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1939
MAY 1
ontmcrrial fr
COPVRIOHTEO IN 1939 BY WILLIAM B.
DANA COMPANY, NEW YORK.
ENTERED A8 SECOND-CLASS MATTER JUNE 23. 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
William B.Oana
VOL. 148. "IU6dw,T8kM4pa?Yeara0opy~
BROOKLYN
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cor.
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Financial
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April 29, 1939
Notices
Bondholders' Protective Committees
State
of
York\
New
Department of
Postal
Telegraph and Cable Corporation
I Do
of
To
the Holders
Twenty-Five
of Postal
Year
Telegraph and Cable Corporation
Trust 5% Gold Bonds, due
Collateral
1953 and Twenty-Five Year
Debenture Stock, due July 1, 1953:
July
1,
Collateral
5%
Trust
Statej
Hereby Certify that
dissolution
a
certificate
of
TRYLON ENTERPRISES,
lias
been filed in
this
INC.
department this
""""
•
day and that it
-
Pursuant to the order of
Judge Alfred C. Coxe of the United States
such
corporation
District Court for the Southern District of New York, filed February
section
of the Plan of Reorganization sponsored by the
undersigned Bondholders' Protective Committees and a proxy state¬
Stock
28, 1939,
ment
a
copy
mailed
by the Trustees of Postal Telegraph and Cable
Corporation to all known holders of Bonds and Debenture Stock.
To become operative the Plan must be confirmed by the Court
and an adjourned hearing for that purpose is to be held on May 11,
were
1939. Before the Plan
holders of 66
can
be confirmed it must be accepted by
the
2/3% of the Bonds and Debenture Stock. Those holders
who have already
received copies of the Plan and
proxy statement
urged promptly to accept the Plan by sending the form of accep¬
tance mailed to them, together with their Bonds, to Bankers Trust
Company, 16 Wall Street, New York City, where the Bonds will
be stamped and returned to them. (Additional copies of the form of
acceptance may be obtained from Paul E. Manheim, Secretary,
appears
and
hundred
one
Corporation
is dissolved. '
therefrom that
complied
has
Law,
five
and
York.)
Given in Duplicate
under
and official seal of the
of State, at the
thirteenth
'
are
held
by
per-
hand
my
City of Albany, this
day of April,
thou¬
one
thirty-nine.
MICHAEL F". WALSH,
Secretary of State-
By FRANK S. SHARP,
Deputy Secretary of State.
unknown to the Trustees. As the Plan of
Reorganization ma¬
terially affects the interests of all holders of Bonds and Debenture
Stock, those holders of Bonds who have not received the Plan of
sons
Reorganization and the proxy statement are urged to communicate
promptly with the Trustees of Postal Telegraph and Cable Corpora¬
tion, 6? Broad Street, New York, giving their names, addresses and
amounts of Bonds held, whereupon a copy of the Plan and accom¬
panying literature, including the proxy statement, will be mailed
to them.
'
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v
Leading Out-of-Town
*
Investment Bankers & Brokers
ST. LOUIS
'
Protective Committee for Postal Tele-
.
it
Department
sand nine hundred and
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It is believed that substantial amounts of Bonds
the
that
.
are
1 William Street, New
with
of
Bondholders' Protective Committee for
graph and Cable Corporation Tv.emtyGold
Bonds, due July 1, 1953 and Twenty-
Postal Telegraph and CableCorporation
Twenty-Five Year Collateral
Trust
5% Gold Bonds, due July 1, 1953 and
Twenty-Five Year Collateral
Trust
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Five Year Collateral Trust 5%
Five Year Collateral Trust 5% Debenture
Stock, due July 1, 1953.
By ROBERT LEHMAN,
Chairman:
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009 OUVt St.
By CECIL P. STEWART,
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Srrx^
Member* 8t. Louis Stock
April 26,1939.
Exchange
BIRMINGHAM
'
To the Holders of
1
O
'
MARX & CO.
Greek Government
BIRMINGHAM, ALABAMA
Forty-Year 7% Secured Sinking Fund Gold Bonds
Refugee Loan of 1924.
SOUTHERN
Forty-Year 6% Secured Sinking Fund Gold Bonds
Stabilization and Refugee Loan of 1928.
MUNICIPAL
AND
CORPORATION BONDS
-
Holders of Greek Government External Bonds are hereby informed that a definitive
settlement
of the
service
the Greek External Debt not
of
having been arrived at, the
1939, will be effected by
each coupon maturing
service for the financial year 1939-1940, commencing on April 1,
the payment to the holders
of 40%
of the face amount of
within
the
above
financial
year.
DETROIT,
-
Holders of Dollar Bonds of the above Loans are therefore
invited to present, when
due, the May 1 and November 1, 1939 coupons of the 7% Loan of 1924, to Speyer & Co.
Fiscal Agents for this Loan and the August 1, 1939 and February 1, 1940 coupons
of the 6% Loan of 1928, to Speyer & Co. or The National City Bank of New York,
MICHIGAN
MUNICIPALS
as
Fiscal
of
Agents for this Loan.
The 40%
payment will be made by order and for account
tfee
$14.
Bank of Greece, and will be made on and after the above dates, at the rates of
for each $35. coupon, $7. for each $17.50 coupon, $12. for each $30. coupon and
for each $15. coupon, upon presentation
for the stamping of such payment thereon.
$6.
of
same
at
Members of Detroit Stock Exchange
Coupons presented for payment must be accompanied by letters of transmittal,
which may be obtained from the Fiscal Agents.
After stamping, the coupons will be
returned and should be re-attached to the bonds from which they were detached.
A.
Athens, Greece, March 23,
Charles A. Pa reel Is & Co.
the office of the Fiscal Agents
PENOBSCOT BUILDING, DETROIT,
MICH.
MILWAUKEE
APOSTOUDES
Minister of Finance.
1939.
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Vol.148
'
APRIL 29, 1939
No. 3853.
CONTENTS
Editorials
page
The Financial Situation
2474
"Fair Value" Still Controls for
Rate-Making Purposes_2487
Revision of Federal Taxation Must Proceed--.
.2489
Comment and Review
Week
the
European Stock Exchanges.
Foreign Political and Economic Situation
on
2479
2480
Foreign Exchange Rates and Comment
.2484 & 2527
Course of the Bond Market.
.2490
Indications of Business Activity...
Week on the New York Stock Exchange
Week
on
the New York Curb
2491
....
__
2477
...
Exchange....
..2523
News
Current Events and Discussions
Bank and Trust
2502
Company Items
2523
General Corporation and Investment News..
Dry Goods Trade
State and
..2569
2623
...
Municipal Department...
..2624
...
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
-2533 & 2535
Sinking Fund Notices
2529
Dividends Declared
...
Auction Sales
New York Stock
New York Stock
2529
2527
.....
Exchange—Stock Quotations.______.2536
Exchange—Bond Quotations..2536 & 2546
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations..2556
Other
-..2552
Exchanges—Stock and Bond Quotations..2558
Canadian Markets—:Stock and Bond Quotations._._._2562
Over-the-Counter Securities—Stock & Bond Quotations .2565
Reports
Foreign Bank Statements
.2483
Course of Bank Clearings
..._-2525
Federal Reserve Bank Statements..-..
___2502 & 2533
General Corporation and Investment News
2569
Commodities
The Commercial Markets and the
Crops
__2613
Cotton
2616
Breadstuff s
2620
Published Every Saturday Morning by the William B. Dana Company, 25]Spruce Street, New York
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Copyright 1939 by William B. Dana Company.
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Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the
in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada,
South and Central America, Spain, Mexico and Cuba, $21.50
The Financial Situation
"7. Define specifically the area of Government
business
THE Republican Party apparently has begun to
the disadvantage of having no program
competition with private enterprise so that
sense
which
with
to
may
flavor
record
felt moved early
week to make public
which
of platform
sort
the two
party members in
of
houses
Congress
were
The Re¬
asked to support.
publican Party is the only
important organized group
which the people may
to
policies alternative
the New Deal and its
look for
to
works, and accordingly
platform, even though
or informal in
any
semi-official
formulates
nature, which it
its mem¬
and submits to
for
country
approval must assume
importance.
this
is
the
and to
bers
Particularly
,
the
of
true
pro¬
question,
in
in
gram
here
which
is labeled in effect
"program for recovery."
a
attaches to
Significance
such
time
though'
even
places
is
this
at
document
a
to
vague
in
it
the
of meaninglessness.
point
There is yet
time to emend,
and the very
existence of
should suggest
thoughtful the
vagueness
the
to
ously to work.
The
is summarized
"1.
To
follows:
war.
Move
curb
to
as
,
program
keep the United
States out of
"2.
■
suggested
v.
immediately
unnecessary,
wasteful and
reckless
spending.
"3.
sive
Itepeal
tax
on
the
repres¬
undistributed
corporate earnings, which
has
and
proved,
so
harassing
dangerous to business,
large and small.
"4.
der
Revise
of
the
the remain¬
Federal
President
the
in
his
reorganization
to Congress on
there
several
are
quasi-judicial bodies
see
It
is
This
trend, too,
industry to
or
Need
Here is
pared
a
in
scribed
"An
of
com¬
Action
program
which
pre¬
to
response
situation
a-
de¬
is
foil,ows:
as
increasing flood of
mail to
Congress from all
parts of the country com¬
plains of conditions.
and
tory
write
they
me
Fac¬
workers
shop
are
footsore
and weary seeking employ¬
condition
ate.
Young
beg for
start
to
gress
me
desper¬
men
and
chance to make
a
why their Con¬
and
are
All want
life.
in
know
ment
is
unable to get jobs,
women,
a
tell"
Farmers
ment.
their
ought not to concern itself
at
all.
The solution is not reorganization
and amalgamation, but abolishment of agen¬
cies and surrender of functions.
their
Govern¬
doing nothing to
restore normal conditions.
Roosevelt
The
Administration
flicting
opinions- of
unable
to
act
Congress
must
monetary system.
necessary
to
Labor
Relations
by clarifying the mutual obligations of worker
present paralyzing discord.
what should
because
of
assume
the
is
be
torn
in
con¬
is
Therefore
indecision.
lead
Dy
done and
taking steps
guide the country back to economic
and restore
our
millions of unemployed to
Act
recovery
and
jobs in private industry at decent wages.'
The sponsors of the program "are convinced if
this program in its entirety is adopted by Congress
employer and the duties of both toward the public
which
or
subject agriculture,
The
it
modify provisions retarding
National
experi¬
bureaucracy."
k
which
all
legislation not
pulsory decrees of a Federal
utter
"5. Repeal the dangerous discretionary authority
the President now has over the Nation's
in order to end
labor
informed persons deny the
confusion, both struc¬
tural and functional, in Washington at the
present time.'
For decades past it has been
present
there.
Since the advent of the
New
Deal confusion has grown infinitely
worse.
' '
Doubtless
wise
realignment of govern¬
mental machinery would be a real aid to
effective
administration.
So also without
question would a greater disposition on the
part of the President to accept advice and
act through regularly constituted authority
rather than through court favorites.
Less
insistence upon having a personal finger in
every pie would also help. s
•' * But. none of
these matters goes to the
root of the difficulty.
The real trouble is,
that the Federal Government is trying to
do too many things, and too many things
with
expect.
recovery,
would
had been in evidence before
which
the
ing
any
of
so
may
clearly helpful in promot¬
had been
of Mr. Roosevelt into the White
House, and it, too, has taken on new life
during the past six years.
will
regulations
Reject
mental
entry
existence
Clarify Federal
and
"12.
bility of the, President for the actions and
operations
of these agencies
(sometimes
merely assumed and sometimes laid upon
the shoulders of the Chief Executive upon
his own insistence) is immeasurably greater
than it was in the horse-and-buggy days.
the
agree¬
American
on
know what to
the New
displayed a
1933
effect of
trade
industry and business
mushroom-like
business recovery.
Amend
"11.
they have
growth.
undeniably a fact that the responsi¬
Since
policy
rules
Congress."
It is obviously true that agencies of gov¬
ernment have enormously multiplied during
Deal.
special
a
industry and agriculture.
so
tax
structure to eliminate or
"6.
the reciprocal
ment
the past forty years.
The increase
substantial before the advent of
com¬
committee of Congress to
inquire into the
become
to
banks
insurance
Create
"10.
-
matters.
has
man
invest¬
panies.
physically impossible for
many persons, to receive
reports directly from them and to attempt
to advise them on their own problems which
they submit.
In addition, the President
today has the task of trying to keep their
programs in step with each other or in line
with the national policy laid down by the
"It
the'
savings
life
and
enough administrative work to
require them also to see him on important
one
of
ments
se¬
many
bf thousands of
and
workers
of
jobs
hundreds
have
executive
rehabilitate
to
the
cure
eight or ten persons.
"Now, forty years later, not only do some
thirty major agencies (to say nothing of the
minor ones) report directly to the President,
but
Adopt immediate
the railroads to make
all the work through
which
markets
new
agricultural products.
legislation
Tuesday:
"Forty years ago, in 1899, President McKinley could deal with the whole machinery of
the
Executive
branch
through his eight
Cabinet secretaries and the heads of two
commissions; and there was but one com¬
mission of the so-called quasi-judicial type
in existence.
He could keep in touch with
message
the American
to
and develop
earner
"9.
ttr
,
markets
American
Reorganization Not the Solution
Nor
seri¬
getting
of
urgency
Restore
farmer and wage
for
Said
a
the future,
"8.
of
the National Committee
the party
this
be able to create jobs with some certainty
as to
the country next year, no
to
go
which has been given concreteness and a
of sincere straightforwardness by means of a
made in Congress this year.
At any rate,
program
t}
Volume
and
Financial
148
accepted by the President
mediately take
country will im-
our
life and vigor and will pres-
on new
ently begin again to enjoy economic stability and
a
higher standard of living," and assert quite point"panaceas and short-cut methods have
edly that
been tried and found
to go
The time has come
wanting.
forward to fundamentally sound principles."
The
Precisely what is to be thought of all this?
must be: It
answer
Obviously the twelve
depends.
"points" constitute much less of
they do
ticular
attention, and
ulation of
called
to earth
be
must
with
the
many
tance.
The
seems
to be
This much
approach to the problems of the day
one
of friendliness to what has
been considered legitimate business,
characterized
reason,
if for
no
it has
one
For this
other, the business community will
constructive
to persuade
can
Republican party to proceed at
definite and
always
rather than
by hostility and suspicion.
find it worth while to do what it
ties
un-
profits tax, which, incidentally, is no
once was.
but the old pork barrel greatly magnified), loose
relief policies entailing the outlay of billions of
dollars, and the like, simply do not
willing,
to give
once
Certainly, not by bristling and showing
at
"Revise the remainder of the Federal tax structure to eliminate or modify provisions retarding
teeth
*our
Europe into good behavior, and thus
preventing .the outbreak
which
we
to be.
of
large scale
might be drawn, whether
This general
idea
seems
warned
to do the utmost" to
us
tend
strictly to
our
known meanwhile that
we
neutral in
the event of
peaceful if
we are
of
any
The
war
ex-
knitting, letting it be
intend to remain
European
strictly
and strictly
war
permitted to do so—by both sides
general conflict.
Constitution, given
very,
The President is; by the
wide latitude of action
cerning foreign relations.
It would
be
con-
difficult,
indeed, for the strongest and the wisest of Congresses
by direct methods to prevent
President
from
the
from
blundering
or
a
meddling, but Congress which always holds
purse
strings, which always
people themselves
can
do
a
international situation in
do
visionary
willful President
so.
A
veto
can
hostilities and which has continuous
to
a
format
access
to
the^
great deal to hold the
check, if if is determined
ringing implementation of the first
plank in the proposed Republican program would
help greatly.
creases
gress
on
spending, the record in Con-
ought already to
show
precisely
what
the
Republican party has in mind in this particular,
Unfortunately, however, it shows
no
such thing and
thouglitful citizens
of experience with such mat-
ters must wait with
some
uncertainty to determine
clearly whether the party is ready to
use
ing knife with vigor and without favor.
it cannot
be
ready to do
in them which
next year
so
are
scheduled to take place
(and possibly those of
certain of the
be postponed, and this sug-
other nearby years)
gestion is made not by the Republican but by the
Deal
New
managers.
The
situation
cries
unto
reduction of the surtaxes in the higher
heaven for
a
and
middle class brackets and an extension
upper
downward of income tax rates.
Are the Republican
/leaders ready to champion this cause?
No
answer
is to be found either in the record or in these most
recent proposals of policy,
.
Monetary Discretion
the dangerous discretionary authority
now has over the Nation's
which the President
monetary system."
be
an
At first blush tfyis appears to
explicit and downright statement, and so it
is if what is meant is to take from the President
the power again to change the
gold content of the
dollar, and if that is all that js meant, should this,
however, be the be-all and end-all of the
it falls far short of demanding all that is
monetary system at many points,
sue
the
prun-
Of course,
unless it has reached
including the is-
of fiat money, the purchase and sale of gold,
and manipulation
of banking operations.
■
Is all
of the Republican managers?
of the situation must ardently hope that it is, but the position of the party
would stand a great deal of clarification on the
point. The fact is that what the New Deal has al«
ready done to our monetary system has posed problems, the like of which we have seldom, if ever,
this, too, in the minds
All thoughtful students
Their solution will require the best that is
fated.
in
us
both of wisdom and courage.
It is doubtful if
any
other New Deal blunder has created a situa-
tion
so
difficult to correct.
More light upon what
general line of thought of the Republican party
in connection with it would be most helpful,
the
is
Again, precisely what is meant by "clarifying the
mutual
Regarding curbs
The only seri-
thority" to tinker directly or indirectly with our
among
by bitter
keep out of
own
the worst.
is to at-
who
perience that their hopes are illusory.
among
proposal concerning these imposts is that in-
way
those
for
without doubt
are
ous
suggestion,
required,
The President or his immediate subordinates have
under existing law "dangerous discretionary au-
to have gained wide
in this country, and not infrequently
have been
wish
we
sway
should
into
war
not
or
But which taxes fall in this
business recovery."
"Repeal
How?
frequent intervals in the hope of frightening the
"have-nots" of
without delay?
ing evidence is wanting—and wanted,
.
of „war."
out
with curbs
determined, to put an end to these
We hope so, but convinc-
nay
programs
meaning to the geherali-
States
go
"unnecessary, wasteful and reckless spending."
Yet may we assume that the Republican party is
on
formulated.
"Keep, the United
Farm
outlays for public works (often
Payroll taxes levied in the name of social security
repeal of the
demand for
enormous
In only
partciuiars.
it substantial, it is of far reaching impor-
prove
subsidies,
category, according to the Republican managers?
however, be said in its favor, and, if events
may,
decision to proceed vigorously with problems not
mentioned in its present pronouncement.
brought
and
proposals direct, explicit and
longer nearly the problem it
the
points the so-
vitalized
bills of
the
are
forthright—in
distributed
highly generalized form-
a
point of view., At
a
program
instance
one
listing of par-
a
problems which must receive early and com
structive
down
program
a
statement of objectives,
a
than
a
2475
Chronicle
obligations of worker and employer and the
Certainly the
objective is desirable enough, but how is it to be
achieved? Could the Republican party not prepare
and present amendments to the National Labor Relations Act, which would give concrete meaning to
these generalizations? We should like to see it advocate outright repeal of the Act, but if that is out
of the question, at least more definite information
as to what is proposed would be a great help.
"Deduties of both toward the public"?
Financial
2476
fine
private enterprise." Why permit
its limits be restricted as
not
such
any
greatly
definitely defined in such a way that there
can
work
with
proceed
dispatch
"Adopt immediate legislation to
railroads to make
secure
the
jobs of
banks
ings
and
life insurance
thought.
secure
workers whose services
of the
reasons
the
secure
the
jobs" of
not needed.
are
enormous
railroad
agriculture
procal trado agreement plank is
an
course,
and
so
of
aware
We
of these rules and regulations
clarification, and
of the
we
than
more
clarification
is
needed.
been
mass
of detailed
and'opportunity
This
itself
with
Total
-
"clarification"
which, ought not to exist.
bwn
minds
that
the
We
business
are
the
What is more, the
certain
repeal.
far
on
as
a
Federal
Sooner
obliged to do
so.
continual
postponement,
relief
be obtained
Excellent,
so
To
now
ing
recapitulate:
or
later, of
course, we
Nothing is gained by
and
only
a
measure
of
by refusing further to add
The
Republican
presented will do
as
point
constructive
for
really
It, however, needs
which should be
a
a
platform
starting point
or
as
rally¬
great deal of implementation
questionable, to
undue delay.
say
the least.
Federal Reserve Bank Statement
D ANKING statistics
has
the
the
circulation
$4,433,389,000.
advance of member bank
an
Total
in¬
de¬
balances
reserve
decline of the
a
increase of foreign bank
an
regional
an
deposits by
increase of other
to 85.1% from 84.9%.
institutions
Industrial
$13,291,000,
but
vances-increased
ket
holdings
were
to
$187,000
fell
to
reserve
$203,000
up
advances
commitments
The
Discounts by
to
make
$90,000 to $11,749,000.
such" ad¬
Open
of bankers' bills showed
a
mar¬
gain, of
$2,000 to $562,000, while holdings of United States
Treasury obligations
the
credit
were
unchanged
at
$2,564,-
015,000.
.
Foreign Trade in March
tendency
in
THE country's foreignintrade underwent consider¬
rejuvenation
March, according to the
able
figures released this week
Commerce.
by the Department of
Compared with the preceding month,
exports increased 23% and imports
last December while
reached in any
20J&.
As a re¬
recent
imports achieved
month of 1938.
a
were
height not
Exports in March
aggregated $268,364,000 compared with $218,560,000
in
February and only 3% below the total of $275,-
308,000 for March, 1938.
February's exports
were
16% below the previous year, and January's, 26%
lower.
this week
again reflect only
rapid upbuilding of bank resources which
characterized
actual
sult, exports regained the level at which they
statesmanship.
forthcoming without
Otherwise its value is
■D
in
up com¬
$13,420,955,000.
grips with this
it.
to
notes
to
were
"
bureaucracy."
to
can
$154,394,000
-,$15,567,000 to
ratio moved up
everyone who has taken the trouble to inform him¬
self -well knows.
Can we not come
be
Reserve
regional banks
$3,038,000.
But what of such legislation already
the statute book?, There is a vast
mass of
it, as
shall
Treasury deposited
deposits by $3,483,000 to $289,458,000.
,
it goes!
problem of repeal?
of the
by
or
910,000;
"Reject all experimental legislation not clearly
helpful in promoting recovery, or which would sub¬
ject agriculture, labor or industry to
compulsory
decrees of
the
$4,240,000 to $226,956,000, and
As time passes the Republican party
\
that
Treasury genera] account by $37,966,000 to $912,-
legislation granting
frankly and fearlessly.
re¬
high in the monotonous series of records.
by $159,970,000 to, $9,902,809,000;
should be able to reach the
point of facing these
facts
"
.
banks shows
Federal
ing of
our
authority to issue rules needs major renovation
if not
security collateral off $4,000,000 to
$J1,332,133,000, with the account variations consist¬
matter how
no
on
posits with the 12 banks advanced $129,727,000 to
rules
in
a
$6,000,000 in business loans to $1,376,-
reserves
creased
community will not
long be satisfied with clarification,
well done.
of
state¬
Such banks found their loans to brokers
parably,
to attend to its business.
mere
condition
stitutions, raising their holdings to $13,030,716,000.
We cannot too strongly urge the
Republican party
to take a definite
position in this matter and not
content
of
Reserve
if it is to
years
The
$153,998,000 gold certificates with the regional in¬
regulation that has
imposed during the past few
have time
tactics.
The combined condition statement of the 12 Federal
country must be rid of much the larger part of the
almost endless
securities,
nullified for the time
weekly reporting member banks in New
is another
in
deep conviction that
a
Government
are
ported total now stands at $15,714,000,000, which
popular demand for such clarification.
must, however, confess to
much
are
The
$109,000,000 in the week to- April 26, and the
of course, well
are,
weekly figures.
Monetary gold stocks of the country advanced
Heaven
need
legal
City, covering the period to April 26, shows
$547,000,000.
industry
knows many
of
000,000.
party ought to be able to do better than this.
business may know Avhat to expect."
States
and
measures
and dealers
reci¬
obvious dodge.
"Clarify Federal rules and regulations
over
of idle funds is apparent in the
United
for
decline
quite
the
reserves
being by the general uncertainty occasioned by New
Deal
enterprises.
of
are,
pressure
but the effects otherwise
York
in
long series of record
market
why it has not been possible to make
The references to
and
the
ment
meaningless in their present form
The
in
care¬
That is
Excess
bal¬
reserve
figure of $4,120,000,000, which is another high mark
one
investments
$159,970,000.
sav¬
great many
a
other
requirements advanced $120,000,000 to an estimated
precisely that there has been too much
"make
effort to
increase in member bank
an
of
ances
One of the difficulties of the railroad
situation is
With
banks.
changes of little significance, these factors
The
more
Reserve
Federal
12
made for
vigor.
companies."
party would do well to give this matter
ful
be
hundreds
many
unchanged, with gold still pouring into
the
credit
rehabilitate the
of thousands of workers and the investments of
All elements of the situation
whittling down its swollen general account balance
But
and
1939
country from foreign shores and the Treasury
with
and
mistaking the meaning of the definition.
the
the
possible (it is
as
only a question of defining those limits)
let
remained
But if competition we must have, let
competition?
April 29,
and months.
weeks
specifically the area of Government competi¬
tion with
no
Chronicle
in
Imports in March amounted to $190,416,000
comparison with $158,035,000 in February and
$173,372,000 in March, 1938.
$77,948,000 in March
The export balance of
compares
with one of
Volume
525,000 in February, and $101,936,000 in March,
1938.
This
yesterday made his declaration to the Reichstag
on German policy. Price changes for the week were
year's balance of exports in the first
three months has amounted to
$173,184,000
almost equally small, and quite without signifi-
as com-
pared with $319,304,000 in the first quarter of last
in the
year;
more
February only to the extent of 10%;
90% of the gain
inent
the
tended
to
drift
First-quarter
of
reports
earnings
their natural influence
cised
on
related shares,
Most of the reports made poor reading for the stoek-
machinery increased $8,841,000, of which
dustrial
holders, but there were a few noteworthy exceptions,
$4,261,000
were
in metal working machinery; elec-
was
such
and
machinery
$2,700,000.
implements,
as
the Chrysler Corp. statement.
The prin-
cipal market aspect still was the prevailing dul-
machinery increased $2,376,000, and agricul-
tural
stocks
various types of machinery; in-
increase,
trical
fluctuations.
the individual items responsible for
among
Other
a
Amer-
appeared in numbers, during the week, and exer-
Prom-
semi-manufactures.
and
Telephone.
as
slightly lower, after mild upward and downward
in non-agricultural products,
was
finished
chiefly
distinctive investment aspect, such
ican
Agricultural items participated in the export inover
be noted in a few
are to
leading issues, especially the equities that have
port balance of $113,271,000.
crease
Modest advances
cance.
period of i937 there was an im-
same
2477
Chronicle
Financial
148
which is best indicated by an average trading
ness,
Power-driven metal
working machinery exports in
volume of only 500,000 shares during the first four
March
record
sessions of this week.
in
the
of
$12,057,012;
Russia, Japan,
the United
pronounced yesterday, in response to the varying
Other items, showing subacces-
views taken of Chancellor Hitler's long dissertation
on international events, and especially on the ap-
sories, aircraft, iron and steel, gasoline, and lubri-
peal by President Roosevelt for peace and cooper-
chief
were
recipients
were
Kingdom and France.
volume
stantial increases included
Nearly all of these items
cating oil.
relationship to rearmament
Cotton
showed
the
and
automobiles
seem
staple
.
almost enThe tendency at
first was to give this declaration a favorable interpretation, but closer study made it plain that there
are ominous implications, especially with relation
to the German-Polish difficulty. The market thereupon sagged and closings yesterday were mostly
under the levels prevalent a week earlier. Domestic
affairs likewise were not of a nature to encourage
investors or traders. The expectation that President Roosevelt will take some real steps toward
business > appeasement received
another setback,
tirely by the Hitler statement.
475, compared with 282,307 bales worth $13,732,137,
The gain in March
sharper than in either 1938
and
In
1934, March shipments
March,
1938,
bales valued at
%
bales
valued
ceding.
The
well
below February,
were
at
$21,161,556
"
distributed
and
in
the. month
pre-
*'
„
February
over
agricultural
fairly
was
items
than half the increase.
more
450,113
to
$23,147,892, compared •with- 420,176
gain in imports
somewhat
much
was
In 1936, 1935,
shipments amounted
•
:
1937.
or
shared
Rubber and
respectively.
Burlaps, newsprint, wool, silk, and
furs also showTed sizable increases.
In connection with the
both
in
For
try.
March
corresponding gains in domestic industhe
to
rose
the greatest since
was
1937; newsprint production surpassed
The
gold movement to the United States in March
the
greatest since last October, amounting to
$365,436,000.
Receipts
three months
the
same
$149,000.
gold
period
same
amounted
same
first,
to
no
quarter of 1938,
than
more
$68,313,000
in the first quarter, of $27,463,000,
less than half the
period last
imports
the
imported and $5,262,000 exported.
Silver imports
were
in
aggregated $745,160,000 while exports
In the
was
the metal
of
year;
$58,636,000 imported in the
at the
somewhat
were
same
offset
time this year's
by $5,647,000
ex-
ported while in the first three months of 1938, only
$779,000
was
cal
ties and Exchange
Commission.
No apparent prog-
made toward alleviation of the mountaintax burdens of American industry.
The strike
ress was
ous
in Appalachian coal areas
continued and threat-
ened to disrupt some industrial areas.
'
In the listed bond market most price variations,
States Treasury issues
the week. Most issues
of the Federal Government moved into record high
ground, Thursday, in the realized expectation of
further additions to the over-full reservoir of idle
funds.
Speculative corporation bonds tended to
drift slowly downward, with railroad obligations
leading the movement. Some local traction bonds
advanced, as it appeared that progress steadily is
being made toward unification of New York City
lines under community ownership. Among foreign
dollar bonds the trend was mixed, owing to the uncertainties of the external situation. Commodity
markets displayed a steady tone and failed to exercise much influence on securities. Copper finally
were
minor,
but United
'forged ahead during most of
month since.November, 1937.
was
of
for machine tools in
highest level since September,
1937; rubber consumption
the middle of
in
.
foreign trade gains noted,
example, orders
Leon Hender-
wrho is generally regarded as inclined to radiexpedients, is to become a member of the Securi-
son,
exports and imports, it is interesting to
*note certain
any
Monday, when it was indicated that
imports increased $4,863,000 and $5,200,000,
sugar
day were canceled by the losses of the. next,
one
The trading yesterday was dominated
to 346,701 bales valued at $16,973,-
shipped in February.
more
Movements of the week were entirely without
improvement in March; shipments of
rose
slightly
significance until yesterday, as the small gains of
exports, while still well below last year,
some
was
ation.
to bear
abroad.
programs
Activity
exported.
.
turned the corner and was
The New York Stock Market
marked slightly upward, *
contrast to the declines
of recent weeks.
For-
STOCK pricesmarket, while clarification ofin the eign previous performances. The controls held line
moved narrowly this wreek inter- with exchange developments were merely in the
New York
national
and
Trading was
picked
up
internal
a
on
only
developments
small
slightly
scale
even
was
awraited.
throughout,
after
and
Herr Hitler-
leading units steady, but
the actual state of affairs
reflected by fresh shipments of
Europe to the United States.
was
gold from
-
2478
Financial
On
Stock
Exchange nine
high levels for the
new
touched
York
New
the
touched
low levels.
new
Exchange 18 stocks touched
touched
stocks
York
New
at
Stock
the
New
the
shares;
on
tinued to lose
remained
the
on
Exchange the sales at
Saturday last
on
shares;
N. Y. at 30 against 30; Columbia Gas & Elec. at 6%
on
71 bid; International Harvester at 543,4 against 56;
Saturday
76,915
were
shares;
Tuesday,
on
in
now
Sears, Roebuck & Co. at 66% against 65%; Mont-
on
117,775
worth at 43% against 42%, and American Tel. &
Tel. at 158% against 156%. Western Union closed
Thursday,
on
a
a
yesterday at 18% against 18% on Friday of last
;
of years,
score
week; Allied Chemical & Dye at 156% against
157%; E. I. du Pont de Nemours at 139% against
total of 154,960 shares
general
price
trend.
The
and
our
on
the sidelines
pending
to
to
,
afternoon.
Herr Hitler's
day in the form of
peace
overtures,
large
degree
served
Westinghouse Elec.: & Mfg. at 89 against 90; Loril-
again
ferred
to
effect
moved
without
its
restrict, trading
contents
Prices,
Traders
and
as
in
closed
yesterday
In the motor
group,
Auburn Auto
yesterday at 3 against 2% bid
on
its
week; General Motors at 41% against 41%; Chrys-
ler at 63% against 62%; Packard at 3% against
3%, and Hupp Motors at 1% against 1% bid. In
the rubber
group,
Goodyear Tire & Rubber closed
yesterday at 25 against 25%
on
upon a proposed reorganization and merger of gov-
week;
against
ernmental
United States Rubber at 35 against 35%.
agencies for economy's sake.
When this
bit of
news became
public equities perked up for a
spell, but later eased and closed the day firm and
Modest
improvement
trading activity.
prone to
forget
main
The
a
market
for
the
time
was
of the problems confronting
it, and after sustaining losses ranging from fractions to
at
a
point, at the opening, set out to advance
midday
up
to the final
tendency prevailed.
firm and
higher.
day extended in
in
the
orders
by
amount
turers
their
of
the
vances
In light trading stocks
a
moderate way
among
five large manufac-
aircraft
the
for
general
points, with other
smaller
contents
peace,
securities,
and
market
the
under
edged
grave
groups
proportions.
into
on
enjoying ad-
After
digesting
Friday and perceiving in
implications
of
future
strife,
degree by proffered concessions
stocks opened from one-half to
higher in moderate trading. * From then
in
Aviation shares registered gains of
lessened only in a
•
progress made
placement of plane
$50,000,000
Herr Hitler's address
its
the
Thurs-
on
Government
leadership
of
The
were
States
stimulated
two
easier,
an
United
higher ground.
•about
hour, when
Closing prices, however,
previous session.
week.
on
a
point
traders
F.
.
Goodrich
were
at
16
Friday
of
last
16%,
and
The rail-
irregularly changed the present
Pennsylvania RR. closed yesterday at 17%
against 17%
slight increase in
many
B.
road shares
was noted on Wednes-
by
closed
Friday of last"
consequence,
a
much
day, induced in the
45%
56%, and Youngstown Sheet & Tube at 323,4 against
33%.
a
enthusiasm, , showing fracchanges from the day's opening. Some relief
gleaned from the President's message treating
mixed.
week,
at
at 74% against 71; Bethlehem Steel at 543,4 against
tional
was
Steel
States
against 47%*on Friday of last week; Inland Steel
pre-
determine
The steel stocks closed mostly lower this
United
came
throughout the
ease
Tuesday.
on
marketwise.
await
13%, and National Distillers at 24% against 24%.
-
speech, scheduled for Fri
to
against
lard at 22% against 21%; Canada Dry at 13%
against 14%; Schenley Distillers at 13% against
reply to President Roosevelt's
a
against
14%
place
morning period
close, and continued to
a
11%
at
definite sign of
a
clarification.
Monday found prices moderately lower in another dull and uninteresting sbssion.
At the
opening equities were at their best
gave ground as the
at
Can at 36% against 37%; Eastman Kodak at 144%
against 142%; Standard Brands at 6 against 6% ;
their
levels, but
Register
Products
Gulf Sulphur at 28% against 28%; Continental
present unsatisfactory economic position at
traders
Cash
15%; National Biscuit at 25% against 25%; Texas
among
home, both, of these factors have tended
National
17%;
Dairy
National
139%;
,
European
Powers, both democratic and totalitarian, seeking
new allies in their
struggle for a place in the sun,
progress
Ward & Co. at 44% against 44%; Wool-
gomery
so narrow as to have no im-
the
on
shares;
Saturday last experienced
on
of prices
effect
on
Friday, 118,615 shares.
on
dropping to
negotiations
on
Friday of last week; Consolidated Edison Co. of
against 6; Public Service of N. J. at 343/8 against
the most inactive short session in
portant
General
34%; J- I* Case Threshing Machine at 71 against
market
and the range
Prices at the close yester-
Friday,
106,855 shares, and
sales voulme
con-
Electric closed yesterday at 84% against 34%
154,960
were
Wednesday,
on
Wednesday, 94,640 shares;
stock
on
584,430
129,045
on
then
ground, and at closing reflected the
poorest prices in a week.
unchanged
early
saw
On the New York Curb Exchange
sales'last
shares;
Stock
,
The close of
the domestic market
Call loans
levels.
Thursday, 537,920 shares, and
728,330 shares.
Monday,
hour in
first
gains relinquished and stocks from
Monday they were 414,110 shares;
on
shares;
•
the
day show slight changes from a week ago.
York
Tuesday, 420,920
.The
Curb
.
half-day session
the
which subsequently showed weakness.
high levels and 50
new
Exchange
1%.
On
low
new
York
April 29, 1939
settled back to await developments in foreign marts,
stocks
while 58 stocks
year
On the New
.
Chronicle
on
Friday of last week; Atchison To¬
peka & Santa Fe at 26% against 27%; New tork
Central at 14 against 13%; Union Pacific at 90
against 8734; Southern Pacific at 12% against
12%; Southern Railway at 13% against 13%, and
Northern Pacific ad 8% against 8%. Among the oil
stocks, Standard Oil of N. J. closed yesterday at
-45% against 46%
on
Friday of last week;'Shell
Union Oil at 11% against 11%, and Atlantic Refin-
ing at 19 against 19%.
"
Anaconda Copper closed
yesterday at 24 against 23
on Friday of last week;
American Smelting & Refining at 40% against
40,
and Phelps Dodge at 31% against 31%.
Trade and industrial reports
implications.
today
was
Steel
output
were
for
mixed in their
the
week ending
estimated by American Iron and Steel
Institute at 48.6% of capacity, against 50.9% a
ago, 56.1% a month ago, and 32.0% at this
week
time last
year.
Production of electric
power
is
re-
ported for the week ended April 22 by the Edison
Electric
2,170,
Institute
at
2,199,002,090
kwh.
against
j371,000 kwh. in the preceding week and 1,951,-
456,000 kwh. in the similar week of last
year.
Car
Volume
loadings of
Chronicle
Financial
148
freight for the week to April 22
revenue
stocks
reported by the Association of American Kail-
are
roads at
558,706
from the
level of the
which is
rise of 10,890 cars
a
changes
week of 1938.
same
depressed.
Anglo-American favorites
maintained in the otherwise weak international section. After early uncertainty, Tuesday,
prices improved on the London market and net
were
preceding week and of 34,958 cars over the
cars,
were
2479
'
were
small.
The budget presentation was
of the commodity mar-
due after the close of trading, and only small brac¬
kets, the May option for wheat in Chicago closed
tional variations appeared in gilt-edged issues and
yesterday at 73%e. as against 69%c. the close on
industrial stocks. Mining issues and international
issues also held close to former levels. A degree of
cheerfulness developed, Wednesday, on the basis of
the unchanged basic income tax rate in the budget,
for the increases in other forms of taxation were
anticipated. Gilt-edged issues were dull, but industrial stocks improved as a whole. Mining, oil and
rubber shares were neglected, while Anglo-Americaii issues led the international group to lower
prices. Hardly any business was done Thursday,
pending the speech by Herr Hitler. Modest liquidation was the rule and gilt-edged issues again suffered, while industrial stocks and commodity
As
indicating the
course
Friday of last week.
May
at Chicago closed
corn
yesterday at 48%c, as against 49%c. the close on
May oats at Chicago closed
Friday of last week.
yesterday at 31%c.
against 30%c. the close on
as
Friday of last week.
The
price for cotton here in. New York
spot
closed
yesterday at 9.20c.
against 8.87c. the close
as
The spot price for rubber
Friday of last week.
on
as
against 15.82c. the close
Friday of last week.
Domestic copper closed
yesterday was 15.88c.
on
yesterday at the split price of 10%c. to 10%c. as
against 10c. to 10%c. the close
•
In London the
20
3/16
ounce
on
as
the
of
matter
the
cable transfers
on
Friday of last week,
International
securities
drifted lower with the rest of the market.
Prices
Hitler's address at least made the international
situation
no worse.
All sections joined the
move-
A firm tone
at
was
reported
on
the Paris Bourse
when trading was resumed for the week on Monday,
New financial decrees of the Daladier regime were
regarded as another turn to the Right, and gains
Friday of
on
last week.
were
recorded in rentes and French equities, while
some
against 2.64%c. the close
as
declined.
advanced broadly yesterday, in the,belief that Herr
cable
yesterday at $4.68% as
Paris jclosed yesterday
on
also
ment.
foreign exchanges,
London closed
on
against $4.86 1/1? the close
2.65c.
yesterday at 42%c,, the
Friday of last week.
on
transfers
and
against 20 pence per'
Friday of last week, < and spot
silver in New York closed
In
shares
.
price of bar silver yesterday was
pence per
the close
ounce
close
Friday of last
on
week.
-
international issues also improved.
ing
v
European Stock Markets
on
dencies
,
Tuesday
soon
was
The
open-
depressed, but advancing ten-
developed
owing
to
reports
that
exchanges in the
QUIET sessions and irregular price trends were ward augmenting the anti-aggression front. ClosBritain would employ conscription as a means tothis
noted
week
on
stock
leading European financial centers, with international
problems of
or
still dominant
peace
Traders and investors remained aloof
everywhere.
at
war
London, Paris and Berlin, pending the
disclosure,'
yesterday, of Chancellor Hitler's reaction to the
challenging appeal made two weeks
dent Roosevelt.
The
British resort to
ment of the
by Presi-
ago
highly sensational announce1
conscription proved
only mildly perturbing to the financial markets, for
it
was
realized that this
of the
•
more
affairs
as a
the British
casioned*
of
reflections
and
financial decrees
or
on
Tuesday
that
peace.
Similarly,
changed materially*
were
on
accepted quietly
the larger prob-
The Berlin Boerse marked
time, pending the address by Herr Hitler.
changes in all the European centers
and it may
not of
a
oc-
London
the
on
expenditures.
Paris, with interest centered
war
reflection
notwithstanding the sharp in-.
taxation
the direction of Gallic affairs
of
mere
Also indicative is the fact that
minor
Exchange,
lem
a
budgetary presentation
only
crease
in
is
significant developments in European
whole.
Stock
French
move
Price
modest,
were
be added that industrial reports
nature to influence the trend
one
were
way or
another.
Dealings
the London Stock Exchange
were ex-
uncertainty prevailed both with regard to the
international
problems and to the internal budget-
question.
Gilt-edged issues fell because of the
ary
belief that fresh
a
balanced
sues
moved
,
a
little ground.
departures from the principle of
budget
were
in prospect.
Industrial is-
narrowly in either direction and mining
The situation
was
unchanged
on
Thursday, despite indications that gold was moving
back to France.
Small gains and losses were regis-
tered in rentes and French equities, while interna-
tional issues were similarly irregular. Advancing
tendencies resulted, yesterday, from a fairly favor-
able view of the speech by Herr Hitler, but the gains
moderate.
Business on the Berlin Boerse was started on
Monday in an indifferent atmosphere, tvith small
were
losses more numerous than the equally minor gains,
The obvious tendency was to await further develop-
Fixed-income
issues were completely neglected.
The tone was
better on Tuesday, but movements again were small,
Leading speculative favorites managed to show
ments in the international sphere.
small
on
ceedingly modest in the initial session of the week,
for
ings were modestly higher in rentes and French
equities. International securities likewise enjoyed
greater favor among traders and investors. Move-:,
ments on Wednesday were mostly adverse, owing to
the universal, uncertainty regarding the speech
which Chancellor Hitler proposed to make in reply
to Mr. Roosevelt.
French rentes and. equities
dipped modestly, and international issues also lost
gains at the end, but fixdd-interest obliga-
tions continued to drift lower.
Announcement was
made Wednesday that the Boerse would close early,
yesterday, so that all members would have an opportunity to hear the speech by Herr Hitler. This
^further impressed the Berlin market and confirmed
the impression that the event might prove of high
importance. The tone was irregular in all departments.
Pending the Hitler speech, little trading
Small fractional
Thursday at Berlin.
done
was
APnl 29> 1939
reincorporation of Danzig as a Free State within
the German Reich, a sovereign German highway
and rail route across the corridor to connect Germany proper and East Prussia, a free harbor at
Danzig for Poland, acceptance of present bound-
Financial Chronicle
2480
variations were
reported in either direction.
Few
noted in the early trading at Berlin,
market closed in advance of
changes were
vesterday, before the
Hitler's address.
Herr
aris of the two
Chancellor Hitler Replies
0f
countries
as
final, a 25-year treaty
non-agression, and a guarantee of
Slovakian in-
CHANCELLOR Adolf Hitler madetoathe appeal dependencePoland and Germany,and Hungary.
long and tions like by Germany, Poland which must
largely pacific reply, yesterday,
Roosevelt for pledges of peace- and
by President
side
still
participation in a world conference for reduction
of armaments and the promotion of world trade,
point by point with the questions raised
tator dealt
rejecting the plea for a conference.
while still
The
important parts of the speech were directed,
more
and in this
however, to strictly European concerns,
for peaceful gestures.
announced several
connection the German Fuehrer
construction of
major vessels is limited to 35% of the British fleet,
citing as his reason for this "war-mongering" of
treaty whereunder German
naval
the
and
Britain
policy of encirclement which he
wise
son for the world-wide fear of war was attributed
solely to "unbridled agitation on the part of the
The decision like-
alleged is now the British aim.
made known that the German-Polish pact
was
of
friendship signed in 1934 will be ended, owing
to
Polish
and Corridor
problems.
As
outstanding" between ' Germany
and
On England, the only demand Germany
has to make is for return
the World War
'
of the colonies taken in
Herr Hitler admitted in his address that termina-
of
ter
with Britain is not a mat-
He referred to
great material importance.
the statement
assurances
held it
of
matter
a
must be
"Since
the circumstances.
cannot be
that
course
confidence
mutual
JSfeville Chamber-
by Prime Minister
lain that German
a
another, and in particular as regards internal
one
,
happenings in other countries." The serious corisequences of war which so alarm Mr. Roosevelt are
best known to the German people, Herr Hitler con-
settlement, he added.
tion of the naval treaty
and their journalistic
the necessary restraint and truthfulness as
regards the relations of the various countries to
organs
territorial"
Herr Hitler reiterated that there are no
France.
to "impose upon themselves
previous occasions,
on
agitation as mendacious as it is base."
He called upon responsible governments everywhere
proposals for settlement of the Danzig
Warsaw of
questions
press, an
movements and the rejection by
troop
He cited the numerous wars
in Europe since 1919 and the conflicts in the Americas, adding that Germany was not concerned in
any of the martial struggles.
During the same
period, Herr Hitler declared, the United States was
concerned in six military interventions. The rea-
He denounced the Anglo-German
grave measures.
Mr. Roose-
dictator indicated that he took ■
the method of addressing the Reichstag on the matter because he received the American communication only after having read about it in the press,
It is not Germany that has made war in recent
years, the German leader said in answer to the plea
velt, the German
aspects of international affairs
the most vital
remarked.
Launching into his lengthy reply to
,
.
managed to be conciliatory
by Mr. Roosevelt, and
on
lessly, Herr Hitler
the German die-
Addressing the Reichstag at noon,
Na-
live
by side, would be well advised not to make life
harder for each other artificially and need-
trusted, and
treaty based on
regarded dissolved in
England today, both by
tended, owing to the impossible burdens placed on
the Reich by the Versailles settlement.
All of his
settlements have been carried out without military clashes, Herr Hitler stated, and he added that
he is unaware of any threat of German breaches of
the peace.
He professed inability to- understand
why responsible leaders, instead of cultivating good
relations, make them more difficult by recalling
own
^Ambassadors.
In reply to Mr. Roosevelt's comment that three
and confirms this by a policy of encirclement known
nations in Europe and one in Africa have seen their
to us, the basis for the naval treaty has been reindependent existence terminated, Herr Hitler demoved," Herr Hitler continued.
"Should the
clared that the three European States merely were'
the press
British
lem of
at the
and
Government, however, wish to enter once
into
more
,
and officially, upholds the view that Ger-
should be opposed, under all circumstances
many
negotiations with Germany
armaments,
the prob-
would be happier than I
prospect of still being able to come to a clear
straightforward understanding."
On the Polish
less
no one
on
question the German dictator
was
conciliatory, and this part of his address must
be considered ominous in its
reincorporated in the German Reich., The nation in
Africa which lost its fredom, he said, merely is
another among those which have been made subject
to the sovereignty of other nations by bloody force.
The rumors that further acts of aggression are contemplated, which Mr. Roosevelt mentioned, were
denied as unfounded insinuations. "If Mr. Roose-
Because
velt really has any specific instances in mind," Herr
large numbers of
Hitler said, "I would ask him to name the States
troops to the colors and has rejected what he called
which are threatened with aggression and to name
implications.
the Polish Government has called
a
just solution of the Danzig and Polish corridor
difficulties, Hitler said he regarded the 1934 tenyear
pact
of non-agression
like Czechoslovakia
pressure
of
a
must call up
ment
declared.
thereupon
"Poland,
believes under the
lying international campaign, that it
proceeding in
Fuehrer
terminated.
year ago,
troops, although Germany
has not called up a
of
a
single
any
no
her part
thought
against Poland," Der
Details of
were
and has
man
way
on
the,proposed settle-
disclosed.
These include the
the aggressor in question.
It will then be possible
to refute these monstrous general accusations by
To Mr. Roosevelt's request for
brief statements."
a
statement of German policy, Herr Hitler re-
marked that the
move
Germany to request
a
implied an equal right by
statement of American policy
with respect to foreign affairs.
If such a German
request were made, for instance, with respect to
Latin America, the United States doubtless would
refer to the Monroe Doctrine and decline to comply.
Volume
"We
Germans
support
quickly followed suit.
for
doctrine
similar
a
24813
Chronicle
Financial
148
More definitely than
for
Europe, and above all for the territory and the
some weeks, sentiment in Europe seemed to turn
interests of the German
toward the
Reich," Herr Hitler com-
But the German Government has
mented.
tion of
attempting such
Herr
Hitler
no
inten-
no
Prime Minister Neville Chamberlain made the
before the House of Commons,
tactless move, he added.
a
optimistic view that there will be
more
hostilities, for the time being at least,
announcement
posed the question how Mr. Roose-
velt has learned which nations consider themselves
Wednesday, that compulsory military service would
threatened
nations, Herr Hitler remarked that he had taken
be introduced in order to place England on a better
defense basis. "We are not at war now," said Mr.
Chamberlain, "but when every country is training
all its resources to be ready for war, when con-
the trouble to ascertain from the States mentioned
fidence in the maintenance of
whether
mined and everyone knows that if war were to come
we might pass into it in a matter not of weeks but
hours, no one can pretend that this is peacetime in any sense in which the term could fairly be
to the
answer
will
whether the
felt
they
rule
that
After
of
sarcastic
some
Ireland
over
some
Roosevelt
the
used."
men-
and
mentioned
2,000 to 5,000 kilometers
are
from
Reich, Herr Hitler nevertheless offered to give
assurances
of the kind
provided they
concerned.
not like to
vide
suggested by the President,
requested directly by the States
were
immediate
pass
to pro-
the
United
011
States itself and the other States of the American
continent.
attacks
Assertions that
the
on
Americas
labeled
w*ere
conscription bill
untruths," which could only have
their
stupid imagination.
origin in
a
.
suggestion by Mr. Roosevelt
in
a
long and bitter explanation of the treatment
of
the
Reich
in
Versailles
at
Herr Hitler's
and
the
endeavors
by
predecessors to rectify that treatment
subsequent
conferences
and
in
the
League of
•
immediate action
Nations.
-
,
..
on
land in the event of need.
The
Rumanian Government also has been reported
-
^
European ,War Preparations
indication of Great Britain's
That the British conscription move has its diplomatic angles is quite apparent, for full implementation of the miltaal Anglo-Polish guaranties has been
said in some quarters to be dependent upon such
readiness by London to assume the full burden of
turned down
wras
as an
determination to share fully in the anti-aggression
campaign.
The confer-
ence
Thursday that they ought
Continent that "Great Britain is ready
on
"rank
as
on
fight to the last French soldier," and urged the
Germany contemplates
frauds and gross
is temporary and possibly will
^is critical juncture force a general election
issue- He called attention to the current
ncd
regarding
assurances
move
Chamberlain argued
The German dictator added that he did
permit the opportunity to
The
t>e abandoned if and when the current difficulties
diminish. It was calculated that something over
300,000 men can be called under the bill, with the
usual rejections for military unfitness likely to re¬
duce
actual draft to about 200,000 men a year,
Laborites promptly objected to the step, but Mr.
Mr.
by
away
is being under-
The Reserve and Auxiliary Forces Bill thus
follow.
to
Palestine, and the
States
the
references
peace
introduced by the Prime Minister makes possible
the calling to the colors of men between the ages of
^0 and 21, with a training period of six months to
not in possession of their freedom
are
States.
British
fact
States
of the
some
occupied by the military agents of demo-
are
cratic
was
inquiries could not be made, he pointed out,
because
and
The reply
instances strongly so,
some
Of
and
made at their
was
with their consent.
Herr Hitler declared.
specific
threatened,
themselves
negative, in
31
invade
inquiry by America
or
cases
tioned
forces
armed
they
suggestion
In
do not.
which
and
request for assurances that Germany
with
not
in all
Germany
by
,
anxious to
see
the British better
as
prepared for early
EUROPEAN moves and counter-moves continued also It is possible thatnegotiations has aentry of
action.
the matter for bearing
during most of the .week
endthe dragging
at full tilt
upon
now
ing, while all the world waited for the reply of the
Russia and Turkey into the Anglo-French
Germank Chancellor
Late last week it was indicated in
the
to
appeal made by Presi-
dent Roosevelt two weeks ago.
portant
British
occurrence
was
by
henceforth
will
Resort
be
to
to
times, is
peace
wdiich
reason
part
a
to
a
affairs have deteriorated.
There is
some
believe, however, that the step is in good
maneuver
to
convince
the
new
allies
of
Britain
finally
means
paign.
Even this right-about-face by England failed
in
Eastern
Europe
that
London
business in the anti-aggression
cam-
change the general European situation to
great degree.
Russia
with
and
Rome-Berlin
Fresh efforts
were
made to
Turkey into the Anglo-French
results
that
axis
versations in Moscow with his chiefs, and
conscription in England, during
are
made
not
a
too
encouraging.
little progress in
any
bring
camp,
The
to
were
Ivan Maisky,
the Soviet Ambassador to London, completed
coun-
perturbing indication of the degree
anti-aggression • arrangement
the Far East as well as Europe.
cover
employed to augment the mili-
Great
to
Only if the
the
Government, Wednesday, that conscription
tary strength of the anti-aggression bloc of
tries.
Russia would effect an alliance with Great Britain
By far the most im-
announcement
an
camp.
Moscow that
on
con-
Thurs-
day indicated that his Government might be willing
.
to help in the task of curbing aggression in Europe,
Turkish spokesmen
remained taciturn, and explana-
tions in some quarters that Turkey preferred not to
the German authorities are not quite
annoy
vincing.
over
the
German spokesmen
British
were
conscription
con-
little concerned
move,
which
they
affected to regard as mere "subsidized athletics"
because of the short training period.
more
In Italy
sober view was apparently taken of the
a
mo-
mentous British decision, although some (derisive
comments also were made at that end of the axis.
Yugo-
In other respects much confusion prevailed as to
slavia, and Berlin moved to increase its influence in
the actual course of affairs on the European eonti-
Lithuania.
After
some
vacillation the British Gov-
nent.
After
a
series of reports
and denials,
ernment sent its Ambassador back to
the German
Nevile Henderson was returned last
capital,
Government
British
Monday,
and
the
French
ambassadorial
post
at
Sir
Monday to his
Berlin,
and
the
Financial
2482
French
Berlin
Robert
Ambassador,
Coulondre,
These
thereafter.
soon
moves
went
to
the im¬
gave
pression in some quarters that British appeasement
be tried
might
policies
officials
entertained
Minister, Grigore Gafencu,
and
said to be
were
him.
some
for
Yugoslavia
Venice,
and
with
axis
group
Yugoslav
Cincar-Markovitch.
point
Brit¬
Foreign
the last week-end,
over
plainly
on
generally
was
that
Rumanian
a
making
was
its
own
account,
considered to be
after
conversations
in
the week-end, between Italian officials
over
the
the
in the Balkans
progress
aligned
by pretending for
discussing trade matters with
Rome-Berlin
The
but German
busy for conferences with him.
authorities
ish
Nevile
Sir
snubbed
time to be too
again,
once
Foreign
In
Minister,
Alexander
Belgrade the official view¬
promulgated that Yugoslavia must try/
to be friendly with all its neighbors,
Some im¬
was
portance attaches, on the other hand,
to
adjust¬
Chronicle
made sharply apparent by the Chancel¬
was
crease
lor in
April 29, 1939
statement that defense outlays amounted to
a
approximately £400,000,000 last
raised this year
"cruel
the
borrowing."
the nation
all
must
basic income tax rate of
share, he added,
27%%
one
marked
taxes
be increased
to
are
Jan.
next
tobacco and sugar.
on
The
Death duties were,
upward, and additional imposts
nounced
were
in
precipitously, beginning
form of
the
a
tax
reduction in the tax
small
was a
theater tickets.
on
was
photographic
on
The only concession
plates and films.
an¬
Automobile license
1, and an entirely new excise levy
announced
he
as
left unchanged,
was
but surtax rates were advanced.
"The bud¬
get had an unmistakable soak-the-rich flavor," said
London
a
dispatch to the New York "Times," "as
if to make
Yugoslavian
ing people of the country."
ment
was
affairs
attain
to
for
many
An
years.
agree¬
conscription
palatable to the work¬
more
reported, Wednesday, whereunder Serbs
and Croats will
join in
federation.
real
a
French
Cabinet and attempt
a new
It
was
reported
Wednesday that the German authorities
were
on
en¬
Finances
FRESH financialhard-pressed people of France,
burdens were placed; on the
backs
the
of
deavoring to make special trade agreements with
late last
Lithuania, whereunder barter arrangements might
Finance Minister Paul
be extended.
ity granted by the Parliament.
The Mediterranean
fresh attention
the British fleet
as
Malta to the eastern part
fleet started its
'man
area
in for
came
shifted from
was
of that
sea
and the Ger-
maneuvers
off
the
coast
Spain.
of
week, by
series of decrees announced by
a
15,060,€(H),000 francs
of
of extremes introduced
ple's Front regimes which
Exchequer Sir John Simon made before the London
Parliament, Tuesday.
national
able
situation
for
the
The exigencies of the inter¬
apparently have made it advis¬
regime
Neville Chamberlain
headed
by
abandon
to
Prime
all
Minister
pretense of
a
fiscal
a
balance, and to resort to deficit financing on
huge scale. Tax increases of various sorts were
announced
less than
for the year which
began April 1 will be met through defense loans.
as
principle of conscription finally adopted,
announced
some
on
Wednesday by Mr. Chamberlain,
question exists
fiscal
as
to whether
even
the
year
which ended
March
large
During
31, last,
new
borrowing by the Government amounted to
£128,050,000, which raised the debt to £8,163,000,000.
money
This
prodigious
sum now
is to be raised
even
higher/
by the only leading government which, through the
bitter
years
of the great depression,
stood stead¬
fastly by the principle of the balanced budget.
The budget presented
by Sir John Simon for the
current
many
British fiscal
year is a
ways.
amounted
debt
In
the
previous
grim document in
expenditures
year
tures
For the current fiscal year, however,
with tax
displaced by Pre¬
were
But. the
extraordinary demands of the French
In
extending the normal work¬
ing week and indicating that extra
time
will
hereafter
start
with
the
for
pay
46th
Reynaud pointed out that France has
over-
consists
a
of
population
a
86,000,000 people who work
week in munitions factories.
tax," M. Reynaud announced
a
estimated at
revenues
no
expendi¬
£1,322,000,000,
placed at £942,000,000 and bor¬
rowings at £380,000,000.
less than
The
reason
for the in¬
;
hour, M.
Only of 40,000,000, whereas the German nation
As
up
'
now
to 60
"arma¬
an
1% sales levy,
applicable to everything but bread and milk. Taxes
on
profits resulting from the armaments require¬
ments of France
of confiscation.
on
the other
raised
were
virtually to the level
Certain modifications
-
„
!
'
were
made,
7
*
;
hand, in license fees of traders and in
inheritance duties of agricultural landowners.
Reynaud
also
indicated
would be reduced
of civil
measures
were
warned.
strength
He
referred
franc
gold
tion
grown
fund
had
Bank
a
new
M.
costs
adopted, the Finance Minister
stated that the
the transfer of
government
Inflation would result if such
not
of the
that
through reduction of the number
employees.
with
in
exchange
reserves
to
a
satisfaction
to
the
markets, and
of the French stabiliza¬
degree making possible
5,000,000,000 francs of metal to the
of France.
M.
Reynaud also indicated that
loan would be announced
£939,990,000, including £13,219,181 of
amortization, while revenues totaled £927,-
are
than
more
soon.
to
285,000 after inclusion of the receipts from borrow¬
ings.
the
burdens.
;.
borrowings already scheduled will suffice.
the
meet
hours
£380,000,000 of expenditures
With the
to
defense
ments
no
To
strictly financial decrees represent further attempts
meeting the rapidly rising defense bill.
Regretfully, Sir John indicated that
name
by the Peo¬
mier Edouard Daladier and his associates.
by the Chancellor, but these will fall
far short of
to be little
measures appear
rectification
Budget
BRITISH, presentation which Chancellor of the
defense requirements dominated the
budget
Increased taxes of
announced, in the
were
extended to 45 hours from 40 hours.
was
degree the
a
Reynaud, under the author¬
"peace and liberty,", while the normal working
week
a
'
British
;
budget
our
The burden is
proceeded to outline various tax increases.
ments of the internal difficulties which have marked
/
Sir John deplored
necessity which transforms
and increases our
which
but would be
year,
to £630,000,000.
China and Japan
NEW andadopted effective tactics Government have
highly by the Chinese apparently and
been
people in defense against the undeclared
Japanese militarists forced
years ago.
With the
season
upon
war
which
them, nearly two
for military operations
.
Volume
now
well
Financial
148
who
rely
against their invading oppo¬
mainly
mechanized
upon
units.
2483
Discount Rates of Foreign Central Banks
advanced, it appears that the Chinese have
assumed the offensive
nents,
Chronicle
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates of any
Long and relatively thin lines of Chinese soldiers
banks.
are
shown in the table which follows:
this
reported
week
to
forward
moved
have
Present
along much of the front established by the invaders,
and
some
by this
important military points were retaken
Guerrilla operations
means.
Japanese lines
intensified
were
as
behind the
part of the tac¬
tic, which added to the confusion of the invaders.
Unable to send their mechanized forces
troop
against
of
a
lack of progress.
densely-settled
is open to
Chinese
and
Unless
destined to continue for
view
In
question.
of the
in¬
meas¬
unexpected Chi¬
an
obviously
their
Japanese limitations of
be carried
cannot
early stages,
prospects
not
are
is
It
farther.
much
measures
The
are
only
the other hand, and the
on
discouraging to the friends of
always to be remembered,
however,
under¬
an
3X
Mar.
July
Bulgaria
6
Apr. 17 1939
Aug. 15 1935
Bolivian
Dictatorship
in
Bolivia,
last
Monday,
by
the
youthful President of^that "Republic," Lt.-Col. Ger¬
Busch, who issued
The
manifesto assuming all
a
for the action is not entirely
reason
clear, and probably relates to
of internal
form
one
or
vious
Rate
2
Dec.
2 1936
2X
Hungary
4
Aug. 29 1935
India
3
Nov. 28 1935
4X
3X
7
Italy
4X
May 18 1936
6 1936
Apr.
5
14 1937
4
2^
Mar. 11 1935
3
Dec.
16 1936
A
Java
4
July
18 1933
5
Lithuania
_____
Colombia.
_
Japan
3.29
3
Morocco
vakia____
'
3
5
__
Jan.
6H
___
another
dissension, for President Busch already
1 1936
3X
Norway
2 1937
5
Poland
Denmark..
3X
4X
Jan.
Jan.
3X
Feb.
23 1939
4
Portugal
4
Eire
Aug. 11 1937
4X
3
June 30 1932
3H
Rumania
3X
2
May
5 1938
England
June 30 1932
Estonia.
4X
4X
4H
Oct.
1
Finland-.-^
,1
4
Dec.
3 1934
2
Jan.
2 1939
Germany
4
6
France
Greece
i
___
__
South Africa
3x
5
July
Sweden..
2X
Dec.
Switzerland
IX
Nov. 25 1936
Sept. 22 1932
5
Yugoslavia.
5
Feb.
Jan.
7
4 1937
w.-
The manifesto made much of the "economic crisis"
Senor Busch
,
country needs
order,
work
morale, to' fulfill its destiny," he said.
invitation for the investment of
extended, along with
an
amount of currency was
in circulation, £489,261,893*
holdings of the Bank decreased £89,735 accord¬
Gold
ing to the current statement and this, added to the
rise, resulted in
currency
The value
was
148s.
used
decline of £4,166,000 in
a
placed
6d., the
on
the Bank's gold this
the market, and the
same as
by the Bank in the four previous weekly
statements.
Public deposits rose £4,828,000 while
deposits decreased £6,289,014.
Of the latter
other
amount, £5,048,372
was
£1,241,642 from other
from bankers' accounts and
accounts.
The proportion of
reserves to
26.7%
however/ and -all constitutional
Some
300
a
deposit liabilities dropped to 24.3% from
week before, and compares with 23.6% a year
giiaranties. with¬
Army officers
securities
fell
off
£5,180,000
rose
£2,452,548.
securities, £570,862
advances, and £1,881,686,
in
was
Of the
in discounts
securities.
We
show below the different,items with comparisons for
preceding
years:
;
'
BANK OF ENGLAND'S
COMPARATIVE STATEMENT
April 26,
1939
Circulation.
£
April 28,
1937
April 29,
May 1,
1935
1936
489,079, 000 489,261, 893 468,816,326
26,956, 000
10,889, 533 26,161,354
Public deposits
Other
April 27,
1938
£
was
dissolved,
was
416,876,245 392,578,531
7,453,467
8,007,373
129,014, 187 149,800, 605 127,143,770 143,736,542 156,547,683
deposits
Bankers' accounts
91,424, 789 113,288, 096
87,565,860 104,704,589 115,522,833
39,577,910 39,031,953 40,024,850
97,729,891 101,329,660 104,871,044
27,435,604 20,931,152
15,876,215
Dlsct. & advances.
6,171, 403
7,063 ,685
5,467,958
8,290,231
6,002,842
Securities..
22,343, 415
19,379, 556 21,967,646 12,640,921
8,973,373
Reserve notes & coin.
38,008, 000
37,961, 285 45,853.611 46,646,113 60,631,849
Coin and bullion
227,088, 885 327,223, 178 314,669,937 203,522,358 193,110,380
_
Other, accounts
37,589, 39,8
36,512, 509
107,156, 164 113,996, 164
Other securities.....
28,514, 818 26,443 241
Govt, securities
from
throughout the country were reported
and
and
that extremist
Congress
2
6X
an
A virtual
foreign capital
assurance
tendencies will be avoided.
drawn.
which
thought' necessary for dealing with the
"The
3
1 1935
bringing the total outstanding to £489,079,000. On
the corresponding date of 1938 about the same
decrease in other
situation.
5
1 1933
THE statement for the week endednote circulation
April 26 shows
expansion of £4,075,000 in
tatorships when he decided to issue his declaration.
ft
15 1935
Bank of England Statement
other
.
6
May 15 1933
Spain
while
measures
4
17 1937
5
Government security holdings
i
5 1938
Dec.
4H
2H
1935
ago.
facing Bolivia, and of the strong
5X
4X
Jan.
enjoyed all the prerogatives of Latin American dic¬
u
3.65
1 1938
July
May 28 1935
4
same as
'VERY semblance of democratic government was
discarded
Date
Established
Holland
2X
Canada
week
power.
__
Pre¬
Effect
Apr. 28
1 1936
4
Country
1 1936
4
Belgium
reserves.
standing of Oriental affairs and tendencies.'*
man
Rate
are
war
man-power
that Western standards do not suffice for
E
vious
long time to come.
a
supplies, the conquests of the Tokio militarists
China.
Rate in
Date
Established
Batavia
centers
Danzig
centers: were
attritions of the Chinese defense
in
were
capitulation takes place, the Sino-Japanese
seems
any
Airplane bomb¬
creased, but the military effectiveness of such
nese
Pre¬
Effect
Apr 28
Argentina
leading
Chile.
concentrations, the Japanese
forced to admit
ures
Rate in
Country
the
at
Czechoslo-
Chinese
ings
rates
garrisons'
on
Wednes¬
day to have pledged fealty to the heightened dicta¬
Proportion of reserve
torship, and President Busch then announced that
regime
and
ous
was
sincere
preparing to set
up
"authentic
an
regimes had been corrected.
sense
neither
extremist.
rightist
"It is
nor
a
the term
ordinarily
leftist, neither fascist
government," said the 35-year-
dictator, "in which all energies of the country
being marshaled for the sake of progress and
country."
as
Friday of last week, and
last week.
as
on
13-16@1}4% for three-
against 1 5-16@l%%
Money
y2%. At Paris the
on
and in Switzerland at
call at London
open
on
on
Friday of
Friday
market rate remains at 2
1%.
84s. ll^d.
30.85%
2%
37.01%
2%
84s.
ll^d.
2%
84s.
ll^d.
to
April 20 showed
in
gold holdings.
was
a
gain of 5,000,000,000 francs
The gold
Bank from the Exchange
accumulated it
had
over
was
transferred to the
Equalization Fund which
a
period.
It is the first
change of consequence in the Bank's gold reserves
thejrevaluation of Nov. 13, 1938.
the gain
IN LONDON open market discount against ]/%%
rates for short
bills
Friday
%@15-16%
months' bills
29.9%
2%
ll^d.
REFLECTING the substantial return for the week
tal
France, the Bank statement flow of capi¬
since
Foreign Money Rates
were
84s
Bank of France Statement
nor
are
on
6d.
'
ended
old
betterment of the
2%
148s..
He denied totali¬
used, and declares that his government would
be
23.6%
24.3%
_____
Gold val. per fine oz.
democracy," when the abuses of previ¬
tarian tendencies in the
is
to liabilities—___
Bank rate
the
Attending
in bullion was an expansion of 964,000,000
francs in note
circulation which raised the total out¬
standing to 123,064,000,000 francs, compared with
97,257,824,185 francs a year ago.
cial
bills
French
namely 260,000,000 francs
also
recorded increases,
and
3,854,000,000 francs respectively.
tion of
commer¬
discounted and creditor current accounts
gold
on
hand to sight liabilities
The
propor¬
rose to
63.75%;
Financial
2484
a
it was 45.95%. A decrease appeared in
bought abroad of 3,000,000 francs and in ad¬
April 29, 1939
Chronicle
New York
Money Rates
year ago
bills
vances
against securities of
66,000,000 francs, while
advances to State remained
the item of temporary
Following are
unchanged at 20,576,820,960 francs.
with comparisons for previous years:
the various items
ruling quotation all through the week for both new
loans and renewals.
The market for time money
The only transactions reported were
at rates previously reported.
continued nominal at 1%% up to 90 days and
quiet.
continues
occasional. renewals
STATEMENT
FRANCE'S COMPARATIVE
BANK OF
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
Rates
Changes
for Week
Apr. 20, 1939
Apr. 21, 1938
Apr. 23. 1937
Francs
Francs
Francs
Francs
92,205,942,141 55,806,959,832 57,358,852,947
Gold holdings.----- + 5,000,000,000
11,492,191
34.026,562
*13,842,551
Credit bals. abroad.
aFrench commercial
—3.000.000
circulation-...
Credit current accts.
* Figures as of April 6, 1939.
Includes bills purchased in
France,
b Includes bills discounted abroad,
of revaluing the Bank's gold under the decree of Nov. 13,
the Bank's books representing temporary advances to
wiped out and the unsatisfied balance of such loans was transferred
process
three entries on
were
non-lnterest-bearlng loans to the State.
'
Bank's gold (at 27.5 mg. gold 0.9
Revaluation of the
13, 1938. was effected in the statement
that date and from June 20, 1937, valuation had been at
decree of Nov.
fine per
was
55.19%
45.95~
63.75%
+ 1.40%
a
entry of
that time and subsequent to Sept.
franc, and before Sept, 20, 1936, there were
per
c In
1938, the
the State
to a new
fine per franc), under the
of Nov 17, 1938, prior to
the rate of 43 mg. gold 0.9
franc* previous to
49 mg.
20, 1936, the value
65.5 mg. of gold to
Bank of Germany Statement
a
marks, which
brought the total outstanding down
7,649,400,000 marks. Notes in circulation a year
aggregated 5,283,082,000 marks and the year
before '4,389,548,000 marks.
Reserves in foreign
currency recorded an increase of
100,000 marks,
silver and other coin of 15,807,000 marks, advances
"to
ago
marks, other assets of 173,094,000
other liabilities of 1,450,000 marks.
The^
1,000,000
marks and
remained unchanged at 70,772,000 marks, compared with 70,773,000 marks a
year ago. ' The proportion of gold and foreign cur¬
rency to note.circulation is now at 1.00%; last year
it was 1.44%.
Bills of exchange and checks and
other daily maturing obligations showed decreases of
480,900,000 marks and 80,200,000 marks respec¬
tively.
Below we furnish the different items with
Bank's
gold holdings
comparisons for previous years:.
•
7 REICHSBANK'S COMPARATIVE
1
extremely limited and the
class bills is
been very
market has
There has been no change in rates.
as reported by the Federal Reserve
York for .bills up to and including 90
quiet.
Dealers' rates
Bank of New
days are 34% bid and 7-16% asked; for bills running
9-16% bid and 34% asked; for five
months, %% bid and 9-16%
for
bills
Reserve
from
»
Reichsmarks
Assets—
Discount Rates of
70,772,000
10,572,000
6,000,000
abr'd
for'n currency
Of which depos.
Bills of exch. & checks..
coin—
Advances
No change
+100,000
—480,900,000 6,948,400,000
201,101,000
+ 15,807,000
35,800,000
+ 1,000,000
No change
Investments.
Other assets--
—
Liabilities—
+
992,510,000
173,094,000 1,507,105,000
Reichsmarks
Reichsmarks
68,210,000
70,773,000
19,219,000
20,333,000
5,981,000
5,437,000
5,067,802,000 4,371,751,000
272,298,000
242,663,000
38,623,000
41,347,000
429,646,000
417,794,000
780,048^000
1,640,625,000
Other liabilities.
—136,400,000 7,649,400,000 5,283,282,000 4,389,548,000
763,559.000
—80,200,000 1,046,100,000 1,318,225,000
169,154,000
220,492,000
553,817,000
+ 1,450,000
(Propor'n of gold & for'n
curr. to note circul'n.
V
Notes in circulation
Oth. dally matur.
obllg.
•
1.00%
+0.02%
1.44%
1.69%
.
the Federal Reserve Banks
THERE have rates of the Federal Reserve banks.
rediscount been no changes this week in the
is the schedule of rates now in
The following
for
the •' various
of
classes
paper
at
effect
the different
Reserve banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
\'
Rate in
Effect on
Dale
Precious
Apr. 28
Bank,
Federal Reserve
Established
Rate
2
2, 1937
1H
New York...--
1
...
Philadelphia.
:
Sept;
Aug. 27,
IX
Boston*
4,1937
May 11, 1935
2
IX
1987
Sept.
IX
Cleveland
2
Aug. 27, 1937
Aug. 21, 1937
2
IX
Chicago
IX
Aug. 21, 1937
2
St. Louis....--
IX
IX
Sept. 2, 1937
Aug. 24, 1937
2
IX
Sept.
3,1937
2
IX
Aug. 31, 1937
2
IX
Sept.
3.1937
2
Richmond
1
Atlanta
;
Minneapolis.-.-:
Kansas City
IX
j
:i.
San Francisco
Course of Sterling
1939 Apr. 23, 1938 Apr. 23, 1937
Reichsmarks
No change
Gold and bullion
Sliver and other
Apr. 22,
7
$560,000 to $562,000.
Dallas.
STATEMENT '
asked. The bill-
York Reserve Bank is 34%
running from 1 to 90 days. The Federal
Bank's holdings of acceptances increased
buying rate of the New
Changes
for Week
Res've in
7
Bankers' Acceptances
•
THERE has been a fair demandthe supplybankers'
acceptances this week, but for prime of high
and six
THEfurther decline in note dated Aprilof 136,400,quarterly statement circulation 22 showed
of
%@%% f°r all
Rates are unchanged at
light.
maturities.
for four months
the franc.
,000
been
20,576,820,960 40,133,974,773 19,999,028,908
No change
Propor'n of gold on
hand to sight llab.
the
prime commercial paper has been quiet this week.
The demand shows a slight decline and the supply has
+ 3,854,000,000
Temp. advs. with¬
out Int.to State..
„»
8,180,099,820
1,128,947,909
—60,000,000 3,309,000,000 3,659,952,990 3,683,467,810
97,257,824,185 85,169,929,190
+ 964,000,000 123064,000,000
21,719,000,000 24,190,167,589 18,756,817,199
Adv. against securs.
Note
8,401,000,000 10.237,757.830
810,011,481
743,000,000
+260,000,000
discounted.,
abr'd
bills
b Bills bought
The market
months' maturities.
134% for four to six
for
2
2
Exchange
STERLING exchange continuesextremelyand fluc¬
steady narrow
kept within
tuations
limits,
are
during
as
many
weeks past,
through the
funds. Trad¬
ing is limited and dollar exchange is in demand in
foreign centers, though this demand has somewhat
operations of the exchange equilization
The underlying con¬
lessened in the past few days.
ditions
continue
unchanged from the past several,
this week has been
weeks.
.
New York Money
Market
NO TRACE of change wasmarket, this week the
visible save for in
New York
the
money
funds as reflected in $4,120,reserves of member banks.
There
higher piling of idle
000,000 excess
was
little effective demand
rates were
bill and
less.
for accommodation, and
Bankers'
dull and life¬
unchanged in all departments.
commercial paper trading was
The Treasury
sold on Monday a further issue
$100,000,000 discount bills due in 91 days, and
awards were at 0.016% average, computed on an
of
annual bank discount
York
basis.
Call loans on the New
Stock Exchange held at
1% for all transac¬
again were 1%% for maturi¬
days, and V/2% for four .to six months'
The range for sterling
between
$4.67% and $4.68% f°r bankers' sight bills,
compared with
a
been between
range
The
$4.67% and
range
of between $4.67% and $4.68 9-16 a week ago.
Commercial factors,
have
practically
rates
at
no
this time.
it
may
bearing
be safely asserted,
upon
All the
foreign exchange
foreign currencies are
relatively steady in terms of sterling, with
States dollars
The
United
predominantly in demand.
flight of gold and foreign currency to the
United States dollar is the
the market and is
although the gold
ties to 90
have been
between
of
for cable transfers has
$4.68 and $4.68%, compared with a
tions, while time loans
datings.
range
$4.68% last week.
The rate
paramount influence in
likely to continue for some time
resources
of the foreign countries
severely depleted in the past few years.
for sterling in terms
of the dollar is the
Volume
Financial
148
of the flight of capital introduces another complication, and in this connection the Chancellor of the
Exchequer has taken the significant step of appealing
to private investors not to export capital at present by
buying foreign securities. Asked whether in order to
governing factor for quotations on all foreign cur-
dollar-sterling rate is kept steady within
The
rencies.
extremely
limits through the operations of
narrow
the
exchange equalization funds.
be little doubt that were it not for the
British and American
There
can
tripartite
agreement sterling
currency
juncture be ruling at
would at this
low rates and the pressure
pound would involve proportionately lower
the
on
very
quotations for all other leading currencies.
gold and investment money from
The outflow of
London is causing
renewed anxiety
British monetary
authorities.
which only in August,
000
on
the part of the
American gold stocks
1938, passed the $13,000,000,-
auth-
mark, much to the alarm of monetary
in not
States
more
than
On
few weeks.
a
International trade is
utterly demoralized and is
$31,000,000,000 (old dollar
that time
was
facilitate financing armament expenditures he was
proposing to take measures to prevent or control the
export of British capital for the purchase of foreign
securities, Sir John Simon made the following written
reply in the House of Commons on April 20:
"As the House has been informed on several
occasions, the purchase of foreign securities for resale
is already regulated by the Foreign Transactions
Advisory Committee and I am glad of this opportunity to express my hope that no such purchases
will be made for investment either.
valuation)
Investment
money
from London and the Con-
United States, but to
Canada and the South American countries.
The
of
gold and capital from London is
the
steady decline in deposits of the
efflux
reflected
in
London clearing
banks.
The decrease in deposits is
reflected in the higher money rates
bonds and it is
prove
It
in the London
market and in the decline in British
open
Government
thought that the trend will eventually
detrimental to Britain's easy money policy,
increase the cost of the Government's
It is pointed out
borrowing for armament purposes.
peak of the gilt-edge market in January,
1935,
on
about
proximately
a
on a
3.75% basis.
Street
"Wall
The
long-term bonds were
2.90% basis. They are now ap-
Government
British
selling
recently
"Total average
deposits to the 11 banks in the
November and now it is
£2,254,000,000 in*
£2,152,000,000 in March.
Current
July to £2,249,000,000 in
to
1
1
1.
.
ro
oon
ftnn
y,UU0,that in a little
figures compares with the record high Ot
000 in
over
January, 1938, which means
one
year
London bank deposits have shrunk by
«£177,000,000,
current
or
approximately
<
$828,000,000
exchange rates."
at
..
supply of short-term bills in the London money
market has been reduced materially in the past year,
The
The bill
portfolios of the clearing banks have dwindled
volume in inany years. In March the
to the lowest
combined
portfolio
averaged
only
£190,000,000,
compared with £305,000,000 last August.
.
of
The scarcity
the
of bills, the inactivity and uncertainty
London security
Exports
None
822,000 from Switzerland
$58,009,000 total
-
Net Change in Cold Earmarked for Foreign Account
•
Decrease: $9,392,000 .
Note—We have been notified that approximately $5,735,000 of gold was
received at San Francisco, of which $5,574,000 came from Japan and
siei.ooo from China:
The above figures are for the week ended on
Wednesday. On Thursday $208,000 of gold was
received from Canada, There were no exports of the
metal, or change in gold held, earmarked for foreign
account. On Friday $37,110,000 of gold was received
of which $33,955,000 came from England, $1,902,000
from Canada, $1,050,000 from India and $203,000
from Switzerland.
There were no exports of the
metal or change in gold held earmarked for foreign
account.
Canadian exchange is steady although it continues
to rule at a discount in terms of New York. Montreal
funds ranged during the week between a discount of
London stock brokers to form a
large syndicate to
the weekly allotment.
Many of the discount and accepting houses have for
a long time
been forced to hold Government obligations due to the limited volume of international
trade.
of strong support to sterling by the
Equalization Fund during the continuance
|
securities, have induced
apply for Treasury bills in
The necessity
'
v
.
$43/j3o!ooo from n'ofiami
^smIooo S Cahtda
market, together with the
rising yield on Government
British
Imports
,
House have been declining almost
accelerating again, dropping from
December
Reserve Bank of New York, was as follows:
gold movement at new york, april 20-april 26, incl.
steadily since last July, in two distinct waves of
withdrawals.
The first came from £2,309,000,000
in
.
Monday £181,000, on Tuesday £855,000, on Wednesday £457,000, on Thursday £558,000, and on Friday
*<£448,000.
At the Port of New York the gold movement to
the week ended April 26, as reported by the Federal
in
C
discussing the decrease in deposits:
London Clearing
*
:
stated
Journal"
.
,
will also
that at the
the
The British 1940 budget presented to the House of
Commons on April 25 carried a peace-time record of
around $3,000,000,000 for defense, representing
about 11.6% of the national income.
London money market rates are as follows: Call
money against bills %%, two-months bills 15-16%,
three-months bills 1%%i four-months bill 1K%>
and six-months bills 234%Gold on offer in the London open market continues to be reported as "taken for unknown destination," but much of the gold , is known to be
taken for shipment to New York on arbitrage account.
On Saturday last there was on offer £211,000, on
depressed and below the levels and
coming not only to the
tinent is
am sure
sense
deleterious to national interest."
channels familiar before 1914.
easy
I
of investors will indicate to them that the
export of capital at the present time when requirements for national defense are so great, would be
International trade at
recorded in 1929.
was
:
good
gold stocks reached $15,714,000,000.
far from the
which
$16,000,000,000
April 26 United
countries, will exceed
orities in all
2485
Chronicle
17-32% and a discount of 27-68%. The discount on
Canadian shows a tendency to grow narrower. The
Canadian financial position is strong and favorable
to the currency. Canada's deficit for the year ended
last March 31 was $55,666,000 on a total expenditure
of $532,343,000. The budget deficit for the fiscal
year April 1, 1939-March 31, 1940 is estimated at
deficit in the
$54,314,000, or within $1,500,000
deficit. This railway
for this purpose
Monday,
J_176.72
176.72
April 24__
Tuesday,
April 25
April 28
Friday
LONDON OPEN MARKET GOLD
Monday,
April 25
PRICE PAID
Friday,
148s. 5%d.
FOR GOLD BY THE UNITED
RESERVE BANK)
April 24__
Thursday,
_
April 25
176.73
will be
PRICE
April 28
148s. 6d.
last
was
April 28
35.00
steady.
Bankers' sight
was
$4.67%@$4.68; cable transfers $4.68@$4.68%.
On
Monday sterling was slightly firmer in limited trad¬
ing. The range was $4.67 15-16@$4.68% for bankers'
sight and $4.68 1-16@$4.68% for cable transfers.
On Tuesday the market continued dull and sterling
showed a slightly firmer undertone.
Bankers' sight
was $4.67 15-16@$4.68%; cable transfers $4.68%@
On Wednesday trading was largely at a
$4.68 5-16.
transfers
Cable
15-16@$4.68%.
$4.68 1-16@$4.6834On
Bankers' sight was $4.67
standstill.
were
Thursday sterling was steady in a dull market.
The
range
was
$4.67 15~16@$4.68 1-16 for bankers!
sight and $4.68@$4.68 3-16 for cable transfers. On
Friday the market continued dull and sterling was
steady.
The range was $4.67%@$4.68% for bank¬
ers' sight and $4.68 1-16@$4.68% for cable transfers.
Closing quotations on Friday were $4.67 15-16 for
demand
$4.68% for cable transfers.
Com¬
mercial sight bills finished at $4.67%, 60-day bills at
$4,663/2, 90-day bills at $4.65%, documents for
payment (60 days) at $4.66%, and seven-day grain
bills at $4.67%.
Cotton and grain for payment
closed at $4.67%.
./
v
and
Continental
and
Other Foreign
Exchange
a
drastic economic and
social program adopted by the French Cabinet on
April 22, Finance Minister Reynaud was at pains to
In announcing the
show the
greatly improved financial position of the
He stated that owing to the improved
republic.
Bank of France during the past
weeks
regarded
are
indicative of renewed
as
hoarding.
M.
Government is de¬
Reynaud said that the
termined not to have recourse to currency inflation
hoardings of
interest
rates
To further attract
stability.
to abandon currency
or
the
the Government has raised
the 6-, • 12-, 18-, and 24-month
savers
on
Treasury securities, as well as on the 90-day issues,
"
•
' • ' ;
'
has shown marked improvement
%%■
'
by
Belgian
currency
in the last few
week ended
between
The latter figure
16.78%. and 16.82%.
on
the
During
16.95.
belga is
April 21 the unit was weak and ranged
the
constitutes
except
days, both with respect to spot and
Par of the
futures.
This week,
gold shipping point.
Saturday last, the belga ruled well above
16.85, rising to 16.99 on Friday.
Belga futures
are
still at
a
sharp discount, but
On April 28,
greatly improved from recent weeks.
30-day belgas
with
rate, in contrast
April 21.
in the
11 points below the basic cable
were
discount of 50 points
a
The improvement in 90-day belgas is
Swiss franc and Holland
in the
As in the
case
of the
guilder, the improvement
belga is due largely to the decline in demand
for dollar
On
on.
seen
narrowing of the discount from 79 points on
April 21 to 29 points currently.
FRENCH francs continue exceptionally steady,
showing
degree of firmness in terms of the
the Finance
Extraordinary increases in the
18, and 24 months.
circulation of the
few
measure
attract the hoarded billions into
of investment, which will take a place
already existing bonds running for 6, 12,
type
beside the
,
.
pound.
this
35.00
authorizing the issue
which will be exempt
one
By this
tax.
income
Minister hopes to
$35.00
April 27
Referring to day-to-day rates sterling exchange on
Saturday
from
STATES (FEDERAL
is
three-year Treasury bonds
of
.
Friday,
complete confiscation.
Among the decree laws
Wednesday, April 20.
,,$35.00
35.00
35.00
Saturday, April 22,
__
the tax will amount to
Thursday,
April 24_____148s. 6d.
On profits ranging from 10% to 20%
80%, and over 20% there
170.73
176.73
Wednesday, April 20
148s, 6d,
April 27_,_„_148s. 6d.
Saturday, April 22,........ 148s. 6d.
Tuesday,
_
subsidiary contribution
A tax of 50% will be
a
all profits from 6% to 10% derived from
on
public orders.
Wednesday, April 20
Thursday,
April 27
Saturday, April 22-»-.„__-._176.73
.
imposed
LONDON CHECK RATE ON PARIS
will result in
expenditures.
armament
to
paid for gold by the. United States:
MEAN
by the imposition of a drastic levy on war profits,
are to be limited to 10%, and the taxes imposed
which
practically balanced.
Paris, the London open market gold price,
on
and the price
Tuesday,
war
Apart from the
tables show the mean London check
The following
Monday,
of the total budget
built.
railway deficit the budget is
rate
proceeds of a 1% retail sales tax on all products
except bread, milk and newspapers.
At the same
time the Government moved to take profits out of
the
deficit has been a constant factor
since the system was
ever
major part of the funds is to be derived from
The
The year just closed showed a net
government7owned. railway system of
$60,000,000.
April 29, 1939
Chronicle
Financial
2486
exchange.
April 26 the
Camille
Belgian Finance Minister,
additional 650,000,000
Economic
Budget
the
Government
the
that
mittee
told
Gutt,
expects
M.
Com¬
raise
to
an
belgas (approximately $109,-
by redistributing
position of the franc and repatriation of French gold
590,000) in the current fiscal
and
existing duties and increasing taxes on automobiles, *
funds
Fund
was
from
abroad,
the,
French
Equalization
enabled to return to the Batik of France
5,000,000,000 francs
gold,
of
as
reflected in the
Reynaud's
program
and economic reforms
this year
designed to
armament
provided 16,000,000,000 francs
and 20,000,000,000 francs for 1940 in
new
there would be
rumored
sultant
The
taxes.
Decrees
were
work week with
50-hour and
promulgated replacing the 40-hour
a
even
45-hour week and in
some
cases
on
French finances imposed
by the armament race means that the Government is
faced this year
in
excess
and
with the necessity of raising an amount
ordinary 1939 budget
of total credits in the
equal to 60% of the extraordinary budgets for
the army, navy,
and air forces.
no
positive
gave
devaluation of the
by 3%.
assurance
belga
as
that
had been
during the past several weeks, with
depression of the
a re¬
currency.
following table shows the relation of the leading
European currencies to the United States dollar:
Old Dollar
a
60-hour week.
The additional strain
Government
The
spur
He also announced that the
motprcycles and bicyles.
salaries of all State officials had been cut
Current statement of the Bank.
M.
year
Parity
b
France (franc),
New Dollar
Range
This Week
Parity a
2.64% to
2.65
3.92
6.63
Belgium (belga)
13.90
16.95
Italy (lira),,
Switzerland (franc)
5.26
8.91
19.36
32.67
16.80% to 16.9?
5.26% to 5.26%
22.42% to 22.47%
40.20
68.06
53.08% to 53.56%
c
Holland (guilder)
a
New dollar
parity
as
before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
b Franc cut from
c
On May 5,
francs to the
gold and allowed to "float"
1938, the franc
pound,
or
was
2.79 cents
a
devalued
franc.
on
June 20, 1937.
on a
de facto basis of 179
V
"
Volume
148
Financial
The London check rate
at
176.72, against 176.73
New York
sight bills
Paris closed
on
Friday
on
no new
the French center finished
on
follow
Friday at 2.64%, against 2.64% on Friday of last
week; cable transfers at 2.65, against 2.64%. Ant¬
werp belgas finished at 16.99 for bankers' sight bills
on
and at
16.99 for cable
16.81.
Final
for
marks
Berlin
in
comparison
with
and
40.09
in
move
close
40.09.
kong
closed
at
and at
16%; Manila
5.26% for cable transfers, against 5.26% and
5.26%.
Exchange on Czechoslovakia is nominally
quoted at around 3.42%, but most banks refuse to
Bucharest
Poland
at
2.06%,
closed
Czech currency.
at
18.82, against 18.82; and
against
2.07.
Greek
in
•
Holland
guilder and the Swiss franc showed
spec¬
guilder partly reflected transfers of Dutch
Another factor
the
same
time
were
Swiss francs
still
are
Banks of—
Until
over
months
recent
few
years
both
England
the spot rate.
at
or
a
1936
'
327,223,178
293,720,843
3,010,000
c63,667,000
2,522,000
2,449,550
87,323,000
87,323,000
a23,400,000
25,232,000
Netherlands
108,000,000
87,565,000
98,978,000
33,111,000
6,555,000
8.222.Q00
25,232,000
122,539,000
Sweden
Denmark
.
.
Norway
Total week.
are
314,669,937
347,629,412
89,683,000
83,537,000
27,844,000
6,542,000
£
203,522,358
495,496,699
2,464,950
89,106,000
42,576,000
59,487,000
96,467,000
48,182,000
23,928,000
6,554,000
6,604,000
76,626,000
103,723,000
75,079,000
25,655,000
6,550,000
6,602,000
7,442,000
1935
£
193,110,380
647,461,116
2,994,750
90,776,000
63,005,000
55,163,000
82,042,000
49,918,000
16,002,000
7,394,000
6,599,000
874,134,815 1,065,150,021 1,097,353,999 1,074,387,007 1,215,465,546
862,301,759 1,064,754,202 1,097,360,090 1,077,608,918 1,216,408,752
Prev. week.
a
19
points to
rate
and
now
only
"■
The discount
on
which
90-day Swiss francs
to
at 3% points dis¬
are
at
on
Amsterdam finished
53.54, against 53.09
sight bills at
closed at
53.45,
Friday
on
Friday of last week; cable
on
transfers at 53.54, against
53.09%; and commercial
against
Swiss
53.03.
francs
22.48% for checks and at 22.48% for cable
transfers,
against
and
22.43
22.43.
Copenhagen
checks finished at 20.90 and cable transfers at
20.90,
against 20.89% and
20.89%.
23.52%
24.10; while checks
Checks
and
cable
on
transfers
23.52 and 23.52.
francs per
was
movement in these currencies
no
administration is
tending the
with Latin
ments with at least four
tually be concluded
for
last
The
closed
Ames
finding of "fair value" as a basis for rate-
making, must have been a bitter disappointment to
Administration.
Federal
ex¬
agree¬
countries will
the
on
even¬
monetary
and
sight bills, against 31.20
Administration's
a
basis for
kind
the
Queen
free
against 23.10@23.15.
market
23.10@23%,
Brazilian milreis
at 6.06
(official), against 6.06.
quoted
at
5.19
was
(official),
against
5.19.
nominally quoted at 19%, against 18%.
are
quoted
Chilean exchange is
Peru
is
a
asking it to seize the
beloved
rate-making.
issue
in
of "common
citing
or
Department of Justice,
Commission, and the Federal
as
oppor¬
"fair value" and substitute the
reject
tunity to
Friday of
on
The
"friends of the court"
aired
Friday at 31.21
Power
Communications Commission had all intervened
week; cable transfers at 31.21, against 31.20.
unofficial
Supreme Court decision, in which the
the
recently made with Brazil.
paper pesos
bankers'
to
125 francs equaled £1.
Making Purposes
the
expected that
five
similar
economic arrangement
Argentine
or
6d.
<(Fair Value" Still Controls for Rate-
business
as
of closer economic cooperation
America and it is
mg., about
The Washington
giving attention to plans for
program
(148s.
majority refused to reject the 42-year-old Smythe v.
■
limited to routine engagements.
price basis
In order to make the current figure comparable with former
£1; when 65.5
against
EXCHANGE on thethe past American countries is
South week there has been
steady. During
virtually
market
£227,088,885, equivalent, however,
Sweden
on
23.52%,
\
the
franc; previously and subsequent to July 23,. 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France Is now )ust 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
\
:
On
value.
report .subsequent to Aug. 1, 1936.
,
o
'
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.
The recent
—♦——
of
English holdings in the abQve In statutory pounds.
a Amount held Dec.
31, 1938,"latest figures available,
b Gold holdings of the
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
Norway finished at
at
of the statement date, Instead of the statutory price,
Bank of
closed at 24.12 and cable transfers at 24.12, against
24.10 and
as
basis
periods as well as with the figures for other countries In the tabulation, we show
"
sight
1939, the Bank of England
only about £129,^17,551 at the statutory rate (84s. 113^d. per fine ounce), accord¬
ing to our calculations.
count, Against eight points last week.
Bankers'
formerly the
was
per fine ounce),1 the Bank reported holdings of
point below the cable
one
Pursuant to the Currency and Bank Notes Act,
statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current
12 points discount.
30-day Swiss is
•
£
311,709,264
Nat.Belg..
slight premium
Currently 30-day guilders
1937
£
Italy
quoted
were
1938
*129,917,551
Germany b_
discount of four points as against seven points
last week, and 90-day guilders have improved from
at
dates in the previous
Spain
every
Both guilders
currencies
either flat
fine ounce)
of respective
.
1939
.
Switzerland
for the past
'
*
£
the
discounts for futures.
at
per
as
money
was
exchange requirements of
extremely limited.
84s. ll%d.
principal European banks
France
description
and
the
four years:
diminishing demand for dollars in the foreign markets.
At
16%@
49.80, against 49.80; Singapore at
shown for the corresponding
during the week. The firmness in the
home, chiefly from London.
28.70@
dates of most recent
statements, reported to us by
special cable yesterday (Friday); comparisons are
is
tacular firmness
against
16%@16%, against
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at the
at
EXCHANGE on the countries, neutral during The
the
steady and inclined to firmness.
war
at
were
Hong¬
Gold Bullion in European Banks
0.85%, against 0.86.
-
checks yesterday
28.80@28 15-16,
British statutory rate,
—♦—
yen
54.48, against 54.35; Bombay at 34.99, against 34.99;
34.99, against 34.99.
on
closed
Currently
and Calcutta at
Finland at
on
exchange
Japanese
part the units
Friday of last week.
on
13-16; Shanghai at
Exchange
0.72%, against 0.72%;
most
sympathy with sterling.
27.30, against 27.30
28
on
the
since
ever
For the
Closing quotations for
were
Italian lire closed at
5.26% for bankers' sight bills
make commitments in
apparent
business in the Far Eastern units is
extremely limited
and confined to routine
requirements.
40.13% for bankers' sight bills and 40.13% for cable
transfers,
features of importance. These exchanges
trends
aggression in China.
transfers, against 16.81 and
quotations
2487
pXCHANGE on the Far Eastern countries presents
In
Friday of last week.
on
Chronicle
"prudent investment"
November, 1937, arguing
law"
basis
rather inexplicable
Elizabeth's
time
as
President Koosevelt had
for
case
who
some
rate-making and
of
paid
a
ferryman in
$1,000
for his
ferry, which in the story depreciated to $500 and
presumably precipitated
his
here
fare
should
could
not
Supreme Court
be
an
argument
as
correspondingly cut.
to whether
Lawyers
quite grasp the indictment of the
on
its alleged ignorance oh the
com-
definition of "fair value"
by a dozen major deis a logically rough-and-ready
would be forgotten, and a still further drop might
the sides in the argument, as cost-new fell
below original cost.
But "prudent investment" embodies not only the
old-line "original cost" theory, but also a new prmciple, which gives the Administration and the regulatory bodies an additional string to the bow.
Since Justice Brandeis developed his theory in a
minority dictum in 1923 in the Southwestern Bell
Telephone case, regulatory bodies have hit on the
ingenious discovery of "aboriginal cost.'* Needless
to say, it is less than "original cost."
A simple illustration will show the difference,
A small-town capitalist gets the local electric franchise, installs a local power plant for $100,000, and
makes money. An out-of-town system throws a
high-tension line through the town to a further
destination and buys out the local man. . It pays
him on the basis of his earning power, so the price
is, say, $200,000. All the buyer wants is the franchise. It scraps his plant, puts in transformers and
its own distribution, lowers rates and still makes
other rate
money on the higher investment (because of lower
could not imagine
and utility rate men
law
mon
those days was made on the
"fair value for rate-making purposes"—there being
then no "due process" clause in the Constitution,
and in fact no Constitution and no United States,
In fact, the alert Mr.
point was clear.
But the
reverse
ferry fare in
how the
kie promptly
seized on it and
Will-
offered to accept rates
"prudent investment" basis,
thereafter on a
made
not made retroactive.
available channels of thought
provided the rule was
There
more
are
than there are carrier circuits
system.
most obvious is that "fair value"
through this problem
in
a
modern telegraph
and
First
makes for
"prudent
higher rate-base today than
a
forthright, but per-
That is the most
investment"
crassest, explanation of why the Adacademic minds today (the
"social-minded folk") want "prudent investment"
and the utilities want "fair value."
haps also the
ministration and most
Smythe v. Ames
The
been supported
has
which
40 years
cisions in
amalgam of original
cost, cost-new, and
costs).
in its much-quoted de-
As the Court said
bases.
The "aboriginal cost" is $100,000, while the
cision, "In order to ascertain that value, the original cost of construction, the amount expended in
"original cost" or ledger cost to the ultimate comPanJ is $200,000.
This is called a "write-up." The
Federal Trade Commission spent eight years and
$2,000,000 among the power companies' books and
finally contended that about $1,500,000,000 of *
write-ups were involved in about $13,000,000,000 of
property. The value of its figures was somewhat
shrunk.by. the fact that it did not clearly define a
the amount and
its bonds and stocks, the
present as compared with the original cost of construction, the probable earning capacity of the
property under particular rates prescribed by statute, and the sum required to meet operating expenses, are all matters for consideration,
.
.
.
the
improvements,
permanent
present market value of
to
given such weight as may be just and right
be
"write-up" and lumped the above type with ledger
We do not say that there may not be
changes and the like, failed to subtract a number
of write-downs, and has even been accused of poor
in each case.
be regarded ..."
matters to
other
-
arithmetic.
.
However, the attitude of the FTC was carried
*nto f^e Utility Act of 1935, which greatly enlarged
Ironically, the Court was finding against a private
In
^
utility and in favor of the State of Nebraska.
brief, the utility wanted original cost, the State,
The railroad had built its property in a
cost-new.
high-cost era, and was arguing for the Victorian
of the current ^prudent investment."
began in the 'nineties, when
equivalent
But
the
argument
prices and costs had fallen, and so the State wanted
rates based
on
the then equivalent of "reproduction-
less-depreciation."
cost-new
*
The Court decided
on
compromise which included both.
a
Stripped of legalities,
has
the argument since then
changed sides as the price level has dipped and
When
risen.
prices
ties have asked for
the
down regulatory authori-
are
cost-new, while utilities favored
"original cost" concept.
As prices
rose
regula-
tory bodies wanted the original cost, and utilities,
cost-new.
was
The essence of the
stated in 1933
for rates based
whichever
on
either
however,
ridden the waves,
original cost
done
the
no
position
.
,
iad risen above
since fallen
*
Court
has
.
,
A
.
„
;
,
The price level has
considerably, but not enough to bring
cost back to
Turbines,
.
theory of "prudent in-
in the 'twenties when cost-new
original cost.
original cost, in the utility field.
generators,
efficient, but also
condensers,
&c.,
expensive.
are
more
If prices fell a
"
;
notches further, most of this historic argument
'
„
few
Supreme
to defend.
easy
vestment" developed
'
cost-new,
vacillating, and included
The current stream-lined
new
or
factors, including both original cost and cost-
many
new—a
,
contending positions
by Senator Norris when he asked
might he lower.
Meantime,
.
April 29, 1939
Financial Chronicle
2488
more
.
,
.
J
"
tbe powers of the Federal Power Commission.
Under that law the Power Commission ordered the
interstate companies to re-write their books, discover or estimate the differences between aboriginal
an(* original cost, and enter these differences in a
separate Electrical Plant Acquisition Adjustment
Account. .
\
Some of the companies promptly cried out that
f^s was "regulation by accounting." They assumed
that the action of the FTC in calling attention to
these "write-ups" and the FPC in having them
officially classified were merely steps toward ultimately having them written off out of surplus
account and so deducted from the rate-base. They
were .hardly assured by Washington replies that
this new .uniform classification of accounts
was
"informative, not regulatory."
Now, however, that aboriginal cost is being recorded for the power industry through the length
an(* breadth of the land, the argument for its use
in rate-making is in formulation. It runs something as follows:
_
J^^ir,erf,the
mensely costly.
Competent
argue on
TV™ flr"1°ng aDd will
honest engineers
and
both sides and differ widely on value.
times press for rate reductions and the
the case UP in court for
years.
have the whole thing done
We some-
company
can
tie
It would be far better to
accounting, so that the value
from the books immediately, at
purposes can argument
be taken
and all
any time,
ue silenced, except perhaps as to the proper rate of return.
Volume
The
Financial
148
opposite argument is many-pronged. It runs:
First, the legal expenses of "fair value" rate cases are
terrific,
"prudent
but
investment"
to the accounting
over
ending last New Year's Day to put their accounts
two years
into
the
classification,
new
but the work
to
delay
No doubt that
of
lack
from
require
which
general
of
price
difference which;
no
of
continuing
Furthermore,
protection
companies
is
need
in
changes
"inflation"
of
records,
property
the
violent
against
Fear
level.
the
Moreover, such rate bases will
heavy.
expensive.
are
makes
instructions
clear
of sufficiently
maintenance
the
kind
some
is
around
all
cost
and
cooperation
Washington, but it
the
stressed
not
today as it was, but it is still a distinct possibility, and if
the
Supreme Court
mixture
other
basis
rate
in
be
academic
of
a
persuaded, through the recent ad¬
were
minds,
rule
to
cost-new
out
or
thought
among
which might be called the middle-of-the-
men,
road.
They point out that the difference between
It
6%.
Fighting rate
public relations.
A
would be
utilities
That is merely
return of
5% and
this school, is
cases, says
of
one
politicians capitalize this
public not
so
antagonized, they
oppo¬
argue,
quite willing to make allowances to the
in
of
case
became serious the
inflation, ,♦ and long before it
companies would have benefited
by the increase in purchasing
and the increased industrial
of the public
power
load,
so
that the initial
stages of any hypothetical "inflation" of the gen¬
eral
price level would amount to
in utility rates
a
slow reduction
(estimated in terms of public
pur¬
chasing power).
argues,
theoretical property
worked,
should
class
in
practice,
be based
service
application operate
as
to this program
was
on
and
should
value
with
the
the
of
cost
never
be based
That
anyway.
railroads.
never
They
■
maintaining first-
keeping the credits of the
com¬
pany
high enough to enable it to expand and im¬
prove
the property
as
needed.
moment of his translation from the office of Works
Progress Administrator to that of Secretary of
Commerce, in which he would like to be a successful
mediator between his
and
real progress
toward tax revision, and busi¬
industry remain surrounded with all the
threatening uncertainties of last December.
The
undeniable, and failure
even
censure.
severe
to attempt to
remove
Such failure is the
remarkable because imminent losses of
to
.
impediment to recovery thus maintained is
it merits
Senate
respective
were
immediately pledged by
chairmen, who
at once formally
Treasury Department to make its recom¬
invited the
mendations detailed and
specific and to accept the
responsibilities of leadership in budgetary planning
that
belongs essentially to the executive department
form of government.
under any
The
country
unmistakably
was
gratified
and
its nature
was
encouraged by this program, and
as
gradually
reception
unfolded
and
more
its
public
enthusiastic.
more
All the
became
intelligent and
competent leadership of the country was arranged
in
support of the tax revision which the Adminis¬
tration
was
supposed to have accepted and to which
Congress became plainly committed.
was
the
Renewed hope
nearly everywhere, and progress toward
goal of such common aspiration was eagerly
visible
Since then there has been
awaited.
stance.
There
have
been
of
some
nothing of sub¬
undisclosed
passages
Treasury; echoes
of the intra-mural controversies have been
caught by alert ears; the President, in the infor¬
mality of
conferences, has mildly deprecated
press
the.action that
had anticipated; but
some
gible forward step has been taken.
On
no
the
tan¬
part
of the public, hope of wise and helpful tax revision
become
has
vanishing point ^con¬
increasingly attenuated,
indignation
is
becoming
deep
more
Yet
tax
revision,
consideration of
and
and
revision, is presently
able that there
can
the explicit rejection after
or
some
comprehensive scheme for tax
so
be
inescapable and
no
final
present session of Congress until
has
occurred.
'revision
Nor
can
inevit¬
so
adjournment of the
the great
one
the other
or
problems of tax
be met in
Public
manner.
any superficial or perfunctory
necessity and public opinion unite
revenue
due
in
statutory limitations upon the duration of
cer¬
arise and which makes prompt consideration
tain
taxes
ment for
have
more
confronted
than
a
year,
the
Treasury Depart¬
and there have been
a
situation from which revision must
address,
the wealth-distribution pretense that
nor
served in the
at least to offset such losses must be
presidential hunger for omniscience
inevitable.
several
recognized
as
Moreover, before the session began, and
weeks thereafter,
Washington seemed
quite absorbed
in
budgetary problems,
especially
those
pertaining to revenues and taxation, and ex¬
pressions from Secretary Morgenthau encouraged
the belief that at long last the
problem of adjust¬
ing the
enormous
occasion the least
can
protect
sentatives
eral
or
nor
Congress composed of elected
a
is
istered that its
so
a
general
any
face-saving,
conviction
that
repre¬
Fed¬
unwisely imposed and admin¬
necessarily heavy burdens
are many
times
multiplied and that, in consequence, it has
become the principal obstruction to renewed busi¬
ness
possible inconvenience
level of
injury
rivalry against Huey Long,
against
taxation
burden of inescapable taxation to
and
eventually
plainly
Not the arguments of the Arthurdale
imperative.
repeated announcements that legislation sufficient
for
this
widely pervasive.
already lasted almost four months, there has
no
was to
Jlouse of Representatives and the Finance Com¬
their
Although the present regular session of Congress
ness
politics and the
Similarly, it
that the Ways and Means Committee of
program
warrantable
Must Proceed
been
brand of
own
business of the country.
has diminished almost to'the
Revision of Federal Taxation
It
so
suddenly and surprisingly converted at the exact
fidence
has
deterrents to business.
that Harry L. Hopkins was
between the White House and the
Rates, this school
on
correcting all
or
existing forms and methods of
poor
It turns the public against the
utilities and lets the
sition.
a
he said, to eliminating
as
rate basis is small.
as a
might amount at most to 20%.
the difference between
view,
mittee of the
utility
original cost and cost-new
Treasury intended when he invited reexami¬
taxes which in their
the
But there is still another school of
precisely what the Secretary
was
any
except original cost, the companies would
uncomfortable position.
very
sym¬
nation of the entire field of internal taxation with
The
two more.
be due either to the size of the problem or to
may
about to receive genuine and
was
is not yet com¬
year or
a
industry
of the
a
pleted and some will not be for
2489
pathetic investigation.
shifts the cost
merely
The utilities were given
department.
Chronicle
activity and to the resumption
employment and
wage
of
a
distribution.
normal
be modified so
expansion, greater employment,
shipments, together
Illinois fields,
and higher stand¬
last
the
6.7% over
with increased coal shipments from
served to bolster car loadings, up
have
Medium-grade railroad bonds as a group
week.
for instance, Pittsburgh Cin¬
displayed mild improvement;
result in any reductions in aggre¬
not> it is believed,
Increased anthracite
advanced % to 104%.
5s, 1968, have
Pennsylvania
bond group this week.
high-grade railroad
it might readily
been displayed in the
price improvement has
Fractional
lower grades have
with rails moving a little lower.
fluctuated narrowly,
Such beneficial modifications need
living."
ards of
have been firm, and
grade corporates
foster "industrial
to permit and
as
United States Gov¬
highs, high-
pushed fractionally up to new
ernments have
into new capital enterprises
clearly pointed out that
and it is
its position without
trend this week.
developing any new
characterized specifically as arresting the
natural flow of funds
market has maintained
bond
The
Within the week the daily press has
printed and widely circulated the excellent study
of the subject made for the Brookings Institution
of Washington, D. C., by Dr. James D. Magee of
New York University.
In that report the present
supported.
system is
of the Bond Market
The Course
prevail, and it is well
does widely
That conviction
APnI 29> 1939
Chronicle
Financial
2490
cinnati
Chicago
Louis 4% s,
1977, at 95 gained y2
On the contrary, their efficacy in
stimulating business and employment would speed¬
point.
Speculative railroad bonds
have drifted to lower
enlargements of the bases of
taxation, always preferable to advances in the' tax-
earnings because
gate revenues.
and
rates
far more effective toward
also
hancement of, revenue...
net
in
losses
week
considerable imme¬
should
revenue,
they.
1% to 77%.
bond market which has prevailed this
In the rather dull
,
unex¬
remained relatively firm,
prices of utility issues have
although
April
Western Maryland
of the coal situation.
4s, 1952, declined
en¬
Dr. Magee is well within the
truth when he asserts that even
diate
the
reflecting comparatively unfavorable
levels, possibly
ily find expression in
St.
&
High
improving tendency has been evident.
an
grades such as Consumers
,
Power 3%s, 1967, and Northern
pectedly result, would be much more than recom¬
States
Power
pensed by contemporaneous increases in industrial
among
lower grades Philadelphia
activity and efficiency and by the prompt reduction
1%, and American Power & Light 6s, 2018, at 88%, up 2%,
showed better than average recovery.
Activity in local
of
The specific recommendations
unemployment.
this
in
The
tractions continued, although
report are moderate and will have the con¬
currence
of
present condition is so thoroughly evil that
improvement.
This is palpably the
undistributed
on
wealth taxes of
The
corporate income, the share-the-
current
on wages
moneys
costs
of
are
the
the Government.
as a
response
although
actually disbursed
last week's
general activities of
closing.
AU
U. 8.
1939,
120
Dally
Oovl.
tic
Averages
Bonds
Corp.*
.
s
bond prices and bond yield averages
(Based on Individual Closing Prices)
All
120 Domestic
1939
Corporate by Groups *
Daily
Baa
RR.
100.53
82.40
89.40
A
Averages
Corp.
U.
Indus.
109.24
112.25
Apr. 28
P.
120 Domestic
120 Domestic Corporate
120
Domes¬
;
by Ratings
■
.
Corporate by Groups
tic
.
Aa'
to carry prices up to
MOODY'S BOND YIELD AVERAGES f
-
Average Yields)
by Ratings
Aaa
and
Australian
as
are'given in the following tables:
-120 Domestic Corporate *
Domes¬
the week's lowest
over
(such
cases
some
Moody's computed
MOODY'S BOND PRICES f
on
in
bond market to Herr
favorable one, and prices
a
improvement failed
bonds)
Danish
was
fractionally to a point
up
levels,
sinking
issues have been strong.
of the foreign
Reichstag speech
firmed
•
(Based
list have been
petroleum company obligations, and in the specu¬
first
Hitler's
1936, and the indefensible effort to
fund, although the
meet
in several
lative classification, sugar
capital gains tax, the tax
disguise extra income taxes
to
case now
public support, in and out of Congress, has
been withdrawn from the
net changes have been small.
the industrial
Exceptions to the
general rule are noted in the Revere Copper,& Brass 4%s,
1956, down 1% at 95, and the United Drug 5s, 1953, off .%
point at 76%. Among high grades, strength has been shown
scarcely possible to touch it at any point with¬
out
of
Co. 5s, 1967, at 101%, up
to higher this week.
quiet and steady
it is
that all
sections
all
Virtually
:
substantially all students.
moved ahead fractionally, while
3%s, 1967,
A
3.97
3.20
3.01
3.84
'
Aa
Aaa
Baa
RR.
5.16
4.66
P.
Indus.
U.
3.35
3.50
Apr. 28— 115.41
102.84
119.47
27_. 115.33
103.02
119.47
115.35
100.88
82.40
89.55
109.24
112.46
27
3.83
3.01
3.20
3.95
5.16
4.65
3.50
3.34
115.24
103.02
119.47
115.35
100.88
82.40
89.65
109.24
112.45
26
3.83
3.01
3.20
3.95
5.16
4.65
.3.50
3.34
25— 115.18
103.02
119.25
115.35
100.88
82.40
89.55
109.24
112.45
25—-—n
3.83,
3.02
3.20
3.95
5.16
4.65
3.50
3.34
24— 115.20
102.84
119.26
115.14
100.53
82.53
89.25
109.24
112.45
24—
3.84
22.. 115.13
102.84
119.03
115.14
100.53
82.53
89.25
109.05
112.45
22
21.
26
—
115.35
3.02
3.21
3.97
5.15
4.67
»•
3.21
3.97
5.15
4.67
3.51
3.03
3.22
3.97
5.16
4.68
3.34
3.50
3.03
3.85
3.51
'
.
3.84
*
3.34
*
3.35
21-
.
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
115.11
102.84
119.03
114.93
100.35
82.66
89.10
109.24
112.25
20;
3.84
3.03
3.22
3.98
5.14
4.68
3.50
3.35
19-
.
115.13
20—
-
„
115.05
102.66
119.03
114.93
100.35
82.27
88.95
109.05
112.25
19—
3.85
3.03
3.22
3.98
5.17
4.69
3.51
3.35
3.97
5.18
4.69
3.52
3.35
,
—
'
18-
115.04
102.48
118.81
114.72
100.53
8-2.13
88.95
108.85
115.03
102.66
119.03
114.72
100.53
82.13
88.95
108.85
3.04
3.23
17.—
3.85
3.03'
3.23
3.97
5.18
4.69
3.52
3.86
3.04
3.24
3.98
5.18
4.69
3.52
3.36
3.99
5.22
4.71
3.53
3.37
18—
112.25
17—
112.25
—
v
3.86
3.35
114.85
102.48
118.81
114.51
100.35
82.13
88.95
108.85
112.06
15-'
14— 114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
14-,—
3.87
3.03
3.23
3.86
3.03
3.23
3.98
5.19
4.68
3.62
3.38
3.88
3.04
3.24
4.00
5.22
4.71
3.53
3.38
3.89
3.04
3.25
4.00
5.26
4.75
3.54
3.38
.5.23
4.73
3.53
3.38
5.20
4.70
3.53
3.36
Exchan ge Clos ed
4.66
5.14
3.96
3.52
3.34
15-
102.48
119.03
114.72
100.35
82.00
89.10
108.85
111.64
13—
12.. 114.64
102.12
118.81
114.51
100.00
81.61
88.65
108.66
111.64
12
U._ 114.60
101.94
118.81
114.30
100.00
81.09
88.07
108.46
111.64
11
-
13
—
114.78
,
10— 114.66
102.12
118.81
114.30
99.83
81.48
88.36
108.66
102.30
118.81
114.51
100.35
81.87
88.80
108.66
112.05
Stock
7—
.
Exchan ge
-
3.88
10
111.64
8.. 114.60
—
8—
—
3.04
3.25
4,01
3.87
3.04
3.24
3.98
Stock
7—
Clos ed
6— 114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
5— 115.02
103.38
119.25
114.93
101.41
83.60
90.44
109.05
112.66
5
3.81
3.02
'
103.56
119.47
114.93
101.23
83.87
90.75
109.05
112.66
103.74
119.47
114.93
101.58
84.28
91.20
109.24
112.66
3
1
—
114.79
103.74
119.03
114.93
101.23
•
84.55
91.05
109.05
3.92
5.07
4.59
5.05
4.57
,.
3.51
3.91
5.02
4.54
3.50
5.00
4.55
3.51
112.66
4.52
3.01
3.22
3.79
3.01
3.22
3.02
3.22
3.93
3.02
•
Weekly—
Weekly—
3.33
3.51
3.93
3.22
3.80
4.
3.. 114.99
.
3.23
3.79
4.. 115.06
.
,
3.50
3.33
,
3.33
3.33
3.32
Mar.31—
114.85
112.86
Mar. 31
3.21
3.91
4.98
••24—
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.. 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17.
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
103.93
119.25
115.14
102.30
84.83
91.51
109.24
3.78
105.22
120.37
102.84
87.21
110.04
113.68
3— 113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
Feb. 24— 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10— 113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3- 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
Jan. 27— 112.59
101.94
119.03
113.07
99.83
82.00
107.88
112.86
108.66
v
LlO— 114.79
114.93
93.53
—
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
113.48
20
3.82
3.00
3.29
3.94'
5.05
4.65
3.53
3.29
Jan.
20— 113.18
103.20
119.69
101.06
83.87
13— 112.93
102.66
119.47
113.48
113.07
87.93
89.55
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
6— 112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
4.76
3.60
3.38
High 1939 115.41
105.41
120.59
115.35
103.02
87.21
93.53
110.04
114.09
High 1939
3.89
3.05
3.37
4.01
5.26
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low 1939
3.70
2.96
3.20
3.83
4.81
4.39
3.46
3.26
3.85
4.68
6.98
6.11
4.23
3.76
3.39
3.99
5.17
4.73
3.61
3.36
5.60
3.98
3.54
4.29
3.98
High 1938 112.81
Low 1938 109.68
1
101.76
118 60
111 43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
88 80
112 45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
3.90
3.05
1 Year Ago—
Yr. Ago
Apr.28'38 111.34
93.85
114.09
107.11
94.01
69.58
76.88
100.35
108.46
100.53
111.23
108.08
99.48
86.21
95.13
100.35
106.54
2 Yrs.Ago
Apr.28'37 107.23
4.37
3.26
3.61
4.36
3.97
3.40
3.56
4.03
4.88
3.64
of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to sbow either the average
quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
of the bond market.
t The lastest complete list of bonds used lh computing these indexes was published In the Issue of Feb. 18. 1939, pages 939 and 940.
*
level
Apr. 28, 1938—
2 Years Ago—
Apr. 28, 1937—
6.26
These
or
prices are computed from average yields on the basis
the average movement of actual price
yield averages, the latter being the truer picture
Volume
Financial
148
2491
Chronicle
Indications of Business
THE
STATE
OF
159,636,
as compared with $40,156,151 in the corresponding
period of 1938, an increase of $9,003,485, or 22.5%, accord¬
ing to the company's statement released this week.
Aggre¬
EPITOME
TRADE—COMMERCIAL
Friday Night, April 28, 1939.
Ia
spite
of
the
the
on
gate
signs of real
no
Further, the Hitler speech is considered anything but a
relief to the highly-strained political situation abroad, and
the war clouds threaten to linger for some little time to
All
come.
eral
business.
the latest
the
According
to
which
buoyant effect on gen¬
"Journal of Commerce,"
hardly have
can
a
the
and compares
with
the
not
areas
production
and
advances.
affected
Steel
lower
were
clined
automotive
the
slightly,
week,
although
tinue
to
put
in
coal
shutdown,
the
activity
operations
for
and
loadings
states.
As
conservation
loadings
into
measures
"was
steel
on
companies
steel
and
review
been moderate, but in some cases
dipping'into stocks of semi-finished
been blown out
and
others
products.
orders
Industrial
because of
would
affect
ducers,"
fear
many
the
of Steel
not
period
steel
for
of
continues.
steel
Coal
increasing their
as. well
as
carrying
the
and
are
there
tin
branches of the steel
consuming industry
maintaining undiminished activity.
Among
household equipment, tractors, road
machinery,
and^ machine tools."
bright
pany's
history—-$192,404,906—this
from President
orders
announcement
Eugene V. Grace.
1
in
the
yards
than
has
been
appears
the
case
buy at $15, but apparently
are
ment.
there
Several
weeks
under
$16
power
industry of
April
22
ton.
a
coming
the
over
leased
by
the
the
week,
Electric
kwh.,
mo¬
increase
an
according
Institute.
to
figures
Output
latest
for
2,170,671,000.
1,951,456,000 kwh. in
duction
increased
American
on
the
week
247,546,000
Railroads
of
the
latest
Compared
figures
freight.
This
loadings to be 558,706 cars of revenue
an increased of
10,890 cars, or 2%, compared with the
was
preceding week;
an
with
and
a
pared
soft
year ago,
with
coal
tions
1937.
increase
of
34,958, or 6.7%, compared
197,542, or 26.1%, com¬
decrease of
a
Despite
the
shutdown
in
fields, increased coal shipments from
other
sec¬
pushed
car
loadings up more than seasonally
declines in miscellaneous
freight and less than
lot merchandise.
Engineering construction
awards
$48,297,000,
38% increase
a
over
to
$1,041,837,000,
for
reported for
awards
for
the initial
the
ago,
and 56%
tion
tops
last
current
23%
gain
17-week
week
over
period last
are
2%
$848,059,000
Private
year.
higher than
above the preceding week.
by
the
Public
a
Gross
year
sales
of
the
was
damaged
becoming
New
in
in
in
in
parts, while it is still too dry in west-central and
Texas.
been
In
more
or
the
less
New
York
unsettled
City
area
the
during the week,
The forecast
Saturday
was
partly
for cloudy and continued
cloudy.
56;
Moody's Commodity Index Advances
The movement of the index is
Fri.,
Sat.,
Mod.,
Tue8.f
Wed.,
Thurs.
Fri.,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Revenue
21
22
24-25
2627-.—--i
28
—__138.8
138.6
138.6
138.7
139.3
139.4
140.4
as
follows:'
Two weeks ago,
,
Apr. 14-._-
Month ago, Mar. 28
Year ago, Apr. 28
1938 High, Jan.
10
138.9
.141.4
137.8
152.9
Low, June 1
1939 High. Mar. 6
130.1
145.8
Low, Apr. 22
138.6
Freight Car Loadings in Week Ended April 22
Gain of 6.7% Above Year Ago
Show
Loading of
revenue
freight for the week ended April 22
totaled 558,706 cars, the Association of American Railroads
announced on April 27.
This was an increase of 34,958
cars
or
6.7% above the corresponding week in 1938 but a
26.1% below the same week in
Loading of revenue freight for the week of April 22
increase of 10,890 cars or 2% above the preceding
The association further reported:
decrease of 197,542 cars or
1937.
was
an
week.
Miscellaneous
year
cars
construc¬
64%, but is 25% Tower than lagt
Sears, Roebuck & Co. for the third
period from March 27 to April 23, 1939, amounted to $49,-
week.
fruit in
Moody's Daily Commodity Index advanced from 138.8
a
week ago to 140.4 this Friday.
The most important
changes were the higher prices for wheat and cotton.
the
the correspond¬
The week's volume brings the 1939
a
to
car-
secutive week in which current
awards have exceeded their
respective 1938 values.
Later reports
helpful.
on
Oregon.
Dryness continues' unfavorable
where several dust' storms were reported
tonight.
and
ing week last year, but 10% below last
week, "Engineering
News-Record" reported
yesterday.
This is the sixth con¬
total
excellent
Appalachian
offset
week total
at
the
the
weekly
car
of
88; Dallas, 58 to 80; Kansas City,
Springfield, Mo., 50 to 74; Oklahoma City, 54
to 78; Salt Lake City, 48 to 74; ^Seattle, 54 to 74;
Montreal,
32 to 42, and Winnipeg, 38 to 60.
46
The
announced
resumed
In most
40 to 56; Savannah, 68 to
of
April 23, 1938, pro¬
Association of
kwh.
be
were
Mountains westward, outdoor
advance, but in some
Rocky
to
operations
higher ground.
re¬
period, reversing the downward trend which
began
in the April 8 week, showed an
increase of 28,331,000 kwh.
over the
previous week's total of
with
many
Sunday probably
Overnight at Boston it was 40 to 46 degrees; Balti¬
more, 52 to 76; Pittsburgh, 48 to 72; Portland, Me., 36 to
44; Chicago, 40 to 68; Cincinnati, 52 to 76; Cleveland, 42
to 68; Detroit, 44 to 70; Charleston, 68 to 90;
Milwaukee,
was
2,199,002,000
1938
Edison
drying in
soil
to
was
fair.
can
the
week
apparent
48 degrees.
to
cold
by
United
to
like
at
reaction
the
with clear skies to heavy incessant rains.
Today it was
cloudy and cold here, with temperatures ranging from 44
scrap
Mills
recently.
interested
rapid
the
of
varying from midsummer warmth that prevailed one day
extremely cool temperatures that prevailed generally,
Advices
more
the
to
ho scrap available
the electric light and
States for the week ended
Production
amounted
12.7%
ago
not
be
to
part
of
weather has
heavy melting steel scrap is
ton, a drop of 50c.
There'is
quoted at $14.50 to $15 a
activity, however, but there
no
would
southwestern
The record accumulation
year.
Pittsburgh state No.
rain
field
on
good
the cold weather
western
compared with $162,774,713
now
the
made
Oklahoma,
;
on hand on Dec. 31,
was almost double the
$99,964,192 level of orders
hand at the end of the first
quarter last
from
sections,
latter
promoted
and dtlier
from
localities
1938, and
on
the
ously affected.
Some early fruit
Mexico, and some injury is now
One of the outstandingly
spots in the business picture is the
report of the
Bethlehem Steel Corp., which had on hand as of March
31
the greatest peace-time accumulation
of orders in the com¬
in
on the effect
Appalachian Mountain
sections and parts of the Ohio Valley indicate that peaches
were considerably damaged, but that
apples were not seri¬
some
are
cans
of
areas
of
are
these
agricultural
weather
the week
of
operations
of
are
close
country
go slightly lower during May under
declining demand and restrictions on out¬
put dictated by coal economy.
"In
the midst
of
gen¬
eral
uncertainty
which
the
steel
industry
attributes
to
inaction at Washington
as
much
as
to
war
fears,
which
drier
xilowing
the
production may
influence
developments
any
places, according to Government advices.
In the Ohio
Valley the warmth promoted rapid growth of vegetation
The magazine says that
revenue.
spectacular
no
favorable, and
very
pro¬
roads
were
past week for
major
in
warmer,
steel shortage, and
probably be¬
protracted shutdown at coal mines
consumers
survey
are
demand
the
part of the country.
Al¬
though weather continued unfavorable the early part of the
to conserve coke and
some
dwindling
There
weather
of
a
suffering large losses in
steel
of
users
of the fact that
cause
banked,
or
because
ran
broad.
curtailing output of ingots proportionately," the
adding that "a dozen or so blast furnaces
have
was
sales
says,
coal,
estimated by
the agency at 4% to 7%.
Grocery
4% to 5% under 1938, but in some durable con¬
sumer lines, such as automobiles and electrical
appliances,
increases of 30% to 40% were reportedly common.
Varia¬
tions in the sales showing of different cities were
equally
ago
has
are
uniformly good, but gains were scattered well
various items of merchandise and in different locali¬
With
price decreases restricting the dollar volume
advance, the rise of volume of sales over those of a year
the
mining areas exerts a more marked effect
on steel
production, "Iron Age" states in its mid-week sum¬
mary,
which places output at 48.5% of capacity, off 2
points from last week.
"So far, the influence of the coal
situation
are strengthening to make up their
Average volume of retail store sale's
deficiencies.
not
ties.
coal
steel
month, deliveries
among
con¬
effect,
Ward's
The output of automobiles and
throughout the country exceeded this week the volume of
previous week, Dun & Bradstreet, Inc., reported today.
"The week," said the credit agency in its weekly
review,
the
companies
Reports, Inc.
the
de¬
higher,
were
steel
of this
runs-to-stills
petroleum
the best level of this year, according to
was
earlier
moderate
registered
three
the
totaled
steady and close to the volume of March, Ward's reported,
despite unseasonable weather, which prevailed most
electric
and
merchandise
and
total
above-mentioned -survey
tie-up
by
for
year
and
week and 09.3 for the corresponding week
Bituminous coal output showed a substantial gain
previous
of 1938.-
this
trucks in the United States and Canada, however, was 70%
greater than the like week of last year.
Sales are holding
figure of 80.0 for
revised
a
23
Automotive
business index figure is 80.4 for the week ended
22,
April
in
this
gross
April
of the Administration at Washington.
part
sales
periods from Jan. 30 to
$125,428,184, as against $106,778,151 in the same period of 1938, a gain of $18,650,033,
or 17.5%.
Automobile production this week totaled 86,640
units, a decline of 3,640 units from the output last week,
However, the coal strike
still has grave possibilities, especially with
action
business
influences,
depressing
many
activity continues to hold steady.
Activity
freight loading totaled 247,878
below the preceding
week, but
an
cars,
a
decrease of 2,223
increase of 30,056 cars above the
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 152,032 cars,
a
decrease of 2,097 cars
cars
below the preceding week, but
above the corresponding week in 1938.
an increase
of"3,957
Financial
2492
Coal loading
23, 1938.
wcclc (n 1938*
Grain and
cars
RECEIVED FROM
FREIGHT LOADED AND
REVENUE
(Number of Care)
loading totaled 30,759 cars, a decrease of 173
week, and a decrease of 2,008 cars below the cor¬
grain products
below the preceding
Loaded
1938.
In the Western Districts alone, grain and grain
the week of April 22 totaled 18,400 cars, a decrease of
603 cars below the preceding week, and a decrease of 1,905 cars below the
corresponding week in 1938.
Live stock loading amounted to 13,309 care, an increase of 826 cars above
responding week in
Lines
Own
on
April 22, totaled 10,549 care, an
ceding week, and an increase
increase of 660 care above the pre¬
week in
of 919 care above the corresponding
/
Forest products loading totaled 28,456 care, an increase of 432 cars above
the preceding week, and an increase of 4,294 cars above the corresponding
1938.
Ore loading
amounted to 12,813 cars, an increase
of 1,554 cars above the
of 3,371 care above the
preceding week, and an increase
corresponding
in
of 1,865 care above the
1938.
Pere Marquette
of 129 care below the
amounted to 5,710 care, a decrease
Coke loading
Wabash Ry
All districts, except the
week
the corresponding
with the corresponding
in
compared with
All districts reported decreases compared
Pocahontas, reported increases
1938.
week in 1937.
•
•
_
Total
Ry
3,399
3,166
3,097
2,015
1,903
3,832
11,608
33,090
1,940
3,711
11,160
1,477
2,707
30,244
4,688
6,378
4,702
3,905
5,886
46,284
4,850
5,055
13,230
46,156
4,137
3,732
12,042
33,374
■
1,649
8,399
4,669
7,417
2,256,717
2,155,536
2,222,939
2,714,449
2,763,457
2,986,166
523,489
721,229
Chicago Rock Island
522,049
711,079
Illinois
547,816
746,523
St. Louis-San
558,706
537,585
523,748
9,236,497
1
8
Week ended April 15.
8.742.063
11,399,151
2,297,388
2,390,412
604,241
....
_
Week ended April 22
-
...
-
- -
Central
In the
System
Apr. 15, 1939
Apr. 23, 1938
21,947
Not available
28,759
12,087
27,317
11,661
23,950
40,846
60,925
35,084
...
Francisco Ry
-
Total Revenue
(NUMBER OF
;...
575
538
564
971
881
2,154
189
199
Nashville Chattanooga & St. L.
9,395
1,392
9,859
1,791
9,382
Norfolk Southern
Chicago Indianapolis & Loulsv.
1,631
6,414
1,455
1,505
Piedmont Northern..:
15
26
32
62
47
Maine.
Central Indiana...
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West.
Detroit A Mackinac
1,212
5,621
10,604
1,184
4,697
9,538
1,221
7,561
12,450
265
315
455
1,578
6,666
5,489
1,783
6,553
5,901
118
...
101
Erie
Grand Trunk Western........
12,096
356
512
589
534
134
153
186
613
604
89,753
88,275
109,487
59,187
57,846
18,999
7,681
2,051
6,051
2,570
Southbound...
994
855
422
1,927
2,024
Total
15,037
5,773
9,160
9,717
5,281
Northwestern District-
4,293
3,627
3,113
,5,817
.....
...
581
11,248
375
340
851
321
6,659
4,378
8,834
4,337
2,367
7,038
2,223
Cnicago Milw. St. P. & Pacific.
17,679
2,670
Cnicago St. P. Minn. & Omaha.
2,784
3,431
3,486
1,536
45,203
12,269
1,764
5,366
2,988
190
170
199
New York Central Lines
...
N. Y. N. H. A Hartford
..,
New York Ontario A Western.
N. Y. Cnicago A St.
Louis
Pittsburgh A Lake Erie
Pere Marquette
...
33,090
30,524
10,854
,1,492
4,702
3,853
5,055
8.088
1,348
3,988
30,220
9,923
25,458
11,752
7,760
1,423
1,859
7,994
1,711
7,183
3,198
4,635
4,174
7,752
3,408
4,077
29
39
159
38
93
277
Pittsburgh Shawmut & North..
175
277
314
109
145
Pittsburgh A West Virginia
237
738
963
1,317
1,070
Rutland
646
530
625
915
883
Pittsburgh A Shawmut
...
.
.
5,044
5,354
7,367
3,784
2,310
2,154
118,132
173,046
123.307
123,505
'
Ohio...
424
373
20,989
.
573
614
34,310
3,273
12,242
-
582
12,685
Bessemer A Lake Erie........
972
23,062
1,263
Buffalo Creek A
300
283
406
2
5
2
969
2
11
:
Gauley*
...
Cambria A Indiana....
6,679
Corn wall.
Cumberland A Pennsylvania...
5,921
473
Central RR. of New Jersey
418
599
39
164
868
1,392
8,700
9,522
19
Long Island....
........
650
76
Union (Pittsburgh)
West! Virginia Northern*
Maryland.....
68
1,545
2,222
3,513
294
1,410
Minn. St. Paul & S. S. M
4,454
8,397
1,656
6,261
Pacific....'
611
30
2,614
2,929
1,251
30,641
1,038
921
1,313
1,324
46,284
47,461
11,253
69,321
29,637
2,875
3,383
4,251
4,515
101,105
159,059
74,662
77,782
12,229
5,434
17,885
16,733
1,314
13,257
1,105
21
35
0
1
166
307
229
1,435
1,250
1,016
70,343
63,214
99,304
38,994
32,740
19,558
18,371
2,549
23,074
3,115
5,733
1,883
4,631
2,602
...
373
514
65
82
12,411
1,338
10,799
2,116
14,175
6,665
5,821
1,362
12,029
2,578
626
661
749
1,838
2,186
8,499
2,190
1,220
2,429
6,h69
702
350
353
37
6
1,086
1,612
1,129
972
1,093
'
Central Western District—
Bingham A Garfield
Cnicago Burlington A Qulncy..
Cnicago & Illinois Midland....
13,721
Cnicago Rock Island & Pacific.
10,056
1,780
2,493
Cnicago A Eastern Illinois..
752
Colorado A Southern..
1,734
337
___*
Fort Worth & Denver
City.;..
,
,
Nevada
966
1,919
1,194
1,135
596
330
289
1,817
104
82
646
420
691
372
279
21
121
0
0
...
38
(Pacific).....
21,569
19,281
20,865
4,341
4,354
277
350
264
948
13,468
11,740
13,946
1,249
6,85:.
North Western Pacific..:.
Peoria A Pekin Union..:
Toledo Peoria & Western
191
303
4
12
1,278
1,620
1,894
1,430
96,560
Total..
88,568
103,406
46,660
39,865
3,732
115
174
203
125
135
Southwestern District—
34,419
48,438
10,803
12,200
13,458
Burlington-Rock Island
Fort Smith & Western
x
~3~ 166
Gulf Coast Lines
International-Great Northern-
Southern District—
Alabama Tennessee & Northern
217
235
231
168
207
Atl. A W. P.—W. RR. of Ala_.
747
711
1,018
1,235
1,141
Columbus A
579
562
731
805
927
10,261
9,794
3,541
11,246
5,174
4.289
3,898
439
350
497
4,260
2,597
1,046
1,626
Kansas Oklahoma A Gulf
Kansas
City Southern
Louisiana A Arkansas
1,092
1,319
249
422
333
312
Missouri-Kansas-Texas Lines.
163
156
527
401
Missouri Pacific
1,281
2,138
1,698
734
622
Quanah Acme A Pacific
34
Gainsville Midland.
33
58
99
100
St. Louis-San Francisco
865
Georgia
1,394
1,262
1,470
Louis
J
Southwestern.!
Texas & New Orleans
265
Gulf Mobile & Northern
287
328
471
504
1,574
Georgia & Florida
1,518
16,696
15,770
2,041
1,022
9.290
1,020
Texas & Pacific
8,266
Wichita Falls & Southern
4,903
4,659
Wetherford M. W. & N. W...
629
300
257
13,329
Louisville & Nashville
Macon Dublin A Savannah...
115
MississipDi Central.
136
...
2,563
160
299
192
151
889
768
1,786
1,800
1,904
1,547
1,825
1,611
1,062
1,569
1,066
87
97
176
429
313
191
316
701
651
396
517
438
125
249
235
151
3,670
11,548
4,577
14,319
2,787
2,388
7,660
6,643
3,832
11,634
399
89
86
92
124
106
6,018
2,127
6,626
3,948
6,048
2,271
6,431
3,623
7,603
2,382
7,846
5,090
4,077
2,299
3,103
3,387
191
172
294
60
39
17
47
67
39
32,791
30,534
3,342
2,006
3,001
642
18,662
Illinois Central System
Note—Previous year's figures revised,
848
Valley
Missouri & Arkansas
St.
2.325
152
134
Florida East Coast
3,728
2,287
295
1,567
463
361
Greenville
Durham A Southern
3,437
1,916
231
1.324
337
Litchfield & Madison
2,646
1,061
1,355
Midland
1,903
1,450
Louisiana Arkansas & Texas*.
1,056
Clinchfield
5,681
196
1,530
Utah.....
3,389
1,015
14,551
Charleston A Western Carolina
1,973
387
7,796
16,136
5,886
759.
Atlanta Birmingham A Coast-_
1,182
1,338
.......
5,901
3,749
1,153
6,813
Norfolk A Western
Atlantic Coast Line
1,947
872
1,878
....
Northern
Southern Pacific
*
1,690
1,767
Illinois Terminal...
Missouri-Illinois
22,814
21,908
3,716
Chesapeake A Ohio
Central of Georgia
2,720
127
Pocahontas District-
Total.
1,818
337
Total........
Western Pacific
Virginian
53
1,367
1,644
1071
Spokane Portland & Seattle...
"
20
753
8,828
,
1,807
Spokane International....
Union Pacific System....
Total.
515
1,509
4,313
7,792
Denver & Salt Lake..
«»8
1,686
Co
177
2,058
556
160
Denver & Rio Grande Western.
10,283
__
211
2,861
623
1,537
51
102,822
Pennsylvania System
411
14,339
477
Minneapolis A St. Louis.
27
12,976
Penn-Reading Seashore Lines-
423
Lake Superior & Ishpeming
32
124
327
7,456
Green Bay & Western
32.
.
"
Valley
9,724
'
531
"
219
.
968*
.
3,953
475
Great Northern..
Northern
154
176
8,920
Ft. Dodge Des Moines & South.
Atch. Top. & Santa Fe System.
Alton
__r___________
Alleghany District—
Akron Canton & Youngstown..
Elgin Joliet & Eastern
6,558
2,386
130,621
Total.
4,695
2,284
.
Wheeling A Lake Erie..
3,050
744
12,903
Cnicago Great Western........
.
3,400
3,228
Chicago & North Western..._.
9,244
1,534
893
6,904
OQ
6,928
Duluth South Shore A Atlantic.
1,494
1,814
6,692
1,290
9,007
2,642
Duluth Missabe & It R
330
2,717
11,243
.........
2,448
18,395
12,262
2,352
16,340
2,926
256
1,814
Montour.....
Western
22,318
385
2,475
Lehigh Valley
Reading
10,449
286
Maine Central
Ligonier
9,230
17,944
5,093
3,853
11,863
2,385
Lehigh A New England-__
Baltimore A
322
18,918
Southern System.....
170
Lehigh A Hudson River
Wabash
830
354
9,410
4,442
3,806
Tennessee Central.
10,968
1,480
932
904
417
L
__
271
2,286
Detroit A Toledo Shore Line...
1,737
2,343
877
449
Richmond Fred. A Potomac...
12,233
Detroit Toledo A Ronton......
2,052
2,517
*
347
«
424
Seaboard Air Line
W'inston-Salem
1,356
1938
1939
2,202
3,616
1,623
1.665
2.666
1,945
2,846
1,384
Mobile & Ohio
2,074
7,526
1,646
Monongahela
from Connections
1937
Southern District— (Concl.)
Eastern District-^
Bangor A Aroostook..
A
Total Loads Received
Loaded
1938
1939
1938
1939
1937
Freight
Railroads
", •
■,
APRIL 15
Total Revenue
from Connections
1938
.
CARS)—WEEK ENDED
Total Loads Received
1939
the loadings
ended April 15,
increases when
compared with the same week last year.
Freight Loaded
.
.
11,134
following we undertake to show also
for separate roads and systems for the week
1939.
During this period 88 roads showed
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Ann Arbor
151,981 148,824 144,643
CONNECTIONS
Not available
& Pacific Ry.
756,248
major railroads to report for the week ended
April 22,1939 loaded a total of 246,207 cars of revenue freight
on their own lines, compared with 242,572 cars in the pre¬
Railroads
6,310
Weclz% Ended—
Total.,...
:
3,327
Apr. 22, 1939
The first 18
Boston
FROM
RECEIPTS
1937
1938
535,470
—
•
Week ended April
Total
3,354
23,549
5,044
LOADINGS, AND
2,302,464
Four weeks in February
Week ended April
3,869
26,553
5,062
7,340
28,662
3,671
3,098
7,875
(Number of Care)
Four weeks In January
....
7,660
7,994
3,749
29,637
4,174
1,695
8,178
7,367
3,892
246,207 242,572 247,109
„
7,703
25,458
3,857
•
Four weeks in March..;
2,639
7,819
26,598
7,564
3,874
30,701
27,576
—
—r-~—-
1939
4
>
9,135
—
.
TOTAL
•
1,727
2,856
2,390
6,994
27,211
6,677
12,077
—
Southern Pacific Lines
'
1.324
2.325
2,787
16,084
12,789
Pittsburgh & Lake Erie RR
corresponding week
5,986
5,504
17,710
15,019
Pennsylvania RR
preceding week, but an increase
6,665
6,928
9,007
18,010
12,658
47,385
Norfolk & Western Ry.
W66lc iii 1938.
6,926
18,913
22,691
15,858
12,334
Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
..—.—
New York Central Lines
N. Y. Chicago A St. Louis Ry._.
week in 1938.
5,901
6,813
13,721
Coast
Gulf
•
5,733
12,242
5,685
19,558
20,989
6,582
Baltimore & Ohio
4,713
12,059
7,217
6,748
12,074
18,903
20,677
Santa Fe Ry.
RR
—
Chesapeake A Ohio Ry
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago A North Western Ry...
Atchison Topeka A
preceding week, and an increase of 1,033 cars above the corresponding
week in 1938.
In the Western Districts alone, loading of live stock for the
the
Apr. 22 Apr. 15 Apr. 23
1938
1939
1939
23
1938
1939
Connections
Weeks Ended—
Apr. 22 Apr. 15 Apr.
1939
CONNECTIONS
Received from
Weeks Ended—
products loading for
week of
ended April
and 247,109 cars in the seven days
A comparative table follows:
ceding week
of 12,700 cars above
7,610 cars below the corresponding
amounted to 67,749 cars, an increase
week, but a decrease of
the preceding
April 29, 1939
Chronicle
19,987
21,156
125
.201
124
190
* Previous figures,
„
x
Total.
Discontinued Jan. 24, 1939.
44,259
43,872
53,783
3,447
77
Volume
148
"Annalist"
Financial
Index
Advanced
Since
of
Wholesale
2493
advancing and only
Commodity Prices
April 22 for First Time
Week Ended
in
Chronicle
point
reached
product
Mid-January
1934;
in
price
lower
prices
Wholesale commodity prices advanced last week for the
first time since mid-January with the "Annalist"
weekly index
erately in spite of
closing at 77.7
fibers
increases
April 22, a gain of l-10th of a point as
compared with the previous period.
The gains, however,
were by no means
general and even where prices advanced
the movement lacked vigor.
The announcement issued by
the "Annalist" on April 24 further
reported:
The major
on
commodities
did
little,
Fowl and certain pork products
5-year
were
low.
advanced
"ANNALIST"
WEEKLY
despite
INDEX
Considerable
point
building
30
;
Textile products
Fuels
X60.1
and
22
58.1
:
and
price
and
Small
in
average
goods,
farm
the
since
sufficient
August,
to
offset
advanced mod¬
the trend of all
as
fertilizer
material
included
series
took the metal index to
copper
decreases
also
were
a
new
by
the
during
the
registered
indexes.
in
the
index
advanced
declined; in the preceding week there
28
were
advances and
IS advances
were
and
27
COMMODITY PRICE INDEX
Latest
Preced'g
Week
Week
Total Index
81.9
102.6
70.6
85.6
Apr.
Month
Year
Ago
Ago
15, Mar. 25, Apr. 23.
22, Apr.
1939
70.4
85.6
Group
88.0
1939
1939
69.7
68.9
69.6
49.5
49.0
50.7
60.8
62.8
62.6
65.4
80.2
65.6
1938
85.7
96.8
70.6
_.
cotton
declines; in the second preceding week there
71.0
•
96.5
+
Chemicals
reached
than
the .highest
to
rose
decline
point
more
Per Cent
81.9
Building materils
were
The textile price
scrap
year.
Each Croup
Bears to the
76.4
68.0
_.
slight
declines.
73.2
*60.2
^
average
A
Apr. 20,1938
Apr. 15,1939
•"!
68.2
Metals
grains.
WEEKLY WHOLESALE
Apr. 22, 1939
group
lowest
COMMODITY
WHOLESALE
73.5
the
livestock
steel
the
material
PRICES (1926=100)
Food products
the
months.
to
lower quotations for
in
for
Twenty-three
week
Hides
selling.
it
as
tinued weakness
good week.
a
again reduced.
were
OF
had
cotton
for
and
cotton
two
upward.
The only other group index to rise during the week
representing the prices of miscellaneous commodities, which rose
a
result of higher prices for rubber and cattle feed.
Con¬
slightly
low
last
took
was
that
was
but hogs declined to a new
were strong,
again
Domestic copper quotations
easy.
THE
Silk
although
in
declining,
one
the
average
25.3
Foods
Fats and oils
Cottonseed oil
23.0
Farm products
72.5
68.4
68.4
77.6
;
*
Preliminary,
x
Revised.
17.3
62.2
63.5
46.5
47.7
54.3
53.3
52.3
66.1
Livestock
80.6
47.5
Grains.
70.3
77.7
All commodities
62.1
Cotton
Miscellaneous
67.4
67.9
69.8
68.9
80.0
Fuels
75.2
50.6
75.2
76.1
Miscellaneous commodities..
77.9
77.8
77.8
76.5
8.2
Textiles.
61.2
60.7
60.9
59.8
7.1
Metals
89.1
89.6
90.5
10.8
Wholesale
Commodity Prices Advanced 0.3% During
Week Ended April 22, According to United States
Department of Labor Index
;
6.1
Building materials
84.3
1.3
Chemicals and drugs
91.9
0.3
Fertilizer materials
96.3
84.4
84.6
82.2
91.9
•
91.9
94.9
72.1
missioner Lubin added:
advanced
mained
0.2%.
The
unchanged at last week's leve*.
commodities
index
group
The textile products group advanced 0.8%; foods,
re¬
year,
building
metal
materials,
housefurnishing goods
The
and drugs
each
declined by
0.1%.
The
Department of Labor, in its announcement quoting
as above, also stated:
*
Commissioner Lubin
The advance of
of
1.4%
0.7% in the foods
group was
for fruits and vegetables,
products.
Prices
higher
were
largely the result of increases
1.2% .for meats, and 0.9%
butter,
for
canned
prices for grains and cotton
in the farm products group
Sharp
in
increases
fresh
and
vegetables, bacon, fresh pork, dressed poultry, lard, and
for dairy
fruits
raw sugar.
tion,
prices of
silk, silk
raw
burlap, and
yarn,
in
oif
the metals and metal products group.
yellow pine timbers, sand and gravel
the
year ago,
product
prices,
were
particularly
California
gasoline,
were
<■
.
declined.
following table shows index numbers for the main groups of
modities
for the past five weeks
previous,
year
a
year
while apparel store stocks
Collections of accounts
ago.
District
were
about
434%
less
than in the corresponding
However, this period includes only
1938-
about the
same
as
last year.
case,
sales this year
Even after making allowance for the
advance
as
much
usual over the March
as
level.
,
Percentage Change from Year Ago
1937,
•
Net Sales
Locality
Stock
'
(1926=100)
week preceding
one
com¬
and for April 23, 1938, April 24,
April 25. 1936 and April 27, 1935.
in its
earlier Easter this year, however, it appears that April sales have failed to
Cattle feed advanced sharply, and crude rubber averaged fractionally higher.
The
a
small increase over
Comparing the two weeks preceding Easter in each
responsible for the advance in
.■
During
Easter in 1939, while in the 1938 period two of the weeks preceded Easter.
Higher prices for chestnut lumber,
building materials group index.
Petroleum
Sales
in
band In the department stored, at retail valua¬
on
than
lower
a
this
stores
period
a
Noted
For the three weeks ended April 22, sales of the reporting department
„
66.7.
index to the level of
4^%
outstanding continued slightly slower (;han a year ago.
jute
raw
continued
Lower prices for scrap steel and electrolytic copper caused a decline in
group
of
March, total sales of the reporting department stores
4% higher than last
the first year-to-year increase in about a year and a
again showed
largely responsible for the increase of 0.2%
index.
„
0
*
were
brought the textile products
74.7
Stocks of merchandise
and
Higher
,
72.8
While the improvement in
the year-to-year comparison was accounted for in
part by
the declining tendency in sales last year and by the somewhat
earlir date of Easter this year, the rate of sales increased
considerably more than seasonally between February and
March.
Department stores in practically all localities re¬
ported large,sales this year than last, and sales of the leading
apparel stores in this District were about 2% above March,
1938. The Bank also had the following to say in its "Review":
remained Unchanged.
group
72.1
"Monthly Review" of May 1.
Hides and leather products, metals and
0.1%.
products, and chemicals
72.3
All groups combined
half, states the Federal Reserve Bank of New York
0.7%; miscellaneous
commodities, 0.3%; farm products, 0 2%; and fuel and lighting materials
and
98.0
in the second (New York) District were
0.2%.
were up
76.9
94.8
First Three Weeks of April
Prices of agricultural commodities
averaged 0-3% higher, and industrial commodity prices
77.6
94.8
Ago—Decrease
In
semi-manufactured
77.3
94.8
...
New York Reserve Bank Reports Gain of
4% in March
Sales of Department Stores as Compared with Year
0.4%, and finished products
rose
71.4
77.3
Farm machinery
100.0
"
Average wholesale prices of raw materials
72.1
Fertilizers
0.3
five-week period of steadily declining prices,
the United States Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices rose 0.3%
during the week ended April 22, Commissioner Lubin an¬
nounced on April 27.
"The advance," Mr. Lubin said,
"brought the all-commodity index to 76.0% of the 1926
average.
The combined index is 0.8 % below the correspond¬
ing week of March and 3.3% lower than a year ago."
Com¬
a
71.3
0.3
Following
on
Hand
Percent of Accounts
Outstanding
Feb. 28
Collected in March
End of
Apr.
22
Commodity Croups
Apr.
15
8
Apr. Mar.
1
Apr.
25
23
March
Apr.
1939
1939
1939
1939
1938
1937
75;8
75.9
76.5
76.6
78.6
oo
63.9
_•
63.8
63.8
66.6
66.7
March
Month
1938
1939
New York and Brooklyn.
+ 3.1
—0.8
—7.5
49.9
48.8
Buffalo..
+2.2
—0.5
—5.9,
46.6
46.3
0.0
—1.0
-r-7.3
56.1
+ 13.2
+ 6.0
—5.2
40.8
41.8
+ 8.0
+ 2.6
—1.6
42.8
40.9
Apr.
25
76.0
.
Apr.
24
1939
All commodities..
Farm products
Apr.
27
1936
1935
79.6
80.3
69.1
92.7
77.8
81.7
Foods
68.7
68.2
68.4
70.8
72.2
85.0
80.4
85.4
Hides and leather products..
Textile products
91.3
91.4
91.8
92.0
92.3
92.6 106.7
95.2
87.9
66.7
66.2
66.1
66.0
66.1
66.7
78.6
69.7
73.6
73.6
73.7
73.6
77.3
77.6
77.4
Syracuse—r.._*—
Northern New Jersey.*—
94.1
•
Chemicals and drugs
94.2
94.4
94/
94.4
95.9
95.1
86.0
89.7
89.9
90.0
89.9
91.0
96.6
85.5
75.9
76.0
76.0
77.3
85.6
78.2
86.5
_
Raw materials..
86.5
86.5
86.5
86.5
88.7
90.4
•82.8
73.9
73.9
73.9
73.3
80.9
68.6
68.0
68.3
77.1
*
74.4
74.4
74.5
74.6
74.7
74.6
88.8
74.5
*
Finished products
80.4
80.2
80.2
80.3
80.3
82.9
87.1
81.8
*
68.3
commodities
All
other
70.3
,
71.5
88.7
35.4
+ 9.9
+ 2.7
•
0.0
—6.0
47.0
46.1
-1.4.
+ 1.4
41.3
41.0
+ 4.4
+ 1.6
+ 9.1
+ 1.8
Westchester and Stamford.
+ 4.9
+ 0.1
—3.2
—1.8
Niagara Falls
,
+ 4.0:
All department stores...
Apparel stores
+ 1.8
—
—
March sales and stocks in the principal departments are compared with
than
78.7
commodities
farm
70.2
than
other
farm products
All
37.6
33.2
68.9
Semi-manufactured srticles...
.
,
82.0
74.0
37.6
+ 0.9
Central New York State..
80 8
74.2
Housefurnishing goods
Miscellaneous
+ 9.4
+ 1.0
—19.6
Hudson River Valley Dist.
84.4
75.9
+ 6.6
+ 6.8
—21.6
...
—
Elsewhere
85.2
89.8
75.8
Building materials
+ 11.9
57.8
Southern New York State.
74.3
Fuel and lighting materials..
Metals and metal products..
70.5
1
Northern New York State.
Bridgeport
68. k
73.7
Rochester..
products and
foods..
78.5
78.6
78.8
7S.8
80.7
86.4
80.0
80.0
80.7
80.5
80.6
80.7
80.6
82.1
86.2
79.0
those of a year previous in
the following table:
77.
Net Sales
Stock
on
Hand
Percentage Change
Percentage Change
March, 1939
♦Not computed.
March 31, 1939
Compared with
Wholesale Commodity Prices Advanced Slightly
During
Week
Ended
April 22 According to
National
slight
increase
in
wholesale
commodity
prices
during the week ended April 22 by the index of
Fertilizer Association, which rose to 72.3%
from 72.1% in the previous week.
A month ago the index
National
(based
a
on
year ago
the 1926-28 average of 100%) stood at 72.8%, and
74.7%. The highest point recorded by the index
in the current year was 73.3%
Association's
announcement,
of
April
The
24,
con¬
tinued:
Higher
the
+ 9.6
—4.9
+ 10.4
+ 1.5
+ 9.3
—8.8
Luggage and other leather goods...,
Women's and misses' ready-to-wear.
+ 8.6
—4.5
+ 5.1
—10.9
for foodstuffs
all-commodity index last week.
primarily
With
responsible
eight
—10.4
—10.8
+ 1.8
—0.5
handkerchiefs
—11.7
,
—2.1
+ 1.9
Men's furnishings
—2.5
—10.8
—6.2
—12.0
—7.1
—10.1
drugs
Silks and velvets
-
—7.2
..
Musical instruments
were
—1.1
+ 3.3
accessories
Men's and boys' wear.
Toilet articles and
Woolen goods.
prices
+ 3.6
-
Women's ready-to-wear
Linens and
—4.7
+ 4.1
Home furnishings
Hosiery
Cotton goods.
in the week of Jan. 7.
under., date
+ 14.2
+ 11.4
Furniture
was
Silverware and jewelry
Books and stationery
recorded
the
March 31, 1938
Shoes
Fertilizer Association
A
Compared with
March, 1938
Classification
items
in
for
the
the
food
rise
in
group
Toys and sporting
Miscellaneous
goods..
+ 5.6
—7.9
and radio.
...
—14.3
+ 1.1
*
+ 11.4
—6.3
+ 0.9
Chain
of
Sales
March
District
in
Stores
York
New
exceeded the tonnage of
20.5% above that of Febru¬
ary, 1939.
The Association further reported:
Comparable reports were received from 210 motor carriers in 38 States,
transporting an aggregate of 896,324 tons.
These same carriers handled a
total of 726,331 tons in March, 1938, and 743,935 tons in February, 1939.
The sharp rise over February was attributed only in part to the fact there
for
than
increase
year percentage
Bank continued:
months."
some
its
The
However, since Easter occurred this year on April 9, one week earlier
done this year
this year was
The influence of the earlier Easter trade
The
In addition, the grocery, and 10 cent and variety chains reported
larger increases in sales from a year ago than in the previous two months.
There
decrease of 4%
a
was
1938 and March,
between March,
1939
General
a
of alJ chains combined in March
result of this decrease, total sales per store
Were about
stituted
10^% higher than last year, in contrast with an increase of
approximately 6%
of the total, rose 44.6% over March
0.75% under February, 1939.
Petroleum
products, accounting for 13.2% of the total, showed an
increase of 13.9% over February and 19.5% over March, 1938.
Household goods and miscellaneous commodities, which represented 3%
of
the
total, increased 27.6% over February and 1.7% over March,
of
Percentage Change, March. 1939.
Compared with March, 1938
Total Sales
No. of Stores
—10.2
Grocery
Sales per Store
+16.1
+4.3
+ 6.9
+ 0.6
Ten-cent and variety
-
+ 6.2
+2.9
+0.6
+6.2
last
+10.6
Electric Output for Week Ended April
Above a Year Ago
at'Washington
3946751—DMCRPABhocisvlatmdgen.p
I* fen
Regions
Ended
Week
Week
/
April 8, 1939
1938,
7.9
last May.
Exports, including re-exports, amounted to $268,364,000 in March com¬
pared with $218,560,000 in February,
1939, and with $275,308,000 in
to $209,629,000, an
This increase was more than
offset by the decline in agricultural commodities from the unusually high
level of a yijar ago.
Total exports of agricultural products in March were;
valued at $54,949,000 as compared with $67,207,000 in March, 1938.
The value of United States imports in March advanced to the highest
1.9
8.5
5.9
7.4
8.8
Rooky Mountain
14.7
14.2
12.8
9.0
Pacific Coast..
11.8
11.4
8.1
9.9
10.9
9.2
11.7
DATA
(THOUSANDS
WEEKS
OF
Change
1938
1939
The
1932
1937
1939
from
1929
,
2.199,976
2.237,935
2,014,729
2,017,653
+ 11.1
2,225,486
+ 10.3
2,212,897
2,211,052
2,198,681
1,975,239
+ 11.3
2,200,143
2,209,971
2,173.510
2.170,671
1.978,753
+ 11.7
2,146,959
1,990,447
1,957,573
+ 9.2
+ 10.9
1,951,456
1,938,660
1.939,100
+ 12.7
2,176,368
2,173,223
2,188,124
1
8
15
2,199,002
Apr. 22...
Apr. 29
0..
2,193,779
2,176,363
1,683,262
immediately
1.480.208
1,465,076
1,679,589
1.663,291
tion
1,480,738
1,469,810
1,696,543
1,709,331
1,454,505
1,429,032
1,699,822
1,688,434
March,
foodstuffs, they
1938.
for
*
merchandising channels immediately
entered
and
1939,
February,
compared
$173,372,000 in
with
(goods which entered merchandising channels
for consumption
from
plus withdrawals for consump¬
this country,
arrival in
upon
amounted to $191,205,000 in March compared with
warehouse)
$173,196,(500 in March, 1938.
1939, and with
$152,528,000 in February,
Exports of Manufactured Products Higher in March' than a Year Ago
The
finished
of
value
manufactured
exports
the
accounts,
as
maintained
since
increase
metal-working
totals.
in
over
oils.
Among
fruits
were
Exports
January,
value
principal
$7,361,000,000, compared with $6,386,000,000 the preced¬
ing week and $7,015,000,000 the week ended April
a
year
with
*20 of last
shipments
of
than
in
and
iron
than
fish and canned
a year ago.
products,
steel
and
lard,
meats,
including electrical apparatus,
products,
smaller
were
in
the
compared
However," grain and cotton were
March,
1938.
Bhowed
that
to
manufactures, rubber manu¬
automobiles and refined mineral
foodstuffs,
manufactured
implements,
exports
larger
rose
included textile
ago
manufactured
the
which
aircraft,
leather manufactures,
some
March
in
by
accounted, for
wa3
and
exported in larger value in March
of
agricultural
1919, amounted
class
ago.
record monthly
principal manufactured articles which showed increases
other
The
March
this
in
.machinery
factures, chemicals,
reporting centers.
hasi been
the
of
by banks
reported
7%
Two-thirds
approximately
was
larger in March than in the corresponding month a year
individual
bonded
in
storage
1938.
Imports
Aggregate debits for the 141 cities for which a separate
to
entered
(gioods
imports
in
$158,035,000
1,706,719
1,702.570
1,687,229
in
leading cities for the week ended April 19, aggregated,
$8,028,000,000, or 15% above the total reported for the pre¬
ceding week and 5% above the total for the corresponding
week of last year, which included five business days in
total
value than in the
in
arrival in the country) amounted to $190,416,000 in March
1,619,679
1,538,452
1,537,747
1,514,553
Five Per Cent Increase Noted in Bank Debits
of
larger
were
the corresponding month of
in
general
of
value
with
Mar. 25
some
than
larger
warehouses, plus goods which
upon
Mar. 18
to
above the value in March, 1938.
merchandise
of
class
,
1938
Mar. 11...
Debits
also
were
+ 10.2
May
economic
each
than the
Imports
It was approximately one-fifth larger
and one-tenth
February total
of
KILOWATT-HOURS)
2,035,673
Apr.
amounting
value
aggregate
the Maxell, 1938, total.
over
-
Percent
,
2,244,014
Apr.
the
ago,
3%
*
4
Apr,
ydar
of
preceding month and, with the exception of manufactured
v
Week Ended
Mar.
a
figure in well over a year.
RECENT
FOR
"
"
Total United States.
in March were larger
Exports of non-agricultural products
1938.
March,
9.8
12.7
the
The seasonally adjusted index of exports rose to
since
point
increase
15.3
1.2
Southern States
exports was within/3% of the total in March,
in other recent months have shown declines of
the values
whereas
15% to 25%.
from
than
11.3
»
in
The value of March
ary.
14.3
8.6
4.1
products
one-fifth
increased
April 1, 1939
12.4
2.2
13.6
15.9
West Central
the
result of a marked expansion in shipments abroad of
in March, exports of United States merchandise
value over the total for the short month of Febru¬
a
as
manufactured
Week Ended
14.0
Middle Atlantic
Central Industrial
on
,
Week Ended
14.5
13.5
New England
its statement
issued
The report is as follows:
1934.
to
Principally
PREVIOUS YEAR
Ended
April 22, 1937 April 15, 1939
<
back
highest
PERCENTAGE INCREASE FROM
25
April
on
foreign trade of the United States for March and the three
months ended with March, with comparisons by months
,
Major Geographic
Statistics of the Department of Commerce
The Bureau of
22, 1939, 12.7%
weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
April 22, 1939, was 2,199,002,000 kwh.
The current week's
output is 12.7 % above the output of the corresponding week
of 1938, when production totaled 1,951,456,000 kwh.
The
output for the week ended April 15, 1939, was estimated to
be 2,170,671,000 kwh., an increase of 10.9% over the like
year ago.
March—Imports and
Country's Foreign Trade in
Exports
The Edison Electric Institute in its current
a
year.
+6.3
—4.0
All types.
but declined
last year
+ 4.9
—5.3
—1.9
.
Candy.
week
1938.
comprising 2.4%
6teel,
and
Iron
Shoe...
compared
tons,
672,956
556,286 tons in March,
in total sales.
Type of Chain
1939, and 21.2%
merchandise con¬
with, 553,340 tons in February and
75.1% of that reported, increased 21.6% over February,
over
March of last year.
Of the total tonnage, general
As
10% in the number of units operated by the grocery chains.
in the transportation of automobiles,
March a year ago. This
of the total reported.
merchandise, which constituted the bulk of truck tonnage, or
29.1% over February and 91.9% over
was
freight made up 6.2%
in the total number of chain stores in operation, owing largely to a reduction
of about
1937.
October,
increase was shown
greatest
which
in
reached
122.8
of
ahead of last year for the first time In a number of
were
monthly
truck loadings index figure for March stood
at
118.98
compared with 83.11 for March a year ago, and 101.9 for
February, 1939.
This was only about four points short of the index peak
particularly retlected In the March sales of the shoe and candy
chains, which
months.
in March as against 23 in February.
represent an increase of 18.9% over the 1936
Thus the A. T. A.
average.
Easter shopping, deferred last year until April,
during March.
was
27 working days
were
The March figures
than last year, part of the
was
23.4%, and
March, 1938, by
"Monthly Review" of May 1 that "in March total sales of
the reporting chain store systems in the Second (New York)
District were 6.2% higher than last year, a larger year-to-
March, 1939,
Traffic in
ciation.
Reserve
6.2% Above Last Year
Federal Reserve Bank of New York reports in
The
1939
29
April
Chronicle
Financial
2494
substantial
declines
in
value as
corresponding month of 1938.
First-Quarter Exports
Lower
year.
These
figures
as
of
the
FEDERAL RESERVE
BY
No.
Federal Reserve District
Apr. 12, 1939
Apr. 20, 1938
403,844,000
15
3,552,420,000
-407,598,000
2,969,741.000
386,127,000
3,444,129,000
357,364,000
469,597,000
263,457,000
223,957,000
309,081,000
368,096,000
25
495,965,000
24
445,457,000
258,892,000
25
291,291,000
248,041,000
41
1,089,301,000
16
17
29
216,241,000
656,424,000
273
Total
272,886,000
18
12—San Francisco
244,069,000
158,647,000
28
8,028,210,000
216,316,000
991,887,000
206,443,000
134,226,000
230,746,000
184,850,000
157,687,000
267,901,000
583,757.000
212,450,000
635,760,000
6,998,009,000
7,636,894,000
Loadings Rise 23.4%
Year Ago
The movement of
997,242,000
221,223,000
over
Tonnage
of
freight by truck in March continued to
hold above the volume of
February tonnage,
a
year ago, and rose
according
to
loadings
reports com¬
a
year
lower in
the
shipments
of
of
of
quarter
prices
though
much
showed
increases
of
and
corn
wheat
were
lower
in
unit
quarter
1939
bom
$160,000,000
lower
first
Part
ago.
The
prices this year.
first
The
Exports
than
year
in
value,
and
fresh
of total exports was
dropped to a
first quarter of
substantial drop in
the marked decline.
exports
in
and
chiefly
quantity
larger
■
•
$234,000,000
this
account
cotton
1939.-
agricultural
total
nearly
grain
(price)
value
of
$690,874,090
from
decrease resulted
the
of
a
for
the
the first quarter of 1939,
fruits, fish and meat products
in
of 1938.
$530,562,000 in
1938.
The exports of finished and semi-finished manufactured goods were lower
than a year before by approximately $45,000,000, or 8%, and the nonagricultural crude materials were down $7,000,000.
The principal exports
which were smaller in value in
the
first quarter of
1939 than in the
corresponding quarter of 1938 include passenger automobiles, motor trucks,
agricultural
implements, electrical apparatus, iron and steel products,
wood pulp, and crude petroleum.
As in the March, 1938, to March, 1939,
comparison, there were substantial increases for the first quarter's exports
of metal-working machinery, aircraft, textile manufactures, rubber manu¬
Exports
the
first
factures,
of
in both
and
quantity and value over the first quarter
non-agricultural
quarter
of
1939
certain
sharply over
piled and issued April 23 by the American Trucking Asso¬
of
1938.
quarter of 1939 total United States exports of
lower
7%
the
value
Apr. 19, 1939
18
8—St. Louis
the lower
In
Week Ended—
of
first
15%
about
17
10—Kansas City
the
DISTRICTS
the
were
System:
Centers
Incl.
2—New York
Truck
Reserve
,
SUMMARY
March
Federal
In
1939, by the
reported on April 24,
Governors
Board of
are
and
products
chemical
was
increase
about
in
10%
the volume of
as
compared
in
valued
at
the first quarter of
products.
Imports in
The
wrere
$581,674,000
the First
Quarter
„
,
total imports in the first quarter of 1939
with
the
aggregate
in
the
first
quarter
Volume
of
1938.
than
to
a
and
value
the principal
the
first
nickel,
have
The
imports amounted
stuffs
with
silk
in
in
the
newsprint,
Exports, Imports and Net Balance
first
this
Islands
quarter
vegetable
of
oils,
cattle, and
cocoa,
quotations.
increase
an
March
1939
Cuba
from
than
reflecting
the
in
cane
1,000
1,000
1,000
Dollars
Dollars
Dollars
53
5.262
149
—5,113
52,947
365,436
68,313
745,160
+ 676,847
52,927
....
Excess of Imports
oil
365,384
63,051
745,011
Silver—
25% in value, and crude rubber and fertilizers
Exports
191
5,647
+4,868
14,440
1,923
7,207
779
Imports
58,636
27,463
—31,174
14,250
5,284
57,858
21,816
the
imports
first
in
the
articles,
quarter
manufactured
of
as
1939
foodstuffs
corresponding
a
group,
than
in
were
the
lower,
were
imports.
sugar
quarter
1938.
of
only slightly
first
quarter
principally
Imports
larger in
of
1938,
Gold
in
Month
the
of
1936
imports
of
$223,296,000
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
338
11
5,067
81
233
2.054
20
53
2,337
2,112
1,811
1,546
1,671
15
1,763
1,341
355
174
191
1,923
January
$365,436,000,
a
64% rise
February
over
23,637
March
in
February, 1939, and several times the
of $52,947,000 in
March, 1938.
Silver imports totaled $7,207,000
March, $9,927,000 in February, 1939, and
$14,440,000 in March, 1938.
were
1939
1,000
Exports—
2,315
April
39
51
535
1,668
250
4
212
203
81
131
197
1,841
1,144
254
695
206
65
138
214
August
32
169
17
143
278
401
42
129
11
285
1,463
380
1,259
July
$1,923,000.
were
145
5
77
September
negligible, and silver exports
13
May
June
total
exports in March
1938
Dollars
'
was
1937
reduction
.
gold imports in March
Silier
Period
or
and those of
of
because
value
Excess of Imports.
of
Gold and Silver Movement
The value
Gold
1,000
20
Imports
of
lower
(+)
Decreased—)
Dollars
Exports
consid¬
quarter
Increase
1939
1,000
import
were
the
1938
Gold—
all
first
principally
1939
Dollars
result
a
example,
for
year;
and
as
However,
1938
for
wheat
mainly
3 Months Ended March
Exports and Imports
leather,
and skins,
hides
higher value,
a
silk
Philippine
decreased
wool,
raw
showed
raw
shown
the
inedible
manufactured
in
MONTHS
lower in quantity and value than in the first
quarter of 1938.
classes, the crude materials, semi-manufactures, and crude food¬
increased 8%, 17% and
14%, respectively, in value as compared
By
the
2495
GOLD AND SILVER BY
both
were
in
of
Chronicle
lower
compared with the corresponding
as
were
chemicals,
raw
not
from
erably smaller
these
advance
prices this year,
the
tin,
Imports of
imports
1938.
6%
about
averaged
imports showed marked increases in quantity
quarter of 1939
Among
marked
commodities
sugar
commodities
that the rise in the total value
so
1938.
diamonds,
the
import
•
of
in
of
milling.
of
of
4%.
number
quarter
Financial
prices
before,
year
about
A
148
The
■
317
Exports,
Including Reexports,
General
March
BY
193
October
Imports,
and
Balance
3 Months Ended March
1939
1938
Trade
232
16
127
30,084
14
1,611
627
823
99
15,052
16
536
236
1,344
50
3 mos. end. Mar
Increase (+)
Decrease(—)
Exports and Imports
1938
of
117
November
MONTHS
1,704
1,468
December
MERCHANDISE TRADE
26,290
27.024
end. Dec
mos.
6,262
51,133
149
5,431
5,468
779
5,647
1,161
288
2,699
11,129
46,020
5,889
12,000
11,965
11,068
27,534
9 mos. end. Mar
12
1939
12,042
7,082
'
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
January
Exports
Dollars
275,308
268,364
826,315
699,835
—126,480
February
Imports
173,372
190,416
507,011
526,651
+ 19,640
Imports—
45.981 121,336
7,002 120,326
101,936
Month of Period
15,757
52,987
4,989
2,821
3.165
23,981
6.025
6,574
4,476
19,186
18.326
16,637
4,964
4,985
8,363
8,427
24,098
26.931
5,701
25,072
1935
1936
1937
1938
1,000
1,000
1,000
1,000
November
Dollars
Dollars
75,962
Dollars
Dollars
Dollars
December
67,070
176,223
198,803
221,296
194,712
269,838
170.654
,*i
172,126
191,313
206,413
198,564.
170,244
173,230
171.984
September
October..
Novemoer
1939
September..
223,469
222,665
289,071
163,007
182,024
233,125
261,935
218.560
185,026
195,113
256,566
275,308
268,364
192,795
200,772
185,693
180,390
178,975
220,539
264,949
226,364
229,800
268,945
274,472
257,273
289,922
265,341
mos. end. Mar
24.987
21,533
60,778 396,033
68,313 745,160 84,134
996,368 1003459 670,509 2476643 347,439
182,816
9 mos. end. Mar
230,786
296,579
3
.
12
227,529
277,031
10,633
23,151
246,336
277,668
22,515 58,636 27,463
87,737 115,988 146,462
91,877 230,531
v
end. Dec 1144117 1631523 1979458
mos.
332,710
314,697
323,403
Summary of Business Conditions in United States by
Board of
April
252,381
dustrial
525,910
524,256
575,700
712,355
826,315
699,835
end. Mar
1,531,574 1,621,004 1,834,463 2,013,37,1 2,638,919 2,203,407
end. Dec..,. 2,132,800
2,282,874 2,455,978 3,349,167 3,094,362
Governors
Federal
of
Manufacturing
Reserve
System—
Continued at
Production
March Rate but Mineral Production Declined—In¬
"./
268,872
end. Mar
January
.
135,706
166,832
187,482
240,444
170,689
Output in First Quarter Increased Less
Than Usual
The Board of Governors of the
132,753
152,491
177.356
170,500
192,774
158.035
198,701
277,709
307,474
162.951
158,105
173,372
Federal Reserve
System
286,837
191,697
191,077
195,056
193,073
215,701
212,692
196,400
284,735
286,224
265,214
April
May
146,523
154,647
136,109
127,229
119,513
131,658
June
July
August...
September..
October
426,564
December......
169,385
186,968
496,679
189.357
224,299
223,090
208*833
825,626
507,011
245,668
233,142
financial
for March
which
stated
mos.
end. Mar
mos.
end. Mar
12
mos.
end. Dec
Exports of
mineral
States
Merchandise
and
Jifarch
3 Months Ended March
Imports
526,651
of
1,000
1,000
1,000
between
Dollars
of
Board, in its
or
Period
Dollars
Dollars
Dollars
Dollars
270,429
173,196
264,578
Exports—U. S.
The
of
industrial
of
+ 20,620
for
index
final
—124,486
March
1937
1938
the
1,000
1,000
1,000
1,000
Dollars
Dollars
1
July..
August
September
October.
November
Decern oer
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
195,689
219,063
229,671
192,405
189,574
197,020
,181,386
177,006
175,825
217,925
262.173
223,920
226,666
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
252,443
264,627
285.772
259,160
270,429
271,509
253,710
229,658
224,860
capacity,
a
production
210,261
216,035
to
than
mos.
end. Mar
9
mos.
end. Mar
12
mos.
end. Dec
the
At
515,540
567,475
701,177
815,360
690,874
1,506,931 1,597,513 1,807,435 1,984,692 2,606,924
2,177,827
2,100,135 2,243,081 2,418,969 3,298,929 3,057,091
168,482
February
125,047
152,246
March
April
153,396
141,247
May
147,467
175,485
166,070
166,756
June
278,118
278,300
262,919
248,730
218,425
233,959
213,419
226,470
212,382
203,644
135,067
155,313
July
124,010
173,096
117,262
200,304
240,230
October
149,893
137,975
November
149,470
180,381
168,683
189,806
162,828
December
126,193
179,760
September
In
228,680
260,047
295,705
280,899
163,312
155,923
173,196
169,318
9 mos. end. Mar
mos. end.
Dec
following
construction
Corp.
Dodge
last
in
the
sales
of
cars
last
than
year
began to
seasonally high level.
a
cars
Activity
in
new
March,
production
the
continuing
increased
less
than
March continued at about the level
in
the
factories
In
high
woolen
the
level
of
textile
recent
industry
months,
while
output was maintained in large volume.
and
earlier
refineries
sugar
increases
activity
in
declines.
awards
contract,
figures,
retail
of
stocks
further
autumn.
from
building.
private
low
a
three
first
level
as
contract
increased
reflecting
Awards
a
public
for
in
seasonal
March,
rise
projects
in
according
residential
weekB
of
mines
most
bituminous
April
little
showed
closed,
were
negotiations between
mine
production
coal
pending
the
declined
settlement
of
Steel
and workers.
operators
ingot production was reduced somewhat, averaging about 52%-of capacity,'
191,205
and
automobile
the
in
latter
production
showed
147,779
147,767
171,023
172.909
little
change
from
the
rate
reached
March.
of
part
.
Distribution
"
Sales
more
department
seasonally
usual rise.
178.447
the
171,668
165,354
seasonal
the
at
than
same
For
volume
stores
in
and
March,
mail
while
order
houses
variety
store
increased
sales
somewhat
showed
about
the first quarter as a whole retail sales were in about
as
in
the
final
quarter
of
1938,
after
allowance
for
changes.
Freight
car
407,419
570,263
496,213
784,431
492,431
513;051
1,250,477 1,301,016 1,624,817 2.055,049 1,880,535 1,520,219
February to
1,636,003 2,038,905 2,423,977 3,009,852 1,949.620
laneous
average.
101
152.528
155,118
147,123
■
3 mos. end. Mar....
the
biennial
186,377
189,590
194,296
199,776
189,008
194,311
197,458
200,783
August..
of
other
with
change.
to
128,976
mills and shoe
W.
F.
and
-
March and the
level of-other recent months.
relatively low
since
seasonally;
Lumber
summer.
decrease
a
reported,
Value
266,287
516,612
"
ifi
considerably higher
increase to
meat-packing establishments
were
.
compared
99,
Dealers'
increased
non-durable goods
showed
cotton
at
of
than
level
a
1937.
and
industries
prevailed'
has
.
\
averaged
lessf
around
1936
last
began
Production
activity
274,059
249,844
increased
in
seasonally from the
that
228,307
243,596
In the first quarter
rapid rise in the latter"
a
Activity at steel mills in
year.
fluctuate
machinery
that
rise
264,578
Imports for '
Consumption—
January
lower
in
to
3
reduction
index remained at 98% of the 1923-25
quarter
decline in March, following an
Dollars
179.381
production
March wap at 54%
slightly higher level that in January and February.
Auto¬
but
1,000
Dollars
173,560
160,312
181,667
on
April, in
March, but
sharp
a
production ehowed little change
first
quarter of last
mobile
1939
Dollars
169,577
159,617
1$7,418
i.
June
1936
1,000
T__
April
May
1935
in
as
stated:
also
summary,
Board's seasonally adjusted
Dollars
Merchandise—
January...
February
1934
based
1938, increased less than is usual at this season."
continued
Month
rate
and miners.
operators
thisjear industrial output, after
Volume
1,000
■191,205
manufacturing
same
Production
1939
1,000
Importa for consumption
1938
690,874
513,051
the
States,
three weeks of
declined,, reflecting
production
The
Decrease(—)
1939
815,360
492,431
United
first
April
about
Increase (+)
1938
Exports (U. 8. mdse.).-
the
the
"in
that
at
half
for Consumption
Exports and Imports,
in
and
in output of bituminous coal pending settlement of negotia¬
1,284,031 1,287,891 1,631,975 2,083,708 1,907,251 1.526,094
1,655,055 2,047,485 2,422,592 3.083,668 1,960,397
United
it
maintained
was
tions
3
conditions
statistics
176,187
171,315
578,957
156,754
176,631
169.030
161,647
and
159,827
148,248
145,869
140,809
165,516
167,592
178.024
245,161
170.533
129,635
150,919
132,258
...
November'
9
April 26 its monthly summary of general business
on
190,416
202.779
February
March.
issued
178.200
_
...
-
232,730
268,184
4,451
2,267
,
212.912
164,151
165,459
62,194 177,782
33.033 240,542
9 927
17.952
General Imports—
>
12
4,490
1,000
162,752
190,938
179,427
160,197
170,519
161,672
June
mos.
7,207
71,236
277,851 262.103
55,438
16.074 175,624
63,880
67,524 105,013 165,990
171,866 145,623 520,907
218,929 90,709 562,382
May
173,184
July
August
172,220
May...
9 mos.
14,440
Dollars
July...
August
12
5,589
28,106 215.825
169,957 155.366
October..
;
mos.
8,115
1934
March
December
14,080
28,708
15,488
10.328
17,536
52,947 365,436
1,000
February
April
319,304
2,846
8,211 223 296
7,795 154.371
June
Exports, Including
Reexports—•
January.
3
77,948
58,483
March
April
Excess of exports
Excess of imports
7,155 156.427
loadings
March
as
showed
less
than
loadings of Coal
the
declined
freight increased less than seasonally.
customary
and
In
advance
from
shipments of miscel¬
the
first
half of
April
April 29, 1939
Chronicle
Financial
2496
PAYROLLS
FACTORY EMPLOYMENT AND
there
steel
of
Prices
(1923-1925 Average=100)
in coal shipments.
Prices
Commodity
declined
materials
part a
freight traffic, reflecting in large
marked decrease in
a
was
sharp decline
and some other industrial raw
March to the third week of April,
hides,
copper,
scrap,
from the middle of
the
there
1939
1938
1939
1939
1938
87.6
87.6
83.8
88.3
87.2
84.4
81.6
79.7
64.3
94.9
93.9
96.9
94.7
93.4
96.9
94.2
91.8
88.0
90.6
92.1
73.3
95.8
96.0
77.4
91.t
91.4
65.1
96.0
96.7
62.3
Transportation equipment-.
96.fi
Nonferrous metals
8tone, clay
74.1
103.4
104.5
94.0
86.6
94.3
93.6
86.9
89.1
88.3
74.3
63.4
62.1
62.6
62.3
53.6
53.0
51.8
61.7
58.0
53.0
63.2
products—
Lumber and
98.fi
79.3
93.9
Automobiies
gold
88.7
87.7
78.0
89.1
89.8
80.3
91.2
92.1
82.2
79.3
81.1
67.6
116.7
115.2
123.0
120.2
122.7
104.4
97.7
93.2
92.8
89.9
97.6
96.6
94.2
83.2
83.3
76.6
111.9
113.3
50.1
,
121.1
122.4
111.8
HOP
112.0
113.6
60.3
63.5
64.6
59.5
62.4
63.8
51A
106.4
105.9 105.6
106.0
105.9
105.3 104.2
lll.F
111.7
112.7
114.3
112.1
115,1
117.4
117.6 122.4
...——
Paper and printing. -1
Chemicals & petroleum
of highest grades con¬
and the first three weeks of
April, while prices of the lower-grade corporate bonds and of corporate
stocks" declined.
The average discount rate on new issues of 91-day
Treasury bills continued at a low level, and other open market rates
high
at
levels
prods
Petroleum refining
...
except
petroleum refining
during March
Chems.
95.C
122.2
Food products
bonds and of other bonds
Government
firm
101.4 101.2
91.4
98.5
97.7
Leather products
.
63.7
115.6
products
Wearing apparel
.
66.6
69.6
65.7
71.6
Non-durable Coods
Fabrics..-
Tobacco products.—..—*-
Prices of
65.fi
71.8
and glass
Textiles and
declined.
tinued
1939
Machinery
Security Prices
Mar.
Feb.
Mar.
1938
Durable Goods
Bank Credit
Money Rates and
Mar.
1939
Iron and steel
heavy
Feb.
sonal Adiuttment
Adjustment
Mar.
1939
imports and Treasury disbursements
from its balances at the Reserve banks, member bank reserves and deposits
increased sharply during the four weeks ending April 19.
Excess reserves
rose
to a record high level of $4,000,000,000.
Total loans and invest¬
ments at banks in 101 leading cities, which had ehpwn little change during
March, increased somewhat during the first three weeks of April, reflecting
principally continued purchases of United States Government obligations
by New. York City banks.
Loans to brokers, and dealers in securities
continued
Reflecting
Feb.
Mar.
beginning of the year.
\
sonal
Mar.
sonal Variation
also in prices of
decreases
were
Without Sea¬
Without Sea¬
Adjusted for sea¬
livestock and dairy products.
Silk prices rose considerably.
The general level of wholesale prices, as
measured by the index of the Bureau of Labor Statistics, declined to 76%
of the 1926 average as compared with 77 in the middle of March and at
and
Payrolls
Employment
•
group.
Rubber products
....
Note— Indexes of
nearest the middle
82.4
119.8
117.3
116.2 116 A 121.2 131.5
132.1
136.5
116.0 111.3
60.9
82.5
payrolls are for payroll period
March. 1939, figures are preliminary.
factory employment and
of the month.
54.7
102.3 101.3
121.6
110.2 110.3 113.8 111.1 113.6 118.6
85.3
72.'
81.3
82.7
72.4
81.2
110.6
95.8
ending
unchanged.
remaihed
♦
!
•
Board Reports Cost of
Declined 0.2% from Feb-
National Industrial Conference
of
Indexes of Board of Governors
Federal Reserve System for March
Monthly Business
Living of Wage Earners
ruary
Federal Reserve System
The Board of Governors of the
of wage earners in the United States
February to March, chiefly because of
a decrease in food, according to the regular monthly survey
of the Statistical Division of the National Industrial Con¬
ference Board.
Living costs in March, 1939, were 2.1%
lower than a year ago, 14.4% lower than 10 years ago, but
18.4% higher than at the low point in the spring of 1933.
The Board, in its announcement issued April 14, further
reported:
/0'•
%
Food prices declined 0.5% from February to March, bringing them to a
level 2.9% lower than in March, 1938; 24.7% lower than in March, 1929;
but 27.7% higher than at the low point of 1933.
.
;
'
Rents averaged the same in March as in February.
They were 1.6%
lower than a year ago; 6.4% lower than in March, 1929; but 37.3% higher
April 25 its monthly indexes of industrial pro¬
duction, factory employment, &c., as follows:
issued
on
'
BUSINESS INDEXES
"•
declined 0.2% from
<
*
*
(1923-1925 Average=100)
; v
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
Mar.,
Mar.,"
Feb.,
Mar.,
Mar.,
Feb.,
1939
1939
1938
1939
1939
p98
98
79
plOO
99
80
>90
97
75
p99
98
77
p79
83
54
83
57
pllO
108
93
p86
pill
111
94
pi 10
110
103
pi 02
105
95
J16H
73
46
p69
63
46
R evidential
p58
58
33
51
35
All other
P76
85
56
p61
P75
72
55
91.3
87.4
Industrial production—Total
Manufactures—Total
Durable
,•*
Non-durable
Minerals
Construction contracts, value—Total.
Factory employment—Total
.
Durable goods..
Non-durable goods....
p91.0
p82.9
p 98.6
>
95.4
98.7
1938 '
than at the
beginning of 1934, their low
point.
-
0.1% in the month interval.
in March, 1938; 25.9% lower than in March,
Clothing prices declined
P91.3
P83-4
p98.9
90.7
87.7
82.6
79.3
98.4
95.8
p86.8
p79.9
p94.C
79.0
83.4
,
March
to
The cost of living
85.4
77.1
lower than
higher than at the low
.
They were 4.2%
1929; but 19.1%
V
of 1933.
93.2
87.9
Freight-car loadings, total
66
67
60
63
62
57
Miscellaneous
73
75
67
70
64
64
February; 0.6% lower than
in March, 1938; and 8.4% lower than in March, 1929.
The cost of sundries averaged the same in February and March.
It was
1.1% lower than in March, 1938; 3.8% lower than in March, 1929; and
88
87
86
82
69
77
7.2% higher than at
68
68
70
69
65
71
Factory payrolls—Total
'.'.'MM
-
Durable goods
'mm'
■M
MM
.....
M
•
'
MM'
Nob-durable goods
...
Department store sales, value
4—
Department store stocks, value
'
MM
■
'
Preliminary.
,
Note—Production, carlpadlngs, and department store
p
averages.
total Index
Coal prices in
67.4
78.4
The
the low point of 1933. „
dollar in March was 0.3% higher than in
2.2% higher than A year ago; and 16.9% higher than 10 years ago.
purchasing value of the
February,
-
.
March were 0.2% lowei* than in
sales Indexes based on dally
To convert durable and non-durable manufactures Indexes to points In
of manufactures figures, shown In Federal Reserve Chart Book, multiply
non-durable by .537, ,,
Construction contract Indexes based on three-month moving averages, centered
at second month, of F. W. Dodge data for 37 Eastern States.
To convert Indexes
to value figures, shown In Federal Reserve Chart Book, multiply total by $410,269,000, residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls Index complied
by Bureau of Labor Statistics.
INDUSTRIAL PRODUCTION
■
1
,
Without
Seasonal Variation
Seasonal A djustmeni
Max.,
(■
'
Feb.,
1939
■
Mar.,
1939
1938
Mar.,
Feb.,
Mar.,
1939
1939
1938
(—)
from,
February,
Budget
1939
1939
33
78.0
78.4
20
86.1
86.1
0.0
12
72.3
72.4
—0.1
78.4
78.3
+ 0.1
66.2
66.5
——0.5
85.8
85.9
—^1.1
85.6
85.8
—0.2
86.2
86.2
0.0
96.7
96.7
0.0
84.9
85.1
——0.2
117,8
117.5
■
Food #.<
—
Housing
Clothing
..
„. . . .
*
>.
5
Coal..-..,
,.—4.
Gas and electricity ......
Sundries-.
...
—
30
4..
100
Weighted avge., all items.
Purchasing value of dollar..
*
Manufactures
Dec.
from, Feb. ,1939
March,
Fuel and light-._*
Adjusted for
or
1923=100
Family
Women's.————-
(1923-1925 Average=100)
'
Living.
in,
Item
Men^j--..—
'
% of Inc. (+)
Indexes of the Cost of
Relative
Importance
durable by .463 and
Based
on
United States Bureau
food price Indexes of the
to
Mar.,
1939
—0.5
+ 0.3,
of Labor Statistics
'
82
,91
75
48
88
49
94
92
56
98
54
105
98
63
11
23
*
11
23
65
*
48
46
133
42
.......
Cement131
Plate glass
mm"
Tin deliveries
Beehive coke
....
128
133
76
p5
5
p6
7
7
Taxes
'
Ratio
77
8
,
•
•
taxes
81
pll2
115
114
111
90
119
119
94
in
search
—
108
97
100
104
104
89
83
83
84
83
59
74
74
60
100
111
88
97
111
100
117
.
92
■
Calves
110
108
Sheep
156
157
151
142
147
137
84
97
94
90
91
91
Sugar meltings
78
70
63
92
69
Newsprint production
62
61
53
61
61
52
122
131
126
Wheat Hour
122
123
126
127
pl2,5
Newsprint consumption
Leather and products
124
105
P128
74
108
'
*
105
78
♦
108
77
*
104
77
♦
111
78
*
118
87
♦
108
*
97
74
#
101
76
*
201
191
*
202
191
*
256
239
*
115
117
*
138
137
*17
113
147
152
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers..
Petroleum refining
Gasoline
*
Kerosene
113
120
Fuel oil
*
Lubricating oil
164
Tobacco products
162
160
156
77
78
77
71
67
70
231.
227
224
211
216
80
Cigarettes
Manufactured tobacco
77
236
Cigars
78
83
81
79
84
Minerals
Bituminous coal
-
p77
79
58
p77
58
83
p61
p50
66
56
172
pi 72
166
170
73
64
70
75
65
90
87
87
96
*.
Lead
68
169
69
Petroleum, crude
61
p 173
Anthracite
100
98
...
Silver
Preliminary.
* Data not yet available.
,
according to a report on the trends
public April 19 by the Economic Re¬
Division of the National
Industrial Conference
The share taken by taxes last year, according to
*
92
93
108
*
106
Board.
made
preliminary estimates made by the Conference Board,
22c. per dollar of national income, a marked increase
was
over
the previous peak in taxation in 1937, when the rate was
17.7c.
per
income dollar.
Total collections by Federal,
State and local
authorities amounted to approximately
$13,700,000,000, the largest sum ever taken by taxes in the
United States in a single year.
This represented a tax
burden of $105 per capita for the entire population, and an
average of $317 per person employed.
The Board further
explained:
Tax
collections
have
mounted
steadily
since
1933,
according to the
income also rose each year, so that
the ratio of taxation to national income remained near 17% throughout
the five-year period.
Last year, however, total collections rose 11.4%
higher than in 1937, while the national income dropped more than 10%.
The
increase
in tax collections has been so rapid that even if the
national income
in 1938 had remained at the post-depression peak of
1938 the national
report,
but until
nearly
$69,400,000,000 reached in 1937, the proportion
have been considerably higher than ever before
would still
just under
During
income
p
.
greater share of their national income
in 1938 than in any other year as far back as
taxation
78
67
106
...
96
116
Zinc.—
in
83
109
73
Cattle
Board—Highest
Record
on
1938, Says
Income in
Conference
records are available,
Cotton consumption
Hogs
National
Industrial
Americans paid a
pl09
Textiles—
Silk deliveries
22% of
Took
National
44
72
.
Non-durable Goods
Slaughtering and meat packing
.
55
79
80
Locomotives
92,
45
*
Bteel Ingots..
Automobiles
49
73
91
.......
87
75
83
Pig iron
and Feb. 14, 1939."
for March 14, 1939,
Durable Goods
Iron and steel-.
20c.
the
per
income dollar.
twenties the ratio of tax
12%.
At the 1938 level
nineteen
averaged
about
taken by taxes
in our history—
collections to national
of the tax burden, a
Volume 148
national
would
income
be
required
Federal
of
the
in
Financial
of
$114,000,000,000,
to
restore
collections
that
double
that
last
of
to
respectively, in March, and
have
taken
proportion
increasing
an
The
in
following
national
the
total
recent
table
income
and
rising
years,
shows
total
the
tax
in
1925
1932
43.3%
to
of
estimates
Board's
from
income taken
in
22.0%
Conference
collections
percentage of the national
by the Federal Government
from
1938
through
Per Cent
Income
Collections
Tax Collections
1933
7.5
16.8
8.8
17.0
1934
51.6
56.2
9.7
65.2
10.5
1937 preliminary.
