @5.00
Corn, New York—
No. 2 yellow, all rail
July 1,
1939
1.60
Coarse
Wheat, New York—
No. 2 red, c.i.f., domestic.. 88%
Manitoba No. 1, f.o.b. N. Y. 73
Apr. 15
Duluth.'
Barley goods—
Nom.
Week
Chicago
FLOUR
Spring pat. high protein—4.90@ 5.00
Spring patents
4.60@4.70
Clears, first spring....
4.10@4.30
Hard winter straights
4.40@4.50
Hard winter patents..
4.45@4.55
Since
Peoria...
follows:
were as
Wheat
Week
41%
42%
44%
Apr.
40%
41%
42%
41
Fri.
41%
42%
44%
When
and
Low
FUTURES
40%
40%
._r_
Closing quotations
43
Season's
OP RYE
.
May
July
un¬
Thurs.
41%
42%
43%
41%
25, 1938 May..
4, 1939 July
3, 1939 September
Jan.
Jan.
to
CHICAGO
IN
Wed.
Tues.
413^
42%
44%
42%
43%
_w4_.
Made
July
down
FUTURES
Mon.
41 %
When
May
July..
%c.
closed
light and without feature.
very
PRICES
Sat.
DAILY
Flour
and Since
fairly steady tone through¬
a
prices
2461
Exports for Week
light, most of the interest seemed to be on the
was
buying side, which resulted in
out
Chronicle
Ohio.
Wisconsin
769.564.33
1,350,508
2,434,507.35
4,342,094
53,687.85
—.
95.416
statement:
Wheat
New
York
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
108,000
Baltimore
-
Halifax_
152,000
-
18,000
A
Total week
Same week
The
1939..
1938
544", 000
9,000
2,000
89,000
St. John, West
64,000
34,000
929,000
116,232
1,014,000 •2,694.000
119,324
735,000
*
......
2,000
15,000
west,
•>»
■
destination of these exports for the week and
July 1, 1938, is
as
below:-
over
the Great Plains and
24", 000
—
_
eral
"77",000
r
Orleans
Galveston.
beginning of the week an extensive high-pressure area was gen¬
central sections of the country, attended by cool weather over
adjacent areas.
At the same time, unsettled, rainy
weather was quite general over the East and Pacific Northwest.
On the
13th the cold weather had overspread the Eastern States, with subfreezing
temperatures over the Appalachian Mountains and Ohio Valley.
Wide¬
spread rain or snow was general in the Northeast and locally in the NorthAt the
304",000
Philadelphia
New
48,232
308",000
Albany
Weather Report for the Week Ended April 19—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 19, follows:
lbZooo
since
cool over the East on the 14th, but a reaction
had set in over the Great Plains, while on the following day,
was experienced over most of the central and eastern
The weather continued
to
warmer
warmer
weather
parts of the country, with a belt of
east westward to the Great Basin.
precipitation extending from the North¬
Financial
2462
development of a low-pressure
The
area
Chronicle
Good
in the Southwest during the
extending eastward to the Atlantic coast and generally over the Great
excessive amounts reported from the lower Missouri
Mississippi and Ohio Valleys.
Cooler weather had again in¬
vaded the Northwest and West and, at the close of the week, had over¬
spread many central sections.
Precipitation was still widespread over
most of the country east of the Great Plains.
The week was generally cool throughout the major portion of agricultural
sections, although somewhat warmer than last week.
In a broad belt
covering the Ohio and upper Mississippi Valleys, as well as the central
Great Plains, temperatures for the week were from 6 degrees to 12 degrees
subnormal and ranged from 4 degrees to 5 degrees below normal in adjacent
portions of the northern Great Plains and southern Mississippi Valley.
They were somewhat above the seasonal average in the Southeast and in
most Pacific Coast States, except along the central California coast where
Plains, with heavy to
and central
•,
"
tr&l Tgx3^<
The weather of the week
h
,
*
•
•
just closed was an almost exact duplication of
conditions that prevailed last week, again too cold and
germination of early planted spring crops and preparation of the
the unfavorable
wet for
soil
large
in
Warm, dry, sunshiny weather is
central-valley sections.
throughout tne main Corn Belt and adjacent areas in the
and spring wheat area.
Spring operations are now
more delayed than usual for this time of the year,„ "while some injury to
early planted crops from the cold of the 12-14th has further retarded prog¬
ress
Outdoor operations made fair to good advance in portions of the
South and quite generally west of the Rocky Mountains.
There was a repetition of unfavorably low temperatures in the Appa¬
lachian Mountain section and thence westward over the Ohio Valley and
lower Missouri Valley, with further injury reported to early fruit, prin¬
now
needed
northern Cotton Belt
cipally peaches, pears, cherries and strawberries, but the extent of the
damage has not yet been fully determined.
Some detailed reports on in¬
jury in the Appalachain Mountain sections of Virginia and West Virginia
indicate considerable harm to all varieties of fruit during the two recent
cold spells.
Although the extent of the "damage is rather difficult to
ascertain accurately, it appears that some early varieties of apples were
rather severely injured on low ground, but on higher ground and in more
favorable locations, damage was somewhat less. „ However, there appear
to be sufficient live blossoms remaining to assure a moderate crop.
In
general, sweet cherries and peaches seem to have been rather severely
damaged on low ground, but on higher and more favorable slopes, they
not seriously injured.
„
The moisture situation is substantially the same as last week, especially
were
.
.
f
of the country, but there were beneficial rains in some
sections that had been rather dry.
These comprise southern Minnesota,
most of Washington, and central and northwestern Montana.
Other local
areas received some beneficial moisture,
but rain is still needed in south¬
western and west-central Texas, southern New Mexico, the Big Horn Basin
in the central part
of
Wyoming, and In some portions of the central and eastern Gulf States.
Small Grains—Conditions were not quite so favorable for winter wheat
they had been in some past weeks, as progress of the crop was only
fair in the central Mississippi Valley area and in the eastern and
Ohio Valley.
In Illinois and Indiana progress and condition
as
poor to
southern
were
with the crop stooling in some sections.
In most of
winter wheat remains in fair to good condition, with
fair to good,
the Great Plains area
jointing in many southern portions of Kansas.
In Oklahoma
and Texas mostly good progress was made, except in the drier west-central
section of the latter State and only poor advance in the extremely wet
the
crop
eastern
portion of Oklahoma.
In most parts of the Northwest the week
continued satisfactory, with additional moisture of benefit in Washington,
Cold weather delayed operations in the Spring Wheat Belt, though in
South Dakota seeding has been completed in some localities of the south-.
and some is sprouting.
This work is over half done in portions of
east
while in Montana some early seeded is up to good stands.
Operations were delayed in parts of Washington as the soil is too wet, but
work has been largely completed, with the early sown germinating well.
Minnesota,
Oats have been
unfavorably retarded in some central Mississippi Valley
sections where they were
damaged by the cold and germination has been
unsatisfactory locally; in parts of Illinois some oats that have been seeded
for some 2 to 3 weeks are not yet up.
In more southern sections oats are
making fair to good advance, except locally, while rapid improvement'
was
noted in Kansas.
Corn—In the major portion of the Corn Belt the soil continues too wet
for plowing, except in some more favored localities on high ground.
In
local areas some replanting may be necessary due to damage from the cold
weather, but in more southern States, the crop is largely in fair to good con¬
dition, and is advancing fairly well in practically all portions.
Planting has
advanced to central Arkansas, and is making good progress in the Carolinas.
Cotton—Dry, sunshiny weather is
now
needed in the northern Cotton
Belt to promote soil drying and to enable field work to advance.
In some
central parts of the belt, it was too cold for good germination, but in most
eastern
portions planting continued fairly active, with some coming up in
southern Georgia.
In Texas, progress
.
and condition of cotton were generally good in the
the coastal plain, but it was too dry for growth in
the southwestern part of this State and for preparation of soil in the west-'
central areas.
Only slow progress in this work was made in extreme
extreme South and
on
southern Oklahoma.
The
Weather
Bureau furnished
the
following
resume
of
conditions in different States:
North
Carolina—Ralaigh: Mostly favorable for growth, except too cold
13-14th.
Lack of rain felt, and soil dried rapidly until rains at close
ground mostly too wet to work.
Condition of corn mostly fair;
progress good.
Cotton planting good advance.
on
made
South Carolina—Columbia:
Unfavorably cold; slight frost damage mid¬
dle of week retarded germination and growth generally, but rain and warmth
favorable last 2 days, except more rain needed on coast for truck.
Early
corn planting active; mostly good stands in south.
Wheat and oats good
heading in north.
Good progress planting cotton in south and
central; completed locally on coastal plain, but germination poor; planting
fairly active locally in north.
progress;
Georgia—Atlanta: Unfavorably cold through Friday then favorable
growth; adequate rain, though mostly subnormal.
Cotton planting
fairly active; coming up in many southern counties.
Little corn planted
in north, but nearly finished in south.
Favorabl; for wheat, oats, potatoes,
pastures and transplanting tobacco.
Beginning to transplant yams.
for
Florida—Jacksonville:
Temperatures
needed in east, but adequate in west.
and
condition fair.
Corn doing
favored
growth;
more
rain
now
Cotton planting completed; prog¬
ress
well in north; being cultivated.
Potatoes good; blooming in west, digging in east.
Tobacco nearly set out;
only fair.
of
new
Truck shipments decreasing.
Citrus
groves need rain;
fair set
fruit.
Alabama—Montgomery: Cotton planting fairly active; stands and con¬
dition fairly good to good; progress fair.
Favorable for work.
Corn
stands fair to good; progress of crop fair.
Vegetables and fruits fair to
good.
Pastures very good.
Mississippi—Vicksburg: Nights too cold in north and locally in central,
Planting early corn
nearing end in central, with germination and growth generally poor.
More
rain needed in extreme south; too much in north and locally in central.
Progress of fruit, gardens and truck poor to fair.
with germination and growth of cotton mostly poor.
Louisiana—New Orleans: Cool, except middle.
Good progress plantng cotton, but nights too cold for good germination.
Excellent progress
planting corn; early planted being cultivated; growth retarded oy coolness.
and
planting rice where not too dry, but planting suspended
much not sprouting because of dryness.
Truck, potatoes
being cut.
More
pastures recovering from recent cold; some alfalfa
rains needed in most of south; need locally urgent.
and
try
they were slightly subnormal.
Freezing weather was experienced as far south as western North Caro¬
lina
the northern portions of Tennessee, Arkansas, and Oklahoma, and
thence westward to the Southwest.
Throughout most of the Ohio Valley
sections, minima ranged from 22 degrees to 24 degrees, while they were
from 12 degrees to 22 degrees in the upper Great Plains.
The lowest tem¬
perature for the week as reported from a first-order station was 6 degrees
above zero at Greenville, Maine, although somewhat farther north, in
Canada, subzero weather was noted at Cochrane and White River, Ontario.
Precipitation for the week was moderately heavy to excessive throughout
the central and upper Mississippi Valley, quite generally in the Ohio Valley,
and in portions of the lower Missouri Valley.
Moderate amounts were re¬
ported from portions of the Southeast, the Northeast, the Great Lakes
and locally in the upper Great Plains and Texas.
The weekly totals were
very light in central Florida and most of the Southwest, including most of
California, while they were also scanty in parts of Montana and west-cen-
1939
22
progress
locally
of the 15th, and its subsequent movement northeastward, was
attended by widespread precipitation over most central parts of the coun¬
evening
April
.
Texas—Houston:
Temperature favored growth,
but several unfavor¬
ably cold nights; more rain needed in southwest and west-central; else¬
where generally adequate.
Progress of winter wheat good to excellent in
Panhandle, poor to only fair in west-central areas, and generally good
elsewhere; condition good to excellent in Panhandle, poor to only fair in
west-central and southwest and generally good elsewhere; jointing becom¬
ing fairly general.
Corn made slow growth; mostly fair condition, except
west-central where soil too dry for proper germination.
Oats fair to good
progress, except in southwest where some deterioration reported.
Prog¬
ress and condition of cotton generally good in extreme south and in coastal
plains; more rain needed for growth in southwest and for soil preparation
in west-central; elsewhere planting made good progress.
Ranges improved
generally; cattle good condition.
Truck helped by rains.
Arkansas—Little Rock: Cotton planting good progress in most of north
some central portions; adequate rain; poor or no progress elsewhere
and
due to
rains
cold.
on
All work stopped most of central and north by flooding
Progress of corn fair; condition rather poor; planting
15-16th.
progressed rapidly in south, central and some north portions; recovering
where frozen; stands rather poor.
Peaches, pears and early apples badly
damaged by czld in most of north and some west areas on 12th,
THE
DRY GOODS TRADE
New
York, Friday Night, April 21, 1939.
conditions prevailing during the
early part of the period under review, and continued anxie¬
ties over the foreign political outlook, combined to exert a
retarding
influence on retail business.
Comparative sales
figures were particularly affected, because of the later date
of Eastern in 1938.
While interest in Spring and Summer
apparel lines continued to leave much to be desired, many
Unfavorable
weather
merchants adhered to the belief that the advent of Warmer
weather will
quickly bring
a
change for the better.
Depart¬
ment store sales, the country over, for the week ended April 8,
according to the Federal Reserve Board, increased 22% over
the
corresponding week of last year.
In New York and
Brooklyn stores a gain of 9.1% was established,' while
Newark firms reported an increase of 26.3%.
Trading in the wholesale dry goods markets continued
spotty, and sales were confined to small lots for immediate
shipment.
While interest in percales increased somewhat,
buyers appeared in no hurry to cover future requirements.
Wash goods moved in fair volume, reflecting in part prepara¬
tions for National Cotton Week promotions.
While the
present lull in the wholesale markets is believed to be chiefly
due to the spotty trend in retail sales, a further deterrent is
seen
in the uncertainty over prices now permeating the
wholesale markets.
Business in silk goods turned quiet,
but prices held steady reflecting the continued strength of
the raw material.
Trading in rayon yarns continued in¬
active, and rumors gained circulation according to which
leading producers are planning to curtail production in
Order to prevent a further accumulation of surplus yarn
stocks.
Meanwhile some encouragement was seen in the
fact that loom operations on standard rayon fabrics,-follow¬
ing their recent steady decline, showed the first moderate
increase, namely, from 69% to 70% of capacity.
Domestic
Cotton
Goods—Trading in the gray cloths
quiet, with the disappointing movement
of finished goods in distributive channels and
overhanging
foreign political uncertainties again constituting the chief
deterrents to an expansion in sales. - While plans to curtail
production continued to be discussed, users showed little
inclination to enter the market, although it was believed
that any improvement in the sale of finished goods would be
quickly reflected -in increased buying activities, in view of
markets continued
depleted inventories in converters' hands. Business in fine
goods remained inactive, but prices held steady, partly as a
result of persistent reports that a number of mills had started
to curtail operations.
Active interest continued in hopsackings, with small premiums, being .paid on scattered
available spot lots.
Closing prices in print cloths were as
follows:
39-ineh 80s, 5%c.; 39-inch 72-76s, 5^c.; 39-inch
68-72s, 4% to
38^-inch 64-60s, 4Kc.; 3834-inch
60-48s,3 fl-16c.
•
„
Woolen
Goods—Trading in men's wear fabrics expanded
as clothing manufacturers entered the market
for fair-sized quantities of Fall
suitings in staple construc¬
tions.
The more confident feeling with regard to price
trends, and hopes for an early improvement in consumer
buying were the impelling motives for the broadening in
buying activities. Higher type worsteds, on th9 other hand,
remained neglected, partly due to increased competition of
imported goods. Reports from retail clothing centers made a
spotty showing, mainly owing to adverse weather conditions
prevailing during part of the week.
Business in women's
moderately
wear
fabrics
was
confined to
occasional
orders
on
wanted
specialties for immediate delivery.
A revival in trading is
anticipated, however, with the coming opening of the new
Fall collections, which, according to forecasts, will also
reveal
moderate
price
advances.
Foreign Dry Goods—Trading in linens remained very
quiet and, as heretofore, sales were restricted to scattered
fill-in lots, both in the dress goods and household divisions.
Reports from foreign primary markets stress the lack of
confidence due to the unsettled political outlook and the
scarcity of orders received from foreign importers. Business
in burlap broadened perceptibly, and prices ruled higher
reflecting the strength in the Calcutta market caused by
persistent rumors of imminent new large sand" bag purchases
by the British Government.
Domestically lightweights
were quoted at 4.35.C, heavies at 5.80c.
Volume
148
Financial
Chronicle
2463
slovakia
crisis, has incited much interest.
Reactions caused by foreign
developments have prompted a further discussion of this
subject
by Dr. Hodges.
His topic will be "Is Hitler Invincible?"
political
Specialists in
Municipal
Illinois & Missouri Bonds
DIRECT
WIRE
bond protfolio conference,
bonds and methods of
prechctobfe ^orms
the recent
but which will emphasize the share of the lay citizen in the burden and
benefits of governmental activities.
A copy of the program together with
statement of its special interest as an experiment in citizen education may
be had by addressing the Department of Government
Management at the
University of Denver, Denver, Colo.
.
a
It is held that the Supreme Court
opinion was "decided solely upon the
a tax upon the salaries of
employees does not constitute a real
burden upon the Government which
Federal
ground that
Proposal to Tax
Municipal Bonds—Difficulties likely to be experienced in the
Administration effort to eliminate the tax exemption en¬
joyed by State and local government bonds are indicated by
unanimous passage of a resolution by the Florida House of
Representatives condemning any effort to subject such
taxation;
More, than
40
States
and substantial
It was then argued that financial
experts of the Treasury apd financial
of local governments have recently testified as to the
burdensome character of imposts upon bond interest.
(This opinion is discussed at greater length under the
caption of "Port of N. Y. Authority," on a subsequent page
of this section.)
.
Officers' Association reports.
The Florida House resolved, accordingly, that it "deprecates and is
opposed to the passage of Congressional legislation extending the incometax laws of the United States to county, city, school and other local dis¬
trict bonds, and respectfully requests the Senators and Representatives of
this State in
th? Congress of the United States to oppose the proposed
legislation."
Copies of the resolution were., sent to each Florida Senator and Rep¬
resentative, with the injunction that cooperation and assistance be given
the policy declared by the resolution.
,
•'
One of the major measures signed was the Administration's revenue bill,
composed of a number of tax measures to balance the budget for the 1940-41
biennium.
The schedule of taxes imposed under the bill is estimated to
yield $8,538,000 in
revenue
on
corporations, make up the backbone
of the tax program.
according to the Association.
The new Oregon law permits
counties, school districts, cities and towns "to levy1 taxes serially to provide
funds in advance for financing the cost of construction, reconstruction,
improvement, betterment, repair or rehabilitation of public building and
public works projects."
A majority of the electotrs of any ipuhicipality must approve the tax
levy and set its term,
In any event the term is not to exceed five years, and
levies each year are to be alike.
Funds from these taxes are kept separate
from other funds and are to be expended only for the purposes for which they
were created, unless coditions arise which, in the opinion of two-thirds
of
the governing body, make further accumulation unnecessary.
At this
point, the voters must approve transfer of the money to the general fund.
Other
flat levy
on
than $95,000,000 for the two fiscal years 1940-41 and the supplemental budget of
$750,000 for the same period, which were adopted at the current session,
became law upon their passage.
The budget carries a $10,000,000 appro¬
priation for relief and welfare purposes which theretofore has not been
included in the regular budget.
The State tax on real estate is set at 23.35
cents on each assessed $100 under the Dudget bin, which is unchanged from
the present rate. '
«
,
State
*
.
,
.
•
Montana—Municipal Bond Laws Enacted in 1939—The
following report is taken from the "Montana Taxpayer,"
published in March by the Montana Taxpayers Association
at Helena-:
'
'
•
,
shortens
and
improves
the procedure
without
bond elections.
relaxing
■
purposes
a
the
»
.
Lawyers Club.
of Dr. Hodges's predictions of European develop¬
luncheon of the Forum last fall during the Czecho¬
The uncanny accuracy
ments,
explained at
a
news organ
of the Chamber
rapid transition from
government spending to private outlays as a step
toward business recovery.
2. Removal or amelioration of tax deterrents to business recovery, with
certificate
a
view to freeing business from harassing effects of taxation, releasing funds
capital investment and restoring consumer buying power.
Realistic appraisals of State and local welfare expenditures in view
demands upon
government and the ability of taxpayers of all
classes to pay the cost.
4. Less Federal interference with the restriction upon activities of the
for
3.
of
other
States and their local units of government, and exercise of greater caution
investigation of both immediate and eventual costs by
and more careful
State and local agencies before accepting Federal grants.
The total taxes of the country—Federal, State and local—have increased
rapidly for five successive years.
They were nearly $14.5 billion in 1938—
the largest amount ever collected by
government in this country in any
Dr.
the
"Washington Review," the
After reviewing the situation over the country, the Committee suggests
which in its opinion are necessary to improve the fiscal
position of State and local governments and to lighten the tax load:
1. Wider understanding of the need for economy
in government ex¬
penditures, particularly those of the State governments; less emphasis on
how to raise more money to spend
andjinore emphasis on how to get along
with less money from taxpayers.
It is important to find means of more
for city and town
Municipal Forum of New York to Hold Luncheon—
Charles Hodges, publicist and political observer of
foreign affairs, will address the Municipal Forum of New
York at its next luncheon meeting Wednesday, April 26, at
Summarized—We
Board has ordered printed as information.
marketability of Montana bonds
of proceedings from the Attorney General's
office.
This law will remove the necessity for a general validating Act at
every session.
Senate Bill No. 61 that will validate all bonds issued during the past two
years except those whose validity is under question by the courts.
Senate Bill No. 75 that will improve the procedure in issuing school
district bonds and will permit Montana school districts that have a total of
about $1,500,000 in bonds bearing interest of from 3.5% to 6% to refund
the same at a lower rate of interest and thus save $10,000 to $20,000 a year.
A prominent bond buyer made the statement that the passage and
approval of these bills will result in saving approximately y% of 1 % interest
on all bonds in Montana that may hereafter be issued.
requiring
Situation
four principal steps
Senate Bill No. 60 that will improve the
by
Fiscal
A striking picture of Sftate and local finances is given by the National
Chamber's Committee on State and Local Taxation, which the Chamber's
■
•>
accomplishes the same
Local
of Commerce of the United States:
Montana's excellent laws covering the issuance and payment of bonds
still further improved by:
House Bill No. 54 that requires the cancellation of redeemed county bonds.
Senate Bill No. 59 that limits voting at county bond elections to tax¬
House Bill No. 88 that
and
quote in part as follows from a summary of a presentation on
State ana local taxation and expenditures, presented recently
in the
were
payers and
safeguard s
*
Both the California and Oregon statutes provide protection against these
measures in the schedule include a
1% added levy on race betting,
added tax of 15 cents per gallon on distilled spirits, a tai of 90 cents per
barrel on beer, a 2% automobile titling tax, a tax on recordation of docu¬
10 cents per each $100 of amount, a 1%
admissions and passes, and a $15 tax on music boxes.