1938 preliminary
69.4
12.3
17.7
62.3
13.7
22.0
York
State
Factory
Employment
and
Payrolls
The New York State Department of Labor's index of
factory employment,
based on the average of the years 1925-1927 as 100, rose to 82.9. The corre¬
was
rolls
pay
79.5.
was
Compared with March
year ago,
a
12.6%' higher.
based
are
preliminary tabulations covering 2,166
on
firms collected and analyzed in the Division of Statistics and Information
under the direction of Dr.
ings
E.
B. Patton.
total payroll of
on a
$27.51
to
rose
in
the week
compared with
These firms
$10,913,661.
employed 396,745
Average weekly
earn¬
February's $27.02 and last March's
$26.46.
,
Improvement in All Industrial Districts Except Binghamton-Endicott-
this
payrolls
Johnson City district.
This
month
the
was
Binghamton-Endicott-
mainly due to continued slackened activity
was
Utica, which reported the largest gains last month, reported
plants.
slight net loss of M of 1% in employment accompanied by
total wage payments.
bankruptcy of
one steam
cotton
workers rehired
goods,
furniture and sporting
more than
and hot water heating plant and
last
month.
goods
plants
and
chemicals
largest for
busier
were
participated
lay-off of
and
week
employment
their
gain that
wage
the
was
Most industries in
Rochester and Syracuse showed little net change.
a
Buffalo,
In Buffalo, gains in the
photographic equipment and supplies plants
orders
were:
221,458,000
535;
feet.
Revised
..
production,
and
building supplies firms
feet; orders," 223,456,000 feet.
regions except Southern Pine, Western
Southern Hardwood reported new orders above
All
15,
1939.
All
above
above
last
output.
were
In Rochester,
than offset
more
with increases at printing
employment and payrolls in New York City.
February to March, 1939
Employment
Albany-Schenectady-Troy
Payrolls
+ 2.7
New York City.
+ 6.5
+ 19
i
+ 6.6
+ 1.2
+ 1.6
Syracuse
+ 0.9
+2.6
Rochester
+0.3
+ 0.3
Utica
_
v
...
_
—0.1
j,
—
+ 1.7
—0.3
_,
Binghamton-Endicott-Johnson C'ty-
:
orders
softwood
mills
the
mills.
same
feet,
6%
or
Reports
or
of
All
1938.
reported
totaled
number
above
from
feet,
as
1938
week
feet,
employed
Last
week's
feet, and
a
Production
hardwood mills
give
Shipments
released
These
by
Federal
the
Reserve
somewhat
gains were
Pennsylvania
the
payments
usual
sion,
March
however,
shows
little
and
gains
ferrous
payrolls
by
were
metal,
was
at
this
at
all
in
contraction
in
change
reported
was
increased
Bank
above
time
of
Philadelphia.
seasonal
11%
almost
March
expectations.
The
ary
steadily
to
in
to
goods
March, and
ago.
a
low
35.9
last
27%
than
year.
leather,
textiles,
was
a
in
which
marked
expan¬
where
activity usually
Substantial improvement
lumber,
in
was
nearly 3% greater than
June.
above
Wage
the
March,
payments
low
1938.
point
The
a
have
last
year
year
sharpest
ago
increased
and
gains
in
were
industries.
of
employee-hours worked increased 2% from Febru¬
a gain of 17% over a year earlier.
Working
showed
hours
Average
of
level
larger
number
time averaged
year
the
13%
durable
total
except
There
and paper products,
larger than customary at plants turning out chemical, nonand stone, clay and glass products.
above
were
the
in
lines
factories,
the
of
of
Factory employment in March
and
major
reported.
clothing
manufacturers
a
week
as
against 35.7 in February and 31.9
hourly earnings approximated 69c.,
or
about the
a
same
March, 1938.
The
Bank's
and
Northern
April
above
same
was
1939,
the
Production
as
the
439
of
210,653,000
feet.
8,714,000
feet,
week
were
same
was
by
production
were
198,925,000
business
new
15,
week
8,479,000 feet.
softwood
mills
was
197,780,000
was
reported production last week and
feet;
feet
shipments,
and
8,097,000'feet
4,015,000
a
and
year
ago
5,514,000
6,833,000 feet and 6,224,000
feet, and orders, 7,438,000
feet.
—
—
;
Lamborn & Co.
Distributing World Retail Sugar Price
Chart
price of sugar in the United States
as^contrasted with higher prices in other parts of the world is
illustrated in a chart being distributed by Lamborn & Co.,
New York.
The chart presents a display of retail prices of
sugar in.42 countries, representing over 80% of the world's
consumption of sugar.
In 29 countries the price in 1938
was higher than that in the United States which was 5.4 cents
per pound, while in only 12 countries the price was lower.
The firm's announcement added:
16 of the countries the retail price ranged from 8 cents
a
pound; for 7 countries the range
fcr 6 countries prices
was
a
pound to
from 6 cents to, 8 cents;
ranged from 5.45 cents to 6 cents; and in 13 countries
the range was between 2.54 cents and 5.4 cents.
*.
had
Delaware
the
Automobile
following to
factories:
say
re¬
Output in March
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for March, 1939, consisted of 371,940 vehicles, of which
299,703 were passenger cars, and 72,237 were commercial
cars, trucks, and road tractors, as compared with 297,841
vehicles in Fenruary, 1939, 221,795 vehicles in March, 1938,
and 494,121 vehicles in March,
1937.
These statistics,
comprising data for the entire industry, were released this
weekrbyDireetor William L. Austin, Bureau of th9 Census,
Department of Commerce.
are based on data received
United States, 22 making
Statistics for the months of 1939
from
73
manufacturers
in the
and 62 making commercial cars, trucks, and
of the 22 passenger car manufacturers also
making commercial cars, trucks, and road tractors).
It
should be noted that those making both passengers cars and
commercial cars, trucks, and road tractors have been in¬
passenger cars
road tractors (11
cluded in the number
commercial*
cars,
as
shown
trucks,
as
making passenger cars or
tractors respectively.
and road
figures for passenger cars include those for taxicabs.
figures for commercial cars, trucks, and road tractors
include those for ambulances, funeral cars, fire apparatus,
The
announcement
garding conditions in
of
168,463,060 feet; shipments were, respectively,
209,480,000 feet and 176,292;000 feet, and orders received, 211,558,000
feet and 162,028,000 feet.
In the case of hardwoods, 89 identical mills
fac¬
Under date of April 20 the Bank further reported:
Wage
those
shipments
Reports
production of 432 identical
it
above
reported
Hemlock
reported for
as
13% above production.
year ago
i
in
increased fractionally from February to March, and
disbursements increased 1%, according to figures
wage
7%
or
Cypress reported
orders
Pine
week.
ended
reported for the
production.
104
or
for <the
Southern. Cypress .and
Southern
Gains
workers
of
205,-
—1.7
Increases Noted in Pennsylvania Factory Employment
and Payrolls from February to March—Delaware
The
Pine,
Northern
Identical Mill
For
tories
preceding
production in the week ended
and
reported
but
212,744,000
Shipments
3% above production.
9,609,000
regions
All
reported production above the
Lumber
15.7 cents
Factories also Report
the
shipments,
W The lowness of the retail
City
•
for
feet;
All but Northern Pine, Northern
year.
Hardwood
Western Pine
except
mainly responsible for the net increases in
were
figures
205,414,000
equipment plant.
In Syracuse, the main
In the clothing and steel industries.
Continued gains at
women's clothing Sand headwear plants coupled
as
of
Mills,
large lay-off at one railroad
were
1938
394,000
some
sheet metal, transportation equipment, pianos and textile industries
increases
the
During the week ended April 15, 1939, 524 mills produced 207,404,000
of
softwoods and hardwoods
combined; shipped 220,262,000 feet;
booked
V
responsible for the higher level of employment and payrolls.
increases at
the
All industries except railroad equip¬
in the
industrial district of the State.
any
shipments,
of
New business for the 15 weeks of 1939 was
10%
above output; shipments were
10% above. The Association
further reported:
Albany-Schenectady-Troy district that began
August, 1938 continued this month.
ment
a
were
However, most silk and knit
offset the decreases noted above.
The upward trend in the
In
1.7% rise in
a
The main factors in the employment drop
of the
increases
10% above the orders
were
period.
corresponding week
The only industrial district of the State to report a lower level of both
at shoe
orders
new
shipments
Johnson City
„
a
Reported production for the
the
and
April
and
15.
.
'
employment
ended April
15 weeks of the year to date was
16% above corresponding
weeks of 1938; shipments were 12% above
feet
These statements
workers in March
new orders were only
1% less and maintained
comparatively high volume of the preceding four weeks.
They exceeded the corresponding week of 1938
by 32%.
Reported production was 17% above and shipments were
■20% above last year's week.
For softwoods; production,
shipments and new orders were, respectively,
17% greater,
19% greater and 31% greater than in
corresponding week
of 1938.
New business
(hardwoods and softwoods) was
7% above production, and shipments were
6% above output
7.2% higher this March, and the payroll level
was
Reported production was about the same
preceding week; shipments were 7% greater.
the
the
Greater-Than-Seasonally from February
employment
orders, according to reports to the National
Manufacturers Association from regional associa¬
covering the operations of important softwood and
Reported
Factory employment in New York State rose 1.2% from
the middle of February to the middle of March according
to a statement issued
April 11 by Industrial Commissioner
Frieda S. Miller.
Payrolls rose 3.5%.
These gains were
slightly greater than the average February to March changes
of 0.9% in factory employment and
2.9% in payrolls over
the last 24 years. The statement continued:
the level of
Ended
week's
in
as
'
sponding index of
Movement—Week
hardwood mills.
March
to
Lumber
April 15, 1939
tions
16.1
Increased
of
Lumber
17.3
1936
New
Report
that
15 4
17.4
1935
_
increase
14.2
8.1
44.7
an
69% of average 1929 shipments.
Production was about
62% of the corresponding week of 1929; shipments, about
64% of that week's shipments; new orders, about 61% of
y.o
46.7
and
12.0
8.9
10.3
1932.._
in the month
and
of Dollars)
74.6
72.4
1931
2%
The lumber industry
during the week ended April 15,
1939, stood at 64% of the 1929 weekly average of production
All Tax
1925-29 average
1930
Weekly
by all taxing authorities and
each year:
CIn Billions
increased
the
also
;
National
Year
ot
gain of
a
factories
1% and 3%,
12% and 14% above the level of a year
were
Working time showed
17% over last year.
ago.
1938.
tax
2497
Employment and payrolls in Delaware
year,
ratio.
found
were
almost
or
Chronicle
The
/
street
and
sweepers,
buses,
the
but
April 29,
Chronicle
Financial
2498
1939
3,526,700 barrels, which compares with the Federal agency's
April market demand estimate of 3,434,000 barrels. The
32,200-barrel gain compares with an increase of more than
number of special-
vehicles is very small and hence a negligible factor
m any analysis for which the figures may be used.
Canadian
production figures are supplied by the Dominion Bureau of
purpose
50,000 barrels in
the previous week.
again played the leading role in boosting the Na¬
oil production into abnormally high levels.
Production in the Lone Star State rose 19,000 barrels to
hit a daily average of 1,454,150 barrels.
Oklahoma also
Texas
Statistics.
tion's
Figures of automobile production in February, 1939, 1938
appeared in the March 25 issue of the "Chronicle,"
page 1716.
and 1937
NUMBER
OF
VEHICLES
(INCLUDING CHASSIS)
United States {.Factory Sales)
showed
{AU)
Vehicles)
Passenger
Trucks,
Cars
dec.
Cars
senger
Total
Cars
4
■
sharp expansion, production there rising 15,100
daily average of 451,600 barrels. California was
a
off 17,500 barrels to a
610,700 barrels. Louisiana was up
total of 268,800 barrels with Kansas
up 1,050 barrels to 171,000 barrels daily.
In the meantime, major oil-producing States acted to
curtail production in line with the lowered allowable for
Texas.
The Kansas Corporation Commission on April 25
announced that the May allowable would be 177,000 barrels,
which is 24,400 barrels above the market demand estimate
of the Bureau of Mines for that State.
The order, inci¬
dentally, is the first issued by the new Republican adminis¬
substantially lower, output easing
Comm'l
Pas¬
Total
a
barrels to
Canada {Production)
Year and
Month
crude
daily average of only
3,950 barrels to a daily
<k
Trucks
1939
3,386
February
297,841
*57,861
72,237
10,914
371,940
*239,980
299,703
14,300
March
17.549
12,689
4,860
1,008,933
819,716
189,217
46,643
35,007
11,636
.
Tot. 3 mos. end. Mar.
.
1938—
4,313
February
186,531
16,066
11,753
221,795
139,380
174,065
47,151
March.-
47,730
16,802
12.276
4,526
617,854
468,950
148,904
50,492
37,414
13,078
19,707
14,173
5,534
24,901
; 19.127
5,774
64,191
47,997
16,194
Tot. 3 mos. end. Mar.
barrels
months
was ordered by the Oklahoma Corporation Commission in
its May quota announcement.
Oil producers and purchasers
were in accord with the recommendations of Chief Conserva¬
tion officer W. J. Armstrong in holding the quota at this
figure, which is nearly 30,000 barrels under the daily average
market demand for Oklahoma as set by the Bureau of Mines
monthly allowable of 428,000
for Oklahoma which has ruled for the past several
Maintenance of the
February
364,193
296,788
March
494,121
403,879
67,405
90,242
1,237,917
1,010,161
227,756
Tot. 3 mos. end. Mar.
*
Revised.
Canadian Newsprint
Production in March Above Month
Increased 27,000 Tons
Above
February—United States Output Also Increases
Ago—Shipments
in its
and
issued
70,808 tons in February.
United States ship¬
to 81,610 tons as compared with 71,926
tons against
tons
amounted
*
in February.
foreign'crude oil held in the United
up 83,000 barrels.
The United
States Bureau of Mines report placed the April 15 total at
275,857,000 barrels.
The report disclosed that domestic
stocks showed an appreciation of only 8,000 barrels while
inventories of foreign crude showed a gain of 75,000 barrels.
States
Petroleum and Its Products—May
Crude Oil Estimate
Output—Crude Oil
Average Production Jumps—Connolly Hot Oil Bill
Opposed—Crude Petroleum Stocks Expand—In¬
dustry's World Fair Show Opens
Off—Texas Orders Cut in May
average
the monthly forecast of the United States Bureau
The Texas Railroad Commission
on April 26 issued orders
restricting May and June production of crude oil to a base
of 1,393,077 barrels daily, which is 13,000 under the daily
average market figure set for the Lone Star State by the
Bureau of Mines.
It was pointed out, however, that the
under-allowable would be absorbed during May by the com¬
pletion of new wells. -■
Sunday shutdowns were continued by the new orders
which also made compulsory Saturday shutdowns in at least
two
weeks
of each
month.
The
Petroleum Association of America.
orders met with general
"I believe that all of the
going to keep their production within Bureau of
Louisiana has her production in line, and
California is curtailing sharply."
f
Repercussions against the original Appil orders, signed by
Chairman Lon Smith and Commissioner G. A. Sadler,
continue with reports from Texas indicating that the court
fight which was initiated against the now-rescinded April
order will be pushed for the purpose of erecting an effective
legal barrier against the repetition of any such occurrence.
Both Mr. Smith and Mr. Sadler have admitted that they
issued the now-famous order without meeting with operators
in the fields affected to discuss the new ruling.
Resentment is still rife, according to trade comment, not
only among the operators hit by the drastically reduced
allowables in the west, southwest and Gulf Coast Texas
fields by the original order but also among those operators
who stood to benefit by the curtailment in these fields.
The apparent discriminatory features of the order have
aroused uncertainty as to the possibility of similar orders
affecting other fields in the future.
Daily average crude oil spurted during the April 22 week,
gaining 32,200 barrels to reach a figure nearly 100,000
barrels above the April market demand estimate of the Bu¬
reau of Mines.
The mid-week report of the American Petro¬
leum Institute placed total daily average production at
are
Mines estimates.
were
Senate-approved bill making
Connolly "Hot Oil" bill
were started this week by the House
Interstate Commerce
sub-committee.
Senator Connolly, father of the bill, ap¬
peared before the committee to ask its approval of the
measure which prohibits the inter-state shipments of crude
or refined products produced in violation of State laws.
Sub¬
committee Chairman. Cole placed in the record letters from
Secretary of the Interior Ickes and Assistant Secretary
Burlew advocating making the act permanent, both stressing
the importance of oil to the national defense.
*
Bitter opposition was voiced to the bill by Representative
John M. Coffee, author of a bill, also under consideration by
the
sub-committee, which
would repeal the Connally
measure.
The oil industry is "the greatest monopoly in the
history of America," he charged in his testimony before the
sub-committee.
The primary purpose of the move to make
the hot oil bill permanent, he contended, is to "freeze" the
price of gasoline and "entrench larger producers of oil." .
Strong arguments for continuance of the Connally hot
oil bill were advanced by R. B. Brown, general counsel for
the Independent Petroleum Association of America whose
testimony held that the bill has passed the "experimental"
stage and has proyen its value as permanent legislation.
"The Connally law," he stated, "cannot be treated as a
measure for maintaining an artificial price for this product.
Naturally, one effect of this law has been to enable States
to halt illegal overproduction which flooded markets and
produced bargain-sale prices for this valuable material."
W. J. Kemnitzer, geologist, characterized the measure as
"a link in the chain of legislation to control the production
of oil," in voicing opposition to the continuance of the
measure.
He added, "although put forth as a conservation
measure, the act in effect was primarily trade-restraining,
price-fixing and monopolistic."
Mr. Kemnitzer also at¬
tacked the monthly market demand forecasts of the Bureau
of Mines, charging that they were influenced by the major
hearings
on
the
.
approval of Texas oil men who had feared a possible repetition
of the April events when three proration orders were issued,
the first of which threatened serious overproduction*.
Until
the new orders were issued, the threat of a flood of oil hitting
the market as a result of the original orders caused much
consternation among oil operators.
"The State, of Texas is positively going to stay within the
market demand," E. O. Thompson, member of the Railroad
Commission and head of the Interstate Oil Compact Com¬
mission, wired C. F. Roeser, President of the Independent.
oil States
mkLApril
permanent the provisions of the
States during May was
year ago, in
of Mines.
in
Public
market demand for crude oil in the United
estimated at 3,425,000 barrels, off
8,800 barrels from the current month's forecast and 3,500
barrels below actual demand for the comparable period a
Daily
fornia Director of Natural Resources.
Stocks of domestic and
?
t.
.
Oil Control Bill by the California
State Assembly Oil Industries Committee and recommenda¬
tion by this body of the bill's passage by the State's Assembly
was disclosed in press reports from the West Coast on April
25. The bill has suffered marked revision since its original
submission. One of the main features of the revised version
is a provision for its administration by a commission com¬
posed of five members. One member would be chosen from
each of the State's five gas-and-oil districts.
The chief ad¬
ministrative officer under the law would be the State of Cali-
newsprint
224,604 tons in March, 1938, according to
by the Newsprint Association of Canada.
March shipments totaled 205,099 tons,
an increase over
February shipments of 178,236 tons, and an increase over
March, 1938, shipments of 182,687 tons.
Production in the United States for March was 79,929
February
figures
monthly market demand estimate.
Passage of the Atkinson
by Canadian mills in March
amounted to 220,648 tons, compared with 200,631 tons in
of
Production
ments
proration law.
tration and under the new
1937—
/
oil units.
Industry Exhibition
April 25 was marked by
colorful ceremonies with Mayor La Guardia as guest of
honor.
A wire from John D. Rockefeller Jr., from Williams¬
Formal dedication of the Petroleum
at the New York World's
Fair
on
burg, Va., characterized petroleum as "the greatest single
influence in the tremendous advances made by civilization in
the last century."
There
Prices of Typical
were no
price changes.
Crude per Barrel at
(All gravities where A. P. I. degrees are
Bradford. Pa
Lima (Ohio Oil
$2.00
Co.)
Corning, Pa
Illinois
Western Kentucky
Mld-Cont't, Okla., 40 and above—
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
Wells
not shown)
Eldorado. Ark., 40
1.25 Rusk, Texas. 40
Darst Creek
1.25 Michigan crude
and over
1.02
Sunburst, Mont----j—
Huntington, Calif., 30 and over...
Kettleman Hills, 39 and over
.75 Petrolia. Canada
1.20
1.10
1.25
$1.05
1.05
1.02
.789
1.22
1.22
1.24
2.15
Volume
REFINED
LINE
148
Financial
PRODUCTS—SOCO NY-VACUUM
AND
MAY
7%
FUEL
OVER
OIL
LAST
CREASE—REFINERY
PRICES—GASOLINE
YEAR—MOTOR
OPERATIONS
GASO¬
ADVANCES
FUEL
STOCKS
ther details
DECLINE
cents.
price for gasoline in Richmond County was
lifted to 6.6 cents from 6.5 cents a gallon posted previously
and prices to undivided dealers were lifted the same figure
to 8 cents, against 7.9 cents.
No minimum retail price was
set for Richmond County.
The new tank wagon prices for
lower Westchester County will be the same as in New York
City.
Light fuel oils and kerosene prices showed contra-seasonal
advances during the week in response to the tightening
supply-and-demand picture because of the shipping strike.
Socony-Vacuum, followed by Pan American Petroleum and
Transport, raised the price of No. 2 heating oil in barges
3^-cent a gallon to 3% cents, on Wednesday.
Kerosene
was lifted
a gallon to
4% cents for tank cars, and
434 cents in barges.
The shipping strike was held the primary factor in a general
advance of 10 cents a barrel in the New York harbor price
of Grade C bunker fuel oil posted Friday (April 28) by the
Cities Service Go. and other leading marketers.
The new
price schedule, which also affected Boston, is $1.05 a barrel,
against 95 cents a barrel ruling previously.
While making allowances for disturbed European political
conditions, the U. S. Bureau of Mines was bullish in its May
estimate of domestic gasoline demand which it out at 48,000,000 barrels, an increase of 7% over the comparable period
last year.;, At the current rate of consumption it appears
that 1939, aided by World Fairs in New York and California,
will set a new record for the third successive year.
Motor
fuel exports during May, based upon exporters' forecasts,
were placed at 4,300,000 barrels
by the Bureau of Mines, off
276,000 from the actual total for May, 1938*
car
of finished
stocks
in
and
un¬
States ports for the week ended
April 22 totaled 673,000 barrels,
daily average of 96,143 barrels, compared with a daily average of 138,857
a
barrels for the week ended April
15, and 150,143 barrels daily for the four
weeks ended
week, the
a. rise
of
a total of 87,769,000 barrels.
Although refinery operations were curtailed
by 1.2 points, dipping to 80.3% of capacity, daily average
runs of crude to stills were too
high despite the fact that the
daily average of 3,280,000 barrels was off 50,000 barrels.
Stocks of gasoline held at refineries were up 394,000
*
barrels
to
terminals
55,540,000
barrels
while
inventories
at
bulk
293,000 barrels to 25,955,000 barrels.
Holdings of unfinished gasoline gained 21,000 barrels to hit
6,274,000 barrels.
Gas and fuel oil stocks gained 95,000
barrels to 126,893,000 barrels, the first gain in months which
was in reflection of the normal
spring slump in demand.
Representative price changes follow:
were
April 15 and 22,393 barrels daily for the four weeks
ended
gasoline from 0.1c. to 0.3c.
tank
car
Reports received from refining companies owning 85-8% of the 4,268,000
barrel
panies
as
April 28—Cities Service Co., followed by other units, advanced prices of
Grade C bunker fuel oil prices 10 cents a barrel at New York and Boston
•
New York-
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
a
B. of M.
Calcu¬
Gulf
06
.08 K
Richfield OH(Cal.)
$.07^
Chicago
$.05
08 M
New
Orleans.
.07M
Gulf
ports
.07^
Warner-Quinlan..
Week
Change
Weeks
Allowable
Ended
from
Ended
Ended
Require¬
Apr. 1
Apr. 22
Previous
1939
Week
Apr. 22
1939
Apr. 23
1938
Four
ments
Week
{April)
Oklahoma
473,300
428,000
451,600 + 15,100
440,650
499,400
152,700
156,850
171,000
+ 1,050
165,450
181,900
Panhandle Texas
74.100 + 11,550
68,300
North Texas
84,450
—300
84,550
West Central Texas...
West Texas
.*
31,300
+ 200
31,150
62,100
77,100
29,650
220,750
103,700
196,150
100,700
428,350
248,500
432,400
,
Kansas..
229,650
+ 800
East Central Texas...
104,750
—300
East
446,650
—350
256,650
+ 1,500
+ 5,900
Texas
Southwest
Texas
Coastal Texas
226,600
Total Texas
75,300
72,800
80,000
+ 1,950
192,150
182,500
268,800
+ 3,950
264,950
262,500
52,650
—700
174,500
+ 9,500
53,600
168,850
149,550
104,800
Louisiana
+2,000
98,750
+ 300
98,150
+2,600
+ 1,900
59,100
51,050
55,000
—250
50,100
13,100
Louisiana
Total
193,500
149,300
Coastal
262,000
257,920
53,300
52,993
1
Arkansas..
Illinois
i.
Eastern (not incl. 111.).
Michigan
48,300
61,100
Wyoming
50,000
Montana.
15,300
5,000
57,450
14,350
Colorado.
New
Mexico
Total east of Calif..
3,550
—100
113,700
108,100
—2,650
2,842,000
c575,000
592,000
Total United States. 3,434,000
109,550
oil
based
4,400
105,950
2,916,000 + 49,700 2,836,500 2,711,200
610,700 —17,500
619,350
728,900
3,526,700 +32,200 3,455,850 3,440,100
Note—The figures indicated above do not Include
might have been surreptitiously produced.
These
53,700
14,000
3,700
.
115,300
California..
a
232,500
208,950
218,200
1,412,700 bl432705 1,454,150 + 19.000 1,403,500 1,339,550
North Louisiana
any
estimate of any oil which
Bureau of Mines' calculations of the requirements of domestic crude
upon
certain premises outlined In its detailed forecast for the month
are
April.
As requirements may be supplied either from stocks,
duction, contemplated withdrawals from crude oil inventories
from
or
new
pro¬
must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced.
*
b Net
daily average basic allowable for the
Shut-downs
are
30-day period beginning April 1.
ordered for all Sundays during April,
Recommendation of Central Committee of California Oil Producers.
c
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLTNE AND GAS AND FUEL OIL, WEEK ENDED APRIL 22, 1939
'
(Figures in thousands of barrels of 42 gallons each)
•
.
•
Daily Refinino
Crude Runs
Capacity
to Stills
.
Unfinished Gasoline
'
Stocks of Finished and
«
Stocks
of
Finished
District
Poten¬
Total
Oper¬
At Re¬
age
ated
fineries
P. C.
Gas
in
P.
Aver¬
tial
Unfln'd
and
C.
Dally
Reporting
Rale
...
East
Coast!".
615
Term'Is Nap'lha
&c.
616
615 100.0
83.9
Appalachian.
149
128
85.9
108
84.4
Ind„IU.,Ky.
574
514
89.5
456
88.7
7,615
1,716
11,041
342
81.6
277
419
Shell Eastern.
-.05yi
.06 ^-.07
.05 H
I Tulsa........
.
Inland Texas
316
159
Fuel
Distil.
Oil
13,438
1,244
1,582
3,434
267
640
4,569
296
3,859
1,726
7,623
1,720
6,459
732
'
895
.04^.-05
,
81.0
4,591
2,810
122
89.5
76.7
236
86.5
1,360
9/153
1,865
41
774
50.3
1,000
288
1,658
707
356
125
72
83
724
2,810
1,323
96,900
145
97.3
132
No. La., Ark
100
55
55.0
41
74.5
278
Rocky
118
64
54.2
36
56.3
828
745
90.0
477
64.0
1,688
11,823
3,662
85.8
2,939
80.3
La. Gulf....
.
149
.07H
Mtn.
California...
.
91.0
■
731
it
Reported
Kerosene, 41-43 Water White, Tank Car, F.O.B,. Refinery
New York—
I North
(Bayonne)—.,
State
lated
Texas Gulf..
Other Cities—
Texas.
Socony-Vacuum..
Tide Water Oil Co
.
105,835,000
refinery capacity of the country amounted to 9,785,000 barrels.
Mo..!...
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
Stand. Oil N. J-.S.06H
week, 87,769,000 barrels of finished and unfinished
Okla., Kan.,
„
New York-
com¬
bulk terminals, in transit and in pipe
*
•>
»
of the end of the
and tank wagon prices of
Harbor.
SI .05.
had in storage at refine;'es,
Total gasoline production by companies owning
84.9% of the total daily
April 26—Socony-Vacuum advanced barge prices for No. 2 light heating
J^c., kerosene also moving up the same, changes effective in New
to
daily potential refining capacity of the United States,
gasoline; 21,058,000 barrels of gas and distiUate fuel oil and
barrels of heavy fuel oil.
oil
York
estimated
basis, 3,280,000 barrels of crude oil daily during the week, and that aU
gallon in the metropolitan New York area.
a
April 22.
indicate that the industry as a whole ran to
stills, on a Bureau of Mines'
up
April 26—Sofcony-Vacuum, advanced
April 22.
There were no receipts of California oil at Atlantic and Gulf Coast
ports
for the week ended
April 22 compared with a daily average of 26,571 barrels
for the week ended
finished gasoline developed during the April 22
American Petroleum Institute report showing
698,000 barrels in holdings which reached
principal
and receipts in bond at
use
United
lines
decline
The
Imports of petroleum for domestic
new
contra-seasonal
barrels.
daily average output for the
April 23, 1938, totaled 3,440,100 barrels. Fur¬
as
reported by the Institute follow:
week ended
price schedule, which was followed by other
companies, tank car prices to consumers will be 6.6 cents a
gallon, against 6.5 cents previously.
Undivided dealers
will pay 7.8 cents against 7.4 cents earlier with the minimum
retail price climbing to 11.3 cents a gallon from 10.5 cents.
Tank car prices for Nassau County were unchanged but
undivided dealers' prices were lifted to 7.8 cents from 7.4
The tank
2499
3,526,700
IN
strength in motor fuel prices developed Wednes¬
day ^with Socony-Vacuum Oil raising tank car and tank
wagon quotations in all boroughs of New York City with the
exception of Richmond County, effective April 27.
A
at
IN¬
DEMAND
^ Seasonal
^fcUnder the
Chronicle
Texas..."..'..$.04
| Los Angeles._ .03>£-.05
$.04J^
i
New
Est.
51,130
4,410
720
JTulsa
.04
-.04J*
xEst.tot .U.S
6,174 124,043
25,235
341
.
606
unrepd.
Orleans.$.05K--05H
i
100
2,850
•
'
Fuel
Y.
N.
Oil, F.O.B. Refinery
(Bayonne)—
C
Bunker
$1.05
Diesel....
or
Terminal
California 24 plus D
.
New Orleans C
i
$1.00-1.25
$0.90
Phila., Bunker C
1.45
I
1.65
Apr. 22, '39
Apr. 15, *39
4,268
4,268
3,280
6,274 126,893
4,268
3,330
55,540
55,156
25,955
4,268
25,662
'6,253 126,798
z3,189
58.295
25,016
7.351
U.S.B. of M.
xApr. 22.*38
126.184
Gas Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
27 plus
x
|Chicago—
|
$.04
28-30 D...
ITulsa
.$.053
Estimated Bureau of Mines' basis,
...$,02J4-,03*
z
April, 1938 daily average.
I
Gasoline, Service Station, Tax Included
rNew York
z
Brooklyn
z
$.1951 Newark
195
I
Boston
.$.1591 Buffalo
1851
Philadelphia
Weekly Coal Production Statistics
$.17
135-.15
Not Including 2% city sales tax.
The U. S.
Bureau of Minds
reported that a substantial
production of anthracite in Pennsylvania
during the week of April 15.
The total estimated output of
1,212,000 tons showed a gain of 228,000 tons or 23% over
production in the week of April 8.
Compared with the
same week of
1938 there was an increase of nearly 20%.
increase marked the
Daily Average Crude Oil Production for Week Ended
April 22 Up 32,200 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
April 22, 1939, was 3,526,700 barrels.
This was a rise of
32,200 barrels from the output of the previous week, and the
week's figure was above the 3,434,000 barrels cal¬
culated by the United States Department of the Interior
current
to be the total of the restrictions imposed
by the various
oil-producing States during April.
Daily average produc¬
tion for the four weeks ended April 22, 1939, is estimated
The National Bituminous Coal Commission
in its current
weekly report stated that the total production of bituminous
coal for the week ended April 15,1939, is estimated at 2,095,000 tons.
This was an increase of 8.3% over the revised
figure for the week preceding.
Prior to the suspension of
mining in the Appalachian fields which followed March 31,
the output was running at about 7,500,000 tons a week.
A year ago
in mid-April, it was running 5,300,000 tons a week.
Financial
2500
'
The
figures of current production include a'comparatively
loaded from storage piles at the mims.
The
small tonnage
figures are based upon current reports of loadings of coal and
beehive coke by railroad or waterway.
They include al¬
lowance for shipments by truck, based upon such informa¬
tion as is available under the unsettled conditions of the
April 29, 1939
Chronicle
production in the first two months of 1939 amounted to
World tinplate
(503,000) tons, being an increase of 14% as compared with the
corresponding period of 1938.
Production in the 12 months ended Feb¬
573,000
(4.080,000) tons.
1939, was 3,083,000
ruary,
the first two months of 1939 amounted to
World automobile output in
4,227,000 (6,011,000) vehicles.
12 months ended February was
+
suspension.
(In Thousands oI Net Tons)
Drop to 10c.
Calendar
Week Ended
Apr. 8
Apr. 15
1
1939
1939 b
Year to Date d
Apr. 16
1929
1938
1939
1938
c
Bituminous Coal a—
1,935
5,384
349
323
897
Dally average
Includes for purposes
b
1.781
1.086
1.234
of historical comparison and statistical convenience the
semi-anthracite, and anthracite outside of Pennsylvania,
full weeks ended April 15, 1939,
of lignite,
production
96,668 108,956 158,508
2,095
fueL*^..
Total, Including mine
Subject to revision,
c Revised,
d Sum of J5
corresponding 15 weeks of 1938 and 1929.
and
ANTHRACITE
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
AND
COKE
BEEHIVE
Advanced to lO^c. After
Level—Demand Fairly Active
"Metal and Mineral Markets," in its issue of April 27
reported that despite the fact that the market for nonferrous metals remained under the spell of the tense foreign
situation, buying was on a larger scale.
Lead and tin
sold in good volume all week, but it was not until April 26
that copper showed signs of reviving.
Buying interest in
zinc
also improved,
though moderately. Most of the
excitement centered in copper, owing to an unexpected
advance in the price named April 26 by one of the large mine
operators, which finally brought in some good * buying.
The publication further reported:
Non-Ferrous Metals—Copper
OF SOFT COAL
ESTIMATED UNITED STATES PRODUCTION
a
Copper
(In Net Tons)
Calendar Year to Dale
Week Ended
Apr. 15
Apr. 8
1939
1939
when, on
1938
1939
1938
1929
c
c
20,951,000
Tot., incl. coll. fuel, a- 1212,000 984,000 1012,000 14,894,000 14.113,000
239,400
170,200
161,300
168,700
202,000 164,000
Daily average.
961,000 14,149.000 13,407,000 19,443,000
Comm'l production _b 1151,000 935,000
sold
3,600
5,900
18,400
228,600
355,400
600
983
3,067
2,540
3,949
Daily average.
1,799,500
19.994
dredge coal and coal shipped by truck from authorized
b Excludes colliery fuel,
of working days in the three years.
Adjusted to make comparable the number
c
'
•
influence our quotation.
fabricated copper products on the 10He. basis, and, as details
in various
become available, it is more than likely that a fair-sized
buying wave will be uncovered.
Domestic sales for the week
ended April 25 amounted to only 6,951 tons,
.
date 26,864 tons.
reported that the Chinese
To add to the excitement on April 26, it was
Statistics for the Month of
shipment to China.
February
manufactured
Gas Association reported that revenues of
and natural gas
utilities totaled $84,008,500
$77,-
February, an increase of 8.1% from the figure of
in
697,800 reported for February, 1938.
Revenues
of
manufactured
the
$32,811,400 for the month, an increase of 5.1%. The natural
utilities reported revenues of $51,197,100, an increase
of 10.2% from February, 1938.
v
/
gas
manufactured
of
Sales
reported
gas
February
for
33,662,000,000 cubic feet, an increase of 7.1%,
sales for the month were 134,515,100,000
cubic feet, an increase of 11.7%.
Sales of manufactured
gas for domestic cooking, water heating, refrigeration, &c.,
were 2.5% above a year ago, while sales for house heating
while natural gas
registered
Natural
gain of 15.0% over the preceding year.
a
sales
gas
industrial
for
54,691,000,000 cubic feet,
figure
for
reported
in
generating
February,
electric
cubic feet, an increase
1938.
12.3%
of
Sales
to
from
the
natural
of
gas
11,924,000,000
aggregated
power
of 4.5%
amounted
purposes
increase
an
This brought in no business
Production
Decreased
for
Two
Months
the
a
1939
company
The
in the first two months of 1939 amounted to 26,100 tons,
decrease of 3%
as
compared with 27,000 tons
duced in the first two months of 1938.
Belgian Congo
257
'
■
...1^31
French Indo-Chlna
pro¬
Production of the
Netherlands Indies
247
Slam
—
week,
6,123
against
believe
ducers
(26,500) tons, being
first two months of 1938.
(2,428) tons shows
a
decrease of 16%
on
to
as
compared with the
Consumption in the United Kingdom at 3,015
increase of nearly 600 tons.
an
in a few other countries,
Increases occurred also
but in most countries consumption shows decreases
in the period under review.
In the United States there
942
the
to
the
9,083 tons
previous
for
May
sold during
were
seven-day
Pro¬
period.
be interested in adding to supplies
may
in view of the uncertain outlook involving peace or+var.
Requirements
estimated about 50% covered, and June is hardly touched.
are
Higher prices for copper on April 26 aroused interest in the lead industry
and brought out more inquiries
March
for
for
April.
firm
remained
Quotations
the contract settling
also
was
for lead from consumers.
please the trade and further improvement is an¬
at
4.75c.,
New
basis for the American
York,
Smelting &
Refining Co., and 4.60c., St. Louis.
.
remained
Zinc
.
'
,
j
8,681
tons,
in
was
a
The London market steadied a little, but the
disappointing.
uplift abroad
was
sufficient to influence the situation here, and the
not
quotation for Prime Western continued at 434c., St. Louis.
common
week.
1,182 tons
Shipments of the common grades for the week
amounted to 4,350 tons, and the undelivered contracts
tons.
Sales of the
1,249 tons, against
grades for the last week totaled
the preceding
'
•
declined to 27,407
'.
1,574 tons,
Imports of slab zinc for the month of March amounted to
making the total for the first three mbnths of the year 6,475 tons, according
to
Department of Commerce figures.
No
the
April 27 went
World apparent tin consumption in the first two months of 1939 amounted
tons
in
tons
.
consumption is increasing in the usual seasonal manner,
and some hold that consumsers
'•
let-up in tin
sumers
1,803
:
(figures in parentheses refer to the corresponding period
previous year):
22,200
..
The call for lead increased in volume, and
the
549
...1
of the
to
-
Lead
-
.
759
1;
Nigeria
43
The Council's announcement issued
say
London too late to be reflected
'
•
Bolivia
*
quoted
'
in the market abroad.
in
signatory countries accounted for 21,000 tons, against 22,100
tons last year.
Exports from the signatory countries (in
long tons) in March, 1939, amounted to: '
Malaya-..-..
lower prices
"
of developments here reached
news
the
meeting
in
■
,
'Inquiry for zinc improved in the last few days, but the tonnage booked
According to the April issue of the "Statistical Bulletin"
published by the Hague Office of the International Tin
Research and Development Council, world tin production
a
interested
not
was
elsewhere.
3% from 1938—Consumption 16% Below
Year Ago
being
This mixed price situation continued until early
quotation, and in effect served notice on the trade that
nominal
Statistics
of
Thursday (April 20), but refused to
Phelps Dodge advanced to 1034c., but that figure was no more
April 26.
than
The large mine operators
10c., Valley.
34c. to
recognize the 10c. level.
ticipated
First
On Thursday (April 20)
1034c., a decline of 34c.
of consequence, and on the following day the
lowered their quotation to 1034c. on
which
Tin
close to parity.
the leading custom smelter lowered its price to
from a year ago.
-♦
World
market here became interesting as the foreign
The action of the copper
and domestic quotations came
amounted to
purposes
.
price declined another
aggregated
industry
gas
of domestic metal for early
Government was about to close for 6,500 tons
'
The American
-
.
of prices soon brought in a good volume of business
making the total for the month to that
Summary of Gas Company
Some
the 10c. basis early on April 26, but the quantity
not sufficient to
cf the day's sales
Includes washery and
operations!
was
The strengthening
'
quickly raised their views to 10 He.
(April 21)
Friday
last
business was booked at
Beehive Coke—
The bulk of the buying took place
Valley, ever
Several sellers who offered copper freely at 10c.,
lOHc.
since
lOJ^c.,
10Xc, early in the week, buyers became nervous
substantial tonnage.
and purchased a
at
Pa. Anthracite—
United States total...
Phelps Dodge had raised its quotation to
that
news
Valley, after dropping to
Apr. 16
•'
>
the domestic market continued quiet until April 26*
Demand for copper in
a
Production in the
vehicles, being an increase of 38%.
891,000 (644,000)
continued
European
Demand
was
around
for
was
apparent during
their
express
political
involved
Tin
,
buying
to
situation
apprehension
in
terms
of
- :
'
'
/
the last week, as con¬
about tin
acquiring
supply
nearby
and
metal.
April and May delivery and business during the week
2,000
tons,
The brisk domestic demand
against
1,000 tons
in
the previous
week.
brought higher prices abroad and during the
week quotations here increased lc. from
47.5c. to 48.5c. per pound.
Tin-
plate mills are estimated to be operating at abound 63% of capacity, against
62% in the previous week and 60% earlier in the month.
Chinese
tin,
99%,
was
nominally
as
follows:
April
20th,
45,700c.;
21st, 46.050c.; 22d, 46,200c.; 24th, 46.375c.; 25th, 46,450c.; 26th, 46.700c,
decrease of
DAILY PRICES OF
METAL8
("E. & M.
J." QUOTATIONS)
U. S. S. R. of 1,885 tons to 1,250 tons,
in Germany of 850 tons to 1,551 tons, and in France of 342 tons to
1,202 tons.
Electrolytic Copper
Straits
tin
Zinc
Lead
Hereunder follows the usual table showing
consumption statistics of the
principal countries in the year ended February,
Domestic,
Refinery
1939, compared with the
Export,
Refinery
St. Louis
New York
New York
St. Louis
Apr. 20
10.025
9.800
47.500
4.75
4.60
4.50
Apr. 21
9.775
9.775
47.850
4.75
4.60
4.50
Apr. 22
9.775
9.775
48.000
4.75
4.60
4.50
9.775
9.725
48.175
4.75
4.60
4.50
9.775
9.725
48.250
4.75
4.60
4.50
10.025
9.750
48.500
4.75
4 60
4.50
48.046
4.75
4.60
4.50
preceding year (in tons of 2,240 pounds):
12 Months Ended February
Percent
Increase
1938
1939
80,400
49,800
—38
24,500
18,900
Apr. 24
—23
or
Decrease
Apr. 25____.
United States
_
..
United Kingdom
_.
_
U. S. S. R
26,700
14,300
—46
Germany
12,800
12,600
2
8,400
10,700
+ 27
Japan.._
...
France
1
8,800
8,700
Italy
4,200
4,400
+5
Sweden
2,100
2,800
+ 33
...
_
..
Canada..
British India
2,600
^
Other countries
Total apparent consumption
—
2,400
2.800
20,400
193.700
147.300
—8
2,300
20,400
—18
.
"
—24
Apr. 26
Average..
9.858
9.758
Domestic copper, f.o.b.
refinery, 10.067c.; export copper, 9.783c.; Straits tin, 47.538c.; New York lead,
4.750c.; St. Louis lead, 4.600c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
The above quotations are "M. & M. M's" appraisal of the major United 8tatea
markets based on sales reported by producers and agencies.
They are reduced to
the basis of ca<*h, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
Average prices lor calendar week "ended April 22 are:
Volume 148
Financial
Chronicle
2501
figures shown above
are net prices at
refineries on the Atlantic seaboard.
Deliv¬
ered prices In New
England average 0.225c. per pound above the
refinery basis.
Export quotations for copper are reduced
to net at refineries on the Atlantic sea¬
board.
On foreign business in
copper sellers usually name a c.l.f. price—Hamburg.
Havre and Liverpool.
The c.i.f. basis commands a
premium of 0.325o. per pound
above
f.o.b.
refinery
Pig Iron
April 25. 1939, *20.61
One week ago
Gross Ton
a
quotation.
Based
on average of basic Iron at
Valley
furnace and foundry Irons at
Chicago.
*20.61
One month ago
One year ago
20.61
Philadelphia,
23.25
Southern Iron at Cincinnati.
Buffalo,
Valley
High
Dally London Prices
*23.25
and
Low
June 21
*19.61
July
6
16
23.25
Copper, Std.
Copper
Tin, Sid.
Lead
Electro.
3M
Spot
Apr. 20
41 H
(Bid)
42»u
Spot
48
3M
218>*
Apr. 21
41uie
42
Apr. 24
Apr. 25
41ha
41 X
41H
Apr. 26
41K
411h8
42iie
48
216
14X
220
47 X
47
3M
Spot
218
14»ie
13*18
•14X
14Hl8
219*4
14 X
14>*
222*4
223^
47 X
220H
14X
14X
13Bie
221
147)8
14*18
13»i8
Feb.
18.73
Aug. 11
April 25. 1939, *14.33
One week ago
Prices for leand and zinc are the official
buyers' prices for the iirst session of the
London Metal Exchange: prices for
copper and tin are the official closing buyers'
prices. All are in pounds sterling per
long ton (2,240 lb.).'
-
Jan.
13.56
Jan.
3
Jan.
5
13.56
Deo.
6
Jan.
7
15.90
Dec. 16
Jan.
4
17.54
Nov.
Based
15.29
on
and Chicago.
11.92
High
1939
Steel
Orders
Dwindling—Coal Tie-Up A Factor in
Declining Operations
The "Iron Age" in its issue of
April 27 reported that the
coal tie-up is
having a more marked effect on the steel situa¬
tion.
Steel
companies continue
users
Contrarily,
coal situation;
has reduced
for example,
among
working forces at
carrying roads
are
the railroads,
some of
as
well
as
on
the other hand, there
sharpest;
loss
Buffalo, Birmingham,
St. Louis.
is
in
the
was
a
for
so,
the
decline of four points to
July
"Steel"
Steel
concessions in
fairly well,
to
50.5%.
rate
are
into
.
to inaction at
to
as much as to war
of the steel
the
5,000 tons.
,
Inquiries for reinforcing steel
low at 4,900 tons.
"
•
total 15,600 tons,
**
buying is spotty, but has
has ordered
1,000 box
cars
not
and may
disappeared.
stapes
steadier
tons of rails.
The
Rio Grande Western is
expected to order 550 cars and 100 underframes.
Because of an order issued
by the Illinois Commerce Com¬
mission, the Chicago Rapid Transit Co. will find
it necessary to buy 1,000
steel cars which, with other
improvements, will cost more than
Scrap markets
continue
be
to
affected
lack of mill
$30,000,000.
by prevailing uncertainty and
buying.
Declines have occurred in several markets.
Age" scrap composite price is 9c. lower at $14.33.
THE
The "Iron
Finished
April 25, 1939, 2.286c.
a
Lb.
on
2.286c.
wire, rails, black pipe, sheets and hot
2.286c.
rolled strips.
85% of the United States output.
High
1938
1937
1936
These products represent
2.512c.
2.512c.
May 17
Mar. 9
2.211c.
Oct.
Mar.
2
2.016c.
Mar. 10
2.062c.
Oct.
1
1934
2.056c.
Jan.
8
2.118c.
1.953c.
Apr. 24
1.945c.
Jan.
2
1933—
Oct.
3
1932..
1.792c.
1.915c.
Sept.
6
1930
2.192c.
Jan.
7
1.870c.
1.962c.
Oct.
1927-—
2.402c.
Jan.
4
2.212c.
Nov.
May
2
Mar. 15
29
1
61.9% Feb. 27
60.7% Mar. 6
5
59.9%
Dec.
12
57.6% Mar. 20
51.7% Mar. 27
Dec. 19
Dec.
26.
—r.38.8% Apr.
1Q?Q
Jan.
3
Apr.
10—.52.1%
2
50.7% Apr. 17
9. --,51.7% Apr. 24.
16—52.7%
23
51.2%
30
52.8%
Jan.
Jan.
49.4%
53.7%
55.8%
55.1%
55.7%
55.4%
56.1%
.54.7%
Mar. 13
Jan.
to
a
the
low
new
j50 9%
—
..48.6%
iron
for
and
the
year
no
This
than
more
would
in
steel
seasonal
a
result
in
a
for
seen
letdown
mid-year
'
abrupt
an
in
operations
bottom
of
40%
.
markets
not
are
entirely
absent,-
Struc¬
last
week touched
far
and
business.
have yet to
week's
These
new
lake
by
the soft coal
Some
of
sources
strike,
although
coke supplies
banking of nine blast furnaces and
shutdowns
districts.
shopping for
Several
last
be pinched
in the conserving of coal and
measures
in
Youngstown
principally
railroads,
in
were
facing
partly
coke
one
the
Pittsburgh and
shortage of fuel, are
a
supply.
boats, loaded with coal for shipment to northern ports
delayed in starting by ice at certain points on the route, have been
but
unloaded
at
ore
Lake
Erie
docks
consumers.
Opening of the
latest
least
Ore
in
at
10 years,
inquiries also
Automobile
to
some
has
to
supplement waning stocks
lower
of
lake
shipping season appears likely to be the
the result of cold weather the past few weeks.
ore
slow
are
output
in
to
appear.
expanded
for
three
successive
weeks,
contrary
steel" buying
recent
predictions,
but
curtailment
in
parts
releases
and quiet
indicate the spring peak is at hand, unless retail buying
shows unexpected gains.
Last week's assemblies of 90,280 units compare
with
88,050 the
week
before
Chrysler accounted., for
from
20,757
34,405,
10,415
and
units
Ford
and
23,625.
to
from
60,563
a
General
22,230
to
year
ago.
of
practically all
the
latest
t;
Motors
21,480,
upturn,
dropped
while
all
increasing
from
others
34,680
gained
to
from
10,770.
to
Outstanding
in railroad markets are the placing of 15,167 tons of
by the Erie and 2,400 tons by the Nickel Plate.
Maine Central has
300 freight cars,
while an inquiry from Brazil involves 1,000
freight cars and 25 locomotives.
However, equipment building prospects
rails
-ordered
less
favorable,
since
in
recent
has
been
The
leading
output
of
so
a
trifle
higher
far in April
districts.
Part
automotive
of
parts.
moderately by anticipation
one-point'
the
1939.
is
postponed
at
level
a
drop
in
year
Reductions
steelmaking
ago,
in
63%, with
was
the
roads
on
demand
a
coke
is
the
best
short time ago.
a
month
accounted
deliveries
ago
for
have
by
been
possible shortage.
a
last
districts
expected
reduction
Foundry
although this
various
several
10% smaller than
are
of
by
year.
weeks and somewhat heavier than
several
above
in
action
buying under consideration early this
Pig iron shipments
8
2.249c.
Dec. 28
1935
Nov. 21
Nov. 28
a new
high for the year to date.
from bullish, has been aided mildly by theby the slight easing of tension over the Euro¬
However, steel buyers continue cautious, and small lots
plants
stimulated
...2.249c.
14—.62.6% Feb. 20—— .53.7%
Dec.
..47.9%
for
market
battery'.
oven
reduced
Low
56.8% Feb.
6-..—53.4%
61.0% Feb. 13.—54.8%
7
Nov.
17
although
reflected
11
of
2.512c.
31
Nov.
Jan.
24
1939—
and
precautionary
steel bars, beams, tank plates,
One year ago
Oct.
—
—
April 4,
•
10.....51.4%
call
Tin-plate production
Steel
Based
operations
more
new
are
car
One week ago
One month ago
since
steel
46.7%
3.
factors
stock
Steel
«
are
"IRON AGE" COMPOSITE PRICES
April 17, 1939.
of
1938—
18—
with
steelmaking in accordance with the smaller volume
specifications, and while an additional reduction is
and
situation.
pean
rule
The Great Northern
buy about 10,000
Denver &
though orders
.<*• ••
,
Railroad
a
■
.
Fabricated structural steel
lettings in the week were just under 20,000
tons and are
supplemented by new projects out for bids
amounting to more
than 43,000 tons,
highest total since early December.
Bridges account for
a large part of
this, one requiring 15,000 tons to be
built over the Susque¬
hanna River at Havre de
Grace, Md.,* and one of 13,000. tons over the
Potomac River at Ludlow
Ferry, Md.
Two others account for an additional
an¬
received
Finished steel demand also has given additional
ground,
is less rapid.
summer.
Sentiment,
branches
consuming industry which are maintaining undiminished
activity.
Among these are manufacturers of household
equipment, tractors, road
machinery, tin cans and machine tools.
The automobile
industry, al¬
though holding to a steadily good volume of
assemblies, has become a
relatively unimportant factor in steel at the moment.
Construction work,
being stimulated by Government
spending, is a main support of steel
production.
April 24
had
for the week ended
25
Oct.
automobile assemblies
•
are some
on
it
reinforcing bars continue active; tin-plate demand is
rapidly ; household equipment manufacturers are fairly
busy; sales out of warehouse have turned upward in some districts; and
the steel industry attributes
fears, there
which
month ago, and 32.0% one
decrease of 3.3 points, or
one
45%.
tural
a
Washington
Institute
5
decrease
estimates
increasing
time like the
present, steel buyers are looking
sharply
prices, but expecting some isdlated cases
prices are holding
being that few buyers have attractive
tonnage to
In the midst of
general uncertainty which
Nov. 22
have trimmed
Encouraging
No real test of
prices is expected until the
automobile companies
come into the market for
steel for 1940 cars.
Another aspect of
declining
demand is a
lengthening of deliveries on some products owing to
intermittent
operations of mills.
■
are
of
business
new
Most
65%.
.
13.08
of
one reason
offer.
17
indicated in some districts
soon,
little prospect is
collapse,in activity the remainder of this quarter.
best position,
plate production having risen two
points
the
Mills
of
May
As is usual in
9
Jan.
ingot production has receded further
to date at
but
models will
tin
11.25
Cleveland, in its summary of
markets, on April 24 stated:
steel
serve as a cushion against a
sharp decline.
Before the
some expected orders from
automobile companies for 1940
be of especial
help to sheet and strip mills, which have been
hardest hit.
Structural steel and tin plate mills are in
the
of
18
Steel
represents
.28.7% Oct.
22.4% Oct.
32.3% Oct.
11
is
generally low may
end
Feb.
July
Dec.
reports
56.1%
27.1% Sept. 26
".28.0%
5
inventories
and
36.4%
37.0%
1...—39.8%
8
39.4%
15
40.4%
22
42.8%
29
44.0%
6
39.9%
12.
45.3%
26.2% Sept. 19
47.3%
June 27
July
that
3
6.43
1938—
6
the
fact
This
-
June 13
actually need
Even
Sept. 25
Jan.
12
compared
June 20
Losses have also occurred in Eastern
Pennsylvania,
Cleveland-Lorain, Youngstown, Southern Ohio and
requirements.
Iron
telegraphic
week ago,
one
ago.
June
Two blast furnaces have been
taken off in the
current
that
Apr.
4
32.6% July
Apr. 11——32.7% July
Apr. 18—..32.4% Aug.
Apr. 25
32.0% Aug.
May
2
30.7% Aug.
May
9
30.4% Aug.
May 16
30.7% Aug.
May 23
29.0% Sept.
May 31
26.1% Sept.
Chicago district
by the Carnegie-Illinois Steel Corp. and two in the
Birmingham district
by the Tennessee Coal, Iron & Railroad Co.,
During April some of the steel companies have been
living partly off
backlogs accumulated in March or earlier, but
buying this month has been
largely of hand-to-mouth character,
indicating that May output will be
sustained only to the
degree that consumers and distributers
steel
9.50
6.75
Jan.
15.25
1938—
Coal
Wheeling-Weirton district, which
8
15.00
4.5%, from the estimate
Weekly indicated rates
1938, follow:
the producers.
48H% and
lower during May under the influence of
declining de¬
on output dictated
by coal economy,- Only at
Pittsburgh has there been a gain which brings the
average rate there up
three points to
45%, but such a fluctuation is likely to occur
frequently
while operations are
being kept in close alinement with orders.
The
Apr. 29
-r——
year
slightly
Chicago district,
10.33
10
Mar. 13
Aug.
7
9
8.50
50.9%
suffering large losses in
down 20 points to 56
%.
Dec.
13.00
25
indicated that the
operating rate of steel companies having
96% of the steel capacity of the industry will be
48.6% of
capacity for the week beginning April 24,
mand and the.restrictions
49K-
June
13.42
The American
been caused by the
the New York Central
In
12.67
12.25
nounced
Steel ingot production has declined two
points this week to
go
Dec. 21
1927
revenue.
Some of the coal ac¬
cumulated on Lake Erie docks for
shipments to upper lake ports has been
moved back to industrial
plants in Ohio and elsewhere.
A cargo of 11,000
tons that had been loaded on a
lake ore vessel was unloaded
and sold to a
railroad.
may
Nov. 10
•
1930
has
its shops to skeleton crews.
12.92
1932
shutdown
affect many consumers of steel
Mar. 30
17.75
1934-
of
some of the restriction on steel orders
June
21.92
1935-....
steel are not
increasing their orders because of fear
probably because of the fact that a protracted
at coal mines would
Apr.
11.00
1933.
are dipping
curtailing output of
ingots proportionately.
A dozen or so blast furnaces have
been blown out or
banked, some to conserve coke and coal,
others because of
dwindling demand for steel products.
The "Iron Age" further
reported:
Industrial
*14.33
Nov. 22
1936.'-....,
has been small, but in some cases
steel companies
into stocks of semi-finished steel and
of steel shortage,
Mar. 28
15.00
1937
steel production
on
Low
.
*15.29
1938
coal conservation
put
So far the influence
into effect.
measures
to
1
No. 1
heavy melting steel
quotations at Pittsburgh,
Philadelphia
*14.42
One month ago
One year ago..
27
Scrap
Gross Ton
a
May 14
16.90
19.71
Steel
17.83
1
5
14.81
13ni«
5
Dec.
18.21
13 X
13 M
Nov.
May
16.90
13"i8
13^
13 X
20.25
17.90
1933.
1932.
13 X
222 H
9
Nov. 24
18.84
1934.
3M
Spot
Mar.
19.73
Zinc
week
left
output
18
is the smallest margin
were
less
drastic
than
points
to
a
date
week
being off two points to 43%, while Chicago was steady
at 53 V2
and Youngstown held at 43.
Eastern Pennsylvania slippel
points to 38*4, Detroit was down two points to 57, Cleveland declined
ago,
three
Pittsburgh
points to 36*4,
and Cincinnati dropped five points to
46.
Buffalo
These
Chronicle
Financial
2502
was
points
two
up
included
Birmingham
with other districts unchanged.
Louis at 44%, Wheeling at 65,
46%,
to
60, St.
at
approximate changes, in points, from the week
England at 35.
continue soft, but the recent decline has been arrested,,
least for the present, and the composite is unchanged at, $14.40.
Fin¬
Scrap
at
ished
at
of production
with the nearest corresponding week of prevous years, together with the
New
and
April 29, 1939
The following table gives a comparison of the percentage
immediately preceding:
prices
steel
prices
U. S. Steel is estimated at 47%, against 48%% in the week
—
+1
34
—1
M
87
+ 1*
95*
—1
+
50
1938
*
64
41*
—1%
75*
49*
+ 1
%
66
+4
32
+
32*
1937
Steel ingot production for the week ended April 24, is
placed at 50% of capacity according to the "Wall Street
Journal" of April 27.
This compares with 51% in the pre¬
vious week and 53% two weeks ago. The "Journal" further
reported:
52
30*
+
47
—I
1939
$56.50.
92
1936
70 *
1935
46
1934
55
—
before and
101
—1
47*
80
«—1
103
+3
*
75
+3
99
.
4*
•
+3
80
90
85
1928
1927
pared with 52*% in the preceding week and 56% two weeks ago.
+2
50
H
+4
77%
49% two weeks ago.. Leading independents are credited with 62%, com¬
24
H
—
48*
1930
,
—
28*
1931
—1%
42
+2
1933
1929
Independents
U. S. Steel
Industry
with the composite holding
receiving little test,
are
...
—2
82
—2
80*
—2
75
1902 not available.
Car rent Events and Discussions
Federal Reserve Banks
The Week with the
In the
Increase
(+)
"
or Decrease
April 20, ,1939 April 19, 1939
Bills
discounted..
Bills
bought...
returns of the entire
—
The
--
Total Reserve bank credit-
2,580,000,000. —11,000,000
—0,000,000
714,000,000 +109,000,000 +2,854,000,000
-
Gold stock.
Treasury currency—-
-
—
.+5,000,000
2,849,000,000
Member bank reserve balances...— 9,903,000,000
+2,000,000
Money in circulation.—
0,860,000,000
Treasury cash
2,693,000,000
Treasury deposits with F. R. bank..
913,000,000
Non-membef deposits apd other Federal Reserve accounts
!
772,000,000
...
+159,000,000
+160,000,000 +2,242,000,000
-38.000,000
+505,000,000
+ 501,000,000
—408,000,000
+7,000,000
+165,000.000
-30,000,000
_
■
—
member
banks
in
101
deposits—adjusted.
industrial and agricultural loans increased $7,000,000 in
the Boston district and $6,000;000 at all reporting member banks.
Loans
to brokers and dealers in securities increased $10,000,000 in New York
City and $5,000,000 at all reporting member banks.
Holdings of Treasury bills increased $32,000,000 in New York City and
$15,000,000
the
in
district.
all reporting member banks,
Holdings of United States
$36,000,000 in New York City and $38,000,000 at all reporting member banks, and decreased $14,000,000 in the
Chicago district.
Holdings of obligations guaranteed by the United States
Government decreased $8,000,000.
Holdings of "other securities" increased
$19,000,000 in the San Francisco district, $16,000,000 in the Chicago
district, $13,000,000 in New York City, and $61,000,000 at air reporting
Chicago district
decreased
$7,000,000
and
at
$15,000,000 in New York City.
bonds
Government
.
reporting member banks, »and decreased $34,000,000
Holdings of Treasury notes increased $17,000,000
all
at
in the Chicago
and
+3,000.000
reporting
Commercial,
(—)
—4,000,000
-11,000,000
weekly
demand
—5,000,000
13,000,000
—1,000,000
of
statement
condition
leading cities shows the following principal changes for the week ended
April 19:
Increases of $38,000,000 in holdings of United States Govern¬
ment bonds, $61,000,000 in holdings of "other securities," $234,000,000
in
reserve
balances with Federal Reserve banks, and $231,000,000 in
Industrial
advances (not Including
$12,000,006 commitm'ts—Apr. 26)
Other Reserve bank credit--
April 19:
of business
April 27, 1938
3,000,000
1,000,000
2,564,000,000
—
U. 8, Government securities
body of reporting member banks of the
Federal Reserve System for the week ended with the close
Since
.
following will be found the comments of the Board
Federal Reserve System respecting the
of Governors of the
During the week ended April 26 member bank reserve
balances increased $160,000,000.
Additions to member
bank reserves arose from decreases of $30,000,000 in Treasury
cash and $38,000,000 in Treasury deposits with Federal
Reserve banks and increases of $109,000,000 in gold stock
and $5,000,000 in Treasury currency, offset in part by a
decrease of $11,000,000 in Reserve bank credit and in creases
of $7,000,000 in non-member deposits and other Federal
Reserve accounts and $2,000,000 in money in circulation.
Excess reserves of member banks on April 26 were esti¬
mated to be approximately $4,120,000,000, an increase of
$120,000,000 for the week.
'
The statement in full for the week ended April 26 will be
found on pages 2434 and 2435,
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
increased
,
member
banks.
Demand
.
deposits—adjusted increased
$65,000,000 in
the
banks.
member
Chicago
district,
$147,000,000 in New York City,
and $231,000,000 at all reporting
Deposits credited to domestic banks increased $36,000,000
New York City and decreased $30,000,000 in the Chicago district and
$1,000,000 at all reporting member banks.
Deposits credited to foreign
banks increased
$50,000,000 in New York City and at all reporting
in
member
banks.
Weekly reporting member banks reported "no borrowing on April 19.
New York City ahd
Returns of Member Banks in
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended April 19, 1939, follows:
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday .
ASSETS AND LIABILITIES OF WEEKLY
.
..
'
.
.
REPORTING MEMBER BANKS
Increase
Apr. 19,1939
Assets—
Loans and
j
.
——Chicago
Apr. 26 Apr. 19 Apr. 27 Apr. 26 Apr, 19 Apr. 27
1939.
* 1939
1938
1939
1939
1938
Assets—
$
%
$ N
S
$
$
Loans and investments—to tall.
8,059
8,065
7,705
1,957
1,941
1,863
Loans—total
532
530
581
3,087
2,777
2,792
Commercial,
industrial
and
358
359
agricultural loans
391
1.376
1,382"
1,607
15
23
117
117
15
144
Open market paper.
Loans to brokers and dealers..
616
31
547
28
32
551
to
,
3,858,000,000
+6,000,000
—350,600,000
305,000,000
—
+2,000,000
—94,000,000
+5,000,000
+66,000,000
537,000,000
—
—2,000,000
+2,000,000
+3,000,000
—12,000,000
—53,000,000
paper....
brokers
and
dealers
in
securities
Other
loans
for
purchasing
carrying securities
Real estate loans
Loans to banks
or
...
—
1,145,000,000
,
Treasury bills
:
Treasury notes............
71,000,000
1,518,000,000
357,000,000
2,015,000,000
United States bonds
5,901,000,000
Other
--
•
—461,000,000
690,000,000
Open-market
New York City—
+999,000,000
+4,000,000
Commercial, industrial and agri-
Loans
(In Millions of Dollars
+ 117,000,000
8,124,000,000
culturalloans
IN CENTRAL RESERVE CITIES
%
investment?—total.*..'21,808,000,000
Loans—total_—.
„
-
loans
_•
—
.....
Other loans for purchasing or
carrying securities..
Real estate loans.
1
.....
"195
110
■
.
Loans to banks.
Other loans...
44
...
69
387
378
181
.
...
Treasury bills.....
Treasury notes
1701
,J.
727
Uhitpd States bonds-...
Obligations fully guaranteed by
2.101
United States Government—Other securities
1.
1,044
1,229
Reserve with Fed, Res. banks..
Cash in vault
Balances with domestic banksOther assets—net
739
2,030,000,000
Government--.,—..;
68
68
66
13
13
12
Other securities....
3,381,000,000
Reserve with Fed. Res. banks..__ 8,100,000,000
Cash in vault
417,000,000
57
Balances with
79
—
419
\
47
64
211
,3,039
2,087]
660
*
47
76]
[
668]
212
890
1
102
127
126
1,115
347
345
290.
3,070
886
854
759
28
26
27
225
211
184
50
49
1,554
1,536
1,392
656
483
473
464
179
83
83
110
15,000,000]
+7,000,000 \
+38,000,000]
domestic banks....
2,585,090,000
.
+296,000,000
-*-8,000,000
+851,000,000
+313,000,000
+61,000,000
+234,000,000 +2,120,000,000
—17,000,000
—27,000,000
+ 87,000,000
+397,000,000
deposits—adjusted..i—16,619,000,000
5,213,000,000
Time deposits.
United States Government deposits
Inter-bank deposits:'
<*
+231,000,000 +2,168,000,000
+1,000,000
—8,000,000
■*-1,000,000
+23,000,000
51
6,070
+12,000,000
Liabilities—
Demand
464
4,831
1,043
1,234
4,737
59
64
53
73
74
70
382
381
469
7,428
7,368
624
624
106
...
.....
States
118
,
+
'—3,000,000
—39,000,000
.
Obligations guaranteed by United
204
195
111
'
(+) or Decrease (—)
Since
Apr. 12, 1939
Apr. 20; 1938
112
.
Domestic banks..
1
-
628,,000,000
6,576,000,000
670,000,000
Foreign banks.....
Borrowings...
...
—1,000,000 +1,032,000,000
+340,000,000
+50,000,000
-1,000,000
—7,000,000
Liabilities—
Demand deposits—adjusted
Time
deposits..
(Jnlted States Govt, deposits
Inter-bank deposits:
Domestic banks
643
2,844
2,790
2,349
723
719
560
593
296
12
12
7
358
"340
"335
""ie
""15
19
1,484
—
1,484
1,482
259
259
243
Complete Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As 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
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.
covering the same
in
Reply to President Roosevelt'
Pledge*—Would Be Happy
Find Solution at Conference
Table—Urges Removal by U. S. of Barriers to Free
10-Year
Problems
Peace
Could
Trade
...
Other liabilities
Hitler
Plea for
if
Foreign banks
Borrowings
Chancellor
The
answer of Chancellor Hitler of Germany to President
Roosevelt's communication of April 15 in which he urged a
pledge for
10-year peace, was contained in a lengthy speech
Reichstag yesterday (April 28) in which he
declined the President's proposal, but stated that Germany
was
willing to exchange non-aggression pledges with her
neighbors.
To quote from the Associated Press accounts
a
to the German
from Berlin:
He [Chancellor
Hitler] advised President Roosevelt in carefully chosen
but respectful words that Nations directly concerned should
matter and added that
tection against
determine the
evidently rib Nation "had asked for American pro¬
Germany.
Volume
148
Financial
Chronicle
The Associated Pr3ss further
said in part:
Hitler served notice on Great
Britain that he was denouncing the 1935
naval pact and told Poland that
he considered the 1934
10-year GermanPolish non-aggression
pact was ended.
He said Poland violated the
pact by
had no intention of
attacking her.
Hitler pointedly asked
Roosevelt
to
mobilizing troops when Germany
Disarmament
fulfill "the promises" of President
To President
Wilson "that German colonial claims
would receive just examination."
The Chancellor reminded
Mr. Roosevelt that Germany followed the
American lead in rejecting conferences
and cited the United States' refusal
to join the League of
Nations.
He delved into
be discussed at
was
of years
"Mr.
the United
a
world
Roosevelt,
conference, Herr Hitler
a
limitation
do not appeal first to me and
Germany but rather
long line of practical experience behind me and shall
skeptically inclined
until
reality has taught
me
to
know
better."
Trade
,
The German Government viewed
the speech as Hitler's official reply to
the President's
message and as such its text was handed to
Raymond H.
Geist, United States Charge d'Affaires, for
transmission to Washington.
Specific assurances of peaceful Intent toward the
United States and the
Americas generally were offered
by the German Chancellor in a 2-hour
17-minute oration to the
Reichstag in the Kroll
or arms
answered in part, that he
you
others; I have
remain
States and other Nations settled
their differences by arms instead of
by con¬
ference.
Roosevelt's suggestion that disarmament
willing, provided:
to the
history to show that for hundreds
2503
that the entry ensued
chiefly for exclusively capitalistic reasons; neverthe
less, no practical conclusions have been
drawn from this fact.
Let us hope,
then, that at least the United States will in the future
itself
act
according to this noble principle
(self-defense) and will not go to war
against any
country except in the case of unquestionable home
defense.
t
To the President's similar
suggestion concerning a trade
parley,
answered:
"It is my belief, Mr.
Roosevelt, that it would be
with
-
your
great
world trade
influence, would
remove
a
the barriers
Hitler
great service if you,
to
a
beginning with the United States."
genuinely free
Opera House, his reply to
the Roosevelt
message.
He reiterated
Conferences
Germany's demands for
I would
return of her war-lost colonies thus:
"The only claim 1 have
.
.
be very
.
happy if these problems could really find their'
My skepticism, however, is based on the
solution at the conference table.
ever made and shall continue to make on
England
is that for the return of our
colonies.
But I always have made it
very clear
that this would not become the
cause of a
military conflict."
On this point he addressed
Mr. Roosevelt:
fact
that it was America herself who
gave sharpest expression to her mistrust
in the effectiveness of
conferences.
For the greatest conference of
all time
was without
any doubt the League of Nations.
"I would appreciate it
very much if you, Mr. Roosevelt, as one of the
to the late President
Wilson, were to devote yourself to seeing
that the promises be at last
redeemed on the basis of which
Germany once
laid down her arms and
gave herself up to the so-called victors.
War Guilt
successors
Germany
was no more to blame for the
any other Nation.
outbreak of the (world)
war
than
.
Answering President
Roosevelt's non-aggression proposals,
President
Roosevelt's message to Chancellor Hitler
was
issue of April 22, page 2350. At the same
time
Secretary of State Hull, at the direction of the
President,
addressed an identical
cablegram to Premier Mussolini
he declared
himself willing to give to other Nations
assurances of non-aggression on the
condition of absolute
reciprocity, and provided the States in question de¬
sired it.
'
^
"The
named
given in
German
Government
(by Mr. Roosevelt)
is
prepared
to
give
to
of the
each
an assurance of the kind desired
our
of
States
Italy; the reply of the latter in a speech broadcast from Rome
April 20, appeared on page 2346.
by Mr. Roosevelt
the condition of absolute
reciprocity provided that the State wishes it
and itself addresses to
Germany a request for such an assurance together
with appropriate
on
»
'
proposals," the German Fuehrer declared.
"As
terms
for
the
with
duration
each
of
these
individual
State."
agreements
$148,000 of
Germany is willing to make
State in accordance with
the
wishes
(by Mr. Roosevelt)
the condition of
and itself addresses
each
to
of the
an assurance of the kind desired
absolute reciprocity, provided that
Germany
a request
for such
an
With appropriate proposals.
31
the
States
by Mr.Roosevelt
Holders of the drawn bonds should
surrender their
bonds,
with all attached unmatured interest
coupons, for payment
on June
1, 1939 at the head office of the fiscal
agent in
New York City.
Interest on such bonds shall cease from
and after the redemption date.
the State wishes it
assurance, together
Germany is willing to make terms (concerning
duration)
dividual State in accordance with the wishes
of that
with each in¬
State.
America
+
'
I here solemnly declare that
all the assertions which have been circulated
in any way concerning an
impending German attack
invasion
or
on
or
American territory are rank frauds and
gross untruths.
British-German Naval Treaty
understanding.
"
.
stocks
'
.
all
as
having been unilaterally infringed
Poland
Germany
.
.
.
■
believes
.
.
.
it
,
by Poland
must
single
a
and
can
up
no
although
thought of
'
,
'
France
I have not,
Lorraine
the
as
France did in
as
intolerable for the
Saar
1870-71, described the cession of Alsacefuture, but have drawn a difference between
territory and the two former imperial
(German)
have never changed
my attitude nor will I ever do so.
i •/
"
Hitler said
and
a
railroad line
He said
territories.
I
Danzig
Germany
wants:
Return of Danzig as
2. A sovereign German
1.
across
a
•
Free State within
route across the
the Corridor at
Germany would offer
.
to
Germany:
Polish Corridor to East
Prussia
Germany's disposal.
in return:
SEC is in the series of current
figures being published weekly in accordance with its
program
embodied in its report to
Congress in June, 1936 bn the
"Feasibility and Advisability of the Complete Segregation
■
•-
Acceptance of present German-Polish boundaries as
final;
2. A 25-year non-aggression
treaty and a guaranty of the
independence
Slovakia by Germany, Poland and
Hungary.
Recognition of all Polish economic rights
3.
free harbor for Poland in
(This
was
in
Danzig,
assurance
of
of the Functions
the first disclosure of
Germany's proposals, which Poland has
of these States
has
ever
binding declarations
can
complain that
been made to them
by
to
a
large number of States.
even a trace of a
April 1
The data published
Small States
I have given
of Broker and Dealer."
The figures for
given in the "Chronicle" of
April 22, page 2347.
The Commission, in making available
the data for the week ended
April 8, said:
the week ended
a
Danzig.
rejected.)
1,218,820 shares.
The data issued by the
1.
of
below the
.
con¬
thereby
troops,
man and has not
proceeding in any way against Poland.
was
previous week ended April 1. T The
endedApril 8 included the Good Friday holiday (April
7)
when both the Stock and Curb
Exchanges were closed.
During the week ended April 8, according to the
SEC,
the total round-lot volume of
trading for the account of
'members of the Stock
Exchange was 2,775,508 shares, which
was
18.65% of total transactions on the Exchange of
7,441,860 shares.
In the preceding week ended
April 1 the Stock
Exchange members' transactions of 2,778,998 shares was
17.78% of total trading of 7,814,030 shares.
On the New
York Curb Exchange member
trading for their own account
during the week ended April 8 was 410,105 shares, or
17.84% of total trading of 1,148,875 shares; this
compares
with a percentage of
18.64%, member trading during that
week having amounted to 454,395 shares and
total volume
■
.
her part has not called up
on
actions
week
-
I look upon the agreement which
Marshal Pilsudski and I at one time
longer in existence.
during the week ended April 8 in
trading in
the New York Stock
was
».
German-Polish Non-aggression
Treaty
cluded
on
Exchange for the account of
members, except odd-lot dealer in relation to total
trading,
made known by the Securities and
Exchange Com¬
mission yesterday
(April 28).
During the same week,
however, the percentage of trading by members of the New
York Curb Exchange for their own
account to total trans¬
r
.
*
Trading on New York Stock and New York
Exchanges During Week Ended April 8
Curb
in
An increase
*■
.
Member
Since England today
upholds the view that
Germany should
be opposed under all circumstances
and confirms this
by the policy of en¬
circlement known to us, the basis for the
naval treaty has been removed.
Should the British
Government, however, wish to enter once more into
negotiations with Germany on this
problem no one would be happier than
I at the prospect of still
being able to come to a clear and
straightforward
.
(Belgium) External 5%
1, 1958 Drawn for Redemption
The City of Antwerp,
through its fiscal agent, the National
City Bank of New York, is notifying holders of its external
loan sinking fund
5% gold bonds due Dec. 1, 1958, that
$148,000 principal amount of these bonds have been
selected
by lot for redemption, through operation of the
sinking fund,
on June 1, 1939 at
100% of the principal amount thereof.
address
were
Non-aggression
The German Government is
prepared to give to
on
Antwerp
June 1
Outstanding features of Chancellor Hitler s
replying to President Roosevelt's peace proposals,
following according to the Associated Press:
named
City of
Gold Bonds Due Dec.
of that
t
are
were
based upon
weekly reports filed with the New
York Stock Exchange and the New York Curb
None
members.
These reports are classified
demand contrary thereto
as
Exchange by their respective
follows:
New
Germany.
York
New
York
Stock
Total number of reports received
1. Reports showing transactions
I am thinking less of the
innumerable millions extorted from
Germany as
so-called reparations than of the
territories stolen from
Germany.
In and outside
Europe
2.
3.
Nations,
was
not
acquired
by
way
of
war
but solely
purchase*
through treaties
4.
♦
or
hardly
any
—
55
286
97
Reports showing no transactions
Note—On the New York Curb
in
Exchange the round-lot
which
491
577
transactions of specialists
they are registered" are not strictly comparable with
data
similarly designated for the New York Stock Exchange, since specialists on
the New
York Curb Exchange perform the functions of the New
York Stock
Exchange
Exchange odd-lot dealer, as weU as those of the specialist.
possibility of doubt, tor example, that
America's
entry into the great war was not a case of
unquestionable home defense.
A research committee set
up by President Roosevelt
himself has examined
the causes of America's
entry into the great war and reached
the conclusion
104
the
Reports showing other transactions initiated off the
"in stocks
The United States' Attitude
There is
813
208
on
252
floor
that the whole German colonial
empire, in contrast to the colonies of
other
Exchange
1,074
as specialists
Reports showing other transactions initiated
floor
Germany lost approximately 3,000,000
square
kilometers (1,158.000 square
miles) of territory and that in
spite of the fact
Curb
Exchange
War-lost Colonies
,
The number of reports in the various classifications may total more
than
because, at times, a single report may
carry
the number of reports received
ont.rip« in
more
than
one
classification
93.6% of stock sales and 99.7% of bond
of all sales,
exchanges.
Per
Total for
Cent
Week
94.4% of the value
sales, on all registered
New York exchanges accounted for
The two leading
FOR
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
ACCOUNT OF MEMBERS* (SHARES)
Week Ended April 8, 1939
STOCK
April 29, 1939
Financial Chronicle
2504
Total
a
value of sales on
decrease of
a
all exempt exchanges in March was
$761,040.
5.6% from February.
7,441,800
of specialists and odd-
transactions lor odd-lot accounts
lot dealers):
specialists In stocks in which they are
—
Total-
—
—— — — —
356,700
356,700
377,600
Sold
In round
1.
Sold...
regular corporate equity
certificates of
not included.
284,550
125,550
—
The tabulations
CHARACTERISTICS
1,023,3.50
1,223,796
In odd lots-
made public April 27 follow:
OF
CORPORATE
SECURITIES EFFECTIVELY
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND PRO¬
POSED FOR SALE BY ISSUERS—JAN. 1 TO MARCH 31, 1939
2.76
410,100
Total.
2.
than
interest, certificates
and
— —.
municipalities, fall in this category. Securities other
and debt issues (certificates of beneficial
of participation, face amount instalment certificates,
deposit, voting trust certificates, and royalty interests) are
governments and
18-65
■
lots—Bought
registered under the Securities Act of 1933, other
offered for exchange in reorganization and issues of foreign
bond issues
than issues
2,775,508
2,775,508
odd-lot accounts of specialists
Transactions for the
odd-lot dealers:
issues from which
about 75% of all
The compilations include only those stock and bond
cash proceeds were to accrue to issuers.
Usually
any
1,329,180
1.446,328
Total..-*—
C.
^
2.99
stock and
Total-
series which was initiated in February, 1939.
issued at that time the SEC explained
part of the
In its announcement
444,578
Total.
4.
are
201,550
243,028
——-
—
4.93
734,300
...
—
.--
Initiated off the floor—Bought
Other transactions
3.
Securities and
made
10.73
1,596.630
- — . — — .
-
.—
Exchange Commission on April 27
public tabulations on selected characteristics of cor¬
porate security issues proposed for sale by issuers and regis¬
tered under the Securities Act of 1933 during the period
Jan. 1 to March 31, 1939.
Thes9 data, published quarterly,
The
1,596,630
floor—Bought
transactions initiated on the
Sold
1939
Quartet of
770,930
825,700
—*
Total
2, Other
Security
'■
.
1. Transactions of
Tabulations on Characteristics of Corporate
Issues Proposed for Sale During First
SEC Issues
of members (except
transactions lor account
B. Round-lot
Summary
A.
►
2,247,146
2,247,146
'
Total-..—.,
Number of
EXCHANGE
)
Week Ended April 8,
Estimated
Issues
Gross Proceeds
FOR
Type of Security
% of
1939
Total
% of
Total
($000)
Total
100.0
191,632
100.0
22,755
42,555
126,322
22.2
Total
Total for
Per
Week
Cent
a
All issues
56
—
1,148,860
28
B.
1.
14
136,805
154,830
Sold—
....
Long-term unsecured
Short-term.
34,235
30,055
the floor—Bought
.1
Common Equity
————
•
Number of
Gross Proceeds
2.33
All Issues.
Limitation on dividends
17.84
410,105
Sold
-
;...
-
5,544
24.4
22,755
100.0
-
0
0
35.7
•'
0
-
«
-
11.7
2,667
0
—
-
4.
0
0
!
C.
0
•
-
10
"
Assessable..'
■'
—
...
.1.
Preemptive rights...
156,547
—
—
—
19,471
21.4
100.0
0
Guaranteed
Total—
78.6
6
28
...
Contingent voting rights only
No voting rights.
78,399
78,148
transactions for account of specialists—Bought. —
Total
100.0
22,755
...
Ordinary voting rights
Total.
'
22
210,040
Sold
.%' of
($000)
100.0
28
Par value
Total
% of
Total
Tota
200,065
Total—Bought.
The
Estimated
Issues
2.82
53,580
Total..
*
Issues
f
29,025
24,555
initiated off the floor—Bought
Soldt—
C. Odd-lot
48.8
0
Characteristic
3. Other transactions
4.
•
64,890
Total.
17.1
32,797
93,525
0
--.*-
...
_
11.9
65.9
12.69
.
B.
2. Other transactions Initiated on
Sold.
——
7.1
.
Long-term secured
291,635
Total.
17.9
4
.
25.0
10
Preferred stock
25.0
14
account of members:
Transactions of specialists in stocks in which they are
Round-lot transactions for
50.0,
*-1
Preferred Equity Issues
"members" includes all Exchange member#, their firms and their
term
partners, including special partners.
a Shares in members' transactions as per cent of twice total
Number of
Estimated
Issues
round-lot volume.
the total of members' transactions is compared with
twice the dotal round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales while the Exchange volume
In calculating these percentages
Gross Proceeds
Characteristic
% of
Total
Total
Total
($000)
% of
Total
ncludes only sales.
During
„■
April 27 the Securities and Exchange Commission made
public a summary for the week ended April 22 of the cor¬
rected figures' on odd-lot stock transactions of odd-lot dealers
and specialists on the New York Stock Exchange, cotinuing
a
series of current figures being published weekly by the
Commission.
The figures for the week ended April 15 were
given in our April 22 issue, page 2347.
The data published are based upon reports, filed with the
Commission by odd-lot dealers and specialists.
TRANSACTIONS
OF
THE NEW YORK
STOCK
SPECIALISTS
ENDED
ON
APRIL
22,
Total for week..
of
Preemptive rights
21.4
799
—.
—
x—'•
Guaranteed......*
No. Ord.
Value
3,483
87.732
•
3,160,124
2,308,832
2,924,585
4,006,201
2,521
60,859
2,905
75.733
4,109
102,998
412,624 $15,243,872
16.465
0
««•
0
■
2
14.3
1,143
2.7
10
71.4
28.6
41,780
3,383
98.2
4
—
Callable (other tbah
for sinking fund)—
Convertible
——
—
D.
an
on
Shares
.
0
-
...
T.-—
Secured Debt Issues
1 Long-Term
Number of
Estimated
Gross Proceeds
Total
Value
2,202
57,074
2,940
73,096
2,669,917
85,416
2,965,663
Warrants or rights
2,275
57,457
14,278
363,010 $12,710,056
Exchanges
During
,
Seria^ maturity
**_*—...
on
including
rights
and
warrants, in
March
were
February's tbtal.
Total
$245,123,350, an increase of 46.9%
over
32,797
Total
100.0
attached
Security subject to prior lien
No add'l securities issueable under same indenture. _
Definite limit set on issue of equal or prior securities.
Substitution of property under lien permitted
Interest dependent on earnings or special conditions.
Guaranteed...
...
E.
Long-Term
10.0
1
•
1.7
549
9
90.0
32,248
98.3
100.0
32,797
100.0
1
for sinking fund).
Callable (other than
10.0
450
1
10.0
297
0
0
1.4
0.9
-
-
-
4
40.0
1,301
4.0
5
50.0
7,901
24.1
10
100.0
32,797
100.0
0
—
-
—
0
-
«...
0
0
—
Unsecured Debt Issues
Number of
Estimated
Issues
all registered securities ex¬
increase of 55.0%
% of
,
10
1;
Sinking fund
58.5% Above February and 21%
($000)
.
Convertible
3,438
89,967
Total
Total
100.0
10
All issues
$2,910,855
1,997,358
2,166,263
3,423
National
principal amount of bonds sold was
February.
7.9
*
0
attached
% Of
April 27 by the Securities and Exchange Commission.
Stock
sales, including rights and warrants, had a value of $1,058,741,242, an increase of 61.7% over February.
Bond
sales were valued at $179,440,055, an increase of 41.6%
over February, the Commission said, adding:
of stock,
1.9
'
———
Sinking fund.
March, 1938
40,884,224 shares,
0.8
0
0
(Customers' Orders to Sell)
$2,844,130
The dollar value of sales
over
11.1
348
3
.'
...
changes in March, 1939, amounted to $1,238,181,521, an
increase of 58.5% over the value of sales in February and
an increase of 21.0% over March, 1938, it was announced
sales
88.1
4,711
14.3
PURCHASES
'
85,302
March Increased
Total
37,496
42.9
2
ODD-LOT
DEALERS AND
STOCK EXCHANGE—WEEK
3,447
Securities
Above
42.9
6
Issues
Shares
No. Ord.
17
18...-'
19.
20..
21 and 22...
Sales
4.7
—
Trade Date
Apr.
1,990
Characteristic
SALES
Apr.
99.1
7.1
...
CoutingenLvoting rights only.
Warrants or rights
1.6
42,155
6
Ordinary voting rights
No voting rights
675
85.7
....
1939
(Customers' Orders to Buy)
Apr.
89.5
28.6
1
Limitation on dividends
#
Apr.
38,094
4
'
Apr.
42,555
54.3
12
—* —
Cumulative
Assessable.
100.0
....—— 7
Participating
On
ODD-LOT
■—
Par value.
100.0
9
All issues
Odd-Lot Trading on New Yorjc Stock Exchange
Week Ended April 22
14
Gross Proceeds
Characteristic
% Of
Total
4
Total
% of
Total
($000)
Total
100.0
93,525
100.0
Ail issues.
0
0
Serial maturity
4
Sinking fund
Callable (other than
for sinking fund)
Convertible
attached
....
No add'l securities issuable under same indentureDefinite limit set oa issue of equal or senior securities.
Interest dependent on earnings or special conditions.
Warrants or rights
Guaranteed
100.0
93,525
100.0
4
100.0
93,525
100.0
1
25.0
22,613
24.2
25.0
22,613
0
0
1
0
0
0
0
-
—
0
0
24.2
Volume 148
Financial
„
Report
10 Manufacturers of Office
on
Chronicle
Machinery and
Securities and
Exchange Commission
made public the 11th of
a
April 26
on
series of reports based
on a
A. total of $315,356,000
Works
tendered to the
offering of
$100,000,000, or thereabouts, of 91-day
Treasury bills dated
April 26 and maturing July 26, 1939, it was
Progress Administration project known as the Census of
American Listed Corporations.
The report contains a sumof selected data
mary
and
equipment registered under the
Act of 1934.
noted
wflq
Issuance of
in
i««?up
nnr
ron^f
tbo
the
10 manufacturers of office
on
of
Securities
Anril
99
niio-A
^Prd 24 by Secretary
Exchange
9353
amount, Secretary Morgenthau said,
at the Federal Reserve
individual companies
subsidiaries of each
are a
general survey, the
the outstanding
company,
security
issues
of
nr.
includes
balance sheet,
a
•„„^rvo_ j-
frrirn
+
profit
R°w
a
and
loss
statement,
a
surplus
recon-
Futures
Board
of
The Chicago Board of Trade
requirements
on
wheat,
Increased
by
100%.
The
The
April 20 increased margin
corn, oats and rye
new
minimum requirement
The minimum
on
cents a
wheat futures from members of the
on
bushel, compared with 2
2 cents and rye at 4 cents wiu be
increased
other commodities win not be
changed.
at
The Board of Trade announced
that the
precautionary
and
n0t
because
100%.
increase
in view of conditions
measure
marketS
cents at present.
will be 3 cents, compared with 2 cents
corn
°f
Change ln
Guaranty
States,
amounting to $15,605,000,000,
now
of New
York,
known <?imn1v
Known
fhp Hnnrnntv
supply, the guaranty Trn«t Oo
trust Po
its monthly review,
in
denominations
of
the branches
or
offering Secretary Morgenthau
issued in bearer form
only, and in amounts
$1,000,
(maturity value).
No tender for an
$10,000,
amount less than
must be in multiples of $1,000.
$100,000,
$500,000,
and
$1,000 will be considered.
or
$1,000,000
Each tender
The price offered
must be expressed
not more than three decimal Places,
e.g., 99.125.
basis of 100, with
the
on
Frac-
Tenders will be accepted without cash
deposit from incorporated banks
about 58%
or
Banks,
,
They (the bills) will be
,
the monetary gold stock of the United
of tbft worm s total
ot tne world's? total
ottering, announced April 27, will
In his announcement of the
Trust Co. Sees in Excessive Gold Stocks
Threat of Undue Credit
Expansion in Event That
Trade Revival Should Result in
Active Demand
For Funds—Points to Possible
Solution Through
Redistribution with Benefit to Business
With respect to
or
Time, May 1.
Treasury Department,
also said:
>
,
of 91-
$100,587,000.
new
Washington
trade
+
,
Thereabouts,
up to 2 p. m., Eastern Standard
Tenders will not be received at the
upon as a
present
approximately 0.020%.
rate approximately 0.016%.
accepted).
or
be received at the Federal Reserve
on
which might result in much
any
99.996 equivalent
.
thereof,
decided
was
v,
amount bid for at the low
price was
The tenders to the
Oats
now.
Requirements
$100,204,000
,
thereabouts, of 91-day Treasury bills was made on
April 27
by Secretary of the Treasury Henry Morgenthau Jr. The
Jjjp8
be dated May 3 and will mature on Aug. 2, 1939.
They will be sold on a discount basis of the highest bidders
and 0a th0. maturity date the face amount of the bills will be
payable Without interest.
ejeiS
bills on May 3 in amount of a maturity °f a similar
new
clearing house will be 4
.
IS
April 24:
Day Treasury Bills—To be Dated
May 3* 1939
Announcement of a new offering of $100,000,000,
futures as much
schedule, which went into effect April 22,
restores the requirements in effect
prior to Dec. 22, 1938,
when margins were lowered.
The following
regarding the
changes is from Chicago Associated Press advices of
April 20:
as
of
Total accepted,
New Offering of $100,000,000,
Chicago
Trade
on
s announcement
99.995 equivalent rate
PiFice
(13% of the
Grain
.
100.
ciliation, totals of selected expense items, and 16 financial and
operating
on
2350.
page
^
,
bids to the offering
Range of accepted bids:
High.;
22,
F
.
,
^
»
Total applied for, $316,356,000
The combined data for each
group as a whole
ratios
Margins
?u
at
i
,
_
Secretary Morgenthau
each
company, 16 financial and operating ratios for each
company, salary data
for each
company, and individual balance sheets,
profit and loss statements
and surplus reconciliations.
Reference to
the
of the parents and
names
were
to2p.m., Eastern Standard Time, April 24.
offering appeared in our issue of April
It provides individual data for
each of the companies and also combined
for all companies in each of the
groups.
Included in the data on
data
$100,204,-
rA„av„i
were received
banks and the branches
thereof up
.i
g
on
of the Treasury Henry Morgenthau
^CtenSto thaoffIrinTof"TVeawv'hiifc
^®n^ers to the ottering ot rreasury bills
Rpo-ardinp-
report the SEC said.
was
announced
machinery
similar report on 20 oil refiners
a
to
Offering of $100,000,000 of 91-Day Treasury
Bills—$100,204,000 Accepted at Average Rate of
0.016%
Equipment Issued by SEC
Tlie
2505
Tenders of
$315,356,000 Received
and trust companies and from
vestment securities.
•
^ o( Jg% o[ (be face
The Guaranty Survey,
tenders
issued April 24, states that, "the excessive
gold stock carries a
J.Tthreat of undue credit or
currency expansion in the event
that trade revival should result in an
active demand for"
funds. The gold situation
are
amount of
accompanied by
corporated bank
responsible and recognized dealers
in in-
Tenders from others
or trust
an
must be
accompanied
Treasury blll8 appIied tor
express
company.
by
de-
a
milCBS the
guaranty of payment
by an in-
•
~
~
,
Immediately after the closing hour for receipt of tenders
,
has, in fact," the "Survey" goes
"been used as an argument by those who believe
that recovery would be stimulated
by new issues of
on
able prices will foUow as soon as possible thereafter, probably on the following. morning.
The Secretary of the Treasury expressly reserves the
to say.
mnnATT
W fbn
finucr-urrinTif
money by the Government.
amount
through
credit expansion or deliverate
one of the factors
excessive
right
to reiect any ®r,ail ter^d®rs °*\parts of tend5s' an(l
applied for, and his action in any such
paper
tiOQr
Jtear ot fnfla+tef.
inflation, either
submitting tender8 wiU be advised
greenbackism,\has
tending to discourage
recovery." According to the "Survey" "the present
iess1tha" the
Those
respect shall be final.
of the acceptance or
rejection thereof.
undoubtedly been
Payment at the price offered forTreasury bills allotted
business
Federal
maldistribution of gold represents a real
problem to the
United States from several
points Of view." It continues in
part*
V
"
■
.
tJ
that yields
no
return.
is a
That part of it which is in
business recovery,
.
Any solution of
result of
a
to
.
.
as an
excess
of our needs for
instrument for promoting
come
as
whole,
a
hereafter imposed by the United States
distribution, which
nations that stand in need of
it.
A Possible Solution
A
possible
means
promoting the redistribution of the
metal, with
to American
business, is suggested by the agreemonth between the
Governments of Brazil and the
or
any of its
amended, and this
as
notice
.
ue
.
+
'
Assets of
All
TiI„^
'
(
x'
on
Banks
j
in
rw
-
United
States
Dec. 31 Above
Comptroller of th*
31
1937
dune 30 ®nd
'J
Sli MO rtftfl
Currency Reports Latest Total at $70,833,599,000
Deposits at $61,9U7,7ol,UUU
Detailed Data
jn
_n
Compilation issued April 22, Preston Delano, Comp-
a
Hor
nf
fha
troller .01 the mrrerirv
currency,
a11
of
or otherwise
«
means
"
deduction,
prescribe the terms of the Treasury bills and govern the conditions
of their
j'
re-
Is the problem that must be
solved if the gold is to
perform its proper function as a stabilizer of
prices and currencies and a
of making
international payments. In order to
perform this function,
the gold must be made
available to the
now
Treasury Department Circular No. 418,
agreement as
fundamental problem of
Treasury bills
recognized, for the purposes
as
the
One
nor would it solve the
exempt from the
or
gold represents to
a
are not
other disposition of the
or
possessions.
to return to general circulation. This
would remove some of
the gold from bank reserves
and reduce its
potential inflationary effects.
But it would not diminish the
financial.burden that the
country as
No loss from the sale
sbail be allowed
possibility would be to
by allowing the gold, or certificates
representing it
on
as
of any tax
.
gold problem will probably have to
deliberate policy, and thus far there is no
general
must be made at the
immediately available funds
»
to
gift tax.)
tne
what policy, If any, should be
adopted.
restore the domestic
gold standard
the
May 3,1939.
.Treasury Decision 4550, ruling that Treasury bills
investment
an
^aD^£.a^ cufrency reserves represents a clear loss of potential earning power.
And it has shown itself to be
quite Ineffective
dther
or
to principal and interest, and
any
gain from the sale or other disposition thereof will also be exempt, from
all
taxation, except estate and inheritance taxes.
(Attention is invited
'
,
non-earning asset,
Reserve Banks in cash
The Treasury bills will be exempt,
•
'
.
•
,
For one thing, the
huge gold stock
May 1, 1939,
on
ab tenders received at the Federal Reserve
Banks or branches thereof
up
to the closing hour will be
opened and public announcement of the
accept-
active
banks in
lists
llbtS
the
me
the United
assets
assers
States
and
ana
as
of
liabilities
naDlilues
DeC«
of
or
31» 1938'
resulting direct benefits
an(^ Compares these figures With June 30, 1938; Dec. 31,
mente
1937,
United
reached
States.
things, to
last
Under
remove
central reserve
those
agreements,
official restrictions
bank, to
on
Brazil proposes,
among
exchange operations, to
own
citizens.
a
obligations,
equality of treatment with its
The
United Statu agrees to
provide
loan up to the srnn of
$50,000,000 in
financial aid
gold for the
to
Brazil.
use
of the
proposed central bank, repayment to be
made from Brazil's
production of
the metal, which amounts to
approximately $5,000,000 a year.
Extension of this general
principle over a wider field would seem
possibilities for reaching a constructive
promising
problem.
solution
of
By
habilitatlon
barriers and
international
policy would
commerce as
mark
a
.
its Jiossessions
a
whole.
even
new
cooperation and good win.
more
For the
use
the
gold
of the gold the
United
significantly in the long
departure In the promotion
of
amounted
n - 04-1
run, such
a
International
to
^
-
Dec.
On
31
®a"kS0V
Tnnp
30
banks), Dec. 31, 1937,
June
30
1933.
177 000
$31,666,177,000
banks,
trust
while
.
Of
and
the
rpnrP<?Pnted
9,410
companies
State
and
Stock
~
.
the Comptroller
as
1938
*
5-fono
against
resources
thp
tne
asciPts
assets
for
of
01
.
reported,
$68,277,707,000
$68 077 758 000
$51,293,912,000
total
representea
..
last,
$70,833,599,000
hotilrs)
<15'341
«Qi
to offer
#this plan the gold would be used to promote financial reabroad, permitting the gradual removal of
excessive trade
exchange restrictions, with resulting
benefits, indirectly, to
Incidentally, but perhaps
1933.
resume
payments on external dollar
and to guarantee to
United States investors
including
other
create a
June 30,
and
Assetg of the 15 265 active banks in the United
States and
oo.
(15 463
v
,
(14,624 banks),
Dec.
5 230
0,Zd0
31,
1938,
National
iNatlOnai
(commercial)
savings
banks, including
banks, had $26,798,-
628,000; 555 mutual savings banks, $11,610,653,000, and 70
private banks, $758,141,000.
The 15,265 banks held deposits
on
Dec
^ nS
31 iast of $61,907,761,000
?L?0/,, ^
(in comparison with $59,-
??'
n?n
Dec. 31, 1938, total comprises $28,050,676,000 held by' Nabanks, $22,955,080,000 by State commercial
banks,
tional
l^Pv!
1939
29
the United States, $3,810,494,000; other
debentures, $5,076,094,000, and cash, bal¬
banks, including reserve balances, $18,373,644,000.
Aside from deposits, principal liabilities in¬
cluded:
Surplus, $3,648,631,000; common stock, $2,593,527,000; preferred stock, $436,110,000, and undivided profits,
of
possessions
$10,278,163,000 by mutual savings institutions, and $623,842,000 by private banks.
The principal assets of all banks on the latest date were
loans on real estate, $8,816,692,000; other loans, including
overdrafts,
$12,718,714,000;
United
States
Government
securities, $18,002,042,000; State and political subdivisions'
obligations, including obligations of territorial and insular
PRELIMINARY
April
Chronicle
Financial
2506
bonds, notes and
with other
ances
The
$799,517,000.
STATEMENT OF ASSETS AND
tabulation
follows:
LIABILITIES OF ALL BANKS DEC. 31, 1938
Banks Other Than National
National
All Banks Other
Banks
Total All
Than National
u
Banks
Mutual
State
real
Total
$1,731,504,000
6,757,616,000
$7,085,188,000
5,961,098,000
$2,267,249,000
12,718,714,000
5,808,164,000
78,895,000
73,949,000
$21,535,406,000
$8,489,120,000
$13,046,286,000
$8,075,413,000
$4,894,720,000
$76,153,000
$15,070,400,000
2,931,642,000
loans.,
$7,172,471,000
1,533,488,000.
$7,897,929,000
1,398,154,000
$5,018,873,000
$2,565,483,000
317,267,000
$313,573,000
13,277,000
Government securities:
Direct obligations...*.
.....
Guaranteed obligations
Obligations of States and political subdivisions (including
Other
bonds,
note3,
3,810,494,000
5,076,094,000
777,667,000
1,607,129,000
1,918,693,000
227,412,000
2,203,365,000
3,157,401,000
1,467,366', 000
674,406,000
1,581,484,000
1,556,192,000
19,725,000
550,255,000
373,825,000
153,549,000
22,881,000
$27,666,297,000
$12,459,193,000
$15,207,104,000
$9,509,158,000
$5,266,897,000
$431,049,000
$18,373,644,000
1,293,782,000
1,185,750,000
$9,706,409,000
617,601,000
146,811,000
$8,667,235,000
676,181,000
1,038,939,000
$7,884,260,000
540,891,000
381,697,000
$578,204,000
$204,771,000
5,791,000
1,319,000
160,359,000
169,004,000
449,357,000
69,522,000
64,404,000
113,117,000
90,837,000
104,600.000
336,240,000
239,889,000
85,255,000
2,000
27,960,000
11,096,000
$31,666,177,000
$39,167,422,000
$26,798,628,000
$11,610,653,000
$758,141,000
$24,460,659,000
24,731,208,000
$12,962,084,000
7,519,544,000
579,000
3,645,351,000
7,479,886,000
620,853,000
584,932,000
2,138,982,000
4,500,636,000
344,498,000
$11,498,575,000
17,211,664,000
384,872,000
1,506,369,000
2,979,250,000
276,355,000
$11,027,165,000
969,804,000
1,503,127,000
2,856,698,000
275,957,000
""878" 000
155,000
26,000
$470,831,000
27,877,000
1,000
2.364,000
122,397,000
372,000
$61,907,761,000
.
;
and debentures.
$28,050,676,000
$33,857,085,000
$22,955,080,000
$10,278,163,000
$623,842,000
5,608,000
71,785,000
209,964,000
31,004,000
117,363,000
281,186,000
$28,338,033,000
j.
.•-*
Corporate stocks, incl. stock of Federal Reserve banks._.
Total investments.
Cash, balanees with other banks, incl. reserve balances....
owned, furniture apd fixtures
*
Bank premises
Realjjestate owned other than bank premises
Investments and other assets indirectly representing bank
•^premises or other real estate
—
'
liability on acceptances.-....
Customers'
Other assets—
...
-
Total assets
i
Demand
....
Time
.....
;
United States Government and postal
savings deposits
Deposits of States and political subdivisions..
Deposits of banks—
Other deposits (certified and cashiers' checks,
....
&c.)---_-
Total deposits.
rediscounts, and other liabilities for bor-
payable,
155,000
.
,
•
■
'/•
...t
*
$162,856,000
436,110,000
2,593,527,000
3,648,631,000
799,517,000
.
Common stock
Surplus
...
Undivided
profits
.........—,
Reserves and retirement account for preferred stock and
and capital
4,573,000
28,810,000,
2,532,000
1,479,000
24,446*000
$34,286,638,000
§23,322,793,000
$10,304,088,000
$162,856,000
178,673,000
1,280,342,000
2,499,626.000
379,863,000
$149,890,000
178,673,000
$12,966,000
1,237,680,000
1,432,534,000
222,975,000
1,033,782,000
156,547,000
33,310,000
379,424,000
254,083,000
103,270,000
22,071,000
257,437,000
1
1,313,185,000
1,149,005,000
:
$659,757,000
42",662*6OO
341,000
568,257,000
188,863,000
$3,328,144,000
$4,880,784,000
§3,475,835,000
$1,306,565,000
$98,384,000
•70,833,599,000
$31,666,177,000
$39,167,422,000
$26,798,628,000
$11,610,653,000
$758,141,000
......
Total capital accounts
liabilities
•
$8,208,928,000
capital notes and debentures.......
accounts..
—
'
companies and stock savings banks.
Includes trust
$
10,276,525,000
384,871,000
24,952,000
"
1..
Capital notes and debentures.,
Preferred stock
*.
491,150,000
$62,624,671,0Q0
—
CAPITAL ACCOUNTS
•
419,654,000
36,612,000
189,148,000
w
Total liabilities
6,907,262,000
88,553,000
254,208,000
'
Other liabilities
*
90,680,000
76,640,000
"
PSgtrowed money....—
Acceptances executed by or for account of reporting banks.
Total
129,499,000
655,923,000
0
LIABILITIES
„
Deposits of individuals, partnerships, and corporations:
Bills
"
1
61,593,000
.
■
»-0
1,067,610,000
,
$70,833,599,000
warrants)
I-
$2,204,000
$8,816,692,000
estate
Including overdrafts.
United States
$4,815,735,000
5,230
ASSETS
on
70
15,265
A
Loans
555
9,410
10,035
Number of banks.
Otber loans,
Private
Savings
(Commercial) *
COMPARISON OF ASSETS AND LIABILITIES
OF ALL BANKS IN THE
DEC.
31,
UNITED STATES AND POSSESSIONS, DEC. 31 AND JUNE 30. 1938,
1937, AND JUNE 30,
1933
,
T
Dec.
15,265
Number of banks...
June
31, 1938
f
Total investments.
balances with
including reserve balances
other banks,
premises owned, furniture and fixtures
Real estate owned other than bank premises
$22,387,818,000
$14,286,114,000
2,373,954,000
3,465,386,000
5,747,199,000
616,399,000
$26,345,478,000
$26,489,052,000
$17,930,663,000
$17,470,668,000
1,325,718,000
1,216,308,000
$15,973,833,000
'
$7,764,785,000
1,330,373,000
1,235,395,000
1,382,831,000
637,646,000
1,293,782,000
--
1,185,750,000
—
b
b
on
acceptances
Other assets.c
representing bank premises or other
outstanding
*
.......
Deposits of individuals, partnerships, and
b
157,181,000
527,784,000
424,264,000
$68,277,707,000
$68,077,758,000
$51,293,912,000
$22,911,358,000
$23,200,138,000
24,701,069,000
$14,001,839,000
765,905,000
Government and postal savings
deposits
Deposits of banks
(certified and cashiers' checks, &c.)
—
deposits.
rediscounts, and other liabilities for borrowed money.
Acceptances executed by or for account of reporting banks
20,245,615,000
1,637.913.000
720,159,000
3,347,834,000
6,091,129,000
810,694,000
1,603,576,000
3,364,885,000
679,642,000
$59,379,550,000
$59,10^,903,000
$41,533,470,000
36,612,000
189,148,000
...
Deposits of States and political subdivisions
959,039,000
$61,907,761,000
a
Bills payable,
«
111,510,000
496,864,000
$24,460,659,000
24,731,208,000
969,804,000
3,645,351,000
7,479,886,000
620,853,000
corporation^—Demand..'
Time
Total
3,001,466,000
6,354,474,000
778,724,000
160,359,000
169,004,000
LIABILITIES
Other deposits
.
449,357,000
real estate.b—'..
Total assets.c.
United States
J $7,795,999,060
$70,833,599,000
Investments and other assets indirectly
liability
$22,364,140,000
$14,083,068,000
2,691,194,000
3,483,235,000
5,249,728,000
838,253,000
$18,373,644,000
banks.
Bank
$21,311,161,000
5,076,094,000
777,667,000
and debentures...
Corporate stocks, including stock of Federal Reserve
$9,627,534,000
12,760,284,000
2,931,642,000
3,810,494,000
Guaranteed obligations
Obligations of States and political subdivisions.a..
notes,
$8,677,454,000
13,686,686,000
$15,070,400,000
obligations.....
$8,713,113,000
12,598,048,000
$27,666,297,000
UnltetJ States Government securities—Direct
Customers'
*14,624
$21,535,406,000
Total loans.
Cash
15,463
.
$8,816,692,000
12,718,714,000
including overdrafts.
Other bonds,
June 30, 1933
31, 1937
.......•
real estate
on
Dec.
15,341
ASSETS
Loans
Other loans,
30, 1938
42,470,000
176,307,000
50,809,000
229,171,000
530,682,000
445,187,000
730,435,000
*
24,658,082,000
717,199,000
3,534,530,000
6,838,222,000
National bank circulation
-
d497,411,000
d514,931,000
d668,850,000
$62,624,671,000
$60,095,738,000
$59,904,814,000
$43,908,624,000
$162,856,000
436,110,000
$164,085,000
447,120,000
2,593,546,000
3,611,598,000
e799,579,000
566,041,000
491,150,000
Other liabilities-c_
Total liabilities.
.
CAPITAL ACCOUNTS
Capital notes and debentures
—
Preferred stock
Common stock
Surplus
Undivided profits
Reserves
—
and retirement account
Total
capital notes and debentures-
with other bonds,
Investments,
c
3,371,321,000
646,246,000
468,180,000
$8,208,928,000
and capital accounts.c
Licensed banks; i.e., those
572,692,000
J 2,8*9*9*,Ml"000
$8,181,969,000
$8,172,944,000
$7,385,288,000
$70,833,599,000
$70.833.599,000
capital accounts-
Total liabilities
*
for preferred stock and
2,593,527,000
3,648,631,000
799,517,000
d568,287,000
$173,746,000
451,749,000
2,597,615,000
3,602,566,000
e774,576,000
$68,277,707,000
$68,077,758,000
$51,293,912,000
operating on an unrestricted basis,
a Includes obligations of territorial and insular possessions of the United States, previously included
Includes also municipal warrants., b Not called for separately prior to Dec. 31, 1938; previously included with loans and
other banks and bills of exchange or drafts sold with endorsement,
d Includes amount sets aside for undeclared dividends on
notes, and debentures.
Excludes acceptances of
capital stock and for accrued interest on capital notes and debentures which,
or dividends payable In common stock, now reported with "Reserves."
prior to Dec. 31, 1938, were included with "Other liabilities."
•
e
Revised to exclude reserves
1
Volume
Financial
148
Stock
of
Money in the Country
The
Treasury Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for March 31, 1939, and show that the
money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,817,124,386, as against $6,731,243,857 on Feb. 28, 1939,
and $6,355,457,188 on March 31, 1938, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
Chronicle
notes are secured by the
deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased
paper as is
eligible under the terms of the Federal Reserve
Act, or, until June 30, 1939, of
direct obligations of the United States If so
authorized by a majority vote of the
Board of Governors of the Federal Reserve
System.
Federal Reserve banks must
maintain a reserve In gold certificates of at least
40%. including the redemption fund
which must be deposited with the Treasurer of the
United States, against Federal
Reserve notes in
actual circulation.
"Gold certificates" as herein used Includes
credits with the Treasurer of the United States
payable In gold certificates.
Federal
Reserve bank notes and National bank notes are In
process of retirement
Net
M
CO
CO
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Comptroller of the Currency Preston Delano announced
on
April 20 that the 5,230 active National banks in the
§5
00
—
for First Six Months of 1938
&
§ |S .«* S ? a
country
last
O
11.111
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loans and investments,
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to
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00
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CO
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CO
to
dends declared on common and preferred
capital were $63,305,000 and $4,277,000, respectively, a total of $67,582,000,
representing 4.29% of the total par value of capital stock.
The Comptroller's announcement furthef stated:
'
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to
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to
to
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the
before
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amount
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the
eries
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earnings
gross
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in
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sold-of
comparison
OS
current
operations
resulting
1
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with
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5
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as
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sents
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to
4k
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to
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4k
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to
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to
current
$148,335,000 in
1937.
The
dividends
9.05% of
were
capital and 4.28% of capital funds.
Requirements Important
Price Trend of
O-
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to
to
Cn
t
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to
00
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4k
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b
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,
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securities,
was
made public
©
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to
on
April 25.
financing in 1938 and
It
pre¬
Treasury and Federal credit
"co *4k
asserts.
"Underlying a steadily increasing demand
Treasury obligations has been the Constant flow of gold
United. States.
It
was
furthr stated:
duction of the weight of gold in the dollar,
I
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to
W
4k
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States
In addition to the $3,000,000,000 increase in gold stock through the re¬
!
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00
United
on
I
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data
,.to the
00;
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t-k
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Issues
survey
for
!
to
CO
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to
1
Government
issues.
"The basic influences which have affected
United States Government securities since the devaluation
of the dollar in January, 1934, continued during 1938," the
■■
O
4k
Cn
04 ©
from
agency
,
8
p,
O
co
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as
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to
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to CO
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to
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as
earnings
net
increased $10,331,000, and losses and
$244,436,000 increased $28,105,000.
and preferred stock totaled $142,496,000,
reviews the trend of Government
CO
in
"the
Government
I
4k
M
—
the
$837,857,000,
aggregated
1939 edition of the annual survey
published by C. J.
Devine & Co., Inc., New York, specialists in United States
:
3;
Jw !
I
banks
in
Survey of United States Government Financing in 1938
Issued by C. J. Devine & Co.—Gold
Imports, De-
,
CO
-4
CO
o
co
-vj
I
National
of
$30,062,000
common
stirilization and Reserve
kj
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of
fe
?!
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profits
$98,819,000,
on
and preferred
common
lilies
net
decrease
a
depreciation charged off of
o
Co
o
to
OS
from
the
a
year.
decrease of $12,288,000 in the year.
Recov¬
previously charged off of $181,810,000, including profits
assets
securities
on
Cn
os
o
1938,
previous
$577,272,000,
expenses
from
Dividends declared
co
31,
$197,959,000,
the
operations of $260,585,000,
05
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and
OS
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for
to
"kj W
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were
reported
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b
,
OS
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Jkj — oo to to
i—'
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0
4k
I—
ended
year
dividends
to
Oi
sold
was 5.42% of the par value of common and
preferred capital stock, and 2.57% of capital funds.
Divi¬
"co (—
t-
—
on
394,000, which
4k
o*
10
securities
of $45,273,000 and recoveries on
&c., previously charged off of $42,659,000, less losses and depreciation of $138,713,000, the net
profits before dividends in the period amounted to $85,-
4
-
0°
CO
earnings for the
gross
1938
profits
Sit*
£
"co
"co
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of
§8
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CDtOlfkrfkOsQ^o,^
O.
31, 1938, reported
months
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Dec.
on
six
amounting to $423,096,000, and
expenses of $286,921,000, resulting in
net earnings from
current operations of $136,175,000,
compared to $124,410,000
^in the previous six months.
Adding to the net earnings
5 °
83
Earnings of National Banks During Last Half of
Increased
$11,765,000 Above Previous Six
Months, Reports Comptroller of Currency Delano
—Total of $136,175,000 Compares with
$124,410,000
1938
3 2 3 & g W
°
•s
2507
equal to the face amount of such silver certificates; and
(tv) as security forfgold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing
Federal Reserve bank.
Federal Reserve
over
$7,500,000,000 in gold was
imported between the beginning of 1934 and the end of 1938.
I
More than
$1,500,000 of that amount came to this country during the last four months
of 1938 when threats of war in Europe caused foreign capital to look for
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safety in this country in greater volume than
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thorities of the United States.
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unchanged
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may,
financing.
figures.
during
Does not Include gold other than that held by the Treasury.
Fb These amounts are not Included In the total, since the gold
or silver held as
security against gold and sliver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver bullion, respectively.
c
This total Includes credits with the Treasurer of the United States payable In
gold certificates In
the Gold Certificate Fund—Board of Governors, Federal
Reserve System, In the amount of 19,728,275,185, and (2) the redemption fund for
(1)
Federal Reserve notes In the amount of 89,602.379,
d Includes $1,800,000,000 Exchange Stabilization Fund and
United
a
disposition to look to the open
Treasury for their cash requirements.
By this
Includes $59,300,000 lawful money deposited as a reserve for Postal
a
deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should bs
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in the United States.
£ The money in circulation includes any paper currency held outside the
con¬
by the fact that
five year period in which the direct and guaranteed debt of the
States
increased
by $20,000,000,000, market prices of long-term
""Set forth in the study is a chronology of 1938 developments
affecting Government finance, banking and the money mar¬
As to this it is observed:
ket.
The new method of reporting
last year,
Saving*
developments ha\e operated to favor the Treasury in its
Thier effectiveness has been demonstrated
Treasury bonds advanced 12 points.
$142,302,169 balance
of Increment resulting from reduction In weight of the gold dollar.
e
Agencies have shown
in the future, be shifted from the Treasury to the Agencies.
All of these
8
•
of Governmental Agency obligations In
practice, a large part of the burden of financing the Government's activities
©
Revised
.
1938 and by an additional $425,000,000 in the first two
market rather than to the
_»
•
.
since the early months of 1936, Increased by more than,$300,-
000,000 during
1
.
The Government-guaranteed debt, which had remained almost
months of 1939.
©
s
,
to bring about
took place during 1938.
devlopment which is likely to become increasingly significant
been the growing importnace
the market.
p Jk| O ©
m "p b "00
h
*
Governmental policy and capital movements combined
b *©
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to
degree to which the flow of capital would be allowed to
affect the money market.
4k
-0
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*© "© *M 03 1
the more important instruments of control, enabling the authorities
to determine the
!
The power to ''sterilize" imported gold and
change Federal Reserve member bank reserve requirements, have been
among
1
—J
before.
of Government issues has been the control exercised by the monetary au¬
I
4».
ever
Eqpal in importance to the inflow of gold as a factor In the price trend
©. 1
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p
.
"to "co b
giving a complete picture
years
Treasury receipts and expenditures, adopted
has been applied to previous years with aocompayning charts
back to 1933.
of Treasury income and outgo for the past six
A comparative statement of the public debt, together
distribution of direct Treasury obligations
with information regarding the
as
to
maturity at each year-end since 1930, is also
United
States
Treasury financing covers
included. A record of
1935 through 1938.
the years
tinental limits of the United States.
Note—There Is maintained In the Treasury—(1)
as a reserve for United States
notes and
Treasury notes of 1890—$166,039,431 In gold bullion; (11) as security fofr
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
notes are being canceled and retired on reoeipt); (111) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a monetary value
comprehensive review of governmental agencies, with
covered in a
15-page section.
Obligations of United States territories
and insular, possessions are also summarized in the review.
A
their individual and combined balance sheets, is
Financial
2508
President Roosevelt at Hyde Park, N. Y. for Extended
Week-End—To
Open New York World's Fair—
Sends Signal Opening Civic Celebration at Omaha
President
left
Roosevelt
Washington
April
on
Hyde Park, N. Y., where, it was stated, he plans
week-end.
extended
an
Before leavingJWashington the President, using:
chromium-plated telegraph key, sent
a
for
26,
a
signal which
opened
Omaha, Neb., commemorating "tEe
completion of the first transcontinental railroad. A dispatch
from Washington April 26, reporting this, also said:
celebration
civic
a
The
at
key had been presented to the President a few minutes before
new
Chronicle
April
1939
29
facts, from the intuitions of common sense and from pro¬
fessional skill."
He told the conferees that the principal
objective for the meeting was to consider the "relationship
between a successful democracy and the children who form
integral part of the democracy."
By providing for the
training
its future leaders, the President declared, and therefore the
safety of democracy "depends upon the widespread diffusion
of opportunities for developing those qualities of mind and
character which are essential to leadership in our modern
age."
The conference was called on Feb. 19 by Secretary of
an
health and education of its children, democracy is
by C. S. Linkins and other officials of the Western Union Telegraph Co.
Labor Frances Perkins, who is Chairman at the request
It replaces at the White House a much older instrument on a gold-studded
the President, who is serving as
base which had been used by Presidents on such occasions since the Taft
The old key was used by the late Edward Smithere and
Administration.
became the property of his widow on his death recently.
The
President
will receive
Crown
Norway at Hyde Park House
Prince
Olaf and
Princess
They will sail
Friday.
on
up
Martha
followed
Sunday
on
by Crown
Prince
Denmark, who will be greeted by Mr.
Frederik
and
Roosevelt
Princess
Ingrid
of
his return from
on
In part
of
the Hudson
New York City aboard the President's yacht Potomac, and will be
from
an
White
opening the World
an
Sunday officially
on
Urges Employers to Aid Jobless
Over 40 Years of Age—Proclaims Week Beginning
April 30 as "Employment WeelP'
Roosevelt
April 27 called
on
throughout the country to give
workers
other
a
upon
employers
fair opportunity to qualified
40 years of age who are "not sharing as fully
over
in the employment revival."
In a
proclamation, declaring the week beginning April 30 as
"Employment Week" and the first day of that week as
"Employment Sunday" the President urged churches, civic
organizations, chambers of commerce, veterans' organiza¬
tions, industry, labor and the press to observe the period
as
age
groups
"to the end that interest in the welfare of the older workers
be stimulated and employment opportunity afforded
may
them."
of
text
the
mother's home at
As
are
proclamation, issued at his
Hyde Park, N. Y., follows:
ever-increasing employment opportunities for all
recovery
groups.
It is
important to our social equilibrium that these opportunities be equitably
shared and that
no
group in the population shall feel itself discriminated
against in hiring policies.
are at
era.
.
.
.
least allowed to compete for
welfare
to review the objectives and methods affecting
our purpose
preparation for the responsibilities of citizenship..
.
.
.
Democracy is concerned not only with preparation for leadership, but
for the discharge of the duties of citizenship in the
determination of general policies and the selection of those persons who are
to be intrusted with
special duties.
in its children capacities
of those capacities.
not
Beyond this, democracy must inculcate
for living and
The
opportunities for the fulfillment
assure
of democratic institutions is measured,
success
by extent of territory, financial power, machines or armaments, but
by the desires, the hopes and the deep-lying satisfactions of the individual
men,
and children who make up its citizenship.
women
.
.
.
We have made great progress in the application of money and service to
the
promotion of maternal and child
the restoration of crippled
health;
children to normal physical condition; the protection of neglected children
and
children in
danger of becoming delinquent, especially in rural areas;
and the elimination of child labor from industries shipping goods in inter¬
Yet, after all has been said, only
security to children.
beginning has been made in affording
a
""
...
We make the assumption that a happy child should live in a home where
he will find warmth and food and affection; that his parents will
of him should he fall
needed for
some
consider
we
take care
111; that at school he will find the teachers and tools
education; that when I
an
and that he will
As
It is particularly important that those pien and women who have reached
jobs, and
It is
.
also with preparation
,
the age where their family responsibilities are at a peak receive their fair
new
changed
the safety, well being and happiness of the younger generation and their
,
share of the
somewhat
and
broad range of experience and interest in matters pertaining to the
of children
President's
industry and business make substantial progress towards
there
White House
true to a very great extent in the two succeeding
was
state commerce.
'
,
,
The
discussed more in
were
This conference, like the others, is composed of men and women having
Roosevelt
President
Roosevelt in
Theodore
life
of the national community.
conferences, and it occurs to me that his, the fourth conference, marks a
a
President
that surrounded child
the conditions
1909,
Children's Conference to assemble in the
leadership of President
the
terms of child life than in terms
new
Fair.
s
under
House
This
address
the President's address follows:
the time of the first
Even at
inspection trip to the World's Fair in New York.
The President will deliver
of
Honorary Chairman of the
Conference.
Reference to this appeared in these columns of
Feb. 25, page 1110,
grows
day establish his
these
up
there will be
home.
own
a
job for him
•
essentials of a happy childhood our hearts
heavy with the knowledge that there
are many
these assumptions.
•
are
children who cannot make
,
those open¬
We
are
concerned about the children of the
unemployed.
ings on the basis of their actual qualifications, freed from the handicap of
We
are
concerned about other children who
are
an
I
unfounded prejudice against age alone.
o
mindful of the fact that among those over 40 years of age are a
am
great body of our most experienced, able and competent workers: that this
group as a whole is not sharing as
ment revival; that many
personal
as
no
of those over 40 have lost their jobs through
age
are
which they
over
direct control; that among those
labhr market
(whose average
no
and their
over 40 and still
actively
a
group
that is surely entitled to look to
society for security and economic independence.
,
our
no
of this prejudice.
good reasons that would support the continuance
•
study their various depart¬
and
processes
with
a
view to
deal
We
seeing where the qualifications and
abilities of these older applicants could be utilized.
life's
with
problems.
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of America, do
hereby declare the week beginning April 30, 1939, as
"Employment Week," and do hereby declare Sunday, April 30, 1939,
out the
concerned about the children who are not in school or who attend
schools poorly equipped to meet their needs.
►
We
concerned about the children who are outside the reach of religious
are
influences, and
denied help in attaining
are
and in the fatherhood of God.
are
concerned about the future of
for
to
us
serve our
before
test
children.
democracy when children cannot
our
employment
opportunity
afforded them.
»
our
goal.
Opens White House Conference on Children in
Democracy—Asserts Future Leaders Are Trained
by Providing for Children's Health and Education
President Roosevelt, in an address at the White House on
April 25 at the opening session of the Conference of Children
success
of democratic
institutions is measured, not by extent of territory, financial
power, machines or armaments, but by the desires, the hopes
and the deep-lying satisfactions of the individual men,
citizenship." In his
opening remarks to about 500 delegates who assembled for
the fourth such conference, the President said that this
meeting mai^ks a new and somewhat changed era.
"It is
still our task," Mr. Roosevelt continued, "to bring to bear
upon the major problems of child life all the wisdom and
understanding that can be distilled from compilations of
advance
.
Secretary of Labor Perkins is Chairman of the present
is
an
Mrs.
honorary Vice-Chairman.
In Associated
Washington, April 26 it was stated:
Press advices from
The
of
membership includes representatives appointed by the Governors
States
and
territories,
groups,
and
physicians, economists, sociologists,
experts; representatives of industry,
professional
for
educators,
labor, farm
of adminis¬
representatives
and
organizations;
of government.
'
■
After today's session, it will break
1 year.
Early
sub-committees for the study of certain phases of child life.
in 1940, the members will meet here again to
and children who make up its
of the problems
Conference and the President is honorary Chairman.
Roosevlet
up into
President Roosevelt Declares Success of
Democracy Is
Measured by Its Citizens' Desires and
Hopes—
women
the extent to which they
I look to you for a comprehensive review
The conference will last for
infa Democracy, declared that "the
happiness.
institutions by
and suggestions as to practical ways in which we may
us,
toward
ourselves and
trative agencies
the welfare
and
our
This conference and the activities which it initiates furnish an opportunity
of
be stimulated
faith in an ordered universe
„■
make the assumptions that mean security and
nutritionists, and other
may
beyond the reach of medical
lacking medical service because their parents cannot pay for it.
or
are
United States to observe that week and that Sunday as Employ¬
ment Week and
Employment Sunday to the end that interest in
workers
to
world
as
"Employment Sunday" and urge all churches, civic organizations, chambers
of commerce, veterans' organizations, industry, labor and the press through¬
older
difficult
I want to urge social
agencies, labor organizations and the general public to join in giving this
problem their earnest consideration.
the
in our population
'
.
concerned about the children living
are
Wo
determine whether applicants who are over 40 years of age are being given
a fair
opportunity to qualify for jobs and to
families who have no
concerned about the children of minority groups
are
service
special consideration to this problem of the middle-
aged worker, to review and reexamine their current policies in order to
ments
to
.
t
In view of these considerations, I should like to ask employers through¬
out the country to give
We
We
analyzes the factual basis for the alleged prejudice against hiring middle-
concerned about the children of migratory
are
who, confronted with discrimination and prejudice must find it
•
A committee of distinguished representatives of
industry, labor ana the
public has recently issued its report to the Secretary of Labor in which it
without adequate shelter
clothing because of the poverty of their parents.
believe in the just ordering of life or the ability of the adults in their
practically the entire group of World War .veterans
is 46),
aged workers and finds
We
or
settled place of abode or normal community relationships.
other age groups in the employ¬
failing but because of circumstances
employers, had
in the
fully
f ood
recommend a 10-year program
meeting children's needs.
President
of
Roosevelt
Red
Cross
Commends
"Unselfish
Devotion"
Addressing Annual Convention-—
Secretary Hull Tells Delegates United States Will
in
Defend National
In
a
selfish
world
Interests
disturbed
devotion
of
the
by
Red
war
and fears of war, "the un¬
Cross
to
the welfare of others
stands out in striking contrast to inhumane
shocked
our
April 25 in
3,000
an
delegates
Washington.
delegation
President
address from
to
the
the
annual
acts which have
Roosevelt
said
on
White House portico to
Red
Cross
convention
in
Secretary of State Hull, who addressed the
later
unnecessary
peace,
conscience,"
at
the
it
is
same
cruel.
day,
Mr.
asserted
that
war
is as
Hull, while. pleading for
warned aggressors that the United
States was pre-
Volume
Financial
148
Chronicle
President
pared successfully to defend "our national interests and our
cherished institutions."
of
preparedness
to
The President emphasized the
relief
meet
need
which
requirements
is
us
Our
enormous.
are
nature,
never
human
misery
is done.
Our work
exists."
The
President's
address
is
Chairman
tion:
It
to
nearer
by
this
As
Davis, senior and jurior
gives
Red
Cross
delegates
than
the
work
conven¬
enterprise is
humanity
no
behalf
in
on
White House this
that
assurance
carried
all
of
I
have had the honor
of
being the President of the Red
Cross since 1933—but
my interest in the work dates back to my active
participation in the Red Cross in the trying days of the World War.
Although ours is a semi-governmental agency, it draws support from
the
people
as
whole.
a
Designated by Congress
this nation are determined to minimize differences which
hitherto have tended to artificial and
unnecessary divisions."
He went on to explain that honest differences in
the official, volunteer
as
religious
recognized and to remain a "part of our
American heritage of complete freedom of conscience." The
President added that the cause of religious tolerance is
being
advanced by the Methodist union.
The President's letter,
which was dated ^Easter Day," (April
9) follows:
beliefs
humanitarian organization of the
Nation, with specific powers and responsi¬
bilities, the Red Cross operates with independence and impartiality.
It is
universal
in its appeal to our citizens because
every one is welcome
membership; and it is impartial in conferring its benefits.
its
When
is
there
directed
humanitarian
I
struck
Red
years
Chairman,
Mr.
of
the
of
States Government
Government
But
problems
they
of
which
individual
the
replace
never
can
Davis.
which has
agencies
refer
I
been
the
of
particularly
worked
United
in
out
States
the
to
times
of
Government
the
the
local
regional disaster,
or
governments—know
State
petitioned for reunion.
new
for
exactly
what
and
do.
to
of
They
action.
without
And,
as
know,
you
that
the
of
step
instan¬
last
There
is
funds—and
few
The
proceeds smoothly and
direction of the American
of
systems
"
of
the
Red
Cross
All
The relief of human
no
is
the
has achieved
world
organization
people.
our
suffering.
In
the
58
tradition
in
its
embraces
unity in
appeal
in
There is
find
its
service
in the
well be
may
and
our
Junior Red
of
life
distressed
and
in
Cross,
existence the American Red
of
resources
and
in
where
war
of
spirit of
suffered,
shocked
earthquakes took
Cross
These
welfare
also
only have
in
been
emerge
distressed
our
our
excep¬
resources
contributions
generous
in
out
before
is
never
striking
not
In
world
a
disturbed
contrast
to
inhumane
acts
•
work
■■
never
work,
be
can
by
bravely
fail, because
on.
reminded
"devoutly" for
peaceful
"red
we
know
the
eve
all
appeal.
ment
Mr.
of
"We
religion.'
very
its
human
is prepared
interests
America
is
with
us.
the
senseless
to work
and
the
while
it
United
with other
is
our
the
the
future
make
In
our
outstanding
which
noonday sun of
a
lies
of
negotiated
peace
nations
war,
a
problems,
opening,
be
It
is
imposed
essential
upon
us
given
this
if
the proviso
and enlisted men who may be disabled while on tem¬
cers
The President signed the defense bill provid¬
porary duty.
the
it
ing for expansion of the Army Air Corps on April
a
may
on
a
happy
"We
that
all
of
us
in
are
prepared
meeting
us
in the
when
that
the
annual
because
work
of
of
relief.
•
responsibilities
Cross
agency
charter
was
of the American
administrative
difficulties
fiscal
and
military
effects
of
of
the
the
on
duty
benefits
civilian
amending the
to
with
the
Civilian
provided
in
of
components
that
the
law
6o
18,
the Congress
as to remove
Conservation
Corps
from
of the law for
brought into active
section
Army
service for more than 30 days.
influenced by the belief that the
Congress, in enacting the law, had in mind its application to individuals
serving on extended active duty with the Army under conditions where
they are exposed to military hazards of the same nature and to the same
degreo as individuals of the Regular Army.
While it is held that duty
with the CCC is military service, nevertheless application of the law to
In
'
1939, I am constrained to recommend to
officers
purview
members
in¬
inter¬
the
of
consideration be given
early
Reserve
all
understand
the Red
the official
people for administration of emergency
approved April 3,
peace."
of the
President's
of April 20:
consideration
flowing from the enactment of the last proviso of Section 5, Public No.
mankind
April 23 that "added
on
thoroughly
1905,
After
fair
of
The following is the text of the
2048.
message
after
Washington, Norman H.
year's
this organization
page
exist."
than
mutually
lot
cisms
peace
3 and
occasion to criticize the "rider" attached
bill, which he now seeks to have repealed. The criti¬
of the President were noted in our April 8 issue,
to the
almost
came
He further said:
by Congress
granted designating
the
April 24,
on
participation required of
national relief."
based
peace
will
Davis, Red Cross Chairman, stated
is
Regular Army
as
the
with
defend
illumine
to
are
rather
immediately ahead," he said.
the
Repeal "Rider"
Civilian Conservation Corps from the
making them eligible for the same
retirement and pension privileges as accorded regular offi¬
toward
to
Roosevelt's
before
peace
American Red Cross convention in
significance
FRANKLIN D. ROOSEVELT.
1
•
message
duty
on
hopes
institutions"
legitimate grievances
appropriate contribution to such
advance
creased
a
benefits in
States
equally prepared
cherished
especially significant because
arbitrament
of
,
statute book be amended so as to remove all reserve officers
given in the fol¬
were
"peaceful" adjust¬
that
the
heritage of
to Congress on April 20 President Roosevelt
asked that the National defense bill recently placed on the
there
devoutely
prosper
Very sincerely yours,
Officers in CCC Same Benefits
In
reasonable and
Hull
our
in National Defense Bill—Provision Grants Reserve
'
misery
Hitler's scheduled reply to Mr.
likewise emphasized the advantage of
whatever
May God
-
...
.
Chancellor
hope
adjustment
to
that
pending disputes,
considered
was
of
of life.
The need for union is great,
combat the forces of strife that threaten
united front to
the next day took
The address
in
dictators
rather than
war
newness
Methodist Church which is to
The Methodists have pointed the way to union.
horizon."
our
on
of
national
our
flames of
the
and
peace
settlement
successfully
new
work and hasten the day when Christians of all confessions shall present a
lowing United Press Washington advices of April 25:
Hull
freedom
have
'
.
Extracts from Mr. Hull's address
Mr.
and reawakening of
felicitations to the
will increase among all our people.
by
of
reason
done while
us
,
The work must go
not
Our
enormous.
Our
With
defending and perpetuating freedom of conscience.
to
which
Beyond the turmoil of the passing day
passeth understanding.
particularly so since to the democracies of the world has fallen the task of
refugees in France
appalling toll of life and left
wane.
witness today
Without freedom all is chaos.
President Roosevelt Asks Congress to
is
us
done.
exists.
We shall
my
,
does
we
of the thoughts which come to me on this Easter Day,
,
Cross
and policies which
from the uniting conference, may I express the hope that the spirit
unity
of
of
in aiding the
an
moral requisites.
are some
In sending
conscience.
task
nature,
its
liberty of conscience.
are
the day of hope and happiness
has
conscience,
'
seek for peace, the peace that
and ordel1
the unselfish devotion of the Red Cross to "the welfare
war
stands
our
The
we
for
the "future
helping hand to
a
not
but
China, in Spain,
the Red
and fear of
others
uiyi&rfoot of the sacred right of freedom of
the American nation will continue to sustain before all the world the torch
being
has
By this, I
penumbra of divine mystery.
-
of complete
being
are
darkly overshadow the world
the forces of religion.
conscienge has been shocked in these anxious times to
heart..
help been strained to the utmost in
in the New England hurricane, where great
was
ever more
recourse to
the right of every man to worship God according to the dictates of his own
or
volunteer
as
property
civilians
Chile,
The American
witness a trampling
young
foundation
which
important factor in
an
thousands of injured to be cared for.
The
The
non¬
recognition by men and nations of the spiritual power beyond our¬
dane culture and enters the
the
to
objective:
to
Unity in essentials, liberty in
selves which makes for righteousness, which transcends the order of mun¬
~
years'
our
mean
the
narrow
great
one
"
meeting relief needs, such
loss
others.
to
tionally generous and active in extending
Within the last 12 months
and
"
.
■„
problems that
today is impossible without
membership
nothing
both to adults
neighbors.
money
.
of religious tolerance is being
cause
was:
In the bitter conflict of principles
appeals
of
boys and girls
"I serve,"
its
like, therefore, to think that the
A solution of the
■'
,
Cross
It
politics.
no
people
our
is
Through the junior Red Cross 9,000,000 boys and girls
Nation.
part of our American heritage of complete
goal of the philosopher whose ideal
reached
this respect in
in
these
our
a
union of the forces of Methodism we shall all advance a little nearer to the
carry
emergency
has
up
motto,
forces of this
that honest differences in religious belief are not to
mean
It must remain
essentials—in all things, charity.
of
waste
no
in
brought
of
by communions out¬
indication that the spiritual
an
artificial and unnecessary divisions.
I
splendid efficiency of these
there
country
laid
in
as
which is of the very essence of our American tradition.
'
knows
of
the Red
too,
motion,
that
people.
for
to
.
all
and
it.
realize the
splendid
our
creeds
about
Happily,
the
United States
'
of
lost
believe
the
sympathies
and
races
sectional
with
Nation
no
I
years.
strength
tenderest
prayed and
freedom of conscience to respect those differences in the spirit of tolerance
action
rehabilitation—physical work and financial aid.
the standards which
all
in
hope the people of the
relief
or
con¬
world distracted by malice, envy and ill-will, the Kansas
City assembly
be recognized.
Furthermore, after the emergency of human suffering is cared for, other
joint efforts.
and
advanced by the action of the uniting conference; that as a result of this
Government agencies
I
have worked
I deeply regret that circumstances make it impossible
kind invitation to attend this significant gathering.
to accept your
This does not
municipal
for
decades
nation are determined to minimize differences which hitherto have tended
to
organized
for
It will, I venture to say, be hailed with satisfaction
resources
county and
are
duplication of effort under the general
work
a
who
is a harbinger of better things.
Cross itself.
the
me
To
between
all human agencies—those of
governments
taneous
on
three communions
side the Methodist fold
Government, of
jnlting
a
ference in Kansas City will being hope and happiness to earnest souls within
today.
time of
Red
the
American
our
Warm Springs, Ga., Easter Day, 1939.
,
News that three long-separated Methodisms are to hold
coordination
disaster
and
floods, in fires and in hurricanes, the system of pooling
has been brought to a
very high state of efficiency.
In
is
be
to
were
My Dear Friends:
the
improvement that has come during
Chairman, Admiral Grayson, and our
In
Federal
and
resources
the
late
our
Norman
cooperation
many
Red Cross
calamities.
proud
under
the
United
Cross.
these
especially
few
and
Red
Cross.
am
last
of the
agency
the
by
handling
the
every
with
in
important part in aiding and restoring physical damage
an
communities
work of
disaster
cooperate
play
man-power
in.
is
to
President
estant Church.
In his letter the President said that the unity
will "be hailed with satisfaction
by communions outside the
Methodist fold as an indication that the spiritual forces of
organization.
know,
as
assembly as a
"harbinger of better things" to "a world distracted by malice,
envy and ill will."
The conference, it is stated, will being
together into one new Methodist Church almost 8,000,000
members by merging the Methodist
Episcopal Church, the
Methodist Episcopal Church South and the Methodist Prot¬
given
Cross
the Red
to
pleasure to greet here at the
assemblage and to give
heart
my
superb
you
great
me
Methodists
of
Kansas City on April 26 a letter from
Roosevelt was read in which he praised the
herewith:
national
Unity
opening session of the Methodist Unity Conference
held in
be done while
can
never
Praises
City
At the
by reason of its very
work,
Roosevelt
Advancing Cause of Religious Tolerance—Sends
Message to Unity Conference Meeting in Kansas
greater than any with which the Red Cross previously has
had to deal.
'President Roosevelt declared that "the task
before
2509
the
making this recommendation
Reserve
npcessarv:
as
officers
a
on
such
I
duty
am
is
considered
matter of fact, as we all know,
neither
desirable
nor
duty with the COO is in
I
Financial
2510
no
Legislative action in accordance with
duty.
considered
officers
preferable
civilians,
by
and
consideration
favorable
the
to
of
I
alternative
therefore
recommendations
my
replacement
of
recommend
the
-
The agencies so to
to
The Bureau
matter
the
The public
'
of
the
the
service
of
further, That all
United
Regular
Army,
States,
officers,
warrant
other
if called
than
enlisted
the officers
ordered
or
and
into
and
30
days,
and
entitled
suffer
benefits
regulation
for
during
the
officers
or
now
and
period
such
pensions,
same
are
as
disability
death
line
in
of
or
and
shall
compensation,
hereafter
may
enlisted
of
men
be
be
in
all
retirement
correspondiiig
pay,
Administration of Public
Emergency
Federal
as
the
Works
(familiarly
PWA); and
In order to carry out the purposes of
.
as
WPA), except
,
Administration (familiarly known
Part 4—Federal Loan Agency and Transfers
and
law
of
,
the functions of the National Youth Administration.
the
respects
grades
'
The Works Progress
from
in
by
provided
The
known
excess
duty
management
Interior;
enlisted
military
employed shall be deemed to have been
so
service
receive
to
hospital
who
injury while
or
military
Department of Agriculture;
States Housing Authority, now in the Department of the
The United
men
active
the
by the Federal Government for extended military service in
disease
active
the
officers,
in the
now
for other departments or agencies) now in the Department of
the Interior;
Army of
of
men
Roads,
buildings branch of the procurement division, now in the
National Park Service (so far as it is concerned with public buildings which
It operates
follows:
Provided
be grouped are:
of Public
Treasury Department and the branch of building
The proviso in Section 5 of the bill, approved by him on
April 3, 1939, to which the President takes exception reads
as
1939
29
for the purposes of construction.
other agencies
or
Reserve
of
Congress.
April
which administer Federal grants or loans to State and local governments
comparable with active military duty—in fact, it is almost wholly
way
civilian
is
Chronicle
.
of Independent Leading Agencies
the Reorganization Act of
1939, I
or
find it necessary and desirable to group under a Federal Loan Agency those
and
independent lending agencies of the government which have been estab¬
length of service of the Regular Army.
lished from time to time for the purpose of stimulating and stabilizing the
financial, commercial and industrial enterprises of the nation.
The agencies to be so
President Roosevelt In Message to Congress
Proposes
Reorganization of Federal Welfare, Works and
The Federal
The
on
objective by transfer, conslldation and abolition to
my
Federal
Security Agency,,
Agency, and then
three
new
government
a
Federal Works Agency and
to distribute among the
agencies,
(excepting
in order to minimize
the major
those
Since
up
the
other
I find it
to the fullest
from
extent
the
of
operations
with
the
the
The
Commodity
April 3 of the bill
passed by Congress providing for the. reorganization of the
Government agencies, was noted in our issue of April 8,
page 2047, and the text of the Reorganization Act of 1939
was given in these columns
April 22, page 2353.
Ih his
message to Congress on April 25 the President states that
"my whole purpose in submitting this plan is to improve the
Administrative management of the Republic, and I feol
confident that
our
Credit
In his message
The
overhead
on
nation is united in this central purpose,
regardless of differences
details."
upon
He added:
"This plan is concerned with the practical necessity of
reducing the number
of agencies which
report directly to the President and also of giving the
President assistance in dealing with the entire Executive branch
by modern
of administrative management."
"It being obviously impracticable
■
reason
•
Corporation
associated
and
the President also
administrative
Plan
No.
1
agencies,
to
the
is
of all
costs
about
agencies affected in
Re¬
says:
the
This
$235,000,000.
does
not
include
the loans they make, the benefits they pay, the wages of the unemployed
who
have
been
given jobs.
It does not include the loans and grants to
States or, in short, the functional expense.
expense
be
.
It does include the overhead
of operating and administering all these agencies.
The reduction
of administrative
expenditures which it is probable will
brought about by the taking effect of the reorganizations specified in
the
plan is estimated
as
$20,000,000 annually,
The signing by President Roosevelt
For.that
government.
Department of Agriculture.
Act)
operation of the government.
the
•
The Farm Credit Administration,
a
efficient
of
activities
and desirable to accomplish the purposes of the Act
necessary
The Federal Farm Mortgage Corporation and
establishments in the
consistent
such agencies should in my opinion be grouped with
agricultural
to transfer
overlapping and duplication, to increase efficiency and
reduce expenditures
.
.
1916 the Congress has established from time to time agencies for
of agriculture, and
Loan
Federal
a
.
providing Joans, directly or indirectly, for the stimulation and stabilization
10 executive departments and
independent
exempt
set
as
Export-Import Bank of Washington.
organization
It Is
Housing Administration and their associated agencies and
well
as
,
Board;
Transfers to Department of Agriculture
says:
to
Home Loan Bank
Federal
boards,
April 25 took his first specific
action
Government Reorganization Act,
when he submitted a special message to
Congress (which
we give in full elsewhere in this
issue) proposing the creation
of three new Federal agencies by the consolidation of func¬
tions of welfare, public works and Federal
lending.
He also
proposes the transfer of the Budget Bureau from the Treas¬
ury Department to the Executive Office.
He suggested the
creation of a new Federal Security Agency, as well as a Federal
Works Agency and a Federal Loan
Agency.
All these
proposals will become effective within 60 days unless before
that time they are specifically disapproved
by both the
House and Senate.
As to the new agencies the President
these
Home and
The
Lending Agencies—Would Transfer Budget Bureau
Treasury to Executive Office—Acts Under
New Government Reorganization Law
Roosevelt
under the new
Farm Authority;
The Electric
from
President
grouped in the Federal Loan Agency are:
The Reconstruction Finance Corporation;
a
nearly
may
as
substantial
be at between $15,000,000 and
lowering
of the
overhead
existing
The President indicates that "it will not be necessary to
ask the Congress for any additinal appropriations for
the
administrative expenses of the three consolidated agencies
set up
now
in this plan, since their costs will be met from funds
available
for
the
administrative
of
expenses
their
compound units."
He likewise says that if in the future
experience shows that one or two of.the agencies should
be regrouped, "it will be wholly possible for the President
and the Congress to mak, the change."
•
It is observed by the President in his message that Presi¬
dents Theodore Roosevelt, Taft, Wilson, Harding, Coolidge
and Hoover in succession strongly recommended the re¬
arrangement of Federal Administrative activities.
means
to complete
this task at one time," says the President, "but having due
regard to the declaration of Congress that it should be accomplished im¬
mediately and speedily, I have decided to undertake it promptly in several
President Roosevelt in
Message to Congress Asks $1,477,000,000 for WPA for Fiscal Year 1940—Appro¬
priation of $123,000,000 Also Requested for Na¬
steps."
"The first step" he indicates "is to improve overall
manage¬
ment"; "the second step is to improve the allocation of
departmental activities," and "the third step is to improve
intradepartmental management." As to his plans respecting
the transfer of the
Budget Bureau to the Executive Office
and the setting up of the several new
agencies, the President's
message says
in part:
v
Part I—Executive Office
...
of the President
.1 find it necessary and desirable in
carrying out the purposes
of the Act to transfer the Bureau of the
Budget to the executive office of
.
.
the President from the
Treasury Department.
Also, in order that the bureau of
Its work of coordination and
the
.
Budget
may
In order to accomplish the
purposes of the Act to transfer the Bureau of
the
Budget the functions of the Central Statistical Board.
I
also find it necessary and desirable to transfer
to the Executive Office of the
President the National Resources
the
the
functions
consolidated
Board.
.
.
of
unit
to
the
be
Federal
now an
.
independent establish¬
known
Employment
as
the
National
Stabilization
Resources
1939."
relief, and
recom¬
1940 "that the specific
year
The President went
sum
to say:
on
of
'
the current fiscal year and will permit the employment
average
1939.
Security Agency
of 2,000.000
of slightly more than
dining the 12 months beginning July J,
persons
Barring unforeseen and unpredictable developments, we are justi¬
fied in expecting an upward trend in the volume of employment
now
as
and
June 30,
1940, and the
to the amount that should be
Preceding his request
Office,
Planning
.
Part 2—Federal
April 27 President Roosevelt
on
$1,477,000,000 be provided for the Works Progress Adminis¬
tration together with any balances of the appropriation for
the current year which may remain unobligated on June 30,
ment, and to consolidate with it by transfer from the
Department of Com¬
merce
Congress
mended, for the fiscal
an
.
Security Administration
message to
dealt with the needs of unemployment
necessary
.
a
This represents a reduction of one-third below the amount provided in
the better carry out
investigation, I find it desirable and
Committee,
Farm
In
I
-
.
.
tional Youth Administration and Similar Sum for
sum
just named represents
my
between
judgment
provided on the basis of that expectation.
above, the President said:
as
For the current fiscal year, the Congress has provided for the WPA ap¬
propriations totaling approximately $2,250,000,000.
With these funds the
WPA has provided employment for a maximum of 3,350.000 persons and
is
currently
employing
approximately
2,800,000.
The
average
employ¬
I find it necessary and desirable to
group in a Federal Security Agency
those agencies of the
government, the major purposes of which are to pro¬
mote social and economic
estimates of appropriations will be submitted to meet the requirements of
of the citizens of the nation.
the
security, educational opportunity and the health
The agencies to be grouped
dependent establishment;
are
the Social Security Board, now an in¬
Treasury Department;
Youth Administration,
now
in
the Works
Progress Ad¬
The Civilian Conservation Corps, now an
independent agency.
Part 3—Federal
carry
Budget message of January 3, 1939,
.
.
Works Agency
ministration for the fiscal year
main
unobligated
on
administrative
I feel that this
appropriation for the current year as re¬
June 30, 1939, should cover not only aU obligations to
be incurred by these agencies durkig the fiscal year 1940,
expenses
but the
necessary
connected therewith which may be incurred
Accounting Office, the Civil Aeronautics Authority
ury, and the U. S.
,
by
the Treas¬
Employees' Compensation Commission, including com¬
pensation payments.
The President in his comments
I find it necessary and desirable to group and consolidate under a Federal
Agency those agencies of the Federal Government dealing with
public works not incidental to the normal work of other departments, and
1940," and that $1,750,000,000 was the
expenditure by these three agencies.
amount plus such balances of the
out the purpose of the Reorganization Act of 1939
Works
( stated that "Supplemental
WPA, the National Youth Administration and the Farm Security Ad¬
the General
ministration, and
In order to
provided for the fiscal year will be approximately 3,000,000 persons.
In my
amount estimated for
The United States Employment Service, now in the
Department of Labor;
The Office of Education, now in the
Department of the Interior;
The Public Health Service, now in the
The National
ment
on
unemployment said:
We have found, however, that in spite of substantial recovery as indi¬
cated
at
by the amount of employment, the volume of unemployment continues
high levels.
This is due in large
measure to two
factors.
The first of
*
Volume
148
Financial
these is that the net increase in the labor
supply, due to the
working population, is in
excess
growth of the
at
approximately the 1929 level, there
employed.
8,000,000
still about
un¬
From this and subsequent experience, it is apparent that com¬
paratively high levels of production
than
were
mean
substantially less employment
formerly.
The President expressed it as his belief "that we should
give official recognition to the fact that the needs of youth
different from those of unemployed older workers."
"I
now
are
further
believe", he added "that, based on the demonstrated
ability of its program to meet these needs at low cost, and
our
knowledge of the wide and still unmet need among young
people for its services, Congress should provide for an expan¬
sion of its activities."
Continuing, he said:
For the National Youth Administration I
of
$123,000,000, for the fiscal
ances on
I
am
lished
1940 together with the unobligated bal¬
separate agency to continue and expand its program for assisting
needy young people.
This will not increase existing overhead.
While the amount which I
am
recommending wili not meet all the needs
of all
our
ence,
and help toward private employment
young people, it will mean that education, training,
people who
are new
can
work experi¬
be extended to many needy
eagerly waiting to take their place in our society
responsible workers and citizens.
as
Farm Security Administration
It has been the function of the Farm
assistance
for
hundreds
of thousands
Security Administration to provide
of destitute
and
low
farm
income
families through supervised loans and guidance in sound
farming practices,
through adjustment of farmers' debts, and, where necessary, by direct sub¬
sistence grants.
as
can
nomic picture will
become much
This program has kept thousands
and has enabled them,
largely through their
supporting American citizens and to
assume
own
of farmers off relief,
life.
April, I believe that
be increased to $80,000,000,000 our whole eco¬
greatly improve and the problem of unemployment will
less acute.
However, I wish to repeat what I said at that
I do not believe that this increase in national income
about
solely by the expenditure of public funds
for
can
be brought
relief and
recovery
purposes.
"After a review of the accomplishments of
jobless workers
employed on Works Progress Administration projects," said
the President, "I am with what can be achieved
through a
program that not only provides jobs for distressed workers
but also stimulates
purchasing power and tends to induce
further recovery."
He further stated:
I
commend
been built
to your
attention the miles of roads and streets that have
the number of bridges and public buildings that have been con¬
,
structed, and the worth-while accomplishments in the fields of education,
recreation, sanitation and health, and conservation and flood control. Not¬
withstanding these accomplishments there is
work remaining to
be done.
a
vast amount of worth-while
...
I wish to state with
emphasis, since the opposite view is
program of the WPA should,
as at
present, include some projects of the non-construction
type to meet the needs of those unemployed workers whose
training is such that they are not adapted to employment on
construction projects.
The hope was expressed by the President that the investi¬
gation of the WPA which is now being conducted by the
House of Representatives "will be gu ded along construc¬
tive lines, and if this is done," he added, "I feel sure that its
frequently expressed, that the
outcome will be to demonstrate the wisdom of the
measures
which have been adopted to meet the needs of the unem¬
ployed.
The concluding portion of the President's
message
follows:
It may be of interest to the Congress to know that through the Depart¬
efforts, to become self-
their rightful place in rural
stated in my message of last
time:
•
.
requesting further that the National Youth Administration be estab¬
as a
young
requesting an appropriation
June 30, 1939, of the appropriation to that Administration for the
fiscal year.
current
year
am
2511
all-important, because
if the national income
of 500,000 workers annually.
The second prime factor in this
picture is the increasing output of the in¬
dividual worker.
At the recovery peak in 1937, when industrial production
was
Chronicle
ment of State we have received many assertions
that there
are
few
unem¬
Aside from the further development of
camps for migratory farm laborers,
ployed persons in the nations which have accepted totalitarian forms of
construction under the resettlement
program will have been completed
the close of the current fiscal
year, although in a few instances it may
government.
by
For the
mend
an
appropriation of $123,000,000 for the fiscal year
in those
be
provide funds for land development work.
foregoing activities of the Farm Security Administration, I recom¬
necessary to
their
Owing to the language of the Emergency Relief Appropriation Acts, for
nations private employment takes care of a smaller proportion
employable citizens
than
private
This
a
employment
'
States.
1940, together
with such balances of the current
appropriation as may remain unobligated
June 30, 1939.
on
,
.
does
of
in the United
''
that government employment is responsible for the care of
means
larger portion of the employable population than in this country—creating
in fact
a
government employment system, based in great part on the manu¬
facture of munitions, which costs far more than our system.
„
,
the last two years it has been
necessary to use funds allocated to or appro¬
The principal difference is that in the nations to which I refer, this em¬
priated to the Department of Agriculture to provide for relief for Indians
ployment is called employment, whereas in the United States it is called
which
relief.
come
under jurisdiction of the
Department of the Interior.
I feel
that it would be preferable to have these funds
appropriated directly to the
Department primarily responsible for the welfare of the Indians.
In view of the
foregoing I recommend
an
tion of Indian rehabilitation and relief
.
our
system of work relief is relatively far cheaper than the other
method and
appropriation of $1,350,000 for
as
of the needy
unemployed who
the Indian Service for the fiscal year 1940 to be available for the continua¬
projects including necessary adminis¬
trative expenses.
«
Actually,
V
at present
constituted does take
following agencies for administrative
ing out the
purposes
than
(1)
expenses
_
(4)
six years is
of
Civil Aeronautics Authority
•<.
General Accounting Office
Treasury Department—
(a) Procurement Division
(b) Division of Disbursements.
(c)
Office of the Treasurer
(d) Secret Service
,(e)
Division of Accounts and Deposits.
(f)
Public Health Service
U. S. Employees' Compensation Commission
(2)
(3)
re¬
amounts indicated:
$
.
$5,200,000
2,500,000
675,000
.250,000
6,000,000
300,000
250,000
5,225,000
are
sufficient
to
.
by no means perfect. It can be improved but not at the expense
substituting the dole for work reiief
by turning the management of
ncr
works projects back to the sole care of the many thousands of local govern¬
It will be said by history, after much political smoke has cleared
ments.
away,
"
that the Federal Government's,handling of work relief has been
of
most efficient administrative accomplishments.
our
one
<,
President
.
14,925,000
5,250,000
for
provide for the reimbursement of
Roosevelt Reported as Accepting Proposal
Appropriation for Farm Parity Payments
In Associated Press advices from
The funds recommended for appropriation to the U.S.
Employees' Com¬
pensation Commission
effective
'
our own.
The system which we have favored in the United States during the past
incident to carry¬
for which the foregoing appropriations have been
quested I recommend the
of the great majority
be deceived by the terminology and will
not assume that the totalitarian methods of government are more
,
For the
care
able to work.
are
I trust that the people will not
was
Washington April 26 it
stated that three members of the House reported after
White House conference that day that President
Roosevelt
Federal hospitals for hospitalization of persons paid from relief
appropria¬
a
tions in the
would not object if Congress appropriated $400,000,000 for
farm parity payments and removal of surplus crops, ip addi¬
same manner as
of other Federal
they
reimbursed for the hospitalization
are now
employees paid from regular appropriations.
I feel that
the necessary authority to make such
payments should be included in this
year's legislation.
I request also that in connection with the
foregoing appropriations,
as in
the past, provision
be made to continue the work of the National Emergency
Council, the National Resources Committee, and the rural rehabilitation
program
pose
tion
of the Puerto Rico Reconstruction Administration.
For this pur¬
^National Emergency Council
$ 1,500,000
(2) National Resources Committee
990,000
(3) Puerto Rico Reconstruction Administration.
10,000,000
In order that the agencies concerned may have an
opportunity to
fpr the next fiscal
as
year it is
early a date
made available on the passage
as
desirable that the necessary
of this legislation.
program.
.
,
he would not veto a processing
Heretofore he has frowned
$835,000,000 Agricultural
on
such a levy.
add $250,000,000 for parity payments to
Department supply
bill.. The bill is
now
before the Senate Appropriations Committee, and, informed persons said,
this committee would insert the $250,000,000 fund and add another
$150,-
000,000 to finance the finance the disposition of crop surpluses at home and
abroad.
•
f
The President was quoted also as saying
the
possible and that the funds be
conservation
increase above the $500,000,000 figure.
any
The House recently refused to
formu¬
soil
That Mr. Roosevelt believed that Congress should provide taxes to cover
tax for such a pin-pose.
(1)
legislation be enacted at
$500,000,000 already approved by the House for
payments under the
The Associated Press added:
I recommend the. following appropriations ,for the fiscal year 1940:
late definite plans
to
benefit
„
'
"
.
,
Parity payments ate designed to raise the purchasing power represented
The President noted that "there is wide discussion at the
present time of various proposals for handling unemploy¬
ment relief through a system of grants of Federal funds to
.
with various
states
matching requirements."
He went
on
in farm
Congress appropriated $212,000,000
products to the 1909-14 level.
for this purpose
last year.
•
a
A reference to the farm
appropriations appeared in these
columns April 15, Page 2201.
to say:
I believe that such
a
system has as many disadvantages as there are local
political units in the nation.
we
have all the
described.
If,
If grants to States
are used
on
the other hand, such grants
are
Plans for Reorganization of
local
work
uniformity
programs
larger than under
Furthermore, I
a
are
bound to result.
Federally operated work
am
Under either the dole
the administrative cost will inevitably be much
program.
of the opinion that the adoption of a system of direct
grants of Federal funds to States would result in the creation of pressure
groups
about
gress
striving to increase the amount of such grants, which would bring
a
demand for increased appropriations which both the present Con¬
and future Congresses would find it extremely difficult to resist.
measures
designed to check the deflationary processes and the failure of
consumers' demand which
were
occurring at that time.
production has increased
more
than one-quarter.
by
The national
cating his
agencies
Act
the
President's
the Congress
To
Pursuant
to
with
22,
the consolidation of
provisions of the "Reor¬
respect to
under
of 1939,"
issue of April
reorganization
intentions
our
rate which should increase it to
as
Federal
Government
No.
This I regard
appears elsewhere in these columns
Roosevelt's message to Congress on
consolidation of functions of welfare, public
lending—the message otherwise indi¬
the
and
income, which amounted to $62,000,000,000 in 1938, is now running at a
$67,000,000,000 in 1939.
reference
President
to
April 25 proposing the creation of three new Federal agen¬
cies
works
Since the adoption
by the Congress of the recovery program outlined in that message, the index
of industrial
Further
today
ganization
In my message of April 14, 1938, I recommended to the Congress a series
of
Government Agencies
1939"
Under "Reorganization Act of
to be used to finance
locally conducted work programs, inefficiency and confusion through lack
of coordination and
or
Roosevelt's Message to Congress Submitting
President
for direct relief,
disadvantageous features of the dole which I have previously
the
of which was given in
Herewith we give in full
the text
page
2353.
message:
of the United States:
the
provisions
of
the
Reorganization
,19, 76th Cong., 1st seqs.), approved April 3,
plan
No.
1,
Act of
1939
(Public,
1939, I herewith transmit
which, after investigation,
I have prepared in
•
Financial
2512
of the Act; and I declare that
the provisions of Section 4
accordance with
transfer, consolidation, or abolition made in reor¬
ganization plan No. 1, I have found that such transfer, consolidation, or
abolition
is
necessary
to accomplish one or more of the purposes of
with
Section
(a) of the Act.
1
States
all;
to all
neverthe¬
less, we must be constantly alert to the importance of keeping the tools
of American democracy up to date.
It is our responsibility to make sure
that the people's government is in condition to carry out the people's will,
promptly, effectively, without waste or lost motion.
In
1883, under President Arthur, we strengthened the machinery of
democracy by the civil-service law; beginning in 1905 President Roosevelt
initiated important inquiries into Federal administration; in 1911 Presi¬
in
Confident
subversive
Taft
very
important recommendations;
Harding,
tightened
we
under Presidents Wilson and
1921,
in
made
which
our budgetary procedure.
Presidents Theodore
Harding, Coolidge, and Hoover in succession
up
Wilson,
Taft,
resistance
Commission,
and Efficiency
Economy
dent
Roosevelt,
successful
of
years
whether from without or within,
it,
upon
the
named
150
Republic's
our
attempts
strongly recommended the rearrangement of Federal administrative activi¬
ties.
In 1937 I proposed, on the basis of an
inquiry authorized and
the strengthening of the administrative
appropriated for by the Congress,
management of the executive establishment.
all
None of
quarter of a century, was in any sense personal or partisan in design.
These measures have all had only one* supreme purpose—to make democr
work, to strengthen the arms of democracy in peace or war, and to
insure the solid blessings of free government to our people in increasing
racy
free if
not
are
administration is weak.
our
But
that
know, and others know, that we are strong;
free if
we are
we
be tough as well
we can
people decide to do can
and will be done, capably and effectively, with the best national equip¬
ment that modern organizing ability can supply in a country' where man¬
arid that what the American
tender-hearted;
as
organization is so well understood in private affairs.
in submitting this plan is to improve the adminis¬
of the Republic, and I feel confident that our Nation
agement and
My whole purpose
trative management
united in this central
is
This
of
number
regardless of differences
purpose,
details.
upon
with the practical necessity of reducing the
which report directly to the President, and also of
concerned
is
plan
agencies
giving the President assistance in dealing with the entire executive branch
by modern means of administrative management.
Forty years ago, in 1899, President McKinley could deal with the whole
machinery of
heads
and
the
the
so-called
with
the executive branch through his eight Cabinet Secretaries
of two commissions, and there was but one commission of
quasi-judicial
the
all
existence.
in
type
could
He
in
keep
touch
Now, 40 years later, not only do some 30 major agencies (to say nothing
of
the
minor
also
them
bodies
their
become
enough
have
administrative
work
to
require
important executive matters.
on
physically impossible for
other
one
The
to
prevent
administrative
submit.
they
to keep
line with the national
seek
must
which
the task of trying
in
or
problems
own
today has
he
which
him
see
to see
man
so
per¬
many
to receive reports directly from them, and to attempt to advise them
sons,
on
to
has
It
report directly to the President, but there are several
ones)
quasi-judicial
their programs
thq President
step with each
in
policy laid down by the Congress.
duplication
unnecessary
assistants
addition
In
provided
direction.
dents,
or
Their
summarize
task
to
help
President
the
in
in
any
Reor¬
anybody in
over
and
it
all
of
the
of
the
Presi¬
department
any
task
directly
of
the
of
regrouping
responsible
under
dealing with
heads
30
40
or
will
that
says
the President shall
to
report
contemplated by the Reorganization .Act of
Act
agencies
according
agencies
who
major
accomplish
their
to
the
major
President,
just
1939.
supervision of the President.
While no serious difficulties have been
encountered because of the fact that the Bureau of the Budget was placed
any one
or
of five definite purposes:
more
To reduce
the
functions
and
being
of
by
agencies
by abolishing such
impracticable
due regard
accomplished
The
to
immediately
in
several
first
step
find
the
at
By these transfers to the Executive Office, the President will
immediate access to that managerial agency which is concerned
the
the
as
to
Office
independent
establishment, and to'consolidate /with it by transfer from the Department
of Commerce the functions of the Federal Employment Stabilization Office,
the consolidated unit to be known as the National Resources
Planning
Board.
This Board would be made up as is the present Advisory Board
of the National Resources Committee of citizens giving part-time services
to the Government,, who, aided by their technical staff, would be able to
advise the President, the Congress, and, the people with respect to plans
and programs for the conservation of the national resources, physical and
human.
By these transfers to the Executive Office the President will be
given more direct access .to and immediate direction over that agency
of
of effort.
of
have
I
having *
this
task
Congress
at
that. it
decided
to
one
time,
should
be
undertake
it
to
improve
the over-all
time, will
the
reduce
the
that is,
management;
purposes
set
out
in
of
the
difficulties
to
the' law,
do
and
President
in
providing him with the
second
those
branch which
tive
cies.
In all
things
this
is
same
of departmental activities,
which will accomplish the purposes set out
time help that
carried
through
on
part of the work of the
to
third
better
the
among
executive
departments and
to
out
carry
more
to
ditiously
to
their
plans involving
I
now
own
duties
and
distribute
one
or
more
their
own
work
time to time the submission
reorganizations, but it is
transmit is divided into four parts
briefly
Part
my
personnel.
of
I
However,
desire
to
the
inform
of the administrative assistants
the Reorganization Act of 1939, to serve
a
President, authorized in
the
as
liaison
this
of the White House on personnel management.
President will be given for the first time
agent
principal necessary management
three
dent
the
with
and
this
order
in
Government
it will
reorganization,
overlapping.''
of
and
increase efficiency,
expenditures,
control
to
be possible for the Presi¬
investigations of the organization
of makiig
the task
continue
to
agencies of the Gov¬
With their
three belongs in any existing department.
ernment. None Of the
assistance
direct
the
manner
the
to
access
.
as
message
1.
to
heretofore
well
as
recommendations subinitted by me
as
contained
those
Jan.
12,
me
of Jan.
message
my
12,
coordi¬
out the purposes of the Reorganization Act of 1939 to group,
and consolidate agencies of the Government according to major pur¬
poses
and to reduce the number of agencies by consolidating those having
1937,
head would
single
a
require
provision
the
of
then,
objective,
my
by
consolidation,
transfer,
and
abolition to
Federal Security Agency, a Federal Works Agency, and a Federal
a
up
10 executive departments
and
these three new agencies
the major independent establishments in
the Government,—excepting those exempt from the operations of th Actin order to minimize overlapping and duplication, to increase efficiency
reduce
to
efficient
I
then to distribute among the
Agency, and
and
expenditures
it
of
The
the
the
of
and
social
Government,
economic
citizens
.
of
be
to
agencies
fullest
the
to
Government.
the
consistent
extent
with
the
*
and desirable to group in a Federal security agency
necessary
agencies
promote
health
of
operation
find
those
major purposes of which are to
educational opportunity, and the
the
security,
the
Nation.
grouped
are
the
Security
Social
Board,
now
an
the United States Employment Service, now
the Department of Labor; the Office of Education, now in the Depart¬
ment of
the Interior; the Public Health
Service, now in the Treasury
establishment;
independent
in
the National Youth Administration, now in the
Department;
Administration,
ress
and
Civilian
the
Conservation
Corps,
Works Prog¬
now
an
inde¬
agency.
Security Board is placed under the Federal Security Agency,
time the United States Employment Service is trans¬
The Social
and
the
at
ferred
that
the
Department
compensation
their
similar
the
The
and
consolidated with the unem¬
Social Security Board in order
social and economic security
and
the
functions
of
operations simplified
functions of the Social Security Board
the Department of Labor are concerned
problem, that of the employment, or the unemployment,
unemployment compensation
the
with
the
the
these
same
individual
services
to
merger
the same individuaL
These par¬
bound up with the
of the Social Security Board.
Not only will
deal
necessarily
with
the
particular
individual also
activities
functions
Federal
of
worker.
they
similar
the
and
service
employment
Therefore
at
Labor
of
functions of
related
integrated.
public assistance
discussing
and
be placed under a single head and their internal
may
and
same
from
ployment
sections which I
in
under
functions
general agencies in addition to the 10 executive departments.
is
Loan
of
or
problem of how to improve the administrative management of the execu¬
tive branch, I transmitted with
my approval, certain recommendations for
in
by
nate,
my
Executive Office of the President
of
made at my direction,
to the Congress, and especially
1937, indicate clearly that to
and Researches
Studies
follows:
the Congress
made
Security Agency
Federal
Pari 2.
ticular
In
that
Government,
the
fulfill
describe
*
••
Congress that it is my purpose to name one
as
The plan
shall
of
the
of
equipment
the
of
part
I have recommended, and I hereby renew and
emphasize my recommendation, that the work of this Board be placed upon
a
permanent statutory basis.
Because of an exemption in the, Act it is impossible to transfer to the
Executive Office the administration of the third managerial function of
the
the duty imposed upon me by the Congress as expe¬
practicable and to the fullest extent possible in view of the
exceptions and exemptions set out in the Act.
purpose
indispensable
previous occasions
pendent
their several assistants and subordinates.
or
utilization and conservation
planning for the
an
Executive.
On
agen¬
step
Each of these three steps may require from
one
resources,
execu¬
responsibility to the people is through the President.
is to improve intra-departmental management; that it,
do those things which will enable the heads of
departments and agencies
The
of
organization and machin¬
step is to improve the allocation
do
to
the law and at the
in
necessary
for better administrative management.
is,
national
the
with
concerned
is
which
Resources Committee, now an
the National
President
the
set
those
not be necessary.
may
complete
speedily,
and
.
consolidating
declaration
will accomplish
same
Government by
that
the Reorganization
■
.
desirable to transfer to the Executive
it necessary and
also find
I
similar
dealing with the multifarious agencies of the executive branch and assist
in distributing his responsibilities as the chief administrator
of the
The
1939;
of
of
investigation
governmental agencies, and with research and
accomplish the five definite purposes of
to
necessary
Act
be given
with the
of the Budget, with the coordination
administration
and
the work of the
him
ery
Bureau.
Statistical
Central
steps.
is
things which
which
and its
the Con¬
Bureau is not a part of one of the 10
order that the Bureau of the Budget
the better carry out its work of coordination and investigation, I
it desirable and necessary
in order to accomplish the purposes of
Act to transfer to the Bureau of the Budget the functions of the
will be facilitated if the
executive departments.
Also, in
.
those
and
gress,
It
number
obviously
having
promptly
budgetary estimates has
making
as
it is apparent that its coordinating activities
investigational activities recently provided for by
concerned,
research
three
(5) To eliminate overlapping and duplication
but
far
Department so
Treasury
the
in
been
carry
investigate the organization of
(3) To consolidate agencies according to major purposes.
It
the
that
and
(2) To increase efficiency.
similar
be
would
by
is
(1) To reduce expenditures.
•
in
purpose
be relieved of the physically
can
agencies of the Government and determine what changes are necessary",
(4)
history of the Budget and Accounting Act that it was the
1921 to set up an executive budget for which the President
primarily responsible to the Congress and to the people, and
Director of the Budget was to act under the immediate direction
legislative
eliminate
Which the President
in
way
reorganization—by
This
Therefore, I find it necessary
,
only
impossible
as
condense
Assistant
sense
agency.
purposes
of the Government.
and desirable in carrying out the purposes
Act to transfer the Bureau of the Budget to the Executive Office
President from the Treasury Department.
It is apparent from the
and the program
Union
In
information
get
me
to become
not
are
they to have any authority
nor are
The
to
be
will
it—they
permit
effort.
of
the
for
And
ganization Act cannot perform these functions of over-all management and
and
efficiency, to eliminate overlapping and
and to be able to get the information which will
him the better to advise the Congress concerning the state of the
to increase
expenditures,
control
Chief
through eight or 10 persons.
work
for
preparation
'•
measure.
We
the President to have direct access to these managerial
agencies in order that he may have the machinery to enable him to carry
out his constitutional responsibility, and in order that he may be able to
may
„
long series of suggestions, running over more than a
this
and (3) personnel.
My accumulated experience
since that time has deepened my conviction that it is
during the two years
duplication of effort,
existence.
of
out
democratic government, it
that democracies must always be weak in order to be
and that, therefore, it will be easy to crush all free
baldly asserted
democratic at
/
management arms of the President.
(1) Budget, and efficiency re¬
planning,
(2)
search,
1939
29
deal with
management arms
three
Those
developing the
and
strengthening
necessary
of ruthless attempts to destroy
these days
In
is
each
to
respect
April
Chronicle
level
be
more
efficiently and
are
economically administered
by such grouping and consolidation but this transfer
also will be to the advantage of the administration
of State
Volume
social
the
148
security
Financial
and
programs
administrative
costs
of
the
those of the United States.
be
considerable
a
result
of
time
administrative officials
concerned
State
also
but
and
this
mitting through the simplification of procedures
ber
of
reports
contacts
required and the
with
Because
workers and
of
the
with
all
of
its
of its
functions,
reasons,
to
of
the
individual citizens,
including,
of
the Office of
be
reached
should
it
of
of
construction
in
economically
be grouped
that
by
the housing
part of
Part
Federal Loan
4.
For
enterprise.
private
with those other
agencies which have
public works, with grants and loans to State and local
govern¬
'
Agency and Transfers of Independent
num¬
Lending Agencies
order
find
the
it
those
Education,
administration
its
cannot
duplication in
opportunities
course,
standards
ments, and with construction practices and standards.
In
educational
2513
established
do with
employers.
relationship
country to the security
which
per¬
reduction in the
a
field
of
part
its
these
Federal and
workers,
and
elimination of unnecessary
with
as
with
there will
the
on
in both
employers
well
Chronicle
in
as
money
only
not
program
of
part
States
48
saving of
energy
with
the
on
this
to
money
of
saving
the
of
governments
In addition
saving
governments
considerable
in
to
out the purposes
carry
and
necessary
independent
desirable
lending
to
of the Reorganization
under
group
agencies
the
of
established from time to time for the
purpose of
of
programs of vocational
education, is transferred from the
Department of the Interior to the Federal Security Agency.
This transfer
the
does
Act of
1939 I
Loan
Agency
Federal
a
Government
been
have
which
stimulating and stabilizing
Reconstruction
Federal-State
increase
not
respect
where
extend
or
to education,
the
where
work
but does
The
Office
on
of
The
Public
Health
Service
the
is
the
Federal
Federal
Government
than
if
they
where
has
relationship
no
Since
other
from
the
Treasury Department
that
carried
of
health
the
when
out
of
The
grouped
purpose
is
country
and
to
possession
Youth,
Administration
extend
to
of
of
the
bring
skills
educational
them
enable
the
Agency since
Security
of
the
of
training
processes
find
to
Works
its
opportunities
them
education
of
the
of
and
primary
job
major
youth
of
National
through work projects,
its
major purpose
than" with
the
For similar
the
that
its
major
construction
the Civilian
is
purpose
vises
and
which
Conservation
with
the
Civilian
operations,
the
Conservation Corps,
to
plan
with
of
those
and
Corps
it
to
other
health
and
administer
other
agencies
to
further
of
it
of
Agriculture;
in
now
public
of
Federal
The
of
be
of
Public
Treasury
National
the
other
dealing
and
local
Roads,
Department, and
Service;
operates
I
as
annually,
a
such
estimate
economies
will
Progress Administration
for
both
Federal
It
set
in
will
be
not
new
the
for
I
well
as
the
the
to
directly
find
to
as
that
Works
•
Works
and
Agency
the
would
because of the
and
past
in
or
be
of public
that
that
will
with
possible
efficiency and
programs
differences
differences
cooperation
will
will
eliminate
to
works
in
future
operation
to
in
distinguish
Works Agency.
\
Administration.
its
major
The
Agriculture
the
name
tration
into
of
the
Federal
is
Works
Roads
transferred
Agency
roads
program
other
with
major
from
and
Administration.
as
This
with
its
the
Department
separate
a
will
unit
bring the adminis¬
grants-in-aid to
public-works
of
under
the
and
programs
States
other
pro¬
of grants and loans to the States.
The
in
Roads
Federal
the
Public
coordination
grams
on
to
of
construction
two
and
agencies
operation of
which
are
public buildings is
many
consolidated
under
the
carried
now
Federal
new
Works
Agency, namely, the Public Buildings Branch of the Procurement Division
of the Treasury Department, which is concerned with the
construction of
Federal
buildings and with the operation of
the
District
the
National
concerned
Columbia,
Park
with
Columbia.
be
of
known
These
the
as
coordination
of
and
Service
the
of
the
the
operation
two
to
the
major
public buildings outside
Buildings
the
of
buildings
are
will
the
in
consolidated
Administration.
savings
result
Management
Interior,
in
District
one
Improved
from
this
which
there
Federal
purpose
is
Works
of
and
the
of
however,
in
States
probable will
is
the
specified
$15,000,000
in
and
overhead.
existing
without; reference
States
the
Federal
and
services
of whom
many
which
with
the
direct
several
savings
the
to
*
cities- through
in
a
These
places.
in
they
be "felt
will be able to find
scattered in
now
exceed
the
Federal
'
to ask
the
Congress
expenses
since their
agree, on
costs
for any additional
appro¬
of the three consolidated agencies
will be
of their
expenses
from
met
funds
component
now
units.
avail¬
Actually
changes and intra-departmental changes,
each and every detail.
regroupings ,proposed
conceivably
could
shows
change.
be
in
is true .that out of
It
this
placed
message
few
a
of
elsewhere.
one
or
two
of
should be
them
for the, President and the Congress
'
presented
of"
that
be wholly possible
herewith
.
represents
Finally,
two
years
It .conforms to
large private
production.
enterprises
it will
save
a
of
study.
It
methods of
which
sum
is
engaged
are
a
executive
in
of money large in
involved.
,
I
trust, therefore, that
it
the Congress will view the plan
The
as
a
whole and
possible to take the first step in improving the executive admin¬
of
the
Government
White
of
the
United
House, April 25, 1939.
President I Roosevelt
ment
States.
ROOSEVELT.
»
»
.
•
unit,
transferred
from
the
Department
of
the
to
and
Interior
Agency the United States Housing Authority.
The
United States Housing Authority is to administer
loans
to
local
public housing authorities
in
$508,789,824
War
Depart¬
,•
•
on
♦
is
of
President Roosevelt Signs Bill Authorizing Appropria¬
tion of $66,800,000 for
Naval Air Bases—Senate
efficiency,
transfer
made known
Signs
Appropriation Bill
April 26 that President Roosevelt
had signed the War Department Appropriation Bill.
The
conference report on the bill, which carries an appropriation
of $508,789,824 for the fiscal year beginning July 1, was ap¬
proved by the Senate on April 25 and by the House on
April 24. As first passed by the House on March 3 the bill
carried a total appropriation of $499,857,936 but the Senate
on March 27 amended the bill by adding $13,330,946 to the
measure, which brought the total to $513,188,882.
Passage
of the bill in the Senate on March 27 was reported in our
April 1 issue, page 1886.
was
of
-
also,
grants-in-aid
public
Buildings
and
of
Department
separate activities
Public
effort,
many
Branch
of
consolidation.
Then,
between
at
comparison with the existing overhead of the agencies
It
Public
of
the
•.
purposes.
Bureau
it
reorganizations
FRANKLIN D.
The name of the Works
Progress Administration has been changed to
Wor|ts Projects Administration in order to make its title more
descriptive
of
reor¬
include
not
loans and grants to
lowering
■
Federal
Emergency Administration of Public Works is
placed under the Federal Works Agency under the shorter name of Public
present
Works
necessary
agencies
will
the
lines
many
istration
Federal
be
may
the
of
' "
administration used by
make
the
does
the wages of the unemployed who
follow
the services
of
future- experience
it
plan
to
The
agencies affected in
This
expenditures which
incomplete,
groupings and
the
make
The
by
phases of major public works from work relief, I find it
necessary
maintain them, at least for the
present, as separate subordinate units
the
Only the
by law:
It does include the overhead expense
simple and easily understood plan.
head.
common
separate
the
to
local
administrative
a
all
overhead
activities.
provided
set
arises therefore
economy
of each agency "as required by the reorganization bill itself.
in
certain
of
is
the Nation,
plan,
person
regrouped,
by the
overlapping
under
brought
will be only a fractional part of the expected savings.
this reorganization plan No. 1 nor on future reorganization
on
every
If
provide
and
be
the agencies
Nevertheless, I have been seeking to consider the functional origin and
Works
on
State
reduce
to
justified their
continue
the
of
these agencies.
as
plans, covering inter-departmental
•
.
Administration
Federal
new
it
improve
bringing these different
But,
Administration.
Public
Therefore
similar
now
phase
abolishing
must necessarily
include the
which will
administrative
.expenses
Neither
„
is
in this
up
able
departments
principal types'of public works that have beCn carried
Government
governments.
costs
Youth
the
other
pay,
substantial
■
purpose
both
nearly
undoubtedly
Budget.
functions
National
each
performed.
expenses
change for
of
expense.
consolidation
many
individual
of
in
•
"to
prohibits
over
many
the
Act
•
is
efficient
the improved efficiency and convenience which will
the
of
'•
the
brought about almost immediately, others
painstaking and gradual readjustment in the machinery and
practices of the Government.
the
transfer
agen-
a
Interior; the United States Housing
Authority, now in the Department of the Interior; the Federal
Emergency
Administration
of
Public
Works,
familiarly known .as PWA, and the
Works
Progress- Administration, familiarly known as WPA, except the
The
to
Mortgage
1939
of
with
important
activities
or
$235,000,000.
administrative
estimated
single office
the
it
as
Farm
by citizens all
the " Branch
far
so
other
for
of
I
Act
,
is
effected
costs
administering all
of
with
reason
cooperate, and
in the Department of
now
is
require
Any
with
now
be
it does not
the. functional
corresponding savings
governments
Branch
grouped
that
of the
associated
Act
consistent'
purpose
functions
is about
1
priations' for the administrative,
of Public
Federal
Reorganization
with
curtail
or
No.
reduction
business
its
1939',
be
For
purposes
Reorganization
The
combination
given jobs,
$20,000,000
Federal
a
the
extent
This
The
they make, the benefits they
been
plan
will
departments, and
Buildings
Park
it
Export-
Certain of these economies can be
'
of
the
and Efficiency
the
fullest
administrative
plan
the' recommended
under
Government
work
the Bureau
buildings which
the
as
opinion
my
brought about by the taking effect of the
the
with
,
Act
in
overhead
The
be
enable"
as
the
to
presented.
operating and
the
concerned
of
purposes
abolish
can
in short,
or,
construction.
the
the
well
as
stopping work, but from organizing the work and the
ganization
super¬
well
*
consolidate
loans to State
or
The
are:
of Agriculture.
expenditures to
efficiently
loans
The
would
as
Works Agency
the
purposes
Management
with
agencies,
but
policies,
from
Congress
buman security.
with
normal
Agency
Government.,
Administration,
perform certain functions.
more-
on
as. may
the
accomplish
chiefly in the overhead administrative
have
which
agency
Government
and
Loan
boards,
should in
of
Government."
in
reduction
to
which
successfully.
so
on,
its
the
group
be grouped are
to
so
grants
the
Division,
Building
concerned
carried
and
Federal
desirable
for
Department
Procurement
or
on
coordinating
of
activities
3.
Federal
agencies
The agencies
of
carried
and
important
five
the
not
independent
an
carry out the purpose of the Reorganization
necessary
which
the
through
now
welfare
corps,
coordinate
to
Works
Agency those agencies of
public works not incidental to the
or
the
up
small
a
the
promote
heretofore
work
Part
order
find
Credit
expenditures
plan
about
much
carried
the
here
up
.Security Agency, because of the
they- have
Corps "is-
Conservation
educational
In
agencies
activities
desirable to
Department
of
the
the
•
Federal
Federal
and
functions—in other words basic services
work carried on with the cooperation of several
regular departments
independent units of the Government.
This transfer would not inter¬
fere
the
work
While
been
lias
-
training of the individuals who make
Civilian
such
and
Farm
of
vocational
as
for employment.
Administration
■
establishment, is placed' under the
fact
the
operation of
Other
and, therefore, this agency under the
with the other security agencies rather
be grouped
agencies.
reasons
well
as
been merely the process
accomplished,
was
work
retraining
Youth
these have
terms of the Act should
the
and
agricultural
the
to
reduce
the
into
employment.
secondary education,
training and
the
of
work
and
the
Congress has established from time to time agencies for
or indirectly, for the stimulation and stabilization
necessary
One
the
problem
in
Economy
from
transferred
the
through
which
is
Federal
the
to
grouped
Corporation, and the Commodity Credit Corporation and
cies
Federal Security Agency will have the task of
finding
jobs, providing for unemployment compensation, and other phases of social
security, while still other units of the new agency will be concerned with
the
the
inter-departmental committee work.
Administration
divisions
it
transfer
fiscal agency,
a
other
find
necessary
National
Progress
1916
agriculture,
the
activities
so
relationships with other social security, employ-,
ment, and educational activities now must be carried on by an elaborate
scheme
so
providing loans, directly
„
is obvious
better
be
to
tion
and
their associated agencies
Import Bank of Washington.
better
the
to
agencies
Finance Corporation, the Electric Home and Farm Author¬
ity, the Federal Home Loan Bank Board, the Federal Housing Administra¬
in
grouping
be
may
left in the Treasury, which is primarily
are
the
It
be
may
overlapping
Interior.
Security Agency.
the
and
of
transferred
to
of
Government
financial, commercial, and industrial enterprises of the Nation.
The
efficiently and expeditiously, and
more
Education
functions of the Department of
Federal
the
of
the existing activities into a
elimination
the
and
activities
move
be carried
may
coordination
accomplished.
the
accordance
Added
$18,000,000 to House Approved Measure
was made on April 25 that President Roose¬
signed the bill authorizing expenditures of $66,800,000 for increased facilities for the air fleets of the Navy
Department.
The Senate passed the bill on April 19 afteradding $18,000,000 to the House measure which authorized
Announcemeut
velt
had
,
could be wooed away from the Administration in
of debate on the question. They were Representa¬
Dies, Kilday, West and Lanham, all from Texas.
They joined 114
Republicans on the motion to recommit the bill back to the Coinage
Committee with instructions to report it to the House with devaluation
tives
for establishment of an
base at Banana
authorization when a con¬
Jacksonville and Miami over location of the base.
troversy arose
between
•
$5,000,000 Item for harbor improvements at the
less than 1,500 miles
The biil carries
$1,800,000 authorization for an
a
ment"
aeronautical engine and
danger of the fund's
bill
Republicans' next move was to strike out the entire section of
dealing with gold devaluation, but this was defeated bv a vote
152'
to
The
Andres en
Andresen (Rep., N, D.) then proposed that foreigners
selling gold to the United States be required to spend $14.33 out of each
$35 received on American industrial and agricultural products.
This went
out on a point of order raised by Chairman Somers (Dem., N. Y.) of the
gested
program.
and
price, of $20.67 an
by
Limit
Insurance
Increase
of
passed
on
business"
the
This
New
It
,
the
of
Continue
2.
50% and 60%
dollar between
59.06c.
the
for
alter the
of its former value.
of the President until June 80, 1941, to
power
the
reduced to
was
the dollar
on
period
same
1934.
in
$2,000,000,000 stabilization
the
fund
...
'
tion."
as
Extend
gold
'
.
York
content
1.
voice vote, there was a
defeated.'
provisions of the bill as it passed the House were
follows in a Washington account, April 21, to the
"Herald Tribune":
noted
used
now
floor leader for
said the FHA had done more than any other agency "to stimulate
in the heavy industries through its impetus to building construc¬
the bill,
.
likewise
was
The
Replying to these attacks, Senator Brown of Michigan,
activity
back
ruled
was
(Rep., Ohio) introduced an amendment seeking to
terminate .the power to devalue the silver dollar on June. 30 next, and
when
it was
rejected, Representative Taylor
(Rep., Tenn.) moved to
extehd the President's gold devaluation authority only until Jan. 1- next.
by general criticism of the Government's
FHA by Senator King of Utah.
bullion.
Representative Smith
brisk
"money-lending
by Senator Bailey of North Carolina and specific criticism of
passed the bill on a
Senate
the
D.) next offered an amendment to permit
Treasury to pay for gold with gold certificates,
The effect would have been to put the United •
on a gold
currency basis but, like the .Andresen amendment,
out on a point of order.
•
•
of* the
Secretary
States
April 27 Washington Associated Press advices said:
Before
gold.
of
ounce
it
ad
Eagefavorably reported the bill on and Currency Committee
2198. The Senate Banking April 21. Under date of
■
each
redeemable in gold
compromise the differences between the two measures.
Passage of the House bill was reported in our issue of April 15,
debate featured
failed 'to buy American
take only $20.67 out of the country
If foreign sellers of gold
$14.33."
Representative Case (Rep., S.
/the
of the Federal Housing
t
He sug¬
sellers of gold be given $20.67 per ounce
use in purchasing United
States products
their
for
earmarked
additional
for
April 27 the bill extending the powers
Administration for two years and
enlarging its authority to insure mortgages to a total of
$4,000,(X)0,000, an increase of $1,000,000,000 over existing
authority.
Since the Senate measure is different in many
respects from the bill passed by the House on April 12, a
conference committee of Senators and Representatives will
The Senate
ttie difference between the former
for gold and the present price of $35.
ounce
kll future foreign
that
have
"
■
•
products they would be permitted to
FHA and to
$1,000,000,000
Powers
-
Andresen based his amendment on
Mr.
an
Extend
Committee.
Coinage
i
to
'
Beaten
Move
Representative
Following the signing of the above bill the President on
April 26 requested Congress to appropriate $31,621,000 to
begin immediate construction of Naval air bases and also
asked the House Appropriations Committee to authorize
the letting of contracts to complete the entire $66,800,000
Bill
'
\
84.
the
of
'
$2,800,000.
Passes
Cochran (Dem., Mo.) such a proposal raises the
secret operations becoming known.
warning of Representatives
Philadelphia naval aircraft plant.
Island, $1,150,000; Palmyra
Island, $1,100,000; Kodiak, Alaska, $8,750,000; Sitka, Alaska, $2,900,000;
San Juan, P. R., $9,300,000; Pensacola, Flal, $5,850,000; Norfolk, Va.,
$500,000; Tongue Point, Ore., $1,500,000: Pearl Harbor, Hawaiian Islands,
t
required an audit of the fund and "in the interest of good govern¬
this should be undertaken, but the House preferred to follow the
it only
350,000; Wake Island, $2,000,000; Johnston
Senate
amendment, argued that
Representative Reed of Illinois, who offered the
Florida and Rhode Island,
Hawaiian Islands, $5,800,000; Midway Island, $5,~
Kaneohe,
included
.
180 to 97.
vote of
Pacific island of Guam,
Air-base authorizations, in addition to those in
•
by proposing that an
by the General Accounting Office.
be made
fund
from Tokio.
materials building at the
They first tried to place a check on opera¬
annual audit of the
This was defeated by a
majority vote on any of them.
tions of the stabilization fund
added by the Senate.
An incipient battle over foreign policy was avoided when the Senate
Naval Affairs Committee followed the lead of the House and eliminated a\
Quonset Point, R. I., also was
President's authority, Republicans offered
but were never able to command a
to the bill,
amendments
number of
a
to curb the
attempt
their
In
the purchase of land for a base at
authorization of $1,000,000 for
eliminated.
features
The House had eliminated this
Fla.
four democrats
Only
spite of two full days
Fla., and an operating seaplane
base at Jacksonville,
An
Commerce" advices continued:
placed in the bill a $17,000,000 item
The Senate
River,
The "Journal of
the devaluation issue.
voice on
coalition
appropriations of $48,800,000 for new Naval air bases. On
April 20 the Senate amendments were agreed to by the
House.
Reference to House passage of the bill on Feb. 23
was made in our Feb. 25 issue, page 1101.
Associated Press
advices from Washington, April 19, had the following to
say concerning Senate approval of the measure:
air
April 29, 1939
Chronicle
Financial
2514
to
silver-purchase
tire
Continue
3.
exchange
foreign
keep
keel.
even
an
on
whereby the
program,
President would
empowered to devalue the silver dollar to the same extent as the gold
dollar and to fix the ratio between gold and silver at any point he sees fit.
be
.
of a
projects costing more than
The Senate bill also included a requirement that prevailing wages
$20,000.
be paid
must
community
This
labor on FHA
to
House Republican
the House bill.
was not in
'
.
Providing United States
American Claims Against Mexico
Senate
Bill
Passes
i,
Pay
to
Appeasement Policy
12-point plan for business recovery was
A
April 20 passed and sent to the House a bill
under which the Government would pay about $3,000,000
The Senate
on
can
Senate
th
j
same,advices added:
In
debate
preceding
the
Mr.
passage
action,* Senator
Sheppard
of the bill, saying that many of the
Senate
Sheppard said the claims
arose
including expropriation, between
from Mexican "revolutionary acts,"
1910 and 1920.
.
(D., Colo.) said Secretary of State Cordell
had advised that the bill "would not be in accord with the program
President."
"This
•
.
bill raises
one
the
House
declared
that
conflicts
to
to
the
support
too
'
simple
,
.
question,"
industrial upturn.
must take the lead toward an
''panaceas," he said, have been tried and found wanting,
hence "action is imperative now."
He pledged Re¬
publican aid for all proposals necessary to promote business
revival and reemployment.
In United Press accounts from
Washington, April 23, Mr. Martin's program was outlined
Hull'
of the
follows:
as
»
k
.
.
.
1.
? •'
Railway,
"
$2,000,000 worth of locomotives
Keep
the
2.
"Shall the
Mr. Adams said.
"The largest item In this claim is held by the Illinois Central
some
internal,
-
United States pay obligations of the Mexican Government
which sold the Mexican Government
Martin
by
torn
said that Congress
New Deal
and he
business,
appease
Mr.
program.
is
Administration
the
and
"are in keen financial distress."
Senator Alva B. Adams
and
,
favorable
(D., Tex.), the author, urged
claimants
of
leader
of claims held
by Americans against Mexico, it is learned
Washington Associated Press dispatch April 20.
The holders would assign their claims to the Government
which would seek to collect from Mexico.
In reporting this
proposed onJ
W. Martin Jr., Republi¬
House, who urged Republicans in the
April 23 by Representative Joseph
from
a
Recovery Program
12-Point
Offers
—^-Representative Martin Says Too Much Internal
"Dissension Prevents Success of Administration's
Curb
unnecessary,
3.
Repeal the undistributed profits tax.
States
United
A.
Revise
Repeal
wasteful
remainder
5.
out
monetary
of
of
war.
reckless
and
■
eliminate
to
structure
tax
spending.
'
"deterrent"
and expected to be paid for them.,
"But why should this Government step in and pay that
obligation?"
powers
voted
Roosevelt
President
during
levies.
the
de¬
pression.
6.
House Action
7.
Removed—Bill
Continues
$2,000,000,000 Stabiliza¬
tion Fund and Silver Purchase
Reed
of
Illinois
before
to
a
voice vote,
with instructions to
report it back with the section providing for the continu¬
of the President's devaluation power stricken out.
In
ance
reporting
which
the
final
reference
action
was
made
of
the House
in
these
on
columns
the
a
bill
week
(to
ago,
to
the
Wagner Labor Act.
of
area
American
Government
farm
and
a
trade
competition with private business.
and develop new ones.
industrial markets
immediate legislation to
Create
reciprocal
11.
on
recommit the bill
Adopt
10.
Program
April 21, the bill
extending the monetary powers of the President until
June 30, 1941, the House rejected
(by a vote of 225 in
opposition to 158 in favor) a motion by Representative
Before passing,
Restore
9.
Monetary Powers of
President—Measure
Passed
After
Rejection
of
Motion to Recommit with Devaluation Authority
Define
8.
Bill Continuing
on
Amend the
rehabilitate the railroads.
to study the effects of the
agriculture.
special congressional committee
program
Clarify Federal
industry and
on
rules
and
regulations
industry may know what
so
expect.
12.
legislation not clearly
Reject all experimental
recovery,
which
or
pulsory decrees of
a
would
subject
agriculture,
helpful in promoting
to com¬
labor or industry
Federal bureaucracy.
Representative Martin is quoted in the same advices as
follows:
"The
should
said.
the
Roosevelt
be
done
Administration
and
is
unable
to
"Therefore, Congress must
country back to economic
is
act
torn
by conflicting opinions
because of
assume
recovery
of what
indecision," the statement
the lead in taking steps to guide
and restore our millions of unem¬
to the New York "Journal of Com¬
merce" from its Washington bureau, April 21, stated that
ployed to jobs in private industry at decent wages."
although there is known to be a large group of Democrats
in the House who favor some curtailment of the President's
program
page
2354)
advices
Mr.
Martin
President
is
concluded
adopted
the
country
emergency powers
"will
stumbling block
standard of living."
thq European situation proved to be the
to Republican efforts to effect a strong
presently
begin
in
that
will
convinced that if their
and accepted by the
new life and vigor and
enjoy economic stability and a higher
Republicans
entirety
its
are
by. Congress
immediately take on
again
to
^
Volume
Financial
148
Utility
Rates
enactment
Act
Governing
States Supreme
of
Pennsylvania
Upheld by United
Constitutionality
Chronicle
of
the
law
the
Court
2515
the law,
obligation
brought the suit.
the city's liens
gave
of
priority
contracts
and
They contended that, in
them
of
far
60
as
it impaired
existing mortgages,
over
deprived
without
property
due
safety
and
process.
In
decision handed down on April 17
a
the United States
The
Supreme Court upheld the constitutionality of a Pennsyl¬
vania law under which the State Utility Commission is
the
The decision, however,
(delivered by Justice Reed), said
advices from Washington to the New
York "Journal of
Commerce," failed to include a reexamination of the 1898
doctrine of utility rate base valuations requested by the
Federal Government.
In a separate opinion, Justices Black
and Frankfurter chided the court for relying on the old
doctrine and failing to heed the Government's request, said
the same advices, from which the following is also taken:
the
issued
Commission
would effect
a
reduction of
a
cation
Reversing
Justice
'
,
rates
return
to
that
determined,
•
in
used
language
ferred
that
except
The
,
shall be eufficint
New
York
the
by
$435,000 annually
some
"due
fair value
the
on
revenues
violated the procedural requirements of
(1)
permit the utility to earn a fair retaurn
of its property; (3) confiscated the company's property;
failed
(2)
process";
its
to
"
(4)
supported by
not
was
following to say,
the
have
court
the
uphold
deny such
had
ment
an
effort
to
The decision today did
;
of
is
adequate
fairly be exacted
utility rates—what may
enterprise—does not
enlist
to
from
present
essentially legal nature in the sense that legal education
lawyers' learning afford peculiar competence for their adjustment,"
arid
of
"These
an
bring
may
enterprise.
The
intersection of govern¬
safeguards
practicalities of business
the
historic foundations of
jn the exercise of legislative powers which are the
due
process."
"Mumbo-J umbo"
Some
*
At
18981
should
as
not
"The
when
invoked
be
easy
very
Intervening
General
is
not
necessary
doctrines
Smyth
of
to
do
so.
v.
Ames
and
successors
to
General
District
commission
the stockyard's
five
of
all
was
re¬
2324.
Washington
page
against
protested
distribu¬
immediate
for
Frederick
agents.
argued
before
17),
(April
Jackson,
Court
H.
Wood
of
men.
already
them
of
Monday
the
Kansas
that. Mr.
but
the
the
the
which
upon
complete
day
from
the
the
Court
bench.
new
Douglas
Justice
One
his
took
fair
same
to
case
yielded
Mr.
Jackson
the
procedural
the Government,
demanded
treatment
full
necessary
a
the
told
because
aside
set
were
not
men.
correct
bar
would
had
/•
■
Court
and
today
without affording
to the commission agents
money
chance
a
order,
.•
Stockyards
City
Wallace
and
deficiencies
issue
a
and through it the farmers,
by the Court
for the commission
'
agents.
Mr.
Wood
insisted
the
Secretary
because
for
said,
would
the
the
did
periods
be
have
rejected
that
not
illegally
sum
The
stockyards men
the rates.
Only
the
soon
anything
do
to
Wood
Mr.
the
as
men
about
This,
impounded.
was
$586,000,
as
commission
the
to
go
authority
possess
retroactive.
the
to
gone
must
money
which
during
he
asserted,
Supreme
Court
'
decision
banded
down by the Supreme
public session, on April 24.
In that ruling, the Court refused to review the conviction
of a Brooklyn, N. Y. banker, on charges alleging the ac¬
one
Court,
when
it
was
convened
in
ceptance of commissions from borrowers of his bank.
In
discussing the Supreme Court's decision, Associated Press
Washington advices, April'24, said, in part:
Court
Federal
tion
to
for
the
Black
interfere
with
Commission
Valley
Station
is
Broadcasts,
Inc.,
which
under
decision
a
the
reconsider authoriza¬
permitted to
N.
Watertown,
of
Y.,
WNNY.
Company appealed from the District of Columbia Court of Appeals,
which
tion
to
River
Radio
construct
The
refused
Communications
held
that
the
of
the
concern's
FCO
after
commission, in
authorized
and
casting
Company
order
River
construction
application.
arguments
Wednesday.
remedy
new
was
appeal
to
from a final adverse
hearing.
granted the
of
a
;
,
company's application
building. " The
'
>
for
Watertown
a
sta¬
Broad¬
subsequently requested the commission to set aside
its application for a license and granting the Blacjc
denying
Valley's
The
a
1936,
The
expected
are
to
FCO
then
continue
'
ordered
the
rehearing.
during tomorrow
and „part of
'
v
constitutional issues raised by the Pennsylvania Act."
filed
brief before the arguments, asking the court to
a
•
-*«—■
■
Secretary Hull Reveals
United States Is Conducting
Negotiations with Great Britain, Belgium
and
Netherlands—Would Exchange Cotton and
Wheat for Tin and Rubber—Secretary Wallace
Expects Limited Plan
Barter
ruling directly on the
thesis of "prudent investment."
Mr. Jackson argued that the rule of fair
value, with its requirements of consideration of
reproduction cost, as
set out under the old precedent, had produced results which were unreli¬
old Smyth-Ames
the
in
felt
rate
an
its
case
1938,
15,
"friend of the court," the Government, through Solicitor
as
Jackson,
overthrow
the
to
one
last
Wallace
valid
"It accepts the much ipore
concluded.
Justice Frankfurter
constitutional
the
it
in the present case does not avoid issues of consti¬
court's opinion
tutionality,"
dubiotis
solve
so
is
distribute
to
The
termed the
heard
$586,000
the
The
Oct.
of
Solicitor
Missouri
hearing to the commission
that
Found
precedents laid down in Smyth v, Ames
much "mumbo-jumbo."
He insisted that such a doctrine
point he
one
through
money
rates
decision
•
Stockyards,
'
Court
fair
enterprise is to secure observance of those procedural
and
ment
to
of law in dealing frith this
only relevant function
Government
.
"The
whatever knowledge economics
matters for the application of
are
finance
and
the
Frankfurter wrote.
Justice
[in
in
case
theory of "prudent investment" as a bisis of
i
.
.
what
and
public
questions
,«
hoped.
determination
"The
the
the
but did not embrace it as fully as the Govern¬
theory,
a
in
for rate-making purposes.
valuing public utilities
not
intervened
had
Government
Federal
20,
April
on
■
should
in part:The
City
Western
rehearings,
rates
had the
advices likewise
"Times"
The
substantial evidence.
Court,
the
to
"Chronicle"
represented
debated
was
Mr.
viz.:
reducing
Commission
Service
Public
the
the
case
ordered
seat."
' «*.
*
all contentions of the power company,
of
the
•
_
•
order
Kansas
in
of
the original cost, less
they
Supreme
returned
Government,
order
an
of
imposing array of citations of laws and precedents (we
quote from Washington advices to the New York "Times"),
an
ground
summarizing the arguments, on April 20, a
dispatch on that date to the New York "Times" said:
The
That
that
reason
non-Federal
:
Supreme Court Hears Arguments on
Appeal in Kansas City Stockyards
Returned Only One Ruling on
States
be
the
to
tion
Supreme Court, in its lengthy opinion marked by an
denied
the
"for
d
upon
In
as to
he added, is similar to provisions
permanent rates which 6hall "be just and
of
reasonable."
The
denied
was
rests
■
•
prescribed by the Secretary for livestock commission v
at
men
the statute,
establishment
respecting
petition
reviewed
the plea of Secretary of Agriculture Wallace
on
there
This
depreciation.
The
requirement
United
rates
by
opinion rendered
under the Act there is no
given minimum—not less than 5%—on
a
the
be
York City."
in New
impounded after the Court last April declared invalid the
;
,
States
arguments
grounds
the
on
district court, the
the
of
be
to
are
the order
enjoined
Reed pointed out that
the
how
said
to
it."
support
health,
the
concerns
April 24
The
property.
decision
the
Court
sought
"directly
of the population
Decision—Court
1937, the
which
approximately $435,000 in annual gross operat¬
however,
court,
the company's
of
to
law
part
Government
that it
violated procedural requirements of due process,
failed to permit a fair
return on the fair value of the utility's property, and amounted to confis¬
lower
Supreme
United
prescribing rates
order
rate
temporary
ing revenues of Edison Light & Power Co.
The
the
substantial
Court
Supreme
Acting under authority of an Act of the State Legislature of
State
contended
a
judgment
adequate
panies operating within the State.
of
of
The
utility com¬
authorized to fix temporary rates applicable to
city
welfare
and give a
decision
.
and absurd."
"arbirtary
able,
."The
rule
of prudent
-
investment,
combining as
it does exactness,
application and proper principle for the determination of just compen-
of
for rate-making best adapted to modern business
in this country," be said.
"The case at bar Offers
the court an opportunity to write off the book an unsound and unwork¬
able rule of rate-making."
; "
V '
The complaint of Justices Frankfurter and Black was
that the court
is the standard
satiqn,
conditions
and practices
did not take the
opportunity.
'
♦
„
'.
'
'
The
ease
■
Refuses to Pass on Con¬
stitutionality of New York Prior Lien Law—
Rejects New York City's Appeal Against Decision
of State Court of Appeals
United States Supreme Court
upon
lien
law
Supreme Court, on April 17, refused to
decision invalidating New York State's prior
1937.
The decision, holding unconstitutional
a
of
part of the State Multiple Housing Law which pro¬
a city might make repairs on so-called "old-law"
tenements if the owner disregarded an order to do so, and
that
vided that
prior¬
in our issue of Dec. 10,
appealed to the Supreme
York State Court of Ap¬
violated the Fourteenth
over
1938,
others,
page
3543.
Court
from
peals,
which
a
was
referred to
New York City
ruling of the New
said
that
law
the
Amendment to the Constitution.
Court decisions
an
on
In
a summary
other appeals,
this and
Associated Press dispatch
as
of Supreme
of April 17,
of that date from Washington,
said:
The
has
begun negotiations
with
Great
the Netherlands for large-scale
ex¬
change of surplus American cotton and wheat for rubber,
tin and other war materials, Secretary of State Hull disclosed
on April 24.
Senator Byrnes of South Carolina revealed
two weeks ago that the plan was being considered, and his
statement was referred to in these columns April 15, page
2201.
Secretary Hull's announcement, however, was the
first official word that negotiations had reached a point where
details were being discussed with European Governments.
remarks
His
were
noted
as
follows
in
Associated
Press
Washington advices April 24:
telling reporters of the plan Senator Byrnes said it was hoped that
2,000,000 bales of cotton might be traded.
that the instructions sent to
had mentioned
bushels
a
of wheat
Ambassador
was
Ambassador
Mr. Hull revealed, however,
Joseph P.
Kennedy in London
surplus here of 11.000,000 bales of cotton and 80,000,000
the basis
as
on
which
Mr.
Kennedy could work.
The
informed that this Government believed it could get title
to this amount of cotton and
wheat, which is already deposited with it as
collateral.
loan
might reimburse itself by imposing a lien which has
ity
States
Britain, Belgium and
When
The United States
rule
United
The negotiations
being conducted by Mr.
made greater progress
Hull said it
was
than those under
too early,
way
Kennedy*^ere said to have
with other countries.
He said he could not give any information on the possible basis
deal, adding that this
States envoys to the
Secretary
however, to say what Britain's reaction had been.
was
a
matter which Mr.
for the barter
Kennedy and the United
Netherlands and Belgium must negotiate.
They will seek, it was said, to set a fair ratio of so many bushels of wheat
or
so
are
many
pounds of cotton for so many pounds of rubber or tin.
bidden to insist primarily on one main condition: that
They
the products
they exchange must be kept on deposit as a reserve and not dumped on
Central
Emigrant
Savings
Industrial
Bank,
Savings
the
Bank,
Dock Savings Institution and the
holders of mortgages in effect before
Dry
the market.
Officials say that in this way the huge barter
fully negotiated, would not interfere
witfi^he
deals, if success¬
normal course of trade,
Chronicle
Financial
2516
mission of Customs, that the full purchase price has been paid, or Irrevocably
and unconditionally secured to be paid, and that no bounty or grant within
demanded today that authority to negotiate
affecting commerce to be transferred from the
State Department to the Tariff Commission.
Aimed directly at modifying the Administration's reciprocal trade policy,
the proposal was introduced jointly by Senators Bridges of New Hampshire,
Lodge of Massachusetts, Gurney of South Dakota and Wiley of Wisconsin.
It would provide also that the Senate must ratify any trade agreement.
Four Republican Senators
trade agreements or treaties
April 18 United Press Washington advices
Secretary Hull in part as follows:
and
JAMES
compensation trade policies upon those from which
Stephen B. Gibbons,
Acting Secretary of the Treasury.
In the New York "Times" of
they buy.
"While there may be circumstances under which special types
tariff would continue to
collectors may waive
of barter
non-discriminatory trade methods
for normal,
Differences
Senators
':
'
'
7.
■
agains^ future heeds.
gram
be
would
agreed-on figure.
"
Program on Rubber
Thjs price level, he added, would cause growers to market their new crop
instead of putting it up as
Secretary Wallace said he could give no details of the proposed plan
modities—whether subsidies would have to be included
tin
market prices of rubber and
were
by
a
other competing countries,
maintained.
of commercial
channels..
measures
surpluses and against which we are taking retaliatory steps.
Department head,
the
Mr. Hull, according to the Agricultural
the United States
standpoint of national defense*
approaching the
If the plan is brought to fruition, treaties would
countries
Senate.
taken to
upon
which
be subject
would
problem from
;
,
Treaties to B,e Entered
other
■
the aims and views of Secretary of
to obliterate all handicaps to the free movement of
sees
to
In its new form the proposal is tied
up to
be entered into with
ratification, at
least
•
■
-
.«•
A second change makes the Intent of Congress clear that the 11,250,000
bales of loan cotton shaU be kept locked up until January 1,1940, regardless
of whether there is
Countervailing duties of 25% imposed by the United
subsidized German exports became effective
April 22, after a rush of German exports to this country
which had been expedited in an effort to avoid the advanced
levy. A partial modification of the "penalty" duty was
announced op April 24 by the Treasury Department, which
said that the 25% penalty tariff would be waived in the
case of goods that have been
bought for Cash by American
importers, and which are clearly shown to have been shipped
into the United States without benefit of any German
Government subsidy.
Imposition of the countervailing
duty was reported in these columns March 25, page 1730.
The modification was announced on April 24 by the Treasury
Department.
States upon
,
of
Customs
James
H.
is
The third
IMPORTATIONS
FROM
GERMANY
Collectors of Customs authorized to accept and liquidate entries covering
dutiable importations from Germany in certain circumstances without
collection of estimated additional duties provided for in
T. D. 49821.
TREASURY DEPARTMENT,
Office of the Commissioner of Customs,
Washington, D. O.
To Collectors of
Customs and Others Concerned:
With reference to T. D. 49821 of March 18,1939, giving notice of counter¬
vailing duties to be imposed under Section 303 of the Tariff Act of 1930
by reason of payment or bestowal of a bounty or grant upon the exportation
of certain goods from Germany, collectors of customs are hereby authorized
to
disregard the requirements of T. D. 49821 with respect to the deposit
of estimated additional duties and the suspension of liquidation pending
report of the pertinent facts to the Bureau in the following cases:
(1) Importations consisting of gifts for the personal use of the donee
of .articled purchased at retail for personal use.
(2) Importations with respect to which the collector of customs concerned
is satisfied, in such manner as may hereafter be prescribed by the Com¬
,
or
ten-year period ended July 31,1932.
"percentage of the exports of the United States compared with world exports
of cotton during the ten-year period, 1928-1937*"
-
Following
meetihg of its Executive Committee, the
on April 25 petitioned the Senate
Committee on Appropriations for an open hearing on the
proposal to subsidize exports of cotton, said the New York
"Herald Tribune," which also stated:
a
Cotton Textile Institute
This actioh, it was announced, was taken after a survey
of the
cotton
Industry and all allied interests, including growers, processors and dis¬
tributors.
-
In commenting oil the proposal, Dr. Claudius
Murchinson,
the Cotton-Textile Institute, said that throughout the entire
ment is
president of
industry senti¬
''overwhelmingly opposed to the subsidy idea."
*
-
Construction of
Moyle today made public the
ON
>
^change provides that the subsidy program shall remain in opera¬
Originally it was proposed that exports be subsidized until they equaled the
Battery-Brooklyn Bridge Opposed in
Committee Report to New York Chamber of Com¬
as Menance to Navigation
being transmitted to collectors of
(T. D. 49849)
DUTIES
shortage of classes of cotton needed in domestic iniU
tion until exports reach the level of the
merce—Viewed
customs:
COUNTERVAILING
a
operations or tp fill export requirements.
Countervailing Duty of 25% on Subsidized Exports
from Germany Becomes Effective—Treasury Modi¬
fies Penalty in Case of Cash
Purchases Where
Subsidy Is Proved Lacking
Commissioner
.
Loan Cotton Ruled Out
-
following Treasury decision, which
of the pro¬
a part
25% of this iund may be mhde available for encouraging exportation
of cotton or cotton articles.
by the
Secretary Wallace declared that, in any event, no steps would be
move subsidized exports of cotton until after Congress had acted
pending legislation.
directly to and made
posed increase of $150,000,000 in the Section 32 fund with a proviso that
'
.
with
Government loans.
The Bankhead cotton subsidy rider to the
agricultural
appropriation bill, containing minor modifications, was
formally filed in the Senate on April 25, for consideration by
the appropriation committee along with other amendments
to the Supply bill.
This is learned from advices to the New
York "Journal of Commerce" from its Washington bureau,
which also had the following to say:
adopted by Germany for disposing of its export
trade throughout the world, since
collateral for Government loans of about 8 cents
'
'
•
the huge qualities of cotton piled up under
Nor does he believe that the proposed scheme is
comparable to
designed
v
the compromise plan would leave unsolved the question of what to do
because wheat and cotton would be kept out
The plan docs not run counter to
pound,
Being directed primarily at moving the new crop into world channels,
while the
us
He does not consider that the barter arrangements would work a hardship
State Hull,
"I feel certain that the domestic price for this season will
be stabilized at around 9 cents a pound."
apparently bur stocks could not be
showing .what might be expected to be the basis for exchanging the com¬
on
lower the market for this year's crop.
"Our present plan will leave ail new crop cotton in free channels of trade ,*'
Bankhead said.
'
quickly built up.
might
"The revised program is a practical operation of the cotton export subsidy
announced by the President," Bankhead said.
.
considerable period of time for
would permit subsidies on up to 7,000,000 bales of export cotton
Senators contended this
Accumulation of rubber, for instance, he said, would doubtlessly proceed
over a
year's
The pro¬
11,000,000 bales of staple piled up under Government loans, but Southern
but
therefrom until, at least, the price reached -an
kept isolated
and cotton outside the Government's loan stocks.
President Roosevelt had suggested a subsidy to reduce the more than
-None
of these commodities would enter into commercial trading channels,
April 22, it was indicated in Associated Press
from Washington in which it was stated that a
annually.
essentials, while other countries named would acquire
cotton and wheat in the nature of war stocks
Southern
He said the subsidy would be used in an endeavor to sell first this
cotton crop
*
templates the accumulation of rubber and tin by the United States as
war
President Rooseyelt and
head (Democrat) of Alabama, announced the compromise
agreement after a secret conference of the Senate cotton
bloc, said the Associated Press, which in part also stated:
At his press conference this afternoon he pointed out that the plan con¬
vitally needed
between
the question of a Cotton Export Subsidy were
bounty was agreed to of about 2 cents a pound on raw cotton
and manufactured cottou goods sold abroad.
Senator Bank-
likely to be found included in barter arrange¬
contemplated in present negotiations with
Great Britain, France, the Netherlands and Belgium.
We
quote from Washington advices April 26 to the New York
"Journal of Commerce", from which the following is also
''
the levy.
on
accounts
not
'
on
adjusted
substantial economic dividends."
ments of the type
.
be required on all commercial imports until the
Textile Interests-
-
Secretary of Agriculture was reported as stating on April 26
that commodities other than cotton and wheat, rubber and
taken:
stated:
Export Subsidy of 2 Cents a Pound Indicated
Agreed to by President Roosevelt—Amended
Cotton Export Rider to Agricultural Appropriation
Bill Filed in Senate—Subsidy Opposed by Cotton
"Every advance made by the trade agreements program is an advance
for the cause of economic sanity and peace and, as the report in question
are
was
Department ruling was of
that the extra 25%
explained
as
inevitably leads to a curtailment of total trade and a reduction of living
tin
They
Cotton
supplement other methods of
standards in the countries pursuing such policies.
shows, the program yields
them.
Department formally sets forth the circumstances under which customs
said, "the substitution of a general policy of barter
trade
compensation
or
to
-.
arrangements may be considered necessary to
trade promotion," he
value
ecnonomic pressure abetted by barter and com¬
pensation agreements and subsidies.
1
immediate
April 25 it
yesterday's Treasury
Importers here said
little
is enhancing the ability of the countries with which we con¬
clude agreements to resist
MOYLE,
April 24, 1939.
Approved:
By facilitating normal, profitable, international trade, the trade agree¬
ments program
H.
Commssioner of Customs.
brought to bear by countries which force barter
Economic pressure is
of T. D. 49821 has been, or will be, paid or bestowed.
the purview
quoted
On
April 29, 1939
The Chamber of Commerce of the State of New York
made public on April 21 an interim report
opposing con¬
struction of the proposed Battery-Brooklyn bridge on the
ground that,
at present designed, the abutments would
navigation. The Committee on the Harbor
and Shipping, which drew up the report, considered the
bridge project "solely from the standpoint of its navigation
aspects." The report, which represents only the opinion of
the committee until it is approved by the chamber mem¬
bership, will be acted upon at the next monthly meeting of
the Chamber on May 4.
It said in part:
be
a
as
menance to
Under existing conditions navigation in these waters Is
difficult.
No*
only is the locality exceedingly congested, but variations and strength of
the tidal currents enhance the difficulties.
A study
collisions and sinkings have occurred in the upper
ending in
1935.
Buttermilk and
.
.
.
reveals that 181
harbor in the 10 years
Many of these took place in the small area including
River up to the
Diamond Reef Channels and the East
Brooklyn Bridge.
This study indicates the congested state of the waters
already existing in the area over which the bridge would pass.
The building of the three proposed abutments would create cross-currents
and eddies during the ebb and flow of tide.
In addition, shipping would
Volume
Financial
148
have to contend with current changes due to
also restricted occasionally
Federal
Navigation is
wind forces.
have
by fog, and by floating ice in the winter.
law
In
reply to the argument that inasmuch as the anchorage
and piers of the bridge would be located on the shelf of
Diamond Reef, they would be in shoal water and not in the
line of traffic, the report said that study indicated that the
great majority of vessels passing this vicinity had such a
small draft that they could use the undredged areas.
With
the abutments of the bridge in that area, these vessels
would be forced out into the already congested channels, the
report pointed out.
"It seems most obvious that the
safety of life and property demands that bridge abutments
should not be placed in the navigable waters," Winchester
Noyes, chairman of the committee, said.
The report con¬
been
Senators Robert F. Wagner and James M.
hope
that
for
the
like those
now
prevailing
in the
United
that
we are
On the other hand, any institution that puts a
shake
:
in
t-y
prevent a normal expansion of world commerce.
Thomas
In
States must concentrate on increasing ex¬
complaint
to
since
trade
agreement
American
forces
determination
of
South
to
Frhnce.
The
in
the
of
bringing about the enactment of complementary legislation
policy
tions
until
Committee
on
assets
the
Taxation
are
and
Laurence Arnold Tanzer is
realized.
Public
The
Association's
Revenue,
of
which
Chairman, has concluded, after
study, that the personal holding corporations are entitled
to this relief in order that they may escape from a situa¬
a
tion
brought about by the fact that although the Federal
Act
made
their dissolution without double
taxation, provided it was accomplished during the month
of December, 1938, there was no corresponding provision
provision
for
in the New York State income tax law.
Therefore, certain
case
who
those
fact
many
the
for
extend
we
Haiti,
that
fact
Great
export
with each
is where
the
with
trade
our
individual
we
must
Britain
date.
Latin
America,
country,
as
buy
we
whole,
a
than
more
ignoring
our
position
Here, however,
sell.
we
justify bur right to the stewardship of the large portion,
wealth
world's
as
has been
Export-Import Bank ie limited to and which
In
loans,
or
criticized by
has adopted a similar
recently made available
the $100,000,000 which
is practically exhausted
Poland,
her great profit, and
credits, in contrast to
made to
credits
governmental
China and
to
years
by commitments
of
that
Brazil,
ignore
for
£85,000,000
the
limited
taxation
The more prosperous other
exporters.
time, but, while it is of great importance, it must not be forgotten that
it takes only 16% of our total exports, about the same as our exports
April 22 that it had taken up with taxing authorities both
in New York
State and Washington the desirability of
period, the dissolution of personal holding corpora¬
without subjecting the dissolution to Federal or State
to maintain their
increased our share
the advantages offered to American traders. . t y
is uppermost in many minds at the present
trade
American
we
years
31% to 34% testifies to the ingenuity
American
our
three
over
Latin American trade from
of total
countries are, the greater
by the Federal and. State governments to permit, during a
that
The fact
abroad.
efforts
extraordinary
to
exporters
jecting Them to Taxation Until Assets Are Realized
-—Action by Merchants Association Follows Study
of New York announced on
While the German
became effective.
program
compensation agreement system does not solve Germany's trade difficulty,
and
Merchants' Association
fantistic in the light of our tariff conces¬
is
expansion, of world trade, and the gains we have made
an
secure
our
countries
tion of Personal
The
the
frequently made that the United States is envious of
so
other
of
trade
sions
it
by Its Committee
raise its volume of
States trade with Latin America,
"
United
discussing
The
the
watches each basket with
Legislation Urged to Permit Dissolu¬
Holding Companies Without Sub¬
abandon the idea
to
men
restrictions
'
Mr. Thomas said, in part:
markets
Federal and State
business
urged
obstacles to
difficult
of the many
aims—the elimination
its
of
cannot shut our eyes
we
such
present
to
They must diversify, and they must offer for sale what
United States can consume."
It scatters its risks
♦
Ger¬
particularly from Latin America, if it desires to
retain its present position in the purchases of other nations.
The countries of Latin America, he continued, should coop¬
erate and "use with intelligence their potential productivity.
•
•
trade.
imports,
It gets the
than usual care.
continue
ports, and said that this country must
widely than in normal times as regards both the type
and stronger baskets than usual, and
more
more
and to be withheld from
international
on
trade policy,
foreign
our
that
that the United
'
obtainable.
abroad
realization
Mr.
States any
between fixed income securities—mostly bonds
assistance of the best investment counsel
effect
no
country not
that
confidence in
our
full
that
lion's share of its endowment
and the specific corporations within each type.
of business
the
provides
system
conditions
to
the one hand—and variable income securities—mostly
on the other hand.
Within each group it
scatters its risks more
have
would
markets
only with stocks for domestic
consumption, but in frequent instances for the sale in other markets of
any
surpluses above German domestic requirements, bought on hopes
centered in our trade agreement program.
While nothing has occurred to
many's
stocks and real estate
common
agreements lies in the fact that the limited
for stock purposes
surpluses solely
exchange of
.
which Germany
this barter proposal and that
carries out under compensation
commercial
principles of inter¬
accepted
to
He added:-
difference betwen
The real
The conservative institution in a situation like this is the one that hedges.
and mortgages on
He asserted that
trade barriers.
contrary
as
trade."
national
facing serious inflation.
,
of international
higher volume
a
remove
fundamental distinction between the recent bar¬
a
complain
we
off, and governmental actions may interfere with the normal results of
policies.
restore
compensation agreements made by Germany, of which
under
also a speculator; for inflation, though probable, is not abso¬
It divides its investments
to
and to
proposals of the United States and the system of barter
ter
lutely certain, and even if it comes the time of its arrival may be a long
investment
Hul
"there is
address before the Detroit Foreign
an
Mr. Thomas praised the efforts of Secretary
Club.
State
of
It is "betting" on a constant or fairly stable price
bonds is a speculator.
April 25 in
on
Trade
excessively large proportion of its endowment in
level at a time when the prospects are
Eugene P.
relations,
trade
Thomas, President of the National Foreign Trade Council,
an
institution that puts an
plans designed to
of" any
reinforcement
international
normal
commerce
.
ways
Program
Group
economic
maintain
Princeton University
Kemmerer of
address before the fifth annual conference
Colleges and Universities at Easton, Pa.,
spoke on "The Outlook for Our College Endowments," and
incidentally on "The Responsibilities and Problems of the
Governing Boards of Educational Institutions." Prof. Kem¬
merer said that he anticipated an inflationary rise in com¬
modity prices to be accompanied or followed by substantially
rising interest rates. In such event, he said, the bonds with
long maturities in college endowments will not only be pay¬
able in a dollar of declining purchasing power, but also will
experience substantial declines in their market values in
terms of dollars.
This loss will be offset in part, he added,
by the fact that newly purchased bonds will give higher
interest yields.
'
'
V
In suggesting remedies designed to cope with such an
eventuality, Prof. Kemmerer said in part:
in equities is
Government
Reinforce
Must
Men
Commerce
of the Trustees of
conditions
to
Governments must turn to business men in all countries
Incident to Possibility of Inflation
Professor Edwin W.
Under
enacted
be
can
.
said
April 14 in
legislation
complementary
Designed to Maintain Volume of International
Trade, According to Eugene P. Thomas of National
Foreign Trade Council-—Addresses Detroit Foreign
to place
Prof. Kemmerer Discusses Outlook for College Endow¬
on
;
remedy the situation.
signed by Mr Noyes as Chairman and the
following members of the committee:
Robert H. Blake,
William H. Coverdale, Frederick Coykendall, William M.
Gavigan and Frederic R. Pratt.
ments
Mead in Wash¬
and also to Governor Lehman and to the Chairmen
of the Committees on Taxation at Albany, expressing the
ington
deliberately new navigation obstacles in our harbor.
The report was
Federal
their
Morgenthau Jr.; Guy T. Helvering of
the Bureau of Internal Revenue; to Senator Pat Harrison,
Chairman of the Senate Finance Committee, as well as to
from the harbor, so far as possible, all
us
holding companies
personal
presented the facts to Secretary of
The Association has
the policy has
for
the
the Treasury Henry
-
It does not seem reasonable now
that
is
penalizes their existence and a State law which penalizes
Business
been steadily pursued of removing
result
"between the devil and the deep sea," with a
caught
which
Owing to the tremendous importance of our shipping to the growth and
obstacles to navigation.
The
Government.
dissolution.
cluded:
welfare not only of the city, but of the entire United States,
2517
Chronicle
which
we
control,
as
well
as
provp
our
claimed
and foresightedness.
capacity of organization
Latin America's vast unde¬
How will this develop¬
our geographical position
and
veloped resources must be, and will be, developed.
be
ment
economic
carried
and
bors, contribute
build
shall
and
an
we
a
ever
sit
out?
*
Will "we,
political ties and,
our
and
non-American
American
capital,
see
form
continent
our
some
of
to
materials and
market
increasing
back
due
in peaceful cooperation with these neigh¬
for
our
our
experience, and thereby
surplus
capital
and
goods,
or
foreign nation, with non-American ideals
government,
companies found that if they took advantage of the Federal
the
Act they
gain
an
economic
foothold
on
eventually determine its economic destiny?
would be subject to prohibitive taxes by the State.
and,
in
the
manner
of
Europe
and
Asia
today,
The Association further states:
When
Federal
the
Revenue
Act
of
1938
was
under
consideration
by
Broad
Program of Tax Modifications Needed to Stimu¬
Industrial
Recovery, Report of Brookings
Elimination of Capital
Gains and Excess Profits Taxes, &c.
pointed out that Federal tax laws heavily
penalized the existence of many companies in the form of personal holding
corporations, even though those companies had not been organized for
Congress,
the
Association
the
purpose
of avoiding taxation.
laws prevented
of
provision
on
all
the
a
time in
many
cases
stock
if liquidation were attempted.
which
was
of the company,
liquidation
occurred
in
complete
cancellation
or
redemption of
provided the transfer of all property under
during
December,
1938.
Had a corresponding
dissolution of those com¬
change been made in the New York State laws,
panies
affected
New York
State
would
have been
failed
to
possible without excessive taxation, but
adopt a provision
Institution Asserts—Urges
the
Congress inserted a
in the 1938 Revenue Act permitting exemption from taxation
distribution
the
same
their dissolution on any practical terms by the imposition
heavy taxes,
very
At the
late
corresponding to that of the
A broad program
trial
expansion
of tax changes, as necessary for indus¬
and
greater
employment,
was
advocated,
April 23, by the Brookings Institution, in a report based
a study of taxation and investment.
Modifications rec¬
ommended included liberalization of numerous accounting
on
on
standards
taxable
enforced
by
Federal authorities in determining
corporate income, lowering of the existing old-age
benefit tax,
reduction of surtax rates on large personal in-
Financial
2518
that the Nation is confronted with
The report said
where
situation
it
choose whether
must
"to
continue
pointed
a
which
which arrests the flow of funds into
present tax system,
no
repeal
now
or
the business recession.
continuance of
capital entertprises, or to modify the system in the interest
of industrial expansion,
greater employment and higher
standards of living."
Details of the report, as given in a
ing incentive and by retarding even the normal
industries defeats
its purpose by reducing the
Washington Dispatch, of April 23, to the New York "Times"
to
Our
considerable
An
the
to
relief
than
of
the
and
in
of
capital
Institution's
1.
Small
Operating
added,
in
the
the
only
3.
of
recommendations
was
be
credit of
a
deductible
be
losses should
4.
The
6.
should
be
insists
losses
on
if the Congress
However,
capital
from
$3,000.
income
for
disregarded
in
by
calculating
taxing capital gains
the
the
be
dividends
should
be
abolished.
.
stated
.
volume of
existing
1.
security
old
The
rather
than
The
2.
from
1
should
be
for
the
old
financed
huge
a
the
result should
of
on
a
should
temporarily
only
reduced
benefit
as
pay¬
necessitate.
ments
'
.
modest
The
8.
Government
the
contingent
bonds
current" rates;
at
should
system
Treasury.
should
reserves
be
and
segregated
be
the
from
invested
outstanding
administration of
financial
the
fiscal
in
operations
findings of the Brookings study of the odd-lot trading system are
The
of
Profits Tax
view
Undistributed
This
1.
The
profits
and
taxes
surtax
duced.
in
the
The normal
Capital gains
The
income
tax
The
study
of
capital
"The
the
,
full
volume
been
scale,
a
serious
the
to
the
the
same
"In
and
risen
in
of
to
the
bonds
ratio
increasing
7
while
in
.to
roso
for
the
to
more
significant,"
to
gross
in
the
In
nearly every case net
taxes
income
ratio
were
has
of
it
increased
taxes
to
net
in
every
"is
group,
distributable
income
in
1937
lower
the
of*
it
equity
round
to
\
by
report
lots
is
even
York
about
of
in
tax,
10
filling
is
study
1923,
the
ratio
been
of
rise
"It
in
taxes
The
even
the
that
practice
less
odd-lot orders
also
1929,
the
public
general
the
already having
tax
is
interested
stocks
and
in
has
a
hope to make further progress toward recovery.
If
Congress has the political courage to take the step, he
said,
confidence will be restored, capital will be invested in
new
enterprises and in the rehabilitation of old ones, unemploy¬
ment
will
be
lightened.
Adoption
urged
by
forward
holding
reduced
and
the
Government's
relief
load
Mr. Lawrence's statement follows:
by
the
Congress
Brookings
step
yet
back
expansion
taken
workers who have been
of
the
clear-cut
Institution,
to
free
and
forced
in
my
industry
preventing
into
opinion,
from
the
idleness
of
program
The
the
would
restraints
reemployment
through
be
no
of
the
most
which
are'
millions
of
fault of their
own.
all
the New York transfer
in
interest
trading
of the
policy
the
Exchanges
the smaller
on
good market in New York.
a
the
maintenance
of
protection, unless the
an
adequate odd-lot market in
well-established and satisfac¬
a
system can offer a better service,"
new
-
attitude
of
the
SEC
•
toward
unlisted
New
public policy but beyond the intent"
Yprk has become
writer of
the
report
so
liberal
declared.
trading
on
,
„
.
Exchanges outside
"go not only beyond the dictates
to
as
the Securities
of
Exchange Act,
...
The Brookings report held that both the Federal and State taxes are
"flagrantly regressive" because they fail to recognize the difference in
shares and because of the doubling of the tax on odd-lot transac¬
value of
This
bought
in
not
double
odd-lots,
taxation
od
that
in
is,
the
of
results
investor
small
units
100
than
less
because
shares,
stocks
taxed
are
only when the investor sells to the odd-lot dealer, but also when the
investor
buys from
instance
direct
but
once,
State
the
on
buyer.
hands
of
dealer,
In
one
who
investor
to
the tax in the second
the 6tock passes
passes
transactions,
round-lot
the
other
and
the tax
is
levied
the seller.
Brookings
taxes
the odd-lot
the
to
on
from
The
identical
on
also
report
held
that
transactions
the
unfortunate
is
of
duplication
and
that
Federal
in
the
and
case
of the New York tax it falls
largely on out-of-State business, as from
60% to 80% of the business of the New York Stock Exchange originates
outside
The
modification
tax
in
odd-lot sales by dealers, the
on
right to expect that
the report said.
tions.
can
New
Exchanges.
other
on
direct
a
unlisted
of
declared, on April 25,
provision plan outlined by the Brookings In¬
a step which must be taken
before the Nation
was
odd-lot trading
provides
it
number
has
sponsoring listed and
under official
'
while
Step Toward Freeing Industry
the
on
does the New York
round-lot price.
The New
the next
that
limited
a
reported
protection than
at
in
superior
only
the
Comparing
order before filling
odd-lot
an
transaction
round-lot
next
Board.
with that in New York,
in out-of-town Exchanges
tory market will not be undermined by the development of a new system,
rise
greater.
said
in
in issues
all
the
than
rail¬
Richard W. Lawrence, President of the Chamber of Com¬
merce
of the State of New
York,
that
York
New
failing that, remission of taxation
or
SEC
the
except
the report
Asserting that from the New York standpoint the most obvious remedy
Federal,
from
was
Adoption of Tax Revision Plan of Brookings Institution
Viewed by President Lawrence of New York
Cham¬
stitution
disturbing,
serious impairment of the
these Exchanges
the customer
against
as
the
of
gives
system
found
the
of
on
of
from Restraints
more
a
minutes after receipt of
basis
ticker
slocks
securities
odd-lot trading
the
on
practice
national
in
trading
of
Brookings
York
shift
a
'
to
1928
regard
waiting three
the
as a
tradingt in stocks
Philadelphia, Boston, Chicago, Detroit and Pittsburgh have all developed
•
has
Commission
Exchange
unlisted
of
Exchange, the diversion of odd-lot
more
with
unlisted
rates
appreciably higher."
ber of Commerce
and
Securities
exchanges
York Stock
The same position taken by
SEC
systems
„
including rails,
income
was
the
of
local
on
the New
on
for the situation would be the repeal or reduction of
the fact
this
the
of
system with
range
•
continued,
are
the policy
extension
the
active
con-
surtax
taken
was
industries
of
group
and
tax
that
financing
encourage
and
the
against
taxes
Brookings report found that due both to the New York State stock
favoring
large
a
promote
roads, the report added, had increased
progressively since
being especially sharp since 1932.
"Even
The
,
Twenties
23%."
every
the
collections
"only about 7%
on,
burdensome
levying
of
practice
pricemiaking mechanism.
on
equity
existing
1923
propor¬
there is
maintaining the State governments,
asserted, because it threatens to create
equities."
tax
between
1923-24.
went
to
of
business
their members their
taxes of
income
of
reasons,
general
once
in
designed
are
their
in
exchanges presumably already pay in
in
cost
because
of
•
the
the
trading from New York is growing rapidly.
restrict
in
equity
of
stock
and
taxes
share
transfer
early
7
is
expansion
reduction
the
"Since
property
trade."
the
into
the* point
number
a
However,
operate
losses
that
taxes
Magee,
the
This
these recommendations would
taxation,
aggregate
for
contained in a
Mastick's com¬
obviously in the interest of the whole economy that the business
is
tionate
It forms
in
from
itself.
business
for
modification
and
out
12%, and in 1938 it
The
D.
Institution
completed
system
has,
moderate
a
the
steadily,
as
local
James
University.
,
tax
years.
opened
investment—from
1913," the report
State
to
of
pointed
degree
Dr.
be
manifested
recent
for
out,
"income
,
present
yet
would
and
gains
If carried
had
by
•
capital
direction
State
to
of Mr.
behalf
20 in
April
trading in identical stocks be concentrated in large markets," the report
no
,
way.
report
incoma
subjected
Brookings
offerings
way
policies
recommendations
financing.
The
in
the
higher brackets
respect
in
as
security
and
taxation
our
the
small
is restored
"The
in
equity
comparatively
fidenco
in
of
of
not
has
of
investment, the report said:
on
significance
investment
'.'It
is
and
will
,
protection of the small investor.
mittee, follow:
if this
apply to State employes
New York
the
■/'
,
.
However,
to
be
inquiry
revision
issued
asserted.
institute
by
This
the
release
re¬
7
the
for
•
of
similarly
inquiry
market.
In discussing the effect
view
substantially
be allowed.
made
of Economics at
comprehensive
a
be
7,
conducted
was
.
American
Fan,.; v
be
disregarded.
losses should
should
tax
should
head Of the Department
part
should be
capital
income
employes
' *
taxes.,-
should
dividends should be eliminated.
corporate
on
losses
and
Federal
Federal
brackets
-
done, deductions for
4.
securities:
upper
the situation from the point
throughout the country.
The findings demon¬
of'the- Federal and State stock transfer tax
investors
of
Further observations respecting the report,
'
3.
and
,
laws for
need
^
,
tax-exempt
rates
,
2.
not
tax:
be abolished.
should
tax
small
of
the
strate
Personal
market provided
security
particularly important because it considered
' ;
Would End
decentralization
increase trading
will
securities market
and impair the efficiency of
by the New York
Stock Exchange.
A reference to the odd-lot trading study,
made by Dr. Charles O. Hardy in cooperation with three
leading odd-lot firms and issued by the Brookings Institution, was referred to in these columns April 22, page 2349.
Mr. Mastick, in his observations, says:
the
of
.
odd-lot investors, that the tax is
all public investors
for
national
the
basis
-
.
be
increased
New York stock transfer tax levies
all
on
York
New
the
costs
;
pay-as-you-go
reserve.
annuities
age
of 1%, and be subsequently
%
levies,
burden
driving business from the State, and that
corporate income.
on
V
annuities
to maintain
necessary
taxes:
age
rates
deemed
from corporation
revenue
by the accumulation of
to
be
Stock Transfer Taxes,
of Federal and State
April 20 that the report supported the views of
on
double
a
If it
Institution on April .18, former State
C. Mastiek, Chairman of the Committee
his committee that the
profits taxes:
excess
gained by an increase in the rate
Social
;
Seabury
for the Study
Both taxes should be eliminated.
,
Brookings
the
Senator
income,
as
flexibility should be permitted in the banding of depreciation
charges, the percentage to be varied in relation to the volume of business.
Capital stock and
Let us
way.
trading, made public
Commenting on the study of odd-lot
period
a
'
•
deductible.
inter-corporate
on
Institution clearly points the
political courage to adopt it.
its
the
Tax
Greater
tax
believe,
to
Report Supporting His Committee's Views That
Levies Double Burden on Odd-Lot Investors
and Drives Business from State
follows:
as
v:.
,
be allowed
should
should
and
have led us
Washington
lighten
and
Stock Transfer Tax on Odd-Lot Trading in
Senator Mastick Sees Brookings
Effect of
"
■
.
"
gains
business
help
to
eager
from
Brookings
the
of
burden
living.
Recommendations
years.
Capital
tax.
losses
reports
as
is
means
oppressive
'
two
burden,
program
near
really
Government
the
relief
hope that Congress has the
the
was
the
lifting
from
If
a
losses."
revenue
nation's standard
tax:
corporations
resulting
would
first,
at
New York—Former
of
schedule of
income
2.
of
it
problem,
increasing progressively the
Corporation
gains
enterprises
probable
enterprise,
unemployment
"the
revenues
any
bring,
recommendations
private
offset
Schedule
The
its
tax
expansion
more
expansion
solving
of
of
should
that
reduction
net
much
future
revenue
.
stated
report
stimulus
of
major source
plunging the country deeper and deeper
and results in
Government
by destroy¬
development of established
structure, by frightening capital,
tax
into debt.
follows:
The
Federal
present
the
1939
repeatedly
York has
New
of
State
sound recovery is possible until the President and
modify existing statutes and ' Government policies
discourage industry and which are mainly responsible for the
that
out
Congress
the
April 29,
the
of
Commerce
of
Chamber
The
and elimination or liberalization of the capital gains
comes
tax.
Chronicle
local
to
provide
that
the
the
State.
report
suggested
Exchanges
a
for
that
trading
medium
for
it
in
would
be
securities of
underwriting such
highly
York
Stock
Exchange would
only
local
companies,
trading in stocks of companies national in
New
desirable
strong
scope
serve
by diverting local funds out of the local market.
to
to
develop
companies
and
but pointed out
that
were
active
defeat this
on
purpose
•
Volume
Free
148
Gold
Financial
Market
Chronicle
and
Resumption of Gold Coinage
Urged by Professor B. H. Beckhart Before Senate
Subcommittee—Would Repeal Silver Purchase Act
—Views of C. L. Hardy of
Brookings Institution
Realty Advisory Board
on Labor Relations
and the Building Service Era-'
International Union, Local 32-B.
Subject to the amendments and clarifications mentioned
below, a threeyear extension of the Mayor's
agreement should be entered into effective
April 20, 1939, with a reopening for the
purpose of arbitrating wages
ployees
A program of monetary reform
involving a return to the
system existing before 1933 but without the cir¬
culation of silver certificates or United States
notes, was
advocated, on April 24, by Professor B. H. Beckhart of
Columbia University, who testified at a
hearing of a Sen¬
ate Banking and
Currency subcommittee in support of a
and
currency
bill
to
repeal the
Silver
the measure were
on
22,
2355.
page
Purchase Act.
described in the
At
the
April
Professor Beckhart emphasized the fact that
it
were
provida
1.
possible, I would like to
of
monetary
for:
reform.
This
»
this
see
larger
bill
made
plan
in
part of
opinion
my
.
should
repeal of the entire Thomas Amendment of May 12,
2. The
repeal of those provisions of the
the
powers
3.
in
coinage
over
The
gold
4.
gold
be
of
in
5.
of
6.
life
to
and
of
of such
be
gold
market
allowed
to
should
of
the
at
the
any
with
Act
(1934)
approval
unlimited
price,
the
at
home
of
rest
the
that
the
to
abroad,
"
purchase
terminate.
confer
discretionary
powers
Executive
and
the
consequent
Terming
will
to
a
he
C.
said,
"frozen"
in
of
use
"deferred
bonds,
inflation.
twenties,
mostly
heard
L.
in
in
most
practical
wages
for
to accord
1940.
who
should
shall arbitrate
be
appointed to
and
wages
also
1940, and to render
conduct
award not
an
and
a
•
in
the
good
be
must
who
contract
replaced
is
to
in
by
good
the job,
a
man
standing.
if
or
member of
a
minor
points
settled
The
the
the
in
when
regarding
have
required,
all
the
not
been
jet
and
points
clauses.
to
of
be
decided,
the
the
the
parties
contract
and
"
is
the
union
for
a
can
waives
who must,
man
a
most
to
of
which
major
settle
limit
wording
will
issues
such
recom¬
cannot
its
of
are
minor
these
of
themselves
the
already
specifically
the
once
within
leaves
good standing.
empowered
decide,
which
on
drafting
should
following
or
who
If
union
union
by the parties themselves
arbitrator
the
cover
standing is discharged
then the employer may hire
man,
become
of.
Brookings
$3,000,000,000
has
now
banks,
he
said,
of
to
grown
he
to
econo¬
"anti-inflation"
return
of
prosperity
deposits.
liability,"
said
levy taxes, to take
or
The
bank
Institution
up
that
the
the
excess
in
currency
$5,000,000,000.
because of
Government
business
of
currency
circulation
The
in
increase
an
agree
several
"
strike had
impasse
of
The strike of 320,000 soft-coal
miners which has continued
one month showed no
for almost
impending since April 9, following
on
groups
March
on
The
Up Continues,
Threatening Nation's
Fuel Supply—Anthracite Walkout Also
Feared
been
the closed
It was the refusal of the
employers to yield on the closed-shop issue,
although they expressed willingness to consider all other matters suggested
by the union, that caused the adjournment of conferences between the two
timidity.
Tie
over
shop, incident to the expira¬
April 20 of the three-year agreement.
In its issue
April 9 the New York "Times" said:
tion
28, Mr.
negotiations
between
Soft-Coal
days,
be
The
'Hardy,
j^ountry will have to resort
the'Silver Purchase Act with the
act
issue
hours
.
the
expanding
this
have to
prevent
the
is
Committee
because of
measures
and
five
inserted
adequate for
man
mendations,
that
warn
20,
arbitrator,
1940,
below.',
man
he
union
right to supply
Many
Commerce" reported:
Later
be
union
a
speedily
,
mist,
is
of
'
20, 1940, and to cover
What differentials in minimum wages, if
any, would
into effect on the basis of Study B and such
should
remove
Washington, April 24, the New York "Journal of
20,
specified
disposed
inconsistencies.
From
jobs
'
points,
to
problem
20, 1940, to become effective Oct.
the
no
within
not
.
the
Oct.
the
about June 20,
or
whatsoever
of
supply
The
could
Oct.
on
as
When
cause
member
•
upon
clause
any
should either
Banks
Aug.
after
1940,
of
as
contract
point:
Sec¬
of the monetary statutes of the United States
and revised in order to eliminate those enact¬
carefully studied
that
a
its
should
Reserve
of
.
lapse.
the
the
of
1
classification
additional testimony as
may be introduced.
An arbitrator should
presently be appointed to assist in the preparation
gold
statute.
Fund
Federal
well.
President,
or
than
A
to
and
20,
1940,
impartial chairman relating to Study A shall be
arbitrator, who Will determine the hours and wages'
the
following point:
President's
permits
June
1,
it be practical and
just to put
reestablished
The
which
the
of
Exchange Stabilization
service
no
as
Reserve
later
the
of
circulate.
to
Jan.
following studies:
investigation
'
.
industrial
on
hearings to begin
discretionary
be
effective
hours effective
''
and
'
event later than
no
the
commence
comprehensive
houses.
B—What
Prior
miscellaneous
'
free
shall
purpose
be
•
1933.
Executive
of either party, but in
made available to
final proposal, all
a
be
ments
the
coinage
free
with
and
reconciled
or
equally
As
Gold
Treasury,
performs
should
and
give
currency.
gold
should
the
amount
any
The
render
all
8
the
repealed
fund
of
that
change the weight of the dollar should be allowed
Section
retary
and, the
completely
certificates
to
power
A
Banking Act (1935)
enactment
reintroduction
convertibility.
and
other
any
1940.
of establishing just differentials in minimum
the responsibilities and skills of
the, various jobs.
The findings of the
Trading-with-the-Enemy-Act
(1917), of the Emergency
provisions
20,
with
•
The
Oct.
.
larger
a
A—A
Study
said, in part:
If
the request
apartment
pletely free gold market and the resumption of gold coinage.
program
effective
impartial chairman
Study
he appeared as an individual and
not as a representative of
the University.
He urged the re-establishment of a com¬
He
hours
Minimum wage scales should be increased
$1 per week for employees
paid by the week and $4 per month for
employees paid by the month.
All weekly hours should be
reduced one hour a week.
There should be
appointed an impartial chairman as provided in the
Mayor's agreement.
Previous hearings
"Chronicle" of
2519
the
Rawlins said.
at
were
Realty
that
Advisory
time
Board
being
conducted
Labor
On
Relations
(of which William D. Rawlins is Executive Secretary) and
the Building Service Employees International
Union, Local
32-B, an affiliate of the American Federation of Labor.
signs of terminating this
week,
as representatives of the owners and of
the United
Workers of America, an affiliate of the
Congress of
Industrial Organizations,
reported that they were still
unabl9 to reach an agreement for a new
contract.
The begin¬
ning of the strike was recorded in the "Chronicle of
Econpmic
Policy Commission of A. B. A. Sees Four
Responsible for Problems Confronting
Banking and Business—Cites More Money, Less
Business, Fear of Future, and Magnification of
Government—Report Presented to Executive Coun¬
cil at Hot Springs, Va.
Mine
Factors
-
April 8,
2056-57.
The prolonged stoppage of
mining operations
causing an Increasingly severe coal shortage, and the
Department of Labor announced on April 26 that it was
investigating methods of replenishing the Nation s coal
supply in the event that the strike continued much
longer.
It was feared late this week that
anthracite mines might
also be forced to shut
down, as the hard coal conference also
showed no indications of
important concessions by either
pages
was
side.
At the instance of
Secretary of Labor Perkins, Dr.
John R. Steelman, chief of the United
States Conciliation
Service, has acted during the week as mediator in the
dispute.
Increased money supply, decreased business, fear of the
future, and the mangnification of Government were cited
by the Economic Policy Commission of the American Bank¬
ers
Association
difficult problems confronting the
here and abroad," in its semi-annual
the
Executive
Va.,
body
the
Strike
New York
of
Building Service Employees in
City Averted
as
Is Signed
The
Three-Year Agreement
threatened strike of 20,000 New
service
employees
in
over
of
the
state
City building
houses, office
and loft buildings was averted on
April 22 when the Realty
Advisory Board and Local 32-B of the Building Service Em¬
ployees International Union, affiliate of the American Fed¬
eration
of
Labor, accepted
three-year agreement drafted
a
by a five-member advisory committee appointed
by Mayor
LaGuardia.
The agreement provides wage increases of
$1
per week for employees paid by the week and of
$4 per
month
hour
for
employees paid
monthly.
week in working schedules
a
Mayor's committee
was
A
reduction
of
also approved.
Chairman;
Rosenberg, New York Regional Director of
the Social Security Board; Hugh S.
Robertson, Executive
Manager of Rockefeller Center; Henry Bruere, President
Mrs.
of
Anna
the
M.
Bowery
Savings
Bank, and Charles G. Edwards,
President of the Central Savings Bank.
The text of the recommendations
prepared by this com¬
mittee and accepted in the agreement which
averted the
strike
follows, in part:
Mayor LaGuardia: These
committee
appointed
by
you
Columbia
of
12
and
the
governing
representatives
the
48
States
of
thO
and
bankers
The annual
The
Commission's
banking
countries
of
Customers
smaller
for
loans
the
the
world.
banks
than
they used to
when
rates
best
are
welcome
and
The
throughout
accommodation
lending
bankers
to
of
report states that conditions affecting
conditions prevalent in most of the
are
the
they
are
borrowers, but
not
worth
as
the
for
says:
world
they
get
evidence
falling rates charged
funds
report
the
and
the
to
shows
the
of
all
fewer
pay
as
and
much
decreases
with
which
in
the
shrinkage volume of
too
business
be..
for
to
progressive
eagerness
combination
them
much
asking
unwilling
The
it.
of
are
are
clearly
man
as
that bor¬
they
used
-
Asserting that the country does not need additional bank¬
ing agencies, the report says that banks are "seeking new
loans
more
persistently than ever before in our banking
that "they are everywhere instituting new
developments and modifying their lending methods and
history,"
and
policies in order to attract
new
loans.
Their eagerness to
lend," it says, "is the best guarantee that applications from
small business will receive willing consideration and that
decisions reached will be favorable if the conditions of the
April 22, 1939.
Dear
associations
of
Cleveland, Ohio, is Chairman of the Economic Policy
American
rowed
made up of Arthur S. Meyer, mem¬
ber of the New York State Board of
Mediation,
consisting
Commission.
loans
was
The Executive Council is
appointed by the
Spring meeting of the
ABA was held at Hot Springs from
April 23 to 26.
Leon¬
ard P. Ay res, Vice-President of the Cleveland Trust Com-
one
The
business of banking
report presented to
Association at Hot Springs,
the
Association,
bankers
of
of
President of the ABA.
•pany,
York
2,000 apartment
Council
April 26.
on
District
Threatened
the four factors "chiefly accountable for
as
the
are
the
to study
recommendations
the
industrial
of the advisory
dispute between the
proposed loan make that possible."
In
support
mission
cites
of
the
its
argument, the Economic Policy Com¬
experience of the Federal Reserve banks
Financial
2520
which were
ing the
Reconstruction Finance Corporation,
the
and
in 1934 to make loans to
given broad powers
high
at rates as
As
6%, is not adequate to cover expenses
as
Washington as first President of the United
States.
Eleven days ago I stood with the members of the President's
Cabinet and of the Diplomatic Corps on the porch of Washington's home
at Mount Vernon looking out over the beautiful Potomac.
In company
and losses."
wide
redundant, the rates at
is
shaping of all business policies:
is reflected in the headlines of
one
people," Washington declared * to the Congress,
government, the period is not far off when we may defy
injury from external annoyance; when we may take such an
attitude as will cause the neutrality, we may at any time resolve upon,
to
be scrupulously respected; when belligerent nations,
under the im¬
- -
.
and
process,
acquisitions upon us, will not lightly hazard the
provocation; when we may choose peace or war, as our in¬
terest, guided by justice, shall counsel. . . .
Taking care always to keep
ourselves, by suitable establishments, on a respectable defensive posture,
,
businessmen
makes
profits,
for
prospects
tho
about
To
the lesser
cautious.
It
enterprise and makes men seek security.
It is
which account for the record of high prices
paid everywhere for bonds of the best grades.
It discourages borrowing
of
one
potent influences
the
banks.
from
a
of
magnification of Government, the
respect to the
and
here
Both
tho enlargement
abroad
part,
;
following to say:
has brought with it direct intervention of the State in
which was formerly largely left to the bankers.
national governments directly participate in the economic activities
When
rapidly
public
selves
and
convenient to organize new agencies to
and these agencies' frequently enter the
lending public funds at low rates.
In recent years they have
of
business
been
multiplying here and abroad.
They variously term them¬
Corporations, Authorities, .Commissions, Administrations,
but under whatever names they operate they are direct
Banks,
even
business, and once established to meet emer¬
be perpetuated after the emergencies have passed.
competitors in the banking
gencies they tend to
Turning to the prospects for
the future, the report said:
confronted by
difficult problems that have their
banking
American
is
banking abroad, in the four factors
Future, and the Magnification
a profound difference between the nature and
as they are confronted by banking across the
origins, like those of
Less
Business, Fear of the
But there is
four
factors
of (More Money,
of Government.
quality of those
seas, and their
here. The difference is that abroad they
national existence itself, while with us
matters calling for quite possible measures of technical read¬
significance as they apply to us
entangled with problems of
are
they
are
justment.
•
intervention and competition in the business of
to increase in this country in the years that
lie directly ahead.
It is quite possible that it may decrease.
The more
.difficult problem is that of the vested interest of government in main¬
taining our artificially low interest rates.
Sometimes within a fore¬
seeable future, interest rates are going to rise again to something like
their old normal levels.
When that happens the fiscal difficulties of our
Direct
government
banking may
the
not1 continue
Department are going to become more serious, and
of banks will be intensified also, for bond
Treasury
problems
decline.
"
At
time
in
*
,
,
some
future
the
are
we
for a time
prices will
going to have in this
country a
and then interest rates will advance.
Indefinitely continued maintenance of such low interest rates as we now
have
would imply either permanent depression, or a society without
self
business
sustaining
recovery,
and' with a stationary or falling standard of living.
We may*,
confidently reject the possibility of our accepting those conditions,
so
we
look forward to an increase in interest rates with all the
progress
still
and
difficult
return
adjustments
to
the
it
that
will
with
entail,, but
the
prospect
American way of life that it will help to
traditional
of a
make
possible.
the
to
the
report,
readujstments
"when
we
required by
a
have successfully
return to normal
interest, we shall have solved most of the prob¬
lems of those four factors also."
rates
know you
"
of
and your products.
the participation
ing His Successors in
As
Fair
Chairman
of
Commission,
Presidency
United States New York World's
Secretary of Agriculture Wallace wel¬
the
behalf of the United States Govern¬
Commissioners from more than 50 nations
representing the population of almost the entire civilized
globe.
The dinner, held at the Hotel Plaza in New York
City, was tendered by the Commission in honor of the
foreign nations participating in the World's Fair.
Address¬
comed, on April 25 in
ment, the High
New York and to the United
of dollars to give us a better
chance
of your
of
useful and happy
/
lives.
for we know that we,
children of humanity.
In some degree, I suppose, every race, color, creed, and nationality can be found
to have contributed to the building of America.
For these contributions
we
owe
a
debt of gratitude which we can never fully repay.
The least
we can do is to understand and welcome each contribution,
and above all,
to nourish respect and toleration for those who have brought their culture,
We
could
a
people,
their
not believe otherwise,
energy,
as
A.
A.
are
composed
in this country,
of all the
and their spirit to our shores.,
Berle
•
Secretary of
Jr., Assistant
State, welcomed
in behalf of Secretary Hull.
Edward J. Flynn, ,
State of New York and United States Com¬
presided and introduced the
the gqests
of
Secretary
missioner General to the Fair,
the foreign officials.
in behalf
Chairman of the board
also
Commissioner General,
George McAneny,
of the Fair Corporation,
Sir Louis Beale, British
speakers.
responded for all
a
speaker.
♦
Otto
Outlines
Jeidels
Before
Reich's
stacles
Secretary Wallace at Dinner in New York Welcomes
Commissioners of Foreign Nations—Greets Them
as
Chairman of United States World's Fair Com¬
mission—Sees Views Washington Expressed Guid¬
_
Mr. Wallace spoke, in
Governments in this New York
World's Fair, the people of the United States this summer will have
an
opportunity such as the people of no country have ever had before. •
Our Nation, so long a place of refuge for the oppressed and under¬
privileged from the whole world, has a profound and vivid sympathy with
the cultural and industrial efforts of other nations.
In great numbers,
during the months to come, the people of America will enter your re¬
spective pavilions, examining with greatest eagerness your portrayal of
tho outstanding traits of your particular cultures.
'
t
The persons in charge of your exhibits will, of necessity, become, ac¬
quainted with the American mind.
They will learn to know how sym¬
pathetic we are to new ideas and outstanding achievements by other
peoples.
Building our Nation out of many races, we have found that it
is possible to respect the varied peculiarities of other races and
other
cultures and make them a source of strength to a united State.
We in this country are definitely against any efforts by outside na¬
tions to impose on us, either by internal propaganda or by force,
any
type of government supplanting democracy.
But we do not extend our
intolerance—or at any rate most of us try not to be intolerant—toward
any race or creed.
We believe that humanity in all lands is on the
average essentially alike at birth.
We believe that the sacred duty of
government is to give the children of humanity an opportunity to lead
was
According
made
.
done a great honor to
spent millions
have
You
Because
participation,
such
facilitate
to
find. it
they
people,
their
of
•
follows;
nations have
States.
of lending,
business
as
Your
of the power and importance
government
the
C
■
o
part of his address,
In the earlier
With
have guided
the
in
successors
h
report has the
emergencies."
Presidency. The application of his views has not
always been easy; the motives behind the application have often too
readily been misunderstood.
But the policy has vitality even today, 150
years
later, for it comes from the continuing desire of the American
people to live and let live, to ask respect for our rights in return for
respecting the rights of others, and above all, to secure and maintain
the peace of the World.
No President has so vigorously carried out this policy—the policy of
the good neighbor—as has President Roosevelt.
In this spirit of inter- '
national friendship, the people of the United States extend a warm wel¬
come to all other nations taking part in
this great exposition.
' 1
his
venturesome
discourages
of making
safely trust to temporary alliances for extraordinary
remarkable extent the views Washington expressed
may
we
is lesser in degree but more con¬
is particularly influential in this
regulation of the conduct of business.
Fear of the future, whether it be the greater fear of war or
fear
efficient
giving us of
which
country.
Instead of calling it fear of the1 future we might - perhaps do
well to designate it as doubt about the future, or even as doubt about
the prospects for profits.
It results, primarily, from the impact of new
and increased taxes,
and from changes imposed by government in the
its
in
tinuous
remain
an
possibility
that is fear of war which, week by week,
our newspapers and in the quotations of
of fear that
kind
another
is
There
we
"If
which it can be loaned have fallen.
securities.
prices paid for
to disturb
Jefferson, and
foreign policy was of
wise
material
of the future" the report, in part, states:
fear that overhangs the whole world and influences the
one
to follow. ,
of great European up¬
were
Adams,
a
"under
been no suqh
of money has
As to the "fear
There
which
of
nation
would
become
for
continuously his own administration and
Madison.
For this new and struggling
extraordinary importance. Washing¬
ton foreshadowed the continuing desire of the American people to be in
the world and yet not completely of it.
From his policies and from the
world situation of that day a Monroe doctrine followed almost inevitably.
those
•
prevailing rates of interest.
Unfortunately, there has
increase in the volume of business, and since the volume
sensed the
day, but for at least a century and a half
inauguration came on the eve
his
heavals
an
the
150
this gathering, to recall how
Washington's
corresponding increase in the amount of business transacted, there
have resulted no such decline as the one we have experienced in
a
the occasion,
It
accurately Wash¬
fundamental desires of the American people, not only
appropriate, before
ington
for
important clue to one of the reasons for the .world¬
decline in interest rates.
If there had been, in these recent years,
have
we
commemorating
were
we
when Washington prepared to set out from Mount Vernon
his inauguration at New York.
He reached New York on April 24, exactly 150 years ago yesterday.
ago,
seems
Here
Roosevelt,
President
with
years
in the leading 15 nations of the
world there was an average increase in the volume of bank
notes in circulation amounting to 37% between 1930 and
19§8.
In the United States the increase was 49%; in
France 45%; and in the United Kingdom 37%.
The re¬
port goes on to say;
Fair commemorates the 150th anniversary
know, this World's
inauguration of George
you
the
of
report states that
The
Friend¬
Wallace
said, in part:
vigorously exercised through the
67 offices of-these two agencies.
They have been making longer loans
on
more generous
terms than good banking practice has previously sanc¬
tioned.
The total that they succeeded in lending is now less than 1%
of the total of the present commercial loans of banks.
Their experience
was summarized by the Federal Reserve Bank of New York in
its monthly
review of last August in the statement, "In general, the experience of
this bank with this type of loan indicates that the income received, even
these powers have been
five years
gathering on the subject of "International
New York World's Fair," Secretary
ship and the
It
business.
states;
For
April 29, 1939
Chronicle
Bond
Club
Future,
Path
Economic Program
York—Has Faith in
Admits Political Ob¬
Germany's
of
New
Although
on
Germany within the last few years has eliminated unem¬
ployment and has fully employed its entire industrial equip¬
ment, Otto Jeidels, formerly of Germany and now associated
with Lazard Freres of New York City, told the Bond Club
of New York at a luncheon meeting on April 20.
Mr.
was Managing Director of the Berliner Handelsgeselschaft for 20 years, said that the first recovery effort
by the present Reich Government was a public works pro¬
Jeidels, who
comprising the mortorization of Germany. This, he
was followed by the re-armament plan, but he
stressed that that was not the essential part of the economic
gram,
continued,
Mr. Jeidels emphasized
between Germany and
program.
Throughout his address,
the difference in economic conditions
Volume
148
Financial
such countries as the United States and Great
Britain, and
said that it is therefore
impossible to compare certain German
methods, such as her financing schemes, to those in the socalled democratic powers.
In his observations as to the
probable future of German economy, Mr. Jeidels said in
part:
doubt, extend and continue its self-sufficiency
no
program.
The world which tears
down its tariff walls and where
everybody can seU
goods everywhere, if he sells them sufficiently cheaply and in
sufficiently
good quality—that is, in my opinion, very far off.
I think it is just a pious
dream.
Germany and
great many other countries
a
will do anything to
develop and protect their productive system, to build
that will employ
Germany for many,
tions, and I have
more space.
be
more
which
a
very
was
based
country which, with its present population,
a
bituminous
It has
and
coal,
chemical industries.
It has
production of nearly 200,000,000
a
another
200,000,000 tons
population which is at the
a
of lignite
coal.
raw materials for most of the modern
well-disciplined and efficient, and there is
geneous,
It pro¬
than 80% of its food at home; it has just those raw materials
modern industry needs.
of
of extremely sound founda¬
a country
pidity and
alterations
which
prosperity such
peace,
in my opinion,
we
ultimate
ments, political aspirations, and political methods might produce as devasta-
Germany is running
miles,
a
on a road which leads into the
the edge of the precipice.
near
on
thousand
to the
abyss.
I do not at all
a
long winding road of thousands and thousands of
very
of miles, but—if we stay
driving
particularly with a view to politics, that
„I believe, however, that Germany's economy is moving on
winding road,
It has gone on that road for thousands
with this little analogy
picture, of a motor car
or
that road and driving on that road fairly successfully for several
miles—many dangers
involved.
are
Something
might
happen
automobile, something might happen to the driver, the driver might
fall asleep, or—as is more likely in this case—he might drive too fast, and
he^might drive too fast out of self-confidence, too great confidence in the
quality Of the machine.
It is
dangerous situation, but let
a
And let
picttire of the road here.
me leave this
all hope that there is no place for exchanging this picture against
us
ajpicture which I have often had in mind of late, and with which
most famous novels of the greatest
one of the
French novelist, Emile Zola, ends.
He
tells the story of a locomotive driver, and, at the end of the story, the loco¬
motive driver loses control of his
He falls from his engine, and the
engine.
engine is driving blindly into a disastrous future.
tion of the War of 1870-71.
fcj Let
Zola's premoni¬
was
"
hope that my picture of the road is
us all
That
tragic picture which Zola has envisaged.
in place than this more
more
that
that
It
.
the
the
democratic
■
Speakers
California
Louis
and
K.
Among Chief
of Tomorrow—
Merchants'
of
Trends
can
be
is
have
and
the
already
been
roused
influence that makes
great
social
and
future
uncertain
most
not
wickedness,
that
The
the
as
the
by
gives
fact
be
stu¬
good
that
the
science
of
may
to
for
defend
to
arm
continued
permanent method
a
them¬
of
the
in
peace
assuring
ultimately bo worked out.
References to the Banquet of the World of Tomorrow
ap¬
peared in these columns April 8, page 2059, and
April 15,
page 2205.
It was sponsored by the Merchants' Associa¬
tion
and
tribute to the men and women in
science, the arts,
industry, whose achievements have made possible the
as
New
and
a
York
World's
Comstock
Fair
other
1939.
Besides
speakers at
the
Messrs.'
banquet
Millikan
were:
Mrs.
August Belmont, who acted as toastmaster.
George McAneny, Chairman of the Board of the New
Juan
Dr.
York World's Fair.
T.
Trippe, President of Pan-American Airways System, whose sub¬
"Industry in the World of Tomorrow."
was
Walter
Damrosch,
who
spoke
"Music
on
and
the
Arts
in
the
World of Tomorrow."
Observance of 150th Anniversary of
Inauguration of
George Washington to be Held at Sub-Treasury
Building, New York, Tomorrow—
The first celebration in
conjunction with the opening of the
World's Fair on Sunday (April
30) will be held on the
steps
of the
Sub-Treasury building, at Wall and Broad streets,
when the Chamber of Commerce of the State of New
York
and patriotic and historical societies hold exercises
at 10 a.m.
in observance of the 150th
anniversary of the inauguration
of George
Wasnington on that
spot.
Officially representing
George McAneny,
th9 World's Fair at the exercises will be
chairman of the Fair corporation, who
with
Richard
W.
Lawrence, President of the Chamber, will make the principil
addresses.
Mr. Lawrence will place a wreath at the foot of
Washington's statue, in front of the Sub-Treasury, which was
erected by members of the Chamber on Nov.
26, 1883 to
mark the place where the first President was sworn in.
Mr.
McAneny said that the exercises would be "the New York
end of the official opening of the World's Fair" and would
be
of especial historic significance because the
exposition origi¬
nally was conceived with the idea of marking th9 great tradi¬
and
a
half.
"Association
problem
is
political matters, said Dr.
that
Program for Tomorrow's Opening Day Ceremonies
concerning
Robert A. Millikan,
at
New York World's Fair
of
Says
Democracy Is "Common Enjoyment of Wealth"
The
forecast
would
knowledge
come.
a
expect
Comstock
at Banquet of World
Scientist Seeks to Foretell
Future—Head
of
countries,
tions of the nation for the last
century
L.wMillikan
R.
over
not
the foregoing
developed
not
do
civilization
spread
has
will
war
All
.
carried
I
international
rapid
science
world
in
are
.
present
our
is
modern
a
.
concerned
are
prospective
today and that gives promise that
ject
ing effects upon economy as it has produced many favorable and constructive
believe that.
.
that
or
peace
undergoes under altered
economic side.
Germany is a country where, admittedly and quite
officially, politics has supremacy over economics; and political develop¬
It has been said very often,
hope
selves—that
coming to the end—I have talked here about
am
present
resources
countries
have entered the period of real
has enjoyed in many previous periods.
as it
Of course—and here I
when
even
the
ones.
methods
for
time homo¬
same
no reason,
economic system
any
conditions, should not enjoy,
assumption
.
simultaneously
techniques used
startling change.
or
man's
folly.
being
messages
the
as
geology has shown, something like three-fourths of the coal and the metals,
the ultimate sources of
power,
being in these countries and that these
believe that Germany, with its present economic
system, and with the
natural
by
more
far
the
on
destroyed
ground
now,
so
radical
any
understood, and I refuse to accept, the clamoring
never
Germany is
Apart from everything else, it has the
to
than
cable,
2521
world
almost ideal community of producers and consumers.
an
duces
tons
industries, and
up
many years to come.
Altogether, Germany is structurally
can
cheaper
given
effective
Germany will,
for
Chronicle
.
The opening day ceremonies of the New York World's
Fair will begin tomorrow
gates
are
the next
(April 30) at 11 a. m., when the
formally opened, and continue until 2 o'clock
morning.
In our issue of last week, page 2363,
Chairman of the Executive Council of the California Insti¬
earlier reference
tute of
Technology, on April 20 at the banquet of the World
of Tomorrow, given under the auspices of the Merchants'
program,
Association
ll.OOa.m.—Official Opening of Gates—There
World's
New York,
of
Dr.
Fair.
as
prelude to the New York
a
Millikan
"Science and the
World of Tomorrow."
In another address, at the same
banquet, Louis K. Comstock, President of the Association,
asserted that democracy after which we all strive is "the
spoke
if
there
not
that
but
because
is
one
be
11.45 a.m.—International Carillon
that
something*«i4nfair in the
human
achievement
of
human
the
artificial
no
share.
may
partial
spirit
painting and sculpture
know
he
has
material
more
allocation
of
things,
that there
men,
discoveries
the
is
the
of
mind, and the genius of the human soul in the arts—and that the
music,
of
because
another
feeling ineradicable in the hearts of
it
300
man-made
For this
science
years
are
be
shared
thank God,
boundaries,,
the
extended
by all alike.
the
common
are
but
indebted
not
we
has
should
are,
free
that
science?
to
bounds
of
Poetry,
heritage—they
all
who
Within
human
will
the space
knowledge
and
human activity, more than
in all prior recorded history.
civilization
the widening spread and deepening hold of the,
scientific
depends
habit
upon
mind.
of
The
scientific
attitude
The future of
mind
of
is
applicable to business, industry, politics and morals.
We
recently have witnessed the reappearance of
fallacies of the
of
the
this
old
delusion,
has
century
the
come
past 30 centuries;
road
given
succeeded
common
man
capitalism
was
a
the
free
was
great
to
earn,
earnings
forward
step
We
called
that
use
his
human
what
own
he
and
liberty.
the
has
have
called capi¬
way
earned,
feudalism
and
his
that
sure
great next step will be taken that curtails any of the liberties
no
under
control.
be
may
heard
knows
anyone
under
under
We
far
We
that
that
Thus
mankind
far
limit.
Not
feudalism;
or
were
in
again.
however
know
do
with all the glamour
subsiding
capitalism.
"
of the discredited
many
without
out
of
means. -
way
them
see
'
„
came
understand that
to
denunciations
man's
a
we
stretches
us
exactly what that term
talism
now
us
before
resounding
great
and
swiftly they
our
equally
That
that
no
under
won
the
The official
program.
is
no
"main"
entrance
but
and, shorten
"Symphony of Bells,"
to
begin
playing
religious and patriotic airs from the moment gates open until noon.
12.00 noon—Temple of Religion Dedication by ecclesiastical leaders of the
Protestant,
Li
Roman
Catholic
and
Jewish
faiths,
choir
and
singing
addresses by Mayor LaGuardia and Grover A. Whalen, President of
»•
discontent in the hearts of men,
of
cause
envies
man
of
right
a
to
distances to transportation lines.
common
But
made
11 gates are so located as to facilitate handling of crowds
on
enjoyment of wealth in its highest sense of wellbeing, of culture and of leisure."
He continued:
was
which includes addresses by President Roosevelt,
Governor Lehman and Mayor LaGuardia, follows:
the Fair
Corporation.
.
k
12.30 p.m.—Arrival of President Roosevelt—Escorded by Squadron A—-from
Whites tone
Bridge—Army,
Navy and Marine detachments
will
be
drawn up in front of Federal Building as Guard of Honor.
Honor
Luncheon in
dignataries,
General
as
with
of President Roosevelt—Attended by about 350
Edward J. Flynn, U. S. Federal Commissioner-
host in Federal Building.
^Luncheon of New York World's
Fair
Incorporators
and
Board
of
Directors—Attended by about 450 guests, with Grover A. Whalen
pre¬
siding, in Perylon HaU, official reception building of the Fair.
12.45 p.m.—Procession from the Helicline to the Court of Peace—With MajorGeneral William H. HaskeU
sist
of
detachments
of
as
New
Grand Marshall, the parade will con¬
York
World's
Fair
bands,
police,
the
Grand Marshall's staff, Color guard, representatives of veterans
organi¬
sations, mounted Indian detachment from Haskell Institute, U. S.
Army, Navy, Marine Corps bands, 5,000 sailors from the U. 8. Navy,
detachments from Army, Navy, Marine Corps and National
Guard,
costumed representatives of 62 nations
participating in the Fair,
approximately 20,000 members of the building trades unions and pro¬
fessions in "working clothes costumes"; World's Fair
contingent, led
by Mr. Whalen and including incorporators, members of Board
of
Directors, Foreign and State Commissioners of the Fair and uniformed
representatives of all departments of the Fair.
2.30 to 3.30 p.m.—Official Ceremonies Opening the Fair, with addresses by
President Roosevelt, Governor Lehman, Mayor LaGuardia, Sir Louis
Beal,
British
Commissioner-General to the
minster Chorus of
Fair,
singing
by
West¬
Princeton, with Mr. Whalen presiding.
capitalism—it will enlarge them.
The spark of liberty in the mind and
spirit of man cannot be long extinguished; it will break into flames that
nations will present flags
will
of Nations for the first time.
destroy
coercion which seeks to limit it.
every
We also quote, in part, from the
Fifty
years
from
of
power,
not
of
course
have
now
so
now
very
already
much
increased,
a
as
pretty
they
well
us,
from the point of view
different from what it looks
by surface vehicles
ticulars
address by Dr. Millikan:
the world will look to
but
or
are
the great
perfected
bulk of
the
by steamships propelled
today.
art,
The
and
art
of
though
now.
in
Air travel will
freight
the
will
it
may
be
go
essential
communications,
as
As
President
Roosevelt
pronounces
Fair
open,
color
and fountains will be turned
bearers of 62
on in
the Lagoon
4.30 p.m.—Dedication of 65-Foot Statue of George Washington in Constitution
Mall—Reenactment of Washington's
first
President of the United
States.
inauguration
150 years ago as
This will climax
a
trip by an
impersonator of Washington who will ride in a 160-year old stagecoach
over
the original inaugural
journey from Mt. Vernon,
Va., to
New
par¬
York City.—Taking part in the ceremony will be Governor Lehman,
is
who will deliver the address, and costumed descendants of those who
too,
considerably
were
present at the original inauguration.
>
Financial
2522
5.00 p.m.—Dedication of the
Statues of the Four Freedoms—Address by Mayor
Religion, Press and Assembly.
LaGuardia on Freedom of Speech,
of the Fair for the First Time—-Flashing lights
Trylon and bell-like notes in the Perisphere, to be seen and heard
20 miles, will be given Impulse by cosmic rays.
Brief address on
9.00 p.m.—Official Lighting
the
for
"Cosmic
Rays" by Dr. Albert Einstein.
Following
cosmic
demonstration, a
ray
light, color and sound will burst from
9.30 p m.—Opening Concert
spectacle of fire,
water,
the Lagoon of Nations.
New York Philharmonicwith Josepf Hofmann,
of the Fair by the
Symphony Orchestra, John Barbirolli conducting,
April 29, 1939
Chronicle
last August
Board
the
The President reappointed Mr. Smith to
(referred to in our Aug. 27 issue,
1938.
27,
Aug.
1273) over the opposition of the American Federation
leaders, who said that Mr. Smith "lacks the
necessary qualifications to continue to serve as a member
of the NLRB."
Since the President never sent to the Senate
the nomination of Mr. Smith, who has been serving on the
Board on a recess appointment, it was not necessary to
page
Labor
of
his
withdraw
Mr.'Leiserson.
before appointing
name
world famous pianist, as soloist.
10-00 p.m.—Grand Parade in Amusement
Center—About 7,000 entertainers
and workers from all the concessions will
10 30 p.m.—Entertainment
tresses, musical comedy stars
••
•
participate.
Charles S. McCain to Become Associated with
and a famous band in the amusement
Display on Fountain Lake, including
multi-colored lights.
11.37 p.m.—Dancing in the Streets in the amusement center.
2.00 a.m.—Goodnight Fountain
Display, with lights and music on Fountain
'
Lake.'
•
Curb Exchanges to Ad¬
New York Stock and New York
mit Visitors During
Duration of World's Fair—
On May 1 the New York Stock Exchange will open to the
public its enlarged reception facilities incident to the opening
of the New York World's Fair.
The announcement of the
Exchange
says:
Coincident with the opening of the
Exchange's reception facilities to the
Stock Exchange firms
public on Monday, May 1, members and partners of
will be relieved of the necessity of introducing
their guests on the gallery.
personally and accompanying
It will be necessary only for visitors to present
They will be welcomed by the
themselves at the 20 Broad Street entrance.
Exchange's own staff of receptionists.
by an exhibit room on
the second floor of 20 Broad Street, adjacent to the
foyer leading to the
This room is designed to present a comprehensive and
visitors' gallery.
interesting illustration of Exchange operations and
brokerage procedure.
announced on April 25 that
for the first time in its history the Exchange will admit visi¬
tors to its trading floor for the duration of the World s Fair.
From this vantage point they will be able to get a close-up
view of the trading operations and the brokers transacting
The New York Curb Exchange
business,
■
„
"
-
McCain
Bank, later becoming Chairman of the Board.
Chase
the
Early in 1934 he resigned from the Chase Bank to accept his
present position as President of the United Light & Power
Company in Chicago.
The announcement in the matter
1
further states:
on
Arkansas Ry., National Cash
Standard Insurance Co. of N. Y., and Standard 8urety &
International Paper Co., Louisiana &
Co.,
Casualty Co. of N. Y.
.
of directors
and the number of executive officers to twelve.
to six,
.
Kock.
Clarence
are
.,
♦
Exchange Governors Honor
Drysdale for Long Service
R.
A,
The Board of Governors of the New York Stock
Exchange,
meeting on April 26, unanimously adopted the follow¬
ing resolution, in appreciation of the long service and sound
judgment of Robert A. Drysdale, who resigned as a member
of the Board on March 29, (as was noted in our April 1 issue,
page 1897):
\
'
at its
"Inasmuch
as
the pressure of superior
has made it necessary
resignation
as a
Deal economist and Executive Sec¬
on
Chairman William
He was
designated for the term ending June 5, 1939.
Mr. Hender¬
son
entered the Roosevelt Administration in 1934 as an
created
the appointment of former
by
Douglas to the United States Supreme Court.
0.
appreciation of the value of his long service and of their sympathetic under¬
compelling his withdrawal as a Governor.
National Re¬
Administration, and later became an economic con¬
sultant of the Works Progress Administration."
The chair¬
covery
manship; of the SEC is temporarily under the direction of
Commissioner Robert E. Healey.
In our issue of last week,
2364, reference was made to the taking of the oath by
Justice of the Supreme Court.
page
Mr. Douglas as an Associate
Fortas
A,
Resigns
Utilities
Assistant
as
of
Director
SEC—To
of
Division
Public
General
Become
Counsel of PWA
for Robert A. Drysdale to request approval of his
member of the Board of Governors of the New York Stock
reasons
Exchange Commission
Economic Committee, was
April 24 by President Roosevelt to be a mem¬
ber of the Securities and Exchange Commission.
Mr. Hen¬
derson was named to fill a vacancy on the Commission
nominated
demands on his time, and energy
Exchange, it is fitting that the Governors give public recognition of their,
standing of the personal
Roosevelt for
President
by
Named
Henderson
economic adviser and research director of the
Stock
The
Dillon, James Forrestal, President, C.
Douglas Dillon, Ralph H. Bollard, and Dean Mathey.
The other execu¬
tive officers are W. M. L. Fiske, Roland L. Taylor, William H. Draper, Jr.,
Wilbur C. DuBois, Karl H. Behr, Frederic H. Brandi, and Charles E.
directors
present
Leon Henderson, New
—
York
This will increase the number
director and an executive officer.
a
retary of the Temporary National
preview of "Railroads on Parade," the pageant of trans¬
port, which will feature the Worlds Fair Railroad Exhibit
will be shown tonight at 9 p.m.
This production is a real stage presentation in story, music
and spectacle of American transport history from covered
wagon days to the latest streamlined locomotives and de luxe
trains of today.
>
New
McCain will
Read & Co. is a joint stock association and Mr.
Dillon,
become
Parade" at New York
A
.
*
,
Refining Co., B. F. Goodrich
Mr. McCain is a Director of Corn Products
Leon
World's Fair to be Shown Tonight—
with
Bank, and when that institution was merged with the Chase
National Bank in 1929, Mr. McCain became President of
Vacancy'on Securities and
Preview of "Railroads
associated
will become
& Co., New York, on May 1. A native of
Arkansas, Mr. McCain, following his graduation from Yale
in 1904, returned to Arkansas and took up commercial
banking.
After advancing to the Presidency of the Bankers
Trust Company of Little Rock, he left Arkansas in 1925 and
came to New York in 1925 as Vice President of the National
Park Bank.
In 1927 he was elected President of the Park
Dillon, Read
Register Co.,
.
expanded reception facilities are supplemented
Director and Executive Officer
a
Simonton
Charles
rockets, baloons, smoke bombs and
The
be
to
center.
11-15 p.m.—Fireworks and Fountain
Dillon,
Bank
Read & Co.—Former Head of Chase National
Broadway and Hollywood actors and ac¬
by
Abe
Assistant
Fortas,
Division
the
Utilities
Public
Commission, has
appointment as General Counsel of
Administration, it was announced by
resigned to »accept
Public
of
Director
Securities and Exchange
of the
an
He has given of his abilities not only to the Board and to its Committees,
the
but as well to important banks in New York City.
April 22.
Mr. Fortas became associated
with the Commission in November, 1934, as principal attor¬
ney of the Protective Committee Study and shortly there¬
after became its Assistant Director.
In February, 1938, he
It is therefore,
"Resolved, That the members of the Board of Governors do now, by a
unanimous vote, record the confidence they have in the soundness of judg¬
ment and
quiet determination of character which have given value to the
services of Robert A.
Drysdale and do record
continued ability
lend dignity and character to the business in which
to
as
well their confidence in his
members and member firms of the New York Stock Exchange are engaged."
Works
the Commission
appointed
was
,
on
Assistant
of
Director
the
Utilities
Public
Division.
♦
Governors of New York Curb Exchange Pass
Praising C. A. Bettman for Work
as
Resolution
A.
M.
Betts
Tem
Renominated
Stock
President Pro
The
Nominating
The Board of Governors of the New York Curb Exchange
at its regular meeting on April 26, adopted a resolution
praising the work of Clarence A. Bettman as President pro
tem.
The election of George P. Rea as the first paid Presi¬
dent of the Exchange was noted in our April 22 issue, page
2365.
The following is the resolution:
June
Committee
change announced
Resolved:
That the Board of Governors of the New York Curb Exchange
be filled at
5.
of the
Board
of
Emmet
G.
Ralph
in which he has put
into effect the details of the reorganization,
The Board,
therefore, desires to
entire membership of the
express
its thanks to him in behalf of the
Exchange.
Succeed Donald W. Smith
on
NLRB
April 25 President Roosevelt nominated William M.
Leiserson of Ohio
as a
tions Board to succeed
member of the National Labor Rela¬
Donald W.
Smith of Pennsylvania.
Mr. Leiserson, who is now Chairman of the National Media¬
tion
Board,
was
named for
Betts
was
renominated
Davis,
A.
E.
Frank
a
five-year term dating from
for
Chairman
H.
Davis
Lam son
Skinner,
O'Brien,
Paine,
&
Co.
Bros. & Co.
McDonald, Frank E.
J.
B.
three years on the
Upham & Co.
Harris,
Paul
Lamson,
Michael
John
serve
McDonald &
Co.
Webber & Co.
Hornblower &
Weeks.
Wheeler.
E.
The following were nominated to serve on
P resident Roosevelt Nominates William M. Leiserson to
On
Cathcart,
Paul
the arduous work of which has been largely his.
M.
Barker, James E. Bennett & Co.
W.
Warren
manner
Stock Ex¬
Governors:
tem of this institution.
be very much commended on the
Chicago
on
The following were nominated to
A.
The Board considers that he should
the
of
Chicago
,
April 25 the nominees for offices to
the annual election of the Exchange to be held
Arthur
James
extremely grateful to its Chairman, Clarence A. Bettman, for his able
of
Board of Governors for his second consecutive term.
and unselfish labor in carrying out the additional duties as President pro
is
Chairman
as
Exchange—Other Nominees
the 1940 Nomi¬
nating Committee:
Wallace
Joseph
C.
P.
George
E.
Alfred
W.
Reuben
Of
Brown.
Dernbach
Mansfield.
Thorsen.
,
Board of Governors,
Davis, Lamson, O'Brien and Skinner, whose terms
the
Messrs.
Winter.
eight
nominees
for
the
Volume
Financial
148
expire June
5,
renominated.
were
Board
of
Governors
and
Cath-
Barker,
Messrs.
now
members of the
nominated to
succeed Messrs.
McDonald and Wheeler
cart,
are
are
not
Harry M. Payne, Alger Perrill, Virgil C. Webster and Wal¬
lace C. Winter, whose terms also expire on June 5.
Daylight Saving Time to Go Into Effect Tomorrow —
Announcements of New York and Chicago Federal
issued on April 21 by
the Federal Reserve Bank of New York regarding the obser¬
vance of
Daylight Saving Time, which goes into effect at
2 a. m. tomorrow (Sunday), April 30:
following announcement
DAYLIGHT
To all Banks and Trust
TIME
SAVING
Buffalo, New York, during the period from 2
of Eastern
Sunday, April 30,
m. on
a.
During this period local time
Sunday, Sept. 24, 1939.
be one hour in ad¬
Standard time, and this bank will operate on
GEOttGE
such local
HARRISON, President.
L.
The
Chicago Federal Reserve Bank on April 22 also issued
similar announcement, which follows:
Daylight Saving Time in Chicago will become effective on April 30, and
Chicago Banks will advance their clocks one hour for the period
April 30 to
Sept. 24, 1939.
There will be
change in banking hours, which are from 9 a.m. to
no
Saturday, when they are from 9 a. m. to 12 m.
2 p. tn., daily except
dent
States Chamber of
■
•
f
27th
Hold Annual
Commerce to
Washington May 1-4
Meeting in
The
21 and
April
20,
at
Chemical
Chamber, and J.
the Canadian Chamber of
Commerce, listed among the speakers.
At the general ses¬
sion, on May 2, George H. Davis, President of the United
States Chamber, Harry L. Hopkins, Secretary of Commerce,
and W. J. Cameron, of the Ford Motor Co., will speak.
Some of the other speakers who will address the various
President
International
the
of
Stanley
McLean,
sessions
of the meeting are:
Bruce
Barton
P.
Eugene
G.
of
on
,
Brookings
of
M.
tion
Bank
3,
on
Recovery."
First
Edward
of National
"Nashville
of
Representative
Vice-President of
Burke
R.
Nebraska,
of
dresses,
&
J.
Trade
Council,
table session
James
in¬
Contribution of
round
the subject "The
This session will hear
surance
Mutual
Penn
President,
Arnold,
Co., Minneapolis,
Life
to
a
National
Life .In¬
Director of the Chamber and
will preside.
was
of
New
President
York
of
the
chief
the
was
Bank
Jones,
of the
Chairman
detained in Washington.
Board,
Association,
Commerce
Mr. Adams has been
for the
last
has
has
of
been
President
served
as
United
the
the
of
of
director
a
15
He
years.
authority
Bankers
Texas
Chamber
the
States, and has held
positions, nationally and in his home city.
an
Reconstruc¬
to have made one of the ad¬
was
of the original members of the Federal Home Loan
one
many
of
other
He is known
petroleum financing. - Mr.
Adams entered the employ of the National Exchange Bank
(predecessor of the First National) as a clerk on Apr. 20,
cotton
on
and
.
W.
Jesse
BANKS,
Tapp,
TRUST
COMPANIES,
4
Department of Ag¬
with the
tional Trust &
Savings Association (head office, San Fran¬
Calif.), according to an announcement by L. M.
Giannini, President of the institution.
Born in Corydon,
Kentucky, Mr, Tapp, who graduated in economics at Har¬
vard, began his career with the Department of Agriculture
in economic and farm management work in 1920.
He left
cisco,
this
in
1928
to
undertake
analysis work with
investment
investment firm in New York, but returned to Washing¬
ton
1933
in
ties
President of the Federal
as
Corporation
AAA.
He
Surplus Commodi¬
and as Assistant Administrator of the
functioned as director of the Commodity
Corp.
also
and the Federal Crop Insurance Corp.
Tapp will make his headquarters in San Francisco.
THE
CURB
have been
irregular with the advances slightly in
declines.
the
share of the
amount of
have
Public utilities have attracted
a
dealings
excess
of
substantial
speculative attention and there has been
buying in the industrial specialties.
been
Mr.
EXCHANGE
Price movements in this week's Curb Exchange
&c-
were
associated
riculture in Washington, D. C. for many years, has joined
the commodity loan division of the Bank of America Na¬
a
fair
Oil Stocks
comparatively quiet and aviation issues have
shown little
made, April 26, for the transfer of a
New York Stock Exchange membership at $60,000.
The
previous transaction was at $51,000, on April 11.
Arrangements
Co.
Adams, the night of
Houston,
of the First National
w^ek and
ABOUT
Trust
Jesse
address
an
Philadelphia.
Insurance Co.,
Northwestern
Chairman of its Insurance Committee,
ITEMS
K.
Frank
Corp., who
was
Credit
Foreign
Banner."
Insurance
Co., Newark, on the subject of "Insurance in the Develop¬
ment of Enterprise" and another on "The Social Security
Provided Through Life Insurance" by John A. Stevenson,
President,
Finance
President
by Lawrence E. Falls, Vice-President, American
O.
lasted throughout April
speaker among several who spoke in praise of Mr. Adams'
an
Institution,
Hanes,
Senator
will devote one
May
Insurance to
of
Robert
President
Publisher
meeting
surance,
York,
Association,
Thomas,
Stahlman,
The
President
New
Bankers
American
President
Moulton,
civic occasion)
a
which
achievements.
Washington, May 1 to
The International Chamber of Commerce will hold
their American section banquet on May 1 with Thomas J.
G.
The three-
(in which the city and State participated,
featured by a dinner to Mr.
was
1889.
May 4.
Harold
gathered in
a week ago, to honor Nathan Adams, Presi¬
the First National Bank in Dallas, on the comple¬
of
meeting of the Chamber of Commerce
annual
of the United States is to be held in
Watson,
current
tion of 50 years of service with the institution.
as
United
the
Bankers from various sections of the country
time,
a
In
Dallas, Texas,
making the event
in the cities of New York and Buffalo, New York, will
vance
1938.
31,
day celebration
Companies in the Second
"Daylight saving time" will be effective in the cities of New York and
a. m. on
Dec.
on
chief items comprising the assets are: Loans
was
Federal Reserve District and Others Concerned:
1939, to 2
statement, the
and discounts,
$37,320,011, against $35,782,866 on Dec. 31); United States
Government securities, $29,843,091
(comparing with $26,180,324), and loans and discounts, $37,320,011 (against
$35,782,866).
The company's capital remains unchanged
at $6,000,000 but surplus and
undivided profits are re¬
ported at $3,056,540, compared with $3,108,517 on the earlier
tively,
date.
Reserve Banks
The
2523
Chronicle
Trading has been light throughout the
change.,
prices have generally held within
Narrow
narrow
limits.
price changes and light trading were the
out¬
.
standing characteristics of the dealings
Curb Exchange
Public utilities
on
the New York
during the abbreviated session
were
in good
on
Saturday .
demand, particularly those in
'
Arrangements
completed, April .22, for the sale of
Chicago Stock Exchange at $1,600,
down $100 from the last previous sale.
"
a
membership
were
in
the
*
•
frThe Schermerhorn Office of the
Brooklyn Trust Qo., lo¬
Flat bush Avenue,
Brooklyn, N. Y., will move during the week-end to larger
-and remodeled quarters in the first floor and basement of
65|Flatbush Avenue, at the corner of Lafayette Avenue,
where it will open on May 1.
The office is in charge of
for
cated
the
past several years
Frank G. Nash
-
as
'
manager-.
A
at 41
"
•
♦
According to its condition statement
.
as
•
at the close of
business March 31, 1939, the Syracuse Trust Co., Syracuse,
N. Y., shows total deposits of $28,616,934 and total resources
of $32,662,632 (comparing with $29,905,240 and $33,940,010,
Dec. 31, 1938) of which the principal items
are:
United States Government securities, $9,675,611 (as
against $9,255,253 on the previous date); loans and discounts,
$8,839,068 (contrasting with $9,114,893), cash on hand and
in banks, $4,462,999 (against $5,637,042), and other invest¬
ment securities, $4,743,733 (against $4,852,055 three months
ago).
The company's capital and surplus, at $2,400,000
and $600,000, respectively, remain unchanged, but undivided
profits have increased to $575,905 from $544,728 on Dec. 31.
C. Hamilton Sanford is Chairman of the Board of Directors,
and Harry W. Davies, President of the institution.
respectively,
The
on
Mississippi Valley Trust Co. of St. Louis, Mo., in its
statement, as of Mar. 29, 1939, shows total de¬
condition
posits
as
of $103,783,333 and total resources of $113,619,085,
with $101,593,651 and $111,263,888. respec¬
compared
the
preferred
group,
and
a
number of the more active issues
The
registered gains ranging from 2 to 4 or more points.
industrial specialties were
were
not
especially noteworthy, the advances held to the
end of the session.
tion shares
was
were
down to
vances
fairly active and while the gains
Oil stocks showed small gains, but avia¬
almost at
a
standstill.
The volume of sales
approximately 77,000 shares.
Among the ad¬
Brown Co. pref., 2% points to 14 34; Mid vale
were
Co., 3 points to 98; Consolidated Mining & Smelting, 1
point
473^, and Carolina Power 6 pref., 2 points to 81.
to
While the volume of trading showed a
on
substantial increase
Monday, price movements continued narrow and feature¬
less.
There
was
considerable activity apparent in the public
utilities, especially among the slow-moving stocks, and
both
close.
In¬
advances and setbacks were in evidence at the
dustrial shares registered modest gains,
issues
were
mining and metal
quiet and aviation stocks continued to fall behind.
with 278 issues traded in.
The transfers totaled 129,145 shares
Of these 107
closed
on
the side of the advance, 90 declined
and 81 showed no change.
The advances included American
pref. (6), 2% points to 71; Cities Service
pref. BB, 4 points to 47Singer Manufacturing Co., 2
points to 179; Columbia Gas & Electric pref., 2% points to
64, and United Shoe Machinery, 1 point to 75.
Superpower 1st
during a goodly part
Tuesday. The advances were not especially
noteworthy but the upward swing was fairly weil maintained
up to the closing hour. In other parts of the list considerable
Public utilities again moved forward
of the trading on
V.
backing and filling
was
ENGLISH GOLD AND SILVER MARKETS
THE
apparent, and while the advances
exceeded the declines by a small margin, there were a number
of the trading favorites that worked down to new lows for
We
the following from the weekly circular of
of London, written under date of
reprint
Samuel Montagu & Co.
the year.
Industrial shares, as a group, were higher but the
changes were small. Oil stocks were fractionally higher and
the aircraft issues were about evenly divided between ad¬
vance and decline.
The gains included among others Hazeltine, 2 % points to 30; Benson & Hedges pref., 3 % points to
39%; Mead Johnson, 1% points to 132%, and National Oil
Products, 2 points to 32.
Industrial stocks again moved forward on Wednesday and
a number of important issues registered gains ranging up to
2 or more points. The most active shares were among the
preferred stocks of the public utilities and for the third con¬
secutive session these shares registered substantial gains.
The transfers were down to 97,535 with 287 issues traded in,
and while the advances again exceeded* the declines by a
small margin, the changes were largely in minor fractions.
Aluminum Co. of America was one of the weak stocks and
tumbled downward 3 points to 93, and Dayton Rubber
moved ahead 2 points to 12%.
National Power & Light
pref. advanced 3% points to 81%; Empire Gas & Electric
7% gained 4 points at 65%, and Safety Car Heating &
Lighting improved 1% points to 54%.
April 12, 1939:
r
GOLD
England gold reserve against notes on April 5th was .£226,160,005 at 148s. Gd.per fine ounce showing no change as compared with the
The Bank of
^rfn*the op€^mari«!t about
£1,600.000 of bar gold was disposed of at the
three working days of the week under review.
by the political situation caused a certain amount
of reselling by Continental holders and this formed the main proportion or
supplies, as sales by official quarters were not in evidence; offerings on
occasion were insufficient to meet buyers reauirements in full.
Most of the
gold available was secured for shipment to New York.
dally fixing during the
Nervousness occasioned
Quotations—
April 6._
April 11
Per Fine pz,
148s,,6d.
—-.148s. 6d.
.
Quotations—
April 12-.-.^-.r.---.14^- 6)4d.
Average
...
148s. 6.17d.
The foUowing were the United Kingdom imports and exports of gold,
registered from mid-day on the 3rd inst. to mid-day on the 8th inst.*
Exports
Imports
Uhion of South
Africa
Southern Rhodesia.
New Zealand...
——
France..
Netherlands.
*
Switzerland
Other countries—
... -
Exchange on Thursday, and while the gains were not es¬
pecially noteworthy, the upward swing Was fairly steady until
the close.
Aircraft shares were stronger being stimulated to
some extent by the announcement of a $50,000,000 order for
airplanes by the United States Government.. Public utilities
also moved upward, although most of the advances were con¬
fined to the preferred stocks.
Industrial shares were stronger
and oil issues were generally higher.
The transfers for the
day were slightly more than during the preceding session.
Stocks closing on the side of the advance included among
others Aluminum Ltd. 1 % points to 112, Bell Aircraft 1 point
to 26, Colt's Patent Fire Arms 1 point to 81, Electric Bond &
Share 6% pref. 3 points to 65%, Pittsburgh & Lake Erie
2 % points to 52 and Lockheed Aircraft i % points to 25.
Curb stocks wer9 slightly higher as the market opened on
Friday but reacted downward following the publication of
Hitler's speech.
The declines were not especially note¬
worthy, and while there was some pick up toward the end
_
2,082
18,054
10,394
5,168
5.952
2,604
France.
Morocco
Palestine
6,751
6,124
138,658
643,597;
13,630
-
610,220
,
Netherlands
Switzerland.
8,771,979
.
Germany.......
Canada
187,101
18,742
66,380
7>019
.—*.
British India..—
Belgium
United States of America £7,688,454
£47,467
British East Africa
Moderate advances marked the movements of the Curb
„
April 29, 1939
Chronicle
Financial
2524:
Other countries...
£9,907,449
£8,342.928
Gold shipments from Bombay during the past week amounted to about
£502,000: the SS. Strathallan carries about £100,000 and the SS. President
Garfield about £402,000.
■
The Transvaal gold output for March, 1939 was 1,075,807 fine ounces
and this established a new monthly high record: the previous record was
1,047,389 fine ounces produced during August, 1938.
The March, 1939 output compares with 979,128 fine ounces
1939 and 1,012,516 fine ounces in March, 1938.
'
,
in Feb.,
SILVER
Owing to the Easter holidays the week under review contained only three
working days, during which the market was rather quiet, the price for cash
remaining unchanged at 20d. and that for two months' delivery varying
only between 19 ll-16d. and 19 13-16d.
Resales have been made by speculators, but these were offset by bear
covering purchases whilst purchases for America also provided support.
The Indian Bazaars have both bought and sold.
No important change appears imminent, but present conditions are such
as to render the outlook uncertain.
.
of the final hour, the session ended below the previous close.
Scattered through the list were a number of modest gains but
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3rd inst. to mid-day on the 8th inst.:
Exports
Imports
United States of America,...£69,720
Australia.
^£11,242
11,414
Belgium..
—
8,305 Canada......
Norway
;—...
1.708
France
11,528
Denmark
2,972
Aden and dependencies..._xl 1,870
these
Iraq
were
largely
-
—
the slow moving stocks and had
As compared with Friday
among
x
Week tinded
Apr. 28, 1939
Z.¬
.106,855
April
Exchange
$6,567,000
26,000
Batik clearings this week
$570,000
1,200,000
1,145,000
1,156,000
1,096,000
$12"666
19,000
43,000
10,000
25,000
8,000
3,000
10,000
55,000
$52,000
$186,060
with
1,638,000
Foreign government...
Foreign corporate.
... .
Total.......
...
43 cents
.43 cents
.43 cents
a
year ago.
Preliminary figures compiled Jby us based
United States from which
possible to obtain weekly clearings will be 0.4% above
those for the corresponding week last year. Our preliminary
total stands at $5,550,922,998, against $5,528,943,895 for
it is
1938
1939
CLEARINGS
will show, an increase compared
bank clearings from all cities of the
$6,805,000
643,845
576,450
15,116,199
$6,446,000
$160,094,000
1,808,000
the
14;392.466
$6,567,000
...
—
telegraphic advices from thd chief cities of the country
indicate that for the week ended today (Saturday, April 29)
Bonds
Domestic
*
upon
Jan. 1 to Apr. 28
1938
April 5
April 6.
April 11
1911-16d.
19 ll-16d.
19 13-16d.
19.729d.
COURSE OF BANK
Total
$27,000
1,162,000
1,083,000
1,121,000
1,078,000
1,580,000
1939
NEW YORK
The highest rate of exchange on New York recorded during the' period
frqm April 6 to April 12, 1939 was $4.68M and the lowest $4.68. -
New York Curb
Stocks—No. of shares.
20d.
20d.
20d.
20d.
6
April 11
April!?—
Average.
EXCHANGE
Corporate
$543,000
Week Ended Apr. 28
at
IN
(Per Ounce'.999 Fine)
Bar Silver per Oz. Std,
Cash.
2 Mos.
Foreign
.
Government
118,615
.......
Total............
Sale
CURB
643,845
...
Wednesdays
Thursday
Friday
'
(Par Value)
Foreign
Domestic
.......
Monday
Tuesday
YORK
Bonds
76,915
129,045
117,775
94,640
Saturday.....
NEW
THE
Kingdom.
IN LONDON
■
.
AT
1,261
511
Quotations during the week:
against 59%, Lockheed Aircraft at 24% against 25, Newmont
Mining Corp. at 60 against 60 %, and Technicolor at 16%
Stocks
(Number
PS
Shares)
...—
countries-......w.T-
£87,586
Coin not of legal tender in the United
Corp. at 31% against 33%, Humble Oil (new) at 57%
TRANSACTIONS
Other
7,370
*.....
£52,600
prices were generally lower, Aluminum Co. of
America closing last night at 93 against 98% on Friday a
week ago, Babcock & Wilcox at 1634 against 18%, Gulf Oil
DAILY
Italy..
—x2,285
...
Other countries.
little effect on the market trend.
of last weak
against 17%.
— -
_
52,000
93,000
186,000
111,000
2,340,000
$6,80t>,000
$6,650,000
$164,242,000
same
week in 1938.
At this center there is
week ended Friday Of 2.4%,
lor the week follows:
$101,531,000
2,541,000
2,365,000
$106,437,000
Clearings—Returns by Telegraph
Week Ending April 29
New York
COMPARATIVE PUBLIC DEBT STATEMENT
.
Chicago..
Philadelphia..
a
loss for the
Our comparative summary
Per
1939
1938
$2,691,213,888
221,003,595
$2,758,313,161
216,459,743
'4-2!
282,000,000
269,000,000
4-4.8
161,251,415
71,256,095
64,900,000
116,754,000
84,450,605
83,957,471
70,574,952
50,494,999
155,540,927
65,068,821
4-3,7
4-9.5
4-5.4
Cera
—2.4
'
Boston
(On the basis of dally Treasury statements)
....
Kansas City..
St. Louis
Aug. 31,1919,
Mar.
31,1917,
Net bal. in gen.
debt
fund...
less
Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
306,803,319.55
1,118,109,534.76
rate
per annum on
$250.18
$129.66
2.395
4.196
3.750
Mar. 31, 1938
a
-
Year ago
'
Feb. 28, 1939
Mar
.
31, 1939
$37,556,302,154.55 $39,858,663,453.27 $39,985,224,003.07
3,140,343,548.62
3,343,424,933.96
3,389,478,830.64
Gross debt less net bal.
in general fund.
$34,415,958,605.93 $36,515,238,519.31 $36,595,745,172.43
Gross debt per capita...
a288.86
b304.61
b305.39
2.563
2.587
2.603
Computed rate of int.per
annum on lnt .-bearing
outstanding (per
cent)
a
Revised,
b
Subject to revision.
All cities, one day
Total all cities for week
bearing debt outstand¬
ing (percent)
Gross debt
Other cities, five days
Total all cities, five days...
$12.36
of Int.
Interest-
Net bal. In gen. fund...
Baltimore.'
Eleven cities, five days.
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
Gross debt per capita
debt
San Francisco*.
Pittsburgh
Detroit
net
bal. in gen. fund
Computed
1930,
Lowest Post-War
Was at its Peak
Cleveland
Gross debt
Gross
Dec. 31.
When War Debt
Pre-war Debt
;
'61,600,000
108,394,000
84,146,186
66,946,900
59,556,895
50,362,218
4-18.5
4-0.3
$3,897,856,720
727,912,445
$3,895,388,851
643,094,695
4-13.2
$4,625,769,165
925,153,833
$4,538,483,546
4-1.9
990,460,349
-—6.6
$5,550,922,998
$5,528,943,895
4-0.4
4-7.7
4-0.4
4-25.4
4-0!
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
until 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
present further below, we are able to give final and complete
results for the week previous-^—the week ended April 22.
For that week there was a decrease of 4.8%, the aggregate
of clearings for the whole country having amounted to
$5,508,619,961, against $5,785,957,072 in the same week
Volume
Financial
148
2525
Chronicle
in 1938.
Outside of this city there was an increase of 4.4%,
clearings at this center having recorded a loss of
10.8%.
We group the cities according to the Federal Re¬
serve districts in which
they are located and from this it
appears that in the New York Reserve District (including
this city) the totals record a loss of 10.7% and in the Phila¬
delphia Reserve District of 1.4%, but in the Boston Reserve
District the totals register a gain of 4.1 %.
In the Cleveland
Reserve District the totals are larger by 3.3%, in the Rich¬
mond Reserve District by 7.6% and in the Atlanta Reserve
District by 13.8%.
In the Chicago Reserve District the
totals show an increase of 6.3% and in the St. Louis Reserve
District of 14.7%, but in the Minneapolis Reserve District
the totals show a decrease of 5.8%.
In the Kansas City
Reserve District there is an improvement of 5.8% in the
Dallas Reserve District of 8.7% and in the San Francisco
Reserve District of 5.5%.
In the following we furnish a summary by Federal Reserve
Ended
Week
the bank
Apr.
22
Clearings atInc.
or
1938
Dec.
$
1939
1936
1937
%
Seventh Feder al Reserve D istrict—Chi cago
Mich .-Ann Arbor
Grand Rapids.
Lansing...
Ind.—Ft. Wayne
Indianapolis
South Bend...
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux
17,935,109
+2.5
1,242,630
—22.9
7,333,095
3,452,978
+ 17.3
City
8,444,937
+3.0
3,172,125
313,574
+4.6
78,895,902
+ 15.0
2,402,725
1,730,225
+ 8.9
854,790
16,469,000
—3.2
+ 17.8
+2.7
1,438,606
+28.2
4,302,099
+ 19.8
326,459
3,822,626
1,248,504
1,187,630
270.463,294
854,468
3,285,312
1,077,253
1.092,763
439,334,109
844,866
Itockford.
Springfield
2,548,767
2,078.788
938,630
13,709,000
1,144,640
4,570,115
22,420,410
991,628
8,160,349
3,403,840
452,294
294,441,644
851,382
4,526,788
828,905
+ 6.7
539,214
+ 3.6
328,222,923
865.081
+ 16.4
4,882,516
+ 15.9
+ 8.7
1,257,107
1,256,203
+ 6.3
523,810,599
461,877,148
413,449,851
Decatur
Peoria
99,660,781
—1.1
306,028
280,169,332
111.—Bloomington
Chicago
189,479
326,073
121,977,699
3,040,796
1,430,438
1,110,620
18,177,000
1,619,775
5,068,146
21,377,154
1,042,892
328,043
90,693,349
2,616,425
1,675,140
1,007,338
16,917,000
1,844,826
5,154,082
18,381,791
957,637
8,602,181
3,556,980
Detroit
959,708
districts:
Total (18 cities)
SUMMARY OF BANK CLEARINGS
Inc.or
1939
1938
S
%
Federal Reserve Dists.
12 cities
1st
Boston
2d
New York..13
3d
PhtladelphialO
4th
Cleveland..
227,910,070
+ 4.1
3,586,928,306
—10.7
3,372,092,879
3,572,519,340
377,911,847
383,172,696
—1.4
418,840,137
340,073,231
271,042,696
262,487,915
+3.3
+7.6
+ 13.8
+6.3
413,449,851
125,030,179 + 14.7
342,530,416
264,767,830
123,353,482
134,703,996
109,684,522
148,341,491
167,653,937
623,810,699
7th
123,595,603
132,687,454
••
168,782,248
•«
Chicago
18
439,334,109
8th
••
St. Louis... 4
9th
Minneapolis 7
143,466,677
••
95,665,715
—5.8
106,304,980
+ 6.1
702,000
528,000
143,466,677
125,030,179
+ 14.7
151,676,912
123,595,603
118,370,694
162,395,613
+ 22.6
.' 3,414,458
—8.1
71,780,000
25,286,386
1,598,739
788,310
77,137,140
Total (4 cities).
Ninth Federal
52,281,662
247,703,961
234,691,660
+5.8
+ 8.7
+ 5.5
278,851,999
Reserve Dis trict
5,765,957,022
—4.8
5^990,284,011
Minn eapolis
2,402,412,736
2,302,209,060
+4.4
2,736,404,643
2,277,530,787
339,614,169
274,767,975
+23.6
404,636,118
add
794,965
712,016
+ 11.6
772,378
2,589,368
618,619
+ 24.9
668,332
2,108,068
+ 22.8
2,767,855
2,546,655
60,176,121
23,532,353
2,043,989
543,843
569,308
2,252,414
95,665,715
101,543,042
-5.8
106,304,080
91,664,683
350,257,645
32 cities
.
now
N. D.—Fargo...
5,738,102,118
113 cities
our
detailed statement showing last
figures for each city separately for the four
2,898,975
_
Minneapolis
St. Paul
Mont.—Billings.
Helena
Total (7cities).
2,365,295
67,613,889
25,692,392
2,432,763
—2.6
Tenth Federal
Reserve Dis trict
—
Kans
as
City
91,916
80,279
+ 14.5
99,408
97,322
+ 2.1
81,233
116,646
Lincoln
Ended
2,247,363
1,885,185
+ 19.2
24,292,380
23,847,515
+ 1.9
31,612,203
Hastings.
Inc. or
1938
1939
-
1937
Dec.
1936
Kan.—Topeka
_
Federal
Boston
Reserve Dist rict1
387,218
Me.—Bangor
Portland..,
Maes.—Boston..
408,450
—5.2
.546,787
2,424,371
2,592,897
—15.4
83,660,028
+ 7.8
2,120,044
3,119,602
118,824,289
2,763,963
502,487
+0.6
3,013,662
—20.0
514,838
2,750,131
628,263
504,713
+ 2.0
597,819
580,128
2,759,737
492,964
626,071
1,369,694
195,044,458
+ 33.4
1,821,503
+ 4.0
218,687,995
125^65,515
118,370,694
+ 5.8
162,395,613
129,094,926
1,400,800
49,516,314
19,404,070
1,994,000
1,054,854
1,056,713
40,196,686
St. Joseph....
479,080
1,827,181
202,874,411
1,708,389
197,093,690
625,875
Fall River....
+ 10.5
608,242
+ 15.1
360,014
851,156
-■—18.7
596,512
3,049,004
1,494,706
10,467,707
—5.1
+ 7.0
<
+ 3.9
11,798,625
2,893,629
1,524,160
10,710,153
4,556,735
—8.6
4,335,450
3,775,365
Dallas
9,215,600
493,211
400,994
+ 11.8
10,352,400
8,790,500
Fort
+ 7.7
457,077
458,756
.
„
691,710
2,894,453
Springfield
Worcester
R.I.—Providence
1,598,634
10,872,571
4,163,832
10,307,100
N.H.—Manches'r
531,097
Hartford
New Haven...
Colo.—Col. Spgs
Pueblo..
348,374
675,338
Lowell
New Bedford..
»
610,975
2,751,107
1,970,592
Total
355,648
574,295
(10 cities)
Eleventh Fede ral
Reserve
1,698,626
51,145,521
Texas—Austin...
227,910,070
+ 4.1
Feder al Reserve D istrict—New
1,1294170
254.286,304
6,820,389
1,999,000
876,297
La.—Shr eve port.
228,989,540
Worth._i
Galveston.....
47,338,076
5,401,375
1,887,000
1,111,675
3,396,458
3,810,441
York-
237,224,539
Y.—Albany..
6,765,876
7,978,864
—15.2
7,774,610
1,187,370
32,300,000
381,907
1,162,386
+2.1
1,174,764
+ 8.8
38,100,000
—6.6
642,558
+ 17.5
788,426
497,575
—10.8 3,253,879,368
3,460,571,331
60,677,636
+ 50.4
+ 8.0
+ 26.3
5,846,989
1,441,000
786,994
+ 5.9
—21.2
—10.9
3,767,102
2,953,280
+ 8.7
77,137,140
52,281,662
30,900,000
408,691
582,930
65,936,291
.
2,270,990
87,879,036
"
865,836
29,700,000
Total (6 cities)
7,057,083
Blnghamton...
+ 1.8
District—Da lias—
Wichita Falls..
Total (12 cities)
78,994
2,541,019
30,586,363
1,762,929
2,051,595
2,639,195
Mo.—Kan. City.
_%
fc
90,062,370
.
Wichita
%
itil 96,833
2,329,987
Omaha
April 22
Clearings at-
Second
—6.3
week's
years:
Neb.—Fremont..
Week
—
—
62,164,716
24,076,836
2,368,477
Minn,—Duluth.
230,058,321
5,508,619,961
••
Outside N. Y. City.
Conn.
x
S.D.—Aberdeen.
Total
First
14,529.015
x
Quincy
129,094,926
60,677,636
HI.—Jacksonville
91,664,683
125,265,515
■,
«•
.
12th San Fran... 10
We
101,543,042
65,936,291
••
10th Kansas City 10
11th Dallas
6
Canada.
474,000
461,877,148
151,676,912
••
10
503,000
27,438,588
133,295,312
'
••
Richmond.. 6
Atlanta
+ 0.7
34,128,115
17,835,662
Tenn.—Memphis
228,989,540
237,224,539
+ 18.3
96,000,000
35,721,122
19,253,790
81,100,000
28,838,508
17,717,671
Ky.—Louisville..
>
S
3,203,598,909
7
6th
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
+ 16.7
78,000,000
91,000,000
1936
.
254,286,304
••
6th
1937
Dec.
S
Week End. Apr. 22, 1939
N.
Buffalo
Elm Ira.
......
Jamestown
884,990
New York
3,106,207,225 3,483,747,962
Rochester
7,312,879
6,778,242
Syracuse
3,890,378
3,648,126
N.
7,826,150
3,801,559
+2.3
3,672,368
3,969,947
507,111
—0.7
4,206,421
2,962,105
+ 11.1
4,407,053
363,094
—28.4
479,002
16,086,295
20,360,234
Westchester Co
Conn.—Stamford
+7.9
17,612,874
27,005,372
—8.7
—24.6
18,072,721
31,779,691
4,410.535
J.—Montclalr
Newark
Northern N. J.
728,429
Twelfth Feder al Reserve D istrict—San Franci
+6.3
33,587,146
35,708,641
—0.1
812,918
812,908
Yakima... j...
+ 8.5
29,089,357
Ore.—Portland, x
31,563,567
+30.3
13,206,243
Utah—S. L. City
17,205,559
6,422,949
4,567,377
2,576,407
3,444,838
373,893
20,823,345
33,690,277
3,203,598,909 3,586,928,306
-10.7
Federal
San Jose
Santa Barbara.
578,931
529,504
496,254
401,448
436,509
Bethlehem
Chester
Lancaster
391,079
1,123,129
363,000,000
1,411,990
360,143
+8.6
304,805
370,118
1,087,270
370,000,000
1,598,342
+ 3.3
1,237,048
330,000,000
1,105,328
Philadelphia...
Reading..
+ 44.2
+ 13.7
383,965
—1.9
1,338,610
406,000,000
—11.7
1,451,287
426,969
460,124
2,219,541
811,406
2,238,203
—0.8
2,330,572
Wilkes-Barre
978,066
—17.0
York
1,094,217
1,454,415
—24.8
1,036,108
1,672,286
6,785,300
4,618,300
+ 46.9
3,793,000
377,911.847
383,172,696
-1.4
418,840,137
Grand
Total (10 cities)
2,021,414
997,041
2,088,423
2,172,606
—3.9
2,613,756
50,911,974
+ 12.3
88,860,004
+ 1.0
8,441,800
+ 18.7
Young6town...
1,541,390
1,751,413
+ 30.2
68,423,650
103,631,683
12,581,500
2,564,248
3,139,593
Pa.—Pittsburgh.
107,603,722
108,808,728
—1.1
149,575,986
Columbus.
Mansfield.....
+ 36.2
271,042,696
cities)
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
.
D. C.—Wash'ton
Total (6
cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nville.
Ala.—Blrm'ham.
Mobile
262,487,915
Reserve Dist rict
443,811
2,688,000
39,452.674
1,041,682
66,599,245
22,462,042
132,687,454
+ 3.3
Montreal..
2,540,630
50,337,673
74,326,765
14,218,100
1,482,042
2,290,053
119,572,567
342,530,416
264,767,830
+ 35.4
+ 17.6
32,759,881
+ 20.4
1,183,767
63,646,292
23,150,874
123,353,482
—12.0
+ 4.6
—3.0
+ 7.6
372,955
2,781,000
39,426,680
1,180,035
66,124,516
24.818,809
134,703,995
226,242
2,291,000
31,550,208
1,200,000
55,180,292
19,436,780
109,884,522
'
Winnipeg.
Vancouver...
4,333,393
4,397,013
—1.4
17,884,624
62,700,000
*1,225,000
928,368
19,871,000
23,984,398
1,715,105
18,797,936
—4.9
Miss.—Jackson..
51,700,000
1,015,846
+21.3
+20.6
3,828,514
20,110,844
59,300,000
1,351,698
765,737
+21.2
943,795
709,561
17,260,000
+ 15.1
19,297,000
19,536,507
+22.8
23,755,420
1,723,440
17,866,000
17,404,887
1,119,767
1,396,341
+22.8
x
x
3,207,534
14,114,316
46,400,000
1,135,274
x
112,043
36,028,217
106,152
+ 5.5
La.—New Orleans
33,365,959
+ 8.0
127,718
37,215,508
Total (10 cities)
168,782,248
148,341,491
+ 13.8
167,653,937
2,277,530,787
April 20
1938
Dec
$
1937
%
+ 44.7
124,639,824
106,713,174
27,386,732
86,120,828
74,424,312
43,856,481
—37.6
12,809,072
+ 35.2
+ 24.8
+ 43.4
1936
$
142,944,854
111,287,827
112,636,536
91,962,739
61,441,763
19,298,850
22,213,822
4,719,714
2,206,205
4,261,284
5,972,757
24,516,841
4,053,462
2,223,139
57,164,625
18,622,469
312,244
—15.9
302,744
Leth bridge
456,631
372,263
+ 22.7
506,414
486.297
Saskatoon.....
1,214,898
—2.9
Brantford
898,041
+ 11.7
Fort William
696,906
582,209
+ 2.5
New Westminster
566,149
+ 12.9
1,470,884
718,483
1,113,755
771,807
651,661
1.397.606
615,695
1,215,729
633,926
803,682
—0.1
Moose Jaw....
>
Halifax:.
4,894,946
5,569,934
Hamilton.
2,117,916
1,909,462
2,433,858
4,042,410
3,472,555
St. John...
Victoria...
Edmonton
Regina.
+ 14.9
+ 16.0
+ 3.6
+ 25.9
+ 14.2
1,981,861
+ 40.5
+ 7.5
—36.6
1,879,554
3,247,645
4,215,672
3,760,610
+ 14.0
4,767,218
6,164,595
1,999,508
1,661,590
2,791,340
3,630,923
4.153.605
302,729
527,759
943,901
559,344
602,352
234,043
273,159
Peterborough
583,535
501,497
211,400
560,636
+ 4.1
660,689
Shrebrooke
676,709
679,006
—0.3
1,010,486
962,846
+ 4.9
587.298
656,710
1,160,238
2,901,913
2,644,547
289,135
702,286
284,762
+ 1.5
723,551
1,128,331
3,230,477
348,507
735,181
—4.5
734,646
715,605
536,524
Kitchener
Windsor
...
Prince Albert
Moncton
230,857
+ 9.2
+ 9.7
3,075.746
321,727
Kingston
532,670
469,601
+ 13.4
558,464
Chatham
554,863
491,463
+ 12.9
641,414
472,733
Sarnia
455,716
434,109
+ 5.0
583,746
485,359
Sudbury
834,876
822,831
+ 1.5
824,184
804,078
339,614,169
274,767,975
+ 23.6
404,630,118
350,257,645
Total (32 cities)
Ended
$
133,295,312
98,728
230,058,321
Brandon
Quebec,
31,239,245
Vicksburg
1,634,926
14,945,031
4,022,314
2,087,143
4,727,288
4,424,413
1,854,720
1.359.167
2.135.168
3,760,096
5,465,102
371,152
Ottawa.......:.
Medicine Hat—
Reserve Dist rict—Atlant
2,302,209,060
17,312,707
18,644,637
4,622,318
2,420,086
....
London
Richm ond—
327,668
2,285,000
2,800,860
2,245,558
5,990,284,011 5,738*102,118
+ 4.4 2,736,404,643
1939
■
Canada—
Calgary
Total (7
278,851,999
5,508,619,961 5,785,957,022
Toronto.
57,190,799
89,756,375
10,022,400
2,099,942
2,281,035
Cincinnati
+ 5.5
4,590,021
3,806,116
140,236,000
Inc. or
Fedei al Reserve D istrict—Clev eland-
Cleveland.
234,691,660
+ 5.0
(113
Week
/
Ohio—Canton...
+ 15.3
+2.8
12,896,977
Clearing's al—<
'
Fourth
+ 10.4
Outside New York 2,402,412,736
340,073,231
N. J.—Trenton.
(10 cities)
total
cities)....
1,213,189
2,242,000
Scranton.
2,531,066
1,726,527
1.960.283
4,779,013
4,424,609
168,226,000
3,172,268
1,616,814
2,269,766
—2.5
33,301,911
911,879
27,635,074
3,372,092.879 3,572,519,340
Reserve Dls trict—Phila delphi
"
—4.2
247,703,961
Francisco.
Total
Third
Pa.—Altoona
4.689.282
3,993,848
143,095,000
'
Pasadena
San
43,386,714
999,967
32,746,735
17,230,133
4,494,166
3,892,172
147,159,000
2,795,541
1,812,065
2,260,342
Calif.—L'g Beach
Stockton
Total (13 cities)
SCO—
;
Wash.—Seattle..
*
Estimated,
x
No figures available.
2526
April 29,
Chronicle
Financial
1939
CREDIT AGENCIES AS OF FEB. 28, 1939
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND
The
monthly report of the Treasury Department, showing: assets and liabilities as of Feb. 28, 1939, of governmental
corporations and creait agencies, financed wholly or in part by the United States, was contained in the Department's 'Daily
Statement" for Mar. 31, 1939.
Since the statement of July 31, 1938, the report has been made up somewhat differently from previous reports m that
agencies and corporations financed wholly from Government funds are not listed separately from those financed only partly
from Government and partly from private funds.
In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest. As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Feb. 28, was $3,678,063,128, and that privately owned was $383,952,780.
.
.
SUMMARY
OF
COMBINED
OF ASSETS
STATEMENT
AND LIABILITIES
OF
AND CREDIT AGENCIES
GOVERNMENTAL CORPORATIONS
OF THE
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—FEB. 28. 1939
UNITED
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
Stales
by United
Receivables
business
Securities
States
Preferred
Loans
Cash
Capital
e
Slock, &c.
All
,
Other
S
S
Reconstruction Finance Corporation.....
1,213,181,513 526,153,002
Commodity Credit Corporation
Export-Import Bank of Washington...
25,522,585
Federal Crop Insurance Corporation....,
Federal Deposit Insurance Corporation. .
Tennessee Valley Authority
Public Works Administration
gl,354,103
105,597
2,496,038
4,524,402
371,492,319
Total
Other i
Property
507,239 g34,004,670
h20457,655
600
1,344
h20912,729
1,849,978,794
53,326
3,000,000 423.758,067
48,020,200
21,900
392,564,571
48,499,422
2,605,014
1,170
7,130.586
9,182,884 381,089,575
3,071,663
36,887
60,986,035
481,941,586
3,442,541
27", 574", 542
.......
3,495,542 226,469.001
859,764
234,266,848
37,850,986 135,676,229
252,222,806
38",479",984
United States Maritime Commission
38,479,984
8,201,273
51,109,618
Rural Electrification Administration
99,098,893
65",027",286
170,614,344
37,640" 167
k87,265,434
....
Farm Credit Administration
Banks for cooperatives
39,150,423
20,344,432
950,000
92,097,465
559,177",728
3,060,877,438
117,822,737
24,372
44,528,200
12,558,031
125,811,034
43,462,556
15,952,106
1,610,699,940
21,714 153,966,850
74,289,503
66,780,919
462,722
288,164,297
40,613,828
260,764,395
1,387,946
5,213,437
494,459
14,149,070
16,330,950
10",739",282
1,014,600
628,583 129,448,180
68,167,728
73,692,199
208",268
1,049,456
11,999,352
5,834,737 107,805,207
59,249
2,341,325,686
275,259,031
148,302
185,926,860
122,266,813
21,832,112
765.437,207
36,739,653
-
Regional agricultural credit corporations..
12,114", 520
32,837,704
44,977,581
740,870,490
1,968,789,797
184,430,943
....
Production credit corporations..
5,910,537
1,887,406
"
5,867,498
Federal Home Loan banks
Federal Intermediate Credit banks...
13,385,266
1,100,000
11,319,890 104,311,669
j44,528,260
Federal Savings & Loan associations.....
Federal Farm Mortgage Corporation....
Federal Land banks
100,736,231
1,037,338
Home Owners' Loan Corporation
...
2,134,260,712 1213854,810 133,188,385
Federal Savings & Loan Insurance Corp..
279,400
Federal Housing Administration
United States Housing Authority
19", 324", 700
2,330,260
22,666, 646
8",674",027
3,598 455 101,487,424
1.366,057
40,679
343,398
7,976
35,888
176,601
628,890
10,287,339
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus war
4,661,718
2,002,996
115,583
742,521
17,267
4,661, 718
supplies)
United States Housing Corporation
United States Railroad Administration.
1,233, 110
577,523
"80,176
United States Spruce Production Corp.
War Finance Corporation
54,312
~1~,630
531, 037
123,678
138,051
50, 926
60,592
4,065
17,267
Other:
*
Disaster Loan Corporation
8,834,718
7,802,088
Electric Home and Farm Authority...
Farm Security Administration
Federal National Mortgage Association
Federal Prison Industries, Inc
...
Puerto
Rlcan
755", 523
12,046,701
702,,826
300
"396"^298
412,041
205",661
317,,857
485,918
176,,044
2,215,754
25,807,647
46,350,021
345"044
54,184,041
4,597,064
338,493
h2,030,832
Cooper¬
atives, Inc
Treasury Department:
262,390
28,825
300,733
2,,201
7,317
30,230,233
1938
30,230,233
2,590,400
Railroad loans (Transp'n Act, 1920).
Securities received from
the RFC
under Act of Feb, 24,
3" 040
.388,324
323 501
3,528,918
^4,828
51,464,844
Inter-agency items:
14", 856
567,,801
"
4",597",064
Reconstruction Admin..
Associated
105,503,714
7,360,791
hi",946",860
2,215,754
508,906
RFC Mortgage Co
Valley
8,105,39*
201,674,107
"
Panama Railroad Co
Tennessee
13,023,852
32,,073
8",257
22,,715
2,098
2,701,840
Interior Department (Indian loans)
Inland Waterways Corporation
25,,618
h4,162,,516
,1,000
178,103
201,674,107
103,538,958
2,590,400
m
Due from governmental corporations
or agencies
Due to governmental corporations or
_
agencies
Total..!
^ M8.S09. 984 7S4.*68.90? 485.954.037 731
198 314
143.029.783 887.206.038 340.122.973 464.540,830 925.973.874
Excess
Liabilities and Reserves d
Proprietary Interest
12,411,197,035
Distribution of United States
Interests
of Assets
Guaranteed
;
t>V
"
United Slates
Guaranteed by
Over
Not
Reconstruction Finance Corporation
Commodity Credit Corporation
Total
Privately
Owned by
Capital
Liabilities d
Owned
United States
Stock
689,727,432
75,872,675
Federal Crop Insurance Corporation
910,038,553
939,940,241
939,940,241
500,000,000
282,557,174
110,007,397
110,007,397
100,000,000
711,494
820,311,121
Export-Import Bank of Washington.....
711,494
47,787,928
47,787,928
46,000,000
2,130,586
2,130,586
5,000,000
192,642.029
192,642,029
8.992,219
8,992,219
289,299,557
225,274,629
United States Maritime Commission
Rural Electrification Administration
150,298,093
156,298",093
Home Owners' Loan Corporation
2,905,724,006
Federal Savings & Loan Insurance Corp..
Federal Savings & Loan associations
106",801",754
Federal Home Loan banks
Federal Housing Administration..
United States Housing Authority
116,717, 189
Federal Deposit Insurance Corporation.
Tennessee Valley Authority
Public Works Administration
_
5,000.000
139,299.557
£221,460,284
150,000.000
8225,227,187
a38.479,984
47,442
38,479,984
95,924,713
95,924,713
100,736,231
a95,923,429
48,351,678
200.000,000
c51,648,322
118,672,815
44,528.200
100,000,000
16.672,815
124,741,000
37,758,925
114,125,839
124,741,000
a37.758.925
120,015,459
8120,015,459
172,974,201
325,770,396
99,090,232
178,627,669
200,000,000
3,012,525,760
1,149,922
1,149,922
48,351,678
116,672,815
44,528,200
116",717", 189
171,447,108
46,706.108
1,180, 581
2.854,903
37,758,925
2,361, 704
110,638,556
5,795,575
144,125,839
120,015,459
1,821,328, 297
.437,725,739
,821,328,297
176,168, 799
170,168*799
3,579, 069
3,579,069
249.624
172,974.201
519,997,389
99,090,232
182,347,791
122,017.189
18,552,452
122,017,189
18,552,452
120,000,000
3,279,660
1,392,844*,768
Federal Intermediate Credit banks...."..
Banks for cooperatives
Production credit corporations
•
£44,880, 971
249, 624
3,279, 660
Regional agricultural credit corporations..
194,220,993
3","720", 122
folOO,000.000
44,528,200
H 1,074,322
5,795, 575
"l",284
50,534,429
a50,201,802
114,276,792
Farm Credit Administration
218,479.957
10,007,397
1,787,928
38,479,984
....
Interests
5,000,000
150,000,000
'225,274,629
100,730,231
Federal Farm Mortgage Corporation.._.
Federal Land banks
Surplus
United States
206,684,499
...
Interagency
1,000,000
124,702,320
70,000,000
149,000,000
5,000,000
143.125,839
b27,025,799
1184,462,537
46,957,875
11,760,026
2,017,189
13,552,452
16,605,539
bl7,867,643
"17,867,643
War emergency corporations and agencies
,
(In liquidation):
Navy Department (sale of surplus war
supplies)
United States Housing Corporation
4,661,718
84,661,718
34,159,819
8115,583
c32,156,823
115,583
742,521
10,575
2,002,996
115,583
10,575
4,661,718
2,002,996
United States Railroad Administration.
United States Spruce Production Corp.
War Finance Corporation
742,521
100,000
192", 521
6,692
6,692
1,000
5,692
cl,025,244
"
450,000
Other:
Disaster Loan Corporation
Electric Home and Farm Authority...
49,096
Federal Prison Industries, Inc
Interior Department (Indian loans)
49,096
7,194,530
7,194,530
201,674,107
8201,674,107
87,306*825
18,196,889
18,196,889
10,000,000
1,896,046
193,869
7,166,922
7,166,922
2,215,754
25,077,681
84,113,380
3,053,542
12,000.000
13,077",681
45,545,731
4,597,064
7,000,000
84,597,064
39,139,905
1)594,174
4,597,064
87,306,825
12,974,756
910,864
14,000,000
910,864
52,675,306
52,075,306
25,000,000
"643", 907
27,031,399
299,733
193,869
...
2,215,754
~
Inland Waterways Corporation
Panama Railroad Co
"729",966
729*966
25,077,681
804,290
804,290
45,545,731
Puerto Rlcan Reconstruction Admin..
RFC Mortgage Co
Tennessee
Valley
atives, Inc..
1,508,735
Associated
12,974,756
201.674,107
...
Farm Security Administration
Federal National Mortgage Association
1,508",735
850,000
60,864
6,300,943
82,215,754
Cooper¬
300,733
300,733
1,000
30,230,233
30,230,233
830,230,233
2,590,400
2,590,400
82,590,400
Treasury Department:
Railroad loans (Transp'n Act, 1920)
Securities received from
the RFC
under Act of Feb. 24, 1938
Inter-agency items:
m
Due from governmental corporations
or
agencies
8394,228,450
b394,228,450
Due to governmental corporations or
811,390,033
agencies
Total
For footnotes see top
*
441,51*,*QS 2.907,665,619 8.349,181,127 4,062,015,908
of following column.
11,390.033
383.952.780 3.678.063.128 3,243.726.781
615,336.347 nl8I,000,000
Volume
Financial
146
FOOTNOTES FOR TABLE PRECEDING
FOREIGN EXCHANGE RATES
Non-stock (or Includes non-stock proprietary interests),
inter-agency assets (deduct),
a
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
b Excess
Deficit (deduct).
c
d Exclusive of inter-agency assets and liabilities
(except bond investments
deposits with Reconstruction Finance Corporation),
e Excludes unexpended balances of
appropriated funds,
and
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
f Also includes real estate and other property held for sale.
A Adjusted for inter-agency items and items in transit.
give below
h Also includes deposits with the Reconstruction Finance
accrued interest thereon.
i Shares of State building and loan associations, 142,181,010;
savings and loan associations, $171,673,800.
Corporation and
FOREIGN
EXCHANGE
obligations
and liabilities of the Treasury Department
which agencies are not included in this statement.
n Represents
inter-agency holdings of capital Btock and paid-in surplus items
which are not deducted from the capital stock and paid-in surplus of the corre¬
sponding organizations.
Note—Effective with the statement of July 31, 1938, the proprietary interest
represehted by the capital stock, paid-in surplus, and non-stock interest in govern-!
mental corporations and agencies which were offset by a corresponding item under
"inter-agency proprietary interest" of the Treasury, have been omitted (except for
such items as are Included in the inter-agency assets and liabilities shown herein)
for the purpose of simplification in form.
LIABILITIES
.
The cash
holdings of the Government as the items stood
March 31, 1939, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury March 31, 1939.
CURRENT
ASSETS AND LIABILITIES
Apr. 281
Apr, 22
Apr. 24
Apr. 26
Apr. 27
$
$
S
S
$
$
.168025
.168291
.168418
.168777
.169180
.169733
.012075*
.012075*
.012075*
,012075*
.012075*
.012075*
EuropeBelgium, belga.
Bulgaria, lev
CzechosloVla, koruna
Denmark, krone
Apr. 25
a
a
a
.208868
.208881
.208965
.208903
.208896
.208903
Engl'd. pound sterl'g 4.679791
.680208
.681875
4.680694
.680694
1.680833
.020575
.020525
.020558
.020530
.020525
.020530
Finland, markka....
France, franc.......
Germany, relchsmark
.026475
.026479
.026488
.026481
.026483
.026488
.400833
.400868
.401064
,401187
.401068
,401114
Greece, drachma....
-
.008591*
.008576*
.008576*
.008576*
.008575*
.008576*
.196000*
Rumania
.196000*
.196000*
.196000*
.196000*
.196000*
.052604
.052600
.052600
,052600
.052600
.052600
:530805
.530822
.531811
.532100
.533361
.235103
.235112
.235200
.235140
.235137
.235171
.188100
.188075
.188000
.188050
.188050
.042462
.042437
.042481
.042443
.042437
.188050
.042437
.007050*
Hungary, pengo
Italy, lira..
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
.007057*
.007057*
.534672
.007057*
.007057*
a
a
a
a
Sweden, krona
.240912
.240996
.241084
.241000
.241050
.241078
Switzerland, francYugoslavia, dinar...
.224211
.224275
.224583
.224536
.224583
.224772
.022675
.022600
.022600
.022700
.022660
.022620
leu
...
Spain, peseta
.007057*
a
Asia-
.161000*
..$15,258,225,229.61
Chefoo (yuan) dol'r
Hankow (yuan) dol
456766*
.157666*
.157666*
.157666*
.161000*
.155516
.156416*
.156416*
.156000*
.156000*
.156000*
..$15,258,225,229.61
Total.
,
New York
China—
GOLD
Gold (os. 435.949,292.3).
.
RESERVE
Unit
assets
Assets—
FEDERAL
BY
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
and of Government agencies,
TREASURY CASH AND CURRENT
CERTIFIED
APRIL 22,1939, TO APRIL 28, 1939, INCLUSIVE
Includes $1,620,644 due to Federal Land banks from the United States Treasury
Represents inter-agency
RATES
the United
for subscriptions to paid-in surplus.
m
We
record for the week just passed:
a
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
shares of Federal
j Assets not classified.
Includes only the amount of shares held by
States Treasury.
k Net after deducting reserve for estimated amount of uncollectible
held by the Farm Credit Administration.
l
2527
Chronicle
Shanghai (yuan) dol
.159450*
.160281*
.160281*
.160125*
,160281*
.160281*
Tientsin (yuan) dol
.157575*
.157937*
.157937*
.157937*
.160593*
.161687*
Liabilities—
$2,889,101,779.00
9,728,275,184.95
Gold certificates—Outstanding (outside of Treasury)
...
Gold certificate fund—Board of Governors, Fed. Res. System..
Redemption fund—Federal Reserve notes
Gold reserve
9,602,379.33
156,039,430.93
—
outstanding. Treas¬
also secured by silver dollars in Treasury.
1,800,000,000.00
;
Gold id general fund:
$14,583,018,774.21
Balance of Increment resulting from reducduction In the weight of the gold dollar..
In working balance...
$142,301,051.35
532,905,404,05
,
'
k
.287187
.287031
.287062
.287062
.349584
.349685
.349596
.349634
.349635
.27270Q
.272785
.272757
.272742
.272771
.286093
_
.542250
.542500
.543062
.542750
.543250
.643250
3.727578
3.729218
3.727890
3,727734
3.728437
Settlera'ts, dol
Australasia—
Note—Reserve against $346,681,016 of United States notes
and $1,167,322 of Treasury notes of 1890
ury notes of 1890 are
Exchange stabilization fund
Straits
.286625
.3*9540
.272700
dollar.
Australia, pound.... 3.728300
.......
...
...
Hongkong,
British India, rupee.
Japan, yen
675,206,455.40
New Zealand, pound. 3.744150* 3.743750* 3.744750* 3.743937* 3.743812* 3.743812*
Africa-
4.630500
4.630468
4.630625
4.630625
Canada, dollar
Cuba, peso....
.995039
.995234
.994746
.994707
.994980
.999500
.999333
.999333
.999333
.999333
.999333
Mexico, peso——...
Newfoundl'd, dollar.
.200240*
.200240*
.200240*
.200240*
.200240*
.200240*
.992604
.992812
.992187
.312040*
.312040*
.312145*
Union South Africa. £ 4.631500
4,630625
North America-
.995332
.992500
.992851
.312065*
.312080*
'*992187
South America-
Total......
—^
Asset*—
..$15,258,225,229.61
;
........
SILVER
Argentina. PC80
Brazil, mllreis
Chile, peso—official.
"
Silver (oz. 916.980,993.6)————
SUver dollars (oz. 388,779,801.6).a——.,
502,664,794.00
—>
......
...
Colombia,
$1,688,256,381.75
.........
Liabilities—
Silver certificates
..........
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.Q40000*
peso....
.569800*
.669800*
.569800*
.569800*
.569800*
.569800*
.615441*
.61*860*
.616025*
.615950*
.615771*
.615992*
Nominal rates,
a
outstanding.
..............
......
ENGLISH FINANCIAL MARKET—PER
CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Y
.,"
1
Total...
$1,688,256,381.75
....
.......
Assets—
GENERAL FUND
Gold (as above)...
$675,205,455.40
35,872,958.75
4,640,781.29
344,026.48
__o
Silver—At monetary value (as above)
.......
Subsidiary coin (oz. 3,284,687.7)..
...
...
Bullion-f-At recoinage value loz. 248,860.2)
At C0Bt value (oz. 1,071,620,565.0) a
Minor coin......
United States notes—...................................
-
Federal Reserve notes..
....... ............. ———.
Federal Reserve bank, notes....
National bank notes....
—
....
........
..................... .............
Unclassified—Collections, &c
'
—;
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities-.National and other bank depositaries:
.
.
...
560.446,839.30
3,511,683.38
2,384,120.00
11,778,617.60
295,603.00
856,916.50
17,294,136.44
1,387,927,428.61
866,226,000.00
To credit of Treasurer United States—„
To credit of other Government officers...—
a..
...
30,940,167.07
35,035,939.81
Apr. 26
Thur8.,
Apr. 27
20 l«-16d.
20 3-16d.
Mon.,
Apr. 24
Total......
—
Silver, per oz._ 20d.
20 l-16d.
148s.5%d. 148s.6d.
Gold, p. fine oz. I48s.6%d. 148s.6d.
£65%
£65%
Holiday
£66%
British 3%%
W. L—
£91%
£91%
Holiday
£93%
British 4%
1960-90—— Holiday £103%
£103% '
£103%
$3,635,081,365.90
Liabilities--
$8,981,529.20
2,929,653.49
..............
Deposits of Govt, officers-Post Office Department..........
Board of Trustees. Postal Savings Systeih:
5% reserve, lawful money
Other deposits
on
the
BarN.Y.(for'n)
42%
42%
42%
64.64
Closed
(newly mined) 64,64
64.64
£91%
£102%
64.64
£103%
.
42%
42%
64.64
64.64
TREASURY MONEY HOLDINGS
following compilation, made u$ from the daily Gov¬
ernment statements, shows, the money holdings of the
Treasury at the beginning of business on the first of January,
February, March and April, 1939:
The
..............
59,300,000.00
4.882.713.44
Holdings in U. S. Treasury
Feb. 1,1939
Mar: 1,1939
$
Jan. 1,1939
$
$
255,615.16
Net gold coin and bullion.
838.429,613
Net silver coin aud bullion
583,261.924
2,491.527
$245,602,535.26
Net National bank notes.
Net United States notes..
"
,'
Balance today—Increment on gold
(as above)
Seigniorage (silver) (see'Note 1)—.......
Working balance..—...............
'
■
———
13,906,657
514,976,084.27
2,732,201,695,02
Net Fed Res. bank notes..
173.651
Net subsidiary sliver*....
3,696,214
18,606,135
3,389,478,830.64
—
*
—
...
$3,635,081,365.90
The weight of this item of silver bullion is computed on the basis of the average
eost per ounce at the close of the month of
Minor coin, &c
858,587,198
637.844,408
3,623,898
1,368.000
12,692,280
'
501.841
4,083.105
22,237,808
875,221.622
592,888,791
3,320.367
896,108
13,618,888
379,491
4,125,441
20,122,158
$
831.245,886
596,663,825
2,384,120
856,916
11,778,618
295,603
.44,540,781
20,805,820
1.461.300,283 1,540,938.538 1.510,572,866 *1468.671569
156.039.431
156,039,431
156,039,431
156,039,431
Lees gold reserve fund....
February, 1939,
seigniorage represents the difference between the cost value
value of silver bullion revalued and held to secure the silver
certificates Issued on account of sliver acquired under the Silver Purchase Act of
and the monetary
1934 and under the President's proclamation dated Aug. 9, 1934.
disbursing officers and certain agencies today
AUCTION
were
Cash balance in Treas..
Deposit in special deposi¬
tories account of sales of
Government securities.
Dep. In Fed. Res. banks..
Deposit In National and
other bank depositariesTo credit Treas. U. S—
To credit disb. officers.
$2,532,613,925.60,
following securities
.
■
Total cash In Treasury.
Note 1—This item of
Note 2—The amount to the credit of
734,862
Net Federal Reserve notes
—»
———.
'»
$142,301,051.35
*
^
Apr. 1,1939
68,235,376.39
-
,101,017,647.58
The
£65%
£90%
U. 8. Treasury
Redemption of National bank notes (5% fund, lawful money)
was
20 3-16(1.
148s.6d.—
of silver per ounce (in cents) in the United
same days have been:
The price
States
Uncollected items, exchanges. Ac..........................
a
£65 %
Fri.,
Apr. 28
,
,
—
,
...
Postmasters, clerks of courts, disbursing officers, &c
Total
148s ,6d.
Consols 2%%_
219,393.85
2,200,298.52
—
Treasurer's checks outstanding
.
Wed.,
Tues.,
'
To credit of other Government officers....—...
Philippine Treasury—To credit of Treasurer United States...
Deposits for:
Apr.25.
20 l-16d.
Saf.,
Apr. 22
Foreign depositaries—
.
b Temporarily omitted.
No rates available,
$1,651,210,101.00
1,167,322.00
35.872,058.75
b
.051733*
.040000*
■
Tre&ury notes of 1890 outstanding
Silver In general fund.......———.................
„
*
b
b
.051733*
.010000*
Uruguay, peflq
Total
b
b
b
.051733*
export
"
$1,185,591,587.75
......
.312085*
SALES
sold at auction
Wednesday
on
of the current week:
Cash in Philippine Islands
1,305,260,852 1.384.899.107 1,354,533,435 1,312.532,138
887,915,000
1,032.692,926
17,802,508
39,396.930
2,201,038
876.117,000
87^,336.000 866,226,000
792,001.112 1,222,484,220 1,387.927,429
27.312.957
30.603,012
36.484.149
35,046,257
2,283,746
197,480
1,526,379
265,343
30,940,167
35,035,940
2,200,298
219,394
198.430
Deposits In foreign depts.
Net cash In Treasury
3.285.467,684 3,119,295,551 3,517.394,646 3,635,081.366
and in banks
245,602,535
201.961,759
173,969,712
186,306,854
Deduct current liabilities.
...
By Crockett & Co., Boston:
Shares
Slocks—
$ per Share
•
15 Farr Alpaca Co., par $50..
3.083.505.925 2.932,988,697 3.343,424,934 3,389,478,831
4
———.......
14 Indian Orchard Co
...
5 Atlantic Securities Co. class A
....
26c
$560,790,866 silver bullion and $3,511,683 minor, &o„ coin
included in statement "Stock of Money."
*
10c
...............
as
Includes on April 1,
By K. L. Day & Co., Boston:
Shares
Stocks—
29 Plymouth National
% per Share
Bank, Plymouth, Mass.,
2 Arlington Mills, par $100
par $20..
18
5 Kansas City Stock Yards common, par $100
2 Kansas City Stock Yards preferred, par $100
1 Boston Athenaeum, par $300
100 Draper Corp
104
PitneyI Bowes Postage Meter Co
CURRENT
20%
...
41
,
.
...
;
83
...201
63
6#
—James Talcotfc, Inc. has been
Co., Lynchburg,
NO TIC E S
appointed factor for Bearden Rug & Mat
Tenn.,,manufacturers of rugs, and mats.
—Manufacturers Trust Co. is Paying Agent for $250,000 Jacksonville
(Florida) 2.10% Refunding Bonds, Third Issue of 1938.
April 29, 1939
Chronicle
Financial
2528
of condition of the National banks under the Comp¬
been issued and is summarized below. For purposes of comparison, biro details for
previous calls back to and including pec. 31, 1937, are included*
ABSTRACT OF REPORT OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC. 31, 1937, AND MARCH 7,
Condition of National Banks Dec. 31, 1938—The statement
troller's call of Dec. 31, 1938, has just
AND DEC. 31, 1938
JUNE 30, SEPT. 28,
Mar. 7, 1938
(5,256 Banks)
June 30.1938
(5,266 Banks)
28,813,547.000
6,763,895,000
1,308,987,000
$8,631,366,000
6,771.752,000
1,320,410,000
$8,334,624,000
1,401,395,000
2,031,427,000
257,300,000
1,460,976,000
1,986,355,000
275,396,000
Dec. 31,1937
Loans and discounts, including overdrafts
—
...
United States Government securities, direct obligations.......*......
Obligations guaranteed by United States Government..
....
Obligations of States and political subdivisions.*
....
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve banks..........
.......—..—....—
or
other real estate..
227,412^000
9,450,555,000
629,398.000
153,975,000
9,208,194.000
633,953,000
155,534,000
631,136,000
152,311,000
9,706,409,000
617.601,000
146,811.000
77,127,000
67^325,000
54?62l,000
56*944,000
69,522.000
64.404.000
b
b
.......
,
............
Total assets
$8,489,120,000
7,172.471.000
1,533,488,000
1,607,129,000
1,918,693,000
8,378.756,000
acceptances outstanding...
....
1,566.812,000
1,502.756,000
1,996,602.000
277,334.000
(5,230 Banks)
632,244.000
155,625,000
Interest, commissions, rent, and other income earned or accrued but
not codected-.
Other assets.......
$8,298,604,000
6.909,465,000
Dec. 31,1938
8,550,493.000
.......................
...
6,510,357,000
1,477,359.000
1,426.881,000
1,954,393,000
275,286.000
Sept. 28.1938
(5:245 Banks)
$20,576,651,000 $20,446,255,000 $19,978,900,000 $20,551,573,000 $20,948,313,000
Total loans and investments...
a...
Cash, balances with other banks, Including reserve balances, and cash
items in process of collection
........——
Bank premises owned, furniture and fixtures.......—
Real estate owned other than bank premises...:—........
Investments and other assets indirectly representing bank premises
Customers' liability on
(5.248 Banks)
b
122,600,000
112,190,000
...........
60,600.000
b
52,517,000
<110,788.000
110,111,000
$30,104,230,000 $29,804,423,000 $30,377,560,000 $30,710,946,000 $31,666,177,000
—
$12,962,084,000
deposits of individuals, partnerships, and corporations...... $12,169,107,000 $11,893,101,000 $12,138,047,000 $12,651,771,000
7,519,544.000
7,493.723.000
7,531,158.000
7.548,899,000
7.501.101.000
partnerships, and corporations.........
584,932,000
574,899.000
515,508.000
467,338,000
588.166,000
Deposits of United States Government, including postal savings.
Demand
Time deposits of individuals,
...
Total deposits..
3.832,898,000
429,894,000
Bills payable, rediscounts, and other liabilities for borrowed money...
Mortgages or other liens on bank premises and other real estate...
Other liabilities
-
Total liabilities.
...
88^163,000
55,817,000
Capital Account--*
$1,577,831,000
1,100,308,000
71,785*000
29,288,000
40,960,000
139,423,000
62^246,000
60,439,000
168,472,000
$1,572,900,000
1,118,413,000
$1,569,063,000
1,127,075,000
$1,570,622,000
1,149,005,000
397.532,000
177,435,000
403.570,000
178,936,000
425,377,000
184,060,000
419,654,000
188,863,000
$3,257,360,000
$3,273,819,000
$3,305,575,000
$3,328,144,000
$1,575,898,000
1,106,495,000
394,254,000
171,805,000
-
$3,244,198,000
....
..
.
$30,104,230,000 $29,804,423',000 $30,377,560,000 $30,710,946,000 $31,666,177,000
..........
...........
,
$26,860,032,000 $26,547^063,000 $27,103,741,000 $27,405,371,000 $28,338,033,000
Capital stock (see memoranda below)...
.....
.......
Surplus......
..................................v.---.—--—Undivided profits
....
........................
Reserves (see memoranda below)
...
i....
.......
Total liabilities and capital account:
d
49,129,000
168,177,000
164,352,000
.....
c
60,955.000
74^409.000
5,608,000
293,000
10,333,000
9,586,000
c
.45,260,000
.——————————————————————————
Total capital account......—
344,167,000
c
c
....
...——...—-
4,211,101,000
14,243,000
10,839,000
Acceptances executed by or for account of reporting banks and out¬
standing
.....—1.
.....
Interest, discount, rent, and other income collected but not earned....
Interest, taxes, and other expenses accrued and unpaid..............
......
2,138.982.000
4.500,636,000
344,498,000
1,942,976,000
4,211.007.000
288,896,000
2.106,342,000
$26,540,694,000 $26,233,242,000 $26,815,894,000 $27,103,881,000 $28,050,676,000
...—.....
—-----
2,044,926,000
3.922,807.000
271,351,000
2,019,528,000
Deposits of States and political subdivisions........................
Deposits of banks
..................
Other deposits (certified and cashiers' checks, &c.)..................
Memoranda—
Par Value of capital stock:
$267,361,000
17,470,000
1.297,882,000
$251,833,000
17,210,000
1.310,987,000
$248,885,000
17,210,000
1,311,326,000
$242,897,000
17,171,000
1,313,364,000
$240,451,000
,
16,986,000
1.317.658.000
81,582,713,000
$1,580,030,000
$1,577,421,000
$1,573,432,000
$1,575,095,000
$284,420,000
19,196,000
$269,890,000
$266:936,000
19,070,000
$260,985,000
19,031,000
Class A preferred stock........
...
...
...
......
Class B preferred stock.................
Common stock........
.....—........................
'
Retlrable value of preferred capital stock:
Class A preferred stock....................
.......
......
Class B preferred stock......................................
19,060,000
.
Total.
$280,016,000
$6,173,000
$5,597,000
$7,082,000
$5,324,000
8,891,000
11?970,000
14?030,000
12?789,000
159.292.000
159,309.000
164,189.000
15,355,000
159,293.000
$177,435,000
$178,936,000
$184,060,000
$188,863,000
$288,950,000
$5,715,000
11?855.000
,
Reserves:
/
_■
......
Retirement account for preferred stock........................
Reserves for contingencies, &c
...
......
154.235.000
$171,805,000
18,884,000
$285,929,000
$286,006,000
$303,616,000
Reserve for dividends payable in common stock..
Reserves for other undeclared dividends.................
$267,045,000
'
,
Pledged assets and securities loaned:
United States Government obligations, direct and guaranteed,
Hi
pledged.to secure deposits and other liabilities..
.i
Other assets pledged to secure deposits and other liabilities, ink*
eluding notes and bills rediscounted and securities sold under
$2,269,758,000
"
"
repurchase agreement
i._.
...
pledged to qualify for exercise of fiduciary or corporate
powers, and for purposes other than to secure liabilities......
$2,709,378,000
,
Assets
Securities loaned
Total-
,
.....
$2,676.911,00Q
$2,603,966,000
94,730,00
[
.___
.........
568,179.000
$2,608,400,000
25,404,000
$2,709,378,000
$2,676,911,000
$2,603,966,000
$2,608,400,000
$2,958,071,000
$2,208,074,000
........
Secured liabilities:
Deposits secured by pledged assets pursuant to requirements of law
Borrowings secured Dy pledged assets, including rediscounts and
repurchase agreements
Other liabilities secured by pledged assets....^.............
$2,176,884,000
$2,130,455,000
$2,055,831,000
$2,387,371,000
'
.
c
•
.
,
'
C
c
c
Total.
*c
$2,208,074,000
:
1
4,858,000
1,123,000
c
c
C
$2,176,884.(500
■
$2,130,455,000
$2,055,831,000
$2,393,352,000
Details'of demand deposits:
Deposits of individuals, partnerships, and corporations..
Deposits of United States Government
Deposits of States and political subdivisions........
...
$12.169.107,000 $11,893,101,000 $12,138,047,000 $12,651,771,000 $12,962,084,000
532,915,000
495,629,000
455,163,000
504,278.000
394,272,000
1,775,977,000
1,682,631,000
1,602,272,000
1,752,256,000
1,660.287,000
.............
....
.
3,513,660,000
to own foreign branches)..
Certified and cashiers' checks (including
of credit and travelers' checks sold for cash
to Federal Reserve banks (transit account).
3,639,054,000
3.952.789,000
3.901,219,000
4,168,968,000
210.843,000
and American branches of foreign banks)..
171,430,000
150,137,000
204,163,000
227,003,000
344,167,000
288,896,000
$44,498,000
1
■
•
1
429.894,000
271,351,000
.
$18,488,069,000 $18,153,196,000 $18,731,668,000 $19,103,484,000 $20,011,445,000
Details of time deposits:
Deposits of individuals, partnershpis, and corporations:
Savings deposits.-.-..
Dertificates of deposit
:
fad
$6,638,177,000
585,963,000
$6,592,685,000
565.128,000
40,233,000
248,272,000
65*900,000
85*457,000
258,859,000
250.453,000
$7,548,899,000
73,066.000
354,086,000
$7,493,723,000
83,888,000
359.241,000
$7,531,158,000
79,270.000
362,295,000
60,345.000
340,704,000
$7,519,544,000
f52,017.000
363,005,000
99,104,000
102,802,000
100,497,000
97,789,000
97.299,000
582,583,000
18?912,000
Christmas savings and similar accounts.
Open accounts
.......
253,508,000
$7,501,101,000
Postal-savings deposits.
Deposits of States and political subdivisions.
and American branches of foreign banks)
Deposits of banks in foreign countries
amounts due to own
(including
balances
;
548,267,000
30,172,000
14.601,000
230.034,000
•
9,291,000
...
9,521,000
7,678,000
7,836.000
7,366,000
$8,085,046,000
$8,084,226,000
$8,000,397,000
$8,039,231,000
23.77%
18.43%
....
$8,052,625,000
26.40%
21.37%
12.96%
foreign branches)
Total time deposits
$6,696,470,000
$6,658,001,000
584,652,000
$6,646,098,000
_
15.45%
20.88%
16.25%
8.09%
13.52%
20.96%
16.42%
8.18%
13.68%
21.03%
13.34%
8.20%
13.75%
Ratio of required reserves to net demand plus time deposits:
Total,
Total,
Total,
Total,
Central Reserve city banks
Reserve city banks
Country banks
all member National banks
Not called for separately
............
....
...
18.51%
9.64%
.
Previously included with loans and investments,
b Not called for separately prior to Dec. 31,
1938. Previously included with
other assets", c Not called for separately prior to* Dec. 31, 1938.
d Not called for separately prior to Dec. 31, 1938.
Previously included with "other liabilities"
• Included with savings deposits prior to Dec. 31,1938*
f Includes United States Treasurer's time deposits—
a
prior to Dec. 31, 1938."
.
open account.
.
'
Volume
148
Financial
REDEMPTION
CALLS
AND
Chronicle
2529
FUND
SINKING
NOTICES
Per
Below will be found a list of
bonds, notes and preferred
stocks of corporations called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the
location in which the details
were
page number gives the
given in the ''Chronicle":
Company and Issue—
Date
Algoma Central & Hudson Bay Ry. 6% gold certifs
Aluminium, Ltd, 5% debentures.
American European Securities Co. coll. trust 5s
♦American Ice Co. 5% debentures
Page
1943
May
$2
-
45c
Canada Wire & Cable, class A
(quar.)
June
I
Consumers Power Co. 1st mtge. 4% bonds
Cuban Telephone Co. 1st mtge. bonds
Denver Gas & Electric Light Co. 1st mtge. bonds
Equitable Office Building Corp. 5% debentures
♦Fairbanks Morse & Co. 4% s. f. debentures
Godchaux Sugars, Inc., 1st mtge. 5s
1
I
Goulds Pumps, Inc. 1st mtge. 6s
H. L. Green Co., Inc. 7% preferred stock
i
International Salt Co. 1st mtge. 5s
International Salt Go. 1st mtge. 5s
Jamaica Water Supply Co., 7 H % pref. stock
Julian & Kokenge Co. common stock.
i..
♦Kanawha Bridge & Terminal Co. bonds
2116
1801
2421
2579
X4051
1474
2264
1956
2583
1959
2124
1643
X3460
440
1
June
July 17
1
May
..May 31
2430
_
2274
1
2591
Kaufmann Department Stores 7% preferred stock
..June 30
1811
Luzerne County Gas & Electric Corp. 7%
gold bonds
McCrory Stores Corp. 5% debentures
MacLaren-Quebec Power Co.:
30-year 5H % bonds, series A and B
Mead Corp. 1st mtge. 6s
National Dairy Products Corp. 3%% debentures
National Distillers Products Corp. 4H% debentures.
♦National Steel Corp. 1st mtge. 4s.
New England Power Co. 1st mtge. 3Ms_.
New Orleans Public Service Inc. gen. lien 4Hs
♦New York City Omnibus Corp. prior lien bonds
Nord Railway Co. 6H% bonds
Northeastern Water &. Electric Co. coll. trust 6s
May'
..May
1965
.June
...
1
2
1647
1647
1965
1967
1967
2596
2278
2280
May 15
May
1
May
1
May
1
June 26
May 15
May
July
Oct.
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. 4Hs
.May
Paris Orleans RR. 5H% bonds
Sept.
♦Paris-Orleans RR. 6% bonds.
June
♦Phelps Dodge Corp. 3 H% debentures
.June 15
Procter & Gamble Co. 5% preferred stock
June 15
♦Safeway Stores, Inc., 10-year 4% debentures
June
1
♦Servel, Inc., 1st mtge. bonds
July
♦Signal Oil & Gas Co. 6H% debentures
___June
St. Louis, Rocky Mountain & Pacific Co., 1st mtge. 5s ...May
St. Louis Rocky Mtn, & Pac. Co. 1st mtge. 5s
...May
San Jose Water Works 1st mtge. 3Hs
June
South Pittsburgh Water Co.—
1st mtge. 5s, 1955
;
May 11
1st lien 5s, series A
May 29
1st lien 5s, series B
May 29
Southwestern Gas & Electric Co. 4% serial debentures.--May
1
Spang Chalfant & Co., Inc. first mortgage 5s."
May 16
E. R. Squibb & Sons preferred stockMay
1
(A.) Stein & Co. 6H% preferred stock
July
1
♦Swift & Co. 1st mtge. 3Hs
May 15
Timken Detroit Axle Co. 7% preferred stock
June
1
♦United Biscuit Co. of America 5% bonds.
June
1
United States Pipe & Foundry Co., 10-year 3H % debs ...May 20
♦Warner Brothers Pictures, Inc., 6% debs
June 29
Western United Gas & Elec. Co. 1st mtge. 5Hs "A"_
May
5
1st mtge. 5s "B"
«
May
5
Wheeling Electric Co. 1st mtge. 5s.
May
1
Wisconsin-Minnesota Light & Power Co. 1st & ref. 5s
May
1
2598
1176
887
1969
1969
1817
1179
2600
2601
1655
2604
2604
2605
-
2462
2285
1975
,
1977
1977
1977
2134
.
,
1659
2134
1978
2608
1661
2609
'2446
2612
2289
2289
2138
2289
Preferred (quar.)
.
$6preferred (quar.)
__
.......
Chicago Mail Order.Chicago Wilmington & Franklin Coal—
6 % preferred (quar.)__
Chicago Yellow Cab Co. (quar.)
Chile
Copper Co
Chrysler Corp
Collins-Morns Shoe 6% pref. (s.-a.)
Connecticut Power Co. (quar.)
Consolidated Diversified Standard Securities—
Non-cum. preferred (semi-annual)
Consolidated Edison Co., N. Y., Inc
Copperweld Steel Co
Corporate Investors
tirement
essential information
&c., enabling
plan,
various issues,
revenues,
service
analyze the
to
charges, re¬
values
of the
has been issued by Scherck, Rlchter Co., Lanbreth Bldg.,
St. Louis.
,
—The New
regarding
the investor
'
.
Deere & Co., preferred
York Financial Advertisers heard
address by Merlin H.
an
28, following luncheon at the Lawyers Club.
40c
50c
35c
Dividends
first
we
current week.
show
the
' Then
we
follow with
second table in which
a
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
.
The dividends announced this week
are:
.
Per
Name
Share
of Company
>
■
Holders'
When
Payable of Record
20c
12Hc
American Arch Co. (quar.)_
American Bemberg 7% preferred
25c
t$3H
American Home Products (monthly)
American Investment Co. (111.) (quar.)
20c
50c
May 15 May 10
May 15 May 6
Tune
1
May 19
May 11 May 4
June
1 May 15*
June
1 May 15
Preferred (quar.)—
American Paper Goods Co. muar.)
American Re-Insurance Co. (N. Y.) (quar.)
American Tobacco Co. com. & com. B (quar.)__
50c
40c
June
Tune
June
Tune
25c
June
81H
17 He
Y.)--
10c
25c
81H
25c
62 He
15c
—
50c
10c
50c
-
81H
1 May 20
1 Apr. 21
May
May 15 May
81H
81
Belding Heminway Co
Belding Mfg. Co
Bendix Aviation Corp
Bethlehem Steel Corp. 7% pref. (quar.)
5% preferred (quar.)
iBlue Ribbon Corp., Ltd., 5% pref. (quar.)
Bonwit, Teller, Inc., pref. (quar.)
Boss Manufacturing Co. common
Bourne Mills (quar.)
*
Bridgeport Gas Light Co. (quar.)Brink's, Inc
81H
25c
—
Preferred (quar.)
Atlantic Refining Co
Bankers & Shippers Insurance (N.
16
June
10
25c
June
12 He
May
25c
Apr.
Apr. 25
35c
May
May
June
May
June 15 May
June 15 May
Apr.
May
June
July
May
May
June
1 May
June 30 June
IIApr.
May
June
May
June
May
June
May
May
May
May
May
June
May
June
May
May
May
Apr.
May
June
J25c
June
$4
Freeport Sulphur Co. (quar.)
May
-
;—
--
cum. conv.
preferred (quar.)
SI H series preferred (quar.)
Golden Cycle Corp. (quar.)
Goodyear Tire & Rubber Co.S5 conv. preferred (quar.)__
Graton & Knight preferred (s.-a.)-__
Gulf Power Co, $6 preferred
(quar.), — — -—:
Gurd (Chas.) <& Co., Ltd.,
7% pref. (quar.)-._Hackensack Water (s.-a.)
Preferred A (quar.)
Hawkeye Casualty Co. (Iowa)
HobartMfg. Co. class A (quar.)
Horn & Hardart (N. Y.), pref. (quar.)
—
Howley Gold Mines, Ltd
Idaho Maryland Mines (monthly)
Indiana Assoc. Telephone $6 pref
Ingersoll-lland Co
Inland Steel Co
—
37Kc
$1
25c
$1H
90c
75c
43Hc
15c
37 He
SIM
5c
—_
$1H
-
50c
-
'
Ironrite
Ironer
-
Preferred
(quar.).,
Jewel Tea Co., Inc
Kansas City Stockyards (quar.)--Preferred (quar.)
Lake of the Woods Milling, 7 % pref
7% preferred (guar.)
Lava Cap Gold Mining
Lehigh Power Securities pref. (quar.)_ —
Lindsay Light & Chemical-
.
5c
-
20c
—
Lunkenheimer
Co
—
Apr. 25
June
May" 15
June
May 15
June
June
$1H
IMay
10c May
25c
May
5
May 10
1 May
8
1
15 lune
1
15 May
May 16 May
May 15 May
May 15 May
June
1 May
1 June
July
1 June
July
1 Apr.
May
1 Apr.
May
May 15 Apr.
1 Apr.
May
22
8
1
5
6
2
2
25
27
29
21
June 30 June 16
Apr. 29 Apr. 20
10
Apr. 24
May
6
May
5
May
Apr. 30
81H
May
Apr. 30
50c
6uc
May
I May
$1H
'May
81H
—
r —
20c
June
40c
—
May
May
May
May
May
May
Apr.
10c
-;—^
30c
30c
25c
S1H
81H
81H
81 %
McElwain (J. F.) 7% pref. (quar.)'
Mead Corp., class A preferred (quar.)--
Class B preferred (quar.)
81H
81 %
June
June
Monolitn Portland Cement 8% preferred.-
t25c
May
May
May
July
May
July
July
July
May
May
May
Mt. Diablo Oil Mining & Development
National Gypsum Corp. preferred (quar.)
lc
June
81H
June
25c
June
pref. (qu.)-~_
25c
83
82 H
_—
_
50c
82
8% preferred (guar.)I
$2 non-cumulative
—
Reclaiming Co—
50c
25c
50c
Minneapolis-Honeywell Regulator
.
6
2c
-
MacMillan Co
Neisner Bros
1
21
June
May
May
$1
— -—
—
IiubOer
1
10
1
8
16
20c
Marine Bancorporation fully participating
Initial stock (quar.) _,
Mid-West
1
17
16
29
19
12
t$3H
$1H
—
Luzerne County Gas & Electric Corp.—
1st $7 preferred
•
20
June
—
—
Manufacturers Caspalty Insurance
Extra.
;*
5
5
31
15
15
29
May
May
$1
1
—
-
13
May 15
May 15
May 27
May
6
May 16
Apr. 20
Inc. (quar.)
d Water Light & Power Assoc.—
6% preferred (quar.) —
;
—
New Jersey Zinc---...
New York & Queens Electric, Light & Power.-Preferred (quar.)—:
— -s —
•--Nonquitt Mills
Norfolk & Western Railway (quar.).
May
5
May
8
Apr. 22
May 10
1
May
1
May
Apr. 20
\nr.
20
May 10
3
May
Mar. 31
May 15
May 15
Apr. 25
Apr.' 24
Apr. 24
June 15
Apr. 25
16
16
16
June
June
June
Apr.
May
May
May
May
May
21
4
5
•
15
12
31
New Englai
ilidated-.
North American Oil Conso
pref. (quar.)
-
Preferred
(quar.)
-
Pacific Fire Insurance (quar.)
;
M
$2|^
2si
(quar.).
Grocery class A (quar.>_„
Phillips Petroleum Co. (quar.)____
Phoenix Hosiery Co. 7% pref--.-Pillsbury Flour Mills (quar.)
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred (quar.)- —
- Portland & Ogden RR. (irregular)
Quaker State Oil Refining
-----r
Quincy Market Cold Storage & Warehouse—
5% preferred
Railway & Light Securities Co.—
6% preferred (quir.)__
r——
Reading Co. 1st preferred (quar.)-.
Republic Insurance Co. (Texas)
Republic Petroleum class A pref.- (guar.),--
May
June
May
May
May
15c
June
81H
81H
Tune
5
40c. preferred
June
83
20c
Pender (David)
Apr. 25
June
Parker (S. C.) & Co
Class A (quar.)
-
May
Tune
$2
81H
(quar.)..-
Orange County Telephone 6% pref. (s.-a.)
Otis Elevator Co. (quar.)_-.._
---------
June
Apr.
May
May
May
May
50c
15c
Northwestern Nation ll Life Insurance
Ontario Steel Products pref.
81H
Panhandle Eastern Pine Line (quar.)
American Metal Co., Ltd. (no action)
Armstrong Cork Co. (interim)
June
June
87 He
Fuller Brush class A (quar.)
Garner Royalties Co., Ltd., class A-General Acceptance Corp.—
Northeastern Water & Electric $4
Acme Wire Co
Allied Kid Co
June
June
June
7% preferred (quar.)
Ford Motbr of Canada, A. & B.
(quar.)
Foundation Co. (Foreign)
Midland Steel Products
grouped in two separate tables.
In the
bring together all the dividends announced the
June
75c
:
:*
May 31
Apr. 26
25c
—
June 30
June
25c
Shops, Inc. (irregular)
July
May
Florida Power Corp. 7% pref. A (quar.)-------
7%
5
10
31
10
15
40c
-
Midland Mutual Life Insurance (quar.)
are
June
50c
Michigan Bakeries $7 pref. (quar.)
$1 preferred (quar.).
Midland Grocery 6% preferred (s.-a.)
DIVIDENDS
May
May
July
May
50c
25c
Merchants Refrigerating Co. 7%
"
>
1
28
10
43 He
„
Aylesworth, publisher of the New York World-Telegram, Thursday, April
June
Apr.
May
May
May
May
May
May
(quar.)__
5% preferred (s.-a.)_.
Ferro-Enamel Corp
May 31
May 12
June
,
Fall River Gas Works
Federal Bake
June
June
June
May
$5 non-cum. preferred (quar.)
•
75c
Dome Mines, Ltd. (quar.).
Elgin National Watcn__
—
furnishing
81H
62Hc
May
1 Apr. 27
June
1 May 19
May 26 May
9
June 12 May 15
May
1 Apr. 25
June
1 May 15
87 He
Cremeries of America, Inc., pref. (quar.)
Crown Cork & Seal Co., Ltd
Crown Drug Co., preferred
(quar.)
Curtis Publishing Co. preferred
Dayton Rubber Mfg
Manhattan Shirt Co
Highway Fund Obligations,
50c
4
15
15
29
10
20c
—
—A current review of the State of Arkansas
25c
31
31
20
20
15
15
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
May
37^
1st $6 preferred (quar
Lynch Corp
j.
Madison Square Garden
Mallory Hat Co. 7% pref. (quar.)-----,
NOTICES
June
$1H
_
(quar.^
Volume 147.
CURRENT
May
May
May
May
May
May
May
May
Charis Corp
2573
2574
May 31 May 12
July
1 June 15
June
Preferred (quar.)
Catelli Food Products, Ltd
5% preferred (s.-a.)
Caterpillar Tractor (quar.)
1947
1795
June
Holders
July 1, 1939.
^
Celotex Corp., 5% preferred
(quar.)
Neutral Arizona Light & Power
$7 pref. (qu.)
July
„_May 24
June
1
May 13
June 15
June
1
1
May
1
Sept.
1
May
1
-May
1
June
1
__May
1
May
1
May
When
Payable of Record
share
per
2414
1944
..June
Chippewa Power Co. 1st mtge. bonds
Community Public Service Co. 1st mtge. 5s
Consolidated Laundries Corp., 6H% 10-year notes
♦Consolidated Oil Corp. 15-year conv. 3Hs
;
x
Brooklyn Edison Co. (quar.)
Bucyrus Monighan, class A (final)
Called for redemption at $35
2570
2256
June
British Columbia Telephone Co. 1st mtge. 5s
♦Bucyrus-Monighan Co. class A shares
♦Catholic Bishop of Chicago, serial gold notes
* Announcements this week,
Share
June
Paper Co. 1st mtge. bonds
„■
Company
.July
May
W. 8. Barstow & Co., 6% s. f.
gold debs
Bedford Pulp &
_
Narrie of
KJ
50c
10c
87 He
May
May
Apr.
Apr.
Apr.
lune
50c
June
87 He
Tune
40c
June
10c
May
81H
50c
20c
21
20
26
12
May 31
Anr. 25
May 10
May 10
May
5
Apr. 30
May 26
May 26
May
5
Apr. 19
Apr. 25
Apr. 25
Apr. 25
Amy 20
May
5
May
18
May 15
May
1
June
1 May 20
May 31 May 20
June 15 May 31
t75c
May
1 Apr. 20
81H
May
Apr. 27
50c
June
30c
68He
May 18
May 25 May 10
5
May 15 May
Financial
2530
Per
Name of
■
Share
Company
When
Per
Holders
t3U
-
1
May
May
Apr. 29
1 Aor.
29
12
12
5
15
28
20
(R.I.) $3 prior pref
Security Insurance Co. (N. H.) (quar.)
25c
Servel, Inc
25c
June
1 May
1 May
May 15 May
June
1 May
Apr. 29 Apr.
1 Apr.
May
May 15 May
Apr. 26 Apr.
June 10 May
June
1 May
1 Apr.
May
June
1 May
50c
June
SIX
June
Rochester Gas &
SIX
SIX
Elec., 6% pref. C & D (quar.)
5% preferred E
(quar.)--
12c
Rolland Paper
Co., Ltd
6% preferred (quar.)
Royal Canadian Oil (quar.)_
St. Louis County Water, pref. (quar.)
San Carlos Milling Co. (quar.)
San Gabriel River Improvement (monthly)
Sears, Roebuck & Co
Second Investors Corp.
Sherwin-Williams & Co
SIX
lc
SIX
15c
10c
75c
75c
-
-
"
Preferred (quar.)
Singer Mfg. Co. oro. reg. (final)
Axner. dep. rec. ord. reg. (final)
3X%
3X%
3c
Siscoe Gold Mines
25c
Smith
Agricultural Chemical
(quar.)
(quar.)
(quar.)
Southern Grocery Stores, Inc., pref. & partic-Southington Hardware Co
Stamford Water Co. (quar.)
Standard Cap & Seal Corp. (quar.)
-_
SIX
Preferred
Sound view Pulp 6% pref.
South Bend Lathe Works
SIX
30c
60c
25c
40c
-
Preferred
40c
40c
__-_J
(quar.)..;.
SIX
Stromberg Calrson Telep. Mfg., pref—
56c
Tampa Electric Co. (quar.)
Taylor & Fenn Co. (quar.)
Trades mens National Bank & Trust
SIX
SIX
— -
50c
United
Engineering & Foundry Co. (quar.)•—
Preferred (quar.)
SIX
SIX
United Gas Corp. $7 pref. (quar.)-United Gas Improvement (quar.)
.Preferred (quar.)
-
-
25c
SIX
V
United States Playing Card-.
-50c
United 8tates Steel Corp. 7% pref. (qu.)
Universal Insurance Co. (quar,)
SIX
June
June
SI
30c
10c
SIX
-
50c
Preferred
West Michigan Steel Foundries 7% pref. (qu.).
$ 1 X preferred (quar.)
Westvaco Chlorine Products (quar.)-_
W
"as
—
Below
May
May
May
July
Apr
X
24
5
5
11
31
31
June
Apr
15
20
20
15
Bullocks, Inc. (Los Aug.), 5% pref. (quar.)
Bunker Hill & Sullivan Min. & Concent'g Co_.
Share
Name of Company
15c
*
Aetna Ball Bearing
Alabama Power Co. $5 preferred (quar.)
Alaska Juneau Gold Mining (quar.)
-----
----
June
SIX
25c
Allentown-Bethlebem Gas Co., 7% pref. (quar.)
Allied Finance
25c
Corp. (quar.)
:
(quar.)
Alpha Portland Cement
Aluminium Ltd., 6 % cum.
pref. (irregular)
Aluminum Mfg. Co., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quar.)
;
7% preferred (quar.)
7% preferred (quar.).;
Amalgamated Sugar 1st pref. (quar.)—Amerada Corp. (quar.)
American Can Co. (quar.)
—;
American Cities Power & Light—
$3 class A (quar.)
i.
Opt. div. of l-32nd sh. of cl. B stk. or cash.
American Distilling Co. 5% pref. (s.-a.)
American Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)—
7% preferred A (quar.)
American Gas & Electric pref. (quar.)
American General Corp., $3 pref. (quar.)
S2X preferred (quar.)
$2 preferred (quar.)
;
American Home Products (monthly)
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry Co.
American Meter Co., Inc
-
Aloe (A. S.) Co.
....
87*|c
50c
25c
1.50
50c
50c
50c
SIX
SIX
SIX
12Xc
50c
$1
75c
Extra
;
—
Applet on Co. (quar.)
Preferred
(quar.)
Archer-Daniels-Midland, 7% preferred (quar.)__
Argo Oil Corp
pref. (qu.)-_
(quar.)
Associated Telep. & Teleg. Co. 7% 1st pref
1st $6 preferred
Associated Telephone
Co., Ltd., pref. (quar.)..
Atlantic City Electric Co. $6 pref. (quar.)..
Atlantic Macaroni Co.. Inc. (quar.)
Atlantic Rayon Corp.
preferred (quar.)
I
Atlantic Refining Co. 4% conv. pref. A (quar.)-.
Atlas Corp., preferred (quar.)
Atlas Plywood Corp., pr^f. (quar.)
Atlas Powder Co., preferred (quar.)
31Xc
*41
62 Xc
7
31c
SIX
5X % preferred (quar.)
Badger X
Paper Mills, Inc., 6% pref. (quar.).
XUIJUB, J.JUU., O 70 yrtJI. IU
Bank of America N. T. A S. A. (quar.)
Berland Shoe Stores, Inc. (quar.)
7% preferred (quar.)
Barnsdall Oil Co
SIX
Dec.
15
15
Commonwealth Edison Co
Dec.
31
Dec.
31
Dec.
15
May
1 Apr.
Extra
Preferred (quar.)
May 26
Aug. 25
Nov. 25
Apr.
8
May 15
May 15
May 15
Apr. 14*
Apr.
Apr.
Apr. 15
May 31
1
May
1
May 31
Apr. 29
May
1
May
July
July
July
May
May
14
14
May
Apr.
May
Apr.
Apr.
Apr.
26
15
5
7
18
20
June 20
June 24
June 24
Apr. 15
Apr. 25
May
Apr. 20
May
Apr. 20
May
Apr. 20
May 17 Apr. 22
May 15 May
1
May 15 May
1
May
Apr. 15
May
Apr. 12
May
Apr. 25
May
Apr. 28
May
5
Apr.
June
May 19
May
Apr. 21
May
Apr. 20
Apr.
15
June
12Xc
SIX
May
May
May
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
25c
SIX
Apr.
Apr. 29
May
May
May
May
May
Apr.
31
1
15
15
1
30
15 Nov. 30
Apr. 15
Apr. 29
Apr. 30
Apr. 14
Apr. 15
June 15 May 31
Sept. 15 Aug. 31
Apr. 20
Apr.
20
Apr.
15
Apr. 29
si
SIX
SIX
May
1 Apr.
15
Apr. 29 Mar. 31
May
1, Apr. 18
,
May 15 May
May 15 May
June
1 May
1
1
15
1
May 10 May
May 15 Apr. 30
Mar.
3i
1 Apr.
1 Apr.
May
1 Apr.
May 15 May
June
1 May
May
1 Apr.
May 15 May
May
1 Apr.
10
15
15
5
20
18
1
May
May
1
May"
15
June
1 May
1
Apr. 29 Apr. 25
Apr. 29 Apr. 25
July
1 June 19
Oct.
1 Sept. 18
1-1-40 Dec. 18
May
May
Apr. 27
1 Apr. 20
1
Apr. 3G Apr. 20
May
1 Apr. 14
May 15 Apr. 18
July
1 June - 6
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
May 15 May
1
15
20
20
12
15
25
15
15
Apr. 15
68Xc
$1.63
*
10c
40c
'
4c
May
1 Apr. 15
May 15 May
1
May
1 Apr. 10
May
1 Apr. 14
June
SIX
Connecticut Light & Power Co. 5X % pref. (qu.)
Connecticut River Power Co. 6% pref. (quar.)._
SIX
June
SIX
40c
50c
Consolidated Amusement (quar.)
Consolidated Cigar Corp—
$ 1.62 X
6 X % prior preferred (quar.)
7% preferred (quar.)_
Apr. 17
Apr. 21
25c
May
May
6X% preferred C (q-iar.).
Community Public Service
11
June
40c
25c
10c
3c
Commonwealth Investment Co. (quar.)
Commonwealth Utilities Corp.,—
Sept. 30 Sept. 15
1 Apr. 15
May
Apr. 29 Apr. 15*
May 15 Apr. 25
May
May
SIX
Bros., Ltd., 6% 1st pref. (quar.)
Co., Inc
■_
Birtman Electric (quar.)
SIX
tsix
tsix
12Xc
SIX
SIX
SIX
SIX
preference (quar.)
June 30 June
60c
Best A
75c
SIX
-
s
6X % preferred (quar.)
Commercial Alcohols, Ltd. (resumed)
75c
Beattv
cum.
70c
SIX
Preferred (quar.)
Columbia Gas & Electric 5% pref. (quar.)
5%
5
10
10
Columbus & Southern Ohio Electric—
Ault & Wiborg Proprietary Ltd.
uouKd
May
SIX
six
SIX
~
5% preferred (quar.)
----5% preferred (quar.)
City Baking Co., 7% preferred (quar.)._
City Water Co. Chattanooga, 6% pref. (qu.)._
Cleveland Cin. Chicago & St. Louis Ry. Co.—
5% preferred (quar.)
15
June
15c
49c
42c
Apr. 29
June
20c
Cherry-Burrell Corp
Preferred (qusjp ) l
Sept. 30 Sept. 15
June
six
SIX
Sept.
Nov. 24
20c
Chain Belt Co., common (quar.).
Chain 8tore Investment Corp. $6X
Chartered Investors, Inc., $5 pref.
6% preferred series A (quar.)
Columbia Pictures Corp. $2X conv. pref
1 May
June 30 June
May
May
May
May
87m
June
May
2uc
preferred
15
June
June
JB&
16
15
11
Apr. 15
May 24
Aug. 26
Apr.
Apr.
Dec.
25c
—
Coast Breweries, Ltd, (quar.)
1 Apr. 21
1
June 24 June
June
Preferred (s.-a.)
Anglo-Canadian Telephone Co..5X % pref. (qu.)
Animal Trap Co. of America preferred (quar.)__
May
Apr.
May
15jc
;
Col gate-Pal mol ive-Peet (quar.).
May
June
Amoskeag Co. (s.-a.)
1
May
May
May
May
May
June
*jioo
6% preferred;.
;—
Centrifugal Pipe Corp.
Century Ribbon Mills, Inc., 7% pref. (quar.)-Cerro de Pasco Copper
1 Apr. 18
May
1 Apr.
4
May
May 10 Apr. 29
1 Apr. 15
May
May
....
25c
12 Xc
Central New York Power Dref. (quar.)_-
15
Dec.
-
SIX
*
12Xc
-—
-
Central Power & Light 7 %
1 Apr. 21
1
16 June
•
------
June
May
May
Corp., Ltd.—
Cedar Rapids Mfg. & Power Co. (quar.)
Central Hudson Gas & Electric (qu.)
15
Sept.
American Smelting & Refining Co
Preferred (quar.)l
American Stove Co
American Thermos Bottle
Preferred (quar.)
Apr. 18
May 20
May 11
May 16
Apr. 19
Apr. 19
May
5>c
9
May 10
June
SIX
SIX
J25c
-.
Carman & Co., class A
—
Castle (A, M.) A Co. (auar.)—
20
June
-
fiM
12Xc
5
15
Dec.
Canadian Industries, class A & B
9
May
—
American Radiator & Standard Sanitary—
Preferred (quar.)
American Ship Building
Apr.
10c
May
1
May
1
May
1
May 15
Canadian Investors Corp. (quar.)
Canadian Oil Cos. (quar.)
Holders
1
Aor.
-
Canadian Foreign Invest.
Resumed (irregular)-
Payable of Record
May
May
25c
-
»
May
May
May
25c
5% preferred (quar.)
Burlington Mills Corp
Cincinnati Union Terminal 5% pref. (quar.)—
Adams (J. D.) Mfg. Co. (quar.)
Adams-Millis Corp
-
40c
six
SIX
six
preferred (quar.)
5% preferred (quar.)
Bunte Bros., 5%
Canadian Exploration Co. (semi-ann.)
Canadian Fairbanks-Morse (interim)
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
When
June
Canadian Bronze, Ltd. (quar.)
Preferred (quar.)_
we
Per
June
Power 1st pref
Class A (quar.)
Class A (quar.)
15
28
Mjy 15
May 10
Apr. 20
May
1
May
1
Apr.
May
50c
Burroughs Adding Machine Co
37 Xc
Butler Bros., preferred (quar.)
Byers (A. M.) Co., preferred
1$ 1.59 X
25c
Byron Jackson Co. (quar.)
—
Cable & Wireless (Holding), Ltd.—
American deposit receipts for ordinary shs--.
Calgary Power Ltd., 6% preferred (quar.)..—
California Packing Corp., preferred (quar.)
California Water Service, preferred (quar.)
Camden Fire Insurance (s.-a.)
Canada Iron Foundries 6% preferred
Canada Wire & Cable, class A (resumed)
5
15
15
15
29
26
Apr. 15
June
Buffalo Niagara & East.
Bullock Fund, Ltd
May
May
June
10c
Apr. 29
May 9
June
10c
15
24
28
May 15
Apr. 21
Apr. 21
May
May
May
May
May
May
f75c
...
Preferred (quar.)
Winchendon Electric Light & Power Co.
,
June
15c
Weymouth Light & Power.
White (S. S.) Dental Mfg. Co
Will & Baumer Candle Co., Inc
18
Apr. 25
May
May
May
May
Tune
June
50c
—
29
May 15 May
June
1 May
June
1 May
June
1 May
May 15 Apr.
2 Apr.
May
1 Apr.
May
May 16 May
May 16 May
June
1 May
June 30 May
Tune 30 May
1 June
July
May 20 Apr,
25c
;
Western Cartridge Co. pref. (quar.)
Westinghouse Electric & Mfg.
May
25c
21
27
20
20
15
1 May 15
1 Apr. 24*
June
Apr.
10
28
May
68 Xc
Apr.
Apr.
62 Xc
30c
(quar.)..
Bourjois, Inc., pref. (quar.)-.
Bower Roller Bearing Co
Brentano's Book Stores class A (quar.)
Brewster Aeronautical Corp
Broadway Dept. Stores, Inc.. 5% pref. (quar.)__
Brooklyn Telegraph & Messenger (quar.)
Buck Hill Falls Co. (quar.)
Buckeye Pipe Line Co
Buckeye Steel Castings 6% pref. (quar.)..
6X % preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
15
Aor.
$2
14c
May
June
$1
Boston Fund, Inc.
25
1
5
15
15
16
10
May
May
Apr.
Apr.
May
Apr.
75c
Class B (quar.)
2
Holders
When
Payable of Record
75c
Borden Co., common (interim)
Boston Edison Co. (quar.)
15 Apr. 29
1 May
May 29 May
May 26 Apr.
June 15 May
1 Apr.
May
1 Apr,
May
May 25 May
25c
Vandium-Alloys Steel Co. (quar.)
Virginia Coal & Iron Co. (quar.)
Warren Foundry & Pipe..
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.).
Westchester Fire Insurance (N. Y.) (quar.)
Extra
June
Share
of Company
Blauner'spreferred (quar.)
Blue Ridge Co., S3 pref. (opt. cash or com. stk.)
Bon Ami Co., class A (quar.)
Richmond Fredericksburg & Potomac
7% guaranteed (s.-a.)—
6% guaranteed (s.-a.)
Name
Payable of Record
1939
29,
April
Chronicle
"■
—
i\%
Consolidated Edison Co. (N. Y.), Inc., pref
Consolidated Laundries preferred (quar.)
-
30c
_»
Consolidated Oil (quar.)
Consolidated Paper (quar.)-
20c
I
SIX
75c
SIX
3oc
2c
$2
'
1
June
1
May
May
1 Apr.
15
20
May
1
June
1
May 15
May
1
Mar. 31
Apr. 15
15
8
8
Apr. 29 Apr.
May 15 Apr. 15
June
1 May 20
May 15 Apr. 25*
1 Apr. .15
May
1 Apr. 15
May
1 Apr. 21
May
15 June 30
July
1 Apr. 17
May
May 15 Apr. 29
June 30 June 20
May
May
May
1 Apr.
1 Apr.
15
15
1 Apr.
20
SIX
SIX
SIX
June
15 June
1
May
May
1 Apr.
1 Apr.
17
50c
June
1.50
—
1.37 X
75c
50c
Quarterly.
May
55c
May
May
June
1
5 .789c
Stockyards pref. (quar.)
Deposited Insurance Shares, series A
Deposited Insurance Shares, series B
Optional cash or trust share certificates.
1 Apr.
S2
SIX
Union
17
15 June
5
Sept. 15 Sept.
5
1 Apr. 20
1 Apr. 15
May
six
$1
Da Met'8, Inc., pref. (quar.)
Dennlson Mtg. Co. debenture (quar.)