The State budget calling for total appropriations of more
,
dangers,
tax
ments at the rate of
„
benefit.
annually.
Personal income levies ranging from 2H % to 6%, and an income levy of
13^%
expanding list of States making this provision during the last year or so,
according to the Association.
»'
California passed a law in 1937 permitting municiplaities to set aside
funds for capital improvements in advance of their purchase or
construction.
The cities of Topeka, Kan.; Hartford, Conn, and
Lincoln, Neb. have been
authorized by State Legislatures to adopt the reserve fund plan of financing
future improvements.
Under its new charter effective in 1938 N. Y. City
may issue serial bonds for this purpose, and must prepare a separate bidget
for capital outlays.
Reserve funds for financing non-recurrent capital Improvements are of
special advantage to small municipalities, according to a forthcoming
manual on local debt management by the Association.
The plan is cheaper
than borrowing because it avoids interst payments.
If it does not elim¬
inate borrowing entirely, it reduces the amount of bonds and the term of
years for which money would have to be borrowed.
The main danger, the manual points out, is that the fund is apt to be
diverted from its original purpose and used for current purposes.
Tax¬
payers, also, dislike to contribute to something from which they do not yet
,
'
,5
'
v
,
Maryland—New. Tax and Bond Authorization Measures
Signed—Governor 0'Conor has signed a number of bills
passed at the recent legislative session, according to Baltimore
advices.
•
Enactment of the new law, which authorizes serial levies and
sinking
funds for specific anticipated construction, adds Oregon to a small
though
of the State and increase the burdens of taxpayers.
*
,
Oregon—Cities Permitted to Set Up Pay-in-Advance Plans
of Financing Improvements—Oregon municipalities may lay
up cash reserves to finance new public improvements under1939 State legislation just passed, the
Municipal Finance
In the opinion of the Florida House, the resolution states, the market¬
ability and desirability of such bonds will be seriously impaired by the
enactment of such legislation, and in consequence thereof the counties,
municipalities, school districts, road districts and other local taxing authori¬
ties of Florida and other States will find it necessary to
pay substantially
higher rates of interest upon bonds issued by them, and will find it more
difficult to market and dispose of their securities, except at substantially
lower prices, all of which will hamper the improvement and development
'
The
representatives
league to combat the Administration aim, but Florida is
the first State to go on legislative record to this effect.
'
employs them.
necessary .corrollary that a constitutional immunity exists where the burden
is real and substantial would seem to be obvious."
in
are
are withdrawn or curtailed is un-
Municipals Held Still Exempt from Taxation—-Despite
Supreme Court opinion permitting State taxation
of salaries of Home Owners Loan
Corporation employees,"
immunity of municipal bond interest from taxes is unchanged,
according to an opinion by Thompson, Wood & Hoffman,
New York municipal bond
attorneys, and Julius Henry
Cohen, General Counsel for the Port of New York Authority.
Its central t hemehsT he~qu ickenin g of "citizen interest in the processes of
The program is designed to provide a forum in government
management (with particular emphasis on local government), which is not
limited to the interests of those professionally engaged in the public service,
government.
Federal
^ederal assistance
"We are concerned therefore with the
present burden of relief costs borne
directly by the municipality and other agencies.
Thus, the whole un¬
employment problem as it may now or later
directly affect the financial
liability of the municipality should be considered."
|»
to
Linen discussed municipal
current budget," he
said, "but the future uncertainty as to the possible
obligation of the municipality to meet still higher costs when and if
some of
under the joint sponsorship of the Alfred P. Sloan Founda¬
tion and the University of Denver.
issues
Mr.
In
discussing the-relieffactor, Mr. Linen noted that State bank examiners,
in
checking municipal credits, call for enumerations of
persons and families
receiving Federal aid.
"Not only is the cost in dollars to the
local community in its present
budget important, if indeed the community is
financing such cost in its
Conference on Government Management to Be Held—
The first Citizens' Conference on Government
Management
will be held at Estes Park, Colo.,
during the week of June 19,
Condemns
Relief
appraising them.
LOUIS
News Items
Florida—Resolution
by
community, John S.
Linen, Vice-President of the Chase National Bank, declared
April 17 before the New York State Bankers Association
314 N. Broadway
ST.
Affected
on
Founded 1890
CHICAGO
Ratings
or curtailment of
makes it necessary, in
analyzing a municipal
bond, to measure the amount of assistance received from the
Federal Government by residents of the
Stifel, Nicolaus & Co.,Inc.
105 W. Adams St.
Securities
^act°r—The possibility of the withdrawal
Federal relief
in wrar or peace, and nearly 50% higher than the pre-depression peak
$10^ billion collected in 1930.
amounted to nearly $4 billion; local levies were about $4.5
billion; and Federal taxes approached $6 billion, making a total of nearly
$14.5 billion.
This sum was equivalent to (more than 23% of the national
income, a higher ratio of taxes to national income than in any previous year.
Measured against income of the type available for payment of taxes, which
must be in cash, the proportion taken is a staggering burden.
year
of
.
State taxes
'
2464
Financial
Bond
Chronicle
April 22, 1939
COLORADO
Proposals and Negotiations
RIFLE,
Colo.—BOND OFFERING—It is stated by Quince Hutton,
he will receive sealed bids until 8 p. m. on May 3, for the
Town Clerk, that
ALABAMA
purchase of
bonds.
on
$308,000 women's dormitory group, series 1938-B bonds.
Due Dec. 1, as
follows: $6,000 in 1941 and 1942, $7,000 in 1943 to 1946, $8,0t>0
in 1947 to 1949, $9,000 in 1950 to 1952, $10,000 in 1953 and 1954,
$11,000 In 1955 and 1956. $12,000 in 1957 and 1958, $13,000 in
1959 and 1960, $14,000 in 1961 and 1962, $15,000 in 1963 and
1964, $16,000 in 1965 and 1966, $17,000 in 1967, and $18,000 in
1968.
■
110,000 general classroom building, series 1938-E bonds.
Due Dec. 1, as
follows: $2,000 in 1941 to 1944, $3,000 in 1945 to 1952, $4,000
in 1953 to 1958, $5,000in 1959 to 1964, and $6,000in 1965 to 1968.
of the bid.
ROUTT COUNTY SCHOOL DISTRICT NO. 4 (P. O. Steamboat
Springs), Colo.—BONDS SOLD—It is reported by the District Secretary
that $4,000 334% semi-ann. gymnasium bonds were sold recently. Dated
April 1, 1939.
88,000 stadium and field house, series 1938-A bonds.
Due Dec. 1, as
follows:
$2,000 in 1941 to 1944, $3,000 in 1945 to 1952, $4,000
in 1959 to 1965, and $5,000 in 1966 to 1968.
55.000 library additions, series 1938-C bonds.
Due Dep. 1, as follows:
$1,000 in 1941 to 1948, $2,000 in 1949 to 1961, and $3,000 in
1962 to 1968.
.
55,000 infirmary, series 1938-D bonds.
Due Dec. 1,. as follows: $1,000
in 1941 to 1948, $2,000 in 1949 to 1961, and $3,000 in 1962 to
.
TRINIDAD, Colo.—BONDS SOLD—It is reported that a syndicate
composed of Stern Bros. & Co. of Kansas City; Stranahan, Harris & Co.
Inc. of Toledo; Boettcber & Co.; Peters, Writer & Christensen; Brown,
Schlessman, Owen & Co.; Donald F. Brown & Co., and Gray B.Gray, Inc.,,
all of Denver, purchased recently a total of $1,001,000 334% semi-ann.
refunding bonds, made up Of $966,000 refunding water works bonds, and
$35,000 refunding bridge and sewer bonds.
It is said that this constitutes
the entire general obligation indebtedness of the city, which was heretofore
,
_
1968.
"
and practice house, series 1938-F bonds.
incl.
school
21,000 nursery
Due
from Dec. 1, 1941 to 1968,
Dated Dec.
1, 1938.
Denom. $1,000.
The bonds shall be subject to
prior redemption on any interest payment date at the option of the Institute,
in whole or in part (selection as between bonds of the same maturity to be
by lot) in reverse order of maturity, at a price per bond equal to the prin¬
cipal amount thereof and accrued interest plus a redemption premium of
34 of 1 % of the principal amount for each unexpired year or fraction thereof,
such premium, however, not to exceed 5% in any case, upon not less than
30 days' notice by publication.
Registration of the bonds shall not affect
the negotiability of the coupons appertaining thereto, which shall continue
to be transferable by delivery merely and shall remain payable to oearer.
CEll<lbl6
The above $1,001,000 bonds mature on Nov. 1 as follows; $3,000 in 19401
$13,000 in 1941 and 1942; $18,000 in 1943; $19,000 In 1944; $22,000ln 1945:
$23,000 in 1946; $24,000 in 1947; $26,000 in 1948; $27,000 in 1949; $24,000
in 1950; $25,000 in 1951; $27,000 in 1952; $28,000 in 1953; $30,000 in 1954;
$31,000 in 1955; $33,000 in 1956; $35,000 in 1957; $36,000 in 1958; $38000
in 1959 and 1960; $40,000 in 1961; $42,000 in 1962; $44,000 in 1963; $45,00
in 1964 and 1965; $46,000 in 1966 and 1967, and $80,000 in 1968 and 1969.
All bonds maturing Nov. 1, 1969, optional in their inverse numerical order
on Nov.
1, 1949, or any interest payment date thereafter; and all bond
maturing on Nov. 1, 1968, optional in their inverse numerical order on
Nov. 1, 1959. or any interest payment date thereafter;
Dated May 1, 1939.
Denom. $1,000.
Prin. and int. payable at the
Continental Illinois National Bank & Trust Co., Chicago.
Legality ap¬
proved by Pershing, Nye, Bosworth & Dick of Denver.
Principal and interest payable at the office of the Treasurer of the Insti¬
City.
Enclose a certified check for $5,000.
tute or in New York
(The $506,000 building revenue bonds originally offered on Dec. 15, and
postponed, are included in the above issues.)
•GADSDEN, Ala .—BOND SALE—The following issues of
coupon
.
bonds
BONDS OFFERED FOR INVESTMENT—'The above group offered on
April 19, for public subscription & total of $966,000 of the said 334%
refunding water works bonds, at prices to yield from 1.50% to 3.25%,
according to maturity.
aggregating $97,000, offered for sale on April 18—-V. 148, p. 2304—were
awarded jointly to Watkins, Morrow & Co., and Mane & Co., both of Bir¬
mingham, as 4s at par, according to the City Clerk:
.
•
$35,000 issue of coupon water extension, general obligation
Dated April 1,
4% semi-annual building revenue bonds aggregating $637,000:
-
a
Interest rate is not to exceed 3 34 %,
payable A-O. Denom. $1,000.
1939.
Due April 1, 1954, but subject to prior redemption
April 1, 1942, and on any interest paying date thereafter.
Bidders
are required to submit bids specifying: (a) the lowest rate of interest and
premium, if any, above par at which said bidder will purchase said bonds:
or (b)
the lowest rate of interest at which the bidder wfll purchase said
bonds at par.
The bonds will be sold at not less than par and accrued
interest.
The town, at its expense, will furnish the printed bonds and the
unqualified approving opinion of Pershing, Nye, Bosworth & Dick of Denver
The oonds are offered subject to the approval of the qualified electors of
the town voting at an election to be held on April 25.
This election Is not
required by Jaw, but the town will not issue the bonds unless they are
approved at the election.
Enclose a certified check for 5% of the amount
POLYTECHNIC INSTITUTE (P. O. Auburn), Ala
BOND OFFERING—It is stated by L. N. Duncan, President, that he will
receive sealed bids until 11 a. m. on April 28, for all or part of the following
ALABAMA
$9,000 refunding school bonds.
Due $1,000 from 1943 to 1951, incl.
41,000 refunding public improvement bonds.
Due as follows: $3,000 in
1943 and 1944, and $5,000 in 1945 to 1951, incl.
'
CONNECTICUT
2,000 refunding water bonds.
Due $1,000 in 1943 and 1944.
5,000 refunding bonds.
Due $1,000 in 1943 to 1947, incl.
40;000 refunding sewer bonds.
Due as follows: $1,000 in 1943 to 1956,
and $2,000, 1957 to 1969, all incl.
;
Dated April 1, 1939. ^ Denom. $1,000.
<•*
Second best bid was an offer of $1,325 premium on 434». submitted by
Miihous, Gaines & Mayes of Atlanta.
Next highest was Brodnax & Co.,
Inc. of Birmingham,
SHELTON, Conn.—BOND SALE—The $50,000
coupon relief bond
April 21—V. 148, p. 2304—were awarded to Putnam & Co. o
as 134s, at a price of 100.014, a basis of about 1.24%.
Dated
May 1,1939 and due $5,000 on May 1 from 1940 to 1949 incl.
offered
Hartford
,
Other bids:
,
Bidder—
R. L. Day & Co
„
bidding $1,030 premium for 4,bonds.
'
•
•
Int. Rate
.
Rate Bid
__._134%
Roosevelt & Weigold, Inc—
134%
Halsey; Stuart & Co., Inc..
,__^.._134%
.
--
'
100.007
100.14
100.049
ARKANSAS
ARKANSAS,
State
of—FUNDS AVAILABLE
FOR
BOND
DELAWARE
PUR¬
CHASES—State Treasurer Earl Page reports State Refunding Board will
hzve $1,542,459 available for purchase of
are received April 26.
Allotments
highway debt obligations when
for the several descriptions will
Highway refunding bonds, $934,444; road district refunding bonds,
$561,500; funding notes of contractors, $19,241; and municipal aid refund¬
ing certificates, $27,273.
i
tenders
be:
HELENA, Ark.-—BONDS VOTED—It is reported that the issuance of
$16,000 in airport bonds was approved by the voters at an election held on
April 14, by a substantial margin.
'
#
SOUTHEAST
LEVEE DISTRICT
ARKANSAS
(P
McGehee),
O
Ark —BONDS SOLD TO RFC—We are inforr- ed by Fay Joyner, District
Secretary, that $1,484,000 4% bonds, to refund a total of $2,413,500
outstanding, have been purchased at par by the Reconstruction Finance
Corporation.
Coupon bonds, dated Jan. 1, 1939.
Denom* $1,000, and
when registered cannot be again converted Into coupon bbnds.
Municipals
The faith
and credit of the State is
expressly pledged for the full and complete pay¬
debt, principal, and interest, and uppon the sale and delivery
to the purchaser the legality
and validity of such bonds shall never be
questioned in any court of law or equity by the State or any person or per¬
sons for its use or In its behalf.
Enclose a certified check for 5 % of the bonds
bid for/payable to Fagan H. Simonton, State Treasurer.
ment of the
18 for $500 each.
Due from Jan/ 1. 1945 to 1974; optional prior to final
maturity with the consent of the holders.
Interest payable J-J.
California
DELAWARE
(State
of)—BOND OFFERING—Josiah Marvel Jr.
Secretary of State, will receive sealed bids until noon on May 10 for the
purchase of $1,250,000 not to exceed 434% interest coupon State Highway
Loan of 1939 bonds.
Dated Jan. 1, ,,1939.
Denom. $1,000.
Due as
follows: $30,000 from 1940 to 1974 incl. and $40,000 from 1975 to 1979 incl.
On and after Jan. 1, 1945, any of the bonds outstanding may be redeemed
at 105% on any interest date upon 30 days' notice properly advertised.
Bidders are requested to name the rate of interest the bonds shall bear at
par, stated in multiples of 34 of 1%, any rate of interest to apply to the
entire issue.
Prin. and int. payable at the Farmers Bank of the State of
Delaware in Dover.
These bonds are issued under the provisions of Chapter
166, Revised Code of Delaware 1935.
The bonds may be registered and
,
,
FLORIDA
BONDS
Bankamerica Company
-a
•
-
■
„
485 California Street, San
Bell System Teletype
■
Clyde C. Pierce Corporation
Francisco
Barnett National Bank Building
SF 469
JACKSONVILLE-
OFFICES IN OTHER PRINCIPAL CALIFORNIA CITIES
-
-
-
-
-
FLORIDA
Branch Office: TAMPA
First
National
Bank
Building
T.
S.
Fierce, Resident Manager
CALIFORNIA
FLORIDA
CALIFORNIA, State of— WARRANTS OFFERED—Sealed bids were
by Harry B. Riley, State Controller, until 11:30 a. m. on April 21
for an issue of $3,876,107 registered warrants.
Proceeds will be used for
replenishing the revolving fund from which the State's general fund expenses
are paid.
The issue will be*dated April 25 and is expected, from the State
Controller's estimate of general fund receipts and expenditures, to be called
received
for retirement about next Feb. 27.
■
■
This block of warrants will bring to $57,981,459 the tbtal of outstanding
State warrants.
The $54,105,352 warrants now outstanding are expected
,
to be retired
by next Nov. 29
this week's issue representing the first block
scheduled for call in 1940.
LOS
ANGELES
COUNTY
O.
Los Angeles),
Calif.
SCHOOL
$15,000 issua of Rosemead School District-bonds of¬
April 18—V. 148, p. 2304—was awarded to Dean Witter
& Co. of San Francisco, as 334s, paying a price of 100.70, a basis of about
3.43%.
Dated July 1, 1938.
Due $1,000 from July 1, 1944 to 1958 incl
on
SACRAMENTO, Calif.—BOND SALE—The $435,000 issue of general
improvement fund bonds offered for sale on April 14—V. 148, p. 2304—was
awarded to a syndicate composed of Dean Witter & Co. of San Francisco,
Blyth & Co., and the American Trust Co. of San Francisco, as 1% bonds,
paying a premium of $666, equal to 100.1531, a basis of about 0.94%.
Dated Jan. 1, 1939.
Due $87,000 from Jan. 1, 1940 to 1944 incl.
The second best bid was an offer of $347.57 premium on Is, submitted
by the First Boston Corp. Following this was an offer of $225.33 premium
1 J4s, from the Bankamerica Co. of San Francisco. Other tenders were
received for 1.20s and 134s.
on
SAN
BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
SCHOOL BOND SALE—The $35,000 issue of
Barstow Union High School
April 17—V. 148, p. 2304—was awarded to
Lawson, Levy & Williams of San Francisco, as 2Kb, paying a premium of
$108.65, equal to 100.31, a basis of about 2.67%.
Dated May 1, 1939.
Due $5,000 from May 1, 1940 to 1946, inclusive.
District bonds offered for sale on
SAN
in
1963.',
■
PINELLAS
"
.
.
'
COUNTY
;
.
(P.
■.
,
O.
Clearwater),
Fla.—BOND
•
..
.
refunding bonds, seriea A, B and C, dated Dec. 1, 1932, it is stated by
Chestnut, Chairman of the Board of County Commissioners, that
Board purchased a total of $144,000 in bonds.
BRUNO, Calif.—BONDS SOLD—It is stated by the City Clerk
John
PINELLAS COUNTY (P. O. Clearwater), Fla.—BOND TENDERS
RECEIVED—In connection with the call for tenders of Special Road and
Bridge District refunding bonds, it is reported by W. V. Knott, Treasurer
that offerings of bonds were received
of the State Board of Administration,
from nine parties.
TALLAHASSEE, Fla .—CERTIFICATE OFFERING—It is stated by
Bridges, City Auditor and Clerk, that sealed bids will be received
noon on May 15, for the purchase of a $35,000 issue of 4% coupon
electric and
water
works revenue certificates.
Interest payable J-J.
Denom. $1,000Dated Jan. ], 1939.
Due $7,000 Jan 1, 1940 to 1944.
Prin. and int. payable at the Chemical Bank & Trust Co., New York.
No bid will be received for less than par and accrued interest to date of
delivery of the certificates.
These certificates are issued for the purpose
of financing the cost of constructing certain additions, repairs and improve¬
ments to the electric light and power distribution system and the water
works system of the city.
They are issued pursuant to ordinace of the city
which provides that the city shall fix and maintain rates and collect charges
for the facilities and services afforded by the electric light and power dis¬
tribution system and the water works system which shall provide revenue
sufficient at all times to pay the costs of operation, maintenance and repair?
of the electric light and power distribution system and to provide an amount1)
B. H.
until
some
$24,000 334% semi-ann., creek improvement bonds were purchased
time ago by Kaiser & Co. of San Francisco, at a price of 100.15.
It
is also reported that $9,000 3 34 % semi-ann. creek improvement bonds were
purchased by Lawson, Levy & Williams of San Francisco, paying a price of
of revenue over and above such costs of operation, maintenance and repairs
sufficient to pay the interest on and the principal of the^certificates a's the
same shall fall due.
The certificates will be delivered at the Chemical Bank
100.28.
amount of the certificates bid
that
,
TENDERS
RECEIVED—In connection with the call for tenders of couhty-wide general
(P.
BOND SALE—The
fered for sale
<
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
(P. O. Pensacola), Fla.—MATURITY—It is now, reported by the Super¬
intendent of Schools that the $25,000 4% semi-annual building bonds pur¬
chased at pat by the Public Works Administration, as noted here—V.-148,
p.' 2152—are due on March 31 as follows: $1,000 in 1940 to 1962 and $2,000
& Trust Co., New York, on June 15.
Enclose
a
certified check for 2% of the
for, payable to the city;
,
Volume 148
Financial
Chronicle
GEORGIA
nJ
—BOND OFFERING—It is stated by Barron W. Godbee,
V
City Clerk, that he will receive sealed bids until 8 p. m. (EST) on May 2,
for the purchase of a $32,000 issue of
5% semi-annual refunding bonds,
penom. $1,000.
Due from 1952 to 1967.
The approving opinion
Spauidmg. Sibley, Troutman & Brock of Atlanta, will be furnished.
of
»oo9£iN.SON COUNTY (P. O. Iowa City), Iowa—BOND SALE—The
•f23,900 issue of funding bonds offered for sale on April 18—V. 148, p.
2306;—was purchased by W. D. Hanna & Co. of Burlington as 0.75s, paying
IDAHO
a
BLAINE COUNTY SCHOOL DISTRICT NO. 6 (P. O. Ketchum),
Idaho—BOND SALE DETAILS—It is now reported by the District Clerk
that
$42,000 school
construction bonds, purchased by the State, as
on April 8—V. 148, p. 2152—were sold as 4s at par, and mature
on Jan. 1 as follows:
$1,000 in 1940 and 1941; $2,000, 1942 to 1946; $3,000
$3,000, 1947 to 1952, and $4,000 in 1953 to 1955.
Iowa—BOND SALE—The $2,000 town-well bonds offered
p. 2153—were awarded to Jackley & Co. of
Dated April 13, 1939. Due $400
April 13—V. 148,
UNDERWOOD, Iowa—BOND SALE—The $4,000 issue of water work8
bonds offered for sale on April 17—V. 148, p. 2306—was awarded to the
Carleton D. Beh Co. of Des Moines, as 3%s, for a price of 100.475, accord¬
ing to the Town Clerk.