May
May
1
6.388c
24
1 Apr. 20
Mar. 15
1 Mar. 15
June
1 Apr.
1 May
50c
8ept.
1
25c
Common
Participating preferred (s.-a.)
Participating preferred (s.-a.)
Distillers Cor p.-Seagrams Ltd., 5% pref.(quar.)
Dividend Shares, Inc
Dixie-Vortex Co., class A
Dr. Pepper Co. (increased quar.)
Dec.
1
Nov. 10
75c
75c
Sept.
1
Aug. 10
tsix
lXc
May
May
July
Apr. 20
Apr. 15
June
May 18
Aug. 18
62 Xc
30c
30c
30c
.......
50c
25c
Domestic Finance Corp., preferred (quar.)
Dominguez Oil Fields
-
30c
Dominion Bridge, Ltd. (quar.)__.
Dow Chemical Co
...
1 May 15
May
25c
30c
Diamond Match Co., common
Common
Quarterly
Quarterly..
June
six
Detroit Gasket & Mfg. preferred
(quar.)
Diamond Ice & Coal Co. 7 % pref. (quar.)
Preferred (quar.)
Apr. 25
May 15
,
'
Davenport Water Co. 6% preferred (quar.)
Dayton Rubber Mfg. $2 class A (s.-a.)
Denver
25c
5oc
15c
Continental Can Co., Inc. (interim)
Coon (W. B.) (quar.)
-1
7% preferredCorn Exchange Bank Trust (quar.)
Cosmos Imperial Mills 5% pref. (quar.)
Coty, Inc
Cresson Consolidated Gold Mines
Crum & Forster, Inc. 8% pref. (quar.)
Cumberland Co. Power & Light—
6% preferred (quar.)
5X% preferred (quar.)__
Cuneo Press, Inc. (quar.)
Preferred (quar.)
Dallas Power & Light, 7% pref. (quar.)
$6 preferred (quar.)
Daniels & Fisher Stores Co. (quar.)
May 15
1
1
May
\pr.
Apr. 29 Apr.
Consolidated Lobster, Inc., (quar.)
Extra
1
May 15
75c
-
SIX
25
10
Aug. 10
3-1-40 2-10-40
Sept.
June
10
Dec.
Nov. 18
May
Apr. 22
Apr. 29 Apr. 21
May 15 Apr. 29
May 15 May
May 15 May
1
1
Volume
Per
Name
Share
of Company
$1*4
Dominion Tar & Chemical, preferred (quar.)
15c
Duquesne Brewing Co
$1*4
Daniel Do
pref (quar.)
Eastern Shore Public Service Co.—
Early &
$1*4
$1*4
$6*4 preferred (quar.)
$6 preferred (quar.)
$1*4
$1*4
Electric Bond & (share Co. $6 pref. (quar.)
$5 preferred (quar.)
SI.14
Elmira& Williamsport RR. (s.-a.)
Employers'Casualty Co. (Dallas) (quar.)——
Employers Group Associates (quar.)
Emporium Capwell Corp 4*4 % pref. A (quar.)_
4*4% preferred A (quar.)
4 *4 % preferred A (quar.)
7% preferred (semi-ann.l
Eureka Pipe Line Co
1
Faber. Coe & Gregg 7% pref. (quar.)
25c
25c
5614c
56 Mc
5S&
50c
$1*4,
15c
Falstaff Brewing Corp. (quar.)
Federated Dept. Stores
25c
1.0614
SI 14
H% conv. preferred (quar.)
Fibreboard Products 6% prior pref. (quar.)
Fidelity & Deposit Co. (Md.) (quar.)
Fidelity Fund
---Fiduciary Corp. (quar.)
4
$1
—
15c
—
SI
si
Fire Assoc. of Phila__
Not payable on scrip
5c
SI *4
87 Mc
SIM
SI
May
May
May
Aug.
May
May
114%
May
$114
75c
SIM
SIM
—
preferred (quar.).
Great Lakes Dredge & Dock (quar.)
t75c
25c
J60c
15c
15c
May
May
20c
(resumed).
...
pref. (quar.)..
(quar.)
SIM
50c
25c
15c
—
1
1
7
--
$114
,
SIM
68Mc
68 Mc
1.6214
-
■,20c
.
-
$1
;—
3/5
Holly Sugar Corp., preferred (quar.) —
Holophane Co., Inc
- —
—
25c
—
(quar.)'___
C.) Co. 7% non-cum. pref.
(quar.)..
3714c
$114
8Mc
45c
preferred (quar.)
"50c
(quar.)
SIM
SIM
SIM
(Joseph) Co., preferred (quar.)
7% pref. (quar.)
—
---
Hudson Bay Co. (interim)
...
Humberstone Shoe Co. (quar.)
Hussman-Ligonier Co. (quar.)..
Idaho Power Co., 7% pref. (quar.)
.ri
$6 preferred (quar.)
i.
1-Illuminating & Power Securities Corp. (quar.).
7% preferred (quar.)
Imperial Chemical Industries, ord. shs
Amer. dep. rec. for ord. shs. (final)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Quarterly
...
Incorporated Investors
J.¬
Indiana Pipe Line Co
3*4%
25c
25c
SIM
SIM
$1
SIM
—
*
Institutional Securities, Ltd.—
,
5Y°
JS3M
+S3M
%
30c
2
2
15
15
T5
in stk.)
t30c
$1M
(quar.)
preferred
preferred A
pref. (qu.).
America 5% pref.
International Nickel Co. (Canada),
-
19
15
15
tSIM
tSIM
tSIM
t$2
Apr.
May 15 Apr.
May 15 Apr.
June
May
June
May
Apr.
May
May
Apr.
Apr.
May
Apr.
May
May 15 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr."
May
1 Apr.
May 10 Apr.
May 15 Apr.
June
1 Apr;
June
8 Apr.
July
3 June
Oct.
2 Sept.
28
15
15
12
15
,
15
20
29
29
15
15
11
22
15
15
24
15
20
15
15
29
29
-
30
1-2-40 Dec. 30
"
May
May
May
Mar. 31
•
Apr. 20
1 Apr. 15
July
June
May
1
May
1
May
1
May 15
May 23
May
6
Apr. 15
Apr. 15
Apr.
1
May
5
Dec
Nov. 24
May 10
May 10
67c
Apr.
Apr. 19
May
May 31
June
June 20
May
May
Apr.
June
Sept.
Sept.
May
May
Aug.
Aug.
Dec.
Nov. 20
15c
$1*4
May
Apr.
June
May 25
10c
SIM
May
June
May
May
May
July
Apr.
Apr.
June
SIM
SIM
SIM
87 Mc
10c
10
Apr. 20
5
Apr. 20
May
June 15
Apr. 10
Apr.- 10
May
22
Sept.
Aug. 22
Dec.
Nov.
June
May
!J.
May
May
May
1
Apr.
15
Dec.
Nov. 20
Apr.
25
June
17
June
May 17
Apr. 17
Apr. 17
Apr. 20
May
May
May
May 15 Apr. 21
July
1 June 21
Oct.
1 Sept. 22
Dec.
23
July
1 June
May
1 Apr.
May 31 May
Aug. 31 Aug.
30
30
1
11
May
12
May 15 May
May 15 May
Aug. 15 Aug.
22
1
,
5
5
Nov. 15 Nov.
4
Apr.
Apr.
Apr.
Apr.
1 Apr.
Apr.
Apr.
15 Apr.
29 Apr.
15 May
27
5
1
May
1
May 15
May
May
May
May
May
May
Apr.
May
May
May
15
15
30
15
14
14
29
20
1
Mar. 30
Apr.
Apr.
Apr.
Apr.
15
15
15
15
June
May
1
May
May
May
Apr. 22
Apr. 15
June
May
May
May
May
Mar. 31
10
May
1 Apr. 11
May 10 Apr. 30
Apr. 29 Mar. 31
1
May 15 May
1
July
1 July
Sept. 30 Sept. 30
2-2-40
2-2-40
May
1 Apr. 21
June
May 15
May
Apr. 24
May 13
June 16
June
June
Sept.
Dec.
--
A (quar.)
preferred (quar.)
Sept. 21
May
May
May
May
July
May
May
May
May
,
-- —
Co. (semi-ann.)__.i
Nation-Wide Securities. B, fust certificates...
National Automotive Fibres preferred (quar.)._
National Bearing Metals Corp. 7% pref. (qu.).
National Biscuit Co. (quar.)
—
Preferred (quar.)
—
Apr. 15
Apr, 15
Apr. 24
Apr. 15
May
May
(quar.)
National Food Products Corp., class A
National Lead, preferred A (quar.)
National Distillers Products
(Wash.,
May
Apr.
June
Nashua & Lowell RR.
tquar.)
ADr.
May
&
5% conv. cum. pref. series A (quar.)
Mortgage Corp. (Nova Scotia) (quar.)
Muskogee Co. 6% cum. pref. (quar.)--,-Mutual Chemical Co. of Amer., 6% pref. (quar.)
NatfonafSavings A Trust Co.
Apr. 20
May
May
June
.......
(quar.)
PreferredB (quar.)...
National Powe- & Light Co.
15
14
Nov. 30 Nov. 29
--
,
preferred (quar.)..,
National Casket Co
National City Lines, class
20
20
21
21
May
July
1-2-40
6% preferred (quar,)..
6%■ preferred (quar.)- --
22
Apr. 28
June
Macy (R. H.) & Co. (quar.)...
i_„_
Managed Investments, Inc. (quar.)
—
Mangin (i.) & Co., pref. (quar.)
—
Preferred (quar.)
—
Preferred (quar.)...
—
Massachusetts Bonding & Insurance Co
Maytag Co. $3 preferred (quar.).
$6 preferred (quar.)
n-_
Meadvilie Telephone Co. (quar.)
6% preferred (semi-annual)
....
Melville Shoe common (quar.)
,.i
6% 2d preferred (quar.)
Mercantile Stores Co., Inc.. 7% pref. (quar.),.
Merchants & Mfrs. Fire Insurance (quar.).....
Messenger Corp
— —
Metropolitan Storage Warehouse Co
Michigan Gas & Electric, 7% prior lien
$
$6 prior lien
Michigan Public Service, 7% pref. (quar.)
6% preferred (quar.)..
Mid-Continent Petroleum (interim).
Minnesota Valley Canning Co. 7% pref
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.
Montrea* Light, Heat & Power Consoi. (quar.) .
Moody's Investors Service pref. (quar.)
Moore (Wm. R.) Dry Goods (quar.)_.....
Quarterly
Quarterly--Morris & Essex Extension RR. (s.-a.)
Morris (Philip) & Co., Ltd—,
Conv.
24
24
Aug. 24
Dec.
June
(quar.)
—
24
June
1
20
20
30
4
Apr. 29 Apr.
May 15 Apr. 21
Preferred
Sept.
15
25c
—
Mc Lellan Stores, preferred
Nov. 10
30c
—
Sept.
Mclntyre Porcupine Mines, Ltd. (quar.)
Dec.
12Mc
SIM
—
June
—
McGraw Electric (quar.)
Sept.
2c
(s.-a.)__
(quar.)
Keith-Albee-Orpheum Corp., 7% pref
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas, 7% special pref. (quar.)..
7% special preferred (quar.)
7% special preferred (quar.)
Kendall Co., partic. pref. A (quar.)
Kentucky Utilities, 7% jr. pref. (quar.)
King Oil Co. (quar.)
Kalamazoo Stove & Furnace
19
24
27
67c
66c
(quar.)
Mc Crory Stores Corp.,
15
15
18
18
18
SIM
$1M
Julius Kayser & Co
Apr.
May
Aug.
Aug.
May
_■
7% preferred (quar.).
7% preferred (quar.)
6
25
30c
Jamaica Water Supply, preferred (quar.)
Jantzen Knitting Mills pref. (quar.)
June
June
McClatchy Newspapers, 7% pref. (quar.)
6
Apr. 20*
May 10
Aug. 10
8Tocc
Quarterly
Quarterly
July
Apr.
Lynchburg & Abingdon Telegraph (s.-a.)
McCall Corp. (quar.).
.i
30c
$3*4 preferred, series 1931 (quar.)
'Iron Fireman Mfg. Co. (quar.)
Johnson Ranch Royalties Co., Inc.
2M%
SIM
50c
International Cigar Machinery Co
International Educational Publishing Co.—
$1*4
t$l*4
$1.10
$1.10
$1.10
May
12*4c
„
•
Preferred
22
«
Insurance group shares (s.-a.) payable
Interchemical Corp., preferred (quar.)
S3.50 preferred
International Harvester Co. pref.
International Metal Industries—
Apr.
May
May
Apr.
Apr.
May
May
May
10c
— --
12
Apr. 26
June
30c
s.
Horder's, Inc. (quar.)....
Hormel (G. A.) & Co. (quar.)
Apr. 21
May 10
50c
50c
,
Oct.
May
June
50c
(quar.)
Nov.
5% preferred (quar.)
.j__
Lord & Taylor, 1st pref. (quar.).,.
A
2nd pref. (quar.)
Louisiana Power & Light, $6 pref. (quar.)...
Lucky Tiger-Combination Gold Mining
Lumbermen's Insurance (s.-a.)
—
Lunkenbeimer Co., preferred (quar.)
19
30 June 15
1 Apr. 10
4
15 May
15 lApr. 25
15 Apr. 25
26 May 16
30 June 20
June
15c
Holt (Henry) & Co. class A
Home Insurance Co. (quar.)
Extra
International Rys. of Central
International Utilities Corp.
20c
$1|4
,
June
20c
25c
Light (quar.).
Hartford Times, Inc., 5*4% pref. (quar.)
Hat Corp. of Amer. 6*4% pref. (quar.)..
Class A (resumed)
...
Class B (resumed)
Havana Electric & Utilities 6% pref
Hawaiian Pineapple Co. (quar.) ..
Hayes Steel Products, preferred
Hecker Products Corp. (quar.)
—
Hercules Powder, pref. (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Hilton-Davis Chemical Co
cum. conv.
May
May
May
May
May
15c
—
—
Hartford Electric
conv.
June
3c
May
Apr. 26
July 27
Aug.
30c
Loose-Wiles Biscuit Co.
1
June
25c
*
:
Extra
1 Apr. 10
15 June
1 Apr.
May 15 May
May 15 May
Apr.
May
Apr.
May
June
May
Apr.
Apr.
June
May
June
May
June
May
June
May
July
July
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
Apr.
May
May 15 Apr.
Apr. 29 Apr.
25c
Hancock Oil of Calif., class A & B
Class A & B (extra)
6%
6%
June
14
Apr. 20
May 31
May
1
May 16
May 16
87*4c
...
5% refunding partic. preferred (quar.)
Extra
Apr. 29 Apr. 20
40c
preferred (quar.)
Extra
3
June
14
14
June
June
$1
$1
4
Apr.
Apr.
30c
30c
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias, Ltd., A & B (quay.)
Class A & B (extra)
Lock Joint Pipe Co. (monthly)
Monthly...
Monthly
Loew's Boston Theatres Co. (quar.)
Loew's, Inc., 6*4 cum. pref. (quar.)
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
1 May 20
SIM
--
......
Harbison-Walker Refractories Co
40c
17
Nov.
June
$1
2
Apr. 20
Apr. ,14
May
5
Aug.
5
Nov.
65c
...
June
May
May
July
May
5% refunding partic. preferred (quar.)
Hamilton Watch Co. 6%
,
1 ADr.
Aug.
July
May
May
May
Aug.
$1*4
,
Original capital (quar.)
Original capital (quar.)
1 Apr. 15
May
June
25c
'
Houston Lighting & Power
$6 preferred (quar.)
May
May
*
15c
Preferred (quar.)
o
May
9
July 20
25c
(quar
Lit Bros., 6% preferred._-J
Little Miami RR., original capital
5
5
15c
Green (H.
Home
May
May
Link Belt Co
10
25c
cum.
non-cum.
Apr
SIM
Gorbam Manufacturing Co. (quar.)
Gotham Silk Hosiery Co., Inc.,-r-
Horn & Hardart (N. Y.)
21
$1 H
-
6% preferred (quar.)
20
19
20
20
15
15
15
Apr. 15
Apr. 20
Apr. 17
May 17
Apr. 25
Apr. 10
Apr. 10
July 10
June
50c
87*4c
-
for each com. share held-..
L.) Co. (quar.)
Gunnar Gold Mines, Ltd..
Hale Bros. Stores (quar.)
15
18
20
Aug.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
May
*
Corp, preferred (quar )—
General Outdoor Advertising Co., class A
Preferred
■
General Telephone Allied Corp.—
$6 preferred (quar.)
-Gillette Safety Razor, preferred (quar.)
Globe-Democrat Publishing Co. 7% pref
Globe & Republic Insurance of Amer. (quar.) —
Goldblatt Bros, stock div. of l-60th shs. of com.
6%
Apr.
Apr.
Apr.
Apr.
Apr.
June
June
25c
June 28
10c
General Motors
Horn (A.
1
29
1
1
15
May
June
J1H
....
July
Sept.
May
30c
Corp., cum. pref.(qu.)
15c
40c
25c
25c
Quarterly
Quarterly
Lincoln Printing preferred (quar.)
10c
-
Preferred A
19
Mar. 31
June 20
Apr. 20
Apr. 20
Apr. 18
Apr. 18
$1X
1*4%
Quarterly
Quarterly
Lazarus (F. & R.) Co. (irregular)
Lehigh Portland Cement Co
4% preferred (quar.)
Lerner Stores Corp. pref. (quar.)
Leslie 8alt Co. (quar.)
Life Savers Corp
„
Liggett & Myers Tobacco (quar.)
Common B (quar.)
June 23
25c
Common
Harris & Co.
Apr.
May
May
Mar. 31
Apr. 29
30c
Lane Bryant, Inc., 7% preferred (quar.)
Land is Machine Co. (quar.)
13
15*
20
16
19
June
$244
"
Halle Bros, common
Sept.
Apr.
Apr.
May
Apr.
Apr. 25
May
40c
Lincoln National Life Insurance (quar.)
SI 14
(quar.)_
Gellman Manufacturing Co
General Cigar Co., Inc., pref. (quar.)
General Foods Corp..
Preferred (quar.)
General Mills, Inc.
Extra.
23
1
1
31
29
29
62*4c
$1*4
I
......
6% preferred (quar.)
7% .preferred (quar.)
2 Dec. 21
Jan.
Sept.
May
May
May
Apr.
Apr.
May
Apr.
May
May
May
,
Apr. 20
'
Gardner-Denver Co. pref.
7%
10
10
6
6
20
25
15
1 May
May
1 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 29 Apr.
July
1 June 22
Oct.
2 Sept. 21
June
lc
1%
8714c
Franklin Telegraph (semi-annual)
Froedtert Grain & Malting Co. (quar.)
,
1 May
50c
25c
4c
Kittanning Telephone (quar.)
Klein (D.Emil) Co
Preferred (quar.)
I
Kokomo Water Works Co. 6% pref. (quar.)
Kress (S. H.) & Co
Special preferred (quar.)
Kresge (S. S.) Co. (quar.)
Kroger Grocery & Baking Co
7% preferred (quar.)
Holders
When
Payable of Record
May
May
May
May
July
$20
Extra
May
Franklin Fire Insurance (quar.)—
Extra
.
Kings County Trust (quar.)
Kirkland Lake Gold Mining (semi-annual)
Apr. 15
Apr. 21
May
May
Share
20c
First National Bank (Toms River, N. J.) (qu.)_
Fort Wayne & Jackson RR., pref. (semi-annual)
Preferred (quar.)..
Fulton Industrial Secu^s.
Per
Name of Company
June 30 June 20
ctfs. or fractional shs.
Firemen's Insurance Co. (s.-a.)_—
First National Bank (Jersey City) (quar.)
<
Holders
When
Payable of Record
June
2531
Chronicle
Financial
148
June
Dec. 21
June 13
May 16
May
1
Apr.
Apr.
Apr.
15
16
Apr.
15
14*
June
2
May
r
15. C.)._
Apr. 21
June
May
1
Apr.
1
Apr. 22
May
May
75c
May
Naugatuck Water (reduced)
$1.18*4 May
Neisner Bros., Inc.. preferred (quar.)
Neon Products of Western Canada, Ltd.—
May
6% preferred (semi-annual).
—
June
Newberry (J. J.) Co. 5% pref. A (quar.)... — May
Newberry (J. J.) Realty Co., 6*4 % pre' A (qu.)
May
6% preferred B (quar.)
May
New England Fund
Co., common
Preferred (quar.)
Niagara Hudson Power Corp. 5% 1st pref.
5% 2d preferred series A & B (quar.)
New York Fire Insurance Co. (quar.)
New York Merchandise Co. (guar.)----New Process
(qu.)
May
May
May
May
Apr.
May
Apr. 15
Apr. 15
Apr.
15
May 16
Apr. 15
Apr. 15
Apr.
Apr.
Apr.
Apr.
Apr.
17
20
20
21
21
Apr. 25
Apr. 20
.
Financial
2532
Per
Share
Name of Company
1900 Corp.* class A (quar.)
Class A (quar)
Class A
(quar)
60c
60c
60c
—..
—.
—-—
Class B
Noranda Mines, Ltd. (interim).
Norfolk Sc Western By. preferred
*.
12tl
«...
$1
(quar.).
North River Insurance Co. (N. Y.)
Northern Illinois Finance Corp..
Preferred (quar.).
...............
Northern Pipe Line Co
......
Northern RR. of New Hampshire.
Northwest Engineering.
Northwestern Yeast Co. (liquidating)
....
Nor walk Tire Sc Rubber preferred (quar.)......
Nunn-Bush Shoes
—
5% preferred (quar.),
...
....—...
& Land Co. (monthly)........
Oahu Railway
Monthly
Oahu Sugar Ltd.
........
.......
(monthly)....
Occident Insurance (quar.).
...
...
Ohio Public Service 5 H % preferred (quar.).....
7% preferred (monthly).....
.
6% preferred (monthly)....-.-...—.-.
5% preferred (monthly).—
—OkoniteCo. (quar.)......—.................
Preferred (quar.)
......
'
Oliver United Filters, class A (quar.)
Onomea Sugar Co
..........
——
Ontario Sc Quebec Ry. Co. (semi-annual)......
Debenture stocks (semi-annual)
Orange Crush, Ltd., 70c. conv. pref. (s,-a.)*—
Orange & Rockland Electric Co.—
Oswego Falls Cprp
Ottawa Car Mfg. (interim) ..
Outboard Marine Sc Mfg. Co
Outlet Co. common (quar.).,
7% 1st preferred
...
6% 2d preferred
Owens-Illinois Glass (auar.)
Pacific Finance Corp. (Calif.) 6% pref. (quar.).
Preferred A (quar.)..
......
....
Preferred O (quar)
Pacific Gas & Electric Co., 5H % pref. (quar.)..
......
6% preferred (quar.).....
—
Pacific Lighting Corp
....
Pacific Power & Light, 7%
preferred—.....—
$6 preferred..
Pacific Public Service, preferred (quar.)
Pamour Porcupine Mines, Ltd
Parker Pen Co
"
......
,
Parker Rust-Proof Co
.........
Preferred (semi-annual)—
——.
Parkers burg Rig & Reel, pref.
(quar.)
■
...
Passaic & Delaware Extension RR, (s.-a.)._..
Pearson Co.. Inc., 5% pref. A (quar.).—
Peaslee-Gauibert Corp. (quar.)—....——.
Peerless Casualty (N. H.) (semi-annual)
Peninsular Telephone (quarterly)
Preferred A (quar.).—
—
Preferred A (quar.)
Pen mans Ltd.
........
(quar.)...-......
....
...........
0% preferred (quar.)
———————
Pennsylvania Power Co. $5 pref. (quar.)...
Pharis Tire & Rubber..————
Philadelphia Co., 6% cum. pref. (sexni-ann.)
Philadelphia Electric Co. $5 pref. (quar.)
.....
Common (quar.)_.._..
...
Philippine Long Distance Telephone Co
Pittsburgh Bessemer Sc Lake Erie (s.-a)
Pitts. Ft. W. Sc Chicago By, 7% pref* (quar.)..
7% preferred (quar.).^
i
•
7% preferred (quar.).
•
Pollock Paper & Box 7 % preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)_—
Potomac Edison Co. 7% pref. (quar.)...."
6% preferred (quar.)
.
.....
26c
26c
37&
871£
S1H
15c
16c
6c
30c
——.
.........
Preferred
:
(quar.).*.....
May
May
June
1.
Opt. cash or Ishvofpref. for each $100 divs.
Preferred (quar.)....
...........
3
Apr. 29 Apr. 15
May 15 May 12
15 Dec. 15
llH
June
July
May
581-3c May
60c
May
41 2-3c May
$1H
25c
50c
June
June
June
ll'i
30c
25c
50c
5c
5c
75c
25c
12 He
June
May
May
May
May
May
20
20
20
25
Apr. 14
Apr. 14
May 24
July
5
Apr. 20
Apr, 15
Apr. 15
Apr. 15
May, 15
May 15
May 15
May, 15
May
1
Apr. 15
Apr. 25
Apr. 26
May 6
June
June
7
May
May
May.
May
Apr.
Apr,
Apr.
Apr.
20
20
13
June
May 31
26
.
Reliance Mfg., common..
1
Reynolds (R. J.) Tobacco Co. (interim)
Class B (interim)
,
.......
Rhode Island Public Service—
Class A (quarterly).—
——
t.
....
May
1 Apr. 20
May 15 Apr. 25
May 15 Apr. 25
Rochester Button preferred (quar.).....
Rockland Light & Power (quar.)
6d.
Sept. 15 Sept. 14
May
_
...
....—
Strawbridge & Clothier,
prior pref. A
_
....
Mines, Ltd—.........
(quar)—
Preferred (quar.)..—
Sun Ray Drug Co
Sun Oil Co.
......
Preferred
(quar)---------------------7.
Syracuse Bingnamton Sc New York RR........
Tacony-Palmyra-Bridge,preferred (quar)..
$1H
Telautograph Corp
10c
10c
10c
...
Texas Gulf Producing (interim)
Texas Pacific Coal Sc Oil Co. (quar)
.
1 Apr; 18 May
1 Apr. 18
May 15 Apr. 29^_
$1
May
1 Apr. 21*
2c May 22 Apr . 21
Toburn (Gold Mines/Ltd. (quar.)
—
Extra...—
.........——..
May 22 Apr. 21
Apr. 15
58 l-3c May
Toledo Edison Co. 7% pref, (monthly)
—
Apr. 15
50c
May
6% preferred (monthly).—.—————.
Apr. 15
4I2-3C May
5% preferred (monthly)
Apr. 20
Trade Bank of New York (quar).
15c
...—
May
6c
Apr. 20
May
Triumph Explosives, Inc. (quar.)
25c
1
Trane Co. (quar.)
May 15 May
—
June
l May 26
Preferred (quar)
S1H
————
1
June 15 June
SI %
Troy & Green bush RR. Assoc. (s.-a)
20c May
1 Apr. 19
Tung-Sol Lamp Works, Inc.; 80c. pref. (quar.)—
25c
Union Oil Co. of Calif...
May 10 Apr. 24
United Biscuit of America, preferred (quar)
May
1 Apr. 13
July 15 June 39
United Bond & Share Corp., Ltd. (quar).
Oct. 16 8ept. 30
15c
Quarterly
.....—,—-——
38c
United Corp., Ltd., class A (quar.)
May 15 Apr. 29
Union Electric Co. of Mo. $5 pref. (qu)—
May 15 Apr, 29
S1H
United Light & Railways 6% pr.pref. (monthly)
50c
May
1 Apr. 15
;
June
1 May 15
50c
6% prior preferred (monthly).——
50c
July
1 June 15
6% prior preferred (monthly)..........
53c
May
1 Apr, 45
6.36% prior preferred (monthly).—
53c
June
1 May 15
6.36% prior preferred (monthly);..—
53c
July
1 June 15
6.36% prior preferred (monthly)
—.....
58 l-3c May
1 Apr. 15
7% prior preferred (monthly).—...
1 May 15
58 l-3c June
7% prior preferred (monthly)
58 l-3c July
1 June 15
7% prior preferred (monthly)
United New Jersey RR. & Canal (quar)
$2 H
July 10 June 26
Texas Power Sc Light
7% pref. (quar.)
$6 preferred (quar)
SI X
S1H
....
—
Thatcher Mfg. Co. convertible pref. (quar.).—
Tobacco & Allied Stocks, Inc
...
...
May
90c
_
.
...
—
m
—
Apr. 29 Mar.
50c
United Profit Sharing, pref. (semi-annual)
U. S. Hoffman Mach Corp., 5H% conv. pref..
S. Petroleum, common—...
—
Common..........—.......
United States Fire Insurance Co; (quar.)l——.
,
1 Apr. 20
Aug. 15 Aug. 5
5
JDec. 15 Dec.
lc
..........
United States Pipe Sc Foundry
Nov.
...
——
Feb.
Apr. 20
Apr. 10
Apr. 14
...
St. Louis Refrigerating Sc Cold Storage
6 % participating preferred (semi-annual)....
Securities Corp. General $7 pref. (quar.)
—....
Preferred (quar.).
Preferred (quar
'.).
Scott Paper Co., $4H cum. preferred (quar.)
Scotten Dillon Co
Seaboard Oil of Delaware (quar.)
Seaboard Surety Co
Sharp ADohme, Inc., $3H pref. A (quar.)
Shawinigan Water Sc Power (quar.)
Sierra Pacific Power Co., 6% pref. (quar.)
Signode Steel Strapping, preferred (guar.)
June
May 20
Apr. 15
Apr. 20
May
Apr.
Apr.
Apr.
15
14
20
20
May
May
May
June 15
July
June 15
July
Apr, 30 Apr. 18
Apr. 30 Apr. 18
May 1 Apr. 20*
May*
1 Apr. 20*
July
1 June 16
Oct.
1 Sept. 15
1
1-3-40 Dec. 15
May
1 Apr. 20*
May 15 May
5
June 15 June
...
1
May 15 Apr. 29
May
1 Apr. 25
May 15 Apr. 26
May
1 Apr. 29
1
May 5 May
29
June 10 June
1
Sept.' 9 Sept.
1
Dec.
9 Dec,,
1
1 June 15
July
May
1 Apr. 12
June 20 June 12
July 20 July 10
—7.
20 Oct.
Oct.
—————
May
10
1 Apr.* 14
June 15 May 23
4jH % preferred (quarterly).
May
1 Apr. 15
May
1 Apr. 15
May 10 Apr. 29
June
1 May 16
June
1 May 16
May 31 May 15
Aug. 31 Aug. 15
May 15 Apr. 21
May 16 Apr. 21
May
1 Apr*
5
May
1
pr.
5
ay
1
May 15
May 26 Apr-. 29
ar. 31
Apr. .29
May
1 Apr 15
(Cbas.) & Co., 8% pref. (quar.)
Washington Gas Light Co. (quar)..
$4H cum. conv. preferred (quar.)
Washington Ry. & Electric Co.. 6% 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).——...
West Virginia Pulp & Paper Co., pref. (quar)
Western Cartridge Co., 6% pref, (quar)
Walton
—
...
—
Westinghouse Air Brake Co
—...
Nov.
,
1 Oct.
.
15
May
1 Apr. 15
May
1 Apr, 10
May
1 Apr. 22
May
1 Apr. 22
July
1 June 17
July
1 June 17
May |1 Apr. 24
May
1 Apr. 15
May
1 Apr. 15
Aug.
1 July 15
Aug. 1 July 15
—
Quarterly.
Extra
1 Oct. 15
1 Oct. 16
May
1 Apr. 15
Apr. 29 Apr. 20
Apr. 29 Apr. 20
May
1 Apr. 26
June
1 Apr. 24
May
1 Apr. 20
May
1 Apr. 20
Nov.
QuarterlyExtra
Nov.
Wisconsin Electric Power Co., 6% pref. (qu.)
Wisconsin Telep. Co. 7% preferred (quar) _ _—
W J R the Goodwill Station
(quar)
Wood, Alexander Sc James, Ltd., 7% 1st pref
Wool worth (F. W.) Co. (quar)
Wrigley (Wm.) Jr. (monthly)
;
Transfer books not closed for this
1
July
Aug.
Sept.
—
1 June 20
1 July 20
1 Aug. 19
2 Sept. 20
1 Apr. 12
1 Apr. 15
Oct.
May
May
dividend.
t Oh account of accumulated dividends.
May 26
June
Monthly.
Monthly.
Monthly
Monthly
Monthly
Yuba Consolidated Gold Fields (irregular)
Zeller's, Ltd., 6% preferred (quar)
*
1 Apr. 21
$IX
SI H
Walgreen Co. (quarterly)
Extra
1 Jan.
May
Aug,
....-
(quar)
1 Apr. 28
1 July 29
1 Oct, 28
May
Vermont & Boston Telegraph—
Virginia Railway, preferred (quar.)
Preferred
9*
28
5lo
5
12
SIM
Vapor Car Heating Co., Inc., 7% pref. (quar).
Vulcan Detinning Co.
Preferred (quar.)
18
31
31
29
15
Sept 20 Aug.
Dec. 20 Nqv,
May
1 Apr.
June 23 June
May :2 Apr.
July 15 July
May
1 Apr.
May 20 May
May
1 Apr.
....
(quar.)
(quar.);.
1 Apr.
June 20 May
May
Co. (quar.)
Quarterly........———
....—
Quarterly———
—
...
......
United States Playing Card Co. (extra)..
United States Rubber Co. 8% 1st pref
United States Rubber Reclaiming, prior pref
United States Sugar Corp. preferred (quar.)...
United Steel Corp., Ltd., 6% pref. A (s.-a)
Universal Consolidated Oil..—
Universal Leaf Tobacco Co., Inc-—
Upper Michigan Power Sc Light—
6% preferred (quar)
—.—
6% preferred (quar);
— ...—
6% preferred (quar.)————
.
6% preferred (quar)
—
Utica, Chenango Sc Susquehanna Valley
—
7% preferred
7% preferred
31
May
68Hc
U.
Wilson-Jones Co.........—;
Winsted Hosiery Co. (quar)..............
Extra
Apr. 15
Apr. 15
1
Apr.
6
May
May
Apr. 6
1
May 15 May
Apr. 24*
May
Apr. 24*
May
Apr. 24*
May
Apr. 22
May
May
Apr. 22
June
May 13
May 15 Apr. 29
June 15 May 26
June
May 16
Apr. 15
May
Apr. 15
May
May
Apr. 21 .
Mar. 17
May
May
Apr. 15
June 15 May 19
June
I May 11
A (quar.)..:
Sullivan Consolidated
1 Apr. 15
June 15 June
.■
.....—
_
Dec. 15 Dec. 14
1
June 15 June
May}22 Apr. 22
May
May
,
(quar.)
Preferred (quar.)
St. Louis Bridge Co., 6% 1st pref. (s.-a.)
Extra—....
Preferred (quar.)
Stouffer Corp. class
Class B (interim)
10 Apr. 29
Apr. 22
Apr.
4
10 Apr. 24
15 Apr. 20
15 Apr. 29
1 Apr. 15
June 15 June 14
8% preferred (quarterly)..
.......
8% preferred (quarterly)
Spiegel, Inc.. preferred (quar.).....
Squibb (E. R) Sc Sons, 1st $6 pref. (quar)-—
Standard Brands, Inc. pref. (quar.)...
Steel Co. of Canada (quar.)..
....
Preferred (quar.)
—
....
Stein (A.) & Co. (quar.)
——
Sterling, Inc., common (quar.)
June
SlH
Safety Car Heating & Lighting Co
Saguenay Power Co., preferred (quar.)....—..
St7Lawrence Flour Mills (quar.)
$6 preferred (quar.)
Serve!, Inc., preferred (quar.)
...
Westminister Paper Co. (semi-annual)
Semi-annually
Weston (Geo), Ltd. pref. (quar)
—
Westvaco Chlorine Products, 5% pref. (quar.)—
Wheeling & Lake Erie Ry. prior lien (quar)
5H% preferred (quar)
Whitaker Paper Co
:
Preferred (quar)
May
May
May
May
May
Coupon No. 7.
3% 2ndpreferred (semi-annual)
May
May
May
May
May
May
May
(quar.)
Simpson's, Ltd., preferred
—
Skelly Oil Co., prer. (quar.)......
South American Gold & Platinum Co
Southern Calif. Edison Co., Ltd. (quar.)
Southern Canada Power (quar)
Southern Indiana Gas & Electric 4.8% pref
Southwestern Portland Cement, 8% pref. (qu.).
—
$1
Bearer chares will receive the above dividend
Roses 6-10-25c. Stores
Silex Co.
—
June 15 May 31
10c
50c
50c
50c
50c
15c
$2 preferred (quarterly)———*.—
Rich's Inc. (quar.)
....
Richmond Insurance Co. (N. Y.) (quar.)
Riverside Cement Co., 1st $6 pref. (quar.)
Roan Antelope Copper Mines—
Amer. deposit receipts for ordinary shares.
on
of Record
Name of Company
June 15 June 12
May
May
*2H
J
Apr. 15
June 15 June
June 15
July
Apr, 29 Apr, 15
,50c
:
...
Apr. 16
May 19
May
1 Apr,
May .1 Apr.
May .1 Apr.
May 6 Apr.
.
Reeves (Daniel), Inc. (quar.)..
May 19 Apr. 29
May 26
Apr. 15
June 10
P
Hi
.
....
Reading Co. (quar.)
1
Dec.
Quarterly
5% preferred (quar.)
Prosperity Co. preferred (quar.)
.....
Public Electric Light (quar.)
Public Service of Colorado 7% preferred (mo.)..
preferred (monthly),
U /O
preferred (monthly).
IJUJLUliLUiy;
Public Service (N. J.), 6% pref. (monthly)
7% preferred (quar.).
...
8% preferred (quar.)
$5 preferred (quarterly)
Quaker Oats Co.,preferred (quar.).-.———
Quarterly Ihcome Shares (quar.)..
...
Quebec Power Co. (quar.)
....
....
Randall Co. class A (quar)——
Ranier Brewing class A & B
Class A and B.
May 15 May
June 15 May 20
htf
Procter Ac Gamble, stock dividend of l-75th sh.
of com. for each share of common held
Rath Packing Co. pref. (s.-a.)
Raymond Concrete Pile (quar.)
1
1
1
May 15 May
6
May 15 May
5
May
Apr. 15
May
Apr. 15
50c May
Apr. 15
41 2~3c May
Apr. 15
60c May
Apr. 18
$IH June
May 18
50c
May
Apr. 21
10c Apr, 30 Apr. 20'
1 May
$3 June
1
June
2
May
1
May
1 Apr. 15
10c May
Apr. 25
10c May
Apr. 22
$2 May
Apr. 22
40C
May 10 Apr. 25
76c May
1 Apr. 20
%1H May
1 Apr. 20
May
1 Apr. 20
50c May 15 Apr. 29
S1H May
1 Apr. It
20c
May
1 Apr. 15
16Hc May
1 Apr. 16
34 He May 15 Apr. 29
37Hc May 15 Apr. 29
76c
May 15 Apr. 20<
May
Apr. 20
May
1 Apr. 20
May
Apr. 15
June
May 15
25c June
May 15
June
May 10
June
May 10
June
May 26
May
Apr. 21
31 He May
Apr. 20
45c
May
Apr. 10
35c May
Apr. 20
50c
July
1 June 15
May 15 May
5
Aug. 15 Aug.
6
May 15 May
5
May
1 Apr. 21
May
1
&Pr' H
May 20 May
5
May
1 Apr.
1
May
1 Apr. 10
May
1 Apr. 10
Apr. 29 Apr. 20
Oct.
1 Sept. 15
July
5 June 10
Oct.
4 Sept. 10
1-4-40
12-10-39
June 15 June 15
Sept. 15 Sept. 15
J.) (quar.)
.....
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
May
$2
Holders
Holders
Payable of Record
Apr. 29 Apr. 13
.....
Princeton Water Co. _(N«
Privateer Mines. Ltd
When
April 29, 1939
Chronicle
-
•
(
J:uction of intax of 5% of the amountthesuch dividend will be of Canada,
Payable Canadian funds, and in of case of non-residents made.
a
Volume
Financial Chronicle
148
Condition of the Federal Reserve Bank of
2533
Weekly Return of the New York City
New York
Clearing House
The
following shows the condition of the Federal Reserve
1939,
comparison with the previous week and the corresponding
The
weekly statement issued by the New York City
Clearing House is given in full below:
Bank of New York at the close of business April 26,
in
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK
:
CLEARING
HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, APRIL 27, 1939
Apr. 26,1939
Apr. 19,1939 Apr, 27,1938
*8urplus and
Deposits,
Average
Average
6,254,011,000 6,145,223,000 4,608,344,000
United States Treasury.*
Redemption fund—F. R. notes........
Other cash t—........
489,000
Other bills discounted
137,000
Total blllsdlsoounted........—
Bills bought In open market
Industrial advances.
1,256,000
108,771,000
Bank of New York.—.
Bank of Manhattan Co.
National City Bank....
Chem Bank A Trust Co.
6,355,096,000 6,245,411,000 4,718,371,000
.....
...
1,376,000
98,812,000
1,273,000
99,812,000
Secufed bj U. S. Govt, obligations,
direct or fully guaranteed
477,000
120,000
3,460,000
Guaranty Trust Co
Manufacturers Trust Co
2,082,000
248,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
First National Bank....
2,330,000
697,000
,217,000
3,473,000
626,000
218,000
...
.
Irving Trust Co....
215,000
Continental Bk&Tr Co.
Chase National Bank...
4,518,000
United States Government securities:
.
Time
Deposits,
Capital
Members
Gold certificates on hand and due from
Total reserves...
Bills discounted:
Net Demand
Undivided
Profile
Clearing House
Assets—
134,259,000
..............
Total U. 8. Government securities..
Total bills and securities
Uncollected Items
207,948,000
721,957,000
721,957,000
745,855,000
346,716,000
720,261,000
.....
Duo from foreign banks.............
Federal Reserve notes of other banks...
......
Bank premises...
Other assets.—————
...
Fifth Avenue Bank.
Bankers Trust Co.
Title Guar A Trust Co..
191,191,000
256,538,000
331,160,000
134,259,000
256,538,000
331,160,000
Bonds..........................
Treasury notes
Treasury bills
720,244,000
62,000
3,646,000
177,061,000
8,988,000
13,976,000
Totals—
*
........
C868.544.000
6,000,000
12,500,000
7,000,000
7,000,000
519.013,000
918,777,800 11,615,851,000
6,000,000
,
National, March 29, 1939; State,
trust companies, March 29, 1939.
y March 31, 1939.
C
7,248,470,000 7,175,388,000 5,627,187,000
Total assets—
As
71,537,000
19,893,500
109,051,700
53,071,900
4,324,900
Includes deposits In foreign branches as follows:
$7,242,000; d $102,265,000; e $33,770,000.
a
5,253,000
7,642,000
48,737,000.
4,219,000
28,885,000
2,367,000
3,715,000
26,054,000
2,479,000
52,695,000
638,392.00
March 29, 1939;
official reports:
per
10,452,000
46,343,000
167,705,000
5,274,000
61,479,000
94,324,000
42,136,000
25,387,000
3,246,000
263,940,000
662,575,000
567,465,000
55,470,000
133,379,000 <22,425,092,000
3,830,300
50,332,000
79,762,300
*925,455,000
2,424,600
13,437,000
9,253,300
109,250,000
28,266,700
362,570,000
8,369,500
90,229,000
9,497,500
86,036,000
Public Nat Bk & Tr Co.
65,000
4,291,000
128,325,000
9,923,000
13,294,000
.
13,746,900
175,479,000
26,257,900
483,344,000
001,383,100 al ,765,241.000
66,144,300
683,806,000
182,956,700 51,666,491,000
45,626,700
561,095,000
77,500,000
20,000,000
90.000,000
42,243,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25.000.000
Marine Midland Tr Co.
New York Trust Co
Comml Nat Bk A Tr Co
752,918,000
60,000
3,773,000
139,939,000
8,988,000
14,359,000
6,000,000
20,000,000
$279,057,000; b $93,141,000;'
Liabilities—
THE LONDON STOCK EXCHANGE
894,169,000
1,087,383,000 1,072,573,000
acc't.. 5,390,765,000 5,287,267,000 3,636,511,000
646,803,000
234,971,000
222,070,000
47,206,000
Foreign bank......................
80,232,000
81,119,000
Other deposits...—..............
156,217,000
213,006,000
213,008,000
F. R. notes In actual circulation.......
Deposits—Member bank
CP
reserve
Quotations of representative stocks
U. S. Treasurer—General account....
each day of the past
Deferred availability Items
1
166,992,000
1,424,000
133,580,000
1,620,000
Sat.,
124,381,000
1,426,000
Mon.,
Tues.t
Wed;,
Thurs.,
Apr. 24
Apr. 25
Apr. 26
Apr. 27
7/129,535,000 7,056,465,000 5,506,713,000
Canadian Marconi....
Cons Goldfields of 8 A.
Capital Accounta—
.
.
Courtaulds 8 A Co
50,895,000
52,463,000
7,457,000
8,108,000
50,890,000
52,463,000
7,457,000
8,131,000
..
Other capital, accounts.
50,946,000
51,943,000
De
Beers............
Co—
Distillers
7,744,000
Electric A Musical Ind.
9,841,000
Ford Ltd.^
......
Gaumont Pictures ord. Holiday
Total liabilities and capital accounts.. 7,248,476,000 7,175,388,000 5,627,187,000
Ratio
total reserve to deposit and
F. R. note liabilities combined.......
Contingent liability on bills purchased
for foreign correspondents
90.9%
Imp Tob of G B & I...
87.7%
90.7%
London Midland Ry...
Metal Box...........
396,000
......
Rand Mines..........
RloTlnto
Commitments
to
make Industrial
vances...................
ad
2,304,000
2,296,000
......
...
Roan Antelope
Rolls Royce
3,944,000
Royal Dutch Co
k-
f "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Swedish Match B
These are certificates given by the United States. Treasury for
over from the Reserve banks when the dollar was, on Jan. 31,1934,
Unilever Ltd......—
the gold taken
devalued from
100 cents to 59.06 cents, these certificates being worth less to the.extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
25/3
32/22/134
20/134
United Molasses......
Vlokers
..........
'
20/-
£15
4/-
67 /6
58/9
24/434
23/9
£6»i«
£634
89/3
10/6
16/3
89/6
10/3
16/9
3 /1/6
19/6
124/434
3/1/3
19/129/9
£123i
75/-
•-
£1234
£834
£12
16/3
102/6
£3354
£434
25/6
33/6
23/20/-
15/101/3
£3234
£4
25 A 34
25/434
32/9
22/3
20/3
,
75/9
£834
,.£1134
£41»j
25/434
32/22 h
£—
4/£1434
.
£3"x«
Shell Transport—......
Reserve bank notes.
91/-
58/9
23/9
£634
87/9
10/3
17/3
2/9
1/134
19/121/3
£1234
75/£834
£11*4
15/102/6
£3334
.
Cop M.
Fri.,
Apr. 28
£42
£1434
........
A..
Hudsons Bay Co...—
of
.
41/93/9
40/6
91/6
£4234
4/-
£42
Central Min A Invest..
Capital paid In
Surplus (Section 7).
Surplus (Section 13-b).
40/9
40/3
91/£4234
4 /4/£1434
£14?*
58/9
58/9
23/9
23/1034
£634
£634
89/88/9
10/3
10/3
17/3
17/3
3/1/-.
19/19/123/122/6
£1234
£1234
75 /75/£834
£834
£11H
£11J4
15 /103/134" 102/6
£3234
£3334
40/6
90/734
Boots Pure Drugs.
British Amer Tobacco.
Cable A Wire ordinary.
Total liabilities.
received by cable
Apr. 22
Total deposits...—.—... — 5,906,952,000 5,815,476,000 4,486,737,000
Other liabilities Incl. accrued dividends. -
as
week:
33/22/3
19/6
West. Witwatersrand
Areas.......
£434
£434
£434
-
£4»«i6
£434
Weekly Return for the Member Banks of the Federal Reserve System
"
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained*
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions, V
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later•
were made In the breakdown of loans as reported In this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20,1937. as follows:
!
.
-u
The changes In the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial. Industrial and agricultural loans, and (2) loans (other than to broken and dealers) for the purpose of Purchasing or carrying
.
Commencing with the statement of May 19, 1937, various changes
described in
securities.
_
The revised form also eliminates the distinction between loans to brokers and dealers in
securities located in Nw York CJity and those located
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
aU other loans, as formerly.
.
•
.
w
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 Ton securities" and "otherwise secured and unsecured."
*
.
„
A more detailed explanation of the revisions was published In the May 29, 1937, issue of the
Chronicle, page 3590,«
outside New York CJity.
.
.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Federal Reserve Districts—
BoUon
Total
Nets York
CITIES BY DISTRICTS ON APRIL 19.1939 (In Millions of Dollars
Cleveland Richmond
PhUa.
'■
_
Chicago
Atlanta
St. Louis Minneap. Kan. City
Dallas
San Fran.
$
$
S
S,
$
$
21,808
8,124
3,858
1,161
1,114
1,850
675
604
3,042
714
399
654
511
412
656
240
307
861
310
156
256
250
960
262
8,905
3,141
1,484
191
238
105
171
508
185
79
153
164
318
305
64
124
23
8
10
3
28
3
3
18
2
19
690
26
557
21
19
3
6
33
5
1
4
4
11
23
255
32
27
10
13
79
12
7
10
14
49
—
537
Real estate loans—................
1,145
81
198
62
169
35
29
09
50
71
2
69
1
1
s
ASSETS
Loans and investments-—total.—....
Loans—total.
.....
Commercial, Indus, and agricul. loans
Open market paper
-
Loans to brokers and dealers in secure
Other loans for purchasing or carrying
securities
—
Loans to banks—
Other loans
1,518
—
...
.
357
575
117
3
464
170
92
s
:
194
1
71
3
84
51
7
24
20
381
"69
"47
"46
"l82
4
111
2,170
8
76
6
30
201
166
33
372
54
38
84
46
115
605
152
110
986
156
117
116
80
635
9
1
33
18
3
Treasury bills..
Treasury notes
2,015
68
797
United States bonds
6,901
334
Obligations fully guar, by U. S. Govt.
2,030
46
92
106
17
57
Other securities
Reserve with Federal Reserve Banks.
Cash in vault—...................
3,381
8,100
135
2,299
1,104
1,394
258
282
65
86
494
99
53
135
67
323
368
4,846
322
416
151
110
1,075
146
63
160
111
332
417
139
71
17
43
19
12
55
11
7
12
10
Balances with domestic banks
Other assets—net
2,585
146
167
176
290
164
180
448
143
69
274
238
290
35
48
82
23
17
22
29
237
—
—
•#
311
51
60
253
62
Demand
deposits—adjusted......
Other liabilities
........
—
Capital account...
21
78
487
103
105
16,619
5,213
1,058
7,930
1,002
817
1,170
440
371
2,285
442
248
492
435
931
746
201
187
899
190
119
144
/ 284
136
1,054
40
131
20
2
23
33
110
062
286
122
361
206
287
251
...
628
15
131
53
42
28
6,576
276
2,867
331
368
264
256
670
Domestic banks.................
Foreign banks.
Borrowings
134
1,266
LIABILITIES
Time deposits
United States Government deposits..
Inter-bank deposits;
48
28
595
12
2
1
13
1
20
244
""345
"""11
16
"""26
6
""l9
6
3
""309
1,606
222
369
95
93
393
57
99
341
774
3,696
18
0
Financial
2534
April 29, 1939
of the Board of Governors of the Federal Reserve System
Weekly Return
The following: was
Chronicle
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
April 27,
banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
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 the
returns for the latest week appear in our department of "Current Events and Discussions
showing the condition of the 12 Reserve
COMBINED RESOURCES AND
Mar.
Mar. 22,
29,
Mar. 15.
Apr. 26,
Apr. 12,
Apr. 5,
1939
1939
1939
1939
1939
$
(000) Omitted
Apr. 19,
1939
Three Ciphers
1939
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 26.
$
$
$
$
t
12,307,72
12.253,761
Mar. 8,
1939
ASSETS
$
.
■
1939,
■
Mar.
1,
Apr. 27,
1938
1939
$
S
$
10,641,911
12,154,719
403,40]
12,183,71£
10.13C
415,242
9,904
432,094
451,582
12,723,431
12.666.45J
12,609,092
12,596,717
11,102,853
1,871
1,50*
1,932
1,486
1,52c
1,696
1,649
1,954
1,744
2,899
2.552
3,322
3,439
3,457
3,345
3,698
8,471
561
561
554
554
553
553
13,876
13,894
14,005
14,091
14,059
14,122
14,586
16,973
911,090
1,176,109
476,816
911.09C
1,176,109
911,090
1,176,109
476,81C
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
1,191,905
476,816
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,580,906
2,580,888
2,581,518
2,581,022
2,581,903
2,582,099
2,582,085
2,582,035
2,582,852
2,590,009
12,716,711)
9,44/
376,24(
12.572.7U
12.423.7U
9,601
360,681
9,601
403,63(
10,161
405,55
13,266,561
13,102,401
12,943,001
12,836,95(
1,229
1.53;
1*528
1,062
1.49C
1,834
1,606
3,03S
2,835
3,062
562
560
561
13,291
U.S. Treas. x.
Gold ctfs. on hand and due from
13,478
911,090
1,176,109
476,816
13,030,71(>
Total reserves...-
12,876,718
8,7 8f
8,34(
381,89C
381,058
13,420,95'
1.41C
1,628
Redemption fund (Federal Reserve notes)
Other cash *-
9,291
■1
9,360
Bills discounted:
Secured
by
U. S. Government obligations
guaranteed..
direct or fully
Other bills discounted
-
Total bills discounted
Bills bought in open
market
—
Industrial advances..
United States Government
securities—Bonds..
Treasury notes
—-
Treasury bills
i
....
Total U. S. Government securities
Foreign loans on gold
V
5,572
-
550
657,253
714,857
—-r---
...
Total bills and securities
160
""162
20,976
50,398
19,613
672,694
42,633
49,104
16,696,511
Federal Reserve notes In actual circulation....
Deposits—Member bank—reserve account....
161
161
18,868
577,007
42,640
42,642
50,162
48,733
19,498
581,828
42,682
48,130
16,631,655
16,447,152
16,211,436
16,111,152
4,433,389
4,417,822
4,394,453
4,398,430
4,345,363
9,902,809
9,742,839
950,876
9,317,830
1,102,897
9,124,860
285,975
9,527,804
1,015,034
267,432
247,116
11,332,133
11,202,406
582,059
4,574
663,169
4,153
16,352,155
134,972
149,152
""168
~169
""169
"170
19,444
20,825
19,382
592,833
161
21,334
648.928
Due from foreign banks.
718,097
535,646
523,357
42,732
19,058
634,023
42,735
168
;
'
Federal Reserve notes of other banks.—
Uncollected Items..
580,517
.......
42,723
•
20,672
44,765
f40,O8l
42,735
51,687
51,150
45,339
16,008,086 fl6,076,446
15.840.746
15,926,704
14,327,165
4,335,416
4,335,313
4,343,566
4,355,946
4,120,373
9,077.284
8,984,989
1,101,562
255,935
8,941,650
7,661,269
1,167,818
246,296
1,321,319
237,807
242,286
262,461
8,989,181
1,222,206
234,761
276,336
254,113
237,344
211,655
11,057,386
10,890,950
10,830,994
10,722,484
10,688,049
10,596,599
10,593.108
9,326,045
646,270
573,939
527,113
t3,658
553,056
3,336
630,626
4,017
602,179
3,665
705,482
4,686
586,372
3,929
3,044
5,489
16,287,550
16,102,795
15,867,336
15,756,658
15,663,744 tl5,732,502
15.496,557
15,582,724
13,979,020
134,971
149,152
27,264
134,956
134,926
134,956
149,152
135,016
133,478
149,152
149,152
149,152
147,739
27,264
27,264
,27,264
32,968
32,718
27,264
32,985
32,758
135,031
149,152
27,264
33,047
134,948
149,152
27,264
t32,572
32,825
27,263
32,549
39,245
16,696,511
16,631,655
16,447,152
16,211,436
16,111,152
16,008,086 tl6,076,446
15.840,746
15,926,704
14,327,165
85.1%
84.9%
84.8%
84.7%
84.6,%
84.5%
84.3%
84.4%
84.3%
82.6%
11,749
11,659
12,016
12,062
12,647
12,524
12,545
12,570
12,925
12,735
1-15 days bills discounted
1,916
1,561
2,007
1,549
2,368
2,399
2,394
2,269
2.688
16-30 days bills discounted
138
286
104
166
165
222
236
176
140
31-60 days bills discounted
382
363
295
251
187
228
262
346
387
Bank
42,599
premises
Other assets
*
Total assets
„
-
47,384
LIABILITIES
'
United States Treasurer—General aecount..
912,910
Forelgn
226,956
289,458
bank
deposits.—.-.—
Other
Total deposits
Deferred availability Items
.
yOther liabilities Including accrued dividends
Total liabilities
CAPITAL ACCOUNTS
222,716
.
232,416
1,201,387
1
1,058,714
269,292
282,759
131,802
*
Capital paid in
Surplus (Section 7).
'
Surplus (Section 13-b)
yOther capital accounts
Total liabilities and capital accounts
—
135,006
149,152
27,264
32,920
27,683
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
liability on bills
correspondents.
Contingent
foreign
for
purchased
1,103
Commitments to make industrial advances
.
Maturity Distribution Of BiUs and
Short-Term Securities—
"
'
280
301
246
360
356
340
3,038
2,835
3,063
2,552
203
....
265
322
61-90 days bills discounted--—
129
'83
151
"
Over 90 days bills discounted
'
Total bills discounted..—
.
1-15 days bills bought in open market
...
251
247
325
314
307
3,439
3,457
3,345
69
97
74
•
179
■
288
508
573
304
266
3,698
8,471
256
.
223
203
129
69
83
128
68
97
74
159
206
267
335
69
142
152
151
75
106
69
143
74
74
270
270
304
.72
157
562
16-30 days bins bought In open market
560
561
561
531
554
554
553
2,358
2,359
2,405
2,410
2,123
2.231
206
31-60 days bills bought In open market.
61-90 days bills bought In open market
265
3,322
'
233
369
•
6,836
-
•
47
...
95
Over 90 days bills bought In open market
Total bills bought In open market
1-16 days Industrial advances
104
—...
174
704
160
200
267
721
249
182
204
109
246
715
16-30 days Industrial advances
31-60 days industrial advances
721
229
653
'
550
2,428
1,665
430
145
96
337
342
566
470
232
.
233
280
-
205
202
243
541
14,201
419
'
61-90 days industrial advances
"
Over 90 days Industrial advances
Total Industrial advances..
2,044
1,908
1-15 days U. S. Government securities
16-30 days U. S. Governiment securities
31-60 days U. S. Government securities..--..
61-90 days U. S. Government securities.
...
—
Over 90 days U.S. Government securities
Total U. S. Government securities
10,318
10,372
10,422
10,432
10,944
10,936
10,964
10,928
11,204
13,291
...
...
13,478
13,879
13,894
14,005
14,091
14,059
14,122
14,586
16,973
82,185
83,440
146,043
127,630
2,124,717
85,848
26,500
52,010
124,720
101,710
74,745
93,734
26,500
179:703
164" 203
2,117,199
72,518
91,685
186,113
121,500
2,092,199
158,680
2,097,319
2,139,209
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
84,355
153,613
123,000
Total other securities..
89,348
192,168
•
72/518
185,125
lb7,163
'
52,010
124,720
115,354
115,848
193,788
72,518
338,218
185,125
217,672
2,124,069
198,233
2,076,859
2,100,659
2,106,907
1,799,037
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
181,733
>
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
4,740,896
307,507
4,723,841
4,685,403
290,950
4,676,299
277,869
4,631,078
285,715
4,631,875
296,459
4,615,432
280,119
4,624,142
280,576
4,637,302
281,356
4,434,356
306,019
4,433,389
4,417,822
4,394,453
4,398,430
4,345,363
4,335,416
4,335,313
4,343,566
4,355,946
4,120,373
4,872,500
4,847,500
2,667
4,812,500
2,862
4,802,500
2,360
4,774,500
3,102
4,764,500
3,193
4,768,000
3,181
4,768,000
2,893
2,977
4,771,000
3,284
4,541,632
7,463
4,875,393
4,850,167
4,315,362
4,804,860
4.777,602
4,767,693
4.771.181
4,770,977
4,774,284
4,549,095
313,983
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. S. Treas..
By eligible paper
•
United States Government securities
Total
collateral
*
"Other cash" does not Include Federal Reserve notes,
z
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from
cents on Jan.
t Revised figure.
100 cents to 69.06
31, 1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under
provision of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 two
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.:
statement for April 27, 1938 has been revised on the new basis and is shown accordingly
'Other capital accounts."
The total of these
"All other liabilities," and "Reserve for contingencies."
The
volume
148
Financial
Chronicle
Weekly Return of the Board of Governors of
2535
the Federal Reserve
System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS APRIL
26. 1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
ASSETS
Gold
certificates
hand
on
Boston
and
Other cash *
381,893
reserves
13,420,955
Secured by U. S. Govt,
obligations
direct or fully guaranteed
Cleveland Richmond
%
Atlanta
Chicago
St. Louis
S
$
$
$
Bills bought In open market
Industrial advances....a.
1
U
8. Government securities—
Dallas
S
San Fran.
%
$
821,413
336,072
620
654
226
758
31,873
676
25,533
474
22,648
319
581
21,045
52,598
16,968
9,321
18,213
17,694
35,838
282,932 2,220,650
325,348
234,235
327,965
219,327
816,137
660,300
626
847,566
137
277
S
527
489
75
3,038
Total bills discounted.;
202
Minneap. Kan. City
627,900
772,025 6,355,096
1,410
1,628
Other bills discounted
277
359,374
261,661 2,167.294
141
165
11
183
277
75
42
240
24
307,704
224,440
45
309,433
201,052
778,909
1,390
20
34
99
28
44
407
326
298
85
64
441
425
326
2
2
16
16
41
213
606
952
38
85
11
83
20
71
•
562
42
219
57
52
13,291
1,771
3,460
2,629
365
1,175
816
458
5
841
911,090
67,984
256.538
73,522
90,042
47,696
87,759
35,579
331,160
94,907
116,233
44,123
27,660
61,570
41,369
53,403
102,026
1,176,109
46,954
134,259
38,478
'24,961
21,650
131,708
53,395
56,958,
47,123
23,092
35,708
14,476
24,573
36,346
46,915
19,021
40,209
Bonds
...........
Treasury notes...
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes ef other banks
Uncollected Items
Bank
$
740,827 6,254,011
848
1,273
30,350
99,812
Bills discounted:
(
PhUa.
%
due
from United States
Treasury
13,030.716
Redemption fund—Fed. Res. notes..
8,346
Total
New York
$
%
60,613
76,830
99,176
2,564,015
721,957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
2,580,906
193,412
726,262
209,870
253,998
135,666
117,269
160
.
191,322
12
287,739
60
16
15
124,265
7
78,751
132,810
5
103,330
20
217,534
...
20,976
Total assets.
1,563
5
2,974
5
1,302
2,837
41,691
2,209
64,443
1,114
1,494
496
81,532
2,101
25,636
8,988
4,657
14,336
29,508
24,848
3,298
14,358
4,612
5,509
47,419
2,595
3,205
25,795
50,398
Other assets
834
2
3,773
56,917
2,931
1^9,939
42,599
premises
2
279
580,517
921,980 1,179,062
16,696.511 1,028,874 7,248.476
•
11
2,062
3,936
2,279
1,515
3,209
2,211
1,250
28,453
3,209
5,018
2,186
1,532
2,326
1,878
4,265
551,240
431,576 2,601,732
481,925
331,485
497,317
5,968
-
351,134 1,071,710
LIABILITIES
F:
R. notes In actual
circulation..i._
4,433,389
379,380 1,087,383
314,250
416,909
195,268
148,242
988,340
179,286
135,238
168,905
75,329
9,902,809
473,020 5,390,755
72,016
222,070
16,352
81,119
6,802
213,008
463,419
523,296
189,625 1,331,883
204,144
43,740
22,029
112,305
21,121
249,794
32,075
113,702
225,239
178,217
47,116
49,053
78,481
5,223
8,595
6,586
3,691
27,480
3,613
48,784
6,586
47,239
9,766
5,001
6,586
5,411
6,287
8,656
2,990
16,352
16,029
568,190 5,906,952
534,189
665,317
295,326
264,925
172,451
Deposits:
Member bank—reserve account
U. 8
Treasurer—General
Foreign bank...
account.
912,910
226,956
Other deposits
289,458
Total deposits.
-
11,332,133
287,597
236,846
670,577
57,103
133,580
40,887
63,956
45,770
25,505
83,748
392
477
27,123
1,620
401
14,567
126
30,567
177
27,857
463
31,396
128
164
286
122
218
889,803 1,146,583
536,490
419,046 2,557,192
471,462
322,420
487,355
2,912
3,153
4,246
16,352,155 1,005,065 7,129,535
134,972
149,152
„
9,402
27,264
Other capital accounts.
•
32.968
50,890
12,060
13,683
10,083
2,874
1,450
.
'
52,463
13,696
14,323
7,457
4,416
1,007
8,131
■2,005
3,466
.
Total liabilities and capital accounts
16,696,511 1,028,874 7,248,476
Commitments to make Indus, advs...
11,749
758
2,296
5,075
4,515
13,650
3,971
4,983
5,630
22,666
4,685
3,293
1,399
.
921,980 1,179,062
1,543 1
1,495
FEDERAL
of—
Total
,
Federal Reserve notes:
'
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
In, actual circulation
held by Agent
as
for notes Issued to bank:
Gold
certificates
on
hand
713
1,429
545
1,672
6,795
1,262
1,001
1,999
431,576 2,601,732
481,925
331,485
49^,317
351,134 1,071,710
599
190
653
2,938
551,240
151
1,053
*
73
-
4,011
3,892
1,266
10,557
3,613
1,142
961
1,811
2,017
•
9,965
2,121
and
June 14 1939
Chicago
St. Louis
Minneap
S
436,054
19,145
207,971
12,703
314,250
416,909
195,268
148,242
345,000
439,500
215,000
613
277
183
161,884 1,020,306
13,642
31,966
420,267 1,210,613
345,277
439,683
215,240
267
»
*
United
83,427
396,679
7,643
8,098
51,820
988,340
179,286
135,238
168,905
75,329
344,859
169,000 1,035,000
196,000
143;500
434,000
5
83
169,005 1,035,083
196,035
States
180,000
85,500
37
436
403
314
143,537
35
180,436
85,903
434,31*
\
Government
Securities
Exchange—See following
Transactions
Bid
the
at
Asked
New
1939;
June 28 1939
July
—>
m
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
...
...
5 i 939
July
12 1939
July
m
19 1939
July 26 1939
...
Stock and Bond
page
Averages—See
THE
PARIS
one 'or
32ds
more
of
Apr. 22
\
Francs
•
Bank of France—
page
Int.
Maturity
BOURSE
Bid
Asked
Banque de Paris et Des Pays Bas
1,137
1,139
1,133
445
450
149,
B
Coty 8 A
210
Courrlere
215
510
36
1,410
„
1,440
36
136
104.15
104.17
Sept. 15 1942...
105.22
105.24
104.25
104.27
Credit
102.21
102.23
June
Mar. 15 1941...
15 1943...
102.6
1K%
102.27
102.29
Dec.
15 1943...
102.8
102.10
Energle Electrlque du Nord
...
Eaux dee Lyonnalse cap
Energie Electrlque du LlttoraJ..
HOLI-
Kuhlmann
DAY
846
948
210
220
220
217
217
217
513
513
515
1,560
Credit Commercial de France...
'510
1,600
1,600
1,610
1,610
1,390
1,400
1,400
1,400
320
103.2
Mar. 15 1942...
102.11
1X%
1H%
2%
IH%
\x%
IX%
103
102
102.9
505
1,390
101.31
1H%
IX%
1X%
1X%
101.30
June 15 1940
Dec. 15 1940...
Comptolr Nationale d'Esoompte
Lyonnalse
1,420
36
812
15 1941..
324
328
328
543
5*9
553
550
•'
619
630
629
1,120
1,130
1,130
1,140
921
926
938
868
872
870
870
Orleans Ry 6%
Closing prices of representative stocks
day of the past week:
as
received by cable
each
Apr.
Apr.
Apr.
Apr.
22
24
25
26
27
Apr.
28
■Per Cent of Par
116
116
159
159
159
105
105
105
105
112
112
112
112
124
124
105
125
116
116
159
159
•
105
112
125
125
105
105
105
149
150
149
150
150
180
178
178
178
178
Siemens & Halske (8%)
191
192
192
193
Verelnlgte Stahlwerke (0%)
196
103
103
105
104
104
195
*
105
430
426
428
37
Perpetual 3%
1917
37
37
1,679
1,694
426
37
1.637
1,150
1,692
80.60
80.60
81.00
81.10
81.25
Rentes 4%.
83.50
83.90
83.80
83.80
84.30
Rentes4%, 1918
82.90
83.40
83.25
83.25
83.40
Rentes
115
431
Pathe Capital
Pecblney
Rentes
Apr.
220
930
Nord Ry
EXCHANGE
'
630
Llqulde
Lyon(PLM)
L'Air
>
825
Dec.
dend.
152
14,500
777
510
101.29
112
153
14,300
777
1,410
37
.
1H%
Deutsche Bank (6%)
153
14,300
503
.
102.30
Deutsche Relchsbahn (German
Rys.pf.7%). 124
Dresdner Bank (6%)
105
Farbenlndustrle I. G. (7%)
149
Relchsbanks (8%)
..180
152
1,420
Cle Generale Transatlantlque
7,700
14,400
773
764
102.28
Allgemelne Elektrlzltaets-Gesellschaft (6%) 115
Berliner Kraft u. Llchl (8%)
159
Commerz-und Privat-Bank A. G. 6%
105
454-
14,000
1H%
THE BERLIN STOCK
Francs
456
151941
102.8
Apr. 28
1,132
Banque de l'Unlon Parlslenne..
Canadian Pacific
June
15 1942...
Apr. 26 Apr. 27
Francs
Francs
7,600
100.7
Dec.
by cable
7,700
2X%
102.12
received
7,700
Citroen B
102.10
as
7,600
Cle Generale d'Electriclte
Rate
Exchange.
2551.
Apr. 24 Apr. 25
Francs
Francs
<
Cle Dlstr d'Electrtclte...
Int.
Stock
2551.
day of the past week:
Canal de Suez cap
Mar. 15 1940...
New
.....
point.
Asked
the
on
page.
York
Daily, Weekly and Yearly—See
June 21
Figures after decimal point represent
June ^16 1939...
Sept. 15 1939—
Dec. 15 1939...
%
176,548
4,540
.
Asked
Quotations for United States Treasury
Notes—Friday,
April 28
Bid
San Fran
$
139,778
York Stock
each
Rate
Dallas
%
Quotations of representative stocks
Maturity
Ran. City
%
192,786
13,500
240
2,893
Treasury Bills—Friday, April 28
0.05%
0.05%
0.05%
0.05%
0.06%
0.05%
0.05%
May 31 1939
June
7 1939
S
420,000 1,210,000
4,872,500
■
May 17 1939
Atlanta
S
330,214
15,964
for discount at purchase.
Bid
May 24 1939...
Richmond
S
due
V
May 10 1939....
Cleveland
379,380 1,087,383
4,433,389
'
3 1939
S
-
STATEMENT
402,176 1,193,073
22,796
105,690
4,875,393
are
PhUa.
$
NOTE
security
Total collateral.:..
United States
New York
f
4,740,896
307,507
from United States
Treasury...
Eligible paper.
Rates quoted
RESERVE
Boston
$
:
Collateral
a
340,154 1.047,050
"Other cash" does not Include
Federal Reserve notes
Three Ciphers
(000) Omitted
Federal Reserve Bank
May
245,122 1,484,641
559,715
4,574
Capital Accounts—
Capital paid In.
Surplus (Section 7)
"...
Surplus (Section 13-b).
•
121,665
344,859
■
582,059
Deferred availability items
Other liabilities, lncl. accrued
diva...
Total liabilities
38,366
7,756
9,375
Rentes
4H%. 1932, A
4^%. 1932. B
88.20
88.50
88.10
88.10
88.75
87.25
87.30
87.25
87.80
111.90
111.50
111.25
111.80
5.870
Royal Dutch
87.50
111.30
Rentes, 6%. 1920
5.820
5.900
5.930
5.940
Saint Gobaln C <fc C.
1.870
1,905
1,885
1,919
Schneider & Cle
1,224
1,218
1,220
1,310
Societe Francalse Ford
53
Sodete Generale Fonclere
Societe Lyonnalse
„
—
Societe Marseilles
Tublze
Unlo
Artificial Silk preferred..
d'Electrlclte
Wagon-Llts
*
53
54
52
68
67
1,390
1,395
68
1,400
1,396
634
638
639
634
83
-
"
68
83
84
85
501
505
500
501
60
60
61
61
54
Sales—New York Stock Exchange
Stock and Bond
daily, weekly
and yearly
Occupying Altogether Sixteen Pages Page One
delivery sales are disregarded in the day's range, unless they are the only
No
transactions of the day.
NOTICE—Cash and deferred
taken of such sales
account is
in computing the range
for the year.
furnish
we
Corporation bonds on
daily record of the transactions in Treasury, Home
the New York Stock Exchange during the current
a
decimal point represent one or more
Quotations after
120.20
120.18
120.18
120.17
120.20
120.18
120.18
12044
120.18
120.17
120.20
120.18
120-18
1
66
2
15
3
*1
(Low.
(Close
62,
4kb. 1947
120.17
120.18
Total tales in
$1.00
units...
115.12
115.13
115.13
115.13
115.16
1
3
1
1
$1,000 units...
Total sales in
106.7
106.11
106.4
106.7
108.11
105.14
105.14
105.15
105.24
105.11
105:13
105.14
105.14
105.24
105.11
105.13
106.14
105.14
11
11
2
13
•
114.27
115
115.3
115
115.3
115.3
114.27
115
116.3
2kb. 1900-65..
115.3
114.27
115.3
104.13
104.13
104.13
104.12
Mw.
101.13
104.13
104.13
104.12
Close
104.13
104.13
104.13
$1,000 units...
1
i
1
2
High
106.16
106.16
103.11'
103.15
106.12
108.11
108.16
106.16
13
6
\
110.18
110.16
110.16
110.14
110.15
110.16
110.14
110.18
110.16
110.16
105.19
Low.
105.1
105.7
105.10
105.2
105.1
105.9
105.10
——
6
3s, 1944-49
3s. 1942-47
1
.108.13
108.12
108.17
10
1
3
(Close
111.16
111.18
1,11.18
111.18
101
5
20
2
3s, series a,
1944-52....(Low.
I Cl086
,
105.21
____
•
105.21
....
....
A
'//
*
108.6 ~
108.6 ~
108.6'
108.10
108*9"
108.13
108.6
108.6
108.5
108.7
108.9
108.13
108.6
108.9
108.10
108.9
108.6
109.28
109.31
24
58
1
5
101.29
101.29
101.24
101.23
101.22
101.24
101.25
101.25
101.24
101.23
101.21
101.19
(Close
101.29
101.25
101.24
101.23
101.21
101.19
4
5
u0.5
109-26
109.28
109.31
110.5
6
7
7
10
104.30
104.28
104.27
«»«-.«.
104.31
104.27
Total sales in $1,000 units...
•
(High
Low.
104.26
104.28
16
5
1
1
10
(Close
104.30
104.28
107.12
107.11
107.14
107.20
107.23
Total sales in $1,000 units...
1
3
Low.
107.9
107.9
107.9
107.11
107.16
107.23
Close
107.9
107.12
107.10
107.14
107.20
107.23
57
13
only
sales
109.26
109.28
109.31
110.5
2Kb, 1942-44...
*
16
109
15
(High
108.26
108.26
108.28
109
109.2
Low.
108.26
108.26
108.27
109
109.1
108.26
108.26
108.28
109
109.1
$1,000 units...
4
Total sales in $1,000 units..
2
7
7
15
108.1
108.2
108.5
108.1
108.1
108.5
108.1
108.2
Total sales in $1,000 units...
1
High
106.26
108.5
2
106.27
106.27
106.30
106,31
Treasury 3Ka, 1943-1945
2
107.9
Low.
106.26
106.27
106.27
106.27
106.31
107.7
106.26
106.27
106.27
106.30
106.31
107.7
Total, sales in $1,000 units...
1
11
1
11
10
—■
15
of
coupon
'j.j
Treasury 2Kb. 1945-1947
— .
—
— —
.
—
—
-
———
110.19
110.27
110.14
108.24
110.19
110.27
110.14
108.24
to
to
to
to
1
(Close
2Kb, 1951-64
Treasury 3ks, 1944-1946
1
108.8'
includes
table
1943-1947—.
1
108.8
104.31
A**--
Transactions in registered bonds were:
7 Treasury 3ks,
108.9
Low.
above
Note—The
7
High
31
v'
•
t Deferred delivery sale.
Odd iot sales,
bonds.
'
'
104.31
104.27
107.11
109.28
......■
108.13
1
•
109.26
109.28
(High
2kb. 1948-51
....
—
6
*2
109.28
Total sales in $1,000 units...
Total sales in
-
■
105.21
(High
Low.
2Kb. 1945-47
—
tl
4
1
*
Total sales in $1,000 units.
(High
•
A.'-
106.10
2Kb, series b, 1939-49..■ Low.
110.18
2Kb, 1055-60.—
'•
106.10
;
■
_
(High
110.18
1
Loan
HomeOwners
110.18
—-•
106.13
Total sales in $1,000 units...
111.23
Total sales in $1,000 units...
106.13
106.11
17
106.10
106.13
100.11
(High
.(Low.
(Close
111.23
106.11
„
Total sales in $1,000 units...
111.16
111.16
2Kb, 1942-47
-
2
108.9
111.8
111.23
3s, 1951-65...
108.80
Low.
•
111.10
110.17
—
——
v
'--rr
-
108.14
Low.
Low
108.10
108.17
22
(Close
108.80
108.12
2
3s, 1946-48
1
-
"
(High
(Low.
110.17
104.12
.—.
....
—
108.13
111.3
110.17
-
108.8
111
(High
-
108". 12
111
Total sales in $1,000 units...
-
108.13
111
2
-
....
110.30
111.21
„'
.
4
1'08~9~
(High
110.29
111.22
..
104.12
(Close
•
Low.
(Close
111.22
r—
10,4.9
.
Total sales in $1,000 units...
Low
104.9
Total sales in $1,000 units...
3
2
104.12
....
1
(High
Low.
(Close
—
2
!•
.
"
111.3
u lose
105. ls
I
104.8
111.3
(High
105.10
105.4
104.9
104.8
(High
(Low.
(Close
111
3k8. 1949-52
105.13
•
111
.
105.10
1
111
.
105.13
105.4
104.8
111
$1,000 units.
105.10
14
8
105.2
Close
Total sales in
22
105.4
105.2
111
111.10
12
105.2
(High
.(Low.
111
(High
105.1
105.1
112
110.29
3Ks. 1946-49——
It
105.9
105.1
110.30
1
107.10
4
110.29
,
,107.10
107.8
110.29
Total sales in $1,000 units...
25
1
107.10
107.8
(High
•
108.4
108.4
1
107.8
105.1
110.16
(Close
.
108
105.2
3ks, 1944-64..
110.14
Low.
3 kb. 1944-46
108.4
1
(Close
Total sales in $1,000 units...
16
108.4
105.1
Federal Farm Mortgage
1
108
107.27
Total sales in $1,000 units...
Total sales in $1,000 units...
108.4
107.27
Total sales in $1,000 units...
5
High
74
103.4
105.3
2Kb. 1950-52
110.20
(Close
3ks. 1943-45—..
105.14
15
108
(Close
Total sates in $1,000 units...
(High
(Low.
t.
105.10
135
6
1
107.27
105.3
2s, 1947
3k», 1941
105.9
105.6
105.5
5
105.2
2Kb. 1949-53
110.20
Total sales in $1,000 units—
105.12
105.4
(lilgb
110.20
i close
105.10
(High
(1-ow
'
3hs, 1943-47
105.5
(Close
1
(High
(Low.
105 2
Total sales in $1,000 vntis
106.12
3
Close
105.19
105.5
Low
(Clo«e
2Kb. 1948
105.12
$1,000 units—
105.10
$1,000 units...
Total sales in
106.12
Low.
3Hs. 1941-43
106.11
105.9
1
104.12
8«s. 1940-43..
105.6
(High
2Kb, 1945
High
39
105.5
105.4
Low.
—
105.24
105.4
i Close
$1,000 units.
Total sales in
20
1
105.11
(High
.
2
1M
(High
(Low,,
■
Close
TUai sales in
106.7
106.4
106.6
$1,000 units...
.
81,000 units„.
Total tales in
106.4
106.6
106.4
(Close
in $1,000 units. .
Total sales
i ow.
Total sales in
106.6
105.4
2k«. 1958-63.—.
High
8kb. 1946 66
106.4
(Close
Total sates in
115.16
115.16
2Kb. 1956 59
115.16
115.13
115.12
(Close
115.16
115.12
(High
.(Low.
4s. 1944-64
-
108.11
(High
.(Low.
Treasury
120.18
120.14
Apr. 28
Apr. 24 Apr. 25 Apr. 26 ■Ayr. 27
Prices]Apr. 22
Bond
Daily Record of U. S.
120.14
(High
Tremury
32 Is of a point.„
Apr. 26 Apr. 27 Apr. 28
Apr. 22 Apr. 24 Apr. 25
Bond Prices
Daily Record of V. S.
York Stock Exchange
Owners' Loan and Federal Farm Mortgage
week.
Securities on the New
United States Government
Below
—
Bills—See previous page.
United States Treasury
United States Treasury Notes,
&c.—See previous page.
6
New York Stock Record
LOW
AND
SALE
HIGH
PRICES—PER
SHARE, NOT PER CENT
Range Since Jan. 1
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
Apr. 24
Apr. 25
Apr. 26
Apr. 27
Apr. 28
$ per share
$ per share
$ per share
Shares
*54%
5534
*120
'
*32%
73s
*19
55
36%
34
73s
*33
32l2
3334
7K
7%
*3214
7U
*20U
48l2
*34
*33
73g
7%
*19
21
*19i2
22
*2014
49
49i2
*84
*67
734
778
778
55%
7%
714
73a
4,500
*1912
21
19i2
100
22
*20U
22
77g
78
78
778
778
7
7
7
*6
7
7
7
*6
7
*6
0l2
*6
7
*93s
IH4
1038
*9
IOS4
*9
1034
10
10
1H8
76s
784
60
60
32
32
*14
14l2
*158
184
*12i4
147g
61
16%
51
78
78
16%
1638
8
8
155i2 156i4
1634
*77g
I684
16i8
8
15314 156
7%
153
8
678
*6%
*10
163g
7i2
154
50%
10
11
11
1058
738
105g
10%
10i8
10%
75g
73s
734
617g
32
1434
*6078
3134
1434
1®4
1934
=*1212
734
*58%
32
623g
32l2
*14
1434
*1%
*12
17g
1434
64
17
16%
16%
1134
12
12
*5012
52
617g
31l2
*14l2
*1%
*12
.
*10
*158
"Y"
'I'.boo
10%
7%
100
67g
6%
6%
400
5K % Pi A with $40 war. 100
5K% Pi A without wai.100
11
*934
100
$2.50 prior conv pre!.Wo par
10%
11
1638
*8%
11
1734
3,400
9
500
158
156
4,200
700
Allied Mills Co Inc
Wo par
7%
77«
8,300
Allied Stores Corp
Wo par
5% preferred
100
Wo par
*60
6234
200
32
331?
5,700
15
15%
600
1%
100
16
16%
12%
*50%
134
1%
*12
18
16
12%
*12%
*50%
$ In receivership,
64
'4,260
16%
6034
16%
53
5
*10%
1484
1214
52i2
1
Allied Chemical & Dye. Wo par
Allied Kid Co
33
63
Alghny Lud Stl Corp..No par
Allen Industries Inc
400
778
19
5K % Pi A with $30 war. 100
10%
1078
10%
6234
63
Wo par
7
32%
1434
*1%
*12%
134
18l2
Allegheny Corp.
10
500
*61
16
52l2
2,300
3,000
3234
1484
12
62l2
34
63
•Bid and asked prloes: no sales on this day.
*10
12
53
Alaska Juneau Gold Mln
7
8%
17
*50i2
68
10
No par
884
107g
12
,
19i2 Apr
19% Apr
45% Apr
84 Jan
Corp
Air Reduction Inc
8
7%
*16
64i4
No par
Adams Express
Adams-Minis
07g
163s
63
6334
684 Apr
Air Way El Appliance..Wo par
2,966
78
34
8
154% 156
10
714
No par
Alabama & Vicksburg Ry—100
778
78
34
8
10
6234
53
8
3H2 Mar
Address-Multlgr
22
*67
8
34
7%
10
63
*11%
78
33% Apr
25
Acme Steel Co
Albany & Susq RR Co
8
*1012
5034
1912
*2034
49%
*34
*117
75g
*612
*10
Apr 10
100
73s
8
157l2
10%
Apr 11
335s
SOU
*34
$ per share
53
4234
*67
$ per share
120
*361S
*3314
7g
Highest
4K% conv pref........100
Abraham <fe Straus
No par
3378
34*
Par
1,300
1,300
12%
53
60
a Def. delivery,
Allis-Chalmers Mfg
Alpha Portland Cem..No par
Amalgam Leather Co Inc..
6% conv preferred
Amerada Corp
Am Agric
.50
Wo par
Chem(Del)— Wo
American Bank Note
6%
preferred
n New stock.
r
par
10
.50
Cash sale,
x
Year 1938
8
31
8
28
1
4
30
Highest
Lowest
Lowest
Abbott Laboratories...Wo par
4284
-
100-Share Lots
700
*33%
7i8
1
8%
*7l2
,
3312
714
21
*8
163s
56
130
60
50%
77g
54%
*120
*36
*6%
*156
55%
130
36%
*67
8
per share
*120
48%
7g
—
125
*7g
36%
*2014
*66
734
55
22
50%
78
$
130
/
21
*19
22
734
54
*120
32l2
50%
*
$ per share
3612
2012
7g
5512
130
*33
*49
*84
*55
*120
3612
*20
*66
55
130
'
*120
130
*33
.
On Basis of
Week
per shar»
Range for Previous
EXCHANGE
Saturday
Apr. 22
t
per
share
!
pet
share
61
Nov
0434 Mar 15
MarlO
36% Feb
119% July
9
30% Mar
45
Oct
52
Jan
130
4284 Mar
Oct
45
Jan
18
11
Jan
25
Mar
6% Mar
14% Mar
16% Mar
24
Oct
30
Aug
40
6778 Nov
27% Jan
65% Jan
li8 Jan
June
12384
May
% Mar
67
1284 July
1% July
Aug
68%
884 Mar
13%
Oct
Feb 20
68
Feb 20
65s Apr 11
10
Jan
117
Apr
12
114 Jan
147g Jan
13% Mar
4
4
8
7g Mar
6% June
Mar
1284 Jan
3
5% June
17%
Jan
19
9
784 June
4
4
14% Sept
21% Nov
2984 Nov
14% Aug
117
Apr 12
34 Apr 10
6i8 Apr 10
5
Apr 8
5% Apr 8
9
Apr 8
14
Apr 8
684 April
151i2 Apr 10
10
Apr 10
Mar
28U Jan
11% Jan
124
Mar
7
Mar
3
70
1
28
4838 Jan
Ex-div.
y
4% Mar
3
Jan
113g Jan
Apr
5
Apr
13% Jan 21
133« Jan 4
193
9i2 Apr 10
6
Apr 11
54*2 Apr 11
1234 Apr
li2 Apr
13% Apr
50
April
16
Apr 2®
l6®4 Apr 11
51
Apr 22
95
Mar
5
3
3
Jan 20
1978 Jan
23g Jan
19
69% Jan
Feb
Dec
i%
Jan
78
Jan
17%
Jan
197
1234
Oct
Oct
8% Mar
1478 July
4% Mar
13% Nov
70% Oct
5.534 Oct
38
Mar
34% Mar
11% Apr
1% Mar
20
3%
Oct
Oct
10
Mar
24
Jan
55
May
78
July
22
Dec
10
Mar
23% July
46%
24% Jan
Ex-rlghts
3
3
125
Apr
63
28%
5 Called for redemption
Oct
Nov
Volume
LOW
AND
New York Stock
148
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued-Page
Sales
CENT
for
STOCKS
NEW YORK 8TOCK
Monday '
Tuesday
Wednesday
Thursday
Friday
the
Apr. 24
Apr. 25
Apr. 26
Apr. 27
Apr. 28
Week
$ per share
I per share
$ per share
$ per share
$ per share
$ per share
Shares
Saturday
*4%
5I4
47s
478
35V 35V
*125% 126
*35% 37
*125% 120
90«4
91
*168% 170
20%
*34%
20i2
z90V
201£
16%
*34
44i2
•
17
17
*95
115
115
15
~*0%
15
Cl2
7%
♦0%
*7
7%
*7%
*61%
8%
7
'100
500
2%
14V
1,500
5V
36V
600
80
2.600
500
2%
~*6~
Bosch
Corp
Am Brake Shoe &
5J4 %
100
Can
26
Preferred
100
7
17V Apr 1
32
5%
""460
preferred
American Chicle
Am Coal Co of
"""260
6V
American
500
No par
Colortype Co
7
500
Am
8
300
70
3V
2V
14V
*5
0
*11
12
.
10 V
5V
10»4
13i2
33a
1S12
1312
*13
*3i»
3%
29
*26
*44l2
45
*26%
45
IV
3%
IV
*17
IV
18
'4%
4V
4V
17V
17V
3V
3V
7
*160
500
1,000
3V
*3V
7
500
1,600
14V
2V
14V
2V
14V
1,100
6V
*5V
6V
100
liv
2%
14V
11%
13V
11%
13V
2,000
4V
3,000
2V
*2V
27,
121
*24%
♦111
4V
11V
*2%
27V
121
4V
37V
25
13V
♦53
.
55
]2V
12
277,
277,
*26
39
39V
39V
*130V 1327, •130V
*60 V
53
*61V
*140
149V *140
♦22V 23
21V
*9
12
18
87g
18
*10
10
1st preterred
100
American Encaustic Tiling.. 1
Amer European Sees...No par
American Express Co
100
Amer & For'u Power
No par
57 2d preferred A
No pur
$0 preferred..
No par
80
16V
*15*4
157V
*80 V
80V
4V
30V
478
*24
79V
4V
80
*4
29
4%
29V
478
*20
434
27
2278
45
*35
86
4V
29V
*4
*11V
40V
*._._
„
*36V
37V
*9V
10V
.
6V
18
18V
*79
81
*79V
4
27
2258
*35
4V
*23
23V
38V
37
37
75
*40
75
37
*36%
37
36%
10
10
10
10
7
7
*80
94
03
*40
11
100
6%
*80
6%
94
6V
6%
*80
7
684
*6%
94
684
7
94
7
77
77
*73%
46
46
*46
52
*45
32
*30%
31
*90
92
*90
92
*90
92
*90
92
*88
91
*88
91
*88
90
*88
.27V
27V
lll2
19
♦104V
7V
*7V
*45V
46V
7V
*45V
*51
53
*51
124
*120
-
*120
77
*73
6%
7
*73
105
103,
*2V
*2
5
3%
2l2
21
*19
*4V
2V
*2i8
*80
7%
1,100
20
500
5,700
—
m
m
m
m
mm
m
m
m
m
1,000
400
76
73%
7
1,600
94
m mm m
734
m
m
2,700
100
73V
'
52
100
32
100
92
*90
*45
*30%
*90
92
91
89%
89%
90
27
2578
27
26%
27
2584
27%
53
53
5178
52%
54
54
54
64
'
mmmm «•*
90
26%
53
17
17V
16%
1634
16%
1634
17%
17%
17%
7
*6
*0
7
7
6%
6%
*684
7V
11V *11%
12% *11
12% *11
12% *10»4
12%
19
19
19V
19
19
19%
19%
187,
187,
108
106V *105
*105% 108
*105% 108% 105% 105%
7%
7V
7%
7%
7%
7%
7%
7%
7%
45
*44
45
4534
46V
44% 44% *44%
45%
53
52
52
*49
53
51
*50% 53
*50%
12378 *120
1237g *120
12378 *120
1237, *120
1237,
5
5
5"
5
*4%
*4%
5
*484
*434
3
*2%
3%
3
2V
*2%
3%
*2%
3%
2%
2%
23g
*2%
2%
*2%
*2%
2%
.2%
50
11,300
1,000
1,400
100
•
21
*19
21
5
21
21
5
*19
22
5V
5V
11V
5V
6V
2234
10%
2178
2178
*2134
2234
22
6%
22
70
71
71
*70
72
71
71
13
13V
7V
13
13
1278
13
13
30V
14V
18V
*20
13
27
*6V
*2IV
70
*13V
*7
6*8
13V
*7
7V
26
26
14
183$
*26V
14
18
»
28
122
19V
*99
*
*8
8V
*69
73V
20V
*68V
20V
18*4
18V
1834
*50
47V
55*4
50V
47V
56V
*16
16%
♦104V 106'
*1634
16
17V
*8
1978
*50
*45V
5434
16V
105
*16
16
15V
*10V
10V
10
*15'
20
*16
*30V
39V
*30V
21V
21V
21
*
6V
5%
6%
6%
♦7
14
1778
*112%
*19%
9978
19V
101V
♦
28
*112
5%
1078
5
♦112V
19V
19V
*98V 10IV
*112
IO84
5%
1
14V
18V
♦112 V
5V
nv
«
American Woolen
No par
Preferred
Amer Zinc
100
Lead & Smelt..
..25
Anaconda Copper Mining..60
Anaconda W & Cable.-No par
52
5V
5
100
AnchorHockGlass Corp No par
110
30%
30%
11V
5V
preferred..
300
10
27V
*19
.
6%
...25
2,800
200
4,400
200
2,800
.400
100
mm
m
m
mm
'
*4V
Common class B.
55 prior conv pref
37% "37%
*80
7%
*30%
105
900
100
10
5%
11%
6
5
16.50
preferred-No
Andes Copper Mining
A P W Paper Coi
No
conv
par
15V Apr 11
75% Mar
14i2 Apr
148
7%
preferred
100
Armour &Co(Del)pf7%gtd 100
Armour & Co of Illinois
5
$6 conv pref
7%
.iNo par
100
preferred
Armstrong Cork Co
Constable
Arnold
No par
5%
5%
5%
534
6,800
11%
10%
11%
13,200
6%
5%
53s
63,
5%
6%
63,
684
4,000
2,300
*2184
2284
*21%
2234
200
72
*70
72
12%
40
1,500
200
27%
26% 26% *26% 27%
14%
137g
13%
137,
13%
1378
18
19
18%
1834
19
1834
19%
*112% 112% ♦112% 112% *112% 112%
20% *19% 20% *19% 20% *19%
19%
*90
99% 100
*97
100%
997,
997,
280
mm
-
*7
7
734
27%
13%
-
122
8%
*112
122
*112
122
li2 Apr
Apr
117V Apr
97V Apr
334 Apr
3384 Apr
50
33 V Apr
11
9% Apr 10
5% Apr 11
—
*6884
7334
20%
21
20%
21%
16,800
19
19
18%
19«4
1,600
*50
50%
19%
50%
*50%
51
47%
*46
48
54
1634
1634
*16
5034
1678
18%
*50
46%
105
*104% 106
17V
17%
17%
15V
10V
20V
39V
21V
*15%
16%
10%
10%
'
*15%
*30%
21
50%
46
46
557g
55%
17
1634
*46
*104% 107
105
*17
105
18
x8
83,
57%
1,000
mm
mm
m
m
200
300
39,700
100
17
500
106
*16%
300
17%
*15%
17%
16%
16
10
10%
20%
10%
*15%
20
*15%
20
3934
*30%
3934
*30%
3984
21
,21%
22%
21%
22%
*1534
3934
*30%
20%
Bid and asked prices: no sales on
8V
7384
54%
20%
21%
8V
*6884
this day,
17%
1784
16
16
16
10%
10
107,
{ In receivership,
Mar
45
Oct
99% Mar
122
Nov
20
7
Feb
3% Mar
49J4 Mar 11
162
19
600
500
2,600
mmmmmrn
10,000
a Def. delivery.
Mar
16% Mar
9'
Jan
Mar
148'4 July
13% Mar
2234 Jan
72V Jan
68
Mar
12
153g Mar
20
Mar
Dec
Jan
7% Mar
34 V Mar 10
2234 Apr
28% Mar
53% Jan
137% Mar 21
64V Mar 21
103
151V Jan 18
130
41
Jan
13%
14V
22V
9178
Mar
4584
4
Apr
Jan
41% Nov
19% Oct
105% Jan
24% Nov
80*4 July
207, Jan
23% Nov
35% Jan
58% Nov
140
Feb 18
12
19
Jan
19%
Dec
Jan
82
Dec
12% Mar
Jan 24
130
Apr
37g Mar
_
Dec
Jan
Oct
31
Jan
117% Mar
120% Oct
150%
Deo
88% Aug
91% Oct
152
Dec
9% Nov
0
Mar
16% Nov
68
Apr
91
Jan 10
3% Mar
23% Mar
734 Jan
25
Mar
21
May
29
Mar
6478 Jan
20V Jan
IO84 Mar
114% Mar 21
15% Jan 15
2V Jan 9
97
Apr
10
29% Jan
Mar
2
Mar
20 "
Apr
116
Jtily
82
Mar
378 Mar
Aug
73, July
45
438 Mar
Jan
36V Jan
121V Jan
103% Jan 10
6% Jan 4
Dec
Deo
Feb 20
43V Jan 10
33
Dec
6H4
150
4O84
11»4
June
Jau
7% Oct
47% Nov
15% Mar
6% Mftr
838 Jan
684
29%
Nov
9%
43
Oct
July
42% Oct
6484 Oct
2178 Aug
113% Oct
20% Oct
4% July
31% Aug
122% Oct
1037, Oct
7
July
52
Jan
5
28% Mar
72
Jan
65
Jan
4
50
58
Jan
4
24% Mar
6% Mar
2% Mar
94%
59%
Dec
13
Marl6
10% Jan
85
6
Mar 11
Mar
72
Nov
4
Mar
x52
May
Jan
13
Nov
9
Deo
Jan
5
78
54% Mar 15
48
Dec
36
Feb 27
27
Mar
6% pref with warrants.. 100
$5 pref without warrants 100
90
Jan
96
7
72
Mar
95
Nov
Jan
95
Nov
Atch Topeka A Sant$
Fe-.100
100
6% preferred—
Atlantic Coast Line RR—100
Atl G & W I SS Lines..No par
100
5% preferred.j...
Atlantic
25
Refining:—
4% conv pref series A.-.100
Atlas
Corp..
5
50
No par
--100
preferred
6%
Atlas Powder
5% conv preferred
Atlas Tack Corp
No par
No par
No par
Corp. of Del (The) .3
$5 prior A
Aviation
Baldwin Loco Works v t C..13
Baltimore & Ohio:
,..100
100
50
100
Barber Asphalt Corp...... 10
4% preferred.
Bangor & Aroostook—
Conv 5% preferred
No par
Barker Brothers
preferred
5J% %
50
1st
5
No par
100
25
No par
preferred
Creamery
Beech-Nut Packing Co
8%
Nov
178a July
5% Jan
Apr 8
April
100
2078
73
23
884 July
30% Dec
70
$5 preferred w w
Beech Creek RR
8%
73
Dec
2% June
30
400
*68%
1978
18%
1934
45%
41
7% 2d preferred..
Beatrice
20%
18%
50%
46%
56%
8%
*68
Jan 23
Nov
100
100
1st preferred
6%
300
113% 113%
73
Nov
67g Nov
Assoc Investments Co. .No par
Bayuk Cigars Inc
-
10
11
Mar 31
15
36
77% Dec
12% Nov
75
Aug
73% Sept
39% Nov
2,400
m
19
5% Apr 11
Barnsdall Oil Co.....
«•«* m
21
27
207, July
Jan
153
11
Feb
1284 July
124V Mar 20
Mar
834 Apr 11
5% July
25V
z26
Mar
21
Jan
7V Nov
177
Jan
Mar
2% Mar
6884 Mar
April
Jau
6% July
10
4i2 Jan
40% Jan
8934 Jan 16
35
Nov
10*4
79
75V Apr 11
113V Apr
111. Jan23
15
83
June
58
24
Apr 11
2084 Apr 11
97, Nov
44
Jan
18V Jan
Jan
July
20% July
111
147
Oct
20
...
87V Jan 19
Goods
5,300
55%
8V
72V
20V
18V
50V
49
56V
16 V
No par
100
preferred....
7%
Austin Nichols
10
*70
734
Art loom Corp
Associated Dry
100
'■
24%
734
*7
784
Dec
125
3034 Mar
IV
13% Nov
4% Mar
12% Mar
Mar 23
170% Mar 11
Corp
{Auburn Automobile.-No par
1284
784
27
2
18V Feb
Apr 10
Apr 11
73
20
par
Archer Daniels Mldl'd.No par
400
107,
.
57,
mmmm-
28
♦112"
122
10%
Mar
93V Mar 10
2V
37%
12
78
Apr 10
3% Apr
28% Apr 10
4% Apr 10
25,100
4
37
100
...25
Tobacco
Apr
57*4 Nov
23»4 Nov
117
Mar
$6 1st preferred.....No par
100
75
*10
May
2
14% Jan 20
900
38
4%
9
8% Apr 11
400
17
*98
Jan
5V I*eb
34V Feb
15
4 V Mar 31
38V
*1%
Mar
10
*112V 114V
*9V
12
2V
10
Am Type Foundries Inc
484
1634
5% Mar
Am Water Wks & Elec. No par
28
37
9% Jan
lu2 Mur 1
7,800
24V
4
52
17V
434
23V
*40
32
*6V
200
Amer Telp & Teleg Co
American
9
17(5% Nov
547, Dec
2% Mar
13% Mar
2,000
4V
*30
*73
*51
3,300
29
75
*46
26
1,200
86
4%
29
39
*3QV
17V
79
*75
17V
4
77
*6V
7
11V
11V
19V »19V
10,000
79
*36
52
32
*16V
100
158V 159V
*1534
*40
75
*73
53
16%
Am Sumatra Tobacco..No par
21V 21V
21V
22
117V 117 V *114
120V
*98
*45V
*30V
53
400
Apr 25
20V Apr 10
8V Apr
■
63
•
81
American Sugar Refining.. 100
Preferred
100
*23
*1%
10
67S
800
-
112
*9V
36%
*978
7V
18V
148
No par
38V
17V
112
Amer Steel Koundries-.No par
American Stove Co
28
*36
100
100
24V
2334
preferred
12
4V
*23
2378
"6%
No par
2984
4V
*434
28
2284
87
*4
39V Apr 14
American Stores
78
29V
25
Preferred
American Snuff
100
*10
Jau
Jan 2(1
18% Jan
100
Building Co-No
Smelting Si Refg.No
984
*9
177
Apr
Mar
4484 Mar 11
10V Apr 10
x27
Apr 13
35V Apr 10
129 V Feb 17
8,500
81
4
No par
24V
22V
*15V
16%
158% 159V
2834
36 V
94
60
149V
18
'
7V
*77
par
100
11
,
*40
Amer
400
65
11
28V
*4%
preL
8,900
130
Apr
10% Apr
1138 Apr 10
Rolling Mill.....25
conv
4184
39V
28
100
4H%
pur
*63
3% Apr 10
Apr
American Safety Razor.. 18.50
American
Amer Ship
130
Jan 14
15884 Apr 19
12% Apr 10
50
Apr 11
180
9%
*76
par
100
-
27V
884
87
No par
San'y.No
Prefer led
American Seating Co
149V*
78
$5 preferred
Am Rad & Stand
100
23%
16%
15734 159V
*77V
79
8034 81V
600
57
2V Apr 11
27
Apr 1
117V Apr 20
32
27
1
4
20V Mar 11
3%
Apr 10
10
Apr 11
12
Apr
2 V Mar 31
25% Apr
Mar
8V Mar
67% Dec
2% Mar
Mar 2
164
5
No par
$6 preferred........No par
12V
22V
.
75
63
Apr
Amer Power & Light
1,000
41V
63
14V
9
Feb 16
6
Apr
23
12%
I
'
11% Jan
10V Jan
105%
4% Mar
5% Jan
12V Apr 10
No par
*11%
130% 131V
17
18
18
*167,
17V
17V
18
*112
114i2 *112
114V *112
114V ♦112
114V
*9V
12
*9V
12
*9V
12,V
*9V
11
*2
*1V
2V
*1%
2V
*1%
2V
2V
*20
21
21
21V 21V
21%
21V 21V
*118V 12078 *11834 12078 11834 11834 ♦117V 119
98
98
98
98
98
98%
98%
98%
4
4V
4
4
4
4
4%
4%
*35
40
38
*35%
40
*35%
*357g 38
*40
28
5,500
...100
American News Co
12%
1234
28
*1534
*70
484
*23
2334
38i2
17V
*35
1,500
1,000
•
90
29V
6,300
No par
preferred
conv
par
No par
Amer Metai Co Ltd
6%
10
16,100
*54V
j
884 Feb 24
Apr
1,100
27V
8134
81V 82V
148V 148V *148V 150
♦148V 150
♦148V 150
5
5
5
5V
5V
4V
5
5V
9V
,9V
9V
9V
9V'
9V
9V
9V
9V
23l2
82
8034
12
88% Mar
13% Sept
Apr
66
Mar
9% Mar
89% Feb
11
12%
17%
79V
*10
1534
1534
15734 15834
7734
79
56
12
27
Amer Macli Ar
3384
12
79 V
5
4V
30V
478
934
79 V
149
28.
23V
*834
16 V
*84
54V
12% Mar
Jan
Amer Macli <6
Metals
Aug
Oct
Jan
100
Fdy Co..No
Nov
135
Jau
160% Mar
24V Jan
115% Mar
12284 Jan
2.400
12
234
7034
30% Jan
79V Jan
1584 Jan
4V
38%
13V
Feb 17
share
14% July
per
52
Apr
114
:
Highest
!
Mar
35
Feb 21
2
1
Jan
Apr 1
33
11%
14
Feb U
164
„
Mar
14% Apr
10
13%
5
684 Mar
23%
47
4V
38
22V
9V
17V
9%
12 V
13%
55V
2134
*884
18V
5
90
22V
*17V
149
34
Jan
American Locomotive..No par
Prefer red
loo
100
|
11V
1
Jan
467, m ar 14
I
33V
Home Products
8
54V
132V
100>,
178V
per share
4134 Apr 11
1% Jan 24
14 V Jan 23
4V Apr
1.6C0
25
4%>
£0
share
Ice
...No pur
6% non-cum pref...
1C0
Amer lnternat Corp ..No par
""eoo
5
1734
120
38V'
.10
Hide & Leather...!
American
50
*24
38V
149
12'
9V
9V.
21V
American
1,400
|*111
24V
12
♦
148
27V
28V
120
24V
4%
12%
*53
*10
5V
*143V 150
*5
148
157V 159
77V
77V
80V 80V
78
28V
♦111
""960
IV
18
'
11V
*2V
11V
2%
2%
12%
*11V
1234
27
27
27V 27V
39
39V
39V
40V
131
131
*130V 131V
*61V 62V
*61V
63
" 80
81V
11V
4V
13V
18V
17V
*15V
78
12l2
12V
*48
Amer Hawaiian SS Co
per
2% Apr
No par
$7 preferred..
American
61
S
14
Apr
5V Apr
534 Apr 10
6V Apr 1
Comm'l Alcohol Corp..20
6% preferred
45
•
*484
1634
434
17V
50
200
27V
159
12
*79V
157
13V
55V
12V
*11V
12V
12I4
28V
39l2
13278
63
149V
22V
87S
*11»4
10
13V
55V
50
12V
159
*17
38V
33 V
3234
11%
12
159
4%
25
4%
3734
32V
1134
*150
137«
*5378
12
*8V
32
12V
159
13V
4V
38
IV
17V
28%
120
*24V
*26V
45
IV
18V
*47
2V
*2734
*111
25
•24V
34
11%
*160
*121,
*80
121
*111
4V
121,
1»4
17V
52
1134
39V
159
13V
*
4V
17V
*48V
1134
*2V
34l2
*33V
117,
44V
*17
434
4V
*160
♦44V
18
17V
51V
11V
278
27V
»37V
33V
4V
441
134
44i2
*1V
*17
4*4
♦24V
4
4
28V
17V
3
29
13V
4
51V
25
38
.
IV
*12%
*26V
11V
11%
*212
29
297,1
*28V
*111
414
44V
434
11%
*12% ' 13V
3V
4
♦26V 28l2
28V
44V
IV
18V
♦17
*5%
11V
11
171
*49
11V
51%
11V
334
*27
6
51
17
*43V
*5V
liv
13V
•12V
IV
18V
*17
534
11
28i2
45
534
10
6%
'
•5%
14
American Crystal Sugar
64
7
Apr 18
i09V Apr 20
Allegh Co NJ 25
8
*160
2V
*14V
105
Year 1938
Lowest
55
Apr
13V Apr
IOC
.
64
*3V
2V
167 V Mur
Preferred
100
Am Chain & Cable Inc.No
par
8
7V
share
American Car & Fdy..No par
64
3V
*3V
per
3V Apr J
3134 Apr
125
April
83V Apr 11
par
pre!
conv
American
1
Fdy .No
8
7V
*3V
*160
6V
American
$
200
1,500
15
6
Par
Range for Previous
100-<SAar« Lots
Highest
3,100
108
*
Ranoe Since Jan. 1
On Basis of
Lowest
64
8V
64
14V
14
200
♦115
15
7
*784
*160
2V
14%
*102
108
*
6V
64
63
3V
7
3V
*3V
500
2V
13V
30
♦114V
7
*7V
*62V
*160«
2»g
*1438
5V
5
37
*102
15
~*6~
7'
7V
63
3V
7
108
*
6
*7
7V
*3
5
*35V
♦114V
15
*6V
7V
*91
115
*62V
3V
*3%
04
*3i4
108
.
6%
5
36V
170
20
21
*95l4 108
109
5
*34
*126
134
134
126V 126V *126
88
89
87V 88V
8734
88
*16918 172
♦169V 175
♦169V 173
20
20
20V
21
20V
21V
21V
*34
35V
34V 34V
35V
3534
3534
17V
16V
1634
16V
17
16V
1634
170
114
*95
5
3534
126
126V
89V
89V
170
1978
*33i2
I6I4
351J.
478
35i2
9012
170
*111
.
2537
EXCHANGE
Apr. 22
2
Belding-Heminway
No par
Belgian Nat Rys part pref
96V Mar 10
72
427, Jan
4
22% Mar
4478 Nov
71
9
40
May
72
Jan
30% Jan 3
10% Mar 14
14
Mar
30
Dec
6
Apr
8
10
Apr 8
187S Apr 27
104V Apr 12
7
April
43% Apr 8
52
Apr 25
120
priorpf$2.60dlv ser'38No par
.No par
20
100
5% preferred
preferred
Bigelow-8anf Carp Inc.No par
Black A Decker Mfg Co No par
7%
30-
127
5
Jan ll
378 Jan
24V
il238
15V
110V
17
98
28
Dec
NoV
6%
5%
878 Jan
Mar
17% Dec
4
Mar
11
2484 Dec
30
July
87
Jan 11
82
98
July
21
5% Mar
Apr 11
19%
21%
IH84
2084
Jan 4
Feb 18
Jan 16
Mar
4
100% Apr 25
29
87,
73%
2934
21%
5234
57%
Mar 23
Jan
4
Jan 25
21
Nov
115
Jan
26
94%
Apr
Apr
584 Mar
67
Sept
102
Oct
30% Mar
117
Dec
9
July
83
Jan
Dec
15% Mar
21
Dec
56
Nov
Jan
75
7
Feb 28
3484 Jan
Ex-rights.
19% Dec
30%
2078 Mar
3934 May
1234 June
4
44
\
Mar
Jan
Feb 23
y
9
21% July
Apr
11% Mar
90% Apr
109
Jan 11
Apr 11
Ex-dlv.
Oct
Nov
Mar 13
Mar 11
Apr 18
z
Oct
14
18
27
23»4
Jan
34
80
115
133,
Mar
Mar 11
19
rCashgaie.
6
8% Mar
19
nNewstock.
12% Mar
3
35
5
Dec
21% Mar
10% Mar
Jan 20
Jan
Boeing Airplane Co
8
July
10% Jan
30V Jan
5
Apr
Dec
5
Jan
5
8V Apr 10
8%
^au
125
14
Jan
Deo
308, Dec
884
Bloomingdale Brothers-No par
Blumenthal A Co pref
100
No par
.
173s
Jan
99% Apr 11
157g Apr 10
Mar
12% Mar
2% Mar
22% Jan 3
1784 Jan 4
23% Mar 11
Blaw-Knox Co
2
6
*eb 28
Mar 22
Nov
2% June
Jan
Mar
68
Jan
4% Mar 10
13
Apr 10
Mar
8
33
Apr 11
Apr 10
Apr 10
Mar
Mar
120%
Apr 11
8
Apr
4% Apr
3
70
105
Mar
5
0V Jan
8
Apr
1778 Apr 11
48% Apr 6
46
Apr 20
51% Apr 11
15V Apr 10
Best A Co
8
3
878 Jan
30% Jan
6
14% Jan
278g July
109% Aug
97g Jan
48% Aug
6634 Jan
10
1078 Apr
6% Mar
4784 Mar
10
11
13
10
11
4i2 Apr 10
5
Apr 10
19
Apr 11
67
Apr 8
8% July
1734
10178
684
3884
Jan 18
Apr
2% Apr
2
Apr
20V Apr
4V Apr
9V Apr
4V
4% Mar
Mar 15
23% Jan 10
110
8
Beneficial Indus Loan..No par
Bethlehem Steel (Del)-No par
18
Mar
Apr
16% Apr 11
Aviation..
Mar
23V Apr 11
51% Apr 26
15
Apr 8
5
Bendlx
3
MarlS
89V Apr 27
113V Apr 28
7V Apr 10
60
20
10% Jan
17% June
934 Mar
10% Mar
13% Apr
Feb 24
3
Mar
;
1
787,
Dec
18% Nov
11478 Nov
2984 Oct
24% Nov
1984 Nov
21% Oct
May
55
Sept
3578
^ Called for redemption.
July
Dec
New York Stock Record—Continued-Page 3
2538
LOW
AND
SALE PRICES—PER
HIGH
Range Since Jan. 1
stocks
Sales
NOT PER CENT
SHARE,
On Basis of
stock
new york
for
Monday
Tuesday
Wednesday
Thursday
Friday
Apr. 22
Apr. 24
Apr. 25
Apr. 26
Apr. 27
Apr. 28
Week
9 per share
*20
207$
$ per share
$ per share
9 per share
9 per share
Shares
107
107
52%
17%
18%
21%
*H2
20
20
*19
*105
107
*105
52
53
53*2
*16
17is
19
22%
2
22%
54
16%
19
*22%
6%
6%
10%
10%
19%
18%
22%
6%
24%
6%
*10%
19%
17
18%
21%
*1%
22%
2
*6
*23
20%
107
*52%
16%
10%
19%
19
18%
21%
*1%
21%
2
23%
6%
103s
10
*31
35
*32%
35
18%
*32%
44
44
*43%
44%
*42%
1%
1%
1%
1%
1%
8%
8%
8%
8%
19%
35
44%
1%
8%
8%
*19i2
107
834
8 34
10
10%
10%
10%
10%
11%
37%
37%
37%
37
38%
38
16%
17
16%
16%
36
15%
*35
*33
36
11%
7%
96
4%
3%
*25
35%
3h
33
25%
*6%
*6%
*19%
*2%
*7%
.*27%
12%
*14%
'
*50
28%
12%
1434
*50
1
1
1
5%
10%
*14%
*37%
3%
*30%
*4%
*39
*7 512
*13%
2%
*70%
*111%
1
*5%
6%
19%
*19%
3%
8%
29
12%
1284
14%
%
5%
*10%
14%
14
14%
*3984
5%
5%
*4%
40%
79%
15%
2%
66%
20%
*20
2%
2%
*85
21
278
234
11%
11%
67
78
20%
*4
5%
*434
53#
*434
5%
*4%
4%
*4%
434
4%
*4%
5
434
*4%
*4%
*88
*88
36
.3434
8
29
28
29
98
98
*98
100
*21
23
21
21
*8
,'7%
9%
*85
*%
*1%
28
*85
%
*1%
*10%
2%
2%
90
*88
37%
7%
27%
8%
29%
♦
100
*20%
*%
*178
1834
32
87%
30%
87%
%
*%
*2
3g
%
%
*%
*%
%
%
%
*12
*8%
9%
*%
*8%
10%
10%
%
.10%
*%
9
9
*25%
62%
9%
9%
27
62%
*2512
61%
Chicago Mall Order Co.-----5
38
'100
h
34
*%
%
1,100
6,100
{Chic Mil St P A Pac__No par
5% preferred
..100
{Chicago A North Weat'n.100
9%
934
*82
85%
*52
60
*2%
*18%
*82
,*52
3
19
70
*..._
*113% 114%
24% 24%
*74
80
*45
...
42%
42%
19
*
2
1234
1%
1234
1%
13
*1%
12%
34
*40
45
34%
45
34
45
34%
*41%
*41%
45
*8%
10%
878
*25%
10%
9
,
27
62%
10
7g
*34
1
*%
78
*8
9%
*10%
11
8% : 8%
7g
*%
9%
10%
10%
*8%
*10%
%
9%
1034
400
9%
1,800
27
85%
60
61%
84
*83
60
*52
3
27g
27g
*234
19
18%
18%
*18%
*9%
70
*18
70
«-...
*75,
*72
,93
...
42
*44%
39%
24%
93
r...
41
24%
*72
■
*44%
39
2334
*72
93
—
39%
*44
39%
25%
25
*122
25
25
*128%
125
122
115
2334
24%
*44
79
44
*95
104%
47%
47%
110
*107
10%
1%
10%
1%
53
53
26%
26%
u«4
•
*72
43
79
43%
*95
104%
47
47%
110
*107
10%
10%
1%
1%
*51
26%
53%
26%
1J1«
*72
79
4278
43%
*95
104%
46%
46%
108
108
10%
1%
10%
1%
52%
26%
53%
2634
*72
42%
*95
46
*107
10
1%
46%
10%
1%
79
4284
43%
*97% 104%
463g
46%
*107
110
10
1%
110
10%
600
600
40%
39
26
25
*128%
61
61
13%
14
13,600
4334
*99% 104%
46%
47%
4234
110
*107
10
10%
1%
1%
13s
52
53
53
53
53
54%
2634
2634
26%
2634
27
f,i«
13M
r13«4
{In receivership,
r3i«
a
7j2
4
3
34% Mar 11
7% Jan 9
42% Feb 17
37%
46l2 Nov
34% Mar
45
Nov
85
63%
89
Jan
4
Jan 18
44% Jan
6% Jan
122% Mar
8
% Apr
1% Apr 21
10
Apr 10
April
32
1
4
3
9
3
2% Mar
62% Mar
98% Jan
29% Mar
68
60
Climax Molybdenumi_.No par
Cluett Peabody A Co-.No par
100
^
Coca-Cola Co (The)
Class A
No par
No par
9
Mar
July
19% Jar
4
Colgate-Palmollve-Peet No
6% preferred
par
2
Mar
Apr
9% Jan
6
3
6%
Dec
4
Mar
100
100
Columb Br'd Sys Inc cl a.2.50
Class B
2.50
500
Columbian Carbon
v t c
No par
300
Columbia Plct
c
No par
v t
32.75 conv preferred.No par
Columbia Gas A Elec..No par
700
6% preferred series A...100
100
6% preferred
Commercial Credit
10
4H% conv preferred....100
26% Mar
4% Mar
59%
Oct
12%
Oct
17% Mar
46
Oct
106
Mar
13
Jan
102
4
Mar 21
94
3
18
May
33% Nov
Feb 25
6
June
1234 July
48% Mar
30
Jan
11
225% Mar
8
20
Dec
40% Mar
9
22
June
Mar
2
70
90
% Jan 14
384 Jan 4
4
5
% Jan
1% Jan
Jan
Mar
6
%
47
Dec
1%
8
Mar
25
May
35% Mar
Jan
July
2% Jan
1234 Jan
19% July
Mar
3% Mar
9
Nov
3
Dec
12
Jan 11
Dec
3934 Nov
Dec
%
1
,
13% Nov
51
Oct
88% Nov
80
Dec
yeb
58
4% Jan
69
Feb
115
Feb
8
Jan
•
7% Sept
27%
4
75
Mar
9
106
'Apr
115
Aug
29% Mar 10
15% Mar
78
Mar 13
67% July
Apr 13
3
36% Apr 11
21% April
127% Jan 5
114
April
7
Jan
11% Apr 10
60% Jan 5
3034Mar 15
135
Mar 16
133
Jan
62
44
Dec
32% Mar
10% Mar
111
Jan
3
Apr
4% Mar 31
434 Mar 20
14
Apr 10
14
Apr 11
73
April
7% Apr 11
23% Apr 8
5% Apr 10
Jan
Feb
129
Nov
142% Aug
61% Nov
17
Nov
May
104i4
Dec
3934
Oct
7% Mar
78
Jan
8734 June
2384 Jan
11% Apr
76
45
60% Nov
2534 July
105% Mar
Jan
9% Mar
106
30% Nov
13% Mar
16% Mar
36% Jan
Apr
Oct
57% July
6
Mar
104
5% Nov
Nov
45
Jan
Jan
10% Mar
7434 Jan 23
20% Apr 11
•13%
70
42
107% Nov
2378 Nov
9% Jan
3% Mar
4% Mar
113i
7% Jan
4
10
7
Jan
13% Mar
18% Mar
13
18% Mar
93
Apr
Mar
5334
Apr
9
Jan
15% Jan
Mar
30% Mar
25% Dec
Feb
5% Mar
9
Mar 14
Jan
Jan
June
2284 July
22% July
98% July
19
Nov
35% July
97# Oct
83
Oct
70
Oct
3
91
83
Feb
8
50
May
May
57
Jan
3
23
Mar
697g Nov
109% Mar 20
84
Mar
108% Nov
Jan
Apr
6
8
1% Mar 31
45% Jan 3
x25% Apr 10
% Apr 14
Apr
y
60
110
Jan
3
Feb 14
57
834
Jan 13
Apr 10
Apr 14
9% Apr 10
x Ex-div.
1934
Mar
37% June
1% Jan
MarlO
5% July
67g Mar
22
Jan
60
Commonw'lth A Sou_.No par
Cash sale,
Jan
134
Jan
42
r
178
2
4
4
38% Mar 14
48% Mar 11
85% Mar
1
%
3% Jan
20% Jan
«4 Feb
Jan
Jan
Dec
% Dec
4
Jan
1%
5%
1578 July
% Nov
3
4
1
July
Mar
106
New stock,
4
8?8 Mar
% Jan
378 Jan
Jan
Feb
1%
1% Mar
% Aug
2% Sept
13% Mar 11
Jan
89
Dec
Mar
34.25 conv pf ser *35.No par
Commercial Solvents. .No par
n
38%
Apr
%
2
Comm'l Invest Trust..No par
Rights
June
69
100
36 preferred series
No par
Commonwealth Edison Co. .25
Jan
67g July
104
Apr
64
"4,400
56,200
July
8%
3% Mar
88
Aug
3
74%
62%
3834
105%
14
6% Mar 11
95
Feb 24
Feb 10
100
Jan
5% July
111% Nov
3
20% Apr
100
28
Mar 11
101% Feb
100
72% July
Dec
9984
Mar 11
100
Colo Fuel A Iron Corp .No par
Mar
1878
6
5% Jan
Dec
19%
12% Dec
Jan
111
Nov4
Sept
46
72ij Mar 14
22% Jan 11
6% Jan 3
26
Collins A Alkman.....No par
Dec
96
85% Mar 28
8
Apr
58
July
6
Jan
111
Aug
58
11
Mar 10
2% Apr
Clev El Ilium 34.60 pf.No par
Clev Graph Bronze Co (The) .1
120
Jan
8
Apr
15
22% Nov
4% Jan
107% July
82
No par
54
Apr
12% June
6
Clark Equipment
9
Jan
July
8% Aug
Jan
94
79
5
63% Apr 11
8%
106%
26%
...100
...100
7% Apr 11
Jan
Oct
42
4% Mar
100%
6H% preferred
City Investing Co
City Stores
8
Mar
May
Aug
•
9
4
107% Jan
24% Jan
3g Apr
1
34 Apr 10
Apr
5
Mar 11
55
Mar
21
Feb 18
33
4% 2d preferred
Def. delivery,
20% Aug
21% July
Mar
,
1
5
Jan
8
4% 1st preferred
8,800
13,500
1,700
11,900
2%
1034
Apr
Colorado A Southern
~4~ 600
Mar
5% Mar
8% May
12% Mar
13
Jan 17
Jan
25
100
12",300
51
2%
8%
I784
20%
Chile Copper Co
.....25
Chrysler Corp.
5
City Ice a Fuel.......No par
140
500
15% Mar
45
5
8
230
1,900
17% Jan 5
19% Mar 9
50% Mar 30
Apr
No par
5% conv preferred
"""560
Mar
Apr
100
1,600
20
4
% Mar 22
Oct
Jan 11
37
7
79
*72
38 Jan
134 Apr 10
8
% Apr 6
9% Apr
July
5
153g Nov
44% Nov
22
July
24% Jan
10
300
*103% 104
% Apr 21
1% Apr 10
24
Mar
10
Preferred
800
16% Mar
2% Mar
6
....No par
Chllds Co
—
121
Jan 24
July
9
52% Jan
86
Jan
10
4
47% Jan
183g Apr 11
6% Apr 11
17% Apr 10
27
April
3%
Mar
4% Mar
8
8
Apr 20
98
Mar
5% May
3
6
1% Jan
9% Mar
14% Jan
13% Jan
Special gtd 4% stock
121
5
547g
684
13% Jan
Apr 10
% Apr
Chlckasha Cotton Oil
Oct
13% Oct
100% Nov
7% Dec
Apr
9% Mar 23
9% Jan
2334 Mar
33
6% Apr
22% Apr
100
Clev A Pitts RR Co 7 % gtd. 50
4,200
4,200
2% Jan
Jan 12
CCGAStLoulsRyCo5% preflOO
24%
26%
Bid and asked prloes; no sales on this day.
*72
79
43%
104%
80
""166
8
44% Apr
....
23
22-%
24%
23%
23%
23%
23%
23%
23%
23% *23%
*100
104% *100% 104% *100% 104% *100% 104% *100% 104% *100% 104%
13
13%
13%
13%
13%
*12%
13
*13%
14% *13
13%
13%
*4
5
*4
*4
4
4%
4%
4%
4%
4%
4%
*5
6
*5
*5
6
4%
4%
*434
6
4%
*4
5
*4
*4
*4
*4
5
5
5
*4%
16
16
15%
15%
15% *15%
1578
16
15%
1534
15%
15%
*15
15%
16
16
*15%
16
1534
1534
15%
15%
157g
1578
79
79%
79
79
78
78
*79% 80
78%
78%
*75% 79%
*9
*884
9%
9%
9%
9%
9%
9%
95
9%
*834
9%
30%
*25% 30% *25%
*25%
*25%
30% *25% 30%
*25% 30%
30%
6
6
6%
6%
6%
5%
578
6%
6%
6%
534
6
84
84
84
84
84%
*82
84%
83% 83%
83% 83% *83
*72
400
110
*22%
*43%
95,000
93
*72
122
20
70
93
3984
26
"
3
88
div No par
{Chic Rock Isl A Pacific...100
7% preferred..
100
Chicago Yellow Cab
114%
114
...
...
...
18
*
3
18%
Chicago Pneumat Tool.No par
$3 conv preferred
No par
6% preferred
60
*234
19
25
25%
*128%
*128%
*128%
119
120
120
120
*118% 120
*60%
61
*6012
61%
6134
6134
6134
*61% 61%
61%
137g
14
13%
14
*13%
14
13%
14
1378
14
104
104
*103% 104
*103% 104
*103% 104
*103% 104
25
*128%
84%
*52
3
70
115
66%
9%
84%
9%
60
*
27
63%
85
*284
1143g 114% *113% 115
*2334 2434
*2234 25 ,
27
64%
978
*52
19
*
9
2778
*83%
3
70
42
63%
60
*9%
114% 114%
24% 24%
*45
884
*27
27
84
*9%
600
*34
9
-100
Preferred
Pr pf (32.60) cum
*%
*8
*52
61%
9%
200
""266
%
*%,
2,300
*13%
34
64%
978
85%
63%
*278
100
2
35%
»4
{Chic a East 111 Ry Co—100
8% preferred
..100
%
%
*%
.100
Preferred series A
{Chicago Great Western.. 100
4% preferred
100
*33
%
No par
Chesapeake A Ohio Ry.....25
100
35%
*%
9%
27
Chesapeake Corp
100
500
*40
%
9%
10%
400
8,700
5
600
*33
*38
84
No par
Common
Checker Cab. 1
38
2
*%
%
Cham Pap A Fib Co 8% pf.100
8g
*%
%
%
8
18% Apr 8
2% Apr 10
Apr 11
2
3g
2%
1078
%
13% Apr 10
Apr 14
84
Mar 22
10%
%
*10%
?%
*34
38% Apr
1
103% Mar 27
109
1
28
3% Jan
94% Mar
Apr 17
Cerro de Pasco Copper .No par
Jan
J 5% Feb
6
Apr 11
April
Apr
Certain-Teed Products..
Jan
14%
3% Mar
18% Jan
20% Jan
1
pref—100
Central 111 Lt4>4%
Jan
75
Oct
41
57g Mar
Mar
8
23%
10% Mar
27% May
5% Mar
3
13% Jan
100
1
10
%
3g
2%
1078
45
13% Apr
2% Apr
64
10%
*%
%
*178
*10%
%
„
38% Mar 31
77
Apr 20
100
Central Foundry Co
400
""266
2
2
2
%
*%
*40
8
8
8
No par
5% preferred..
Central Agulrre Assoc .No par
6% prior preferred......100
%
8%
9%
2
10%
*1%
117g
100
20
21
10%
2
12%
4
66
7% prior preferred
Celotex Corp.
300
20%
8%
1834
32%
87%
*3g
*1%
12%
Jan
3% Apr
110
370
100
"20%
22%
*17g
10%
2
12%
35%
5,800
2,500
38%
8
*%
45
1,400
,250
2884
*%
*40
3
110%
38
*2
*1&8
12%
9% Apr 11
12
Apr 11
-—100
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Avaer.No par
50
900
8
%
*33
4,600
12%
22
28%
%
1%
12%
% Feb 15
Apr 8
90
%
35%
5
1
3% Apr 11
*%
*33
48% Mar
3% Apr
*%
*1%
*12%
3,700
380
*110
%
2
25% Apr 11
11% Apr 8
13% Apr 10
4
*87
*%
134
200
70
"2134
April
Century Ribbon Mllls.Ne par
....100
Preferred
87%
%
1%
*134
11%
*■
7
Central Vloleta Sugar Co—19
*8%
*87
3,400
84
84
18% April
2% Apr 10
....100
Case (J 1) Co
Preferred
Mar
Jan
14% Nov
46% Nov
5% Mar
xl6«4 Mar
Dec
Central RR of New Jersey. 100
100
22%
20
1
1
19% Jan 19
Nov
29
37
28%
100
1,400
137$ Mar
43% Mar
Dec
2%
16% Aug
22% July
434 Apr
1
10% Apr 11
Mar
Capital Admin class A......1
600
12
Jan 20
Mar
100
5
43
1% Mar
3% Mar
2
13%
634
14%
1%
5
10
40% Aug
Feb
30
April
2934 Apr
$3 preferred A
Mar
Mar 11
Dec
16
44
Carpenter Steel Co
Carriers A General Corp.
37% Aug
18
OQ
47
8% Aug
16
Jan
Oct
July
...100
25
Carolina Clinch & Ohio Ry 100
Mar
39
No par
100
Mar
4
5% Mar
12% Mar
4
5
3
Mar
Canadian Pacific Ry
anadaSoti Ry Co
14
15% Jan
3178 Jan
39% Jan
Mar
Cannon Mills
(
Oct
28
27*4 Mar 30
7»4 Feb 27
3
300
~9~306
4
Oct
15% Mar
31%
42
Jan
Jan
21% Apr 10
500
*1834
31%
2%
31%
*434
3,100
14%
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
.5
1% Dec
62
""466
9%
%
2%
10%
900
19%
36%
4%
16
May
16% Mar
8
5% Jan
34% Mar
5%
18%
31%
%
1034
Butler Bros
3
52% Dec
14% July
55%, Jan
53g
18%
*134
%
*1%
*10
28%
Apr 8
9434 April
4
Apr
29% Apr 11
3
Apr 8
534
*734
*%
10%
13%
Busb Terminal
Jan
Dec
107
Apr
2*4 Mar
147g Mar 16
*4
30%
%
5,900
2,900
1
21% Mar 10
35
*4%
5%
19
*%
5%
100
June
8
5
31%
88
900
,
Jan
9
3
5%
19
*87
1,000
14%
50%
82
40
9% Apr
*88
778
*20%
Apr 8
13% Apr 10
5%
3034
8
470
3
Feb 18
31% Jan
5
31%
88%
31
%
2%
22%
8%
27
5%
*4
3678
778
*98
100
*98
*20%
8%
1,300
2,400
6%
1178
110
20
*19
31%
88%
778
28%
734
7%
7%
21
31%
35%
36
8
234
110
434
4%
90
*88
96
35
35%
96
200
3
14%
2178
27g
234
110%
534
1
8
6% Apr 10
83s
13
13
84%
2078
1
6%Mar 31
50%
%
317g
5
64
4%
29
84
1% Apr
5% Apr
73g Apr
1
32%
*39%
384
11
*20%
234
*4
4%
30
4
86
16% Apr 10
31
Apr 12
41«4 Apr 14
......10
conv preferred...
30
Butte Copper A Zinc
5
Byers Co (A M)_..—No par
Participating preferred.. 100
Byron Jackson Co.....No par
California Packing..—No par
5% preferred
60
Callahan Zinc Lead
1
Calumet A Hecla Cons Cop—5
20
2%
8%
*39
*39
40%
40%
40%
79%
*75%
*75% 79%
*75%
79%
15
15
*14%
15
*14%
15
2%
2%
,2%
234
*2%
234
71
73%
72%
72%
70%
70%
118
112% 112% *109% 112% *110
43%
44%
43%
43%
40% 4234
al04
104
*104% 105
*104% 105
16
16%
16%
16%
15%
163s
110
*4%
29
*31%
*434
G) Mfg
preferred.....
-No par
Bulova Watch..
-No par
Bullard Co
No par
Burlington Mills Corp
1
Burroughs Add Mach—Nc par
*39
*110% 110% *110% 110%
4 96
20
64
*64
20%
*64
20
3
8%
42
5
7%
Budd Wbeel
8
Apr
J Rush Term Bldgdep7% pf 100
700
1
3?8
Budd (E
Apr 10
Apr 10
30
5,200
8
*39%
—5
1C0
No par
100
BucyrusErle Co
7% preferred..
8
Apr
11% Apr 10
11% Apr 10
1
Apr 10
800
13%
13g
5%
103g
*14%
31
31
1,000
13
13
734
*50%
78
42
37g
30%
44
37g
30%
21
2%
*19
1
5%
10%
14
334
1234
13%
147g
51%
1
57g
10%
14%
1478
Tt.No par
No par
Bklyn-Manb Transit—No par
J6 preferred series A.No pa
Brooklyn Union Gas—No par
Brown Shoe Co
NO par
Bruns-Balke-Collender.No par
J6 preferred
1%
19%
5%
8%
600
1234
13%
1%
*12%
147g
13%
900
25%
1834
6
Brooklyn & Queens
120
2,800
634
8%
51
*50
3,500
34%
8
29
29
10%
66%
19
*19%
27S
8%
734
29
40
4%
6»4
3
4,200
8%,
*7
r20
"""960
96%
*1%
6%
3
734
25%
1734
1234
8
6%
11%
25%
*7
*13%
2%
3,700
*24i2
*1%
*77%
1,200
17
36
3%
1%
*39
38
16
*35
1578
33%
8
3%
38
1,100
5,800
11
378
*18
*39%
14
10%
35%
213
%
9
9
378
18
1284
10%
14%
10%
10%
14%
*64
35
4%
*33
35%
378
26%
1234
13
1%
5%
Bristol-Myers Co
96
12%
-
300
8
96%
47g
4%
Amsrlca—3
200
*13,j
28% Jan
110
32
34
400
Jan 24
16% Jan 12
1834 April
4434
1%
734
19%
5%
7,100
8
Jan 23
51
...15
—--5
100
Bearing Co—17
Borden co (The)
34
*96
18
15
20%
share 9 per share
30% Oct
15% Mar
per
12% Jan 30
--
4434
19%
16% Apr
104
Highest
Lowest
Highest
9 per share
share
per
1
Bond Stores Inc
44%
1%
834
11%
38
734
96%
*3234
51%
1
5%
10%
-
3
65% Mar 9
193s Mar 14
Class B
Bridgeport Brass Co—No par
Brlggs Manufacturing.//*) par
Brlggs A Stratton_.._.N0 par
36
12%
13%
15
Brewing Corp of
4,800
934
7%
*37%
44
42
334
3%
3%
*30%
30%
31
*4%
6%
5%
40%
40% *39
*76
79%
79%
15%
15% *13%
2%
2%
2%
70 70
72%
*112% 118
118
*20%
*2%
*110%
*434
*88
1578
18%
*50
Bower Roller
900
11
*96
70%
70%
112% 112%
49
41
43
43
40%
42
*103% 104% *103% 104% *103% 104%
16
16%
16%
16%
16% 16%
86
86
*86
87
86%
87
11%
11%
11%
11%
11%
11%
„
*36%
*334
2484
7%
*27%
12%
500
6%
10%
1%
22%
6%
11%
*6%
28%
12%
14%
51%
22%
*34
*1%
19%
100
Borg-Warner Corp
Boston & Maine RR
*10*4
*3
30
12%
15
51%
11
12%
6%
5,900
7,900
Bon Am! class A
34
19%
*7
*19%
1934
23%
1%
10%
19%
34
18
*7
18%
21%
6%
10
4
25%
12%
200
22
6%
3%
26%
3%
25%
18%
*12%
13
13%- 13%
1%
1%
1%
8
6%
19%
3
7%
6%
*32
1634
36
1078
434
35%
4%
4%
*18
13
13%
7%
*16%
*34%
1078
96%
*96
33
3%
19
19
*12%
13%
1%
11
7%
7%
4%
4%
11
96
26%
*34
*34%
10%
7%
7%
97
*96
36
10%
110
2
*1%
22
16
30
54
23
22
38%
16%
5
No par
No par
Bohn Aluminum & Brass
107
54
1634
19%
*16%
18%
11%
200
21
*105
54
*5234
*43%
*1%
*19%
19%
Lowest
Par
107
*105
54
16%
18%
1878
21%
2234
*1%
2
22%
22%
6%
6%
10
10%
18%, 19%
*32%
35
*427g 44%
*1%
1%
37%
*10%
share
19%
21%
107
*52%
*15%
.!*
*16
per
Range for Previous
Year 1938
100-Share Lois
exchange
Saturday
the
9
April 29, 1939
31% Mar
90
Jan
64
112%
Nov
Oct
1384 Feb 25
5% Mar
6
647g Mar 9
28% Mar 11
1»«« Apr 26
1
Mar
12% July
2% Oct
25
Mar
5534
2% Feb
Ex-rlghts.
22% Mar
28
\ Called for redemption.
Oct
May
Volume
LOW
New York Stock
148
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
Record—Continued—Page
Sales
CENT
PER
for
STOCKS
NEW YORK STOCK
the
4
EXCHANGE
Saturday
Monday
Tuesday
Apr. 22
Apr. 24
Apr. 25
Apr. 26
Apr. 27
Apr. 28
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range Since Jan. 1
*5%
6
21%
21%
*4
*5%
*5
6
20%
*4
6
18%
6
21%
*21
5
6
*5
19%
18%
6
*534
0%
21
20%
20%
21
21%
*21
22
6
*4
6
*4
6
6
*5
6
*5
6
*4
6
6
18%
*4
6
*5
1878
7
*5
1834
6%
6%
6%
800
634
18%
18%
*6%
*73
81
*73
81
*73
7
78
*73
78
*73
78
81J4
81%
*81
84%
*81
84%
1%
9
*81%
84%
*81%
84%
*81%
84%
1%
1%
1%
*1%
1%
200
1%
*6%
6%
1%
*1%
*1%
9
*8%
8%
1%
9
30
30
30%
30%
*104% 105
*104% 105
6
6
57g
57S
7%
7%
7%
*1%
2%
I84
2%
12
*93%' 95
2%
*9%
*93%
*534
7%
1%
1%
3%
12
94%
10%
13%
234
11%
*2%
*93%
*9%
13%
13%
13%
1%
1%
8934
37
*88%
*57,
31
2%
*167
36% 36%
114% 114%
'11478
1934
54
6
3034
2
2
22%
19
52%
52%
*167
23
22%
*95%
*53
56
*167
4%
23
22%
97
*9534
5
19
6
*3i2
334
*78
*4
5
*4
*52
127g
378
5978
*11
597g
*11
378
3%
4%
4%
39%
4%
4%
3914
514
2234
*39%
40%
76
*73%
5
22%
iil
16
16
*15%
16%
5
47g
47S
*45
17
16
*5%
5%
109% *108
5
...
*73%
16%
5%
16
16
5%
*74
*46%
15%
16
5%
20
6
500
32
2,200
$4.50 preferred
No par
Continental Diamond Fibre.5
Continental Insurance
$2.50
6
31%
200
2%
2%
2
4,400
Continental Motors
22%
2334
7,000
Continental Oil of Del
21
21%
1,200
5384
50
58%
2,200
*52
5684
*52%
56%
57%
*167
*166% 171
4%
22%
4%
4%
4%
4%
21%
23
"3", 800
23%
8,500
*95%
96%
*95%
97%
30%
*29
30%
600
24%
*9%
2434
Corn Products Refining
Preferred
*31
Crane Co
80
27%
73
1,400
Crown Cork & Seal
No par
35
30%
30%
*30
31
10%
*69%
12
2,200
80
~4~2o6
*
73
20
4%
3,500
62
300
1,200
4%
40%
4%
4%
4%
4%
39%
40%
41%
41%
5%
23<%
24
83
*74
*46%
...
16
*16
5%
5%
5%
25%
24%
83
*74
5%
900
6
41,000
253g
5
Preferred
100
Cuba RR 6% preferred... 100
15%
15%
16
16
4%
16%
5%
•
5%
109% *108
109% *108% 109% *108% 109% *108% 109%
17%
17%
17%
17%
17%
17
18
24
23%
23% *23%
24
*23%
24
12%
12%
*12%
12%
12%
12%' *12% 12%
14%
14%
14%
15
14%
14%
15%
15%
*12
Curtlss-Wrlght
preferred
Davison Chemical Co
6
25
(The). l
Dayton Pow & Lt 4H % pf 100
4%
21
21%
*28
29%
*21
28
22
39
39
*38
,28%
39%
7
6
6%
1612
84
16%
*8234
2634
*9%
*6%
16%
*8234
21%
28%
*10
103s
*32%
84
*38
*6%
4%
%
4%
21
13
31
3034
31
31
31
60
59%
60%
58%
59%
117
115
115
634
*6%
10%
*9%
10%
1034
116
7
11%
1034
*9%
*101
114
139
*101
114
*6%
*10%
*9%
*103
138
138
138
*4%
4%
141% 142%
*175
178
4%
139
*175
■
13s
H2
1934
*1%
*27%
19%
134
28
IOI4
10%
*2%
2%
9%
2%
7%
7%
24%
*21%
24l2
22%
*26
27
1%
1978
134
2034
1234
4%
141%
7
11
*9%
*101
*6%
11
10%
114
138
4%
13%
1234
4%
1%
20%
134
27%
1%
19%
*4%
134
27%
10
*175
1%
20%
134
2634
13
13
4%
10
rl%
19%
1%
26%
178
4%
*175
1%
20
rl%
20
1%
I84
24%
2234
*26%
25%
2234
27
24
25
24%
*21%
21
21
*21%
26
26%
25%
26
26
*72
78
1
1
1
1
1
101% Apr 11
2%
7%
7%
1
*72
Dresser Mfg
*175
100
No par
100'
12% Apr 11
4
Apr 1
138% Apr 26
175% Jan
1
4
3
Apr 11
Elec & MUs Ind Am shares...
2
Electric Power & Light.No par
6% Apr 10
3,400
25
24
25%
22%
22
22%
26
2534
26
1,400
Elec Storage Battery..No par
1
100
Elk Horn Coal Corp..-No par
8%
9%
70%
11,300
69
*72
78
*72
78
1
1
1
1
1
"""160
"
2
,566
—No par
...No par
$7 preferred
$6 preferred
El Paso Natural Gas
..3
Jan 23
20%
1834
23%
%
Apr 11
Apr 4
Apr 11
Apr 8
28
Jan 25
38
Apr 13
Corp
50
preferred
IV xl03% Mar 22
7
Apr 8
Engineers Public Service—-1
62% Apr ,8
$5 conv preferred.—No par
65% Apr 8
$5M preferred w w..No par
69
April
$6 preferred
No par
78 Apr 10
Equitable Office Bldg..No par
1% Apr 13
JErle Railroad
...100
2
Apr 10
4% 1st preferred
100
1% Apr 10
4% 2d preferred
100
Endlcott-Johnson
5%
*1%
*1%
1%
*1%
1%
*1%
1%
1%
1%
1%
1%
300
*2%
*13g
2%
2%
*2%
2%
234
234
234
234
400
1%
*2%
*1%
234
*1%
1%
*1%
1%
*1%
1%
*1%
1%
5
5
*4%
5
5
5
*5
5%
1,000
Eureka Vacuum Cleaner
6
4
7
7%
*7
7%
7%
1,200
Evans Products Co
5
6
*47g
*7U
163s
16
16%
16%
*1%
134
*1%
134
*1%
*4
5i2
*4
5
*4
2634
24i2
1212
26
26
*26
*23
*11%
24%
1?%
85
85
*85
90
*94
105
94
*100
102
*100
26%
*237g
*1H2
3%
*2%
*7g
3%
2i2
16
1«4
*7%
16%
*1%
5
7%
16%
7%
7%
16%
1734
7%
18
17
3,000
3
Ex-CeU-O Corp
1
7g
211*
*847g
31%
*14%
86%
31%
24%
*847g
31
*14%
*1%
134
*1%
134
Exchange Buffet Corp. No par
*4
5
*4
5
*4
5
Fairbanks Co 8% pref
*26%
23%
*11%
23%
12%
*11%
27%
24%
12%
*85
90
*85
90
94
22
1%
5%
27%
*85
105
*94
105
*94
102
*3%
*2%
*21%
•
16%
5
*100
102
*101
102
*101
*3%
3%
2%
7g
21%
*21
86%
2%
%
3%
2%
%
2334
*3%
*2%
*%
22
*19
*84%
86%
*85
31%
30%
24%
*14%
30%
24%
*15
Bid and asked prices: no sales on
30%
3%
2%
1
22
86%
30%
24%
this day.
27%
27%
25%
26%
28%
24%
25%
*11%
12%
*11%
12%
*85
90
*85
90
105
*94
105
102
*101
102
24%
3%
*2%
3%
3%
3%
1,000
1,400
100
Fairbanks Morse & Co.No par
Fajardo Bug Co of Pr Rico. .20
100
Tiaction.-.15
100
Federal Min & Smelting Co 100
"560
Federal Motor Truck..No par
Federal Light &
""id
$6
preferred
100
Preferred
100
Federal Screw Works..No par
*%
1
1
1
500
Federal Water Serv A.No par
*21%
22
22
22
300
Federated Dept Stores.No par
2%
*2%
2%
86%
86%
8684
300
30%
3034
31
31%
1,500
24%
*15
24%
*15
*85%
J In receivership,
a Def. delivery,
June
116
Nov
117g July
36% Nov
3% Deo
3584 July
29% Nov
56
7084
177
June
18
Mar
Oct
5% Nov
42%
117%
29%
10%
4334
Nov
July
Nov
40
Nov
Oct
Nov
37% Nov
15% Nov
92% Nov
44%
Jan
94% Jan
13% Feb
6% July
56
Jan
3
April
14% Apr 11
1
Apr 11
234 Apr 10
24
April
20
Apr 10
83
Oct
50
Nov
4% Mar
884 July
13% Mar
3
6% June
102% Jan
1384 May
1984 Mar
17% Dec
11% July
111% Deo
25% Feb
Jan
24
Mar
26
Feb
9
1584 Mar
9
25% Jan
7% Mar
8% Jan
44
Jan 16
4
20% Mar
1
87
Mar
Mar
4
1% Jan
Mar 11
84 Nov
76
Mar
25
29% NOV
25
Jan
17
Nov
25%
2%
Mar
Jan
Oct
Jan
Deo
Mar
Oct
11
Mar
31
142
5
MarlO
Jan
18% Mar
8
Jan
5
2
4
186% Jan
5
183% Feb
3% Apr
8
12
Mar
27% July
Mar
90% Mar
13084 Mar
109% Apr
11134 Jan
1384 Nov
3% Mar
121% Mar
157
Jan
38% Mar 10
15% Jan 4
3% Mar 6
13% Mar
38
*2
Mar
6
Mar
2% Sept
6% Mar
22% Mar
Feb
6
18
30% Mar
3
is4 Jan
5
2184 Mar
% Mar
Mar 13
43% Jan
111
7
Jan 30
,
33
Feb
Apr
Jan 20
Jan 20
40
Mar
46
Mar
1178Mar 10
78
80
86
Mar
8
I84 Jan
1% Dec
1% Dec
234 Mar
2% Jan
5% Jan
3
Jan
1%
5% Mar
13
Jan
24% Jan
2% Jan 20
6% Feb 27
437g Jan
29% Jan
4
4
5
16% Mar
897g Mar 10
85
Apr
110
17
Mar
94% Apr
2% Mar
38% Mar
Jan 24
Mar 31
8% Mar
Apr
102
10% Mar
Apr 11
2
Jan
184 May
27% Mar 10
3% Jan 4
11
5
877g
3
12% Jan 19
41% Jan 20
Mar 15
101% Apr 13
6
Jan
6
37g
Jan
7
Dec
2% Mar
5% Mar
10% Apr
1% Mar
Mar
May
May
Mar
67
Apr
3%
19%
22%
67g
52% Apr
96% Feb
2% Mar
1% Jan 19
20% Mar 11
8984 Feb
6
Fidel Phen Fire Ian N Y..2.50
83
Apr
1
2734 Apr 11
17g Mar
1
Sept
12% Mar
6778 Jan
35
Mar 10
22% Mar
Fllene's (Wm) Sons Co. No par
1684 Apr 11
19
Mar 17
15
Fed Dept Stores
New stock,
r
4 H% pf-100
Cash sale,
s
Ex-dlv.
-
y
Ex-rights.
Oct
6
12% Jan 9
35% Jan 16
15684 Jan
Jan
Dec
2084
31%
22% Jan 3
337g Mar 29
78% Jan 3
135
Dec
884 Nov
65% June
8% Sept
2884 June
81
101% Apr 13
27g Apr 10
Aug
7% Deo
28% Nov
Jan 26
111
36
Jan
Jan 6
Mar 10
7g Apr 6
1834 Apr 11
n
Jan
Dec
13% Mar
121
700
*68%
234 July
49
4
118% Feb 27
4
6,500
*60
Mar 23
Jan
Mar
May
3% Mar
12% Mar
48% Jan
Feb
49%
24%
6%
17%
87g
3
35
Jan
117% Jan 26
784
120
48
115% Jan
2%
100
Apr
6% Mar
4% Mar
Jan 18
7%
1,300
6% Jan
Jan 25
2%
32%
3
Jan
12
7%
39
Jan 21
115
2%
105
6
Apr 14
8% Apr 10
32%
Mar
19% Mar
70
10
3
39
58
4
Apr 12
126% April
13684 Jan 26
Electric Boat..
105
Jan
Mar
21% Apr
*6% Mar
22% Mar
29
Apr
25% Apr
7% Mar
6
108
Eitlngon Schild
No par
E'lectric Auto-Lite (.The)
5
1
Jan 10
Jan
No par
....100
Rights...
Eaton Manufacturing Co
800
284 Mar
Jan
103% July
5
8,500
1,400
x53
162
4784 Jan
5
6% cum preferred
134
Apr
Apr
Apr
96
Jan
3,300
*1%
2534
-
_
40% Feb 28
37% Mar
14% Jan
19% Jan 13
Eastman Kodak (N J)-No par
2,900
Mar
40
19
41% Jan
91
10
85
3184 Mar
12% Mar
11% Jan
600
20%
667g Mar 10
17684 Jan
6% Mar
Mar 31
36,400
169",900
21% Mar
7g May
MarlO
DUquesne Light 5% 1st pf.100
Eastern Airlines, Ino—..—1
Eastern Rolling Mills—
5
5,900
June
21% Mar
6
6% non-voting deb
$4.50 preferred
100
150
Jan
6
Jan 16
10
Du P de Nem (E I) & Co...20
800
107
31% Jan 3
29% Jan
57% Mar 10
1
8% preferred
I
115% Jan 18
10% Jan
3584 Mar
4
8% Mar
1% Mar
65% Mar
36% Mar
Co ——..No par
Dunhill International
178
"l934
No par
Duplan Silk..
11,000
13%,
78
%
-
1034
4%
4%
143% 147
*1
'78
No par
Apr 10
10%
7%
2%
'
*72
30% Jan 26
56
Apr 11
Mar 31
10
28
2%
7%
25
22
78
...No par
Apr 10
30
934
10%
2%
*72
Douglas Aircraft
Dow Chemical Co.
10
No par
114
13%
134
10%
7%
1%
Dome Mines Ltd
8,500
15% Apr 10
7934 Jan 23
Doehler Die Casting Co No par
Class A
800
Jan
9% Jan
Dixie-Vortex Co..; —No par
137% 137%
27%» 273g
*2%
*1
4,500
3
5% Apr
15% Apr 11
1% Apr 8
22% Apr 11
*1
*1
1%
1%
1%
32
32
*3184 3234
32% 32%
32%
33
33
33
*37
39
*367g 39
*37% 39
*37%
39
*37%
39
105
105% 1053s *105
105% *103% 105% al05
*103% 105%
8%
8%
8%
9
8%
8%
8%
8%
8%
9
*64
68
*64
,68
*64
68
*64
:
68
67% *64
*68
70
*68
70
68% 68%
*67% 70%
*67% 70%
Us
700
«.
44
32% Jan 11
3284 Mar 13
5% Pref with warrants. .100
3,000
Jan
Mar
18% Apr 10
Distil Corp-Seagr's Ltd.No par
-
2
100
123% Feb 25
200
-
1784 Oct
267g July
Apr 13
2,700
115% 115%
20
103
17
1*119% 121
„
11% Apr 10
12% Apr 11
4
Apr 8
% Apr 28
Apr 12
2
10
7%
24%
178
27%
10%
2%
7%
9%
*9
144% 147%
Apr 18
Apt
138% 142%
j
4%'
23
83
*101
13%
No par
13% Apr 10
45g Apr 12
16
Apr 11
4% Apr 8
107
Apr 11
1534 Apr 10
39
7
13734 137341
100
-
8
Jan 24
45
28
700
11%
H584 II584'
Apr 14
6% partlc preferred—.--25
*6%
1034
38
1
Diamond Match—-.-No par
,11%
114
37g Apr
Diamond T Motor Car Co...2
7
13934 141%
Apr
700
12
*119% 121
138% 144%
178
*8
*101
137% 140%
137% 137%
138% 139%
*175
16%
*82
:
600
»
.
11934 11934 *119% 121
11534 116
*115% 110
1334
178
83
*6%
138% 139%
13%
84
*10%
114
139%
13%
6%
10%
*9%
*9%
10%
10%
33
33
*32%
33
*32%
13
13
12%
13
13%
31%
31%
31%
31%
30%
31%
57% 58%
5934
60%
.57%
6034
114
116% *114% 115
xll4% 115
7
139
13%
39%
6%
16%
*12
11%
10%
139
*119% 11934 *119% 119%
*11534 116
11534 11534
2834
39%
6%
16%
*9%
*32%
116
13914
*137
2834
39
16%
10%
33
*6i2
28%
6%
8234
307g
597j
Devoe & Raynolds A
39
16%
*9%
*32%
160
28%
7
82%
*12
23
28%
17
13
*21
39
84
10%
33%
tDenv & R G West 6% pf.100
Detroit Edison
21%
*6%
Delaware Lack A Western..50
700
200
2084
16%
*12
34
100
110
21
*8234
*32%
5%
Dlesel-Wemmer-Gllbert.... 10
Delaware & Hudson
*107
%
109
39
7
13
4%
5
*3,
*106
28%
39%
33
*10%
4%
%
*105% 109
22
28%
13
*112
5
%
110
95% Nov
73% Apr
2,600
2,700
*34
22
Apr
78
12%
*106
Mar
Jan
Apr 13
Oct
984 May
Jan
70
Ndv
10
38
8
7%
10«4 July
7% Jan
5% Jan
78
7% Jan
28% Jan
*12%
5%
2% Sept
2% Mar
104
Jan 10
110
24% Apr
Mar
97% Mar 28
16% Jan
22% Mar
8
7% Apr 11
20% Apr 8
35% Apr 6
28
April
9
Apr 8
75
Apr 14
Mar
7
384 Jan
15
4% Apr 11
20
4%
6
Jan
19% Apr 11
No par
*34
1
107
107
Jan
1
Preferred
1
_
Mar 10
1
Class A
Deere & Co
5
17
8878 Apr
27g Mar
93
Apr 12
26% Jan 3
Apr
4% Mar
MarlO
Mar
Deo
87
100
107
21
35
107%
77g
9%
3%
76
867g Aug
2% Oct
12% Deo
34% Oct
21% July
8% Aug
6",100
5
Apr 21
37g Jan 26
Mar
12
17%
•
547g Apr 19
171
Jan
1
58% May
*23%
*105
Jan 26
71
-
478 Jan
18
200
49
Feb 27
Mar
2% Jan
12% Mar 10
16
24
15
29% Apr 11
1% Apr 10
21% Apr 11
16% Apr 11
85
88
65% Jan
18
14%
8
Dec
10% Sept
4% Mar
55
Apr
8
Curtis Pub Co (The)...No par
Preferred
;
No par
Conv 5%
Apr
4
Jan
3
*23%
15
15
1% Apr 10
Apr 8
32% Apr 11
111
Apr 1
8
25% Jan
87g Feb 28
9% Aug
29»4 Deo
834 Oct
147g July
26% Nov
10% Nov
Apr 5
10% Apr 11
243g
18
11% Apr 10
88
Mar
49
50
127,
17%
*23%
93g Apr 10
Mar
6
10
Sugar
Preferred
Cudahy Packing
Davega Stores Corp...
500
9
Apr 11
93% Apr 27
15
100
Cuban-American
400
5%
Apr 11
1% Apr 8
I84 Apr 11
37g Apr
<
Mar 31
6
700
*46%
7
5
8% Feb
6
Highest
$ per share $ per share
3% Apr
Cushman's Sons 7% pref. .100
$8 preferred
No par
Cutler-Hammer Ino
No par
83
16%
*434
Corp
$5 conv preferred
No par
Crucible Steel of America.. 100
16,700
....'
*5%
No par
200
•
*1584
16
5%
5%
Crown Zellerbach
230
1234
61%
*11
Pref ex-warrants
100
4
4%
4%
65
12
"""3OO
29
4
5%
$2.25 conv pref w w..No par
10%
-
27%
73
*60%
12%
*78
28%
'4
4
60
10%
80
*69%
*334
5
100
No par
No par
*31
27%
25
preferred
conv
Crosley Corp (The)
10%
*78%
10
5%
Cream of Wheat ctfs
3,500
35
484 Apr 11
Coty Inc
25%
23%
25%
25
.100
fl
9%
934
1
5
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
200
*29
93,
22%
171
96%
*4>%
16
5%
39%
22%
75
*45%
*15%
*4%
4%
"
5
5%
2234
22%
75
*45
*538
39%
5%
22
60
*12
Continental Can Inc
20%
53%
3%
12%
4i4
*434
10
3%
60
12%
100
23%
*3%
59%
3,700
No par
2%
9-%
26%
127g
Class B
8% preferred
300
90
301
*69
60
90
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
Continental Bak Co cl A No par
4
Lowest
30% Jan
6
10184 Jan
Consol RR of Cuba
6% pf.100
Consol Coal Co (Del) v t o..25
1934
57
22%
96%
*29
5
6
334
|2 partlc pref
No par
Consol Edison of N Y
No par
$5 preferred
No par
Consol Laundries Corp
..5
Consol Oil Corp
No par
22%
4%
•*78%
70
1
19%
53%
171
24%
27%
70
100
1,600
1%
1%
90
100
w w
23
56%
80
27%
73
2,600
1%
14
1%
31
30%
80
6H % prior pref
Consol Film Industries
Apr 6
April
Mar
434 Apr 17
18% Apr 11
5% Apr 10
73
Apr 4
79% Apr 18
1% Apr 1
8% Apr 11
27
Apr 11
1
No par
2
*167
4%
2234
97
2778
14%
»
14
31
35
27%
13
10%
6
*31
*78
10%
5,700
6
2
22%
56
*70
"loo
31
30%
Consol Aircraft Corp
Consolidated Cigar
7% preferred
12
93%
10%
13113%
$ per share
No par
5% preferred vtc
*9%
93%
10%
6
*29%
2834
300
3
12
93%
37%
37
3684
37
37%
114% 114% *112% 114% *113% 114%
2934
10%
80
*2%
3
*9%
*89
35
73
*2%
1,200
93%
1%
25
10
*16
2,700
25
10%
*108
2%
*31
24%
934
5%
2%
10%
1038
22i2
*7314
2
10
10%
*4%
39%
2
10%
2934
28i2
18,300
10
35
*70
6
IOI4
29«4
1,200
7%
30%
24%
24,300
6
30
*29%
30%
7%
30
*31
600
9
29%
106% 106%
5%
30
29U
8%
9
30%
106
7%
2984
35
100
5%
90
*18%
*52%
171
4%
29U
*71
1%
%
54
55%
171
4%
2434
*31
9634
13%
*88%
36%
23%
18%
4%
*223s
9634
29%
10%
*2414
10
30%
1934
5,000
7
7%
2%
11%
94%
10%
13%
6
2%
23%
55%
171
*2%
*9%
6
2%
2234
56
43g
6
30%
*8%
30
106
20
*6%
7
7%
1%
*93
1%
90
*18%
23
55%
1%
*57g
*2%
23
'
30%
313s
♦186s
*52%
10
18%
19%
6
134
137s
*36% 37l2
*1117, 1147„ *112
*534
134
13«4
8934
*36%
8%
7%
103s
1%
6
7%
10*8
90
85g
19
*6%
29% 30-%
10534 105%
7%
1012
*1%
6%
30
30%
105% 106
9434
1034
90
Conde Nast Pub Inc
Highest
$ per share
Congoieum-N aim Inc ..No par
10
*1%
7
*8%
*2%
♦101*
Lowest
Par
Congress Cigar
No par
Conn Ry & Ltg
4>$ % pref.100
1,100
81
*638
*73
*1
Friday
Thursday
Range for Precious
Year 1938
On Basis of 100-Share Lots
Week
$ per share
Wednesday
2539
June
^ Called for redemption.
New York Stock Record—Continued—Page 5
2540
LOW
Saturday
Monday
Tuesday
Apr. 24
Apr. 25
Apr. 26
S per share
•20
20*4
*100% 101*4
42 >4
*401#
17#
22U
22*4
19
19%
19
1912
I8I2
*2614
2814
18i2
1*8
*2612
28I4
18l2
2
*2712
22%
I6I2
*215# 2214
105*4 10534
16%
1614
77
*65
*15#
♦215a
*1612
1*8
*2H2
*1612
*65
77
~
1612
16*4
*65
*2l2
2%
2%
*3012
*32
40
*20'2
*H2
*2*4
21
1*4
27«
*9
18i2
*H2
*2*4
10
*9*4
94
4214
8%
*25g
978
*19
1 4
134
I84
100
2%
2%
2%
700
9%
2%
9%
10%
210
43#
*4612
60
*14
50
6%
*96% 103
42% 42%
812
8%
57
*40
57
*20
20*4
2012
10
1934
20%
20
21
20%
12734
121*4 12134
•1215s 12278 1215s 12158
405s
42>8
4112
41*4
*122*4 123% »12214 123
*30
34
*2712 35
4H8 "41*4
123
123
123
35
*30
100
%
2,000
47
47
80
80
80%
600
120
120
%
41%
35
•
1778
15*4
1
15%
24
15l2
*23
90
1
*1412
22l2
18
1712
I6I4
2278
18
16
1058
13i2
*15l2
15*4
1078
*10
*10'4
1878
0%
*47%
105s
*1014
13l4t
9712
1878
612
49
»
97i2
185#
6l2
1512
15%
1712
1512
10i2
13*4
10i2
*10U
*
97i2
012
*47
*10%
38
*3i8
*2
314
2%
*47
55
60
61
*60
24*4
25I4
95
*93
*314
*70
*1
*1178
13
*11
12
2712
*23%
1314
13%
19
1914
26
26
*
60
2434
24%
25%
*94
*314
3%
95%
3%
75
*70
*1
*12
23%
13
19%
25%
23*8
12%
18%
25%
*40
*27%
*27
66
17
16*4
17%
11*4
11%
11%
*12
12
12
4
*3
7g
78
*12%
14%
7,
4
12%
2934
35
30
2934
35
*34%
*934
*20
2012
*130
135
*5
6
74
74i2
*2l8
*95
2l2
10(1
10
10
14%
*3
*11%
35
*912 10%
15i2
*99i2 100
100*8 100*8
*12
4
12*4
2934
,35
*2934
*14i2
17%
*3
13
10%
*28%
♦34%
10
*1434
15%
*99% 100
*1434
*99
100%
*99
20%
20
20%
*130
135
5
5
73
*2%
*95
73%
2%
.
100
10
15%
*99% 100
*130
*5%
72%
*?%
*96
100%
*12
*3
11%
*29
*34%
9%
♦ISO'S 160
*11
1134
63
6314
*130% 13U2
*5712
58i2
14%
*2%
10
9%
9%
9%
116% *107
116% *107
160
♦159%
*159% 165
11
*11
11
11%
1134
63%
63%
63%
63%
63%
*130% 131% 131% 131% 131%
60
*56%
*56% 58% *56%
10
160
66
28%
,
32
*—-
137
*40
2784
27%
*27
1634
17%
17%
11%
11%
14%
1
14%
1
*12
102
*90
102
*96
*62l2
63
63
6334
64
*28
30
29%
11
*28%
11
*28%
1034
65
*64
65
*63%
10*4
*64
1034
102
64%
30
10%
65
*96
64
*28%
900
300
80
*29
2934
*29
2934
35
*34%
35
20
10
9%
10
1,200
15
*14%
15%
99%
99%
9%
15
*99
99%
99% 100
20
20%
*130%. 135
*5%
72
5%
72
*2%
*97
102
64%
30
10%
11%
64%
64%
*96
64
*29
1034
*63
200
200
20
*ll8
*314
29*8
*5*8
1%
11%
60
Hackensack
1%
11%
6
*
1%
1%
11
*17
—
11%
21
11%
11%
18%
4234
11%
18%
*17
43%
43
*5%
7
*6
41^4
*41%
*5%
11%
*17
7%
*5
18
4134
7%
Bid and asked prices; no sales on
this day.
11%
8
*96
11
10%
64%
11%
64%
300
101
120
Apr
Jan 19
138% Jan 11
7% Mar 10
79
Mar If
4% Jan
4% June
Nov
Nov
3484 July
140
Dec
n
*7%
75
5
50% Mar
1% June
4
7034 June
111
12% Mar 10
5% Mar
Jan
106
Jan
Nov
6%
Oct
Dec
11% Nov
81
May
111
Dec
Jan
101
Dec
Apr 10
10
Mar
Apr
8
80
Jan
3
4284 Mar
135% Mar
6
Jan 28
Jan
Mar 10
40
Mar
7
80
Mar
15
Sept
109% Feb
1434 Apr 17
19
Jan
31% Apr 28
105% Mar 18
51
Jan
17
Jan
110
Jan
98
Jan
5
7% Apr 10
10
preferred
No par
100
12.50
Class B
No par
Household Fin com stk.No par
100
v t
c—25
5
Manhattan
preferred
100
100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
Hupp Motor Car Corp
19%
100
43%
*17%
42®4
4284
170
6% preferred series A—.100
Leased lines 4%
100
7
6
6
20
RR Sec ctfs series A...1000
No par
Central
New stock,
61
12634
98
Dauch Paper Co.-10
Houston Oil of Texas
128% Apr 10
Apr 27
Houdallle-Hershey cl A.No par
«
Jan
140
1,700
delivery.
32
Mar 17
5
3,500
g Def.
3
103
Jan
1%
II84
X In receivership,
Mar
100
54
7% preferred
Mining
Illinois
12
Mar
103% Mar 28
Feb 17
1%
11%
5,800
17% Mar 10
15
104
5% preferred
T.ioo
Nov
June
13% Nov
21% Jan
Mar 24
100
Homestake
5%
30
35
4
No par
Holly Sugar Corp
4,200
Feb 24
17
Holland Furnace (Del)
300
1G0
Nov
165
Hollander A Sons (A)
"2", 100
July
24
June
No par
preferred
100
29%
65
6% cum preferred-
Hershey Chocolate
64%
20%
Mar
117
63
29%
12
Jan
Mar
8
Jan 21
No par
64%
Mar
3
Feb 20
No par
102
12
Jan
159
Hercules Motors
S5 conv
22
Oct
Jan
110
Hercules Powder
Hlnde A
7#'Mar
1% Jan
18% Feb
5% Jan
1%
100
700
10
13
83
8% Apr 10
1,100
"4.200
Dec
Feb
8834 June
4% Feb
10
conv
22
7%
1
.25
Preferred
$4
784 Mar
Apr
Apr
71
Oct
12% Jan
Mar
par
JaD
Dec
50
2184 Mar
5
pf.No
32
142
June
24
99% Apr 27
July
24% Dec
15% Nov
30% Dec
50
30
15
22% Nov
30
28% Nov
Jan
5
Jan
13% Mar
31
Jan
April
Apr 19
Apr 12
2
34% Mar
5
35% Mar
8
99
Helme (G WR——
30
20
Apr 10
Apr
April
64%
1%
11%
8
3
Apr 10
1,100
1%
Apr
9
11
100
Hecker Prod Corp
Hudson A
1%
1
July
29% Jan 27
Howe Sound Co
1%
8
93
100
23% Apr
Apr
Mar 11
32"
preferred
1,700
1%
Apr
% Apr
Hazel-Atlas Glass Co. —--.25
230
Jan
25
—10
preferred
"V.800
1%
Jan
2
"V",800
9% Mar
123s Mar
40
Apr 20
100
5
4
24%^ Jan 26
130
2%
16% Jan
31% Jan
32
.100
Hat Corp of Amer class A... 1
preferred w w
100
Hayes Body Corp
2
130
20
35
60
100
7
122
*130% 135
5%
Jan
1
Apr 10
73
2:3184 Mar 13
Mar
10% May
19
Apr
4
32% Mar 14
17
73
87s Oct
2% July
14% Nov
Mar
8
Apr
6
Dec
108
6% Nov
72% Dec
1
Jan
Mar
Nov
85
2078 Oct
68% Dec
38% Dec
2% Mar
1% Jan
28
28% Nov
51% Jan
3% July
378 Jan
2% Mar
52% Mar
84 Mar
7% Jan
I84 Jan
15% Mar
50
Harbison-Walk Refrac.No par
*6%
June
15% Mar
0984 June
Mar
139
900
6%
Mar
32
Jan
4
No par
Hamilton Watch Co
6%
10
—.25
Water
Pilnting...
Hanna (M A) Co $5
1% Mar
2% Sept
24
Feb
15% July
07
July
60% Apr
20
Feb
61
4
80
11%
Dec
37% June
2434 Jan 4
74% Mar 16
38% Jan 3
10934 Jan
5
June
27% Nov
Mar
Mar 13
2% Jan
79
8
8
Apr 10
Apr 14
20
*103% 108
105% *101
105% *103% 106
*100% 105% *101
5%
5%
5%
5%
5%
5%
5%
5%
5%
43
43
4234 43
42% 42%
*42%
44
42% 43
*1%
1%
1%
1%
1%
1%
1%
*1%
1%
*1%
1%
*3%
5%
*3%
*3%
5%
5%
5%
*3%
5i8
*3%
5%
28
28
29
271# 2834
28%
28%
29%
29% 29%
2934
5%
5%
5%
5%
5%
538
5%
5%
5%
5%
5%
6
*41%
100
7% preferred class A
Hall
5%
21
*17
...100
preferred
44%
5*2
12% Apr
16% Apr
100
*100i2 105
*43
4% Apr 8
% Apr 10
11
Apr 10
10
Apr 8
2434 Jan 27
22% Jan 23
20
-
100
102
4
21% Apr 11
90
Apr 8
3» Apr
8
72
Apr 20
84 Apr 1
No par
preferred
Mar
20% Nov
100
5
Apr
10
10
Nov
10% Nov
46%
Mar 14
Mar
14% Apr 11
8%
6% June
13
Greyhound Corp (The)-No par
>6%
Mar
37
50
Guantanamo Sugar
June
9
,
7
24
preferred-
98
5
*99
2%
2%
*98% 100
10
10%
9%
10
10
111% *105% 111
116% *107
159% 159%
*159% 165
165
11%
11%
11%
1134
1134
*63% 65%
63%
64% 65
131% 131% 131% 131% 131%
*57%
61
*56% 60
60
2%
100
"""160
34
Mar
8% Mar
14% May
384 Mar 14
133
5K%
2% July
26% Oct
41% Nov
47
Apr
July
95
Mar
24% Jan
Jan 23
Apr
2% July
27% Nov
Sept
3
66% Mar 11
100
Green (H L) Co lnc
.--1
Greene Cananea Copper..100
RR
Nov
110
13
4
13% Jan
100
Preferred--..-.--.
Gulf Mobile A Northern.. 100
4
*104% 107
*96
22,100
15%
*3
105
106
104
104 '*104
*104% 106% *104
*15
19
*15
19
*15
19
*15
19
*15
19
*15%
19
33
33
35
32
35
35
31%
33%
32% 33%
33%
3234
*107% 108%
*107% 108
108*8 108*8 *107% 108% *107% 108% *107% 108
*784
8%
*7»4
9
*7%
884
734
734
*7*4
81
*7*4
Si2
*11% H'4
*12
1134 1184 *11%
12
11%
11%
12%
11*4
1134
*10478 107
2,200
1
-.100
Great Northern pref
Green Bay A West
*34%
4
—
preferred
Gt Nor Iron Ore Pro p. No par
32
16%
11%
No par
No par
10
20
97# July
12% July
15% Mar
Jan
54
Great Western Sugar.-No par
66
13'
6
1
6%
,
*11%
74
1
5
Grant (W T)
1,200
1234
134
100
$3 conv pref series
3,500
*3
134
*96
137
11%
;
..No par
Granite City Steel
11,200
*11%
134
100
20
4
20
*5%
1,200
11%
2934
35
10
20
*72
1,900
24
1234
25%
*%
*14% 15
99% 99%
*99% 100
116i8 *107
*107
1
20
5%
72%
2%
29
1834
28
11%
*11%
*11*8
27
*23%
12%
25%
*27
-No par
July
45
1
1684 Jan 9
99% Feb 8
27% Mar 10
8% Jan 3
6
Jan
124% Nov
z85
15% Jan
13% Apr 11
53
Apr 10
Grand Union (The) Co
100
5
53% Nov
1584 Apr 22
Jan 26
70
Granby-Consol M S A P
100
11%
19%
28
16%
*34
1%
13%
11%
2538
*40
11%
1
*1%
*12%
Mar
684 Mar
101% Apr
1% Dec
1284 Mar
92% Apr
1% Jan
1% Apr 10
1
Graham-Paige Motors
300
19
*..._
17
*%'
1234
1234
32
2734
2,500
2588
h 11%
16*4
*11
283s
*23%
,66
*27
32
1%
14
12
2834
23%
137
*40
27%
*27
17
*1H4
25
66
27%
28
,32
18%
2834
23%
1234
19%
25
"2,900
Au8
1484 Mar 31
35
Apr 28
'
*12%
*11%
11%
28%
23%
12%
'%
Jan
Dec
.125
7% Apr 11
52
Apr 17
-No par
Preferred
6%
Apr
44
Gotham Silk Hose
84
3
15% Apr 11
584 Apr 10
200
5%
6
12
Goodyear Tire A Rubb.No par
$5 conv preferred
No par
75
28
8
79
Jan
4
0
Mar
Nov
50
Jan
21% Mar
1% Jan 20
98% Mar 28
300
3%
110
Apr 15
Mar 24
40% Nov
25% Mar
111% Apr
6
3
Nov
117% Nov
1% Oct
Mar
50%
118
9
6% Jan
10% Jan
Mar 31
Apr
9
125% Mar 11
38
Feb 28
15% Apr 26
9% Apr 11
(Adolf)---
6% preferred i
800
Jan 27
2%
Goodrich Co (B F)
16,200
97
*79
75
%
1234
69%
Mar 17.
14
Gold A Stock Telegraph Co 100
7,900
26%
*94%
1%
*12%
10%
*3%
584
1
1
97
*3%
71
534
*11%
*
137
*40
*27
5%
*11%
12
28% ,2834
23% 23%
12%
12%
18%
18%
25% 25%
*
137
28
*
*70
78
5%
1%
12%
6%
28
32
75
*70
12
*3%
1534
59%
24%
Mar
1
No par
Goebel Brewing Co.-
200
10,000
25
55
83
127
51% Mar
87
% Mar
3
Jan
7
-—No par
GUdden Co (The)
No par
4M% conv preferred
60
1,600
2%
79
117% Apr 11
1% Jan 6
105
$6 preferred
Gobel
Not
4% Apr 10
Razor.-No par
preferred
No par
Glmbel Brothers
200
3%
3%
2%
*76
16%
60
25%
25
94%
*4
28
66
27I2
6078
5%
1>8
12I8
*1
137
*40
60
10%
59%
2412
*92i2
75
12%
*11%
2712
2312
16
.
2%
79
*76
3%
5
3%
3%
79
*60
*4
5i2
I's
16%
36
*2%
2%
15%
16
35
9412
*70
75
3%
*76
1,100
16
61
314
*4
*514
*2%
214
200
37
26's
24
*9£%
3l2
3%
3*8
78*4
16i8
5,800
16
48
36% Apr 11
121% Apr 8
28
Apr 4
Gillette Safety
*35
1534
37
*2l8
79
16
*7514
1534
15«4
8,200
5484
*50
53
53
0,200
$5 conv
Nov
Mar
Mar
IO884 June
72% Jan 26
Apr 27
39
6% preferred
100
General Tire A Rubber Co.—6
100
Feb
138
120
Gen Theatre Eq
9%
8%
28
Apr
% Apr 10
20
19%
6%
50%
*47
8%
8%
Mar
130% Mar 31
44% Jan 5
43
Apr 27
36% Jan,27
Jan 3
Corp.No par
Gen Time Instru Corp. No par
0
78*4
15*4
2i8
2i8
80
16
3*8
314
314
*7514
15*4
10%
500
1784
*35
38
*35
38
*35
General Telephone Corp
6%
52%
*53.
16
15*4
1512
15%
16
*35
600
18%
20%
108%
27%
22%
41
15%
6%
6
32% Jan
15
18%
Mar
25% Jan
19% Apr 11
16
Apr 8
16%
6%
Mar
35
114
Gen Steel Cast $6 pref. No par
12
11
4
125% Jan 31
31
April
General Refractories—No par
97%
3
Jan
13% Mar
400
10%
4
Jan
20% Jan
1,000
*10%
Jan
Jan
2,200
►
584 Mar
18
75
No par
$6 preferred
5% July
19% Oct
387# Nov
35
% Apr 19
Apr 27
19
Oct
130
8
15
1484
10%
4
90
24
12
97%
6% Mar
Apr
2% Mar
115
Mar 13
100
1
— —
Utilities
18
10%
Mar
Apr 10
19% April
1
No par
9% Nov
102% Deo
59% Dec
11% July
Mar
9
Mar
June
29
Oct
Sept
52
4% Mar
82
Dec
19% Nov
Sept
48
July
8%
4% Mar
5
4% Jan
Mar 31
9
23
*14%
11
148
1
1784 Apr
No par
No par
preferred
Gen Realty A
00% Jan
Mar
13
3
Jan
Jan 18
43
18%
....
834
~2~,666
—
Gen Railway Signal
6%
1
*10%
49%
$6 preferred
Gen Public Service
90
1
18%
8%
1,500
1634
10%
*87
15
•
*1512
300
General Printing Ink..
10
1
6%
*47
1,200
108
1
1734
53
7%
108
9
18
97
9% Mar
5
Oct
5% July
July
18
Mar
85
Jan
3%
1% Mar
103% Mar 28
8
2% Apr
No par
Sept
Nov
5%
2% Mar
Mar 27
71# Jan
8% Apr 10
<—100
Common
400
Apr
134
...No par
General Foods
—No par
$4 60 preferred..
No par
Gen Gas & Elec A
No par
$6 conv pref series A-No par
General Mills
No par
6% preferred
100
General Motors Corp
10
15 preferredNo par
Gen Outdoor Adv A—No par
Nov
32
10
18% Jan 3
52
Jan 17
Jan 2 6
40
General Electric
58
3
684 Apr 12
23%
15
22«4
1784
*15%
97%
834
63
55
*10%
♦
5014
8i2
8*4
15%
22%
18
16%
11
1334
22%
17%
*15%
1858
6i2
1734
49
49
*53
55
10
18%
•
65s
812
*53
*14l2
22%
700
4%
1
%
%
74,000
90
*87
%
7g
I6I4
22i2
7g
90
*87
90
*87
*87
1
*7,
43
4%
7%
4*4
7i2
90
*87
250
123% 123%
*30
34%
34%
*30
30
120
41%
42%
123% 123%'
4%
4%
*4%
434
*412
478
4*4
♦7%
7%
7%
7%
712
7l2
75a
*712
7%
*105% 110
*105% 110
*10514110
*10614 110
*105i4 110
1
1
*%
1
1
1
*7s
1
*7g
1
10
16
15% 16
16
*16
16*4
*1014
1612
1612
47g
*4*4
11,300
Jan
14
100
Apr 22
96
No par
91
2% Mar
Apr
19% Mar
109% Nov
29% Oct
25
3
13% Apr 10
47% Mar 22
-.100
Mar
3
Jan
334 Apr 10
-—No par
preferred—
Jan
9% Apr 11
Corp---.5
preferred
60
Mar
5
4
13
94
Investors—No par
No par
Gen Am Transportation
6
General Baking
6
18 1st preferred
No par
General Bronze--——
6
General Cable.—--—No par
7%
2% Jan
1% Apr 10
Mar
Mar
50
3
2% Apr 10
No par
$6 pref No par
Gar Wood Industries lnc
3
30
30,200
120
123
*30
"i',400
Jan
8% Apr 10
Gannet Co conv
7% cum preferred
General Cigar lnc
30
Jan
11
Jan 13
18% Apr 26
GameweU Co (The)
Class A
55
Oct
21
18
9
334 Jan
Mar 31
4% Oct
37% Nov
39%
85
108% Jan 11
2984 Jan 6
90 «4 Jan 6
1% Apr 10
38
10
$3 preferred
Mar
76
No par
Francisco Sugar Co
No par
F'k'n Simon&Co lnc 7% pf-100
Free port Sulphur Co—
10
Gabriel Co (The) cl A ..No par
Galr Co Ine (Robert)
1
1,400
*79
79
12034 121%
4034 42%
7884
80
*78*4
80
5,500
115% 115%
,
*78*4
80
100
21%
*40
57
57
20
20
20%
2034
*124
128
12734 128
35
33% 3534
35%
42
' 42%
42% 43
49l2
*4512
*78*4
30
*40%
127*4 ♦124
127*4 *124
127*4 *124
33% 35
34*8 3478
34*8
35U
3412 34*4
41% 42%
413s
41l2
*41% 4178
4178
42
*11558 11712 *115*8 11712 *11658 1171# ♦115% 117% *115% 117%
%
%
%
S4
*8
58
%
*4
*%
*42
47
45
45
*43% 47
*45
65
*124
2,600
1,000
Apr
14% Apr
$6 preferred
8%
20
21
103% Apr
10
Gen Amer
44
884
8%
834
*135
140
140
*2«4
3
*2«4
3
9%
10%
10%
10%
43%
6
5
43% NOV
31% Dec
1% Mar
1
3% Jan
35% Jan
8
14
6
11
31
Oct
Nov
100
24% Mar
10% Mar
1984 June
15
Apr
5
Mar
—100
4K% conv pref
Foster-Wheeler
6H% conv
Jan
20
share
per
26%
16% Mar
Apr
76
4
36
Apr
1% Apr
Gaylord Container
*135
57
*40
6%
*96% 103
234
10%
20
2*4
21
21
2012
140
140
57
*40
50
*6%
*6%
612
*634
700
4%
15
*14
*40%
50
*5«4
6%
*96% 103
44% 45%
1434
*46%
*46%
14*4
50
0%
*9612 101
1434
*4%
4%
20
96
*94
96
4%
4%
*14
9«4
9»4
*94
96
4%
*4612
*6*4
9%
9
10
10
♦9334
31% Jan
6
17% Jan 16
X Foilansbee Brothers.-No par
Food Machinery Corp
100
500
*9%
914
10
96
4*8
1434
*40
3",200
19%
*1%
*9612 103
42
4312
42l2 43
42%
*8i2 * 8*4
*8i2
8*4
8*4
*14012 144
144
*140
144
*2%
2*4
*25g
3
10
10
101#
1014
97g
22
*18*4 20
20i2 *19
*140
19%
1*4
*14
*9612 101
"360
3%
40
8
8
25
$7 conv preferred
25a
*14
6%
*6
2,100
2*8
*9U
14*4
*4612
18%
150
75
*30%
40
19
600
*112
50
*14
500
1*4
*93*4
414
4'8
18%
*3
3
Co
Florence Stove
38% Apr
16% Apr
No par
No par
Fllntkote Co (The)
% per share %
25% Mar 9
104% Mar 16
48*4 FebT6
99% Jan 16
Florsbelm Shoe class A.No par
2*4
10
94
4%
I8I4
*16%
100
2*4
0i4
10%
94
284
*30%
40
18*4
*30t2
4,100
20
27%
*67
75
*67
3
*2l2
40
19
185s
75
♦67
18«4
27%
First National Stores ...No par
*H2
9i2
10
*4Jg
100
600
Firestone Tire &
Highest
Lowest
Highest
% per share
$ per share
17% Apr 10
Robber-—10
0% preferred series A—100
700
134
134
n%
2
22%
*22% 2234 *22
*105% 107
10534 106
17
17%
1034
17
16*4
I6I4
19%
29
18%
*10%
105*4 105*4
278
*30l2
27g
94
*1612
75
*2l2
2*4
40
20
1*4
*8*4
912
*1&8
106
106
106
*1012
19%
*20%
19%
29l2
18%
17g
1914
2814
187#
2
22%
Lowest
Par
Shares
20
20%
*100% 102%
101*4 101*4 *10012 102l8 *10012 102i8 *100% 102%
41% 41%
41
41
*41
42
40
40
41
41
19*4
106
the
Week
f per share
20%
20
20
*19i2
20
1914
2012
*20
*20%
*16%
$ per share
f per share
% per share
% per share
EXCHANGE
Friday
Apr. 28
Thursday
Apr. 27
Wednesday
Apr. 22
On Basis of 100-Share Lots
STOCK
NEW YORK
for
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
SHARE. NOT PER CENT
SALE PRICES—PER
AND HIGH
April 29, 1939
r Cash sale,
1
100
z
10% Apr
1
104% Jan 12
60% Mar 31
27
Apr 8
884 Apr 10
61
Apr 8
103
Apr 21
4% Apr 10
Apr 10
40
1% Apr 3
Apr 6
25% April
434 Apr 8
1
Apr 8
3
934 Apr 10
16% Apr 8
3834 Apr 16
5
April
Ex-dlv.
y
684 Mar
11% Mar
11%June
Jan
15%
104% Jan 12
66
Mar 10
9
17% Jan 3
70% Jan 3
109% Mar 10
36% Mar
8% Jan
6
55% Mar
9
102
Mar
Mar 13
11% Jan
Ex-rights.
4
108
May
68
Aug
Oct
46%
Jan
72%
105%
984
53%
3%
Nov
83%
Jan
5
Mar
23% Mar
Mar
49
Oct
18%
3
3
60
105% Dec
21% Nov
52% Oct
118
Aug
13% July
25% Jan
Mar
9
35% Jan 10
8% Jan 5
2% Jan 3
2084 Jan 4
Jan
Dec
0
May
35
Dec
135%
35%
1
5% Jan
87
Apr
17% Mar
48%
Jan 20
I84
Oct
20%
20% Mar
5
Mar
Oct
Nov
July
Jan
July
9% July
35% Nov
10
2%
Jan
Oct
% June
6% Mar
12
Apr
207# Dec
35% Dec
23
Mar
44,
Nov
Apr
11%
Dec
3%
5 Called for redemption.
Volume
New York Stock Record—Continued-Page 6
148
AND
HIGH
SALE PRICES—PER
Tuesday
Monday
Apr. 22
Apr. 24
Apr. 25
$ per share
$ per share
$ per share
*5
534
*1984
*93*2
*147*2
*08i2
105s
438
684
20%
94%
*5
534
*434
19%
1984
*19%
93%
93%
93i4
*147%
72
1078
4%
57g
*•«*«*»
71
*10%
1034
484
434
*4%
584
534
*1884
20
20
95
*92
57#
20
*90
95
*2*8
2S4
9
9
178
*16*4
*162
1%
18%
166
5584
*157
5584
160%
47g
3*4
*684
45%
*131
72%
75
73
74%
700
10%
U
107s
11%
*4%
5
*4%
47#
11%
484
5,800
5
10%
484
6
*7284
6%
19%
20%
95
95
6%
5%
6%
5,900
20%
900
*92
2078
94%
234
95
878
9%
2
2
2
*2
18%
*1078
*157
159
*3
7
6%
678
46
45%
*128
6%
45%
*128
136
8*8
8%
778
8%
7%
29*4
*4i2
2984
28%
2984
28%
5
5
5
5
50
50%
51%
51
32
31%
*20*8
23
51%
*31%
327g
*19%
*82
88
*83
I884
*17
164
166%
167
54
55%
3
3
3
6%
6%
6%
6%
6%
45
*125
136
73s
29%
51%
31%
28%
*4%
*5084
3134
29
5
68s
684
9%
9%
130
87
6%
6%
6%
6%
6%
9
9
*78%
21%
87%
*78%
*78%
*7%
m
wm,
9%
*78%
m
-
-
„
-
634
12,100
7%
3.100
9%
1,500
*78 %
-
128
*38U
*127
40
128
38%
127
16%
17
*14%
*11712 11914 *117% 119
*14*4
*6t4
684
15
*13
878
*83g
*13i2
14%
*87
95
10
*614
6%
8H4
30*4
10*8
*20i2
*178
9%
2,800
*13%
14%
*13%
1334
*13%
14%
*13%
14%
85
*85
98
*85
98
*85
98
85
9«4
6%
8I84
31%
10%
*178
*80
22
*21
8134
10
*21
22
*21
22
*2
2%
*14
"15"
245s
23%
75s
17
15%
4
*734
*13
2
2
*2
38
*25
*14
15
2
*4%
5
*4%
5
24%
23%
8%
17%
15%
24%
23%
24%
2378
3,300
*7«4
9%
20
24%
24%
24
22%
23
2278
9%
17
*8
9%
*14
17%
15%
*133#
15%
4
*3%
28
28%
15%
4
28
15%
*3%
11%
26%
41%
334
4
*3s
1%
1%
223g
22
22
113s
11
11
*26
28
27
27
134
29
4
19
19
115
*112
1%
*15
16%
24%
337g
15%
15%
*23
15%
*2334
33
*14%
9%
46
2%
*18
19
*106
109
22
151
8
9%
46
*4534
45%
*2%
*1734
278
*2%
*17»4
1834
*106% 109
107
*384
%
1%
27
•
25%
4184
300
*17%
17%
17%
*40%
4034
40%
2884
*28
2834
28
*180
*130
2l"
2084
15
*15
16%
2434
2334
2334
*14%
15%
46
278
18%
107
22%
17%
2l""
*15
33
33
150%
42
*130
16%
2484
22
*40%
'
*15
16%
21
17%
40%
33
*33
*14%
*32
36
15%
15%
15
.
153g
*45% 46
27g
*234
18%
*1734
106% 106%
22
22%
47%
46%
46%
*234
278
278
*2*4
*18
1834
18%
*1778
106% 106% *106% 109
22
22%
22%
22%
21%
36%
36
21%
21%
3434
8
11%
1%
4%
4%
11
34%
2%
40
26*4
172
26*4
172
1%
1%
1%
6%
5
5
15
17
*1%
4%
4%
8
*10
8%
10%
9%
10%
*1%
1%
*4%
4%
4%
4%
4%
434
IO84
11%
11
11%
34%
32%
33%
33
23s
*38
27
2 3#
44%
*47g
5
*43%
478
31
1%
6%
17%
9%
934
1%
*10
*1%
4%
4%
11
32
*2%
*29%
30%
*29%
*96
97%
*90
12%
10%
*12%
12%
10%
*12%
10%
*8978
IO84
99
99
10%
*8978
99
11
87g
9%
11
33
*2%
3%
10%
99
39
27
168
45
3434
3%
27s
27%
26
No par
Loew's Inc
$6.50
Loft
No par
preferred
..No par
Inc
20
800
10%
1034
12%
1034
*897g
99
*8978
100
3,000
99
.
Mar
5ig Mar
Ills Jan
23
118
12
Jan
Mar
7458 Deo
illig Oct
130
July
78
Jan
24% July
123
Oct
13*8 July
24iz July
Mar 13
11
Dec
12
097s Jan 17
10i2 Jan 20
100
Dec
100
Deo
10% May
03
Apr
4*4 Mar
16
Nov
91
Nov
12
Jan 18
95
14*4 Mar
10*4 Mar
8
8
Mar
13
6
284 Mar 24
40i2Mar
9
19
3
Mar
2378 Mar 29
514 Jan 16
x27% Jan 19
Feb 15
25
13% Jan 20
23% Jan 20
18% Mar
5%
Jan
35i2 Mar 10
Mar
~
MarlO
Mar
80
Jan
61
19
Feb
30
1*4 Mar
12% jan
3
56«4 Mar 13
03s Jan
3
Oct
Oct
145s Nov
July
3«s July
35
Dec
19*2
15ig Mar
2i2 Mar
228#
Jan
Oct
22
Mar
128s Mar
8
July
315s July
216s Nov
8
Mar
18
15
Mar
30
Jan
8% Mar
81ft May
17
Nov
Jan
712 July
lOU Mar
13is Mar
805s Deo
*25% Oct
95
120
Jan
Mar
Mar
Mar
Mar
Mar
5% Dec
Jan 10
26
Mar
106i2Mar 14
107*4 Mar 14
81
Mar
177i2 Apr 14
1734 Jan 20
157
40
Oct
Mar
9
3
2784 Jan
12i2 Mar 10
3284 Mar 13
Oct
100
208# May
0*2 Mar
Jan 11
Dec
148s
10*8
3
8H2 Mar
Apr
145s Mar
Oct
714 July
1*8 Jan
5*4 Jan
29
July
148# Nov
355s Oct
688s Nov
Jan
9
37*4 Nov
102
Deo
10384 July
170i2
Dec
18*4 Nov
2014 Mar
40*4 Nov
29
50
-
Mar
Jan
6
12% Mar
64% Jan
4
33
Mar 20
99
19
108
Mar 31
Mar
Dec
84 Mar
llig Jan 19
20
4
2i2 Mar
14>4 Mar
5%
..100
10
100
preferred
(P) Co.
preferred
Lorlllard
7%
a.
Nashville
Inc..
100
Mack Trucks
Inc...No par
Garden
No par
—10
1
Macy (R H) Co
105
Jan
19i2
147%
1584
36%
9
6
1
92
248g Feb 25
Apr 20
125
109
Apr
Mar
154
Jan
Jan
20% Mar 13
Apr
58
Apr 25
33
2
131
Feb
Jan
3
5
Mar 29
Jan
9
3
100
5
Apr
..25
Exploration.. 1
6
10
Apr
1
Apr
984 Apr 26
13*8 Mar 9
1«4 Jan 7
58# Jan 5
8i8 Mar 9
15i8 Feb 17
Midland Corp
Market 8t Ry 0%
Marshall Field A
Martin (Glenn
pref. 100
1
L) Co
No par
Mathieson Alkali
7%
pr
Co..-No par
Wks.No par
100
preferred
10
No par
preferred w w....No par
1st cum pref—...No par
May Department Stores...
Maytag Co
$3
$0
No par
McCali Corp
McCrory Stores Corp
6% conv
1
preferred...—100
Jan
Jan
"
17% Apr 26
Marine
Dec
Mar
4
4i8 Apr 10
414 Apr 24
984 Apr 10
2678 Mar 17
2% Apr 19
34i2 Apr 10
23
April
395g Feb 24
55# Jan 3
57i2 Jan 3
36
Jan
4
10
Mar
Mar
I8I4 Mar
84 Mar
45s Mar
684 Mar
2% Mar
9
Mar
1*4 Mar
4*8 Sept
58s Dec
6*2 Mar
32i2 Nov
49% Aug
196s Oct
40i2 Nov
28g Oct
10*8 Nov
20i2 Jan
108# Nov
16
July
2<4 Jan
7*8 Jan
16
• Bid and asked prices; no sales on this day.
t Iu receivership,
s Def. delivery,
n New
Stock,
r
Cash sale,
Aug
147# Nov
14»s Mar
2*4 May
37«s
25
Mar
01
1984 Mar
Aug
165
Feb
Oct
150
7*8
Deo
Oct
Oct
367# Nov
Jan
6
175
Feb 14
4034 Apr
8
62
Mar 11
28% Mar
63
6*8 Mar 10
3*2 Mar
168, June
75
Apr
884 Mar
77# Aug
28*2 Dec
164
4
Apr 10
28% Jan 30
93
Jan
3
10?s April
984 Jan 26
88
Jan 13
36i2 Maf 10
101
Feb 14
1714 Jan 20
14% Mar 16
101% Mar 15
97
Dec
16
Jan
0
Mar
13*8 Nov
61
Mar
02»g Nov
•
|J
Dec
Dec
Nov
126
247g Mar
Apr
154
1105s Mar
6
Apr
107ia
2184
195s Oct
57*2 Dec
Feb
Jan
Jan
Apr
Oct
32
43%
1012
38*2
1*4
7%
3
4
Oct
584 July
23*2 Nov
Mar
3H2 April
13
Apr 10
1
9
63*4
22
16
25i8 Apr 11
Noy
2H2 July
62i2 Nov
111*4 Oct
12*2 Mar
297g Apr
4
9
Modified 6% guar
Apr
Jan
6
Bros
June
1384 Mar
3034
No par
Mandel
Mar
Mar 31
t Manhattan Ry 7% guar. 100
Martin-Parry Corp....No par
97%
Jan
19% Jnn
121*4 Jan 20
5
MasoniteCorp
12
30%
Mar
49>4 Apr
12*2 Mar
Jan
300
*96
58
122
Jan
4i2 Jan
2214 Mar
400
12%
3
Jan 10
64
62
25,200
97%
Jan
132
2% Apr 10
17
Apr 10
27g
30%
12%
10%
105
41% Apr 11
3434
*96
Jan
Nov
No par
25
Long Bell Lumber a
Loose-Wiles Biscuit
20
1,000
1,000
24
124
9
Lone Star Cfement Corp No par
170
478
30%
6
124
*29%
47g
June
Mar
79U Mar 16
I5I4 Apr 15
No par
5
16
113*4 Apr
44U Mar
125
Mar
preferred.......No par
5
Nov
12*4 July
178
19*8
67b
19*4
23U
28
30
18
83*4 Nov
Jan
9912 Apr 11
8684 Jan
358s Nov
90% Dec
llBg Oct
117s Oct
Feb
1% Apr 10
203s Mar 31
93g Apr 10
23
Apr 10
36% Apr 10
4i8 Apr 11
3484 Apr 6
97% April
Jan
Jan
30*4 Nov
Mar
Dec
MacAndrews A Forbes..a—10
2,300
Feb
«8
Louisville A
2634
Feb
5s Jan
Louisville Gas A El A..No par
*16584 172
45%
45% 4534
6i|
6
6ig Mar
6
48*2
8
14% Apr 10
35
Apr 10
105
Apr 10
6,300
168
Mar
15i8 Nov
527b Nov
1084 Jan 5
207b Mar 20
14% Apr 12
434
40
*39
June
12
575s Nov
July
140
63
31t2 April
1134
3278
39%
28
4ei2 Mar
Oct
Mar 31
*
....No par
Lion Oil Refining Co
11%
3284
Jan
414 Mar
185s Mar
214 Mar
2812 Mar
19ta Mar
55s Jan
Link Belt Co
4%
11%
*4%
3
Liquid Carbonic Corp..No par
Manhattan Shirt
11
83
Jan
40% Jan 5
47
Marl3
Maracalbo Oil
4%
07# Feb 28
Apr 10
200
11%
95s Jan 19
148i
3078 Mar
132
5
700
100
Mar 24
96
25
3s Jan
400
1,680
17,600
358s Jan 21
317s Mar 9
2
3% Apr 10
400
1,300
Feb 10
118
21
200
27%
174
45%
478
30%
97%
12%
97%
11
1%
6%
16
16
3
ft
MarlO
6
8
Apr 10
3,200
27
*96
1%
*5%
3
Feb 17
1484 Jan
5134 Jan
Jan 24
Mar 20
1%
27%
*12%
10%
*85%
1%
6%
16%
9%
Apr
15
43#
27%
*29%
li 27
6684 Jan
137
Jan 26
17
173
0%
•
25
113
Jan
141
Jan
1
...100
4'%
27«4
12%
25
Series B
*1%
39%
97%
...6
Preferred
1%
*39
12%
1034
*897a
6
3% Apr
70
117g
Jan 27
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
4%
234
97%
*29i2
Lee Rubber A lire.
1%
39%
*16534
*16534 174
44% *44%
44%
5
478
434
Bryant— —.....No par
14
May
6»4 Mar
13% April
preferred
4%
*10
*23g
478
30%
100
6%
No par
Lambert Co (The)...—No par
1%
39%
44
9
320
24
Apr 27
20% Apr 11
7
Apr 8
4%
4%
11
40
*16534 174
44l2
1%
*5l4
16%
10%
*5
Kress (8 H) Sc. Co
48
Jan
5
27% Jan
Kroger Grocery A Bak .No par
Laclede Gas Lt Co St Louis 100
Dec
37b
87s Jan
443s Jan
4% Apr
185
Oct
30
.
Mar
Jan
92
Apr
Jan
xl30
Mar
Apr
20
29
918
478
I84 Apr 11
Apr 10
1278 Apr 10
1
Mar
1647s
834 Apr 11
...No par
Madison Sq
36%
15%
28
15
8%
II84
1%
preferred
Magma Copper
Manatl Sugar Co
*15%
*27
.
Kinney (G R) Co...
Mar
15
Mar
Apr
20
10i8 Nov
2
3i* Mar
Mar
28
67b Mar
19% Oct
6*4 Nov
97S Nov
84ij Nov
98
Apr
65s July
8% Jan 5
484 Jan 12
Feb
80
Keystone Steel & W Co .No par
Kimberly-Clark.......No par
400
36%
1478
26
1%
60
5,900
1027# Mar 23
83s A pr 24
Kendall Co $0 pt pf A ..No par
Kennecott Copper
No par
300
1478
26
14%
200
Mar
12% Apr 11
85
Apr 25
712 Apr 10
518 Apr 10
1
15%
1478
27
*5
1,600
Mar
June1
2
5i8 Apr il
April
97
3534
*26
117% Jan 27
6% coov preferred
..100
Kay ser (J) A Co......
6
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
35
*14%
1%
100
99,400
»Apr
13
4% preferred
..100
Kaufmann Dept Stores...-.1
2,700
1,700
1478
6%
200
2,300
3,700
15
80
Apr 26
4% Jan 4
1684 jan 4
3i8 Jan 4
275s Jan 4
19584 Mar 13
065s Mar 9
11
22%
27%
13%
/'002
300
3
8
Apr 10
35
Kansas City Southern.... 100
21
*14
36
-
4
Jan 27
122U Apr
100
2134
*26
3578
-
~
*130
*130
*130
21%
28
28
28
1434
3578
15
15%
46
28
28
1,000
m
Apr
Apr 14
66I4 Apr 8
Johns-ManvUle......-No par
Liggett A Myers Tobacco..25
•
4
77% Jan 9
8
April
Jones & Laughlln St'l pref. 100
Kalamazoo Stove Sc. Furn___10
f
36
-
147g
15%
3978
27
35%
24
155
*149
155
150% 150% *148
17
17%
•17%
17%
17%
17%
41
41
41
40%
*40% 42
28
•28
j
15%
*26
2l2
2,600
16%
22%
2434
*14
34
900
Jan
18
Life Severe Corp.
600
2
Apr 10
68
100
4,500
11
*134
7
19
120
500
21®4
25%
11
*26%
40%
28
21
1%
21%
-
11%
400
11
1%
21%
11
1%
21%
21
300
%
*88
%
Jan 12
84
1
Lehigh Portland Cement...26
4% conv preferred
100
Lehigh Valley RR
60
Lehigh Valley Coal
No par
6% conv preferred.......60
Lehman Corp (The)—...... 1
Lehn Sc Fink Prod Corp
6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
10
4
4
4
*%
%
*1078
*26%
39%
484
150
2238
217g
150% 151
*1714
*39
800
15%
39
39%
39
39%
3934
39%
39%
*10484 107
107
107
*104% 107
*10578 107
7
7%
7%
67g
734
678
784
8%
15%
39
39%
3934
397S
*105
107
*10534 107
*1%
*4%
*4%
*10«4
2,100
41
41
40%
40
40%
397#
40%
5
434
434
5
4%
4%
434
*45#
*4%
*37
*37
37
37%
37
37%
*36%
37
*36% 37
10034
10034 *100
10034 *100
100% *100
10034 *100
10034 *100
10034101
101
101
101
101% 101%
100% 101
100% 100%
178
178
*174
*174
*174
178
177
178
*174 • 177% *174
337g
*14%
*10
2984
115
9% Mar
95
34
1
Class B
Apr
27b Mar
5484 Mar 10
.....No par
Preferred
35s
29
No par
preferred....
Mar
28% Jan
53s April
Lane
37
15%
15%
7%
1,500
19%
2884
19
4
*384
%
*11
2l7g
2834
*3%
4
17
15%
*112
I884
115
10
17
15%
r
800
'
*378
%
''
*3%
28%
18
*112
*3g
15%
'4
28%
18
115
8%
*137#
Nov
5
6% Apr il
814 Apr 10
Kresge (S S) Co
—...10
Kresge Dept Stores....No par
5
Sept
95
No par
3,700
2278
146
Jan 11
3I84 Jan
10*4 July
30*8 Aug
119*2 Dec
Feb
Foreign share ctfs
No par
Interstate Dept Stores.No par
Preferred
100
18
22«4
23
Inter Tetep & Teleg
135
2618 Apr 11
314 Jan 23
3912 Jan 9
.—..100
Mar
71 s Mar
034 Apr 11
$5 prior preferred—.No par
2234
2478
preferred
30
22%
*77«
18
36
1'4
,*5%
13%
2%
22%
22%
*112
*33
3512
100
38
15
18
*1412
15%
21
800
,
22
*21
22
*14
115
*23
*28
24,400
1,000
31%
978
*25%
2%
22%
1584
*15
2H2
32%
978
*80
8134
14
115
16%
24%
151
400
38
*4
5
25#
50
6%
8134
97g
*24%
17
334
%
22
46
100
10
14
*178
18
4
2
23
28%
19
22
9ig
.
6%
978
9%
15%
*3%
*3g
*15
-
9%
r
32%
26%
233#
*2458
,.
29
101
-
'
110%
*174
„
7
31%
*21
-
9%
*29
2%
*29
5
*100
*80
10
*3%
5
*80
10%
5
*35l2
*6%
*10
*3%
*40
912
6%
8134
32%
5
11%
*2578
9%
6%
30%
22%
*378
.
-
307g
30%
"15"
*14
9%
984
6%
6%
103s
100
9%
*8%
98
22%
29
300
*85
2284
*175#
*14%
15%
10
900
6%
98
10
*80
300
16
*85
22%
*114
*8%
7%
Feb
Mar
14% Mar
60
66i4 June
4284 Apr 11
134
5% conv pref
100
Internat Rye of Cent Am—100
Kan City P & L pf ser B No par
98
225g
*3i2
*14%
9%
*8%
6%
6%
Preferred
—.100
Inter Paper & Power Co.... 16
Island Creek C oal
100
*85
22%
*4U
15i2
6%
6%
15
Int Nickel of Canada..No par
Jewel Tea Inc
90
98
*20
75s
*1318
'6%
37%
5%
1
151
~
17U Jan
April
Apr 8
Apr 10
Apr 8
Apr 11
Internat'l Mining Corp..
4
1
94^8 Jan
48
212
Jan
8
8
10
8
8
1
10
8
8
Apr 11
3«4
Jan
8
29% Jan 16
119
Highest
$ per share $ per share
8
155
157i8
$0
38%
38%
Apr
100
500
*15
17
16%
*14%
*117% 119
*117% 119
15%
15
14%
245g
37%
*117% 119
6%
15
14l2
*23
*3634
15%
Preferred-
16
Int Hydro-Elec Sys class A.26
Int Mercantile Marine.No par
200
...
128
*125
127
*85
95
30
*26
40
13%
*93#
*6%
10%
21%
2%
157g
127
128
98
13%
31
15
*83#
8%
88#
*85
*9*8
6%
15
*85
98
40
*117% 119
6%
6%
15
*85
*80
*36%
*14%
38%
128
127
Int Business Macblnes.No par
Internat'l Harvester
No par
Intertype Corp
,
128
214 Apr
.....
8%
*7%
834
*7%
8«4
834
884
*7%
*7%
19
19
19
19
19
18%
1834
*18%
18%
18%
*18*4
*18%
*121
123
*121% 123
*121% 123
♦121% 123
*121% 123
*121% 123
*68
70%
71
70%
*69U
69%
70% *68
*6912 71
69% *69%
7484
72
72
73
70
72% 73
*71*4
7278
73%
7234
72%
8%
*7*2
Apr
No par
International Silver........60
100
7
6%
7
9%
90
100
6% preferred
.100
International Salt.....No par
International Shoe....No par
*834
6%
6%
9%
4% Apr
17i2 Apr
6% preferred
Intercont'l Rubber
100
33
*80
6%
6%
9%
*32
*19
87%
21
*82
X Interboro Rap Transit
100
Interchemlcal Corp....No par
400
32%
21
*32
87
6%
.
2,060
400
.0%
-
534
32
33
658
3034
12,200
5,600
52%
21%
6%
28,300
8%
32
*20
684
467s
136
52%
*32
9%
1,100
53
33
6%
900
32
87
6I4
200
2,200
32
2078
*6*2
914
*78i2
4,300
52
*83
33
500
3184
*1984
Apr
914 Apr
414 Apr
I12 Apr
51
89
67
734 Apr
5%
5%
5%
100
Inspiration Cons Copper.'..20
Insuranshares Ctfs Inc...
1
..No par
6%
28
30
29
5
No par
48$ Apr 10
10S4 Apr 10
Apr 3
14812 Mar 20
80
Interlake Iron
3%
734
8
6% preferred.....
Inland Steel
10
Internat Agricultural—No par
Prior preferred
—100
;
56%
*125
136
7%
778
No par
No par
Lowest
Highest
$ per share
per share
1.100
107
45%
46%
4584
46%
*125
77g
Indian Refining..
Industrial Rayon
Ingersoli Rand
$
3,800
.
1834
3%
6%
3%
46%
9%
2%
54%
5584
3%
215#
33
8%
100
278
160
160% 160% *157
5
4%
478
434
160% *157
160%
47g
4%
4%
136
80
*2%
*164
168
54%
700
*19%
6
578
19%
95
87S
3%
33
*148
*148
72%
8%
*134
*16%
159
1,000
1,100
10%
8%
87S
2
*134
1834
18% *1634
*16%
102
162
*162% 166%
54
54
5484
55%
3
*32
684
19%
95%
*5
Par
Range for Previous
Year 1938
100-Share Lots
Lowest
71
2
*4%
32
19%
95
234
47g
*31
19%
9534
*2%
*2%
3%
1
19%
9534
*5
On Basis of
Week
19%
534
Range Since Jan. 1
Shares
234
25s
884
2%
8%
*134
4%
463#
share
534
207#
94%
*2%
19%
*93
478
136
per
95
*47#
19%
94%
*148
*147%
71
*69%
*10%
534
19%
94
Apr. 28
$ per share
Apr. 27
$
EXCHANGE
Friday
Thursday
Apr. 26
$ per share
STOCKS
NEW YORK 8TOCK
the
CENT
NOT PER
SHARE,
Wednesday
Sales
for
LOW
Saturday
2541
x Ex-dlv.,, t&x-righta.
^Called for redemption.
New York Stock Record-Continued-Page 7
2542
HIGH
Apr .22
Apr. 24
$ per share
16%
16%
*7
52%
♦10%
16%
7«4
52%
10%
♦88%
8%
♦58%
♦62%
♦46%
♦4%
*7
5234
IO84
IO84
*7%
8
92
92
93
8%
8%
66
8%
J
Apr. 28
Week
$ per share
163$
16%
$ per share
1
$ per share
Shares
10%
16%
*7
5234
10%
784
*88%
10%
734
10%
105$
*49
67
47%
♦47%
49%
48%
4%
4
4
21%
21%
♦21%
*13%
2134
21%
21%
1534
31%
7%
*14%
1584
*30%
31
1584
♦30%
32
*30%
3134
7%
7%
7%
7%
7%
13
13
31
48%
47%
*4
4
22
*13%
30%
75$
734
60
10
57
49%
4
22
4%
7%
20
800
8%
400
100
49%
400
4%
'500
22%
160
1534
*29%
8
8
3034
8%
30%
300
2,000
1,800
13
13
13%
13%
13%
13*4
133$ *13
♦20
*20% 21%
21% *20
*20% 21
216$
21%
22%
22%
♦105
107
*104% 106% *104% 106% *104% 107
♦103% 107
*104% 107
60
60
58
58
60
57
62
5734
58%
60%
6034
*69%
13%
21
♦111
♦11%
*1%
1%
♦4%
5
93
42
♦38
48
*40
48
12
12
12
12
1%
1%
5%
4%
47$
84
m
*118
«.
-
*%
*1
%
93
♦118
34
*32%
33
70
Apr
95
MarlO
65
Apr
51
Jan 19
58
50
Jan
46
Apr 11
5534 Mar 15
--5
1st pref
100
4% conv pref series B...100
Minn Mollne Power impt...l
100
12%
400
Mission Corp..:
No par
—10
13$
*13$
1%
600
Mo-Kan-Texas RR
No par
4%
4%
434
*%
%
*%
preferred
$6.50
110
*33
34
*33
20,300
33
100
Morreli (J) & Co
31
170
Morris &
1,400
600
Motor
700
Mueller Brass Co
Mulllds Mfg Co class B_.—1
12%
1234
1184
11%
1134
11%
1134
1134
*11%
123$
12%
123$
12%
31%
12%
12%
18%
18%
18%
lg
18
*18
19
18%
18%
6%
*18%
4%
5
5
5
5
37%
11%
*35%
*10%
38
36
36
*35
47s
35
3734
11%
Montg Ward & Co. Inc.No par
33
31%
11%
5
5
5
35
35%
Motor Products
60
Corp ..Wo
par
—5
Wheel
.
1,000
36
,-Wo par
Essex;
260
$7 conv
pref erred... Wo par
200
Munslngwear Inc
.No par
900
♦53
Murphy Co (G C)
No par
30
6% preferred
100
Murray Corp of America—10
1,900
30
1654 Dec
2684 Mar
47i2 July
1484 Oct
12% Mar
15% June
684 Mar
Jan
85% Jan
100
111
July
Oct
Nov
8
July
" Mar
Oct
Mar
72l2
1734
Jan
1% Mar
4'4 Mar
33$
Jan
% Dec
lis Dec
214 Jan
175s Jan
103s Apr 11
8534 Apr 10
92
10% May
Jan
1
Jan
Apr *117
35
MarlO
1478 Jan
23s Jan
934 Jan
12 Apr 14
Apr
,
Dec
227$ Jan
30% Nov
111
4
63s Jan
54
Apr 10
10
Jan
Mar
67
Mar 22
-
49*2
4
Feb 28
112
7U Nov
Apr
76
1153s Mar 14
114 Apr
118
Nov
16i2 Jan
Jan 16
115
Oct
73
67% July
June
Mar 13
29
312 Apr
No par
Preferred series B
150
10
Nov
1584 July
80
3914 Jan
125s Jan
4012 Apr
103s Apr 10
No par
34
31
32%
11%
Chemical Co
preferred.
$4.50
Oct
Jan
11
6% Jan
6% Apr 10
No par
123$ July
537s
2618
32% Apr
318 Mar
14
May
17
1H« Apr 10
18is Apr
101
April
55
April
Miami Copper..
Feb
2812 Jau
Apr
Mid-Continent Petroleum.. 10
Midland Steel Prod
684 Mar
7034 Jan
25
5
3512 Mar
131$ May
Apr 28
Mesta Machine Co
6% conv 1st pref
45
5
1034 Jan
33s Apr 10
I8I2 Apr
13% Jan 25
1
—60
Mengel Co (The)
*1184
*11
11% *10%
11%
11%
11%
11%
11%
54
54
53
54
53
53
53
5334
5384
53%
53%
107% 107% *10684 108% *107
108% *107
108% *107
108% *107
108%
6
*5%
5«4
5%
5%
53g
584
5%
5%
5%
5%
5%
♦10%
Mar 27
12
*38
1%
11%
92%
31%
36
96
223s Jan 21
7% Apr
Monsanto
*33
5%
Jan 27
60
preferred
conv
1,400
33
*4%
88
6%
1,900
35
11%
100
No par
$6 preferred series A.No par
*5.60 pref ser B w sr. No par
Melville Shoe
No par
Mead Corp
1
*33
*12
IH4 Nov
J Missouri Pacific—
100
5% conv preferred..—-.100
Mohawk Carpet Mills
20
*32%
11%
19
Mar
100
33
12%
1284
5
400
38
12%
MarlO
%
♦32%
♦18
10
1
1
1%
1%
12
11%
*1184
11%
12%
93
91%
92%
9134
92%
*118
*118% 121
*118% 121
*119% 12034
119% 119% *11984 12O84
45
448$
455$
4584
44% 40%
♦33
♦1184
Apr
Minn-Honeywell Regu.No par
700
2012 NOV
7
Stores
110
4
Mar
1
M c Leilan
4
58
119% 119% *119% 120
44
45
45%
44%
45%
1%
*3%
4%
45%
1134
Jan
7
884 Apr 11
McKeesport Tin Plate
7% preferred series A—100
*1
1%
12%
93
1184
*38
10
10
1
1,400
,
Highest
$ per share $ per share
59% Mar 10
183s Jan
8% cum
112
$ per share
156s Apr 28
6I2 Apr 10
4914 Apr 11
Elec Co
McGraw
4,200
34
12
4%
♦107
4%
4%
1%
12%
92%
112
13$
*1%
92%
J*
4%
*3%
1%
*%
112
111
11%
*12
119
4484
4
*1
93
119
4
111
*1%
4%
12
♦117%
4
42
1%
12
112
♦11%
84
♦6$
♦1
♦111
3%
4%
47%
11%
♦3%
♦38
112
♦111
112
400
Lowest
Highest
share
per
Merch & M'n Trans Co No par
4%
21%
*13%
1584
$
Mclntyre Porcupine Mines..5
McGraw-Hill Pub Co.-No par
-
8%
*45
57
52%
48%
4%
-
3,500
1,400
9934
60
*49
52%
»
*88%
9934
8%
64
57
8%
1,900
«•
54
10%
734
*60
9934
62
Lowest
Par
10%
734
7%
*88%
83g
16%
7%
*52%
75$
*88%
8%
*60
9
*4684
*14
15%
*7
535$
10%
64
67%
4%
10%
7%
535$
10%
734
*7%
9934
103$
*7
7%
5334
633$
*8%
*49
*7
7%
53%
48%
I684
13
Apr .27
$ per share
Friday
,
Range jot Precious
Year 1938
EXCHANGE
Thursday
*00
♦14
Range Since Jan. 1
On Basis of lQQ-Share Lots
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Apr. 20
64
*58%
22
22
784
*62
8
♦7%
NOT PER
Tuesday
Apr. 25
Monday
$ per share
♦16%
PRICES—PER
Sales
f/yr
AND
SALE
SHARE,
JUT
LOW
Saturday
April 29, 1939
119i2 Jan 17
Apr 10
May
111
Jan
25
Mar
lli2 July
2% Jan
35$ Jan
2012 Nov
110
Dec
120»4 Mar 17
643$ Mar 10
117% Sept
54U
Oct
40i8 April
33
Apr 28
39
2214 May
38% Aug
30
37i4Mar 13
25
19
10i2 Mar
40% Nov
2234 July
April
912 Apr 10
10
Apr 10
16U April
Apr
8
Mar
3
3
4
Mar
26
Mar
14is Mar
6412 Mar
8
Jan
4412 Mar 13
8
934 Apr 12
9% Apr
3434 Mar
95
Apr
Jan
Jan
5
914
2512
157$
1418
28I4
4
5
51
8
111$ Mar
Feb 16
110
106'4 Apr 14
4% Apr
5
Mar
714 Jan
Apr
50
Jan
9
163$ Mar 11
30
4i8 Apr 10
30
Mar
Jan 20
9%
Mar
17% Nov
32
Oct
8% July
64% Jan
15% July
62% Oct
110U
Deo
10% July
1
4684
6%
17%
*44%
46
6%
17%
18
10%
9%
25
25%
162% 162%
*10%
12%
*80
91%
20
*17%
*17%
17%
10%
9%
247$
46
6%
♦16%
10%
9%
*44%
684
10%
9%
25%
6%
*17%
10%
9%
24%
160
161
*160
11
11
*11
91%
*80
18%
17%
*17%
8%
884
*80
46
*44%
63$
17%
4534
6%
*44%
18
*165$
105$
684
18
105$
10%
9%
9
24%
*160
12%
91%
17%
103$
9%
245$
165
6%
93$
25
25i$
11
10%
6%
6%
7,700
Myers (F & E) Bros ...No par
Nash-Kelvinator Corp
..6
17%
17%
210
Nashv Clxatt & St Louis—100
10%
1034
11
*44%
6%
10
165
1034
200
46
18
9%
25%
25%
*158
170
47
♦158
11
National Acme
1.1
10%
1,200
3,000
Nat Aviation Corp
..5
25%
6,000
National
165
10%
400
11
1,900
*85
91%
*85
91%
*85
♦17%
17%
19
*1734
19%
1784
*17%
19%
500
17%
18%
2,000
8%
884
8%
800
11,400
21%
*167%
15
1434
15
15%
14%
15%
1434
145$
15%
115% 116
*115% 116
*U5% 116
♦115% 116
*115% 116
112% 112% *110% 11284 *110% 11234 *110% 11234 *110% 11234
5
5
*5
5
5
5
*5
6%
*4%
5%
5%
5
*434
5%
5%
*434
5%
*434
5%
*484
*484
5%
24
24%
25
24%
24%
2434
24%
24% 243$
24%
25%
17
17
17
13
13
13
*11%
*1J%
*1158
*115$
*11%
11
11
11
11%
11%
11%
11%
11%
11%
11%
11%
90
88
88
95
89
*86
90
*86
89
*86% 90%
21
21%
20% 21
20% 21
20
20%
20%
2034
20%
174% *167% 173
*108% 174% *109% 172
*169% 171
*169% 172
♦140
141
*8%
15
177$
17%
87s
1434
9%
15%
17%
19
■
17%
9
834
176$
8%
9
Biscuit
10
7% cum pref—
100
Nat Bond <fe Invest Co.No par
91%
5% pref series A w w
Nat Bond & Share
Nat
Cash
100
Corp newWo
Register
No par
National Cylinder Gas Co
1
Nat
45
Mar-31
5% Apr 10
1414 Apr
912 Apr 10
75s Apr 11
23i8 Jan 24
160
-
Jan 17
70
Dairy Products...Wo par
7% pref class A
...100
111
Feb
40
7% pref class B_
109
Jan 20
114
412 Apr 11
4% Jan 13
8
5
»434
24%
*12%
11
*87
♦17
140
7%
.*60
141
17
18%
17
7%
7%
61
*140
*1634
7%
60
7%
59
*12
60%
8%
13%
*12
44
♦38
44
*38
60
*40
50
*40
*12
*38
*45
8%
8%
13%
8%
*284
3
10%
*18%
20
*70
10
9%
28%
13%
*13%
13%
*12
13
*12
44
*38
44
*38
50
*40
50
*40
3
*234
10%
1984
80
*10
*18
*70
36%
*34%
*18
80
*70
36%
29
29
2834
1334
14
13%
14%
14
13%
21%
13
13
13
20%
*34
34%
2%
*2
*6
684
114
*115
65
**
•
3
111
21%
21%
22%
66
56
56
*108
10
9%
29
110
108
10%
142
884
*32
8%
140
884
40
*32
*17%
18%
*17%
*40%
42
*11434
56
4
4
*2%
4%
3%
13
4%
11
*10
42
140
.
8%
40
55
4
*2%
*11%
44
*40
3
Nelsner Bros Inc
100
Newberry Co (J
80
*3234
4?4%
35%
20
110
10
27
27
13%
14%
12%
14
800
21%
21%
2034
22
34
33%
34%
2
2
2
*2%
2%
114
*115
%
*3%
%
9%
70
70
172
172
*50
*112
3
84
3%
*234
*3$
9%
*%
%
95$
*68
*68
7334
170
170% 173
*17%
*139
8%
*32
84
3
*234
*3$
%
9%
10%
110% *108% 110% 10984 10984
22
22
213$
215$
21% 21%
21%
57
57
57
*56
57
57%
5034
14
14
1484
13%
14%
14%
14%
87
87
85
85
85
*84%
*8484
8
8%
7%
8%
8%
8%
8%
*105
100
106
*105
106
*105% 106
17%
142
1734
*139
884
40
8%
*32
1784
30
*3%
*303$
73$
18
15
85$
85$
*32
18%
15%
*10
4
*11434
*55%
4
31«>
13%
5
80
Norwalk
'
60
9
3,600
42
*32
41
*1734
*40%
*11434
19
100
42
10
2%
*1158
*434
56"
4
4
4%
2%
1234
5%
*2%
*11
*10
2,200
1,400
3%
14
5%
5%
30
100
6% preferred....
Otis Steel
Co
44
*1734
20
29%
,
_
*
1734
1784
*18
20
Bid and asked prices; no sales
on
*1634
20
50
this day.
20"
*17%
f In receivership,
a
20
70
Feb
75
Feb
414 Jan
ID4 Feb
18% Apr 11
73ig Mar 14
32
Apr 8
107t2Marl4
8I2 Apr 8
27
Apr 28
123s Apr 8
Ids Apr 10
18% Apr 8
30
Apr 8
2
Apr
8
512 Apr
8
7% Mar
2434 Mar 14
75
Mar 22
40
Mar li
110
Jan
17is
Jan
Nov
40
Jan
19% July
Mar
48% Nov
Mar
2184 Nov
7
23% Jan
Mar
23
6
38%
18
Mar
3734 July
2
'
Mar
5% Mar
118% Mar
101
7
120
Mar
62
Mar
54
434
Mar
I2 Mar 27
2i8 Apr 10
% Feb 17
834 Apr. 8
Mar
Jan
1134 Mar
Apr
Apr
June
7s
H4 Jan
45$ Jan
1, Jan
16(4 Jan
8912 Mar
Jan
120
110
Apr 28
Jan 17,
Dec
12% Mar
Jan
43i2 Feb 25
3»4 Feb 28
Jan
71
10834 Nov
10
Jan
223$ Jan
9
Mar
July
20
4714
38
Apr
28
Jan
26
Dec
2% Mar
% Jan
434 Mar
63% Nov
234 Jan
7% July
1% Jan
16% Dec
198
Jan
110
Dec
Apr
8
185s Apr 11
263$ Feb 27
5434 Apr 17
12 5s April
5712 Apr 26
82
4
1984 Jan 3
88U Mar 27
1434 Jan 4
10734 Mar 13
Feb 24
32i2 Jan 18
Jan
3
7% Apr 10
1025s Jan
30
50
234 Apr 10
32% Apr 1
100
..100
C__$2.50
Pacific Amer Fisheries Inc.-.5
Coast
10
1st preferred.
No par
2d preferred
No par
Corp (Cal).lO
Corp
25
No par
104
5
Jan 23
Apr
1
16% Apr 11
140
Jan 13
7% Apr 10
4218
I6I2
40%
114%
50
June
6% Mar
92% Sept
25
May
20
9334
Dec
Jan
"14% July
103
Dec
35
Sept
1% Mar
5
Nov
41
Sept
8% Sept
14%
Jan
30
•32%
Feb
Jan
19% May
201$ Mar
7% Mar
1984 Nov
11212 Mar
83% Apr
111% Sept
4
8% Jan
122
Apr
15
Mar
1334 Mar
271$ Jan
144
Jan
Jan
6% Mar
10
Nov
29% Nov
147
Nov
15% Nov
30%
Apr
60
Apr 10
541$ Jan
22iz Jan
10
Mar
22% Aug
Jan 24
45
39% Apr
Mar 30
Jan 26
Apr
8
378 Apr 11
2% Apr 10
113s Apr 8
37s Apr 10
Jan
116i2 Mar 25
70
Jan 3
115
Apr
40
Mar
7*s Mar
37s Jan
5% Dec
16
Jan
10% Mar
6
Jan
2% Mar
384 Mar
27% Apr 10
1234 Mar 14
3434 Mar 10
9% Mar
z22®4 Mar
41
49
Mar 10
32% Mar
143$ Mar 11
131
Mar 16
9% Mar
984 Apr
8
Apr
8
9% Apr
8
100
114
6% preferred
100
Pac Tin Corp (sp stk).Wo par
146
Jan 30
151
Feb 20
17
Apr 10
257s
Jan
r
Apr
57s Mar
26% Oct
57% Dec
1234 Mar
Jan
Pacific Telep & Teleg
r Gash sale,
4584
75
Dec
4
484
100
No par
1384 Mar
90
3934 Jan 19
10% Jan 5
100
n New stock,
58
99% Apr
9% Mar
6
Pacific MJL's
Def. delivery,
14% June
4%
12% Aug
Mar
Class
Pacific Finance
2% May
600
^
*17
4
25s Apr 11
984 Apr 14
50% Apr
Mar
No par
Pacific Ltg
10
30
July
June
No par
1,400
10
30
July
82
38
1st pref..Wo par
Outboard Marine <k Mfg
5
45
45
44%
4484
4484
4434
4584
445$
45%
45%
10
10
10%
10
10%
10
1034
*10
10% *10
10«4
*117
120% *115
120% ♦117% 11934 120% 120% 120% 121% *121% 128
*150%
*150%
♦150%
*150%
*150%
*150%
43%
*10
1034
30
30
Dec
Mar
133
par
Pacific Gas & Electric
3934
Feb
Dec
20
5
100
conv
100
30
Oct
Marl6
No par
4,500
30
145% Sept
2834 Nov
111
100
No
10%
30%
178%
June
1951$ MarlO
1
„
Otis Elevator
Pacific
June
127
Jan 25
50
Tife & Rubber No
Owens-Illinois
154
Apr 12
10
Pacific
Preferred
55%
55
July
70
6% preferred A
100
Oppenheim Coll & Co..No par
Outlet
31
106
Ry Co...50
Preferred
$5.50
6
17% Mar
18
15% Apr 8
12% Apr 10
140
Oct
MarlO
27i2 Jan
55
Oliver Farm Equip
No par
Omnibus Corp (The)vtc No par
60
Nov
Jan
65g Apr 10
1,800
1634
59% Jan
SOU Apr
par
3,700
30
20% July
9% Oct
8D4 Nov
Ohio Oil Co..
16%
Mar
23
6,200
18%
4
113% Oct
10% Oct
684 July
168
North'n States Pow Co $5 pf. 1
Northwestern Telegraph...50
300
lli2 Apr
16% July
115% Nov
100
30%
30%
*10
4
Northern
4
183s Jan 10
1678 Jan 4
Oct
100
Co...
Northern Central
9,500
15
834
American
11% Sept
106% Mar
105% Mar
25%
100
6% preferred series
North Amer Aviation
10
140
54
*2%
*11%
*43$
900
142
55
2%
11%
5%
10%
303$
North
14,800
18
884
preferred..
Adjust 4% preferred
2,200
19
4
734
7%
18,300
19
42
2%
11%
*484
7%
...100
Norfolk & Western
270
18
♦1734
3%
50
1,800
35
3%
preferred
30% July
12% Sept
Conv
JN Y Ontario & Western.. 100
Sept
12i2 Mar
44'4 Mar
111
N Y Shlpbldg Corp part stk.. 1
94% Nov
81% Jan
15% Jan
8
8
10
Apr 8
493s Mar 31
51
1,900
Mar
20
2812 Jan
Feb
Apr 25
120
...
Nov
65
3i8 Mar
1714 Mar
170
6% Apr
50
10% preferred
Oct
19
3i2 Mar
145
684 Apr
....50
18
*40%
55%
30
33$
*30%
7%
18
*11434
30
...No par
N Y Lack & West
300
*139
41
3%
35
preferred
Nov
10% May
4
106
14% Dec
28
168i8
13% Mar
Ry Co.. 100
INYNH4 Hartford.... 100
"40
104% 104% *104% 107
6
5%
*5%
5%
17%
142
30
42
4%
7334
173
110% *110
18
3%
12%
*69
6%
No par
N Y & Harlem
•(r—'4-.
~
3
%
172
'...No par
No par
Jan
Jan
Nov
147s Nov
Jan
03$ Mar
500
*.
34
*%
Central
Mar
12%
July
2714
200
».
"
51
51
Yoik
New York Dock
30
,.
1
6% preferred series A
100
NYC Omnibus Corp..No par
20
10%
7384
171%
*40%
*11434
55
6
114
*115
55"
*
84
9%
.
0
114
6%
114
*115
56"
*5$
3%
*%
21%
*50
%
*6
6%
114
*115
55"
9%
*110
*6
6%
No par
N. Y". Air Brake
160
2%
pref.-.100
N. Y. Chic & St Louis Co.. 100
2,000
2
conv serial
100
New
4,400
34
1
Newport Industries
32,500
2,600
21%
No par
pref series A
5%
5,500
10%
34
18%
4%
100
20
42
10%
30%
20%
...No par
Natomas Co
*108
10%
2884
14%
1384
*17%
*4
600
*70
80
*40%
*10
National Tea Co
3
34
*6
40
10%
21%
2%
preferred
*18
34%
108
25
5H% prior preferred... 100
6% prior preferred
.100
—
*10%
10%
20%
18%
55%
*2%
Corp
Jan
Jan 14
59
Steel
National Supply (The) Pa--10
50
50
135
6
15% Mar
6I2 Feb 17
Mar 25
165-
14% Apr 11
$2
-
100
..100
5
Mar 27
3
Apr 12
National
13%
*38
preferred A____
preferred B
23% Apr 10
11% Apr 4
914 Apr 10
86
Apr 21
18i2 Mar 31
Nat Mall & St'i Cast Co Wo par
National Pow & Lt...lNo par
4,600
2,800
2,600
7%
9
*11
42
*11484
56
*12%
17%
69
61
10
7%
7%
60%
83$
Lead.
6%
100
34%
,
17'4
13%
National
....
21
14
13%
14%
14%
13%
87
87
*84%
*84%
*84%
8%
8%
7%
8%
7%
*105% 106% *105% 106% *105%
30
*28% 31
30
*29
30
*28% 31
*3%
3%
*3%
3%
*3%
3%
3%
3%
*30
'35
*30
35
*30% 35
*30% 35
7%
7%
7%
7%
7%
7%
7%
7%
18
18% I884
18%
18%
18
18%
1784
*15
15
15%
15%
15%
15%
14%
15%
106% 100% 105% 105% *101
105% *104% 105%
*5%
6%
*5%
6%
*5%
5%
5%
*5%
18%
9%
13%
200
4,900
34%
*51
84
111
108,
*110% 114
56
*51%
*%
«4
109
*139
34%
14%
108
3%
3%
-•
lo
*%
*%
%
10"
*984
*9%
10%
*70% 7384
70% 70%
*170
173
*169% 174
*17%
.
Gpysum Co;
1
$4.50 conv. preferred .Wo par
400
*73$
No par
Nat Enam & Stamping .No par
17
44
*2%
10%
3
10%
20%
,
Nat Distillers Prod
Nat
141
834
10
7,300
17
13%
29
13%
1284
3
*55
5084
8%
8%
*25
*110
_
21%
73$
73$
59
8%
9%
28%
084
118
108
73$
10
14%
13%
*115
*70
*34%
59
83$
10
21%
*62%
*5$
80
60 '
No par
preferred
3,200
141
141
*17
17%
6%
17%
141
140
*1634
109
3484
2%
684
1984
30%
*3414
9%
28%
21%
*110
*10
140
17%
73$
*108
*33%
*2%
20
*70
36%
109
*284
10%
*18
80
♦34%
*108
3
♦284
*10
8%
141
Nat Dept Store
500
,
117i2 Jan
29
150
26>4 Jan 5
1234 Mar 3
16U Mar 10
*115% 116
2
-7% Mar
8% Mar
157$ Mar 7
941$ Mar 27
23% Mar 9
*110% 11284
100
37% Mar
684 Mar
4
Mar 15
Jan 3
Mar 11
175
Apr 24
10% Apr 26
91
Apr 1
173s Apr 25
16% Apr 10
8% Mar 31
1212 Jan 13
Jan
54
April
Ex-dlv.
y
Ex-rights,
7
87
Nov
52
Oct
115
Apr
76% Nov
11%
5%
Jan
Jan
21% Nov
9% July
15% July
30
Nov
43% Dec
19% July
Apr
121
*132% Mar
149
Nov
30
June
17%
Dec
f Called for redemption.
Dec
Volume
LOW
AND
New York Stock
148
HIGH
SALE
Saturday
Monday
Apr. 22
Apr .24
$ per share
*1U
9
SHARE,
NOT
PER
CENT
Sales
Tuesday
Wednesday
Thursday
Friday
the
Apr .25
Apr. 26
Apr. 27
Apr. 28
$ per share
9
share
per
$
share
per
3%
1134
*5%
10
3(2
12%
3%
3%
3%
3%
3%
33a
3%
3%
3%
3%
12%
11%
11%
113s
11%
11%
11%
3,600
6
*5%
6
*5%
6
11%
*5%
11%
*5%
*80
'8
41%
*82
818
*80
*884
*18
*80%
9%
21
1%
40%
*14%
*18
%
*81
9%
90
*82
*18
1%
1%
40%
1%
1%
40%
*40%
20%
1%
40%
14%
*13%
14%
2
2
8i2
8
8%
8%
10
9%
*2
9%
*49
52
80
80
80%
81
7934
1
*7g
1
*%
*%
*3i4
*49
3%
52
*48
22
3%
*20%
22
3%
*20%
*12
13i2
*12%
13%
*12
-•I-
18
*18
*122
17%
1784
16%
29
*24%
*11U2 114
*327g
*2
*10%
25%
21
*16%
*25
17%
8
7<%
8%
1
3%
13%
*17
16%
22
*16%
17
784
7%
6%
6%
21
30%
40
40
*%
9014
*134
144
•38s
*25
3%
38
3314
*2%
*40
33%
3%
43
3%
%
89%
*135
*25
33
334
*25
*135
334
*90
*33g
3
*41
173
6
115
*90
3%
*234
16
*13%
584
*4%
7%
*37
♦
534
05
*50
65
*167% 173
*164
170
6
16
*50
534
534
534
*7%
23%
8%
*734
23%
*22%
8%
24
*22%
*13
*13
18
15
15
*13
14%
*22
20
22
22
*21
22
9
9
*8>4
»34
*%
1784
%
18
5%
*8%
8%
16
50
50
5%
6~~
*8
2334
*22%
*13
22
8
6%
2,200
8%
300
24
*22%
8%
preferred
13
13
22
70
Mar
43
Nov
Jan
7
86
Feb 16
60
Nov
2
Mar 25
Apr
Apr
74
8
3
Nov
3
884
120
%
%
1,000
.100
25
*18%
18%
*7
8
*7
8%
1,000
8
8
8
*7
8
9%
9%
♦9%
9%
9%
934
9%
984
-9%
1,500
1%
*1%
1%
♦13s
1%
*1%
1%
*13s
*%
%
*1%
*%
%.
*3g
7«4
8%
7%
*7%
75s
*7%
*22
25
54
54
11278 11278
345s 34%
*104i2 106%
*1158s 118(8
*129
13234
150
150
*113
116
734
7%
8%
*7%
24
*20%
55
54%
112% 112%
*21%
150
*113
116
7%
*8012
86
*81
45f2 Mar 15
3014
85s Mar 14
25% Jan 27
44U Feb
4
50
74%
*74
26%
7%
27
6'4
13%
'*57%
*10%
184
*16l4
*87,
*15
184
18
9%
1534
25
*22%
55
54%
149
149
150
*114
6%
*75
2534
7%
*81
26%
2534
7%
86
26%
7%
734
*81
86
*73%
74%
1334
*73
74%
13%
1334
1,600
*10%
11%
*10%
11%
*10%
11%
6%
6%
6%
6%
*75
6%
100
6%
*75
0%
100
134
*16%
9%
18%
1%
*16%
1%
18%
9%
*8%
1%
*16%
*8%
919
18%
10
.
*21
22
17
17
17
*10
19%
*16%
19%
*3%
4
3%
*39%
50
*39%
*6%
8%
*61.4
6%
6%
*6%
3%
50
8%
634
10
12%
16
50
7234
*65
7234
66
*62
67%
1%
15%
*62
67%
*62
1%
15%
1
1%
15
15%
60
*45
54
*45
50
*45
*45
5234
47%
60
47%
400
4
\
9
*8
11%
*8
1134
11%
9
11%
*8
*63%
68
*62%
67%
62%
1%
1%
*44
60
*45
47%
15% ,15%
*44
60
*45
47%
Bayonler
15%
"
"3",900
•
45
45
1134
11%
25
*20
25
24
24
*58
66
*58
66
*58
66
*58
60
*58
70
*60
48
*41%
8%
*79
48
8%
86
*6%
6%
3834
*41%
834
*78
48
*41%
884
86
3834
z37%
38%
*53
55
*8%
*79
6%
58
*53
6%
/
6%
37
*54
48
1034
*41%
834
86
11%
48
8%
*41%
8%
86
*79
6%
6%
37%
36%
54
*8%
*79
37
55
11%
54
,6%
48
8%
86
7»4
784
7%
7%
7%
734
7%
*6%
7%
14%
13%
13%
14%
*21
22%
22
22
*6%
*13%
22%
*%
29
30
*%
%
29%
29%
h
6%
30%
3634
*%
%
*%
u
ll4
2%
1%
*1%
1%
2%
*2%
32%
9
*2%
32%
32%
73g
*53
7%
*6%
22%
%
*%
29
*1%
*17g
7
29%
7%
*1334
14%
2134
2134
♦%
29
%
30
2,600
1
•
55
784
*6%
6%
36%
2084
7%
37%
8,800
55
2034
*19%
%
2934
7%
14%
22%
♦%
29
8 ,800
%
%
%
*%
*1%
1%
*1%
1%
*1%
1%
*1%
2U
2%
*1%
2%
9
*1%
*2%
4
4
4
32%
32%
3234
32%
33%
32%
33%
6,200
93
93
93
92
91
*90
*90
92
92
91%
106
106
*104% 106
*104% 106
*104% 106
*104% 106
112
111
111% *111
*111
112
111% *111
111%
111% *111
11
•
11
*11
*10%
11%
11%
11%
11%
*10%
11%
11%
11%
50
9
4
*2%
32
33
"
*9114
*104i2 106
♦111
•
Bid and asked prices: no Bales on this day.
f In receivership.
a
preferred
Mar
8
Mar
Sig Mar
li2 Mar
i2 Oct
434 Mar
4i2 Mar
1384 Mar
67% Mar 14
11934 Feb 27
388s Mar 11
109
39i2 Mar
preferred
500
200
-----
4.
»
10
10
50
300
Def. delivery.
Rlchfie d Oil Corp
Dental Mfg
No par
No par
(The)
No par
t Rutland RR 7% pref
100
Joseph Lead
10
ISt Louis-San Francisco..-100
0% preferred..
...100
JSt Louis Southwestern... 100
5% deferred
100
Safeway Stores
No par
6% preferred
100
6% preferred
...100
7% preferred
100
Savage Arms Corp
No par
stock,
r
Jan
Dec
Dec
Dec
Oot
Feb 27
122% May
Mar
35% Jan
105% Oct
11884 Nov
86I4 Mar
lOlVg Apr
112
Apr
12284 Mar 27
159
Mar
9
132
Mar
112
Jan
«
71
Jan 21
1% Apr
I6I4 Apr
k
3
8(4
.1512
10%
1234
17
Apr 10
Apr 19
Apr 8
Mar 31
April
3
April
47% Feb 7
7
Apr 1
6% Apr 8
9
Apr 4
1Q84 Apr 10
66
Apr 26
60
April
1
Mar 11
8% Jan
Cash sale,
t
484 Mar
4
6OI4 Jan
3714 Mar
0778 Jan
278 Jan
2214 Jan
17
1«4 Sept
1484 June
Jan
8% May
134
Nov
152ig Deo
117
Sept
Jan
Oct
9U
Oct
6078
Deo
58s
24
Jan
July
Jan
24%
29i8
Jan
18
103g June
22
Jan
18
30is
Jan
54
Mar 20
72
Mar 15
Mar
13% June
234 Mar
Feb 11
914 Jan 6
984 Jan 6
113s Jan 12
17i8 Jan 6
75f2 Mar 15
Mar
„
27% Jan
0i8 July
3414 Mar
5
Apr
5% Mar
68
July
11
Jan
9
June
95s Mar
49i2 May
40
Apr
1278 Apr 10
258s Jan
4
43
70
Jan
5
III4 May
39i2 Mar
Apr 11
71
Jan
5
Apr 11
20% Jan
42
16%
80
Jan
Jan
Mar 13
6
8
16%. Nov
188s
25%
21%
6t8
I84 Jan
Apr
13i2 July
98% Jan
23is Jan
Mar 31
«
Deo
1
113s July
13>2 July
17% July
78
Dec
09
Nov
3%
Oct
255s Nov
78i4 Nov
38
May
7's Mar
77% Nov
17U Mar
05
Apr
38i2 Dec
Mar 30
5
40% Jan 5
77% Mar 15
Mar 31
54
45
64f2
Jan
75S Apr 10
7834 Jan 4
1784
85
Jan
Sept
95
1
49
St
» New
69
Jan
Nov
11714 Jan 19
3938 Jan 4
11U Jan 3
70
10
o
Jan
Dec
26
8
Apr 11
Apr 8
11
10i4
33s
Hs
14i2
14i2
42i2
114
7
....100
100
Ruherold C
1%
93
15
Mar 13
Apr 11
400
2,400
%
9
1684 Jan
2% Jan
84 Jan 17
148s Jan 6
14i2 Jan 5
43i2 Jan 6
138
22
Roan Antelope Copper Mines.
2%
%
253s July
3
Feb 27
22i2 Jan
4
10
A.
Common
Ritter
-
1%
%
1
200
%
30
17i2 Nov
84 Jan
5i8 Apr 10
Jan 18
1484 Jan
4
Mar 13
113s Jan
6
35is April
45
Jan
4
54
58
Jan 31
Mar
8
Rhine Westphalia Elec A Pow.
*1%
*2%
*%
...100
Reynolds Metals Co ..No par
5H% conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
10
"7% "7%
*6%
14%
*%
29
V,706
"
7%
Class
5M %
400
684
14%
50
6
Remington-Rand.;
1
8%
5
*14
-.60
Reliable Scores Corp..-No par
Reliance Mfg Co
i
10
7%
86
*53
..25
...60
4% 2d preferred
Real SUk Hosiery
100
'
6%
*3
*6(S
*13%
8%
*79
Dec
88% July
....1
52 preferred
Reading..
4% 1st preferred
70
*41%
"206
12%
*21
11%
Mar
*%
74i2 June
26,200
55
25
1084
6
Jan 20
81% Jan
$Reo Motor Car......
6
Republic Steei Corp...No par
0% conv preferred.
100
6% conv prior pref ser A. 100
Revere Copper & Brass
6
*20
118s
Jan
Jan
Apr 12
9,800
25
45
72
1%
*21
July
May
JOG
Preferred with warrants.. 25
11
Aug
30
23
39i2 Nov
Rensselaer A Sara RR Co..100
25
20i2 Apr
1H2 Apr
52
Jan
Jan
215s May
814 May
Apr
20
11
Jan 14
9% July
I684 Jan
81
100
*44
42
2484
36%
1584
38
,
90% Mar 29
15%
•
Mar
Jan
Jan 23
62%
*20
1034
Inc.
Preferred
68'
*03%
174
712 Mar
Jan
914 Nov
83
Rels (Robt) A Co 1st pref. 100
100
12
11%
66
1
300
""
9
64%
preferred
5% conv preferred
50
684
*65
1%
19%
8%
67%
15%
*16
*6%
June
47s May
Jan
7%
....100
Pure OH (The).....—No par
Kay bestos Manhattan. No par
18
*6%
145
Apr
9% Jan
14
JRadio-Keith-OrpheumNo par
10D
*36
23
Nov
s53% Apr 10
200
684
No par
75
53.50 conv 1st pref ..No par
300
8%
148
Apr
115% Mar
Mar
5% Apr 10
12%
50
Jan
Apr 25
41
Jan 12
Radio Corp of Amer...No par
55 preferred B
No par
15%
*6%
115
35
Mar
22
*6%
103
129
18i2 Dec
378 Mar
June
12%
*3%
8
Apr 10
July
314 Mar
7
22
3%
MarlS
31% Apr
May
4
9
1234
<
112
52
90
16'4 Mar 11
22
*36
11%
7234
11% "11%
*17
6(4 Apr 10
714 Apr 1
18
Apr 10
505s Apr 14
Jan
Oct
July
13
"""906
9
26% Nov
Jan
39
12
18%
8%
>15
July
2,400
•
8%
11%
11%
10
*17
634
*62
9
9%
*6%
*65
*44
Pullman Inc
July
9
l",266
134
*6%
9
*8
18%
*9%
3%
*£%
9
*16%
100
Nov
43
1034 Jan 26
"
,5884'
I84
22
4
*3%
*36
134
*12
22
1534
1%
;
4
Jan
Putlty Bakeries
...No par
Quaker State Oil Ref Corp.. 10
26,200
100
5834
*15
12
*21
*15
*75
59%
~
12
22
,
,100
59
12%
12
*21
1534
6%
'*75
.....100
preferred
8% preferred
....100
Pub Ser 121A Gaa pf 95.No par
"""266
*13%
12
No par
preferred
Mar
Mar
20i2
173
Apr 8
1% Apr 10
3s Feb 6
No par
preferred
6%
7%
6%
1334
134
.1
6,500
74
6%
100
15
86
1334
134
15
"MOO
7%
7%
*81
74
5834
1
7%
86
13%
5834
15%
27%
26
'
74%
59%
1
2634
110
5
8
'
001
13%
*10%
5834
151$
100
74%
58%
11%
26%
7%
*81
Class B
500
116
583s
*8
1,170
5,100
150
116
*15%
*11%
7
55
*114
12%
8%
25
5434
116
22
50
*22
5434
150
*1112
4
25
150
*21
*1612
*3l4
*397S
*6%
*6%
2,500
6% Iconv 1st pref—
6
5% conv 2d pref
60
Procter & Gamble
..No par
6% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J ..No par
54
Jan
5
Pressed Steej Car Co Ino
*113
11%
58
5,600
116
74%
13%
6%
"""166
8%
150
7%
13%
100
%
8%
149
"
11(2
*75
*%
814 July
5012 Mar
4438 July
67
Apr 27
.No par
Porto Rlc-Am Tob cl A.No par
7%
2
Oct
20t2 Jan 5
7f2 Jan 11
Mar 31
166
5
Pond Creek Pocahontas No par
*71i
h
5
8
6
4
No par
7%
Oct
4i8 Mar
Sept
2714 Mar
3
Jan
2% Apr
12
Apr
100
8%
*%
Mar
90
100
7%
*113
86
*74
*10
8
*22
55%
54%
112% 113%
34%
3484
150
27
13%
24
%
7%
1
14384
144%
32
6% Apr 11
23
Apr 18
35% Mar 27
pref... 100
*7%
%
7%
*7%
113% 113%
113% 113%
11234 113%
34%
34%
3334
34%
34
34%
34%
34%
105% 105% *105% 106% *105% 107
*106% 107
*100% 107
*115% 117% *116
118
116%
11614 116% *116
*116% 118%
134
*130
129
129
129
129
129% 129%
129% 130
26%
784
h
7%
8%
June
32f2 Mar 23
4384 Jan
314 MaJ 29
Poor & Co class B
1%
9%
1%
Jan
114
36
5
Plymouth Oil Co
*7
994
•
7
Apr 20
Mar
31% Apr 10
212 Jan 9
No par
Plttston Co (The)
53g Nov
14 Mar
164
% Apr 28
17% Apr 11
6I2 Apr 14
884
214 Mar
7514 Mar
2184 Apr 26
7
April
%
18%
Mar 27
4
®8 Jan
100
8%
114
Jan
103t2Mar
Mar 23
7% pref class B
5% pref class A.
484
4
Jan
5)4 1st ser conv prior preflOO
Pittsburgh A West Va
100
18
'■
Feb 27
*4
8i2 Mar
784 Mar
83i2 Apr 10
132t2 Apr 1
Apr 11
7% Apr 10
22
Apr 4
13
Apr 28
*ei2
*6%
-
3
..100
Pitta Coke A Iron Corp No par
95 conv preferred
No par
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw & Bolt
No par
Pitts:, urgh Steel Co
No par
*9%
*1%
;
30
..No par
Pittsburgh Coal of Pa
6% preferred..
18
.
Feb 17
1% Apr
25
Pirelli Co of Italy "Am shares"
Pitts C C A St L RR Co...100
18
*%
47
Apr
75
100
conv
%
%
8
50
Hosiery...
18%
*%
175s Mar
36
No par
..10
July
8% Mar 14
4484 Jan
50
preferred.
*%
%
18
43
38%
Mar
Jan
Feb
31
Jan
17«4 Nov
1318 Jan
8f2 Oct
47i2 Nov
75s Apr 10
Pillsbury Flour Mills.
300
22
Oct
6% July
1784 July
Jan
Dec
24i2
584 Apr 10
28% April
No par
Preferred
10
14%
22
22
834
"
584
24
90
.
8%
6
83g
53
52
*168%
"
""166
6%
42
Mar 10
7% preferred
Phillips Petroleum
"""266
16
*4%
22i8 Mar
10
7%
10
3%
*13%
5%
*168%
39%
Deo
15
JPMla Rapid Trans Co
115
T~3%
234
5%
14%
2134
8%
39%
*
1578 Nov
11684
Mar
Mar 16
17
Jan
July
121
Mar 10
8
7% Apr
Apr
21
Aug
July
110
Mar 14
116i2Mar 14
405s Feb
314 Jan 24
3012 Apr 11
2i2 Mar 31
Nov
July
55s July
30
Mar
Mar 10
Pierce Oil 8%
"""166
29
Apr 17
10
Oot
120i8 Dec
14% Mar
1914 Mar
4
19
40
7%
9
Mar 15
24% Jan
34
Phoenix
26
16% Mar
124
8
*17%
%
18
65
*8
39%
*13%
5%
*634
*24
115
"284
*168% 170
584
9%
24
*37
10
3,600
42
*41
7%
25
♦
3
*
*8
*23U
39%
*4%
42
*6%
*24
115
*14%
16
*41
7%
24
"*2%
3%
*4%
42
*6%
24
31
8
April
2i2 Mar
10i2 Mar
,
Mar
8
Phillips Jones Corp.
35%
*2%
Apr
5i8 Jan
33
Dec
Jan 18
5% conv prof series A.-.100
3484
42
Mar
lis
Apr
Phlla & Read C & I
3
*41
55
1% Jan 16
15
142
*20
88
111
100
Philip Morris A Co Ltd..
35
31
I46g
13i2
585s
85i2
2i2
Mar
884 Mar
3
Mar 14
17
prior preferred
40
*2%
*20
3f2 Mar
41
1534 Apr 10
24
Feb 8
Phelps-Dodge Corp...^
25
Philadelphia Co 6% pref...60
150
334
Oct
1
.100
4,800
*3%
284
4
12
2,500
34%
39%
115
1
334
Oct
Jan
122
s8
3
*36%
*163
*3%
Oct
Mar
13
25s Feb 25
April
Apr 11
July
38g
423s
2D2
1134 Mar
s
....60
30
1*4 Mar
Jan
11
13i8 July
Mar
31% Mar
Mar
19
Deo
Deo
lt2 Mar
57% Jan
..No par
3%
25
*234
*50
334
*135
16
Apr 10
v to No par
9234
90
3434
39%
65
,#3%
*%
*2%
*36
*50
%
333.1,
24
*14
3%
*%
91
90%
*135
142
25
*019
5%
3%
'
6&8 Mar
Jan
100
$6
1%
3
*2334
*45s
*1%
103
Mar
135s Dec
I84 Mar
6i2 Mar
173s Mar
79%
1%
3334
41
♦90
*
79%
"1%
38
.
7
3%
15%
400
*2%
24
115
41%
102
Apr 10
Apr 10
Apr 3
74
par
14,700
40%
4
23s Jan
43
61% Nov
8884 June
584 Mar
9
.
400
32%
33%
*6%
*27#
*1334
142
7
*6%
26
Oct
65
14% Jan
107f2 Jan
1358 Jan
534 Apr 10
3
6% preferred
Pet Milk
2 ,500
31
Feb 14
Jan
0
Mar
19
Corp
157g
I8I4 Dec
914 Feb
2
Aug
Sept
29
104
No par
Petroleum Corp of Amer
.6
Pfelffer Brewing Co
No
120
3
39%
*36
%
1
4
Jan 27
41
6%
"
32
♦
3%
9034
5
No par
pref
conv
634 Jan 20
Mar
1% Jan
A...No par
Pere Marquette
300
41
3138
1%
%
•
90
7
*6%
600
784
eer
No par
6conv preferred... 100
Peonies G L & C lChic)...100
Peoria A Eastern
...100
"""266
17
7%
Cement
pref
Pennsylvania RR
Peoples Drug Stores
10
21
21
conv
Penn G1 Sand
$7
*16%
734
*40
79%
*3%
%
143
*338
7
41
*76
90
*2334
7%
97
13%
17%
17
7%
31%
1%
24
*6i2
*23
Penn-Dlxle
1,100
300
33%
*2%
41
*135
38
*6%
3%
%
8934
143
*3%
*1284
21
*16%
784
2934
2
*3%
%
90
21
17
*40
79%
"*134
2
3%
%
91
*
80
"*184
2
3%
3%
22
*122
"1734
17%
21
7%
6%
29W
40
17%
*16%
734
31%
79
13%
Penney (J C)__
10
48
No par
.No par
Highest
3% Mar
1584 Dec
6% Nov
4
60% Jan
Penn Coal A Coke
Corp.... 10
100
684
*3%
3%
22
*122
l",7o6
1
19", 900
29%
*39%
*184
3%
Pentck & Ford...
"
81%
*%
21
2,000
50
81
1
20%
*1234
984
*48
80%
*%
8%
934
50
80
3%
2134
*12
10%
103s
*48
"l7%
6%
*
6,400
8%
10%
80
l
Parke Davl« & Co
.No par
Parker Rust Proof Co
2.60
800
1
5
3
1
Pathe Film Corp
No par
Patlno Mines A EnterprNo
par
8
3%
*20%
17%
31%
*71
Parmelee Transporta'n.iVo par
8%
79%
3%l
*6%
4«
800
2
*%
31%
*39%
200
2
*14%
2
1,200
1178 Jan
484 Jan
1638 Jan
6% Apr 10
80
Apr 10
734 Apr 11
18
Apr 14
H2 Apr 4
36
Apr 11
11% Apr 10
1% Jan 26
l
....
15
15%
50
8
1
100i4
10
41
2
1
Park & Trlford Inc
Park Utah C M
100
3
Apr
Lowest
$ per share 9 per share
41% Apr 14
100
1%
8
2134
13%
20%
1%
Apr
3
1
4034
*14%
10
200
1,400
100
1%
2
*47
4% conv preferred
Paramount Pictures Inc
6% 1st preferred
6% 2d preferred
15,166
*25
26
*24%
28%
26
26
*26
27
111% 111% *111% 116
*111% 116
*111% 116
3234
3234
*32% 3334
32 84
32
3234
32%
♦2
*2
*2
2%
*2
2%
3%
3%
12
12
*10%
*10%
11
11
*10%
10%
*25%
273g
25%
25%
25%
25%
25%
25%
29
*111% 116
33 %
32%
32%
*2
2%
2%
12
12
♦10%
25%
25%
25%
21
*16% '2134
17
17
*16%
*734
*18
10
10% Apr
5% Apr
% Apr
No par
40%
14%
*122
16%
9%
20
Paraffine Co Ino
1%
40%
'
*122
82
9%
2
80%
*122
.
88
9%
10
No Par
Panhandle Prod «fc Ref new._l
200
8%
84%
9%
5 per share
Airways Corp
5
Pan-Amer Petrol A
Transp-.S
100
784
14%
50
*20%
3%
18
2%
8%
9%
8%
934
9%
*90
8%
*81%
40%
1%
2'g
87
9%
40%
14%
100
8%
Highest
5 per share
Pan Amer
1.666
84
4134
84
4184
Par
___
Pac Western Oil
Corp
Packard Motor Car
500
6
*5%
%
43
*90
10
*9%
6
*34
*4184
8%
9%
1%
15
%
734
10
10
*41 a4
43
*90
100
8
9%
20%
t>
10
%
43
7%
90
10
100
40%
*2
10
*84
*41
8%
*8%
10%
*90
41%
100
784
90
*10
%
*84
421,
100
8
10
Range for Previous
Year 1938
IOO-jShare Lots
Lowest
10,800
1134
6
*%
*40%
Range Since Jan. 1
EXCHANGE
Shares
10%
2543
On Basis of
Week
9 per share
8
HTnpira
NEW YORK STOCK
,
|
share
per
PRICES—PER
Record—Continued—Page
65s Apr 11
6% Apr 11
13i4Mar31
18% Apr 11
84 Apr 8
27i4 April
8g Apr 5
1
Apr
4
214 Mar 22
4
Apr 28
2784 Apr 11
82% Jan 4
96
Jan
3
104i2 Jan 11
1084 Apr 11
Ex-dlv.
y
Jan
Mar
Mar
84 Dec
25i2 May
®s Dec
Us Mar
I84 Dec
Jan
314 Jan
4
3334 Mar
Jan
5
Aug
6114
13
1*4 Jan
4684 Jan
84 Jan
2
45s Mar
7i2 Apr
14ig Mar
16»« Jan
34
Sept
77i2 Dec
5
10% Jan
9% Jan
Dec
10
Apr 28
3% Deo
195*
85
Oct
>
94
Jan
12U July
40i2 Jan
68'2 Jan
8i2 Jan
97g Nov
13i2 July
2084 Jan
33i2 Dec
2i2 jan
4914 Oct
18s July
38s July
Si8 Jan
714 July
6
12
Mar
Feb 27
68
Mar
107t2 Mar 11
112f2Mar 8
18% Jan 3
08
Mar
99
Nov
79
Mar
108
Nov
8*4 Mar
19
Jan
395s Feb
98
Ex-rights.
2984 Nov
8312 Dec
1 Called for redemption.
AND
LOW
Monday
Tuesday
Apr. 24
Apr. 25
Apr. 20
$ per share
f per share
*09
71
$ per share
13i4
13*4
70
70
*09*2
%
12
*8
*2
*8
*2
*434
5
*478
5*8
4%
4*4
4*4
40
40
46
46
46%
40*4 *4558
115*2
♦114
115
115«2 *114
114
11512 *114
%
3g
*s
*2
%
*2
%
*2
1*8
1*4
1%
l%
li4
lt4
*ll4
H2
%
4*4
♦45*4
♦
18
2*8
0012
14
14
117s
*5478
*418
♦44
H78
80
414
45*4
*9
9*8
*34
34i2
11%
IH4
*10318 105
*92
18*4
*2l2
0012
66
67*4
13*4
1378
13«4
234
607g
14
55
55
4
45*4
44*4
9i2
4%
337g
IH4
4.
3378
»103'8 104
*12*4
13*4
*12*4
13
21*2
*2*4
3
19
19*4
*234
*17*4
94*4
74
*92*2
*70*4
*17*4
19*4
*9212
*7014
104
♦103*8
*1234
1414
104
*12*4
*12
14
14
12
2518
12U
1314
1914
*28
25%
25U
12%
1318
19*4
12
*3U
45
334
45
2'8
*5
2i8
15
40
*14
15
*4112
43
10*4
*04U
20»2
*2
10*4
05
20i2
6
15
39*4
15
43
1078
385s
145g
*41%
10i2
64
19%
19*2
*54
*120
414
10*8
03s
545g
127
8
*23%
2i8
*12i2
*25i4
83s
25
2i8
1234
4ig
10i2
*37«
978
6'4
6*8
54
54
*126
127
83s
24l2
2%
*12
12*4
2534
*2514
812
17*4
20i2
*778
20i8
*5*4
*4%
0
*534
*0
6%
*7i2
1734
*20i4
*30
5
1758
*5
*418
285s
285s
8
8
*678
4U
43g
36*2
4%
28
2*8
*6
*14
387g
15*4
*41*2
39*4
15*2
43
1078
6212
20*4
3834
15*4
*41*2
10%
*1984
*15
17
*1r8
2%
*2*4
3's
1858
1858
37g
978
0*8
54
25*4
*778
175g
26*2
5%
45g"
*6*8
*36*2
5
43g
36%
4*8
27*4
*50i2
01
*56
*3i2
*33*2
36
3
*14*4
*l5g
*2*4
187g
*2*8
17
*3*2
I77g
27
558
4%
0?8
37
5*8
4%
37*4
4*4
28
,8
034
1334
17*2
61
4
36
*278
*1434
3
17
2*8
3*8
193«
*2
3*8
*234
1912
23s
2634
8*2
*33
2*8
_
54
*126*8 127
8%
83a
24*2
24i2
2
2*8
*12
12*4
*16
3
378
10*8
6'
19*4
5%
11*2
1534
20
24%
*47*2
44%
11%
1534
*3%
*12
12%
*24
25%
12%
*24%
9
*8
*7%
26%
5%
5%
5
5
*5
4
4%'
484
37*4
3778
36*2
4*4
27«4
734.
37
4%
28*4
684
6 84
67g
*12*2
14%
17%
*1212
*16
*56
*3*2
33
2%
*3%
*33%
*234
3*8
2%
1934
2*4
*8%
9*4
778
8
6*4
r
*6*8
*7214
80*8
*72*4
18*2
20
*8*2
*2i4
47*2
878
73
16*2
♦875s
*78i2
*20*4
35*8
18*2
*18*4
29*2
*2%
29
2*2
20
8'
234
47*2
878
735g
16*2
88*2
79
185s
185g
29
2l2
21
*2*8
*19*2
8*2
8*2
2%
*2%
46
46
*20
8*4
*2*4
*45
56
56
55
'15
*14
Bid and asked
55
14%
534
5%
8
8%
8*4
*6%
6*8
2%
*72%
6*4
2%
*72*4
6*4
2%
80*8
2%
*72*4
534
6*4
2%
80*8
18%
19*2
19%
2834
29
29*2
I884
28%
2%
*2%
2%
8*4
2%
47
*2%
*20
2%
21
8%
8*4
2%
2%
45
8%
72%
I684
8834
44%
8%
70%
16*2
8734
7834
*20*4
19%
*29
2%
21
8%
2%
44
21
8%
2%
46*2
834
24
*20
884
284
8%
*2%
48
47
72
72%
16%
*16%
89*2
90
834
7434
I684
8%
72%
16%
8%
90
90%
*79%
81
20%
79%
7834
7934
20%
20*2 *20*4 20%
20*4
35
35
36%
34% 3434
3534
35%
93g
10
9%
9%
9%
9%
9%
984
17
17
*1634
17%
*1634
17
17% *1634
*115
118%
117
117
118*2 *115
118% *115
56
56
57
56
55
55
55%
55*2
*14
14
1434
14
14
1434
14*2 *14%
20*4
7834
34%
t In receivership,
a
Jan
Nov
25
July
22% Jan
23% Dec
4
Oct
46
Jan
Mar 16
29
Mar
6
9
3
2
Mar
4
Mat
1
14*2 Apr
8
21% Jan
4
47% Feb 18
April
42
Apr 17
9% Apr 11
18% Mar 14
II
Apr
Jan
1
par
par
par
July
Mar
45%'Dec
Mar
49% Dec
17% Nov
157g
Dec
6*4 Mar
48% May
70% July
12% Mar
6% Mar
31
7*4 Jan
4
9*4
Jan
Mar
107%
3*2
Feb
Jan
94
24% Jan 19
13
2
8
Jan
6*2
11%
23
Mar
28
Jan
July
July
25% Mar
3478 July
2484 Mar
n
60% Mar 9
63*4 Jan 3
3334 Jan 3
74% Mar 11
12% Jan 5
42*2 Apr 10
Mar
4% Mar
10% Sept
30% Mar i4
29% Jan 5
Apr 28
July
1*4 June
3
102% Apr 26
2% Jan 4
6*4 Jan 20
10% Jan 20
20% Feb 6
2% Apr
1
434 Apr 11
April
13% Apr 10
25% April
23*4 April
20% Apr
11
24
29
9
8
30% Mar 10
Apr 10
46
4% July
16% Mar
10
par
40% Nov
75*2 Mar
18% April
6
Apr 8
98
3384 Dec
19% Dec
15% Mar
734 Mar
Mar 15
48
4
35*2
Apr
39*4 Mar
17*2 Mar
50% Nov
32*2
Jan
68% July
34% Nov
Mar
71% Nov
8
6
May
12% Dec
8
6*4 Jan
3
6
June
11
.No par
8% Apr
8
17% Jan
8%Mar
5
4
6*2 Mar
5% Apr 10
46
Apr 8
Jan
4
45
Mar
127*2 Jan
11% Jan
38*2 Jan
6
3
3
0
4
14
13
19
27
4
4
11
24
11
119%
Feb
Stone A Webster
Studebaker Corp
(The)'
1
No par
Sun Oil..
.100
—10
6% preferred
Sunshine Mining Co
Spuerheater Co (The).-No par
1
_._100
Superior Oil.
Swift A Co
10
(The)
—
66
120*2 Jan 27
7% Apr 11
22
Apr 8
2
Apr
1
10
Apr 10
25
Apr 8
8
50
25
17
Apr
3*4
22*2
30%
10%
19%
28*4
4
Apr 10
2534 Apr 11
Swift International Ltd
4% Apr 10
Symington-Gould Corp w w.l
4
Talcott Inc (James).
9
50
5H% preferred...
Telautograph Corp
Apr
6
_.».l
Without warrants
Apr
.35*4 Apr 26
1
6% April
100
Texas Pacific Coal A Oil
lls4 Apr 10
16»4 Apr 3
Texas Pacific Land Trust
No par
56
$3.60 conv pref.....No par
1
25
Thompson (J R)
$4.50 conv pref
4*4 Feb
3
Apr 10
4
3
14% Mar 10
384 Jan
11*4 Apr 11
87
April
96
Feb
9
18%
54*4
784
10%
10%
Jan
3
Mar 31
4
Jan
Apr 10
88
Jan
10«4 Apr 10
z.2
5% Apr 12
Transcont'I A West Air Inc._5
6*4 Apr 10
400
Transue A Williams St'lNo par
5% Apr 10
2,500
Tri-Continental Corp. .No par
2
No par
74
1~5O6
Truax Traer Coal
No par
3
Apr
1,500
5,200
Truscon Steel—J.
10
6
Apr 10
100
$1.50 preferred
28
No par
Apr 11
1% Apr
Twin City Rap Trans..No par
8
100
17% April
1
Preferred
50
3
16% April
20th Cen Fox Film Corp No par
500
7% Apr 11
Twin Coach Co..
No par
2
Mar 28
Under Elliott Fisher Co No par
44
Apr 27
Ulen A Co..
2
15*2 Jan
34*4 Apr 11
$6 preferred....
Mar
3% Jan 10
28% Jan 3
Mar 22
.ilO
"
7
3
1% Jan 17
..No par
—
9
Jan
434 Jan 10
21
Jan 10
Tlmken Roller Bearing-No par
Transamerica Corp.
4
Mar 16
69% Feb 17
40
17
<
Inc ..No par
Jan 3
Jan 10
Jan 3
J n
30
1,100
400
Def. delivery;
Un Air Lines Transport
United Biscuit—
Preferred
United Carbon.:
77g Apr 11
15% Feb 24
112% Mar 13
52
Apr 8
13% Apr 11
5
No par
100
No par
United Carr Fast Corp .No par
n New stock,
r Cash sale,
x
Ex-div.
y
Jan
57« Dec
Mar
38
13
Mar
26
15
Mar
26*2
6034
63% June
2%
35
Apr
Apr
2% Mar
15
Mar
1
Mar
3% Mar
8*8 Mar
1% Mar
5% Mar
10% Mar
77*2
Apr
8
Mar
31*4 Mar
5*2
Dec
4
Mar
47g Apr
2% Mar
June
Mar
Oct
12% Aug
11%
Feb
July
Oct
Oct
57g July
56
Jan
5% July
18*4 Nov
2% Jan
6% July
287| Nov
4
July
19
July
1884 July
98
July
19% Nov
55% Nov
1284 Jan
10% Oct
12% Nov
47, July
91
6%
Nov
Jan
15% Nov
28% Nov
38
July
Jan
Jan
Jan
41
66
1% Mar
Mar
7% Mar
Mar
57
12% Jan
90*2 Jan
1984 Jan
Mar
10
5% June
8
49% Aug
6
Mar
100
Jan
Oct
13% Nov
89
9,700
4% Mar
9*2
49*2 Nov
44
104
Apr 11
Apr
Mar
Apr 13
33
Mar
Mar
78
20*8 Mar 28
5
34
Oct
0
81% Apr 11
5
8%
16
100
No par
3% May
Nov
10*2 Nov
Jan
100
United Aircraft Corp
2984
Jan
634 Apr 10
Union Tank Car
21
12*2 Jan
434 Jan
65*2 Apr 8
16% Apr 24
4% preferred
Mar
Mar
Mar
Mar
25
Union Pacific
6% June
15
22% Mar
434 Mar
5%
16%
25%
2%
No par
Union Oil of California
4% Aug
23% Nov
82
July
15*2 Aug
3% Mar
Jan
Jan
Jan
Union Carbide A Carb. No par
Union Bag A Paper..
1% Mar
834 Mar
17% Mar
77
4% Jan
1384
26*4
34*4
3*2
Oct
14% Mar
43*2 Oct
7
2% Apr 10
14
Apr 8
100
128
8% Dec
17% Mar
6*4 Mar
3*2 Apr 11
32% Apr 11
No par
—
21
Jan
17% Nov
9% Oct
65% Deo
2% Mar
26
Mar
Jan
22% Jan
Jan 28
3*2 Mar
3% Mar
32% Jan
10's Jan
9
49
32% Mar
534 jan
■
Texas Gulf Sulphur....No par
Jan
Mar
6*? Jan
418*4 Jan
35
Texas Gulf Produc'g Co No par
Jan
42% Jan
6*4 Mar
4% Jan 26
4
Apr 8
Apr 8
3% Apr 10
26*4 Apr 10
7*2 Apr 10
5
..5
25
Jan
Mar
Jan
10% Jatt
8% Jan
7% Mar
8
8
10
*
Tennessee Corp
Texas Corp (The)....
Thompson Prods
Apr 11
Tlmken Detroit Axle
200
28
57
36
Nov
15
16% Jan
114% Nov
3% Jan
141
4
3% Jan
8% Feb
19*4 Aug
Jan
4
134 Apr 10
19,000
1% Mar
15*2 Dec
128
4
39% Mar 4
4% Mar 14
7*2 Apr 10
400
Apr
33% Jan
Mar 22
$3.50 cum preferred-No par
Tide Water Associated Oil.. 10
1,100
2,700
12,400
1,800
4,400
1,000
Feb
27% Mar 11
21% Jan 4
Thompson-Starrett Co .No par
900
111
Jan 10
3
1,600
4,400
4,400
2%
80%
3*2
8% Mar
10% Mar
4
18% Apr 21
1,700
6*2
Feb 28
Oct
3% Apr
200
8%
prices: no sales on this day.
12%
38
534
Mar
141
300
3,300
10
1334 Jan
600
93
12*8
36*2
534
I884
29i2
212
79
*14
93
12%
37%
7%
19%
28%
79
35»4
934
10*8
10*8
*1034
17%
173g
*113*2 117
*113% 117
93
*91*4
12%
*37%
534
7*8
88*2
9*4
11%
7*2
88
35%
12*4
7*4
21
3,300
Aug
23% Jan
$3 div conv preferred-___ 10
Third Avenue Ry
100
21*4
2%
9%
12*4
9%
24
17
2*2 Jan 25
25
10
25
Preferred
20%
*2%
Apr
15% Apr 11
1
Thermoid Co
7*4
16*2
89
20%
9
13
1
1,100
7*4
8%
72%
78%
2*4
Oct
5
Stokely Bros A Co Inc..
3
7*4
16%
88%
*20*4
20*2
9
106
Apr
The Fair
100
122
May
34
60
Nov
98
Mar
91
7
""216
3
Apr
46
7
Feb 21
65
Tatcher Mfg
2%
x84
Mar
6
4
3
Jan
24%&Nov
3484 Jan
3*4
10
100
17
35% Nov
2*2 Apr
1478 Mar
18% Mar
19*4 Mar
9% Mar
5*2 Mar
8% Mar
17»2 June
2*4 Sept
Apr
Jan
9%
12% Mar
ll5»'i»Mar 30
Feb 21
4«4 Apr
Oct
18% July
100% Oct
Ste wart-W arner
36
*
4% Mar
12*2 Nov
28%
17% Mar 11
8
11% Apr 11
No par
-No par
Sterling Products Inc
*3*2
3
Mar
70*2 Nov
19% Jan
10% Apr
Standard Oil of Calif. .No par
*33*8
3*2
70
8%
*57
106
Mar
93
Jan
101
Apr 17
23% Jan 24
1
Standard Oil of N J-
10
Feb
7
1% Apr 6
April
No par
Standard Oil of Kansas
684 Mar
0
32*4 Jan
3*8 Jan
2134 Jan
29*2 Jan
95*t Jan 19
14
—
Texas A Pacific Ry Co
17%
2*4
2%
1,500
13%
*1434
*1%
19%
*
684
3*2
16*2
87g
*3
600
2,700
10,200
4,200
2,700
1,200
59
3%
*1434
*1%
2,100
107
127
1
Sweets Co of Amer
"2J00
28«4
8
*12%
111
Feb
Mar
45% Mar
15% Jan
11% April
11*4 Apr 20
12% Apr 8
10% Apr 11
A Sons No par
Sperry Corp (The) v tc_. — 1
Splcer Mfg Co
No par
$3 conv preferred A.No par
Spiegel Inc
—2
Sutherland Paper Co
5
*16
Apr 10
18% Apr
Spencer Kellogg
Superior Steel....
5
38%
4*4
3%
7384
8%
7
11
134 Apr 10
300
50
5
30
5
No par
400
200
3%'
16%
*17
*
*2*8
2%
3,300
6%
3%
72
35
2078
*2884
•
300
40*2
4%
49*2 Nov
Jan
35% Jan 17
400
37°
Aug
April
Apr 28
8
Spalding (A G) A Bros.No par
1st preferred
.". -100
10
800
684
4
3978
3
17
400
1,400
6
,*4%
28%
7%
13*2
17%
14,100
8,300
434
8
57
4
36
*134
1834
X57
01
2%
17
'2*4
*1434
*16
100
434
6
4%
2,800
6
♦35*4
36
20% Apr
Jan 11
28
Typewr.-No par
Snider Packing Corp.--No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5M % Pi- -100
South Am Gold A Platinum.. 1
So Porto Rico Sugar...No par
8% preferred
-100
Southern Calif Edison..
25
Southern Pacific Co
..100
Southern Ry
--No par
5% preferred
100
Mobile A Ohio stk tr ctfs 100
Standard Oil of Indiana
Nov
9*4 Nov
Jan 18
JStand Gas A El Co—No
$4 preferred.
No
$6 cum prior pref—.No
$7 cum prior pref—.No
Oct
July
Mar
Starrett Co (The) L 8..No par
"~~806
9
17%
27%
26%
6'
^8%
200
17,800
13*2
25*4
17%
40*2
5%
4%
28%
77S
734
92%
*07g
27*2
534
5
4%
12
7*4
177g
4%
"0*2
35*2
4%
*6%
35%
578
*29
177g
27%
534
*4%
*0%
*35*4
*5*4
7i2
*6*8
*2i4
*72*4
3*2
*7
*8
8%
18
27
17%
12
7*4
4
1034
6%
*3%
'
12*4
12*4
■
8;
8
*24% *25%
2,300
8,200
8,000
46
6%
37
7*8
10*4
10%
12%
*33g
300
18
23
3
10
7% J»n 5
50% Feb 16
11% Feb 24
70
$4.50 preferred
80%
Mar
9% Mar
69
92
JStand Comm Tobacco
47
8
101
Square D Co class B
Standard Brands
Jan
July
27% Feb
5% Jan
0
No par
—— 10
pref
%
3
1% Mar
15% Mar
284 Dec
Apr
preferred
Steel A Iron. 100
Conv $4.50
Jan
Mar
5
6
6
6
13
10
5
Apr
8
Apr 8
Apr 11
Sparks Wlthington
Jan
Apr 11
44
Smith A Cor
700
3,000
9%
6%
6 84
6%
54
54
*53
*53
54%
54%
*126% 127
12034 12634 *126% 127
8
8
8%
8%
8*4
8%
25
*23
"
24
24
*23%
24%
2
2
2
2
2%
2%
934
6%
12
33g
4
10%
1,100
22,000
3%
4584
25
71
6%
250
0%
46
8
*3%
4
1134
33g
8
10
10,500
11%
16%
26%
25
26%
24%
50
2,600
1,100
1,400
.
*69%
37
3*2
10%
26*2
2434
18,400
Apr 10
April
Jan
4
25
-100
Skelly Oil Co
Spear A Co
"""loo
1*4
45*8
*24%
92%
2*4
1534
70
37*4
80*2
6
26%
24%
12
578
8*8
6*4
23s
80*8
3*2
6%
102
11%
15*2
12»4
2434
92*2
12*4
534
20*4
3
6%
46%
37
*90*4
44
11%
64
1%
70
*12
92i2
2%
41%
1034
102
1*4
2%
*12
15
6
6%
102
*1%
*24%
12*4
*90i4
6
102
70%
8
37*2
578
12
20
24*2
92*2
12
20
70
12
12
*41%
1034
62%
19*2
11
*24%
3712
578
7*4
6*4
2*4
12
43
62
45
12%
9
16
10%
800
2%
5*2
40
*45
38*8
9
46
80
*2
50
45%
7%.
""260
*5
62
3,700
18,100
24,000
13,900
4
46
16
20
37
*3%
40%
1,500
4,100
134
*14
43
24%
*37i2
10
1,300
21,000
ia4
19
*27
10
26%
*12
2%
*9
500
2%
22%
3%
77%
11334 Dec
18% Jan
2U4 Jon
-
$6 preferred
8mith (A O) Corp--.
300
*4 Jan
Apr 8
Apr 8
Feb 21
10% Nov
60% Oct
Mar
3
112% Dec
% Jan
65
Sloss Sheffield
2034
5*2
% Apr 25
I
16*8
2%
00%
11%
10*4
1% Nov
34% Mar
Mar 17
117
Jan
Feb
85
June
*4 Sept
10% Jan 25
60% Mar 10
4
preferred
100 102% Apr 27
434 Apr 11
Silver King Coalition Mines. .5'
17% Apr 10
Simmons Co
No par
2*2 Apr 10
Simms Petroleum
10
16% Apr 11
Simonds Saw A Steel.-No par
90
13*2
1234
14%
12
Jan
share
27%
13»4 Sept
62
Jan 20
1
Highest
Lowest
$ per share %'Ptr
17% Mar 9
75% Mar 15
5M % conv
60
19
40
6
6
*1*8
2*8
*8*2
1178
*90*4
*2*8
2*4
9*2
2%
39*2
15%
43
10%
63
20*8
' ■
102%
1*8
2%
Shell Union Oil
100
2534
12%
1434
2*8
Sheaffer (W A) Pen
75
25*2
1178
13%
14*2
113
.No par
Co.No par
-No par
Shattuck (Frank G).
94
134
14%
*5
5*2
101%
49
2
Co
No par
preferred-.—No par
J Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del.iVo par
Seagrave Corp
No par
Sears Roebuck A Co—No par
Servel Inc
—>-1
Sharon Steel Corp.
No par
$5 conv pref—.....No par
No par
Sharpe A Dohme
$3.50 conv pref ser A..No par
$4.50
104
134
18%
4
*46
15
62%
1934
37
*3*4
2
2
6
1034
*27
40
46
2%
18*2
135
25%
12%
14*4
20*4
8% preferred
Scott Paper
700
1234
12%
14%
1134
17g
18*4
33s
33s
15
-
*734
4
37
*28
3*4
*1«4
*131*8
25%
2534
12%
123g
1334
14*8
19%
20*4
1134
*14
034
*1212
4
36
14%
135
18%
19
46
40
17*2
*3i2
*3314
12
*130
37
1378
*56 i2
3i8
3778
4*4
2834
*684
*12*2
*1578
*3
37
5i8
4*8
7*4
7i8
HI4
1712
01
*12i2
*1578
47a
6*2
*35U
3818
26 i4
534
47g
5
438
26
8i2
-1758
*6
37i2
5
4*8
375g
8%
24%
2is
*14%
1134
11% Apr 10
Apr 14
% Apr 10
3*4 Apr 10
45
Apr 8
07
1
100
JSchulte Retail Stores
20
*65%
13
134
18*4
600
4,400
*103
14%
12
5*4
*9212
72
*12%
300
22*4
3
19
19
*13
14l2
6
6*4
0
6%
6'S
1013s 1013s *10158 103% *10134 103*4
*1*8:
1*4
*1%
*1%
1*4
138
2%
26s
*25s
27g
2^8
25s
6
57g
6*8
6*4
578
578
117g
ll7g
13%
*1112
1312 *1158
15%
1534
15i2
15%
I6I4
15I2
20
20t2
2038
205s
20i2
20i2
2434
25
2434
25I8
25i8
25ig
*45
49% 49% *45 , 50*8
50ig
4438
4534
403s
44%
405g
40*4
*24*8
25
*24%, 25
*24% 25
70%
7034
*09>4
70
*09i2
70i2
8
8
8*8
8I4
*818
8U
*378
1018
63g
3
14
2,900
5%
19
20
94
104
100
20%
*284
*1734
5%
2HZ
13
13*4
62
03
34%
11*8
H%
11*8
11%
103%
I025g I033g *101
*9212
25*8
*5
1,000
*34
34i2
13
"13%
*3*4
,
300
9
*65
70*4
103*8 103*8 *103
134
1734
1834
2i8
*14l2
6,400
44
9
...
*28
45
45
700
44
93
134
1734
2,100
1,300
1,000
87g
70*4
115g
30
4*8
93
14
300
4 534
*34
Highest
$ per share
5
100
Corp
5}4% preferred
1,700
4
*19*4
13
3*4
*3U
100
878
3
19
20
25*2
12*8 .12*4
38
*5
0
»14l2
39*4
18%
*28
38
*5478 100
4%
4*2
5*8
21*4
*234
*1734
*19*8
*234
*1734
25*4
25i2
12%
13*4
19i2
12*4
900
*12
135
*130
130
12 34
12
Schenley Distillers
100
*44
5
12
....
130
130
13,000
2,500
12%
*5478 100
21*g
14*4
1134
*1107g
134
1*4
1784
17*4
4,000
12*4
104
5
13
13
117#
*11078
1*4
2
175s
18*4
*12
1178
14
•
20*4
19
19*4
94*4
74
104
13*4
19*4
13*4
14
1178
*U078
♦1*4
17*4
11*4
104
20*8
3
20*4
2*2
8*2
34i2
11*2
*34
5*4
*5
5*4
2014
4
4484
8*2,
11%
1H2
11*8
*10312 104
♦103i8 105
74
14
4
4484
43<,
44*4
914
34
9
34*8
12%
12*8
*547g 100
1214
*117g
*9
93
*70%
*128
18
25s
*1712
25g
65*4
*44
5
*2
1*4
*1758
80
*55
2H2
3
19
20*4
115
18
*5
5
2Ha
*2*4
*17*4
*19*4
5
*46
18U
Shares
%
*2
*2
5*4
5%
5*8
46
46
4084
115
115*2 *114
*%
*2
*2
*1*8
1*4
1*4
18
18% *17*2
2%
2%
2%
66*2
69
68*4
14%
1434
143g
70*2
%
25S
007g
14
11*4
18U
*2i2
05l2
137g
11*4
18
*2%
0014
Par
2,000
*69*2
■
Lowest
$ per share
Week
13%
71
13*4
*0934
Range for Previous
Year 1938
On Basis of 100-Share Lots
STOCK
1939
EXCHANGE
the
$ per share
13*2
13*4
13*2
71
*13*8
71
♦09
$ per share
$ per share
13i2
13i2
13*4
NEW YORK
for
Friday
Apr. 28
Thursday
Apr. 27
Wednesday
Apr. 22
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Saturday
*13%
April 29,
New York Stock Record—Continued—Page 9
2544
17% Mar
65% Mar
5984 Aw
23% Jan
42% Feb 25
20
Mar
19% Mar
5
Mar
18
Mar 31
14
Sept
117
Mar 22
100%
13% Mar
4
65*2 Mar 10
20
Mar 13
Ex-rlghts.
Jan
39
Jan
12%
Apr
0
70*2
15%
907g
22%
99*2
83*2
23%
43%
13*4
20
Oct
Nov
Aug
Nov
July
Nov
Nov
Jan
Dec
Nov
Nov
118% Aug
73*2 Nov
20»4 Nov
T Called tor redemption.
New York Stock
Volume 148
LOW
AND
HIGH
SALE PRICES—PER
Record-Conciuded-Page
NOT PER
NEW YORK STOCK
the
CENT
STOCKS
for
SHARE,
Sales
10
EXCHANGE
Saturday
Monday
Apr. 22
Apr. 24
Apr. 25
Apr. 26
Apr. 27
Apr. 28
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range Since Jan. 1
On Basis of 100-Share Lots
Week
S per share
2%
32%
5%
*458
2%
258
33
*63
33
5*2
514
663s
Tuesday
234
5%
*45g
2%
317g
5%
*4%
33%
*63
5%
5%
70
*63
4%
43s
4%
4%
27i2
27%
2734
73%
11%
27»4
73
73
115s
11%
114% *114
*114
7
114%
*74i2
7
478
7%
*412
*65s
4%
4%
*65s
*75
77
*%
%
778
*7%
4%
*4%
*75
*%
5%
634
*5%
*6%
7
*6%
82
83
82
83
81
171
171
*171
174
*171
*15
5
*23%
378
3934
39%
334
7%
50
52
64
*62%
47ig
93
46%
4778
110% 111%
34% 34%
44%
44%
*3384
34'%
*44%
45%
2%
*714
*1%
*42i2
*8%
2i8
7i2
1%
5078
*2
*42%
*8%
72
64
"2
19
19
29
*17
19'
50
45
7%
7
134
*1%
51
*69
9%
*56
*17
19
19%
%
*2614
»284
20%
*113
2
27g
*5
*111
6978
*118i2
21
*113% 115
*1%
2
6%
116
21
*20
3
*434
*61%
*20%
27g
20»4
115
80
*65%
*118%
6%
116
697g
...
*
*20%
27g
20%
114
*
21
*65%
1%
6%
117
17%
88
1
88
*17g
*1%
*5i2
5%
5%
17%
*84%
5
41
*19%
20%
9%
*884
»
*39
50
434
2%
32
434
50
2%
19%
32
33
434
5
4078
19%
*8%
*178
2
*17g
*32
2%
2%
5%
17%
88%
♦1%
5%
*40
1
*17g
1%
2%
2%
6%
17%
50
2
47g
50
*118%
10
*4
*23
'
*2%
*15s
*19
60
93%
*99
19
19
60
*89
93
,122
122
115
115
24%
25
2%
*4%
%
5
*<
18%
20%
90%
*100
2%
2
17g
32%
1%
*30
478
50
4%
48
2%
17g
600
10
48%
32%
48%
2%
48%
2%
Preferred
1%
17g
2%
""260
200
2%
10%
24%
24
24
*23
25
1634
:22%
2%
*16
16%
*16%
*22%
22%
22%
6
*2
1%
19%
58%
2%
*57
1834
*2
1%
19
*1
*1
59
58%
*88
90
100
90%
19
100%
90
2%
*8%
*5
♦9334
94
101
58%
90%
*93%
101
94
*122
121% 122
122%
115
115
114% 114%
2434
25%
2534
25%
%
*%
*%
*7g
25g
11%
9% Jan
30
19% Apr 28
20% Jan
17% May
Ward
8% Apr 11
1% Apr 11
32
Apr 24
4
Apr 10
147b Mar
27g Jan
*58%
*88
*101
Class u
70
120
115
450
*24%
%
7g
%
7g
1834
20%
90
18%
19%
1834
1978
*2%
*4%
25%
2,100
'3
300
I"
18%
19
20
917g
129
13
*37
38
19
7,600
10,700
129
13
1,600
3,100
19
19
30%
2934
2934
*29%
30%
*18
18%
*61
95
*61
95
~
*61
95
*61
95
*61
95
*61
$4
*42
48
*42
48
*42
48
*42
48
*42
48
*42
,
10%
8%
12
43
12%
*42
52
*36
46
4%
1%
*1%
*15%
234
*2%
16%
2%
43
12%
*42
*42
43%
12%
46
*36
26
*24
34
89
89
*87
93
17%
15%
*2%
•
*36
52
*24
12
78%
*75%
79
26%
25% 25%
14%
13%
14%
105
99% *100
12
12
12%
34
33%
34%
76
*72% 76
177s
I814
18%
157b
15%
1578
2%
10%
8%
*47g
*1%
*30
335s
*72%
8%
*15%
26
99%
*9%
8%
1%
34
1378
9%
16%
*24
*25%
18%
1%
*30
*7534
18%
*15%
*16
2%
2%
31%
*87
17g
334
3%
38%"
110
*2%
5
1%
16
2%
2
prefetred....No par
conv
3%
3%
3%
37%
*105
8%
478
1%
*15%
10%
8%
478
1%
16
19%
""400
preferred...
100
Western Auto Supply Co... 10
Western
44
2
t%
3% Mar
20
1% Apr
8
37* Jan
12% Mar 16
5
Mar 13
1
Jan
2
7
177« Apr 10
58% Apr 25
85
Apr 11
95
Apr
110
20
1.200
% Sept
25% Mar
71
Apr
79
Jan
MarlO
4
3%
3%
3%
38%
*36%
*105
50
46
*34
44
*35
44
*35
3%
4
38%
800
1,900
100
17%
437g
12%
30
..100
x29
74
...100
80
44
Mach—No par
preferred
93
*88
93
93
93
90
93
120
78%
79
*77
79
79
79
78
25
*24
26
*24
26
.24
13%
14%
99
99
*100% 103
12
12
12%
32%
327g
33%
*72%
76
76
*73
12%
34%
76
24
13%
103
14%
103
12%
32%
*73
12%
35
$6
No par
5
.
1
10
No par
Inc.
preferred
100
Wisconsin Elec Pr 6% pref. 100
.....
19%
18%
18%
18
19%
15%
15%
157g
14%
16
2%
*2%
2%
15%"
2%
2%
2%
2%
jo
Woolworth (f w) Co
Dec
Jan
Nov
119% Nov
10% Mar
1534 Mar
120
Jan
145
%
Mar
Dec
61% Mar
103
Mar
Dec
1% Jan
3% July
34% July
33% Nov
1247g Nov
144
Oct
400
400
24,700
.10
100
Apr
_
Mar 27
Apr
6
15% Apr 10
22% Jan 4
x32% Jan 13
21
Oct
31% Mar
39
Dec
10
Mar
20% July
31% Dec
,20
Mar
60
Jan 12
60
Mar
60
75
Feb 20
65
Apr
90
31% Jan
4
Mar
Jan
14% Mar
32% Nov
Jan 27
80
Jan 27
75
Mar
95
Jan
4578 Apr 20
9% Apr 25
7
Apr 10
60
Jan
42
May
Dec
61
Nov
4
12% Mar 10
13% Jan
7
4
10%
6% Mar
15% July
15% July
6
Sept
1% Mar
11
Jan
3
Jan
Mar
8% Mar
24%
Oct
1
3% Mar
1% Mar
3% Aug
1% Apr 10
3% Feb
6% Feb
1% June
3% June
Oct
67g Jan
578 July
3% Apr 8
1% Jan 13
14
Apr 10
2% Apr
3
Apr
8
3% Apr 10
35% Apr
8
105% Apr 20
15
Apr 10
41% Apr 11
Jan
1% Jan
23
5
3
Jan
49% Jan
108% Jan 12
25% Jan 4
60% Jan
5
10% Apr 11
23% Jan
4
56
Apr
60
8
MarlO
Mar
32
Mar
103
Oct
10% Mar
36
Jan
11% Mar
42
Mar
3%
60%
Jan
100% Dec
27% Nov
5384
27%
72%
75%
Nov
Nov
July
Nov
58
Feb 16
24
Apr 20
38
Jan
4
27
Mar
48% Nov
31% Apr 19
63
Jan
5
120
Jan
3
28% Mar
55% Mar
65% Nov
121% Dec
..100
series..
10
4h% conv series 10
Wright Aeronautical ..No par
Wrtgley (wm) Jr (Del).No par
85
Apr 10
76
Mar 31
26
22% Apr 11
Yellow Truck a Coach cl b..1
11% Apr 11
98
April
Vale a Towne Mfg Co
Preferred
.100
./
9% Apr 10
Young Spring a Wire. .No par
No par
30
..100
75
16,100
Youngstown fl a t
Younest'wn Steel Door.No par
6h% preferred
a Def. delivery,
50
Feb 24
preferred b
"4i00
5,100
2,300
Mar
Prior pref 4 M %
40
900
9% Mar
Prior pf
76
18%
147g
t In receivership,
Wilson a Co
6%
200
200
this day,
conv
Preferred a 7%
26
Bid and asked prices; no sales on
.1
Worthlngton pam(Del)no par
36
25
par
17,300
4,300
13%
*22
15%
2%
$4
50
*30
*73
White Motor Co.
45
24
18%
pref..-No
White Dent'l Mfg (The 8 8)20
Woodward Iron Co
31%
12
Apr 28
15% Apr
% conv preferred
100
Wheeling Steel Corp...No par
5% conv preferred
""206
24
34
129
Mar
1% Jan
24% Jan
31% Jan
38
17%
31%
33%
% Apr
1678 Apr8 8
18% Apr
82% Apr 11
37
White Rock Mln Spr Co No par
24
*117g
Jan
% Mar
No par
Westvaeo Cblor Prod_.no par
White Sewing
35
14%
111%
20% Jan
200
24
13%
120
% Jan
10% Apr
300
*31
18%
50
709
31%
103
50
!
1st prelerred.
Weston Flee Instrum't.No par
1%
110
*40
*100
ico
Telegraph. 100
16%
16
*40
14%
Mar
Mar
Jan
Wilcox oh a Has
12%
74
116
Jan
Wlllys-Ovei land Motors
6% conv preferred...
44
116% Apr
31% Mar
82% July
Jan
102%
103%
9734
9
6,100
12%
98% Mar 14
124% Mar 10
70
Apr
82% May
Jan
July
4%
1,500
437g
9
Oct
1%
39
207g
WestlDghouse el a Mfg
$5 conv prior
-200
2,600
50
43%
1238
Mar
4%
2% Mar
17g
18
343g Nov
3
2%
*16%
Mar
1% Mar
12% May
Westlngb'se Air b<ake.No par
Preferred
8%
4%
*40
17%
Oct
17
Jan
17g
110
Dec
Nov
25
Jan
2%
*105
8
31
Mar
6%
8
2
3%
20% Apr 11
Deo
11
Mar
97
Aug
47g July
16% July
16% Mar
28% Jan
107
45
4%
2%
*3%
114% Jan 24
Mar
2% Apr 10
2%
*36
8
Mar
1% Mar
Nov
3% Apr 10
% Apr 21
Wheel ale Ry Co
10%
52
13%
UniOD
Mar
67g Jan
64
20% Dec
19% July
4
July
51
July
8
July
100
preferred
Western
Mar
23
Mar
Mar
Mar 21
6
Mar
8
...100
Mary lard
Western Pacific.......... 100
100
8%
*4%
*1%
*26
25
100
Class a
*9%
17%
4334
12%
43%
11»4
7% preferred._
6% picfer.ed
17g
2
334
37%
*9%
19%
*75%
1
6%
48
*10
27%
43%
12%
Mar
4% Mar
66
88
.^....100
Apr 10
West Perm Power 7% pref. j00 £120% Jan 4
95
*16
77% Dec
Oct
2% Jan
4% July
3% Feb
119%
8% July
3
0% Apr 11
West Pcnn fj class a.. rNo par
10
100
60
16%
32% Jan
116% Nov
4% Jan
1534 Jan
12078 Feb
'
110
16%
4234
Jan
20% Jan
87% Deo
10% July
Feb
36
..No par
4% 2d prelerred
"l~2o6
*75
*105
'
$3 convertible pref..No par
$1 1st preferred.
No-par
5%
19
88
150
115
*25
110
5
No par
IWarren Bros..
90
93%
94%
121% 122
60
*105
100
$3.85 cohv pref..
500
61
92%
30%
110
par
....No par
7% preferred
10
104
110
*105
5%
74
Maris
Wesson Oil a Snowdrift No par
*25
*37
Oct
Dec
90
20
*75
3%
Jan
25%
13% June
1,100
19
60
334
Baking Co cl a .No
Warner Bros Pictures.
2,800
1%
19
110
39
Deo
Nov
18% Jan
3234 Jan
3% Jan
*75
3%
3
1%
20% Apr 11
178 Apr 10
*25
*37
Jan
Oct
287g Nov
36% Nov
5^4 Mar
Webster Flsenlohr.....No par
Wells Fargo a co..... *
1
60
384
334
Jan
1% Mar
Jan
7% Feb 16
Wayne Pump Co
110
40
par
3% Jan
2
100
*75
334
Mar
50% Jan
No par
900
*25
*35s
1
23
2%
*29
*3714
116% July
1% Jan
6% Apr 27
31% Mar 14
24% Jan
75
178
3%
3%
Feb 14
19% Apr 8
14% Apr 11
30%
2
Marl5
7
Warrer. Fdy a Pipe
No par
Waukesha Motor Co....
6
110
17«
*3%
Mar
131
Mar
5% Mar
100
*75
2%
Mar
37
400
*25
2%
100
Jan
ADr 10
170
15
*29
2
Jan 11
Mat 16
Apr 10
600
50
60
*234
8
77
4
100
*1
19
4%
Apr
120
17
1
187g
4%
Mar
1%
37
8,800
31
4%
105
200
2
110
1%
16%
278
13% Sept
2% Mar
16% Mar
Walk(h)Good & w Ltd No par
Preferred
No par
47g
*75
4%
Dec
1%
28%
57
600
32%
*25
*1%
*15%
83
42
6
"
104
%
%
*18%
20%
9%
8%
Deo
159% d»0
113
June
Jan 11
6% Apr
1
^...No
Nov
June
8
24%
*2
1%
%
8%
Feb 18
27gMar
22%
5%
10%
117
17
*22%
2%
8%
4%
8
Apr 10
Apr 21
257g Feb 18
478 Jan
317g Jan
97
Dec
15
86
30% Mar
85
300
*45
19
2%
10
Mar
64% Apr 12
120
125
Waldorf System
5,600
18%
*29%
8%
16
4h % pref with warrants 100
Walworth Co
...No par
5%
4%
6%
*4%
18%
May
27% Mar
1% Apr 14
1% Mar 20
5% Apr 11
15% Apr 10
40%
19%
9%
*31
17%
22%
2%
6
5%
18%
134
11% Mar
14% Mar
114% Feb 24
42% Mar 13
1% Apr 12
tWabash Railway........ 100
6% preferred a........100
5% preferred b
loo
"loo
6
17
113
....100
....
5%
19i4
9%
1%
117g
2%
*8%
♦4%
12
2%
18%'
2% Apr
6% preferred.
,100
Virginia Ry Co 6 % pref... 100
Vulcan Detlnning
100
"loo
40%
5
19%
19%
90
89
91
89%
89%
90% 91,7g
*124
*124
130
*123% 130
130
*123% 130
*123% 130
*12% 13% *12%
*12%
13% *12%
13%
13% *13
13%
*37
*37
38
*37
38
*37
38
*37
38
38%
19
19
*17% 19% *17% 19% *19
19%
*18%
19%
*25
18% Apr 10
6% preferred
100
Va el a Pow $6 pref. ..No par
178
17g
*31%
4%,
*9%
6%
434
*4%
18%
21
90
No par
"
400
*2%
%
Va-Caiollna Chem
800
Mar
July
July
52
40
.....5
87
534
18%
20%
88%
34% Apr 11
Vlctoi Chem Works
87
25g
%
""566
Walgreen Co.
*4%
18%
205s
25
Apr 10
110% Apr 26
5
Mar 24
Vlcksb'g Sbrev & Pac Ry Co 100
600
*2%
2%
100
7% 1st preferred..
Vlck Chemical Co..
100
7% June
% June
30% Jan
35% Mar
17%
*4%
%
,
19%
58%
Apr 10
Feb
k
93%
94
9334
9384
121% 121% 122% 122%
114% 114% *114% 115
24%
2434
2434 25
*2%
•
*1
16
*5%
17%
327s
2%
10
20
*1%
*30
*48
700
1% Mar
% Jan
Feb 23
6
*9
% Jan 16
17
2%
9
78
100
2
9
162
Vandlum Corp of Am.No tot
Van Raalte Co Inc
5
~2,400
9
5%
434
Preferred
3
Virginia Iron Coal & Coke. j 00
*1
Dec
7% Nov
Vadsco Sales.........No par
10
697g
3
8ept
July
200
117
*65%
*118%
Oot
June
47%
6%
10%
3%
157
Jan
70% Mar
71% Nov
36
8% pr lerred.
100
Universal Pictures 1st pref. 100
45% Apr 10
50% Nov
109% Nov
72% Oct
Apr
i
3
Feb 28
Feb 25
Nov
Oct
July
7
40
50
20
*111
40%
19%
5
5%
8% Mar
2% Mar
71
49%
29% Mar
48
2
*1%
17% -17%
*84%
87
Apr 13
3% Jan 20
35% Jan
30% Nov
7% Oot
13% Nov
121
83% Jan
*17g
5%
17%
87
21%
3
20%
3
40
Mar
Mar
10% July
91% May
69
Apr 10
Jan
£55
No par
*1%
*5%
40%
*19%
60
99
5%
3578 Jan
Apr 10
6% Apr 28
Mar
46%
38
Jan
120% Mar 11
2
21
£44% Mar
Universal Leaf tob
114
114
1%
5%
2234
90%
1%
2%
5%
'
3978
19%
22%
99
1%
*1%
*1
19%
2278
2%
1%
19%
*88
1
3978
*16%
22%
,2%
93%
1
*118%
41
*22
100
....
65%
20
9%
16
1%
65%
Apr 10
43% Feb 16
Mar 27
Mar
21% Mar
27b Mar
37
100
1
*6
117
*111
67
*39%
*19%
*8%
*17g
2378
1%
21%
*2%
20%
6%
117
88%
16
2%
*5
*65%
*118%
33
08
70
June
50
66% Mar 15
12% Jan 21
80
2
Jan 23
Jan
Feb
1% Apr 10
46
Apr 6
9% Apr 13
27
*
115
*1%
87
*4
*2
*114
2
*17%
60
*22%
115
*1%
284
17%
*8%
*22
%
21%
2%
20%
17%
*84%
5%
16
24%
16
20
578
*17«
2% ' 2%
*8%
10%
6
1%
2%
2%
*1%
*5%
*4
*8
20
*111
69%
*1
20%
*114
114
21
2%
Apr 11
24
13% Mar
3% Mar
5% Mar
Jan
6% Mar 10
52% Jan
111% Mar
65% Jan
'
*17
80
*.-_.
Apr 11
Apr 11
65
UnlversU-Cyclops Steel Corp 1
9%
72
57%
1
Mar 13
60
Conv pief (,70c»
No par
United Stores class A..No par
56 conv pref a
No par
57
27
49
Apr 11
United Stockyards Corp.... 1
700
i...
59%
Apr 10
44% Apr 11
1,100
*160
20
27g
'
*1
80
*20%
2%
20%
1%
*5%
*111
*8%
Mar
107% Apr 19
1,000
Jan 18
3%
31%
86%
48%
No par
26
7% prelerred
32
4
25%
578
10%
61%
.100
u 8 Tobacco
51
*70%
Apr 10
No par
...
6%
2%
8
35
60
Corp
1%
*44
9%
*%
Preferred.
Apr
13% Apr 11
3% Apr 11
6
Apr 11
46
Apr 25
8% 1st prelerred
...100
u s Smelt'ng Ref & mln
50
1%
Dec
Nov
3,300
2,800
150
3
Nov
1% Jan
9% July
12% Nov
23
64,600
46
3% Mar
6% Mar
13
87%
50
94%
*44%
2%
6%
4
Dec
Nov
52
700
7% Jan
10% Jan
May
%
173
51
34
4% Apr
62
115
92
*33
8
Mar
No par
Preferred
4
10% Aug
8% Oot
4% Mar
94%
51
65
u s Steel
Jan
% Jan 24
Nov
114
162% Mar
36%
100
Mar
9
conv ol A...No par
Prior preferred
...100
u 8 Pipe & Foundry
20
62,600
2,900
Sept
4
u 8 Realty & Imp .....No par
u 8 Rubber
10
4778
Mar
6
3
5
87% Mar
Mar
8% Mar
100
7% Jan
2,300
1,900
65
u
2178 Mar
50
1078 July
80% Jan
878 July
39% Oct
67% Aug
127, Nov
4
4%
109
Mar
5
*
367g
45
Apr
3
Jan
39%
*63
4% Mar
60
Jan
Mar
38%
378
108
5
Feb 11
Oct
Oct
7%
180
Partlc <fc
100
Jan
4%
38
113
u s Industrial Alcohol.no par
52
Mar
Mar
4% June
77
Corp
u s Leather
700
18%
19
19
17%
19%
19%
2878
287g
28%
29
28%
29
110% 110% *110% 114
*110% 114
*38
*38%
39%
39%
*38% 39%
80
"l'loo
2
22
7% Jan
Mar 31
5% Apr 10
Apr 10
Apr 3
6
Mar 14
Ma. 10
787b Mar 11
*13% Feb 27
115% Feb 14
10% Mar 6
75% Apr 17
% Feb 11
5
Feb
Highest
170
34
72
*17
6% Apr 8
Apr 11
6% Mar 31
Lowest
$ per share I per share
6% Jan 4
33% Jan 12
4
100
conv pref
400
19%
28%
*-_-.
21
1
27
5h%
8
6
Range for Previous
Year 1938
..100
u s Hoffman Mach
400
7
*17
*28% 287S
28%
*108% 115
*109% 114
*38
39% ♦38
39%
*1%
*111
*%
Apr
111% Jan
No par
39%
37g
*8%
*57l2
11
...No par
preferred..
4%
27
38%
115
38l2
*
57
7%
*42
*160
57
70
7
51
*70
400
2,400
4%
25% Apr 11
62% Apr 8
10
.
74
Apr .11
3% Apr 11
Conv preferred..
100
u s Freight
...No par
u s Gypsum
20
4%
1%
9%
72
6%
*23% "32
15
45
7
*43
30
82%
4%
7%
1%
50
♦70%
80
*107
35%
94%
*49%
*60%
$6 first preferred
u s Distrlb Corp.
170
14%
4%
67g
*160
59%
%
27
37g
u s & Foreign Secur
6%
81
52
39%
100
100
*5%
6%
32
*678
United Paperboard
7
4% Mar 31
5
200
%
4%
1%
*8%
72
....
*4
200
3%
39%
7%
8%
60
5
No par
4%
*
10
100
United Gas Improv't..No par
15 preferred
No par
United Mer & Manu Ino vtc. 1
1,100
77
Apr 10
30% Apr 10
4% Jan 26
5
United Eng & Fdy
United Fruit
Highest
$ per share
2
par
No par
778
*%
82%
7
*43
115
*6%
6234
6234
45% 467g
46%
47%
109% 110% 1108% 109%
33% 33%
*33%
34
45
45
*44% 45
2
2%
*2%
2%
47%
2%
%
•
36%
94%
497g
34%
*160
56%
*%
27
92
*8%
70
....
*56%
%
*17
9%
70
*160
34%
110%
*43
39%
37g
94%
50%
64
2%
7%
*1%
1%
51
*42
355s
34%
*44%
7%
1%
*62%
46%
110
2%
*7%
9
...
64
*42
*23%
14%
52
37g
50
3,100
10,700
115
%
5%
6%
4%
32
14%
4
7%
38%
93%
12
7%
170
5
684
378
52
*285s
4
7%
39%
94
*55
15
*23%
14%
*378
334
347g
94
*70
32
39
*50
*160
*4%'
4
3978
37«
3534
94%
*
171
46
34%
*62i8
4684
6%
82
80%
170
46
35g
3578
111% 111%
6%
8IS4
174
57
35
,
7
500
74
77
*5%
*6%
82%
10
11%
No
United Dyewood Corp..
Preferred
United Electric Coal Cos
1,300
4%
73%
7%
77
6i4
*5ls
66
*4
*%
2,700
31
Corp
$3 preferred
United Drug Ino
6,100
5%
4%
4%
*6%
United
5%
*28
*4
*75%
Lowest
$ per share
Par
20,800
33
*60
4%
8
12
6
2%
5%
64
4%
78
5
7%
*46
*5
4%
7%
*6%
*75%
15
15%
37g
*6%
32
5%
5%
*5
*60
2%
2%
32%
*7%
%
*23%
32
*15
2%
32%
5%
8%
•
*4%
678
57
39%
3&8
5
414
*378
678
*46
*4%
32
15%
6%
78
%
*6%
*4%
4%
*4%
5%
678
5%
2%
32%
5%
5%
63%
4%
5%
*4%
63%
4%
7%
78
6
*2314
5%
5%
66
*%
*5
2%
31%
33
4%
1134
7
25g
Friday
Thursday
28
28
27%
27%
28
28
73% 73%
72% 73%
73%
73%
11%
1134
11%
11%
11%
1178
114% 114% *113% 115
*114% 115
74
7
Wednesday
2545
Zenith
Radio Corp
.
No par
Zonlte Products Corp
n
New stock,
r
Cash sale,
1
x
17
12
Apr 11
Apr 21
Apr 8
April
2% Apr
Ex-dlv.
y
8
65
_
80%
33%
21%
114%
21%
557g
Jan 18
Mar 14
Mar 13
Jan 5
Feb 17
70%
Oct
61% Mar
20% Jan
8%
71
Jan
Mar
78
Dec
39
July
Oct
21%
109
Oct
Jan
5
Jan
4
24
Mar
2578 Aug
57% Nov
9% Mar
Jan
6
62% Mar
86% Nov
31% Jan
4
11% Mar
22% Jan
3% Jan
4
9
3
2%
31% Dec
25% July
5*4 Mar
85
Er-rlghts.
Mar
Jan
^Called for redemption.
April 29, 1939
2546
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
they are the only transactions of the week, and when selling outside of the regular
which they occur.
No account is taken of such sales in computing the range for the year.
week's range, unless
in the week in
Range or
Range
Friday's
A
Asked
Jan. 1
ISale
No.
High
Low
U. S.
N. Y. STOCK
88 118.26120.22
.>1947-1962 A O 120.18 120.14 120.20
6
115.12 115.16
114.17115.31
1944-1964 J D
29
115.3 ~ 114.27 115.3
113.10115.3
Treasury 3%s
1946-1966 M S
5
104.12 104.13
104.12105.8
Treasury 3%s
1940-1943 J D
23 106.11106.27
106.11 108.16
Treasury 3 %s
1941-1943 M s
5
110.20 110.20
109.30110.27
Treasury 3%s
1943-1947 J D
*106.28106.30
106.27 107 12
Treasury 3%s
1941 F A
110.16 110.14 110.18 "26
109.22110.25
Treasury 3%s
.1943-1946 A O
29
109.22111.3
Treasury 314®
1944-1946 A O 111.3 110.29 111.3
126
111.18
109.11111.18
Treasury 3%s
1946-1949 J D 111.18 111.8
4
111.21 111.23
109.2 111.23
Treasury 3%s
1949-1962 J D
3
110.17 110.18
108.19110.18
Treasury 3s.
1946-1948 J D
33
107.4
100.5
Treasury 3fl..
1961-1965 M S 110.5 109.26 110.5
214
107.23
104.12107.23
Treasury 2%s.......1966-1960 m 8 107.23 107.9
38
108.26 109.2
107 '
109.2
109.1
Treasury 2?48-...1946-1947 M S
30
108.9
105.19108.9
Treasury 2%8
..1948-1961 M S 108.8 108.1
40
106.26 107.9
104
107.9
107.7
Treasury 2%s
..1961-1964 J D
114
106.11
106.4
103.4 106.11
Treasury 2148
1966-1959 M S
86
102.20105.24
Treasury 2lis—
1958-1963 J D 106124 105.11 105.24
236
105.19
102.20105.19
105.14 105.2
Treasury 2%s.....———1960-1966 j D
28 106.6 108.4
Treasury 2148
——
1945 J D 108.4 107.27 108.4
14
107.10
107.8
105.1 107.10
Treasury 2 Ha
1948 M S
171
105.19
102.13 105.19
Treasury 2 %s.
1949-1953 J D 105". 10 105.1
14
105.13
102.16 105.13
105.13 105.2
Treasury 2 %s
1950-1952 M S
6
102
104.12
104.12
Treasury 2s
1947 j D 104.12 104.8
Federal Farm Mortgage Corp—•
2
107.9 109.1
108.30 108.30
3148----—...Mar 15 1944-1964 m 8
31
106.26108.17
108.8
108.17
3»
May 16 1944-1949 m N
6
106
106.27
106.10 106.13
3sIII
Jan 16 1942-1947 J
J
4
105.3 105.26
105.21 105.21
2148...
Mar 1 1942-1947 m 8
-
Loan Corp—
A..--May 1 1944rl962
2H8 series
Foreign
G—-—1942-1944 j
&
Govt
108.13
101.29
95
106.26 108.13
101.19 101.19
39
104.31 104.26
104,81
22
101.19102.22
104.1 104.31
108.13 108.5
IVIN
1 1939-1949 F A
j
Municipal-
Agricultural Mtge Bank, (Colombia)
♦Gtd sink fund 68
1947
♦Gtd sink fund 6s
1948
Akershus (King of Norway) 4s-1968
♦Antloqula (Dept) coll 7s A—1946
♦External s f 7s series B
1946
♦External s f 7s series C
1945
♦External s f 7s series D
1945
♦External s f 7s let series
1957
♦External seo 817s 2d series. 1967
♦External see 8 f 7s 3d series. 1957
Antwerp (City) external 6s
1958
1972
Australia 30-year 6s
1956
External 6s of 19271967
External g 4%b of 1928...-.1966
♦Austrian (Govt's) s f 7s
1957
♦Bavaria (Free
4s Apr
State) 6 Ha
Belgium 26-yr extl
External 8 f 6s
0%b
Colombia (Republic
26%
j
13%
13
13%
j
j
j
0
0
0
13 H
13%
of) 7s——1951
1944
Cuba (Republic) 6s of 1904
External 5s of 1914 ser A
1949
1949
13 %
13%
13%
13%
.
•
L
—
23
10H
14 X
35
10H
14%
2
9%
13 %
13%
13%
96%
12%
12%
1
9%
12%
3
9%
89
91
14
85H
91
91%
135
89 H
92 j*
87
85%
87
114
83%
87 %
77%
77%
78%
210
76
78
78%
116
75 H
61
96 %
78 H
78
M
i
103
103
105%
46
J
101 H
101
102%
44
95%
97%
96 H
95%
97%
90%
92%
83
.....
11%
12
g
79
103 y.
95% 103 u
89%
99
11H
17H
56
90 H
96
17%
I
110
110
*»«»«•
L
—
-
2
M
-
17%
16
1
.
111
99
3
17%
116%
1969
-1969
A
*48
A
*44%
*66%
49%
J
M
a
52%
100%
100%
»
«*.
h*
.»
-
-.L.
_
96
A
93%
96%
74
83
82%
86%
77
68%
67%
69
9%
23
9H
22 H
15%
53
9H
21%'
98%
♦7s secured
91%
6
92%
D
*97%
99%
D
*8%
89
89
«««
S
9
10
*68
*68
65
71
S
*68
66
a
o
*68
66%
71%
71
a
o
65
71
70%
M N
—
»
75
*68
75
*16%
20
16
18
*15%
J
20
14%
21
A...1952
i
-
105%
*13%
«.
-
..1945 J
..1946 J
♦Hungarian Land M Inst 7H8-1961
♦Sinking fund 7Hs ser B
1961 MN
♦Hungary (Kingdom of) 7 He. .1944 F A
Extended at 4Hs to
—1979 F A
48%
34
34%
108%
42
H
29
13
34
109%
109%
48
,
J
1954 J
D
J
Mendoza
(Prov) 4s read)—.1954
♦Mexican Irrigat'oo gtd 4H8-.1943
A
102%
102
102%
49
J
J
102%
102%
103
21
101%
101%
43
100% 103
99%
100%
77
98 % 101
♦Assenting 5s of 1899
11
15H
16 1960
J
101%
100
M S
*
2
22%
27%
18%
20%
14
16%
22
75
71
„
75
15%
18%
19
*13%
^
^
102%
102%
—
8%
,
7%
7%
11
2
8%
35
*
-
19%
59
10
10
33
18%
30
19%
*•
61%
3
44
38
38
55
79
76
79
59
75
58%
,
55%
58%
35
55
85%
65%
38%
*16%
_
21%,
13%
13%
*
M N
.
1
25
16%
23
1
21%^
25
13%
5
21%
1%
*%
%
%
%
....
J
2
%
1%
1%
3
%
1%
%
1
1%
%
1
1
*%
2%
44%
46%
♦Assenting 4a of 1904..
1%
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
4
12%
9
4
12%
10
12
m
12
16
8%
12
12%
1
12
16H
♦Sec extl
8
f 6 Hs
12%
♦Sec extl
s
f 6 Ha
8%
5
8%
18H
16%
3
12 %
12%
18H
16%
18H
16H
18H
15
9
13%
13
1
10
12%
12%
2
12 %
2
8H
12%
12%
7
11H
8%
8%
6
16H
2
8%
11H
10
8H
14%
16%
14%
9
12
8%
8%
*11%
16%
8%
-
--
-
19
11%
7%
16
Milan (City, Italy) extl 6H»
Minas Geraes (State)—
♦Montevideo (City) 7s
♦68 series A
—1952
1
J
J
A
O
*10
%
P
52
—1959 M N
*47
2
48
54
45%
52
7%
52
1952 I
1943 F
1944 F
1%
*39
12
51
1%
1%
59
12
*10
7%
56%
16
15%
95%
11
94% 101%
93
101%
A
102%
102%
103%
11
100% 104%
A
102%
102 %
103%
22
100% 105%
101
100%
101%
55
98% 105
99%
98%
99%
76
97%
97
97%
38
94% 103%
94
101%
A
O
1956 m S
1965 A O
4s
1963 F
A
J
D
f ext loan
5
1%
....
1%
45
1958 M S
1959 M S
External sink fund 4 Hs
External s f 4%s
s
%
J
New So Wales (State) extl 6s._1957 F
External a t 5s
Apr 1958 A
Norway 20-year extl 6s
20-year external 6s
3
%
1
(♦Treaa 6s of *13 assent (large) *33
f ♦Small
18%
16 %
18H
1%
%
1
1%
%
27 H
%
1%
%
*%
1945 Q
D
24%
8
14%
72
%
1954 J
23 H
18 H
11%
10%
65%
67
*%
*%
75
21%
26
26
64%
'
A
18
18
9
125
60
41%
*%
21
12%
101% 103
52
76%
59
.
D
5
12%
8%
10
113
*103
59%
22%
1954 J
8
11
8%
♦4s of 1904
19
8%
1
10
8%
13
8%
—
*9
—
8
8%
8%
8%
8%
—.
10%
18
102
105
17
*
-
11
27
13
8%
25
24
32
10 H
12%
33%
20%
21
12%
9
24%
25%
5
26
12%
8%
12 H
18%
.1-
22%
32
22%
12%
8H
22
♦Assenting 5s large...
♦Assenting 5s small
16
19
o
1960
♦Chile (Rep)—Extl s f 7s
1942 MN
♦7s assented
1942 M N
♦External sinking fund 68—1960 A O
♦6s assented
1960 A
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented-——
Feb 1961 F
♦Ry ref extl s f 6s
Jan 1961 J
♦6s assented
Jan 1961 J
♦Extl sinking fund 6sSept 1961 M
♦6s Assented—
Sept 1961 M S
♦External sinking fund 6s
1962 A O
♦6s assented
1962 a O
♦External sinking fund'6s—1963 mn
♦6s assented
1963 mn
♦Chile Mtge Bank 6 He
1957 J D
♦6Hs assented
1957 J D
♦Sink fund 6948 of 1926—1961 J D
♦6J4s assented..
1961 J D
.
♦4Hs stmp assented
—1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q
J
22%
*
1960
♦6s Oct coupon on
16
30
*25
J
12
25
15%
19H
16%
D
♦Medellin (Colombia) 6%s.
108% 111%
101% 104
101% 104%
F
J
27
33%
D
1961
7-year 2Kb...
—.1944
80-year 3s
1967
♦Carlsbad (City) 8s
1954
♦Cent Agrlo Bank( Ger) 7s
1960
J
18%
24
O
Aug 16 1946
J
A
Extl Sinking fund 5 Hs
1965
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) a 17s.——1947 F
108 H 111%
17%
45
75
MN
32 H
18
21
*27%
1960 MN
1951 J D
Japanese Govt 30-yr s f 6 Hs—1954 F
13
21%
14%
20
«-
♦
J
64 %
108%
**
J
55
109%
J
-»
MN
47 %
2
9
O
44H
108%
J
A
2
17
51
15%
18%
4
17
18%
14%
24
46%
♦Stabilization loan 7Hs——1968 MN
'17%
M.
Italian Cred Consortium 7s ser B *47 M 8
J
Italian Public Utility extl 7s...1952 1
32%
15
18%
A
Italy (Kingdom of) extl 7s
10
113% 120
103% 105
-
22%
Irish Free State extl s f 5s
19
19
109
105
16%
O
52%
62%
*15
......
-
104
17%
64
J
-U*
105
8
15%
D
44%
J
17%
*103%
47%
47%
105% 107
3
106
al04% a!04%
*119%
100
96
4
18%
105%
106
44%
47
a46%
3
96
96
7
45%
46%
J
J
•
105%
-
37
45%,,
«
45%
J
Canada (Dom of) 30-yr 4s....1960 a O
6s
1952 mn
H
65
*
MN
1968
f g
71%
O
64
*55
—
98 H
97
-
s
65
O
1968 F
♦7 Ha secured s f g
14%
105
92% 101
78%
97%
71%
3
•
76
93
148
O
S
75
30
98%
93
105
25
....
F
Hungarian Cons Municipal Loan—
11%
3
28
96
-
108
62%
60
100% 103%
73%
66%
1
67
*._.
r* ~
153
30
♦Hamburg (State) 6s
1946 A O
J
♦Heidelberg (German) extl 7Hs '60 J
Helslngfors (City) ext 8Hs
1960 A O
75
100
100% 102%
53
100%
66%
D
30%
22%
1
101%
52%
J
80%
105
*98
A
D
...1964
paid
71
6
23%
*103%
F
50
51%
65%
"-T
101
101
8
F
40
47%
68
23%
M N
1965
♦Sink fund secured 6s..
Haiti (Republic) 8 f 6s ser
23
75
♦(Cons Agile Loan) 6Hs
1958 J P
♦Greek Government 8 f ser 78.-1964 M N
13
J
96%
94%
MN
♦7s unstamped
1949
German Prov A Communal Bks
16%
O
2551.
79
76%
73%
♦5 Ha unstamped
—1965
♦5H8 stamp(Canad'n Holder) '66
♦German Rep extl 7s stamped. 1949 A
16%
J
A
For footnotes see page
52
79
84%
80%
1948 J
♦6Hs of 1930 stamped
21
J
a
80%
J
7s......1967 J
1945 M S
MN
6Hs—1953
French Republic 7 Hs stamped. 1941 J D
7Hs unstamped
1941
External 7s stamped..
1949 J D
7s unstamped
1949
15%
93%
s
16 1960
80%
Finland (Republic) ext 6s.
15%
*88%
A
♦6s July coupon on
♦Farm Loan s f 6s. .Oct
D
♦Frankfort (City of) 8 f
20%
a
m
6s.. July
27
J
19%
13
f
F
♦Farm Loan sC
24%
A
external 78—1946
15%
Refunding s f 4%s-4%s
—
2
Apr 15 1982
M
Dominican Rep Cust Ad 6Hs—1942
1st ser 5 Hs of 1926
1940 a
2d series sink fund 5 Ha
1940 A
Customs Admins 6 Ha 2d ser. 1961 M
16
Externa) s f
10-year 2Hs
26%
1942
1956
gold 5 Ha
♦6s part
14
11
of)
26-year 3)48
26%
% 108
102
38
16%
W
20%
100% 108
18%
18%
-
20 H
M
a
J
♦7s part paid
♦7s (Central Ry) —
1962
Brisbane (City) s f 58...—.—1967 m s
1961
4%-4%s——.1977
1976
External re-ad) 4%s-4%s—1976
External s f 4 %s-4%s
—1975
8% external s f % bonds
1984
Bulgaria (Kingdom of)—
♦Secured s f 7s...
-1967
27%
F
Gorman Govt International—
/
♦6s stamped..
26%
23%
Estonia (Republic of)
F
68......—1958
2u-year s f 6s_.
1950
♦Budapest (City of) 6s
1962
26%
25
2
J
14%
C
j
S
b
j
Sinking fund gold
19%
4
O
14 j*
A
J
M
M
j
1945
1949
38
26%
26%
O
9%
13%
.
26%
26%
A
External g 4 Ha
26%
25%
26%
a
10H
91
d
25%
19%
19%
O
1952
♦El Salvador 8s ctfs of dep
12%
-
J
A
1961
26%
12
-
12
63
16
M N
B__
94 %
12%
,
26%
20
15
19%
J
Czechoslovak (Rep of) 8s
90
13%
3
15%
25%
Hs external debt
1977
J
Sinking fund 5Hs
Jan 15 1953
♦Public wks 5Hs—-June 30 1945 J
Denmark 20-year extl 6s
8%
15%
25%
16%
14%
14%
7
3
*15%
J
External loan 4 Hs ser C
4
25
-
9
F
♦Dresden (City)
16%
14%
8%
11%
18
8%
o
§♦78 stamped...
1957
Cordoba (Prov) Argentina 7s—1942 J
External
11
13
F
Sinking fund 8s ser
High
24
8%
12
8%
—
-
—
15%
D
——1952
27
«
-
*.
M 8
Oct 1961
1927.Jan 1961
6%s...1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
♦Costa Rica (Rep
Low
1
12
11%
8
S
J
♦8s of 1928
23%
27
No.
8%
.
12
MN
M
♦6s extl Bf gold of
23
13%
94
O
MN
♦Colombia Mtge Bank
1
26%
*87
O
A
a
Copenhagen (City) 5s
Since
05 to
12
A
of)—
2
26%
26 H
-—1955
External 30-year s f 7s
1955
♦Berlin (Germany) s f 6%s
1950
♦External sinking fund 6s...1958
♦Brazil (U 8 of) external 8b
1941
♦External s f 6Hs of 1926—1967
♦External s f 6Hs of 1927—1967
♦Buenos Aires (Prov
1961
1961
♦Guar sink fund 6s
1962
♦6s assented
——1962
♦Chilean Cons MunJc 7s
-1960
♦Chinese (Hukuang Ry) 6s
1951
♦Cologne (City) Germany 6 Hs.1950
♦6s assented
6Hs 1st series
26%
A
O
g
Argentine (National Government)—
S f external 4%s
1948 M N
8 f external 4 %s
1971 M a
8 f extl conv loan 4s Feb
1972 F A
8 f extl conv loan
(Concluded>
♦Guar sink fund 6s
6 Hs 2d series
F
A
m
J
j
j
j
A
A
A
j
A
Low
Chile Mtg Bank
Range
Jan. 1
Asked
High
Bid
Price
(Con.).
Foreign Govt. & Mun.
Treasury 4s.
2148 series B ..Aug
April 28
High
Low
Treasury 4%s._
3s series
Friday's
rS
«
EXCHANGE
Week Ended
Government
Home Owners'
Range or
Sale
BONDS
Since
Bid
Price
Week's
Last
Week's
Last
4
n. y. stock exchange
Week Ended April 28
Friday
Friday
«
BONDS
disregarded in the
weekly range are shown in a footnote
Cash and deferred delivery sales are
defaulted bonds.
NOTICE—Prices are "and interest"—except for income and
95
95
94%
95
95%
16
99% 104
*101
«
Volume
148
New York Bond
Friday
BONDS
*1
n. y. 8TOCK EXCHANGE
84
k
Price
1952 F
Oriental Devel Tuar 6s
Extl deb 5 Ms
1953 M S
Oslo
1956 A
O
1953 J
D
(City)
f 4Kb
s
♦Panama (Rep) extl 5%s
♦Extl s f 5s ser A
8
♦Nat Loan extl
8
♦Poland (Rep of) gold 6s
♦Stabilization loan 8 f 7s
1940 A
♦Ref A gen 5s series A
3
26
42
15
♦Ref A gen 5s series F
17M
♦Certificates of deposit...
♦Convertible 4 Ms
1960 FA
♦Certificates of deposit-...
PLE& WVa Sys ref 4s__.1941 MN
70
19 M
14
19M
17%
102 M 106 M
101
107
103 m
31%
10 m
9%
9%
6M
10 %
10%
10%
10%
1
10%
2
10%
10%
1
10
35
♦8s external
1950 J
15
20
19
19
12
*10
6M
1966 M S
li
9%
13%
11%
24
9m
1
10m
9m
6M
2
♦6s extl dollar loan
1968 J
J
♦Secured
♦9%
1940 A
O
25 m
27%
D
23 m
23 m
D
♦Silesia (Prov of) extl 7s
1958
)
4 Ms assented
—..1958
♦Sileelan Landowners Assn 6s.. 1947
10%
4
Sydney (City)
21 M
20
20
>
a f 5 Ms—.1971
Tokyo City 5s loan of 1912
1952
External
f 6 Ms guar
s
♦Uruguay (Republic) extl 8a.-.1946
♦External
s
f 6s
1960
♦External
8
f 6s
—.1964
3%-4-4Hs ($ bonds of '37)
external readjustment
3%-4-4%% ($ bonds of '37)
98%
J
>
I
22%
28
25 M
33
94
13
>
54%
37 %
49
54%
19
50%
58
43
53
47
55%
f §*Abltibi Pow A Paper 1st 68.1953
)
Adams Express coll tr g
Coll trust 4s of 1907
3 "
42 M
49
51
40
45 M
37
23
40%
43 M
37
4
36
43
39
2
35
42%
45
36%
22
24%
1
25%
2
16%
31
23
54%
59
22
15%
56
51
18%
i "fos"
>
>
Albany Perfor Wrap Pap 6s...1948
6s with
warr
assented
conv
5s.
1960
Allegh A West 1st gu 4s..
Allegh Val gen guar g 4s
Allied Stores Corp
25
24
I "105%
"89"
109%
♦Alplne-Montan Steel 7s__
1955
:
Ill",2
108
107%
Amer Wat Wks A Elec 6s
C (Del)
♦Adjustment gold 4s.
♦Stamped 4s
Conv gold 4s of 1909
L A N coll gold
4s
D
t*Boston A N Y Air Line 1st 4s 1955 F A
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3Ms.. 1966 MN
Bklyn Manhat Transit 4 Ms
1966 MN
Bklyn Qu Co A Sub con gtd 5s 1941 MN
.
h7m
"24
14
26
50
110M
1
'111%
107%
107%
102 M
55
54M
«.»
-
-
54
100
10
121
111%
108%
136
108M
69
102 M
1
13
...
Debenture gold 5s
J
1950
1st lien A ret 5g series B
1957
Buffalo Gen Elec 4 Ms series B. 1981
Buff Nlag Elec 3Ms series
1967
21%
28
22%
"""6
19
24%
107
2
21
26 M
27
D
MN
F
39%
60
10&% 106%
94
89
100
94%
106% 112
30
40
95
1960 A
1966 A
O
Canada Sou cons gu 5s A..
1962 A
Canadian Nat gold 4 Ms
Guaranteed gold 5s
Guaranteed gold 5s
1957 J
July 1969 J
J
19
26
30%
42
105% 110
93
87%
95
98%
96
"i09"
107
110
1946
*99
13
*92 %
«...
95%
—
M
—
M
99
17
97%
103%
98% 100%
108
111
107
J
Canadian Northern deb 6 Ms
1946 J
J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4Ms...
1946 M S
Collateral trust 4 Ms
g
93%
D
91
"33"
*24
32
4
72M
85
93
99%
111M 113%
28 M
25 M
6%
5%
8%
6
40M
40
10
8%
1
68
75
11
35
41
7
47
70
36
36 %
49
97%
53
92
99%
90%
14
90
96 y
114%
59
114%
113%
117%
118%
116%
114%
112%
121%
114%
11
117%
17
118%
115%
115%
113%
122
72
55
113% 116 M
113% 116M
117M 120
5
117M 119%
2
116% 118%
114M U6M
112% 115M
121 % 124
24
30
12
73%
65
82 M
40
90
113%
92%
91
61
94%
93 m
113
15
112
100M
114M
100M
•'
84
*87
61
15
89
83
D
*31%
6%
*3%
*3H
*4%
*2 %
*2%
J
1946 J
1941 M S
Gen mortgage 5s
1941 M S
Cent Hud G A E 1st A ref 3 Ms 1965 M S
Cent 111 Elec A Gas 1st 6s..... 1951 F A
...
4s
1966 A
1961 J
...
*7
98
94 M
43
M
107M
*51
J
1960 FA
110%
"46
97
19M
32
12M
6M
6M
10
3lM
6%
4
3
4
3
9
7M
9m
4
3%
5%
8
7m
95
63
107
42
98
75
109%
109 M 111M
104
104 m
102 % 104 M
111%
26
J
O
•
7
52
82
16
9
111%
J
1987 J
1962 A
63
92
52
82 %
15
109%
104 %
O
1987 J
52
82
*12%
A
85
88
*42
82
1945 MN
♦Mobile Div 1st g 5s
Central Foundry mtge 6s
"16
108 M
66%
26
24
16
17m
16
♦12%
108
66
*60
"45%
45 M
111%
39 M
28
15
24
107
19
108 M
110
66 M
64%
75
64
48%
43
77%
72%
63%
Central RR A Bkg of Ga—
MN
5s extended to May 1 1942..
*49
1941 M N
115
Prod 6Ms A..... 1948 M 8
73
Central Steel 1st g s f 8s
Certain-teed
Champion Paper A Fibre—
8 f deb 4%e (1935 issue)
1950 M S
8 f deb 4%b (1938 issue).... 1950 M S
Ches A Ohio gen g 4Ms.—— 1992 M 8
Ref & imp mtge 3 Ms ser D.. 1996 M N
1996 F A
Ref A impt M 3 Ms ser E
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4s... 1946 J
1989 J
1989 J
R A A Dlv 1st con g 4s
2d consol gold 4s
Warm Spring V 1st g 5s
89%
86
♦Chic A Alton RR ref g 3s
Chic Burl A Q—111 Div 3
97
Illinois Division 4b
77
89%
General
57
71%
79
1st A ref 4 Ms series B
56
8
55
72
-
D
♦Ref A gen 5Ms series B..._ 1959 A O
♦Ref A gen 5s series C
1959 A O
♦Cbatt Div pur money g 4s_. 1951 J D
J
♦Mac A Nor Dlv 1st g 5s
1946 J
J
♦Mid Ga A At Dlv pur m 5s. 1947 J
56
56
"72"
113
6s..Nov 1945 F
67%
8
»
113"
J
4s........1949
guar
2
77%
57%
21
90
1944 J
Deo 1 1954 J
1960 J
6s equip trust ctfs...
Coll trust gold 6s
67%
77%
*55
113%
"97%
116%
67%
77%
"67%
103 M 107
1941
M
115
71 %
100 M
101
122%
98%
98%
52
58
115
121M
98 %
98
73 %
4
115
8
70
55
115M
86
7
100 % 102%
101
10
122 %
24
100% 102
118% 124%
95% 100
95M
99M
104M 105
101
17
98 %
J
29
109%
J
109
J
114
J
114" 117%
*108
S
114
104% 111
107%
111
110
85
96
12
24
49
48
38
Guaranteed gold 5s
1970 F A
.June 15 1955 J D
Guaranteed gold 4 Ms
1956 F A
Guaranteed gold 4Ms..Sept 1951 M 8
A
89
4
%
106 M 108 M
99%
70
O
91%
18
40
92
48
82%
%
82 M
45
80 M
*5%
113%
117%
Through Short L 1st gu 4s... 1954 A
91
"86
106
30
J
Cent Pacific 1st ref gu gold 4s.. 1949 F
2
99 M
108
81
68
4.0
37
32
Oct 1969 A O
99% 107
104% 106
2
101%
107 m
106 %
64
107 M 109 M
35
55
u2m
*109%
O
J
Central N Y Power 3%b.._...
94
110M
203
39%
85%
98%
O
105% 108%
102% 111%
95
99%
47
11
78 %
37M
10M
6
10
*4%
JBush Term Bldgs 6s gu..
Calif-Oregon Power 4s
Cent Illinois Light 3Ms
95
100 M
108%
75 %
85
107%
1
109
*40
O
t»Cen(; New Eng 1st gu
♦Central of N J gen g 5s
♦General 4s
94
110%
6
62 M
*35...
85
D
1952 A
1955 J
111% 112%
105% 108%
*89
94
*76 %
♦Certificates of deposit.....
48%
60%
102%
100% 103%
98% 104%
102
86%
17
22*
6
36%
99%
.
23
105
96
138
39 M
25
15
107%
15
95
24
34
,
107
97%
90
51
31m
60
A
J
31
28m
6
81
96% 102M
106 M 107 M
30 %
60
106%
105
108%
100H 104
D
97%
107%
156
Caro Clinch A Ohio 1st 6s ser A 1952 J
97%
89
40
126
99 %
105%
97
*74 %
103
*20M *28"
40
48
106 %
29
43 %
97%
107
*10
*27m
27
%
27
♦Buff Roch A Pitts consol 4
Ms. 1957 MN
♦Certificates of deposit
$#*Burl C R A Nor 1st A coll 5b" 1934 A O
i.
52
116M 119
129M 133
83
97
93%
6
*31
92%
22
38 %
M
52
132
*107%
29%
J
1941 J
^♦Central of Ga 1st
♦Consol gold 5s
70
102 M
1944
2551.
116%
J
97
•
For foot*»ot«i
80
J
98
99%
99%
Oct 1952 MN
3
44
108%
98%
101%
90
98%
48 %
102 %
93
100%
1952
85
36%
47 m
98%
41%
105%
52 M
♦102%
20
1948
General unified 4 Ms A
1964
10-year coil tr 6s
May 11946 MN
78
131%
106%
22%
49%
30
*35
1958
1944
10
102 %
38
37
19
1965
1962
82
1952
57
36
1960
Cal-Ariz 1st & 'ef 4M8 A
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ms A
1st 30-year 6s series B
Atl Coast Line 1st eons 4a July
102
24%
106%
102%
21
M
102
1955
Rocky Mtn Dlv 1st 4s
Trans-Con Short L 1st 4s
33
21%
Celotex Corp deb 4Msw w
1947 J
♦Cent Branch U P 1st g 4a...... 1948 J
105%
1995
1955
103
27 %
*26%
80
104%
Jan
1995
1
*102
85%
75%
101
.1995
Conv 4s of 1905
Conv gold 4s of 1910..
Conv deb 4Mb
132
♦Debenture 6s
1955
♦Berlin Elec El A
Undergr 6 M81956
Beth Steel cons M
4Ms ser D..1960
Cons mtge 3 Ms series E
Guaranteed g 5s
1957
Atchison Top A Santa Fe—
General 4s
116m
72
"ioh%
{Ann Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Term 68.1964
Armour A Co (Del) 4s series B.1955
ser
1948
68
"-III
ser A. 1975
Anaconda Cop Mln s f deb 4 Ms 1950
♦Anglo-Chilean Nitrate—
42
80
Carriers A Gen Corp deb 5« w w 1950 MN
Cart A Adir 1st gu gold 4s
1981 F A
89
89
109%
99%
Amer Telep A Teleg—
3Ms debentures
1961
3Ms debentures.—
1966
Am Type Founders conv deb..1950
34%
*30
"29
101 M
53%
......
..
Amer IG Chem conv 6 Ms
1949
Am Internat Corp conv 6 Ms...1949
20-year sinking fund 5 Ms... 1943
8
J
n32%
-
94
30
Am A Foreign Pow deb 6s
2030
American Ice s f deb 6s.......1953
...1967
105%
94
1962
f 4s
-
-
1951
m s
—
26
*48 %
1942
33
37
80%
i960
1st g 4Ms series JJ
43
6
35
^♦CarCent 1st
32
72
62
—
44%
5
14%
55%
52%
44%
38
104
•
78
61
—
«
11
46%
66%
108%
49%
_
45
71
4Ms debentures
Allls-Chalmers Mfg conv 4s
1st
-
42
*75
•
1998
deb4Ms....I960
8 f income deb...
105%
-
)
>
-
-
9%
107-
1
«.
104
100% 105
13
50
61
1960
:
♦6s stamped
105
67
104
100
3
'
*35
71
......1949
♦Coll A conv 6s
*105M
*35 M
)
Alleghany Corp coll trust 6s...1944
Coll A
105
50
)
1946
Alb A Susq 1st guar 3 Ms
•
102%
*108
)
1948
43
102%
102%
)
1943
4s series B
46%
46%
37%
46 m
23%
14%
35
.
34
101
*43
^
1943
cons
Telep of Pa 6s series B
1st A ref 5s series C...
Consol 6s
37%
36%
37%
14 M
22
49 M
102 %
)
1952
1st
16
46%
-
10
*
C...
50
COMPANIES
Ala Gt Sou 1st cons A 6s__
6
107
85
Guar gold 4M8
Adriatic Elec Co extl 7s
18%
11%
11%
48%
82
....
INDUSTRIAL
10-year deb 4Mb stamped—1946
16%
102
Bklyn Union El 1st g 6s
1950 F A
Bklyn Un Gas 1st conej g 5s_... 1945 MN
1st lien A ref 6s series A..__. 1947 MN
103
20%
55%
.
.—1947
16%
37
18
Belvidere Delaware cons
3Ms..1943
♦Berlin City Elec Co deb 6
Ms..1951
♦Deb sinking fund 6Ms.....1959
1st 5s stamped
28
29
49%
*38%
15%
i
1948
16
32
19
10%
30
18
"37"
1
1961
18%
18%
25
17%
10%
30
7
*
(
Yokohama (City) extl 6s
17
11
1955 MN
1961 A O
28
38%
*40%
i.
♦Warsaw (City) external 7s.... 1958
4Mb assented
1958
61
48
11%
1967 M S
51M
37
>
1978
19%
20%
20%
18
Boston A Maine 1st 5s A
C._.
1st M 5s serie# II
23 M
38%
38
37
.1984
18M
19%
18%
1951
"
3 Ms extl readjustment
4s
Ms
Bush Terminal 1st 4s
Venetian Prov Mtge Bank 7s..1962
♦Vienna (City of) 6s
1952
AND
2
~--J
98 M
*42%
*42%
40 M
—1978
23%
24%
24%
23%
23%
23%
14%
32
54 M
*46
* "
3%-4%-4»ns extl conv
4-4%-4%% extl read)
16%
18%
17%
1944 J
M
237
I
1979
24
Big Sandy 1st 4s
15%
25%
114
21
51
*
1979 MN
external conversion
RAILROAD
25%
9y
I "37%
I 54%
\
1961
63
62
16%
15
25%
1
Taiwan Elec Pow
49
47 M
36%
-
8 Ms s f conv debs
18
31
22%
*16
^
f 5%s—
23
25%
21M
*
1955
s
14
13
15%
6H
17M
20M
22%
62%
75
7M
25
*
H%
18
102
48%
55%
7
1
—.1946 J
11
15
1945 J
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
...1962
♦7s series B sec extl
1962
14M
72
100
55
.1966
9%
13%
J
♦7s extl water loan
14M
69 M
20 M
60
6
52
20
19%
36
Toledo CIn Dlv ref 4s A
1959
Bangor A Aroostook 1st 6s....1943
Con ref 4s
1951
Bell
43 M
15
24%
J
J"j
4s stamped
—1961
Battle Creek A Stur 1st
gu 8a..1989
Beech Creek ext 1st
18%
%
m"s
1996
Certificates of deposit
♦S'westera Div 1st mtge 5s.. 1950
♦Certificates of deposit
g 3
""2
55%
.2000 ms
deposit.
15%
16%
14 M
20
49
*10 H
1967 MN
g 6 Ms
13 M
7%
6M
7M
7H
1
52
14M
5%
23
"io%
10
31%
30
25
19%
9M
9M
14M
62
102% 105%
54 m
yd "20%
25 m
23
44
37%
54 %
19
1995
2
of
52
20
60
53
deposit
♦Ref A gen 5s series D
♦Certificates
3
100 %
100%
of deposit
32 M
*16"
10
of
High
33%
26%
54 m
j"6
22
35
*
"~9%
♦Certificates
12
Low
5
21
60
1995
♦Ref A gen 6s series C
16%
102 m
O
♦Certificates
18
104%
104
60
NO.
39%
33%
55%
*20
100%
55%
Jan. 1
55
deposit..
1
*102 m
J
♦Sinking fund
37
"ii%
17
103"
1952 MN
f 7s
50
O
...July 1948 A
of
29 m
16%
M S
1936 J
s
38 M
30 M
♦Certificates
22 %
*30
1967 J D
Rome (City) extl 6 Ms
—1952 A O
♦Roumanla (Kingdom of) 7s...1959 F A
♦Saxon State Mtge Inst 7s
13 M
34 M
29
*10%
1966 MN
|*8s extl loan of 1921..
♦1st mtge g 5s
"35 m '""8
34 m
16%
♦7s municipal loan
♦6 Ms extl secured s f__
San Paulo (State of)—
13 M
12 M
12 M
*10%
♦Extl sec 6 Ms
1953 F A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A O
♦6a extl 8 f g
1968 J D
Sao Paulo (City of, Brazil)—
♦8s extl secured 8 f
10
27
A
♦February 1937 coupon paid
♦Saarbruecken (City) 6e
1953 J
"~5
Baldwin Loco Works 5s
stmpd.1940 MN
Bait A Ohio 1st
mtge g 4s_July 1948 A O
*35
O
A
68
8%
1952 MN
F
67%
18
—
♦7s extl loan of 1926
50
43M
35
♦Prussia (Free State) extl 6%s.l961 M S
♦External s f 6s
1952 A O
1953 M S
J
deb 4%sl939 J
J
1941 J
conv
"30
9m
9m
35m
tj*Auburn Auto
Austin A N W 1st
gu g 5s
9m
J
A
102
9m
D
Queensland (State) extl 8 f 7s..1941
26-year external 6s
1947
♦Rhine-Main-Danube 7s A
1950
♦Rio de Janeiro (City of) 8s...l946
103
99%
8%
-1968
Prague (Greater City) 7 Ha
97 M
2
"60m
22 %
29 m
1961 J
41
8%
1958
1966 J
J
33%
55%
8%
8%
J
♦Porto Alegre (City of) 8
♦Extl loan 7 Ha
38 %
J
1959 J
55%
Since
Hioh
J
1948 J
"~~9m
O
Low
1948 J
52 %
Range
Asked
A
Second mortgage 4s
Atl Gulf A W I SS coll fr 6s
Atlant'c Refin'ng deb 3s
100
55
O
1947 A
1950 J
♦External sink fund g 8s
4 Ha assented
4 Ms assented
High
5%
8%
8%
O
Bid
Atl A Dan 1st g 4s
100 M
*8
D
f 6a 2d ser..1961 A
Range or
Friday's
Sale
19M
*59
60 m
Last
Price
57
43
1947 M 8
Week Ended April 28
16
*32
49%
100
Week's
52 %
48 %
53%
48%,
99%
100
1959 M S
2547
BONDS
N. Y. STOCK EXCHANGE
Low
17
52 m
1963 MN
f 6b 1st ser..I960 J
No.
High
*13
48%
99%
1963 MN
♦Stamped
♦Peraambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
A
1958 MN
Since
Jan. 1
la
Is
Bid
Low
♦Nuremburg (City) extl fle
2
Friday
Range
Range or
Friday's
A Asked
Sale
IS v
Week Ended April 28
Record—Continued—Page
Week's
Last
4a
1st A ret 6a series A
1949
Ms—1949
O
9
98 M
28
102
102 %
32
9%
102 %
.......1958 M 8
1977 F
1971 F
9%
98
J
J
1949 J
95%
95
95%
121
A
85%
85 %
86%
13
A
92%
92%
93%
11
9
14M
97 M
100M
100% 103M
94
85M
91M
100
94M
99 M
New York Bond Record—Continued—Page 3
2548
Friday
Last
Range or
Range
Sale
Friday's
Since
BONDS
EXCHANGE
N. Y. STOCK
Bid
Price
April 28
Week Ended
dk
O
{Chic Milwaukee A St
Low
13%
13
86
16 X
60
17H
9%
13
15%
13
3%
*3%
3%
3%
5H
*63 X
May 1 1989
113
19%
19H
♦Oeng3 Ha aerlea
19H
20H
*19%
6X
7
2%
M N
1987
Fed Inc tax 1987
4X8 atpd Fed Inc tax.. 1987
5s atpd Fed inc tax
1987
—
♦Gen
7
6%
7%
D
4 Ha ser
....I960
1951
15 1951
1951
lat 5a..l960
Dec 1 I960
Orleans 6a
Gold 3%s.
...June
Memphis Dlv 1st g 4a
Chla T H A So'eaatern
gu
5s
Chicago Union
♦49
MS
....
Station—
.
•
1944
1903
E
1963
8Hs guaranteed
......1951
Chic A West Indiana con 4s...1952
lat A ref M 4 %a series D
1962
Chllds Co deb 5*
1943
{♦Choc Okla A Giilt cons 6s...1952
Cincinnati Gas A Elec 3%s
1960
1st mtge 3%a
1907
Cln Leb A Nor 1st con gu 4s... 1942
TCln Un Term lat gu 6a aer C—1907
1st mtge guar 3%s series D.. 1971
Clearfield A Mat 1st ju 6s
1943
Guaranteed 4a.
lat mtge 4s •""•lea D
lat tntgs 8 %• aerlea
14
6H
4%
5X
4H
MN
J
D
*62 H
J
D
J
D
♦49H
*51X
46
47
6%
45
--
57
11
18%
16%
10%
-
—
10
5
9
12
4%
8%
5
9%
10
4
8
2%
13
3
4%
2%
76
70
57%
60%
B...1940 J
1940 J
g 4s prior.. 1996 J
{♦Erie RR 1st oona
♦
1st consol gen Hen g 4a
♦Conv 4s series A
M
j
M
A
104%
MN
F A
J D
MN
mN
MN
J j
10554
104
107
107
108
29
107
109H
106%
10754
10354
16
10554 10854
33
100 54 104 H
102%
5
j "89"
S
O
3
89
36
87 H
97
91%
25
88
69
69
90
90 %
90%
71
64
96 H
79
1454
13
16
*10
108M"
108 X
10854 11054
10554
10654
108
106
*41%
75
63
.*104%
107%
L gen 4s...1993
B—
1993
Ref A lmpt 4 Ha aeries E
1977
Cln Wabash A M Dlv 1st 4s_1991
Bt L Dlv 1st coll tr g 4a
1990
Spr A Col Dlv 1st g 4a
1940
W W Val Dlv 1st g 4a_.____.1940
Cleve Elec Ilium 1st M 3%s—1966
Cleve A Pgh gen gu 4 %s aer B.1942
D
Cln Chic A 8t
J
109 54
63
*80
1st Hen
s
10854
♦Certificates
A
O
A
N
O
J
J
J
F
2%a debentures
-.1942 J D
Commonwealth Edison Co—
1st mtge g 4s series F
1981 M 8
1st mtge 3%b series H__
1966 A O
1st mtge 3Ha aeries I
..1968 J D
Conv debs 3 Ha
1958 J J
3Hs (lnt waived to and including
..1958 J. J
A O
J
J
F
A
extended to 1946
Dayton Pow A Lt 1st A ref 3 Ha I960
Del A Hudson 1st A ref li
1943
6s series B
liv.
For footnotes see page
81
8754.
78
79
31
75
85
7054
7154
71
68
79
3554
6
7954
6
85
"4
100%
10054
100H
100
11254
*10954
109
10854
10454
10434
10154
4
6
"l3
.27
10454
10254
51
H
65
47
%
92 H 10254
94
77
11,254
109
48
34 54
108
10154
10054
8954
9154
10654 10654
10254 104
3
20
8654
10254
92 54 10254
109 H
11254
10954 Hi H
10754 11054
103
105
10154 10354
106
10654
23
107
107
38
10554 108 54
104 H 11054
109%
10854
10954
42
10754 10954
10734
107
10854
136
10554 11154
10754
10654
10754
405
8954
8954
10454 10754
8954
89 H
11054 11254
10854 .109
106
J
10854
10854
106
10654
10754
105
10634
105
*105
107 54
106
10654
10554
10634
108
10854 11054
106 H
10654 10754
10654
104
102%
104
*8
10
9
18
""96
9
O
*6
11%
J
*7
-
48
-
—
48
-
MN
106
D
D
A
M N
MN
F
15-year 354a deb
1951 F
Gen Pub Serv deb 6Ha...
1939 J
Gen Steel Cast 6 Ha with warr.1949 J
t*Ga A Ala Ry 1st eons 6s Oct 1 *45 J
{{♦Ga Caro A Nor 1st ext 6s..1934 J
♦Good Hope Steel A Ir see 7s__ 1945 A
Goodrich (B F) conv deb 6s._.1945 J
1st mtge 4 Ha
.1958 J
Gotham 811k Hosiery deb 5s w w '46 w _S
Gouv A Oswegatchle 1st 5s
1942 J
Grand R A I ext 1st gu g 4 Ha—1941 J
Grays Point Term 1st gu 6s...1947 J
Gt Cons El Pow (Japan) 7s...1944 F
lat A gen 3 t 6 Ha
—-1950.J
4
107
12
108%
4
108%
6
105%
106%
42
*102%
9654
107
96%
106%
97%
4
107
42
103
103
103%
18
10554
105%
105%
32%
28
35
35%
15
42%
42%
1
33
2
D
3254
A
35
4254
33
D
O
10854
MN
55H
31
108%
55
10
108%
2
57%
64
107%
05
65
—
162""
103%
44
26
40
48
16
17
42
16
22%
13%
11%
22
11%
21 %
3
2
12%
23
954
9
*35
—
18
—
18%
91
14
7%
39%
14
40%
40
45%
87
*35
90
1
39%
39%
*85
7%
48
9%
9%
9%
9
—
94
*40
4
67
76
105
105%
12
104
106
101%
101%
6
101%
"2
102%
103 % J
96
'
70
72
*90%
"40
104%
101
100% 102
101
103%
87%
98%
102% 104%
35
123
6%
7
6
6%
14
40
58
~58
58
58
100% 101%
98
12
65%
5%
5%
10
9%
17%
2%
'
1%
42
44%
2%
1%
2
2%
1
1%
100% 102
104
*100%
44%
39
44%
5
104
48
103% 107%
52
105% 107%
103%
105%
103 X
105%
106
*99**32 100
"55"
54
12%
*12
16
13
*33
40%
39%
99%
99%
*83
*104%
84
Feb
*53%
Feb
*5%
7
stamped 1952
"69%
90
.
109"
108%
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4 Ha—-1999 J
A O
Hoe (R) A Co 1st mtge
1944
118%
117%
1966 A
^Hackensack Water let 4a.—.1952 J
J
f§*Housaton!c Ry cons g 5e.—1937
Houston Oil alnk fund 6 Ha A.1940
Hudson A Manhat 1st 5s
ser
gold 4s
D
A
.1951
_
Purchased lines 3 Hs
Refunding 5s
Aug 1
13
M
101
101%
101%
31
31
32
1
48%
34
12%
13%
73
111%
112%
22
13
111%
7%
81
79
90
91
96%
9IX
107% 110
1955 MN
1966 F A
D
1951
48%
50
13
47%
47
48%
36
*41
43%
46%
48
52
52
40%
.46%
J
43%
11%
111
36%
12">%
51%
15%
112%
91
85
46%
63
47
62
42%
47%
"l_6
3!
92
52
44%
60%
52
71
*——
__
'
56%
83%
83%
63
63
70
*73
39
83%
90
40%
63
59%
75%
J
1951
3 Ha—1951
28%
124
77
38%
102%
■75
50
A
J
25%
85
J
LouIsv Dlv A Term g 3 Ha.. 1953
Omaha Dlv 1st gold 3a
1951
67
101
83%
■
*
8
117% 121
87
*83
Litchfield Dlv 1st gold 3s.„1951
52 H
18
125%
46%
*83
104 H 10654
J
St Lou la Dlv A Term g 3a
Gold 3 Ha
g
14
*86
1952
1953 MN
1950
%
125%
47%
J
Collateral trust gold 4s
31
27%
J
..1955 MN
Refunding 4s
71
O
1952 A O
Collateral trust gold 4s
8
26%
J
1951 A
118%
70
70
'
MN
1951
1951
-
3
48
109
55
103%
105*'»i 105»H»
MN
A. 1957 F
81%
*32". "39
..1949 MN
Hudson Co Gas 1st g 5s
94
69
1
92%
92%
..1961 A
78%
77%
69%
90
94
89%
89%
103%
66
103
69%
'90
88
5%
73%
*67
O
74%
74%
53
103
'
103
103
Gulf States UtH 4a series C
Springfield Dlv lat
81
60
Cairo Bridge gold 4s
40 H
88% 101%
J
..1967
105 54 10954
103
105 H
45 H
9
89
100% 105%
9
1st gold 3Hs
3454
78
36
104
.
64
Extended 1st gold 3 Ha
3254
38
107 H 11054
80%
64%
175
62
39
73%
74
91%
f 4Hs
90%
77
76
82%
O
16
45
102%
101
103% 106%
69%
J
98
71%
,18
*50
81
1940 MN
98
84%
68%
12"
29H' 37
98
89
90
Gulf Mob A Nor 1st 5Ha B... 1950 A
1st mtge 5s series C
1950 A
40-year 4 Ha
30
100%
99
99%
100
90%
81%
Greenbrier Ry 1st gu 4s
48 H
14%
69%
——
'59%
*10%
11
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
62%
45
99% 101%
"el
56
...1948
Gen mtge 4 sseries H
1st gold 3s sterling.
48
76
o
54 100
47
74%
Gen mtge 3%s series I
59
50%
47
75%!
1976
1977
1946
102% 105
96
104%
60
...
50%
89
O
96
55%
10
General mtge 4s series G
a
8
97
96
*47
76
General 4 Ha series E—
Gulf States Steel
9
104%
103%
75%
General 4 Hs series D
1st ref A Term M 5s
123% 123%
*81
♦Adjustment Income 6s.Feb 1967
11054
108 54
10954
11054
10854
10554
*123%
76
Illinois Bell Telp 3 Ha aer B..1970
100
__
92%
144
43 H
1973
General 5s series C
1054
10754
10654
10754
10754
10354
110
95%
'
*102%
Great Northern 4%s aerlea A—1961,
General 5 Ha series B
1952]
Illinois Central 1st
108,%
106
64%|
*50
103
1354
44 H
108%
M N
D
♦20-year a f deb 6s..
..—1948
Gen Motors Accept Corp deb 3s 1946
954
-
106%
10854
2254
6
109%
MN
107%
*50
J D
F
J
J
J
9
«
5
*107 %
—
""954
— —
10%
J
M N
108
100 H 104 H
,
M N
•
105H 10754
25
105% 109%
92%
J
M Nl
Hudson Coal 1st s f 5s aer A...1962 J
17%
106%
85%
*32%
Gulf A Ship Island RR—
J
F
-----
8754
101
102 >4
~+
7954
J
♦Debenture 4s
1967
1st mtge 3 Ha
..1970
1st mtge 3 Ha
—1966
Container Corp 1st 6s
1946
16-year deb 6s
1943
Continental Oil conv 254s..
1948
Crane Cos f deb 3%s.
1951
Crown Cork A Seal s f 4a.
1950
Cuba Nor Ry 1st 5 Ha
1942
Cuba RR 1st 5s g
1952
7Ha series A extended to 1948—
•
J
A
O
D
deb 4s_.1954
1956
♦Debenture 4s
1955
♦Debenture 4s
1956
Consolidation Coal a f 6a
1960
Consumers Power 3 54a-May 1 1965
1st mtge 3 Ha
May 1 1965
107 H
10054
101
J
Wuertemberg 7s... 1958
Oil conv deb 3 Ha
1951
108
*11054
A O
A O
J J
of Upper
90
111 54
108
A
ColumbiaGAEdeb6s—May 1962 MN
Debenture 5s
..Apr 16 1962 A O
Debenture 5s
Jan 15 1061 J
Columbus A H V 1st ext g 4s.. 1948 A O
Columbus A Tol 1st ext 4s^—1956 F A
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%s—1951 A O
River 1st 4s..l943
ConnRyALlst Aref 4Hs—1951
Stamped guar 4 Ha
1951
Conn Rlv Pow a f 3%s A
1961
Consol Edison (N Y) deb 3%s.l946
8 Ha debentures
.1948
3 Ha debentures
1956
8H8 debentures
...1958
♦Consolidated Hydro-Eleo Works
9954
.
105
50
105%
M N
1947
♦Gen Elec (Germany) 7a
—1945
♦Sinking fund deb 6Hs——1940
108
10354
139
IM N
Gen Cable 1st ■ t 5 Ha A
10854
50
105%
147
104
(Amended) 1st cons 2-4s
1982
{{♦ Proof of claim filed by owner
Gen Amer Investors deb 5s A.. 1952
107H
10354
103
89
144
101%
{{♦Prool of claim filed by owner.
70
10654 10654
*105
11
*87
—
57 H
*104
F A
J J
7934
A o
87%
A O
78 %
A O
70 H
A O
J D
F A 'l03%
60
A O
35 %
MN
105%
19
• 112
1962
Fonda Johna A GIov 4 Hs
Gas A El of Berg Co cons g 5s.. 1949
*106"
MN
106%
12%
110
85
90
*10754
105
3
21
105%
Sj 10354
1941
Francisco Sugar coll trust 6s._.1966
O
J
10854
23
14
*12
1959 J D
S|
•Certificates of deposit
77
25
106% 108%
111%
1974 M
>f deposit
42
25
93% 103
12%
12%
1943 J
J^Fla Cent A Pennln 6a
{Florida East Ooaat 1st 4 Hs
63 54
96
22
40
35
101H
107%
105%
111H
1954 J
354s. 1948 A
30-year deb 6s series B
5654
6354
109
59
.
14
14
110% 113
111% H2%
110% 112
1
*102%
1942 M
11942 M
f 5s stamped
1st Hen 6a stamped
48
"9354
J
5
12
*40
a!
77
64
J
1942
1942
.1948
——I960
Gen 4 Ha series A
1977
Gen A ref mtge 4 Ha aeries B.1981
Cleve Short Line 1st gu 4 Ha—1901
Cleve Union Term gu 6 Ha
1972
1st s f series B guar
1973
1st sf4Ha series C___
1977
Coal River Ry 1st gu 4s
-.1946
Colo Fuel A Iron Co gen s f 6s..1943
♦6s Income mtge
_
1970
Colo A South 4 Ha periea A.—1980
1st mtge 3 Ha
64"
J
guar—
Series D 3%a guar
{♦Consol Ry non-conv
64
J
Series A 4 Ha guar
Consol
63 X
23
6054
6154
*98
Series C 3 %a
May 15. 1939)....
"49"
J
MN
64
90
40
M S
Series B 3%a guar..
Conn A Passump
64
D
General 6s series
iii'x
112%
111%
.
*20
F
J B| 10554
M S| 101 %
M
1954
1956
Federal Light A Traction 1st 5s 1942
6a Internationa scr.es....1942
6%
1654
Fort St U D Co 1st g 4 Ha
Cleve
3%
101H
*106%
105%
10554
MN
M 8
—
♦1st A ref 6s ser ea A
11054 11154
10054 103
10554 10854
*100
A
A
A
M
A
J
J
Ernesto Breda 7a
Firestone Tire A Rubber
10954
'*111%
5%
3%
10%
6%
3%
4354
{
1990
1953
♦
Series B...
1953
♦Gen conv 4s series D
1963
♦Rei A imp. 5s Of 1927
1967
♦Ref A lmpt 5s of 1930—1975
♦Erie A Jersey 1st s f 6s——1955
♦Oeneasee River 1st a f 6s..1957
♦N Y A Erie RR ext 1st 4«„1947
{♦3d mtge 4 Ha
1938
Fairbanks Morsp deb 4s
A O 105 X
J j
j j 'lO0%
3
5
111
Erie A Pitta g gu 354a aer
Scries C 3%S:
60%
43
13
47
63%
49
—
—
65
60
57"
83%
65
•
3%
5%
111
A O
M N
J J 144
F A| 106
MN
A O
1966 A
5s stamped
4%
*70
J
M 8
3%
11
6%
4%
5%
2H
D
5%
122
12%
15%
14%
4%
112H
11154
J
7%
9%
12
*23 H
11154
Nor Dlv lat 4s..1948
Dlv 1st 6s
1956
1st cons g 5S..1995
Electric Auto Lite conv 4s
1952
Elgin Jollet A East 1st g 5a
1941
£1 Paso A 8 W 1st 6s—
1965
Es <t Ry Minn
Fd El 111 (N Y)
11
156
J
J
{(♦Dul Sou Shore A Atl g 5«_.1937
Du«,ueane Light 1st M 3%s_—1966
E st T Va A Oa
20
6%
57
*11
6%
12%
5%
4
12
U%
11%
deposit
♦Conr g 4H»
Ch 8t L A New
Ina
J
11
9
4
AO
1934
deposit
{♦Secured 4H« series A.—.1952
Certifies tea of
A
J
19
96
6%
3%
M N
deposit
gold 4s.
♦Certificates of
6H
6%
16%
10%
Tunnel 4H8—1961 MN
3s
1961 J
Dul MleeabeAlr Range Ry 3 Hal962 A
37
9%
16
10
11
16%
11
3
....
8
6%
♦Certificates of
♦
12H
8
D
3%
16
10%
13
P
Dow Chemical deb
10
11%
....1936
May 1 2037
{♦Refunding
16%
F
A
M S
J D
J D
105% 107%
105% 107 %
4
5%
3X
354
J
M S
16
*3H
3H
Apr 1978 A
B
105% 103
♦10
Detroit Term A
12
9%
12%
*8
atpd.May 1 2037
C-May 1 2037
♦Conv 4%s aerlea A
194
{{♦Chicago Railways 1st 6a atpd
Aug 19 <8 25% Part paid
t^Chlo R I A Pac Ry gen 4s.. 1988
♦lat A ref
♦9%
12%
12%
M N
28%
2
?7»
MN
♦1st ref g 58
♦1st A ref 4%s
*10 X
M N
M N
....1987
stamped
.{♦Secured 0%a
♦4 H»
10 %
M N
♦8tpd 4s non-p
♦Gen
10%
29
6%
91
llH
11
M N
3KS--1987
{»Chic A No West gen g
112
29
19%
23
27
18%
*21
21
■
28%
19%
7%
May 1 1989
May 1 1989
{♦Chic MIlw 8t P A Pac 6a A.. 1975
♦Cony adj 6a..
Jan 1 2000
J
109
104% 106^
107
9
9
1956|F
{♦Des M A Jf t Dodge 4s ctfs... 1935
{♦Des Pla'us Val 1st gu 4 Ha...1947
Detroit F ilson Co 4 %s ser D__ J 961
Gen A ret M 4s ser F_
1905
Gen A ref mtge 3Hs ser O... 1966
♦Detroit A Mac 1st lleD g 5s...1995
♦Second gold 4s
1995
18%
20%
B__May 1 1989
C...May 1 1989
.1936 J
19%
19%
♦Gen 4 Ha series
♦Gen 4 H» aerlea E
♦Gen 4%s series F
4a
111
.
{♦Den A R O Wee* ;en 5s. Aug
♦Assented (,ubj to plan)
♦Ref A Imp* 6s ser
6
75
111
25
19%
♦18
♦General
5%
3%
66%
65
*111%
11%
107
.1936 J
15
11%
i07~"
107
MN
High
Low
106"
100%
107
J
MN
.1951
13%
No
108
♦105H
♦107H
..
.1951
24%
9%
«%
tVA
*8
.1969 J
86%
J
High
*108 %
J
.1969 J
21
81%
13H
86
J
Light 1st 4 Ha.—1971
22%
Jan. 1
Asked
A
Low
Del Power A
101
12%
Since
Friday's
Bid
Price
April 28
Week Ended
1
Range
Range or
Sale
EXCHANGE
High
97
"32
14X
Last
BONDS
N. Y. STOCK
Paul—
♦Gen 4a aerlea A
,
No
High
13X
17
Jan.
100
*95 X
14
■
Asked
Low
A
{{♦Chicago A East 111 1st 6a...1034
MN
t*C A E 111 Ry gen 5a
1951
♦Certificate* of deposit..
Chicago A Erie 1st gold 6e
1982 MN
M S
{♦Chicago Great West 1st 4a...1059
J
J
{♦Chic Ind A Loulev ref 6a
1947
♦Refunding g 5a aeries 13
1947 J J
♦Refunding 4a aerlea C
1947 J
♦let A gen 5a aerlea A_.
1966 MN
♦let A gen 6s aerlea B„May 1966 J
Chic Ind A Sou 50-year 4a.....1956 J
Chic L 8 A East let 4 Ha
1969 J D
April 29, 1939
Week's
Friday
Week's
Western Lines 1st g 4a
1951
A
'I*'
85
60
63
63
60%
61
70%
2551.
=i.
Volume
New York Bond Record-Continued—Page 4
148
Week's
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended April
Price
Range
Range or
Bonds Sold
Friday's
Sals
28
Bid
Asked
dk
No.
High
Low
bonds
Low
STOCK EXCHANGE
Week Ended April 28
1963
D
45
1st A ref 4 %s series
1963
1940
D
40%
40%
43
63
O
103%
104
29
a
*32
C
Illinois Steel deb 4%s
♦Ilseder Steel Corp 6s
1948
Ind Bloom A West 1st ext 4s..1940
O
j
1950
j
4s
1956
Ind Union Ry 3%s series B—1986 m 8
1948
1961
tlnterboro Rap Tran 1st 5s.—1966
Induptr'al Rayon 4 Ho
_
Inland Steel 3%s series D
70
8
104
j
92%
104%
92%
7
91
97%
108M
107%
108%
25
106
109%
j
j
69 %
57%
60%
183
66
M
35%
54
57
53
49
58
32
"34"
S
27
43
53%
68
196
d
Gen mtge 4 Ms series A
1960 J
Manatl Sugar 4s s f
Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4a.. 1990 a o
68
54
54%
3
51
66
Interlake Iron conv deb 4a
1947 a
O
81
81
1
80
1942 WIN
*100
No.
106%
22
73%
__
j
Wl
d
36%
39%
23
81%
26%
24%
43%
17%
25%
82%
33
41
122
20
25
s
25%
175
95
129"
Wl N
124%
129
101
*70
J
41
129
81
83%
75
88%
87
20
*8M
*61
74 m
50 m
103 %
61%
81
*83
Wl N
t*Man OBANW 1st 3 Mb... 1941 j
49
27%
39%
♦Second 4s
2013
Manila Elec RR A Lt s f 6s... 1953
Manila RR (South Lines) 4a... 1939
1st ext 48
1959
High
105 % 107
67
72%
48
31%
43% 1047
*46 h
42 h
Low
2
50%
5
102
103%
110%
111
15
39
54%
101M 104%
110% 111%
1
a
o
96
96
F
a
*7%
11m
1977 M S
*H
1977 M
*m
89 %
Int Agric Corp 5s
High
106m
29%
Marlon Steam Shovel s f 6s
1947 a o
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr.. 1945 WIN
Metrop Ed 1st 4 Ms series D... 1968 Wl 8
70
14
106%
d
♦Certificates of deposit...
70%
10%
104%
A
*103
A.., 1945 J
Jan. 1
*71%
deb 5s. 1951 WIN
ser
Since
Friday's
dk
Asked
Bid
Low
s f
Maine Central RR 4s
95
66
56
1932
7% notes
95
_
f
.—1932 AO
conv
41%
j
Certificates of deposit
{♦10-year 6s
{♦10-year
32
95
*6%
60%
40%
66%
103»'W105
20
*55
gu
43
38
♦
Ind 111 A Iowa 1st g 4s
l+Ind A Louisville 1st
47
Range
Range or
Sale
Price
High
McCrory Stores Corp
30
Joint 1st ret 5a series A
Last
N. Y
Since
Jan. 1
111 Cent and Chic St L A N O—
45
2549
Week's
Friday
1
♦Certificates of deposit
stamped
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
ser
1952
A
j
AJuly 1952 a
ser
j
9%
9%
10%
27
O
2M
2%
2%
15
99% 102%
9
20%
2%
4
82 M
9%
9%
72%
53%
♦1st 5s series B
1956 j
j
♦1st g 5s series C—
1956 j
1944 a
o
a
o
j
j
Internat Hydro El deb 6a
Int Merc Marine
...1941
f 6s
s
Internat Paper 5s ser A A
B—.1947
101%
*7%
"94
15
*7%
17
81%
j
i
Ref s f 6s series A
.1955 (VI S
Int Rys Cent Amer 1st 5s B...1972 IVIN
84
89
55
20
43%
1951
60%
1952
Ref A lmpt 4 Ho series O
$*Mld of N J 1st ext 6s
94%
83%
1
88%
95%
53
71 »%
♦Con ext 4 Ms
J*M!| Spar A N W 1st gu 4s
56
75%
t»Mllw A State Line 1st 3 Ma..1941
92%
92%
58
45
1955 f
a
61M
60%
61%
76
2
-
2
2
2
2
{♦Mil A No 1st
ext 4
Wl
D
50
*47%
46
90%
1
S
92
Kanawha A Mich 1st gu g 4a..1990 a
o
*84
85%
ti*K C Ft S A M Ry ref g 4a..1936 a
o
25
25%
24%
24%
66%
68
Jones A Laugblln 8teel 4 Ho
A..1961
♦Certificates of deposit
..
Kan City Sou 1st gold 3a
1950
Ref A lmpt 5s
A O
67%
92
79
3
24%
24%
10
63
J
61%
1960 j
J
108%
109%
47
104%
104%
13
Kansas Gas A
Electric 4%S—1980 J D
♦Karstadt (Rudolph) 1st 6s—.1943 M n
♦Ctfs w w stmp (par $645)..1943
♦Ctfs w w stmp (par $925).. 1943 M n
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6a—.1946 wi's
j
Kentucky Central gold 4a
1987 J
j
Kentucky A Ind Term 4 Ms
1961, J
j
Stamped
1961 j
1961 j
Plals-—
4 Ho
104%
*
37
25
27
"94"
o
♦166
Kings County Elev 1st g 4a...1949 F
a
j
1954 J
j
...1954
d
Kinney (G It) 5 Ho ext to
1941
Koppers Co 4s series A
1951 M n
j
Kresge Foundation coll tr 4s__1945 j
163
79
6
98
2
103
*9,5
102%
"99 m
5
-
-
100%
91
103%
103%
5
101%
6
102% 105
100
103%
6
8%
6
64%
53%
7
45
39
38
39%
9
34%
22%
22 %
23%
76
18%
19%
13
21%
17%
21
j
21%
3
20
34
9%
20
8
j
j
■
8m
9%
7
14
14
17%
12%
*13
21%
20%
15
3%
3%
"~3%
46
13%
13%
14%
46
12%
12%
12%
*13
•»
1978
13%
"14
"~2m
"8
13%
"13 H
3
14
2%
Mli
14m
18
13%
*13
♦Certificates of deposit..
....1949 MN
♦Conv gold 5 Ma
1980 a
o
13%
1981
"l3%
f
2
19%
'
12%
4%
12%
12%
21%
20%
21%
20%
"76"
65
65
19%
16
22%
29%
15
13%
"14%
"72
*13
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4% .July 1938 MN
6%
21%
20%
21%
16%
*13
♦Certificates of deposit
♦1st A ref 5s series I
99% 102%
8
2%
65 m
MS
♦1st A ref g 5s series H
100%
.1059 Wl S
4
1%
53
53
—
1976
♦1st A ref 5s series G...
96
^♦Kreuger A Toll secured 5a
Uniform »tfs of deposit
2%
1%
"2
..1977 Wl 3
4s
♦Certificates of deposit
106%
95
99%
A
3
68%
55%
51%
37%
32%
A
A
ser
♦Certificates of deposit—
103%
106
85
9
6%
65
O
♦1st A ref 5s series F_
103%
85
-
6
D
73%
106
c
4%
3
Mo Kan A Tex let gold 4s
1990 j
M-K-T RR pr lien 5s ser A....1962 j
40-year 4s series B
...1962 j
♦General
^
3
j
166%
88%
m
4%
8%
6%
1959 j
—
■
5%
j
°
103
103%
1st A ref 6Ms
3 Ho collateral trust notes...1947 f
72
95
7
4%
6m
4%
j
1965 f
3
3%
6%
1978 j
1978 j
8
1%
2%
6m
j
Jan 1967 A
17%
31%
2m
j
Prior Hen 4mb series D
♦Cum adjust 5s ser A
50
32
2
1m
1M
j
♦1st A ref 5mb series B
t* Mo-Ill RR 1st 6s series A
90
■
5%
F
g4s Int gu '38 j
cons 5s
^♦Mo Pac 1st A ref 6s
79%
*55
*55
8
76%
14%
107%
92%
*..
con
28%
*5
8
27
107
J
10m
*2%
1%
93% 100
106
*—
j
Kings Co Lighting 1st 5e
3
94
93 %
*103
j
aaguaranteed——
1961 J
Kings County El L A P 6s._—1997A
»
j
*25%
*8%
28%
{♦1st cons 5s gu as to Int—.1938 j
♦1st A ref 6s serlea A.
..1946 j
♦25-year 6 Mb
...1949 Wl
71 %
10-M 109%
103% 107
30%
36
17%
17%
20
20'.
36%
♦
{♦1st
72 %
56
8
.1938 j
$ {*M 8t P A S8 M
36%
35
65
3
19
Apr 1950 J
Kansas City Term 1st 4a
96%
85%
96
*97""
9%
42%
25%
8%
28%
4%
26m
Wl
♦Ref A ext 50-yr 5s ser A...1962 Q
58 3%
9%
60
...1949 Wl
♦1st A ref gold 4s
James Frankl A Clear 1st 4s.. 1959 j
90%
72%
75%
9%
*41
1934 M n
t*Mlnn A St Louis 5s ctfs
5
*50
9%
1939
1947
%
89%
d
1939
Ma
8%
88
94%
J
76%
100
99
Wl N
o
.82%
5
102
7
35
M
1979 j
23
93
S
95
H
D
1940 a
J
13
86%
57
S
I.an8 A Sag 3 mb
3 Ms
1st gold
95
57 m
W!
Jack
80
j
Debenture 5s
20
87
♦Mlag Mill Mach 1st s f 7s
1956 j
Michigan Central Detroit A Bay
City A|r Line 4s
....1940 j
80
a
J»Iowa Central Ry 1st A ref 4s. 1951
20
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon)
85%
94
85 m
1947 f
deb g 4Ho.. 1952 j
1st lien A ref 6 Ho
Int Telep A Teleg
Metrop Wat Sew A D 6 Ms
1950
t{*Met West Side El (Chic) 4s. 1938
*63
13%
tMoblle A Ohio RR
{Laclede Gas Light ref A ext 581939
a
85
Coll A ref 5 Ms series D
—1942 F
Coll tr 6s series B
-1942 F
85%
15
79%
49%
51%
19
45
-1960 f
Coll tr 6s series A.
84%
51%
Coll A ref 6 Ms series C— —1953 f
49%
42%
"42 %
a
50
♦Montgomery Dlv 1st
91%
58—1947 f a
1977 M
{♦Secured 6% notes........1938
45%
68%
43
3
42
51
20
8
43
50%
Monongahela Ry 1st M 4s
ser
21
17%
22
Mohawk A Malone lBt gu g 4s. 1991 M s
43%
43
*13%
20 H
M S
6
22%
19%
47%
50
A '60 MN
50
*104%
34
55
102 H 105%
105%
Monongahela West Penn Pub Serv
Lake Erie A Western RR
1st mtge 4 Ms—.
5s 1937 extended at 3% to -1947 j
1941 j
2d gold 5s
j
*
74
67
75
j
*
67%
67
67
Lake Sh A Mich So g 3Ma.. —1997 J
D
84
90
21%
51%
27%
64
64%
91
84
85%
21%
22
14
52%
54
16
52%
52%
87
87
*30
32
8
.1954 j
Lehigh C A Nav s f 4mb A„
Con8 sink fund 4 Ms ser C.
j
1954 j
j
—
Lehigh A New Eng RR 4a A. -1965 a O
1945 M S
Lehigh A N y 1st gu g 4s_—
54
*87"
2
52
2
.
84%
31%
39
Lehigh Val Coal Co—
37
—1944
♦5s Ctfs of deooslt
1954
♦Certificates of deposit.
—1964
♦1st A ref a f 6a
♦Certificates of deposit.
—
♦1st A ref a f 5a.....
—
♦Certificates of deposit.
—
Gen A ref
1955
f 5s series B
Gen A ref
s
b
5
45%
45
9
42%
Constr M 4mb series B
..1955 M n
Mountain States T A T 3%s._1968 j D
M n
Mutual Fuel Gas 1st
40 h
40
41
44
1
20
23
18
18
17
1
16%
2
17%
23
18%
Mut Un Tel gtd 6s ext at 5%..194I
18
16%
21
Nash Chatt A 8t L 4s
18
19%
Nassau Elec gu g 4s stpd
49%
Nat Acme 4 Ms extended to
20
18
18
43
*32
—
«-
5
*•
—
30
35
-
46
46
-
1
-
40
100
97%
72%
67%
.
48 %
42%
3
*35
75
47
45
18
*18%
1974
Sec 6% notes extend to... —1943 J. J
1943
Certificates of deposit..
Leb Val Harbor Term gu 6a. -.1954 FA
67%
47
20
.
93%
70%
79
*"
f 5s series D.....J955
17
A
1974 FA
2
75
;-
f 4 Ms series C... 1955
Gen A ref
18
F"
1964
93%
109
96%
Morris A Essex 1st gu 3M——2000
Constr M 6s series A
.1955 M n
20
A
—
100% 105%
46
*
1955
18
—1954 f
♦1st A ref a f 5a.
37
107
36
98%
93%
1941
Gen A ref s f 6s series A
s
31
102%
97%
97 %
3mb. 1966
109
100%
102
1965
Montana Power 1st A ref
Montreal Tram 1st A ref 6s
.*.1976
♦1st mtge Income reg
108m
—1960
6s debentures
-
Lautaro Nitrate Co Ltd—
♦
g
♦Ref A lmpt 4 mb
,68%
gu g
ser
107%
114%
6s_—1947
24
6
97% 100
44
j
41
'20
*102%
Nat Dairy Prod deb3%- w w—1951
116%
69%
d
Nat Gypsum 4 Ms s f debs
114
U
1946 j
35
49
104% 107%
99%
a
.1951 j
56
66%
64
*68
MN
1978 f
A
107 %
114%
38
MN
105
104%
1950 MN
*<1C5%
29%
102
105%
128
106
72
46
102
102% 105%
104% 106
National- Rys of Mexico—
4 Ms assented
52
♦4Mb Jan 1914 coupon on...1957 j
J
45%
13%
52
21%
j
13
21%
♦4Mb July 1914 coupon on..1957 j
♦4mb July 1914 coupon off.. 1967 j
♦Assent warr A rets No 4 on '67
14%
14%
15%
17
WIN
14
14
14%
24
WIN
15
WIN
.....
4mb
♦4mb assented
♦General cons 5s....
♦5a assented
45
...2003
♦4a assented
cons
49
60
*43
WIN
....
♦Lehigh Val (Pa) cons g 4s
♦General
J
1940
1940
2003
2003
—2003
4 Ho
Leb Val N y let gu
*
J
...-.2003 WIN
Leb val Term Ry 1st gu g
—
-
-
*53
58—1941
A
22
♦4s April 1914 coupsn
♦Assent warr A rets No 5 on
5
*%
58
{♦Assent
♦4s April 1914 coupon on
1951 A
*4s April 1914 coupon off...1951 A
♦AsseDt warr A rets No 4 on '51
*45
56
57
116,
6
112
116
Llgget A Myers Tobacco 7s—1944
5a
..1961
127%
1
127
129%
127%
127%
127%
5
108
108
3
107
110%
107
107
warr
A rets No 4 on *26
j
20
J
O
"%,
127% 130
*
Lion Oil Ref conv deb 4Ms. —1952 a o
Liquid Carbonic 4b conv debs.. 1947 J D
Little Miami gen 4s series
A—.1962
M n
a f deb 3 mb
1946 f
Lombard Elec 7s series A.....1952 J
Loews Inc
A
Lone Star Gas 3 Ms debs
.1953 F a
♦Long Dock Co 3%s ext to...1950 a O
Long Island unified 4s..
—1949 Wl 8
Guar ref gold 4s
—1949 Wl 6
S
84
84%
84
31
83
84%
10
127%
9
1944
A
o
127%
1951 F
a
*125%
J
80%
<
12
81%
S
109%
109%
Wl
8
*107%
108%
98% 101%
49
56%
104
108%
65
N
80%
86%
80
87
N
New Orl Great Nor 5s A......1983 J
1
——
75%
108
92%
110
105% 107%
Louisville A Nashville RR—
1st A ref 5s series B
*90%
2003
1st A ref 4s series D
99%
2003
1st A ref 4 Ms series C
2003
"86 M
Paducab A Mem Dlv 4s
"76"
South Ry Joint Monon 4s
1980
1945
1952
Atl Knox A Cln Dlv 4s
Lower Austria Hydro El 6
For footnotes see
nage
100
94
60
'
97% 101
2
82%
M
S
J
j
71%
1955 WIN
*104%
2551.
F
a
110
*20
3
70%
88
111%
104
71%
*
77
105%
22
24%
*17
"26"""
20
20
21
127%
*.
125%
125%
3
124% 128%
123% 126%
i08M
l"08%
i09~"
"21
107% 109%
67 m
67%
70%
4
65
53%
54
3
50
,
„
-
12
,
102
17
102
J
j
63 m
A
O
*20
28
a
o
25
25
1956
F
a
1956
1954
A
f
O
A
1953
^{♦N O Tex A Mex n-c lnc 6s.. 1936
♦
1st 5s series B__
....1954
♦Certificates of deposit
♦1st 6s series C
D—
♦Certificates of deposit
27%
27%
126%
58
New Orleans Term 1st gu 4s...
124"
M
126
103%
♦1st 4 mb series
2
20
20
105% 109%
122%
103%
♦1st 6 Ms series A
100
75
103
89%
85%
a85
s
1
60
103
99%
76
105
*31
103 m
90%
3
105
...-
103%
91
76%
%
J
ref A Imp 4 mb A 1952 J
New Orl Pub 8crv 1st 5s ser A.. 1952 A O
1st A ref 5s series B
1955 j D
84%
a8 5
Wl
Ma.1944
101
j
1%
*124%
N o A N E 1st
84%
20
86%
84%
76
99
100
1946
St Louis Dlv 2d gold 3a
Mob A Montg 1st g 4mb
85%
♦
2003
1st A ref 3Ms series E
♦
99 x
1940
Unified gold 4s
1%
—
*%
A-1962 j D
1st g 4 mb series B
1961 MN
J Junction RR guar 1st 4s..1986 f A
J Pow A Light 1st 4mb
I960 A O
84
-
*%
New England Tel A Tel 6s
62
127% 129%
O
Nat Steel let coll s 1 4s
.1966 j D
^♦Naugatuck RR 1st g 4s
1954 MN
d
Newark Consol Gas cons 5s... 1948 J
J
j
^♦New England RR guar 5s...1946
j
♦Consol guar 4s
.....1945 J
81%
122% 126
126
M
97
"
^
82%
Lorlllard (P) Co deb 7s
6s
1966
4a„ 1945
4
^
1
Wl
Louis A Jeff Bridge Co gu
75
84
1949
Louisiana Gas A Elec 3 Ms
3
106%
*61
84
52
51
106%
84
-
100%
51
4s stamped...
Louisiana A Ark 1st 5s ser A..1969 j
•r
100
100M
d
97
■
98%
*106
1%
%
Nat RR of Mex prior Hen 4 mb—
61
116
*m
%
22%
—.1941
6s assented.
M
"'"% """%
%
*77
22%
16
Lex A East 1st 50-yr 5a gu._. 1965
M
-
*m
*%
♦4s April 1914 coupon on
21
16
-
17%
*m
1977 AO
off...1977 a o
13%
14
57
18%
16
O
1
18
*16%
..—2003 WIN
■
15
15
*14%
j
62
K
63%
1
~24%
25
*21%
27%
27%
58
74%
23
34%
25
37
33
35
24%
"3
26%
24%
36%
35%
39%
34%
24%
*22
69%
104%
104%
"3
31%
-
27%
6
r» ~ -
75
23
New York Bond Record—Continued—Page 5
2550
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended April 28
Price
4 %s. 1945
1998
10-year 8%s sec s f
1946
Ref A impt 4 He series A
2013
Ref a impt 6e series C
2013
Cony secured 3 He
1952
NY Cent A Hud River 3 %s -.1997
J
j
F
A
Low
16
50H
O
MN
59 H
77 H
41
71
50 %
74
45
55 H
64
62 H
40
J
i
78 %
79%
18
J
J
♦64H
78 H
A
O
48H
48H
50%
F
A
60
60
60
F
A
♦59
61
♦Ref 5%a series
A
O
52 H
52 H
55 %
75
47
♦Ref 4 He
M
S
43 H
45 H
152
A
69
77 H
57 H
77 H
60
62 H
70
60 H
8
85H
45 H
1948
dollar.May 1 1948
Gen mtge 3Hs series C
1970
Consol sinking fund 4 Ha
1960
General 4 Ha series A
1965
Consol gold 4s
4s sterl stpd
84 H
78
"92
4 Ha series B
1981 J J
Pennsylvania PAL 1st 4Hs—1981 A O
Pennsylvania RR cons g 4s
1943 MN
09 H
39
F
43 %
68
1942
Ref A impt 4 He ser A
2013
Lake Shore coll gold 3%s— 1998
Mich Cent coll gold 3%s
1998
Debenture 4s
59 H
%
51H
68 H
N Y Chic A St Louis—
1941
1st guar 6s series
B
N Y Dock 1st gold 4s
Conv 5% notes—
N Y Edison 3 He ser D
1st lien A ref 3%s ser
105
1953
1951
1947
1905
E—-.1900
r
56
*107
86%
Conv
3
50
13
104
107
106
106 H
%
65
*-
Debenture g 4Hs
General 4Ha series D
Gen mtge 4H« series
78H
2
80
56
1953
3-year 6% notes..
N Y Connect 1st gu 4%s A
69
♦75
71H
59 H
83 H
H
107
108H
1943
1947
Peop Gas L A C 1st cons 6s
Refunding gold 6s
D
13
116H
Phelps Dodge
116H 117H
12
13%
70
60
58
58
,
15H
10
Pitts Coke A Iron
♦Conv debenture 3 Ha
1950 J
J
10H
10H
3
10
15H
15H
♦Conv debenture 0s
1948 J
J
11H
13
51
10H
17H
♦Collateral trust 0s
1940 A O
17H
18
13
16
27 H
♦Debenture 4s
1957 MN
{♦N Y Ont A West ref g 4s„—1992
♦General
M
1956 J
4s
S
6
6
D
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st con gu 4s. .1993
A
O
*52
A
O
*44
N Y Queens El Lt A
M N
Pow 3%s 1906
N Y Rys prior lien 0s stamp.—1958 J
1903
N Y Steam Corp 3%s.—
{ (*N Y Susq A West 1st ref 6s
1937
.'..1937
(♦2d gold 4 %s
J
_
J
J
I
N Y Telep 1st A gen s f 4%s.._ 1939 M N
Ref mtge 3Ha ser B
J
1907 J
N Y Trap Rock 1st 08-
1940 J
0s stamped
105%
102%
17
104
49
f
A
1940 F A
..1943 MN
♦General gold 5s
♦Terminal 1st gold 5s
7
6%
u.