ILLINOIS
HURST, 111.—BOND OFFERING—Clyde E. Atwood, City Clerk, will
of $58,000
It
WAPELLO COUNTY (P. O. Ottumwa), Iowa—BOND OFFERING—
is reported that sealed and open bids will be received until April 24,
by Fred Pohlson, County Treasurer, for the purchase of a $98,000
at 2 p. m.,
follows:
L8?}*®
$46,000 waterworks and sewerage revenue bonds.
Due Dec. 1 as follows:
$1,000,1940 to 1942 incl.; $1,500, 1943 to 1947 incl.; $2,000, 1948
to 1953 incl.', $2,500 from 1954 to 1960 incl. and $3,000 in 1961
and 1962.
Payable solely from revenues to be derived from the
combined waterworks and sewerage system to be constructed.
12,000 waterworks general obligation bonds. Due $1,000 on Jan. 1 from
of Ending bonds.
Dated
.
Only bids for the purchase of bond issues will be
and interest payable at the Continental Illinois
Each issue will be delivered with the
approving opinion of Chapman & Cutler of Chicago, and all bids must be so
conditioned.
Purchaser will be required to furnish the necessary printed
bonds and proposals must be accompanied by a certified check for 2% of
par value of both issues, payable to order of the City Treasurer.
City has
no debt outstanding at the present time and the assessed value of taxable
property, as last equalized and determined by the State Tax Commission
for 1938 is $402,332.
Principal
LEAVENWORTH
National Bank & Trust Co., Chicago.
SCHOOL
III.—BONDS
DISTRICT,
May
1,
The bonds are to be issued for
KANSAS
table of bond values.
KEENSBURG
Due $55,000
1939.
1,
and outstanding
The purchaser
will be required to accept, deliver and pay for the bonds at the County
Treasurer's office when the bonds are available for delivery.
The county
will furnish the biank bonds and the approving opinion of Chapman and
Cutler of Chicago.
Enclose a certified check for 3% of the amount of
bonds offered, payable to the County Treasurer.
price for the $46,000 revenue securities must be such that the interest cost
to the city shall not exceed 6% computed to maturity, according to standard
considered.
May
$40,000 Nov. 1, and $3,000 Dec. 1, 1940.
the purpose of funding a like amount of warrants issued
for expenditures for the care of persons entitled to relief.
'
•
The general obligation bonds
and accrued interest to date of delivery;
1941 to 1952 incl.
All of the bonds will be dated Dec. 1, 1938.
on
Des Moines, according to the Town Clerk.
from April 13, 1941 to 1945 incl.
receive sealed bids until 7:30 p. m. on May 3 for the purchase
will not be sold at less than par
100.02, according to the County Treasurer.
KELLEY.
the
as
price of
for sale
noted here
434% bonds, divided
2465
HUMESTON INDEPENDENT SCHOOL DISTRICT (P. O. Humes
ton), Iowa—BOND OFFERING—It is stated by Clyde C. Hutchinson,
Secretary of the Boird of Directors, that he will receive bids until 7:3u p. m.
on
April 24, for the purchase of an $11,000 issue of building bonds.
These
bonds were approved by the voters on March
22, by a wide margin.
The
bonds and attorney's opinion are to be furnished
by the district.
COUNTY
(P.
O.
Kan.—BONDS
Leavenworth),
SOLD—It is reported that $29,000 public assistance bonds were purchased
recently by Beecroft, Cole & Co. of Topeka, divided as follows:
$17,000
as lMs, due on March 1:
$5,000 in 1940, and $6,000 in 1941 and 1942; the
remaining $12,000 as l)^s, due $6,000 on March 1, 1943 and 1944.
SIMPSON
RURAL
SCHOOL
DISTRICT
(P. O. Simpson),
Kan.—
BONDS SOLD—It is stated by the County Attorney that $22,990 gym¬
nasium-auditorium bonds approved by the voters at an election on Aug. 27,
have been purchased by the
SOLD—Paine,
Small-Milburn Co. of Wichita, as 1 %s.
Webber & Co. of Chicago purchased an issue of $30,000 high school bonds.
KENTUCKY
INDIANA
ELKHART
ASHLAND SENIOR HIGH SCHOOL
COUNTY
(P. O. Goshen), Ind.—BOND SALE—The
$48,000 Commissariat Fund bonds offered April 17—V. 148, p. 2002—were
awarded to the Harris Trust & Savings Bank of Chicago as 134®. at par
plus a premium of $77, equal to 100.16, a basis of about 1.47%.
Dated
April 15, 1939 and due $6,000 on Nov. 1 from 1940 to 1947, incl.
Second
high bid of 100.15 for 1 J4s was made by Harrison & Austin, of South Bend.
ELKHART COUNTY (P. O. Goshen), Ind.—BOND OFFERING—
C. Mishler, County Auditor, will receive sealed bids until 11 a. m.
(DST) on May 8 for the purchase of $21,300 not to exceed 3% interest re¬
funding bonds.
Dated May 15, 1939.
Denbims. $750 and $630.
Due
$2,130 on May 15 and Nov. 15 from 1941 to 1945, incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
Principal and
interest (M-N 15) payable at the County Treasurer's office.
A certified
check for 3% of the bonds bid for, payable to order of the Board of County
Commissioners, is required.
Legal opinion of Matson, Ross, McCord &•
Clifford of Indianapolis will be furni(/sed the successful bidder, and no
F.
conditional bids will be considered.
Ky.—BONDS
that they
of 3M%
coupon semi-annual school building revenue bonds.«* Included in the account
were:
Almstedt Bros., the Bankers Bond Co., both of Louisville; W. C.
Thornburgh & Co. of Cincinnati, the Security & Bond Co. of Lexington,
and the State Finance Co. of Maysville, Ky.
These bonds are now being
offered for public subscription.
Dated Dec. 15, 1938.
Denom. $1,000.
Due Dec. 15, as follows:
$2,000 in 1940 to 1946, $3,000 in 1947 to 1951,
$4,000 in 1952 to 1959 and $5,000 in 1960.
Not subject to call prior to
KENTUCKY
SOLD—We
headed
LAWRENCE TOWNSHIP SCHOOL TOWNSHIP (P. O. Lawrence),
Ind.—BOND SALE— The issue of $102,000 building bonds offered April 17
148, p. 2003—was awarded to the Harris Trust & Savings Bank of
Chicago, as 234s, at par plus premium of $1,336, equal to 101.309, a basis
of about 2.07%.
Dated May 1, 1939 and due as follows: $3,000 July 1,
1940; $4,000 Jan. 1 and $3,000 July 1 from 1941 to 1945, incl.; $4,000 Jan. 1
and July 1 from 1946 to 1953, incl.
Second high bid of 101.286 for 234s
was made by Raffensperger, Hughes & Co. of Indianapolis.
—V.
SCHOOL
Aug. 1, 1953.
Other bids:
•
—
.-
Premium
—-$1,538.00
1,269.00
City Securities Corp-_„„
McNurlen & Huncilniian
-•
_
Kenneth 8. Johnson.
:
1
Channer Securities Corp
705.00
John Nuveen & Co__
.Lr.v-
Seasongood & Mayer__
—
540.00
,.T-
-j,—
—
•„
'
510.85
TELL
bonds purchased by the City Securities Corp. of Indian¬
2306—were sold as 4s, at par.
CITY, Ind.—BOND OFFERING-r-Wilbur Gittings, City Clerk-
of $25,000 not to
exceed 4% interest flood wall right-of-way bonds.
Dated
May 1, 1939.
Denom. $1,000.
Due $1,500 on Jan. 1 and $1,000 on
July 1 from 1941 to 1950, incl.
Bidder to name a single rate of interest,
expressed in a multiple.of M of 1%.
Interest J-J.
A certified check for
$500, payable to order of tne city, is required.
Legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
bidder at the city's expense.
Bonds are unlimited tax obligations of the city
the
FOR INVESTMENT—'The successful bidders rebonds for public subscription priced to yield 1.90%.
OFFERED
above
Jegal investments in New York.
approved by Woodward, Dawson & Hobson of
Iowa—BOND OFFERING— It is stated by J. W. Prather, City
1,
purchase of an $85,000 issue of library bonds.
Dated March 15,
1939.
Denom. $1,000.
Due Nov. 1, as follows: $5,000 in 1939 to 1946,
$6,000 in 1947 to 1953 and $3,000 in 1954.
Prin. and int.' (MN) payable
at the City Treasurer's office.
Bids should be made on the basis of not
less than par and accrued interest or better, and, all other things being
equal, awards will be made upon the most favoraole bid or oids specifying
the lowest interest rate.
The city will furnish the bonds and the apAMES,
$14^000 5% semi-ann. general obligation
10,000 6% semi-ann. revenue
bonds.
bpnds,
Due from Oct. 1, 1939
Due from Oct. 1, 1939 to 1948.
THIRD WARD SPECIAL SCHOOL DISTRICT
Franklin), La.:—BOND SALE—The $92,000 issue of school
sale on April 18—V. 148, p. 2306—was awarded jointly
to Jac. P.
Ducournau of New Orleans, and Barrow, Leary & Co. of
Shreveport, divided as follows:
$28,000 as 3 3^8, due from May 1, 1940 to
1947; $51,000 as 3Ms, due from May 1, 1948 to 1957, and $13,000 as 3s,
due on May 1, 1958 and 1959.
ST. MARY PARISH,
NO. 1 (P. O.
Sroving opinion of Enclose certified check for 3 % of the principal amount
conditioned.
Chapman & Cutler, of Chicago, and all bids must
bonds offered for
a
of bonds Did for.
SCHOOL DISTRICT (P. O.
Iowa—BOND OFFERING—Bids will be received until April
Hampton),
<
LOUISIANA
Clerk, that he will receive sealed and open bids until 5 p. m. on May
VALLEY
Louisville.
ARNAUDVILLE, La .—BOND SALE DETAILS—It is now reported
by the Village Clerk, that the $24,000 water works bonds which were sold,
as noted here—V. 148. p. 2306—were purchased at par by the First National
Bank of Lafayette, as, follows:
for the
BEAVER
Treasurer
,
IOWA
e so
Louisville),
PIKE COUNTY (P. O. PikevilleL Ky .—BONDS OFERED FOR IN¬
VESTMENT—An issue of $165,000 4% coupon semi-ann. school building
revenue bonds is being offered by the Bankers Bond Co., Inc. of Louisville,
for public subscription at prices to yield from 2.50% to 4.00%, according to
maturity.
Dated Feb. 1, 1939. Denom. $1,000. Due Feb. 1, as follows'.
$5,000 in 1940 and 1941, $6,000. in 1942 and 1943, $7,000 in 1944 and 1945,
$8,000 in 1946 and 1947, $10,000 in 1948 to 1956, $11,000,in 1957 and
$12,000 in 1958, callable on any interest payment date at 103 and accrued
interest.
Prin. and int. payable at the County Treasurer's office. Legality
Treasurer, will receive sealed bids until 2 p. m. on May 1 for the purchase
.
O.
payable at the State Treasurer's office, acting as
Board of Education.
They are said to be
age system revenue
p.
BONDS
offered
SCOTTSBLUFF, Ind.—BOND SALE DETAILS—The $60,000 sewer¬
apolis—V. 148,
(P.
LOUISVILLE, Ky.—BOND SALE—"The $1,000,000
issue, of coupon
grade crossing elimination bonds offered for sale on April 20—-V. 148,
p. 2153—was awarded jointly to Lazard Freres & Co., and B. J. Van Ingen
& Co., Inc. of New York, as 2s, paying a price of 100,73, a basis of about
1.072%.
Dated April 1, 1925.
Due on April 1, 1965:
1,155.00
1,135.25
877.00
—
Madison Trust Co
COLLEGE
LEITCHFIELD, Ky.—BONDS OFFERED FOR INVESTMENT—A
group composed of Stein Bros. & Boyce, Almstedt Bros., and the Bankers
Bond Co., all of Louisville, is offering for public subscription at prices to
yield from 1.50% to 3.70%, according to maturity, $27-000 4% coupon
school building revenue bonds.
(The original amount of this issue was
$28,000.)
Denom. $1,000.
Dated Oct. 1. 1936. Due on Oct. 1 as follows:
$1,000, 1939 to 1959, and $2,000 in 1960 to 1962.
Prin.. and int. (A-O)
payablfe at the City Treasurer's office in Leitchfield.
>
.
.—
_
STATE
informed by Stein Bros. & Boyce of Louisville
which purchased recently a $66,000 issue
Prin. and int.
of the State
CITY,
Bidder—
Fletcher Trust Co
are
account
an
eec. 15,in the thereafter callable on any interest paymentaccrued whole or
1943, inverse order of maturities at 101 lA and date in interest.
part
Ind.—BOND SALE—The $25,000 Sf0
Brown Memorial School bonds offered April 14—V. 148, p. 2152—were
awarded to Indianapolis Bond & Share Corp. of Indianapolis, at par plus a
premium of $1,855, equal to 107.42, a basis of about 2.22%.
Dated April
15, 1939, and due as follows: $1,000 Feb. 1 and Aug. 1 from 1945 to 1950;
incl.; $2,500 on Feb. 1 and Aug. 1 in 1951 and 1952, and $1,500 Feb. 1 and
MADISON
April 15.
ment on
'
»
,
CORPORATION (P. O. Ash¬
land), Ky.—BONDS SOLD—We are informed by Stein Bros. & Boyce of
Louisville that they headed an account which purchased recently a $59,000
issue of 3^ % semi-ann. first mortgage refunding bonds.
Dated April 15,
1939.
Due April 15, 194J to 1956.
Callable on any interest payment
date in whole or in part in the inverse order of numbering, upon 30 days'
published notice at 104,. and interest up to and including April 15, 1944;
*103 and interest up to and including April 15, 1949; 101 and interest up to
and. including April 15, 1954, and 100 and interest thereafter.
Prin. antf
int. payable at the Second National Bank, Ashland.
Legality to be ap¬
proved by Grafton & Grafton of Louisville.
The above bonds are issued
to refund $58,000 of an issue of $60,000 bonds which were called for pay¬
INDEPENDENT
by Mrs. John Rigbus, District Secretary, for the purchase of $2,100
construction and equipment bonds, approved by the voters on April 7.
27,
COIN CONSOLIDATED SCHOOL DISTRICT
MAINE
(P. O. Coin), Iowa—
MATURITY—It is stated by the Secretary of the Board of School Directors
the $45,000 4% refunding bonds purchased by the White-Phillips
WATER DISTRICT, Me.—NOTE SALE—'The $20,000 water
notes
offered April 20—V. 148, p. 2306—were awarded to Bartlett &
Clark Co. of Portland, at 1.82%.
F. W. Horne&Co. of Hartford bid 2%,
BATH
that
Corp. of Davenport, at par, as noted here on April 8—V. 148, p. 2153—are
from December, 1939 to 1947 incl.
due $5,000 annually
plus $25.80 premium.
CORRECTIONVILLE, Iowa—BOND OFFERING—It is reported that
April 24. by Mayor V. R. Dewey,
for the purchase of $2,650 2% semi-ann. sewer fund bonds.
MAINE
bids will be received until 7:30 p. m. on
EAGLE
GROVE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
certificates
were
offered
for
sale
on
April 20 and were awarded to
paying a price of 100.15.
Carleton D. Beh Co. of Des Moines, as 2s,
the
TAX MEASURE—
MARYLAND
HUMBOLDT COUNTY (P. O. Dakota City),
SOLD—-It is
of)—REJECTS CHAIN STORE
throughout the country.
Eagle Grove), Iowa—BOND OFFERING—-It is reported that bids will be
Secretary of the
refunding bonds.
Bonds and legal approving opinion are to be furnished by the district,
received until 7:30 p. m. on April 26, by Marjorie Foil,
Board of Directors, for the purchase of a $77,000 issue of
Iowa—CERTIFICATES
stated by the County Treasurer that $26,000 secondary road
(State
by a 17 to 11 vote on April 13 rejected a graduated scale
chain stores.
The House previously passed the measure, providing
for taxes ranging from $3 to $300 on 1 to 500 stores operated by corporations
The Maine Senate,
tax on
.
CUMBERLAND, Md.—BOND OFFERING—Thomas F. Conlon, Com¬
missioner of Finance and Revenue, will receive sealed bids until 10 a. m.
on May 8 for the purchase of $180,000 not to exceed 5%
Interest bonds,
divided as follows:
2466
Financial
Chronicle
$130,000 water improvement bonds of 1939. Dated May 15,1939. Denom
$1,000.
Due on May 15, 1959.
50.000 work relief bonds of 1939. Dated May 15, 1939, Denom.
$1,000.
Due May 15, 1959.
Bidder to
M-N
15.
each
A
rate of interest in multiples of
certified check for 2Vi% of bonds bid for
express
of
1%.
must
proposal.
DENTON, Md.—BONDS OFFERED—The City Clerk
received sealed bids until
improvement bonds.
May
as
mature
follows:
Rate Bid
National Shawmut Bank of Boston
on
100.333
100.289
100.189
100.138
100.07
s
100.159
MICHIGAN
MICHIGAN
(State of)—PROJECTED REFUNDING DISCUSSED—
It was reported in V. 148, p. 2307, that the State intends to refund a small
portion of the bonds maturing in 1941.
In this connection, Lee H. Bierce.
Secretary of the State Public Debt Commission, has advised us as follows:
"From about 1919 to 1938 the State of Michigan was a bond buyer
acquiring bonds for our sinking funds.
However, our own highway im¬
provement bonds start to mature in 1940 and continue maturing until
1944, and our soldiers' bonus bonds mature in 1941.
Therefore, we have
ceased buying securities for our sinking funds and are now starting to
gradually and quietly liquidate our holdings.
We are buying up our own
bonds whenever they are offered provided the deal is equitable and fair
to the State; surplus cash will be invested in Federal securities of short
maturities that can be liquidated quickly even if our earnings are very
small.
In the meantime, we have outstanding as of this date a little
over $72,000,000 in our own obligations.
We do no have to worry about
our interest requirements because that money is furnished by the Highway
Department or through the Auditor General's office and the amount is
fixed by statute.
Highway improvement bonds to the amount of $5,419,000 will mature in 1940 and we will have the cash at that time to meet
this obligation.
Soldiers bonus bonds and highway improvement bonds
to the amount of $35,050,000 will mature in 1941 and we will have most
of the money on hand to meet these maturities without refunding.
How¬
ever, we are asking the Legislature to authorize us to refund modestly in
order to prevent dumping the large amount of our holdings which might
depress the market and force us to sustain a loss.
In order to avoid both
contingencies we may have to refund up to 10%."
MASSACHUSETTS
BELMONT, Mass.—BOND SALE—An
issue of $10,000 water
system
sold on April 4 to Tyler & Co. of Boston as 1 Ws,
at a
Price of loo 29, a basis of about 1.20%.
Due $1,000 annually from 1940
to 1949, inclusive.
•
•
u
was
CHICOPEE, Mass.—NOTE SALE—-The $300,000 notes offered April
18 were awarded to the First National Bank of Boston at
0.59% discount.
Due $100,000 each on Dec. 15 and Dec.
29, 1939, and on Jan. 15, 1940.
Jackson & Co. of N. Y. City bid
0.61%; Lee Higginson Corp. 0.62%;
E. H. Rollins & 80ns
0.65%.
HAMPDEN COUNTY (P. O.
Springfield), Matt.—NOTE
OFFERING
Murphy, County Treasurer, will receive sealed bids until noon
April 26 for the purchase at discount of $200,000 current
year tax
anticipation notes.
Dated April 27, 1939, and due on Nov.
8, 1939.
Said notes will be authenticated as to
genuineness and validity by the
First National Bank of Boston, under advice of
Ropes, Gray, Boyden &
on
Perkins of Boston.
LEXINGTON,
offered April
17
Mass.—NOTE
was
SALE—The issue of $150,000 notes
awarded to the Second National Bank of Boston at
0.164% discount.
Due $75,000 each on Dec. 1, 1939 and
April 5, 1940.
The New England Trust Co. of
Boston, second high bidder, named a rate
of 0.18%.
LYNN, Mast.—NOTE SALE—The
21
MIDDLEVILLE, Mich —BOND OFFERING—Dora L. White, Village
Clerk, will receive sealed bids until 5 p. m. on April 24, for the purchase of
$18,000 not to exceed 6%_ interest coupon sewer bonds.
Dated April 1,
1939.
Denom. $1,000.
Due $1,000 on Feb. 1 from 1940 to 1957, incl.
Rate or rates of interest to be expressed in multiples of,M of 1%.
Prin¬
cipal and interest (F-A) payable at the Farmers State Bank, Middleville.
The bonds are payable from unlimited ad valorem taxes.
Bids shall be
conditioned upon the unqualified opinion of Miller, Canfield, Paddock &
Stone of Detroit, approving the legality of the bonds. A ceritifed check for
2% of the par value of the bonds, payable to order of the Village Treasurer,
is required.
Apri^
issue of $500,000 notes offered
awarded to First Boston Corp. at
0.257% discount.
Due Nov. 14,
was
1939.
MASSACHUSETTS (State of)—NOTE SALE—The
$2,842,850 notes
21 were awarded to the Second National Bank of Boston
0.077% interest, payable at maturity.
Dated April 27, 1939 and due
Nov. 22, 1939.
Issued in anticipation of assessments
against the cities
and towns of the Boston Metropolitan District for
payment of the Boston
Elevated Railway deficiency
Other bids; Bankers Trust Co. of New York,
0.088%; First National Bank of Boston, 0.096%; Bank of the Manhattan
Co., New York, 0.10%, plus $7 premium.
offered April
at
,
0
NEW
.
METHUEN, Mass.—BOND SALE—The $72,000 municipal
relief bonds
were awarded to Estabrook & Co. of Boston as
1 y2s, at
.Dated April 1, 1939 and due
serially from 1940 to 1949 incl. Tyler
& Co. of Boston bid 100.799 for 1
100.17.
MIDDLESEX COUNTY
(P.
O.
Cambridge), Mass.—-NOTE OFFER¬
ING—County Treasurer whl
notes.
receive sealed bids until 11 a. m. on
April 25
purchase at discount of $400,000 tuberculosis hospital maintenance
Dated April 28, 1939. and due April 26, 1940.
NE W BEDFORD, Mass.—NOTE
OFFERING—'Timothy J. Crowley,
City Treasurer, will receive bids until 11 a. m. (EST) on April 24 for the^
purchase at discount of $500,000 revenue anticipation notes of 1939..
Payable Nov. 23,1939 at the National Shawmut Bank of Boston.
to
OAKLAND
enue notes
offered April 18
was
of
FUNDING
issue of $200,000 rev-,
awarded to the First & Ocean National Bank
.