«
*77%
2%
109%
J
{(♦N Y Westch A Bost 1st 4 Ha '40 J
Niagara Falls Power 3 %s
1960 M R
Niag Lock A O Pow 1st 6s A..1955 A O
108%
MN
A
F
94 H
O
A
10
♦Certificates of deposit...
{(♦Norfolk A South 1st
4s__—1990
North Cent gen A ref 5s......1974
Gen A ref 4%s aeries A
1974
MN
O
M
8
M
8
109
111%
108
109%
100%
109
♦Oct 1938 A sub coupons
1946
3
14
18
10
9%
4
94
,
112%
26
1
00
Q
J
Q
F
J
J
J
..2047 J
Northern States Power 3 Ha. ..1957 F
Northwestern Teleg 4Hs ext.. 1944 J
56%
J
50
39
49
108%
J
50
55%
75%.
77%
25
75%
42
43%
40
41
85
53%
46%
47%
9
45
60%
56 %'
58
54%
74%
50%
50
65
70
4
51
107%
*.....
105
107 H
1960 F
A
107%
107%
107%
1
105
107 %
F
A
116H
116H
10
112
116H
1964 MN
*114%
D
103 H
A
0|
103 H
J
J
1970 J
J
gu g
4s_
.1948 J
J
J
{♦Og A L Cham 1st
J
♦Stamped
5
41
108%
100
♦4
64
48
109%
107
1st mtge 48-.—.
1907 M
1st mtge 3Ha
•
94 H
*107%
D
O
107%
104 H
19
4
104
95 H
108
6
57
.
112H 116 H
102H 107H
101H 106 H
93 H
98 H
106 H 107 H
40
40
40
*37
40
39
39 %
38
52
104
O
100
38 %
39%
A
D
1977 J
51H
51H
D
.
D
...1900 M S
6s.. 1942 J
conv
*110
*98 H
J
J
J
1951 J
"66"
67%
*106H
107H
67 H
J
...1942 J
"36"
36
35
35
J
1957 MN
s
I960 M
f deb 6s.....1948 J
J
11H
11%
109%|" 108%
*
58 H
122
75H
106
107
34
....
43
36
35
2
35
.
12H
129
10 H
109%
10
108 H
41
16H
109 H
2
40
*42
S
J
79 H
79 H
2
96 H
96 H
95 H
97%
88
4
49 H
100H
pt pd ctfs
J
D
1941 J
P
(65% pd).--
(♦Debenture gold 6s
Reading Co Jersey Cent coll
Gen A ref 4Hs series A
*58 H
61
57
55
18
59
56 H
57
79
56 H
10
54.
61H
1997 J
J
~74%
73 K
75 H
31
68
80
1997 J
Remington Rand deb 4 Hs
J
73 H
73 H
73 %
25
69 H
80
1956 M
8
101
101
35
99
1941 MN
1961 F A
89
90
"29
4sll951
ww
Rensselaer A Saratoga 6s
gu.
Republic Steel Corp 4 Hs ser B
A
O
'
Purch money 1st M conv 6
He '54 M N
Gen mtge 4 Ha series
C
1956 MN
1
1
4
t
I
I
1
Revere Cop A Br 1st
mtge 4 Hs
♦Rhelnelbe Union s f 7s..
I960 J
1940 J
J
-
-
*.
100%
-
107%
106%
•
-
106%
-
17
5
4
6
105
107
106
108%
106
108%
.1972 J
J
103%
104
37
D
108
108%
17
107
D
103%
104
112%
112%
88 H
J
105 H
14
90 H
16
85H
95
95
96
19
95
4s
f conv
94
H
94 H
101H
50
38 H
51
19
18H
22
28
21 H
~23~%"
23 %
21
27 H
28
23 H"
23 %
23 H
23 H
28
23 %
23 3^
27 H
107 H
19"
J
1952 MN
•
♦Cons mtge 0s of
1928..."I"l953 F
♦Cons mtge 6s of
1930...1955 A
Richfield Oil Corp—
»
104
102 H 107
104
89
105H
M N
6s~1953
7s.."l950
85H
A
O
•
106
105
106
100 x
1952 J
104%
104 %
104%
103H 105H
.1955 F
{♦Rio Grande June 1st gu 5s..1939 J
{♦Rio Grande West 1st gold 4s 1939 J
32 H
32 H
16
16H
s
debentures...
.1952 M S
101% 105
Oklahoma Gas A Elec 3H8-....I960 J
4s debentures
1940 J
100
J
♦Rhine-Ruhr Water Service
♦Direct mtge 0s
71
6
-
S
1
6%
5%
j.
107%
103 H
103 H
95
M N
♦Rhine-Westphalia EI Pr
Ohio Connecting Ry 1st 4s."
1943 M S
Ohio Edison 1st mtge 4s...... 1905 M N
*95
107%
..
50
A
108 H
108 H 108 H
100
106
106 H 106 H
D
1974 J
for deb 6s A com stk
107
50%
_
J
..2047 J
Ref A Impt 5s series C
Ref A Impt 5s series D
75%
42%
•
107
*105H
107%
Gen A ref 4 Ha series B
J
104 H 105 H
A
1962 F
{♦Radlo-Kelth-Orph
112% 112%
*50
*48
1
1
1948 J
Purity Bakeries
'
Apr *33 to Oct *38 coups.. 1945
North Pacific prior lien 4s
1997
Gen lien ry A Id g 8s Jan
2047
Ref A impt 4Hs series A....2047
Ref A impt 0s series B
2047
105H
2
Pressed Steel Car deb 6s..
118% 123
106
*40%
94H
3
15%
'
....
90 H
90
90 H
108H
.,—1903
6s stamped
•
•
89 H
10
90
90
108 H
..1949 F
..1953 J
4
112H
90
"96"
108 H
1 (♦Postal Teleg A Cable coll 5sl 1953 J
Potomac Elec Pow 1st M
3H8.1966 J
17%
8%
54
121
106
108H
{♦Providence Sec guar deb 4s.
{♦Providence Term 1st 4s
9
10
59
120%
131
14
14
...1957 MN
4 Ha
Porto Rico Am Tob
100%105"u
21
8%
*105%
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1936 A sub coupons..1945
♦Ctfs of deposit stamped
2
1
104%
7
O
1st 6s 1935 extended to.....1950 J
50
112%
*120%
81
2%
*
A
80
109%
8%
g 5s.-1941
Norf A W Ry 1st cons g
•
S
1st gen 5s series C
1st 4 %s series D
Port Gen Elec 1st 4Hs
103%
62
70%
95%
104%
•
1
80
94
104 %
102
108% ill
5|
M
Pitts Y A Ash 1st 4s ser A
1st gen 6s series B_
45
40
20
75
107%
10 X
3
4
00
VQ X
1
102*32
9
9
107H
1st mtge 4 Ha series B
^..1959 A
1st mtge 4Ha series C—....I960 A
12%
5%
26
106 %
98 H 103 H
109H 112
10
3%
8
...1975
Gen 4Hs series C
1977
Pitts Va A Char 1st 4s guar...1943
Pitts A W Va 1st 4 Hs ser A. .1958
104%
101% 105%
30
109%
75
106
93
12H
8
105H
guar 4s
cons
cons
12
O
Series J cons guar 4 Ha
Gen mtge 6s series A..
Gen mtge 5s series B
110%
104
7
109%
„
Series I
109
-
45%
102
„
Series H
5
54
3
J
D
9%
77
_.!
102
«
^
7
*37
-
-
7%
*6%
5%
.1940
Niagara Share (Mo) deb 6HS.1950
TNord Ry ext sink fund 0Hs_.I960
{(♦Norfolk South 1st A ref 58.1901
2
109%
101%
103%
J
F
5%
49
51
*104%
4.
„
102
Series E 3 Ha guar gold
Series F 4s guar gold
Series G 4s guar....
77
.....
109%
_
1951 MN
N Y A Rlchm Gas 1st 0s A
8H
17H
-
107
1942 M N
.1946 M N
57 H
4%
104
3H
A.1962
Series C 4 Ha guar
Series D 4s guar
3%
28
6%
•
*3%
107
J
Pitts C C C A St L 4 Ha A
1940 A
Series B 4 Ha guar
——1942 A
10H
3
109 H
*105
..1952 MN
4 Hs
conv
45
24
104
S
1948 M S
Pirelli Co (Italy) conv 7s
10
10H
13
108 H 111K
1949 M
1
47
108
112H
108
1937 J
{(♦Phiupplne Ry 1st s f 4s
Phillips Petrol conv 3s
110
109 H
*110H
*105
*109
25
7
12%
106H 115
110%
9
45
71
110H
109%
11
12%
67 H
56H
110H
10H
47
76
55
180
11
*
109
60
59%
101%
10
D
110H
H
100
10%
J
"56
64
57
"56 %
101%
1960 MN
—1907
106 H
*
1967 M S
J
{♦Phila A Reading C AI ref 5S.1973 J
13 %
4H
4H
D
75 H
115H 117H
112H H5H
49
58H
3H
6 H
103 H 106 H
49
D
5s series A
1955 J
4H
90 H
106 H
63
63
MN
Phila Electric 1st A ref 3 Ha
5
96 H
97
74 H
1967 J
sec
♦Non-conv debenture 4s
4H
89 H
84
J
68 H
10 H
10 H
29
79 %
A
♦Conv deb 6s
15
90 H
94 %
1977 J
1981 J
60
"11"" "la""
12
25
1974 F
70
70
11
4s——1943
103 H 107 H
79
90H
30
94 H
*3%
J
Phila Co
99 H
*0
J
100
83 %
General 5s series B
63
01
95 H
19
1950 J
60
60
*40
{♦Harlem R A Pt CheS 1st 4s 1964 MN
78 H
90
115H 119
10
105
General g 4 Hs series C
General 4 Hs series D„
101H
♦Non-conv debenture 4s
♦1st A ref 4 Hs ser of 1927
93 H
93 %
84 H
7
114H
6s—1956 J
33
H
♦50H
♦20H
*7H
conv
Phila Bait A Wash 1st g
17 H
*45
12%
104 H
82
113
no
109% 112H
165
98
114
..—1980 M S
3 Ha deb—1952 J D
1st g 4%s series C
117%
*45
4s...1940 A
Pere Marquette 1st ser A
1st 4s series B
123 H 120
4 He series B
1973 MN
♦NYlEAW Coal A RR 6%S '42 MN
J
♦N Y L E A W Dock A Imp 5s 1943 J
J
97
♦Income 4s
107 H 108 H
107% 109H
6
99 H
48 H
♦Non-conv debenture 3%s..1947 M S
♦Non-conv debenture 3 He—1954 A O
117H
O
17
109
52
S
12
M S
108 H
H
13
O
5
86 H
80
April 1990 Apr
Peoria A Pekln Un 1st 6Hs—1974 F A
100
M
"9
111H
"86
98 H
93
104 % 106 H
107 H 109
10
Peoria A Eastern 1st
52
A
111"
liiiH
110 H
116
59 H
100
1941
♦108H
110%
93 H
115 %
58
100
93
O
49
♦124H
H6H
116H
A
202
78 %
49
High
93
96%
93 %
2
108
Low
105H 107 H
105%
04
"~8
cons
No
95
96 H
83
A
Since
Jan. 1
ojco
104 %
105
97 H
104 H
50 H
108
108%
1940 MN
Branch gen 4a
3Hs—
Range
06
Asked
High
94 %
117%
55
N Y A Harlem gold 3He.—2000 MN
N Y Lack A West 4s ser A
1973 MN
N Y A Long
O
50
N Y Gas El Lt H A Pow g 5s..1948 J
Purchase money gold 4s
1949 F
i|»N Y A N E (Bost Term) 4S.1939
rNYNHAHn-c deb 4s
1947
A
1970
...1981
E.
1984
1952
72 H
N Y A Erie—See Erie RR
♦N Y A Greenwood Lake 5s_.
deb
MN
52
52
A
*103 H
MN
1908
General 5s series B
A
1974
series C
—1978
4s collateral trust...
-.1940
1st mtge 3 He extended to—1947
Bid
Low
02%
53
53
Price
Penn-Dlxie Cement 1st 0s A...1941 M S
D
Penn Glass Sand 1st M 4Ha.-I960 J
Pa Ohio A Det 1st A ref 4 Ha A. 1977 A O
73 H
82 H
48
"48"
Range or
Friday's
Sale
•-.a.
High
109 H 109H
59H
75
O
A
No.
111
50 H
O
A
58 H
N. Y. STOCK EXCHANGE
Week Ended April 28
Jan. 1
High
♦109
A
BONDS
Since
V.
Friday's
A
Asked
Bid
1939
Week's
Last
Range
Range or
Sale
Low
Newport A C Bdge gen gu
N Y Cent RR 4a series A
April 29,
Friday
Week's
Friday
104
Ontario Power N F 1st g 6s
.1943 F A
Ontario Transmission 1st 5s... 1946 M N
Oregon
RR A Nav con g 4s... 1946 J
Ore Short Line 1st
D
*115
_
J
108%
^
-
5
-
21
J
115%
*116%
116%
J
.1961 J
J
105%
105%
Otis Steel 1st mtge A 4Ha.....1902 J
J
67%
Pacific Coast Co 1st g 6s.......1940 J
Pacific Gas A El 4s series G
.1904 J
D
543%
53
O
112%
111
1st A ref mtge 3Ha ser H....1961 J
1 st & ref mtge 3 %s ser I
.1966 J
(♦Pac RR of Mo 1st ext
(♦2d ext gold 58....
4s...1938 F
g
....
Pacific Tel A Tel 3Ha ser
.1938 J
B...1966 A
s
f g 3s loan ctfs
.1956 F
Pictures deb
6s....1956 J
Paramount
3Hs conv debentures
.1947
fParis-Orleans RR ext 5Ha....1968
Parmelee Trans deb 6s
Pat A Passaic G A E
cons
1
•
M
-
69,
D
111 '
A
.
^
J
M
S
.1944 A O
6s....1949 M S
75
104%
50
100lS2
50
*124
♦Paullsta Ry 1st s f 7s
.1942 M S
Penn Co gu 3 Ha coll tr ser B...1941 F A
Guar 3 Hs trust ctfs C
D
.1942 J
*42
*102%
-
103% 106%
64%
81%
53
60
^
_
65%
72
103% 105%
63%
101%
8
83%
32
99% 102
82%
89
100*32
13
98% 102%
45
57%
68
123% 124%
62
45
61
*102%
.1952 MN
101%
101%
101%
4
101% 101%
99% 101%
98% 102%
.1903 F
100%
99%
100%
58
98% 102%
28 year 4s
A
Safeway Stores
s
♦100%
20
108H
109 %
M
r~8~"
S
O
.....
"~8%
lilH
J
6%
1947 J
D
105H
O
105H
Saguenay Pow Ltd 1st M
4%s_1900
A
St Jos A Grand Island 1st
4s
1947 J
St Lawr A Adir 1st g
6s.__—Ii996 J
2d gold 6s
1966 A
St Louis Iron Mtn A
Southern—
,5%
"ek"
"ll
105 H
105%
2
105H
106
*4%
J
8
5H
6
4H
7H
104H 106H
105H 107
„
106H 107H
*107H
"93 %
J
O
90
1948 J
J
1955 J
J
52
65%
51%
64
13
13
64
12%
52%
62%
53 H
J
i960 J
53 %
63
*55
1933 MN
{♦StLPeor AN W IstguSs..
St L Rocky Mt A P 6s
sptd..
{♦St L-San Fran pr lien 4s a.
13
"~8H
8
8H
33
17%
7%
14
7%
j" j
.1978
m"s
.
35
7%
8H
18
7%
13%
14%
8
I960
8H
8H
♦Certificates of deposit
stamped
♦{8t L SW 1st 4s bond ctfs
25
28
4
*43
♦(Riv A G Dlv 1st g 4s
♦Certificates of deposit.
♦Certificates of deposit
13 H
26
"I
J
J
8
4
30
5
J
•
f deb 4s.
♦2d 4s Ine bond
44
15 H
18
46
32 H
108 H
1941 J
4Hs
♦Con M 4Hs series A
♦Ctfs of deposit
.1944 J
D
109
J
con
♦Prior lien 5s series B
Guar 3Hs trust ctfs D
E trust ctfs
S
S
1948 A
"Il949
♦Stamped
101% 103
Guar 4s
ser
„
13H
44 H
*122%
M
M
83
2
103
f 6s
{♦Rutland RR 1st
10H
12
~32%
1907 M S
lflt 4%s—1934
a
1C9%
107% 109%
10
^rk 4
%
1977 M S
Gen mtge 3 Hs series 1
1
♦Ruhr Chemical
*9%
*43
1049 A
"l962
H__"~1967
111%
108% 109%
101% 101%
52
Gen mtge 6a series E
Gen mtge 3Hs series
105%
10
125%
A coll trust 4s A
Roch G A E 4 Hs series D
con
109
22
4
♦1st
{♦Rut-Canadian 4s stmp
109%
105
Rlchm Term Ry 1st
gen 5s
♦Rima Steel 1st s f 7s
111% 113%
67
_
-
116% 118%
108%-
53%
83
23
^
101%
lOOht
.27
_
53%
J
5
21
108%
108%
S
33
111
108%
105
-
65
112%
110
*101%
A
113% 116%
-
54
%
*64
u
-
69
*69
O
M
118
107%
D
Ref mtge 3Ha series C
D
.1966 J
Paducah A 111 1st s f g 4 Ha
J
.1955 J
Panhandle Eastern Pipe L 4s...1952 M S
Paramount Broadway Corp—
1st M
115%
112% 113%
112% 115%
107% 110
11
109%
.1946 J
«
103% 106%
7
~
6s..-. 1946 J
cons g
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
110
8%
7%
14
12
8H
9
95
7%
14
8
1989 MN
8H
8
8H
32
60
57
60
7%
54%
65
*27
16
13%
30
29%
35%
{♦1st terminal A unifying 5s_1952 J
J
16H
16 K
16
23%
1990 J
J
*8%
11H
ctfs...Nov" 1989
♦Gen A ref g 58 series A
For footnotes
see
page 2551.
J
J
8%
15%
Volume 148
New York i Bond
tS
Friday \
BONDS
N. T.
STOCK EXCHANGE
?!
Week Ended April 28
t Pacific ext gu 4s (large)
J
J
1943 J
J
..1963 A
O
96%
50
O
O
Oct 1949 F
1959 A
O
1945 MS
..1935 F
1951 M S
SUeeian-Am Corp coll tr 7s....1941 F
Simmons Co deb 4a
1952 A
Skeily Oil deb 4a
1961 J
O
Socony-Vacuum Oil 3 %s.
O
1st mtge A ref 4s
Southern Colo Power 6s A
Southern Kraft Corp 4 Ha
1965 F
"I"
Southern Natural Gaa—
1st mtge pipe line 4
Ha
D
..1951 A
Gold4Ha
..1969 WIN
Gold 4 Ha
1981 M N
10-year secured 3Ha
San Fran Term 1st 4s
1946 J
1950 A
So Pac RR 1st ref guar 4s
1st 4s stamped
1955 J
J
41%
41
85
58%
64
23
82%
93
60
110
55%
"8
77
44
*55%
110%
106%
13%
7
110%
106%
36
21
14%
105
103%
103
103%
75
77
106%
105
68
86
106% 107%
126%
106
107
51
83
1
114%
116%
J
1937 J
43
80%
113% 115%
107%
79
17
81%
8
9%
J
J
J
Wl
J
43%
9%
93%
106%
93
105%
54%
*85%
ll8%
89
78%
"16
—
|
I
89
89
39
37%
91
7%
87%
27
105
53
85
54%
...
CII." "99%
46%
13%
105
*22%
.....
26
26
71%
1
72%
85
167%
107%
8
1971 M N
1948
D
♦Un Steel Works Corp 6 %s A..1951
♦Sec s f 6%s series C
1951
♦Sink fund deb 6%s ser A...1947
107%
112%
106%
110
9%
13
115%
"e
108
23
113%
.35
19
107%
72
107%
112%
1
110
97
53
94
96%
107%
96%
96%
96%
16
107%'
72
76%
75%
*109
*27
102%
102%
104%
O
105
72
■
.
'
72
69
34
110
83%
81
109% 110%
28%
30
102%
24%
102% 118%
105%
104
37%
36
50
37
37
85%
93%
1947
D
66%
66%
66%
66
1959
A
99%
69%
66%
66%
66%
65%
*83%
96
Cash
e
sales
ser
C.__
during
100
98
*
1957 M N
4 %s.—1934
J
J
Va Elec A Pow 3 %s Ber B
1968 M
Va Iron Coal A Coke 1st
g 5... 1949 Wl
Va A Southwest 1st gu 5s
2003 J
1958 A
,
100
96
109%
*%
I
95
104% 107%
15
13%-
14%
7
13%
56
57
6
56
59
59
23%
23%
66%
61%
31
8
57%
68
58
58
60
46
57
19
19
2
67%
22%
48
48%
17
48
59
44%
3
43
52%
J
43
43
17%
*104%
110%
92%
104% 104%
109% 110%
110%
92%
93
99%
*99
101%
101%
6
102
90
36
88%
110
"T
'8
*7
113
7
11%
8%
6
7
*4%
108%
108%
,8%
5%
5%
4%
5%
108
101%
105%
106% 108%
107% 110%
101%
102%
100
104%
.105%
108%
5
current week and not
range:
■
•
9%
108%
108%
*8%
•
97%
*4%
I
No sales.
10%
100% 103%
90
*110%
D
the
97
101% 101%
8%.
9%
110
103% 107%
Included In the yearly
4
■
Cash sale; only transaction
during current week, a Deferred delivery
sale; only
during current week,
n Odd lot
sale, not included In year's range.
x Ex-Interest.
( Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation
per 200-pound unit of bonds.
Accrued Interest payable at
rate
r
transaction
of $4.8484.
•»
•
Hackensack Water 4s 1952, April
26, 1939 at 105,
Nord Rys 6%s 1950. Oct. 1 at 102.
Paris Orleans 5%s 1968,
8ept. 1 at 100.
U 8 Pipe & Fdy 3%s 1946,
May 20 at 102.
,
{ Companies reported as being In
bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities
assumed by such companies
♦
Friday's bid and asked price. No sales transacted
during current week.
♦
Bonds selling flat.
Deferred delivery sales
transacted during the current week and not tnoluded In
z
the yearly range:
Tokyo 5s 1952, April 26 at 37%.
-.
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly
Slocks,
Week Ended
April 28, 1939
Railroad A
State,
Number of
Shares
Miscell.
Bonds
Saturday
Monday.
154,960
537,920
728,330
Friday...
Total
1
2,840,670
Sates at
States
Bond
For'n Bonds
Bonds
2,995,000
3,700,000
$18,937,000
584,430
Thursday
Municipal A
$494,000
414,110
....
Total
$1.,695,000
3,210,000
.3,673,000
3,664,000
420,920
Wednesday
-
$2,257,000
833,000
382,000
155,000
4,792,000
3,983,000
693,000
274,000
4.667,000
84.248,000
$1,575,000
$24,760,000
683,000
799,000
746,000
Week Ended April
1939
Stocks—No. of shares.
28
Jan.
1938
4,471,000
4,590,000
1 to April 28
1939
2,840,670
2.757,810
$1,575,000
18,937,000
$24,760,000
•
Sales
$68,000
578,000
118,000
New York Stock
Exchange
1938
83,692,755
78,645,129
$2,927,000
3,988,000
21,267,000
$31,684,000
93,312,000
460,234,000
$60,993,000
87,398,000
452,048,000
$28,182,000
$585,230,000
$600,439,000
.
Bonds
Government J*
-------
State and foreign:
4,248,000
Railroad and industrial
•
•<■
United
Total.
Stock and Bond
90
Below
%
are
the daily closing
stocks and bonds listed
on
Averages
averages
—
.
Stock*
106% 106%
%
%
Bonds
10
109%
*30
83
54
54
26
42%
*55
Exchange
compiled by Dow, Jones & Co.:
103 %
*%
109%
of representative
the New York Stock
106% 106%
*105"
J
9
6
13%
MN
1961
transacted
33
89%
82%
83%
106%
15%
15
107
77
56
8
MN
1948 M
;
105
19
D
M
Wisconsin Elec Power
3%s—.1968 A
Wisconsin Public Service 4s
1961 J
as
A
82%
gen 4s...1949 J
♦Certificates of deposit
(♦Sup A Dul dlv A term 1st 4s *36 MN
♦Certificates of deposit
Conv 'deb 4s
1st mtge s f 4s
110% 111%
79
105%
15
.1940 MN
69%
O
77
82%
S
1949 M
{♦Wor A Conn East 1st 4%s..1943
Youngstown Sheet A Tube—
121
106%
O
{♦Wis Cent 50-yr 1st
98%
96%
96%
97%
93
97
A
111
J
M
123% 125%
105% 108%
119% 121%
105%
77%
{{♦Wllkes-Barre A East gu 6s. 1942 J D
Wilson A Co lat M 4a series
A.1955 J
Conv deb 3%s
1947 A O
Winston-Salem S B lat 4a...—I960 J
50%
40
A
1955 F
121
105%
A
A
100"«101%
124%
107%
105%
D
40
106% 108%
107
107%
106
35%
85%
5s.1941
124%
107%
121
aeries A...1966 F
White Sew Mach deb 6a
107%
110%
J
47
70
*1001#J2 10018ie
D...1966 M
aer
RR lsrt consol 4s
Wheeling Steel 4 Ha
42
90%
35
40
41
50
*
o
J
80
89
40
107%
2361 J
Wheeling A L E Ry 4a
75
A
—I960 M
Registered
99
107% 109%
6
1
76%
93
37
J
38
West Shore 1st 4s
guar.......2361 J
116%
99%
37
D
89% 101%
8
*25
A
—1951 J
♦Westphalia Un El Power 6a..1953
114% 116%
106% 109%
111% 114%
104% 108%
106%
112%
96%
D
United Stockyards 4%s w W..1951
Utah Lt A Trac 1st A ref 5s.-.1944
Utah Power A Light 1st 5s
1944
17
107%
112%
112%
8
O
109
*10%
114%
1970 A
.1946
Teleg g 4Ha..1950
Tuesday.
72%
121
90%
»
E.1963 M S
Western Maryland 1st
4a——1952
1st A ref 6 Ha series A
1977
West N Y A Pa gen gold 4a
1943
{♦Western Pao 1st 6a aer A...1948
60%
90%
65%
104% 109
20
23%
25
72%
J
77%
100%
100%
93%
106%
123% 124
104%
S
1966 J
26-year gold 6s
30-year 6s
104% 107%
56
66%
40
Paper 4Hs...1952
♦5a assented
Western Union
4
89
D
aer
13
59%
90
1967 J
"98" IOO"
*123%
105
100""",;
D
West PeDn Power 1st 5s
lat mtge 3 Ha series 1
West Va Pulp A
15
12%
*68
O
1945 F
Gen mtge 8 Ha
7
105
13
5
6%
*6%
1941
Wash
14
6
59
59%
1948 M S
1945 F
6%
6%
104%
D
O
Water Power a f 5s.
1939 J
Westchester Ltg 5a atpd gtd—1960
96% 100%
90
A
S
113%
78%
50
55
*57,
O
43
40%
6%
7%
6%
6%
1939 M S
Wash Term 1st
gu 3Hb
1st 40-year guar 4a
Transactions
54%
7%
gu g 3Ha..2000 F A
Washington Cent 1st gold 4a__1948
Q M
95
79%
100%
9
*41
A
M
19
*15%
O
...1955 A
Warner Bros Plot deb 6s
68 debentures
{♦Warren Bros Co deb 6s
Warren RR lat ref
25%
S
1980 A
High
105% 107%
35%
49%
15
28%
28
24%
48
52%
17
17%
16%
17%
12
*13
S
1976 F
18
*48"
J
O
1978 A
6a debentures
17%
J
Walker (Hiram) GAW deb
4%s 1945
Walworth Co 1st M 4s
1955 A
105% 108%
88
42
J
1941
♦Ref A gen 5s series B
♦Ref A gen
4Hs series C
♦Ref A gen 6s series D
103
"4
78%
O
1954
{♦Des Moines Dlv 1st g 4a..1939
♦Omaha Dlv 1st g 3%s
1941 A
♦Toledo A Chic Dlv
g 4a
1941 M
{♦Wabash Ry ref A gen 6
Ha A.1975 M
"
20
107%
ioo"
A
t The following Is a list of the New York Stock
Exchange bond Issues which have
been called In their entirety:
4
Cine Un Term 6s ser. C
1957, May 1 at 105.
84%
100%
1939
Low
52
exchange
94% 101
101% 102%
115
83
80
35%
125
103
100%
I
Jan. 1
101 % 103
103
100
114%
40
106%
36
74
103
....
103
107
80
103% 106%
16
129
100
107
80%
12%
18%
104% 105%
15
107%
*125
No.
Low
107
106% 109
119
High
107%
37%
Since
Asked
1939 MN
112%
104% 107%
"53
Range
S2
A
1966 M S
♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
110
4
104%
106%
76%
58
65
109
108%
13.%
91%
61%
57
65
106,
109
68
72
79
Bid
{{♦Wabash RR 1st gold 5a
72%
81
*60
77
1944 Wl s
{{♦United Rys St L 1st g 4s...1934
J
J
JU 8 Pipe & Fdy conv deb 3%sl946
88
*105
U N J RR A Canal gen 4s
1st cons 5s
51%
114%
-June 2008 M
coupon off
30
104%
United Biscuit of Am deb 5s...1950 A O
United Clgar-Whelan Sts 6s.—1952 A O
United Drug Co (Del) 5s..
1953 Wl s
{♦July
139
106
Union Pac RR 1st A Id gr 4s.-.1947
1st lien A ref 4s
June 2008 M
P 1st gu
53
90
*101 *®32
1952 F
Cons s f 4s series B
44
41
43
45
Union Oil of Calif 6s series A.—1942
3 % 8 debentures
1952
{♦Vera Crux A
104%
58%
61%
40
57%
39%
57%
39
67%
70
52
"85""
101
27
47%
44%
43%
43%
108
108% 110%
100
104%
90% 95
46%
Range or
Friday's
Sale
Price
Virginian Ry 3%a aeries A
117%
106
102%
Week's
Last
Week Ended April 28
106% 108%
93%
41
41
15
103
42%
♦Tyrol Hydro-Elec Pow 7HS--1955 WIN
conv
102% 105
105
107%
59
66
Tri-Cont Corp 5s conv deb A..1953 J
4s series A
99%
107%
42%
1942 M S
Toronto Ham A Buff 1st g 4s..1946 J D
Trenton G A El lstg 6s...
1949 Wl S
cons g
91
20
115
45%
46%
Tol W V A Ohio 4s series C
Vanadium Corp of Am
82
23
103%
106%
102
Tokyo Elec Light Co Ltd—
Vandalla
59
97%
106%
109%
46%
46%
21%
15
62%
1st 6s dollar series
1953 J D
Tol A Ohio CeDt ref A Imp 3%a 1960 J D
Tol St Louis A West 1st 4s....1950 A O
{{♦Utll Pow A Light 5%s
{♦Debenture 5s
72
63%
1952 J
U 8 Steel Corp 3%s debs
75 H
58
20
65
J
62
20
106%
109%
102%
92%
1979
35-year 3%a debenture
55
71
107%
.1980
...
103% 105%
5
122
Third Ave Ry 1st ref 4s.......I960 J
♦AdJ Income 6s.i.
...Jan 1960 A
1st lien A ref 5s
49
48%
Tex Pac Mo Pac Ter 5 Ha A.-1964
34-year 8%s deb
105%
57%
106
Texarkana A Ft S gu 5 Ha A—1950
UJlgawa Elec Power a f 7s
..1945
Union Electric (Mo) 3%s
1962
{{♦Union Elev Ry (Chic) 6s... 1945
5
61
Texas Corp deb 3 Ha
1951
Texas A N O con gold 5s..
1943
Texas A Pacific 1st gold 5s
2000
Gen A ref 5s series B
....1977
f 7a
3
*113%
Term Assn of St L 1st g 4 Ha—1939
1st cons gold 5s
1944
Gen refund s f g 4s
1953
sec a
2%
61
Swift A Co 1st M 3%s
.1950 WIN
Tenn Coal Iron A RR gen 5a...1951 J
J
TenD Cop A Chem deb 6s B
1944 M 8
TenD Elec Pow 1st 6s ser A
D
1947
♦Guar
5
96
93%
17
2%
46%
J
10%
12
2%
A
Studebaker Corp conv deb 6s.. 1945 J
g 5s
5
5%
12
103%
106%
4
11
59
"96
17%
5%
A
1953 J
{{♦Third Ave RR 1st
6%
80%
46%
♦{Spokane Internet 1st g 6s...1955 J
8taley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s._
1961
Tide Water Asso Oil 3 Hs
6%
20
"80%
.1966 AO
Gen A ref 6s series C
Gen A ref 5s series D.
8
4
*54
20
59%
J
1996 J
St Louis Dlv 1st g 4a
1961 J
So'westera Bell Tel 3 Ha aer B..1964
D
1st A ref 3s series C
1968 J
J
So'westera Gas A El 4s ser D..1960 MN
2 %a
4
4
105%
57%
J
O
3
8%
2%
J
1955
Southern Ry 1st cons g 5s
1994
Devel A gen 4s aeries A—..1956
Devel A gen 6s.
1956
Devel A gen 6 Ha.
Mem Div 1st g 5s
105%
116% 116%
16% 19%
18
4
2%
*2%
O
So Pac coll 4a (Cent Pac
coll)..1949 J D
1st 4 Ha (Oregon Lines) A...1977 M S
Gold 4 Ha
1968 M S
16%
9%
12
J
1946 J
31%
4
A
1947 J
30
*3%
5%
5%
J
South A North Ala RR
gu 5s..1963 A O
South Bell Tel A Tel 3Ha
1962 A O
Southern Calif Gas 4Ha.—..1961 M 3
20
26
*2%
~4~"
A
1950 A
15
25
120%
-
9%
A
Shlnyetsu El Pow let 6 Ha.....1952 J D
♦Siemens A Halake deb 6H8...1951 M S
♦Silesia Elec Corp 6 Ha
1946 F A
17
26%
29
*10
♦Certifiestea of deposit
{{♦Atl A Birm 1st gu 4a
1933 MS
{♦Seaboard All Fla 6e A ctffl—.1935 F A
Shell Union Oil deb 3
Ha
21
*115
9%
9
50
68%
105% 106%
110
112%
109
110%
15%
19%
110
17
A
{♦Refunding 4s
♦Series B certificates
51
111
*25
87%
6%
96% 98%
114% 118
106%
25
A
♦Adjustment 5a
♦Certificate of deposit
♦lBt cons 6s series A.
96%
105%
110%
•108%
*16%
A
Scioto V A N E 1st gu 4s
1989 M N
{{♦Seaboard Air Line 1st g 4s..1950 A O
{♦Gold 48 stamped
1950 A O
6
3%
115
50
105%
2551
Friday
High
jOW
87%
96%
J
a f 6Ha series
B...—.1946
♦Stamped
No.
7%
115
J
♦Guar
Jan. 1.
5
5
1965 MN
Santa Fe Prea A Pben 1st 6a—.1942 M S
{♦Schulco Co guar 6 Ha
J
—1946 J
.......
High
*3%
115
6
BONDS
N. Y. 8TOCK
EXCHANGE
Since
BQ<§
*87
J
A
1972 J
♦Stamped
Asked
A
Range
2
Friday's
Bid
D
1940 J
8 A A Ar Pass 1st
gu g 4a
San Antonio Pub Serv 4s
San Diego Conaol Q A E 4a
Sale
Low
St Paul dc Duluth 1st cod
g 4s._1968 J
{♦St Paul E Gr Trk 1st 4 %s
1947 J
*♦84 Paul & K C 8h L gu 4%s„1941 F
St Paul Minn & Man—
St Paul Un
Dep 6a guar
Range or
Price
Record—concluded—Page
Week's
Last
107% U0%
27% 35
72
"i
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
72
54
10
30
Indus
Date
roads
ties
Slocks
trials
Rails
Ralls
ties
Bonds
Total
63
April
April
April
April
April
Anrji
28
27
26
25
24
22
22.15
128.38
25.81
106.64
92.10
45.78
107.40
129.78
26.03
22.34
43.31
87.98
106.67
92.12
45.94
107.34
128.56
25.78
22.15
42.91
106.60
88.02
92.05
46.27
107.34
127 36
25.59
22.15
42.57
106.65
88.07
92.16
46.25
107.29
127.34
25.49
22.24
42.55
106.55
88.09
92.15
46.31
25.73
22.29
42.92
106 «3 h
107.25
128.55
88.07
91
<10.59
107 29
88.13
42.88
"
QQ
Exchange—Weekly and Yearly Record
New York Curb
2552
NOTICE—Cash and deterred delivery sales are disregarded In the week's range
weekly range are shown In a footnote in the week In which they occur.
of the regular
aPth 29, mg
unless they are the only transactions of the week and when gelling outside
No account is taken of such sales In computing the range for the year.
extensive list we furnish a complete record of
beginning on Saturday last (April 22, 1939) and ending the
In the following
the transactions on the
New York Curb Exchange for the
present Friday (April 28, 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
Week's Range
(or
Sale
of Pries
Low
High
Wrel
Par
Price
.20
27
Acme wire tic com..
Aero
34
4
900
54
64
74
14
600
64
400
200
7H
"lli
Investors common..'
Conv preferred
*
14
CJt Southern..60
86
8Q4
preferred...
81
80
81
S6
IS
Co common.
1,100
90
93
93
111* 1114
60
110
19 H
204
64
Jan
9
Jan
74
Jan
Mar
184
Jan
Mar
Apr
90
1104
131
Jan
1154
Mar
154
Mar
Apr
Jan
Mar
1,200
700
Apr
34
Jan
Apr
604
Jan
Apr
94
Jan
Mar
Mar
Jan
24
4
23
Feb
75
Mar
18
67
Feb
14
1,200
1
Jan
30**
294
750
27
Jan
35
Mar
284
284
304
284
200
254
Apr
34
Mar
14
14
2,300
14
Apr
"194 "2I"
~6~80<)
84'
Fork A Hoe com..*
33**
♦
10 preferred....
*
American General Corp 10c
12 preferred.
1
Amer Gas £ Elec com
113
3..
24 H
9
i>
32 4
34 4
1124 113
34
34
2*4
...1
274
Amer Hard Rubber Co-.60
74
2*4
274
74
Amer Invest of 111 com..1.*
250
6,500
175
400
18 4
Apr
84
Apr
31
Jan
Mar
Jan
116
Apr
34
Apr
JaD
Jan
Mar
25
27
50
64
264
"94 "94
Amer Mfg Co common 100
200
"_25
...100
Amer Mar seal bo Co
700
4
1
274
Amer Meter Co
Amer Potash A Chemical
25
27 4
500
American Republics....10
54
Amer Seal-Kap com.....2
American Thread pref
694
73
*
*
6
1st 16 preferred
16 series preferred
Wupperman..l
*
Appalachian El Pow pref *
~ii"
104
1,100
Jan
Apr
Jan
?*
Jan
774
Apr
27
Mar
Feb
Mar
Feb
14
74
74
Art Metal Works com...5
"54
83 4
5
Ashland Oil A Ref Co
.4 H
44
6,200
54
834
10
784
54
1,200
*4
2,400
5
Jan
Apr
Apr
44
Apr
74
Apr
74
54
Feb
84
84
500
Jan
8
Mar
h*
4
100
Jan
Common.
1
*16
Class A
l
%
4
4
2,400
4
Jan
74
74
84
900
54
Jan
.*
7ie
1
>ii
27,100
Jar
Cent Hud G £ E
34
34
34
,14
Atlas Plywood Corp
*
Austin Sliver Mines
1
J18
Automatic Products
5
24
34
""406
>ll16
1
Atlas Corp warrants......
14
1
"l 6
Apr
314
Jan
"l6
44
Jan
300
134 ,1*4
4
»16
500
34
4
13
Feb
Jan
254
Jan
24
74„
"15"
4
Apr
4
24
1,100
14
Jan
24
Feb
74
200
64
Apr
84
Jan
44
Jan
15
Apr
Apr
16X
Feb
15
Feb
'T"~50
24
Aviation A TraDs Corp__.i
24
1,600
24
Jan
14
Jan
Apr
4
Jan
Chicago Rivet £ Mach
30
354
Mar
164
374
184
1,500
14
Apr
44
54
2,400
4
Apr
374
364
..*
164
45
Purcb warrants for com.
294
Jan
30
9
Jan
Apr
224
Mar
Apr
Feb
1
100
»»u
Mar
74
14
Barium Stainless Steel... 1
1,300
4
74
Mar
14
Jan
Jan
104
Mar
44
Apr
64
Mar
44
Mar
64
64
700
Barlow A Seellg Mfg A...6
Basle Dolomite Inc com_.l
64
'354 '354
100
100
35
34
Beaunlt Mills Inc com.. 10
Corp
com
Bellanca Aircraft com
Bell Tel of Canada..
35
34
10
50
100
84
254
1
64
100
34
64
494
44
Jan
Jan
284
Mar
20
85
Feb
96
Mar
30
78
Jan
87
Mar
124
2,000
10
Apr
21**
Jan
64
Apr
10
"206
934
82
10
34 y
1,700
100
Apr
54
Mar
25
18
Apr
27**
40
48
Feb
61**
Apr
50
Jan
Cleveland Elec Ilium..
13**
Jan
14**
20
90
Apr
91**
30
914
89
85
Apr
96
Mar
200
'
Apr
Feb
Cleveland Tractor
*
Apr
5
Jan
13
Jan
Club Alum Utensil Co
Jan
114
Feb
364
Jan
74
1,600
10
394
pref
100
118**
Mar
Apr
6% conv preferred
2557.
Jan
2,700
4
Apr
150
2 4
Apr
5
Mar
8
125
74
Apr
14
Mar
Jan
5 J*
Feb
24
"""25
24
Apr
44
Jan
3H
400
3**
Mar
44
Jan
Apr
74
Jan
Apr
8
"18.
7ii
X64
ioo
Jan
164
12
100
xl2 -
Apr
15
113
150
no
Apr
.130
500
62
Jan
79
Apr
8
**
34**
Apr
64**
"I25
64
64
4,400
49**
504
2,000
44
900
54
Apr
6
Jan
Jan
Jan
«
Feb
Jan
**
Apr
70
48
58
■
.►
Jan
Jan
94
Feb
554
Mar
66
100
67
75
43**
34
Mar
Feb
5
Mar
37
Mar
51
Mar
55
Jan
84
Feb
53**
Jan
81
Apr
7
Jan
54
Mar
Jan
20**
Mar
4
4
14
Jan
Feb
Jan
25
50
16
Jan
35
Mar
Colt's Patent Fire Arms.25
394
25
27
Jan
424
Mar
200
"IOO
Apr
Apr
34
Jan
384
Feb
Apr
64
Mar
4
Apr
2
Mar
Jan
34
Mar
Mar
74
Mar
74
Jan
84
Mar
1
Vs
Apr
4
Jan
44
Apr
9
Jan
"IOO
400
44
44
100
44
Feb
44
44
44
200
4
Apr
"80 "
80
81
500
70
Apr
944
Jan
644
64
66
275
55**
Jan
72**
Mar
Columbia Gas £ Elec—
preferred..100
Jan
24
24
24
'
£1
44
44
**
1.20C
"74 "74
Colorado Fuel £ Iron warr.
Conv 5%
Feb
Mar
14
34
14
Cohn £ Rosenberger Inc.*
Mar
Mar
74
Cockshutt RJow Co com..*
Apr
Apr
175
14
94
98
14
4
"24 "~24
*
54
123
Jan
34**
44
Clinchfleld Coal Corp.. 100
Feb
204
25
700
Apr
,14
*
40
Jan
34
Mar
Mar
Jan
Apr
Clayton £ Lam bat Mfg..*
2,500
164
Mar
14
Claude Neon Lights Inc_.l
Jan
Colon Development ord
91**
4.4
194
4
Jan
2
Jan
Jan
Apr
76
52 4
14%
1
84
Jan
104
44
16
4,700
54
Jan
23**
Apr
44
84
64
Jan
Mar
2 **
52 4
14
66
66
preferred
com
15
804
66**
Controller Col
Apr
25
City Auto Stamping
City £ Suburban Homes 10
Clark
Feb
9
Jan
44
*
Cities Serv P £ L17 pref. *
16
Jan
Mar
Apr
914
454
264
74
24
1184 1184
Benson A Hedges com...*
30
Jan
14
Apr
500
"39** ~4G**
10
172 4 172 4
1
1
For footnotes see page
354
11
Bell Tel of Pa 6**% pf.100
Conv
1,700
20
Beech Aircraft Corp
Bell Aircraft
64
2
(L) Co com..
11.50 conv pref
54
5
8
Feb
24**
**
100
®n
*4
BB
Apr
4
5
300
54
63
Preferred B
Preferred
Jan
"l**~Mar
12
*
Preferred
164
Baldwin Rubber Co 00m.1
7% 1st pref vto
75
16i«
27
63
Chllds Co preferred.... 100
Baldwin Locomotive—
24
Apr
111
4
1
Cities Service common
Apr
j*
x64
Chesebrough
Jan
Mar
4
10
Chief Consol Mining.
10
Bath Iron Works Corp...l
Corp
33**
2,200
54
6
Mfg
25
Chicago Flexible Shaft Co 6
Axton-Flsher Tobacco—
Bardstown Distill Inc
Char Is
Jan
Apr
34
Cherry-Burrell common..6
Feb
"is"
14
preferred
14
17**
44
Pipe
Chamberlin Metal Weather
Co
Mar
4
Feb
24.
Centrifugal
400
Warrants
Class A common
4
100
Jan
Strip
'
8
Conv pref opt ser '29.100
Apr
Mar
Jan
24
100
100
preferred
7% preferred
Conv preferred
6%
Jan
Feb
65*
Cent States Elec com
15
25
25
7% 1st preferred
Jan
Jan
107
it
85
Cent £ South West Utll 50c
34
Mar
Mar
874
Apr
98
Apr
23**
14
90
Feb
Jan
24
Apr
Jan
7% pfd 100
24
74
5
6% preferred w w
6% Preferred xw
3,000
17
Atlantic Coast Line Co..60
...
com
Apr
68
96 4
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Automatic Voting Maoh__*
4
Cent Pow £ Lt
Apr
68
Coast RR Co pref... 100
19*4
4
18,
Cent Ohio Steel Prod
&
Mar
400
44
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Assoc Tel A Tel class A..*
34**
19
19
*
52
Jar
Jan
17
Jan
1,000
80 4
Celluloid Corp common.15
4
Jan
Apr
185*
7% 1st partlo pref—100
Jan
...A
*
Apr
24
"34
1st preferred
Jan
Assoc laundries of Amer.*
Feb
6
Apr
of America
17 dlv preferred..
24
54
"lV~
1
Jan
Mar
Apr
14
2
114
12
common..10
»i«
Jan
4
...
»i»
14
11
Jan
Jan
24
81
934
*
Catalln Corp of Amer
Celanese Corp
—
24
74
234
""3**"
..1
Products.....
Castle (A M)
10
Jan
Apr
Apr
20
15**
'®18
Carter (J W) Co common. 1
Casco
Mar
74
44
Feb
Jan
27
*
preferred
Carrier Corp common
Mar
Industrier
£1
16
Mar
92
27
20
Apr
)5ic
Carnegie Metals com
1
Carolina P £ L f 7 pref...,*
.10
Arkansas P A L 17 pref..*
Feb
Apr
5
*
Carnation Co common
Apr
Feb
"u
Feb
23 4
11
B
Feb
Apr
Fab
102
14
1
Marconi
112
34
24
14
JaD
3%
Jan
Jan
200
A*
*
Apr
Apr
Atlantic Rayon Corp.
non-voting...
10
Apr
v t c
Canadian Indus Alcohol
Canadian
14
Apr
1,000
Canadian Car £ Fdy pfd 25
Capital City Products
•
Car lb Syndicate.
25c
Carman £ Co class A
*
2
Mar
204
22**
26 J*
Jan
69,200
Mar
22**
1034 1034
11
114
6
Camden Fire Ins Assoc
Class
31
Apr
34
16**
Feb
Jan
Apr
1,700
Cable Elec Prod v t c
Apr
Mar
Mar
204
194
dep rets
3%
14
21,100
15 preferred
2.50
34
34
74
1
1034
preferred
Jan
11
Mar
lix
2
194
Jan
4
Jan
31
Jan
10
Apr
Jan
Mar
27 4
5
50
Nlag £ East Pr pref 25
Bruce (E
34
34
Baumann
300
1
Brown Rubber Co com
B
44
Apr
Apr
14
1
Apr
24
7%
1,950
"ioo
Feb
24
Babcock A Wilcox Co
*
pref....
75
244
17
n
1084
100
20
50c
Cables £ Wireless Ltd—
Am dep 54% pref shs £1
Calamba Sugar Estate..20
800
204
12
Jan
Apr
U4
400
Jan
4
14
Apr
1
2
20
100
4
204
9
Apr
400
Jan
Mar
»»n
244
14
29
Jan
74
77
21
Burry Biscuit Corp..12**c
4
~~7o6l
24
Apr
204
Jan
70
Jan
Jan
>18
294
06
4,000
"34 "34
14
Apr
12'*
32
04
Apr
■
34
Jan
21**
Burma Corp Am
3%
Avery (B F)
24
Jan
3H
Atlanta Birmingham
'
15
,
600
Jan
*i«
1
Apr
67
8,200
45,500
74
94
4
1,200
hi
44
Bunker Hill £ Sullivan
Jan
73
9
'
44
Jan
*
Common class A
Common
Apr
Jan
44
"16
JArcuturus Radio Tube..l
Arkansas Nat Gas com...*
Option warrants
Apr
hst
84
32
,14
24
"34
Apex Elec Mfg Co com
Assoc Gas A Elec
74
64
84
18
13
Angostura
Amer deposit rets
Feb
18
100
Anchor Post Fence
Elec
11**
29
54
4
Am Superpower Corp com
Associated
Jan
Apr
Apr
Apr
Jan
6
Apr
54
3
2,600
Apr
"7700
"64 "7
Jan
Mar
44
74
6
13
.....
11
Jan
Mar
154
Mar
Jar,
124
Mar
14
Jan
Jan
preferred
15 1st
Feb
74
55
1*4
4
24
1,900
574
1*4
-.--26
Jan
Jan
Apr
104
94
24
Brown Forman Distillery.
Buff
9
54
Wire com.l
Mar
Apr
24**
L) Co com
Buckeye Pipe Line
Jan
44
Jan
£1
$Brown Co 6% pref
J an
M8r
Apr
ord reg—10s
Mar
394
Apr
ord bearer£l
104
314
Jan
Apr
4
34
Jan
Apr
Amer Tobacco—
314
Apr
14
34
204
Jan
20**
14
124
coupon..*
Mar
17**
Apr
250
500
A
Class A
Apr
200
British Col Power cl A
16
8'
134
5
.......
Brown Fence £
Jan
5
2
7% preferred
.100
Br 11 to Mfg Co common.
Am dep rets
8
20
10
Machine
Am dep rets
Apr
5
14
Light Co.*
*
Preferred
100
Bright Star Elec class B_
British
54
17
'uj
Amer dep rets reg
1124
24
700
64
British Celanese Ltd—
Feb
404
400
Bridgeport Gas
Class
Feb
20
1
Aeronautical—1
British Amer Oil
39
34
Corp
Class A
Mar
10
1st preferred
11)0
2d preferred
*
Brazilian Tr Lt £ Pow...*
Bridgeport
Mar
300
4
37
254
"l64 "l64
20
Amer Lt A Trao com...25
Preferred
Co
17
24
7%
Breeze
200
Jan
**
Jar
174
Bourjols Inc
Bowman-BUtmore com...*
Jan
Jan
Apr
300
"166
284
Apr
2,200
15
100
25
1st preferred
Borne Scry triner
Mar
24
26
Apr
4
Amer Foreign Pow warr
Jan
104
54
6
Registered
22
204
24
94
144
35
Brill Corp class B._
Apr
200
(H C) Co com.
Bohack
7%
"37"
Rights
Jan
Apr
A. 10
conv
Brewster
Mar
54
4
1
*
*
pref
Blumenthal (S) A Co
S3 opt
Jan
16 4
54
94
144
Blue Ridge Corp com
Mar
U04
254
■14
10
Preferred
Jan
Jan
4
25
Class A with warrants.25
Class B.
1
Laundry M&cy
14
4
Apr
2
Class A
Class B n-v...
Mar
2
4
Am Cities Power A Lt—
preferred
Mar
46
...*
_•
Amer Centrifugal Corp..l
0%
Mar
141
13 preferred
Amer
864
Jan
10c
preferred
Jan
Mar
A common....10c
12.50
62 4
Mar
15 60 prior pref
Amer
Mar
108
American Capital—
Amer Cyanamid class
9*4
104
American Book Co....100
B
Jan
14
"26 k
Inc.. 10
Amer Box Board Co com.l
Common class
71
3
1124
110
American Beverage com..l
Class
Bliss (E W) common
Bliss A Laughlln com...
60
110
112
common.*
Airline!
Jan
Feb
Mar
*34
54
Jan
**
Apr
**
500
Foundry
4
664
4
900
Blauner's common
Apr
Apr
High
Low
13
A Machine Co com...
Jan
1,300
Industries com'
7n
1
12.60 conv pre!
Birdsboro Steel
18
Jan
Shares
com..—...*
Apr
15
14
preferred .......100
American
Jan
174
10
preference
..100
Aluminum Goods Mfg
♦
Ltd
Jan
Jan
4
ft%
Aluminum
84
24
74
A conv com....25
Aluminum
11
Apr
Jan
84
pref
Aluminum
Apr
14
I
♦
Invest com"
Products com
Class
6%
60
Invest com
conv
Allied
*
1001
Fisher Inc com
Allied Internal
64
Purchase
Blckfords Inc
1, 1939
Range Since Jan.
for
Week
High
Low
Price
warrants
Jan
6
*1*
86
A lies £
Apr
Apr
of Prices
4
Berkey A Gay Furniture.
14
15
15
Power $7 pref
Alliance
Mar
314
204
60
100
Warrants
Ala
Feb
54
.
|Air
Alabama
Jan
3H
♦
A Ins worth Mfg common. 5
Air Associates loc com—1
B._
24
18**
34
(Continued)
High
Low
Shares
Par
Week's Range
Sale
STOCKS
25
27
27
Supply Mfg class A.*
Class
last
1939
Range Since Jan. 1,
Last
STOCKS
Sales
Friday
Sale*
Iriday
Volume
New York Curb
148
Friday
STOCKS
Last
{Continued)
Sate
Par
Price
Columbia Oil A Gas
1
Columbia Pictures Corp..*
2%
Exchange—Continued—Page
Sates
Week's Range
for
Week
of Prices
\Low
High Shares
2 34
2%
Range Since Jan. 1,1939
Com
too dw
2)4
3,200
11
Sales
4H
Apr
Jan
14
Jan
jm
30
2934
3034
300
25
27
525
Jan
26
25
Apr
54
24
Jan
•at
1
Feb
H
Apr
36X
2934
X
13)4
Apr
16
Jan
37
Apr
Apr
Mar
Mar
Jan
Compo Shoe Macn—
Week's Range J
Sale
Par
Fire Association (Phiia.). 1
Flsk Rubber Corp..
10
10
1
Community P A L 16 pre! *
Community Pub Service 21
Community Water Serv—l
Last
High
Jan
3,500
Diatrlbut
STOCKS
{Continued)
Low
Com moo wealth A Southern
Warrant*
2553
2
Friday
Price
High
60
60 X
60
9%
4,800
60 X
8%
8X
Florida P A L $7 pref
Ford Hotels Co Inc
Low
56
6X
1
1334
$3 preferred
Biscuit Co
37
1
...
6% pref class A
4X
534
73%
1
6X
74
Stores
47 34
1
2%
Cont G A E 7% prior of lOh
8%
80%
Mar
117X
Feb
IX
Feb
300
X
Apr
47 34
3
50
46 X
Apr
$4
preferred
*
1234
Mar
71
Apr
90
Mar
59
200
50 X
Aprl
73
Feb
8X
£1
Apr
934
Jan
4%
Mar
3%
1,100
3 X
Jan
18X
19X
1,400
16X
Apr
23
Jan
18
19X
3%
Apr
23
Jan
600
3
Apr
6%
Jan
100
84
Jan
Mar
92 X
Mar
».t
Mar
1,200
5
Apr
9X
Jan
"SU "S"
10
Jan
Gen Flreprooflng
Jan
55 X
9
Jan
16)4
16)4
100
15%
3X
Jan
20
100
Apr
5X
300
1034
Apr
14X
Feb
Jan
3%
Mar
4
12
13)4
£1
"26"
"l9*
5)4
1%
*
Apr
5)4
700
4X
Marj
Apr]
51%
3
Jan
Apr |
3
Feb
9X
9X
50 )4
100
~52 X
1
"""ioo
lex ~iS%
25 34
5%
13 x
25)4
150
594
434
Dennlsoa Mfg 7% prel 100
Derby Oil A Ret Corp com*
23 X
10
Apr)
ix
Apr
100
18X
IX
2X
2X
31X
Jau
Apr
29 X
10
Mtir
:
Jan
Mar
4 34 % pflor preferred.
100
-100
preferred
'Six
Six
ix
Elec Power Assoc
Elec P A L 2d pref A
.25
Apr
12
Jan
60
Apr
7%
100
100
6
Feb
10034
634
Mar
Apr
Jan
30
Apr
Jan
37
Mar
79X
1C0
86^
Jan
96
Mar
Jan
65
25%
~7%
25X
78
Mar
7
Jan
Feb
37
Fab
5%
3%
Apr
6
Jan
Apr
5
Jan
21X
7
7X
3~700
■
50
Api
33
Feb
6
1,200
Mar
11
Apr
Jan
9834
»ii
21X
Mar
Jan
81
128X
33X
5%
Apr
2234
734
1234
69 %
Jan
87
124%
Mar
150
100
Apr
Apr
8%
""600
Feb
Jan
Jan
18
200
"9%
Feb
254
18.
6
21
21X
Jan
A pi
3%
28
10
"i'x "ix
Ja»
31
"75
"34
Feb
"9"
81
79%
128
33
"5%
5
Apr
IX
14H
1%
15%
500
1X
Apr
1,100
14 X
3I0
3n
100
%
31X
99%
"15
34
99%
2,400
Apr
Jan
Apr
"3l" M
1%
X
X
100
100
200
34
Feb
I0234
10734
254
Mar
40
Jan
Jan
Jan
Jan
1
Jan
12
Apr
Apr
4
Mar
Jan
63
X
710
X ■
71»
X
Apr
Jan
65
Mar
Jan
Mar
134
Jan
34
Feb
134
634
Mar
Mar
23
Mar
Apr
36
Mar
534
2234
934
Mar
Jan
*
Hearn Dept Store 00m
conv
preferred
5%
Jan
30
300
3%
3%
3%
900
2X
Apr
16 %
Jan
7X\
7%
7%
"800
6X
3%
100
334
6%
Apr
Feb
Apr
Apr
3%
f
4
Mar
Jan
Jan
Jan
Feb
Jan
...25
23
Apr
754
934
26 34
25
Hewitt Rubber common..6
24
Jan
2634
Jan
7
Mar
10
Jan
30
Apr]
4134
Feb
45
Mar
5%
5X
100
13%
J3%
1,000
11X
,11
14X
11X
He'ler Co common
Preferred
Preferred, ex-war
Jan
30
30
Class A
Jan
1%
1%
Helena Rubensteln
Jan
7
14%
6
60
25c
Hecla Mining Co
!
w
2
w
_
a7
a7
a7
6 ?4
100
....
Apr
25
X
Jan
6
Apr
12%
Jan
Apr
10
Jan
Heyden Chemical
JO
Hires (Cbas E) Co cl A
•
Hoe (R) 4 Co class A...10
Holllnger Consol G M...5I
•
100
Jan
Jan
2234
4
Jan
16 X
12
12
12
Apr
Feb
Feb
734
234
21
2
Aprj
10334
IX
8X
1%
39
23
Mar
1
29%
95%
10
12934
Am oi B com.l
Mar
Apr
Apr
Hazeltlne Corp
72.
Apr
Apr
5
Haverty Furniture cv pfd.*
"~1
Mar
33
400
Hat Corp 01
Jan
X
200
Feb
Apr
Jan
r
%
50
Jan
Feb
3X
Aprl
13^4
,
Jan
Apr
15
Apr
1234
834
Jan
Feb
Jan
%
Apr
IX
Feb
Holophane Co common..*
50
10X
Apr
19X
Jan
Holt (Henry) 4 Co cl A
25
10X
2X
Apr
Apr
19%
Jan
Horder's Inc...
12
Jan
Hormel (Geo A) 4 Co com*
Apr
2434
Apr
Mar
Horn (A C) Co com
1
2%
Apr
'l5X "15%
""~6d6
14 %
15
3 X
17%
11 %
2354
Jan
400
18%
Mar
Horn 4 Hardart
•!
Apr
39 34
Jan
ix
834
51%
Apr
11054
Mar
27,000
3454,
10834
934
11
10X
2%
300
IX
7X
65%
53 X
62
65%
2,000
3X
3X
1.900
,3X
3X
2,200
3%
100
3%
3X
Apr
■
1
JaD
6%
Apr]
12%
Jan
Apr
65
Feb
Apr
72 X
Mar
Jan
3%
Mar
Oussmann-Llgonler Co
334
Mar
2%
2X
Jan
.
,
Mar
5%
preferred
-.100
Hubbell (Harvey) Inc...
Humble Oil 4 Ref
*
29 X
Jan
5X
Jan
3X
Mar
Jan
iox
Jan
IX
Apr|
Jan
Apr
1%
21%
Mar
Jan
70 X
Mar
Hydro Electrlo Securities. *
Hydrade Food Prod
6
IIygrade Hylvania Corp__*|
Illinois Iowa Power Co
*
7%
50
71
Mar
100
65
65
25
56
Feb
71
Mar
Illuminating Shares A
100
63 X
65%
350
52
Feb
73
Mar
Imperial Cbem Indus,.£1
Imperial OH (Can) coup. ~
Registered
Imperial Tobacco ol Can_6
Imperial Tobacco 01 Great
Dlv 8rrear rtfs
X
23%
5X
Feb
74
Mar
Feb
24 X
Mar
Apr
iox
Jan
X
28%
Mar
8%
Jan
Indiana Pipe
Jan
»u
Jan
7% preferred
100
Indpls P 4 L 0H% pf-_100
Indian Ter Ilium Oil—
Mar
X
3,700
X
Apr
23%
100
23 X
Apr
3,200
5
Mar
17
6
Apr
X
Falrcbild Aviation
U
Falstaff Brewing
1
Fanny Farmer Candy coml
19%
20
Jan
5
X
1134
1
12
~19% '20%
5)4
16
3,300
15%
5%
16
X
9 X
Jan
16
7X
19X
Apr
800
4%
Fansteel
JaD
Apr
8X
23%
8X
100
200
1,700
7%
450
IX
23
2%
15
*
IX
23
2%
15
3%
IX
23
400
TOO
2%
500
16%
900
3%
500
Jan
Mar
12
Apr
69 34
Jan
3X
Mar
534
Mar
Apr
5
14%
9X
•is
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Mar
7
Jan
22
Mar
9X
7is
Feb
Jan
Britain 4 Ireland
12
Aprj
5J4
8%
Mar
9
JaD
£1
16
15%
28
28
6
Line
10
0% pt.100
9
Apr
134
Apr
34
Jan
Mar
Jan
Jan
J4
Apr
454
234
2934
434
1434
334
5434
Apr'
25
20.
2
Apr
Jan
Mar
Jan
Feb
Mar
634
Feb
Mar
Apr
54J4
734
Mar
Feb
2,500
Apr|
17
300
15>4
Apr
1634
Aprj
1634
Feb
Apr
32
Feb
6
5%
6X
100^ 100^1
7
Jan
•
500
28
100
6
6
6X
Apr
Feb
34
Apr
1034
"50
534
Apr
1234
25
10034
Apr
Apr
134
54
Mar
134
IX
300
IX
IX
200
60X
63x
450
59
22%
22^
100
13%
1
B
Jan
15
15%
15^
15%
13%
2~% "2X
New non-voting class A. 1
New class
Feb
654
1454
Indiana Service
6
X
5%
200
..
54X
23%,
Eureka Pipe Line com-.50
European Electric Corp—
Option warrants
Jan
3
Aprj
53
4
3%
21X
100
3%
7% pref unstamped.. 100
Feb
"266
Mar
934
3X
7% Drefstamped... 100
Jan
51 X
66%
3^"66
Common
Mar
75
"7
8
•u
Apr
3
63 X
66 X
10
i'57'x ~S6%
•
57X
*
18X
~~7~
iiox
110 x
"
53
400
36%
375
Mar
JHuylers of Del Ino—
59
10
IX
36
Hummel-Roes Fibre Corp 6
200
2
15
IX
934
400
8
62
1
254
8034
6234
Apr
Apr
95%
30
99%
86X
1
100
Flat Amer dep rights...
Flde'io Brewery
Apr
63
50
Hall Lamb Co........
Haloid Co.
5% conv preferred
Metallurgical.
Fedders Mfg Co
Ferro Enamel Corp
Feb
Mar
Apr
Jan
64
"
15
1
34
Harvard BrewlDg Co
Empire Gas A Fuel Co-
Esquire-Coronet
52
Jan
X
73X
20 X
Apr
'r~l~X~
1,600
17X
1X
18X
Empire Dlst El 6% pf 100
$3 conv pref
7034
Jan
z30
Apr
1X
8% preferred
100
Empire Power part stock. *
Emsco Derrick A Equip..5
Equity Corp common.. 10c
Jan
1%
1,100
*1
Jan
3
7%
1
0% preferred
034% preferred
7% preferred
Jan
Aprj
Apr
4
"34"
Hartman Tobacco Co....*
7
.1
Elgin Nat Watch Co
Corp
Feb
1,900
1034
2X
*
c
Mar
Ma<-
IX
Oil
$0 preferred
Mar
"306
'"■'% ""IOO
Elec Shovel Coal *4 prel-t
1%
63
98%
Guif States UtU $5.50 pref *
Mar
9%
11
warrants
Electrographlc Corp.
Gulf
5%
"ix
3X
1
com
Class A
Jan
Apr
5X
r.2
*
98X
Guardian Investors—...1
9X
834
25
734
Easy Washing Mach B—*
Economy Grocery Stores.*
preferred
preferred
*
21X
5
1
IX
25j
Jan
1
1X
18X
Jan
Mar
33%
X
200
34
63
100
Grocery ,Sts Prod com..25c
Grumman Aircraft Engr.l
f%
$7 preferred series A—*
$0 preferred series B... *
Elsler Electric Corp.-.—1
Elec Bond A Share com..6
•
Jan
25
62
2,400
Eastern States Corp....
Edison Bros Stores
stock
com
Apr
10
Eastern Malleable Iron-.25
v
.Tan
Apr
Non-vot
Apr
900
,
*
33%
*
334
"40
8%
Jan
>14
46%
Hamilton Bridge Co com
Hartford Eleo Light
25
Hartford Rayon v t c
1
600
IX
East Gas A Fuel Assoc—
Electrol Inc
Apr |
24
20
10X
"4"
62 34
Apr
7% 1st preferred
Apr
400
100
8%
Jan
34
60
34
*
Gt Northern Paper
Greenfield Tap 4 Die
1x
65
52 %
1X
15%
Inc class A
Mar
,
Mar
65
Mar
Jan
Jan
Gorbam
$3 preiened..
Gorham Mig Co—
V t c agreement extend.*
Apr
9
15X
Duval Texas Sulphur....*
Option
36
60
---.10
Common
Mar
2X
Jan
9
1434
5034
X
Feb
a-30
"64 %
Jan
200
Mar
7
Durham Hosiery cl B com *
Duro-Te8t Corp com...
$6
26
Apr
20%
Dubiller Condenser Corp. 1
Duke Power Co.
lOOj
$5
Feb
Apr |
7
100
Dominion Textile Co-.--*
10
11
X
Jan
Great A tl 4 Pac Tea—
1H
—
Mar
1ia
Jan
14
Dominion Bridge Co
*
Dominion Steel A Coal B 25
19
42 X
Gray Manufacturing Co. 10
13X
3%
Jan
200
94 X
Grand Rapids Varnish
reg__£l
Eagle Plcher Lead
...
Jan
""IOO
3 34
Jan
16%
17%
$7 preferred
i.*|
Goldfield Consol Mines.
Feb
10
3 X
•2
X
4X
....
7
7)4
MX
IX
21X
29X
16
8834
j
6X
IX
29%
Jan
Apr
Apr
*
Feb
20 X
21X
Apr
86 X
1
*
Apr
Distilled Liquors Corp.-.5
0%
Mar
•
Mar
29
400
17%
Preferred
4X
Distillers Co Ltd—
.
27
Mar
Mar
1
30
55 prererred
Gilbert (A C) common
5
'
preferred
preferred
Apr
Jan
Apr
83
1
com
200
10
Diamond Shoe Corp com.*
7%
18X
17X
Mar
Apr
9
Jan
"i'x "ix ""ioo
De V11 bias Co com—.—10
Driver Harris Co
Feb
IX
Detroit Paper Prod
1
Detroit Steel Products...*
Corp
Apr
7X
7X
Apr
14X
40
IX
Det Mich Stove Co com__l
Draper
110
43
Mar
12 X
1
S3 preferred
Georgia Power $6 pre!...*
Apr
200
MX
100
52 X
Jan
36
0% pref w w
20
Detroit Gray Iron Fdy —1
6% preferred A
Gen Water G 4 E
Godchaux Sugars class A.
Class B_
♦
Jan
Jan
83
63
w w
Jan
7)4
-*
Detroit Gasket A Mfg... 1
eom..l
34
IX
pref
4 X
2)4
25
conv
Glen AlrJen Coal
2)4
25
$6
Jan
Apr
1,200
5%
Common
^34
Apr
Mar
Gen Telephone $3 pref _.*
General Tire 4 Rubber—
Gilchrist Co
10
Apr
Mar
26
General Shareholders Corp-
Jan
6
1,Q00
25
♦
Feb
Feb
1854
1934
Jan
Jan
.*
Feb
46X
"""{66
iox
4)4
Dobeckmun Co common. 1
25
Jan
leb
15^
17%
Gen Outdoor Adv 0% piloO
Gen Pub Serv $0 pref
Gen Rayon Co A stock
IX
5
1
Dlvoo-Twtn Truck
2734
17
10
...
17X
7
"""766
"S"
Warrants..
Jan
Apr
Apr
Mar
150
•
Apr
•is
Mar
154
15
Jan
preferred
Apr
"""206
8)4
8
Mar
10X
$0
%
1,700
Jan
1,300
*!
com
9X
400
134
"T
13 34
Jan
Mar
Mar
108
Day ton Rubber Mfg com.*
Claee A
35
Am dep rets ord
Jan
17X
IX
100
Davenport Hoelery MUls.*
7%
23%
934
X
JLOOO
2 X
8)4
...
A eoav preferred
Mar
2*
*
com'
6X
14
;_.._10j
Stores.
Apr
1,200
1
..5
Petroleum eom—5
Dejay
Jan
~20~X
"~X
—
Jan
6%
'""760
toffl
preferred
IX
Apr
X
1,400
6>«
'2b
Cunee Pre* Inc
Mar
90
Mar
4
L600
%
934
Crown Drug Co com—25c
Decca Reeords
l
6X
X
eom t t c.
Jan
'Tx "i%
Crowley, Mliner A Co-
Preferred.
Feb
Mar
4%
5)4
Brewing Co
Darby
2
74
%
Crown Cent Petrol (Md).
Crown Cork Lnternat A..*
25
Gen Gas A El 6% pref B•
General Investment 00m.)
6
6
23
2734
Amer dep rets ord reg.£l
Apr
*1334
5(
23
*
Apr
Jan
Mar
6)4
100
17
1654
100
4X
Crocker Wheeler Elec
6 34%
.......
52 X
4
Creole Petroleum
Curtis Mfg Co (Mo)
6 % preferred
Genern* Alloys Co
Gen Elertrlc Co Ltd—
7
17
1554
16%
S3 conv stock......
*1
4% conv preferred... 100
GamewpU Co J0 c v pref.*
Gatlneau Power Co com.*
400
$0 preferred A
*
Cosden Petroleum com—1
preferred
7
5%
100
6% eonv preferred
Courtaulds Ltd
1%
10%
.......
5)4
Common
0%
Common
Con\ partlc pref
15
Fruehaul Trailer Co
1
Fuller (Geo A) Co com... 1
16 H
com
Corroon A Reynolds-
Cuban Tobacco
Feb
IX
Jan
434
A roer dep rcts... 100 Ires
Fox (Peter) Brew Co
o|
Froedtert Grain 4 Malt-
534
—
$3 prloi preference
Crystal Oil Rei
Jan
Jan
8X
~~5%
Copper Range Co——
Copper weld steel..,
Croft
6
92
90 H
3 H
89
-.-J--*
Cooper Bes-.etuer
Apr
1%
4
90 X
X
Cont Roll A Steel Fdy—»
Jan
60
Mar
2%
200
86
Continental Oil of Mex_.l
Varnish
Jan
Jan
71
600
—
Paint A
Feb
Mar
4%
8,900
100
Consol Royalty Oil
-_1(;
Conaol Steel Corp com—
Coot
Jan
6X
Apr
Apr
X
•is
Consol Mln A Smelt Ltd-6
preferred
Jan
11234
5%
74
IOC
Consol Gas Utl'H;ea
8%
100
*
Go nee 1
Consol Copper Mines
f
Consol G E L P Bait com
Consol Retail
1334
Mar
Aprj
150
__
Vttttt to I WO
Conn Ga* A Coke Seeur.
68
55 ^
•
Ford Motor of Can c! A..*
Class B
_»
Ford Motor of France—
High
Apr
74
•
Ford Motor Co Ltd—
Am dep rets ord reg
Shares
72
1.100
preferred
Range Since Jan. 1, 1939
for
Week
of Prices
Low
108
Mar
Jan
Jan
Jan
Apr
Apr
Industrial Finance—
Vic common
*i«
Apr
34
Mar
834
Apr
10
Apr
6834
Mar
2034
Apr
2434
Mar
200
12
Apr
2194
Mar
700
2
1
preferred
100
7%
Insurance Co of No Ara.10
61X
International Cigar Maeb
Jan
lnternat Hydro Eleo—
Pref
$3.50 series
A stock
-ee
osee
2557.
13%
purch warrants
ntl Industries Inc
For footnotes
60'
hi
~
1
"2%
Mar
34
Jan
Mar
434
Jan
Par
for
of Prices
Loud
High
Week
Price
internat Paper A Pow wan-
24X
25
Mar
5%
Mar
2,300
1%
Apr
4%
22%
Apr
2754
Jan
Jan
600
24 %
Apr
27
Jan
24 A
2%
200
2%
Apr
%
2%
International Product®—•
Mar
Rszor B_*
3%
54
Jan
Feb
—*
1
*
Class A
Class B
preferred
$3.60 prior pref
*
Warrants series of 19*0
International Vitamin—1
Interstate Home Equip..1
Interstate Hosiery Mills..*
Interstate Power $7 pref—f
$1.75
Apr
Apr
54
Jan
15%
Mar
Apr
38%
Mar
100
11
50
34
Feb
ht
Jan
3
3
100
2%
Apr
4%
Feb
4%
300
4%
Apr
5%
14%
Jan
Mountain Producers
Mar
7%
%
Mar
10%
25
Apr
3%
Apr
Feb
15
Apr
'it
Mar
Apr
4%
2%
Feb
14%
*18
254
"2% "3%
"700
2%
1%
Apr
6754
Jan
.*
A Lt—
554% preferred.....100
0% preferred.......100
7% preferred—....100
Jones A Laoghlln Steel .100
Julian A Kokenge com...*
Kansas G A E 7% pref.100
Kennedy's Inc..
—.5
Mar
16%
*
1
19%
21%
Apr
500
15%
Feb
Mar
Jan
Jan
Jersey Central Pow
86
88
975
90
190
78
94%
Apr
97%
99
110
86%
Jan
9954
Mar
20
21
400
17
Apr
39
24
24
24
25
9254
91%
93%
Jan
National Fuel Gas
*
Nat Mfg A Stores
com...*
Jan
National Oil Products
55
55
1%
2%
Apr
10754
Feb
Apr
54
Jan
1%
2%
56
Jan
79
Mar
38
Jan
58
Mar
200
200
1%
Apr
Knott Corp common....1
11%
100
Apr
1%
11%
2%
Jan
11%
7%
Apr
254
3%
154
1354
8%
15%
Jan
Feb
Mar
Mar
Apr
39%
41
2%
pref. 10
12.60
National Tea 554 %
Transit
National
*
Nat Tunnel A Mines
10
Jan
Navarro Oil Co....
Jan
Feb
45
Mar
Jan
12
Jan
4%
41%
Apr
7
Jan
Nelson (Herman) Corp...6
32 %
Mar
Mar
Jan
Mar
41%
2%
1,600
200
Apr
5154
5054
"360
2
Apr
Jan
65
10%
Apr
11%
3%
Feb
Apr
Apr
954
%
Apr
Feb
New Haven Clock Co
854
Jan
New Idea Inc common...*
Lefcourt Realty common. 1
%
%
100
preferred
..*
Lehigh Coal A Nav—*
7%
7%
100
7%
0%
2%
400
si«
~9% "9%
"450
*
1%
100
10%
11%
100
22%
25%
1%
B
Locke Steel Chain....
.1
New Jersey Zlne
Jan
Long Island Lighting—
Common..
...*
3254
Newmont Mining Corp. 10
Apr
1%
15
Jan
New Process Co
Mar
17
Feb
N Y Auction Co com....*
Jan
8
23
Feb
N Y City Omnibus
Apr
154
Jan
Majestic Radio A Tel.... 1
10
Apr
1354
2254
Apr
3654
Feb
3,400
7%
Apr
954
Jan
1
400
%
Apr
Jan
New York Transit Co
Mar
N Y Water Serv 0%
Mar
Niagara Hudson Power—
Common
10
Jan
23 %
200
1954
Jan
30
1%
100
154
Apr
154
Jan
5%
'700
4%
89%
Apr
754
Jan
Mar
23%
Apr
100
90
1
25
26%
200
Apr
Feb
Mar
98
•ii
Feb
154
Mar
34
Jan
3,700
2
Jan
254
54
Mar
%
1%
1%
.1
Apr
1%
Feb
"it
25
.*
Jan
Mar
31
Mar
Mar
Manlschewitz (B) com
19
Mapes Consol Mfg Co...*
'
Feb
554
*
Marlon Steam Shovel
1554
300
16
2054
1
Massey Harris common..*
Master Electric Co
1
15
Feb
Apr
6%
17
2?4
*
Mass Util Assoc v t c
Mhr
"2% "2%
454
4%
15
4%
15
"loo
Apr
5
2
Feb
254
Mar
Mar
Jan
Feb
100
454
Apr
754
Jan
50
1454
Apr
1854
Jan
pf.100
6% 1st pref
100
6% 2d preferred—...100
5
$4 preferred
5354
*
Feb
Apr
1154
Jan
654
1354
Apr
Feb
Mar
Jan
Apr
6
32
100
2854
Apr
40
Mar
77
8154
354
225
69
Apr
8554
Mar
100
354
Apr
554
Jan
354
900
254
Apr
554
Jan
ht
Jan
Apr
3 54
*8054
354
254
3
100
Apr
1054
Apr
13
4%
50
400
~
Jan
554
Mar
6
Class B common
"
'154
1
13
iii"
600
754
Jan
854
Feb
154
300
154
Apr
1,400
54
Apr
1354
754
154
300
Apr
254
154
1554
Feb
Mar
%
Jan
Jan
Feb
8
12
>02*
"""26
*
Nineteen HundredCorp B 1
"
43
1
McWlUlams
9,.
Dredging
1054
Mead Johnson A Co.
•
Memphis Nat Gas
1054
400
6
com
5454
Apr
131
131
13254
125
4
Jan
254
Apr
554
Jan
4
100
4
Apr
554
Mar
Apr
54
Jan
354
3054
Mar
054
354
354-
4%
12
1154
1254
51
52
40
Mar
Jan
15
Mar
Apr
7254
Mar
Apr
1854
700
111
Apr
8
Jan
Apr
14
Mar
Apr
6254
Jan
154
Jan
Mar
,154
154
500
154
Jan
5954,
'bo
6054
900
5754
Apr
80
Jan
Mar
27
Jan
Apr
2
Jan
Apr
26
Feb
25
"160
"i'% "i%
"l%
23 54
154
2354
300
8
Jan
27
Mar
xl
100
2354
8
Jan
9
Mar
Jan
110
%
107
Mar
1354
4%
2254
Mar
99
10
99
4
Jan
•18 54
1 954
50
16
Apr
6
1954
Jan
Apr *10354
99
Apr
.
6,100
554
Apr
954
81
78
81
600
x77%
Apr
9154
6854
66
69
75
Apr
82
7.
654
654
h
66
>ii
700
6
.
100
154
Apr
454
600
354
Apr
654 "Mar
"4954 "5154"
454
454
Jan
9054
41%
Apr
6454
Mar
7
100
6 %■
Apr
754
200
154
Jan
Mar
Mar
87
7
200
454
Apr
154
554
1
1,500
A
Apr
154
Jan
53
54
650
53
Mar
Feb
15%
1554
200
1354
Jan
*
1554
1554
200
0% prior preferred
60
No Am Utility Securities.*
43 54
4354
10
1
Nor European Oil com
4
Jan
54
Feb
Mar
Mar
Apr
Northern Sts Pow cl A—25
Apr
Jan
0% 1st preferred
Oilstocks Ltd common
354
Warrants
54
654% A preferred... 100
Metal Textile Corp
59 '
59
1
9i«
" .54
10Q
154
3254
80
33
1
Apr
3254
Apr
...
Class A
v t c
»
v t c
*
354
Apr
31
Apr
""50
9754
II4"
l"00"
"1654
Feb
Feb
Jan
Mar
Jan
Apr
IOO""
"30
1154
2^300
150
11154
Feb
10454
20
"
n'%
Apr
Mar
26
10554
11254
Mar
Jan
11454
11154
Mar
Apr
105
Mai-
97
854
854
35
Apr
Apr
Apr
954
1354
43%
Jan
Mar
Mar
37 54
38
9654
50
154
154
100
1
Apr
10354
154
7
7
100
5
Jan
7
254
Apr
454
Mar
8
50
Jan
Mar
Paclilc Can Co common..*
Feb
Pacific G A E 0% 1st pf.26
100
400
Apr
*18
Mar
654%
Pacific
Securities
1st preferred...25
Ltg $0 pref
*
Jan
3 54
Apr
54
Apr
$1.30 1st preferred
Page-Herehey Tubes
Apr
1,100
"16
3,200
654
700
554
1354
50c
1354
98
98
254
Apr
12
Jan
Jan
Patchogue-PlymouthMWs*
Pender (D) Grocery A
*
1
200
754
300
%
7
Apr
Apr
Class
B
*
Peninsular Telephone com*
*
12
Minnesota Mln A Mfg...*
37
Jan
80
Apr
$2.80 preferred
*
115
Jan
$5
*
154
46%
Missouri Pub Serv com..*
For footnotes see page 2557
4454
4654
954
Mar
Apr
33%
Mar
2954
Jan
30
75
10454
Apr
20
68 %
:r2954
7854
450
7854
Mar
Jan
108 54
85
Mar
Apr
754
Mar
Jan
20
354
Mar
Apr
Feb
Preferred
Jan
2154
Mar
99
Jan
10154
Mar
6,700
454
12
12
4
Apr
Mar
754
354
Jan
Mar
100
11
Apr
54
354
16
400
Jan
3654
754
37
754
150
30
30
200
100
Apr
14
Mar
15
954
Parkereburg Rig A Reel..1
93
o 1 Canada
Minnesota P A L 7% pf 100
Miss River Power pref.100
Apr
3154
2854
554
2954
454
Paramount Motors Corp.l
Parker Pen Co
10
25
1
Jan
Feb
400
•
100
754
10
Mar
2,100
32 % x32 54
•
com.
American shares
1
Apr
Pantepec Oil of Venezuela-
454
200
.
9654
10554 10554
32 54
Pacific PAL 7% pre!. .100
Pacific Public Serv
*
254
354
6
37%
'
%
354
•
$2 non-cum div shs
24
Mar
9654
preferred....
"it
Midland Steel Products—
Midwest Piping A Sup
500
*
2%
%
6%
Mid-West Abrasive
29
,
1
$3
Overseas
554
716
ht
Class B
Midwest Oil Co
114"
0% conv prior pref.. 100
100
Middle West Corp com..5
Midland Oil Corp—
Co
•
110
1
Middle States Petrol—
pref
2054
6
16
300
54
*
10
Jan
'99% ioo "
100 alOl 54
com.
Omar. Inc
Steel Tube..2.60
Preferred
15
16
100
Apr
*
Bumper Corp._l
Gas A Oil
1
Sugar Co
Jan
Oklahoma Nat Gas
100
554
.
*
com
9354
54
*
Mexico-Ohio OH
Apr
'it
600
154
58
17
Apr
Oldetyme Distillers
26c
Partlclpat preferred-.16
Metropolitan Edison
$0 preferred
50
Apr
Apr
8754
17
17
Ohio P S 7% 1st pref... 100
Mesabi Iron Co....
654
81
10
27
Apr
454
1,200
50
9254
554
7 54
8
Corp
Apr
100
8
94%
10054
554
1254
85
9254
10
Engineering..*
Feb
Feb
85
pf.100
100
preferred
Northern Pipe Line
Ohio Oil 0% pref
100
Ohio Power 6% pref... 100
354
Jan
154
Apr
Ohio Edison $0 pref...:.
25
Jan
Feb
Apr
Apr
25
47
54
14
2554
Feb
ht
Mercantile Stores com...*
2554
Apr
43
354
Ohio Brass Co cl B
1
,
6554
2254
2154
Apr
Feb
6
Feb
Participating preferred.*
15
■
*
North Amer Rayon cl A—♦
common
Mar
Mar
1,200
7
"so"
...
preferred
Feb
154
454
Common
Mar
Mar
Jan
»H
Mar
Jan
Feb
2
"it
86
Merrltt Chapman A Scott *
Apr
Apr
1054
4654
500
50%
454
Memphis P A L $7 pref..*
Merchants A Mfg cl A
Mar
Feb
454
200
4%
1
Novadel-Agene
Feb
55
425
61
Electric.
Northwest
Jan
104
57%
5954
154
Jan
Apr
12
154
Jan
125
Jan
11154
5054
78J4
3954
100
"ldo
~~4% "~4%
454
6
Class B
Jan
7854
ni%
43
Class A preferred....100
Nlles-Bement-Pond
$6
Jan
Mar
154
~7%
1
Jan
45
154
6054
%
154
Noma
Jan
32
Class B opt warrants
Apr
100
McCord Rad A Mfg B_._*
Mining Corp
Jan
554
2,000
12
3 54
1154
1154
354
3354
Niagara Share—
7%
0% preferred
Mid vale
43
100
700
5 54
ht
Nor Ind Pub Ser 0%
McColl-Frontenac Oil
conv
Mar
40
54
Class A opt warrants
Nor Central Texas Oil
May Hosiery Mills Inc—
$2
1254
10
Nor Amer Lt A Power—
Oommunlca'ns ord reg £1
Michigan
Michigan
Michigan
Michigan
Jan
"260
Nlphwlng Mines
Marconi Intl Marine
Margay Oil Corp
Feb
6
154
35
ht
2
Feb
54
954
1
%
Manatl Sugar opt warr...
Mangel Stores
$6 oonv preferred
Jan
1,400
"id'
40
10
17,300
89%
26 %
954
Feb
N Y Pr A Lt 7%
9
Lucky Tiger Comb G M.10
Ludlow Valve Mlg. Co-
Lynch Corp common....6
"10
pref..100
$6 preferred
*
N Y Shipbuilding Corp—
26
Louisiana P A L $0 prel..*
Apr
H
15
N Y Merchandise
1%
Louisiana Land A Explor
54
N Y A Honduras Rosarlo 10
'22%
23
8
554
—
Jan
22
Apr
900
654
5
Warrants
Jan
24
Jan
Feb
5%
100
100
Jan
954
7
6
*
Mar
54
...»
Mar
New Mex A Arts Land... 1
Mar
Founders shares...
24 A
9
7% preferred
0% pref class B
Packing
Jan
54
7%
6
Lockheed Aircraft
26
354
22
Lone Star Gas Corp
69
1154
09
•
Feb
24
...
Loudon
Apr
Feb
Apr
22
1%
Loblaw Groceterias cl A
Class
%
1154
26
preferred....
2
22
1
Lit Brothers common
Mar
Mar
1154
1154
Tel 100
New England Tel A
Apr
400
ht,
.l
Upton (Thos J) class A
Mar
Apr
1454
$2 preferred
1554
...6
Mar
10
Jan
18
100
»
100
preferred.
New Engl Pow Assoc
0% preferred
7%
Apr
Lme Material Co
130
Apr
200
Nevada Calif Elec com. 100
Apr
9%
%
Le Tourneau (R G) Ino
Apr
654
*
1st preferred
1554
2%
12254
*
Class B
254
54
Neptune Meter class A... •
Nestle Le Mur Co cl A
Nat Union Radio Corp—1
Class A
Develop...26
Mar
{ Nebel (Oscar) Co com—*
Nebraska Pow 7% pref.100
Nehl Corp common
*
Langendorf Utd Bakeries-
Conv
54
National Sugar Refining.*
Mar
"10% "11%
com__^___l
Jan
12
73
57
Lakey Foundry A Mach.i.
Lane Bryant 7% pref.. 100
Apr
454
1154
11%
.
354
1,300
12
9
10
Mar
Jan
1,900
5
4654
54
44
44
Mar
454
5
4654
25
100
pref. 10
1
Jan
Apr
454
4654
200
59%
Jan
54
554
654
554
preferred...*
45
5954
59%
3154
2854
554
National Steel Car Ltd...*
"466
Kresge Dept Stores
Lane Wells Co
Conv part
Mar
Jan
Apr
Apr
Nat Service common..
9
9
*
Mar
Apr
2454
Jan
pref—*
National Refining com...*
Nat Rubber Mach
•
National P A L $6
Apr
Apr
Apr
Mar
Mar
152
50
4
12
9%
Mar
654
16654
*]«
com.l
60
Feb
100
78
11%
100
Lake Shores Mines Ltd..l
'
6%
20
71
78
Co com..*
Rubber Co 10
4% oonv 1st pref
Kress (S H) special
National City Lines
116%
Feb
254
Jan
9%
Apr
Mar
Jan
Mar
2954
National Candy Co
$3 oonv pref
Jan
354
554
100
6% pref
Feb
Mar
154
330
*27
Nachm&n-Sprlngfllled. ... *
com..—1
Nat Bellas Hess com
1
Mar
%
155
26
Nat Auto Fibre
Mar
5%
152
National Container (Del).l
9
100
554
23
Apr
Muskogee Co com—
•22?4
105
Klein (D Emll)
Kreuger Brewing Co
Lackawanna RR (N J)
Co.—*
Muskegon Piston Ring-2 54
Jan
20
100
554
Murray Ohio Mfg.
4
5% preferred D
100
Kingston Products
1
Klrby Petroleum
1
Klrki'd Lake G M Co Ltd 1
Koppers Co 0% pref...100
Jan
2
600
454
{Mountain States Pw com*
Mountain Sts Tel A Tel 100
112%
Ken-Rad Tube A Lamp A *
Kobacker Stores Inc
Apr
"20"
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltd 7% pf B 100
91
10
900
2
Moody Investors part pf-*
{Moore (Tom) Dlstlllery.l
Mtge Bank of Col Am shs—
Mountain City Cop com 6c
Mar
Apr
2
1454
154
1454
Apr
354
100
554
~1%
153%
34
954
2,300
19
12
354
19
1, 1939
High
Low
Shares
1J4
4
x27
34
4%
High
1154
1154
Montgomery Ward A—*
Montreal Lt Ht A Pow..*
34
-.1
A
Jan
Range Since Jan.
for
Week
of Prices
Low
Util—10
12%
c__*
Jacobs (F L) Co
Jeannette Glass Co
Klelnert (I B)
Monogram Pictures com.l
Monroe Loan Soc A
1
12%
%
Irving Air Chute
Italian Superpower
$2.60
Common
Molybdenum Corp
1
Monarch Machine Tool..*
12 H
Investors RoyaltyIron Fireman Mfg v t
Mar
10
6%
%
200
Price
Mock. Jud, Voehringer—
Montana Dakota
International Utility—
Week's Range
Sale
Par
High
5%
24 X
Registered
Internal safety
Low
4,100
2 54
2
2
25
Petroleum
Last
(Continued)
Shares
Indus A__*
Internet Metal
International
Week's Range
Sale
{Continued)
STOCKS
Range Since Jan. 1, 1939
Last
Sales
Friday
Sales
Friday
STOCKS
Leonard Oil
April 29, 1939
New York Curb Exchange—Continued—Page 3
2554
Mar
20
Mar
35
Apr
854
3954
Feb
Apr
12
Feb
29
Jan
3054
Jan
31
Apr
31
Apr
53
Jan
56
Mar
754
100
Penn Edison Co—
preferred
Penn Gas A Elec class A—*
354
Jan
554
Jan
Volume
New York Curb Exchange—Continued—Page 4
148
Friday
Isdst
Week's Range
for
Sale
of Prices
Low
High
STOCKS
Penn Mex Fuel Co..
Price
Low
Shares
X
1%
IX
IX
6%
104%
S6 preferred
Penn Salt Mfg Co
for
of Prices
Week
Par
High
Apr
7
Apr
2
Apr
IX
5X
Apr
2%
Feb
Line stamped
Sllex Co common.
Apr
9%
Jan
105%
Jan
105%
Apr
92 X
139 X
350
100
130
50
•
100
96
60
135
135
9,100
98
Pennsylvania Sugar com 20
Jan
100
167
Range Since Jan. 1, 1939
Shares
Low
16
Jan
hi
Singer Mfg Co
Singer Mfg Co Ltd—
100
77
80
450
74
Jan
84%
Mar
Pepperell Mfg Co..... 100
60
60
60
100
58
Apr
75
Mar
23X
175"
1%
27
Feb
Apr
Apr
10%
7%
Feb
118k
29%
2X
Feb
118%
Apr
30%
Jan
Jan
3%
Mar
2k
Apr
6%
Jan
300
7%
Phlla Elec Co *6 pref
Phil* Elec Pow 8% pre! 26
Phillips Packing Co.
*
Jan
Smith (H) Paper Mills
Solar Mfg. Co
Feb
"~30
1
3%
400
2%
2X
700
6%
400
4%
600
Pitts Bees ALE RR
60
Pittsburgh Forglngs
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co.l
Plough lac
*
Pneumatic Scale
7X
8
600
49%
53
140
93
93
6 %
,
IX
Polaris Mining Co
25c
Potrere Sugar common—5
2
700
28«
Jan
27 J
Jan
Apr
43
Feb
Apr
12%
Jan
Southern Union Gas.
Jan
1
Mar
7%
Apr
9%
Jan
Feb
8
Feb
2%
Jan
•11
Jan
Feb
Stahl-Meyer Inc
3X
100
IX
*11
Apr
Apr
12
101%
17
Apr
102
23
Mar
36
Pressed Metals of Am—1
7
*
5
"600
5k
16
preferred
*
Public Service of Coloredo-
'
Feb
3
Feb
Jan
Mar
Standard OH (Ky)
Standard Oil (Neb)
Mar
Standard OH (Ohio) oom
Mar
Jan
5
Apr
Jan
100%
94%
106k 105 X
10
104
Apr
107
1st preferred..—100
Feb
105%
108%
Apr
Mar
48%
48%
200
28%
48%
*
28%
25
6% prior lien pref
100
7% prior lien pref—100
|Pub Utll Secur 87 pt pf.. •
Puget Sound P A
*
86 preferred
*
Puget Sound Pulp A Tim. *
Pyle-Natlonal Co com—5
Pyrene Manufacturing.. 10
Quaker Oats common
*;
6% preferred
....100
Quebec Power Co
♦.
Ry A Light Secur com—♦
Railway A Utll Invest A..1
Raymond Concrete Pile—
preferred
83
eonv
com
18
.18
Jan
60
Mar
Standard SUver Lead
Mar
Standard Steel Spring
Standard Tube cl B
5
106%
Mar
Jan
%
Jan
Starrett (The) Corp v t o.l
Steel Co of Can Ltd...
14
200
1149
151
Jan
Jan
6%
4%
Mar
58%
25%
Apr
Feb
Jan
12
Jan
5%
40
108
Apr
Apr
158%
Mar
"ioo
9k
Jan
123
149
Mar
9 %
Apr
Feb
Jan
18%
12%
*1#
9k
Mar
Mar
5
330
„
13
36
37
»»•
200
12
Apr
Mar
Feb
Mar
21
200
35%
Apr
41
Jan
Mar
1
"ioo
2X
Apr
Apr
5
Apr
Jan
5
-11-
400
'
33%
7
Jan
Jan
%
Jan
Apr
12%
Mar
%
Feb
400
2%
%
Jan
Mar
1%
5
Jan
Apr
4
Jan
Rio Grande Valley Gas Co-
%
RochesterGAE16% pf CiOO
6% pref D
100
100
Rochester Tel 6% % prf 100
Roeser A Pendleton Inc
Rolls Royce Ltd—
Am dep rets ord
13%
k
'Ik
9%
100
9%
54
7% preferred..
Salt Dome Oil Co
7%
36
Savoy Oil Co
Scovill Mfg
Jan
Apr
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—100
Jan
Texon OH A Land Co——2
15
Apr
24%
13%
Apr
Feb
2%
Jan
Tobacco Prod Exports—. *
Mar
%
Jan
8%
3,200
Apr
Mar
45
43
Jan
150
Apr
71
Apr
7
Apr
6%
12%
55
350
35%
Apr
Feb
Apr
Feb
49
Apr
Jan
44%
3
Mar
Jan
Mar
Jan
%
65
Jan
Mar
4%
Jan
2%
2%
1,600
Mar
39
"600
2
Jan
Apr
3%
59%
Feb
9%
Apr
17
Jan
1%
i%
i%
200
1
Apr
1%
Jap
1
Jan
1
Jan
10%
10%
200
9%
Jan
20%
J 00
20%,
111%
18
ii *%
18
/
10
30
19%
114%
18
Apr
Apr
Apr
11%
27%
114%
22%
Jan
Mar
Apr
Jan
Plot
Series B pref
%
Apr
Apr
Feb
Mar
32%
Feb
Un
Mar
Jan
United
1
31
2/900
%
7%
7
7
2,800
%
4%
Jan
"u
8%
12%
Feb
15
%
%
*i«
3,300
%
Apr
1
Jan
b
5
—
10
*
Union Investment oom..*
Union Premier Foods Sts. 1
Union Traction
Co.—50
United Chemicals oom...*
500
Jan
Jan
350
58%
22%
2k
2%
4%
-
4%
"""50
n1
Apr
*ie
Jan
24%
2,900
15%
Apr
31%
Jan
Apr
2%
2%
5.
5%
nl
1,500
%
"6% "6%
1%
Apr
4%
Jan
900
Mar
Jan
Jan
107
4%
35
8%
Apr
6%
Apr
3
Mar
4%
150
Jan
5
100
v
7%
Feb
1
100
8
Apr
9%
6%
Apr
9%
11%
%
2
3,800
34
1%
100
Apr
Apr
2%
Apr
38%
Apr
45%
Feb
42
13
34
31
36
1%
Apr
14%
1%
4%
3%
32%
4k
100
4%
3%
500
x31%
32%
16%
17%
94% ,95%
Apr
'5%
3
Mar
300
31
Mar
5%
36%
1,900
14
94^
98
*"2%
300
2%
11
10%
,11%
10%
4%
4%
99
101%
4
500
Apr
8%
900
a4%
Jan
2%.
200
10%
i*n
22%
Jan
94
1,200
10%
Apr
Mar
69%
10
98
2%
%
Jan
%
%
16%
Apr
15%
Apr
16%
10
Jan
2
.
2
Feb
62
68
68
Apr
105%
Apr
111
3%
IX
100
1%
Apr
2%
%
Apr
Apr
5%
»!•
8
"6""
1%
"l2%
1%
500
11%
12%
200
12%
13%
'*3% ""3%
200
ioo
%
%
i'l#
19
100
18%
Apr
22%
Mar
88
91%
450
83
Apr
113%
115%
Mar
108%
Apr
10%
Apr
14
Mar
Jan
1 %
Jan
Apr
13%
11
12%
Apr
Jan
2
3
15%
2%
Jan
3%
Apr
4%
Feb
42%
%
5,600
500
%
7
1%
84
1%
82%
2%
300
84
91S
82
7,200
*1#
82%
110
1%
1%
1%
1%
2,800
2,400
Mar
74
1%
»u
Apr
Mar
1%
Apr
Apr
7
3%
80
92%
Mar
*«i«
Jan
%
100
United N J RR A Canal 100
19
7%
5%
3%
38
Option warrants
Am
Mar
2%
United G4E7% pref-100
86%
1%
Apr
1%
Apr
3
2,600
2%
36%
19
Apr
20%
69%
24
Feb
23
Jan
73%
5
dep rets ord reg...
United Profit Sharing—25c
10% preferred
10
United Shipyards ol A...1
Class B
1
3%
Apr
1%
""13%
Jan
Apr
8
13%
38%
Apr
3%
j--...
United Elastic Corp
United Lt A Pow com A.*
7
19%
200
.2
Jan
Jan
Apr
160
300
"Apr
Apr
1,000
warrants
*
United Gas Corp com
1
1st 37 pref non-voting. *
Jan
Apr
8%
21%
7%
20
9
Mar
5%
Apr
2%
800
200
9%
5%
2%
%
3%
%
.%
Feb
Mar
6
Feb
3
%
%
1,400
Mar
Jan
~%~
1%
11,700
Feb
98%
22%
:~ri66
Mar
"
1%
6%
Jan
1%
105%
22%
4%
81
20
*
United Milk Products...*
33 preferred
*
United Molasses Co—
Jan
Apr
20
109%
Common class B——*
%
15
108
Mar
Apr
Mar
Feb
63
100
Apr
101% 101%
Cigar-Whelan Sts.. 10c
Corp
5%
4%
14%
t%
70
5%
For footnotes see page 2557.
Apr
2%
"ioo
Jan
11%
100
69%
3%
111
Jan
Apr
14
6%
Apr
800
109
Apr
8%
Mar
6
109
Mar
6%
57%
3%
com._25
10%
Apr
2%
Jan
Mar
1
*
Feb
6%
""3% ""3%
9%
%
»u
Feb
Jan
1
37%
600
7%
Apr
£1
1
Apr
Apr
24
7k
33 cum A part pref..
36 1st preferred..
7
57 %
58%
25
6% cum pref ser AAA 100
Sherwin-Williams of Can. ♦
a
50
24
1%
10
Union Gas of Canada
1
»!•
Mar
14%
Seversky Aircraft Corp.—1
Shattuck Denn Mining
5
Shawlnigaa Wat A Pow—*
-
14
Unexcelled Mfg Co
13%
1%
1%
13%
Seton Leather oommon
Jan
Feb
1%
Screen-
Tung-Sol Lamp Works
-1
80c div. preferred- -- *
Ulen & Co ser A pref
*
28
14%
Serrick Corp (The)
21%
105%
%
....
Jan
Allotment certificates.-.
Sherwin-Williams
Lux
*
Tubize ChatUlon Corp— 1
Class A
-.1
Apr
Mar
Apr
Sentry Safety Control
Jan
Apr
Truns Pork Stores Inc.
5%
21
Selfrldge Prov Stores—
Amer dep rets reg
Apr
1%
22%
Common
Transwestern OH Co
25
1
85.50 prior stock
Trans
600
♦
stock
7%
Corp—
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont DeveJ 10c
Tonopah Mining of Nev.l
6%
*
Common
17
102
600
Def registered 5s
23%
Selected Industries Inc—
Convertible
300
£1
Ordinary reg
6%
*
Selby Shoe Co
24
24
Todd Shipyards
23%
6%
Segal Lock A Hardware—1
*
M ar
Apr
Tobacco Secur Tr—
10%
%
com
3/
10%
25
18%
105
Li*
18%
Feb
60
Mar
"
Warrants
Securities Corp general
See man Bros Inc.—
Tlshman
2%
"300
Ibx'nx
*
•
105
Jan
Apr
6
Tobacco AUled Stocks..
Apr
6%
#
com.
18%
18%
Tri-Contlnental warrants
2%
>■!+
Scullln Steel Co
5
1
Realty A Constr*
Apr
%
Scranton Lace common—*
Scranton Spring Brook
Water Service pref
600
*
15
Taggart Corp oom
1
Tampa Electrlo Co com..*
Apr
37
53
—26
Scranton Elec $6 pref
Selberllng Rubber
33.30 A part
Class B oom
Apr
5
«.—*
common
10
9
Swan Finch OH Corp
1%
2%
——.1
Samson United Corp com l
Schlff Co
Mar
3%
50
5
100
pref A
17%
Mar
Superior Port Cement
112
3%
.7%
*
conv
9%
900
40%
1
IX*
St Lawrence Corp Ltd
82
200
10
——_
9
37
82,50 oonv pref..
*
Ryan Consol Petrol
•
Ryerson A Hay nee com._l
St Regis Paper oom
12
9%
17%
Sunray Drug Co
4%,
%
52%
51
51
37
Safety Car Heat A Lt
Feb
9%
17%
9%
*
400
*
1
Jan
Jan
9%
5
"800
"l% ~~2
81.20 conv pref...—20
Ross la International.
*
Rustless Iron A Steel
Jan
2%
12%
8%
(Hugo) Corp
Sullivan Machinery
TUo Roofing Ino
24%
9
Royal Typewriter
*
Russeks Fifth Ave——2%
23%
Apr
Apr
~17%
5%
104
Apr
Jan
Mar
Apr
Taylor Distilling Co...
Apr
Jan
3%
20
100
2%
Technloolor Inc common.*
96
5
Royallte Oil Co Ltd
21;
1%
Stetson (J B) Co oom...
Oil
Mar
Apr
6% 1st preferred.
50
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
1
Stlnnes
«n
3
%
17%
28
Jan
%
102
112
reg—£1
—1
Mar
105
Thew Shovel Co com
Root Petroleum Co
%
100
H6%% pref
Feb
Jan
Feb
•
Rome Cable Corp oom..
Roosevelt Field Inc
1%
Tastyeast Ino class A...1
..1
Voting trust ctfs
21%
21%
6% % conv pref
50
Superior OH Co (Calif)-.26
Jan
4
2%
100
Apr
Mar
Sterchi Bros Stores...
Sunray
%
100
*
2%
10%
Jan
9%
1
200
Stein (A) A Co oommon
Jan
2%
2%
25
-
X
Jan
14
Stroock (S) Co
12
19%
ii«
phate A Add Wks Ino 20
34%
Reliance E ee A Eng'g—5
Radiator
Jan
16
.....
Reeves (Daniel) common
Relter-Foster Oil
50c
Richmond
Mar
350
4%
112% 113
6%
34%
Feb
Phos
99%
19%
4%
1%
%
Apr
Feb
500
1%
1%
2%
27%
100
2%
5%
200
1
Jan
575
•
Rice Stlx Dry Goods
Standard Wholesale
4
2%
14
300
6
29%
1
35
48
2X
i Reynolds investing
1
Apr
4%
Red Bank Oil Co
Reed Roller Bit Co
*
Jan
Apr
Mar
*
Preferred
44%
*11
46
*
60c
preferred..
Raytheon Mfg
Common class B
101
47
1%
10
18%
5%
100
preferred
93
13
Common
10
25
26
26
Public Service of Okla—
85
5%
Standard Products Co
Public Servtoe of Indiana—
25
29%
29%
Standard Pow A Lt—....1
6% 1st preferred—.100
87 prior preferred.
86 preferred
31.60 oonv preferred..20
Standard Invest 35% pref*
Mar
%
5%
8%
7%
152
Standard Dredging Corp—
Common
1
10%
7
*
Jan
2%
40
Jan
Apr
<i«
100
Apr
*
Standard Brewing Co
*
Standard Cap A Seal oom. 1
Conv preferred
10
Mar
.
Apr
26c
*
Apr
Mar
4%
55
Jan
300
10%
Spanish A Gen Corp—
Am dep rets ord reg—£1
Apr
1%
*
Prudential Investors
Apr
3
9
1
Profidence Gas
Mar
1%
10%
Am dep rets ord bearer £1
Spencer Shoe Co'
«...*
100
600
Pratt A Lambert Co.——*
Corp
Prosperity Co class B
Southland Royalty Co...6
South Penn Oil..
25
Southwest Pa Pipe Line. 10
Jan
Mar
Jan
3%
1%
8
Corp of Canada
*
6% 1st preferred
100
Producers
Jan
64%
1%
42
25
117
Feb
148
.
Preferred A
Apr
Power
Premier Gold Mining
Prentlce-Hali Inc com
1%
7% preferred
100
South New Engl Tel... 100
Southern Pipe Line
10
Apr
3%
5
Powdreil A Alexander
7%
Jan
6
X
Jan
43%
29%
28%
700
90
2
2%
Apr
28
200
X
X
Apr
29%
400
600
1%
28%
27%
6%
8
Mar
Jan
27%
8
7%
Jan
1%
5%
29
Mar
%
3%
Apr
5%% pref series C
.25
Southern Colo Pow cl A.25
93 X
10
com
1
Apr
Mar
Feb
2%
Apr
Jan
1%
40
7%
4%
3%
100
100
Apr
Apr
1 %
200
1
250
Apr
47%
84 %
84%
1%
5%
Jan
Jan
Jan
42%
18%
6%
Jan
219
1%
Apr
41
8
53
Feb
3
Apr
3%
1
South Coast Corp oom
Southern Calif Edison—
Jan
2%
.
2%
Apr
41%
29
Postage
Meter
Apr
170
41%
Apr
10
2%
Jan
6% original preferred. 25
6% preferred B
25
16
1
Pioneer Gold Mines Ltd-.l
Pitney-Bowea
1,000
18
.
Pines Winterfront Co..
4%
19%
6%
Con v $3 pref series A. 10
Pierce Governor common
*4%
Sonotone Corp
Boss Mfg com
Phoenix Securities-
Common
Feb
1%
700
181"
Sioux City G & E 7% pf 100
Skinner Organ
Apr
7
5
7X
common.
»n
13%
1%
1%
1!
181
Amer dep rots ord reg.£l
Periect Circle Co
Pilaris Tire & Rubber
Feb
Apr
oonv
78
Philadelphia Co
High
9%
_
Pa Water A Power Co..,.
,
High
25
pref
Simmons H'ware 4 Paint.*1
Simplicity Pattern com
1
Jan
Feb
S3
Mar
Apr
16
139%
Low
Simmons-Boar dm an Pub—
400
101
Price
Shreveport El Dorado Pipe
Mar
1*16
2
2.60
Pennroad Corp v t c
1
Penn Cent Airlines com._l
Pa Pr & Lt $7 pref
Week's Range
Sale
Range Since Jan. 1, 1939
1
Perm Traffic Co
Last
(Continued)
Week
Par
Sales
Friday
Sales
STOCKS
{Continued)
2555
Apr
237
Jan
6%
242
Mar
Feb
%
Mar
•1#
Jan
10%
10%
300
9%
Mar
10%
Apr
1%
1%
400
1%
Jan
1%
Apr
April 29, 1939
New York Curb Exchange—Continued—Page 5
2556
Last
Week's Range
Sals
of Prices
Low
High
Par
Pries
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
BONDS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Low
Shares
Range Since Jan. 1,1939
Week
Range Since Jan. 1.1939
Week
Par
High
1*
53
U 8 Lines pref..
—
200
IX
Apr
1%
Jan
U B Playing
...10
33
33
50
28 X
Jan
36%
Mar
196«
Oonv deb 5s
I960
Debenture 5s
1958
Debenture 6s
1969
Cities Berv PAL 6*s.l952
6*8
1949
Community Pr A Lt 6s '67
Conn Lt A Pr 7s A.-1951
12
12
100
10%
Apr
Jan
22*
3*
21
Feb
Mar
(BMt) 3*s ser N—1971
Consol Gas (Bait City)—
6s
1939
Low
$
High
71*
Jan
84
190,000
71
69*
45,000
66
Apr
Apr
78*
Mar
77
Mar
67*
72*
73
74*
11,000
Mar
Consol Gas El Lt A Power
22*
Price
United Shoe Macb com.25
Preferred
-25
74
76*
650
72
43*
75 *
43X
20
42
..1
—
let pref with warr
U S Plywood
"4
Jan
4
44%
4X
6%
X
Mar
900
3
Apr
200
4*
50
%
53
1*
1*
Apr
Apr
68
Jan
Jan
Feb
Jan
1
U 8 Radiator com
3
2%
IX
U 8 Stores Corp com
X
Jan
Feb
Feb
6*
he
Mar
Apr
700
U 8 Robber Reclaiming.
Jan
•u
50
Apr
Apr
ZX
20
16%
27X
4%
2%
H
.
$1* conv pref
1
•
$7 conv 1st pref
United Stores v t c
•
United Verde Exten—50c
United Wall Paper
2
X
*
X
X
1*
"u
300
1,900
IX
500
IX
IX
Universal Consol Oil....10
14 X
"
~3% "~VA
Jan
Apr
Apr
iiH
Feb
Jan
8%
Mar
19
Jan
13%
Apr
X
100
X
Jan
48%
Utah Pow a Lt 17 pref.
Utah Radio Products
1
Utility Equities Corp
$5.50 priority stock...
47*
48X
100
47 X
1%
IX
IX
100
IX
Jan
IX
Mar
IX
Mar
2%
42
Apr
IX
Feb
Mar
X
Jan
El Paso Eleo 6s A.
650
10%
Apr
Jan
Empire Dlst El 5s
1952
IX
Apr
Apr
Jan
20
Mar
22*
100
12
6*
1,000
ht
200
he
Petroleum...!
42
42
5%
4X
5%
4X
28%
10 X
West Va Coal 4 Coke
•
Western Air Express
200
300
3
200
2%
300
88
88
88
50
1
1
1
4X
he
X
8%
3%
Apr
Jan
Apr
2X
Apr
Apr
86
Jan
X
Apr
2*
Mar
Jan
100
32
Apr
Jan
♦
4X
4X
4X
400
Williams Oll-O-Mat Ht._*
*
WUlson Products Ino
"500
1
7*
7X
IX
2X
Wolverine Tube com..2.2
4X
4X
Woodley
Petroleum
84
84
2*
5X
0% preferred
£1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co.5
7X
Apr
Jan
61
167666
Jan
92*
Apr
104*
* 94*
*104* 106
Jan
Mar
Feb
68
91*
108*
Mar
Mar
Jan
68*
Jan
97
100*
108*
Mar
167666
106*
Jan
16,000
19,000
4*
4*
Apr
Apr
Apr
9*
Feb
*
4*
4*
4*
4*
4*
4*
XX
*
217666
*
Apr
1*
1*
Feb
Apr
66*
1
'"""*
*
60* 62
110* 111*
60*
111
23,000
53*
109*
Apr
51,000
66*
Apr
95,000
Jan
10
Feb
Jan
112
13 X
7*
99*
Jan
102*
Mar
39 *
Apr
107* 107*
6,000
107*
83*
10,000
81
Apr
50*
108*
87*
Mar
99
Apr
104*
15
Mar
101* 102
107*
45
*36*
83*
98*
97*
97*
98*
20,000
104»32
43,000
Mar
IX
Jan
1944
Gatlneau Power 1st 5s. 1956
104
1940
Jan
Jan
Apr
Feb
Feb
6X
5
Gen Pub Utll 0*s A.1956
♦General Rayon 6s
84
IX
4X
50X
104*
Jan
10
Gobel (Adolf) 4*8—1941
Grand Trunk West 4s.l960
Feb
Guardian Investors 5s. 1948
1947
1936
Jan
Hall Print 6a stpd
3
Jan
♦Hamburg Elec 7s
10
Jan
99*
Apr
Jan
99*
Mar
'
Jan
81
Apr
90
5,000
90
Apr
32,000
76
Apr
97*
90*
Jan
Mar
73
Feb
77
103*
Mar
105
Jan
75
Jan
87
Jan
92*
Mar
95*
Jan
58
Jan
104*
70*
Apr
Mar
25*
Apr
Apr
72*
29
Mar
66
66
20^666
60
67
65
67
8,000
60
Jan
72
Jan
89
89
89
2,000
87
Jan
91
Mar
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
Mar
Apr
95
67
Gt Nor Pow 5s stpd..1960
Jan
7*
6X
92
"5~666
90
102* 104* 285,000
2,000
62* 63
"96"
Jan
Mar
120
Gen Wat Wks A El 58.1943
Georgia Power ref 6s—1907
Georgia Pow A Lt 6s—1978
♦Gesfurel 6s
-1953
Glen Alden Coal 4s_—1965
Jan
94*
85
82*
X70
89*
A.1948
Mar
Mar
3M
97
Mar
Jan
1,000
82
90
Genera] Pub Serv 6s..1963
Feb
Jan
12
20
89*
90
82
General Bronae 6s
107*
1107* 108*
50
50
38*
45
38*
99* 100*
X
40
143
36*
Apr
"17666
47
Mar
45
lo'ooo
36
14,000
98
Apr
Apr
Apr
Jan
109*
Mar
52*
Jan
53
Jan
50
Feb
101*
Mar
Mar
♦Hamburg El Underground
Mar
9
Jan
Apr
Apr
92 X
-2*
Mar
2*
4X
Feb
Houston Gulf Gas 6s..1943
Apr
8X
Jan
6*s ex-warrants... 1943
Apr
6%
Jan
Apr
16%
Mar
1,300
Jan
Mar
35,000
101*
99*
Jan
12
104*
6s ex-warr stamped.
82 X
100
111
Apr
Florida Power A Lt 6s. 1954
10
500
Jan
102
Gary Electric A Gas—
Jan
Apr
Apr
Apr
107*
1,000
A St Ry 5*s—
Heller (W
E) 4s
w w
Houston Lt A Pr
100
99*
102*
102
109
7%
Apr
8X
Mar
Jan
I*
Jan
109
59
3*8.1966
94*
Jan
20*
100*
101 *
101 *
Apr
103*
Jan
103
108*
Apr
110*
7,000
'3,666
60
18*
Jan
Mar
Jan
Apr
Mar
40
x
Hy grade Food 6s A—.1949
6a series B
1949
7,000
6,000
23
23*
99* 99*
102* 103
102
102*
1938
..1940
159
59
Jan
60
3,000
62
Apr
66*
Mar
65
1 Feb
3*8.—1907
108*
108
108
"67666
107*
Apr
110*
111 Pr A Lt 1st 6s ser A. 1953
103*
103* 104
46,000
14,000
101*
95*
Jan
104*
Apr
103
Mar
101
Mar
Idaho Power
Sold
1st 4 ref 5s
1968
1st 4 ref 4*b.....1967
100*
100*
89* 90*
91*
92
99*
103
"67)66
Apr
Apr
*100
Jan
Feb
Mar
6 *s series B.
1953
105
Mar
5s series C
1951
6,000
96
Jan
104
Mar
Indiana Hydro Eleo 5a 1958
5,000
86
ioi'%
101
69,000
87
Jan
102 %
97
Mar
Indiana A Mloh Eleo 6s '55
105* 105*
8,000
104
1967
1,000
109*
Mar
106%
109%
Jan
109* 109*
51
53*
3,000
50*
Apr
63
Mar
10,000
49
Apr
62*
Mar
7,000
68
Apr
83*
Jan
36*
52*
97
95"
mx
97-
330,000
103 X 103 X
108*
3,000
108 X 108 X
89
87
33.000
105
12,000
79,COO
.
81*
103 X
Apr
108
Apr
83 X
Jan
Apr
Jan
Mar
Apr
Jan
5s
Indiana Servloe 5s—.1950
1963
1st Hen A ref 5s
108*
Apr
102
Mar
0*s series C
111
Mar
7s series F...
1952
109
109X
31,000
107X
Apr
107 X
106X 107X
119% 120 N
10,000
108
Apr
107X
Mar
Jan
Jan
Mar
15,000
118*
102 %
123%
104 X 104X
105
103X 103%
52 X
54 X
45,000
101X
Jan
104 X
Jan
50,000
41%
Jan
63X
Mar
53 X
37 X
37%
38
37
36
38 X
40 X
38
40%
Atlanta Gas Lt 4*8-1955
Atlantic City Elec 3 Ha '64
105
Mar
31
Feb
54,000
27%
Jan
Mar
Mar
94
Mar
Jan
107
110*
Jan
51*
53
78
79
36*
37*
39
40
4,000
36*
Apr
Apr
54
Mar
44
46*
3,0C0
41*
Apr
55*
Mar
Internationa! Power Bee—
46*
14,000
Jan
Interstate Power 5s—.1967
59*
58
61
94,000
55
Apr
09*
1962
42*
42
44
26,000
38*
Jan
49
Mar
Debenture
0s
Feb
Interstate Public ServiceAs series D
..1956
4 *s series F
—1958
Iowa-Neb LAP 6s—1957
—1901
6s series B
89
83*
89
"166*
Jan
92*
Mar
39,000
77
Jan
98*
Jan
87*
102*
Mar
18,000
14,000
98
Jan
102*
105*
83*
12,000
85*
102*
88*
102
Jan
108
Mar
Apr
105
Jan
100* 102*
82
v
Feb
Feb
32,000
30
Jan
Mar
Swa Pow A Lt 4*8—1951'
Pub Serv 5s
195
165"
104*
29 X
40
Jan
44%
Mar
Isaroo Hydro Eleo 7s.195.
41*
41*
44
7,000
103*
39*
Apr
52*
Jan
59
Mar
Isotta Fraschinl
60
60
1,000
59*
Feb
80
Jan
77
105
15,000
72 X
Jan
81X
Mar
Italian Superpower 68.1963
31
36
108,000
31
Apr
44
Mar
102 %
Jan
Mar
Jacksonville
105*
~5~,000
104
Apr
105%
106%
1,000
89
Apr
91%
Mar
85
Feb
87
Mar
41%
39%
47
1103
°
Jan
Apr
94*
54,000
2,000
37
75%
52*
85
42%
47%
46
"76"
Feb
42
3,000
53
1965
1967
104
109 X
9,000
90*
91*
♦Indianapolis Gas 5s A1952
Apr
99 X
7s series E
105 X
tioox 100 X
103 X
Mar
Avery A Sons (B F)—
wa
1107*
7s...1942
"36"
105"
"97)66
Jan
Gas—
5s stamped
1942
41 *
104 *
12,000
105* 105*
*105* 107-
38,000
Jan
47
103*
105*
Apr
107
Jan
100*
Mar
103*
17,000
40
104
40
Jan
108
Mar
119
Apr
101*
Apr
121*
103*
Mar
89*
Apr
97%
Mar
38
■
«
Mar
Jersey Central Pow A Lt—
6s with warrants—.1947
89
89
188
5s without warrantsl947
91
Works—
♦Convertible 6s.—_ 1950
88 X
Bell Telep of Canada—
1st M 5s series A...1956
91
36,000
108 X 108 X
12,000
121
1960
11,000
121
123% 123%
1998
1139
Birmingham Elec 4*sl968
Birmingham Gas 5s—.1959
96
Broad River Pow 5s. .1954
Canada Northern Pr 5s '63
93 X
Canadian Pao Ry 6s..1942
Carolina Pr 4 Lt 6s—.1958
m%
Cedar Rapids M 4 P 5s '53
Cent Ohio Lt 4 Pr 5s..1950
88
82X
Apr
116%
Jan
110*
123*
126*
Jan
5s series B.
1947
4*s series C
1961
94 X
80 X
92 X
105
81%
18,000
69%
93 X
6,000
100
101
87
%
86
105
102 X
86* 87X
100* 101%
38% 40
1948
38 X
6*s ex-warrants...1954
Cent States P A L 5*8 '63
39 X
39
40
64 X
62
64 X
Apr
Apr
Mar
75~6oo
102
101
123
96
104 X
114
Cent Pow 4 Lt 1st 08.1956
108 %
120
140
143
100 %
104 % 105
114
115%
Cent Power 5s ser D—1957
1,000
81
Apr
Jan
Jan
148*
97*
86%
1st mtge 5s ser H
6 *s series D
Jan
Apr
5*s series F
1961
1948
1965
"98"
5s series I
1969
93*
93*
92*
93*
103* 103*
35,000
Lake Sup Dlst Pow 3 *s '66
no"
.
98
93*
1,000
98
92*
1,000
41,000
19,000
103* 103*
109* 110* 185,000
94
Mar
Lehigh Pow Secur 6s..2026
Apr
♦Leonard Tlets 7*8—1940
120
40
105
Mar
Lexington Utilities 5s. 1952
101
101
47)00
103* 104
15,000
5,000
102%
97%
Apr
105
Mar
Llbby MoN A Llbby 6s '42
15,000
113
Feb
H5*
Mar
Long Island Ltg 6s...1945
94
9,000
101
Apr
103*
Feb
Louisiana Pow A Lt 5s 1957
107
91*
102*
Mar
Jan
13,000
81
Apr
16,000
98 X
35
Apr
Jan
46
125,000
66,000
32
Jan
55 X
Jan
48,000
2,000
105
30,000
96%
"37)00
101 * 101 *
Jan
Jan
74,000
120
120
1947
103*
Mar
♦7s without warr ts.1941
Mar
Marlon Res Pow 4 *s. 1954
46*
Mar
Mar
6s stamped
91
Feb
Mar
Mar
103
Mar
105
Feb
Jan
Jan
95
Jan
107*
Apr
Jan
29*
Mar
Jan
104*
Mar
1943
*45
51 *
62
Apr
66
96*
95*
Apr
96*
92
Jan
101*
Feb
82
Apr
91*
Mar
100
101
5,000
10,000
103
Apr
Jan
Mengel Co conv 4*8.1947
*82
85
Jan
Metropolitan Ed 4s E.1971
Feb
106* 106*
110* 110*
Apr
For footnotes see paste 2557
102*
Mar
McCord Rad A Mfg
69*
103
1,000
1.000
95
Mar
30
28 X
Chic Jot Ry 4 Union Stock
Yards 5s
1940
72 X
110*
Jan
Mar
Jan
103*
—
104
*93
50
103*
Jan
1,000
*29*
104
Memphis Comml Appeal—
Deb 4 *s
1952
Memphis P A L 5s A..1948
74%
Mar
Mansfield MIn A Smelt—
Feb
72 X
Jan
Jan
102*
74%
97
100
105*
Apr
46
Apr
8,000
98
50
100*
107
22*
~
105
Jan
17,000
13,000
"74 k~
93*
88*
Apr
95
94
100* 101
|*Chlc Rye 5s ctfs
1927
Cincinnati St Ry 5 Hs A '62
6s series B
1955
101
106* 107
Chicago 4 Illinois Midland
Ry 4*s A
I960
103
Feb
Kentucky Utilities Co—
Mar
Mar
Mar
105*
Kansas Elec Pow 3 *8.1966
Kansas Gas A Elec 6s.2022
Kansas Power 6s
1st M 5s series B...1957
Mar
100 X
Associated Eleo 4*8—1953
Associated Gas 4 El Co—
Conv deb 4 He O
1948
Conv deb 4*s
1949
Cent States Eleo 5s
Apr
Jan
Arkansas Pr 4 Lt 5s.. 1956
5s series O
96*
Jan
Ark-Loulslana Gas 4S.1951
Bethlehem Steel 6s
2,000
99
98
88 X
1950
99*
1947
102
105 X
Conv deb 6*s—1077
Assoc TAT deb 6 Ks.A'55
93*
$7,000
Amer Seating 6s stp—1946
Debenture 5s......1968
Jan
19.000
Am Pow A Lt deb 6s..2016
Oonv deb 6s
85*
105 X 106
Amer Radiator 4*8—1947
Appalachian Elec Power
1st mtge 4s
1963
Debentures 4*s_..J948
Appalao Power Deb 6s 2024
4,000
103 X 104 X
102mx
Aluminium Ltd debt 5sl948
Amer O 4 El debt 5s..2028
Apr
87
104 X
...1956
1st 4 ref 5s..
94*
86*
1967
Electric Corp—
6a series A
1st 4 ref 6s.......1045
1951
58,000
86*
Indiana
.
1st 4 ref 5s
96
Sf deb 5*s—.May
Bonds
99* 101
96
96*
100
Feb
Feb
1st A ref 6s ser C...1956
BONDS
Alabama Power Co—
Jan
Mar
Mar
81*
3,000
110* 110*
102* 102*
Apr
5%
4%
1%
68*
Feb
IX
6*
15
7
69
68
Mar
9
1st A ref 5*s ser B.1954
Baldwin Looom
3,000
96*
1,000
99*
35
287000
93*
99* 320,000
1
7X
Jan
79*
107* 107*
♦Hungarian Ital Bk 7*s'63
13*
Jan
128*
79,000
93*
Apr
5%
13X
102
Jan
85
tl07»w 107*
1961
100
1
5c
Apr
83*
107*16 107*16
Florida Power 4s ser C1966
Wool worth (F W) Ltd—
Amer dep rets..
111*
Apr
♦First Bohemian Glass7s'67
Banks 6s-5s stpd...
7%
Wisconsin P 4 L 7% pf 100
Wolverine Portl Cement. 10
Apr
58*
92
Feb
109*
Finland Residential Mtge
*
1
Williams (HO A Co
Mar
13,000
Feb
9
Westmoreland Coal Co...*
Wilson-Jones Co...
87
131
60*
Mar
10
Weyenberg Shoe Mfg
Apr
59*
—.1953
0*s series A
Jan
Western Tab 4 8tat—
Vot tr ctfs 00m
Edison El Hi (Boat) 3*8
Erie Lighting 5s—
1967
Federal Wat Serv 5*s 1954
Western M-u-yland Ry—
Weetmorel. nd Inc
Mar
100*
J100* 102
J126* 128*
93
Mar
86*
125
10,000
109* 110
99*
*19
92*
Feb
2%
200
1
7% 1st preferred
110
Mar
86
Mar
74*
129
Mar
5%
IX
200
2X
7%
«»„
9
X
IX
10X
3
1
1.25
25,000
78*
*129
53
7X
800
Feb
Feb
Apr
Welsbaum Bros-Brower..l
West Texas Utll $0 pref—*
I*
28
Apr
Apr
Apr
Apr
"l"66
10X
a
4
5X
X
IX
Walker Mining Co..
Jan
,6*
6
"~4X ~~4X
5*
Apr
»i«
300
—*
*
♦
Jan
Apr
10
-
*
82
82
72 *
77
Apr
Jan
Jan
Eroole Marelii Eleo Mfg—
22X
Va Pub Berv 7% pref..100
68,000
1950
5
Veneitiela Met OH Co..10
78*
Elmira Wat Lt A RR 5s '56
Jan
500
1
Wayne Knitting Mills...5
Eastern Gas A Fuel 4s. 1966
Mar
IX
Class B...
♦Certificates of deposit
he
IX
6
77*
Aug 1 1952
♦Deb 7s
200
1*
*
Aug 1 1952
♦Certificates of deposit
♦6*s
1,800
1
Van Norman Macb Tool.5
77
77*
71*
66
Detroit Internet Bridge—
X
"■
10 X
Wagner Baking v 10
1 Cuban Telephone 7*s.*41
Cuban Tobacco 5s
1944
Oudaby Packing 3*f.l«66
Delaware El Pow 6 *s.l969
Denver Gas A Elec 6s. 1949
20
he
77
24,000
78* 171,000
84
IX
IX
11*
WAltt 4 Bond olass A
Mar
70
Contl Gas A El 5s.-.1958
Feb
54
70*
60
05
Eleo Power A Light 5s.2030
7% preferred.....-.100
Voct Manufacturing
Waeo Aircraft Co...
Apr
00
Jan
69*
69
stamped.-.1943
6s ser A
%
Conv preferred
7
lUtU Pow 4 Lt common.
Oiass B
1
$4 oonv pref-.--
Apr
Feb
»»»•
70*
69*
Gen mtge 4*s
1954
Consol Gas Utll Co—
X
IX
Utility A Ind Corp eom..5
Valspar Corp ootn
Cities Servloe 5s
Jan
*
Wellington Oil Co..
Wentwortb Mfg
$
Apr
X
..0
Wahl Co ootnmon
Jan
6
Universal Products Co..
Utah-Idaho Sugar
Jan
Mar
3
300
1
Universal Pictures com
Apr
Jan
Jan
12
Universal Corp v t o
1
Universal Insurance.....8
Venesuelan
Jan
Apr
U B and Intl Securities.
Card
85%
2%
United Specialties com..
U 8 Foil Co class B_
Apr
44 X
Apr
70X
Jan
104*
55*
78*
72%
Jan
81*
4s series G
1965
25
Feb
Feb
17666
105*
Apr
108*
Feb
6,000
107*
Jan
110*
Mar
Volume
New York Curb
148
Exchange—Concluded—Page 6
Last
West's Range
for
Sale
of Prices
1, 1939
Price
Low
60
60
Milw Gas Light 4%s
1907
98 H
Minn PALlHs
1st A ref 6a
1978
99 H
97%
98 %
1955
103%
Mississippi Power 6a..l955
90 %
Miss Power A Lt 5e—.1957
Miss River Pow 1st 5s. 1951
Mar
101H
Mar
97 H
Apr
101%
Mar
102%
Apr
105
60
1,000
59
98 H
99 H
8,000
93 H
32,000
18,000
37,000
82 H
Jan
95 %
Feb
99%
Mar
109H
98 %
109 % 109 H
79 H
81
55,000
77,000
88 H
Jan
108 %
Apr
15,000
98
109 H
Feb
Apr
93%
103 H 103%
88
92
Missouri Pub Serv 6s.1960
Mar
98H
66 H
Jan
73 H
Jan
Jan
Feb
Mar
87
Montana Dakota Power—
5%a
1944
Nassau ft Suffolk Ltg 6s '45
Nat Pow ft Lt 0s A
2025
Deb 5s series B
100 H
82
99%
36 H
2022
Nelsner Bros Realty Os '48
Nevada-Calif Elec 5s. 1955
100 H
New Amsterdam Gas 5s '48
N B Gas ft El Assn 5s 1947
100
Jan
77
J&D
Feb
101H
Mar
86
106 H
Jan
99 %
Apr
37
12,000
107K
Jan
110H
Feb
11,000
115%
Jan
120 %
79%
101
"el"
96
Jan
27,000
76 H
Apr
1,000
118%
Jan
1,000
Apr
Mar
55
Jan
119
60%
61%
______1948
61
60 %
61H
10,000
54
Jan
72
66
60%
61%
62,000
64H
Jan
72%
Mar
Mar
New Eng Power 3 Ha-1951
New Eng Pow Assn 5s.l948
Debenture 5%s
1954
"61"
90 %
92
44,000
87 %
Apr
93 H
92 %
93%
18,000
90
Apr
98%
109
109
3,000
107%
Jan
Feb
New Orleans Pub Serv—
5s stamped
1942
100
100
♦Inoome Os series A.1949
N V Central Elec 5%s 1950
N Y P ft L Corp 1st 4%s'6?
1954
5s series C-.
82
*106
5,000
1959
96
104%
4 Ha series E
1970
103 %
96 H
50
United Lt ft Pow 6s
72
1945
Jan
113%
6Hs
5Hs
9,000
47
1,000
104 H
14,000
104%
96 H
99 H
57 H
108 H
4,000
2<lo66
6s series A
13,000
Park Lexington 3s
94
%
H
Jan
106 H
104 H
101H
100 H 101H
106%
1960
Deb 5Hs series B..1959
105
97%
104
94
4 Hs series F.
1961
Potrero Bug 7s stmpd.1947
'
PowerCorp(Can)4HsB
i09~~
Feb
99
Mar
Jan
108
Mar
Apr
105
Jan
108%
Jan
Mar
106
13,000
Apr
Apr
Apr
76
Apr
~I766o
51
Jan
108
99
Feb
17H
Jan
64
Jan
2,000
107
Jan
2,000
108 H
Jan
39 H
Jan
100 H
Jan
20%
2^666
♦6s series A
Mar
Jan
Feb
146
Apr
6s
Feb
♦German Con Munlo 7s *47
♦Secured 6s..
Feb
Jan
Mar
44%
105H
Mar
23
Feb
152H
Mar
106 H
Apr
Jan
107 H
Jan
Jan
90 H
♦Hanover (City) 7S...1939
♦Hanover (Prov) 6 Hs_1949
♦Lima
86
Scull in Steel 3s
1951
Servel Ino5s
1948
Shawlnlgan W ft P 4Hs '67
1st 4Hs series B
1958
Debenture 3%s
Ref M 3%g_May 1
1946
1960
9,000
,
11,000
1,000
29,000
5,000
34,000
(stpd)
108 %
Jan
110
18
Mar
Feb
20 H
135 %
Apr
'•
100%
49
27
Apr
31%
Apr
23
103K
Apr
Apr
105 %
Apr
•
Apr
20
Mar
Apr
20
Mar
Jan
22
Apr
14
Apr
20
Mar
10%
Feb
13
Mar
£19
17
25
16
16
"5^666
10%
10%
1,000
11
11
1,000
•
15
Feb
14
9
Jan
9
26%
*24
26%
t.
26%
26%
26
26
1954
6%
1,000
25%
Jan
Jan
26%
Mar
Mar
32
*10%
25%
Jan
26%
26
Apr
26
Apr
11%
Apr
16
Jan
90
Apr
96%
Mar
Jan
Jan
Jan
Jan
15
Mar
47
Apr
52
10%
3,000
11,000
17
1946
*24
Apr
14%
Jan
Apr
14%
Jan
32
♦7s ctfs of dep
1947
*24
32
♦6%s ctfs of dep...1947
Mtge Bk of Denmark 6s '72
*24
32
♦5 Hs—-
10%
%
90%
12%
8%
10%
17600
%
5,000
%
%
£%
1921
11,000
"
6%
%
47
♦Santiago 7s
1949
*9
11
1901
9
9
106
Feb
Apr
105%
Apr
Mar
105 H
"17600
14%
%
%
Mar
Feb
Jan
Mar
Feb
Mar
103 H
90
47
4,000
76 H
90
13,000
99% 102 % 100,000
Jan
95%
Jan
104H
9
Mar
liOH
112H
~6766o
Feb
106H
110%
♦7s
Feb
94%
Mar
104% 104%
109% 110%
4,000
103 H
Apr
108%
Jan
108%
Jan
111
Jan
103 H
Feb
4,000
ill %
14,000
103%
83
7,000
102%
Feb
105%
52 H
103 %
102
Apr
104%
81
Apr
4,000
104 H
94 H
106 %
105
42
Jan
,
11,000
110H
42
83
"17666
87
42
Apr
Jan
Mar
Mar
Feb
Jan
Mar
Jan
Mar
♦
58
59
42,000
66
70
Mar
70%
54
Apr
70
Mar
6s gold debs
1957
Standard Invests 5Hs 1939
Standard Pow ft Lt 6S.1957
♦Starrett Corp Inc 58.1950
58 %
59 H
6,000
£59
54
Apr
69 H
Jan
96 H
Mar
57%
59%
707666
53 H
Apr
70H
21H
5.000
20
Apr
35
50
Apr
64
Mar
1,000
34
Apr
50
e
99%
42H
99
99%
29,000
88 H
Jan
42 H
5,000
38 H
Apr
63 %
Jan
97
Apr
102 H
Mar
100
40
100%
week.
„
which have been called
1 at 105.
Co. 6% % pref., July 1 at 100, plus dlvs.
5 at 104%.
Cash sales transacted during the current week
No
y
35
No sales were transacted during current
traded flat.
-
and not included In
weekly or
yearly range:
Jan
52
35
r
Western United G ft E 5%s 1955, May
Jan
£50
Bonds being
Stein (A) ft
Mar
20
year's range, n U nder
Cash sales not Included In year'r
Deferred delivery sales not included In
Cuban Telep 7%s 1941, Sept.
Mar
87
60
a
In their entirety:
Mar
31,000
value,
Ex-dlvldend
{ Reported In receivership.
?Tbe following is a list of the New York Curb bond Issues
Mar
55
Apr
Apr
70 %
27,000
57H
x
£ Friday's bid and asked price.
♦
Mar
Apr
No par
the rule sales not included In year's range,
range,
Feb
30.000
16%
♦Santa Fe 7b stamped. 1945
59 H
99 H
Feb
16%
Jan
59 H
59
l"66"
35%
1,000
Apr
58
6Hs—1953
Jan
6,000
65
■58
Texas Eleo Service 5s.I960
Jan
28%
17%
107
57%
Ternl Hydro-El
96%
17%
♦Russian Govt 6Hs...1919
58 H
Tennessee Eleo Pow 5a 1956
Apr
17
Mar
58 H
1946
Jan
Apr
17%
Jan
1951
2d stamped 4s
£
*11%
Debenture 6s.Deo 11966
Stinnes (Hugo) Corp—
2d stamped 4s
1940
100
85%
85
7,000
31
♦Parana (State) 7s...1958
♦Rio de Janeiro 6HS.1959
Mar
54 H
20
Mar
♦7s ctfs of dep. May '47
Feb
Feb
103H
105% 106 H
Debenture 6s
22
Mtge Bank of Columbia—
102
£83 %
58 H
Feb
Mar
♦Mtge Bk of CbUe 08.1931
6,000
£103H 103%
1948
1948
Mar
Mar
Jan
13,000
103
Conv 68 (stpd)
Feb
25%
15
♦Issue of Oct 1927
Standard Gas ft Elec—
6s
25%
Apr
10
Mar
49,000
£104%
So'west Pub Serv 6s..1945
Jan
21 %
19%
1,000
15
35
104%
111
S'weetern Assoc Tel 5s 1961
S*western Lt ft Pow 5s 1957
So'west Pow ft Lt 6s..2022
22
30
Jan
88
103% 104 %
110
42
Jan
12
Mar
Jan
Jan
134
137
88 %
110H
Mar
Feb
Apr
104
102 H
Jan
10
11%
22%
♦7s ctfs of dep
51H
11
Mar
11%
♦Issue of May 1927
Mar
16%
6,000
17%
105 H 107
Mar
10
63 H
104 % 104 H
78
79
104
Ref M 3%s B.July 1 '60
1st ft ref mtge 4s...1960
Sou Counties Gas 4 Hs 1968
Sou Indiana Ry 4s
1951
50
51
let 4 Hs series D
1970
Sheridan Wyo Coal 6s 1947
8ou Carolina Pow 6s.l957
Southeast P ft L 6s...2025
Sou Calif Edison Ltd—
92
£20
105 H
11%
14%
♦7s ctfs of dep. Oct '47
£29
100 H 101%
Jan
£13%
*11%
*11%
1958
7s
28
23
"24%" Mar
Mtge Bk of Bogota 78.1947
Mar
100%
(City) Peru 6Hs '58
♦Maranbao
♦Medeliln 7s stamped. 1951
♦7s ctfs of dep
..1951
Mar
Jan
Scripp (E W) Co 5HS.1943
1947
♦6 %b ctfs of dep
3,000
87
1953
Mar
20 H
77
109 H
109 %
70 H
23
3,000
£18
22%
1952
Dansig Port 4 Waterways
♦External 6Hs
1952
72
♦Schulte Real Est 6s..1951
8%
11
87
89
Apr
Mar
227600
"
♦Prov Banks 6s B..1951
86%
£80
38
65H
78,000
23%
Apr
17
39,000
22
Jan
27
,
30
43,000
23 %
1,000
13%
14
tU%
18
£11% * 14
1948
£11
83%
♦Saxon Pub Wks 6S...1937
28%
Jan
18
♦6%s ctfs of dep... 1959
Danish 5 Ha
.1965
81%
£136
Feb
"24% ""Jan
18
Feb
80
78%
Sap Joaquin L ft P 8s B '52
25%
30
81
109
Feb
26
18
£23
79 %
£17
Jan
94%
18
£23
83 H
109
94
Apr
18
♦6s ctfs of dep. .July *61
86 %
109
Apr
86%
18
♦6s ctfs of dep..Oct '61
Cundlnamarca (Dept of)
1950
♦Ruhr Housing OHs..1958
Safe Harbor Water 4 Hs '79
{♦St L Gas ft Coke 6s. 1947
87
4,000
21,000
30
Mar
Feb
1st ft ref 4H« ser D.196G
Queens Boro Gas ft Elec—
83
89 %
Mar
95%
97H
113H
103.
109%
82
89
86 %
Jan
Feb
Columbia (Republic of)-
75%
5 Hs series A
1952
♦Ruhr Gas Corp OHs.1953
105%
Cent Bk of German State ft
86
1st ft ref 5s ser C
Jan
Mar
109 H
.
88
89
"89 %
♦7%s ctfs of dep...1946
41%
106H106%
102%
Feb
Mar
16%
♦7s ctfs of dep
£146 H 147
1965
104
17
Mar
Pub Serv of Oklahoma—
4s series A
Jan
£12H
Mar
30
Puget Sound B ft L 6 Hs "49
Jan
100%
17,000
103%
104% 104H
Feb
Feb
106
Pabllc Service of N J—
0% perpetual certificates
106
i6766o
102 H
104 H
Apr
105%
106%
£106
102%
104%
Apr
Mar
Mar
103H
111H
103
4,000
104% 104%
104%
63
19
Jan
2,000
£16
Apr
1,000
15
Jan
16,000
103
60
53
Feb
91H
76 %
*59
102%
99
14,000
102 %
Jan
Feb
Mar
100 %
92%
♦Prussian Electric 0s_. 1954
Apr
60,00C
62 H
♦Caldas 7%s ctfs of dep.*46
♦Cauca VaUey 7s
1948
37 H
13,000
91 %
45
Jan
105%
113%
Bogota (see Mtge Bank on
17,000
'
Jan
22,000
Feb
Mar
15
Mar
24,000
£43
108
18
103%
93 H
109
108%
Apr
19%
102
102 %
D ctfs of dep. 1945
Jan
95%
22
£16
68 H
70 %
108% 108%
31%
Jan
105
104
110 H
18
ser
97
94 %
"68 %
Jan
107%
2~l7666
104% 105
113H 113H
ctfs of dep. 1945
66,000
93
Potomac Edison 6s E.1955
48,000
105%
105
♦Bogota (City) 8s ctfis.1946
102 %
Portland Oas ft Coke 5s '40
23% 26 H
tl08% 110H
C ctfs of dep. 1946
Mar
6,000
♦Pomeranian Elec 6s.. 1953
Mar
B ctfs of dep. 1946
ser
Mar
14,000
97
91%
20
ser
104H
103H
105
Mar
Jan
11%
ser A
♦7s
Mar
Jan
106% 106 H
97
95
82
11%
tll%
£11H
£11H
£11H
£11H
£11H
£17
£19
*7s
Jan
103
£103
87
1,000
32
Jan
103
"46"
17,000
of) Co¬
♦7s
106%
"97"
92 H
88%
♦78 1st ser ctfs of dep.'67
♦78 2d ser ctfs of dep.'57
4 Ha series B..
1958
Peoples Gas L ft Coke—
Pittsburgh Steel 6s...1948
91
32
Jan
Penn Water ft Pow 5s. 1940
PIsdm't Hydro El OHs '50
Pittsburgh Coal 0S..1949
Mar
32
98
102H
76 %
40
Apr
Mar
94%
£24
1,000
112H 113
Apr
Apr
£24
Apr
105H
113"
68%
81%
41,000
Feb
115%
79%
£24
Mar
3,000
Pblla Eleo Pow 6Hs..l972
Pblla Rapid Transit 0s 1952
Jan
'47
87%
107
93 H
112
90
,
Aug '47
113 H
107
1981
Apr
Apr '48
Jan
107
..1951
4,000
2,000
Apr
Mar
78%
30
Apr
Apr
Jan
4s series B
Mar
Feb
72
104%
lumbia—
*
Mar
Mar, 113H
106 H
4s series D
82%
107
2,000
9,000
19,000
30
♦7a
4,000
1954
Mar
Mar
Mar
£26
♦78 ctfs of dep. Jan
Mar
108H109
5s series D
80%
Mar
£26
♦68ctf8ofdep
Antioqula
(Dept
Mar
102 H
109
Penn Pub 8erv 0s C—1947
27%
Apr
96%
£24
91
105
101
Apr
68
98%
Jan 1947
eilooo
100
105
23
Apr
Jan
Apr 1946
♦68 ctfs of dep
Jan
Penn Ohio Edison—
0s series A.,
Jan
27
17666
13,000
Apr
♦7s ctfs of dep. Apr '46
32
100
26%
"
MUNICIPALITIES—
12,000
95 %
100
Jan
Agricultural Mtge Bk (Cob
Apr
76
Mar
52
89 %
♦7s 3d ser ctfs of dep..'57
♦Baden 7s
1951
38
£36
"94
32,000
.
98
112%
118
Apr
Mar
FOREIGN GOVERNMENT
Mar
112 %
89
1,000
1947
AND
Mar
1,000
3,000
Jan
40%
91
1937
Jan
109
Jan
84 H
{♦York Rys Co 5s
Stamped 5s
102H
Jan
Jan
90
25H
Wheeling Eleo Co 5S..1941
Wise Pow ft Lt 4s
1966
Yadkin River Power 5s *41
Apr
Mar
91%
84
Jan
116%
88%
♦5s Income deb
1964
Wash Ry ft Elec 4s...1951
Wash Water Power 5s 1980
♦20-year 7s
101H
90
Mar
52%
liTooo
91%
♦20-year 7s
3,000
112H 112H
84 H
61%
Apr
96
94
1946
Jan
97%
83%
1st ref 5s series B...1950
Oe
Jan
Feb
104%
Jan
31
Waldorf-Astoria" Hotel—
105 %
108
115H
71H 71H
82%
83 H
£94
95
"94"
Feb
112% 112%
Pacific Gas ft Elec Co—
1st 0s series B
1941
97
1944
81%
4,000
8.000
115
115
6Hs A..1946
102
16,000
96 H
4Hs
Va Pub Serv
Mar
Mar
102 % 102 %
Pacific Coast Power 6s '40
...1973
107
15,000
81
81H
Utah Pow ft Lt 6a A..2022
Apr
Apr
Apr
29,000
74 H
74
106% 107
107
1952
104
105
50%
Feb
Jan
?
117X 117H
41
41H
35
*23 H
24
,24
72 H
71%
74
1959
6s series A
Mar
58
Apr
95%
1974
(Del) 5Hs '62
United Lt ft Rys (Me)—
Mar
107
105 H 105 %
99
100
166""
Okla Power ft Water 6s *48
1971
106 %
Jan
1975
Un Lt ft Rys
Mar
Apr
5,000
10 4% 105
103% 103 %
1961
Penn Electric 4s P
Jan
Mar
19,000
Mar
103 %
2,000
£106% 108
N'western Pub Serv 6s 1957 '"■99 %
98 %
99 H
Ogden Gas 5s
.1946
109
109
109
1954
Penn Cent L ft P 4HS.1977
1st 6s
1979
109
Mar
96
86,000
West Newspaper Un 6s '44
t West United CAE 5Hs'66
Jan
99
107
35
4JH
Feb
Jan
58
117%
106%
Jan
34%
United El Serv 7s
1956
♦United Industrial 0He '41
♦1st s f 6s
...1945
High
Jan
57
Mar
86 H
104
Low
103
57%
Conv 6s 4th stamp.1950
United Eleo N J 4s.. .1949
Feb
Mar
99
105H
Apr
106%
105
5s series D
Jan
50
N'western Elee 0s stmpd'46
Pacific Invest 6s ser A.1948
Pacific Ltg ft Pow 5s.. 1942
Paolfio Pow ft Ltg 5s
1955
79
108H 108%
Tosh
...1906
Okla Nat Gas 4 Hs
6s oonv debs..
Jan
45,000
104
West Penn Elec 5a
2030
West Penn Traction 6b '60
West Texas UtU 5s A 1957
Feb
112H
31,000
56
49 H
96 H
Apr
101%
104 H
90,000
-
*113%
*54"
Feb
99%
89%
102 H
21,000
106% 107 H
102 ■ 102%
107%
Nippon EI Pow 0HS..1953
No Amer Lt ft Power—
5 Ha series A
1956
Nor Cont'l UtU 5%s._1948
No Indiana G ft E0S..1952
Northern Indiana P 8—
93
.....
82
N Y State E ft G 4%s 1980
N Y ft Westch'r Ltg 4s 2004
Debenture 5s
100H
91
*103
New York Penn ft Ohio—
♦Ext 4%i stamped. 1950
16,000
105% 105 H
Twin City Rap Tr
6Ha '52
Ulen Co—
Mar
109
95%
$
High
99%
86%
Mar
deb"5sI"II"l950
5s_
Low
2,000
24,000
Feb
Mar
72%
Price
93 H
„
26,000
Par
92 H
Apr
89 H
Range Since Jan. 1, 1930
Weet
02%
Apr
120 %
Jan
for
of Prices
Tide Water Power 5s. .1979
Tlcti (L) see Leonard
Mar
33
98
Wect's Range
Sale
Texas Power ft Lt 5s..1956
6s series A
2022
Apr
92 H
110% 110 H
120 %
100H100H
79% 80 %
118H 118H
"120 %
fle series A
83
102% 106H 107,000
97
99 %
80,000
9,000
36H
37
"l06%
2030
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4 Ha. 1981
8,000
2,000
100% 100H
Last
,
5,000
96
95%
98 H
High
Low
%
High
Middle States Pet 6 %s '45
Midland Valley RR 5s 1948
Oonv
BONDS
(1Concluded)
Range Since Jan.
Weet
Par
Sales
Friday
Sales
Friday
BONDS
(Continued)
2557
sales.
Under-tbe-rule sales transacted during the current week
and not included In
weekly or yearly range:
No
Feb
t
n
sales.
Deferred delivery sales transacted
during the current week and not
Included
weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod". certificates
of deposit; "cons," consolidated:
"cum," cumulative: "conv," convertible; "M," mortgage; "n-v,"
o," voting trust certificates; "w t," when issued; "w w." with
"v t
without warrants.
non-voting stock:
warrants: "x-w "
2558
Financial
Chronicle
April 29,
1969
Other Stock Exchanges
Friday
Baltimore Stock
iMSt
Sales
Week's
Sale
Stocks—
Par
Arundel Corp
Bait Transit Co
Price
com v t c.
how
High
Shares
Low
30c
35c
20%
30c
Apr
24%
Mar
5c
Jan
com
.
.
Black & Decker com.
200
6
Apr
8X
Mar
200
11
Apr
15X
Mar
5
50
5
Apr
8X
Jan
Jan
Mar
—25
Amer Tel A
Apr
.10
Jan
*
2%
3%
725
Asbestos Mfg Co com
3X
2%
Apr
3%
Apr
Athey Truss Wheel cap—4
Jan
Automatic Products
Jan
Aviation Corp
19
80
74
168
16
110
Davison Chem Co com, 100
5%
5%
5%
5%
\4%
14%
H6X U7%
100
Preferred
1
14%
20
Deposit
Mar Tex Oil
30
27
11%
18
375
80%
Mar
Apr
Jan
Apr
8%
5%
Apr
Apr
14%
Apr
Jan
128%
Mar
29%
16%
Apr
35%
Jan
Apr
21
Apr
Apr
1.40
12%
112
80c
A
94c
2,185
71c
70c,
i
Common class A
55
29X
19
Jan
4
180
Fidelity A Guar F Corp. 10
Houston Oil preferred..100
22%
Apr
Mar
5%
22
Eastern Sugar Assoc com. 1
16
16%
71
80c
673
70c
Mar
Jan
1.40
7X
16X
16X
150
16 X
Apr
31X
31X
70
28 X
Apr
19X
47X
157 X
159 X
773
147 X
Apr
170X
3X
4X
%
950
3X
Apr
6X
X
1.20
19
7
"1%
Armour A Co common—5
326
16
16%
100
X
Mar
1
Jan
~~2~%
2X
2%
150
2%
Apr
3X
Feb
50
Feb
Co—*
Tel Co cap. 100
1.30
73
1939
High
12
1.25
*
Low
5
7%
1.30
Braver Eisenberg Inc com 1
Consol Gas ELA Pow...*
Range Since Jan. 1,
for
Wtwlr
' V tCK
Shares
High
12
Class A
Mar
Low
10
*
Benesch A Boris Inc
Fidelity A
High
Price
Allls-Ch aimers Mfg
286
20%
com__l
of Prices
Allied Laboratories com. .*
Allied Products com
359
20%
30c
*
Range Since Jan. 1, 1939
Par
{Continued)
Aetna Ball Bearing
for
Week
20%
...»
1st pre! vtc
Range
of Prices
Stocks
Week's Range
Sale
April 22 to April 28, both inclusive, compiled from official sales lists
Friday
Sales
Last
Exchange
1
Jan
Jan
com.5
IX
2X
4X
5%
500
IX
4X
Jan
3
Apr
8X
Aviation A Trans C cap.l
2X
8X
2%
450
2X
Apr
4
8X
50
7
Jan
iox
Mar
400
10
Apr
13X
Mar
(Del)
6
Bastian-Blesslng Co com.*
Belden Mfg Co com
10
Barlow A Seellg Mfg A com
Jan
1.25
1.05
1.25
520
500
6X
Apr
lix
Jan
21X
1,850
16 X
Apr
8X
450
7%
Jan
29 X
10
Mar
3X
4X
200
2X
Apr
5X
Jan
15
15X
650
13X
Apr
20 X
Mar
22 X
21X
23X
1,155
20
Apr
32
JaD
17 X
17 X
70
17
Jan
20
Mar
7%
Jan
2.00
Feb
New Amsterd'm Casualty 6
North Amer Oil Co com.. 1
12 X
12H
12%
847
(New) common
10X
Apr
14%
Jan
Brach A Sons
1.25
1.15
1.25
950
1.00
Feb
1.25
Jan
Brown Fence A Wire—
83 %
83 X
3
83%
Jan
88 %
Mar
19%
20
3,661
16%
Apr
23%
Mar
Jan
Borg Warner Corp—
1.00
Jan
"~4X
1
Binks Mfg Co cap
1
Bliss A Laughlln Inc com.5
8
Jan
19X
8
20 X
Berghoff Brewing Co
Mt Vm-Wdb Mills com 100
12
11X
X
8X
5
Bendix Aviation com
12
1%
Northern Central By...50
U S Fidelity A Guar
2
'19%
"
Bonds—
Bait Transit 4s flat... 1975
B 5s.
Finance Co of Amer
19%
Apr
84%
84
Apr
21
$14,000
84%
1,000
99% 100
12,000
4% '47
__..l
*
Boston Stock
96
Jan
24%
86%
Jan
Mar
100
Feb
Sale
Par
Price
of Prices
High
Low
non-cum
Range Since Jan. 1, 1939
Week
Low
50
1%
Jan
2,259
147X
Apr
150
%
Jan
Blgelow-Sanf'd Carp pf 100
Boston A
Albany
70
100
75
Boston Edison Co
100
137
Boston
100
44
Elevated
%
35
74
331
74%
75%
134% 137
41%
44
Jan
1,000
17X
Jan
Mar
2%
200
2%
Apr
3X
650
6
Apr
9
5% conv pref
—.30
Campbell Wyant com—
19X
19X
18X
Jan
23 X
Apr
9X
30
Mar
10X'
10X
10
Apr
16X
Jan
17
17
50
16
Apr
23 X
Jan
com20
13
13
40
J2X
Jan
15
Jan
64X
65X
290
64X
Apr
75X
4X
100
*
Central Cold Storage
pref..*
*
Convertible pref
65X
4
4
Feb
Feb
6
Apr
1
——*
IX
48
1%
170
Mar
Mar
Apr
82
71%
Apr
89%
Mar
Cherry Burrcll Corp com.5
Mar
1%
67
"63 X
Jan
146
Mar
Chic Flexible Shaft com..5
295
38%
Apr
56
Mar
Chic & N W Ry com...
16
Apr
19
Jan
Jan
55
Mar
Jan
108
Mar
Apr
ox
Mar
Jan
16X
Feb
12%
IX
Apr
15X
4,700
Apr
2X
JaD
33 X
Apr
38 X
Mar
62
Jan
78 X
Mar
50
200
12X
50
IX
IX
33 X
100
*
IX
15
2X
15X
IX
Feb
Chicago Corp common—*
Preferred
*
381 rl27
Apr
100
12 X
2X
Jan
1
45
80
950
51
15
•
230
IX
IX
48
100 X 100 X
preferred
*
Cent States Pw A Lt pref. *
Chain Belt Co com
*
34
1,600
63 X
65
300
2%
Jan
17%
20
17%
Boston A Maine—
Prior preferred
100
Class A 1st pref std.. 100
Class B 1st pref std-.100
1%
1%
7%
1%
Boston Personal Prop Tr.*
Boston & Providence. .100
"ll%
X
X
125
X
Apr
1
Jan
68 X
68 X
20
67%
Jan
72
Feb
Chic Yellow Cab Co com.*
Boston Herald Traveler..*
$x
8%
150
61X
64%
2,058
Chicago Towel com
108
6
JaD
11%
Mar
Chrysler Corp common..6
1%
200
1%
Jan
3%
Mar
1%
12
3%
Mar
11%
326
11
Jan
12%
Feb
10%
5%
12
5%
32
10
Apr
23
Jan
25
3%
East Gas & Fuel Assn—
Common
4%% prior pref
6% preferred
;
1%
5
1%
Jan
*
226
4%
Apr
8%
Jan
82
3%
Apr
5%
Jan
4
1
1%
18%
130
1%
1
IX
Apr
Jan
17%
18%
176
Apr
25
Jan
7%
7%
43
7
Apr
12 X
Jan
1
100
1%
113
1
Jan
IX
Mar
72
60
Jan
77
Mar
26
Mar
16 %
Eastern Mass St Ry—
Common
1%
66
....100
70
Preferred B
loo
~2l"
20%
21%
231
15
Feb
Adjustment
100
3%
3%
3%
275
3
Apr
Common
5%
5%
Preferred
84 X
Mar
6%
Isle Royal Copper Co
Me Cent—
1%
:
50
4%
Jan
9
Apr
15X
Jan
100
5
Apr
Mar
7X
7X
860
7
Apr
6X
9X
5X
5%
90
5X
Apr
?x
Jan
10
10X
630
9X
Apr
16X
Jan
f
I9X
19 X
40
16X
Apr
29 X
Jan
.25
Consolidated Oil Corp
Consumers Co—
Vtc pref partlc
*
7X,
sha—50
Continental SteelCommon.;
22 X
23 X
160
21X
Apr
37X
Cudahy Packing pref. .100
56
60
190
55
Jan
73
Mar
14%
14 X
100
12%
Apr
16X
Mar
Crane Co com..,.
■'
Jan
Mar
Curtis Ltg
1
Apr
Mar
Dayton Rubber Mfg com
13%
11
600
9
Apr
17X
Jan
24
Tan
Deep Rock Oil
*>
16
16
16
10
10
Jan
23%
Mar
5%
Apr
Apr
7
Jan
Deere A Co com...._>.„„.*
18
17 Xr
18
300
15%
Jan
23 X
Mar
8
Jan
Apr
17
Feb
Dexter Co (The) com____5
Diamond T Mot Car com_2
Jan
Dixie-Vortex Co
100
196
6%
12
1%
100
5%
12
135
1%
%
Apr
2X
inc
1
*
com
pref.
conv
com
.
4X
4
1
50
13X
4X
6X
10
Mar
Elgin Natl Watch Co... 15
19
27 X
27 X
Mar
Jan
31
Mar
*
13
652
15
103 %
Apr
112X
Feb
Four-Wheel Drive Auto. 10
109
%
Mar
IX
Jan
1,619
35o
Mar
1.00
Jan
Fox (P) Brewing com.
Fuller Mfg Co com
40
75c
Apr
1.50
Jan
%
25
25c
Apr
80c
Jan
30C
30c
860
20c
Feb
40c
Apr
10 %
18
98
9%
Mar
14X
Jan
16%
1%
710
15X
1%
Apr
Jan
Apr
24 X
3
......
10
IX
9
526
Jan
Gardner Denver Co
$3 cuinul
conv
5
com.
10
22%
Mar
Apr
43%
Jan
iox
Apr
14
Jan
Jan
300
62
50
43 X
FX
42
40 X
63
Apr
40X
Apr
60
282
36 X
Jan
42
X
Mar
1,597
X
Jan
Jan
37 X
Apr
51 X
Mar
200
21X
23
2,950
10
10
10
100
Feb
28 X
Mar
24%
55
17
Feb
24 X
Apr
Great Lakes DAD com..*
76%
1,066
71 %
Apr
85 X
Jan
Hall
43
130
Mar
Gossard Co (H H) com
9
"22%
Apr
lix
59
9
22 X
2%
14
24X
1,192
Mar
Mar
15
Apr
100
23%
Apr
21
43
6X
To%
X
4%
Jan
2
420
..*
com...
10
12
41X
43
Goodyear T A Rub com..*
Printing Co
3
100
750
,
6X
10 X
Jan
com..
150
2X
25 X
17X
Goldblatt Bros
3
14
10X
11
Apr
73%
l~75%
Apr
4
*
8%
8%
Apr
705
42%
United Shoe Mach Corp.26
6% cum pref
25
Utah Metal A Tunnel Co.l
17X
24 X
62
Gen Amer Transp Com__5
General Foods com
*
10%
Mar
3
_*
24%
5
Mar
'2X
11X
pref...20
General Motors Corp
Gillette Safety Razor
13
13 X
14
1
8%
9%
23%
9%
23%
*
Union Twist Drill Co
com
%
9%
Torrington Co (The)
D«fe D Co
com
42c
"Yl"
A
3X
FitzSlmons A Co—
1.25
_*
Apr
50
19
*
5
76c
*
2X
100
2X
Jan
"30c
Pennsylvania RR
so
Qulncy Mining Co......25
Jan
200
Jan
3%
%
25
8X
1,100
2
X
...
Apr
2X
319
35c
90c
100
Jan
6
2X
860
60
105% 107
.
~~35c
9X
12X
50
Mar
62
106 %
Jan
Apr
Apr
6X
6%
24%
2.50
Jan
5
Apr
6
10
6X
Fairbanks Morse
NYNH&Hartf RR..100
Apr
50
Jan
4%
24
4
1
100
6X
10
4%
2%
New Eng G A E Assn pref *
New England Tel A Tel 100
230
'
6X
*
_
«
Dodge Mfg Corp com
*
Elec Household Utll cap.5
4%
Waldorf System
Warren
Jan
25
2%
Pacific Mills Co
,
Apr
Jan
6%
]
45
Jan
Apr
8X
Jan
10
Apr
13%
Jan
21X
Apr
37%
Apr
11
Jan
18 X
Apr
27 X
Feb
8%
Apr
11X
Mar
5X
9
Jan
Bros.........II*
Apr
„44 %
6%
900
60c
Apr
84c
Apr
Helleman Brew Co G cap. 1
HlbbSnenc Bartlett com_25
150
70c
35
35
210
,34X
Jan
37
Jan
5%
30
5%
Apr
7X
Feb
Borders Inc
10X
10 X
50
iox
Apr
13
Feb
2%
2%
41 %
59c
5%
~~~59c
*
2%
50
1%
Mar
3%
Feb
Houdallle-Hershey cl B..»
Hupp Motors com...
1
11
lix
225
8X
Apr
17 X
Jan
2X
6X
Jan
20 %
Jan
Bonds—
Eastern Mass St Ry—
84
84
90
1948
.
90
93%
93%
80
$1,000
1,000
80
85
Apr
%
90
Feb
92
2,500
Apr
Mar
94
Mar
Jan
7 X
*
com...
11%
7
X
IX
Apr
10
Illinois Central RR
com
4X
4X
4X
100
4
Apr
11X
lix
lix
385
9X
Apr
IX
IX
50
Indep Pneum Tool vtc..*
Indiana Steel Prod
17
17
17
50
17
2
1
2 X
2 X
50
70.X
70 X
com
Jarvis (W B) Co cap
Jefferson Electric Co
SECURITIES
1
Apr
66 X
Apr
230
22%
Jan
4
17
49 X
Apr
18
Apr
26
100
23
Jan
Jan
94 X
66
17
Apr
19X
Jan
Mar
Jan
Jan
*
4
4X
150
3X
Apr
5
Mar
com.
*
6X
6X
6X
350
5
Feb
7X
Mar
pf. 50
x34%
34 X
36X
81
81
1
Kellogg Switchboard
Kentucky Util Jr
6% preferred
X
29
55 X
21X
17
Apr
1,750
53 X
21X
„
com.
Katz Drug Co com
Listed and Unlisted
Mar
'
Inland Steel Co cap.
*
International Harvest com*
CHICAGO
9
Jan
100
Illinois Brick Co
Series A 4^s-.....1948
Series B5s
.1948
Series C 6s
Apr
500
5
Apr
t c.l
Shawm ut Assn T C
Stone A Webster
22c 298,700
9X
18 X
6
7X
Mar
Narragansett Racing Assn
Old Dominion Co .A
13c
17c
5
20
5%
► Ctfs of dep..
Feb
Mar
30
5%
Old Colony RR
9X
50
100
Butte
Apr
Apr
19%
12
15
Inc
6X
25 X
9
__1
27
20
6
Gillette Safety Razor....*
Int Button Hole Mach__10
Common
200
9,300
6X
6X
26 X
28 X
22c
25
l-.L
Compressed Ind Gases cap5
capital
Rights (w 1)
19%
*
v
Jan
Apr
20
*
...»
Gilchrist Co
6X
26 X
53 X
Cunningham Drug Sts.2X
4X
Eastern SS Lines-
Employers Group.
10
(New) common..
New
Container Corp of Amer. 20
100
Mass Utilities Assoc
9X
Commonwealth Edison—
Consol Biscuit Com
100
1st preferred
Jan
5
Cities Service Co—
.^25
Calumet A Hecla
7%
Copper Range...
North
Jan
23 X
Apr
7
Common
High
1%
X
.
7X
Apr
9X
Central S W—
Shares
156% 159%
1%
159 %
Apr
20 X
2X
Prior lien
00
pref
5
50
6X
.....
Preferred
6%
100
10X
Central III Sec-
for
American Pneumatic Ser
Amer Tel A Tel...
100
Assoc Gas & Elec cl A.. J. 1
5X
20 X
9X
10
...
Cent 111 Pub Ser $6
Week's Range
5X
20 X
Rlngcom__._l
Burd Piston
Butler Brothers
Foundry cap
Sales
Friday
Stocks—
10%
Castle & Co (A M) com. 10
Exchange
April 22 to April 28, both inclusive, compiled from official sales lists
hast
5%
5
Common
ClassA
Bruce Co (E L) com
20 X
1975
5
(E J) cap—*
cum
100
29
Jan
40X
Mar
10
69 X
Jan
87
Mar
100
X
Apr
50
6%
Jan
9
80
'
4X
4X
325
4
Apr
6X
*
3
3
200
2
[Mar
5X
Jan
*
2S
28
50
28
Apr
32 X
Mar
Apr
2X
Apr
Le Rol Co
Members Principal Exchanges
Lincoln
Bell System Teletype
10 S. La Sail©
7X
IJbby McNeill A Llbby..*
Paal H.DavLs
Trading Dept. CGO. 405-406
10
X
7X
Kingsbury Brewing cap__l
com
83% preferred
Lindsay Lt A Chem
St., CHICAGO
Lion Oil Ref Co
Lynch Corp
Marshall Field
5
Last
Sale
Stocks—
Par
Abbott Laboratories—
Common (new)
*
Adams (J D) Mfg com
*
Week's Range
of Prices
Low
High
For footnotes
com.
see page
55
54%
55
Range Since Jan. 1, 1939
for
Week
Shares
250
20
6X
2561.
6%
6%
400
53 X
High
Apr
64%
8
Jan
9
6 X
Apr
9X
14 X
14 X
50
12 X
Apr
20
25%
25X
25 X
50
25 X
Apr
33 X
X
X
150
X
Apr
X
iox
.....
Jan
com.
200
Jan
15
Jan
Jan
Feb
HX
3,500
9X
Apr
4
A.l
4X
850
3X
2X
5X
Apr
Apr
4%
Jan
Apr
8%
Mar
Mar
1
"~2X
2X
3
1,250
5
6X
6X
6X
3,600
Common
Conv preferred
Low
2X
*
com
Middle West Corp cap
Midland United Co—
Sales
*
Adams Oil A Gas Co
Price
com..
com
Merch A Mfrs Sec
IX
2X
10
com
Mlckelberry's Food
Friday
Jan
Mar
14 X
com.
com
Manhatt-Dearborn
Chicago Stock Exchange
X
Printing—
Common
Municipal Dept. CGO. 521
X
5%
X
X
50
X
Jan
3X
3X
150
2X
Apr
X
5X
3
4
450
X
Feb
5
X
*
Jan
Jan
Midland Util—
Mar
6% prior lien pref... 100
6% preferred A
100
7% prior lien pref__.100
7% preferred A
100
Jan
Minneapolis Brew Co coml
Mar
4
X
Apr
100
X
Jan
1
650
X
X
3
X
Feb
6%
Apr
Apr
X
X
1,600
X
Jan
IX
Apr
9X
9X
50
7X
aJsn
9X
Apr
Volume
Financial
148
Friday
Last
(Concluded)
Par
Range
of Prices
Price
Low
High
Friday
Range Since Jan. 1. 1939
for
Low
Shares
Stocks
High
*
44#
45#
Mountain States Pw prflOO
44#
44#
Muskegon Mot Spec cl A.*
Nati Bond & Invest
com.
National Standard
com.
Mar
10#
Apr
15#
Jan
Apr
25
16
16#
19#
Jan
1#
Jan
166
1#
1
Noblitt-Sparks Ind com..5
19#
19
100
1
500
1#
20
Mar
50
Apr
Apr
27
Mar
Feb
16#
2#
450
45
3
Jan
2#
2#
"n#
11#
11#
Jan
12#
7#
7#
100
6
Jan
7#
"7#
7#
7#
1,250
6#
Apr
50
14#
Jan
20#
10
40#
Jan
47#
12
Feb
14
6#
11#
Apr
13#
15#
Northern Paper Mills com*
Northwest Bancorp com..*
Northwest Eng Co com...*
17#
Mar
10#
Nor American Car com..20
Northern 111 Finance com.*
Jan
Apr
41#
10#
10
com
14
40#
50
16
*
_
#
Mar
626
16
1
17
11
200
17
Jan
100
12
*
Penn RR capital
Peoples G Lt&Coke
17#
Pictorial Paper Pkge com.5
Pines Winterfront com
1
Pressed Steel Car
50
15
100
4
7#
1
Dow Chemical pref
Eaton Mfg
General Tire A Rubber.
"27"
Mar
Apr
Apr
Apr
3#
#
Apr
7#
Apr
10
108#
Apr
Jan
123
Apr
30
27
1#
250
1#
Mar
Mar
2#
Apr
Jan
50
22#
Apr
32#
Mar
7#
60#
Apr
10
Mar
*
Common
77#
Mar
Selberllng Rubber
10
Jan
15#
Apr
8
10
100
17
17
100
16#
Apr
20
Mar
88
88
88
10
88
Apr
90
Jan
Spiegel lac
11
10#
11#
430
10
Apr
16#
10
70
Mar
2
St Louis Natl Stkyds cap.*
com
Standard Dredge com
70
1
20
Conv preferred
50
521
8#
410
7
Apr
8
350
7
Apr
26
27#
405
25#
Apr
28#
18
17
Apr
19#
13#
50
71#
72#
389
9#
81#
9#
191
7#
85
77#
360
17
83#
1#
1#
1#
17#
22
U S Gypsum Co com
20
Utah Radio Products com *
22
1#
1#
UtUity & Ind conv pref___7
1#
*
*
Walgreen Co common
Wayne Pump Co cap
"k
17#
H
^1
Western Un Teleg com. 100
U#
4#
2
Apr
112#
Apr
Apr
2#
1#
Feb
1#
Apr
Apr
18#
Mar
22
Apr
32#
Jan
173
16#
Apr
171
83#
Apr
3#
Apr
3
Apr
250
4
15
15"
Zenith Radio Corn com..*
94
16#
1,809
24#
74#
Apr
80
12
Apr
22#
......
15#
100
sk
106#
299#
—
Cincinnati CAE pref. .100
C NOATP...
.100
Cincinnati Street Ry
Far
Stocks-
Cincinnati Telephone
10#
Eagle-Plcher
—
_
.
.
13
Apr
13
Apr
08#
10
8
Apr
12#
Jan
8#
270
7
Apr
315
30
Feb
35
Jan
Jan
8
Mar
50
Jan
91
Apr
8
"87"
131
18
Apr
27#
Feb
10#
180
10#
Apr
14#
Jan
fl34# a34#
10
fll9# a21#
10#
New York Curb Associate
Chicago Stock Exchange
DETROIT
Sales
9#
of Prices
Low
High
Price
Randall A
15"
*
B.
*
12
U S Playing Card
'.
US Printing.
Wurlltzer.
Prpforrod
15
10
33
......
.
.--100
11#
13
13
13
1#
100
1#
Apr
Apr
~90c
*
90c
90c
800
90c
Mar
4#
4#
4#
100
4#
Apr
62#
63#
1,927
56#
Apr
84#
14
14
13
Jan
14
2
Apr
100
92c
700
80c
5
38
108
.
80c
Jan
101
175
Jan
1#
1#
1#
Apr
1
"I#
Federal Moghl com
Jan
Mar
Apr
Jan
Mar
9#
Apr
Feb
2
456
Feb
1#
Apr
1#
1#
1#' 1#
11#
12
1#
1#
16#
16#
5
Jan
Mar
2#
1.25
100
1#
1#
1#
Jan
123
150
1
Feb
2#
13#
1#
416
15
Apr
23#
12
Det-Mich Stove com-_.-_l
195
12
Apr
16
Apr
1#
19#
"i#
940
12
1#
16#
1,260
1#
Apr
1#
10#
Jan
Jan
Mar
Feb
Jan
Mar
Jan
16#
800
Gar Wood Ind com
4#
4#
325
4
Apr
,1#
100
1#
42#
1,685
38
Apr
Apr
7#
2#
Jan
1#
51#
Mar
800
2
Mar
2#
-—
—
3
1
com—.10
General Motors
"42#
42
Feb
Mar
Jan
Jan
Mai-
1
Hoover Ball & Bear com.10
11
2#
11#
462
10
Apr
13
Mar
Mar
Hoskins Mfg com
14
14
100
13#
Apr
16
Jan
10#
11
1,006
17
Feb
2#
11
9
Apr
5#
5#
5#
340
4#
Apr
8#
Jan
com__^l
48c
48c
50c
525
46c
Apr
76c
Jan
2
1#
1#
270
1#
Apr
Jan
88
22#
22#
349
20#
Jan
2#
23#
Apr
3
'.
Jan
93
7#
Apr
12#
Jan
Kingston Prod com
Apr
Kresge (S 8) com
Mar
.
.
.
,
.
—
—.—10
1
3#
Apr
Jan
Mar
Mahon (R C)
1
1
Steel Tube Prod.2.50
Masco Screw Prod com
22#
82c
83c
16c
500
Apr
Apr
24#
Feb
Mich
17
Apr
20
Feb
Mich Sugar
82c
...
McClanahan Oil com
50#
111
6
Apr
Mar
250
14#
2#
7#
Mar
2#
Jan
Mar
Jan
1.75
Jan
Apr
8#
Jan
Packard Motor Car com..*
3#
3#
3#
2,605
3
Apr
Parker Wolverine com...*
6#
6#
6#
230
5#
Apr
4#
8#
Feb
1#
1#
550
1#
Apr
2#
Jan
com—1
6
Apr
8
Feb
Reo Motor .com
73
Feb
75
Apr
W) com.-----2
River Raisin Paper com..*
Prudential Investing com. 1
7
7
110
0
ARr
8
Mar
1#
738
1#
Apr
2
Mar
1#
500
1
Apr
1#
Feb
""§#
3#
930
Apr
1#
2
515
Apr
3#
2#
Mar
2
2#
1#
Apr
20#
Apr
2#
Jan
Apr
5
Apr
Apr
Jan
1#
6
Rickel (H
24#
com.....10
Scotten-Dillon
Standard Tube B com.... 1
10
Preferred
100
Tivoli Brewing com
1
Tom Moore Dist com_.._l
24#
352
1#
1#
2,992
5
12#
300
""l#
*
Universal Cooler A
B
1
19
2#
858
2#
Apr
18#
HI#
3#
37c
37c
100
32c
Mar
55c
3
Mar
4
Mar
150
2#
Mar
4#
12
1
725
111# 111#
37C
T#
Jan
Apr
Jan
Jan
3#
Jan
5
2
200
1#
Jan
2#
Feb
1
1
380
1
Jan
1#
Mar
1#
18c
3#
1#
1#
Wayne Screw Prod com..4
Wolverine Brew com
Jan
300
12#
*
-
JaD
1#
4#
10#
109#
United Shirt Dist com....*
Warner Aircraft com
23
2#
4#
Sheller Mfg.,
Tlmken-Det Axle com...
Jan
1#
1#
3#
*
Pfelffer Brewing com
20
GILLIS i<J RUSSELL co.
8
Jan
100
300
Apr
75
Exchange
Apr
5#
3#
95c
75
Ohio Listed and Unlisted Securities
6#
2#
5#
4#
Apr1
Feb
Mar
30c
330
5
Mar
Jan
96c
Apr
1,150
40
1#
24#
Jan
12c
5#
Penln Metal Prod
.
Apr
75c
1.00
Jan
36#
21#
95c
93
Jan
120
5#
1#
Feb
Feb
5#
7
1
Jan
2#
2#
1#
1.00
Corp com
Feb
3#
12
Apr
Jah
150
10
M urray
16
Apr
Jan
1#
3#
com50e
Mid-West Abrasive
Jan
Mar
27#
57#
Mar
Jan
416
•
3
10
pref
117
Jan
50
102
Members Cleveland Stock
1#
16c
A pref
Jan
20#
180
2#
Mich 811.
11
28
2#
1
830
300
1
2#
Lakey Fdy & Mach com. .1
14#
1#
22#
Feb
Apr
9#
107
•
1#
La Salle.
7#
27#
2#
Houdaille-Hershey B
3
Apr
12
Jan
33#
Union Comment
•.
100
2
2
*
Frankenmuth Brew com—1
588
"
107
—
Jan
7
1#
5
.10
1#'
-
Jan
Jan
31#
.18#
2#
1#
Hudson Motor Car com..*
Apr
32
7#
Apr
6#
19#
7
-
10
Apr
17-
6#
19#
Hurd Lock & Mfg
Mar
12
..*
...
5
1,250
6#
19#
40c
Apr
Mar
4
15
2#
1,610
1
—*
25c
Mar,
1#
25
11
200
107#
11
53#
55#
112# 113
2#
*
Rapid
High
27c
300
150
20
54#
Low
27c
Jan
235
23#
*
Shares
Feb
130
17
5% preferred....—100
17#
101
6
22#
Procter A Gamble
Feb
10
*
:—*
Apr
27
4#
Kroger.
Range Since Jan. 1, 1939
for
Week
Apr
10
100
Lunkenhelmer
kange
Week's
8#
103#
312
3
9#
Exchange
42
8#
27
Hatfield part pref..
247
Jan
8#
272
28
10#
Formica Insulation
Gibson Art.,;
6#
23
93
10
T#
50
Jan
-
13
3
*
10
Feb
20
Crowley Mliner com—
Det & Cleve Nav com —10
High
15
20«
2
92
50
Dow Drug
Mar
#
13
8#
Ex-Cell-O Aircraft com—3
99#
3
2
Crosley Radio
2#
Jan
13
1
Det Gray Iron com...
Low
20
8#
•8#
106# 107
296# 299#
—'..50
Apr
26
Sale
Fruehauf Trailer
Shares
15#
#
Mar
Apr
Detroit Edison com.—100
Range Since Jan. I, 1939
100
Jan
15#
17
Goebel Brewing com
Machi__20
Champion Paper pref.. 100
Churngold
Mar
General Finance com.
for
Amer Laundry
15#
1#
29
Last
Chrysler Corp com.
Exchange
High
25
Friday
Consolidated Paper com
Sales
Low
150
15
17
Burry Biscuit com—12 #e
Week
Price
Jan
4#
14
17
17
Detroit Stock
Auto City Brew com.
April 28, both inclusive, compiled from official sales lists
Par
Mar
April 22 to April 28, both inclusive, compiled from official sales lists
Durham
Stocks—
41
10
#
#
Mar
101#
Telephone: Randolph 6630
Det Paper Prod com.
Det Steel Corp com
of Prices
Apr
Jan
40#
Apr
9
Jan
Mar
Jan
Teletype: OIN 88
Week's Range
3
55
Buhl Building
Jan
Mar
BUILDING, CINCINNATI, O.
Sale
200
9
Exchange
Jan
New York Stock Exchange
Last
3
91
Jan
5#
5#
Members
Friday
Jan
Jan
119#
,
W. D. GRADISON & CO.
to
Jan
33
9
Chamb Metal Weath com 5
April 22
100
76
85
Brown McLaren
Cincinnati Stock
20
35
Apr
94#
42#
37
Jan
Cincinnati Listed and Unlisted Securities
DIXIE TERMINAL
Apr
100
32
Burroughs Add Mach
Telephone: Main 4884
38
39#
«7#
Baldwin Rubber com
Exchange
120
Apr
Mar
Exchange
Briggs Mfg com
Cincinnati Stock
Apr
29
Feb
#
15#
600
79#
94
40
50
31#
Jan
4#
3#
62
70
29
a7#
Mar
18#
78#
Feb
Members
Detroit Stock
Jan
13#
91#
4
Wrlgley (Wm) Jr (Del)..*
34
40
*
New York Stock
Jan
15#
90#
1#
1#
20
Jan
Mar
31#.
Watling, Lerchen&Co.
Jan
Apr
300
346
Mar
100
3
Jan
Apr
18#
Wis con Bankshares Com..*
Jan
Apr
89#
4#
W'house El A Mfg coin. .50
Woodall Indust com
Apr
66
300
28#
Jan
95
94#
a21# a21#
olO# alO#
1#
1#
_.
Jan
Union Carb & Carbon cap *
United Air Lines Tr cap. 5
Mar
26#
35
*
Feb
17#
13#
Trane Co (The) common.2
o26
...*
8% preferred
I...1O0
Thompson Products Inc
*
Weinberger Drug Stores.. *
Youngstown Sheet A Tube*
Mar
25#
7#
2#
23#
1,520
65
105
Jan
7#
18"
Jan
Jan
Feb
24#
.25
com
2#
8
..15
Swift & Co
2#
12
118#
Feb
Apr
Apr
Apr
8#
25
Stewart-Warner
6
Sunstrand Mach Tool com5
Swift International
1,250
2#
75
1#
9
400
1#
10#
Apr
Mar
13#
3#
29#
12#
10#
Standard Gas & Elect com. *
Standard OH of Ind.
70
1#
9#
10
Apr
100
*
Packer Corp
Richman Bros
Apr
Southwest Lt & Pw pre!—*
10#
115
Jan
a8#
750
Signode Steel Strap—
Jan
100
99
39
Otis Steel
1,285
26
22#
40
*
*
Apr
94
.*
67#
8
65#
So Bend Lathe Works cap 5
National Tile
Nestle LeMur A
Ohio Brass B__.
Ohio Confection A....
12
29
1
8#
26
8#
27
50
Jan
14#
Jan
845
181
_.*
National Acme
23#
153
*
.
113#
Apr
75
40
Midland Steel Products..*
Mar
#
150
275
Leland Electric
Mar
Apr
16
100
*
Mar
4#
Feb
#
27
Sears Roebuck & Co com.*
Jan
29
61
112
a24
Halle Bros pref
100
Hanna (M A) $5 cum pfd_*
Interlake Steamship
Lamson A Sessions
Mar
Apr
44#
145
11
_*
Feb
40#
24
Jan
24#
30#
20
1#
Schwltzer Cummins cap. J
16
91
#
1
com
Apr
Feb
10#
104
al5# al6#
Great Lakes Tow pref.. 100
Greif Bros Cooperage A
Apr
5
117
99
*
9
70
11
100
High
Low
177
a20# a20#
al8
al8#
25
.
Preferred
Goodrich (BF)
Range Since Jan. 1, 1939
Shares
117
100
Feb
Mar
7#
7#
111# 111#
#
1
Sangamo Electric Co com. *
Wahl Co
'
12#
Goodyear Tire A Rubber. *
7#
15#
430
200
45#
*
..*
High
9#
9#
a83# aS3#
45#
45#
113# 113#
17#
17#
13#
12#
.
24#
4
Law
100
Mar
Mar
17#
33#
4
common. *
Rollins Hos Mills
20
6#
12
17#
32#
24#
cap 100
__10
100
14#
15
Perfect Circle (The) Co—*
Rath Packing com
12
12
10
50
con v..
40#
6#
10
com
Penn Elec Switch
40#
12
Price
.*
Cleve Railway
Cliffs Corp v t c._
Colonial Finance
Feb
Feb
jor
Week
..100
CI Cliffs Iron pref...
CI Elect 111 $4.50 pref
Preferred
Prior lien pref
Quaker Oats Co
Par
of Prizes
*
Preferred
Northwest Utli—
Ontario MIg Co com.—
Oshkosh B'Gosh com
Parker Pen Co
(Concluded)
Week's Range
Sale
City Ice A Fuel
Common
Sales
Last
Week
Montgomery Ward—
Natl Union Radio
2559
Sales
Week's
Sale
Stocks
Chronicle
1#
100
1#
Mar
2#
Feb
18c
18c
150
15c
Jan
25c
Mar
Biiidlog, Cleveland
Telephone:OHerry 6050
A. T. & T. OLEV. 666 A 666
Los
Angeles Stock Exchange
April 22 to April 28, both inclusive, compiled from official sales lists
Cleveland Stock
April 22
to
Exchange
Friday
Sales
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Last
Low
High
Par
For footnotes
see page
2561.
77#
a6#
77#
afi#
for
of Prices
Range Since Jan. 1, 1939
Week
Price
Low
High
High
Low
Shares
Range Since Jan. 1, 1939
Shares
Bandlnl Petroleum
Low
Co...l
Bolsa-Chlca Oil A com.. 10
High
71
20
77
6#
200
2c
1.000
2c
5#
6#
2
2
2
2c
2c
14,785
3#
1#
5#
Apr
Mar
6#
2#
Jan
3c
Mar
Jan
Jan
Mar
77#
Apr
Byron Jackson Co
1
._„*
fll2#
al2# al2#
60
15
Feb
16
Feb
Mar
7#
Jan
Calif Packine Corp com..*
al4#
al4# al4#
25
15
Apr
17
Jan
Buckeye Union Oil com.
Apex Electric Mfg pref. 100
Brewing Corp of Amer. .3
Week's Range
Sale
Stocks—
Week
Price
Sales
Friday
April 28, both inclusive, compiled from official sales lists
_
Financial
2560
April 29,
Chronicle
Sales
Friday
Range Since Jan. 1, 1939
Last
Wm. Cavalier & Co.
Lot
San Francisco Stock Exchange
Angelee Stock Exchange
Sales
Friday
Range Since Jan. 1,1939
Last
of Prices
Low
High
Shares
Low
High
Preferred
61
7%
3A
7%
7%
3%
8%
608
7
310
3%
Mar
Equip..5
1
Farmers & Merchs Nat'1100
10
Globe Grain A Milling..25
7%
Mar
9%
60%
120
60%
60%
215
9
6%
1,800
46c
6
115
4%
Apr
8%
25
3%
Apr
5%
Jan
64%
405
58%
Apr
84%
Mar
3%
Apr
6%
Jan
Apr
30%
Jan
Apr
51%
Mar
70
23%
36%
2%
Apr
3%
Jan
6%
Apr
9%
Mar
1
Feb
2%
Feb
4%
24%
24%
25%
40
37%
40
5
933
>
Salt Dome Oil Corp
1.20
1.10
1.20
3,800
a5%
2c
13c
a5%
2c
8c
22%
ah A
2c
14c
1,000
2%
70%
Apr
Apr
Apr
11%
Mar
42
574
2%
7%
7%
7%
297
1%
1%
1%
6,948
17%
18
16%
2%
Mascot Oil Co
1
50c
50c
MenascoMfgCo
1
2%
2%
Merchants Petroleum Co 1
.......1
25c
13c
65c
25c
13c
62 Ac
50c
3
25c
13c
65c
_*
4%
4%
12
136
Apr
165
Jan
116%
52
115
Mar
119%
Feb
30%
Apr
51%
Mar
Union Traction
8%
Mar
Apr
38
Jan
42
Feb
Apr
9,871
6c
22%
2,639
1%
100
50c
1,670
2%
2%
Mar
Feb
4%
Mar
7%
554
6%
Mat
7%
11
11
45%
46%
80
Feb
9%
11
Apr
16%
Jan
43%
Apr
50%
M a
34%
31
100
1.40
JaD
7
Feb
4c
33%
%
100
%
Apr
1%
1
1%
120
%
JaD
1%
Jan
1%
400
%
Jan
1%
Mar
2%
3%
1,404
2%
2%
1,145
32%
59
31%
11%
34
12
7.3.54
10%
33%
%
Transit Invest Corp
.
_
1
.10
10
Pacific Finance com
Preferred C
Pacific Gas & Elec com..25
Pacific Indemnity Co
Pacific Lighting com
$6 preferred
10
*
_..*
Apr
14c
Apr
36%
Apr
Feb
Apr
2%
Jan
60c
— —
-.50
2%
Preferred
"11%
United Gas Improve com.*
*
Apr
5%
Apr
25c
Apr
20c
Jan
3,300
62 %o
Apr
85c
4%
470
4%
Apr
7%
Jan
700
25c
Feb
100
9%
Apr
12%
Mar
51
Apr
10%
33%
Feb
231
9%
28
100
27%
Jan
7
Jan
43
Jan
Apr
108%
Jan
Apr
3%
Jan
18c
Apr
30c
Jan
6%
Apr
10%
Jan
600
7A
3%
6
6A
a33% a33A
2,222
5
Southern Pacific Co---100
a28
a28
27
27
8A
8%
25
25%
41
41%
28%
28% 28%
27%- 27% 27%
12
12
12%
Standard Oil Co Of Calif..*
26%
26%
26%
Superior Oil Co (The)...25
2
38%
5%
38%.
5%
38%
5%
Union Oil of Calif
16%
14%
16%
16%
14%
1,651
Roberts Public Markets..2
6
a33%
a28
27
8A
25%
41
Ryan Aeronautical Co...!
*
Security Co units ben Int..
Signal Oil A Gas Co A
♦
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
25
Original pref
6% preferred B
25
5%% preferred C....25
25
Universal Consol Oil—_ 10
Wellington Oil Co of
1,415
Del..l|
14%
Feb
4%
Jan
Feb
30%
Mar
39
Feb
Jan
31
Mar
26
320
7%
Apr
9%
Mar
$35,000
6%
Jan
9%
Mar
Sales
Range Since Jan. 1, 1939
23c
2%c
Cardinal Gold.....
30c
Fort Pitt Brewing
Jan
28%
Mar
10%
Apr
21%
Jan
618
25%
35%
Apr
Apr
29%
46%
5%
7%
Jan
19%
Mar
16%
Mar
16%
Apr
Apr
100
12%
Apr
300
2%
Apr
Mar
Jan
5
5,000
19 %c
Mar
30c
Jan
7,000
lc
Jan
5c
Jan
500
7c
Jan
10C
2c
2c
l%c
5,000
1
9c
3,000
9c
Feb
10c
Jan
3c
9c
3c
9c
.1
3c
3,000
3c
Feb
4c
Jan
Amer Smelting A Refg
a39%
„
100 al58% al57%al59%
50 a23%
a22% a24%
Atlantic Refining (The).25
al9% al9%
aI9%
Bendix Aviation Corp..-.6
20%
20% 20%
Borg-Warner Corp
5 a22% a22% c23%
Caterpillar Tractor Co.. *
a43 % o41 % a43 %
5%
5%
10
Mar
15
590
90c
Jan
1.50
Feb
20
57%
Feb
9
1,942
7%
Apr
72%
9%
Jan
Feb
1,650
4
Apr
5%
100
1%
Apr
3
Jan
75
90%
Apr
116%
Mar
135
4%
Apr
9%
Jan
50
5%
Apr
8
Feb
93%
Pittsburgh Screw & Bolt..*
6
5%
6
5%
5%
lc
1%
456
1%
Apr
28%
40
25%
Apr
lc
1%
1
United States Glass Co.
.5
_.l
Westinghouse Air Brake
..
United Eng & Foundry..
lc
2,000
Jan
lc
Jar.
1%
27%
__1
.....
Jan
100
1%
1%
5
18
Feb
15%
60%
92%
Jan
Feb
3
33%
75c
Mar
50c
100
50c
19%
20%
496
18
Apr
31%
Jan
88%
91%
171
83%
Apr
118%
Jan
1%
88%
Mar
Mar
50c
19%
*
Westlnghse Elec & Mfg.50
1%
194
1%
Apr
2%
Jan
Unlisted—
Pennroad Corp vtc
1
....
Tulsa. Okla.
Alton, 111.
Electric Power A Light
*
7%
General
Co
*
34%
Foods Corp
Goodrich (B F) Co
*
*
a42%
al6%
1%
1%
a22% a22%
5
6
a23% a25%
7%
7%
34%
34%
a42
a42%
al5
al6%
1%
a22%
Int Nickel Co of Can
*
1
5%
a25%
__5
A
Electric
General
275
6%
53%
165%
Mar
38%
Jan
22%
29%
Feb
Apr
19%
'
Mar
21%
100
Jan
Jan
19%
370
140
Apr
Apr
23
Mar
42%
Jan
5%
'
Continental Oil Co (Del).5
Curtlss-Wrlght Corp
35%
149%
410
.
Columbia Gas A Elec Corp*
Commonwealth A South..*
75
403
c39% a39%
Amer Tel A Tel Co
Anaconda Copper
350
1%
15
26%
Jan
FOURTH AND OLIVE STREETS
•
8%
2%
26%
Mar
New York Stock Exchange
Chicago Stock Exchange
Feb
N. Y. Curb Exchange (Associate)
Jan
New York Cotton Exchange
Chicago Board of Trade "
St. Louis Stock Exchange
Jan
N. Y. Coffee & Sugar Exchange
St. Louis Merchants
690
5
Mar
76
24
Jan
7%
27%
Feb
175
7%
Feb
34%
Apr
Apr
11%
250
44%
102
37%
Jan
42
75
MEMBERS
.
Telephone: CHestnut 5370
18%
45%
Mar
Apr
24%
Jan
50
55%
Jan
a30% a32%
145
30%
Apr
43%
Jan
Loew's Inc
o39%
45%
a39% c39%
60
40%
Mar
Jan
14
Nor American Aviation..]
American
Co..
Packard Motor Car Co
14%
a21%
*
45%
45%
567
45
Apr
14
14
590
14
Apr
52%
50%
22%
740
12%
Apr
19%
Jan
158
19%
Apr
26%
14%
a21% a22
*
3%
3%
-3%
30
a7%
u7%
6%
a7%
6%
30
Jan
Boyd-Welsh Inc com
Jan
Brown Shoe com
8%
Mar
2%
Mar
5%
Apr
1%
Apr
a2
«2
a2
20
Republic Steel Corp
;.*
15
15
15
535
14%
Apr
Sears Roebuck A Co
*
067%
100
69%
Jan
Socony-Vacuum Oil Co.. 15
11%
250
11%
Apr
al3%
Brands, Inc
6
25
045%
Studebaker Corp
6%
Swift A Co
25
Texas Corp NThe)
Tide Water Assoc Oil
al8
25
a36%
10
0
0
045% a45%
6%
6%
al7% al8
a36% c37%
105
160
70
390
120
100
16%
6
Apr
Apr
17%
43%
11%
71%
34%
Apr
12
Aircraft Corp
12
12
135
71%
71%
250
a34% c35
2%
2%
40
120
o34% a36%
535
a45% o47%
a4%
c4%
a88% aS8%
263
U S Steel Corp
o47%
2%
o4%
50
088%
_
1
_—1
_
3
Jan
Columbia Brew com
5
"7%
Jan
Dr Peppercorn
*
29%
7%
Jan
Falstaff Brew com
1
7%
Jan
Grlesedieck-W Brew com. *
8%
Mar
Hamilton-Brwn Shoe com *
17%
Apr
47%
Jan
14%
Hussmann-Ligonier
Too
35
20
30%
15
40
15
Apr
20
2%
2%
7%
American Stores
Par
Price
8%
t
American Tel & Tel100
Barber Co..
For footnotes
of Prices
High
158%
10
see page
2561.
9
156% 159%
12%
12%
Feb
Maf
Jan
2%
Jan
31%
Apr
Apr
9%
10
3 4%
Mar
7%
295
6%
Apr
8%
Jan
29%
212
Apr
32 %
Mar
.
29
7%
7%
120
10
51
2,560
1.00
1.15
11
50
32%
41%
Feb
Knapp Monarch pref...
Apr
3%
Feb
Laclede-Christy Clay com *
Apr
51%
Jan
McQuay-Norrls com
Apr
69
Jan
Nat'l Candy com
Jan
2%
75
4
Apr
103%
Mar
Jan
1st preferred
Jan
6%
110
32%
10
6%
*
35
4%
6%
200
*
""6%
27
7%
46
Apr
Jan
8%
58
Feb
Mar
1.00
Apr
7.0 0
10
Apr
12
Feb
31%
Jan
35
Mar
6
4%
6%
35
4%
Mar
30
6%
Jan
35
4
Apr
6
100
27%
300
6
Apr
30%
Apr
10
106
30
103
Jan
88
15
88
Apr
3%
3%
12
3%
Apr
108%
90
5%
5c
1
4%
5c
200
5c
Apr
15c
1.76
Preferred A
2.00
264
1.76
Apr
2.50
5
280
4%
Apr
6%
200
4%
10
10
15
23
23%
26
26
St Louis Car 6s extd
75
75
27%
27%
27%
Wagner Electric com
8
33%
10
88
Title Insur Corp com...25
Range Since Jan. 1,1939
Feb
60
106
100
St Louis Pub Service com
Sterling Alum com
35
30
*
2d preferred
Sales
Low
36
1,575
3%
32
t City & Sub PS 5s ...1934
Sale
Stocks—
2A
15
11
Internat'l Shoe com
Key Co com
70
for
2%
Apr
Jan
51
com.*
Jan
April 22 to April 28, both inclusive, compiled from official sales lists
Week's Range
High
Low
5
Jan
Mar
Apr
Philadelphia Stock Exchange
Friday
Range Since Jan. 1,1939
for
Week
Shares
Jan
23%
60
of Prices
High
32
Coca-Cola Bottling com..!
74%
13%
Week's Range
Low
2%
Rlce-Stix Fry Gds com...*
Lam
official sales lists
Sales
35
15
Burkart Mfg com..i
Collins-Morris com
Price
*
*
Jan
Jan
46
035
..._
25
Apr
36
o34%
United Corp (The) (Del).
United States Rubber Co 10
Warner Bros Pictures....
Jan
Apr
44%
5%
71%
Union Carbide A Carbon.
West'house El A Mfg
al2% al4%
Par
Stocks—
4%
*
067% 068%
11%
11%
Sale
Jan
13%
*
371
Last
Jan
Apr
Radio-Kelth-Orpheum
Standard Oil Co (N J)
Exchange
Friday
Jan
3%
10
Radio Corp of Amer
Southern Ry Co..
St. Louis Stock
April 22 to April 28, both inclusive, compiled from
Feb
14
Paramount Pictures Inc..J
6%
h
Mar
a47
Montgomery Ward .A Co.*
New York Central RR.__*
Exchange
Teletype: St. L 193
Jan
a32%
*
LOUIS
ST.
Mar
a47
a47
ESTABLISHED 1877
52%
Apr
Apr
Feb
.
INVESTMENT SECURITIES
Jan
,31
Kennecott Copper Corp..*
United
1%
FRANCIS, BRO. & CO.
Unlisted—
Standard
Mar
Feb
Imperial Development.25c
North
1%
Jan
Jan
100
"93%
Corp..*
Co
Jan
1%
Pittsburgh Plate Glass..25
Shamrock Oil & Gas
Jan
Feb
4%
1%
San Toy Mining
60c
8%
7%
4%
Mar
210
1,470
Apr
Apt
7%
30c
Apr
4%
9
*
Ruud Mfg Co.
56%
12%
Jan
Apr
35
5%
60%
.10
29%
Apr
795
1
Mountain Fuel Supply.
Apr
Jan
Apr
7%
6%
15%
15%
100
Nat'l Flreprooflng
1,470
3%
•
1%
Koppera G & Coke pref.
Lone Star Gas com
Jan
10
25
8%
30c
27 A
Api
Feb
Jan
6
6%
.10
1
Devonian Oil Co.
Feb
27%
30c
*
Consolidated Ice pref
Mar
Tom
I^eed Gold.....
8%
Carnegie Metals Co. .....
Columbia Gas & Electric.*
43
lc
Zenda Gold Mining
36%
*
1
27%
24c
a8%c
Armstrong Cork Co.._._.*
Jan
8%c
2c
"__1
408
Apr
758
2%
5%
70
7%
36%
Jan
448
14 A
3%
Byers (A M) com
High
Low
389
17%
7%
Mar
28%
16%
17%
Week
3%
9%
2%c
22c
2%c
a8%c
Calumet Gold Mines..,10c
for
Shares
.1.100
Preferred
32%
Mining—
Black Motnmoth ConsollOc
Jan
Jan
7%
of Prices
Low
High
Allegheny Ludlurri Steel.a*
Arkansas Natural Gas...*
Apr
771
■
116
111%
Week's Range
Price
Par
Stocks—
40%
140
Feb
25
Sale
23
1,241
Feb
331
Sriaay
Apr
24%
7%
200
13%
both inclusive, compiled from official sales lists
Jan
5%
22
3
3
3
3%
Mar
2,643
„
Transamerica Corp
Mar
105
a20c
7A
3%
Safeway Stores lnc
Mar
3
n20c
7A
3%
Apr
106
a29t
Feb
Jan
Pittsburgh Stock Exchange
April 22 to April 28,
Feb
33%
48%
2%
Richfield Oil Corp oom...*
30c
"
200
3%
38%
8
-
9
ctfs4s-1945
Apr
13c
2A
Mar
Jan
Bonds—
El & Peoples tr
Jan
25c
2A
3%
Apr
Apr
250
2%
Jan
2
9
115%
114
115
Preferred
Westmoreland Inc...
2%
•
Jan
1,000
Republic Petroleum com.l
Rice Ranch Oil Co
1
Jan
Feb
25c
25c
25c
10
10
10
a9%
a9 A <*9 A
<z30%
a29% a30%
30
30
30
a45% a44 % o45 A
al04% al04%al04%
1
Feb
37
Jan
Mar
Apr
Apr
Mar
"46%
United Corp com
Feb
1%
3%
32%
Jan
2c
Apr
900
315
1
Jan
7
Jan
29%
1%
3%
29%
"7%
1
*
Tacony-Palmyra Bridge—*
Tonopah Mining
1
Preferred
606
1%
3%
29%
1%
Last
Pacific Distillers Inc
Jan
24%
Apr
136
116
Scott Paper....
10%
370
24
2%
Pacific Clay Products
15%
1,695
136
7% pref.
67 %c
399
92 %e
26
24
Inc...2
Oceanic Oil Co
Apr
Mar
Feb
33
Holly Development Co...l
Occidental Petroleum..-.1
227
2%
25
Jan
Jan
24%
Hudson Motor Car Co—*
Lockheed Aircraft Corp_.l
26%
40%
Transit....50
50
Philadelphia Traction ... 60
Jan
83 A
JaD
37%
20
Goodyear Tire & Rubber.*
Los Ang Industries
4%
60
25%
.
Jan
360
369
Hancock Oil Co A com—*
10c
Lincoln Petroleum Co.. 10c
Apr
Apr
200
577
Jade Oil Co....
Jan
5
3%
26
BatterylOO
10
Lehigh Coal & Navigation *
Natl Power & Light
.*
Pennroad Corp vtc
1
Pennsylvania RR
50
Penna Salt Mfg
50
Phlla Elec of Pa *5 pref.. *
Phlla Elec Pow pref:
9%
6%
975
9%
9%
9%
7
7
7
40c
40c 48c
a375
a375
a375
c41% o40% a43%
a6%
a6% a6%
Exeter Oil Co A com
General Motors com
1,115
60%
Douglas Aircraft Co...-.*
Electrical Prods Corp
Emsco Derrick &
62%
8
*
...
62%
7%
3%
Consolidated Steel Corp.-*
Mar
124
61%
Phlla Rapid
62%
Chrysler Corp
6
Consolidated Oil Corp—*
Apr
Week
PriCe
Par
(Concluded)
JOT
Hale
Stocks
Week's Range
117%
3%
Electric Storage
Teletype L.A. 290
Los Angeles
171
4%
General Motors
623 W. 6th St.
High
Low
Shares
117% 119%
Chrysler Corp —
-5
Curtis Pub Co com....—*
Chicago Board of Trade
New York Stock Exchange
Week
119 %
5
pref.. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
Bell Tel Co of Pa
MEMBERS
for
of Prices
Low
High
Price
Par
(Concluded)
Week's Range
Sale
Stocks
1939
Apr
Feb
Mar
Feb
Mar
Apr
Jan
Jan
Feb
Jan
10
Apr
13
60
21%
Apr
32%
Mar
$3,000
1,000
24%
Jan
30%
Mar
75
Apr
78
5,000
24%
Jan
31%
Mar
11,000
24%
Jan
31%
Mar
Jan
Week
Shares
160
886
50
148%
11
Bonds—
High
Low
8%
Apr
12 A
Feb
Apr
170%
Mar
Apr
20%
Jan
t United Rys 4s
t 4s. c-d's
1934
26%
Ap.
Volume
Financial
148
2561
Chronicle
Sales
Friday
Rfinge Since Jan. 1, 1939
Last
open
Stocks
which are
until 5:30 P. M. Eastern Standard Time (3 P. M. Saturdays)
Orders
solicited
011
Pacific
Coast
Exchanges,
Stock
(CondudeS)
Week's Range
for
Sale
of Prices
Week
Nash-Kelvinator Corp
5
North American Aviation 1
Schwabacher & Co.
North American
Low
Price
Par
Oahu Sugar Co Ltd cap_20
22
290
5ft
Apr
8ft
234
19 ft
100
13ft
22 ft
20ft
Apr
22ft
13%
22ft
*
com
High
Low
a7
13%
a6%
a6%
Shares
High
Apr
Jan
25
Jan
24
Mar
22
30
Mar
Feb
Members Neto York Stock Exchange
111 Broadway, New
Packard Motor com
York
Private Wire to
own
So Calif Edison
April 22 to April 28, both inclusive, compiled from official sales lists
Range Since Jan. 1,1939
Last
Stocks—
Par
Anglo Amer Min Corp
1
Week's Range
for
Sale
of Prices
Week
Price
22c
Low
High
22c
Low
Shares
20c
300
22c
Associated Ins Fund Inc 10
8%
220
4%
125%
320
4
124
Apr
8%
8ft
Jan
6
Feb
5
5
100
4
Jan
7ft
Feb
20
30
Apr
25ft
Mar
23 ft
Jan
27 ft
Mar
40
28 ft
Jan
29 ft
3ft
Jan
4
a6%
a6%
60
6ft
Apr
7 ft
Mar
a34ft a35%
2ft
2ft
45ft
47ft
a35ft
"45ft
Jan
43
Mar
1,250
Apr
Apr
69 ft
205
35
100
2ft
45
50c
50c
100
40c
5
4ft
4ft
250
4ft
5
5
5
10
4ft
Jan
Mar
5
Jan
d Deferred delivery,
6 Ex-stock dividend,
a Odd lot sales.
Jan
6ft
Feb
•No par value.
Feb
1.00
Jan
Feb
3ft
Apr
Apr
com
Jan
11
25
Vlca Co
Mar
3ft
~a6ft
*
'
20
905
25ft
a29ft fl29ft
25ft
3ft
United States Steei com--*
Mar
5ft
Apr
45
125
4ft
Apr
Apr
West Coast Life Insur
10ft
Apr
8 ft
JH
Anglo Calif Nat Bank..20
Bank of California N A__80
30o
Apr
4ft
Warner Broe Pictures
High
Feb
3
5ft
200
20
United Aircraft Corp cap. 6
United Corp of Del
Sales
Friday
192
398
6
'"25ft
—25
com
6% preferred
25
S P Gold Gate 6% pref. 100
Standard Brands Inc
*
Francisco Stock Exchange
San
3ft
6ft
5
5
Schumach Wall Bd com.,*
Schumach Wall Bd pref__*
offices In San Francisco and Los Angeles
Jan
3ft
6ft
5
*
Radio Corp of America.--*
Riverside Cement Co A..*
Oortlandt 7-4150
190
Jan
Bishop OH Corp..,..'
5
2.50
2.50
100
2.50
Apr
3ft
Calif Art TUe A
*
9%
7%
9%
20
9%
Apr
12ft
Apr
Cash sale—Not Included In range for year,
i
Listed,
x
Ex-dlvidend.
Ex-rlghts.
y
t In default.
»
Jan
7
r
Jan
Calif Cotton Mills
com.
100
7%
200
32c
2,000
25c
13%
Apr
80
48%
Mar
20
31c
31c
14ft
14ft
15
60
50
50%
Preferred
..50
98
Jan
40 ft
41
617
40 %
Apr
54 ft
3ft
3%
4
4,010
3%
Jan
4ft
63 ft
61%
38%
64
989
55%
Apr
38%
156
35
Jan
17
17
300
16%
9
Apr
Apr
77
Apr
100
Caterpillar Tractor com.. *
Chrysler Corp com
5
Clorox Chemical Co
10
Consol Cbem Ind A
35c
19
50ft
102 ft
Calif Water Serv pref._100
Central Eureka Mlnlng__l
13
Jan
815
25
Calif Packing Corp com..*
Caltf-Engels Mining
_.*
Crown Zellerbacb com...5
100
,
9ft
77%
Preferred
10%
79%
1,874
1,020
220
85
40ft
19ft
Jan
Jan
Far West
Building Activity Reached New High Mark in
Mar
March, According to Bank of America (California)
Apr
Mar
Mar
Building activity in the
Far
moved upward to a
West
Jan
Mar
Feb
Feb
14ft
Jan
91
Jan
Mar
14%
14%
14%
14
Jan
IS
50
38
37
38
30
41ft
38
38
20
Jan
39
Feb
Fireman's fund Ins Co..25
82
82
82
30
79 %
Apr
85ft
(California)
Review"
"Business
month
that
for
pre¬
as
pared by the institution's analysis and research department.
Feb
38
35 %
37
Jan
Fireman's Fin d Indem__10
according to Bank of America's
high mark in March,
new
Emporium Capvell Corp.*
Pref (wwi
Preferred
.25
Ceneral MetalsCorp cap2 ft
General Motors com
10
General Paint Corp com..*
Golden State Co Ltd
*
22%
1.10
200
14
14%
22%
I14
6
lift
"m
1.03
9ft
Jan
1,283
38%
Apr
Apr
51ft
8ft
8ft
Mar
5%
5
420
7%
5%
7%
3,992
6
11%
39
270
37
17%
215
17%
Apr
2,400
95c
Apr
320
1.40
Mar
210
8%
Jan
39
17%
1.10
1.15
1.50
1.50
9%
9%
40%
38%
22%
25%
102% 102%
14
13%
1,958
1.50
Apr
150
Hancock Oil Co of Calif A *
1
Jan
42
,
41%
Apr
40
Langendorf "Utd Bak pf.50
Leslie Salt Co
38%
10
Lockheed Aircraft Corp_.l
24 ft
Magnin & Co (I) pref.. 100
March Calcul Machine
5
"l~3ft
Menaseo Mfg Co com
National Auto Fibres
.1
com
Natom as Co
2.90
1.40
Mar
60
Feb
16ft
2,65
Apr
5ft
Jan
show'Far
last
Mar
25%
Apr
50
25%
Apr
31
150
9%
Feb
lift
1,000
12c
Apr
19c
20
5%
Feb
7ft
This
March,
in
•*
in
United
3%
Apr
5ft
2.40
and
year.
.
•
rural
rural
Western
Latest
areas.
to he
sales
to
debits
Department of Commerce
merchandise sales in small
figures available (for February)
16% greater than in the same month
electric
and
Western business, based
production,
power
showed
72.1% for March, from 72.4% for February, but
a
on car
loadings;
fractional
an
decline
increase of 3.7%
Jan
Jan
the
•
Bank of America's index of Far
bank
larger cities, the review
States
general
in
improvement
1.80
960
1,40
30
1,580
27 %
Apr
Apr
34ft
Mar
32%
29%
1,660
31ft
Feb
32ft
246
29 ft
Mar
45
1,000
28 ft
41 %
Jan
43%
Feb
49ft
Mar
470
104 ft
CURRENT
Jan
105% 106
5%
5%
18%
18%
100
120
100
151
109
5%
Mar
18 ft
Apr
Apr
129
Feb
151
114
10
151
Apr
NOTICES
—Chester E. DeWillers, formerly with A. L. Stamm & Co., has rejoined
the Trading Dept. of Charles King & Co.
Announcement is made by Shields &
Co. that Arch
E.
Richards
has
become associated with their investment department of the Chicago office.
La Salle Street for
25 years and is well known
Jan
Mr. Richards has been
Jan
in investment
banking circles in Chicago and the middle west.
last two years
he has been with the buying department of E. E. Rollins &
on
over
J
307
200
80
120
-
1938.
Jan
1.60
,
March,
oyer
Jan
29%
32%
29%
5ft
a
Mar
270
34
Jan
Mar
29ft
*
trends
by the
Jan
,
Oft
lift
T.70
106
which
in
Mar
20
4
com..
108 ft
Apr
665
6%
....
Apr
11%
10
3%
Pacific Pub Service com..*
102%
27
6%
1st preferred
Pacific Tel & Tel
Feb
Mar
26 %
6 ft
.__*
reflects
towns
37ft
25%
O'Connor Moffatt cl AA_.*
S6 dividend
building,
$11,678,000
totaling
permits
figures released
points to
Western
42
Apr
Apr
13c
25
Pacific Light Corp com...*
residential
18 leading Western cities reported
principally
Mar
Jan
Apr
%
Apr
12c
32 ft
this
43ft
38 ft
38 %
9%
"l2c
25
as
announced
further
was
substantial
5
l
6% 1st pref
5ft% 1st pref...
It
While
showing
920
Occidental Petroleum
Pacific Coast Aggregates 10
Pacific Gas A Elec com
26
building
was
registered
was
61% greater than during the month of March last year.
Apr
200
10
*
was
.home
Mar
6
N American OH Cons
Oliver Utd Filters B.
of
1.80
10
27
10-year high mark
value
advance
the
in
12ft
26 %
N Amer Invest 6% pref 100
new
1938, was 45%.
March,
factor
Jan
10
5%
*
is a new record for the
established in April, 1937.
Teview,
over
gain
Principal
Feb
528
3.00
the
says
The
Mar
10
1
5ft % pref..........100
2.85
all types of building in 50 principal Western
This,
exceeding by 16% the previous high
Mar
22
40
215
$25,163,815.
was
Jan
Mar
15ft
41ft
21ft
'
Langendorf Utd Bak B-._*
cities
Mar
Apr
Hawaiian Pine Co Ltd...
10
15
5%
12
Hunt Brothers pref
1.60
Jan
170
12
Holly Development
Apr
Mar
6
.*
Hale Bros stores lnc
30 ft
Apr
14
90
added:
Value of permits issued for
recovery,
21%
144
1.05
Mack Corp com. .10
Fostc & Klelsercom
2ft
Foo i
Mar
"Review"
The
147
7ft
21ft
Jan
Mar
For the
and previously he had been senior partner of the stock exchange
Apr
Sons, Inc.
*
1.12
1.20
200
1.10
Apr
2.80
Feb
firm of Richards, McMaster & Co.
It E A R Co Ltd com....*
3%
8%
5%
273
5%
Apr
10ft
Mar
8%
128
8%
Apr
16 ft
Jan
25
15%
15%
300
15 ft
Apr
23ft
Jan
Journal,
Republic Petroleum com.l
2.25
2.40
730
2.25
Apr
3ft
Jan
bridled delight on the follies and foibles of the Street.
10%
U%
7%'
7%
6%
5%
375
10 ft
Apr
Apr
14 y»
Jan
Preferred
Pig'n Whistle pref..
Rayonier Incorp
1
com
Rayonier Ino Dref
Rheem Mfg Co
8%
1
Richfield Oil Corp
*
com
n%
7 ft
6
Ryan Aeronautical Co
1
Soundvlew Pulp
6
com
12
8o Calif Gas pref ser A..25
Southern Pacific Co
100
Spring Valley Co Ltd....*
Standard OH Co of Calif..*
Super Mold Corp cap
10
Tide Wat Assoc Oil
12
29 ft
10
com.
Jan
19ft
Jgn
The deadline is May
40
32
Jan
of F. S. Moseley
2,975
10
•
1,827
12%
15%
9%
15
28c
1
2.50
2.50
6%
6%
250
27%
12%
28%
12%
200
150
23
23
20
50
21
21
80
Victor Equip Co com
Waialua
Western
5
10
Agricultural
20
lift
'mi
Pipe A Steel... 10
Yellow Checker Cab
ser
Series 2
33ft
Apr
21ft
Jan
Apr
5ft
Mar
Apr
29 ft
Mar
Others members of the committee are Richard de La Chapelle of
Jan
33
Mar
Co,, Edwin H. Herzog of Sheilds & Co., and George J. Gillies
Apr
14ft
Jan
Apr
7ft
Jan
—The firm of Kobbe,
Gearhart & Parsly, Inc. announces the election
of the following officers:
G. M.t W. Kobbe,formerly associated with Bon-
or
to
John A.
& Co., who is Chairman of the publication committee,
Straley, of Calvin Bullock, who will again edit the paper.
Shields &
of Blair &
Co., Inc.
100
Equipment pref...5
United Air Lines Corp
Universal Consol Oil
Jan
ft
lift
650
25c
the financial district is welcomed.
5ft
5,963
2,633
1,261
16ft
9%
14%
Work is already under way
June 2.
Copy should be submitted to A. Glen Acheson,
13.
25 ft
21
310
5%
un¬
4ft
280
"Vm
1
T7nlon Oil Co of Calif..^.25
Victor
12
7ft
Apr
30
Street denizens comment with
Wall
year,
and material from those familiar with
Mar
5%
2
Jan
5
5ft
Trans&merica Corp
Treadwell Yukon Ltd
each
11
26%
29%
26%
29%
10 ft
which,
in
This year the paper will appear on
300
4%
32%
11%
6ft
Journal, the Bond Club's burlesque of the staid and dignified Wall Street
2.065
12%
32%
12%
4%
"26ft
2,572
,
One of the surest signs of Spring is the annual revival of The Bawl Street
25c
55c
Jan
Apr
19ft
Jan
8ft
Apr
13ft
Apr
Apr
17
2ft
6ft
208
Apr
16ft
Apr
12
bright & Co., President and Treasurer; E. G. Parsly, formerly President of
Parsly* Bros. & CO.,
Inc. o£ Philadelphia, Executive Vice-President and
Gearhart, Jr.,
D.
Frederick
4
Jan
Secretary;
9
.
Jan
Lichtenstein and more recently
25
Jan
28ft
lift
24
Apr
Apr
36ft
21
100
Jan
Mar
Apr
33
19
Apr
Jan
Mar
Feb
Faroll Brothers, members
Kobbe,
Gustave
II,
firm will underwrite,
former
partner
Manager of the Trading
of Gearhart
&
Department of
New York Stock Exchange, Vice-President, and
Assistant
Treasurer and
Assistant
Secretary.
The
wholesale and retail railroad, public utility and in¬
dustrial bonds and stocks, deal in municipal bonds and specialize in overUnlisted—
Am
Rad A
St Sntry
158 Jig
Amer Toll Bridge (Del)_.l
Anaconda Copper Mln_.50
60c
Baltimore A Ohio
com..
Blair A Co Inc cap
Bendix Aviation Corp
50c
56c
195
100
4%
4%
iee
1
1%
19%
1%
1,181
20%
370
aii% all%
a6%
a6%
40
6
Claude Neon Lights com.l
Corp...*
7ft
Curti«w-Wrtsrht Corp
Domlnguez OH Co
1
•
32%
General Electric Co
*
a34%
Hawaiian Sugar Co
20
25ft
6
17
Mar
Apr
170
Mar
direction of Mr. Gearhart, Jr., who has had an active
Mar
in the unlisted securities
38c
Jan
21ft
4ft
lft
Apr
Apr
67c
36
6ft
Jan
3ft
Jan
Apr
29 ft
Feb
lift
Apr
14ft
Mar
7
Jao
9
Offices of the firm are at 45 Nassau Street, New
Feb
finance at Columbia University, and a business and investment
has been elected to the
has served
%
7%
%
197
ft
Mar
lft
Jan
7%
100
7ft
Apr
9ft
Jan
Department
5%
6
855
Apr
7ft
Jan
100
31
Apr
37 ft
Feb
240
31 ft
Apr
42 ft
Jan
22
Jan
27
Domestic
in these
Commerce;
Idaho-Maryland
35c
100
6
6
30c
Jan
35c
Mar
Mar
300
6
Apr
7
com
»
a6ft
a6%
6a %
50
6
Apr
9ft
of Am
com. 1
25c
21c
25c
900
21c
Apr
37c
Jan
1.75
1.70
1.75
200
1.50
Apr
2.50
Jan
a30% 032%
95
Apr
40ft
Jan
3ft
Feb
Tnter Tel A Tel
Italo Pet Corp
20
35c
Hobbs Battery CoB_____*
25%
Mines..1
Italo Pet of Amer pref
1
Kenneoott Coppercom
*
McBryde Sugar Co
5
M J A M M Cons...
3
3
29
300
1
12c
13c
8%
8%
600
a44% a45%
100
3
Apr
12c
1,600
pf.10
Feb
16c
8
Jan
8ft
52 ft
a
and
was
an
Mr.
Director, Bureau of Foreign and
and Financial Trade Commissioner, London), and
capacities he wrote many bulletins on finance,
a
consultant,
official of the United States
(Assistant
banking and mone¬
which were published by the Department of Commerce.
He
of the George and Frances Ball Foundation
the Foundation sold its controlling interest
part in the setting up
had
corporation
board of directors of Bishop's Service, Inc.
in earlier years as
of Commerce
tary problems
25%
York City.
—Leland Rex Robinson, leccurer in business economics and
Robinson
32 %
32%
a34% a35%
and wide experience
markets.
Feb
Apr
18
48
Its trading department will be under the personal
the-counter securities.
Apr
147ft
4,630
23%
Cities Service Co com.. 10
Oil
12
100
40?
23%
Bunker Hill A Sullivan 2.50
Consolidated
12%
156ft 159%
all%
*
American Tel A Tel Co. 100
trustee at the time
Jan
Mar
Jan
in the Alleghany
Corp.
services in the country.
announced early this month when Erwin
Bishop's Service is one of the oldest reptting
A change
Rankin
in management was
elected President.
was
—Clarence Hodson & Co., Inc.,
New York City, announces the appoint¬
ft
Monolith P Cem 8%
Montgomery Ward A Co.*
Mountain City Copper..5c
4
4%
535
44 ft
3ft
Apr
Apr
6ft
A
M
J
ment
of Gerald S. Whittaker as wholesale
New York
area.
,
■
,
■
,
representative for the metropolitan
Financial
Chronicle
Canadian Markets
AND
LISTED
1 1948
Jan
5s
53
55
100
98
Oct
1 1966
British Columbia—
July 12 1949
102
4 Hi--
Prov of
5a
4Kb
6s
120
121 A
1 1962
15 1965
108
109
114
116
1 1941
88
86
86
90
4Hs
90
4s
Aug
4 H*
Brunswick—
Apr 16 1960
-Apr 15 1981
of Nova Scotia—
Sept 15 1952
Mar
1 1960
107
105
107
115
116 K
109
109K
107
108
110H 1HK
108 K
108K
2 1950
1 1958
11961
Mar
Feb
May
Prov of Saskatchewan—
58
June 16 1943
106 K
72
73
76
75
80
Railway Bonds
Bid
Ask
Canadian Pacific Ry—
Canadian Pacific Ry—
Sept
11946
6s
Deo
1 1954
4Ks
July
1 i960
4Kb
72 K
100 K 100K
86 H 88K
71A
perpetual debentures.
6s
Sept 15 1942
4Kb—Deo 16 1944
5s
July
1 1944
4s
Guaranteed Bonds
4Kb
4Kb
4Kb-.
5b
5s
5b
Ltd
113K 114H
117K U8
117 H 118 K
23
Apr
Mar
8A
Jan
Mar
40
40
40
9A
10
9%
10 K
38
42
45
Mar
18
18
16
Jan
20
20
9H
9
Apr
Apr
A
'
20
Feb
103 K
103 K 105
Apr
2H
2A
2K
Apr
8A
8A
\A
18 X
.18 K
18
Mar
Jan
23
23
21
Apr
19
19A
18 K
Apr
10 A
11
10 A
Apr
70
71
67
Apr
67
67
66 A
Apr
160
160
3K
1.50
1.60
160
Jan
3A
Apr
1.50
Mar
1.60
4K
1.50
Apr
,
*
*
1.60
7 A
Feb
7
Feb
22
25
ZellersLtd pref
1 1962
1 1962
4s........Jan
3a
Jan
Apr
102
*
Zellers Ltd_..—
Grand Trunk Pacific Ry—
Apr
Mar
70
*
..100
*
Preferred
Jan
18
*
B
1 1946
July
8Kb
Apr
44
-•
Noranda Mines
Apr
41K
*
Ogllvle Flour Mills
Ottawa Lt Ht & Pow
Mar
64H
38 K
Weaving.—*
Winnipeg Electric A
Canadian Northern Ry—
112K 113K
116
116H
114
114H
114
114 K
Sept
1 1951
June 16 1965
Feb
1 1956
July
1 1957
July
1 1969
Oct
1 1969
Feb
1 1970
4Kb
Niagara Wire
United Steel Corp
Canadian National Ry—
27 K
Mtge. .25
Tramways...100
National Breweries
*
Preferred..
25
National Steel Car Corp..*
Mills.. *
St Lawrence Paper pref. 100
Sbawlnlgan W & Power—*
Southern Canada Power..*
Steel Co of Canada
♦
Preferred...
25
Tuckett Tobacco pref. .100
Ask
Bid
Rangd Since Jan. I, 1939
Shares
Montreal Loan &
St Lawrence Flour
112 A 113K,
Dominion Government
for
Price
Par
(Concluded)
Week
prflOO
Ottawa Electric Ry
*
Penmans—
— *
Power Corp of Canada—*
Price Bros & Co Ltd
*
Preferred.
:—100
Quebec Power
*
Regent Knitting pref
25
Sag uenay Power pref—100
St Lawrence Corp
*
A preferred—
50
76
Nov 15 1946
Oct
11951
5H«—
4 Ha
Stocks
of Prices
Low
High
Montreal
Province oX Quebeo—
Prov of New
Provlnoe
1 1959
June
-June 15 1954
Dec
2 1959
5s
4Hs
4Kb
May
49
99K
91
4Kb
109 H 110K
114K H5K
Week's Range
Sale
Ask
5s
4Kb
Oct
1 1953
Province of Manitoba—
6e
Last
Bid
-—Oct
1 1942
Sept 15 1943
5s
6s
58 A
67
Sales
Friday
Friday, April 28
Province ol Ontario—
Ask
Bid
Province ol Alberta—
Montreal Stock Exchange
Issues
Provincial and Municipal
Closing bid and asked quotations,
UNLISTED
Apr
Banks—
Canadlenne.
Commerce-
Montreal...
Nova Scotia.
Montreal Stock Exchange
April 22 to April 28,
Royal......
both inclusive, compiled from official sales lists
Last
Sale
Price
StockS-
Montreal Curb Market
Sales
Friday
Range Since Jan. 1,
Week's Range
for
of Prices
1939
Week
,
High
Low
April 22 to April 28, both inclusive,
Shares
compiled from official sales lists
Sales
■Friday
Last
10
*
Agnew-Surpaes Shoe
Algoma Steel Corp
Associated
Bathurst Power A Paper A*
Preferred
;
Apr
htA
50c
Apr
1.50
15
175
Jan
Jan
12K
28
Mar
Mar
Jan
10A
7A
22 K
4,240
891
2H
Jan
Jan
2
Jan
3
Mar
Apt
Feb
Mar
3
10
50
17
4H
Jan
15a'
100
1,240
14
24
Bilolo Gold Dredging.
ifA
24 A
740
23
Apr
28
Jan
75
Building Products a (new)*
75
10
76
Mar
80
Jan
285
7
Apr
90
89
Apr
•
7
100
Canada Steamship (new). *
89
Canada Cement
Preferred
7X
89
2
2A
481
2
7 A
8
389
7K
34
34
5
105
5% preferred........50
Canadian Bronze
*
Preferred
100
105
46
Mar
10H
102
2K
10 K
Jan
Jan
33
Apr
39
Jan
105
Apr
105
Apr
Apr
18
Jan
1,480
9V»
HA
25
27
28 A
775
26
Apr
34
*
inn
14
14 X
101
814
10H
Jan
16 K
.
Mar
Mar
Jan
M»r
10A
Canadian Car A Foundry. *
Jan
Mar
98A
Feb
105
Mar
10
98 K
Apr
50
100
100
*
6H
Jan
Mar
Mar
IK
Jan
Apr
102
13
3H
101
45
98 A
Cndn Foreign Investment
455
Canadian Indus Alcohol..*
40
*
Class B
6
65
25 A
Preferred 7%
Feb
Jan
Feb
Jan
9A
115
115
16
2H
Cndn Fairbanks pref
Jan
Feb
166
24 A
-
16 H
1.25
,
2H
Mar
*
150
5
Jan
25
4,727
3%
Apr
Cookshutt Plow....
*
185
5H
Apr
6A
8H
45
21H
Apr
Jan
61A
27
Mar
Mar
-
8
Feb
Jan
Canadian Pacific Ry
Canadian Locomotive
Jan
Jan
Jan
Smelting 5
1,787
Crown Cork A 8eal Co...*
85
..*
*
125
16
Jan
20K
380
24 K
15
Apr
37
Jan
Jan
19 A
Feb
Consol Mining A
Distillers Seagrams
"
Dominion Bridge.....
Dominion Coal pre!
95
25
100
36
108
100
80
150
Dominion Steel A Coal B 25
10,366
Dominion Glass
...
Dominion Glass pref
7K
610
4
Jan
115
Mar
Jan
162
Mar
Apr
Apr
12 K
Jan
Jan
....100
Feb
150 %
6A
295
50
50c
Apr
Feb
250
9a
Apr
Enamel A Heating Prod..*
35
75c
Apr
C Corp..*
6,000
Eastern Dairies
*
Electrolux Corp
i
Famous Players
Foundation Co of Canada *
175
Oatlneau Power
*
142
Preferred....
100
282
,,
3A
18
7
11A
88
Apr
Mar
55c Feb
16
; Jan
1.25
19
Jan
Mar
Feb
270
2H
Jan
6
703
5
Apr
8
...»
35
5
Mar
Gypsum Lime A Alabas—*
75
4
Apr
Gurd (Charles)
Hamilton Bridge
Preferred
Holllnger Gold Mines
Howard Smith Paper
Preferred
Hudson Bay Mining
*
405
100
2
6
2,208
*
330
100
5
108
Apr
Canada Starch Co
Cndn Marconi Co.
Can Power & Paper
Can
Vlckers Ltd
"
Dominion Stores Ltd.
Donnacona Paper A
.
—
1A
Jan
*
*
5
Apr
3
Apr
3
Apr
*
B
Ltd-
»
56 K
27 A
Apr
3H
Jan
Jan
8X
9A
34
29K
Apr
87
87
81
Feb
150
150
MoGoU-Fron 6% cm pi. 100
Melchers Distilleries
Ltd..•
100
6 % preferred
ou
Walkerville Brewery
*
Walker-Good A Worts (H)*
Ileum pref
*
Feb
3
Jan
6
75
Mar
Jamaica Pub Serv pref. 100
5
129
Jan
132 A
Apr
Aldermac Copper Corp...*
17 A
Mar
Ashley
13H
Jan
5
7H
7A
Apr
Jan
Mar
Preferred
5
*
435
13 A
Laura Secord
3
215
11
Apr
Mar
LegareLtd
*
85
5
Apr
»
566
4A
Apr
445
5H
Feb
6,176
29 A
Arn
Lake of the Woods
'
Massey-Harrls
MoColl-Frontenac Oil
»
Mont L FT A P Consol
»
|
77
82
Jan
Mar
Apr
32 A
100
International Power
Apr
9
Massey-Harris5%cmpf 100
Standard Clay Products. _*
Apr
Apr
45
23A
tarnia BridgePower A._*
Co Ltd 100
Canada
42^
22 A
Apr
25
23K
Jan
4,257
2,677
Apr
8
.*
Jan
Mar
Apr
8
.*
Loblaw Groceterias A
*
MacLaren Pow A Paper..*
Mar
Feb
7%
Apr
15
Companies Ltd...*
Voting trust ctfs
.*
Inter City Baking Co. .100
Nova Scotia Light
33
Apr
17
Fraser
Jan
Apr
Apr
6
_.*
•
17A
16H
»
3A
Aircraft Ltd... 5
Jan
28
jac
Apr
Apr
*
David A Frere B
6
Mar
Feb
Apr
Mar
3A
Cub Aircraft
35 K
Indust Accept Corp.....*
15c
4.75
1.05
32
94
Apr
10
pref. 5
Corp Ltd...*
Jan
13 A
Apr
*
Jan
Commercial Alcohol
Apr
Jan
7%
4K
20
Jan
Mitchell (Robt) Co
Mar
Mar
Jan
Jan
10
Mar
11
Apr
Mar
Mar
115
85c
50
6
Jan
93
Jan
14
Ltd...*
5% cum pref
Aircraft
Apr
Apr
45
3
Apr
100
7H
City Gas A Electric Corp.*
Claude Neon Gen Adv...*
Fleet
Feb
15
Catelli Food Prods
Fair child
Apr
2.20
1
Ltd—
*
..100
14K
15 A
4,664
18
7% preferred.
Canadian Wineries Ltd... *
Consol Paper
Apr
12
Canada Vinegars
25 A
•
Internat Pet Co Ltd
Jan
7%.100
Ltd....*
Preferred
—*
Cndn General Electric. .50
CDdn General Invests.... *
CndnlntlInvTr5% om pflOO
Can Light & Power Co. 100
32 K
515
Imperial Tobacco of Can.5
Preferred A
1
Intl Nickel of Canada
107
6H
Jan
Apr
Jan
Ltd..*
pf 100
6
15
Feb
Canada A Dom Sug (new) *
Canada Malting Co
*
Melohers Distillers Ltd pf*
Apr
13 A
,
A
Can Nor Pow 7% cm
*
30
Jan
11
95
..100
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
6 *7 cum 1st pref
100
Quebec Tel & Pow A
*
3,286
Imperial OH Ltd
1.00
Mar
Jan
Jan
Apr
2?
Mar
16 A
93 H
Jan
Jan
-
4K
19K
Vane..5
Brit Amer Oil Co Ltd
*
British Columbia Packers. *
Calgary Pr 6 % cum prf. 100
Intl Utilities B
11A
*
Rights
General Steel Wares
7% pflOO
LakeSt John P A P
Jan
Apr
3
Brewers A Dists of
Mar
Apr
Jan
19
Foreign Power Sec Corp.. *
65
147
Apr
135
Ford Motor of Can A
"
20
Apr
1.15
Refining—5
*
Asbestos Corp Ltd (New) *
Beauharnois Pow Corp...*
Acadia Sugar
Apr
45
Apr
3A
Mar
*
»
4
Aluminium Ltd...
Belding Corticelli
M8r
55c
65
Dominion Textile....
Preferred
Shares
100
6% cum pref
Jan
*
Dryden Paper
High
Co..*
Abltlbi Pow A Paper
7
Dom Tar A Chemical
,
Low
Jan
69
Apr
25
*
Preferred
30
Apr
14H
648
*
Canadian Celanese—
Apr
51K
696
50c
British Col Power Cor p a . *
Calgary Power
29
15
15
Brazilian Tr Lt A Power.*
B
Price
174H 175
..100
Brack Silk Mills—
Feb
15
6A
6
50c
*
100
,
Bell Telephone.
107
Feb
295
15 A
110
110
100
Bawlf(N) Grain Co
Sale
127
14H
Breweries
Preferred
Jan
107
Range Since Jan.
Week
10
150
50
pref. 100
*
Amal Elec Corp pref
for
of Prices
Apr
20
100
Preferred
9A
Week's Range
Mines—
.....1
Bankfield
Beaufor
*
Gold..._1
No par value.
1
_.l
5X
5A
9A
9A
92
92
104K 10iA
95
97 A
23
Apr
Apr
9
1.35
Jan
5K
Apr
8
Apr
92
Apr
104 A
97
Apr
Apr
Jan
101
4
A
Jan
4
A
Nov
107
Jan
1
Apr
1.00
Jan
38 A
Apr
19 A
Apr
1, 1939
Volume
148
Financial
Chronicle
2563
Canadian Markets—Listed and Unlisted
Montreal Curb Market
for
Sale
Par
Week's Range
of Prices
Week
Price
Low
Stocks (Continued)
High
Low
Par
18
18
250
17c
Apr
28c
Jan
60
18
Big Missouri Mines
Sales
Last
74
725
70c
Jan
Canadian Wineries
Canadian Wlrebound
Week's Range
for
Sale
Shares
High
Exchange
Friday
Range Since Jan. 1, 1939
Last
Stocks (.Concluded)
Toronto Stock
Sales
Friday
of Prices
Low
High
Week
Price
*
3%
3%
Apr
Arp
2.39
2.28
6,940
2.05
Apr
2.76
Jan
9%c
2,500
6c
Jan
12c
Fe»
33c
2,400
30c
Apr
Apr
70o
Feb
17
Apr
3%c
Feb
Cariboo
....1
2.19
2.15
2.20
150
Apr
25c
Feb
Central Patricia
1
2.25
2.15
Central Patricia Gold.—
2.27
2.27
2.27
100
2.20
Apr
2.74
Jan
1
9c
17
17
600
17c
Apr
290
Jan
Central Porcupine
Chemical Research
j
32c
33%
Jan
"31%
31%
2%
31%
960
2%
2%
41,000
20
Apr
8c
Jan
2.32
Dome Mines Ltd
Che8terville-Larder Lake.l
Chromium Mining...„„_*
2.30
2.35
3,700
2.10
Apr
2.80
Jan
Commoli
1.40
12,400
Cockshutt
Duparquet Mining Co—
East Malartic Mines
18
Apr
1.04
Apr
2.35
Jan
5.00
5.00
140
4.50
Apr
6.00
Mar
Conduits
16"
16
17
6,000
16c
Apr
25o
Mar
Conlarum
Inspiration Min & Dev
25
22
25
2,500
220
Apr
44c
Jan
Consolidated
6%c
Feb
Cons
1.35
1.25
Faleonbridge Nickel
3
Joliut-Quebec..
Kirkland Gold Rand
6
41
Lake Shore Mines Ltd
New bee Mines
Pam o tir-Porc u pine—
3.00
—
Pandora Cad
5
Pato Consol Gd Dredging
Gold
Placer Development Ltd.
Presum-Easl Douie
m
~
~
13%
14%
15
Smelters
3
.,.6
47
..100
175
3o
Apr
7c
Feb
10c
Mar
Consumers
1.20
Jan
1.7-4
Mar
Cosmos
*
1
Gag
34
Apr
Jan
4.10
Apr
6.80
Jan
Davlea Petroleum
*
789
62%
Jan
68%
Mar
Denison Nickel Mines
200
1.07
Apr
1.31
Jan
Distillers Seagrams
*
"17"
800
43c
Apr
74c
Jan
Dome Mines (new)
Dominion Bank.
*
100
31%
3
3c
Apr
8c
Jan
500
36c
Apr
60c
Mar
3,325
1.95
Apr
3.35
Jan
3.10
3,850
2.82
Apr
4.80
Jan
5%
3,100
1,776
4%0
Apr
16c
Jan
Dominion Tar
2.10
Apr
2.60
Jan
Dorval Siscoe.
Apr
pref
141
900
1.28
1.85
Jan
Duquesne Mining
1,450
1,060
1.45
Jan
1.91
Mar
East Crest Oil
Apr
6.60
Mar
East Malartic
160
13C
Jan
14 %0
Jan
900
1.18
Apr
1.72
Jan
Eastern Steel pref.
Eldorado
125
142
Reward Mining
3%
3%
3%
2,000
3c
Apr
60
Jan
2%
2%
2%
1,500
2%C
Apr
4%C
Jan
Equitable Life
Apr
1.44
Jan
1.67
Jan
Fanny Farmer.
Fannay Farmer
Fauikenham
95c
98c
1.02
2,600
7,890
94c
96c
Apr
48
40
50
10,300
40c
Apr
Stadacona (new)
50%
46
54
24,580
460
Jan
1.03
Feb
Sullivan Consolidated
80
80
84
3,925
7so
Mar
1.01
Mar
_.
1.05
80c
3.15
Teck-Hughes Gold Ltd...
Thompson Cad
.......
Wood Cad
350
2 80
Mar
3.55
Jan
4.05
175
4.00
Apr
4.60
Mar
31c
Feb
Fleury-Bissell pref
Ford A
7.50
Apr
8.85
Mar
5c
6c
6,300
26,500
2,700
43,885
202
Ap
*3
105
Feb
Foundation Co
1.51
Jan
Jan
2.75
Jan
108
16
8c
9c
2.26
2.38
108
T.37
5%
Apr
2.00
Jan
8.70
Jan
100
l'.OO
Apr
1.72
Jan
God's Lake
25
31%
Apr
44%
Jan
237
7,805
1.00
;
1.00
35
34%
Royallte Oil Co...
9%c
Mar
14c
Apr
Aprt
27c
Mar
13c
Mar
6%
1.05
,
28 %
5
16
1,205
4.50
50
Week's
Sale
Pa
Stocks-
Abitibi
6%
Price
Mar
Apr
8
Feb
Loio
65c
-
65c
Mar
2%
425
4%
50c
4
4%
4%
2%c
30c
29 %c
11c
10%c
11c
96%c
94c
1.00
13,100
13,090
Mar
21%
6c
1,000
4%c
Apr
9%c
Jan
2%c
20,500
2c
Feb
4c
Mar
1,000
17,050
15%c
Apr
29 %c
Apr
52c
6%
9%c
Apr
14%
Mar
82c
Apr
2.45
6c*
Afton Mines Ltd
Ajax O & G.__
Copper
Aidermac
35c
8
Algoma Steel
Gold Mines..
Amm
Anglo-Can Hold Dev—
8
5
17c
Jan
Jan
Jan
Jan
24
Mar
24
Mar
500
2^0
Mar
7%c
4c
Mai
8%o
Jan
4%c
11,700
2,200
4c
Apr
17o
Feb
6%
20
6%
Apr
10%
Jan
33
Jan
19%
2,534
11 %
Apr
23%
Jan
1,(00
9%c
Apr
14%c
Jan
5
17c
27
20,100
Mar
15o
25c
Jan
14
150
11
Jan
16%
Mar
488
87
Apr
94
Feb
Mar
3%
6
5%
410
6
5%c
2%c
2%C
28c
2%
Jan
6
483
4
6c
23c
Apr
5%
Apr
11,100
4c
Jan
7%
ll%c
Feb
600
2%c
Jan
4c
Mar
Feb
19c
32,700
7,60.0
20o
17c
lbc
Mar
28c
Jan
45C
500
45 0
Apr
6O0
Jan
5c
18c
6c
12,400
5c
"~5%c
68
68
.
2%c
5c
1
Ma
90
66
Apr
78
159
65
Jan
58
500
2%o prpr
4%c Apr
2%c
6%c
16,300
4%C
2,000
2,500
5%c
Apr
Apr
10 %c
Feb
45%c
54c
122,300
38c
Mar
72c
Jan
8c
Mar
8c
20c
Cons
100
Bank of Nova Scotia—100
Ban k of Toronto
100
302
Barkers
—
300
1
249
15
13c
1.13
Beauharnols
...
Bidgood
J
1
16c
Feb
252
Mar
30
Jan
11c
Mar
1.00
Apr
12
99%
Jan
2%
Jan
175
512
165
32c
1.40
105
Hediey-Mascot Mines
British American Oil
Bro ulan-Porcuplne.
Jan
2.39
17,080
1 98
Jan
3.75
Imperial Bank
100
Imperial Oil
....
Imperial Tobacco.......6
Inspiration
■
i
Intl Milling pref...,
International Nickel.
Brown Oil...
Mar
Jan
Jack Waite
Jacola Mines..
Jelllcoe Cons
Jan
J M
9c
Apr
22c
9.55
Apr
11.75
Jan
7%
Jan
Mar
Klrkjand-Hudson
4% *
40
Mar
25%
Mar
*
.
3
Bunker Hill
*
Calgary & Edmonton
*
2.05
Oils
1
;
36%c
*
Canada Bread
B._
50
Malting
Canada Steamships
*
2
Canada Wire B
*
Canadian
Breweries
Breweries pref. *
Canadian Can A
*
Apr
34c
Jan
5c
Apr
11 %c
5,100
5c
Mar
13%o
Jan
4%c
Apr
11c
Jan
Jan
17,915
1.15
Jan
1.75
Mar
5%c
32%
13%
Mar
8%c
Mar
Mar
50%
1
Lake Shore.......
<
Lapa Cadillac
Laura Secord (new)
....
8c
8%c
1
27 %c
3
11%
11
105
9
3,900
31c
65c
Jan
Loblaw A
227
*
22
Jan
Lebel Oro__
B
105
10
98
Jan
105
Apr
49
Loews CM) pref
49
Apr
56
Jan
Macassa Mines
_.i
7
Mux
10%
Mar
Apr
101%
Mar
Apr
102
Jan
Jan
4c
Mar
8%c
63c
Apr
Apr
85c
Jan
3.60
Jan
9,825
2.60
23%
718
100
22
220
h
100
,54c
85o
2.75
21%
100
25
Mar
13%
17,676
12,650
23
Mar
6.85
Apr
Apr
5c
60c
Jan
17
Mar
1,800
73c 75%c
Feb
59c
1,105
65c
4c
1
49
26c
Apr
Feb
12
Jan
10%
.
11%
4c
23%
3%
Apr
Apr
Mar
5.50
64c
..1
34c 36 %c
Jan
'
22
Jan
25
Jan
Mar
21
Apr
23
Jan
100
Apr
100
Apr
L25
4.15
4.40
9,600
3.85
MacLeod Cockshutt-....1
1.99
1.90
2.07
Madsen Red Lake
1
34 %c
34c
38c
18,350
22,300
Mar
Malartic Gold
1
61c
54c
63c
27,100
5.90
Jan
1.70
Apr
Apr
3.20
J.n
30c
Mar
55c
Jan
43c
Jac
69c
Mar
l%c
Jan
32
Jan
Mar
Manitoba & Eastern
*
lc
lc
500
%c
Mar
66
Feb
77
Mar
Jan
152
Mar
Maple Leaf Gardens—
Preferred
--10
5%
5%
12
5%
Mar
*
1.25
1.40
385
1.00
Apr
1.65
Jan
*
2%
2%c
2%
108
Apr
4%
Mar
3c
5,500
2%
2%c
Apr
7c
Jan
7%
Jan
140%
36%
2
2%
338
2
JaD
%
Jan
8
.100
7%
10%
Jan
15
Apr
Apr
25
Jan
Maralgo Mines
1.00
Apr
Jan
Massey Harris
1.10
10
18%
220
18
168
64
159
18
300
17%
6%
1.80
Apr
23
Apr
179
Mar
Jan
19
Mar
Apr
10%
10%
11%
2,300
27
28%
280
9%
26%
Apr
28
16
15%
16
20
14%
Apr
Cndn Indus Alcohol A
*
1.50
1.50
1.50
120
1.50
Canadian
Malartic
*
75c
71c
75c
2,776
69c
Canadian
Oil
*
J___ 1001
16^
16%
25
14
Jan
30
109
Feb
25
3%
19c
1.40
73c
663
13,500
9,467
Jan
1.33
1~40
2.70
4%
Apr
Feb
1
113
1.26
73c
*
*
3%
Apr
2.08
Little Long Lac
112
1.18
Apr
Apr
Leitch Gold..
16%
-c00
Mar
Jan
*
1
Jan
1.26
Jan
33c
Jan
25
*
70c
1.47
2.80
Canadian Dredge
Can Car & Foundry
Preferred
Apr
23,305
1,400
11%C
320
45c
35c
Apr
6%
*00
■1.68
Apr
6%
50c
9
1.81
17%
27%
34C
5%c
168
56%
Apr
1.52
9
~
4,638
1.10
*■ Apr
42%
22%
Apr
6.575
19c 21 %c
1.57
1
1
1
....
30,700
18
106
6,033
25%
3,536
2.05
10
Feb
r
47%
5c
8%c
16%
104
105%
5c
6c
13
Mar
1.18
20c
1.97
150
90
11,600
Apr
271
Apr
24%
"lT8
740
33
70
2,015
14
Jan
Mar
5
60c
j_*
t
.
46c
.7%
Jan
1
Laguna Gold..
Lava Cap
Apr
Apr
<•
45%
25
15%
69
22c
3%
215
10*%
"46"
15%
101
70
70
28c
Jan
60
2,4,00
70
5.90
Mar
101% 101%
25c
4%
23c
"76"
26c
5c
18"
6%
'""25c
5.75
15%
89%
Feb
*
Jan
10
Mar
16%
—
Apr
7%
17%
Jan
Lamaque Gold Mines.
Mar
91
Apr
13%
125
10%
150
15%
1,045
210%
2,745
2%c
5%
9,670
16%
*
8,100
475
3%
202%
16
16%
210
16%
16
8,700
17
30
15%
210
8%c
11%
16%
2u
B
Jan
41
11%
16%
Cndn Bk of Commerce. 100
35%
Apr
Feb
5%c
5%c
Kerr-Addison
8
*
Canadian
25 %
16
Jan
144% 145%
50
Preferred
1,630
40
Mar
68
*
100
29%
*
65c
32%
*
Canada Packers
Canada Permanent
28%
1
33c
91
101%
28%
...
Apr
3%
49
Mar
Lake of the Woods
18c
J
Jan
31c
Jan
48c
7
Canada Cycle & Motor. 100
Jan
75
100
Preferred
75c
4,700
»
Canada Cement
27
Apr
50."
3.
26%c
Jan
5c
105
.100
A
Apr
Apr
28c
48c
15%
6%c
Building Products (new).*
17%
21%
19c 20 %c
11%
Apr
24c
5c
Kirkland Lake
20%
4%
21%
Jan
4,100
20,700
80
31c
...1
1
Consolidated
Kelvinator.
Jan
8%c
1
6,193
1
Buffalo-Ankhrlte
Buffalo-Canadian
*
30c
2,633
.„.l
Preferred
100
175%
Jan
35o
•
8c
*%
Jan
Jan
1,000
28%c
Intl Metal A...
International Metal pf.100
30o
18c
8c
Hudson Bay Min & Sm_.*
Jan
40
18c
28%c
..1
Apr
3,864
Feb
2.11
*
Intl Utilities B.
.1
Island Mountain Mlnes50c
15,201
Jan
Jan
1.58
2.25
Home Oil Co.
4
-
90c
Jan
Apr
30c 33 %c
4,700
15
24,700
32c
1.15
15
10%
"21%
90c
10c
Apr
8%
1
*
6c
13%
9%c 10%c
*
4,100
170
10%c 10%c
Brit Col Power A..
Apr
7c
3,030
5%
Feb
15c
8
6c
8%
Apr
4
Mar
7o
14%
10c
'
Mar
3%
1.96
8
Jan
Feb
1.00
Jan
14
Mar
12%
5%
23%
Feb
Apr
Apr
Apr
Apr
18c
10%c
10%
45c
2%
94c*
100
36,100
8%
14%
International Petroleum.. *
32%
400
2%
1.08
*
Mar
Jan
Jan
*
16c
25
Jan
Jan
3 %c
Hinde & Dauch..
3%
,55
64c
6%
Apr
High wood-Sarcee
Holllnger Consolidated... 5
21
3%
30%
Jan
Apr
90c
1
Jan
Jan
Mar
97c
•
7c
6%
17,
%c
1
2%
...
2.150
3%
Jan
40o
3,000
50C
Jan
Mar
3%
1,415
l%c
1.01
1
13,650
17c
4%
60c
1
Theatres
Harding Carpet...
18c
30
Brewing. & Distilling...-.5
.
16,575
4
l%c
25"
Mines
Preferred
40%C 43 %c
4%
50
.1
Traction...
Canada
310
Jan
Apr
1,126
43 %c
*
w.
Bobjo Mines
Calmont
Feb
15
6,300
3%
1
16c 17%c
3%
Blue R'bon pref
Bralorne
300
239
15,300
17c
Jan
Jan
Jan
197
14c
174
18c
38o
224
1.15
3%
23c
220
2,090
,
12c
174
100
Blue Ribbon
Apr
Mar
1.10
"~3 %
Co
Big Missouri
18c
203
100% 100%
Klrkland
Bell Telephone
52
305
15
*
_'„_100
700
7,933
217
245
Beattie Gold
Beatty 1st pref
8c
115
*
Bear Exploration & Rad..
■
25c
20c
216
Bank of Montreal
Apr
Haicrow Swa
Jan
Mar
4c
Apr
Homestead Oil
6 %c
Bankfleld
3%
1Q%
Howey Gold..
9%c
6c
Bagarnac Mines
8
49
Jan
13%c
Apr
3%
12%
Feb
17%c
52c
4c
3%
10%
Feb
1,700
Auglte-Poreuplne Gold..
4%C
'*11%
3.25
1,400
10c
Ashley
4%c
*
*
Apr
2.55
10c
13%c
58
4%C
..1
30o
72
56
50
Hard Rock.
Jan
45c
26%c
Great Lakes voting
Harker
Jan
88%
1
Graham-Bousquet..
Hamilton
Mar
Jan
Apr
15c
..50c
1
Jan
2.45
6.00
Apr
19
13%
*
.....
Goldale Mines
1.52
1
Amtfleld
R.
30c
Jan
Gold...
Anglo Huronian
C P
Jan
15%c 15%c
preferred
Acme Gas..
Brazil
High
600
70c
2%c
100
Low
Shares
High
Jan
19
2,1*/
Voting pref..
Gunnar Gold...,
Week
Apr
33
27
3%
Grandoro.
Range Since Jan. 1, 1939
Range
Of Prices
Mar
2.37
Apr
Apr
Gypsum Lime & Alabas..*
Last
Jan
Mar
10c 10%c
1
Preferred
Sales
Feb
Feb
7
18%
5c
Granada Mines......
Friday
12%
6c
10b
5.00
Apr
Apr
Mar
87%
*
Goodyear Tire
April 22 to April 28, both inclusive, compiled from official sales lists
7%
4%
22,300
5%
25
88
_.*
Gold Eagle
Exchange
28
Feb
Apr
27
10c
16c
Gold Belt.....
Toronto Stock
1.41
15%
19
650
14,
Glenora
212
4.80
4.80
"20%
100
—
10
500
108
1.23
19
Rights
General Steel Wares
Apr
10
20
8c
Francoeur....
10
10
15
2.31
Gillies Lake
223
—.
Okalta Oils—
Apr
10
....
Home Oil Co
80c
Mar
279
19
.j;
Preferred
1.93
Jan
210%
18%
60
6c
Gatlneau Power
900
Jan
6.129
Foundation Petroleum. _*
950
200
18
4%
100
Jan
11,200
205
6%
Jan
99c
Mar
*
8.10
205 '
34
1.574
Fleet Aircraft..
18 %c
97%c
Jan
31%
4c
Apr
189
Mar
1
Apr
97%'c
20%
Fernland Gold
4.90
205
Jan
1,300
4c
8%C
Anglo Canadian Oil
Jan
13%
30%
17
4c
1,100
Calgary & Edmonton
16o
1
...
7,300
8.00
60c
Apr
2%C
14
8.00
8%c
Apr
2%C
10
Oil-
Apr
9%o
8%
Lake Gold..]
620
.800
Wright Hargreaves
4c
27c
1,100
20%
9
Apr
2,000
16,400
23
12
10c
4c
19%
Federal-Klrkland
Jan
Mar
31c
23
575
24,710
Jan
61
4%
*
.
13
9%
.....
Jan
28%
615
.....
Walte-Amulet
4.05
3.15
4.05
Pyivanlte Gold
22
182%
17
25
Faleonbridge
Apr
20%
10%
10%
1
1.00
1.05
Bladen Mai...
Siscoe Gold Mines Ltd
Apr
Apr
18
17
1
Jan
Sherrlt t-< J or don
175
35
203
English Electric A__
Shawkey Gold
45
223
31%
100
.1
3.128
18%
20
]
13%
Mar
48%
17
»
4.60
17
20%
1
170
Jan
Mar
177%
16
205
25
480
14
225
Jan
4
4c
1
2.40
Coal
1.26
28c
*
Dominion
3
y<
10%C 10 %c
28c
Dominion Foundry
,*
Dominion Steel Coal B..25
1,000
365
4,358
.18
1
2.50
3
46%
760
50%
5%
175
18%
1,110
45
13%
138
1.74
14%
165
ml
8%
Apr
Apr
*
2.20
128
m.
Apr
Apr
1.45
470
170
m.
5
5%
1.35
100
53%
2.25
141
—
Pickle Crow Gd M Ltd.-.
Jan
Dark water
5
2.40
.
Pend-Orielle M & M Co..
Perron
«
Feb
55c
5%
3.00
2.50
85c
Apr
1.40
3
"45"
—
Jan
Jan
37c
1
45
Ltd
O'Brien Gold
1.39
60c
1,000
49
49
New True Fissure
6,800
3,600
80c
69c
114
114
McWatters Gold
95c
65c
41
53
114
l^ake Gold
86c
435
430
53
500
Jan
37c 37 %c
*
Bakeries
Feb
Mar
91c
»
Mines
200
6
1.35
40%
430
Mac ass a Mines
Mclntyre-Porcupine
McKenzie Red
3
6
1.35
Lake Gold
Klrkland
»
650
*
Francoeur Gold
Eldorado Gold M Ltd....
90
2.10
16
l%c
77,750
Cons Chlbougamau Gold-
High
Jan
16
16
l%c
19%
...
*
Low
1,065
Apr
l%c
17%
2,000
19
Cap Rouyn
«...
3
3%
20%
Central Cadillac Gold
—
355
3%
1.00
Cndn Malartic Gold
Range Since Jan. 1, 1939
Shares
7%
Jan
Maple Leaf Milling
Preferred
1
*
100
Preferred
McColl Frontenac
Mclntyre Mines
6
815
185
6
6
88
88
88
25
53%
52%
54
1,906
10,500
145
Jan
4%
29%
6%
Feb
83
Feb
94
Mar
49%
Apr
59
Mar
Apr
Apr
60
,n
lai
7%
ar
Mai
Jan
McKenzie Red Lake
1.10
1.17
1.03
Apr
1.32
Jan
Jan
McVlttie-Graham
1
1
1.17
9%c
8%c
9%c
1,000
6c
Mar
13c
Jan
Jan
McWatters Gold
*
45%c
45c
47c
4,575
38c
Apr
75c
Apr
•34%
23%
2%
Jan
Mining Corp
»
1.20
1.14
1.20
3,200
1.10
Apr
2.06
Jan
Apr
1.03
Jan
Minto Gold
*
2c
2c
2c
3,000
2c
Apr
3c
Feb
20
Jan
Model Oils
1
29c
29e
500
29c
Apr
48c
Jan
122
Jan
Apr
18
"
3%
5
34
4%
30%
...*
100
Preferred
Jan
4%
33
7
Apr
6%
Jan
*
No par
value.
Jan
Financial
2564
Markets—Listed and Unlisted
Canadian
Week's Range
for
Sale
of Prices
Monarch
Moneta-Porcupine—
A
—.-10C
Hamilton Bridge
10<>
45 H
48 H
16C
2HC
1.50
Api
1.80
Mar
Robb-Montbray
Mar
82
Apr
70
3,921
6c
2,000
5,000
13c
3Ho
Jan
6c
Api
6c
4Hc
45c
4,708
38c
Ap.
70c
Jan
8.50
356
8.01
Api
8.85
Mar
2.55
7,780
'I 01
Api
3.3>
—
KtiiMinlfait.
75
10
F«3I
110
24
A pi
8
Supertest com—....
Tends* amlnr a flop*
J an
7 He
7 He
1,350
91c
Api
6,100
IHC
Api
1113
2Hc
30.
9,838
26c
A pr
53c
2.25
125
1.50
Jan
2.00
Feb
5H
5
4H
Jan
7H
Mar
hid
1,800
23c
Apt
52 He
Jan
A bitlbl P A Pap
4IH
43H
5c
6c
3,500
5c
Apr
12C
Jan
Alberta Pac Grain
75
77
Apr
104 H
Jan
Powell Itou
Royalties
2.95
3.06
16.597
2.70
Apt
4.75
Jan
5c
2,500
4c
Aps
16c
Jan
3Hc
500
3Hc
Api
7Hc
Feb
3c
Apt
7He
Apr
61c
E Dome...
Roche JLoug
Mines.
Gold...
Sherritt-Gordon
2.49
1,635
Stadacona
....
Stcdman
Steel of Canada...
Sturgeon River
Sudbury Basin
Sudbury Contact
12H
Mar
24c
2.40
Jan
Apr
10 H
Mar
"1.39
1.25
1,43
61,535
1.17
Apr
1.75
Feb
40c
40c
2,000
40c
Mar
58c
Jan
Texas Canadian
Ucbi Gold
4c
2,000
1,000
9C
Jan
25c
25c
Apr
30c
Mar
31c 32He
12,000
20c
Mar
46c
Mar
22 H
Apr
22 H
22 H
7c
0Hc
7c
4,000
6c
4c
6c
8,600
4c
Apr
32
Apr
44 H
Jan
Jan
106 H
15He
Mar
1.50
7,946
1.18
Jan
1.70
12c
9,000
10c
Apr
17c
2c
2 He
<2,200
2c
Apr
4Hc
1.05
1.06
93c
1.02
1,700
17,304
6.00
6.30
1.50
1.50
1.14
1.45
Jan
1,055
5.25
Jan
7.20
Mar
50
1.50
70
3H
Apr
3H
60
3
Feb
5
78
Apr
78
Jan
19,885
96c
Apr
48c
10,200
41c
Apr
80c
Apr
13c
Jan
50c
5Hc
Jan
6Hc
9,000
45He 53He
165
165
44,914
45c
Mar
1.C3
Feb
10
1.60
Apr
3.50
Mar
18H
18
10
16 H
71
314
66 H
Jan
Apr
65
Mar
66 H
67H
107
6c
5Hc
6 He
12c
12c
16c
65,500
11,400
•
113H
65
67
93
95
76
■
77
72
92
63
61
Winnipeg Elec 4Hb— i960
4-58 series A——.1965
102
66 H
67 H
1965
52
53
United Grain Grow 5s. 1948
74
34
-1961
90
United Securs Ltd 5 4s '62
100H
—1951
101H-
'
36
4-5s series B
/Flat price.
•No par value.
Sales of
Canadian
Nominal.
n
Life
2%
Increased
Insurance
in
March Above Year Ago
•.v„
Insurance Sales Research Bureau, Hartford,
announced that Canadian sales of ordinary life
insurance
for March showed an increase of 2%
over
March, 1938.
For the year-to-date, sales are equal to those
of a year ago.
In our issue of last week, page 2335, the
March sales in the United States were given.
The follow¬
ing are the figures for March by provinces, as issued by
Life
The
Conn., has
Provinces
'Ratios
1939 to 1938
Apr
14He
Feb
1.01
Jan
3.00
3.15
5,365
2.78
Apr
3.55
Jan
11
Apr
12H
Feb
Apr
4.75
Jan
Apr
1.30
Jan
125
•
3.80
6
>o
Mar
11
9
25
9
Apr
106
175
105
Apr
Apr
107 H
Mar
2.30
Jan
16 H
Jan
,
1.74
100
11
12 H
95
10
Mar
80
84
40
80
Feb
90
Feb
102
102
10
102
Apr
113
Alberta
$1,321,000
2,821,000
1,930,000
....
British Columbia.....
Manitoba
Scotia
Nova
.
.
22c
1.15
1.26
12
2,281
3
21c
5,200
12
90
21c
2%;
4
Apr
1.03
1,200
1.25
Mar
40c
1.65
Jan
2H
14
Apr
6
Feb
1,000
Apr
15 He
Jan
3%
4H
1,825
3H
Apr
7
Jan
4.50
4.75
1,406
4.30
Apr
7c
5.80
Jan
Jan
6.15
5.80
630
9,726
5,50
Apr
8.25
40 H
39 H
41
1,235
38
Apr
51H
Jan
19H
19 H
10c
19H
775
19
Jan
20H
Jan
10c
Apr
15c
Jan
15
15
15
Apr
24
Jan
10
10H
Apr
12H
87
87
He
10c
2,200
30
325
5
He
2,000
9H
95
Feb
Apr
IHc
Feb
2c
Mar
3H
Mar
5c
Apr
8Ho
2.12
Mar
1,000
9c
Apr
18 He
8,416
*7.30
Apr
8.90
Jan
Mar
6c
Apr
9c
Mar
2HC
2Hc
2,000
4c
4 He
1,500
TIso
1.50
1.55
121
9c
7.95
7.80
8.05
6c
6Hc
3.500
Jan
Exchange—Curb Section
official sales lists
both inclusive, compiled from
Sales
Range Since Jan.
Week's Range
for
Sale
of Prices
Low
High
1, 1939
Week
IHc
IHc
Shares
4,000
3
100
4H
5
1,085
12
170
High
Low
IHc
JaD
Apr
3
3H Apr
11
Apr
3 He
Feb
4
Jan
6
Mar
14
Jan
1.00
300
90c
Apr
1.15
Mar
3H
4H
2,015
3H
Apr
7H
Jan
5
5H
130
5
Apr
6
Mar
22
22 H
3 He
32
22
Apr
25
Mar
Feb
3 Ho
5
2c
— .
$33,578,000
Apr
of Montreal
Maintains
113
25,679,000
2,334,000
103
77
827,000
■
$94,891,000
102%
113
93
100%
Says
Canadian Business Activity
Level
Summary" issued
April 22, states that the political tension in Europe and the
fact that winter has lingered longer than usual have com¬
bined to curtail the normal expansion of Canadian business
at this
season.
However, a fairly satisfactory level of
activity has been maintained. The Bank further said:
The Bank of
Cold
weather
Fairly
Satisfactory
Montreal, in its "Business
has
retarded
the
normal purchasing of
spring clothing
has not been unsatis¬
factory; in March the sales of departmental stores were less than 1%
below the sales for March, 1938.
Considering all circumstances, merchants
found the special Easter trade quite substantial and the impending visit
of Their Majesties
is providing a welcome stimulus to trade in many
localities.
Cultivation of the land has so far been possible only in the
more southerly districts, and the seeding season promises to be abnormally
late, but in the Prairie Provinces at least this is not now considered
and
other seasonal goods,
unmixed
an
but otherwise retail trade
evil.
but there has been some abate¬
the first quarter of the year,
and a fall in the price of copper is an adverse factor.
In Eastern Canada
the lumber
industry is still slack; in British Columbia, thanks to an
improvement in the export
demand, there has been an increase in
ment
95c
3 He
Bank
The
3
11
Canada, total..—.
Mar
1.50
2Hc
9c
Jan
Apr
He
87
420,000
124
07
Mar
9C
7c
— .
92
103
95
Jan
Apr
11
Newfoundland
233,000
103%
101
118
144
130,000
J.
■
100
9,121,000
846,000
—
Quebec
$3,982,000
7,575,000
5,659,000
2,219,000
3,698,000
42,498,000
99
100
Prince Edward Island.
Saskatchewan
'
127
792,000
—....
Ontario—
93%
109
1,326,000
15,058,000
Brunswick..
New
Mar
.
.
Year to Date
Sales
Apr
1.76
•
March, 1939
Volume
Mar
1.75,
Bureau:
the
Ratios
7c
8,200
4
'
1939 to 1938
76c
8,035
1.00
102H 104H
B
Sales
1.80
1.05
12
104
4 H» series
Volume
9
1
*
Canada Bud.
*
Canada Vinegars...
♦
Canadian Marconi
1
Consolidated Paper. ^... *
Consoldated Press A
*
Corrugated Box pref_..100
Crown Dominion
*
1966
67
Smith H Pa Mills 4Hs '51
39
37
,
10 \X 105H
Sbawinigan W A P 4Hs
96
Jan
925
4.05
Brett-Trethewey
4s
East Kootenay Pow
•
Jan
840
11H
Bruck Silk
Saguenay Power 4Hs A *«6
Donnacona Paper
'
105H 106
Jan
1,500
70c
Price
deb
Provincial Pap Ltd 5H»
11c
105
Par
100
conv
92 H
Mar
74
82c
90c
*
1
•
'47
2nd
38H
91H
24Hc
8He
3.90
10 H
4s.._1967
88
102
ARr
•2.10
2.10
11H
4
91
86
5«
m
Apr
3.00
~4~66
4.75
89
,
*4*
•
12c
8C
80
103
4Hc
82c
3.10
91
102
Power Corp. of
92
91
Jan
18 "
70
2.10
92
Can 4 H>'59
Dec 1 1957
^
^
Mar
77 H
5Hc
5HC
Last
Jan
1.67
1.09
Friday
•Stocks—
Feb
Feb
41c
Toronto Stock
April 22 to April 28,
5
4H
90
97c
6 He
— ....
2Ho Mar
45c
*
Wright Hargreaves
Ymir-Yankee Girl
Mar
1.05
—1
*
Wlltsey-Coghlan
Winnipeg Electric A
Apr
4
78
100 H 101
.
35H
,
104
103
Price Brothers 1st 5s.. 1*57
■
100 H
6 Hs. 1946
Co—
.1958
7s 1942
Eastern Dairies 6a.
1949
Fraser Co 6s
-Jan 1 1950
Gt Lakes Pap Co 1st 5s '65
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
50 H
50
3s
value)
848-
•
ex-stock—..—1961
6Hb
Jan
Jan
Apr
3
Whitewater
92
Jan
90c
92c
3H
White Eagle
1939
—1956
.1973
Montreal Tramway 5s 1941
par
34«
106
Feb
1.00
*
100
Preferred
Montreal L H A P ($60
91
Dom Gas A Elec
105
Mar
Apr
9Hc
1.38
Wendigo
1
West Canada Flour pref 100
Westons
37
25H
/25
104
5s. 1953
Pap6e 1949
1949
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 6s '53
Consol Pap Corp —
5s
104
6,700
1.06
*
Preferred.
1945
Montreal Island Pr 5 4e '57
105
5Hs
Apr
"2 He
...25
*
*
_•
*
——*
Amulet
Minn A Ont Paper 6s.
104
Canadian Lt A Pow 5s
+
45
44
2H«to '38 6 4* to'49.—
3 »H
101H 103H
Jan
lie
Gas
Walkers
•»<m
35
6s——..1958
'
:
Maple Leaf Milling—
"
34 X
Ask
82
82
H
Mar
5
105
10c llHc
1.45
4>b
Hid
Calgary Power Co 5a. -1960
Canada Bread 6a — .1941
Jan
He
3lo
192
280
34H
34H
105
11c
11
Jan
178
23
185
184
184
12 H
Ventures
28
Apr
5c
..1
1
UnltedFuel B pref
Apr
22 H
—.....
Wood-Cadillac
4c
450
*
United OUs._...
United Steel....
Apr
35
Apr
4c
100
Toburn
1
Toronto Elevators
*
Toronto General Trust. 100
Toronto Mortgage
50
Towagmac.
35
25C
—♦
*
Tip Top Tailors
Preferred..
16
35
35
7
32 He
Tamblyns
Hughes
32
7
"~25c
-.1
Sylvanlte Gold
100
9H
7
"z'r"
Apr
*
14 4"
1952
6 Hi aeries
Jan
Apr
...1
Sullivan
Jau
Apr
1
—*
J
Gold
2.45
Apr
25
*
Preferred
Straw Lake Beach
Mar
100
Apr
1.18
17c
—*
•
*
Standard Paving
Jan
97
12,000
Jan
2.70
9
»
A
6 4«
1.000
Manitoba Power 6Hf-1951
108 H 1084
Canadian Inter
1.80
1
1
1
Lake..
1.75
Burns A Co
Canada North Pow
Jan
600
*
100
Sladen Malartlc.
105
1st 5H8-—1946
Jan
6.60
Apr
Brown Co
Jan
20
1,135
....
Simpsons pre/..
2 25
15
98
9
Quebec....
811 verwoods .......
*
Preferred....
*
Slscoe Gold
Apr
'
1.59
Sigman Mines,
Simpsons B._
He
Apr
1.92
50c
1
Sheep Creek
2.40
•
Apr
4.50
1!
18He
1
Shawkey Gold
He
18,165
1.88
i
1
.1
San Antonio
4.85
18 He
Royallte Oil
Power pref...
St Anthony..
16H
4.60
Jan
Mar
1.94
Jai
16H
1,000
He
HC
16H
9H
—.100
.»
100
Royal Bank
Saguenay
1.45
98
*
1
1
Lac.....
Ronda Gold
35c
6,375
"1.90
.....1
Riverside Silk
32,700
2.40
*
Gold...
48c
1.70
4.70
.1
Reeves-Macdonald
35c
1.65
len
100
Red Crest
3Mc
4,700
3Hc
*
Pros Air:
ctfs 5s 1933
08 .1946
Beauharnols Pr Corp 6s 73
Bell Tel Co of Can 5s. 1955
Mar
-
41c
1
*
1
Premier..
Pressed Metals
Real Estate Loan
Jan
4Hc
1.70
*
25c
Corp
M;ir
22 H
36
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, April 23
Jan
3Hc
i
-
.....
Power
Prairie
94
115
97
94
1.73
Jan
2H
A,.-.
Ask
23e
"
Jan
Anr
Apr
...
1.05
He¬
JliU
9>
125
Apr
1H
IKH
35
9
l
IHc
Fe'
llr>
71
1 He
5c
100
pref
30
415
1.00
3.00
Gold
He
3,000
2H
IHc
96
3
3
He
Jan
3Hc
Api
Ma
Jan
5 He
Pickle Crow..
Mar
19H
23c
Porcupine—..d.
2c
1 28
35
IX
Mar
1,000
19
19 X
Apr
32
Apr
35
»
8
29 H
120 4
He
120
170
Ja>
6,640
1.45
He
Api
5H
.
801
2 He
W%
.......
21
1.30
Jan
10c
1
A
Apr
25 H
29,300
30 H
1.43
—
Apr
16c
29 H
30 H
.—1
J so
Jan
650
Apr
20c
*
Rogers Majestic
Feb
Mar
;
.
— —
III*
■"IT
—
Jan
25 H
2 He
»■
Jan
6.00
35
Aii-
8
.100
Robt Si strain oref— —.
—*
12
76
....
1
1
Paulore Gold
......1
Paymaster Cons
—1
Perron Gold..;
J
Petroleum Cobalt.... ... 1
Photo Engravers—-—*
Walte
1,000
Peml Oreille
2.20
—...
Oils..
Union
Oils Selections...—
Jan
61H0
40c
Partaneu-Malartlo.,
Teck
Jan
25C
Api
**
*
37 H
Mar
10
20c
*12
25
2.25
Pandora-Cad 111 ac........
Slave
9c
Apr
9c
_.—
Sand River
Jan
Apr
9c
Mercury
i*
An
1.10
24
13c
12
+.
16c
29c
Page-ilersey...
Reno
16C
«r
25
1.05
Oro Plata.
Preston
w
Mar
12
lHc
—..
Orange Crush
Pioneer
"Too
2 He
200
8.40
2.55
„•
»
Mar
90
73 X
52
20c
"loc
25,000
4c
Omega Gold.
Porto Rico
Jan
Arr
Jai
190
6c
""45c
pref-
Mandy
Mills pref.
Montreal L H A P....
1X0
74 H
6c
25
»
Preferred—;.——
Langley's
Mar
61H
Apr
25
—
82,100
/17 He
3Hc
1.50
76
44
10
200
200
24
A pi
14
Fab
160
*
Jan
6H
Apr
4H
23
762
Gwiu.
Olga Gas.
Parnour
100
210
Okalta OH...
Pacalta
loc
4H
Mat
70
10
206
26 X
135
PreL*:io o
Honey Dew
9c
Norgold Mines.......—
Normptal
170 H
Jan
J
25H
26
120
Hamilton Bridge
Apr
23
North Empire......——
Preened.
Apr
Jan
10c
"Tic
Nlt/lssiiu—
——
Noranda Mines....
Nordon Oil
»
Jan
40
Jan
75c
7
40
80
80
80
..100
Jan
1.45
Apt
Mar
8
A»i
38c
2,900
41c
8
...
—
20c
3HC
.U
O'iirmu
40c
DeHavllland
A pi
16Hc
New Gold Rose..—....
Jan
lo5
23
200
.....J
12HC
89c
35
11
47
Newhec Mines
Jai
Mar
Id
Trust......—100
Gold
Par
High
Low
Shares
—
8c
4H
Natlonal Steel Car......
Nay bob
552
23
.20
pref.
National Grocers
Dalhousle Oil
10c
Mulrheads.National Grocers
Apr
13HC 16Hc 226,980
"~16c
Morrls-KJrkland........
National
14,170
157
167
100
8c
1,000
1.00
94c
35
35
...
—
8Hc
35H
8Hc
98c
....
Moore Corp
Apt
100
1939
Week
»
HO
100
100
Knitting..—100
Oils—
2ot
Monarch
for
of Prices
Low
High
Price
Par
(Concluded)
Stocks
High
Low
Shares
High
Low
Price
Par
Week's Range
Sale
Week
1,
Range Sine* Jan.
Last
1, 1939
Range Since Jan.
Last
(Concluded)
Salts
Friday
sales
Friday
Stocks
Stock Exchange—Curb Section
Toronto
Stock Exchange
Toronto
April 29, 1939
Chronicle
gold mining industry still prospers,
in the production of base metals in
output.
In
the
situation
are
...
manufacturing field
since -the
there has been
no
beginning of the year and,
operating at below 75% of capacity.
material change iq the
the average, factories
on
Volume 148
Financial
Quotations
Bid
cSs
Jib
11977..
oZn
Feb
11979
a314»July I 1970..
s3 Ms Miy I 1954
d3
Not
City Bonds
Bid
Ask
9954 10054
9954 too
...
102
103
10654 10754
1 1954..;
107
1 i960......
asm Mir
10654 10754
10654 10754
a3 4i Jin 15 1976.
ate
May 1 1957
108
112
1 1958. J—..
ate
Not
ate
May 1 1959...
! 13
i4 t4s Not
1 1957.
14 Vie Mar
1 1963.
121
11654 H754
14
U654 1174
14
118
117
atm Mir
1 1962
1 1964...
121
'78.
15
June 1
14
Transconrinent Shares Corporation, Sponsor
122 H
LOS ANGELES
1 1979.
BOSTON
JERSEY CITY
122
12154 123
122
12354
12354 125
126 >4 12734
1965.
1 1967.
m Dee 16 1971.
m July
14 m Dec
inc.
ItturtaM Stock Series
122
121
1 1977.
Stock Mm
54 122 H
123 34
11854 120
119
12054
Miy 1 1977......
aim Mir
U854
120 54
120 J4 12154
12054 12154
>4!4b Mar 1 1981.
«4HB May 1 1957.
Oct
...
FISCAL FUND,
119?*
4414B Jin
i4)4B Not
ate
1 1980.
Ask
117 %
(414b June 1 1974.
1414B Feb 15 1976.
ate
1 I960
1 1966.
Apr 15 1972.
a4 Ha Apr
11254 113*4
1125$ 11354
11554 11654
•*Ha Sept
2565
Over-the-counter Securities—Friday April 28
on
New York
Chronicle
New York Bank Stocks
Bar
j
id
Par,
Bid
| Ask
I 45
New York State Bonds
Rid
3s 1974
15U
National Bronx Bank
40
National City.....
Benaonhurst National—.60
1175^
Bank of Manhattan Co.10
Bank of Yorktown..66 2 3
11854
125*
23 54
75
National Safety Bank.1254
1154
2954
Penn
Chase
Bid
Ask
Ask
—.13.56
Commercial Natlonal—lui
154
40
Exchange........10
2454
1354
11
Peoples National.......50
47
54
.—25
2654
2854
First National of N Y—100 1655
Sterling Nat Bank A Tr 25
Merchants Bank—— 100
2254
2454
Trade
1454
1754
less
1
World War Bonus—
less
1
548 April 1940 to 1949..
Highway Improvement—
4s Mar A Sept 1958 to *67
Canal Imp 4s JAJ '60 to '67
Barge C T 4s Jan '42 A '46:
b 1.00
Fifth Avenue.————100
134
Barge 0 T 4 54s Jan 11945.
115
Canal A Highway—
5s Jan A Mar 1964 to '71
50
Public National
62.15
62.20
—
3s 1981-....
...
...
62.35
Highway Imp 4 548 Sept '63
142
Canal Imp 4 m Jan 1964..
Can A High Imp 454s 1965
140
142
....
4
680
97
Bank.—......1254
134
11154
NEW YORK BANK, TRUST CO.
Port of New
Gen A ret te Mar l 1975.
10754 10854
10554 10654
Geo A ret 4th
ser
104
3s 1976
Holland Tunnel 454s ser E
1939-1941..
MAS b
—MAS
1942-1960.-..
Ask
I
Laird, Bissell & Meeds
'0 90%
11034,11134
120 Broadway, New York-
105
10054
101
103
Gen A ret 3 54S.....1977
George Washington Bridge
454s«er B 1940-53.MAN
Bid
Ask
Port ol New. York—
Gei A ret Sdeer 3548'65
Gen A ret 3d ser 3 54s '76
and INSURANCE STOCKS
York Authority Bonds
Bid
104
Inland Terminal 454s ser
D
1939-1941.........MAS &—
1942-1960————MAS
•
Wilmington
110
115%
Bell
System
111
—
Teletype N Y-l-1218 and 1-1249
>10654 10754
New York Trust
United States Insular Bonds
Bid
Philippine Government—
| Ask
4548 Oct
1959.—.
1952
1955—
110
11154
101
103
1952
114
116
109
-Par
Bid
u 8 Panama 3s June 11961
123
Ask
124J4
Govt of Puerto Rico—
—
1941...—...
Hawaii 454s Oct 1956.—..
11554 11754
454s July 1952—
6a
July 1948 opt 1243.
11754 11954
11154 11254
17 S conversion 3s1946—
Fib
554s Aug
11154 112
11154 11254
3s 1955 opt 1945
...JAJ
Ask
Ask
Bid
,
10754 107*i« 3 5481955 Opt 1945—.MAN
JAJ
10754 107*i« 4s 1946 opt 1944..
10754 107*i«
JAJ
38 1956 opt 1946
3s 1956 opt 1946... -MAN
—......10
Central Hanover..
415
4754
4
„
6854
,
20
8654
4354
Chemical Bank A Trust. 10
Clinton Trust..........
Colonial Trust.——.—25
52
Continental Bank A Tr.10
954
1254
5254
Empire
1154
10
^
Companies
Ask \
405
Corn Exch Bk A Tr....20
Conversion 3s 1947
Federal Land Bank Bonds
Bid
Bankers
County—..—....7
Brooklyn ——100
110
....
lid
Bank of New York.... 100
Bronx
11234 115
454* July
6s
Apr
5s
:
Tel. I)Arelay 7-3500
•
Philadelphia
*
.
Par
1 Fulton.—.—.—.100
Pld
200
Guaranty
100 237
5
Irving
10
954
7354, Kings County—......100 1480
Lawyers—.————.25
26
8954
4554 Manufacturers....—...20
25 54
58
Preferred——.20
51
1154 New York.—.—.—26
97 54
1454
5354 Title Guarantee A Tr—20 .A'
80
Underwriters.... .....100
1254 United States—.......100 1675
4954
Ask
215
242
1054
1520
29
3754
53
10054
5
'
00
162Q
108ui# 10854
11254 11354
We Maintain Trading Markets in'.
CAMDEN FIRE INSURANCE ASSOCIATION
FIRE ASSOCIATION
Joint Stock Land Bank Bonds
OF PHILADELPHIA
INSURANCE COMPANY OF NORTH AMERICA
Bid
.
Atlanta 3s——————
Atlantic 3s—. —
v
Bid
Ask
9954 10054
9954 101
Montgomery 3s.....;
454s
100
101
/33
/33
Burlington 5s—.,
Ask
36
New Orleans 5s....——
New York 6s..
36
North Carolina 3s.—;—
100
©en.
101
%St
10054 101
0954 101
Established 1895
Members Philadelphia Stock Exchange
Central
iutnots 5s..——
Chicago 454s and 5s......
/22
Dallas 38—*——..
10054 102
Denver 6s.....
/454
24
9954 10054
9954 10054
First Carolines 5s....
First Texas of Houston 5s.
Ohio-Pennsylvania" 5s.——
'654 Oregon-Washington 5s....
Pacific Coast of Portland 5s
Pennsylvania 354s.—.——
Fletcher 354s————
Phoenix 454s——.
10054 101
5s^;—.—....
10154 10254
10154 10254 Potomac 3s—
Fort
Wayne454s.........
100
80
sa
St Louis 5s—
81
84
San Antonio 3s—l—.
100
101
Southern Minnesota 5a
Southwest 5s—.—4—
99
68——
:
Chicago 454s
— _ —
—...
10054 ioi
9954 10054
105
10654
10654 10754
7■
Greensboro 3s—
Illinois Midwest 6s
Iowa of Sioux
City 454s...
96
99
Lafayette 5s.—_
Lincoln 4548———.
loo
89
101
91
90
92
100
I
nsurance
Par
101
Aetna Gas A Surety
Union of Detroit 454a—
68
10
86
Ameiican Alllanoe
9954 10054
10054
9954 101
100
t
-t
Virginian 5s———...
Virginia-Carolina 3s
99
10054
Joint Stock Land Bank Stocks
<
'
»
Par
.
Bid
55
Atlantic
......
Dallas
—100
45
55
100
116
120
..
Denver...*—
Des
65
—100
38
...100
Moines
60
...100
5
...
...
65
First Carollnas
Fremont
...100
1
254
100
2
due......May
due
June
due
July
due.....Aug
due.....Sept
due—.Oct.
151939 6.25%
151939
151939
15 1939
161939
16 1939
100
Carolina..............
City of New York.—;..
Connecticut Gen Life—
Continental Casualty...
2454
2154
2554
26
78
2254
2654
New Hampshire Fire...10
New'York Fire..
5
1254
.2954
4254
1554
31
33
-.100
90
San Antonio
—100
75
2
154
85
tmmm
Eagle Fire——.—254
554
154
Bid
Ask
11939 6.30%
1 1939 6.30%
21940 6.30%
11940 6.35%
11940 6.35%
854
754
3954
3754
,11654 U854
60
6254
Fire Assn of Phlla.—..10
84
81
Fireman's Fd of San Fr.25
10
'854
Firemen's of Newark
0
27
2854
Franklin Fire
5
Ask
Arundel Bond Corp 2~5a '53
87
mmmm
56
mmmm
Nat Union Mtge Corp—
Series A 3-6s
1954
Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
Empire Properties Corp—
2-3a....——1945
Interstate Deb Corp 2H5s'55
1953
1954
Ask
56
754
123
1354
3154
4454
1654
454
....—.12.50
2.60
87
90
24
2554
National.25
123
127
—26
113
Northwestern
Yftcsif Ami
Pacific Firs.—.;
Phoenix.——.——..10
Preferred Accident..——5
7054
1754
11654
7254
1954
Provldenoe-Waahington.lO
3054
3254
Reinsurance Corp (N Y)_2
754
2454
2354
26
3954
Revere
(Paul) Fire...—10
854
2454
454
2254
Rhode Island........
6
3
2254
219
3754
10
2454
3954
1154
St Paul Fire A Marine. 62 K
Fire..—...5
Globe A Republic.——.5
Globe A Rutgers Fire...15
Seaboard Surety—...10
2054
754
2854
1954
2254
28
30
preferred—.......15
63
66
2454
2554
1154
Security New Haven..—10
Springfield Fire A Mar..25
Stuyvesant
6
11054 U354
254
354
Sun Life Assurance..—100
370
420
100
443
453
68
3-68
Great American
..5
Great Amer indemnity—1
..
'
—
1953
49
Potomac Deb Corp 3-08 '63
46
Travelers
2654
6954
7154
U S Fidelity A Guar
U S Fire—
6354
6554
U S Guarantee
28 >4
2954
Westchester Fire
48
Potomac Franklin Deb Co
3-08
1953
22
2454
52
6
224
..4
10
1954
4754
5154
2054
4954
2.50
2954
3054
Co..2
54
52
54
48
954
10
10
Hartford Fire—.......10
Hartford Steamboiler...10
Home
5
2054
Hanover
m
9754
88
2d
Seaboard Fire A Marine..6
Halifax......—.
80
Corp (all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
89,
Mortgage Bond Co of Md
Ine 2-5s
354
27
2054
6654
Potomac Bond
Cont'l Inv Bd
North River
Republic (Texas).......10
Bid
Series B 2-5s
6454
Northeastern....—..-. .5
Northern
654
Gibraltar Fire A Marine. 10
Arundel Deb Corp 3-6e '63
Associated Mtge Cos In©—
3-6s.—.1953
254
50
...
3754
Surety Guaranteed Mortgage Bonds and Debentures
Debenture
654
Fldelity~ADep~oYMdl
Glens Falls
Bid
454
New Amsterdam Cas..-.2
New Brunswick........10
Potomac
due—— Apr
3
21
29
due
Nov
due—....Deo
due
Jan
due
Mar
(Providence)—5
19
20
1%
1%
1%
1%
1%
5.25%
b .25%
6.25%
6.25%
6.30%
Merchants
Camden fire...—*——
-.100
Federal intermediate Credit Bank Debentures
1%
1%
1%
1%
1%
1%
9
4954
3054
117
Pennsylvania.
Ask
8
National Union Fire—..20
25
Boston ............—100
Bankers A Shippers
.
48
Bid
41
603
75
—100
6
Mercb A Mfrs Fire New'k 5
590
05
.
45
Merch Fire Assuroom
54
—
_
59
3654
2454
25
15
Virginia-Carolina.
56
Casualty—10
12
Baltimore Amerloan...2 54
,
Maryland Casualty....—1
Mass Bonding A Ins..1254
854
National
New York.;....... —.100
North Carolina
100
5
254
354
14 ;
National Fire
10
National liberty........2
Ask
Virginia
29)4
.
954
89
Bid
4
Lincoln..
...
3654
2254
254
60 54
Jersey Insurance of N Y...
Knickerbocker.......... 5
Lincoln Fire——.....5
86
Par
Ask
6154
3954
1054
254
454
1ns Co of North Amer.—10
73
2254
1
18
21
25
Ask
15*
1654
2854
654
1254
3454
2354
4754
10
Automobile
Bid
Security.....10
Homestead Fire........10
7054
2054
American Equitable.
6
American Home.—.... .10
Amerloan of Newark.—254
American Re-Insurance. 10
American Reserve
Par
Home Fire
27
10
American Surety
S*
I
Companies
Ask
9954 10354
4454
4254
.——.—10
Aetna Life...—...—..10
Agricultural.......
. .25
/22
10054 10154
/II54 1254
—
Bid
Aetna
24
83
A. T. & T. Tel.—Phla 220
N. Y. Tel.—-Rector 2-3300
100
First Trust of
STOCK EXCHANGE BUILDING, PHILADELPHIA, PA.
52
102
Fremont 454s———
10054
10Q
/48
Chicago &San Francisco Banks
Par
Bid
Potomac
Nat Bondholders part ctfs
Central Funding
1953
90
—
........
/30
Potomac Realty Atlantic
Deb Corp 3-6s
1953
49
mm****
series A A D
........
/30
198
207
Ask
286
296
Northern Trust Co—-100
538
543
Realty Bond A Mortgage
Nat Cons Bd Corp 2-56 '53
Nat Deben Corp 3-66.1953
ture
Corp 3-68
series BA C
Bid
Harris Trust A Savings. 100
Trust—..——.100
Continental Illinois Natl
Bank A Trust—33 1-3
First National—......100
A
Maryland Deben¬
Par
Ask
American National Bank
94
88
49
deb
....
3-68
1953
Unified Deben Corp 5s 1955
58
4854
5054
For footnotes see page
6854 .6954
201
206
SAN
FRANCISCO—
Bkof AmerNTASA 1254
3054
3254
2568.
ss5
Financial
2566
April 29, 1939
Chronicle
April 28—Continued
Quotations on Over-the-Counter Securities—Friday
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
3oscpb Walkers Sons
Robert L. Whit taker 8a Co.
Mrmhrn Nrw fork
Stork Extbomgt
Members Philadelphia Stock Exchange
120 Broadway
NEW YORK
WALNUT ST.,
1420
Tel, REctor
2-6600
*
PHILADELPHIA
-
-
Klngsley—0782—Bell Teletype Phil. 377
•
Direct Wire to DeHaven A Townsend, Phil.
Railroad Bonds
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Bid
Dividend
Par
Akron
ASked
Bid
Dollars
n
6s
1945
Youngstown 6 Mb
Canton and
6.00
67 M
71M
10.50
117M
122 M
(Illinois Central)
(Pennsylvania)
A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Delaware
Fort Wayne
76M
Buffalo Rochester A
10
13
Chicago Indiana A
—
.1957
41
44 M
68
73
76 M
79 M
70
75
64M
68 M
Chicago Stock Yards 5s.
101
102
78 M
Cincinnati Indianapolis A
Western 5s...
4Mb
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s
Denver A Salt Lake Income 6s
Duluth Mlssabe A Iron Range 1st 3 Ma
37
39
Cleveland Short Line
80
75 M
3.50
2.00
46
48
2.00
44 M
46
5.50
52 M
57
4.00
^
154
147
9.00
44 M
42
50.00
650
800
Southern 4s.
Florida Southern 4s.
30
32 H
Georgia Southern A Florida
5.00
51
54 M
Illinois Central—Louisville
4.00
84
86 M
Indiana Illinois A Iowa
4.50
.
36 M
40 M
Jamestown Franklin A
1.50
41
43
81
3.00
100
7.00
167 M
7.00
—
106
108
...I960
:
47
...1951
/57
59
105 M
-
...
xomromm
132
136
242
Savannah 5s
Macon Dublin A
62
57
5.00
54 M
5.00
56
60 M
3.50
25M
29
3.00
52
55
58 M
,
Mohawk A Malone 4s
....
95 %
...
—
...1948
73
Pennsylvania A New York Canal 5s
.
—
86
1961
1.25
New Orl Tex A Mex 4Mb..
64.00
62.75
4.00
64.90
4.10
64.90
4.10
1936-1944—.
64.75
4.00
N Y N H AHartf4Ms
Canadian National 4Mb..
62.60
2.00
62.60
2.00
Northern Pacific 4Mb
Pennsylvania RR 4Mb
108
99%
»
Pittsburgh 4s—
.—1951
106
1940
50
66
—1954
36
40
...1990
...
z
52
53M
—
—
.
2.00
64.70
97
96 1
98 M
3.00
New York Central 4Ms—.
—
105
107 M
Washington County Ry. 3Mb
4.00
—
78
101
Vermont Valley 4 Ms
62.00
103 M
H7M
...1947
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s—
United New Jersey Railroad A Canal 3 Ms...
64.70
76
*
103
Philadelphia A Reading Terminal 5s
West Virginia A
49
80
.....
Toronto Hamilton A Buffalo 4s
Ask
97
46
Norwich A Worcester 4Ma
Toledo Terminal 4Mb
Bid
50
102
100
New York A Harlem 3M8—
Toledo Peoria A Western 4s—
,
.....
99
Providence A Worcester 4s
Railroad Equipment Bonds
Ask
63
46
.1—;..—.......
New London Northern 4s
Terre Haute A Peoria 5s
Bid
46
61
j,
New York A Putnam 4s
5.00
50
91
89
New York Philadelphia A Norfolk 4s
53M
49
6.00
49
111M
237 M
6.00
76
47
4s
Clearfield 4s
43
130M
66
10.00
64
65
Kansas Oklahoma A Gulf 5s.
65 M
62
3.00
44
60
...1953
Dlv. A Terminal 3Ms.
71
40
—
171M
132 M
6.00
106
68
5s.
141
6.64
100
100
-100
—100
100
100
-
82
...1995
45
.—
3.875
50
60
A Seashore (Penn-Readlng)
97 M
95M
6.00
1
.
Tunnel RR St Louis (Terminal RR)_.
United New Jersey RR A Canal (Pennsylvania)
Utica Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
Preferred
....100
Warren RR of N J (Del Lack A Western)
—60
preferred
32
-
Pittsburgh 4Mb registered
3.00
100
Hudson)
Bridge 1st pref (Terminal RR).......
4Mb--
32
30
Cambria A Clearfield 4s
27 M
,
75
37
5.00
....50
100
60
Chicago (Penn.) pref
Pittsburgh Fort Wayne A
72
29
74
■
47
46
35
4M8—
Maine 5s
Boston A
25
50
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A
100
Baltimore A Ohio 4Mb...—-—
Boston A Albany
2.00
100
Preferred
West Jersey
60
8.50
100
(Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Second
55
8.75
25
100
—.100
Oswego A Syracuse
St Louis
6.00
32
99
.—1939
Atlantic Coast Line 4s
—100
(Delaware A Hudson)—...100
Allegheny & Western (Buff Roch & Pitts)—
..100
Beech Creek (New York Central)
50
Boston & Albany (New York Central).,.
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)...
..100
Carolina Cllnchfleld A Ohio com (L A N-A C L)—..100
Cleve Clnn Chicago A St Louis pref (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)
-.50
Betterment stock—
50
Alabama A Vlcksburg
Albany A Susquehanna
32
/30
-
—
Asked
29
4Mb-.
Atlantic Coast Line
Baltimore A Ohio 4Mb
5s
Boston
A Maine 4Mb—
5s
—
3Ms Dec !
61.50
——
Cent RR New Jersey
4Mb.
1.50
1.00
61.50
Jan
1.50
62.20
—
A
July 1937-49
1.00
2.30
Chicago A Nor West
5g
2.00
Dec 1 1937-50
Mliw"a"St
Paul 4^8-
0.50
64.75
4.00
Pere Marquette 4Mb
62.75
4.00
Reading Co 4Mb
62.50
2.00
65.25
4.75
62.50
4.75
92 M
93 M
5s
64.75
4.00
64.75
4.00
64.75
4.00
Erie RR4M8—
64.70
4.00
Great Northern 4Mb
61.75
1.00
.
5s
6Ma
-
6s—_
—
62.60
61.75
...
2.00
Alabama Power 67 pref..*
85M
86 %
62 00
1.00
Arkansas Pr A Lt 7% pref *
84
85 H
62.65
6s__
Texas Pacific 4s
1.00
62.75
Ry 4Mb.---
2.00
2.00
Associated
4Mb
2.00
62.65
62.00
'
,
1.00
Par
Original preferred
*
16.60 preferred
1.... *
17
4M
H5M
0.25
62.75
2.00
Union Pacific 4Mb
61.25
0.50
Atlantic
64.00
3.00
Virginia Ry 4Mb
61.50
1.00
Birmingham Eleo 67 pref.*
Long Island 4Mb.
63.50
2.50
Wabash Ry 4Mb
63.5Q
2.50
6s
64.25
3.50
6s
64.25
3.50
Western Maryland 4Mb
62.75
1.50
64.00
3.00
Western Pacific 5s
64.75
4.00
64.00
3.00
64.75
4.00
5Ms—:
Missouri Pacific 4Mb.
5s—_i
Bid
5Ms
■
«,
......
«
99
-
•
-
104
100.13 100.15
H % notes Nov 2 1939
100.16 100.18
Sept 1 1939
1.75
July
Dec
2s
1939
100.3
1940
102.14 102.18
1 1943
102.27 102.31
Apr
2s
Federal
100.6
2.30
2s May 16 1943—
101.28 101.31
CallMayl6'39 at 101
100.24 100.26
Call Jan 3*40 at 102.
Home Owners' Loan Corp
1
Mb
100.11
90 M
93
66 preferred
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 66 pref *
80M
83
91
92 'A
50
100
Nov 1 1941
Jan 15 1942
100.26 100.28
M%
4%
54
101M 102 %
89M
91M
116
100.24 100.26
111
67 cum preferred
Idaho Power—
66 preferred
Interstate
less
1
3.40
less
1
Authority
1M % notes Feb 1 1944
102.4
102.6
30
CuDan Atlantic Sugar. .7 M
Eastern Sugar
Assoc
Preferred
For footnotes see page
5M
14
2568.
I
16
100
7% pref
(Minn) 5% pref
Ohio Edison 66 pref
(Del)
Savannah Sug Ref com
West Indies Sugar Corp..
Bid
| Ask
1
28 M1
1
4*1
30 M
5M
25
26M
44 M
46 M
17
16
110M 112
24
25
23
Pacific Pr A Lt 7% pf—100
Penn Pow A Lt 67 pref
Jer Cent PAL
21
3M
5
99
7% pf__100
97
114
76
79
23
24 %
26
27 H
100
*
H6M
108M 110
52 M
53 M
62
63M
100 %
108M
113M 115
100 % 102M
106M 108
106
78
108M
80
104M 105M
26
27 M
1
5
6M
100
City G A E 67 pf.100
96
97 M
Republic Natural Gas
Kan Gas A El 7% pref. 100
Long Island Ltg 6% pr.100
Ohio Pub Serv
Queens Borough G A E—
6% preferred
100
24
37M
100M
: 99M 100M
99 M
100
24
108M
HIM
98 H
105M 106M
25
Gas..*
37
107
Rochester Gas A Elec—
6% preferred D
Sioux
89M
92 M
25
28 X
29K
pf.100
100
94
94 M
94 M
95 M
98
99%
108
109M
Southern Calif Edison—
6% pref series B
Tenn Elec Pow 6%
7% preferred
Texas Pow A Lt 7% pf.100
5% conv partlc pref..50
Memphis Pr A Lt 67 pref. *
Par
Ask
m
6M
7%
1
—.1
|
76 M
116
Power—
23 M
100
Natural
7% preferred
Sugar Stocks
Bid
States
21M
22 M
Mass Utilities Associates—
Par
Northern
Ohio Power 6% pref
Kings Co Ltg 7% pref. 100
1.25
4s serial revenue..1968 b
*
100
5M% Pf 50
preferred.
*
Interstate Power 67 pref.*
112
cum
7% cum preferred
*
*
7% preferred
55
52
Trlborough Bridge—
4s s f revenue '77-AAO
66
N American Co
6% pf—100
7% preferred
100
Okla G A E 7% pref..100
26M
66 cum preferred
H % notes July 201941
H%
3%
67 preferred
66.50 cum preferred
100.27 100.29
4M
New York Power A Light—
7% preferred
Federal Water Serv Corp—
U S Housing
100.9
June 1 1939
100
Central Maine Power—
Derby Gas A El 67 pref.
4s serial revenue—1942 6
IMS Jan 3 1944—
67 prior lien pref
*
New Orl Pub Serv 67 pf..*
1
less
114
Ask
New Eng Pub Serv Co—
Dallas Pr A Lt 7% pref. 100
Reconstruction Finance
Reynolds Invest'g 6s 1948
Natl. Mtge Assn
New Eng G A E 5M %
92 M
82 M
_
1
less
Fed'l Home Loan Banks
Is
Pf-*
20M
90 M
80M
25
6% preferred
107 M
106 M
Authority 3 Ms '68
—1944
3 Ms revenue
1949
way
Federal Farm Mtge Corp
1Mb
...100
7% pf 100
Nebraska Pow 7 % pref. 100
19M
74M
Mountain States Power—_
Nassau A Suf Ltg
*
preferred
Carolina Pr A Lt 67 pref.
7% preferred
3 Ms revenue
Commodity Credit Corp
25
Bid
Penn
7% preferred
78~~
Continental Gas A El—
Ask
Bid
Ask
New York City Park¬
River Bridge 7s.—1953
West
Pub Serv 7% pref
Monongahela
Consol Traction (N J). 100
Consumers Power 65 pref*
...
Miscellaneous Bonds
Bear-Mountain-Hudson
6
Mississippi P A L 66 pref.*
Miss Riv Pow 6% pref-100
Missouri Kan Pipe Line..5
_*
61.60
98 M
98M
6Ms
Maine Central 6s
76.
Buffalo Niagara A Electern
98
—
6
*
61.25
1
3
4
5i
Par
Ask
2M
City El 6% pref.*
preferred
Hocking Valley 5s
Illinois Central 4Mb——Internat Great Nor 4Ms.
-
Bid
Gas A Electric
'
5s..
Utility Stocks
3.50
3.50
6s
1.00
61.50
Public
64,25
.'64,25
5s
N. Y. 1-1043
Bell Teletype:
.
Direct wire to Fuller; Cruttenden & Co., Chicago
*
Southern Pacific 4Mb
Southern
Hanover 2-3888
4.00
64.75
4MB
4Mb.
■
NEW YORK
4.00
64.75
St Lo uls-San Fran 4s
St Louis Southwestern 5s..
5Ms
Denver A r g West
WALL STREET,
2.00
65.25
5s
Chicago R I A Pacific—
Trustees' ctfs 3Ma
Incorporated
64
2.25
64.75
4Mb.
...
Chic
Bishop Reilly & Co.
1.75
62.40
2Mb series G non-call
61.25
'5s
PUBLIC UTILITY STOCKS
3.75
61 50
4s series E due
■
Chesapeake A Ohio—
4MB
DEALERS
3.75
62 25
5s
3.75
64.50
6
64 50
2.00
62.50
Canadian Pacific 4Mb
3.25
64.50
5s...
5s
3.25
64 25
5s
1,00
64.25
6s
N Y Chic A St L 4MB
28
30
Toledo Edison 7% pf A. 100
95 H
97 %
Union Elec Co of Mo—
Mississippi Power 66 pref *
74
77
76M
80
67 preferred
*
65 preferred
—*
112M 113M
United Gas A El (Conn)—
7% preferred
Utah Pow A Lt 67 pref
100
Virginian Ry
100
*
82 M
85
47 M
49
138M 143
Volume
148
Financial
Quotations
Public
Bid
Amer Gas A Power 3-5s '53
on
Over-the-Counter
Chronicle
Securities—Friday April 28-Continued
Utility Bonds
WE
Bid
| Ask
Amer Utility Serv 6a.1964
38 H
75
I 77H
Associated Electric 58.1961
58%
MAINTAIN
AsA
Corp—
Income deb 3%s
30 %
77 H
Missouri Pr A Lt 3%s.l966
31H
Mtn States Pow 1st 6s. 1938
34
1978
31
31
57%
1978
36 H
1973
60%
37 H
95
108% 109%
Narragansett Elec 3Hb '66
New Eng G A E Assn 5s.'62
60
62
63""
N Y. Pa A
67
69
1973
68
69
N Y State Elec A Gas Corp
Conv deb 5%s
1973
8s without warrants. 1940
73
deb
4HB.-i.1973
Conv deb 5s
N J Utll 58 1956
4s
97
99""
32 H
30
CO 1C
1949
4s
Sink fund lnc 5s
1983
32
»
8 f lnc 4H8-5H8
1986
30
1
Sink fund ino 5-6S..1986
32
1
1* 1
1
104% 105%
1
Par
106 H 107
Secured notes 3H8-.1947
Nor States Power (Wise)—
1964
107% 108%
Ohio Pub Service 4s.. 1962
109
107 H 107%
108 H 109
Ohio Power 3 Hs 1968
Cent Ark Pub Serv 5s. 1948
93
95
Central G A E 5H8-..1946
1st lien coll trust 6s. 1946
77 %
79 %
84 %
82 H
1968
ser
•— 00 00,0
I-*
G '60
100 %
109 H
Central Publio Utility—
Income 5Hb with stk '52
fl
Cities Service deb 5s.. 1963
69%
46
90 H
47
46
47
Peoples Light A Power—
1st lien 3-6s._
1961
1962
Consol E A G 6s A...1962
6s series
B.
83
8Q H
/15H
Portland Elee Power 6s '50
71X
88 H
101 H 103.
Parr Shoals Power 5s.. 1952
17%
Public Serv Elec A Gas—
2
Corns Cities Lt Pow A Trac
5s
68 H
66
Old Dominion par 5s..1951
Central Illinois Pub Serv—
1st mtge 3%s
Cent Maine Pr 4s
1962
1st A ref 5s_.......2037
1st A ref 8s
2037
148% 150%
217% 219%
109%
1st mtge 3Hs
1968
Pub Serv of Northern HI
1st mtge 3H8......1968
108% 108%
Pub Utll Cons 5H8_—1948
76
77
Crescent Public Service—
45
47%
Republic Service coll 5s '51
106
Coll ino 6s (whs)
1954
Cumberl'd Co PAL 3 H 8*66
106 H
4Hs
70 H
Sioux City G A E 4s..1966
Sou Cities Utll 5s A..1958
Federated Utll 5%s...1957
68 H
70 X
Tel Bond A Share 5s.. 1958
Havana Elec Ry 5s
43
102% 103%
43 H
Texas Public Serv 5s.. 1961
Inland Gas Corp 6Hs_1938
48 %
3.14
Holding Corp..*
20%
-22%
Amer Business Shares.
Amer Gen Equities Inc 25e
2.82
3.12
.38
Am Insurance Stook Corp*
Assoc. Stand Oil Shares..2
Bankers Nat
Invest
.43
5
♦C1&88 A-.
3.38
BOND
Manhattan Bond Fund Inc
.28
Maryland Fund Inc...10c
22.11
23.65
11%
13%
Mass Investors Trust
Mutual Invest Fund
Nation Wide Securities—
Canadian Inv Fund Ltd—1
3.60
3.95
Century Shares Trust
♦
21.95
23.60
Chemical Fund
1
9.14
9.89
Commonwealth Invest.
1
♦Continental Shares pflOO
3.03
3.30
Corporate Trust Shares—1
2.25
—
5
6
PRUDENCE
5.47
11.98
7.28
4.68
Bank stock.
7.72
8.35
Building supplies
6.34
6.87
Electrical equipment
Insurance stook „
6.08
6.59
Series ACC mod..
1
♦Crum A Forstef com...10
♦8% preferred
2.51
"
25
24%
115%
100
29%
31%
111%
9.38
8.93
...
Oils
-
»
-
!■»
7.10
7.69
5.78
6.27
6.38
6.91
4
—
No Amer Tr Shares 1953.*
1
2.53
Series 1966
1
2.49
—1
2.23
1.18
17.57
25.69
27.33
Fidelity Fund Inc
First Mutual Trust Fund-
New York
16.55
17.82
6.37
Series 1958—
7.06
23
24
Fixed Trust Shares A
5% deb series A
—.
Representative TrustShslG
Republic Invest Fund.25c
2.32
2.58
.3.38
6.64
7.43
Standard Utilities
3.90
4.20
5.27
,4.16
ATLANTIC CITY, N. J.
B'way Barclay lnc 2s.. 1956
B'way A 41st Street—
1st leasehold 3H-5e 1944
Broadway Motors Bidg4-6s
1948
Ask
/32H
10%
/20H
36 H
32
12%
22 H
Bid
Metropolitan Chain Prop—
6a...:......
1948
Metropol Playhouseslnc—
S t deb 5s
1945
66H
Inc.60c
1955
N Y Majestic
1957
/7%
10H
Chanln Bldg 1st mtge 4s '45
42 H
45 H
Chesebrough Bldg 1st 6s '48
Colonade Construction¬
46 H
49
ist 4s (w-s)..
..1948
Court A Remsen St Off Bid
32 H
35 H
1st 3%s_
1950
Dorset 1st A fixed 2s.. 1957
28H
24H
21
5X
28H
Eastern Ambassador
series BK
series C-2__
series F-l
/49
/33
Supervised Shares
....
series Q—..
...
7.56
5.84
6.36
Ollcrom Corp v 10....
/52
54
43
/4H
H
6.26
8
**
«,
*•
Series C
1
*4
»
1
V
_
9.75
2.29
Series D
^
_
8.97
2.24
Trustee Stand Oil Shs A.l
5.28
*«•
5.73
6 24
1
4.86
4.10
4.47
Trusteed Amer Bank Shs B
.53
.58
2.85
3.12
Trusteed Industry Shares.
.78
.88
4.85
Series B
.
-
«•
-
5.28
5.50
5.99
4.32
4.71
B.
3.39
3.70
Voting shares...
4.91
5.35
Wellington Fund....
Tobacco shares...
7%
C41 X
W
Trustee Stand Invest Shs—
5.29
4.31
6.95
D
RR equipment shares...
Bteel shares......
23%
35
-
*
3.38
6.26
4.02
4.86
4.93
5.37
Mining shares....
51H
2.26
'
4.52
Merchandise shares....
68
...
U S El Lt A Pr Shares A..
14%
2.08
...
"
-
.91
1
—
»
12.51
»
•»'
'
m.
13.77
Investm't Banking Corp
31H
5Hs
6Ha
6Ha
6Ha
.51
69%
3.22
Investing shares
Corp—
4s with stock stmp.,1956
N Y Title A Mtge Co—
.47
68
....
29.51
3.95
Petroleum shares
2g
.67
Chemical shares.......
N Y Athletic Club—
63
'
—
14.57
Food shares
97H 10OH
66
"
■w
13.75
*
B...
Building shares........
Ask
35H
Brooklyn Fox Corp¬
se
Mortgage Certificates
9.48
t.
3.89
Corp... ♦
Super Corp of Am Tr ShsA
AA.
22c
8.70
.60
27.44
Group SecuritiesAgricultural shares
Automobile shares..*,
20c
♦State St Invest
16.45
4.60
Foundation Trust Shs A.l
Fundamental Invest Inc
9.51
4
Spencer Trask FuDd
15.18
Foreign Bd Associates Ino.
Bell System Teletype NY 1-2033
9.63
104
9.01
Sovereign Investors
3,70
.
"".41
13.99
8.79
100
Selected Amer Shares..2H
Selected Income Shares..
Aviation shares. *
Alden Apt 1st mtge 3S.1957
.35
13.08
Plymouth Fund Ino—10c
Quarterly Ino Shares.. 10c
3.04
:
-W
-
-
'
,5" 80
16.36
General Capital Corp
General Investors Trust
Beacon Hotel ino 4s..1958
2.11
Series 1956
C
Bid
48%
tr
Eqult Inv Corp (Mass).
Equity Corp $3 conv pref l
CO.
7.86
Stee|
No Amer Bond Trust ctfs.
■
•
6.96
Railroad equipment
15.73
1.08
.
9.66
6.42
7.26 :
Machinery...
Metals...
14.55
—
2.73
INC.
1.27
6.72
1.48
Members New York Stock Exchange & Other Exchanges
Real Estate Bonds and Title Co.
1.14
4.30
.
LEBANON, PA.
5.14
11.11
♦Putnam (Geo) Fund
NEWBURGER, LOEB
PHILADELPHIA, PA.
3.39
Common
Agriculture.....
2.51
Issues
Wall Street,
25c
Voting shares
National Investors Corp.l
New England Fund.
1
N Y Stocks Ino—
Fiscal Fund Ino—
40
10.62
Automobile....
Aviation........
Delaware Fund
Ask for Quotation List PR U.
*
9.72
2.14
ment Fund series A-l
Telephone WHitehall 4-6300
5.07
20.28
10
2.14
5:i5
COMPANY,
7.13
4.57
18.86
1
-
Specific Property Issues
„
6.46
1
Accumulative series...1
Series A A mod
1
CORPORATION
Collateral
3.64
14.57
.
PRUDENCE
9.38
.13
3.35
'
8.62
12.90
Series 8-3
13.55
British Type Invest A...1
Broad St Invest Co Inc..5
Bullock Fund Ltd
:
1
108 H
'
13.51
.....
8erles S-4
6%
2.48
We specialize in:
13.57
—
■
4.33
Wis Mich Pow 3%s„1961
20.13
....
Series K-2
87
108
Series B-2.
Series B-3
5%
5%
126
85
9.18
25.98
Series 8 2—
Basic Industry Shares..10
Boston Fund Inc
69%
91%
Western Pub Serv 6Ha '60
Wisconsin G A E 3H8-1966
Bid
1
Series B-I
8erles K-1-
Corp
Series AA
Investors Fund C
Keystone Custodian Funds
5%
4%
50%
26 H
28 %
109 H 110 H
Kan City Pub Serv 4s,1957
Kan Pow A Lt 1st 4Hs '65
Par
11.26
2.82
89%
106% 107%
Toledo Edison 3H8
1968
Utlca Gas A El Co 5s. 1957
•
45%
67%
4**
10.58
♦Amerex
104
.1947
109 H
•68
70%
-67%
Bid
Admlnla'd Fund 2nd Inc.*
Affiliated Fund Inc
1H
St Joseph Ry Lt Heat A Pow
Dallas Pow A Lt 3Ha. 1967
Dallas By A Term 6s.l95i
1952
Investing Companies
102% 103%
North Boston Ltg Prop's—
3Hs
Biackstone Valley Gas
A Electric 3Hs
1968
Branch Offices In leading CItlea
I
1
103% 104%
1954
1959
3Hs
3%s
I
Private Wire System
Connecting
101
North American Co—
Assoc Gas A Elec Co—
Cons ref deb 4H8-.1958
Sink fund inc 4H8..1983
100%
...1965
UNLISTED
IN
GOODBODY & CO.
97
62
Conv
MARKETS
Members N. Y. Stock Exchange and other
Principal Stock and Commodity Exchanoe*
Main Office
Jersey City Offloe
115 Broadway
921 Bergen Avenue
New York City
Tel. Journal Sq. 2-4400
Tel REctor 2-5485
Teletype JCY 1518
34%
Income deb 4%s
Conv deb 4s
TRADING
80
98
97 %
106
106%
Mich Consol Gas 4s 1963..
1978
1978
Income deb 3%s
Income deb 4s
56 H
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s '68
ACTIVE
Investment Trust Issues
59%
Assoc Gas A Elec
40 %
2567
♦Huron Holding Corp—1
.15
.35
Incorporated Investors..*
♦Independence Trust Shs
14.75
15.86
1.94
1%
Central Nat
Corp cl A—*
1
♦First Boston Corp
Bank Group shares
1.01
1.11
Insurance Group Shares.
1.21
1.32
2%
23
*
♦Class B
Institutional Securities Ltd
6H
Blair & Co
26
2
10
14%
16%'
Pomeroy Inc com.—I0o
%
1%
..
♦Schoelkopf. Hutton A
1 Park Avenue—
Hotel units
5H
7H
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
39 H
39 H
42H
42 H
50 Bway Bldg 1st 3s lnc '46
19H
21
500 Fifth A
venue—
6Hs (stamped 4s)—1949
1st leasehold 3a. Jan 1 *52
Film Center Bldg
1400
1st
Broadway
4s
mtge 6a—..i...1951
48 H
/18H
165 Bway Bldg 1st 5Ha '51
49 H
Telephone and Telegraph Stocks
22 %
52
Prudence Secur Co—
30
32,
40 H
45 H
52d A Madison Off Bldg—
1st 4s '49
1958
37H
1939
Bldg—
1948
/49H
40 Wall St Corp 6s
42 Bway 1st 6s
2d
103 E 57th St 1st 6a...l941
stamped
23
25%
1941
1944
1st 2%-4s (w-s)
1949
Graybar Bldg 1st Ishld 5s'46
Income.
/3%
29
Am
Dtist Teleg (N J) com.*
Preferred
Bid
89
Ask
95
...100
100
100
117% 119%
Par
New York Mutual Tel-100
Bid
15
Ask
'
113% 115%
44
46
Bell Telep of Canada
38H
42 H
Cuban Telep 7% pref-.100
64H
68 H
Emp A Bay State Tel..100
Franklin Telegraph....100
Gen Telep Allied Corp—
$6 preferred
..*
Int Ocean Telegraph... 100
Mtn States Tel A Tel--100
Bell Telep of Pa pref
173
177
64
Pac A Ati Telegraph....25
Peninsular Telep com
*
Preferred A
100
13
29
110
15%
30%
113
ftoxy Theatre—
5H
1957
3avoy Plaza Corp—
3s with stock.
...1956
/28H
32
1956
flBH
30 H
Sherneth Corp—
74 H
40
Roohester
99
Telephone—
$6.50 1st pref
23%
102
100
So A Atl Telegraph
25
Sou New Eng Telep...100
110
14
*
m
1st 5%s (w-s)
Harrlman Bldg 1st 6s. 1951
23
26
60 Park Place (Newark)—
1st 3Hs
1947
Hearst Brisbane Prop 6s '42
Hotel St George 4s... 1950
42H
45
46
3 Ha with stock
616 Madison Ave—
55H
61H
*
60
65
122
126
Wisconsin Telep 7% pf.100
117
61 Broadway Bldg—
44
20
Lefcourt Manhattan Bldg
1st 4-58
1948
Lefcourt State Bldg—
1st lease 4-6 Hs
1948
Lewis Morris Apt Bldg—
51H
1951
38 H
1st 4s
Lexington Hotel units
3s with stock
1950
34H
36%
1957
41
44
1st 3s
52 H
57 H
65H
68 H
Lincoln Building—
1955
68 H
Par
1st 6a
Trinity Bldgs Corp—
1st 5Ha
.1958
37
39 H
1939
38
41 H
49 H
52 H
Income 5H» w-s
1963
Loew's Theatre Rlty Corp
1st 6s
1947
91%
93H
Walbrldge Bldg (Buffalo)—
London Terrace Apts—
1st A gen 3s w-s
1952
37
39 H
Wall A Beaver St Corp—
1st 4Ha w-e
1951
16 %
18%
Westinghouse Bldg—
1st mtge 4s
....1948
72 H
75H
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5e (L I)
2 Park Ave Bldg 1st 4-5**46
3a
.1947
53H
1951
68H
Chain Store Stocks
Syracuse Hotel (Syracuse)
Textile Bldg—
1950
6
Ask
Par
8
Miller (I) Sons common..*
Bid
Ask
Kobacker Stores
7% preferred
100
/G Foods Inc common *
87
1%
2
Bohack (H C) common...*
2
3
-.100
18
22
100
104
B
7% preferred
Diamond Shoe pref
15H
Bid
*
Borland Shoe Stores
7
Flshman (M H) Co Inc..*
Kress (8 H) 6% pref
11%
7% preferred
2568,
67
2%
Reeves (Daniel) pref.-.100
9
12%
20
75
4
99
24
U nited Cigar- w belan Stores
$5 preferred.—,
»
For footnotes see page
100
100
6%% preferred
*
'<1
m
17
145% 148%
35H
35 H
72
.1943
Rlttenhouse Plaza (Phlla)
2 Ha
1958
58
41H
Fox Thea A Office Bldg—
1st 6Ha—
Fuller Bldg deb 6s
5s
1st mtge 4s
37H
Par
5Ha stamped..
1961
Realty Assoc Sec Corp—
17
19
'
Financial
2568
Securities—Friday April 28—Concluded
Quotations on Over-the-Counter
Bonds
Industrial Stocks and
Alabama
American Arch-.
American
8%
.
10%
Cynamld—
2%
Exploration
1
Pollak Manufacturing...*
Remington Arms com
♦
8covlll Manufacturing..25
Singer Manufacturing..100
Hlnger Mfg Ltd
Skenandoa Rayon Corp..*
7
Solar Aircraft
30%
&3 %
3%
25
Strom berg-Car (son Tel Mfg
Mylvania Indus Corp
»
Taylor w barton Iron A
Steel common
*
Tennessee Products
*
33
34%
*
Trlco Products Corp.....*
Tublze Cbatlllon cum pf.10
United Artists Theat com.*
United Piece Dye Works.*
Preferred2
100
Veeder-Root Inc com.. ..*
129
14%
16%
62
28
31%
15V,
Corp..
Construction.10
Bankers Indus Service A.*
Bur dines inc common
1
Cessna Aircraft.
-— -1
Chic Burl A Qulncy...100
Jhliton Co common
10
'olumbla Baking com.-.*
$1 cum preferred
*
rowell Publishing com-.*
Dennlson Mfg class A.-.10
Dentist's Supply com...10
Devoe A Raynolds B com *
Dictaphone Corp
*
Dixon (Jos) Cruclble---100
Pilgrim
21%
57 %
Art Metal
17%
1
%
.4
2%
8
21
28%
20%
1%
%
52 %
24
29%
33%
20 %
23%
27 %
pf. *
55
20
30%
65%
63
*
Airpl—-1
Draper Corp
2%
1%
pref
Conv prior
3%
2%
Fairchlld Eng &
Federal Bake bbopa
19'
10
2%
2%
4%
5%
Preferred
37
11
12
Corp com*
iood Humor Corp
1
Oraton A Knight com...
13 %
15
-.100
34 %
Oreat Lakes SB Co
com..*
Paper..26
24 %
26%
Great Northern
32%
35%
Extinguisher...*
Gen Fire
(Jen Machinery
Preferred
5
7
100
v t c 1
10
11H
1%
2
18%
21
—.—195
6%s
3%
10
Preferred-...
Corr-.-i
Robblnp.—.5
vTarlln Rockwell
J3 conv preferred
*
Co Inc common..1
Merck
100
11
38
•
40
2%
1%
19%
23%
30%
33%
1%
1%
42%
46%
3
7
7s.
Call (Colombia)
...100
Rlng.2%
National Casket
*
Preferred
*
Nat Paper A Type com...*
6% preferred
100
New Britain Machine
*
7% preferred.
vMuskegon Piston
6s 1961
100
102
78
97%
108
100
12%
10%
27
£23
102%
97
2%
17%
1st 5s
23%
2d conv
22
1902
Income 5s..1902
77
16%
99%
99%
many) 7s
1946
Prov Bk Westphalia 6s 33
/18
/23
'30
1941
/19
/15
17
15%
58
103
mm-
6s '68
99
\sbtabula Wat Wks 6s
Atlantic County Wat
5s
mmm
mmm
/60
European Mortgage A In
vestment 7%s
1
A8
'
/17
1957
7s fetfs of dep08it_1957
alvador 7%
---
.
8s
Birmingham Water Wks
6s series C
....1957
90
'
mm-
5b series B
1964
100%
6%s series A
1964
Butler Water Co 5s... 1957
105%
107
Call! Water Service 4s
106
Chester Wat Serv 4%s
104% 106
1901
'58
City of New Castle Water
5s
—1941
City Water (Chattanooga)
5s series B
...1954
..1957
1st 6s series C
»
101%
101%
mm-
mmm
103%
-
74
108
101
101% 103%
101
107
•
105%
100%
5s
-.1962
—
101%
104%
103%
mm-
•A
m—'—
St Joseph
1968
Scranton-Spring Brook
Wkter Service 5s. 1961
I960
Indianapolis W W Secure—
1968
5B
106
98
1967
105%
KokomoW W Co 5s..1958
107 %
102
Terre Haute Water 6s B
1st A ref 5s A
105
Middlesex Wat Co 5%s '57
107
Monmouth Consol W 6s '66
96
86
81
86
101
75
70
100% 101%
101
'56
1949
Wat 1st 6s. 1958
...
103%
6s series A
Joplln W W Co 6s
«.
-
-
Texarkana
107%
..
Monongaheia Valley Water
......1950
102%
Morgantown Water 5s 1966
Muncie Water Works 5s '65
105%
6%s
105%
103
'mmm
'51
102% 105
4s—1961
103% 105
Union Water Serr 5%s
...
mmm
mmm
Va Water Serv
Co—
6s series B
1950
1st mtge 5s
..1951
1st mtge 6%s
1950
Westmoreland Water 5s '52
96
100
95
5s. 1950
101
-
mm-
1951
1951
5s series B
6%s
5s series B
6s series C
New RochelJe Water—
86
91
91
96
AS
A8
team to be
...
0s series A
W Disport
Water 5s
low
field day of The Municipal
Bond Club of New
York
Club in Ridgewood, New
drive
101
Eldredge & Co.
the day, with the opposing
the members of a delegation of guests from
golf match will be a feature of
selected from among
net and
100
Cincinnati, Toledo and Detroit.
for low gross,
kickers handicap, longest
prizes.
Trading on the outing "stock exchange" will
V-8 convertible sedan, according to the announcement.
bond groups of Cleveland,
and
be for
include first and second prizes
match play versus par, as well as
visitor's
105
a
1939 Ford
—Burton
102
105
change firm
Tilden has resigned as a partner
of Hoyne,
•
Chicago office of Ernst
105
103% 106
1962
NOTICES
the Ridgewood Country
Golf awards for the day will
102
1950
1960
1949
.1945
Co.; and Harley A. Watson,
An inter-city
98
Wichita Water—
New Jersey Water
/19
.1947
Jersey,
Friday, May 19, T. Walter Dempsey of B. J. Yan Ingen & Co., Inc.,
Chairman of the field day, committee, has announced.
Other members of
the committee were announced as follows: Fred W; Buesser, Chemical Bank
& Trust Co.; Daniel E. Fitzpatrick, Phelps. Fenn & Cod Fred M. Grimshaw, Barr Bros. & Co., Inc.; Henry L. Harris, Goldman, Sachs & Co.;
Gerald R. McDermott. Harriman Ripley & Co., Inc.; Roger
S. Phelps,
Campbell, Phelps & Co.; George R. Waldmann, Manufacturers & Traders
the municipal
W
Western N Y Water
100
.1953
ir*
on
Trust
105%
Long Island Wat 5%s.l955
—The eight annual
81
'
—
1st mtge 3%s
35
24
/21%
CURRENT
is to be held at
102% 103%
Sbenango Val 4s ser B
Indianapolis Water
17%
70
-«*
106%
Wat 4s ser A.'66
Water Co
——1967
1961
South Bay Cons Wat 6s 60
Sprlngf City Wat 4s A *66
mm-
70
/16%
...
4%s
1964
..1964
6s
/67
18
95
mmm
58.1938
,
104
dcranton Gas A
103
Huntington Water—
5s series B
/16
....
/18
Greenwich Water A Gas
1962
.1962
0s
103
102
Rocb A L Ont Wat
6s series B
..1947
Hansa 88 6s
110
4a..1965
Water Co 6%s_ '59
Pittsburgh Sub Wat 5s '58
Plainfleld Union Wat 5s '61
69
69
6s series A
/20
m
Richmond W W Co 6s_1957
64
100
1946
..1955
03
100
54
..1956
/IS
101%
Phlla Suburb Wat
Pinellas
....1946
8s series A
2d series 5s.
,
ConnelJBvJlle Water 5s 1939
--*•
91
88
103%
54
.-.1956
A Ireland-
mmm
mm-
6
/16
8s.--.19fi
Great Britain
'
105%
Community Water Service
5 %p series B
101
%
f355
26%
f5%
Grar (Austria)
99
99
4%s._1906
Peoria Water Works Co—
1st A ref 5s...
1960
1st oonsol 4s.
_194«
1st conso! 6s
1948
Prior lien 5s
1948
,/20
/26;'
89%
German scrip
1st eoll trust
>9%
.1951
6%s.
103%
Penna State Water—
mm*
19%
/8%
/20
/18
...
"
84%
67%
66
A8%
f22
101
12
/10%
1947
_
j
/17'
107
103% 104 %
mm-
i
—
Baqk
German Central
'53
Ohio Valley Water 6s_1954
Ohio Water Service 5s .1958
Ore Wash Wat Serv 5s 1957
.
1
]
bank 0%s
/17
anta Catharina (Brazil)—
,
Building A Land
German
105
•
/18
1948
8s ctte of deposlt.1948
8%._
m
Ohio Cities Water 5%s
105
mmm
9%
/8%
/5
4s scrip..
mmm
Ask
/40
/20
/H
mmm
P
/16%
121
119
98%
9%
/18
P
/17
101
Co 5s 1953
Newport Water
/20
/8%
..1941
102
85
<m
Bk Westphalia 8s
rov
/17
/19
/19
57
104%
24
Church (Ger¬
/17
107%
102
102%
93%
/10
Porto Alegre 7s.
Protestant
/17
95
5s '51
1968
47
f 35
17
/15%
/17
)
Frankfurt 7s to
New York Wat Berv
100%
1936-1937
Coupons
...
/45
/20
55
/15
5s_..:.
101% 101%
/13%
41
/35
1956
/22
62%
Ask
Did
38
/17 %
/17%
/50
/lb
:m — »
100
P
J9 9%
5% scrip..
Poland 38
/7%
/60
71%
%sl._.1952
Panama City 6
Panama
21%
Water Bonds
Serv 6s. 1957
1946
Oberpfals Elec 7s
50
P
Alabama Wat
....1945
7s to
/47
95%
P
1947
4s
/25
/68%
/19
bid
/85
1962
National Hungarian A Ind
Mtge 7s_
1948
North German Lloyd 6s *47
Hungary 7 %s
3%
City Savings Bank
53
1946-1947
4s_..1948-1949
/85
(C A D)
V"
Oldenburg-Free State—
96%
99
8
16%
Banksee German Central Bk
Central German Power
Woodward Iron—
1%
15%
-
Central Agrlc
Products—
3%fl..—»1949
Nat Radiator 5s..... 1946
Nat Steel Corp 3s
.1965
N Y Shipbuilding 6s.-1940
Scovlll Mfg 6%s_——1945
Texas Corp 3s.
1959
Wither bee ShermaB 6s 1963
Conv deb
16%
/1%
98
Nat Distillers
/20
(A A B) 4s
m
...
/16%
82
11%
/18
'38
Nat Bank Panama—
,
mm
/16%
/22
7
25%
M
/6 %
34
74
/18
Municipal Gas A Elec Corp
...
/21
/38
/no
3
5%
90
11%
115
/7%
in
23%
Mock Judson A Voehrlnger
3
)
22%
4s. 1951
1940
Crown Cork A Seal 4%s '48
Crucible Steel of America
4%s
...1948
Deep Rock OH 7s
1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
OOP v. deb 0e
1948
McKesson & Rob 5%s 1950
...
62
Nat Central Savings Bk of
20%
31
58
/17%
1945
Bk Hessen 7s to '45
Nassau Landbank 6%e
10
4
/18
/35
Recklinghausen 7s..1947
2
5%
fl8
78.1941
Mertdlonale Elee 7s
1957
Munlc
/16
Corp—
Brown Coal Ind
Light A
1948
49
Mannheim A Palat
Hungarian Bank-
British
95
£91
Luneberg Power
Water 7s
49
Munich 7s to
/21
[)
6s.
mmm
23
/33
5
14
47
/20
/37
/19%
flS
Montevideo scrip
4%
/3 %
/18
/22
1
46%
8s '41
7s_1953
3%
.
lst conv s f 6s
17
2
3%
3
105
3%
/3
/3
0
40
42%
12%
Leipzig Trade Fair
9
7%
6%
38
1943
Leipzig O'land Pr 0%s '46
-
17
8
7s.
P
47
Jugoslavia 5s funding.1956
Jugoslavia 2d series 5s. 1956
Land M Bk Warsaw
/13
/I7 %
/16%
/3%
5
8s.
1%
%
..
...
Palatinite Cons
Bavarian
ollv
1%
Cont'l Roll A Steel Fdy-
25
15
*
0% preferred
80
1
7s.. 1942
Chicago Stock Yds
8%
23 %
Macfadden Pub common, •
McKesion &
30%
72
•
Asi
P
P
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 %s '32
Hungarian Discount A Ex
change Bank 7s...-1930
Konolyt 6%s
7
28%
Bid
...
«...
/23
/17%
6
134
7
Am Wire Fabrics
%
%
ICC
„•■
8
2
1%
4
29%
7
com...l
Lumber..
5%
4%
preferred..._..*
Steel-.*
American Tobacco
6
4%
27 %
Clark..25
t.awrenoe PortI Cement 100
Ley (Fred T) & Co
*
$5 preferred.
39%
8
16%
50
w JR The Goodwill Sta
5
Worcester Salt
..100
York Ice Machinery
»
7% preferred
100
5
7
7s.
Bonds—
Landers 1-rary A
LoDg Bell
/32
/2b
/26
5%
15%
Wilcox A Glbbs com
5%
.1
Corp
King Seeley Corp
53 cum
3%
Corp
6
Bakeries 15 Ptef-
Klldun Mining
/17
0
Wick wire Spencer
4%
Harrlsburg Steel
interstate
6
5
ill
Bid
(Nortbam)—
West Dairies Inc com
35
Oarlock Packing corn.—
6%
4%
*
com..6
7% preferred
100
West Va Pulp A Pap com.*
11
4%
5%
20
Dollar Bonds
181
3%
Welch Grape Juice
24
Foreign Unlisted
21
19%
53 conv preferred
7
5%
*
30
Fobs Oil Co---.
*
Foundation Co For shs.—*
American shares
*
Preferred
Warren
4
177
Time Inc......
Douglas (W L) Shoe—
Tel. HAnover 2-5422
Y.
12%
3
Stanley Works inc
10
19
10%
William St., N.
C2
4
-tandard Screw
39
2%
BRAUNL Si CO., INC.
35c
1%
5
Conversion
1
Petroleum Heat A Power.*
Exchanges
13%
15c
3%
20 %
Domestic Finance cum
pref
5%
Hardware—-25
Amer Malte Products.—*
American Mfg. 5% pre! 100
American
Andlan National
8%
Inactive
Petroleum
93%
Bonds and Coupons
17%
7%
12
Pan
Pathe Film 7%
89 %
pref
cum
16%
Ask
|
99
11%
30%
100
8%
65
*
U H
*
Rubber-
American Hard
55
•
Amer Match Corp..25
28
10
6% eonv pre!
American Enka Cori)
Bid
100
ClockPreferred 6%%
Norwich PharmacaJ
Ohio Match Co..
New Haven
2%
36
31
.
A com.
Amer Bemberg
J
l
*
Mills Inc
Foreign Stocks,
Par
Ask
bid
Par
April 29, 1939
Chronicle
La Salle Street since
associated with the
with
been
Mr. Tilden prior to his association
with Winthrop, Mitchell & Co. and has
& Co.
Hoyne, Meliinger & Co. was
on
of the New York Stock Ex¬
Meliinger & Co. to become
1921.
He is a charter member
of the Bond Traders
Bond Club of Chicago.
members of the New York and Chicago Stock Exchanges,
Club of Chicago and a member of the
*
No
/Flat
par
price,
dividend.
value,
a
Interchangeable.
t Now listed on
e Ex-interest
stock, x ExEx-llquldatlng dividend
d Coupon,
w-s With
equivalent to 77.4234 grams of pure
Quotation not furnished by sponsor or Issuer.
Ernst & Co. are
the New York
Curb Exchange and the Chicago
—Laurence C,
New York Stock Exchange.
t Quotations per, 100 gold rouble bond,
♦
6 Basis price,
n Nominal quotation,
id i When issued,
Now selling on New York Curb Exchange,
a
"
gold.
is now
Keating, formerly associated
in the bond department
York Stock Exchange.
Board of Trade.
with Wood, White & Co.,
of Stern, Lauer & Co.,
members of the New
Volume
Financial
148
General
Chronicle
2569
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reason#
However, they
FILING
OF
it is
are
always possible
not
always
SECURITIES
Period End. Mar. 31—
Gross revenue
following additional registration statements (Nos. 4026
to 4027, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The total involved is approximately $2,195,000.
Operating
are
Divs.
Satterthwait Jr. is President of the company.
Filed April 22, 1939.
on
for the account of the
$8,586,228
400,516
4,870,554
4,802,265
$367,228
195,178
$236,300
195,178
$3,715,674
2,342,138
$3,540,953
2,342,138
$172,049
.
$636,816
406,404
stock.1.1
pref.
Balance.!
$8,343,218
$773,632
Net income
issuer and the other 22,000 shares are for the account of four stockholders.
The issuer's part of the proceeds will be used for working capital.
S. C.
1939—12 Mos.—1938
$1,577,622 $20,520,627 $19,961,956
723,115
9,322,119
8,914,987
217,690
2,612,280
2,703,751
1939—Month—1938
$1,734,323
743,002
217,690
Gross income.
Interest and other fixed
charges
Bottlers, Inc. (2-4026, Form A-l), of Atlanta, Ga., has filed
Of the 52,000 shares, 30,000 shares
exps. and tax.
Provision for deprec
a registration statement covering 52,000 shares of $1 par common stock,
which wiU be offered at $3.75 per share or at market when and if market
develops.
alphabetical order.
exact
possible.
as
Alabama Power Co.—Earnings—
ACT
The
Red Rock
to arrange companies in
alphabetical position
UNDER
STATEMENTS
REGISTRATION
as near
$14,122
$1,373,536
$1,198,815
—V. 148, p. 2107.
Buckley Bros, have been
named underwriters.
Alleghany Corp.—Collateral Transferred—New Trustee—
(Curtis B.) Dall Corp. (2-4027, Form A-l) of Dover, Del., has filed a
registration statement covering 400,000 shares of $1 par vaiue common
stock and 300,000 warrants to buy common stock.
Of the 400,000 shares of common stock to be offered 100,000 will be offered
initially by Mayhew & Reily.
The firm also will offer initiaUy 100,000
warrants to buy the shares.
The offering will be in units of one share of
common stock and one warrant to buy an additional share of stock, the
offering price of the units being $5.
The remaining 300,000 shares will be offered by the issuer to the holders
of the 300,000 warrants at $5 a share.
The 200,000 of the 300,000 warrants
not offered initially by the underwriters will be issued to the underwriters
Corporation has notified the New York Stock Exchange that on March 9,
1939 there was transferred from impounded income held by the trustee
under Allehany Corporation collateral trust indenture dated Feb. 1, 1929,
the amount of $1,000,000 to "deposited cash," to be held as additional
couateral under said indenture.
..Holders of 20-year collateral trust convertible 5% bonds due June 1,
1949
being notified that the Continental Bank & Trust Co. of New
appointed trustee to fill the vacancy caused by the resigna¬
Guaranty Trust Co. of New York on March 15, 1939, effective
April 14, 1939.—-V. 148, p. 2413.
are
York has been
tion
of
and Mr. Dall.
Albs-Chalmers Manufacturing Co.—Earnings—
capital.
Curtis B. Dall is
Reily named an underwriter and
Filed April 26, 1939.
Proceeds of the issue will be used for working
President of the company.
Mayhew &
Curtis B. Dall may be an underwriter.
The last
in
our
3 Mos. End. Mar. 31—
1939
1938
1937
1936
.$17,561,414 $20,310,099 $17,788,395 $11,633,167
depr.,
develop., sell. & adm.
'
exps.
& tax (except
Federal income)
18,464,661
16,092,844
10,723,741
16,531,309
Billings.
.
Cost of sales, incl.
previous list of registration statements was given
April 22, page 2413.
•
issue of
192,801
Ltd.—Bondholders Urge Sale
$1,845,438
199,490
$1,695,551
194,346
$909,426
151,189
$1,222,906
Operating income
Abitibi Power & Paper Co.,
$2,044,928
$1,889,897
$1,060,615
254,629
"
256,279
258,000
385",006
385",665
160,447
11,040
135,000
$710,277
1,776,092
$0.40
$1,403,649
1,773,962
$1,504,897
1,770,853
$0.85
$754,127
1,344,479
$0.56
$1,030,105
Other income
protective committee filed April 21 an amendment
with the Securities and Exchange Commission to a registration statement
covering certificates of deposit for $48,267,000 of 1st mtge. series A 5%
bonds of 1953.
The amendment advised strongly that the company be
reorganized by a straight action for sale under the mortgage rather than
under Federal statutes.
If attempted under the statutes, the committee
said, the reorganization would have "very expensive, dilatory and negatory
bondholders'
A
results."
Total
count & expense
Miscellaneous charges..
Prov. for Fed. inc. taxes.
Net income
•
The group of bondholders desiring that the assets be
consists of the Canada Life Assurance Co., Confederation
Continental Life Insurance Co., Empire Life
Insurance Co., Manufacturers Life Insurance
Shares
put up for sale
Life Association,
Insurance Co., London Life
Co., Mutual Life Insurance
Their
•
The voting trust agreement under which the shares of common stock
(par $20) of the company are deposited will expire by limitation as to time
on May 1, 1939, and, in conjunction with the recent change in capitaliza¬
tion
approved by stockholders, the company will, on and after May 1,
$10, in ex¬
the present
1939, issue two shares of its "new" common stock, par value
change for each voting trust certificate representing one share of
stock (par $20).
•
Accordingly, the voting trust certificates for the present common stock
(par value $20) will be removed from unlisted trading on the New York
Curb Exchange, effective at the opening of business on May 1. 1939, at
which time the "new" common stock, (par value $10), will be admitted to
unlisted trading in substitution therefor.
Upon admission to dealings of
the "new" common stock, the Committee on Security Rulings of the Curb
will rule that transactions therein must be settled by delivery of certificates
for said stock.—V. 148, p. 889.
common
Aero
1938
1937
1936
$1,199,072
162.748
$4,434,327
425,511
$1,217,561
231,880
9,995
def90,715
151,253
def35,702
Gross from railway
Net from railway
3,615,691
720,711
3,591,762
599,399
4,074,249
1,250,877
3,712,686
759,930
Net after rents
def50,721
defl68,153
453,027
10,746
1—
Fiom Jan.
—V.
Fund, Inc.—Debentures Sold—An additional
issue of $500,000 43^% 10-year secured convertible deben¬
part of a $4,000,000 issue registered Nov* 10,1938.,
1939
$1,304,900
276,888
-
Net after rents
Affiliated
are
148, p.
•
1944.
on April 20 authorized the creation of a 10-man board of
elected two Vice-Presidents, George J
Stanley and I W
the new members—V 148, p 2252 '
;
directors and
Wilson,
A total of
as
Bemberg Corp.—Accumulated Dividend—
American
Directors
have
declared
American District
1937
1938
$5,514,663
4,606,747
$907,916
33,140
$2,254,111
48,193
$1,232,843
$941,056
$2,302,304
$2,021,557
Net profit before Federal taxes
$1,232,843
Estimated Federal taxes
205,587
$941,056
145,465
$2,302,304 .$1,698,303
351,366
268.072
$795,591
$0.31
$1,950,939
x$0.77
Operating income.___
Other income (net)
$1,191,241
'
41,602
4,926,808
Operating expenses
Total-
—
.
Reserves.
x
Based
on
three-for-one split-up.—V.
Gross from railway
$110,083
30,294
30
$166,907
47,072
13,924
379,667
56,599
def28,376
497,203
148,313
55,370
Gross from
railway
From Jan.
14,447
1937
$207,577
82,861
43,953
1938
570,537
416,008
$577,916
$519,155
600,440
239,661
115,589
1937
$
Property account.21 ,845,778 21,527,905
Inventories of ma¬
$179,011
67,178
34,442
1,077,445
terials Asuppl..
Acctf. rec.
1,032,192
in
51,438
1,882,851
626,723
51,451
1,600,735
prems.,
$642,479
209,445
$540,829
107,550
$691,990
232.028
$532,439
140,023
167,603
102,743
145,429
1,443,249
180,299
190,471
1,862,255
548,103
340,117
1,448,269
325,935
b Common stock &
12 ,437,744 12,188,811
stock
of
Pur.
money
obllg.
Accounts payable.
Divs. accrued
Prov.
79,940
70,896
82,713
1,771,551
478,825
develop.
Ac
expenses,
par)
12,079
for Fed.
come
100,677
489,463
455,247
5,624
in¬
& local tax.
Social security
12,079
41,459
176,212
38,959
171,910
100,678
Accid. facll. rents.
Prepaid rents, Ins.
1936
5.753,381
($100
controlled cos..
568,672
ployees, <fcc.)
Marketable sees..
$
5 ,753,381
stock
Capital
hands of em¬
1937
$
Liabilities—
Pref.
surplus
(incl.
cash work, funds
547,741
210,999
123,283
1938
1937
%
Assets—
1936
RR.—Earnings—
1938
521,978
402,708
523,704
Consolidated Balance Sheet Dec. 31
Cash In banks
1939
Net from railway
after rents
$1,505,700
$430,596
Balance..
a
Alabama Great Southern
Net
$1,505,611
405,717
$315,424
....
—V. 148, p. 1943.
March—
6,522,341
$1,491,253
7,127,477
$1,357,008
$1,430,231
$1.70
From Jan. 1—
Net from railway
Net after rents.
2,652
6,651,177
$1,354,574 • $1,502,851
,2,434
2»760
surp.acct.. $1,241,839
Preferred dividends
402,710
Common dividends
523,705
Bal.tr. to
Ry.—Earnings—
1938
1939
Net after rents.
7,500,807
$1,239,187
148, p. 2413.
Akron Canton & Youngstown
Gross from railway
Net from railway
$8,013,594
~
$1,027,255
$0.40
March—
$8,154,028
1
Net oper. revenue
Inc. from divs. and int..
Net profits earned on
outstanding stock..
Earnings per share
1935
.
„
miscell. interest, &c_.
323,254
:
_
Oper. exps., incl. repairs,
res. for depr., rent for
lease of plants, taxes,
1936
$8,482,051
$8,739,994
Gross oper. revenue
4,051,148,
„
.
1937
1938
Calendar Years—
$1,939,648
81,909
$6,118,049
account of
Telegraph Co. (N. J.) (& Controlled
Cos.)—Earnings—
1936
$5,990,796
$7,418,779
5,164,668
...
dividend of $3.50 per share on
a
accumulations on the 7% cumul. pref. stock, par $100, payable May 11 to
holders of record May 4. * This payment will clear all arrearages up through
Jan. 1,1939.
See also V. 147. p. 3755.
Co., Inc. (& Subs.)—Earnings—
1939
»
•
Aluminum Go. of America—Directorate Increased—
$1,000,000 of this issue is now outstanding, a block of $500,000 having
offered last January.
Subsequent to this financing company has
debentures outstanding in a total amount of $6,998,200, consisting of
$1,000,000 4>^% 10-year secured convertible debentures and $5,998,200
5% 10-year secured convertible debentures.
Proceeds of the $500,000 issue
will be used for investment purposes.—V. 148, p. 1791.
Air Reduction
.
Stockholders
of
been
3
Los. End.Mar. 31—
Gross sales
$0.79
Alton RR.—Earnings—
March—
Supply Mfg. Co., Inc.—Par Value Changed—
Thedebs.
stock—
share
Gross from railway
Net from rai way
Change in par value of company's stock from no par to $1 par was ap¬
proved at annual stockholders' meeting held on April 26.—V. 147, p. 3301.
tures, due 1949, has been sold at par and int. by a group
investment houses headed by Lord, Abbett & Co.
per
Orders booked for the quarter amounted to $19,517,521, slightly over the
$19,314,557 bookings in the same period of 1938.
Unfilled orders on
March 31, 1939 totaled $12,367,518, as compared with $20,248,025 on
March 31, 1938, and $10,411,411 at the close of 1938.
The decrease In net income in the current three months of 1939 con¬
trasted with the same period in 1938, as shown in the foregoing table, was
caused principally by (1) the decrease of 13 ^ % in billings, (2) higher ratio
of operating cost due to lower volume of production, and (3) reduction made
in prices of certain units in the tractor and farm implement division effective
in 1938, subsequent to the first quarter.
Gn March 31, 1939 the total number of employees was 12,839, as com¬
pared with 15,470 on March 31, 1938 and 11,511 on Dec. 31, 1938.
The
total number of stockholders of record March 31, 1939 was 17,667.
*
The current and working assets March 31, 1939 were $57,926,920 and
the current liabilities $9,707,998, a ratio of 5.96 to 1.—V. 148, p. 1791.,
Assur¬
Corp.
holdings of bonds amount to $8,130,000.—V. 148, p. 2107.
Acme Wire Co.—New Stock to Be Traded on Curb—"
common
Earnings
Co. of Canada, North American Life Assurance Co., Northern Life
ance Co. of Canada. Sun Life Assurance Co., and Royal Securities
Ltd.
....
Deb. int. & amort, of dis¬
tax
57,235
Def. credits to tnc.
1, 592,385
1,718*552
Reserves
4, 852,290
4,457,860
1—
Gross from railway
Net from railway—...
Net after rents
—V. 148, p. 2251.
331,304
165,469
.
Total-..a
shares, no par
„
25,506,124 24,909,902
Total........
.25,506,124 24,909,902
b Represented by 104,746 508-1000
doubtful accts.
value.—V. 146, p. 3170.
After reserve for
I
Financial
2570
1938
the
April 28, C. E. Calder, President,
of consolidated income after interest and other
annual report issued
charges but before exchange adjustments was $5,916,594, against $6,153,093
in the previous year.
After exchange adjustments on working capital and
other direct charges and credits, consolidated surplus increased $4,171,376,
against $4,318,639 in 1937.
Gross operating revenues of subsidiaries decreased, due to falling ex¬
change values, $2,353,546, or 3.8%. to $59,808,648.
If calculated on a
basis comparable with last year (excluding the effect of reduced exchange
values), these revenues would have increased $4,907,395.
Income of company itself from subsidiaries decreased from $10,502,438
in 1937 to $8,944,022 in 1938, principally due to the blockage of earnngs
..
„
Ijq extended
to the agreements recently concluded between the
provide, among other things, for the ex¬
by the Export-Import Bank of the United States to Brazil
to the extent of $19,200,000 for the purpose of freeing Brazilian exchange,
the undertaking by the Export-Import Bank to assist in the financing of
future exports, the proposal to ask Congress for authority to provide up to
$50,000,000 in gold to Brazil for its Central Bank and the guarantee on the
part of Brazil to accord American investors equal treatment to that accorded
Its own nationals.
The hope is expressed that these arrangements will make
it possible to receive currently the earnings accruing on the company s
investment in Brazil, as well as to provide for the unfreezing of the funds now
refers
report
United States and Brazil, which
Capital
Income
Surplus
def$l ,639,005 $25,797,954
Balance, Dec. 31. 1938
^ ^ g4g
Excess of inc. over exps.
for the three mos.
end.
$91,438
March .31,1939
Net loss on sales of sees,
ended
three mos.
for
Mar. 31,
avge.
„
1,304,900, of which 1,235,893 were supplied
with electric service.
Passengers carried increased 1.2% to 682,522.612.
Generating station output (including power purchased) of all subsidiaries
except those in the Shanghai area increased 5.6%, while the generating
station output of Shanghai subsidiaries decreased 9.2%.
Total generating
station output was 3,104,194,000 kilowatt-hours as compared with 3,031846,000 kilowatt-hours in 1937.
Construction expenditures in 1938 amounted to $8,604,041 and the com¬
pany paid off an additional $2,000,000 on its notes payable to banks and
Electric Bond & Share Co., reducing the original $50,000,000 bank loan
indebtedness to $26,500,000.
These funds were provided from earnings.
No dividends were paid during 1938 because of the continued necessity of
conserving all available cash resources to meet necessary construction re¬
quirements and to reduce the short terra debt.
It is stated that the prop¬
erties of the subsidiaries are being well maintained and that capital expen¬
ditures are being kept to a minimum consistent with the obligation to fur¬
nish service to the public.
The consolidated cash balances per the report
at the end of 1938 included $13,010,440 United States currency, which is
an increase of $91,708 over the previous year-end.
The notes payable of
the cotnpany totaling $61,500,000, of which $21,200,000 are held by the
banks and $40,300,000 by Electric Bond & Share Co., become payable on
Oct. 26,1939, but the report states it is reasonable to assume that they may
Customers increased 3.7% to
Undistributed
Profits
,
on
in Brazil.
The
3 Months Ended March 31, 1939
(Corporation and its Wholly Owned Subsidiary)
Consolidated Statement of Surplus
Foreign Power, Inc.—Annual Report—
&
American
In
reports that the balance
April 29, 1939
Chronicle
'39,comput'd
cost basis._
52,814
$38,624
655
Adjustm't of res. for def'd charges..
$39,279
'
def$l,599,727
-
stocks,
Excess of cost of pref. & com.
repurcb. & held in treas. over par
values thereof ($1 and 10c. per sh.
respectively)—
Adjustments applicable to prior years
$46,659
9,330
5,051
$55,989
div. paid on
Bal. before deducting
24,137,187
$25,741,965
preferred stock
_def$l ,604,778
on preferred stock paid March 1, 1939
95,614
Dividend
Balance, March 31,1939
$24,041,573
Note—Calculating general market securities at market quotations and
the investment in the common stock of First York Corp. at net underlying
approximate unrealized depreciation in such
asset amount, the
OWBed W£tS«
Depreciation as at March 31, 1939
Depreciation as at Dec. 31, 1938
—
tension of credits
country.
At the date of the report the subsidiaries of the
company have approximately $5,200,000 of cash blocked in Brazil.
The subsidiaries operating in the Shanghai area experienced a substantial
return of business in 1938.
The peak demand load, which dropped to
22,000 kw. at the time of the hostilities in 1937 from a high of 156,000 kw.,
has now gone back to,145,000 kw. and the situation is reaching the Point
where it will be necessary to resume work on the project for the new 15,000
kw. installation started in March, 1937, but suspended as a result of the
blocked in that
hostilities.
-
Gross operating revenues
of the Shanghai subsidiaries for
the three months
ended March 31, 1939, expressed in U. 8. dollars, increased 39% over those
the corresponding period of 1938, while the net operating revenues
for
29%.
This improvement in U. 8. dollar equivalent of the earn¬
ings, despite a drop of almost 50% in the value of the Chinese dollar, was
made possible by the above mentioned increased volume of business and
surcharges to existing rates granted to generally compensate for increased
expenses caused by the exchange factor.
•'
The report refers to a new law for the regulation of the electric industry
in Mexico which became effective in February, 1939, but says that the regu¬
lations governing it have not been issued and until they are it will be im¬
possible to judge the full effect of the law.
■
•
The report comments on the exchange situation in the 13 countries in
which the subsidiaries operate, all of which have a currency different from
that of the United States.
It points out that this, the company's major
difficulty, has at times been further complicated by restrictions upon the
transfer of exchange from certain of the countries.
The company, being
dependent upon the income which accrues to its subsidiaries in the various
currencies and the ability to convert such currencies into U. 8. dollars to
meet its U. 8. dollar obligations and requirements, is adversely affected by
either a decline in the value of any of the currencies or restrictions upon the
transfer of exchange from any country in which a subsidiary is located.
A chart included in the report shows that the gross operating revenues
for 1938 would have been $50,000,000 greater than reported if calculated
at exchange rates in effect at the date of original major acquisitions of prop¬
erty.
One favorable effect of the drop in exchange is the reduction in U.S.
dollar equivalent of the liability for foreign currency funded debt obligations
of the system.
Such obligations, which were booked originally as being
equivalent to U. 8. dollars $49,272,386, are equivalent at current exchange
rates to $30,485,335.
No effect has been given in the accounts to this re¬
duction of $18,787,051.
The report indicates that the operating results of subsidiaries in local
currency continue to improve and that, generally speaking, exchange values
of the currencies in countries where subsidiaries operate have remained
fairly stable since the break in values which occurred in the latter part of
1937 and early 1938.—V. 147, p. 4047,
increased
$5,457,601
Net loss
on
sales of securities for the period, as
Net change
American-Hawaiian Steamship
Period End. Mar. 31—
Operating earnings
Operating expenses
Net profit from
Co. (& Subs.)—Earns.
1939—Month—1938
$1,364,832
$1,141,829
1,275,224
1,210,427
$89,608"
oper„_
Other income
.
4,242
x$68,597
6,000
1939—3 Mos.—1938
$4,186,306
3,895,851
$290,455
8.111
$3,578,489
3,533,410
$45,079
10,962
52,814
shown above.
$5,510,415
^-
*
,.
Consolidated Balance Sheet March 31
1939
$
$
Assets—
1938
1939
1938
Liabilities—
$
S
1,769,387
Accts. & divs. rec_
65,793
Gen. market sees.19 ,846,004 11,855,344
Accts.pay .for sees.
Partic. in intermed.
Due for sees.loaned
230,482
101,423
Cash in banks.....
Acct.
Notes pay. to bks-
.
75,000
pay.,
&
94,667
186,103
209,488
184,321
taxes..
308,667
308,667
July 29, '37..
34,230
4,800,000
accrued exps.
contra, incl. int.
to
4,963
Other accts.
under
rec.
purch.—not rec.
against cash
34,836
22,981
credits
First
Res. for taxes, ex-
York Corp.com.
traord. legal, ac-
Invest,
in
2,452,104
2,979,803
'stock....
c't'g&oth.exps,
Fifty
& oth. contlngs.
Pine St. Corp..
Unrealized deprec.
of Gen. Market
Inv.
in
The
Secure.
Excess
owned_Z>r4677,375/>r8478,730
of
invest,
cost
in
of
First
York.Corp.com.,
,
.
securities
$5,999,723
542,122
—
-—
stk.
over
carry¬
.Z)rl,322,347£>rl,85C,046
181,997
188,653
ing amt
Pref. stk.($1 par).
Com.
stk.
par)
Surplus
23,489,362
Total
—V.' 148,
p.
(10c.
Total....
16,486,131
*
156,396
160.811
......24,041,573 25,985,789
.
.
...23,489,362 16,486,131
871.
American Hide & Leather
Co.—Earnings—
far. 31 '37
Mar. 31 '36
$343,316
x$517,119
51,497
Mar. 31 '38
Mar. 31 *39
9 Months Ended—
Ojper. profit after repairs,
depr. & res. for exps..
77,568
1
,
$641,454 loss$450,414
128,291
Reserved for inc. taxes..
y$291,818
$439,550
x
Includes $72,924 of non-recurring income, of which $20,391 was re¬
ported but not segregated in the report for the first six months of the fiscal
$513,163 loss$450,414
Net profit...
year,
y No provision has
profits.—V. 148. p. 722.
American
Ice
been made for any surtax on
undistributed
Co.—Debentures Called—
Company announced that $400,000 principal amount of its 5% sinking
1953, have been drawn by lot for redemption on June
1, 1939, at 102 K.
Payment will be made upon surrender of the debentures
at the office of the trustee^ the Pennsylvania Company for Insurances on
Lives and Granting Annuities, Philadelphia, or, at the option of the holder,
at the New York office of Brown Brothers Harriman & Co.
fund debentures, due
Upon redemption of these debentures there will remain outstanding
$932,000 principal amount out of an original issue amounting to $6,000,000
issued in 1928.—V. 148, p. 1630.
American Light
& Traction Co.—New Directors—
Three new directors were elected at the recent annual meeting as a result
Securities and Exchange Commission's recent ruling in regard to
of the
Tptal profit before de¬
preciation & Federal1
income tax._
Prov. for depreciation
Profit on sale of secur
__
Net profit before Fed.
eral income taxes...
x
Dudley B. W. Brown, 6on of Franklin Q. Brown, a
was elected as was Frank L. Conrad, Vice-President of
Michigan Consolidated Gas Co. and Angus MacArthur, Vice-President of
Koppers Co. They succeeded Howard Bruce of Baltimore, W. G: Dunington of Fuller, Rodney & Co. and Franklin Q. Brown, Vice-President of the
Central Hanover Bank & Trust Co.—V. 148, p. 2253.
banking directors.
"
x$62,597
77,681
$93,851
73,718
$298,566
214,163
$56,041
225,674
4,580
$84,403
x$165,053
829
$20,132
x$139,449
former director,
American Metal Co.,
Ltd.—No Common Dividend—7;.
their meeting held April 27 took no action with regard to
of a dividend on the common stock at this time.
A regular
quarterly dividend of 25 cents per share was paid on March 1, last.
8ee.
V. 147, p. 3445 for record of previous dividend payments.—V. 148. p. 1631.
Directors at
Indicates loss.—V. 148, p. 2109.
payment
American General Corp. (&
3 Mos. End. Mar. 31—
Income: Divs. on stocks.
Int. earned on bonds.
Int. rec'd on intermed.
1939
$170,398
3,865
Subs.)- -Earnings1938
$133,227
1937
$228,829
9,260
credits
115
Miscellaneous income.
$174,263
65,084
Total income
Operating
Interest
expenses
on
debentures__
Interest paid to banks..
Taxes pd. at source &
taxes
refund,
to
:
_
"3,798
$133,342
108,839
$241,887
138,835
183,083
_
17,742
5,344
1,412
$496,097
147,955
255,648
inc.
4,841
def$83,977
$87,651
over
oper.exps.
Prov. for
res.
for net
Net credited to surp.
$91,438
$17,401
American Stove
the common
Co.—Earnings—
1938
1936
1937
$11,034,284 $12,806,013 $11,950,028
Cost of goods sold, exclusive of deprec.
8,312,380
8,562,119
8,062,454
Selling, distribution and advertising.
2,051,332
1,908,376
1,501,609
Administrative and general
187,691
603,403
534,537
Charges for depreciation
392,587
349,881
316,166
lowances
$90,294
35,740
Other deductions
Federal income taxes
$1,382,232
57,120
$1,535,260
51,373
$126,034
42,249
11,069
Operating profit.
Other income
Total income
2,950
re¬
duction in surplus of
50 Pine St .Corp .during
the three mos. ended
March 31,1936.
Increased—
dividend of 75 cents per share on
Sales, less discounts, returns and al¬
3,946
of
a
Calendar Years—
debt
(without
giving effect to net
on
security
prof,
transactions)
Int. on 1st mtge. & other
inc.
from
the
Fifty
Pine St. Corp. (100%
owned but not consol.)
American Meter Co.—Dividend
Directors have declared
stock, payable June 15 to holders of record May 31.
This compares with
50 cents paid on March 15 last and on Dec. 21, 1938; 40 cents paid on Oct.
15, 1938 ; 30 cents on July 15 and April 15, 1938, and a special dividend of
$1 in addition to a regular quarterly dividend of 75 cents per share paid on
Dec. 21, 1937.—V. 147, p. 3602.
7,102
holders
Excess
1936
$333,082
156,257
$1,439,352
58,250
216,000
51,000
$1,586,633
46,330
245,128
66,782
Surtax on undistributed profits
Underprovision for prior year
Loss
on
sale of securities
.......
,
948
c._._
25,036
2,825
$124
Net profit
Dividends
$47,680
215,996
$1,113,153
755,986
$1,228,391
755,986
Volume
Financial
148
Balance Sheet
1938
S
Assets-
206,264
Market,
securs.
413,723
685.911
637,996
1937
%
Accounts payable-
Cash
2571
Comparative Balance Sheet Dec. 31
1938
S
Liabilities—
Current assets:
Chronicle
of Dec. 31
1937
$
as
1938
Receivables
1,618,050
1,153,054
taxes
Inventories
3.067,403
3,432,784
118,790
97,460
and
Federal
come
on
State
140,507
Traffic &
14,500
267,000
615,652
Net bal.
In¬
on
$
Liabilities—
22,797,444
452,824
455,209
45,549
20,883
Special deposits
136,770
Income-
tax
car serv.
Property, plant &
balances
(estd.)
Reserves
equipment (net)
Deferred charges..
6,540,768
172,246
6,577,657
receiv.
4,785,365
784,168
Capital Burplus...
Govt, grants
3,251
3,251
Fund, debt unmat.10,670,000
certif..
10,670,000
200,000
recap.
Total
12,361,518 12.528,0061
Dividend Halved—
145,312
Non-negot. debt to
7,492
111,637
7,380
Traffic & car-serv.
83,631
205,208
331,037
balances payable
Audited accts. and
Int. & divs. receiv.
Other curr. assets.
946,234
12,361,518 12,528,006
Total
Represented by 539,990 shares of
value, stated value $10 per share.
y
par
May 5/33
158,336
Misc. acct3. receiv.
Mat'l and supplies
Earned surp. since
""245
5,205
35,017
36,224
I ,626,372
1,591,625
rec.
from
affiliated
Unadjusted
212
debtls
stock without nominal or
common
148,
31—
1939—Month—1938
..-.$10,749,504 $10,801,924
American
18sue
Water
Works
&
Electric
Co.,
from the date of issue.
The notes are to be issued to five certain banks as follows:
Chemical
Bank & Trust Co., $2,200,000; Chase National Bank, New York, $1,700,-
000;
National City Bank, New York. $1,700,000: New York Trust Co.,
$1,200,000; Central Hanover Bank & Trust Co., $1,200,000.
By virtue of a so-called "commitment agreement" entered into on
March 1, 1939, the foregoing banks have
agreed to loan the pum in question
on or before
May 1, 1939
As required by the loan agreement, the proceeds of the loan,
together
with $250,000 or current funds, will be used to discharge all the
presently
outstanding bank loans, totaling $8,250,000.
to the same five lending banks in the amount of
which indebtedness becomes due on Dec. 31, 1939.
The notes will be secured by certain specified collateral
$6,000,000,
consisting of
portfolio securities of subsidiaries.
Chemical Bank & Trust Co. will act
as depositary of the collateral.
The collateral presently to be deposited
is
as
follows:
Company and Collateral—•
Par Val. No. of Shs.
Co.—7% cum. stock.
$100
52,411
Class A 7% cum. stock
none
4,470
Butler Water Co. common stock
$50
8,430
City Water Co. of Chattanooga com. stk.
$100
17,403
Davenport Water Co. common stock...
none
25,000
Huntington Water Corp. common stock,
none
10,000
City of New Castle Water Co. com. stk._
$100
7,217
Richmond Water Works Corp. com. stk.
10
37,500
Alexandria Water Co. common stock
Clinton Water Works Co. ~ommon stock.
Monongaheia Valley Water Co. com. stk.
Terre Haute Water Works com. stock....
50
$5,241,100
447,000
421,500
1,740,300
750,000
227,000
721,700
375,000
4,000
100
Amount
a
3,210
2,500
66,100
100
10
Total to be pledged
200,000
321,000
250,000
661,000
$11,355,600
Amount at which carried
on
books of issuer.
Weekly Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended April 22, 1939, totaled 40,938,000
kilowatt hours, an increase of 7.3% over the output of 38,148,000 kilowatt
hours for the corresponding week of 1938.
>
1939
From Jan. 1—
Gross from railway
Net from railway.....
Pet after rents.
957,575
152,350
46,067
—V. 148, p. 1945.
follows:
Arizona Edison Co., Inc.
Operating
1939
April
1—45,840,000
April 8
40.686,000
April 15
41,992,000
April 22—40.938,000
—V. 148, p. 2414.
Associated
1938
38,212,000
39,779,000
38,685.000
38,148,000
-
Gas
1937
1936
48,157,000
39,040,000
49.946.000
45,072,000
49,814,000
46,512,000
50,000,000 ,45,251,000
Electric
&
'J
1938
Co.—Weekly Outpiit—
Report—
on
$285,740
1938
Earned surplus balance, Dec. 31
Arizona Power
Operating
expenses
on
on interest.
Other interest.
Miscellaneous deductions.
531
Net income
1938 figures restated for comparative purposes!,
Period End. Mar. 31—
$680,779
Net oper. revenues
Rent from lease of plant
Arkansas Power & Light
$3,790,741
39.574
128,959
$3,468,358
318,442
764,603
155,214
1,567,170
138,222
i ,521
$3,920,393
334,928
910,704
151,102
1,704.852
134,344
3,621
$.0,962,735
1.677,125
146,346
3,836
$3,959,274
328,456
839,578
139,132
1.595.897
154,813
2,784
Cr836
Cr612
Cr 169
Cr359
$2,944,336
524,022
244,764
$3,238,940
681,453
226,527
$3,178,959
783,776
208,744
$3,060,302
898,972
171,653
$279,258
50,220
$454,926
56,701
$575,032
88,648
$727,319
46,054
$329,478
189,566
$511,627
196.985
$663,680
$773,373
233,870
21,777
20,577
$118,136
17,757
$294,065
$135,893
409,900
13,345
40,424
144,656
expenses
Transportation
expenses
expenses
operations
for investment-.
Total oper.
expenses.
Net oper. revenue
Taxes, &c
Operating income
Other oper. income.....
income
Hire of freight cars
Other
deductions from
operating
income....
Net'oper. income...
Non-oper. income
$180,157,
$3,202,814
$3,272,199
$218,582
1,283
$180,157
$3,202,814
'$3,247,762
1,111
13,930
Other int. & deductions.
$219,865
146,385
8,121
$181,268
151,458
10,408
Int. chgd. to construe..
0420
Cr692
$3,216,744
1,756,624
117,724
Cr7,159
$3,256,695
1,814,658
115,863
Crl4,740
Int.
on
Other
gross
on
funded debt.
unfunded debt..
deductions
x
143,644
216.189
19,270
19,189
$428,221
16,017.
$520,314
14,013
$315,605
409,900
14,071
$444,238
409,900
20,729
$534,327
42,776
39,102
x43,652
$324,403
$151,142
$25,493
inc$54,002
21,540
410.032
26,641
from
income
Net deficit
877,262
$1,349,555
$1,340,914
j
Restated for comparative
purposes.
374,197
•
88,000
.
Dr24,437
—.
Operating income
Other income (net)
;.
$9,086,931
4,800,986
1,013,746
-
8,933
.
37,050
Gross income
Interest
330,914
1939—12 Mos.—1938
$218,582
Gross income-
Int.
Total oper. revenues..
Maint. of way & struc..
Maint. of equipment
Co.—-Earnings—
1939—Month—1938
$9,299,321
4,819,908
1,276,599
(net)
$3,777,655
y
$631,128
357,971
93,000
[Combined corporate and receivers* accounts]
$3,729,120
49,500
141,773
23,476
Net income is appro¬
priated for sinking fund purposes to the, full extent of the corporatioi'sn
sinking fund requirements, and is a prior charge to the declaration and
payment of any dividends.—V. 148, p. 2111.
Operating revenues
Oper. exps.fincl. taxes..
Prop, retire, res. approp.
38,901
117,770
$23,476
$32,320
32,320
Sinking fund appropriation
$0.46
$3,311,687
300
>
.
2.070 cts.
........
36
300
744
Taxes assumed
$0.47
1935
$44,192
19,635
36
long-term deot.
1,852
$51,526
18,340
1.708 cts.
Freight.
Passenger
$42,340
.
711
$0.50
1936
xl938
$13/ ,339
94,999
$50,815
2,207,511
2,248,995
2,285,835
Tonscarr. 1 mile (rev.).315,836,464 382,250,693 378,8,58.018
367,534,729
Rate per ton per mile
$0.008391
$0.007742
$0.008031
$0.008384
Oper. revenue per mile..
$9,404
$10,484 /
$10,762
$10,880
Aver, tons per train mile
599
627
604
607
1937
$145,835
1939
$148,494
97,678
Operating income
Non-operating income
1.741 cts.
Mail express, &c
$177,035
a
and taxes-
$0.46
.
1.261
Corp.—Earnings-
1,990,317
for Calendar Years
$88,078
57,757
145,835
funds, $817; materials, supplies and merchandise, $97,885; other assets,
$89,119; deferred charges, $60,404; total, $5,580,889.
Liabilities—Funded debt,
$4,584,250; accounts and wages payable,
$60,794; accrued taxes, $62,997; accrued interest on first mortgage bonds,
$9,719; interest payable on 2nd mortgage income bonds, otner than on
reacquired bonds in treasury, $39,129; accrued interest on refundable
deposits, $8,508; provision for Federal income taxes, $5,278* other liabilities,
$164,579; non-refundaole contributions for extensions, $5,373; capital stock
(104,902 no par shares), $524 510: earned surplus $177 035; deficit in con¬
tingency reserve, $61,283; total, $5,580,889.—V. 147, p. 3004.
'
2.063 cts.
1938
$29,939
Balance Sheet Dec. 31, 1938
Rate per pass, per mile.
Pass, earns, per train m.
Income Account
8.596
Assets—Fixed assets, $5,090,444; Investments, $2,504; special deposits,
$587; cash
$125,319: accounts, warrants and notes receivable (net),
$113,272-current Indebtedness of subsidiaries, $1,136: employees' working
Tons
(revenue).
22,890
10,653
11,919
...
29,330
1,895.963
oper.
104,404
8,130
5,278
Balance transferred to earned surplus
Earned surplus, Jan. 1
Miscellaneous additions to earned surplus.
1936
31,666
2,307,839
1935
197,506
137,989
2nd mortgage income bonds, other than
reacquired bonds in treasury.
.1937
43,784
2,782,328
Total
$280,126
137,989
1st mortgage bonds
32,316
1,870,593
.
Trans,
$248,156
31,970
on
Rev. passengers carried
Rev. pass, carried 1 mile
Miscell.
$260,056
.25,684
...
—
x
Operating Statistics for Calendar Years
General
157.411
Miscellaneous interest and other deductions
Federal income tax
Federal tax on undistributed profits
;
*_
y
Ann Arbor RR.—Annual
Traffic
180,093
229.713
„
1937
$1,580,047
857,233
119,741
Gross income
For the week ended April 21, Associated Gas & Electric System reports
output of 90,394,010 units (kwh.).
This is an increase of 10,442,384 units or 13.1% above production of 79,951,626 units for a year ago.
This is the highest percentage increase since the week ended
July 2, 1937.
—V. 148, p. 2415.
carried
984,693
170,209
83,196
$1,551,655
798,028
83,765
income.
on
1936
-Earnings-
Net income, from operations
Other income
Gross
1,331,460
1,064,075
226,927
115,699
810.037
71,124
def29,330
_
Maintenance
Interest
net electric
991,711
$356,624
78,680
45,793
Taxes, other than Federal income..
Provision for depreciation—
j...
Interest
Interest
3,557,934
153,938
97,783
59,480
3 Months Ended March 31—
39,960,000
37,670,000
39,135,000
38,874,000
21,673
154,030
1937
1935
.
8,464
$398,740
revenues
Operation
-
Week Ended—•
24,028
7,512
18,202
to Date
moo
1938
$308,800
53,757
20.903
Calendar Years—
Comparative table of weekly output of electric energy for the last five
years
200
23,938
25,453,554 25,474,163
...
West Penn Electric
a
1OQQ
$331,734
61,772
25,956
At the present time, company
is indebted
Total
Earnings for March and the Year
March—
•
Exchange Commission has issued an order allowing
the declaration regarding the issue and sale of
$8,000,000 of promissory
notes to become effective.
The notes are to be secured by certain collateral,
to bear interest at 3%
per annum, and to be payable as follows:
$160,000
semi-annually from the date of issue and the remaining balance five years
...25,453,554 25,474,163
Gross from railway....
Net from railway
Net after rents.
Inc.—Note
Securities and
1,849
200,200
Unadjusted credits 3;762,002
1939— 3 Mos —1938
$27,203,575 $27,865,780
of $8,000,000 Approved by SEC—
The
14,393
ma¬
Other def'd llabiL
Total
Mar
debt
unpaid
Add'ns to property
Profit & loss bal..
1631
P
1,062,623
1,098,783
1,037,737
14,160
1,228,793
Divs. mat'd unpaid
1,849
Unmat. int. accr'd
Other current liab.
-
198
75,370
wages payable..
tured
American Stores Co.—Sales—
—V
389
89,777
cos
Misc. accts. pay..
Int. mat'd unpaid.
Funded
Directors have declared a dividend of 10 cents per share on the common
stock, payable May 1 to holders of record April 18.
This compares with
20 cents paid on Jan. 14 last; 10 cents paid on Oct. 14 and,April 15, 1938,
and a dividend of 50 cents per share paid on Dec.
24,1937.—V. 147, p. 3903.
Period End
Sales
7,250,000
7,250,000
Receivers*
agents & condrs.
5,399,900
4,785,365
5.399,900
Capital stock
y
167,417
607,932
$
$
Capital stock
Deferred assets...
Other assets
1937
1938
22 810,874
Cash
Local, Fed. capital
stock
$
Investments
373,347
632,882
1937
Assets—
x
on
.
—
mortgage bonds.
Net income
$65,779
$20,094
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
949,265
949,265
$400,290
-
$391,649
x Dividends accumulated and
unpaid to March 31, 1939, amounted to
$1,186,581, after giving effect to dividends of $1.75 a share on $7 preferred
declared for payment on
April 1. 1939.
Dividends on these stocks are cumulative.—V. 148, p.
1793, 1632, 1468.
stock and $1.50 a share on $6 preferred stock,
Atchison Topeka & Santa Fe
Ry.—Earnings—
(Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.)
Period End. Mar. 31—
1939—Month—1938
1939—3 Mos.—1938
Railway oper. revenues.$l 1,396,159 $11,186,168 $32,682,414 $32,364,284
Railway oper. expenses. 10,007,691
10,377,853
28,784,648
30,946,998
Railway tax accruals
xl, 189,551
xl,233,460
y3,661,928
y3,741,615
Other debits
90,699
96,232
243,506
324,852
Net ry. oper. income.
$108,218
z$521,378
z$7,668 z$2,649,180
x Includes for
1939 and 1938 respectively $351,587 and $376,213 repre¬
senting accruals under the Carriers Taxing Act of 1937 and the Unemploy¬
ment
Insurance Acts.
y Includes for
1939 and 1938 respectively $1,026,005 and $1,106,187
representing accruals under the Carriers Taxing Act of 1937 and the
Unemployment Insurance Acts,
z
Indicates deficit.
'
J
thereafter it
Interest—
able November annually.
Net after rents
stock, payable June 1 to holders of record May 8.
on March 1, last; a final dividend of 50 cents was
Similar payment
paid on Dec. 22,
last, and a dividend of 25 cents per share was paid on March 1, 1938.
During the year 1937 dividends totaling $2.50 per share were distributed.
—V. 148, p. 1469.
$339,725
66,165
1937
$386,101
89,386
43,775
$330,901
54,998
7,545
def6,615
Net after rents
981,891
195,806
—V.
148,
863,270
77,278
1,010,267
35,993
def72.981
54.415
_*■
178,052
836,906
410,563
225,432
975,512
546,234
324.551
£19,737
237,240
75,708
—
1947.
—V. 148, p.
Co.—10-Cent Dividend—
Belden Mfg.
1936
dividend of 10 cents per share on the common
Directors have declared a
$312,094
53,394
8,293
stock, par $10, payable May 15 to holders of record May 5.
five cents was paid on Feb. 20, last, this latter being the first
A dividend of
dividend paid
16, 1938 when five cents per share was also distributed; pre¬
viously regular quarterly dividends of 15 cents per share were paid.—V. 148,
page 724.
* •
since May
845,608
95.076
def8,885
„
-
,
Bellanca Aircraft
1946.
p.
1936
$203,071
69,048
12,833
Gross from railway
Net after rents.
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
1937
$340,605
195,690
112,868
Net from railway
-Earnings-
1938
1939
March—
Cross from railway
Net from railway
1938
$298,060
152,783
91,531
830,258
414,236
230,645
Net from railway
made
Birmingham & Coast RR.-
Fl. 75,by the
1939
$283,452
134,649
72.378
March—
Gross from railway
Armstrong Cork Co.—Interim Dividend,—
Atlanta
The issue was taken
Lake & Western Ry.—Earnings—
Beaumont Sour
2111.
Directors have declared an interim dividend of 25 cents per share on the
was
intended to redeem Fl. 5,000,000.
Royal Dutch and Shell Transport companies.
Beginning March 1, 1945,
and annually thereafter, it is intended to redeem l-20th of the total amount
of the issue.—V. 148, p. 431.
with Exchange contracts on May 1, 1939, the 4% 100-year
adjustment bonds, due 1995, "plain," shall be dealt in "ana interest."
Attention is directed to the fact that interest on the above bonds is pay¬
that beginning
common
is
by 19 banking houses in Rotterdam and The Hague.
The company in March, 1939, sold privately a further issue of
000,000 3)4% debentures due March 1, 1964, and guaranteed
The interest due May 1, 1939, on the 4% 100-year adjustment bonds,
due 1995, "stamped," will be paid on that date.
The Committee on Floor Procedure of the New York Stock Exchange rules
—V. 148, p.
April 29, 1939
Chronicle
Financial
2572
Corp.—New Vice-President—
Leighton W. Rogers of New York and Washington was on
a Vice-President of this company.—V. 148, p. 2112.
April 24
elected
Atlanta Terminal
Public
Co.—$1,600,000 Bonds Awarded—No
Bendix Aviation
Offering—Company awarded an issue of $1,600,000
refund existing
stock, payable June 1 to
dividend paid since Dec.
—V.
bond issues.
The issue is subject to the
mission.—V. 124, p. 1215.
1939—Month—1938
expenses
$5,183,236 $14,051,144 $13,518,416
3,475,422
9,878,452
9,858,682
$1,812,330
$1,707,814
$4,172,692
$3,659,734
625,000
1,550,000
1,525,000
$1,187,330
235,831
$1,082,814
172,468
$2,622,692
711,002
$2,134,734
549,193
$951,499
$910,346
$1,911,690
exercises
the 30-year first mortgage
& Co. has resigned as fiscal
$1,585,541
York, co-trustee,
of fiscal agent for
sinking fund gold bonds and Speyer
agent.—V. 140, p. 1476.
6*4%
Bessemer & Lake Erie
Net oper. revenues..,
Taxes
Operating income
Equip, and jt. fac. rents
Net ry. oper.
-V. 148,
p.
income.
March—
From Jan.
Baldwin Locomotive
subsidiary companies, including the Midvale Co., was an¬
April 21 as $3,587,725 as compared with $2,902,469 for March,
and
on
Secretary—
Acker, at present Treasurer of the company,
Charles E.
was
elected
Secretary of the parent company and of each of its subsidiaries, to fill the
vacancies caused by Mr. MacGillivray's resignation.—V. 148, p. 1794.
Baltimore & Ohio RR.—Earnings—
1939—3 Mos.—1938
1939—Month—1938
$9,055,517 $30,928,545 $25,971,722
,.$11,051,496
744,431
2,206,480
2.455,268
680,992
Mail revenues
260,582
729,060
775,478
249,728
146,001
349,802 "
241,567
Express revenues
178,159
All other oper. revenues.
342,853
1,100,126
1,057,169
363,109
Period End. Mar. 31—
Freight revenues
Passenger revenues
-
$12,523,484 $10,549,384 $35,314,013 $30,501,204
3,229.464
2,685,050
929,346
978,820
7,460,671
7,806,935
2,496,215
2,776,172
1,116,573
Traffic expense
1,097,668
392,026
389,942
1.3,519,926
13,448,398
4,507.629
Transport'n—rail line..
4,582,069
366,565
Miscell. operations
112,981
301,739
99,344
1,297,882
General expenses
1,533,091
431,838
501.771
04.220
Cr2.044
04,359
Cr3,901
Transport'n for invest't.
By.
oper. revenues.
Maint. of way & s trues.
Maintenance of equipt.
Railway tax accruals
Equipment rents (net)._
facility rents (net)
$8,445,491
2,638,228
476,540
374,055
$3,514,343
2,742,076
_
$1,681,393
919,267
164.850
176,298
Net ry. oper. income-
$2,025 490
$420,978
$4,956,668
x$202,938
from ry. oper.
Joint
x
Indicates deficit.——V. 148,
p.
Oper.
Interest charges.
and
depreciation)
rev.
3,861.374
$603,065
$2.01
Nil
1,210,128
384,107
E. G. Grace, President, states:
'
The net income for the first quarter
for that quarter on the preferred stocks, was
common stock outstanding in the hands of
"
Bing & Bing, Inc.—Annual Report—
(Company and Its 50% or More Owned
•
Subsidiaries)
Consolidated Income for the Year 1938
50% Owned Co. & Wholly
Subsidiaries OumedSubs.
operation of properties, management
Statement of
•
Profit from
o
.
expense on
85,210
$594,751
317,646
2,408
loss$19,970
$274,697
183,053
1,918
537,505
6,083
$204,942
$268,891
$65,240
Operating profit
loans and advances
-
___,
Depreciation of properties & furniture & amortiza;
-_L
--
399,015
$331,063
72,893
$252,576
58,458
$258,170
Drl8,040
$194,118
Drl9,092
$604,655
Z>r22,681
$699,354
Dr53,081
$240,130
63,046
1,840
$175,026
59,939
1,129
$581,974
189,141
8,285
$646,273
179,535
5,235
$175,244
$113,958
$384,548
$461,503
1
Loss
±
_____
Proportionate share of pet losses of 50 % owned subs.
apportioned to outside stock interests
— _ _ _
Proportionate share of net losses of 50% owned
subs apportioned to companies consolidated
Proportionate share of net losses of 16 real estate
companies less than 50 % owned
102.471
102.471
,
from opers_
^
Tax accruals
$909,115
209,761
0000 rfkJCO
Nil,
Before provision for surtax on undistributed profits.
•
■
"
of 1939, after deducting dividends
equal to $0.17 per share on the
the public at the end of that
quarter as compared with $0.56 per share on the common stock for the
fourth quarter of 1938.
The net income for the first quarter qf 1938 was
equal to 53% of the dividends for that quarter on the preferred stocks.
The estimated value of orders on hand March 31, 1939 was $192,040,906,
as compared with $162,774,713 on Dec, 31,1938 and $99,934,192 on March
31, 1938.
■
Steel production (ingots and castings) averaged approximately 53.8%
of capacity, during the first quarter of 1939 as compared with 56.5% dur¬
ing the fourth quarter of 1938 and 34.6% during the first quarter of that
year.'
Current steel production is approximately 59% of capacity.
The directors declared a dividend of $1.75 per share on the 7% cum. pref.
stock and of 25 cents per share on the 5% cum pref. stock, payable in each
case on July 1 to holders of record on June 2.—V. 148, p. 2256.
-
Prov. for Federal income taxes of subs
1,076,687
4,039,329
4,077,942
Net profit for period.. $2,409,059
Earns, per share on com¬
mon stock outstanding
$0.17
Interest
1939—3 Mos.—1938 $1,865,833
$2,119,243
1936
$6,205,477
1,741,038
y$994,908 y$8,293,833
1,825,354
y
1937
•
$6,854,614 $14,065,328
1,781,764
1,732,166
4,247,378
tion of leaseholds
1939—Month—1938
$715,170
$651*,591
1938
1939
507,477
exps. (incl. maint.
Net
•
•
.
467.728
2415.
def2,462
Corp.- -Earnings—
and agent fees, interest earned, &c
Salaries & general expense of parent company.
Bangor & Aroostook RR.—EarningsPeriod End. Mar. 31—
Gross ober. revenues
•
Prov. for deplet., deprec.
and obsolescence
_
$3,199,267
890,978
174,467
108,332
rev.
650,439
Mos. End. Mar. 31—
_
Net
1,530,952
defll0,730
def407,904
Bessemer Limestone & Cement Co.—New Director—
Vice-President in charge of sales, was elected a direc¬
to replace William R. Daly, President of Otis & Co., Cleveland.—
3
The company announced on
the Midvale Co.
def3t,588
2,595,026
630,310
Total income of corp. &
its subsidiaries
$8,481,791
'
April 27 the resignation, effective May 31,
1939, of Charles D. MacGillivray as Vice-President and Secretary of the
company, and as Secretary of each of its subsidiary companies, including
282,603
913,803
def384,352
1947.
Bethlehem Steel
in the
New
148, p.
•->-
V. 146, p.1231.
bookings brought the total for the consolidated group for
$21,621,507 as compared with $8,822,312
the first three months of 1939 to
same period of last year.
Consolidated shipments, including Midvale, in March amounted to
$2,322,839 as compared with $4,635,720 in March, 1938.
Consolidated
shipments for the first three months of 1939 aggregated $5,680,468 as com¬
pared with $10,518,783 for the first three months of 1938.
On March 31,
1939 consolidated unfilled orders including Midvale
amounted to $29,527,682 as compared with $13,401,321 on Jan. 1,1939 and
$22,196,563 on March 31, 1938.
All figures are without intercompany eliminations.
defl5,246
1,389,605
defl70,591
defll5,620
Frank B. Warren,
tor
1938.
The month's
__
Net from railway
Net after rents..
—V.
$545,728
def60,453
1-—
Gross from railway
Subs.)—Bookings—
1936
1937
$994,873
320.030
1938
$360,387
defl7,677
def200,896
Net after rents
The dollar value of orders taken in March by the
Works
RR.—Earnings—
1939
.
Gross from railway
$517,463
Net from railwaydef92,009
1946.
Baldwin Locomotive Works (&
nounced
Underground Rys.—Fiscal
National Bank of the City of New
and performs the powers and duties
Chase
The
now
1939—3 Mo.?.—1938
$5,200,123
3,387,793
revenues
148, p. 2415.
Resigns—
625.000
Operating
Operating
• •
dividend of 25 cents per share on the common
holders of record May 6.
This will be the first
13, 1937, when a similar distribution was made.
Berlin Electric Elevated &
approval of the Interstate Commerce Com¬
Atlantic Coast Line RR.—Earnings—
Period-End. Mar. 31—
Corp.—Dividends Resumed—
Directors have declared a
30-year 4 % bonds to Dick & Merle-Smith at a slight premium.
The issue will not be reoffered.
Proceeds will be used to
17,198
i
Operating income
$388,560
Loss.
Int.
on
debs., payment of $172,725 deferred by
203,481
agreement of Jan. 16,1933
Gross income.
Interest
on
funded debt-
Other deductions
Net income
—V. 148, p. 2111.
Net loss, before special items
Net loss to capital surplus (after special items)
Barber
Asphalt Corp.—Earnings—
(Formerly
Period End. Mar. 31—
The Barber
Co.,
1939—3 Mos.—1938
Inc.)
1939—12 Mos —1938
Net loss after deprecit'n,
taxes, &c
$100,652
$115,270
$318,204prof$469,910
Note—No deduction has been made from the earnings to cover surtax on
undistributed profits.—V. 148, p. 2256.
Barnsdall Oil Co.—Borrows
from Banks—
The company
has completed arrangements with banks to increase its
$7,500,000, to be funded over a period of eight
years, according to a statement by William D. Loucks, Chairman of the
Board.
The first series of the new loan will become due May 1, 1942.
The additional borrowing, it was explained, will strengthen the company's
cash position in view of unsettled world conditions.—V. 148, p. 1470.
loans from $5,000,000 to
Batavian Petroleum Co.-—Debentures Issued—
January, 1939, issued Fl. 100,000,000 3K% debentures
Feb. 1, 1964, and guaranteed by the Royal Dutch Co. and
Shell
Transport & Trading Co., Ltd.
Beginning Feb. 1, 1945, and annually
The company in
due
(net)
Consolidated Balance Sheet Dec. 31,
1938
on hand, $607,752; marketable securities,
(net), $183,996; note receivable for sale of
furniture with chattel mortgage thereon as collateral, $167,363; deposit on
purchase of securities, $17,500; unexpired insurance, fuel and supplies, and
other prepaid items, $93,948; sundry investments and accounts, $807,381;
real estate and leaseholds (net). $5,451,129; furniture, furnishings & fix¬
tures in hotels and apartments (net), $271,248; main office furniture and
furnishings, and patents, at nominal amounts, $2; total $7,667,940.