'
$7,345,500
our
"In regard to the publication shown on the attached statement, we are
sending you, herewith, a copy of a portion of the prospectus which we
recently mailed out in regard to our bond sale which was held on March 22,
1939.
In addition to the information mentioned therein, we would like to
state on November »1, 1935, we issued $7,345,500 of Intra-County Covert
refunding bonds.
These bonds refunded all of the original bonds which
were outstanding, both those which were then in default and those which
had not at that tihie matured.
All of those original bonds have been exexctianged for our refunding bonds with the exception of $8,500 and we
have no knowledge as to where these bonds may be.
The bondholders
protective committee has long since ceased to function and since Nov. 1,
1935, we have retired $1,600,000 of these Intra-County refunding bonds.
"You will find in the accompanying statement, figures dealing with the
retirement of the
Inter-County Covert bonds.
•
■■
"On March 22 of this year we sold $736,000 of county at'large bonds,
the proceeds from which will be used to retire an equal amount of our first
refunding bonds.
As you know, the interest rate on the first refunding
bonds varied from 3 % to 4 M %, whereas the interest rate on these bonds
which we just sold varied from 2M%to3M%"We might also state in this connection that we
paid all of the accrued
interest on the original borids to Nov. 1, 1935, at the original rate without
the issuance of any certificates of indebtedness and the interest on the
refunding bonds has been paid promptly on May 1 and Nov. 1 of each year
so that at this time there are no bonds or interest of
any kind which are in
NORTHAMPTON, Mass.—NOTE OFFERING—Albina L. Richard,
City Treasurer, will receive sealed bids until 5 p. m. on April 24, for the
purchase of $125,000 revenue notes, dated April 26, 1939 and due Dec.
8,
1939.
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 which has been approved
by Storey, Thorndike, Palmer & Dodge of
Boston, and that the signatures thereon are genuine.
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 'nclude interest to date of
delivery.
Interest
on a
360-days to the year basis is to follow and no offer to discount the loan
will be considered.
•
'
Village
•
Newburyport at 0.285%. discount. -Due April 15, 1940.
Tyler & Co.
a rate of
0.33%; Jackson & Curtis, 0.39%; Whiting, Weeks &
Stubbs, 0.41%.
of Boston bid
*
SALE—The issue of $300,000 notes offered
April 18 was awarded to the Natioinal Shawmut Bank of Boston at
0.44%
discount.
Due Nov. 24, 1939.
First National Bank of Boston named a
rate of 0.46%; Merchants National Bank of
Boston, 0.48%.
Bennett,
COUNTY
OF
BONDS—Responding to
SALE—The
PEABODY, Mass.—NOTE
J.
(P. O. Pontiac), Mich .—REPORT ON RE¬
INTRA-COUNTY COVERT REFUNDING
request for a revision of the county's debt
statement, Mr. S. J. Filkins, Assessment District Auditor, forwarded the.
following communications, dated March 29, 1939:
"*
Legality
be approved by Storey, Thorndike, Palmer & Dodge of Boston.
NEWBURYPORT, Mass.—NOTE
Mich.—BOND OFFERING—A.
HAVEN,
Clerk, will receive sealed bids until 8 p. m. on April 24, for the purchase
of $29,500 4% coupon water supply system revenue bonds.
Dated Dec. 1,
1938.' Denoms. to be agreed upon.
Due Dec. 1 as follows:
$500, 1941;
$1,500, 1942 to 1944, incl.; $500, 1945; $1,000, 1946; $2,000, 1947 to 1956.
incl.; $3,000 in 1957.
Principal and interest (J-D) payable at the New
Haven Savings Bank, New Haven.
Bonds are payable solely from revenues
of the water system and successful bidder will not be required to accept
delivery until the village has entered into a contract for construction of the
system according to specifications and other requirements set forth in ordin¬
ance authorizing the bond issue.
Bids shall be.conditioned upon the un¬
qualified opinion of Miller, Canfield, Paddock & Sone of Detroit approving
the legality of the bonds.
A certified check for 2 % of the bonds, payable to
order of the Town Treasurer, is required.
Village will pay for cost of
legal opinion and printing of bonds.
offered April 21
for the
100.464
-
R. L. Day & Co__
Newton, Abbe & Co
Lee H igginson Corp
is reported to have
Interest J-J.
—John J.
100.644
v-
Southgate & Co
Smith, Barney & Co
UPPER MARLBORO, Md.—BOND SALE—An issue
of $19,550 3%
municipal water system bonds was sold on Jan. 1 at par as follows$15,300 to the First National Bank of Southern
Maryland, and $4,250 to
the Farmers & Merchants Bank, both of Upper Marlboro.
Dated Jan. 1
1939.
Denom. $850.
Due $850 annually on Jan. 1, with first
payment
extension bonds
100.692
_
coupon
due in 1943.
1939
22
Other bids, all for lMs, were
Second National Bank of Boston
Estabrook & Co
accompany
y
dated April 1, 1939.
Bidder—
Interest
$2,000 annually
are
Goldman, Sachs & Co
April 21 for the purchase of $34,000 refunding and
bonds will be dated May 1, 1939 and
1 from 1945 to 1961, inclusive.
The
April
All of the bonds
'
"
.
PROVINCETOWN,
Mass.—NOTE SALE— Smith, Barney & Co. of
on April 18, as 1
Ms at a price of 100.694, $20,000
supply notes, due from 1940 to 1949 incl., and $7,000 water loan
New York were awarded
water
notes, due from 1940 to 1944 incl.
Bidder—
■
„
Other bids:
Int. Rate
First National Bank of Provincetown..
Lee Higginson Corp..
Bond, Judge & Co
Rate Bid
1H%
IH%
144%
.■■■•'
Tyler & Co------Perrin, West & Winslow_
100.69
100.32
100.16
100.10
from you."
100.166
SHIPS
1
gg
143%
default.
"If
will receive sealed bids until 11a.
m.
on,
of
SALEM,
Mass.—BOND OFFERING—Charles G.
F.
Coker,
City
Treasurer, will receive sealed bids until 11 a. m. on April 24 for the pur¬
chase of $100,000 coupon
municipal relief bonds.
Denom. $1,000.
Due $10,000 on
Dated May 1, 1939.
May 1 from 1940 to 1949 incl.
Bidder
rat®
pt interest in multiples of M of 1%.
Principal and interest
(M-N) payable at the National Shawmut Bank of Boston or at the
City
Treasurer's office, at option of the holder.
The bonds will be engraved
under the supervision of and authenticated as to
genuineness by the afore¬
mentioned bank.
Legal opinion of Storey, Thorndike, Palmer &
Dodge
of Boston will be furnished the successful
bidder.
TAUNTON, Mass.—NOTE SALE—The
Merchants National Bank of
awarded on April 18 an issue of
$200,000 notes at 0.22%
Due Nov. 21, 1939.
The Bristol County Trust Co. bid a rate
0.274%; First National Bank of Boston,
Boston
was
discount.
of
0.28%; Second National Bank
of Boston,
0.277%;
0.30%.
R. L.
of
$200,000 tuberculosis hospital maintenance notes and $21,500
hospital
funding loan notes, all dated April 18, 1939, and payable April 18,
1940,
the Second National Bank of Boston.
Legality approved by Ropes,
Gray, Boyden & Perkins of Boston.
Aforementioned bank was second high
bidder, naming a rate of 0.149%.
at
WATERTOWN, Mass.—BOND SALE— The $112,500 coupon bonds
offered April 18—V. 148, p. 2306—were awarded to
Tyler & Co. of Boston
as 1 Ms, at a price of
100.799, a basis of about 1.10%.
Sale consisted of:*
$90,000 municipal relief bonds.
Due $9,000 on April 1 from 1940 to 1949
inclusive.
22,500 street
1941
bonds.
and
Due April 1 as follows: $3,500,
$2,000 from 1942 to 1949, incl.
1940;
$3,000
in
•
further information, please let us hear
any
*
-
\
certificates of indebtedness,
ft
•
-
*
.
.
,
•
'
MINNESOTA
,
ISANTI
.
We
are
COUNTY (P. O. Cambridge), Minn.—BOND OFFERING—
informed by T. G. Evensen, acting as fiscal agent for the county,
that M. E. Norell, County Auditor, will receive
sealed bids, and sealed bids
only, until 1:30 p. m. on April 28, at the office of the County Commissioners
Cambridge, for the purchase of a $93,000 issue of coupon funding bonds.
Denom. $1,000.
Dated April 1, 1939.
Due April 1, as follows: $10,000
in 1943 to 1951, and
$3,000 in 1952.
The bonds shall bear intereat at the
rate designated by the purchaser.
Principal and interest (A-O) payable
at any suitable bank or trust company designated by the purchaser.
ihe
county will furnish the executed bonds and the approving legal opinion
of Fletcher,
Dorsey, Barker, Colxnan & Barber of Minneapolis.
The
county undertakes to deliver the executed bonds to the successful purchaser
at the County Auditor's office, or at the option of the purchaser at a suitable
place in Minneapolis or St. Paul not later than 15 days after the date of
sale.
Enclose a certified check for $3,000, payable to the county.
in
Day & Co.,
WORCESTER COUNTY (P. O.
Worcester), Mass.—NOTE SALE—
The $221,500 notes offered
April 14 were awarded to the Boston Safe
Deposit & Trust Co. of Boston at 0.133% discount.
Sale consisted
supply you with
Secretary, will receive sealed tenders of 1937 refunding bonds and 1931
dated Jan. 1, 1937, until .8 p. m. (EST) on
May 10. Amount available in the sinking fund for the purchase of securi¬
ties is $1,500 in case of refunding bonds and $2,600 for the certificates.
April 25 for the purchase
$200,000 coupon street construction bonds.
Dated May
1,
1939.
Due $20,000 on May 1 from 1940 to" 1949 incl.
Denom. $1,000;'
Bidder
to name rate of interest in
multiples of M of 1 %.
Principal and interest
(M-N) payable at the National Shawmut Bank of Boston.
The bonds
will be engraved under the
supervision of and authenticated as to
genuine¬
ness by the
aforementioned bank. Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the
successful bidder,
can
WATERFORD, WEST BLOOMFIELD AND WHITE LAKE TOWN¬
FRACTIONAL SCHOOL DISTRICT No. 2 (P. O. Route 5,
Pontiac), Mich.—TENDERS WANTED—Cleveland O. Collins, District
QUINCY, Mass.—BOND OFFERING—Harold P. Newell, City Treas¬
urer,
«.
we
MINNEAPOLIS, Minn.—BOND SALE—The four issues of bonds ag¬
gregating $2,799,000, offered for sale on April 20—V. 148, p. 2004—were
awarded to a syndicate composed of Phelps, Fenn & Co., Stone & Webster
and Blodget, Inc., F. S. Moseley & Co., Paine, Webber & Co., all of New
York, the Wells-Dickey Co. of Minneapolis, the Mississippi Valley Trust
Co. of St. Louis, Stern, Wampler & Co. of Chicago, the First of Michigan
Corp. of New York, and Schwabacher & Co. of San Francisco, as 2.10s,
paying a price of 100.03, a basis of about 2.09%.
The issues are divided
as
follows:
$1,000,000
public relief bonds.
Due $100,000 from May 1, 1940 to 1949
500,000 water works bonds.
Due from May 1, 1940 to 1954 incl.
.969,000 permanent improvement bonds.
Due from May 1, 1940
1
1949 incl
330,000 work relief bonds.
to
'*
Due $33,000 from 1940 to 1949 incl.
ADDITIONAL SALE—The above named syndicate also purchased on
same date the $500,000 coupon or registered refunding bonds offered
the
Volume 148
Financial
Chronicle
at that
time—V. 148. p. 2154—as 2.10s. at a price of 100.375, a basis of
about 2.09%.
Due $50,000 from May 1, 1940 to 1949 incl.
2467
Lincoln, and mature
April 1 as follows: $5,000 in 1943 and 1944, $6,000
in 1945 and 1946 and $10,000 in 1947; bonds maturing in 1947, callable on
and after April 1, 1947.
PINE COUNTY (P. O. Pine City), Minn.—BOND OFFERING—We
informed by J. E. Therrien, County Auditor, that sealed bids will be
a. m. on May 4, for the purchase of a $90,000 issue of
coupon refinancing bonds.
Open bids will be received after all sealed bids
are in.
The interest payment dates will be determined at the time of sale.
Denom. $1,000.
Dated April 1, 1939.
Due April 1, as follows: $8,000 in
1944 to 1952, and $9,000 in 1953 and 1954.
The bonds are to bear interest
at the rate designated by the purchaser.
Principal and interest payable
at any suitable bank or trust company
designated by the successful bidder.
The county reserves the right to reject any and all bids and to continue the
sale if deemed expedient, and also to sell any or all of such bonds by public
subscription in accordance with law.
The county undertakes to deliver
on
are
NEW
received until 10
HAMPSHIRE
BERLIN, N. H.—NOTE SALE—F. W. Home & Co. of Hartford ob¬
tained award
April 17 of $100,000 revenue notes at 0.69% discount.
April 20, 1940.
The National Shawmut Bank of Boston, second
bidder, named a rate of 0.90%.
on
Due
high
BERLIN, N. H.—NOTE SALE—Lincoln R. Young & Co. of Hartford
recently purchased $75,000 234 % public improvement notes at par.
Dated
Dec. 1, 1938.
Due Dec. 1 as follows: $5,000,1939; $10,000,1940; $15,000,
1941; $20,000 in 1942 and $25,000 in 1943.
interest J-D.
the executed bonds to the successful bidder at the County Auditor's office,
or at the option of the
purchaser, at a suitable place in Minneapolis or
to MANCHESTER, N. H.—BOND SALE—The $200,000 coupon municipal
improvement bonds offered April 20—V. 148, p. 2308—were awarded to
the First of Michigan Corp. and Mackey, Dunn & Co., Inc., both of
New York, jointly, as 2s, at a price of 100.61, a basis of about >1.94%.
Dated April 1, 1939 and due $10,000 on April 1 from 1940 to 1959, incl.
Re-offered to yield from 0.30% to
2%. according to maturity. Second high
bid of 101.66 for 2 Ms was made by a group composed of C. F. Chiids &
Co., Bond, Judge & Co., and Indian Head National Bank of Nashua.
St. Paul, not later than 15 days after the date of sale.
The executed bonds
and the approving opinion of Fletcher, Dorsey, Barker, Colman & Barber
of Minneapolis, will be furnished.
Enclose a certified check for $3,000,
payable to the county.
STILLWATER, Minn.—CERTIFICATES SOLD—It is stated by the
City Clark that a total of $12,0000 4% cetrificates of Indebtedness, author¬
ized by the City Council on April 4, have been purchased by local banks,
These certificates are divided as follows: $6,000, dated April 16, 1939;
$3,000, dated May 1, 1939, and $3,000, dated May 16, 1939.
AH are due
on or before Dec, 31, 1939.
Other bids, all for 2Ms, were,as follows:
Bidder—
Indian Head National Bank, Nashua
,
&Co^^._—._L>_
C. F. Chiids
j.—.--
-
—
—-
Estabrook& Co
DESPITE OPPOSITION—A
report from this community to, the "Wall Street Journal" of April 19 had
L——„•
Halsey, Stuart & Co., Inc
!
Kidder, Peabody & Co. and Goldman, Sachs & CoArthur Perry & Co-.-._
E. H. Rollins & Sons, Inc
the following to say:,
Frederick M. Swan & Co
Negotiations for the sale of $5,000,000 of securities to finance construction
or
paper mill and purchase of slash pine timber lands, will be continued by
Iuka citizens, despite Governor Hugh L. White's decision not to give the
project his complete approval. W. L. Goodman, one of the sponsors, said
that $2,500,000 revenue bonds will be taken by the Reconstruction Finance'
Corporation, and $2,500,000 by an investment house at KnoxviOe, Tenn.,
on terms not
yet disclosed. Owners of timber lands, it was said, have de¬
clined to accept payment in stock of the proposed corporation if their prop¬
erty is sold.
Governor White is said to disfavor requirement of the RFC
that it receive first mortgage lien.
His position is, according to reports,
First Boston Corp.
MISSISSIPPI
IUKA, Misa.—SECURITIES TO BE SOLD
...
—
Rate Bid
101.666
-.101.57
_.._101.28
—
100.938
100.811
__-__.100.393
---------100.384
-----
—
—
------
100.319
-
—
-—100.288
a
,
that such
a
WINONA, Miss.—BONDS SOLD—It is stated by the City Clerk that
$34,000 4% semi-annual industrial plant bonds were sold on April 4
jointly to M. A. Saunders &, Co. and the First National Bank, both of
Memphis.
Dated $fov. 1, 1937.
with
announcement
BONDS
*
intention
Bidder to name a single rate of interest, expressed,
multiple of 34 or l-10th of 1 %. Principal and interest (A-O) payable
Metuchen, or at the Central Hanover Bank
& Trust Co., New York City.
The bonds are payable from unlimited ad
valorem taxes and the approving legal opinion of Caldwell & Raymond of
NeW York City will be furnished the successful bidder.
A certified check
for 2%, of the boiids offered, payable to order of the borough, must accom¬
pany each proposal.
in
a
at the Commonwealth Bank of
•
NEW JERSEY (State of)—RELIEF BOND ISSUE REJECTED—The
Assembly on April 17 rejected a proposal calling for the issuance of $15,000,000 bonds to provide the State's snare of local relief expenditures for the
next two years.
Owing to reported widespread opposition to the proposal,
leaders of the Assembly did not attempt to seek a vote on an original pro¬
posal for a $50,000,000 State relief bond issue.
SCJIOOL
DISTRICT,
N. J.—BONDSSOLD—
bonds approved in January by the
Municipal Finance Commission—V. 148, p. 153—have been sold as 534»,
at par, to the Sinking Fund Commission, State of New Jersey, Highway
Extension Fund.
Dated Nov. 1, 1938.
Denom. $1,000.
Registered.
Interest M-N.
Due Nov. 1 as follows: $3,000 from 1940 to 1944 incl. and
$4,000 from 1945 to 1955 incl.
" \
OCEAN CITY, N. J .—ORIGINAL SALE RESCINDED'—NEW
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS, MO.
at a
1944, inclusive.
ELDON SCHOOL DISTRICT (P. O.
Eldon), Mo.—BONDS VOTED—
It is reported that $28,000 school construction bonds were approved by
an election held on April 4.
'
the voters at
LACLEDE, Mo.—BONDS SOLD—It is stated that $4,000
street im¬
provement bonds approved by the voters last August have been sold/
LEWISTOWN
CONSOLIDATED
SCHOOL
price of 98.13.
Second In the bidding was M. M. Freeman
an offer of 98.07.
•.
1
OCEAN
MISSOURI
Funding Commission on
refunding bonds.
SOMERV1LLE SCHOOL DISTRICT, N. J .—BONDS SOLD—The
Somerville Savings Bank purchased on'March 20 an issue of $10,000 2K%
registered field house construction bonds at par.
Dated Jan. 1, 1939 and
due serially on Jan. 1 from 1941 to 1950 incl.
Interest J-J.
Denom. $1,000.
SOUTH PLAINFIELD, N. J.—$553,000 BOND ISSUE APPROVED—
The State Funding Commission on April 13 approved the borough s pro¬
posal to issue $553,000 refunding bonds to bear interest at not to exceed
4% and mature from 1940 to 1968 incl.
This proposal involveathe re¬
funding of certain bonds issued under the provisions of Chapter 233, P. L.
1934 as well as other indebtedness of the borough.
TUCKERTON, N. i.—APPROVAL OF BOND PROPOSAL POSTPONED
—The borough's proposal to issue $103,000 refunding bonds—V. 148,
2308—was not approved at a meeting of the State Funding Commission
April 13 "due to the fact that the funding as
MONTANA, State of—BOND SALE DETAILS—It is
now
reported
that thp $51,000 4% semi-ann. State Tuberculosis Sanitarium building
bonds purchased by Brown, Schlessman, Owen & Co. of Denver, at a price
of 102.00, as noted here on Jan. 21, are more fully described <as follows:
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, as follows: $1,000 in
1939 to 1941, $2,000 in 1942 to 1953 and $3,000 in 1954 to 1961.
Prin.
and int. payable at the State Treasurer's office, or at the fiscal agency
The bonds were issued
authority of an Act
of the State Legislature, and were also adjudicated by decision of the Su¬
preme Court.
Legality approved by Pershing, Nye, Bosworth & Dick of
Denver.
on
(
BONDS TO BE OFFERED—In connection. with the $625,000 Capitol
Building refunding bonds that were authorized recently—V. 148, p. 2308—
it is reported by Ray N. Shannon, Stats Treasurer, that the S'ate Board of
Examiners will advertise the bonds for s tie in the next 00 days. They are
to care for outstanding capital building bonds now held oy the State Land
Commissioners.
The bonds will nutur 5 serially in five years and will carry a State Supreme
Court decision as to validity, also an approving opinion of the Attorney
General of the State.
PLAINS, Mont.—BOND SALE—The $3,000 issue of fire fighting
equipment bonds offered for sale on April 17—V. 147, p. 2004—was awarded
to the First National Bank of Plains, according to the Town Clerk.
refunding bonds authorized in February, have been sold at par through
the Mortgage Investment Co. of Hastings.
Denom. $1,000.
Due from
Jan. 1, 1940 to 1954; optional on Jan. 1, 1945.
Prin. and int. payable
in Kearney.
1951.
bonds to the Wachob-Bender Corp.
of Omaha, as noted here in February, it is now reported by the Village Clerk
that: "These bonds have been made up but the State Treasurer has refused
to register sanie due to technicalities.
Mandamus proceedings were filed
against him, and a hearing held.
The Judge of the District Court ordered
the bonds registered, but he still refused to register same, and the pro¬
ceedings may go to the Supreme Court for further hearing."
MINDEN, Neb.—BOND SALE DETAILS—It stated by the City Clerk
$32,0003% semi-ann. light revenue refunding bonds sold recently,
noted here—V. 148, p. 2308—were purchased by the First Trust Co. of
that the
as
„■
Otheu bids;
Rote'Bid
100.312
Int. Rale
Bidder^—
J. B. Hanauer & Co
4%
4 H%>
H. L. Allen & Co
434%
100.06
"434%
100.01
Minsch, Monell A Co.,
Inc
H. B. Boland & Co.....-.-
100.25
WEST ORANGE, N. J.—BOND SALE—The $124,000 coupon or reg¬
istered refunding bonds offered April 18—V. 148, p. 2156—were awarded
to Adams & Mueller of Newark, as 234», at par plus $943.89 preri ium,
equal to 100.761, a basis of about 2.08%.
Dated May 1, 1939, and due
May 1 as follows: $14,000 from 1940 to 1947, incl. and $12,000 in 1948.
Among other bids Were these:
■
■■
Bidder—
Rate Bid
'
,
Minsch, Monell & Co., Inc
MacBride, Miller & Co— _____
H. B. Boland & Co—
Colyer, Robinson & Co—
Halsey, Stuart & Co., Inc
*
M. M. Freeman & Co
*
—
——
—
100.35
100.27
234%
234%
234%
---r
iA/vc-
100.25
100.14
100.01
234%
— —
— —,
100.901
234 %
-;
Bid for $123,000 bonds.
NEW
MEXICO
GALLUP, N. Mex.—MATURITY—It is now stated by the City Clerk
that the $7,500 refunding bonds sold to the State Bank of Gallup, as 3s, as
noted here on April 1—V. 148, p. 2005—are due $1,500 from April 1, 1940
to
1944; callable on any interest payment
NEW
.
LAUREL, Neb.—BOND SALE NOT CONSUMMATED—In connection
•with the sale of the $8,500 auditorium
,
,
WANAQUE, N. J.—BOND SALE— The $55,000 coupon or registered
refunding bonds offered April 19—V. 148, p. 2309—were awarded to
Schlater, Noyes & Gardner, Inc., New York, as 4s, at a price of 101.01.
a basis of about 3.86%,
Dated March 1, 1939 and due March 1 as follows:
$5,000, 1944 to 1947, incl.; $10,000 from 1948 to 1950, incl. and $5,000 in
NEBRASKA
KEARNEY SCHOOL DISTRICT NO. 7 (P. O. Kearney), Neb.—
BONDS SOLD—It is stated by the Superintendent of Schools that $110,000
p.
on
proposed appears to be in¬
sufficient."
MONTANA
of the State in New York.
& Co.,
N.
J.—BOND ISSUE APPROVED—State
April 13 approved the proposed issue of $72,000
TOWNSHIP,
DISTRICT
(P.
O.
LeWigtown), Mo. —BOND SALE DETAILS—It is now reported by the
Superintendent of Schools that the $30,000 building bonds sold recently,
as noted here—V.. 148,
p. 2307—were purchased by Bennett, Piersol &
CO. of Kansas City, as 3Hs and 4s.
-
\
A WARD
ANNO UNCED—The private sale of $295,000 4 % refunding bonds to M. M.
Freeman & Co; of Philadelphia at a price of 96—-V. 148, p. 2308, was re¬
scinded when the State Funding Commission refused to approve the opera¬
tion and ordered that the issue be offered at competitive bidding.
This
resulted in the sale of the loan to the Warren A. Tyson Co. of Philadelphia
with
BARTON COUNTY (P. O. Lamar), Mo.—BOND SALE DETAILS—
It is now reported by the County Clerk that the $20,000 jail bonds purchased
by the Baum, Berh&mer Co. of Kansas City, as noted here—V. 148,, p.
2307—were sold as 1 34ths, at par, and mature $4,000 from April 1,1940 to
redeem
to
from 1940 to 1951, incl.
NORTH ARLINGTON
MISSOURI
its
!
The $59,000 high school bldg. addition
Markets in all State, County & Town Issues
of
.
METUCHEN, N. J.—BOND OFFERING—Arthur T. Strong, Borough
MACON SEPARATE SCHOOL DISTRICT (J\ O. Macon), Miss.—
SPECIAL CC1MMON SCHOOL DISTRICT (P. O,
Vardaman) Miss.—BONDS SOLD—It is stated by the Secretary of the
Board of Trustees that $19,000 6% semi-ann. construction bonds have been
purchased at par by the Leland Speed Co. of Jackson. Dated March 1.1939.
connection
Treasurer, will receive sealed bids until 7:30 p. m. on May 4, for the pur¬
chase of $36,000 not to exceed 6% interest coupon or registered refunding
bonds.
Dated April 1, 1939.
Denom> $1,000.
Due $3,000 on April 1
BOND SALE DETAILS—It is now reported by the District Clerk that,
the $10,000 334% semi-annual school bonds sold to George T. Carter,
VARDAMAN
in
$24,000 bonds.—V. 148, p. 2004.
transaction would not be of immediate benefit to the seller.
Inc., of Meridian, as noted here in January, were purchased for a premium
of $207, equal to 102.07, and they mature on Nov. 1 as follows:
$500.
in 1939 to 1943, and $ 1,500 in 1944 to 1948, giving a basis of about 3.19%.
JERSEY
NEW
HADDONFIELD, N. J.—NO BONDS OFFERED—Borough received no
tenders
date.
YORK
Y.—BOND OFFERING—N. O. Saxton, Village Clerk,
will receive sealed bids until 1:30 p. m. on April 26 for the purchase of
$40,000 not to exceed 5% interest coupon or registered sewer bonds. Dated
May 1,1939. Denom. $1,000. Due May 1 as follows: $2,000 from 1940 to
1953 Incl. and $3,000 from 1954 to 1957 incl. Principal and interest (M-N)
payable at the Bank of Arcade, with New York exchange. Bidder to name
a single rate of interest, expressed in a multiple of 34 or 1-10 of 1 %.
The
bonds are payable from unlimited ad valorem taxes. A certified check for
$800, payable to order of the village, is required. Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
ARCADE,
bidder.
N.
,
•
•
2468
Chronicle
Financial
State
been
has
April
conducted 111
manner."
,
1939
22
efficient, economical and business-like
an
,
for the
It is of interest to note, too, that one of the prospective bidders
NewYork State Municipals
reportedly questioned the tax exempt status of the new issue
in the event that Congress passed a bill to tax future issues of State and
municipal bonds.
The question was whether the interim certificates which
are issued pending the engraving of the actual bonds, would have the
same contractual obligation as the bonds themselves.
Comptroller Tremaine obtained an opinion from Attorney General John J. Bennett Jr.,
State bonds
Tilney & Company
76
BEAVER STREET
NEW
which
YORK, N. Y.
that the interim certificates carried the same tax-free status as
was
jxmdg t/Ijcmsolvos
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
SUCCESSFUL BANKING GROUP—All of the members of the successful
banking group appear herewith:
First of Michigan Corp.
The Chase National Bank
Hallgarten & Co.
NEW
BUFFALO, N. Y.—REFUNDING APPROVED—Morris S Tremaine,
State Comptroller, has approved refunding by the city, of $3,500,000 bonds
maturing in the 1930-1940 fiscal year..
\
N.
Y.—OFFERING
OF
WEST
RIVER
ROAD
■
Co. of New York
Schoellkopf, Hutton & Pomeroy, Inc.
Manufacturers Trust Co.
The Northern Trust Co.,
Hornblower A Weeks
Chicago
Harris Trust & Savings Bank
Hannahs, Ballin A Lee
Kidder, Peabody A Co.
Reynolds A Co.
Equitable Securities Corp.
Schwabacher A Co.
Estabrook & Co.
Manufacturers
&
Traders
Trust
Co.,
Schlater, Noyes A Gardner, Inc.
C. F. Childs A Co., Inc.
Buffalo
Stone & Webster and Blodget, Inc.
A. C. Aliyn A Co., Inc.
Kean, Taylor & Co.
Union Securities Corp.
F. S. Moseley & Co.
L. F. Rothschild A Co.
"
Roosevelt.& Weigold, Inc.
Mercantile-Commerce Bank
Green, Ellis A Anderson
Edward Lowber Stokes A Co.
-
Riter A Co.
Wells-Dickey Co., Minneapolis
Trust
A
NORTH
J. N. Hynson A Co., Inc.
Francis I. du Pont A Co.
Schmidt, Poole A Co., Philadelphia
R. L. Day A
Winthrop, Mitchell A Co.
William R. Comptoh A Co., Inc.
Co.
Laurence M. Marks A
Co..
PATTERSON (P, O. Patterson). N. YCERTIFICATE OFFERING—
Arthur L. Newcomb, Town Supervisor, will receive sealed bids until noon
on April 24 for the purchase of $9,000 certificates of indebtedness.
Denom.
$3,000.
Due $3,000 on May 1 from 1940 to 1942 incl.
A certified check
for $200, payable to order of the town, is required.
;
.
PEEKSKILL,
N.
Y.—BOND OFFERING—Albert E.
"the purchase of $56,000 not to exceed
incinerator plant bonds.
Dated Jan.
successful bidder.
,
(The above bonds were originally offered on Jan. 19, the
been postponed on advice of bond counsel.—V. 148, p. 468.)
PORT OF NEW YORK
AUTHORITY, N. Y.—BOND COUNSEL RE¬
derived from bonds issued by the States or by their,, agencies is immune
Federal taxation, according to an opinion on tha subject, written
jointly by Julius Henry Cohen and the law firm of Thomson, Wood A
Hoffman.
Mr. Cohen is general counsel of The Port of New York Auth¬
ority for which agency the opinion was drawn.'
Recent ruling of the Supreme Court that salaries of all Government
Officials are taxable does not alter the previous opinion that bond interest
is not taxable, the lawyers said, in a letter sent to Frank C. Ferguson,
Chairman of the Port Authority
"We* find nothing in the O'Keefe case (the salary decision) which leads
up to modify the opinions which we expressed in our letters of May 31,
with respect to the Gerhardt cases," (previous salary decisions) the lawyers
say.
"In those letters, we pointed out that in the prevailing opinion in
the Gerhardt cases Mr. Justice Stone formulated two guiding principles
with respect to the immunity of the States and their instrumentalities from
from
tion of a sewage disposal plant and sewage system.
Both the Works
Progress Administration and the Public Works Administration have
participated in the project which has been under, construction during the
past two years and is practically completed at this time.
.
.
LONG BEACH, N. Y.—TENDERS INVITED—City is inviting sealed
proposals for the sale of its general refunding bonds, dated Dec. 1, 1933,
due Dec. 1, 194$, to the extent of $26,000 principal amount.
Proposals,
which will not be accepted at a price exceeding 100% and accrued interest,
will be received on or before May 1, 1939, by the Marine Midland Trust
Go. of New York, 120 Broadway, New York.
the burden
and the current paucity of high-grade securities available for
investment.
This financing by the State, for example, represented its first
appearance
Moreover, according to Comptroller Tremaine, the State
cannot
sell any other bonds until after July and in fact is not expected to
appear
in the market >again
•
tax
upon
would
seem
to be obvious.
until possibly the closing months of the year.
In
addition, no short-term credit will be needed for some time.
In commenting
on the highly
satisfactory basis on which the current award was made
Mr. Tremaine remarked as follows:
in present troubled times are
credit in
the
"The bid is evidence that investors
ready to buy what they consider the safest
world, and it is further evidence that management of the
,
.
As
*
tq the probable burden which taxation would cause the Port Authority,
Authority which said:
"If an attempt were made to tax the bonds or revenues of the Port
Authority there would be no scope for a holding that the tax would not
obstruct the functions performed by the States through the Port Authority.
In such a case the burden would not be 'speculative and uncertain' but quite
the contrary.
The Court would be obliged to hold that this immunity
constitutes a 'tangible protection to the State government!
.
.
.
the
burden of the tax and the benefit of the immunity are direct and obvioUs."
the lawyers quoted from their previous letter to the
,
Typci <%hyii*^
a
In the long-term capital market in over a year, the last previous
operation
involving an issue of $10,000,000, having been concluded in December,
.
decided in the salary cases that
the salaries of employees does not constitute a real and sub¬
stantial burden upon the sovereign States the necessary corollary that a
constitutional immunity exists where the burden is real and substantial
for the $20,000,000 bonds offered on April
ment sources
hot extend to cases where
where immunity
the State govern¬
the State is 'speculative and uncertain' and
The lawyers assert that where the Court
a
New York
1937.
on
from taxation would not afford 'tangible protection to
ment'1"
NEW YORK (State of)—$20,000,000 BONDS SOLD AT RECORD
LOW COST BASIS—A syndicate headed by the Chase National Bank of
maturity.
The demand from invest¬
fully testified to the high calibre of the State's obligations
'
,
"First: That certain functions of the States are immune from Federal
April. 1, 1939. * Denom. $1,500.
Due $1,500 on April 1 from 1940 to 1949,
incl.
Bidder to name a single rate of interest,
expressed in a multiple of
l-10th of 1%.
Principal and interest (A-O) payable at the Town Super¬
visor's office.
Bonds are payable from unlimited ad valorem taxes and the
legal opinion of John F. Connor, Esq., of Mount Morris will be furnished
the successful bidder.
No good faith deposit required.
BONDS PUBLICLY OFFERED—As officially announced on
page VI
the Chase National Bank of New York and associated members of
the
successful banking group made public reoffaring of the bonds to
yield
from 0.20% to 1.85%, according to
v
taxation by reason of their inherent nature.
"Second: That this inherent immunity does
•2 p. m. on April 28, for the purchase of $15,000 4% general obligation bonds
issued, to pay off home relief certificates of indebtedness and to provide for
home relief needs for remainder of current fiscal year.
Bonds will be dated
State institutions buildings bonds.
Dated April 19
1939, and due $400,000 annually on April 19 from 1940 to
1964, inclusive.
10,000,000 IH% grade crossing elimination bonds.
Dated April 19
1939, and due $250,000 on April 19 from 1940 to 1979, incl.
.
Federal taxation:
MOUNT MORRIS (P» O. Mount Morris), N. Y.—BOND OFFERING
H. De Camp Jr., Town Clerk, will receive sealed bids untu
—William
$10,000,000 1 H%
sale having
AFFIRM IMMUNITY OF MUNICIPALS FROM FEDERA L TAXA TI ON
—The United States Supreme Court will continue to hold that interest
$1,000,000 BONDS ISSUE SCHEDULED FOR SALE— In connection
(complete1 membership listed below) was the successful bidder
18-—V. 148, p. 2156, 2309—
price of 100.17 for l%% securities, or a net interest cost to the
State of 1.7398%.
State Comptroller Morris S. Tremaine, who conducted
the sale, stated that considering the average
maturity of more than 16
years, the successful bid figured the lowest interest cost on record for
long-term financing by the State.
Three syndicates, competed for the
offering.
The National City Bank of New York group submitted the
second best offer, a price of 101.1399 for the
$10,000,000 grade crossing
bonds as 2s and the other $10,000,000 issue as
l^s, or a net interest cost
of 1.8349%.
Others in the group were First National Bank of New York,
Bankers Trust Co. of New York, Harriman- Ripley &
Co., Inc.: First
Boston Corp.; Smith, Barney & Co.;Halsey, Stuart &
Co., Inc.; Lazard
Freres & Co., and Goldman Sachs A Co.
Also bidding for the same
interest rate combination was the third group,
managed by the Bank of
the Manhattan Co..New York, which bid a price of
101.1349, or a cost
basis of 1.8352%.
Included in this account were Ladenburg, Thalmann
& Co.; C. J. Devine & Co.; E. H. Rollins &
Sons, Inc.; B. j. Van Ingen
A Co., Inc., and Adams, McEntee A Co., Inc.
Ernst & Co. of New York
bid Par for a block of $500,000 of the
building bonds to bear 2% interest.
The $20,000,000 bonds were sold as follows:
Cruger, Com-
April 26 for
4% interest coupon or registered
15, 1939.' Denom. $1,000.
Due
Jan, 15 as follows: $6,000 in 1940 and $5,000 from 1941 to 1950, incl.
Bidder to name a single rate of interest* expressed in a multiple of M or
1-10th of 1%.
Principal and interest (J-J) payable at the Central Hanover
Bank & Trust Co., New York City.
The bonds are general obligations of
the village, payable from unlimited ad valorem taxes.
A certified check
for $1,000, payable to order of the village, is required.
Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
•missioner of Finance, will receive sealed bids until 2 p. m. on
with the above offering, the Town Clerk reports that offering will be made
in about 30 days of a $1,000,000 bond issue, proceeds of which will be used
to take up certificates of indebtedness issued in connection with construc¬
paying
,
Darby A Co., Inc.
sucqe3sful bidder,
NEW YORK, N. Y.—TO SELL $35,700,000 BONDS—City
Comptroller
Joseph D. McGoldrlck announces that he will offer for sale at public bidding
in the near future an issue of $35,700,000 long-term serial bonds.
Proceeds
will be used for rapid transit, docks, water
supply, schools and various
other municipal purposes:
Rutter A Co.
Mason-Hagan, Inc., Richmond
A. G. Becker A Co.
Co., St. Louis
Hemphill, Noyes A Co.
White, Weld A Co.
State Bank of Albany
.
„
Albany
,
The Commercial National Bank A Trust
Blyth A Co., Ihc.
The Marine Trust Co. ol Buffalo
GREECE (P. O. 2505 Ridge Road West. Rochester), N. Y.—BOND
OFFERING—Hugh T. Hughes, Town Clerk, will receive sealed bids until
3:30 p. m. on April 26 for the purchase of $32,000 not to exceed 5% interest
coupon or registered home relief bonds.
Dated May 1, 1939.
Denom.
$1,000.
Due May 1 as follows: $3,000 from 1940 to 1947 incl ..and $4,000
in 1948 and 1949.
Bidder to name a single rate of interest, expressed in a
multiple or M of l-10th of 1 %.
Prin. and int. (M-N) payable at the Union
Trust Co. of Rochester, with New York exchange.
The bonds are direct
general obligations of the town, payable.from unlimited taxes,
A certified
check for $640, payable to order of the town, must accompany each pro¬
posal
Legal opinion of Dillon, Vandewater A Moore of N. Y. City wifl be
furnished the
The Public National Bank A Trust C6.
National Commercial Bank & Trust Co.,
Blair A Co., Inc.
WATER DISTRICT BONDS—Howard Arnold, Clerk of Town of Granby,
announces that he will receive sealed
bids at the Town Hall at Bowens
Corners until 11 a. m. on April 28 for the purchase of $24,000 not to exceed
5% interest coupon or registered water bonds. Dated April 1,1939. Denom,
$1,000. Due $1,000 on April 1 from 1940 to 1963 incl. Bidder to name a
single rate of interest, expressed in a multiple of % or 1-10th of 1%. Prin.
and int. (A-O) payable at the Oswego County Trust Co., Fulton, with New
York exchange, or at the Chemical Bank tic Trust Co., New York City.
The bonds are general obligations of the town, payable primarily from taxes
on the district, but if not paid from such levy then all of the town's taxable
property will be subject to the levy of ad valorem taxes to pay both principal
and interest on the issue. A certified check for $480, payable to order of the
town, is required.
Legal opinion of Dillon, Vandewater A Moore of New
York City will be furnlshedT the successful bidder. '
G. M.-P. Murphy & Co.
Chemical Bank & Trust Co.
EDEN, EVANS, BOSTON AND NORTH COLLINS
CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Eden), N. Y.—BOND OFFERING
—Harry A. Rice, District Clerk, will receive sealed bids until 3 p. m. on
April 20, for the purchase of $305,000 not to exceed 5% interest coupon or
registered school bonds. Dated May 1,1939. Denom. $1,000. Due May 1
as
follows:
$10,000, 1940 to 1943, incl.; $12,000, 1944 to. 1948,- incl.;
$14,000 from 1949 to 1953, incl. and $15,000 from 1954 to 1962, incl.
Bidder to name a single rate of interest, expressed in a multiple of H or
l-10thof 1%. Principal and Interest (M-N) payable atthe Maine Trust Co.,
Buffalo, with New York exchange.
The bonds are direct general obliga¬
tions of the school district, payable for munlimited ad valorem taxes.
A
certified check for $6,100, payable to order of Robert Brindley, District
Treasurer, is required.
Legal opinion of Dillon, Vandewater & Moore of
New York City will be furnished the successful bidder.
A prospectus con¬
taining supplementary information and a bond proposal blank may be
obtained from the Municipal Securities Department of the Marine Trust
Co., Buffalo.
GRANBY,
Geo. B. Gibbons A Co., Inc.
R. W. Pressprich <fc Co.
Salomon Bros. & Hutzler
YORK
Lee Higginson Corp.
Barr Brothers & Co., Inc.
1VitYiprupv. Ounfprf
Quotations of Federal officials to the effect that taxation would be a
were recalled.
In the O'Keefe case, the lawyers said, United
States Solicitor General Robert H. Jackson stressed the fact that,there was
a difference between taxing an agency's bonds and taxing its employees.
He is quoted as saying that it was apparent that when one deals with a
debtor and creditor relationship, the borrower is the one who is burdened.
The lawtyere listed a number of witnesses who recently appeared on behalf
of the .Treasury Department before the Special Senate Committee not one
of whom, they ,said, "disputed the fundamental and controlling point that
taxation of the interest paid upon securities constitutes a real economic
burden upon the issuing body.
The only differences were the extent of
the burden," the lawyers said.
burden
"
RAMAPO UNION FREE SCHOOL DISTRICT NO. 7 (P. O. Spring
Valley), N. Y.—BOND OFFERING—Edith M. Graff, District Clerk, will
receive sealed bids until 3:30 p. m. on April 28 for the pin-chase of $90,750
not to exceed 6% interest coupon or registered school bonds.
Dated May 1,
One bond for $750, others $1,000 each. Due May I as follows: $5,750,
1940; $6,000, 1941 to 1948 incl,; $7,000 in 1949 and $6,000 from 1950 to
1954 incl. The District is also known as Union Free School District No. 7,
1939.
Towns of Ramapo and Clarkstown. Bidder to name a singls rate of interest,
expressed in a multiple of % or l-10th of 1 %. Principal and interest (M-N)
payable at the First National Bank, Spring Valley, or at the- Chemical
Bank A Trust Co., New York City. The bonds are payable from ad valorem
taxes unlimited
as
to rate
or
amount
and the
approving legal opinion of
Hawkins, Delafield A Longfellow of New York City will be
successful bidder.
A certified check for 2%
furnished the
of the amount of the bonds,
payable to order of the Board of Education, must accompany each proposal.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
OFFERING—William S. Coffey, County Treasurer, will receive sealed bids
until
noon
on
April 26 for the purchase of $135,000 not to exceed 6%
interest coupon or registered, series No. 5, general
May 1, 1939.
Denom. $1,000.
and $50,000 in
1941 and 1942.
bonds of 1939.
Dated
Due May 1 as follows: $35,000 in 1940
a single rate of interest,
expressed in a multiple of M or l-10th of 1 %.
Principal and interest (M-N)
payable at the County Treasurer's office.
Bonds are being issued to cover
expenses in connection with Works Progess Administration projects.
They
are
payable from unlimited ad valorem taxes and the approving legal
opinion of Hawkins, Delafield A Longfellow of New York City will be
furnished the successful bidder.
The Continental Bank A Trust Co.,
New York City, will supervise the preparation of the bonds and certify as
Bidder to name
Volume
to
Financial
148
2469
Chronicle
genuineness
of signatures of municipal officials and
certified check for $2,700, payable to order
seal impressed
thereon.
A
of the County
Treasurer, is required.
Bonds will be ready for delivery at the Treasurer's
office at 11 a. m. (DST) on May 5.
NORTH
OHIO
MUNICIPALS
CAROLINA
MITCHELL, HERRICK & CO.
CONOVER, N. C.—BOND SALE—The $10,000 issue of sanitary sewer
on April 18—V. 148, p. 2310—was awarded to the
Interstate Securities Corp. of Charlotte, as 4s, paying a price of 100.075, a
basis of about 3.99 %. Dated April 1, 1939. Due $500 from April 1, 1940 to
bonds offered for sale
700 CjUYAHOQA
CANTON
1959 incl.
AKRON
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
SPRINGFIELD
FORSYTH COUNTY (P. O. Winston
Salem), N. C.—MATURITY—
It is now reported by the County Auditor that the $50,000 bond antici¬
pation notes purchased by the Wachovia Bank & Trust Co. of WinstonSalem, at 0-75%, plus a premium of $2.76, as noted here—V. 148, p. 2310—
are dated April 15, 1939, and mature on Sept. 1, 1939.
FRANKLIN, N. C.—BOND OFFERING—Sealed bids will be received
until 11 a. m. (EST), on April 25, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase of
a
$35,000 issue of bonds, divided
as
follows:
$12,000 street and sidewalk improvement bonds, maturing annually $1,0001940 to 1947; and $2,000, 1948 and 1949.
23,000 water and sewer improvement bonds, maturing annually $500,
1942 to 1951; and $1,000, 1952 to 1969, all incl."
Denom. $1,000, excepting the first
10 of the water and sewer improve¬
$500; prin. and int. (M-N) payable in lawful money
Franklin, or, at the option of the holders of said bonds, in
New York City; general obligations; unlimited tax; coupon bonds not
registerable; delivery at place of purchaser's choice.
There will be no
ment
bonds, which
are
in the town of
auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 4% in multiples of % of 1 %; each bid may name one rate for part
of the bonds of either issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for either issue,
and each bidder must specify in his bid the amount of bonds of each rate.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer of North Carolina for $700.
The approving opinion of Storey,
Thorndike, Palmer & Dodge, Boston, will be furnished the purchaser.
HICKORY, N. C —BOND OFFERING—Sealed bids will be received
11 a. m. (EST), on April 25, by W. E. Easterling, Secretary of the
the purchase of
a $47,000 issue of refunding bonds.
Dated April 1, 1939, maturing annually
on April
1, $1,000 1941 to 1951, and $2,000 1952 to 1969 incl., without
option of prior payment. There will be no auction. Denom. $1,000; coupon
bonds registerable as to principal only; prin. and int. (A-O) payable in lawful
money in New York City; general ooligations; unlimited tax; delivery at
until
Local Government Commission, at his office in Raleigh, for
place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of % of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer of North Carolina for $940. The right to reject all bids is reserved.
The approving opinion of J. L. Morehead, Durham, N. C., and Storey,
Thorndike, Palmer & Dodge, Boston, will be furnished the purchaser.
Asheville), N. C —BOND
25 by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of a $38,500 issue of coupon building bonds.
Dated May 1, 1939.
Due serially in 30 years.
Bidders to name the rate
of interest.
Prin. and int. (M-N) payable in New York.
Legality to be
approved by Thomson, Wood & Hoffman of New York.
Enclose a certified
LEICESTER SCHOOL DISTRICT
(P.
OHIO
(A-O) payable at the City Treasurer's office.
CARROLL TOWNSHIP SCHOOL DISTRICT (P. O. Oak
C.—BOND
SALE—The $18,000 issue of coupon
municipal building bonds offered for sale on April 18—-V. 148, p. 2310—was
to
George
I.
Griffin,
paying par for the bonds divided as
follows: $5,000 as 4s, due $1,000 from Dec. 1, 1941 to 1945; the remaining
$13,000 as 4^8, due $1,000 from Dec. 1, 1946 to 1958 incl.
awarded
PERQUIMANS COUNTY (P. O. Hertford) N. C.—BOND OFFERING
—We are informed by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, that he will receive sealed bids until 11 a. m. on April 25, \
for the purchase of a $463,000 issue of road and bridge refunding bonds.
Dated May 1, 1939.
Due on May 1; $10,000, 1940, $12,000 1941 to 1943
incl., $14,000 1944, $15,000 1945 to 1949 incl., $16,000 1950 to 1952 incl.,
$16,000 1954 to 1962 incl., $18,000 1963 and 1964, and $20,000 1965 to
1969 incl., without option of prior payment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to principal only; prin. and
int. (M-N) payable in lawful money in New York City; general obligations;
unlimited tax; delivery at place of purchaser's choice.
- /
"
Bidders are requested to name the interest rate or rates, not exceeding'
6% in multiples of yi of 1%. Each bid may name one rate for part of the
bonds (having the earliest maturities) and another rate for the balance,
but no bid may name more than two rates, and each bidder must specify
in his bid the amount of bonds of each rate.
The bonds will be awarded
to the bidder offering to purchase the bonds aFthe lowest interest cost to
the county, such cost to be determined by deducting the total amount of
the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
h
accompanied by a certified check upon an incorporated
company, payable unconditionally to the order of the 8tate
interest will be entertained.
Bids
bank
be
must
or trust
Treasurer for
$9%260.
The right to reject all bids is reserved. The approving
will be furnished
opinion of Storey, Thorndike, Palmer & Dodge, Boston,
the purchaser.
.
CINCINNATI, Ohio—RECOMMENDS BOND CALL—The Board of
Fund Trustees recommended on April 4, that the City Council
redemption a total of $635,400 bonds, bearing interest at rates of
4M % to 5%.
Of the total amount, $237,000 would be refunded at a lower
rate and the other $398,400 paid from cash on hand, according to report.
Sinking
call for
CLAY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. R. R. No. 1,
Portsmouth), Ohio—BONDS SOLD—An Issue of $63,000 school addition
bonds, authorized by the voters last August, was sold to the State
Retirement System as 3s, at a price of 100.634.
is reported that $60,000 revenue notes were purchased on
by the Wachovia Bank & Trsut Co. of Winston-Salem, at I %,
,
—It
April 18
,
THOMASVILLE, N. C.—NOTES SOLD—It is reported that $20,000
purchased oh April 18 by the Wachovia Bank & Trust
Co. of Winston-Salem, at 1H%, Plus $1.79.
revenue notes were
NORTH
ton),
DAKOTA
SPECIAL SCHOOL DISTRICT NO. 90
(P. O. Willis-
N. Dak.— BOND OFFERING—It is reported that C,. A. Laugen,
District Clerk, will receive sealed and auction bids until April 29, at 2 p.m.,
at the
County Auditor's office in Williston, for the purchase of a $15,000
Dated April 1, 1939.
1942 to 1946 and $2,000
and accrued interest will be con¬
of 3% coupon semi-ann. refunding bonds.
Denom. $1,000.
Due April 1, as follows: $1,000 in
issue
in 1947 to 1951.
sidered.
The
No bid of less than par
Prin. and int. payable at the Bank of North Dakota, Bismarck.
District will furnish the printed bonds.
Teachers'
CLEVELAND CITY SCHOOL DISTRICT, Ohio—BOND OFFERING
—NOTE SALE—Karl K. Morris, Clerk of Board of Education, will receive
sealed bids until noon on May 9 for the purchase of $2,500,000 3% coupon
building bonds.
Dated April 1, 1939.
Denom. $1,000.
Due as follows:
$63,000 June 1 and Dec. 1 from 1943 to 1952, incl.; $62,000 June 1 and
Dec. 1 from 1953 to 1962, incl.
Bidders may bid for a different rate of
interest in multiples of M of 1%.
Principal and interest (J-D) payable at
the Irving Trust Co., N. Y. City.
Bonds were authorized by the voters
on March 22-—V. 148, p. 1845—and are payable from taxes unlimited as to
rate or amount.
Proceedings for the issue ha ve been taken under the super¬
vision of Squire, Sanders & Dempsey of Cleveland, and their approving
opinion will be furnished the purchaser without expense.
A certified check
for $50,000, payable to order of the Board of Education, must accompany
each
proposal.
NOTE SALE—The issue of $750,000 notes offered April
Provident Savings Bank & Trust Co., Cincinnati,
to the
18 was awarded
at 0.875% int.
1939, and due on or before June 26, 1939.
Legality ap¬
proved by Squire, Sanders & Dempsey of Cleveland.
Second high bidder
was Paine, Webber &
Co. of Cleveland, at a rate of 1.45%.
Notes are
part of the total authorized issue of $1,750,000, of which $1,000,000 were
previously issued dated March 28, 1939, and due on or before June 26,
1939.
They are being issued in anticipation of funds to bp received from
Dated April 21,
the sale of bonds.
<>
FALLS, Ohio—BONDS AUTHORIZED—An issue of
4 % %
refunding bonds was authorized by the City Council on
Dated May 1, 1939.
\
CUYAHOGA
$80,000
April 5.
Enclose
a
DELTA
SCHOOL
certified check for
2%, payable to the District.
$16,000
Ohio—BOND SALE—The
DISTRICT,
building bonds offered April 17—V. 148, p. 2006—were awarded to the
Peoples Savings Bank Co. of Delta, as 3s, at par plus $310 prem. equal to
101.93, a basis of about 2.15%.
Dated March 1, 1939 and due Nov. 1
as follows:
$1,000,1940; $500,1941; $1,000, 1942; $500, 1943; $1,000,1944;
$500, 1945; $1,000, 1946; $500, 1947;'$1,000, 1948; $500, 1949; $1,000,
1950; $500, 1951; $1,000. 1952; $500, 1953; $1,000, 1954; $500 in 1955 and
$1,000 from 1956 to 1959, incl.
Bonds maturing on or after Nov. 1, 1951
will be callable in whole or in part in inverse numerical order on Nov. 1,
1940, or on any subsequent interest date.
Other bids:
,
•
.
.
..
Int. Rate
Bidder—
Rate Bid
3%
Ryan, Sutherland & Co
3%
3M%
3 34 %
3%%
— —
Ford R. Weber & Co_
Weil, Roth & Irving Co
P. E. Kline, Inc
Saunders, Stiver & Co......
Seasongood & Mayer—
—
101.343
101.068
JR0.568
101,.062
100.043
100.4b 1
3%
3%
Stranahan, Harris & Co., Inc.;.-
--
—
—
OFFERING—Frank E. Ory, Village Clerk..wil
May 1 for the purchase of $6,159.97 6%
P ELMORE, Ohio—BOND
receive sealed bids until noon on
special assessment street improvement bonds.
Dated May 1, 1939. Due
May 1 as follows: $615.97 In 1940 and $615.90 from 1941 to 1949, Incl.
Principal and interest (M-N) payable at the Bank of Elmore.
A certified
check for $100, payable to order of the village, must accompany each
proposal.
i
"
HUNTINGTON-ABERDEEN SCHOOL
DISTRICT (P. O. Aberdeen),
$9,000 3M% unlimited tax
Ohio—BOND SALE DETAILS—The
Kline, Inc., of Cincinnati, at
mature $360 each Nov. 1 from 1940 to 1964, incl.
bonds sold to P. E.
I
school
par—V. 148, p..2310—
Ml
RONTON,"Ohio—BOYD SALE—The $200,000 flood prevention bonds
awarded to Pohl & Co., Inc. of
to 101.083, a
1 as follows:
$6,500 from 1940 to 1959 incl. and $7,000 from I960 to 1969 incl.
Ryan,
Sutherland & Co., of Toledo, second high bidder, offered 100.373 for 3 Jis.
offered April 18—V.
148, p. 2157—were
Cincinnati, as 3Ms, at par plus $2,166.66 premium, equal
basis of about 3.16%.
Dated May 1, 1939 and due Dec.
Other bids were as follows:
ROCKINGHAM COUNTY (P. O. Wentworth), N. C—NOTES SOLD
WILDROSE
Harbor),
Ohio—BOND SALE—An issue of $38,500 school bonds was sold to Siler,
Carpenter & Roose of Toledo as 3s, at 100.298.
Due as follows:
$1,500
May 1 and $1,000 Nov. 1, 1940; $1,000 May 1 and Nov. 1 from 1941 to
1946, incl.; $1,000 May 1 and $2,000 Nov. 1 from 1947 to 1954, incl.
.
check for $770, payable to the State Treasurer.
N.
legality of the
bonds will be furnished the successful bidder.
OFFERING—Sealed bids will be received until noon on April
LOUISBURG,
A certified check for 5%
For the infor¬
of the amount of the bonds must accompany each proposal.
mation of bidders a certified copy of the abstract showing the
'
Bidder—
Ryan, Sutherland & Co.,
'
,
^
_
Int. Rate
Premium
3 H%
Bosworth & Co. 3M%
3,283.00
.
Mitchell, Herrick & Co.
andMcDonald-Coolidge&Co...
Stranahan, Harris & Co. and Braun,
Weil, Roth & Irving Co
Nelson, Browning & Co
........
___
3M%
2.641.17
334%, '
P, E. Kline, Inc...--.;—
334%
2,111,00
LOCKLAND, Ohio—BONDS TO BE SOLD—An Issue of $9,542.60 3%
park and playground bonds wil,) be sold to the Board of Sinking Fund
Trustees.
Dated May 1, 1939.
One bond for $542.60, others $1,000
each.
Due May 1 as follows: $1,542.60 in 1941 and $1,000 from 1942 to
1949, incl.
Principal and interest payable at the First National Bank,
•
Dockland.
MASON, Ohio—BONDS .SOLD—Seasongood & Mayer of Cincinnati
purchased $36,000 municipal bldg. bonds as 3 Ms, at a price of 101.602.
Due from 1940 to 1959, incl.
They were authorized by the voters at the
primary election in August,
1938.
MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND SALE
DETAILS—The $425,000 refunding bonds purchased in January by
Stranahan, Harris & Co. of Toledo—V. 148, p. 768—were sold as 33is,
are dated Jan.
1, 1939, and mature as follows: $21,000 Jan. 1 and July 1,
OHIO
AKRON
CITY
SCHOOL
DISTRICT,
Ohio—PRICE
PAID—The
$286,000 construction and improvement bonds sold last year as 4 Ms to
Fullerton & Co. of Columbus—V. 147, p. 2125—brought a price of 100.171.
AMSTERDAM, Ohio—BONDS SOLD—The $18,000 waterworks bonds
August have been sold to Nelson, Browning
authorized by the voters last
& Co. of Cincinnati.
CAMBRIDGE,
bonds
was
sold
March 1, 1939.
$2,180 in 1949.
Ohio—BOND SALE—An issue of $29,180 deficiency
2%e to Fox, Einhorn & Co., Inc. of Cincinnati.
Dated
Due Sept. 1 as follows: $3,000 from 1940 to 1948 incl. and
Principal and interest payable at the City Treasurer's office.
as
CANTON, Ohio—BOND OFFERING—Robert E. Beck, City Auditor,
1 p. m. (EST) on May 8 for the purchase of
$2,300 3% fire department bonds.
Dated April 1, 1939. One bond for
$300, others $500 each.
Dub Oct. 1 as follows: $300 in 1940 and $500 from
1941 to 1944, incl.
Bidder may name a different rate of interest provided
that fractional rates are expressed in a multiple of
of 1 %.
Prin. and int.
1952; $21,000 Jan. 1
NEW BOSTON,
and $22,000 July 1, 1953.
Ohio—BOND SALE—Walter, Woody &
NEW
BOSTON CITY SCHOOL DISTRICT, Ohio—BOND SALE—
playground and athletic field bonds offered April I8-7-V. 148,
The $22,250
.
will receive sealed bids until
Heimerdinger
purchased privately an issue of $29,900 3 ZA % delinquent tax
bonds at a price of 100.13, a basis of about 3.73%.
Dated March 1,1939.
One bond for $900, others $1,000 each.
Due as follows: $2,900, 1941;
$3,000 from 1942 to 1946 incl. and $4,000 from 1947 to 1949 incl.
Interest
M-S.
Legality approved by Peck, Shaffer & Williams of Cincinnati.
of Cincinnati
p
2310—were awarded to
3ks
at a price of
cinnati.
the Weil, Roth & Irving
100.15, a basis of about
and due April 1 as follows:
Second high bid of 101.05
3.24%.
Co. of Cincinnati as
Dated April 1, 1939
incl.
Cin¬
$1,250 in 1944 and $1,000 from 1945 to 1965
for 3Ks was made by P. E. Kline, Inc.,
2470
Financial
Chronicle
April
1939
22
PATASKALA,
Ohio—BOND SALE DETAILS—The $12,000 water
plant bonds sold as 3M» to the Pataskala Banking Co.—V. 148,
p. 2310—
sold at par plus $12 premium, equal to 100.10.
Sept. 1 from 1940 to 1954, incl.
Interest M-S.
were
on
PEMBERVILLE,
Ohio—BOND
Denora. $800.
Due
R. J. EDWARDS, Inc.
SALE—The
$10,000 bonds offered
April 8—V. 148, p. 1688—were awarded as 3s, at par, to the Citizens
Savings Bank Co. of Pemberville.
Sale included:
$6,500 fire house bonds.
Due $650 on Sept. 1 from 1940 to 1949 incl.
3,500 fire appratus bonds.
Due $350 on Sept. 1 from 1940 to 1949 incl.
Municipal Bonds Since 1892
All of the bonds will be dated March
l, 1939.
Other bids:
Oklahoma City, Oklahoma
Didder—
Int. Rate
3
%
State Teachers Retirement System
Saunders, Stiver & Co
Webber &
Co
Wood County Bank
3M %
4%
_
PEMBERVILLE SCHOOL
—The
DISTRICT, Ohio—BOND
ig
OKLAHOMA
SALE DETAILS
$44,000 building bonds purchased by Braun, Bosworth & Co. of
148, p. 916—were sold as 2%b, at 101.703, a basis of about
Due $1,000 on March 1 and Sept. 1 from 1940 to 1961 incl.
PIQUA, Ohio—BOND SALE;—Ryan, Sutherland & Co. of Toledo pur¬
an issue of $110,000
2%% sewage disposal plant bonds.
Dated
chased
Dec.
1, 1938.
1961, incl.
Denom.
$1,000.
Due
$5,000
on
Oct.
1
from
1940
to
PUBLIC
INSTITUTIONAL BUILDING AUTHORITY OF OHIO
(P.
O.
Columbus)
Ohio—FIVE
PROPOSALS SUBMITTED
FOR
FINANCING CONSTRUCTION PROGRAM—The
Authority is reported
to
have
received
five
proposals for financing its projected $7,500,000
hospital construction program—V. 148. p. 2310.'. Deadline for
receipt of
offers was April 19.
Analysis of the different offers is expected to require
a considerable period of time.
A
United
Press
dispatch out of Columbus commented on the bids as
follows: "The Ohio State Public Institutional
Authority received bids from
five syndicates Wednesday (April 19) for
$7,500,000 bonds for construction
of new State welfare buildings.
"Hayden, Miller & Co., Otis & Co. and Mitchell, Herrick &
Co., all of
Cleveland, and Lowry Sweney, Inc., Columbus, bid a premium of
$38,500
for 3% bonds due from 1941 to 1954.
"A. C. Allyn & Co. and associates offered -three
optional bids under
*
various conditions at an interest cost basis of 3.4898%, 2.9898%
"8tifei, Nicolaus
3.15% to 4.45%.
&
Co.,
Chicago, submitted five
bids
ranging
and
from
"BancOhio Securities Co. and associates offered a bid for
2Mb maturing
in 10 years at $1,050 for each $1,000
bonds; for 2 Ms due in 15 years the
syndicate bid $986.50 for each bond. A rate of 2M % was offered for bonds
due in 20 years and the price fixed at
$995.75, and for 25-year maturities
$985.75 was offered for 2M«-•
'
"Blyth & Co. and associates bid par Ibr 3M% bonds due 1941 to 1955
and for 3s maturing after 1955.
J'
.
.
"No award will be made until approval
and the Attorney General."
READING
by the State Finance Director
.
(P.
sale of the issue will be made.
SALINE
April
TOWNSHIP
RURAL
DISTRICT
(P.
O.
Iron-
of Cincinnati as 3Ms, at
par plus $70 premium, eyual to
a basis of about 3.35%.
Dated Mar. 15, 1939, and due"$1,000
Sept. 15 from 1940 to 1948 incl.
:
100.77,
.
.
STOW TOWNSHIP SCHOOL DISTRICT (P. O.
Stow), Ohio—
BONDS SOLD—'The $80,000 school construction bonds
authorized by the
voters last
August were sold to the State Teachers' Retirement System as
3M«, at a price of 101.575, a basis of about 3.09%.'
Due $4,000 an¬
nually on Oct. 1 from 1940 to 1959, incl.
„
TOLEDO
CITY
SCHOOL
DISTRICT,
Ohio—BOND SALE— The
$255,000 coupon refunding bonds offered April 17—V. 148, p. 2006—were
awarded to the Provident Savings Bank & Trust Co. of
Cincinnati as
2Ms, at a price of 100.08, a basis of about 2.23%. Sale consisted of:
$175,000 refunding bonds due Nov. 1 as follows:
$19,000, 1940; $20,000,
1941; $19,000,
1942; $20,000, 1943; $19,000, 1944; $20,000,
1945; $19,000, 1946; $20,000 in 1947, and $19,000 in 1948.
Bonds
are
payable from taxes outside the constitutional limits to the
•
<
bonds.
purpose
*
•
HUMPHREYS
CONSOLIDATED
.
SCHOOL
DISTRICT
NO.
2
(P. O. Altus, R F D No. 2), Okla.—BONDS SOLD—It is reported that
$10,000 school bonds were offered for sale on April 18 and were purchased
by the First National Bank & Trust Co. of Oklahoma City, divided as
follows: $3,000 as 2s, maturing $1,000 in 1944 to 1946; $2,000 as
2Ms,
due $1,000 in 1947 and 1948, and $5,000 as 3s, due $1,000 in 1949 to 1953.
LAWTON, Okla.—BOND OFFERING—It is reported that sealed bids
will fc>e received until 8 p. m. on April 25, by Harlan
Lemaster, City Clerk,
for the purchase of a $15,000 issue of library bonds. Due $3,000 from 1943
to 1947 incl.
Bidders to name the rate of interest.
A certified check for
2% of the bid is required.
OKLAHOMA, State of—BONDS SOLD—We are now informed that of
the $18,156,681 funding of 1939, series A bonds offered for sale on
April 14,
block of $6,011,681 bonds was purchased at that time
a
by a syndicate
composed of the Chase National Bank, the First National Bank, both of
New York, the Harris Trust & Savings Bank of
Chicago, the National
Bank of Tulsa, the First National Bank & Trust Co. of
Tulsa, the Union
Securities Corp., A. C. Allyn & Co., both of New York, the First National
Bank
&
Trust Co.
of
Minneapolis, the First National Bank of St. Paul,
and Hayden, Miller & Co. of Cleveland, paying a
price of par, a net interest
2.07%, on the bonds divided as follows: $2,689,000 as 2Ms,
cost of about
maturing on June 30: $231,000 in 1940 to 1946, and $536,000 in 1947 and
1948; the remaining $3,322,681 as 2s, due on June 30: $536,000 in 1949 to
1953, and $642,681 in 1954.
The remaining $12,145,000 of bonds were
exchanged with the holders of State Treasury notes for their obligations at
the same rates and prices.
*
"
(This report supersedes the original sale report given here on April 15.
—V.
148,
p.
2311.)
■«:
,
BONDS OFFERED FOR INVESTMENT—The purchasers immediately
re-offered the bonds for
general subscription.
The 2M % bonds are priced
to yield from 0.40% to 1.90%, while the 2% bonds are priced to yield from
1.95% to 2.15%.
The bonds are interest exempt from all present Federal
income taxes and in the opinion of the bankers, legal investment for savings
banks in New York, Massachusetts, Connecticut and certain other States.
The amount available to the bankers was reduced
standing notes into the bonds.
by exchanges of out¬
by;the State that
the securi¬
It has been specified
holders of the notes retirement (of which the purpose in floating
ties)
were to receive preference on the new issue.
,
SCHOOL
Ohio-—BOND SALE—'The $9,000 delinquent tax bonds offered
14—V. 148, p. 2006—-were awarded to Browning, Van Duyn &
Tischler & Co.
on
GUYMON, Okla.—BOND ELECTION—It is reported that an elecion
will be held on April 28 in order to vote on the issuance of
$31,500 in various
.
O.
Cincinnati), Ohio—BONDS VOTED—George
Luedeke, City Auditor, reports that an issue of $100,000 street
improvement
bonds carried by a vote of 1,263 to 574 at the election
on April 13.
Early
dale),
Long Distance 787
Par
Toledo—V.
2.58%.
Cy 19
$27
20
3 M %
__
AT&T Ok
Par
3M%
Ryan, Sutherland & Co
Ford R.
Premium
Closest competition for the bonds came from the account of Manufac¬
Trust Co. of New York, which named the equivalent of 2.08995%
for a combination of rates ranging from 0.75 to 2 M % •
Halsey, Stuart and
Co., Inc., and associates were next in order with cost of 2.9407% for much
the same combination.
A group headed by Lazard Freres & Co. bid a basis
turers
of
2.18% and Blyth & Co., Inc., and others cost of 2.19%.
SHAWNEE,
Okla.—BOND
SALE—The
£L&
issues
two
gating $73,500, offered for sale on April 18—V.
chased by C. Edgar Honnold, of Oklahoma "City.
of
bonds
aggre¬
148, p. 2158—were pur¬
The bonds are divided
follOWSI
$38,500 airport bonds.
Due $2,000 from 1944 to 1962, and $500 in 1963.
35,000 park improvement bonds.
Due $1,750 from 1944 to 1963. incl.
The $13,000 issue of fire fighting equipment bonds offered for sale at
the same time, as* noted here, were purchased by the Federal National
Bank of
Shawnee.
Due $2,000 from 1942 to 1947, and $1,000 in 1948.
YALE, Ok I a.—BONDS EXCHANGED—It is now reported that the
$157,000 refunding oonds mentioned in pur issue of March 4—V. 148, p
1362—have been exchanged for the original bonds.
extent of 1.25 mills.
80,000 refunding bonds.
Due Nov. 1 as follows:
$9,000 from. 1940 to
1947, incl., and $8,000 in 1948.
Payable from taxes unlimited
as
to rate or amount.
i
.
,
All of the bonds
'
dated May 1, 1939.
Ryan, Sutherland & Co. and
Stranahan, Harris & Co., Inc., jointly, second high bidders," offered to
pay 100.078 for $175,000 2Ms and $100,096 for $80,000
2Ms.
Bids for the bonds were as follows:
. .
.
are
Bidder—
Amount
Provident
Savings Bank & Trust Co.,)
.Cincinnati, 0_'__
Ryan, Sutherland & Co., Toledo, O.;)
Stranahan, Harris & Co., Toledo, 0____i
Assel, Goetz & Moerlein, Inc.; Van Lahr.j
Doll & Isphording, Inc.; W. H, Zieverink & Co., Inc.; Weil, Roth &
Irving
Co.; Edward Brockhaus & Co., all ofj
Cincinncati, O
BancOhio Securities Co., Columbus, 0_.
$175,000
•
Fox, Einhorn & Co., Cincinnati; Pohl &
Co., Inc., Cincinnati; P. E. Kline, Inc.,.
Cincinnati; "Seasongood & Mayer, Cin¬
cinnati; Ford R. Weber & Co., ToledoFirst Cleveland Corp., Cleveland; Middendorf &
Co., Cincinnati;
Seufferle &
Kountz, Cincinnati
____£__
Mitchell,
Herrick
&
Co.,
Cleveland;
McDonald, Coolidge & Co., Cleveland;^
Hawley,
Huller
&
Co.,
Cleveland;
Johnson, Kase & Co., Cleveland.
80,000
175,000
80,000
Int. Rate
Premium
2M%
2M%
2M%
2M.%
175,000
2M%
175,000
80,000
2M%
2M%
175,000
80,000
2M%
2M%
175,000
80,000
$137.00
77.00
2M%
80,00
$140.00
64.00
2M%
474.25
216.80
il ,443.75
264.00
777.00
357.00
175,000
80,000
3Ms, at
a
3%
3%
price of 101.21,
YOUNGSTOWN, Ohio—BOND OFFERING—Frank
1,100.00
1,003.00
a
basis of
W. Barton, Direc¬
tor of Finance, will receive sealed bids
until noon on May 8 for the
purchase
of $350,000 4% coupon aricraft
landing field construction bonds.
Dated
May 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows: $29,000 from 1940
to 1949 incl. and $30,000 in 1950 and
1951.
Prin. and int. (A-O) payable
at office of the 8inking Fund Trustees
of the city.
Bidder may name a
different rate of interest provided that fractional
rates are expressed in a
multiple of M of 1%.
A certified check for $7,000, payable to order of
the city, must
accompany each proposal.
YORKVILLE, Ohio—BOND
coupon street
SALE POSTPONED—The sale of $17,500
improvement bonds, originally scheduled for April 17—
a "legal error"
according to
V. 148, p. 2006, had to be postponed due to
James Garvella, Village Clerk.
OKLAHOMA
ATOKA,
Okla.—BONDS EXCHANGED—It is reported that $5,000
funding bonds are being exchanged with the holders of the old bonds.
CUSHING, Okla.—BOND OFFERING—We are informed by the City
Clerk that he will receive sealed bids until 7:30
p. m. on May 1, for the
purchase of
a $31,500 issue of power plant
equipment bonds.
The award
will be
ma<je to the bidder offering the lowest rate of interest at which he
will pay at least par and interest
Due serially in a 15-year period.
These
bonds were approved by the voters at the election held on
April 12—V. 148,
p. 2007—by a count of 147 to 40.
A certified check for
.
required.
DISTRICT
NO.
48 (P. O. Park
warrants
offered
April 17—V. 148, p. 2311—was purchased by Tripp & Mc Clearey
of Portland, as 3Ms.
Dated April 17, 1939.
Due on April 17, 1940 and
on
1941.
.
GRANTS
PASS,
Ore.—BOND OFFERING— Sealed
bids
will
be
re-"
received until 5 p. m. on May 4, by C. R. Duer, City Auditor and Police
Judge, for the purchase of a $45,545.21 issue of not to exceed 6% semi-ann.
improvement bonds.
Dated March 1, 1939.
Due March 1, as follows:
$3,547.21 in 1941, $3,500 in 1942 and 1943, $4,000 in 1944 to 1947, $4,500
in 1948 and 1949, and $5,000 in 1950 and 1951.
Provided, however, that
all bonds which mature thereafter ard subject to call and redem ption on
March 1, 1944, and on any semi-annual interest paying date thereafter.
Principal and interest payable at the City Treasurer's office.
The approv¬
ing legal opinion of Teal. Winfree, McCulloch, Shuler & Kelley, of Port¬
land, will be furhished. Enclose a certified check for $1,000.
'
'
.
ROGUE RIVER, Ore— BONDS SOLD—It is now stated bydhe City
Recorder that the $16,000 issue of wat^r bonds offered for sale without suc¬
cess qn Nov. 5, as noted
here, has; been sold to the First National Bank of
Portland, as 4s at par. Due in 20 years; optional after four years. Interest
payable A-O.
■
476.00
SALE DETAILS—The $30,000
sanitary
jewer system bonds awarded last
December to Ryan, Sutherland & Co. of
4%
SCHOOL
Place), Ore.— WARRANT SALE—The $3,000 issue of
for sale
„
1,036.00
TROTWOOD, Ohio—BOND
as
COUNTY
.
3%
______
Toledo—V. 147, p. 3802—were sold
about 3.37%.
OREGON
CLACKAMAS
2% of the bid is
PENNSYLVANIA
BADEN, Pa.—BOND OFFERING—W. R. Rea, Borough Secretary, wil
(DST) on May 1, for the purchase of $8,000
coupon
funding bonds.
Dated May 1,
1939.
Denom. $1,000.
Due
receive sealed bids until 8 p. nn
$1,000 on May 1 from 1942 to 1949, incl.
Bidder to name a single rate of
a multiple of
M of 1 %.
Sale of bonds is subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs., Legal
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
successful bidder.
Borough will pay for printing the bonds.
A certified
check for $500, payable to order of the borough, must accompany each
interest in
proposal.
DALE (P. O.
Johnstown), Pa.—BONDS SOLD—The $10,000 funding
and street improvement bonds
approved
of Internal Affairs
during January have
by the Pennsylvania Department
been sold to the State Teachers'
Retirement System.
ELK TOWNSHIP (P. O.
$3,500
5%
4.75%.
R.
D.
1, Russell), Pa.—BOND SALE—-The
township
bonds offered March 21—V. 148, p. 1523—were
Root, of Erie, at a price of 101.25, a basis of about
Dated Feb. 1,1939, and due $700 on Feb. 1 from 1943 to 1947, incl.
awarded to Smith
&
EMLENTON, Pa .—BOND SALE DETAILS—The $15,000 2M % street
improvement bonds sold to T. B. Gregory of Emlenton at a price of 102 and
accrued interest—V. 148,
p. 2158—bear date of Jan. i, 1939, and mature
$1,000 annually.
Callable on 60 days' notice.
Interest J-J.
FARRELL, Pa.—BOND SALE— The issue of $110,000 (not $100,000)
refunding bonds offered April 19—V. 148, p. 2311—was awarded to M. M.
Freeman & Co. of Philadelphia as 3s, at a price of 100.092, a basis of about
2.99%. Dated April 1, 1939 and due April 1 as follows:
$5,000 from 1943
to 1946, incl. and
$10,000 from 1947 to 1955, incl.
E. H. Rollins & Sons,
Inc. of Philadelphia, second high bidder, offered to pay a price of 100.091
for 3Ms.
FOX CHAPEL AUTHORITY (P. O. Pittsburgh), Pa.—PRICE PAID
—In connection with the sale last December of $302,000 3M % waterworks
revenue bonds to Singer, Deane & Scribner of Pittsburgh and associates—
—V. 148, p. 769—we learn that the bankers paid a price of
100.343, a
basis of about 3.21 %.
Volume
Financial
148
LITITZ SCHOOL
DISTRICT, Pa .—BOND OFFERING—J
Chronicle
B. Herr,
2471
must comply with notice of sale.
The approving opinion of Reed, Hoyt j
Washburn & Clay of New York will be furnished.
Enclose a certified
check for 2% of the amount of bonds bid for, payable to the county.
District Secretary, will receive sealed bids until 7.30
P.m. on April 28 for
the purchase of 1175,000 2M% coupon
high school addition bonds.
Dated
May 1, 1939.
Denom. $1,000.
Due May 1 as follows: $4,000 from 1942
1946 incl. and $5,000 from 1947 to 1957 incl.
Registerable as to prin¬
cipal only.
Interest M-N.
District reserves the right to allocate the
bonds among various bidders.
A certified check for 2%, payable to order
Statement of
to
of Alfred L.
Douple, District Treasurer, must
each proposal.
accompany
MONACA, Pa.—BOND SALE—The $40,000
_
Less: Highway reimbursement bonds paid by
State
_$395,000.00
improvement bonds
offered April 13—Y, 148, p. 2007—were awarded to Phillips, Schmertz &
Co. of Pittsburgh, as 2 Ms at par plus
$483 premium, equal to 101-.207, a
basis of about 2.56%.
Dated April 1, 1939 and due April 1 as follows:
S1,000, 1940 to 1942 incl.; $2,000, 1943; $5,000 from 1944 to 1948 incl.
and $10,000 in 1949.
Other bids:
Bidder—
Int. Rate
Premium
S. K. Cunningham & Co
2M%
$165.00
Moore, Leonard & Lynch
;
2%%
135.20
Singer, Deane & Scribner
2M%
73.00
Fort Mcintosh National Bank
-3%
80,00
coupon
Road improvement bonds paid from gasoline
tax
_______
Net bonded debt-
870,000.00
475,000.00
$2,973,000.00
,
Assessed valuation for taxation, 1938
True valuation, estimated
$28,978,397.00
200,000,000.00
Population, census 1920-i-94,265.
Population, census 1930—116,277.
Tax rate, 1938—$26.00 per $1,000.00.
Notes outstanding, none.
__
SOUTH
MUHLENBERG TOWNSHIP SCHOOL DISTRICT (P. O. Temple).
Pa..—NOTE SALE—The Reading Trust Co. of Reading recently purchased
$25,000 1.50% current expense and funding notes, due July 1,1939.
PENNINGTON
COUNTY
DAKOTA
(P.
O.
R.pld City),
S.
Dak.—BOND.
SALE—The $310,000 issue of coupon funding bonds offered for sale on
April 14—V. 148, P. 2159—was awarded to Bigelow, Webb & Co. of Minne¬
PITTSBURGH, Pa.—NOTE SALE—The $2,850,000 promissory notes
offered April 20,V.
148, p. 2311—were awarded to the Mellon Securities
Co. of Pittsburgh, as follows: 1
*
.
$1,850,000 general public impt. notes sold at 0.25% interest, plus $30
premium. Dated March 1, 1939 and due Sept. 1, 1939.
1,000,000 hospital construction notes sold at 0.37%, plus $7.
Dated
April 1, 1939 and due April 1, 1940.
1
•
„
Bonded Indebtedness
Of the County of Spartanburg, S. C., and other information relating to
the above issue:
Bonds outstanding of April 1,1939 (all bonds are serial) _
$3,843,000.00
apolis, as, 2 Ms. according to the County Auditor.
Due from May 1,1940 to 1952 incl.
Dated May 1, 1939.
PERKINS COUNTY (P. O. Bison), S. Dak.—BOND TENDERS IN¬
Agnes E. Almen, County Treasurer, that she will
for payment of refunding bonds, dated Jan. 1, 1938. in
the amount of $1,000 each, for redemption and cancellation, at less than
par and accrued interest.
The interest payment date of the issue is July 1,
1939, and the date set for the reception of tenders will terminate on May 20.
VITED—It is stated by
^
receive tenders
The First National Bank of Boston offered to take the $1,850,000 notes as
0.31s, plus $12 premium, and the $1,000,000 loan at 0.375%, plus $50.
An account composed of Halsey. Stuart & Co., Inc.; Blair & Co., Inc.;
Stroud & Co. and Edward Lowber Stokes & Co. bid for the $1,850,000 to
bear 0.34%, at par plus $35, and the $1,000,000 at 0.44%, plus $32.
The
VIBORG, S. Dak.—BOND SALE— The $17,000
issue of 3M% semi"
system and disposal plant bonds offered on April 17—V'
2159—was purchased by the Security National Bank of Yiborg'
at par, the only bid received, according to the City Auditor.
Dated Apr. 1,
1939.
Due $1,000 from July 1,1940 to 1956 incl., optional at any time.
Peoples-Pittsburgh Trust Co. and C. F. Childs & Co., each named a rate of
0.40% for the entire offering, with the latter firm offering a premium of $11.
RIDGWAY SCHOOL DISTRICT, Pa.—BONE SALE—The $28,000
3% coupon school bonds offered April 14—Y. 148, p. 1847—were awarded
to the Ridgway National Bank at a price of 104.12, a basis of about 2.15%,
Dated May 1,1939 and due May 1 as follows: $3,000 from 1940 to 1948 incl.
ann.
sewerage
148,
.
p.
WASHINGTON COUNTY (P. O Rapid City), S. Dak.—BOND SALE
—The $12,000 issue of coupon funding bonds offered for sale on
April 14—
148, p. 2008—was purchased by the Allison-Williams Co. of Minne¬
apolis, as 6s, according to the County Auditor;
Dated May 1,1939.
Due
$1,000 from May 1, 1940 to,i951 incl.
No other bid "was received.
Y.
and $1,000 in 1949.
SOMERSET, Pa .—BOND OFFERING—Richard Pile Borough Secre¬
tary, will receive sealed bids until 7:30 p. m. (EST) on May 8 for the
purchase of $30,000 3 % coupon municipal improvement, fifth series, issue of
1939 bonds.
Dated June 1,. 1939'.
Denom. $500. Due June 1 as follows;
$1,000 from 1940 to 1944 incl. and $2,500 from 1945 to 1954 incl. Principal
and interest (J-D) payable in Somerset.
A certified check for 2% of the
bonds bid for must accompany each proposal. Legality approved by B. B.
Roose, Esq., of Somerset,
•«
'
^
,
TENNESSEE
CHATTANOOGA, Tenn —BOND ISSUANCE CONTEMPLATED.«The following letter was sent to us on April 17 by S. R, Finley, Chief
Engineer of the City Electric Power Board;
"The City of Chattanooga, acting by and through the Electric Power
Board, is now preparing a bond resolution authorizing the issuance of
approximately $13,200,000 worth of revenue bonds, the proceeds of which
will be used to acquire the Chattanooga District of the Tennessee Electric
,
YEADON, Pa.—BOND SALE—The $20,000 storm water sewer bonds
offered April 17—V. 148, p. 2007—were awarded to Barclay, Moore & Co.
of Philadelphia as 2Ms>
Dated May 1, 1939 and due $5,000 on May 1 in
Power.Co.
This district comprises approximately 36,000 customers.
"An application is being prepared to the Reconstruction Finance Cor¬
poration to underwrite this issue, which issue will also be offered at public
sale for competitive bidding."
1944, 1949, 1954 and 1959.
Successful bid wasapriceof 101.19, a basis of
YORK SCHOOL
about'2.14%.
DISTRICT, Pa.—OTHER BIDS—The $425,000 im¬
„
Bidders (All for 1%% Bonds)—
'
Edward Lowber Stokes & Co. and Battles & Co
$50,000 issue of refunding bonds offered for sale on April
p.
as
Rate Bid
101.644
First Boston Corp. and Blair & Co., Inc.,.---101.57
Dougherty, Corkran & Co.; Butcher & Sherrerd, and MOore,
Leonard & Lynch
__101.316
Lazard Freres & Co.; Barclay, Moore & Co., and Singer, Deane &
Scribner.
J;
__._100.817
Halsey, Btuart & Co., Inc
____100.176
_
1
__
_
COUNTY (P.. O. Newport), Tertn.—BOND SALE-^The
17—V. 148,
2312—was purchased by the Merchants & Planters Bank of Newport,
3 Ms, paying a price of 100.25.
-
COCKE
provement bonds awarded to a group composed of Strdud & Co., Schmidt,
Poole & Co. and Walter Stokes & Co., all of Philadelphia, as 1 Ms, at 101.659
basis of about 1.55%—Y. 148, p. 2311—were also bid for as follows:
a
HENRY COUNTY (P. O. Paris), Tenn.—MATURITY—It is now
reported that the $35,000 funding bonds purchased by Webster & Gibson
of Nashville, as 2Ms, at a price of 100.15, as noted here on April 15^V. 148, p. 2312—are due $5,000 from April 1, 1940 to^ 1946, giving a basis
of about 2.21%.
JOHN E. GARNER SPECIAL 3CHOOL DISTRICT (P. O. Springfield) Tenn.—BOND SALE—The $13,500 issue of 5% coupon semi-ann.
school bonds offered for sale on April 17—V.
RHODE
148, p. 2008—was awarde
Nunn, Shwab & Co. of Nashville, paying a premium of $115, equal to
100.85, a basis of about 4,92%. Dated May 1, 1939.
Due from May 1,
to
ISLAND
CRANSTON, R. I.—NOTE SALE—The $150,000 notes offered April 18
1942 to 1964
—V. 148, p. 2311—Were awarded to Whiting, Weeks & Stubbs of Boston
at
MEMPHIS,
0.33% discount.
Dated April 20, 1939 and due Dec. 1,1939.
Chase
National Bank of New York bid a r^te of 0.38%; Stephen W. Tourtellot,
of Providence, 0.41%: First National Bank of Boston, 0.44%.
NORTH
KINGSTOWN,
R.
i.—BONDS AUTHORIZED—Taxpayers
by Day & Zimmerman of Philadelphia. The gas property had a rate base
the electric property a rate base valua¬
have voted to issue up to $225,000 bonds for construction and maintenance
a
water system.
The
Tenn.—UTILITY PURCHASE BOND OFFERING EX¬
both company and city.
No date has been set for the signing, or for the
filing of the application for approval of Federal Power Commission.
City of Memphis will sell $17,000,000 of bonds, of which $11,750,000 will
be electric bonds, and $5,250,000 gas bonds.
The gas bonds probably will
be general liability bonds of the city, but no decision has, been made as to
electric bonds.
If war news raises interest rates for the city, both issues
may be general liability bonds.
The division of costs of the two properties was made on basis of a report
EAST PROVIDENCE, R. I .—TO BORROW $30,000 ON SHORT-TERM
BASIS—Town Council has authorized the Town Treasurer to borrow an
additional $30,000 for a period of 83 days with interest at hot more than
1M % with which to meet unemployment relief expenditures. This amount
is the balance of $90,000 authorized at the annual town meeting last Novem¬
ber, $60,000 having aleady been borrowed.
of
incl.
PECTED SOON—Satisfactory progress on preparation of final contract for
transfer of Memphis Power & Light Co. to City Memphis is reported by
valuation of about $7,500,000, and
town will name a water commission to draw up
tion of about $13,500,000.
plans for the system.
,
Covinfcton), Tenn.—BONDS DEFEATED
is reported that the voters turned down proposals calling for the issu¬
of a total of $28,000 ip various purpose ponds at an election held
TIPTON COUNTY (P. O,
SOUTH
.
—It
CAROLINA
ance
on
COLUMBIA, S. C.—BOND SALE—'The $51,000 issue of coupon paving
assessment bonds offered for sale on April 18—V.*148, p. 23JL1—was awarded
April 6.
,
TEXAS
Frost, Read & Co. of Charleston, as 2Ms, paying a premium of $16.50,
equal to 100.032, a basis of about 2.37%. Dated April 1, 1939.
Due on
April 1 as follows: $5,000 in 1940 to 1948, and $6,000 in 1949. Other bids
to
were
as
follows:
Names
Int. Rate
First National Bank, Columbia, S. C
Johnson, Lane, Space Co., Augusta, Ga
C. W. Haynes & Co., Columbia
;
G. H. Crawford Co., Columbia
s.
R. S. Dickson Cp.., Charlotte, N, C_^____
James Conner &' Co., Charleston, S„ C__.
2M %
^3%
214%
Premium
1
$133.00
40.00
395.50
137.70
2%%
286.00
2Y% %
132.60
2H%
_
_
__■
:_*____
DARLINGTON, S. Q.—BONDS OFFERED FOR INVESTMENT—
$65,000 issue of 3M % coupon funding bonds is being offered by Hamilton
«fc Co. of Chester, for public subscription at
prices to yield from 1:50% to
3.15%, according to maturity.
Denom. $1,000.
Dated May 1, 1939.
Due on May 1 as follows: $3,000, 1940 to 1944, and $5,000, 1945 to 1954,
all incl'. Prin. and int. (M-N) payable at the Guaranty Trust Co. of New
York. Legality to be approved-by Reed, Hoyt, Washburn & Clay of New
York, and Nathans & Sinkler of Charleston, S. C.
EASLEY, S. C.—BONDS SOLD—It is stated by C. B. Kirkley, City
Treasurer, that $40,000 sewer bonds approved by the voters at
election held in December, have been purchased by R. S. Dickson &
Clerk and
an
Co. of Charlotte.
„
for the purchase of a
series 1939, bonds.
COMANCHE COUNTY (P. O. Comanche), Texas—ADDITIONAL
INFORMATION—The $75,000 court house bonds that were reported to
have been sold, as noted here in February, are being offered by Milton R.
Underwood & Co. of Houston, for public subscription, divided as follows:
$6,000 as 2Ms, due $3,000 on Feb. 15,1940 and 1941; the remaining $69,000
as 3s, due $3,000 from Feb. 15, 1942 to 1964, incl.
Dated Feb. 15, 1939.
Principal and interest (F-A) payable at the National Bank of Commerce
in Houston.
EASLEY SCHOOL DISTRICT
DETAILS—It is
AUSTIN, Texas—BOND OFFERING—It is stated by Guiton Morgan,
sealed bids until 10:30 a. m, on April 27
$375,000 issue of 2M% coupon semi-annual school,
Dated June 1, 1939.
Denom, $1,000..
Beginning
July 1, 1940, will mature serially on a level tax basis with interest at the
rate of 2M % per annum.
Only bids for the entire issue will be considered.
Principal and interest payable at the City Treasurer's office or at the
Chase National Bank, New Yprk.
Delivery of bonds to purchasers will
be made at Austin.
Bonds will be sold and purchased only upon the
approving opinion of Thomson, Wood & Hoffman of New York, or Chapman
& Cutler of Chicago, cost of opinion and printing of bonds to be paid by the
city.
All bids must be submitted on the form provided by the city wherein
the numbers and maturities of the issue are shown.
Enclose a certified
check for $7,500, payable to the city.
City Manager, that he will receive
..
,
of Other Bidders—
now
(P. O. Easley), S. C.—BOND SALE♦
stated by the Secretary of the Board of School Trus¬
ECTOR COUNTY LINE INDEPENDENT SCHOOL
(P. O. Odessa), Texas—BONDS SOLD—It is reported by
DISTRICT
the County
bonds approved by the voters at an election
helcf on April 12, have been soxd. Due on March 1 as follows: $5,000 in
1940; $8,000, 1941 to 1948 and $6,000in 1949.
$110,000 3M% semi-ann. school bonds purchased by the
Robinson-Humphrey Co. of Atlanta, as noted here—V. 148, p. 1847—
were sold at par and mature on Oct. 15 as follows: $3,000 in 1939 to
1941;
$5,000, 1942 to 1948; $6,000, 1949 to 1952, and $7,000 in 1953 to 1958.
Judge that $75,000 building
LANCASTER COUNTY (P. O. Lancaster) S. C.—PRICE PAID—It is
reported that the $48,000 county road and bridge bonds purchased
by McAlister, Smith & Pate. Inc. of Greenville, divided $25,000 as 3Ms,
and $23,000 as 2 Ms, as noted here in March, were sold at a price of 100.058,
general city election on May 9, the voters will pass on the proposed issuance
of $2,000,000 in bonds for the construction of a bridge or tunnel across the
Galveston channel.
tees
that
the
now
a
net interest cost of about 2.95%.
SPARTANBURG
COUNTY
(P.
O.
Spartanburg),
S.
C.—BOND
OFFERING—We
are informed by Ri H, Ashmore, Clerk of the County
Board, that he will receive sealed bids until 11 a. m. on April 27, for the
purchase of an issue of $156,000 coupon refunding bonds.
Interest rate is
not to exceed 5%, payable M-N.
Dated May 1, 1939.
Denom. $1,000.
Due May 1, as follows: $6,000 in 1947, and $15,000 in 1948 to 1957.
Rate
of interest to be in a multiple of M of 1 %, and must be the same for all of
the bonds.
Principal and interest payable in New York.
The bonds will
be awarded to the bidder .offering to take them at the lowest rate of interest,
at a price not less than par and accrued interest.
As between bidders
naming the same rate of interest, the amount of premium will determine
the award.
The bonds are registerable as to principal only.
General
obligations.
Unlimited tax.
No particular form of bid required, but same
GALVESTON,
Texas—BONdTTECTION—It
is said that
at
the
HIDALGO COUNTY (P. O. Edinburg), Texas—BOND TENDERS'
INVITED—It is stated by B. F. McKee, County Auditor, that, pursuant
provisions of the several contracts and orders authorizing the issuance
of county road district refunding bonds, series, 1935, and county water
improvement refunding bonds, series 1936, tenders will be received and
opened by the Commissioners' Court on May 2, at 10 a. m. .for purchase
of the following bonds by the respective sinking funds of such bonds:
$4,100.00 County Road District No. 1 refunding, series 1935.
4,100.00 County Road District No. 2 refunding, series 1935.
2,700.00 County Road District No. 3 refunding, series 1935.
2 100.00 County Road District No. 4 refunding, series 1935.
42 324.48 County Road District No. 5 refunding, series 1935.
81500.00 County Road District No. 6 refunding, series 1935.
3,000.00 County Road District No. 8 refunding, series 1935,
41.000.00 County water improvement refunding, series 1935,
to the
2472
Financial
Chronicle
TEXARKANA, Texas—GAS SYSTEM BONDS UP FOR
April
1939
22
APPROVAL—
We are informed by G. D. Garrett, City Secretary, that SI
,200,000 muni¬
cipal gas system revenue bonds were sold in 1936, but shortly thereafter
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest interest rate and to pay the highest price offered for bonds bearing
litigation was started against the entire gas system. He states that a court
ruling recently gave the city authority to build this gas system, but the
bank or trust company for 2% of
able to the order of the State for
bonds
are
such
Each
rate.
bid
be accompanied by a certified check upon a
the race value of the bonds bid for, pay¬
must
security for the performance of such bid
liquidated damages in case a successful bidder fails to take up and
for the bonds.
,,
The bonds cannot be sold at less than par and accrued interest.
Pur¬
chasers will be required to pay accrued interest to the date of delivery.
Delivery will be made in N. Y. City. To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers will be
furnished with the final approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for approving said bonds.
still waiting legal approval.
and
as
pay
VERMONT
BENNINGTON GRADED SCHOOL DISTRICT (P. O. Bennington),
Vt.—BOND SALE—The $74,250 coupon high school bonds offered April 14
—V. 148, p. 2160—were awarded to Kennedy, Spence & Co. of Boston
as
l^s at 100.169, a basis of about 1.72%.
Dated May 1, 1939, and
1 as follows:
$5,000 from 1939 to 1952 incl., and $4,250 in 1953.
Among other bids were the following:
due Nov.
Bidder—
'
Int. Rate
Perrin, West & Winslow__^_"_
Lazard Freres & Co
First National
2%
2%
:
Bank of Boston
101.525
101.30
2%
2%
Bond, Judge & Co—
Option—The successful bidder will be awarded an option until 1 p. m.
(EST), May 5, to purchase an additional $500,000 of road bonds alike in all
respects to this issue at the same price, conditions and terms bid for this
issue.
In case the option is not exercised, the additional bonds will not be
Rate Bid
offered for sale until after the successful bidder has had a reasonable oppor¬
tunity to dispose of this issue.
101.149
^
Financial Statement
100.896
Assessed valuation 1938-Assessed valuation 1937
_.—,— -
$1,834,887,269.00
1,783,121,691.00
Bonded Indebtedness—•
$100,000
1.
State road bonds
2.
State refunding bonds
RICHMOND, VA. Imp. 4i/2s
3.
1935 Virginia debt refunding bonds____i
Due Jan.
1, 1960 at 2.16% basis
'
Total bonded indebtedness—-not
including this offer
Outstanding notes
1.
Richmond, Va.
$80,034,000.00
None
,
—
Issued pursuant to
the Good Roads Amendments to tfye Constitution
payable serially, last maturity June 1, 1963.
2. Payable serially $250,000.00 each year last maturity June 1, 1953.
3. $560,000.00 to be retired July 1, 1939.
Population (1920 census) 1,463,701; (1930 census) 1,728,510.
F. W. CRAIGIE & COMPANY
Phone 3-9137
75,724,000.00
3,750,000.00
560,000.00
and
...
A. T. T. Tel. Rich. Va. 83
WISCONSIN
VIRGINIA
HENRICO
land
COUNTY
Springs)
SANITARY
Va.—BOND
CRESTWOOD
DISTRICT
NO.
1
(P. O. High¬
CONTEMPLATED—The
ISSUANCE
1963.
held on April 12, to be issued in connection with a Public Works Adminis¬
tration grant, as part of a proposed $750,000 bond issuance program.
Que
on
May 15
as
follows:
(P.
O.
Wis.—
Madison),
as
4s, for a price of 90.00, a
Due from May 1, 1942 to
:
•
.
DANE COUNTY (P. O.
bids will be received until 10
WAYNESBORO, Va .—BOND OFFERING— It is stated by I. G. Vass,
Town Manager, that he will receive sealed bids until 10 a. m.
(EST) on
May 23, for the purchase of the following issues of not to exceed 2%%
semi-ann. coupon refunding bonds aggregating $160,000:
Madison), Wis.—BOND OFFERING—Sealed
a. m. on
IVIay 1, by Austin N. Johnson, County
Clerk, for the purchase of an issue of $160,000 not to exce3d 3%
semi-annual highway improvement bonds.
Dated Nov. 1, 1938.
coupon
Denom.
Due May 1, 1943.
The bonds shall be in the form approved by
the State Highway Commission.
Principal and interest payable at the
County Treasurer's office:
Bonds and legal opinion to be furnished by the
$1,000.
$5,500
1942 to 1953; $9,000 in 1954,
$8,000 in 1955 to 1959.
40,000 water bonds. Due $2,000 from May 15, 1940 to 1959 incl.
DISTRICT
Ilaydon & Co. of Madison, the only bidder,
basis of about 4.92%.' Dated May 1, 1939.
immediate issuance of $220,000 in water and sewer system bonds is said to
have been decided upon by the County Board of Supervisors at a
meeting
$120,000 general improvement bonds.
in 1940 and 1941: $5,000 in
SANITARY
BOND SALE—-The $7,000 issue of coupon water works mortgage bonds
offered for sale on April 18—V. 148, p. 2312—was nurchased ny Harley,
and
purchaser.
CITY
GENOA
DISTRICT
SCHOOL
(P.
O.
Genoa
Wis.—
City),
BONDS SOLD—It is stated by the District Clerk that $55,000 high school
bonds approved by the voters last September have been sold
Dated May 15, 1939.
Bonds callable on or after May 15, 1949.
Rate
of interest to be in a multiple of M. of 1%, and must be the same for all of
the bonds.
Prin. and int. payable in lawful money at the Chase National
auditorium
the Milwaukee Co.
to
of Milwaukee
as
2^s for
premium of $15, equal
a
100.027.
to
Bank, New York.
No bid will be accepted for less than the par value of
The purchaser will be furnished with the opinion of Reed, Hoyt,
Washburn & Clay, of New York, that the bonds are valid *nd
binding obli¬
gations of the town.
Enclose a certified check for 2% of the face amount
of the bonds bid for,, payable to the town.
the bonds.
GRANT
(P. O.
COUNTY,
Lancaster),
Wis.—BOND SALE—The
$185,000 issue of highway bonds offered for sale on April 17—V. 148, p.
& Savings Bank of Chicago, as.
1 %ths, paying a premium of $592, equal to 100.32, a basis of about 1.31 %
Due on May 1 as follows:
$115,000 in 1944, and $70,000 in 1945
The following information was furnished subsequently: Dated Nov. 1,
1937.
Denom. $1,000.
Prin. and int. payable at the County Treasurer's
office.
These bonds will be in the opinion of counsel, direct general obli¬
gations of the entire county, and all taxable property within the county
will be subject to the levy of ad valorem taxes without legal limit, sufficient
to pay both principal of the bonds and the interest thereon when due.
The Wisconsin State Highway Commission agrees to pay the principal of
this issue.
Legality to be approved by Chapman & Cutler of Chicago.
2312—was awarded to the Harris Trust
WASHINGTON
SNOQUALMIE, Wash.—BOND OFFERING—It is reported that sealed
"on May 1, by F. H. Harding, Town
bids will be received untii 7:30 p. m.
Clerk, for the purchase of a $5,000 issue of not to exceed 4% semi-annual
fire equipment bonds.
Denom. $100.
These bonds were approved
by the voters on March 14.
A certified check for 5% of the bid is required.
coupon
STEVENS COUNTY SCHOOL DISTRICT NO. 91
(P. O. Colville),
Wash .—BOND SALE NOT CONSUMMATED—It is stated
by G. H.
Inkster, County Treasurer, that the sale on April 3, of the $5,000 school
bonds to Arthur Ef Nelson & Co., of Spokane, at
par, report of which
appeared in our issue of April 8, was not consummated as there was an error
in calling the election.
Another election was slated for April 18, and it iS
expected that the above mentioned purchaser will now take the bonds as 5s.
RACINE,
Wis.—BOND SALE—The
$275,000
issue
of water
Cp. of Milwaukee, as lj^s, paying a premium of $1,530,
equal to 100.556, a basis of about 1.31%.
Dated Oct. 1, 1938.
Due from
1939 to
1944, inclusive.
»
,
■
The following is an
Bidder—
v
official list of the bids received:
Coupon Rate
Milwaukee Co,*
Wz%
Prem.
.
YAKIMA,
for sale
on
Wash.—BOND SALE—-The $35,000 coupon bonds offered
April 13—V.
148,
The
1848—were awarded to the city as 2j^s,
paying a premium of $100, equal to 100.28, a basis of about 2.47%.
The
bonds are divided as follows:
$13,000 fire department, $16,000 truck
purchase, and $6,000 airport improvement
bonds.
Dated
March
1,
1939.
Due from March 1, 1940 to 1954, inclusive.
p.
Harris, Lamoreux & Norris, Inc
Pi/va JPr /"'a
Paine, Rice & Co...
Po ino
f
Paine, Webber & Co
Murphey, Favre & Co., and Brainhiil
•
,
& Stein.
None
$58.50
.196.00
1
None
None
None
118,000
Arthur E. Nelson & Co...
None
35,000
,
...
City of Yakima.*.
.1
Conrad, Bruce & Co....-
(Alternative)
Premium
58:80
35,000
35,000
1
_
Wm. P. Harper & Son & Co.
100.00
91.00
_/20,000
.v
26.00
15,000
j 14,000
None
......
;
18.20
121,000
.....
.
None
35,000
91.35
35 000
Dean Witter & Co
Ferris & Hardgrove
*
Successful bid.
24.50
~
Int.
8
accompany
in
in
in
are
Virginia, Regular Session, 1935, as
amended, and pursuant to the charter of the city and an ordinance duly
passed by the Board of Directors of said city.
The bonds are registerable
as to principal only, and are non-callable
before maturity.
Principal and
interest payable at the City Treasurer's office or
at the National Citv
Bank, New York.
^
WEST VIRGINIA, State of—BOND OFFERING—We
are informed by
Holt that he will receive sealed bids until 1
p
m
on
May 2, for the purchase of a $500,000 issue of read bonds. Bidders are to
name the rate of interest, not to exceed
4%, in a multiple of M of 1% it
being provided that a part of the issue may bear one rate and a
part a dif¬
than two rates
will be considered in
any one bid
bonds in $1,000 denominations, convertible into fully registered
bonds of $1,000 and $5,000 denominations.
Dated June 1, 1938
Due
$20,000 from June 1, 1939 to 1963, incl.
Prin. and int. (J-D) payable in
lawful money of the United States at the State Treasurer's office in
Charles¬
ton, or at the option of the holder, at the National City Bank in New York
Coupon
These bonds are issued under authority of amendment to
the Constitu¬
known as $50,000,000 State
Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of 1937,
regular session. To secure the payment of this
bond, principal sum and interest, when other funds and revenues sufficient
are not available for that
purpose, it is agreed that, within the limits
•
tion
pre¬
scribed by the
Constitution, the Board of Public Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all property in the
State, until said bond is fully paid, sufficient to pay
on
said bond and the
this bond becomes due and
O.
the
Hudson),
offering
Wis.—BOND OFFERING
scheduled for April
28'at
each bid.
bid, payable, to 8. N. Swanson, County Clerk, mus(;
Purchaser must pay for legal opinion.
SUPERIOR, Wis.—BOND SALE—The $151,000 issue of refunding
on April 18—V. 148, p. 2312—was awarded to McDoqgal & Condon of Chicago, as 4Hs,' paying a premium of $52, equal to
100.034, a basis of about 4.495%. Dated April 1, 1939. Due from April 1,
bonds offered for sxle
1942 to 1959 incl.
•
.
CANADA
4%
issued under and in full compliance with
the Constitution and Statutes of the
State, including particularly Chapter
68 of the Acts of the Legislature of West
lme
(P.
with
received both for immediate delivery and delivery when money is needed.
Auction bids will be considered at the time bids are opened.
A certified
check for 2% of the
VIRGINIA
.
the annual interest
connection
m., of the $104,000 highway improvement bonds, noted in these
columns in January—V, 14$, p. 620—*t is now reported that bids will be
p.
••
-^A9*42*' A9PP in 1943 t0 1947 • 87,000 in 1948 to 1951, $8,000
t0
i9-000 in 1956
1958, $10,000 in 1959 to 1961, $11,000
1°
3
mi?00 Ln 1965 and 1966' 813,000 in 1967 and $14,000
and 1969.
These bonds
more
730
650
1,965
-
W. Va.—BONDS OFFERED FOR INVESTMENT—A
of 4% coupon nospital r'evenue bonds is
being offered by
McLean, Inc. of Pittsburgh for public subscription at prices to
yield from 2.50 % to 3.60 %, according to maturity. These bonds are
registerable as to principal only.
Dated Jan. 1, 1939.
Due Jan. 1, as follows:
Not
COUNTY
CROIX
DETAILS—in
LA MADELEINE, Qu^—BOND SALE—An issue of $66,600
improvement bonds was sold to-Paul Gonthier & Co. of Montreal.
t>o 1951, inclusive.
Due from 1940
issue
ferent rate.
\%%
♦Successful bid.
ST.
FAIRMONT,
Governor Homer A.
$1,530
1,525
*' 1.130
080
1%%
2% »
Harley, Haydon & Co., Inc^_r—
Lewis, Williams & Co
—'—....--.vJu
The First Wisconsin Co.
■UA%
3%.
3M%
3%
3 H%
3M%
3%
3%
2V2%
3%
3%
2H%
2H%
3%
4%
3%.
Johnson &
1968
-
-
llA%
1 )$%■>■
1^%.
CAP DE
WEST
$250,000
—
John Nuveen & Co
—
35,000
/\r\t\
II,000
24,000
17,000
1
—
The Northern Trust Co
.
The following is an official list of the bids received:
Name of Bidder—
'
'
Amount
Harold Huston & Co-„__
•
-I —.$35,000
Richards & Blum, Inc
35,000
works
mortgage bonds offered for sale on April 14—V. 148, p. 2160—was awarded
to the Milwaukee
payable.
principal
sum thereof within the
,
.
ONTARIO (Province of)—BOND SALE—A group of Toronto investhouses was awarded on April 19 an issue of $15,000,000 refunding
ment
bonds,
as
$7,500,000 2s, due Oct. 15, 1942, and $7,500,000 3s, due
Purpose of loan was to provide for May 1 maturities,. ■
follows:
April 15', 1948.
QUEBEC, Que— TO ISSUE $3,200,000 BONDS—L. G. Beaubien &
Co. of Montreal have been authorized by the city to form a syndicate of
brokerage houses and banks to join in the distribution of $3,200,000 bonds,
bulk of the proceeds of which will be used in the redemption of $3,000,000
6% bonds maturing on May 1, this year. The new bonds will bear interest
at rates of 3, 3 A and 4%.
SASKATCHEWAN (Province of)—TO DEFAULT ON MAY 1 BOND
ISSUE
MATURITY—The
following report
appeared in
the
"Financial
Post" of Toronto of April 8:
"The Saskatchewan Government is expected to default on its $3,000,000
bond maturity May 1.
Official confirmation is lacking, but such action is
generally expected in investment circles.
"The 'Financial Post' is informed the Province will
probably offer holders
of the 5% bonds, new debentures payable within one or two years.
"Default will likely be on principal only.
Interest will be paid
and the Province will continue to pay interest on
tions.
in full
other outstanding obliga¬
"Reason for default is lack of funds.
Last year the Province met a
$1,500,000 maturity through purchase of a refunding issue by institutional
investors, as a gesture of goodwill.
The institutions now feel the gesture
cannot be repeated.
"There has been some suggestion of aid from the Dominion Govern¬
ment but the latter has no legislation on its books which will permit it to
lend money to Saskatchewan for other than relief purposes.
"While it will default, the Province is expected to indicate its desire to
meet its obligations in full and its hope an adjustment arising out of the
report of the Royal Commission on. Dominion-Provincial Relations will
enable it to do so."
'
„
SHAWINIGAN FALLS, Que.—BOND SALE—The $670,000 improve¬
bonds offered April 5-—'V. 148, p. 2008—were sold to Wood. Gundy
ment
&
Co.
at
100.20.
and
the
Due
Royal
on
Bank of Canada, both of Toronto, jointly as 4s
1 from 1939 to 1971, inclusive.
Nov.
@FedFRASER