Liabilities—Tenant security deposits, amounts payable to owners of
managed properties, &c., $236,548; notes payable to bank, with collateral,
and $43 accrued interest payable, $25,044; accounts payable and sundry
accruals, $60,632; Federal income and capital stock and State franchise
taxes, estimated, $19,853; accrued mortgage interest, real estatp taxes,
water rates, &c., $360,028; accrued interest on unstamped debentures, from
Sept. 1,1938 at 6>£%,$ 10,216; reserve for income taxes on instalment sales,
payable if and when collections are made on mortgage receivable, and other
contingencies, $25,800; tenant prepayments of rent, &c., $20,609; advances
payable, made to 50% owned subsidiaries by certain of their stockholders
($407,585 made by companies owned by a stockholder) with accrued in¬
terest payable of $319,858. $1,424,133; scrip issued (or issuable) for 7%
interest on stamped debentures, from Sept. 1, 1932 to Dec. 31, 1938,
$1,093,925; 25-year sinking fund debenture bonds, due March 1, 1950,
$2,939,000; outside stockholders' proportionate share of the net assets, at
Assets—Cash in
banks and
$67,619; accounts receivable
r
$592,040
543,826
Volume 148
Financial
Chronicle
L®3&er amounts' of 50%
owned subsidiaries, $3,803; capital stock ($5 par),
$506,690; capital surplus (including $653,903 representing the excess of
certain mortgages over related
depreciated asset amounts ana after applying
losses from operations and
special items), $941,660; total, $7,667,940.
—V. 147, p. 2237.
z
3[Mos. End. Mar. 31—
Earnings
Foundry & Machine Co.—Earnings—
3 Months Ended March 31—
Net profit.
x
_
$140,008
Ioss$40,404
$2,578
Period End. Mar. 31—
1939—Month—1938
$625,945
$607,237
494,770
473,996
revenues
Amortiz. of limited-term
investments
310
Period End. Mar. 31—
Net profit from
oper....
3,728
630,000
50,000
50,000
$80,865
$82,930
$1,167,179
366
4,236
$1,291,333
7,296
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$81,256
45,750
4,684
1939—3 Mos—1938
$1,171,415
311
391
$83,296
45,750
4,370
549,000
549,000
52,869'
.
51,848
Net income
$30,822
$33,176
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$569,546
$418,848
$184,927
$950,438
$1,165,164
21,731
15,057
75,270
102,403
$440,578
96,590
$199,984
34,471
$1,025,708
204,919
$1,267,567
$165,513
$820,789
$1,010,742
charges
Net profit
Prov. for income taxes..
429,174
Balance...
$140,372
—Y.
148,
1795.
p.
3 Mos. End. Mar. 31—
Cash divs. on stocks
$268,607
256,825
-
$344,188
Broad Street Investing Co.,
Inc.—Earnings—
1939
1938
$69,440
$48,930
468
9.601
$69,909
15.623
$54,286
56,967
,
...
x
Total income
Dividends accumulated and unpaid to March 31,
1939, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
a share on $6 preferred
stocky were paid on April 1, 1939.
Dividends on these stocks are cumulative.—V. 148,
p. 1794.
Deductions.
Divs.
$214,587.
Borden Co.—Interim Dividend—•
Directors have declared
x
an interim dividend of 30 cents
per share on the
stock, payable June 1 to holders of record May 16
Similar
paid on March 1, last; a final dividend of 40 cents was paid on
Dec 20, 1938; interim dividends of 30 cents were
paid on Sept 1 and on
June 1, 1938 and previously
quarterly dividends of 40 cents per share were
distributed—V 148, p 1794
1937
1936
$48,164
$21,707
$58,532
16,330
$48,164
$21,707
18.846
7,904
$42,202
42,382
1939
Invest, at cost.._a$7,524,849
Cash In banks....
369,476
Special deposits for
Divs.
$29,316
x55,584
$13,803
13,450
'
$7,969,591
Net oper. reveiiue.
1939—3 Mos —1938
$11,167,603
$9,574,486
8,096,951
8,288,729
$978,160
304,069
$620,230
Equipment rents—Dr..
Joint facility rents—Dr.
224,296
'200,551
Net ry. oper. income.
Other income.
$436,007
96,854
$108,642
107,408
$1,221,438
312,042
$532,861
$216,050
$1,533,480
$276,262
620.948
621,157
1,853,098
$405,107
$319,618
$1,588,054
;
1
_
_
...
13,788
...
Total income....
Total deductions (rent¬
als, interest, &c.)_...
Net deficit
Waives
301,500
..J.
9,537*
$88,087
$2,878,874
911,047
679,769
.66,619
$1,477,535
920,817
578,580
24,932
,
def$46,794
323,056
Redemption Rights-
based
$5,968,463
This action will permit the RFC to sell the
obligations.
The Commission also has approved an order filed
by B.
the carrier to amend its
$1,740,000
Corporation.
& M. to permit
4% registered serial collateral note by
eliminating the carrier's right of redemption.—V. 148, p. 2257.
Brazilian Traction, Light & Power Co.,
PeriodEnd. Mar. 31—
Gross
earns,
Operating
x
x
1939—Month—1938
$3,287,149
$3,061,624
1,620,147
1,469,540
from oper__
expenses
Net earnings
..$1,667,002
Ltd.—Earnings
1939—3 Mos.—1938
$9,674,899
$8,992,814
4,695,515
4,270,342
$1,592,084
$4,979,384
$4,722,472
Before depreciation and amortization.—V.
148, p. 1948.
1938
1937
1936
3,509,567
$6,716,892
5,512.116
$4,280,760
3,472,381
1935
$2,538,490
2,017.184
$617,502
$1,204,776
$808,379
$521,306
986,852
1,016,670
713.054
5,756
87,130
61,000
profit._loss$375,106
$100,976
$34,325
37,157
24,915
Gross profit
Operating expenses
Prov.for Fed. & State in¬
come taxes
....
Net operating
Miscell. credits (net)...
Net income from oil
pro¬
27,497
ducing leaseholds bevore deprec.,
deplet.,,
repairs and taxes
121,405
$529,685
$361,651
317,559
$139,871
50,183
def$37.125
def$25,262
260,000
$44,092
260,000
Nil
$1.90
$1.25
$0.70
554.947
Balance Shee
Assets—
1938
$350,977
1937
$337,657
Customers' notes
& accts. receiv..
(curr.)
1,537,377
Sundry
notes
1,824,718
22,597
current)
Long-term
69,009
34,707
5,587
775,915
Patents
loans
111,928
(kwh.)
771,236
1,820,000
764,550
1,720,000
461,188
Capital surplus
605
777
1939—3 Mos.—1938
-
1939—12 Mos.—1938
*
,
Operating
revenues;,
PVftTYl
nf
G9lpc
nlpffpip
a
revenues.
$13,542,508 $13,035,445 $49,705,677 $48,403,789
214,317
560,936
1,063,364
1,736,212
.
Total operi revs...$13,756,825 $13,596,381
Operating expenses...
4,873,172
5,383,701
.
Depreciation
Taxes (incl. provision for
Federal income tax)..
_
_
.
.1,593,349
2,962,270
Operating income.. $4,328,035
Non-operating revenues.
117,871
Non-oper. rev. deduc'ns
29,769
Gross income....
...
Int. on long-term debt..
Miscell. int., amortiz. of
debt, disct. & exp., &c
Net income
a
1,028,667
$4,416,136
555,520
2,898,536
Incl.maint. expends, of,
11.626,446
10,496,376
$4,285,476 $12,566,053 $13,578,214
139,129
513,292
597,651
31,643
129,003
131,445
$4,392,962 $12,950,342 $14,044,421
566,120
2,254,233
2,325,330
30,388
28,047
$3,832,569
$50,769,042 $50,140,001
21,012,389
21,712,725
5,564,153
4,352,686
217,177
127,462
$3,796,455 $10,478,932 $11,591,628
775,933
488,318
2,419,395
2,622,107
1019.,
Brown Co.
(Maine)—Voted $9,000,000 RFC Loan—
Company confirmed April 22 that directors of the Reconstruction Finance
Corporation meeting in Washington passed a resolution to lend $9,000,000
to the company.
•
,
,
•
With the loan, it was said, the company would have approximately
$8,000,000 in working capital upon completion of reorganization under
Section 77-B of the Federal Bankruptcy Act, a sum ample to carry on the
business successfully, while about $2,000,000 would be available for
plant
improvement at Berlin, N. H.
The loan is predicated on certain conditions among which are that it
shall be secured by a prior lien on all important assets of the company, other
than current assets, and that both the management and the reorganization
plan shall be acceptable to the RFC. Under the Bankruptcy Act it is also
necessary that the plan be approved by the court, security holders and
'
v
trusteeship. Although considerable progress was made in obtaining approval
of the plan by the required percentages of creditors and security holders, a
subsequent slump in general business and capital markets put a halt to
reorganization as outlined in the plan.
For the last year and a half, it is understood, sub-committess of the
Boston and New York bondholders' committees, the preferred stock com¬
mittees, the creditors committee and representatives of the company have
been meeting regularly to work out details of a revised plan which would he
acceptable to all groups.—V. 148, p. 2113,
Burlington-Rock
March—
,
■
Net after rents
From Jan. 1—
Island
RR.—Earnings—
1939
1938
$101,036
def.3,753
" defl8,634
$110,943
defl,310
defl5,755
1937
1936
$70,408
def6,451
def23,801
$124,951
,
,
26,626
Earned surplus
Pref. stk. issued &
$5,123,809 $5,482,342
405,592
15,205
441,131
Dr5,300
Total
..-.$5,123,809 $5,482,342
After
reserve
for
doubtful
accounts
of
$90,191
in
1938 and
$72,477 in 1937.
b After depreciation reserve of
$496,684 in 1938 and
$457,245 in 1937.
c
Represented by 270,000 ( 260,000 in 1937) no par
JB_.
shares,
d To be used for*redempfcion'of preferred stock.
V. 148, p. 22571
"
*
'
'
"
Gross from railway.....
Net from railwayl.
Net after rents
296,306
7,002
def33,055
319,346
def9,417
def65,347
*■
daf3,039
308,990
201,272
def28,599
def77,539
36,211
def33,626
Butte &
Superior Mining Co.—Current Assets—
D. C. Jackling, President in a letter dated
April 3,1939. said in substance
During 1938 the company continued to salvage its machinery and equip¬
ment and in Jan.. 1939 entered into a contract disposing of all the remain¬
ing movable assets including machinery, equipment, materials, supplies,
&c., for $7,500.
No disposal has been made of the mining properties them¬
selves.
A distribution of 60c. a share on the 290,196 shares outstanding was
paid on May 10, 1938 to stockholders of record April 30, 1938.
The net current assets on Dec. 31, 1938 are shown in the following
tabulation:
Materials, supplus, equipment, &c., at liquidating value
Accounts receivable
$391,141
7,500
z,938
$401.579
5,642
453,506
pref. stock.....
345,470
In¬
Less: Accounts payable, taxes, &c.
'
Earned sur.approp
for
redemp.
of
312,081
*
c
..388,350,777 354,488,989 1414,115830 1353,193603
Cash
711,550
Common stock..
c
650,000
1,000,000
redeemed
Total
35,229
(non-
pay.
7% pref. stock
135,615
Producing oil lease¬
equip..
231,323
bank
Note
45,663
and
holds & equip
1937
290,249
.
dl5,205
Investments
'
$400,000 $1,100,000
.
2,044,424
21,392
.
accts. receivable
b Plant &
1938
..
Accounts payable.
Accrued liabilities.
63,075
Cash In bank
expenses.
1939,
—V. 148. p.1948.
150,000
Dec. 31
Liabilities—
Notes payable.
1,892,064
Inventories
31,
$5.
$89,688
270.000
stk. (no par)__
Earnings per share..._.
Cash
as
Brooklyn Edison Co., Inc.—Earnings—
Period End. Mar. 31—
Sales of electric; energy
Gross from railway.
Net from railway
302,411
com.
Prepaid
5,050
$13,184
50.309
Balance
ree.
..
391.552
Net income.
Cash dividends paid
Sundry
17,945
$13,417
360,794
.
Shs.
489,944
.
•
.
Total.........$7,969,591 $8,135,125
quotations
or
creditors.
$4,127,068
_
on
1,410,790
6,641,623
The company first filed a plan of reorganization in the U. S. District
Court in Portland, Me., in the summer ,or 1937, two years after going ito
Bridgeport Machine Co.- ■EarningsCalendar Years—
Net sales & tool rentals.
Cost of sales & tool rents
market
taxes,
b Par
to
—V. 148, p.
oThe Interstate Commerce Commission has authorized the
company to
waive rights of redemption with
respect to $860,000 of 4% registered serial
notes, which are now held by the Reconstruction Finance
29,371
for
expenses, &c...
March
1,864,316
Taxes
10,048
19,891
b Common stock. 1,425,225
Surplus.6,449,899
$8,135,125
Investments,
energy....
1939—Month—1938
$3,839,754
$3,362,923
2,861,594
2,742,693
Operating revenues.....
Operating expenses....,
c24,870
1938
$43,293
16,504
Reserve
17,195
1939
$58,071
Dividends payable
Due for sec, purch.
at
RR.—Earnings—v
PeriodEnd. Mar. 31—
308,651
43,293
receivable..
Other oper.
Boston & Maine
March 31
Liabilities—
1938
$7,758,311
$1,556,387 less than cost,
cludes interest receivable.—V. 148, p. 2258.
2113.
p.
capital stpek amounting to $22,234.
58,071
Total.....
terminating
148,
on
<
dividends
Attorney-
General shall report by May 30 to the Legislature on methods of
returning
the Elevated to private ownership; also on the
possibilities of
_
Balance Shee
amounted
The Massachusetts House of
Representatives has accepted an adverse
report, "leave to withdraw," on the petition that the Boston Metropolitan
District trustees acquire the Boston Elevated
property and franchises and
pay $85 a share for the common stock.
The House engrossed an amendment to a Boston Elevated bill
providing
that the Chairman of the Department of Public Utilities and the
guaranteed stock dividends.—V.
capital stock..
■
,
a
Boston Elevated Ry.—Purchase Bill Killed—
on
includes special dividend
Assets—
common
amount was
.
Operating income
stock and $1.50
a
fi
■
Net profit
$697,781
429,174
-
a
1939—12 Mos ,—1938
Net profit
Other income, less misc.
Interest
x
$0.30
$1,255,556
90,392
■
...
.
$1,038,953
88,514
$1,298,629
approp.
•
$207,521
22,594
1939—12 Mos—1938
$7,649,306
5,724,245
Net oper. revenues
Other income (net)
res.
i
Before provision for surtaxes
$441,762
22,915
$7,496,693
5,725,783
3,731
600,000
Prop, retire,
y
Provision for deprec
Birmingham Electric Co.—Earnings—
Oper. exps., incl. taxes._
Nil
'
subsidiaries,
xl936
$194,343
xl937
$410,413
;
$0.35
Briggs & Stratton Corp.—Earnings—•
x After all
charges including depreciation and Federal and State taxes.
—V. 148, p. 1794.
Operating
Nil
Excluding unconsolidated
y
ot^distributed jn-ofits. z After taxes, depreciation and all other charges.
1937
1938
1939
.
xl938
$7,160 loss$304,054
share...jU
per
,
xl939
Net income
x
Birdsboro Steel
2573
Bridgeport Brass Co.—Earnings—
Net current assets
$395,937
The directors further authorized a distribution of $1 per share payable
April 22.1939 to stockholders of record April 12,1939. After making provi¬
sion for this distribution net current assets were $105,741.—V. 148, p. 2258.
Bucyrus-Monighan Co.—Class A Stock Called—
Company has notified class A stockholders that the class A stock has
been called for redemption on July 1, 1939 at a redemption rate of $35 per
share.
Also there will be a final dividend paid on the class A stock of 45
cents, payable July 1, to stock of record June 15.
I
Financial
2574
31 last there were
As of Dec.
Balance Sheet March 31
29,139 shares of the class A stock out¬
Final Dividend
declared a final dividend of 45 cents per share on the class
payable July 1 to holders of record June 15.—V. 148, p. 1795.
Cash
Zinc-Lead Co.—Correction—
Callahan
2114 the item "Stock of New
Park Mining Co.—695,287 shares (market value $130,366)" and taken at
cost of $81,294 should be added to the asset side.—V. 148, p. 2114.
sheet published in V. 148, p.
In the balance
Calumet &
Hecla Consolidated Copper Co.—Earnings
1939
1938
1937
1936
$228,041
$203,813 $2,804,466 $2,561,173
Mar. 31—
sold-
3 Mos. End.
Rev. from copper
(net).
Other income
Depreciation
Depletion..
Fed'l income tax (est.)
1,524,288
$1,456,102
$1,036,885
Dr4,811
4,324
$67,223
$78,742
27,921
20,811
Total income.
1,348,364
$61,582
5,642
'
$81,962
Dr3,219
gain-
Operating
142,231
146,079
Cost of same.-
$1,451,290
269,693
269,735
x!30,000
$1,041,209
361,025
533,629
26,846
20,546
i
.
$146,555
p.
2114,
Net after
From
107,267
rents
$139,492
74,653
92,702
$88,485
26,162
78,688
322,691
118,503
241,639
73.311
Net from railway
1936
.
$110,262
41,812
82,954
$144,334
— .
19.37
1938
1939
March—■
383,718
331,261
139,949
1—
Jan.
424,304
Gross from railway
Net from
railway
220,490
Net after
rents:
321.429
183,196
272,240
1949.
—V. 148, p.
18,958
16,791
Invests, (at cost)..e4,894,157 c3,512,422
Special deposits for
dividends
35,579
35,803
sources...
$422,880
$418,609
$410,999
$408,917
141 367
135,494
164,490
142,463
143,165
144,655
$141,236
$140,652
$103,344
$121,698
Transf. to deprec. res...
100,000
100,000
62,000
80,000
Bal. to surplus acct—
$41,236
$40,652
$41,344
33,248
33,248-
Dividends
Int.
$4,828,590
525
22,634
24,549
$343,395
$362,276
191,667
5,501
$4,851,224
2,300,000
76,185
$4,867,584
2,300,000
191,667
8,460
bonds.
mortgage
on
Other int. & deductions.
•
Assets—Properties and concessions, $2,325,311; plant and equipment,
$4,112,257; cash and investments, $101,666; prepaid charges, $5,710;
$2,477,473
$2,493,285
1,255,237
1,255,237
$1,222,236
$165,108
for the
$143,268
Net income
$1,238,048
applicable to preferred stocks
period, whether paid or unpaid....
.
Balance
148, p. 1796.
Carpenter Steel Co .—Earnings—
After
$158,195
$0.56
Nil
$0.38
depreciation, &c.
taxes,
$203,155
$0.44
$137,073 ioss$106,476
Earnings per share
x
1939—9 Mos.—1938
1939—3 Mos.—1938
Period End. Mar. 31—
Net profit
y
On 360,000 shares capital stock.—
Y. 148, p. 1315.
Corp.—Earnings—
Carriers & General
Ltd.]
1937
$77,001
[Formerly International Carriers,
3 Mos. End. Mar. 31—
1939
1938
Cash dividends....
$48,496
$45,685
Interest on bonds
9,836
5,891
$51,576
43,939
$90,210
51,231
$70,778
54,360
$7,637
$38,978
$16,418
450,661
461,697
prof59,645
prof92,861
sales of in¬
on
(computedI
basis of avg. cost).
vestments
on
$56,480
14,298
$15,342
>■
Net income
Net loss
1936
13,209
$58,333
42,991
Total income
Total expenses
banks, $96,601;
of other com¬
movable plant and stores, $11,358; cash on hand and in
call loans, $40,000; accounts receivable, $44,547; bonds
74,299
Cr2,434
Int. chgd. to construe..
-V.
$4,843,035
$361,751
734
Gross income—
£3,248
Balance Sheet Dec. 31, 1938
.
18,508
3,034,586
$5,296,309 $5,268,702
Total
$342,661
Net oper. revenue?
Other income (net)..—
$41,698
33,248
Netrevenue
15,609
3,049,982
1939—12 Mos.—1938
1939—Month—1938
$929,822 $11,941,914 $12,165,617
$905,307
478,071
6,033,324
6,212,582
472,646
90,000
1,080,000
1,110,000
90,000
31—
Operating revenue?
Oper. exps. incl. taxes. _
Prop. retire. re?. approp.
142,563
140,277
—
Oper. and maint. expense
Interest on bonds
for expenses,
Light —Earnings
Carolina Power &
.
1935
all
from
income
Gross
Res.
on
y
'
15,335
Due for securities .
Shares
x
1936
1937
1,600,000
market
$99,941 less
.
1938
35,803
1,600,000
of $10 par value,
b Shares of $1 par value,
c Invertments
market quotations as at March 31, 1938, amounted to $2,807,149
or $705,273
less than cost,
d Par lc. « Inv^tments, based on
quotations as at March 31, 1939, amounted to $4,794,217 (or
than cost)
after deducting provisions of $3,000 for Federal income tax
on the unrealized appreciation of investments, based upon the cost or such
investments for tax purpose?.
No deduction has been made for liability,
if any, with respect to Federal excess profits tax.—V. 148, p. 179b.
a
based
Canadian Fairbanks Morse Co., Ltd.—Interim Div.—
Directors have declared an interim dividend of 50 cents per share on the
common stock, payable May 15 to holders of record April 29
This com¬
pares with $1 paid on Sept
30, 1938, this latter being the first dividend
paid since March, 1932 when a dividend of 25 cents per shire was dis¬
tributed—V. 148, p. 125.
L;
■
Calendar Years—
35,579
Bank loans, secur.
$5,296,309 $5,268,702
Total
2,400
2,400
d Class B stock—
Dividends payable
Dividends
Canadian Ligh t & Power Co .-'-Earnings—
stock—
143,405
Surplus
277.852
.
$434,000
143,405
taxes, &c
Period End. Mar.
Cambria & Indiana RR.- -EarningsGross from railway.,
6,779
—
1938
$434,000
Preferred
b Class A
currencies—
Dlvs. &lnt. receiv.
.
Net profit. —
$30,010
$19,831
$781,862
x Does not include surtax on undistributed profits.—V.
148,
a
Deposits In foreign
Directors have
1939
stock,
Liabilities—
1939
1938
$347,615 $1,696,906
Assets—
standing.
A stock,
1939
29
April
Chronicle
'
.
$395,878; total, $7,133,328.
panies at cost (less reserve),
Liabilities--"-Capital stock ($100 par), $3,324,800; 1st mtge. sinking fund
5% bonds due 1949, $2,786,600; reserve for depreciations, $899,071; accts.
payable and accrued charges, $19,826; bond interest and dividend payable,
$86,289; surplus (subject to deduction for 1938 income taxes), $16,742;
total, $7,133,328—V. 146, p. 2842.
A
■
Net oper.
loss for the
$435,319
pe
Capital surplus, balance
apita
14,453,108
Dec.31.:.
14,453,104
301
.
.
780
$454,060 prof$98,623pr of$109,280
14,137,623
14,453,104
■
years' taxes
Canadian Malartic Gold Mines,
3 Months Ended March 31—*.
Tons
ore
Ltd.—Earnings—
milled
Metal production
(gross).
Marketing charges
Profit
•>
—.
—
—
and
Administrative
general
„
Operating costs
9,182,653
155,153
Note—In
the
or
above figures, no allowance has been made for taxe3,
deferred development,—V. 148, p. 724.
Canadian National
Gross
—V.
$3,358,434
revenues—
148, p.
Tyi t*r Pft
2416.
$3,109,397
$249,037
\
,
$114,990
def3,527
def46,302
From
Jan.
1—
$131,445
def 1,890
def39,134
346,681
defl7,719
defl52,349
331,475
def49,802
defl63,150
-
336,730
def33,026
defl68,298
•
Net after rents.
$113,278
defl6,220
def59,941
$111,452
def35,937
def77,113
<
Gross from railway-.._
Net from railway-..—
1936
1937
1938
1939
March—
Gross from railway.,
Net from railway
Net afcer rents.
England—Earnings
319,176
def47,550
defl78,547
•
—V. 148, p. 1949.
Canadian Pacific Lines in Mai ne—Earnings—
)*/*/)»i.I.H
,1 QQQ
|
Gross from railway
"Net from railway
Bonds...
100,734
—
Net after rents
From Jan.
'70,165
1—
v
Gross from railway
818,919
295,658
200,334
Net from railway
Net after rents
$272,570
70,569
$335,562
$305,485
105,131
'
134,325
102,370
36,457
.
918,258'
300,876
780,677
160,893
65,820
900,100
328,123
193,054
231,436
—V. 148, p. 1949.
Canadian Pacific Lines in
March—
1939
Gross from railway
$63,996
def43,276
def69,329
def47,993
def72,401
230,905
def87,445
defl65,040
183,612
defl43,445
def221,181
,
Net from railway
Net after rents
From Jan.
$65,788
1937
10,960
7,180
127,234
139,659
—V.
1939
.
148.
p.
$2,285,000
10,485
due Nov. 1,1950
2,000,000
Capital stock...
602,120
4,820,371
2,000.000
602,120
$7,535,069 $8,605,668
5%
15-year
y
debs.
Surplus!
Total
...
—.
—
5,*911,473
—.-$7,535,069 $8,605,668
31, 1939, of securities owned
$4,796,650.
At March 31, 1938, it was $3,201,558.
y Represented
by shares of $1 par value,
z Deferred charges including $124,521 ($135,271
in 1938) unamortized debenture discount and expense.—V. 148, p. 1949.
(The) Catholic Bishop of Chicago—Notes Called—
Mundelein announced on April 23 through Halsey,
Bishop of Chicago serial gold
B, due on March 1, 1941 to 1948, had been called for payment
on May 24 at premiums ranging from one-half of 1 % to 2Y\%.
The notes to be redeemed, aggregating $887,000, were issued in 1928 as
part of an issue of $1,500,000.
No new public financing is contemplated
in connection with the redemption, the announcement said.—V, 142, p. 945.
George
Stuart &
Cardinal
Co. that all outstanding Catholic
note3, series
Central Arizona Light & Powe* Co.
Period End. Mar. 31—
Operating revenues
Oper. exps., incl. taxes
-Earnings—
1939—12 Mos—1938
1939—Month—1938
,
$362,832
218,207
$334,181
235,267
$4,160,473
2,751,136
$4,036,776
2,710,540
2,913
40,000
2,913
13,000
34,960
420,300
363,700
$101,712
—
$83,011
10,114
$954,077
82,636
$927,250
142,135
$93,125
$1,036,713
18,958
1,087
227,500
10,245
Cr3,841
$1,069,385
227,500
9,264
CY3.563
$802,809
$836,184
Amortization of limited-
investments
term
Prop, retire't
res. approp
23
Gross income
$69,656
def47,945
Int.
def36,372
def73,296
Other
308,336
35,286
defll6.134
def111,258
def190,325
$101,735
18,958
mtge. bonds
interest
on
699
Cr879
_
230,197
def32.715
Net
income.
$82,078
$73,959
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Ry.—Earnings—
earnings—
51,664
6,157
The aggregate market value as of March
$109,423
def9,999
108,054
108,054
$694,755
Balance
$728,130
-V. 148, p. 1797.
Earnings for the Week Ended April 21
M
accrued expenses
was
Other income (net)
—V. 148, p. 1949.
Canadian Pacific
91,450
payable and
Accts.
Prov. for Fed. cap,
16,503
Int. charged to construe
Net after rents
Traffic
29,926
12,198
bonds
Total.
$29,926
1936
1—
Gross from railway
Net from railway
_
14,971
Prepaid expenses
on
1938
$14,971
stk.& other tax.
Net oper. revenues
Vermont—Earnings1938
731,368
212,618
Cash dep. with dlv.
z
1939
Liabilities—
1938
1936
1937
1938
$308,240
129,134
$6,064,931
$6,480,162 $7,285,188
395,846
676,927
Stocks—
x
Canadian National Lines ip New
$6,429,548
Dividends payable
Cash in bank.....
Acer. Int.
1 QOQ
$5,911,473
1939
Assets—
Dividends recelvT.
Earnings of the System for the Week Ended April 21
30,106
$6,092,898
27,967
Invest, at cost—
paying agent
Ry--Earnings?—
8,154,005
$6,459,654
Comparative Balance Sheet March 31
$82,140
$117,730
Operating profit for period
•
8,092,073
$5,941,579
30,106
$4,820,371
6,404
154,328
6,087
-
—
8,058,246
$4,835,434
15,062
Dividends declared
x
depreciation
balance,
expenses—Toronto
J;
office
deficit,
$242,871
$278,970
...
Oper.
1938
•
61,236
$246,147
3,276
1939
58,212
$282,620
3,650
„
1938
$2,316,000
Decrease
Central Foundry Co. (&
$31,000
Subs.)-
3 Months Ended March 31-
2416.
-Earnings—
1938
1939
1937
Net income from operation before int.
Capital Administration Co., Ltd.—Earnings—
3 Mos. End. Mar. 31—
on stocks....
Cash divs.
Interest received
Total income.
Deductions
Net income
Preferred
—
dividends.
...
1936
1939
$49,443
5.374
1938
$35,186
7,992
$64,942
8,823
$56,925
$54,817
21,681
$43,179
21,639
$73,765
28,166
$69,519
97,400
$33,136
32,550
$21,540
$45,599
32,550
550
32,550
Interest
loss$27,881
1937
12,594
on
Depreciation
loss$41,708
£85,845
3,228
13,369
2,760
15,412
3,738
641
477
611
24.706
funded debt
Amort, of debt discount and expense.
Other interest
$10,076
14,228
charges, deprec. and Fed. inc. tax.
19,491
34,215
3,883
Federal income tax ^estimated)
Net
x
p.
loss
No
2115.
-
$32,728
$77,806 prof$27,985
provision has been made for undistributed profits tax.—Y.
148.
Volume
148
Central of
Financial
Georgia Ry.
March—
Earnings—
1939
Net from railway
Net after rents
From Jan.
1938
1937
$1,357,050
192,738
52,460
$1,754,693
462,209
309,295
$1,427,827
305,209
153,503
3,679,322
4,471,310
900,285
475,133
3,807,394
493,607
123,733
68,677
1—
Gross from railway
Net from railway.
3,829,930
471,609
„
Net after rents
332,407
97,871
def56,297
—V. 148, p. 2259.
Period End. Mar. 31—
Operating
Period End. Mar. 31—
Operating
Operating
1939—3 Mos—1938
1939—12 Mos.—1938
$3,403,551
$3,254,975 $13,732,580 $13,219,557
2,365,804
2,308,056
9,556,619
9,141,607
revenues
expenses & taxes,
Co.—Earnings—
.
Net operating income.
$1,037,747
Other income (net).....
$946,919
$4,175,961
126
2,944
5,485
Gross income
Int. & other deductions.
$1,037,873
538,859
$949,863
$499,015
Net income
—"V. 148, p. 1635.
1
$4,077,949s
12,715
613,359
$4,181,446
2,357,220
Other interest
(net)
Other deductions
$336,503
$1,824,226
$1,560,202
$1,428,263. $1,289,095
$5,333,887
4,320.834
$5,127,828
1,037,521
Other miscell. inc. (net).
$258,133
Dr4,763
$251,573
Dr3,749
$1,013,053
.Dr8,323
$959,217
Gross income
Int. & other deduc'ns
$253,370
161,290 ;
$247,824
161,438
$1,004,730
639,861
$965,048
656,650
$86,385
$364,868
$92,080
1938
5,831
$
$
18 ,732,129
19,744,250
Assets—
1939
Liabilities—
7% series
useful elec.
stock
pl'ts
725,000
376,653
376,653
($100
affil. co_.
,420,528
6,677.129
Funded
invest.__
30,474
Miscell.
$0.25
134,507
37,710
305,903
270,852
250,116
237,639
Taxes accrued....
685,972
637,123
13,569
Interest accrued.
409,578
& prepaid accts.
110,742
858,137
801,628
Accts. receivable..
525,082
466,718
41,278
.cos.
492,646
326,290
326,290
Misc. reserves—
58,233
Contrtb.
in
aid
construction
32,147
37,417
114,527
114,952
3 ,055,593
299,335
—
—
341.028
'..'1.-26,561,773 29,242,169
Total
26,561,773 29,242,169
—V. 148, p. 1949.
Central Maine Power Co.
Period End. Mar. 31—
Operating
Operating
1939—12 Mos.r-1938
$563,141
212,114
59,198
57,578
4,212
3,992
24,099
2,393,369
716,507
47,951
421,857
4,319
$243,835
3,959
$3,295,680
47,604
$260,033
$247,794
$3,343,284
109,292
expenses
$528,445
106,867
2,959
15,350
1,315,383
11,417
182,160
$122,618
108,099
$1,834,324
State and munic. taxes.
Social security taxes
Fed. (incl. income) taxes
$255,714
Non-oper. inc. (net)
$6,875,364
198,941
31,903
Net oper. ipcome—.
Other interest
Other
*
(net)....
deductions^
05,601
15,717
:
'
$207,394
74,518
54,137
558,518
109,716
32,761
651,813
225,804
140,128
547,526
172,446
p. 1950.
Chicago Great Western RR.—Annual Report—
^
—
Mail and express
581,259
425,755
112,064
$140,625
108,099
$6,700,678
2,443,398
690,936
38,104
337,287
$3,190,953
42,514
$3,233,467
1,284,325
561,261
452,837
76,305
80,091
Total ry. oper. rev...$17,141,964
$18,710,372 $18,817,001
$15,607,176
Joint facility....
84,114
Operating Expenses—
■
Maint. of way & struct.
Maint. of equipment...
Traffic
2,432,041
2,726,678
H
673,178
6,796,797
13,416
620,903
21,349
Transp. for invest— Cr.
Period Ended Mar. 31—•
Operating
1,297.182
*
Ry.
1,060,955
oper. income.
Non-Operating Income—
Hire of equipment
Joint
—
$391,774
Taxes (excluding Federal inc. taxes)..
52,473
131,329
22,310
30,835
,
.
—
Maintenance
1Q3Q
*
Income from operations.».—
Non-operating income
(net)
...
.....
$373,693
60,276
122,389
16,094
33,118
$1,450,888
227,966
514,141
$154,826
4,724
..........
......
$141,815
$509,334
7,448
$142,222
406
82,231
117,215
.
Gross income..
Prov. for renew,, replace. & retire'ts.
Balance before fixed charges——...
Interest
......
Amort, of debt discount and expenseTaxes assumed
on
interest
-....
$159,550
$142,222
58,299
55.189
9,438
9,841
1,326
964
Fixed charges allocated to construct'n
Net inc. before Fed. income taxes.
Amortization of cost of financing
Provision for Federal income taxes—
Balance to surplus— —.—.....
.
,
$91,357
$402,782
226,539
37,625
4,898
Miscellaneous income.
Gross
income,.
$133,719
2,787
3,000,
$91,357
$127,932
calendar year 1938.
$7,911,698; investments, $9,687; cash, $63,623;
special cash deposits, $550; accounts receivable,
$142,990; notes receiv¬
able (contra),
$11,549; material and supplies, $91,706; prepayments,
$19,642; unamortized debt discount and expense, $234,658; miscellaneous
deferred debits, $873; total, $8,486,979.
Liabilities—Long-term
debt,
$4,513,953;
notes
payable,
$127,552;
accounts payable, $118,061; consumsers' deposits,
$7,769; notes receivable
(contra), $11,549; accrued liabilities, $79,386; reserves, $992,049; deferred
liabilities, $1,126; cum, $6 pref. stock, $1,048,230; common stock
(20,000
no-par shares),
$1,000,000; earned surplus, $308,952; capital surplus
$278*351; total, $8,486,979 —V. 148, p. 2417.
Net from
Net
on unfunded debt..
Hire of equipment
Joint facility rents—...
Rent for leased roads...
Miscellaneous rents
Miscell. tax accruals
Amortization of discount;
.
railway.
From Jan. 1—
Gross from railway....
1938
1937
$2,695,270
688,277
80,964
$2,462,241
661,606
84,634
$2,949,371
$2,294,144
957,313
343,742
307,008
—V.
148,
p.
2417.
7,593,393
1,703,094
30,893
7,077,717,
1,783,457
163,952
147
191
95
$4,857,365
$3,599,614
1,592,413
69,984
1,357,987
954,647
176,169
5,877
4,926
1,634,311
71,221
1,589,150
969,619
176,662
6,056
5,761
1.668,933
75,833
1,095,849
938,637
177,024
6,522
1,704,438
41,223
1,241,958
924,680
177,000
7,230
l.f"
16,222
2,315
16,589
2,097
16,956
2,300
17,323
2,346
$902,363prof$371,753
$518,252
funded debt
Miscell. income charges.
1
Net deficit.. —$1,144,273
3,558
Consolidated Balance Sheet Dec. 31
1938
1937
1938
1
Inv.road & eq't. 141,176,496
$
Liabilities—
140,596,906
511,244
518,762
43,710
44,016
Impts. on leased
railway prop.
of
in
Common
$
lieu
45,209,400
35,544,000
46,073,500
35,544,000
Govt, grants.—
2,527,191,
45,209,400
Preferred stock. 46,073,500
Minn .Term .314 s
M. C.&Ft.D. 4s
mortgaged,
.
6,250
3,591
Inv. in affil. cos,;
Equip, trusts
913,270
914,868
113,769
863,785
Misc. accts. pay.
Interest matured
1936
7,933,379
def225,516
2,127,271
...
503,834
7,732,388
1,755,282
317,527
""500" 000
25,000
4,271,131
1,093,885
660,286
Audited accts. &
866,731
Other investm'ts
18,000
3,839,563
1,093,885
Traffic, &c., bal.
103,769
'
Advances...-.
500,000
-
Loans & bills pay
Stocks.—
Notes....
$
stock.
C, G. W. 1st 4s_
Misc.phys.prop.
Deposit
1937
'
$
wages.
616,935
1,591,734
1,883
2,201
460,247
349,122
Special deposits.
Traffic, Ac., bal.
Net b.al'ce from
agts.A condre.
244,025
196,492
unpaid
232,281
186,244
Unmatured
262,462
265,476
Misc. accts. rec.
246,430
325,801
tured unpaid.
58,816
1,722,748
63,492
6,319,687
...
Cash-—
4,846,172
Unmatured rents
645,984
890,924
7,832
3.814
15,436
7,904
Work'g fund ad¬
vances
int.
accrued—
Other curr.assets
489,586
491,780
1,288,162
1,289.162
—
Funded debt ma¬
accrued.
817
8,509
...
8,343
Ins.& otherfds.
100
100
4,522
3,689
Unad just, debits
958,543
967,025
Other
curr.
liab.
147,499
Deferred liablis.
65,423
510,502
March—
Gross from railway
Net from railway
Net after rents
—
430,559
—.,—
Total
Net from railway—.—
Net after rents.
148, p.
347,789
129,028
126,768
3,034,285
1,892,139
146,709,727 146,262,832
to
Date
1939
1938
1937
1936
$1,495,250
350,488
65,705
$1,424,795
230,906
def43,754
$1,666,337
431,934
152,736
$1,450,355
347,551
90,876
4,232,083
906,033
69,310
4,013,168
492,556
def329,715
4,596,407
937,547
72.598
def315,581
■
1—
Gross from railway..—i
—V.
5,172,544
unad just.
credits
Approp. surplus
146,709,727 146.262,832
137,688
49,053
481.441
5,606.914
liability.—
Depreciation
Deficit
2,890
ma¬
Tax
Other
811
2,712
—_
Dividends
tured unpaid.
Other def. assets
From Jan.
_
_
2
Earnings for March and Year
"
Net from railway
Net after rents
2
809
$3,569,103
on
Jersey:—•Earnings
1939
after rents
75
77,024
:
""529
DeductionsInt. on funded debt
Total
March—
Gross from railway....
5,110
37,501
4,318
$3,036,271
Int. & divs. rec.
Balance Sheet March 31, 1939
assets,
Central RR. of New
15,100
47,665
Mat'l & supplies
$84,700
$3,417,535
9,348
47,141
2,366
78,413
,6,076
38,638
9
_
— ..
prop'y sold...
Note—It is the policy of the company to make
appropriations for re¬
newals, replacements, and retirements at the end of each calendar
year;
therefore the income statements for the
quarter ended Match 31 show
results before deducting such appropriations.
The provision shown for
12 months ended March 31, 1939, is the amounted
appropriated for the
Assets—Capital
14,961
48,841
4,712
77,118
5,128
54,952
funds
reserve
'{
$516,782
114,000
Cr 15,129
$90,487
2,787
3,000
other
Int.
$159,550
Operations
$4,669,645
Income from sinking and
Co.-—Earnings-
-.J..
....
647,828
6,098,080
10,480
609,57225,622
5,274
facility rent Income
non-oper.phy.prop
Miscell. rent income.
Dividend income.
12,719
54,045
5,086
79,482
5,110
39,945
2,037,721
2,213,029
$13,217,419 $11,591,088
4,016.088
5,599,582
598,553
929,937
$3,357,895
.
,
2,495,222
2,506,049
646,841
6,953,719
11,058
624,509
19,979
4,448,861
1,090,966
$2,839,346
_
Inc. from funded secur..
Income from unfunded
1939—3 Mos,—1938
revenues.
•
•
Total oper. expenses..$13,241,663
$14,261,511
rev. from ry.
oper..
3,900,301
Railway tax accruals.
42,753
'221,228
12 Mos.End
Purchased power—
.
2,852,227
2,812,909
715,087
7,232,995
13,827
659,394
24,928
Net
$1,685,161
1,297,182
,
Note—During the period full preferred dividends have been paid, onehalf of the payments bring applicable to the current dividend and
one-haif
to dividends in arrears.-—-Y. 148,
p. 2417.
Central Ohio Light & Power
591,104
438,450
101,230
91,729
570,752
508,874
84,643
90,237
Miscellaneous
Incidental..
securities and accounts
Net income..
Pref. div. requirements.
112,044
Income Account for Calendar Years
Operating Revenues—
1938
1937
1936
1935
Freight
—$15,450,046 $16,922,665 $16,993,861 $13,908,320
Passenger.
488,726
565,194
568,634
528,362
Misc.
Gross income
Bond interest...
1936
48,393
Transp.—Rail line
Miscell. operations
General
-Earnings-
1939—Month- —1938
revenues
1937
$262,383
110,669
79,583
613,349
212,294
124,055
Net
148,
-Earnings-
1938
$205,004
53,428
28,389
of
_
Deficit
302,908
Total
reserve—
Deprec'n
Mdse., materials &
supplies
_
3,715
492,592
178.310
1939
$219,270
78,304
■
Contingency res've
48,215
Cash & work, fds.
Unbilled revenues.
Charleston & Western Carolina Ry.
9,615,600
Other misc. Habils.
and expense
Corp.—To Pay 15-Cent Dividend—-
March
Gross from railway.
Net from railway..
—V.
9 ,583,600
141,779
Unamort. dt. disc.
1936
par)..—.12 033,000 12,033.000
debt
liabilities.
Misc. def'd charges
1937
Directors have declared a dividend of 15 cents
per share on the common
stock, no par value, payable May 1 to holders of record
April 29. Dividends
or 10 cents
per share were paid in each of the three
preceding quarters; a
dividend of 15 cents was
paid on May 2, 1938 and one of 25 cents per share
was paid on Feb.
1,1938. See also V. 147, p. 416.
Cust. deps. & misc.j
:
1938
loss$17,587
p. 2115*
Net from railway..
Net after rents
484,821
29,263
227,136
.....
x
21,600
Accounts payable.
def'd
special deposits.
$369,165
100,-
on
21,600
27,474
Sinking funds and
Due from affil
$
Common stock
count & exp
in
1939
$63,551
after rents
From Jan. 1—
Gross from railway.
-
$360,664
227,136
_
5,616,217
pf.
cum.
stock ($100 par)
21,746
$0.54
Nil
$0.36
After allowing for dividends oil
preferred stock.—Y. 148,
_
5 ,616,217
pf.
cum.
6% series
& equipment—
Capital stock dis¬
1938
$
($100 par)
6.140
52,271
$36,092
(no par)
4,168,611
Consolidated Balance Sheet March 31
1939
$642,051
245,000
13.206
$47,467
Earns, per sh.
$308,398
income...
-
$638,269
3,782
4.154.
Century Ribbon Mills, Inc. (& Subs.)- -Earnings—
Charis
Net operating income.
Inv.
$32,922
18,928
$36,322
18.928
$666,987
000 shs. common stock
1939—12 Mos.—1938
1,170,130
-
$671,141
245,000
148, p. 2417.
3 Mos. End. Mar. 31
Net income after deprec.
x
Sub.)—Earnings-
1939—3 Afos.—1938
Operating revenues
Oper. expenses & taxes..
generating
$56,248
20,417
1,153
1,756
1,153
3,311
Net income.
Pref. div. requirements.
$4,090,665
2.530,463
Central Indiana Power Co.
(&
Utility plant
49
$61,203
20,417
....
and Federal taxes
Period End. Mar. 31—
Non
$56,199
86
Net oper. income
$164,769
84,356
12,808
1,686
9,720
$61,117
Social security taxes
Fed. (incl.
income) taxes
—Y.
Net
$176,284
88,473
13,583
1,510
11,601
expenses.....
Gross income
Bond interest.
1939—12 Mos.—1938
$2,196,846
$2,175,463
1,238,637
1,266,916
158,049
162,574
15,625
16,313
96,604
112,335
-1938
revenues
State & munic. taxes
Non-oper. income (net).
Central Illinois Public Service
Oper.
2575
Central Vermont Public Service
Corp.—Earnings—
1936
$1,380,230
"
21L545
Gross from railway
Chronicle
2418.
3,801,237
411.105
Financial
2576
Earnings for March and. Year to Date
Chesapeake & Ohio Ry.- -Earnings—
March—
railway—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 148, p. 2417.
Gross from
$9,459,636
3,504,042
2,395,992
..
._
.-
..
$7,581,797 $13,099,285
2,079,793
6,337,510
1,247,155
5,061,494
23,477.121
7,267,985
4,743,700
32,625,661
14,285,328
10,586,770
31,307,848
13,834,518
11,609,595
Chicago Burlington & Qu incy RR.- —Earnings—
railway
Net after rents
From Jan. 1—
Net from
—V.
148, p.
Gross from
—V.
$8,720,612
2,795,523
1,705,178
$7,702,639
2,244,644
1,196.207
24,134.048
6,614,154
3,329,599
22,364,265
5,829,392
2,992,242
Net after rents—
Net from railway
Net after rents,--..--,
186,873
130,962
87,979
68,324
858,748
223,995
153,572
1,136,117
469,561
340,340
879,836
281,819
$274,279
Chicago Indianapolis &
233,346
Plymouth Manufacturing Co. took over the Chicago Moulded Products
Corp. and stock in the Chicago Moulded Products Corp. was exchanged for
the merged company share for share.
In 1931, the name of the
Plymouth Manufacturing Co. was changed to Chicago Molded Products
J
Louisville Ry.—Earnings—1938
$682,762
85,028
def66,619
1937
$968,585
234,595
80,383
1936
$857,161
176,150
21,149
2,076,255
172,479
def260,721
1,947,525.
108,346
def337,151
2,758.640
601,165
132,147
2,534.254
545,518
138,975
Net from railway
Net after rents
stock in
1939
$762,067
101,614
def41.886
March—
—
From Jan. 1—
Gross from railway
Net from railway
Net after rents...-—
organized on
organized was
and dies.
With the growth of the plastics industry,
the main purpose of the business soon became the design, engineering, and
building of molds.
On July 30, 1924, the Chicago Moulded Products
Corp. was organized for the purpose of molding plastics.
These two cor¬
porations were housed in the same building and were organized by the same
incorporators.
Later, in 1926, the two companies were merged and the
manufacture tools
to
—V. 148, p. 1950.
Gross from railway
financing in behalf of the company.
History and Business—Plymouth Manufacturing Co. was
April 29
1919.
The purpose tor which this company was
1937
$406,115
From Jan. 1—
Gross from* rail way
2418.
148. p.
represent new
1936
1938
$270,343
62,113
44,485
896,539
249,293
189,906
railway
Net from railway
24,458,742
4,785,738
1,420,655
Molded Products Corp.—Securities Offered—
Cruttenden & Co. and Barney Johnson &4C0.,
Chicago, are offering $400,000 5% convertible debentures
due April 1, 1949 at 101 and int.
In addition, $100,000 of
debentures are offered by the company to preferred stock¬
holders in exchange for preferred stock.
The same bankers are offering 50,000 shares of common
stock C$1 par) at $5.25 per share.
The offering does not
1936
Midland Ry.—Earnings—
25,485,503
5,359,690
1,999,254
Fuller,
1937
1939
$313,563
•
.
22,221,298
3,429.299
101.548
Chicago
88,935
63,757
March—
after rents—
Net
1950.
Chicago & Illinois
23,455,628
4,117,878
798,252
ros^roni*railway
Net from railway.
20,167,090
3,806,029
450,104
1,898,198
;
G
538,248
5,095,659
Net after rents
1936 ;
$8,712,026
2.184.051
941.593
after rents
Net
$7,008,319
1,629,668
21,244,755
Gross from railway
Net from railway
1937
$9,156,833
2,128,386
1,049,098
Net from railway
1938
1939
$7,400,487
1,869,393
812,260
March—
Gross from railway
1938
$7,819,997
1,312,587
227,564
Gross from railway
$9,607,898
3,868,077
3,129,382
26,952,938
9,870,372
6,851,877
..
1939
$8,134,961
1,451,540
321,093
March—
1136
1937
1938
1939
1939
29
April
Chronicle
Corp.
'
.
1924,
Since
includes
which
the company has engaged in the plastic molding industry
the design and fabrication of molds and the molding of
practically all types of synthetic plastic materials such as Bakelite, Durez,
Plaskon, Beetle, Tenite, Lumarith, Lucite. Polystyrene and others.
During the past five years net sales after discounts and allowances have
been as follows: 1934, $644,851; 1935, $836,080: 1936, $995,123; 1937,
$1,053,727; 1938. $1,358,527.
—V. 148, p. 1950.
Purpose—Proceeds to the company
from the sale of the $500,000 5%
wi.l amount to $481,000 less estimated expenses of
approximately $11,352.
$400,000 convertible debentures will be sold by
the underwriters, and $100,000 will be offered by the company to its
preferred stockholders in exchange for preferred stock at the principal
amount thereof.
The balance of the $100,000 not exchanged by preferred
stockholders will be sold by the company directly to the public and no
commission thereon will be paid to the underwriters.
Tne company intends to use the net proceeds as follows: (1) To pay off
appro dmately
$133,825 outstanding bank loan with the Continental
Illinois National Bank & Trust Co., Chicago; (2) approximately $105 000
to retire preferred stock or such portion as shall not have been exchanged for
convertible debentures; (3) approximately $110,000 to retire notes now held
by officers, directors and stockholders, and (4) balance of the proceeds,
convertible debentures
25-Cent Dividend—
Chicago Mail Order Co.—To Pay
declared a dividend of 25 cents per share on
Directors on April 25
Chicago Milwaukee St.
Paul & Pacific RR.- -Report—
General Statistics for
Calendar Years
Equipment—
1,256
1,233
1,242
1,242
locomotives
11,123
11,123
11,097
10,954
1935
1936
1937
1938
Miles oper., average...
the
1 to holders of record May 10. Like
and on March 1, 1938, and Dec. 1,
stock, par $5, payable June
paid on March 1, last
1937.—V. 148, p. 875.
common
amounts were
equipment..
970
970
975
953
Freight equipment..—
55,174
55,174
55,740
Company service equip.
3,724
3,724
£3,855
3,577
6
6
6
6
4,266,706
435,744,762
3,697,034
Passenger
Floating equipment
_
—
3,028
Operations—
4,528,026
480,525,082
4,249,792
Passengers carried — Pass, carried one mile-.
433,914,324,
349,938,768
1.798 cts.
1.725 cts.
1.722 cts.
1.729 Cts.
34,849,002
Freight (tons) carried-.
Frt. (tons) carried 1 m.9,751,391,377
40,303,163
41,001. 32
34,358,187
11,278,164.1 9 11,306,ill,936
0.914 cts.
0..,45 cts.
* ,
$5.44
$5.49
9,509,741,617
Rate per pass, per
Rate per ton per
mile-
0.970 cts.
mile..
mile
$5.82
Farns. per frt. train
Income Account for
1938
—— — .
Passenger
Mail, express, &c
Indicentals, &c
99,436,846
Total oper. revenues
Transp. for invest.—Cr.
Total oper. expenses.,
xl935
77,321,758
6,045,426
7,642,446
1.437,067
1,806,115
17,023,868
17,849,146
2,546,099
36,184,971
2,592,933
80,673,186
18,763,659
17,370,183
20,627,129
2,708.358
41,985,006
3,886,777
929,316
369,325
629,469
409,970
87:137,444
20,524,831
6,761,355
85,244,354
23,897,732
8,135,000
76,416,517
16,030,180
5,992,000
10,058,659
1,487,109
13,763,476
1,703,869
15,762,732
1,999,676
10,038,180
1,954,388
11,545,768
15,467,345
5,542,044
17,762,408
6,841,470
11,992,568
5,870,233
Taxes
Operating income
Non-operating income.Gross income
5,342,418
payable
Miscell. deductions from
funded debt
on
unfunded debt—
900,482
Other fixed charges
69,608
22,057,086
845,111
1,145,241
100,568
22,019,878
888,773
1,137,353
22,058,710
on
Int.
$2.06 per share
for each of the 150,162 shares presently outstanding.
The
amounting to $47,741, was included in the net asset value
item real estate,
as
of that date but has since been distributed to stockholders.
Giving
to the distribution of such real estate, the expense of registration
effect
amounting to $11,351,
amounting to $481,000,
the receipt of the proceeds from the
and deducting the additional $500,000
1,138,943
x
After
13,196,108
14,221,271
17,996,270
Net deficit
86,620
22,371,304
of the present financing, the com¬
follows:
Authorized
Outstanding
10-year convertible debentures
,±
$500,000
$500,000
Common stock ($1 par)r
435,000 shs.
150,162 shs.
Company's articles of incorporation were amended on March 28, 1939,
changing the capital structure from an authorized issue of 7,500 shares
(no par) common stock to 435,000 shares ($1 par) common stock of which
,Capital Structure—Upon completion
<
150,162 shares are outstanding.
1,129,768
for Calendar Years
Cost of sales
& allowances $1,358,527
1,020.362
18.008,748
charge for uncollectible railway
with Interstate Commerce Gpmeffective Jan. 1, 1936 is included in the revenue
accounts, instead of being
stated
as a
separate account.
1938
$
Assets—
Road and
$
equlp.697,077,711 691,592,842
Impt. on leased
railway prop.
411,376
Common stocks 105,100,524
Govt,
30,044
2,424,308
271,978
13,406,690
525,961
Loans & bills rec
2,371
Cash
3,981,344
2,229
538,774
428,247
Mat'ls & suppl's
1,087,162
1,862,256
9,195,681
1,061,576
2,315,422
11,965,026
Int. & dlvs. rec.
17,795
16,505
37,053
3,058,303
3,841,830
bal. receivable
Misc. accts. rec.
Other curr.assets
Deferred assets.
UnadJ. debits..
bond int.
3,265,153
25,654
3,875,862
307,683
569,180
3,590,241
60,237,330
Corp. surplus—
..757,966,822 757,140,033
$9,011
x
z
After
$104,225
80,448
def$25,127
105,575
$9,011
$122,915
$184,673
$80,448
$105,575
deducting
manufacturing, selling and
from investments, &c.
3 Months Ended March 31—
Profit
from
oper.
after deducting
543,172
43,104
148,728,908 126,349,640
757,966,822 757,140,033
administrative expenses,
profit
Provision for depreciation
Provision for Federal income taxes
Prov. for Fed. undist. prof, tax
Net loss
-
1938
1937
x$46,309
5,625
$261,253
$14,165
25,000
534,799
Total
43,104
1939
$8,765
5,400
Income from i nvestments
thru income &
Fund, debt ret'd
96,563
After including income
mfg., selling & admin, expenses. J
prop,
thru income &
Total
$405,855
430,982
184,673
def$61,758
Surplus
70,406,372
3,766,448
$681,342
517,181
59,936
Previous surplus
4
63,972,930
Total.
loss$61,758
Balance, surplus
79,550,056
Deficit
z$109,011
100,000
545,016
liab.
Surplus..
1936
z$586,311
100,000
80,456
2.665,061
UnadJ. credits..
and
z$952,342
100,000
169,800
1,200
Common dividends
307,648
surplus
Co. (& Subs.)'—Earnings
1935
1937
1938
tributed profits..
14,606,802
Deferred llabll..
Add'ns to
64.725
Federal surtax on undis¬
2,641,162
accr.
$18,124
1,456
1937 include deductions of
zloss$l 1,758
!—
50,000
Net profit
Preferred dividends
aecr
—unmatured.
Due from agents
3,080
$43,830
3,689
38,835
Chicago Railway Equipment
Operating profit
Depreciation
x
26,135,979
accrued
curr.
1
7,515
$116,197
6,587
38,835
$55,000 and $43,000,
respectivelyi for additional salaries paid to executives.
No similar addi¬
tional compensation was paid in 1938.—V. 148, p. 1950,
Unmatured rents
Other
_
14.870,663
Unmat. int.
8.974
540,988
Fund, debt mat.
unpaid
$42,548
21,342
•
31,300
I.
Note—-The years 1936 and
Conv. adj. mtge.
Traf. & car serv.
& conductors.
.
$33,573
$85,598
34,252
and ex¬
profits taxes.
Net income
6,107,789
Misc. accts. pay.
Special deposits.
Other invest
3,866,374
5,902,945
531,152
mat'd unpd. 37,796,185
5,162,145
1,497,801
9,536,145
5,347,302
85,455
10,005,020
9,049,678
5,437,901
cess
Fed. & State income tax
bals. payable
Payrolls & vouch
5,162,145
1,497,801
Notes...
3,500,000
2,516,482
5,958,206
Int.
Provision for Federal income
Calendar Years—
car. serv.
5,990,265
Advances
105,127,554
119,307,300
544,920
$80,731
4,866
$184,118
36,620
Income deductions_
debt—
Loans & bills pay
Tiaf. &
Inv. In affil. cos.:
Bonds
.
unmatured...464,318,229 466,497,991
Miscell. physical
property
1,458,550
grants...
Funded
70,840
Stocks...
$
Freferred stock. 119,307,300
411,300
Depos. in lieu of
mtgd. prop'ty
sold
$
Liabilities—'
1937
780.838
180.712
3,228'
Other income
Common dividends...
1938
<1937
$995,123
806,270
166,725
Operating profit
Preferred dividends
Comparative Balance Sheet Dec. 31
$1 ,053,727
157,274
Sell., gen. & admipis. expenses
1936
1937
1938
Gross sales—less returns
543,390
restating revenues to include
of $27,096, which, in accordance
mission Classification,
per
pany's capital structure will be as
Total income
revenues
debentures
liability of
by
Underwriting—Company has entered into an agreement with Fuller.
Cruttenden & Co., Chicago, in which the company has agreed to sell and
the underwriters have agreed to buy $400,000 of convertible debentures at
$95 per $100 principal amount, or a total of $380,000, plus accrued interest
from April 1. 1939, to the date of sale of $400,000 5% convertible debentures.
Company intends to offer $100,000 of these debentures to its preferred
stockholders in exchange for their preferred stock, and those electing not
to take the debentures will have their stock redeemed in cash.
Fuller, Cruttenden & Co. have executed an agreement with Barney
Johnson & Co., in which the latter agrees to assume the responsibility of
underwriting the debentures and the stock issue equally with Fuller,
O "uttenden & Co. so that the two may be considered co-underwriters.
Income Account
101,484
income
Int.
Tangible Asset Value—As of Dec. 31, 1938, the amount at which net
carried on the books of the company, after deducting the book
intangible and deferred charges, was equivalent to approximately
value of
„
8,705,000
Net oper. revenues
Net
assets were
*
"$
92,446,697
298,482
Rents
$
91,560,382
7,496,998.
8,278,590
18,561,825
19,652,864
2,559,788
40,501,964
3,500,799
815,655
348,542
14,824,274
Maint. of equipment—_ 19,131,875
2,762,212
Traffic, expenses
39,623,468
Transportation
.J
3,721,030
General expenses
908,809
Miscell. operations
company.
would leave a net asset value of $231,996 represented
150,162 shares of common stock.
This Would be equivalent to $1.54
107,662,276 109,142,086
Expenses—
Maint. of way, &c_.
approximately $120,823 will be allocated to working capital.
The offering of 50,000 shares ($1 par) common stock does not represent
any financing and none of the proceeds will accrue to the benefit of the
debentures,
1936
1937
.
$5.28
Calendar Years
$
■
8
82,219,057 88,576,457
7,797,830
8,285,703
7,469,695
8,167,031
1,950,26^
2,633,084
Operating Revenues—
Freight
0.969 cts.
«
x$40,684
25,000
$268,153
6,900
25,000
48,000
29,000
—
$10,835
$65,684prof$l 66,153
Volume
Financial
148
Clark
—Cash, $261,273; U. 8. Treasury, State and municipal bonds,
$790,825; accounts and notes receivable (net), $229,472; inventories,
$1,001,180; other assets, $975; land, $316,326; buildings, machinery and
equipment (net), $858,260; patterns, $26,468; goodwill and patents,
$766,757; deferred charges, $15,159; total, $4,266,696Liabilities—-Accounts payable, $40,149; accrued wages and commis¬
sions, $18,676; dividends unclaimed, $102; State and local taxes accrued,
$31,393; social security taxes accrued, $11,726; Federal and State income
taxes accrued, $12,627 ; 7% cumulative
preferred stock, $2,475,000; com¬
mon stock ($25 par), $1,498,400;
capital surplus, $60,496; earned surplus,
$122,915; cost of 625 shares of preferred stock in treasury, Z>r.$4,787;
total, $4,266,696."—V. 147, p. 2678.
Chicago & North Western Ryv
1939
1938
1937
$7,296,706
1,053,168
Net after rents.
From Jan. 1—
def237,547
$6,175,510
392,515
def443,853
Gross from railway..... 18,124,001
17,786,884
1,473,502
468,828
def 1,121,119 def2.052,873
-V. 148, p. 2418.
20,151,895
1372,222
def771,322
664,229
188,„12.
1939
Gross from railway
Net from railway......
From Jan. 1—
Gross from railway
Net from railway.
Net aft er rents
Surplus
19,465,284
1,731,923
def829,914
—V, 148,.p.
1,118,427
266,559
def30,531
,
.
117,408
27,065
Notes
.....
Gross from railway.,
Net from railway...
1,015,302
283,959
86,570
1,078,028
1,118,968
305,734
def7,325
291,523
20,838
&
&c.,
Accrued interest..
Inventories.
2,010,334
Cost of special tools
49
*
.
$6,029,453
1,198,704
479,592
$6,088,42$
1,033,926
217,284
$6,555,724
$6,047,513
697,430
def81,916
16,894,413
18,063,745
2,591,596
1,171,524
392,320
2,103,678
238,129
stbek
5,157,460
p.
March—
1939 *
Gross from railway..___$1,313,521
Net from railway
158,737
,
def67,446
Gross from rail way. vi
3,727,927
Net from railway......
294,901
Net after rents
def353,446
—V. 148, p. 2262. '
$1,135,789
214,073
cost..—
4,511,316
Def'd charges and '
4,746,765
25,718
46,020
Land, buildings,
mach'y, &c., at
...
prepaid expenses
(1,081 in 1938) shares pref. tock, par $100, and 12,222 shares common
no par value."—V. 148, p. 1472.
-Earnings
Cleveland Tractor Co .-—New Officers—
1937
1936
Two
$1,386,947
$1,407,538
directors
167,465
def50,027
108*430
defl28,215
3,723,669
3.932,342
4,035,144
366,330
177,379
def485,494
188,387
def402,013
1938
$1,245,810
181,742
def22.401
def255,474
.Climax Molybdenum Qo.—Earnings-
..
shares
—V. 148, p.
1936
foreign inc. & excessprofits taxes & surtax
on undistrib, profits..
3,400,000
Net profit—
$11,638,290
Common dividends.....
4,351,132
1,242,028
3,225,735
.
From Jan. 1—*
Gross from railway.
2,492,051
299,603
259,719
816,991
Colorado & Southern Ry.Gross from rail Why
......
Net from railwayNet after rents.
From Jan.
39,622
cost of sales &c exps . in
the amounts of..*.*.
$7,514,787
$2,740,949
$6,403,717
Net from railway
Net after rents
$4,368,485
on
April 27 declared a dividend of $1.50 per share on the com¬
mon stock payable June 12 to holders of
record May 15.
This compares
with $1 pafd on March 14, last; $1.25
paid on Dec. 12, last; 25 cents on
Sept. 14, 1938; 50 cents on June 14,1938; and $3 per share paid on Dec. 13,
1937*
See also V. 148, p. 1021.
»
f
March—
Gross from railway
Net from railway*.....
Net after rents
From Jan. 1—
Gross from railway
Net from railway.:.....
Net after rents
I
1938
$1,516,024
590,573
454,302
$1,249,516
389,149
4,366,013
1,632,363
1,213,629
3,501,912
,
„■
Ry.-
$1,336,340
724,124
614,789
511,484
393,234
4,302,920
1,536,842
1,151,806
3,818,386
1,408,480
1,081,629
287,087
933,550
734,598
—V. 148, p. 2419.
Cincinnati Street Ry.—Earnings-—
x
3 Months Ended March 31—
Net income
y
Earnings
per
share.
1939
$10,644
$0.02
1938
1937
$18,354
After Federal income taxes,
depreciation, interest, &c.
shares capital stock, $50 par*—V. 148,
p.
$63,484
$0.13
$0.04
x
y
On 475,239
1636.
Cities Service Co.—Secures Debentures
by Utility Stock—
Shareholders at their annual meeting on
April 25 approved by an af¬
firmative vote of 1.552,000 shares a resoltuion
authorizing the company to
enter into an indenture with
trustees, under which all the common stock
and an undivided 10% interest in the preferred stock of the
Cities Service
Power & Light Co. would be turned over to the trustees as
security for all
outstanding debentures of Cities Service.
Voting rights on the stocks
also would be vested in the trustees by the terms of the
resolution.
Cities Service Power & Light is the main
utility holding company in the
Cities Service system.
Through the common stock interest Cities Service
controls the widespread utility system of Cities Service Power
& Light
The resolution was proposed by the management of Cities
Service as a possible
method of
divesting Itself of direct working control of the utility system.
petroleum business, has
application pending before th8 Securities and Exchange Commission
exemption from the provisions of the Public Utility Holding
The Cities Service Co., primarily engaged in the
an
Company
Cleveland Cliffs Iron Co.—Par Value
Changed—
At recent annual meeting of stockholders they approved
plan of changing
stock to $1 par value from no-par basis. As of Dec.
common
31,1938
out¬
standing shares of common stock, all held by Cliffs Corp., numbered 408 296
shares.—V. 148, p. 1165.
.
1.342,637
211,725
def50,993
1,834,200
396,250
1,437,751
145,495
def130,735
to
Future—Earnings-—-
•
.
1,527,434
119,556
def6,622
218,430
Optimistic
»
fidence and optimism than was indicated a year ago.
Evidence In support
of this opinion is furnished by the comparative results of the System's
operations for the first quarter of 1939, as shown by the
~"~193in"
$1,640,611
1936
$527,672
.80,189
1,116
163,208
75,984
'
Philip G. Gossler, Chairman, on the occasion of the annual meeting of
stockholders held April 27, stated:
I feel that there is basis at the present time for somewhat greater con¬
Earnings—•
1937
1937
55,926
def30,683
'
figrure^^
Tnr rente
_*_..*_.$29,383,143
$27,993,533
5.0%
Net income available for preferred and
common dividends
5,532,676
4,489,796
23.2%
I think I may say that while we cannot relax to any extent the closest
attention to every feature and detail of our operations, it is reasonable to
expect continuing satisfactory results during the year.
Without involving complaint or criticism on our part, but in order that
the reason for certain intensive work, invdlving greatly increased expendi¬
tures, may be understood, I think you may be interested to know some¬
thing of the labor and expense incurred by our organization throughout
the past year In its efforts to comply fully with the regulatory provisions
and obligations entrusted to the Securities and Exchange Commission by
the United States Congress.
This may be visualized by the fact that the
out-of-pocket expense in connection with the preparation of the reports
and documents filed with the Securities and Exchange Commission during
and since the year 1938 by Columbia Gas & Electric Corp. and its subsi¬
diaries was several hundred thousand dollars, exclusive of salaries of
System officers and employees belonging to the regular staff of the System.
It is conservatively estimated that over 141,000 man hours of time were
consumed in the preparation and completion of such reports and documents.
If such work were done by one man, on a basis of 35 hours per week, he
would require 80 years for its performance; or, if such Job were assigned to
a group of 10 men, they would be continuously occupied over a period of
eight years.
Of course, it is but fair to say that this past year has been
unusual because of the newness of such additional requirements and the
nature of the particular applications filed by our corporation with the
Commission.
However, the documents involved and the cost thereof, as
referred to, do not include any applications for approval of any public
offering of securities, which will be required from time to time in the future.
Nor does this item of cost include any reports to or proceedings before other
regulatory bodies both Federal and State with which we have to deal
continuously.
As the shareholders have been advised from time to time, corporation
has been confronted In recent years with several special actions In different
courts and before the Department of Justice, all of which the company has
promptly undertaken to defend with confidence that its contentions will be
fully sustained.
Two suits have invited public attention, chiefly because of the amounts
of damages that have been claimed.
One, instituted in September, 1937, in
Ohio, claims tripled damages amounting to $42,000,000, upon the theory
Gross
Bevenues
following
1038
loop
■
1939
739,402
$660,747
$518,494
Columbia Gas & Electric Corp .—"Chairman
as
Cincinnati New Orleans & Texas Pac.
758.204
—V. 148. p. 1952..
Dividend Increased—Directors
1,617,724
952,528
919,203
I—
Gross from railway*
*.
1,873,301
1938
$516,277
125,912"
.
*
207,746
203,246
Earnings-
1939
March—
$2,109,970 $10,914,303 $11,453,439
6,528,498
4,314,391
1936
$497,195
$727,356
404,255
385,297
.
1,489,206
595,117,
493,852
1,784,467
917,912
Net from railway*
Net after rents
—V. 148, p. 1951.
1937
1938
$515,881
197,385
150,213
1939
$606,255
,
T
$0.66
1937
Earnings-
Net after rents..........
Surplus
$7,287,158
$2,109,970
$4,385,805
$7439,048
She. cap. stock (par $5)."
4,351,132
4,351,132
4,351,132
4,314,391
Earnings ^
per share.
$2.67
-j
*$0.48
$2.51
$2.65
iNftx Includes $862,314 profit from sale of investment securities.
Note—Depr. & amortiz. /
have been charged to
.
$0.79
..........—
Gross from railway.__.n
Net from railway....._
11,143,567
Prov. for Fed., State &
*
Clinchfield RR.
^
9,204,355, 12,929,785
$1,679,906
2116.
March—
..$27,477,838 $12,556,352 $27,069,823 $25,089,057
12,439,548
1938
$1,991,806
$0.4Q
*
Earns, per share on 2,520,000 no-par
'
Admin, eng.* sell., adv.,
1939
$1,257,524
Quarter Ended March
—
profit after depletion, deprec.,
Federal income and surtax....
,
Bell, formerly
Net
.$27,209,045 $11,548,269 $26,776,750 $24,896,825
Int., divs.A misc. inc.*.
268,793
xl ,008,084
293,073
192,233
Total income
officers were elected at the recent annual meeting of board of
Assistant Treasurer, was elected Treasurer.-—V. 147, p. 4051.
.
service & gen. exps..
new
H. P. Mee was named Executive Vice-President, and E. M.
-$182,560,725 $88,585,855 $183207,346$148463,736
.155,351,680
77,037,587 156,430,596 123,566,911
Gross profit..
$9,344,490 $9,005,171
stock,
Consolidated Income Account (Including Subsidiaries)
3 Mos. End. Mar. 31—
1939
1938
1937
Cost of sales..
Total.*
a After reserve for depreciation of $4,350,578 In 1939 and $4,005,490 in
1938.
b Represented by 249,838 no-par shared,
c Represented by 917
$2,409,412
def245,454
$2,989,212
520,446
Chrysler Corp. (& Subs.)—•Earnings—Net sales
2,136
•
15,603,969
14,921,321
Chicago St. Paul Minneapolis & OmaKa Ry,
...
3,024
1,000
,
banks
Total— ......$9,344,490 $9,005,171
$1,272,893
income...
453,569
1951.
Net after rents
From Jan. I—
61,654
3,024
a
from ry,
operations
1,927,900
against
closeu
1,056,667
1,927,900
.
owned.........
Claims
16:688,076
215,603 def1024,504
5,322,532
37,147
54,610
600,000'
b Common stock.. 4,996,760.
4,996,760
Capital surplus....
608,180
608,180
Earned surplus
580,958
893,958
c Treasury stock.
Dr277,425 .0/293,825
4,268
39.443
100,000
400,000
Bu¬
chanan Land Co
Misc. common stk.
(Including Chicago Roch Island & Gulf Ry.)
Period End. Mar. 31— 1939—Month—1938
1939—3 Mos.- -1938
Total ry. oper. revenue. $6,430,353
$6,458,321 $17,910,533 $18,013,381
oper. expenses.
to
225,062
200,000.
serially VKKll)*
7% cum. preferred
^
vances
163,177
royalties,
accrued
Notes payable (due,
2,102,112
life
insur. policies..
Invest, in and ad¬
1936
$260,136
1939)
tor acc't of oust,
surr. val.
1938
$431,939
Notes payable (due
461,441
—
.
Taxes,
47,000
......
1939
Current acc'ts pay¬
able & payrolls.
accounts
,
1937
16,792,106
2,722,653
550,977
Net after rents
148,
Liabilities—
1938
693,932
Cash
1938
-
105,811
4,761
12,616
made for Federal surtax on undivided profits.
$1,493,556
receivable (net).
.
1939
Gross from railway
Net from railway......
Net ry, oper,
was
1939
U. S. Govt, secure
$362,884
112,669
44,488
$403,126
[Excluding Chicago Rock Island & Gulf Ry.l
—V-
def$12,464
233,776
$0.14
Nil
re3ov. within one
March—
revenue
$194,747
237,641
$1.21
$2,005,112
hand
on
year..
Net
def$5,642
237,616
Cash In banks and
1936
1937
Chicago Rock Island & Pacific Ry.—Earnings1
Railway
19,945
46,755
$211,901
237,616
$0.88
(no par)
per share.....
Notq—No provision
1950.
Net after rents
From Jan. 1—
$54,254
20,589
95,076
$319,374
12,154
18
— *
com. outst.
Earnings
"
.....
$310,412
31,852
...
Earnings—
$369,893
101,864
def3,211
def26,022
$26,210
,
18,097
Consolidated Balance Sheet March SI
1938
$400,900
74,188
Net after rents
$331,528
128,146
25,859
3,642
$67) ,461
136.269
44,149
5,478
118,411
2,536
54,205
31,890
Net profit
Frost minority interest
Preferred dividends.
Common dividends
Assets—
Chicago Rock Island & Gulf Ry.
March—,
$182,195
128,834
18,432
5,077
Federal income tax
Shs.
Net from railway
Net after rents.
1937
$653,364
$243,791
Prov. for depreciation..
Devel. exps. incurred...
1938
$175,826
6,368
$601,403
159.286
19,043
4,788
126,181
.
Cash discount allowed..
Int. & exhenage paid—.
$6,961,441
1.050,931
49,271
1936
1939
$591,885
9,518
48,314
Total income
Admin. & selling exps..
1936
$6,389,308
Equipment Co. (& Sub.)—Earnings—
3 Mos. End. Mar. 31—
Gross profit from oper..
Miscellaneous income...
-Earnings—
March—
Gross from railway
Net from railway,._____
2577
Chronicle
Consolidated Balance Sheet Dec. 31, 1938
...
...
—...
*
Financial
2578
—Kilouatt-IIour
the System in¬
suit being filed
by a public official claiming to represent in a private capacity all of said
gas consumers and suing in his own and their behalf.
Our corporation
and its subsidiary companies and officers claim emphatically that there is
sound basis for such suit either in merit of the claims presented or in
the right of the plaintiff to prosecute such a suit in behalf of the gas con¬
sumers
The motion of our attorneys to dismiss the suit forthwith was
argued in Columbus last week.
Following the filing of final briefs, the
that the use of
"inert gases" in the stabilization process of
of $14,000,000 to gas consumers, the
volved an overcharge
no
will rule on the motion in due time.
The other suit was filed in February, 1938, in the U. S. District
Delaware by the trustee in bankruptcy of Inland Gas Corp. and
Gas Corp. of Kentucky, claiming tripled damages amounting to
and attorneys' fees aggregating $750,000.
This suit claims damages
minority security holders of said corporation, which have
court
Court of
Kentucky
$72,000,000
to
been in bank¬
the basis of the suit being the claim that the companies could have
prospered except for alleged interference by Columbia in their programs
operation and expansion.
Under date of April 12, 1939, the U. 8. court
for the district of Delaware handed down its opinion and decision granting
the motion of our counsel to dismiss most of the claims in this ca»e.
Law suits of the character just referred to could easily be disturbing to
stockholders because of the large sums of money claimed and because of the
expense and invariable delays in disposing of the cases, with such measure
of uncertainty as to outcome as may be entertained without intimate
knowledge of the facts.—V. 148, p. 2420* ■.
ruptcy,
of
Corp.-—Consolidated Balance Sheet-1-
Columbia Pictures
Dec. 31,'38
Ansets—
%
$
'
2,859,365
receivable5,374
546,988
(sec.
280,790
8,964,382
*
wholly
In
Invest.
owned
706,188
9,554,221
within one year.,
.
,
(est.)
____$12,829,861
6,635,374
$11,860.162$148,847,046$148,283,486
6,322,975 78,584,364 x78,703,989
& re¬
denrec.
r^rve
tirement
_
Balance.-
749,795
stock._
provision for Federal surtax on
requirement at the
full to Jan. 1,
data.—Y. 148,
Reflects deduction for full preferred stock dividend
rate of $6 per share per annum.
Dividends were paid in
1935, and at the rate of $3 per share per annum since that
2263.
p.
' ;
,
179,321
expenses.
(contra)-
11,434
17,227
262,671
262,148
elaims
6-yr.
sink'g
4M%
fund
debs,
May 1,
due
1,250,000
1944...
Period End. Feb. 28—•
Operating revenues
Operation.. — .•
Maintenance
-i.~"
Taxes-.--
— ---
div. on com.
Stk.
stk. pay.
120,148
—
c
Common
3,487.500
4,621,200
67,399
3,487,500
stock.. 4,738,419
Capital surplus...Earned surplus...
67,515
3,884,320
Balance.-
$1,892,090
Dr814
5,483
4,844
$152,408"
$1,897,573
452,203
$1,789,717
284,133
$1,445,371
Total...
15,760,735 15,610,597
.15,760,735 15,610,597
depreciation of $1,760,821 in 1938 and $1,521,404 in
1937.
b Represented by 75,000 no par shares,
c Represented by 358,205
no par shares in 1938 and 349,468 no par shares in 1937.
The Income statement for six months ended Dec. 31 was published in
V. 148, p. 1637.
,
'
a
After reserve for
Gross from railway
after rents^....
FromJan.
20,900
12,673
$95,802
14,430
7,868
$105,302
14,061
4,205
1
1—
302,134
35,946
13,321
334,065
80,428
45,970
y:
Net from railway
after rents
,
280
Miscell. income deduct-
$1,505,583
28,862
838,459
1,025
12,310
19,947
148
3,243
$40,398
stocks—■
$31,866
Net income
and accrued on preferred
Dividends paid
$546,260
public
To parent company..
applicable to parent company
deducted in arriving at above:
*'
Earns, from sub. cos.
Interest earned
(& Subs.)*^—Earnings—
1938
$2,863,458
1939
a Consol. net income...
$1,716,704
Earns, per share applic.
to common stocky....
b$0.86
1937,
$3,312,008
Preferred dividends
<
c$1.72
c$1.64
After all charges and reserve for Federal taxes.
b On 1,842,008 shares,
including scrip, or common stock outstanding March 31, 1939.
c Earnings
per share on 1,841,993 shares common stock in 1938, 1,841,567 in 1937 and
c$1.48
a
1,166.932 in 1936.
»
.
Note—No provision made ^or surtax on undistributed profits.
Company announced that gross volume of all receivables acquired during
the first quarter of 1939 was $168,553,192, compared with $127,190,506
for the first quarter of 1938, or an increase of 32%.
Gross volume for
March, 1939 was $62,690,297, compared with $52,756,346 for March, 1938,
or an increase of 18%.
»
'
•
Consolidated net income from operations for consolidated interest and
.
discount charges for the first quarter
ended March 31, 1939, after charging
providing ample reserves for doubtful items, was $2,784,737, com¬
pared with $4,446,239 for the first quarter of 1938.
Consolidated interest
and discount charges were earned 3.93 times for 1939, compared with 4.32
times for 1938.
"
.
Net income from operations available for dividends, after deducting
off
applicable to 1,842,008 and 631-1000 shares, including scrip, of common
stock outstanding March 31, 1939.
This compares with $2,733,888, or
$1.48 per share, for the first quarter of 1938 applicable to 1,841,993 and
977-1000 shares of common stock, including scrip, outstanding on March
31, 1938.—V. 148, p.
1318.
Commercial Investment Trust
Common dividend
from subsidiary—not con¬
and Chairman of the Board.
of the
Mr. Ittleson continues actively as
O. Dietz
Presdent
Chairman
Earnings per share on common.
148, p. 2421.
__
$3,444,557
$0.98
1939
1938
1937
Shares
common
x$01,773
12 Months Ended March
Earns,
x
Before
31—
per
Co.—Weekly Output—
891,992
$532,923
1939
<
1938
-
of shares of com.
S3..18
;
...
$3,714,231
"
$3.23
Consolidated Edison Co. of New York, Inc. (& Subs.
1939—3 Mos—1938
1939—12 Mos—1938
electric
of
energy
1,636,240
(M kw. hours).
Sales of gas (M cu. ft.) - Salesofsteam (Mlbs.)__
'
11,853,893
4,546,024
From sales of elec. energy
$
51,87l ,235
From sales of gas.
11,781,723
Operating Revenues—
4,406,770
From sales of steam
640,659
Other oper. revenues
Operating expenses
Depreciation
Taxes
(incl. prdv.
for
a
Fed. income tax)
Operating income
Non-oper. revenues
Non-oper. rev. dedue ns
on
1,496,503
11,956,370
4,472,051
5,907,150'
39,374,126
10,031,692
$
,
$
49,748,317 189,677,448
12,037,127
40,768,041
4,368,451
9,708,510
612,952
<
5,661,416
39,390,242
10,464,634
-
$
183,836,425
41,137,334
10,032,471
2,675,262
1,979,605
68,700,388
28,674,524
6,576,198
66,766,847 242,829,262
28,890,014 116,865,106
4,708,968
20,696,123
236,985,835
115,853,020
17,814,945
13,641,632
Total oper. revenues..
13,133,984
51,511,724
49,033,305
19,808,033' 20,033,881
53,756,310
481,156
483,621
54,284,565
438,348
486,561
111,347
112,137
98,754
116,243
'
4,318,897
4,373,889
53,753,845
17,906.921
54,236,352
16,655,735
166,218
223,762
980,130
939,376
60,778
61,585
68,980
110,578
15,261,350
150,000
15,357,155
34,797,814
150,000
36,530,663
15.111,350
15,357.155
stock—
34.647,814
36,530,663
_~ 19,807,244' 20,016,392
long-term debt..
of dt.
& misc.
Misc. int., amort,
&
disct.
exp.
deductions
Divs.
pref. stk. of sub.
cos. held by public &
net inc. applic. to min.
int. in capital stock of
sub. companies
on
Net
income
reser.
Divs. decl.
of net inc.
on
Con. Ed. Co. of N. Y. Inc.
per share of common stock of
dated Edison Co. of New York, Inc
Earned
„
Includes
*
1939—3 Mos.—1938
'
$2,791,644
$2.07
$2.24
1939—12 Mos—1938
$3,617,650 $3,926,732 $16,019,088 $15,236,955
Appropriated net income for acquisition of bonds or of new property.
expenditures of..
b
f
maintenance
Consoli¬
lG,79o,96o
22,943,054
$778,374
Common
a
^
10,926,386
22,943,054
Preferred.
The electricity output
$1,548,314
883,645
Period End. Mar. 31—
Sales
Balance
of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended April 22,1939 was 139,100,000
kilowatt-hours compared with 119,429,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 16.5%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
247
$1,416,568
charges & pref.
Balance
Commonwealth Edison
6.852
$3,657,338
share on avge, no.
stock outstanding
—V. 148, p. 1801.
stock
2,636,636
2,636,878
2,636,878
2,636.878
$0.23
$0.75
Nil
$0.19
Federal surtax on undistributed profits.—Y. 148, p. 1801.
186,449
306
/
$617,778
outstanding (no par).
Earnings per share
125,029
5,474
& Power Co.—Earnings—
dividends
b Misc.
$198,042 loss$236,501
8.183
148, p. 2421.
Net income after expenses, taxes,
1936
profit after all chgs.
—
Connecticut Light
Commercial Solvents Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
830,276
7,580
1,692
6.393
a
dividend.—V.
—V.
and taxes
834,058
5,474
-
Amount available for divs. and surplus.-—-
Int.
$3,545,963
$510,773
510,773
$656,322
Includes $125^,029 (1938, $186,443) representing amount assigned to
shares of common stock of General Public Utilities, Inc., received as a
a
101,406
dividends.
Net earnings
Net
—
Gross income
Earnings for 3 Months Ended March 31, 1939
Combined net earnings
-
1
J
— -Expenses, taxes and deductions from gross income
Board.
Preferred
—---
—*—
.
Total...
a
Corp.—New President—
At the meeting of the board of directors held April 27 Arthur
was elected President, succeeding Henry Ittleson, who has been
$441,569
441,569
Other earnings.
or
minority interest's portion—$2,243 in 1939 and $669 in 1938—and after
providing for all Federal and other taxes, was $1,716,704 for the first quar¬
ter of 1939, compared with $2,863,457 for the first quarter of 1938.
After payment of $129,559 dividends for the first quarter of 1939 on the
4
% cumulative convertible preferred stock outstanding (which dividends
were earned 13.25 times), there remained $1,587,145, or $0.86 per share,
99.560
*.—
Other income
1936
$2,181,919
102.999
1,692
*.
solidated
Commercial Credit Co.
3 Mos.End. Mar. 31—
$615,807
...
Interest not earned
a
2.508
.
—
Balance applicable to parent company
Balance of earnings
2,217
—V. 148, p.1952.
1,027
41,920
841,637
disc, and
expense
252,900
15,983
329,763
67,056
39,244
$108,513
4,645
70,695
public.----'.
Amort, of debt
1936
1937
$105,868
43,764
32,453
1
Gross rom railway..
Net
1938
$134,658
Net from railway
Net
^
1939
March
37,600
$114,807
2,705
70,531
Interest to parent co.__
To
Ry.—Earnings—
Columbus & Greenville
36,540
Gross income
Interest to
Total....
—
Retirement accruals..
4,674,061
$1,784,872
$153,222
$145,053
Non-oper. inc.. (net)..
b $2.75 pref. conv.
stock
.
$146,254
Drl,201
Net oper. revenues.
March
15, 1939
,
Light Co. (& Subs.)—Earnings—
1939—Month—1938
1939—12 Mos:—1938
,$367,268
$367,120 $4,640,251 $4,433,427
165,255
162,385
2,038,286
1,952,081
16,774
15,654
223,462
270,004
38,985
35,859
486,413
426.468
Community Power &
Res.forcpntlngs..
2,222,685
349,357
$4,302,849 $4,686,636
undistributed profits for 1937
$105,863
$604,113
------
Includes
•
y
acct. of conting.
99,018
110,058
2,170,506
investments
$53,631,729 $53,243,133
40,331,391 39,559,114
$855,654 $13,300,338 $13,684,020
749,791
8,997,489
8,997,384
$1,353,908
—
Divs. on pref.
16,336.364
16.630,953
1.339.796
1,461.667
$4,732,820 $4,197,392
fixed chgs..
3,378,912'
3,341.733
Int. & other
March 31.
year ended
Companies)
1939—12 Mos. 1938
1939—Month—1938
31—
Period End. Mar.
Oper. exps. & taxes
for
1938, an increase of
1939, was 8,042,246.-
Consolidated Income (Incl. Subsidiary
Gross revenue.
outside prod'eers
17,227
7,481
11,434
10,316
Fixed assets....
Prepaid
a
.
(per contra)
Deposits
a
52,569
304,054
Funds withheld fr.
outside produc'rs
Other
50,140
278,457
Deferred income
Cash withheld from
the corresponding period in
for the year ended March 31,
compared with 8,238,872,802 kwh. for the
decrease of 2.39%.
Statement of
x
234,818
72,265
....
Deposits payable.
38,705
.
1938,
87,367
payable..
stock
9.7
14.3
Corp.—Monthly Output—
1.859 045.160 kwh. for
13 62%
Total output
Net income
Res. for Fed. taxes
364,706
16.5
of the
057 kwb. as
y
250,000
16.5
Commonwealth & Southern Corp. System for the
1,555,402,000 cubic feet as compared with 1,304,606,000 cubic feet for March, 1938, an increase of 19.22%.
For the three
months ended March 31. 1939, the output was 4,907,253.700 cubic feet as
compared with 4,382.424.000 cubic feet for the corresponding penod in
1938, an increase of 11.98%.
Total output for the year ended March 31,
1939! was 15,017,451,800 cubic feet as compared with 15,225,432,600 cubic
feet for the year ended March 31, 1938, a decrease of 1.37%.
Electric output of the Commonwealth & Southern Corp. System for the
month of March was 735,409,020 kwh. as compared with 640,643,854 kwh
for March, 1938, an increase of 14.79%.
For the three months ended
March 31, 1939, the output was 2,112,168,717 kwh. as compared with
Cash div. on com.
•
583,496
Sundry rec. (after
res. of $54,572).
185,588
86.345
.C. Inc.
of March was
Gross income
Due to outside pro¬
Output—
1938
119,429,000
119,027,000
125,573,000
121,360,000
2420.
p.
output
Gas
month
6-year 4)4 % sink,
fund debs, due
sub.
for.
companies
148",
Commonwealth & Southern
550,000
bank.
ducers & parties.
Inventory
1
—V.
1,066,666
1,201,522
expenses..
Notes pay.,
139,100,000
138,623,000
137,718.000
J__ 138,728,000
-
1
l>rov
& ac~
pay.
rued
1,500
less,
by
fiiros)
$
703,095
outside
to
producers,
amort,
•
Accts.
1,585.119
Accts. receivable-.
Ad vs.
Dec. 25,*37
$
IAabllities—
,
Cash...
Notes
Dec. 31/38
Dec. 25,'37
1039
Week Ended—
April 22
Apr
15
April
8
April
1939
29
April
Chronicle
Volume
148
Financial
Income
Period End. Mar. 31—
of electric energy
Statement
(Mkw. hours)
Sales of gas (Mcu. ft.)—
Operating Revenues—
9-19,498
9,853,085
$
*
Registrar—
$
The Chase National Bank of the
City of New York has been appointed
registrar for the 434 % preferred, series B stock.
98,249.287
34,722,840
2,376.474
37,882,932 140,324,074
18,064,510
75,547,755
2,702,334
10,832,442
1,467,591
Operating expenses
Depreciation
Taxes
(incl. prov. for
-1938
3,294,598
33,784,501
26.693,280 100,855,696
10,214,350
34,097,496
975,302
5,370,883
38,789,134
18,171,784
3,481,095'
a
3,*27,583
33.442,383
*
From sales of elec.
energy 27,474,300
From sales of gas.
9,847,242
Other oper. revenues
Total oper. revenues.-
1939—12 Mos.
875,288
10,135,021
135,348,602
74,746,417
9,660,289
Federal income tax)
7,183,316
6,917,520
27,087,435
9,952,938
5,108,697
208,086
10,198,568
5,221,254
247,368
26,856,441
20,437,632
714,476
25,731,409
20,913,282
1,163,624
14,853,548
2,677,822
15,172,454
2,775,366
46,579,596
11,015,457
Over 98
45,481,067
10,482,259
Gross income.
Int. on long-term debt-Misc. int., amort, of dt.
disc.
A
&c
exp.,
107.739
147,236
576,840
12,249,852
34,987.300
10,944,281
Bal. avail, for divs.
a
2,166,585
Taxes
$446,481
$814,000
203
413
941
$1,181,285
3,021
$422,964
151,926
$446,894
155,639
$814,942
596,885
$1,184,306
622,555
983
141,301
499,994
5,273
512,187
$161,895 def$423,238
$44,291
retirem't of cap. assets
i
Interest deductions
23,554,369
8,818,493
x
1938
„
expenses
.
Maintenance
Uncollectible
'
accounts
Federal income taxes
Other taxes
Net oper. revs, before prov. for retirements
-
Non-operating income
80,586
458,431
1,827,734
$6,949,679
Dr22,826
$6,828,640
201,017
$6,926,854
1,921,916
$7,029,657
1,780,973
$5,004,937
2,046,988
$5,248,684
2,302,768
2,544,848
2,426,426
$413,101
$519,490
.
—
_
_
Gross income before prov. for retirements
Provision for retirements
.
——
—
.
.
Interest A other income charges of subs..
-
'A Gas Co.
.
Net income
——3
__
—
payable, $72,801; notes payable, $300,000; taxes accrued,
$72,069;
accrued, $100,547; miscellaneous accruals, $25,300; consumers'
deposits, $146,078; capital surplus at organization,
$3,382,118; paid-in
surplus, $6,378; deficit, $203,496; total, $12,860,806.—V.
147, p. 2264.
Consolidated
Oil
Called— ■"
Corporation announced that $750,000 principal amount of its
15-year
convertible 3^% sinking fund debentures, due
1951, have been drawn by
lot for redemption on June-1, 1939, at
102through operation of the
sinking fund. Payment will be made upon presentation of the debentures
at the corporate trust
department of the Chase National Bank in New
York.
The right to convert debentures will cease on June
1.—V. 148, p.
2118.
1937
$
$
1938
Liabilities—
a$6
'
Calendar Years—
Ac., (net). —100,317,506
Sin k
fundi*
Cash
partic. stock.
1 480,000
b Common stock
1 000,000
1,934,902
-
Accts. receivable
Appl'cesonrent.
1,401,463
3,282,971
112,334
3,431,060
Other receiv'les-
247,325
405,600
460,577
1,731,061
Inventories
1,480,000
1,000,000
1,872,305
Prepaid insur'ce,
taxes, int., Ac
149,115
117,938
Pf.
stk.
cap.
GasCo, bonds 45 227,100
bonds.. 30 ,994,200
Notes payable.3 ,316,418
45,356,100
Consol.
Elec.
A
Accts.
payable-
29,799,000
5,195,346
1,693,555
1 .745.493
debt
Int. accrued.
1 ,258,487
disc't
exp.
Taxes accrued-.
1 ,054,984
1,231,736
1,101,230
926,472
892,569
171,675
125.401
of subs
531,530
566,158
prop'ty
150,851
173,485
Other def. debits
268,851
92,509
Tmprovem'ts
leased
to
Cons'rs
Serv.
deposits
extension
deposits
Def. credit Items
TJncol.accts.res.
Contings.
divs.
on
.
862,921
229,229
416,862
"
393,945
cum.
pref.
stk. of asub-.-
Other
103,662
895,810
ex¬
tensionsUndeclared
103,212
.
183,460
res...
Contribs. for
reserves.
stklioldere
subs!
90,204
91,127
425,776
_
reserve
,
182,975
no par
Consolidated
Baltimore (&
109.684,5581
shares,
12,623
12,534
Total
—
...
109,118,727
109,684,5.8
Electric
Light
&
of
Surplus..
Earnings per share
capital stock
1939—3 Mos.—1938
$6,681,693
2,495,257
341,498
Total oper. revenue..
$9,518,447
Oper.
deprec.
exps.,
A
taxes.
7,298,337
Operating income
Other income
—
7,060,390
27,138,882
26,531,593
$2,220,111
1 163,110
$2,170,349
139,248
$7,705,855
744,493
$8,372,480
562,394
prem.
$2,383,220
$2,309,596
$8,450,348
disct,
A exp. on bds.,
A other deductions-..
'
$8,934,875
J
597,684
651,677
2,469,591
$1,657,919
$5,980,756
1,115,315
4,202,629
$6,318,500
1,115,315
4.202,629
stock
278,829
$328,433
$662,812
$4.17
_
Notes receivable—
y$0.32
1938
$
Liabilities—
$
Accounts payable.
372,351
542,678
938,217
Bonds maturing-Notes payable
42,000
42,000
57,7 63
2,449,581 Local taxes
910,225 .Federal taxes
8,235,224 Miscellaneous
3,778,861
crued
908,807
236,461
Non-current recelv
340,159
165,194
179,456
Total
221,353
yl14,565
257,994
216,982
ac¬
liabilities-
228,369
T..19,301,475 18,675,238 >
x After
deducting
$8,298,302 in 1937.
216,473
Deferred income..
901,399
„
591,600
258,865
217,099
6,000
Funded debt..... 3,715,000
3,358,000
Capital stock
10,000,000 10,000,000
Surplus
3,552,735
3,270,959
385,896
Patents
...
779,965
\
yl00,092
Reserves
depletion,
Deferred charges..
-
1937
$
$510,245
$593,062
961,463
124,544
2,323,900
904,593
x Plant A equip—
8,901,858
Real est. A flowage 3,841,431
Totai
19,301,475 18,575,238
for depreciation of $8,667,666 in 1938 and
Includes capital stock taxes —V. 146, p. 3009.
reserve
y
Consumers Power
Co.—Earnings—
Period End. Mar. 31—
'
■.
,
1939—Month—1938
1939—12 Mos.—1938
$3,312,950
$3,015,311 $37,725,993 $37,893,376
Oper. exp. and taxes...
1,728,191
1,546,900
19,922,471
19,625,865
Provision for deprec....
390,000
335,500
4,189,500
4,026,000
revenue.
Gross
income!...
$1,194,759
416,290
$1,132,911
388,742
$778,470
65,278
$744,170
285,427
65,278
$8,897,329
3,424,822
783,339
$9,834,507
3,413,375
783,339
$427,764
$393,464
$4,689,168
$5,637,793
Net income
Dividends/on pref. stock
Amort, of pref. stk. exp.
$4.46
Balance
5% preferred stock, series A,
are being notified that company
June 26, 1939, all of its 5% preferred
stock, series A, then
outstanding, by the payment to the respective holders thereof of the sum of
$110 in cash for each share of such stock, together with accrued
dividend to
said date of $1.1805 per share, viz., the si m of
$111.1805, including accrued
dividend, for each share.
Such redemption will be effected by payment of the
redemption price
upon presentation of certificates for such 5% preferred stock,
series A,
duly endorsed as for transfer, at company's office, Financial
Accounting
Department, 18th floor, Lexington Building, Lexington and Liberty
Streets,
Baltimore, Maryland, on June 26, 1939.
In case certificates for any 5% preferred
stock, series A, be not presented
for redemption on the date above specified, nevertheless
the dividends on
such preferred stock so called for
redemption and all other rights of the
holders thereof, except the right to receive the
redemption price, shall cease.
1937
$
Cash,
-V.
Preferred Stock Called—
on
Nil
285,428
$13,614,022 $14,241,511
4,716,693
4,407,003
$1,000,556
$1.18
$1.29
Holders of
will redeem
on
Int. A other fixed chgs..
1,050,657
z$ 1.75
$5,775,975
Consolidated Balance Sheet Dec. 31
2,616,375
Net income
$1,785,536
Divs. on pref. stock.278,829
Divs. on com. stock
1,050,657
Balance
$456,050
Earns, per share of com.
z$l .19
$5,014,243
For cash settlement of collateral notes of Abitibi Power A
Paper Co.,
Ltd.
b In accordance with Wisconsin income tax audit for
prior years.
x Adjustments
resulting from disposition'of facilities acquired for use in
connection with Thunder Bay Paper Co., Ltd.
y On 80,000 shares of capi¬
tal stock, $100 par.
z On 400,000 shares of capital
stock, $25 par.
Gross
Gross income
Int. A amort, of
$3,270,959
a
$9,230,739 $34,844,737 $34,904,074
_
1,985
$3,552,735
Tim berl ands—less
Steam heating oper. rev.
operating revenue.
122,321
Inventories..'-
Co.
$859,288
6,510,958
100,000
Investments.
Power
$861,732
5,775,975
income taxes
1938
—i.'
$1,743,283
5,014,243
Fed'l
Assets—
1939—12 Mos.—1938
$6,448,469 $25,218,021 $25,129,695
2,451,910
8,866,497
8,994,102
330,359
780,277
760,219
Gas
X471.792
"
in
Subs.)—Earnings—
Period End. Mar. 31—
Elec. oper.revenue
727~917
100,000
sur$281,776
3,270,959
for
258,853
b $1 par.—V. 148, p. 877.
Gas
$25,804
157,176
b Adjust, of deprec
Adjust; of Wisconsin inc.
taxes for prior years..
Accts. receivable.
a
21.921
$700,053 loss$114,914
343,336
275,026
2,000,000
res.
Previous surplus
Excess
Equity of minor,
Total ——109,118,727
6,339
debit
Deficit
Subsid.
1935
$671,598
490,559
96,245
30,825
6,245
5,363
1,560;050
Unamort.
A
Approp. for conting.
Miscellaneous
1,518,650
(& Subs.)—
1936
$600,903
588,425
94,278
21,412
Discount allowed—
a
of
subs
1937
$1,527,087
606,932
104,124
4,348
6,600
10,5,029
$477,901
196,125
Dividends paid in cash..
Stock dividend paid
b CI. A non-cum.
325.765
234,004
1938
Net income
18,297,300
100,995,971
& spec.
deposits-
$
cum.
18 ,297,300
/
Mfg. profit A other inc_. $1.434,239
Allow. for deprec. A depl
661,119
Interest on bonds, Ac
183,644
Int. on borrowed money
18,077
Bond expense.
6,616
Prov. for income taxes._
'86,881
1937
$
pref.
cap. stock.._
Corp.—Debentures
Consolidated Water Power & Paper Co,
Consolidated Balance Sheet Dec. 31
Assets—
debt, $8,080,985;
accounts
Note—The statements include the operations of all
subsidiary companies
Union Electrica de Canarias, S. A., and
Fixed cap., In vs. in
subs, not consol.
during
interest
except the Spanish subsidiaries,
Gas y Electricidad, S. A.
1938
had been impounded
$198; cash deposit held by trustees under the indentures for
sinking funds,
$21,244; cash, $250,218; accounts and notes receivable (net),
$295,732
indebtedness of officers and employees, $2,903; unbilled
gas revenue (net),
$38,213; material and supplies, $179,809; prepayments,
$14,934; total,
$12,860,806.
Liabilities—Common stock ($1 par), $878,026; funded
1937
79,642
385,538
1,856,949
1
$145,223
Including $165,325 funds released which
litigation, prior to Jan. 31, 1937.
Assets—Property, plant, equipment and leaseholds met), $11,213,196;
intangible assets, $838,496; investments, $5,862; cash deposit with
trustee,
$23,310,678 $23,906,385
12,784,337
13,476,398
*___
1,254,533
1,234,597
^
128,378
Balance Sheet Jan. 31, 1939
Consolidated Electric & Gas Co. (& Subs.)—
-Earnings
_
:
125,815
Net income
rate
136,800,000 kwh., compared with 121,600,000 kwh. for the
corresponding
week of 1938, an increase of
12.5%.—Y. 148, p. 2422.
revenues
$1,914,748 x$2,317,603
863,625
904,542
100,040
75,124
137,081
156,652
$422,761
Weekly Output—■
Operating
Operating
__
1939—12 Mos.—1938
Total income
.1
Prov. for deprec. A depl.
Loss on expired leases A
Consolidated Edison Co. of New York announced
production of the
electric plants of its system for the week
ending April 23/amounting to
Calendar Years—
share, plus accrued
Net earns, from opers.
Other income
10,809,386
24,043,019
9,425,720
2,208,366
1939—3 Mos.—1938
$729,224
$768,717
254,331
264,643
18,646
17,563
33,485
40,029
Maintenance
on
common stock
Incl. maint. exp. of—_
per
Consolidated Gas Utilities Corp.—
Earnings—
Period End. Jan. 31—
Operating revenues
Operation.
34.363,755
pref. stock.
April 26 at $110
dividends.—V. 148, p. 2421.
635,053
12,067,986
Net income...-...Divs. decl. on $5 cum.
% of Preferred Stock Exchanged—
At the expiration of the
exchange period it was announced by the company
that owners of its $22,306,300 or
5% preferred stock had exchanged 98.3%
of the
outstanding preferred, share for share, for the new issue of $22,306,300 of 4^% preferred stock.
The 5% preferred shares not exchanged
have been called for
redemption on
25 210,486
Operating income
Non-oper. revenue
Non-oper. rev. deduc'ns
2579
Holders of preferred stock, called for
redemption as stated above, may
obtain immediately the full
redemption price of such stock, namely,
$111.1805 per share, by presenting the certificates
therefor, duly endorsed
for transfer, at
company's office.
of Company Only
1939—3 Mos.—1938
Sales
Chronicle
148, p. 1953.
Container Corp. of
3 Mos. End. Mar. 31—
Net prof, after deprec.,
int. A taxes
America—Earnings—
1939
$24,199
1938
loss$53,198
1937
1936
$626,970
$179,303
During the first quarter working capital increased $289,727. In the same
period funded debt was reduced by $62,000, and expenditures totaling
$95,900 were made for improvements to plants and equipment.—V. 148,
p. 1953.
Continental Steel
Corp.—Earnings-
3 Months Ended March 31—
Net sales
—
x
Net profit
y
Earnings per share
x
After
all
deductions including
—V. 148, p.1165.
1939
$4,393,657
279,178
$1.18
Federal taxes
1938
1937
$2,750,211
55,208
$0.06*
y
On
$5,679,044
279,447
$1.17
common
stock.
.
Financial
2580
old stock is
Commission's order granting the application becomes
close of the trading session on May 2.—V. 148, p.
The
$24,043
23,625
40,311
operations
Profit from
Depletion
Interest paid or accrued (net)
Non-operating property expense.
disposal of assets __
Dec. 31. 1938
------
Loss from
Deficit
31, 1939..
Deficit March
$762,046
-
March 31,1939
Balance Sheet
Assets—Cash,
inventories,
$7,393,456.
Liabilities—Due bank, $1,369,895; accounts payable, Sec., $59,292;
accrued payrolls, $31,019; accrued property taxes, $103,323; accrued prop¬
erty taxes due 1940 to 1954, $241,973; capital stock (without par value;
63,500 shares authorized and outstanding), $6,350,000; deficit, $762,046
total, $7,393,456.—V. 148, p. 1025.
Earnings—
Copper Range Co. (& Suba.)1936
1937
$116,625; total,
1938
Calendar Years—
Sales of copper
costs
and
Selling and
$423,339
4,717
4,517
4,520
3,256
4,209
3,412
Net profit from bus co. operation
Excess of income over expenses from
income of
over
Douglass Copper Co
'
Dr2,948
12,240
16,141
rentals, &c.
of expenses
525,330
$247,200
$153,758
from co. stores, and sundry
income less costs and expenses—__
sales of timber,
3,987,254
587,755
520,736
operations--
Profit from copper
$4,935,923
4,789,011
3,199,970
depreciation)
administrative expenses._
Sales
Excess
$5,623,966
and copper products. _L$3,874,464
Cost of sales (incl. mine oper. exps.,
smelting taxes, freight, fabricating
$152,731
-
$286,787
$429,662
82,520
x$286,787
Range
allowed
and $447,-
Federal income tax payable on the income of Copper
Co. for the reason that in filing its 1937 tax return the company is
a deduction for depletion of mines amounting to $505,617 in 1938
498 in 1937 (of which $31,764 is the amount Claimed by company
Mine in 1938), based upon the March 1, 1913, value as
Treasury Department, which depletion charge is not
in expenses.
Notes—(1) The companies consolidated are Copper Range
Range Motor Bus Co., C. G. Hussey & Co., Inc., Douglass
St. Mary's Canal Mineral Land Co. and Champion Copper
three being inactive; also C. Q. Hussey & Co., Inc.
year
1937, and 1938 and Douglass Copper Co. not
Douglass Copper Co. is in process of dissolution.
The Copper
is not consolidated as at Dec. 31, 1936 and 1937, due to its being in process
of reorganization under Section 77-B of the Federal Bankruptcy
,
(2) No depletion has been provided on mines and lands,
and mineral rights and development, except for sales of timber in
1937 and 1938, as the book value of the properties is believed by
cers of the company to be less than the fair value of ore content and
timber.
While, theoretically, the discovery, acquisition, exploration
development costs of assets subject to depletion should be
charges against income so that the costs would be amortized over
production that might reasonably be expected from the
available data does not permit a calculation of depletion based on cost
which would be other than arbitrary.
for Globe
determined by the
included
Co., Copper
Copper Co.,
Co., the last
(inactive) for the
included in 1938. The
Range RR.
Act.
timber tracts,
1936,
the offi¬
standing
and
reduced by
the
properties, the
Consolidated Balance Sheet Dec.
1937
31
233,745
Marketable
272,665
6,705
Cash_
6,443
bonds
Accts.A notes rec.,
673,652
603,046
94,175
1,422,927
1,438,768
delivered.
Inventories
414,319
438,865
a2,531,501
2,534,835
Supplies
Mines & l'ds,
ber tracts,
tim¬
the years 1936 and 1937 as shown
are
vision for bond interest or amortization of bond
y Under the reorganization plan approved
Commission and completed as at June 30, 1938, the
the Oct. 1, 1934 and all succeeding interest coupons were
celed in exchange for non-cum. preferred and common
Balance Sheet Dec. 31
Liabilities—
1938
1937
Assets—
1938
$28,183
$162,041 Accounts payable.
Cash
J
$190,338
Accr'd liabilities.17,708
retired and can¬
stock.
Inv. in rd. & eq_
a
Other
contracts
payable...
1,009,948
61,484
84,683
50,615
195,185
162,425
d950
Accounts payable.
taxfes
& other exps...
15,974
14,230
Capital stock.__
8,586,506
liab. adjust.
236,428
Period End. Mar.
&munlc
State
$110,711
7,399
Gross income
$118,110
32,745
50
17,928
$107,703
32,749
Cf3,839
11,828
~$67,387
-
_
-
-
$66,965
29,164
-
'.
.:
interest—'(net)
deductions ______
Other
Net income..
Capital surplus—
Earned surplus.. _
1,458,428
2422.
548,133
pay.oncontr.
Corp.—Registers with SEC—
dn first page
Dallas Power &
Period End. Mar.
289,066
1,920
mtge.
on
i,711f073
3,670,931
396,882
$2,643,260
278,545
16,917
shares, less
payable only.'
Copperweld Steel Co.—Earnings—
March 31—
,
1939
$753,616.
5,451
$222,484
$217,639
60
305
534
$222,484
$217,699
$2,643,565
$2,555,426
„
bonds
46,667
38,606
560,000
481,450
630,375
322,203
46,667
42,412
:
income.........
$133,405
$132,426 •
preferred stocks for the
unpaid
period, whether paid or
-----
respective 12-month
2422.
"
for the
p.
Dallas Railway &
Period End. Mar.
1939—12 Afos—1938
$3,006,672
$3,072,183
2,323,884
256,592
$41,342
15,505
$40,542
15,505
$491,707
$25,837
1,458
$25,037
2,000
$305,644
21,098
$352,240
18,479
$27,295
23,515
1,959
$27,037
23,679
1,975
$326,742
282,226
25,387
$370,719
285,906
25,625
$1,383
$19,129
$59,188
the
103,901
103,901
$84,772
$44,713
Operating income..'..
Gross income
bonds
deductions
194,765
22,972
2,298,464
169,905
,
186,063
<
■f—
Net
x
$1,821
...
Dividends applicable to
900,000 shares, and au¬
50,000 shares of serial preferred stock, par value $50
In January of this year stockholders approved a two-for-one
income
preferred stock for
period, whether paid or
unpaid.
thorized creation of
share.
split-up of common.
'
Of present authorized common stock 431,714 shares are now
and are listed on the New York Curb Exchange.
The company, largest producer in the country of copper-covered
wire, has no mortgage debt or bonds outstanding.
T. G. Councilor, Comptroller of the company and Assistant to the
steel
Pres¬
ident, was elected to the board of directors. Other directors of the company
were reelected with the exception of William E. Cooper, who continues as
Assistant Secretary
share on new
stock, payable June 10 to holders of record June 1.
On March 10 the company paid a dividend of 40 cents per share on com.
which has since been split-up two-for-one.
In 1938 dividends on the
stock were paid as follows: March 10, 50 cents; June 10, 30 cents; Sept.
30 cents; Dec. 10, 30 cents.—Y. 148, p. 1320.
common
old
10,
Cuba Cq.—Delisting—
The Securities and Exchange Commission announced April 26 that it
had granted the application of the New York Stock Exchange to strike from
listing and registration the no par value common stock of the company.
that the Committee on
Balance, deficit
x
outstanding
Stock
accumulated and unpaid to March 31, 1939,
Latest dividend amounting tp $1.75 a share on
Nov. 1, 1933.
Dividends on this stock are
1802.
Dividends
$562,797.
was
paid
V. 148, p.
148.
$258,279
Other income
mtge.
this statement.—V.
•
$263,593
200,191
22,060
Net oper. revenues
Other
507,386
' •
Terminal Co.—Earnings-
Rent for lease of plant..
on
periods covered by
1939-*-Month—1938
31—
Operating revenues_ _ _ _
Oper. exps., incl. taxes . _
Prop, retire't res. approp
their
stated, among other things,
.
507,386
....
......
Director—Dividend—
provide for future capital needs of the company, stockholders at
annual meeting on April 26 voted an increase in authorized common stock,
To
and Assistant Treasurer.
declared a quarterly dividend of 20 cents per
$1,602,115 $1,602,848
x
Int.
from 600,000 shares to
$2,554,892
3,381,541
594,068
$1,094,729 $1,095,462
Includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additional amortization of $37,000
and $32,500 for the respective one-month periods and $415,500 and $259,500
1938
Federal & State inc. taxes x$200,236
$131,458
x Equal to 46 cents per share on 431,714 shares of outstanding common
stock which was split up on a two-for-one basis in January of this year.
On March 10, 1939 a dividend of 20 cents per share was paid pn the
split-up common stock.
After payment of this dividend there was earned
surplus for the quarter of $113,894, bringing total earned surplus to
Net income after deprec.,
$6,535,952
*
Other int. & deductions
Balance
1.11,839,457 11,858,653
/
».
1939—12 Mos.—1938
1939—Month—1938
$513,470
$513,101
31—
Net oper. revenues
Other income
,
pref., at cost, $417,600.
Copper
RR. Co.: 11,585
14,3923^ shares common
companies at cost or
Stock Increased—New
of this department.
Light Co.—Earnings—
Operating revenues .1
Oper. exps., incl. taxes . _
Prop. retire'tre6. approp
Accidept res. approp
Net
Total
the $7
31.
July 1,
$16.75
Gross income.
37,330
'
Dividend—
Curtis Publishing Co.—Preferred
.
on Apr. 26 voted a dividend of 50 cents per share on
cumulative preferred stock, payable July 1 to holders of record May
Dividends of 25 cents were paid on April 1 last and on Oct. 1 and
1938.
After payment of current dividend accruals will amount to
per share.—V. 148, p. 1953.
Directors
1,287,058
,•527,929
31,404
4.061
29,164
Pref. div. requirements.
—V. 148, p.
1939—12 Mos.—1938
$4,644,337 $4,723,138
2,575,171 2,740,895
377,147
367.057
45,964
38.450
295,460
322,550
$1,350,595 $1,254,186
73,551
56.190
$1,424,146 $1,310,376
392,965
401,618
18
Cr 19,339
172,683
174,502
$858,480
$7.53,595
347,396
303,633
$101,649
6,054
income
Bond interest
Other
Corp.]
30,411
4.243
24,086
,
$1,347,477
Co.—Earnings—
$378,135
217 ,746
25,920
taxes..__
taxes..'..
inc.) taxes.__
Net oper.
Power & Light
$393,919
221,823
Non-oper. income (net).
958,281
11,839,457 11,858,653
The application
257,344
...--.-.-$3,348,460 $3,404,517
Cumberland Securities
Social security
Fed. (incl.
Total
$1,316,503 in 1938 and
1939—Month—1938
31—-
Operating revenues
Operating expenses
1,085,891
944,425
50,212
Directors have
955,000
11,141
8,586,509
Adv.
c
Copper District Power Co.; 9,000 shares $3 cum.
17,400 snares common, at cost, $650,104.
Range
shares 5%
non-cum. pref, stock, $1,014,877;
stock, $427,987* and sundry investments in other
nominal values, $20,933.
b After reserves for depreciation,
c Represented by 565,000
49 3-5 shares in treasury ^2.924 in 1937).
d Contract
—V. 146, p. 2533.
per
•
955,000
Cap.
depreciation of
2527.
Dividends applicable to
value $5 per share,
2,100,000
par) 2,100,000
Earned surplus...
[Including
Int.
a
par
pref.
($50 par)
10,398
Cumberland County
'.
Notes &
,
for
(Curtis B.) Dall
equip, of
3 Months Ended
stock ($100
Com. stk.
;$3,348,460 $3,404,517
After reserve
1937.—V. 147, P.
in
x
Other assets
5% non-cum.
11,304
5,493
debits
Total
4,376,717
4,457,847
Co. division.
93,682
3,058,887
assets.9,098
See list given
C. G. Hussey &
■Total
lnv'y
Mat'l & sup.
1937
$78,988
13,183
68,203
24,253
101,169
3,018,109
receivable.-
Acc'ts
$
& mach'y
mines, &c
retired
preferred and common stock.
above
before any pro¬
discount.
by the Interstate Commerce
1st mtge. bonds with
exchange for non-cum.
in
The results for
1,125,000
at smelter and
b Plant &
of disct. on
canceled
and
min'l
rights & devel's.
b Bldgs.
.......
Accrd. wages,
Copper sold & not
Investments
Bank loans.
105,810
less reserve.....
x$33,223 xprof$9,909
2,128
4,762
y$3,632
11,033
__T
exel. of bond int,
......
x$31,096 xinc $5,147
bonds
y$14,665
reorganization plan approved by the Interstate Commerce
Commission and substantially completed as at Dec. 31, 1937, the 1st mtge.
bonds with the Oct. 1, 1934 and all succeeding interest coupons are
1937
*
993,000
Liabilities—•
$
'$
'
.1938
1938
•
charges
the year
applicable to prior years
& amort,
$347,143
272,211
There is no
Assets—
$22,725
1,931
14,746
Under the
x
capital..-
j,
def$18,614
2,913
17,522
Net deficit for year
a
$152,731
income taxes._
Provision for Pa. & Federal taxes
.
Adjustments
$428,167
C'r 1,496
$267,984
C'rl8,803
$177,521
24,789
income,.
Net income, before
x
$32,822
10,097
13,861
....
Non-operating expenses less
Dividend paid from
def$4,752
and other income.
paid and other
Net loss for
Unadjusted
Dmi
257,386
Operating income
Rents received
Rents
$7,217; accounts receivable (less reserves), $169,392;
$247,763; plants properties, &c., $6,852,460; deferred charges,
accruals
$290,208
310,219
$9,890
2,770
16,292
operating profit
Net
$305,466
$25,237
15,346
operating revenues
Total operating expenses
Total
Railway tax
1936
1937
1938^
$307,102
281,865
Calendar Years—
operations—
Loss from
1474.
RR.—Earnings—
Copper Range
Depreciation
$39,893
19,756
5,323
66,714
630,360
for which the
the Exchange.
effective at the
the new $1 par value common stock,
exchangeable, should not be admitted to listing on
determined that
List
Lumber Co.—Earnings—
Earnings for the 3 Months Ended March 31,1939
Coos Bay
April 29, 1939
Chronicle
$538,303
186,063
amounted to
7%pref.stock
cumulative.—
on
Dayton Rubber
Mfg. Co.—Common
Dividend—
per share on the
record May 10. An initial
148, p. 2422.
April 26 declared a dividend of 50 cents
stock, payable May 20 to holders of
dividend of like amount was paid on Oct. 27 last.—V.
Directors on
common
Dayton Union
Ry.—Plans to Market
$3,900,000 Bonds—
the Interstate Commerce Commission for
slightly over four miles of railway track in Dayton,
Ohio, now owned by Baltimore & Ohio, Pennsylvania and New York
tral.
The applicant said it was considered desirable to concentrate the
ownership of the facilities in one company and that this arrangement would
provide better service to the public and would simplify
In connection with the acquisitions, the company proposed the issuance
of 10,590 shares of capital stock and $3,900,000 of general mortgage bonds,
The company
has applied to
authority to acquire
Cen¬
operations.
series A.
.
Volume
148
Financial
Chronicle
Of the new shares
proposed to be issued, 3,210 would be issued ifi equal
proportions to the three systems to replace the
present outstanding 7 %
capital stock held by them, which would be canceled. The balance of the
2581
Derby Oil & Refining Corp.—Earnings—
Earnings of Derby Oil Co. (Parent Company Non-Operating)
stock would be issued to the three lines in
partial settlement for prop¬
erty transferred and advances made
by them to the Dayton company.
►" The new bonds would be sold and
Calendar Years—
Net sales.
Cost of sales
bursement of the Dayton company's
treasury for expenditures made for
Selling &
new
proceeds applied to the repayment of
advances made by the three lines and the Erie for
the original construction
and additions and
betterments; in payment for properties acquired; in reim¬
additions and
proved
mail
betterments, and
and
express
to
provide funds for construction
'
Inc. before depl.,
company to
397,005
$1,621,686
287,452
132,288
$2,429,759
659,187
492,873
$1,754,405
53,572
def45,907
5,846,558
'.1,669,287
1,184,714
4,944,633
689,601
218,884
6,487,836
1,438,881
950,517
6,026,206
797,924
517,272
560,682
railway.
Net after rents.
—V. 148, p. 2121.
•
Delaware Lackawanna & Western RR.1939
From Jan. 1—
Gross from railway..
Net from railway
1938
$4,111,153
859,341
347,003
Gross from railway
$3,775,966
822,089
368,082
11,794,332
2,401,187
939,437
Net after rents
1937
$4,616,625
1,218,274
802,222
10,466,581
1,817,068
468,893
1938
12,426,924
2,745,046
1,523,649
75.591
410,470
income
10,129.391
215,211
841,577
26,715
238,948
920,701
450,900
.....
4,015,100
6,503,865
659,246
8,800,742
182,735
1,012,407
235,137
744,533
63,136
172,334
29,421
$541,069
$614,190
$456,740
$427,097
$252,774
$67,094
27,158
Cr62,973
before
pro¬
Dr 152
274
191
58
»
def$164,358
$426,823
$252,583
$67,036
Consolidated Balance Sheet Dec. 31, 1938
hand, $323,833; note receivable, $2,400;
accounts
receivable, $219,419; inventories, $433,219; fixed assets (net),
$3,214,736: deferred charges, $27,779; total, $4,221,387.
Liabilities—Accounts payable, $314,890; notes payable (maturing within
one
year), $210,500; accrued payrolls, commissions, interest, taxes, &c.,
$84,016; provision for social security taxes, $7,032: provision for Federal
income tax, $7,425: notes payable
(maturing subsequent to one year),
$31,500; deferred refining royalties (payable if and when oil is processed in
cracking stills), $60,000; minority interest (The Derby Oil Co.), $3,082:
$4 dividend cumulative preferred stock (18,849 shares at stated value of
$38.70 per share), $729,456: common stock (263,142 shares at
average
stated value of $7.89 per
share), $2,076,192; certificates of deposit out¬
standing, $168: capital, surplus $329,10$: earned surplus (since Jan. 1,
1936), $368,037; total, $4,221,387.—V. 147. p. 3454.
Report1935
378,458
4,757,721
7,785,324
72,802
25.382
minority int.loss$164,510
335,199
'
Gross from
2,491,669
4,861,413
601,383
7,140,623
127,226
1939
Gross from railway
Net from railway..
Net after rents.
50,663
.
1938
1937
1936
$54,216
5,589
1,484
railway..__l
Net from railway......
Net after rents...
From Jan. 1—
963,815
on
Detroit & Mackinac Ry .—Earnings—
■*..
March—
3,179,025
5,971,298
769,234
8,792,850
76,321
79,327
7,425
in
corporation..
Operating Expenses—
Transp. for invest.
$523,835
141,212
222,971
Assets—-Cash in banks and
11,933,184
1,948,360
928,497
1936
1937
366,785
....
$866,964
129,775
239,279
100,779
274,164
Net profit accruing to
$3,667,635
431,399
89,352
Total oper. revenues.. $23,404,171 $26,781,992 $25,599,309
$20,936,609
Transportation
$968,167
133,838
278,370
$309,803
Proportion applicable to
minority interest.....
-
Miscell. operations
General
$448,553
75,282
476.306
1936
Freight.......
$20,749,893 $23,845,818 $22,922,897 $18,464,273
Passenger..
1,436,506
1,596,035
1,469,462
1,302,369
Mail, express, &c711,282
756,160
695,403
734,935
Dining, hotel, &c
139,704
173,509
133,089
99,832
_.
81.014
$474,313
Net
Income Account for Calendar Years
Maint. of way & struc—
Maint. of equipment.
Traffic
$785,950
adjustment of disputedL
royalties
j.
Earnings—
Denver & Rio Grande Western RR.—Annual
Miscellaneous
$885,845
82,322
56,216
&c.
Extraordinary credit
—V. 148, p. 1951.
Operating Revenues—
$253,587
Prov. for Fed. inc. taxes
vision for
Net from railway
Net after rents.
$901,436
452,883
,
,
March—
$1,262,256
Surrendered leaseholds &
non-prod, developm't
1 936
.
JNet from
$1,360,575
474,730
rentals
19 37
$1,972,867
From Jan
1—
Gross from railway.....
Depletion
Depreciation
RR.—Earnings—
1938
Net from railway
Net after rents...
$692,836
439,249
admin
gen.
Gross profit
Miscell. revenue (net)..
1939
Grossfrom railway......
1935
$3,567,396
2,665,960
Undeveloped leasehold
Delaware & Hudson
March—
1936
$4,033,729
2,771,473
Gross profit
Deere & Co.—New Director—
W. H. Stentz of St. Louis has been elected a directof of this
succeed the late W. W. Alexander.—V.
148. p. 878.
1937
$4,762,601
3,402.026
of im¬
*
facilities.
1938
$4,053,618
3,360,782
$59,526
9,830
2,297
$73,051
20,983
13,007
$46,901
1,956
def4,967
164,034
24,048
3,156
152,511
8,903
deflO.787
189,587
41,663
18,054
-
125,642
def7,187
def23,600
—V. 148, p. 1954.
Total oper. expenses..$19,742,480 $24,125,717 $20,938,958 $16,135,468
revenue from oper..
3,661,691
2,656,275
4,660,351 « 4,801,141
Tax accruals
2,623,602
2,179,586
Denver & Rio Grande Western RR.—
Earnings—
Net
2,247,427
$476,688
$1,038,089
Non-Operating Income—
Hire of frt.. cars—rec'ts.
780,458
Rent from equipment
123,429
Joint facil. rent income.
519,877
Miscell. rent income
102,946
Misc. non-op. phys. prop
213
Income from funded sec.
52,455
Income
from
$2,412,924
$3,017,142
1,138,768
186,260
515,885
935,948
179,909
503,168
88,395
861,661
.103,635
89,530
213
84,579
Total oper. income—
1,784,000
78,664
March—
Gross from railway.
Net from railway.
Net after rents
.
"
427
unfunded
Total non-oper.inc—
I" i
4,418
166,503
1,352
.
_.
Gross income—
1/*f 1fIfJTLV
4,815
145,241
2,496
$1,731,930
2,770,018
5,668
165,146
1,607
$2,187,508
$1,958,934
4,371,858
2,664,196
751
Hire of frt. cars—paymts
Rent for equipment
:
1,297,161
835,654
247,435,
1,041
Miscellaneous rents
Int.
on
bds.,ctfe. &mtge
Int.
on
unfunded debt...
Amort, of disc,
debt
on
1,617,341
167,753
815,843
247,437
157,908
„
3,514,219
x2,369,244
1,580,946
117,553
763,636
247,440
5,844
1,619
Net deficit.
$5,660,106
March—
58,683
739,364
247,434
Net from railway
Net after rents
342
3,614,138
x2,093,489
5,362,290
366,079
755
12,498
$5,945,944
$4,046,440
$3,268,799
March—
1938
in
1937
3
Assets—-
$
road
on
212,867,499
leased
Stock
ry. property-.
443,286
'
438,780
Deposits in lieu
of mtgd. prop¬
liabil.
37.875
37,874
•
62,457,539
16,433,200
1937
••
$
62,457,539
16,432,800
16
2
12,400
Asscts—
Cash
157,877
134,832
16.037,978
$45,542
construction
1,090,461
_
Loans & bills pay
Investments.....
803,025
898,525
3,760,644
3,763,650
Loans & bills rec
61,530
92,130
y
1,295,563
2,672,610
113,951
98,905
Misc. accts. pay.
962,259
Int. mat'd unpd. 23,561.470
Fund, debt ma¬
18,157,641
Total..,
from agents &
conductors
Misc. accts.
x
585,625
wages payable
112,847
109,899
—
tured unpaid.
6,030
562,594
$1,116,554
Represented by 5,000
shares.—V. 148, p. 2264.
z
Gross sales.
_
Cost of sales
46,143,000
1,094,795
46,143,000
1,074,504
23,520
22,338
rec.
1 073,776
1,105,513
Unmat. int. accr
3 640,060
4,653,204
Unmatured rents
508,942
363,702
145,363
25,000
pf.»stl".
.
,
366,548
.......
y
■
25,000
75,000
75,000
1,473,446
1,721,963
$1,116,554
Total
shares,
2,490,000
$944,067
Represented by 75,000
no par
*
Co.—Earnings—
1938
1937
/, 1936
$8,597,531 $13,405,822 $14,435,591
7,604,086
11,606,656
12,259.919
1935
$9,956,672
8,412,634
25,789
358,584
$944,067
no par
Diamond T Motor Car
Calendar Years—
643,614
Mat'l & Supplies
$6 cum.
Common stock..
Deficit
Aud. accts. and
car
$70,000
5J4s, due
Aug. 1, 1947-..$2,490,000
808,964
car serv.
bals. payable
rec.
Apr. 8 *38
by collateral,
Int. pay, on debs.
Traf. &
_
Balance Sheet—<•
Mar,;. 31 *39
Loans pay., secur.
x
1,386,679
bals. rec.
Liabilities—
'38
$313,529
1,168,858
710,053
395,756
773,642
436,413
Investors Corp.-
Mar. 31'39 Apr. 8
deposit..
on
84,169,976
1,784,740
and
1954.
1,225,489
143,539
12.800
85,429,410
337,018
serv.
503,568
218,231
'
'
un¬
matured.....
358,298
Traffic
739,002
355,841
1936
$355,344
201,195
102,059
20-year
Special depos.
Net balances
p.
1937
$474,441
307,666
182,414
,
Grants in aid of
i#3,439
Cash
x
148,
Earnings—
.
$237,415
104,485
35,939
1,006,227
•From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
1938
$325,466
157,839
60,823
for
.....
Funded debt
erty sold
330,761
2,245,544
1,272,454
912,333
conversion, pf
stock..
Miscell. physical
property
Inv.in affil.cos.
Preferred stock.
330,584
2,447,344
1,387,921
945,176
Domestic & Foreign
$
Common stock!
& equipment .214 ,937,174
Impt.
1938
Liabilities—
,75,245
1,384,372
516,389
315,279
1939
Gross from railway
Net from railway
General Balance Sheet Dec. 31
Invest,
$805,721
459,094
483,209
146, p. 1954.
Net after rents..
631
1,126
1936
$843,005
Detroit & Toledo Shore Line RR.
473
3,505,617
x2,254,037
1937
$105,004
134,056
1,798,828
891,810
614,569
..
1938
$525,219
226,875
150,075
From Jan. 1—
Gross from railway
—V.
RR.—Earnings—
1939
Net after rents
1,263,392
Includes $1,652,190 interest on underlying bonds matured
Unpaid.
x
5.277.646
952,685
345,354
Gross from railway
Net from railway
$1,764,276
4,781,418
355
•;
6,201,239
807,527
103,455
13.929
Detroit Toledo & Ironton
7,591
152,381
1,477
fund.
Misc. income charges.__
4,860,881
523,998
def293,376
_
—V. 148, p.1954.
50,640
mi
Joint facility rents
Rent for leased roads
1936
$1,764,995
252,551
28,347
Net from railway
•
securities & accounts.
1937
$2,133,379
194,905
def46,393
Net after rents
,
Dividend income
Miscellaneous income.
1938
$1,667,636
196,253
def79,779
5,230,661
747,473
....
From Jan. 1—
Gross from rail way.
496,977
89,161
1939
$1,782,919
155,991
def87,511
_....
Int. & divs.
rec.
7,325
accrued......
Other curr. liabs
Work. fd. advs.
5,764
8,784
Def'd liabilities.
Other def. assets
43,918
131,656
Other
curr .assets
Rents
insur.
&
prem.
26,163
on
3.846
3,460
49,632
57,117
9 951,833
9,216,823
Profit & loss def.
Other unad j .cred
Add'rm
Oth. unadjusted
debits
to
250,001,237 248.562,8951
Total
Total
9,117,793
8,303,289
Depreciation
Taxes (other than Fed¬
eral income)
March—
Sell.,
360,052
16,884,414
416,099
10,924.876
gen.
Provision
& adm.
for
exps..
Ry.— -Earnings—
1938
1937
$110,697
11.728
$217,273
49,044
57,931
Gross from railway
Net from railway
585,888
163,245
472,224
842,634
87.218
331.292
Net after rents..
194,901
129,816
337.293
788.639
318,836
360,875
def 3,743
1936
1—
—V. 148, p. 1954.
$1,548,046
4,808
13,621
See
a
1,010,506
1,316,884
for
Fed.
Net income
x
13,294
'43,566
,
973,309
2,551
loss$10,118
15,034
$491,943
28,530
$870,120
43,756
$496,896
31,281
$4,916
3,277
inc.
$520,473
1,889
$913,876
6,990
$528,177
10,533
486
75,523
138,097
71.802
1,755
48,031
$1,154
$441,307
105,315
410",629
.$720,759
6,852
y416,257
and
excess profits taxes
Prov. for Fed. surtax
undistributed
34,958
48,290
1,205,294
3,617
Total income
$195,156
27,938
37,304
after rents
$2,184,108
7,725
14,104
$1,544,039
doubtful
Other income.
Prov.
1939
From Jan.
4,008
$1,808,827
notes and accounts
250,001,237 248.562,895
$161,031
10,442
25,521
Net
8,436
Rents
Other deductions
Gross from railway
Net from railway
$2,175,673
9,661
$1,000,388
_
1,894,493
x 1938 includes ccarriers and employees' tax under Railroad
Retirement
Act and proceeds from sale of mortgaged property.
1937 also includes
partial proceeds equipment trust, series D.—V. 148, p. 1954.
Denver & Salt Lake
$1,799,166
6,943
11,559,521
prop,
surplus
$993,445
sales of
1,569,821
through inc. &
funded
on
12,484,151
equipment
debt
Total..
liability...
profit
used trucks
Maintenance and repairs
Accrued deprec.,
paid in
advance
Disc,
Tax
Gross profit
Gross
on
profits.
...
Preferred dividends—
Common dividends
$445,843
11,746
129.994
„
x Preferred stock retired May 1, 1936. y Includes dividends of $211,656
paid on $2 par stock, z New trucks and service parts, less discounts, re¬
allowances, Federal excise and State sales taxes,
a Depreciation
turns,
/
Financial
2582
and selling, general and
included in cost of sales
$85,232.
amounted to
administrative expenses
\
1938
1939
trucks and service parts, less
allowances. Federal excise &
Gross sales of new
'
$288,196
2,426
loss$21,735
$55,802
.
•$221,315
$52,317
3.486
of used trucks
$219,958
1,357
$290,622
238,306
.
Gross profit on sales
loss$18,604
1,253
Profit
Other income:
Interest and financing.
Profit.
Net profit
243.050
3,131
207
Interest paid
9,300
Federal income taxes.
Provision for
for period
loss$l9,857
$46,296
..
Comparative Balance Sheet Dec. Si
customers
Accts. rec.,
"2,914
1,200,327
78,397
1;726,079
others.
Inventories
on
5,433
to suppliers
Security
126,301
2
2
28,325
anty expense
Com.8tock (par $2)
5,091
5,022
$3,661,182
1639.
1,315,010
842,518
842,518
Capital surplus
equip, (net).... 1,263,266
Patents and trade¬
4,961
marks.
—V. 148, P.
2,439
Res .for truck guar¬
plant &
1,185,839'
1,185,839
Earned surplus.__
1,170,176
1,274,337
4,961
$4,367,318'
.$3,661,182 $4,367,318
Total.
\
Douglas Aircraft Co.,
,■
k,
Inc.—New Directors—
succeeding the late Harry H. Wetzel and Beeves
resigned some time ago.—V. 147, p. 3157.
of the company,
who
Taylor,
$105,929
def403,426
def444,116
433,011
275.980
346,085
df1,328,865 df1,258,973 dfl,313,154
,df1,689,498 dfl,413,965 dfl,989,615
Net from railway
306,438
dfl,181,017
dfl,301,628
.
Net after rents.-
.
...
$115,356
def830,218
def395,682
Net from railway—
Net after rents.,.
1939
from railway.
-Earnings1937
1938
1936
.
$187,888
$141,563
def25,904
def42,189
$157,036
10,866
defl 1,006
$246,001
75,492
52,569
32,564
389,107
def65,192
defl 16,394
415,549
def56,102
defll8,471
602,570
506,788
46,763
4,236
.
Net from railway
Net after rents.
18.775
1—
Gross from railway—
Net from railway
-
Net after rents
—V. 148, p.
..
1954.
110,534
39,480
"
Duluth Winnipeg
& Pacific Ry.
1939
March—
-Earnings-
1938
$99,325
$101,707
2,465
def23,524
Net after rents.
defl7,604
332,912
44,086
def25,918
Gross from railway
Net from railway—...
$149,817
48,249
def50,066
8,389
1936
1937
,
„
.18,881
$112,392
20,509
defl,603
From Jan. I—
Gross from railway
Net from railway.
Net after rents
—V.
148, p.
309,845
31,751
386,941
92,787
14,037
379,894
95,038
19,307
1954.
DuMont
Laboratories
Inc.—Debentures
"Offered—Lehman Brothers and Hemphill, Noyes & Co.,
principal underwriters of $750,000 10-year convertible 5%
notes, are making public offering at 100 of that portion of the
notes to which stockholders have waived rights, totaling
$453,900.
The underwriters have been assigned $500,000
of the $750,000.,
.
On April 24 Lehman Brothers offered $363,100 of the notes
and .on April 25 Hemphill, Noyes & Co. offered $90,800.
Lehman Brothers are underwriters of $400,000 and Hemphill,
(Allen
B.)
„
are
underwriters of $100,000 of the notes.
According to the prospectus, Paramount Pictures, Inc., which has a 50%
ownership in the company, on April 27 exercised options which it held to
purchase 42,000 additional shares of class B common stock and simultane¬
ously made loans aggregating $108,009.
Dated as of May 1, 1939; due May 1, 1949.
Interest payable M. & N.
Until May 1, 1942, interest payable only to the extent earned; thereafter
interest payable unconditionally.
Coupbn notes in denom. of $100, $500
-•
Bedeemable at any time as a
in part by lot either
of the sinking fund,
1942 at 120%; there¬
after and prior to May 1, 1944 at 110%; thereafter and prior to May 1.
1945 at 108%: thereafter and prior to May 1, 1946 at 106%; thereafter
and prior to May 1, 1947 at 104%; thereafter and prior to May 1, 1948 at
102%, and thereafter up to maturity at 100%; in every case with accrued
and
Outstanding
$16,000
$16,000
\I'ZnR
36,000
1.200 shs.
56,000 shs.
14,000 shs.
By amendment to certificate of incorporation, company's
capital stock was changed to 1,200 shares of preferred stock
all of which were issued and outstanding, 56,000 shares of class
A common
750,000
authorized
(par $25),
and
(par $1), of which 55,148 shares were issued and outstanding,
56,000 shares of class B common stock (par $1).
'
Thereupon, pursuant to the agreement , Paramount subscribed for
shares of class B common stock at par and loaned the company $36,000,
stock
for which the company
note of
delivered to Paramount its
$36,000, maturing July
and additional interest at the rate
and interest at the rate of 4% per
after maturity,
«
Options granted give to
negotiable promissory
at the rate of
1, 1948, and bearing interest
•
Paramount the right, at its election,
to subscribe
class B
$1 per share for an additional 14,000 shares of the company's
common stock at any time on or before July 1, 1939, and for an additional
at
14,000 shares of the company's class B common stock at any time on or
1, 1940, and for an additional 14,000 shares of the company's
stock at any time on or before July 1, 1941, except that,
in the event that Paramount should fail to exercise either of the first two
class B common
options,
the subsequent one or ones thereupon
lend to the company the sum
would terminate.
Para¬
of $36,000 simultaneously
such option, forwhich loan Paramount is entitled
to receive a note similar in its terms, except as to date of issue, to the one
issued for the loan actually made.
It was further provided that options
should not be assignable by Paramount and should continue to be in force
only so long as Paramount should be the holder of the shares of the class B
common stock and of the notes acquired by Paramount pursuant to options.
Thereafter 852 shares of class A common stock were issued to employees
of the company for cash at the par value thereof, making a total of 56,000
shares of such stock now outstanding.
By a certificate of amendment filed April 4, 1939, authorized class A
common stock was increased from 56,000 shares (par $1) to 112,000 shares
(par $1)..
Underwriting—Lehman Brothers and Hemphill, Noyes & Co. are the
principal underwriters.
The principal underwriters have severally agreed
to purchase from the company the respective percentages of any 10-year
convertible notes which shall not have been subscribed for by stockholders,
as follows: Lehman Brothers, 80%; Hemphill, Noyes & Co., 20%, provided,
however, that under no circumstances shall either principal underwriter be
obligated to purchase more than the percentage set opposite its name above
of $500,000 of 10-year convertible notes.
•
■
' ' ' , "
The price payable by the principal underwriters to the company for the
convertible notes purchased by them will be 96 M % •J Company has agreed
to issue to each of the principal underwriters transferable options or war¬
rants to purchase at $25 per share its proportionate part of an aggregate
of 7,500 shares of class A common stock, plus an additional three-quarters
of a share for each $100 10-year convertible notes subscribed for by stock¬
holders, but not to exceed an aggregate of 9,375 such shares.
Purpose—Proceeds will be used to pay outstanding notes and bonds and
the balance will be applied toward carrying out a program for increased
production.—V. 148, p. 2122.
*•„ ■
(E. I.) du Pont de Nemours &
interest.
Convertible, unless previously redeemed, at option of holders, into shares
$25 principal amount of notes
price adjusted
of class A common stock of the company at
for each share of class A common stock, or at the conversion
provided in the indenture.
Sinking fund, payable on or before March 15, 1942 and each March 15
thereafter to and incl. March 15, 1948, of an amount equal to 15% of the
net profits of the company during the preceding calendar year; sinking fund
payments may be made in cash or notes.
Bights to Stockholders—Holders of record at the close of business on April
22 of the outstanding shares of class A and class B common stock were
offered pro rata rights to subscribe to the $750,000 notes.
Each such record
holder of common stock, for each share of such stock so held, was granted
the right to subscribe to $6.6964 of notes at 100%.
Rights to subscribe
expired at 3 p. m. (EST) on April 28.
Business and Property—Company is principally engaged in the develop¬
ment, manufacture and sale of cathode ray tubes.
Briefly stated, the
cathode ray tube transposes electrical impulses into picture or pattern form.
When impulses are applied to deflecting elements in the tube, a ray is caused
to fluctuate in direction, indicating on the fluorescent face of the tube the
picture or pattern which can be viewed or measured.
Laboratory work in
connection with the tube has been carried on by the company since its in¬
corporation, Oct. 21, 1935, and various commercial uses nave been devel¬
oped from time to time.
Cathode ray tubes are also manufactured by
various other companies which are in competition with the company in
as
that field.
cathode ray tube is in the transmission and recep¬
Company holds an experimental television broad¬
cast license, issued Feb. 17, 1939, authorizing it to operate between mid¬
night and 9 a. m. (EST) a transmitting station located at its plant at Passaic,
N. J., using the call letters W2XVT.
This license expires by its terms
One of the uses of the
tion of television signals.
1938
1939
allowances, outward freight,
$52,094,385
&c.) and other operating revenues... — ______$66,641,738
32,787,646
Cost of goods sold and operating charges
38,811,792
7,885,994
Selling, general and administrative expenses
_
9,304,093
4,309,081
Provision for depreciation and obsolescence...—
4,721,136
Sales (net of returns,
Income from
Inc. from inv. in controlled cos. not
wholly woned
Income from miscellaneous investments
Profit on securities (net)
Inc. rec. from invest, in
,
General Motors Corp....
107,308
65,000
37,289
65,000
352,014
24,544.
7,500,000
.
•
222,046
110,389
.2,447,383
__.___$21,783,564 $10,063,790
13,188
13,188
2,695,000
990,000
Total income
Interest on outstanding
$7,111,664
...___"_-$13,804,717
operations
....
securities
Income from marketable
$1,000, registerable as to principal.
whole, at option of company, or from time to time
'at the option of the company or through operations
on at least 30 days' published notice, prior to May 1,
Co. (& Subs.)- -Earnings
3 Months Ended March 31—
.
Noyes & Co.
Authorized
with the exercise of each
Duluth South Shore & Atlantic Ry
From Jan.
Capitalization of Company
mount is obliged to
148, p. 1954,
March—
Gross
entered into an agreement
before July
From Jan. 1—
Gross from railway.....
—V.
,
Paramount Pictures, Inc.,
in pursuance
6% bonds, maturing Jan. 2, 1946_...__6% note, maturing Aug. 4, 1942
4% note, maturing July 1, 1948
.
36,000
10-year con v. 5% notes, May 1, 1949—— -—
Preferred stock (6% cumulative, $25 par).
1.200 shs.
Class A common stock ($1 par)
112,000 shs.
Class B common stock ($1 par)
.1
56,000 shs.
annum
$155,980
def449,631
def675,338
$99,365
def439,315
def568,177
to the public 1,148 shares of common stock out of
20,000 shares and received $11,480 before deducting
offering of
of which the capital structure of the com¬
pany was changed, Paramount became a stockholder and noteholder of
the company and acquired certain other rights.
1936
1937
1938
1939
March—:
total
3% per annum payable semi-annually
of 1% per annum payable at maturity
Duluth Missabe & Iron Range Ry.- —EarningsGross from railway
$1In°1938 company sold
certain expenses.
As of July 26,1938
14,000
Frederick W. Conant have been elected directors
William H. Lewis and
preferred stock
400 shares were issued and outstanding, and $100,000
$1), of which 50,000 shares were outstanding.
From
time to time in 1936 and 1937 800 additional shares of preferred stock and
4,000 additional shares of common stock were issued for cash at par.
In 1937 company sold to Radio Corp. of America the former's patent
No. 2,014,106, relating to a voltmeter for vacuum tubes, popularly termed
the "Magic Eye."
The net proceeds to the company from this sale were
(par $25), of which
13,297
278,151
1,925
26,467
_
Total...
4,849
121,026
Other accts. pay
Accrued items.
receiver, although
manufactured in small quantities
of the
joined),
manufac¬
of common stock (par
31,858
,32,424
'
150,205
investm't
Property,
dep.
Uftearned interest-
die costs-----
Deferred charges.
73,140
333,788
$297,403
creditors
and credit bal.
necessary at the
During the recent past the company has
television recefvers for use under standards agreed upon by members
Radio Manufacturers Association (which the company has not
and it intends to continue production of these receivers and also to
ture sets for use in the DuMont System
On Dec. 7, 1935 authorized capital stock was $50,000
with the company
Trade
Customers'
106,998
<•
Value of life Insur.
Ad vs.
537.209
424,024
(net).
$400,000
(bank)
Notes pay.
Accts. pay.:
rec."
Marketable securs.
,
$553,375
$401,102
Cash
Notes & accts.
change or cancellation by the
issued it, at any time, with¬
is experimenting with a system of television transmis¬
that utilizes the direct transmission of the scanning
and reception
voltages so that no sweep circuits are
cathode ray tubes remain essential.
a
1937
1938
Liabilities—
1937
1938
Assets—
and provides that it is subject to
Communications Commission, which
1940
notice or hearing, if in the discretion of the Commission need
for such action should arise.
In connection with the operation of its experimental television broadcast
sion
$2,088,762
1.868,805
$2,296,529
2,008,333
Cost of sales
Federal
station the company
discounts, returns,
State sales taxes
1
Feb
out advance
Ended March 31
Earnings for the 3 Months
1939
29
April
Chronicle
bonds.*
Provision for Federal taxes on income.—
debenture stock
on
_
$9,060,602
1,639,396
-$19,075,376
1,639,396
preferred stock, $4.50 cumulative.
Net income
Dividends
.
_
.
_
562,500
562,500
applicable to common stock
......$16,873,480
Incl. E. I. du Pont de Nemours & Co.' equity in
undiv. profits or losses of controlled cos. not
wholly owned, amount earned on com. stock is.. 17,109,459
Shares of common stock outstanding during period,
excluding shares held in treasury
11,055,921
$6,858,706
Dividends on
Balance
Amount earned
a
$1.55
share
Statement of
7,176,571
11,037,947
$0.65
Consolidated Surplus March 31
1939
1938
$256,251,529 $244772,477
19,075,376
9,060,602
Surplus at beginning of year
Net income, three months
a
,
Adjustment resulting from revaluation of investment in General Motors Corp
between cost and the value placed on
6,500,000
6,000,000
Difference
common
431,720
stock awarded under bonus plan
Total.
Dividends—Debenture stock ($1.50 each
.$282,258,625 $259833,079
1,639,396
1,639,396
quar.)__
($1,125 each quarter).Common stock (1939—$1.25; 1938—$0.50)
Pref. stock, $4.50 cum.
Surplus at March 31
1
562,500
13,826,623
562,500
5,524,606
$266,230,106 $252106,577
a In
accordance with past custom, the amount at which du Pont
company's investment in General Motors Corp. common stock is
was adjusted on the books of the company in March, 1938, to
($19.05 a share) and in March, 1939, to $197,000,000 ($19.70 a
whiqh closely corresponded to the equity indicated by the
balance sheets of General Motors Corp. at Dec. 31, 1937, and Dec. 31,
1938, respectively.—V. 148, p. 2423. ,
,
.
carried
$190,500,000
share),
consolidated
Volume
146'
Financial
Duquesne Light Co.
pany, with an initial
"
*
Operating revenues
Operaionexpense
Maintenance and repairs
Appropriation
529,807,480 $30,596,85
8,736,802
2,092,797
__
for retirement reserve
oPe.^ting income
^dining, jobbing and
$11,765,329 $13,043,922
■
180,100
179,750
.$11,585,229 $12,864,172
3,655
4,360
contract work (net)--
Dividend revenues
IIIIIIIII
Miscellaneous (net) income.
300,467
4,720
„
asset of the common shares of International
Gross income
$11,987,736 $13,192,377
2,450,000
2,450,000
______
Interest on funded debt
Amortization of debt discount and
expense._____
_
315,941
Crl25,320
Cr83,333
129,371
...
Miscellaneous deductions
__
12 Months Ended March 31—
Total consolidated income
Federal income taxes (estimated)....
depletion.
_
_
_
.
C.
_
11.
,
_
_
"
4^%
$456,554
prior pref. stock
$1,85
In vest'ts insecurities of sub. & associated cos
$11.08
-
undistributed profits.
2122.
Eastern Massachusetts Street
Ry.- -Earnings—
Period End. Afar. 31—
1939—Month—1938
$641,138
397,125
$572,121
$1,878,098
357,611
1,125,050
Net ry. oper. rev—.
$244,013
$214,510
58,601
44,421
171,391
$185,412
$170,269
4,657
$.581,657
-
$753,048/
"
•___,
Net after taxes..:
O t her i ncome
'i
-
4,651
„
-
$190,063
-
14,501
Corp. preferred
carried herein
Capital
46,056
97.739
-
before
154,390
317,351
51,201
107,380
Ebasco Services
$46,268
$16,345
x
$171,045
$36,690
■
1938
99,859,000
44,887,000
76,902,000
0
,
85,005,000
—Y. 148, p. 2424.
v
'
.
,
Provision for Federal taxes
securities,
'
1938
______
.
Prov. for Fed. surtax
7.8
Net from railway.
Net after rents
10.5
1936
$965,948
194,869
13,597
171,388
8,453
[
-
13,211'
•
$616,920
$784,600
a865.507
$364,246
Electrolux Corp. (& Subs.)—-Earnings—
1939
$443,914
$0.36
share
1938
$668,246
$0.54
charges,
Federal income
capital stock.—V. 147, p. 3158.
and
y
".
Years Ended Dec, 31—
Income—Cash dividends
on
on
1938
1937
1936
$599,521
.,125,790
750
loan to subs
782
Underwriting profit-_
Miscellaneous
income.
'
Net
1935
"7,391
$1,134,714
241,204
167,500
$423,702
204,228
53,042
.s.
expenses.
on
j
_
147,473
_
debentures.
167,500
1.344
_
bank indebted'ss
L
x
Additional
$5,778
1,988
xl50
1,050
$7,894
$2,739
40,329
$46,281
32,213
$43,069
11,631
$18,866
$14,068
excess
$31,438
profits tax for 1935.
Balance Sheet
'
Mar. 31'39 Dec. 31'38
*
$89,004
Cash, demand dep.
,.$129,278
at cost_._i_.
taxes
2,025,693
1.894,033
3,675
___
1,300
Fed.
receivable..
inc.
tax
re¬
152
fund receivable.
Mar. 31'39 Dec. 31'38
Liabilities—
Federal
Marketable secur.
Divs.
Taxes refunded to deben¬
tureholders and taxes
1936
$10,866
; 2,823
38,387
$20,057
"
'
1937
1938
loss$21$78
874
536
63,994
$18,866
Earnedsurp. Mar. 31-
'
•
$38,387
29,552
Assets—
Operating
$374,640
$41,653
40,330
$49,609
ipcome
1,329
$618,216
231,706
167,500
1,781
Total income
$102,381
loss$22,787
41,653
Dividend paid_._______
$417,847
1,717
2,808
7,700
10,994
$152,666
111,013
$7,891
41,718
Earned surplus, Jan. l._
.
Total,
$356,932
15,927
bonds.
1939
$9,847
;
'
"
98
$62,052
$41,718
_______
833
Prov. for Fed. taxes—„ 1,123
shares
1,252
41,653
Expense
$0.58
1,237,500
17,507
"
*
$120,500
78,782
—
_______
3 Mos. End. Mar. 31—
Equity Corp.—Earnings
T
—
Total income
$722,472
On
_•__
$80,908
$114,279
38,387
$78,847
Earned surplus, Dec. 31
1936
16
$153,487
6,069
31,885
1,184
70
—.
Dividends..
*•
$768,369
$0.62
surtax,
Total
1641.
1937
•
•
1936
$41,328
39,581
$65,731
87,741
—___
Earned surplus, Jan. 1.
b Including $$321,201
amounting to $3,375 per share.—V. 148, p.
864,693
1937
1938
$38,293
66,787
$105,080
6,571
13,491
6,171
Normal income and capital stock taxes
Surtax on undistributed income
304,485
def$80.907
Quar. End. Mar. 31—
Net profit
.
Interest
$668,731
$155,803
359,927
4,261,292
1,258,810
'
Expense
Management fees.
b897,097
arrears,
800,232
:_
Total.
$64,695
account of
6,029,924
2,088,911
1,253,567
Profit from sale of securities
$738,539
69,808
552,225
on
2,577,388
178,779
defl34,084
1,005,168
652,119
Equity Fund, Inc.—Earnings-—
1935
Balance
on account of arrears,
4,330,650
1,367,987
_■
Net income_.____
a*Includes $259,012 paid
1936
$1,534,289
514,621
1938
Years Ended Dec. 31—
Dividends-___"_
1,507
$1,052,900
1937
£2,394,319
—V. 148, p. 1955.
cony.
Int. earned
appreciation of general
$876,563
71,799
def42,145
1939
_
Gross from railway_____
16.7
pref. stock (opt. stock
div. series)'.
per
net unrealized
From Jan. 1—
%
on
Net inc. for period___
Divs.—On $6 cum.
After
on
$1.,488,310
434,888
259,782
-
•
Net after rents
Amount
7,799,000
7,492,000
8,103,000
$1,274,578
188,132/
undistributed profit__
Earnings
$16,681,278 $20,525,754
y
railway.
railway
Net from
(effective March 14) to
1937
$805,052
__■
Oper. exps., taxes & int.\
Prov. for Fed. inc. tax
J
on
Drl08,200
—
Elgin Joliet & Eastern Ry .—Earnings*
March—
Shareholdings Corp. (which see).
Calendar Years—
Total income.
Int.
carried herein.______
Gross from
Electric Shareholdings Corp. (& Subs.)-—Earnings—
The name of the corporation has been
changed
Interest
Z)rl21,766
stock
'
Increase
.
Operating Subsidiaries of1939
Int.
common
Unrealized- appreciation (net) of general market
for Federal taxes of $97,500.
z Excess of
amounts (net) at which investments in American General Corp. preferred
and common stocks are carried herein over cost, without provision for any
Federal taxes, if realized.—Y. 148, p. 1322.
Inc.—Weekly Input—
American Power & Lt. Co..107,658,000
Electric Power & Lt.
Corp.. 52,379,000
National Power & Light Co.
x
Ltd.,
__.
"
y
Canada,
z2,537,703
Z>rl97,592
securities owned, less provision
For the week ended April 20, 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:
x
Z?r579,349
j
Total
prov.
for retirement losses
-^V, 148, p. 1954.
paid
and common stocks over amount
of
Co.
over amount
$508,431
market
inc.
General
-
funded
on
rents, &c.
Net
39,206
9,199,208
11,148,678
_
Excess of cost of investment in First York Corp.
common stock over amount carried herein._—
Excess of cost of investment in International
$493,926
14,505
$596,158
,
35,594
6,970,187
9,556,672
Unrealized deprec. (net) of gen. mkt. sec.
Excess of cost of investments in American General
"$625,786
131,860
138,419
286,694
$174,926
7,507
_
Surplus.,
$1,680,921
1,055,135
'38
$131,155
-
..$16,681,278 $20,525,754
Mar. 31 '39 Dec. 31 '38
$5,130
$2,515
53,075
50,827
69,792
27,916
750,000
1,975,000
42,374
49,416
x97,500
3,350,000
3,350,000
259,837
_
259,603
479,129
479,129
11,975,121
11,909,357
owned.. Dr537,344
yl ,027,858
Debentures assumed by the corporation
Preferred stock ($1 par)
Common stock (10c. par)
:
•
1939—3 Afos—1938
Ry. oper. re venues
Ry. oper. expenses. —__,
..I
Total.
Liabilities—
Dec. 31
$118,824
'__
Acct. pay. for securities purchased—not receivedOther accounts payable, accrued exps. & taxes
Accrued interest on debentures outstanding.
Notes
payable to banks (secured)
Reserve for taxes and contingencies.
Provision for Federal taxes, &c
$2,730,427
.
on
Mar. 31 '39
Cash in banks and on hand
Accounts receivable for secur. sold—not deliveredAccounts, dividends and interest receivable
General market securities, at market
,
Note—No provision has been made for surtax
Int.
Balance Sheet
1939
*
1938
$8,460,443 $10,927,973
360,922
538,689
4,067,965
4,023,184
2,931,476
2,979,204
642,034
654,842
1,492
1,627
...
Net income available for dividend
requirements
Earned per share of
Taxes
•
'
'
Subs.)-—Earnings—
,
Interest
Debt discount and
expense.
Minority interest
p.
90% of their then asset value.
Assets—
Eastern Gas & Fuel Associates
(&
148,
Capital Co. of Canada, Ltd., then
owned by Securities Administration Co., Ltd., provided the holdings of
such company are at the time not less than 50% of its original holdings,
at
Net income.
148, p. 2424.
-V.
and
$9,831,950
_
reserve.
Capital Co. of Canada, Ltd.,
falls below $7.50 per share, International Capital Co. of Canada, Ltd.,
will at his request be liquidated or, in the event that the Equity Corp. does
not desire a liquidation, the Equity Corp. will at his further request pur¬
chase the common shares of International
315,947
Cr35,453
500,000
129,934
$9,301,078
Other interest (net)
Appropriation for spfecial
—V.
96,704
238,351
Drll,210
93 665
revenues
Depreciation
?,m,4oo
l,9zu,ou
1,706,800
revenues.
748
'i2i
sggjSo
Kents for lease of
electric properties
Interest
9'a47
2,967,932
Provision for Federal and State
income taxes
Net operating
capital of $2,000,000 represented by 200,000 common
shares of which 175,000 are owned by this corporation.
Securities Ad¬
ministration Co., Ltd., In which Hugo Kaufmann & Co.'s Bank, N. V.,
and Oceanic Insurance Co., Ltd. (a substantial owner of shares of Equity
Corp.) have acquired equal stock ownership, has purchased 25,000 common
shares at the same price as paid by the Equity Corp.
International Capital
Co. of Canada, Ltd., will pay to the Equity Corp. per quarter 3-32 of 1%
of the gross value of its assets at the end of the quarter for investment service.
It is planned to issue approximately $2,000,000 of preference shares (which
may be convertible ana participating and may carry rights to purchase
common shares) of International Capital Co. of Canada, Ltd., for sale in
Europe.
An issue of debenture bonds may also be authorized and sold.
Upon the sale of not less than $1,000,000 (or the approximate equivalent)
par value of the preference shares it is planned that International Capital
Co. of Canada, Ltd., will pay a similar fee per quarter of 3-32 of 1% of the
gross value of its assets at the end of the quarter for executive and clerical
personnel and office facilities (not including directors' fees) to Hugo Kauf¬
mann & Co.'s Bank, N. V.
The Equity Corp. has undertaken with Hugo
Kaufmann, President of Hugo Kaufmann & Co.'s Bank, N. V., that if the
■Earnings-
Years Ended Feb. 28—
2583
Chronicle
and
State
$5,823
-
$5,959
Acct. pay. for cap.
stock
repurchased
(since paid)
Capital stock (par
2,603
source
Prov. for Fed. taxes
2,405
2,531
______
25,300
1,000
114,826
1,859,332
Paid-in surplus.
122,716
1,984,345
Capital surplus-
paid at
5,875
6,169
surplus.
20,057
41,718
Treasury stock
Z>r44,622
Z)r996
$0.20)
Deferred Fed. capi.
1,123
tal stock tax.__
2,246
.
Excess of income
Earned
over
$54,720
Non-oper.
to
Pref.
exps.
$216,604
$723,480
$166,432
785,118
oper. expenses.
605,928
1,503
1,438,134
24,398
221,184
x
charged
capital surplus
divs, out of surplus
$2,119,495 $2,027,0091 1
Total
x
$2,119,495 $2,027,009
Total
14,317 shares at cost in 1939 and 260 shares in 1938—V. 147, p. 3013.
Earnings for 3 Months Ended March 31
1939
Total income
Operating
on
Interest
on
Taxes
debentures
bank indebtedness
refunded
and taxes
Excess
to
paid at
of
inc.
1937
$87,885
43,614
$132,141
50,583
41,875
41.875
1,062
expenses
Interest
1938
$109,165
31,993
41,875
7,354
814
768
debentureholders
source
over
oper.
[Including Chicago & Erie RR.]
1939
Gross from railway-,...
Net from railway
Net after rents
From Jan. 1—
$26,880
194,777
Net after rents..
—V. 148, p. 2424.
$1,582
197,077
$38,914
202,101
Organized New Canadian Compang—The 1938 report stated:
Since Dec. 31, 1938, the corporation has, in conjunction with Hugo
Kaufmann & Co.'s Bank, N. V"., Amsterdam, Holland, organized a Canadian
subsidiary, International Capital Co. of Canada, Ltd., an investment com-
RR.—Earnings—
March—
Gross from railway
Net from railway
exps.
(without giving effects to result
of security transactions), carried
to surplus.
irpius
Preferred dividends.
Erie
1938
1937
1936
$6,445,535
1,701,415
939,943
$5,491,776
811,870
16,866
$7 ,857,075
2 ,684,572
$6,457,3 57
1,695,911
1,153,873
18,417,162
4,406,313
2,048,734
15,721,893
2,209,105
def269,208
21 ,369.510
1 ,893,545
6
4
.673,217
,194,868
19,341,430
5,104,238
3,381,225
Fairbanks, Morse & Co.—Debentures Called—
A total of $150,000 20-year
4% sinking fund debentures, due June 1.
1956 have been called for redemption on June 1 at 102 H and accrued
interest.
Payment will b© made at the First National Bank of Chicago
V
1iQ
n
1476
•
European Gas & Electric Co.
Consolidated Income Account for the
(& Subs.)—Earnings—
$402,825
202,602
12,403
134,281
Operating and general expenses
Taxes (including government
income taxes)
.Depreciation
Retirements
'fr
Loss from
operations
(net)
„
-
Consolidated net loss
$151,532
_
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $17,190; accounts receivable, $70,857; inventories, $217,deposits, $8,667; fixed assets (net), $2,394,868; prepaid and
deferred charges, $50,984; total, $2,759,775.'
Liabilities—Acceptances, notes and loans payable, $32,177; accounts
209; special
payable, $273,237; accrued liabilities, $13,582; owing to Standard Oil Co. of
New
Jersey, $930,693; miscellaneous reserves, $14,418; capital stock
(22,100 shares of $7 cum. 1st pref., 7,336 shares of $7 cum. 2nd pref. and
2,098,600 shares of comnon, all of no par value), $2,943,600; deficit, $1,447.932; total, $2,759,775.
Fall River Gas Works
Net operating revs__ _
Non-oper. income (net).
.
Net
$177,895
58,788
152,278
$179,334
123
$15,590
5,000
$177,963
60,000
$117,963
v
941
1,088
11,697
$119,457
12,803
$11,348
$9,592
$106,266
95,962
$106,654
105,889
charges
declared-
Directors have declared a dividend of
25 cents per share
on
the common
stock, payable June 30 to holders of record June 13.
This compares with
dividends of 50 cents paid on Dec. 31, 1938 and on Dec. 31,1937/—V. 147,
p.
Natural
;
gas
3457.
■
v
.
Federal Mining &
-Annual
Smelting Co.-
.
'
Other
_______
Total operating expense and taxe3
Net
earnings
$5,751,261
4,701,727
$1,950,017
,235,662
$1,049,534
26,947
$511,945
77,659
l---~
$690,370
$2,185,679
140,375
214,345
451,581
135,651
$1,076,481
207,827
130,783
$589,604
172,025
136,351
Other income
Total income
Gen. exp,, incl. taxes, &c
Depreciation
;
$335,650
$1,598,447
7$,440
Net earnings........
dividends
y756,785
$587,368
1938
Liabilities—
1937
1938
Assets—
Cash....
Accts. pay., trade.
$110,163
Gross from
638,599
246,189
157,762
Inventories...
437,404
543,444
Due
48,212
38,172
for
pf. stock
retirement
U. 8. Treas. bonds
dep:with ins. co.
1938
1937
1936
$1,320,520
587,473
419,177
$1,583,178
788,832
622,766
$1,324,486
578,470
433,435
$1,184,853
508,719
360,475
3,675,786
1,570,896
1,117,421
railway
3,906,710
1,733,811
1,306,356
3,729,855
3,129,071
1,213,834
852,557
_
From Jan. 1-—
Gross from railway
Net from railway.
Prepaid royalties &
54,519
Insurance
65,486
Florida Power &
1,570
58,773
Res., employ, liab.
994,307
2,714,820
1,173,318
200,407
213,019
lands & leaseh'ds 2,197,728
Bldgs. & equip..
Investments
71,149
y
Operating revnues
Deduct rate reduct.
793,300
Earned surplus...
1939—Month—1938
1939—12 Mos.—1938
$1,438,338
$1,570,600 $14,356,428 $14,305,954
60,705
403,733
621,305
re3.
Balance-
$1,438,338
737,528
116,667
Net oper. revenues___
$584,143
$685,832
221
$5,349,563
2,650
$5,149,110
221
$584,364
31,289
$686,053
20,769
$5,352,213
546,372
$5,151,760
547,558
$615,653
216,667
110,000
21,070
$706,822
216,667
110,000
20,460
$5,898,585
2,600,000
1,320,000
245,408
$5,699,318
2,600,000
1,320,000
247,943
$267,916
$359,695
$1,733,177
$1,531,375
1,153,008
1,153,008
$580,169
$378,367
Rent from lease of plaint
_
Operating income
Other income (net)
1)387,700
2,043,154
1,056,938
493,280
Gross income.
Int.
on mortgage bonds.
Interest on debentures.
Other int. & deductions.
_
Total
4,766,138
....
Total J........$4,766,138 $5,881,830
5,881,830
reserve for depreciation of $4,624,435 in 1938 and $4,410,091 in
Represented by shares of $10 par.—V. 148, p. 2267.
After
x
1937.
y
Federal Motor Truck Co. (&
$209,027
$172,971
53,285
42,887
V
.
$115,057
59,287
3,015
loss$236,857
62,412
Income tax
h
$262,313
61,465
15,545 *
$215,858
65,785
$144,297
loss$299,269
$52,754
49,154
$185,302
196,617
.def$299,269
$3,600
491,543
$0.11
5,777
def$ll,315
491,543
Dividends.
u
2,650
'
Dividends applicable to preferred stocks for the
period, whether paid
or
unpaid.
__
Balance.
1935
42,545
,,
1
___
....
"
1936
*
.
$72,512
.
Total income....
'
1937
Operating profitloss$276,152
Other income
39,295
Depreciation
Net income.
x
Subs.)—Annual Report—
1938
Calendar Years—
$1,509,895 $13,952,695 $13,684,649
740,730
7,303,132
7,685,539
83,333
1,300,000
850,000
Oper. exps., Incl. taxe3__
Prop. retire. res. approp.
58,835
58,149
493,280
1,529,634
1,314,148
(par $100)
stock.
Common
Capital surplus
Light Co.—Earnings—
^Period End. Mar. 31—
7% cum. pref. stk.
Mineral lands,oth.
1,570,111
1,142,511
—V. 148, p. 2425.
10,330
1,466
25,942
Due to subsidiary.
Other liabilities
Earnings—
1939
Net from railway
Net after rents
$133,379
368,176
Accts. receivable..
$1,353,093
365,331
Corp.
1937
■
$975,810
Accrd. liabilities^.
-7,208,028
226,326
$987,762
Florida East Coast Ry.
______
undistributed profits in amount of
Includes payment of all dividends in arrears.
Balance Sheet Dec. 31
y
—
—V. 148, p. 1028.
After deducting Federal surtax on
x
$10,000.
x
$281,228
*$737,871
275,961
246,635
Common dividends
315,063
$8,787,447
-
Total charges of Federal Water Service
Net after rents
Preferred
$8,472,384
.
—
-
March—
Balance.
_—
Total charges of subsidiary companies...
Cost of natural gas exploration
$4,323,492
3,811,547
$668,376
21,993
Cost, royalty, &c
__'_$20,912,653
12,440,269
___—
„___
Other income.
532,604
________
_____
Balance of net income
1935
1937
$8,136,386
6,186,369
1938
—-
-
_
________
Total
Report-
1936
$6,087,408
5,419,031
Calendar Years—
Value of production
——
Manufactured gas
Gross income
Inc.—2o-Cent Dividend—
—$11.867,925
7,021,534
1.490,590
Operating revenues—Water
148, p. 1804.
Federal Bake Shops,
50% of the voting power,
balance sheet as of Dec. 31, 1938 (including Southern
Natural Gas Co. and excluding California Water Service Co.) shows total
assets
of $191,889,253.
Fixed assets are carried at $172,773,227 and
investments and special funds at $5,986,271 •
Current assets of $6,961,792
compare with current liabilities of $5,607,497, exclusive of sinking fund payments and long-term debt maturing in 1939,
The Federal report also reveals that in 1938 the corporation sold all of
the stock of the Illinois Water Service Co. to the Northern Illinois Water
Corp. for $635,000 cash.
The report states that the City of New^York
during 1938 considered the purchase of the Flatbush and Woodhaven
properties of the New York Water Service Corp., a Federal subsidiary
but as yet has made no offer.
The City of Chester, Pa., is also reported
to be considering the purchase of the properties of the Chester Water Service
Co, a subsidiary.
The City of Charleston, W. Va., which in 1937 stated
its intention to purchase the water works property of the We3t Virginia
Water Service Co., another Federal subsidiary, decided in 1938 not to pro¬
ceed with the purchase, the report states,
The Alabama Water Service
Co., however, agreed in April, 1939. under threat of condemnation, to sell
to the City of Decatur, Ala., for $825,000 its water supply system serving
that pity.
The Federal system purchased no new properties in 1938.
Consolidated Income Account Year Ended Dec. 31, 1938
The consolidated
60,000
$10,590
parent directly or indirectly, owns more than
other than as affected by events of default.
$179,457
$12,289
-
income—______
Dividends
-V.
$15,590
.
499.729
-
$17,289
5,000
accruals
Gross income
Interest
$17,289
$89),129
56,825
160,392
68
Balance.:
reserve
497.013
13,613
i—......
Retire't
$892,125
43,934
4,373
13,087
4,491
—
1939—12 Mos.'.—1938
-1938
$76,986
$78,870
43,477
Operating revenues
Operation
Maintenance
Taxes
Co.—Earnings-
1939—Month-
Period End. Mar. 3b—
stockholders Mr. Chenery emphasized that the changes
the consolidated accounts for 1938 were intended to
the make-up of
bring them into line with the generally accepted accounting principle of
including in consolidated statements only those companies in which the
nir
....-T-r-nr
stock
In his report to
in
$128,571
22,961
„
_
common
110,816
11,294
Amortization...
Interest
been included in the consolidated figures.
Although
Federal has held a controlling interest in the stock of Southern Natural
Gas for some years, the accourts of the latter company have heretofore
been separately reported.
Federal owns all of the common stock of Cali¬
fornia Water Service Co., but controls only 44.91% of the total voting power
since the preferred stock of that company has equal voting rights with the
which have heretofore
Year Ended Dec. 31, 1938
Gross operating income
April 29, 1939
Chronicle
Financial
2584
99,909
'
x Dividends
accumulated and unpaid to March 31, 1939, amounted to
$5,982,350, after giving effect to dividends of $1.31 a share on $7 preferred
stock and $1.13 a share on $6 preferred stock, declared for payment on
April 1, 1939.
Dividends on these stocks are cumulative.
♦
Note—The litigation relating to the reduction of rates was finally decided
against the company in Nove r ber, 1938, when the United States Supreme
Court refused to review the decision of a lower court.
A reserve for the
amounts involved had been provided by appropriations from surplus.
Be¬
ginning with the month of December, 1938, operating revenues have been
reported on the basis of reduced schedules of rates.
The operating revenues
for the 12 months ended Marfch 31, 1939, are reduced by $403,733 which is
the amount of rate reduction reserve applicable to the eight months ended
Nov. 30, 1938.
Operating revenues for the month of March, 1938, and for
the 12 months ended March 31, 1938, have been reduced to give effect to
the rate reduction reserve for the respective periods.—Y. 148, p."2425.
,
2____.
Surplus
499,543'
Nil
$44,388
486,943
$0.30
$0.37
Consolidated Balance Sheet Dec. 31
1938
Assets—
x
1937
y
mach'y & equip.$1,110,023 $1,141,288
Cash
523,631
Inventories
153,942
Res. for conting..
120,000
356,478
Accrued
10,161
1,756,294
40,319
37,828
36,000
rec.
....
297,927
93,325
Fonda
99,848
Cash surrend'r val.
306,666
insurance
& local taxes,
54,815
69,402
856,727
1,275,996
&c
Fed'l income tax._
lnsur'ce policy..
Johnstown
&
Gloversville
Plan Postponed—
23,000
Marketable secur.
Notes & accts.
1937
Capital stock...$2,497,715 $2,497,715
stock outst'g
10,000
3,015
Surplus.
1
Other assets
Deferred charges..
Examiners for the Commission.—V.
148,
Fort Worth & Denver City
March—
Gross from
Total...
x
$3,683,199 $4,162,7931
After depreciation,
y
Total
$3,683,199 $4,162,793
Represented by 499,543
no par
shares,
z
-
Factory sales in the first quarter
20% ahead of a year ago. stock¬
annual meeting by R. W.
Ruddon,
were
holders were informed at the recent
From Jan.
resolution
charter 30 years
Federal
adopted authorizing the extension of the
from Feb. 10, 1940.—V. 148, p. 1958.
was
—V. 148, p.
Water Service
Int.
for the first
time of the accounts of Southern
Natural
Gas
Co.
Water
1,585,875
397,050
153,947
1,469,066
426,211
221,286
1,381,375
415,841
232,731
co.
1939
1938
■Earnings—
1937
1936
$255,270
205,768
21,572
$352,468
216,646
24,635
$659,986
204,555
25,985
$273,666
178,310
5,550
9,750
9,750
9,750
9,750
$18,180
48,665
5,300
$101,437
48,692
38,700
x$419,695
$80,056
pref. stock
Profit for period before
providing for int.
on
inc. notes & inc. tax
Prov. for int.
on
inc.notes
Prov. for income taxes.
Net loss__
and sub¬
Service,
1936
$470,426
148,254
81,852
2426.
bonds of sub.
on
1937
$534,362
166,851
89,673
235,553
23,164
of subsidiary company
»
sidiaries, and the exclusion of the accounts of California
on
Dividend
In presenting
the final audited figures to stockholders, C. T. Chenery,
President, stated that the substantial differences between the final figures
and the preliminary earnings figures released in February were due pri¬
marily to changes in the companies included in the consolidation of accounts.
These changes, he pointed out, also made it impracticable to present the
1938 figures in comparison with figures for 1937 or earlier years.
The chief changes in the consolidation of accounts Were the inclusion
1938
$509,272
104,505
21,776
1,320,725
3 Mos. End. Mar. 31
Profit for period
Provision for deprecia'n
Corp.—Annual Report—
2425.
(Robert) Gair Co., Inc. (& Subs.)-
company's
The consolidated income account of corporation and subsidiaries, as
included in the annual report, shows total operating revenues of $20,912,653
for 1938, gross income of $8,787,447 available for charges of subsidiary
companies and net income of $987,762 after all holding company charges.
p.
Ry.—Earnings—
1—
Net from railway
Net after rents
President.
A
1939
Gross from railway
Sates—Charter Extended—
on
,
$414,249
86,515
6,694
railway
Net from railway
Net after rents.
Repre¬
sented by 8,000 shares.
-
The Interstate Commerce Commission, on application of the trustees
of the road, has postponed from May 8 t6 Nov. 14 a hearing on a plan of
reorganization filed by a protective committee of bondholders.
The
hearing is to be held before Harvey H. Wilkinson and R. A. Porterfield,
zFed. Mot. Truck
Co. capital stock
RR.—Hearing
Sub.
Accts. pay., &c___
166,675
L,443,310
t
434,215
15,916
259,754
*
1938
LiabililieSr—
Land, buildings,
_
$35,785prof$14,045
The provision for interest on income notes and income taxes amounts
approximately $104,000.—V. 148, p. 1641.
x
to
_
Volume
148
Financial
Chronicle
Foundation Co. (Foreign)—Initial Dividend—
provisions, at
any time on or prior to March 31, 1944, 105%; on Arpil 1,
1944 and thereafter prior to
April 1, 1947. 104M%; on April 1, 1947 and
thereafter prior to April 1,1950,104%; on April 1, 1950 and thereafter
prior
to April 1,
1953, 103M%; on April 1, 1953 and thereafter prior to April 1,
1956, 103%; on Arpil 1, 1956 and thereafter prior to April 1, 1958,102H%',
Directors have declared an initial dividend of $4
per share on the common
stock payable May 10 to holders of record
May 6.—V. 146, p. 3336.
Freeport Sulphur Co.—Earnings—
3 Mos. End. Mar. 31—
Net income...
Shares common stock...
1939
x
Earnings
per
After all
x
$427,940
796,380
$0.40
$0.52
share
April 1, 1958 and thereafter prior to April 1, 1960, 102%; on April 1,
1960 and thereafter prior to April 1, 1962, 101
M%; on April 1, 1962 and
thereafter prior to April 1,1964,101 %; on
April 1, 1964 and thereafter prior
on
1936
1937
$543,287
796,372
$0.66
1938
$316,464
796,380
$476,123
796,372
$0.57
to
April 1, 1965, 100)^%; on April 1, 1965 and thereafter prior to April 1,
1967, 100%%', on April 1, 1967 and thereafter to
maturity, 100%.
charges, including depreciation, depletion and Federal taxes,
on undistributed income.—V. 148, p. 1476.
Sinking Fund—Company covenants to pay to trustee as a sinking fund
for the benefit of bonds of series A and bonds of
series B or either of them at
but before surplus tax
option of company, on or before April 1, of each year,
beginning April 1,
1945, an amount sufficient to redeem the following principal amounts of
bonds of series A and (or) bonds of series B: From
1945 to 1949, both incl.,
$315,000; from 1950 to 1954, both incl., $625,000; from 1955 to 1959, both
incl., $850,000; from I960 to 1964, both incl., $1,250,000; from 1965 to
1968, both incl., $1,500,000; and on Jan. 1, 1969, $1,500,000 (such retire¬
GardneivDenver Co. (& Subs.)—Earnings—
Calendar Years—
Gross income from oper.
Selling
expense
Office & admin, expenses
2585
1938
1937
1936
1935
$2,475,961
1,604,444
188,704
$3,341,589
1,775,437
225,993
$3,062,273
1,481,897
189,476
102,793
$2,210,588
1,215,222
138,268
54,389
Other expenses
»
Net inc. from oper...
Other income.
$682,813
25,151
$1,340,158
47,189
$1,288,106
29,341
$802,709
23,738
would aggregate $22,700,000 principal amount of
bonds).
In lieu
of the whole or any
part of any sinking fund payment, company may deliver
bonds of series A and bonds of series B
(theretofore issued by company) or
of either of said series at its
option (canceled or for cancellation but not
Total income
Federal income tax
$707,963
117,349
$1,387,348
x234,171
$1,317,447
x268,340
$826,447
109,044
trustee in lieu of cash or used as the basis of withdrawal
of cash or release
of property), to be taken at their
$590,615
114,696
563,042
$1,153,177
116,140
727,903
$1,049,106
112,875
494,081
$717,403
159,217
224,583
def$87,123
$309,134
$442,150
$333,603
$0.84
$1.84
$5.21
$3.25
______
ments
bonds
Surplus for the year..
Divs, paid on pref. stock
Divs. paid on com, stock
Balance Dec. 31
Earns, per sh. on
Including $31,070 ($81,074 in 1936) provision for undistributed profits
x
tax.
1st mtge. bonds offered
•
1938
1939
Net profit after prov. for Fed'l taxes
Preferred stock dividend requirement
$216,770
28,674
Net profit for common stock
^
Net profit per share of common stock
563 shares now outstanding
$188,096
$0.33
•'
1937
$61,356
28,674
$282,973
$0.06
,
$312,973
30,000
$32,682
'
$0.50
tion
The 1st mtge. bonds 3 % % series A and series B due 1969 will be the same
tenor except that bonds of series A are to be
payable as to principal and
interest in lawful omney of the United States of American at the
principal
office of the American paying agent of the
company in New York, N. Y.,
and bonds of series B are to be payable as to
principal and interest in lawful
money of the Dominion of Canada at the specified offices of the Canadian
paying agent of the company, and except with respect to certain tax with¬
holding and reimbursement provisions applicable only to the series A bonds.
The
bonds of series A and series B are to be dated as of
April 1, 1939,
interest payable A-O in caqe of series A bonds at
principal office of the
American paying agent of company in New York, and in case of series B
bonds at
of
principal office of the Canadian paying agent of company in cities
Montreal, Toronto, Halifax, Winnipeg or Vancouver, Can,
Series A
and series B bonds will be issued
as
only, in denoms. of $1,000 in the
bonds registerable as to principal
of the series A bonds and denoms. of
coupon
case
$500 and $1,000 in case of series' B bonds and as fully registered bonds
Without coupons in the denoms. of $1,000 or authorized
multiples thereof.
Company covenants to reimburse holders of series A bonds for any Penn.
taxes (except estate, succession
.inheritance or income or profits taxes)
lawfully assessed against such bonds or such holders, not
exceeding 5 mills
per year per dollar of the principal amount or taxable value thereof, which¬
ever may be the basis Of assessment; provided that
application for such
reimbursement be made within the time and in the manner
provided in the
indenture.
Under the existing income tax laws of the Dominion of
Canada, interest
on series A bonds when
payable to non-residents of Canada will not be
subject to any withholding of income tax but interest on series B bonds when
payable to non-residents of Canada will be subject to withholding of Domin¬
ion income tax at rate of 5% of such interest.
By the indenture, company will covenant in effect that if existing Domin¬
ion income tax laws be changed so as to require
any withholding in respect
of interest on series A bonds payable to non-residents of
Canada, it will, to
the extent that it legally may do so, pay such interest without
deduction for,
or reimburse payee for,
any tax so required to be withheld, up to, but not
exceeding, a rate of 5% or such interest.
Issuance—The issuance of these bonds has been authorized
Provincial Electricity Board of the Province of Quebec.
Redemption Provisions—Bonds of series A and bonds of
series
B,
by
or
the
either
of them at option of company, are redeemable in whole or in
part at any
time prior to maturity on 30 days' notice, at option of
company, or bonds of
series A and bonds of series B, or either of them at option of
company, are
redeemable for purposes of sinking fund or other provisions of the indenture
at
following percentages of principal amount thereof, together in each case
redemption: for purposes of sinking fund, at
time on or prior to March 31, 1950, 102H%; on April 1, 1950 and
thereafter prior to April 1, 1960, 102%; on April 1, I960 and thereafter
prior to April 1, 1962, 101 M%\ on April 1, 1962 and thereafter prior to
April 1, 19€4, 101%; on April 1, 1964 and thereafter prior to April 1, 1965,
100H%; on April 1, 1965 and thereafter prior to April 1, 1967, 100K%; on
April 1, 1967 and thereafter to maturity, 100%; and at option of company
or under any of the requirements of the indenture other than
sinking fund
with accrued interest to date of
any
such bonds will be discharged upon payment, dollar
for
dollar, of
,
The capital securities of company authorized and
outstanding as of Dec.
31, 1938, but adjusted to reflect issuance and sale of $62,500,000 1st mtge.
bonds, the $7,300,000 promissory notes and the 35,000 5^% cum. pref.
shares and application of net proceeds are tabulated below:
•
1st mtge. bonds:'
Authorized
Outstanding'
-
.
3%% series A due 1969
Vb Unlimited
3H% series B due 1969
c Underlying obligations$249,722
Serial and sinking fund debentures
13,000,000
Promissory notes, 3.65% due 1939-49.-.-7,300,000
5% cum. pref. shares ($100 par).
121,960shs.
5^% cum. pref.shares ($100par)
50,000 shs.
Common stock (nopar)
.3,000,000 shs.
'
_.._
($52,500,000
\ 10,000,000
185,278
al2,901,000
d7,300,000
12,196,000"
3,500,000
e25,161,596
—
....
3% serial debs, due June 1, 1939, $600,000; 3Yi% series debs, due
June 1, 1940, $600,000; 4% serial debs due June 1, 1941,
$600,000; 4H%
serial debs, due June 1, 1942, $600,000; 4M % serial debs, due June
1, 1943,
$600,000; 5% sinking fund debs, due 1949, $9,901,000.
b 1st mtge. bonds of series A, and B or other series may be issued as
provided in the indenture, limited to the agregate principal amount of
$250,000,000 unless the authorized amount is increased by supplemental
•
offered in Canada at 98 and int.
5^% preferred stock were offered in
Canada by the same group headed by the Dominion Securi¬
ties Corp., Ltd., at 97 and dividends.
3,352,000
.$70,339,500
Funded Debt and Capital Stock
Co., Inc.; Mellon Securities Corp.; Blair & Co.,
Inc.; Lee Higginson Corp.; Harris, Hall & Co. (Inc.);
Blyth & Co., Inc.; Bonbright & Co., Inc.; Glore, Forgan &
Co.; Goldman, Sachs & Co.; Lehman Brothers; Harriman
Ripley & Co., Inc.; White, Weld & Co.; Bodell & Co.;
Kidder, Peabody & Co., and 38 other underwriters.
The 35,000 shares of
on
thereof.
Stuart &
-
I
by the respective holders
/
-
$140,000)-—
the face amount of the obligation in lawful
money of the Dominion of Canada
or of the
United States of America as chosen
Associated with the First Boston Corp. in the
offering of
series A bonds are: Smith, Barney & Co.: Halsey,
•
comms. in amt. of
The entire net proceeds of bonds, preferred shares and
loans, together
funds, will be used by company to redeem on June 1, 1939,
$68,014,500 of its 1st mtge. gold bonds 5% series, due 1956 being all of such
bonds outstanding (excl. of bonds held in
treasury), at 104.
Interest to
June 1, 1939 on bonds being redeemed will be
paid out of treasury funds.
In connection with redemption of such bonds
company may be required to
pay an exchange premium.
The 1st mtge, gold bonds 5% series due 1956 are all
expressed to be
payable on gold coin of the Dominion of Canada, of or equal to designated
standard of weight and fineness at places of payment in Canada
or, at
holders' option, in gold coin of the United States of America of or
equal
to designated standard of weight and fineness at
places of payment in the
United States.
In the opinion of counsel for company,
company's obliga¬
the
/
$8,000 & underwriting
with treasury
The proceeds of the issue, together with the proceeds of a
$7,300,000 loan to Gatineau Power Co. by several American
and Canadian banks, and the proceeds of the sale of, 35,000
shares of 5H% cumulative preferred stock to be offered in
Canada, will be used to redeem the company's $68,014,500
outstanding 5% 1st mtge. gold bonds on June 1, 1939.
This
financing will effect a reduction of approximately $800,000
annually in the company's interest charges, which saving
writers named below.
(excl. of accrued int. & after deducting
loan
sale of each of said shares.
in Canadian dollars.
were
to
Of the $3,500,000 received for
preferred shares, International HydroElectric System, parent of the company, will pay to
company to be credited
to capital account in respect of such shares
$105,000 (being $3 per share,
difference between $97, price of each such share, and par value
thereof) to
the end that company will receive $100 as the consideration
for the issue and
f
by a group comprising the Dominion Securities Corp.;
Ltd.; Wood, Gundy & Co., Ltd.; McLeod, Young, Weir &
Co., Ltd.; Nesbitt, Thomson & Co., Ltd. the other under¬
bank
Aggregate estimated net proceeds..
Gatineau Power Co.—Bonds Offered—A new issue o
$62,500,000 1st mtge. 3%% series A and B bonds due 1969
was offered
April 24 by a group of American and Canadian
underwriters headed by the First Boston Corp. at the price
of 98and int.
The offering is the largest Canadian cor¬
porate issue so far registered under the Securities Act.
The
issue is divided between $52,500,000 series A bonds, payable
in American dollars, and $10,000,000 series B bonds, payable
will be used for debt retirement.
under
amt. of
—V. 147, p. 3159.
The series B bonds
delivered
$280,000)
*.
$59,695,000
agrement (evidenced by promissory
notes) (after deduct'gexps. intheestd. amount of $7,500)---7,292,500
35,000 5H % cum. pref. shares (after deducting exps. in the estd.
Loans
'
__
fund, refunded,
expenses in the estimated amount of
Comparative Earnings Statement for 3 Months Ended March 31
.
through sinking
principal amount.
Purpose of Issue—Prior to or concurrently with issuance of bonds
offered,
company will borrow $7,300,000 against a like
principal amount of its prom¬
issory notes under a bank loan
agreement, and will receive $3,500,000 from
sale of 35,000
5H% cum. pref. shares.
Such shares are to be offered
through certain underwriters at $97 per share entirely outside the United
States, its territories and possessions.
The estimated net proceeds to be
received by company from the foregoingtransactions and from
issuance and
sale of bonds offered
hereby will be as follows:
com,
stock outstanding
theretofore retired
•
a
indenture.
c 5%
property purchase obligation to Town of St. Jerome, originally,
outstanding in the aggregate authorized amount of $249,722, payable in
equal annual instalments of $8,055.55 final payment due March 1, 1962.
d Maturing serially in the principal amount of $400,000 on Oct. 15, 1939
and on each April 15 and Oct. 15 thereafter to and incl. April 15, 1944 and
$330,000 on Oct. 15, 1944* and on each April 15, and Oct. 15 thereafter to
and incl. April 15, 1949.
..
e Represented
by 1,635,950 shares.
Company gave, as an incident to
the issuance of $10,000,000 of 5% sinking fund debentures, rights to sub¬
scribe, between June 27, 1938 and Dec. 31, 1942, for 10 common shares
(as constituted on June 1, 1938), at $10 per share, for each $1,000 of such
.
On Dec. 31,
1938. 86,010 common shares were reserved for
the exercise of such rights.
«
'
5% property purchase
obligation to Town of St. Jerome outstanding at Dec. 31, 1938 would be
$9,666, and on the $62,500,000 1st mtge. bonds 3 % % series A and B offered
to be outstanding will be $2,343,750, &nd the annual interest requirements
on the serial and sinking fund debentures outstanding Dec. 31,1938 and the
promissory notes to be outstanding as stated above would be $875,500,
making the total annual interest requirements on this basis $3,228,916, of
which $2,235,200 would be payable in United States dollars.
The gross
revenues of the company are in Canadian dollars.
History and Business—Company was incorp. by letters patent of the
Province of Quebec, Can., on March 11, 1926.
Company and its sub¬
sidiaries collectively but not all individually are engaged primarly in the
business of generating, transmitting, distributing and selling electricity in
the Provinces of Quebec, Ontario and New Brunswick in the Dominion of
Canada.
Also, the company sells steam to a single customer, the company
and a subsidiary sell electrical appliances at retail and one subsidiary owns
and operates a small bus transportation system.
Company owns generating
plants having 725,634 h. p. rated installed turbine capacity of which over
98% is hydro-electric.
During 1938 company produced approximately
2,700,000,000 kwh. of electricity.
For the 12 months' period ended
Dec. 31, 1938, over 99% of the total operating revenues of company and
its subsidiaries consolidated was derived from electric operations.
The company's largest customer is The Hydro-Electric Power Commission
of Ontario which purchases under contract 25 cycle power for use in its
Niagara system and 60 cycle power for use in its Eastern Ontario system.
The two principal contracts extend to 1970.
The Commission, a public
authority constituted in 1907 by Act of the Ontario Legislature, generates
and purchases power which it supplies to various municipalities and other
customers almost entirely in the Province of Ontario.
The latest published
annual report of the Commission states that at Oct. 31, 1937, the close of
its fiscal year, the Commission had "total available capacity generated and
purchased" of 1,816,175 h. p., of which 372,475 h. p. was4 'power purchased,
contract amount, 1937."
Revenues received by company from the sale of
power to the Commission amounted to over 39% of the total operating
revenues of company and its subsidiaries consolidated for the 12 months
ended Dec. 31, 1938.
..
.
The company also sells electricity under contracts, none of which expires
before 1956, to Canadian International Paper Co., a subsidiary of Interna¬
tional Paper & Power Co., for its Kipawa sulphite and Gatineau newsprint
mills, both in the Province of Quebec.
Company and a subsidiary sell
electricity to Canadian International Paper Co. for its Hawkesbury sulphite
mill in the Province of Ontario.
The Kipawa and Hawkesbury mills are
debentures.
issuance upon
,
The annual interest requirements on the $193,333
'
,
J
x
.
angaged in manufacturing bleached sulphite pulp, used chiefly in the manu
Financial
2586
facture of rayon yarn,
In the Province of
cellophane and allied products.
New Brinswick, the company sells electricity and steam under contracts
extending to 1967 to New Brisnwick International Paper Co., a subsidiary
of Canadian International Paper Co., for use at its Dalhousie newsprint
mill.
Revenues received by company and subsidiaries from the sale of
electricity and steam to Canadian International Paper Co. and
Brunswick International Paper Co., including payments for use of
x
-
to New
facilities
provided oy the company amounted to over 35% of the total operating
revenues of the company and its subsdiairies consolidated for the 12 months
ended Dec. 31, 1938.
..
The company also sells, under long-term contracts, electricity at whole¬
sale in the Province of Quebec to The Ottawa Electric Co. which distributes
electricity in the City of Ottawa, the City of Huil (where the company also
distributes electricity), and vicinity, and in the Province of New Brunswick
to Eraser Companies, Ltd., to the towns of Dalhousie and Grand Falls, and
to the New Brunswick Electric Power Commission for distribution north of
Grand Falls and east of Dalhousie.
In the Hull, Que., district the company
sells electricity under contract to the E. B. Eddy Co., Ltd. (in which the
company has a substantial interest) and other industrial customers.
The retail distribution business of company and its subsidiaires in 1938
„
t
accounted for approximately 11% of total operating revenues on a con¬
About 93% of such retail revenues was derived from the
company's distributing operations in the Province of Quebec, where approx¬
imately 22,(X)0 customers are served in an area of about 5,000 square miles
extending eastward from Bryson, and Campbell's Bay, principally along
the north shore of the Ottawa River, to Rawdon and St. Lin, and in two
other areas, one south of the Ottawa River and one sputh of the 8t. Lawrence
River, in and aDout Vaudreuil and Cedars, and in and about Napierville.
The latter two areas are supplied with electricity purchased from Montreal
Light, Heat & Power Consolidated.
The balance of retail distribution
business is dereived from a subsidiary's operations in the Province of
solidated basis.
Ontario.
active
operations.
Principal Underwriters
First
Mortgage Bonds 3 H% Series A due
Schroder
$6,990,000
Smith, Barney & Co
Amount
Rockefeller
&
Co.}
Inc..
3,467,000
...
1969 (U. S. Dollars)
Name—
Amount
Name—
The First Boston Corp.
$578,000
578,000
Halsey, Stuart & Co., Inc.... 2,310,000
2,310,000
Union Securities Corp
Mellon Securities Corp—
Whiting, Weeks & Stubbs, Inc.
578,000
1,733,000
Lee Higginson Corp
1,733,000
Harris, Hall & Co. (Inc.)
1,445,000
Blyth <fc Co., Inc...v........ 1,155,000
Bonbright & Co., Inc........ 1,155,000
Glare, Forgan & Co
^
1,155,000
Goldman, 8achs& Co..1,155,000
Lehman Brothers.
1,155,000
Harrlman Ripley & Co., Inc.. 1,155,000
The Wisconsin Co..........
578,000
347,000
Blair & Co., Inc....
Bodell & Co.
-
.....
A.
867,000
867,000
Newton, Abbe & Co.
G. H. Walker & Co
Allyn & Co., Inc..
Arnold W. Jones &
Co., Inc.—
.
crease
Chauute,
Lough-
.'—...
Edgar, Ricker & Co
115,000
115,000
The Illinois Co. of Chicago....
115,000
ridge & Co
Hemphill, Noyes & Cor
Co
E. H. Rollins & Sons, Inc....
115,000
Amount
Name—
Cochran, Murray & Co., Ltd..
Kerrigan, MacTicr & Co., Ltd.
Corp.,
$1,550,000
Midland Securities Corp.,
1,200,000
W. C. Pitfleld &
250,000
Co., Ltd...;.
maintained.
McTaggart, Hannaford, Blrks
<fc Gordon, Ltd....
...
Hanson Bros., Inc....
L. G. Beaublen & Co., Ltd
Brawley, Cathers & Co-.----.
Aldred & Co., Ltd......
500,000
500,000
500,000
Canadian Alliance
Net sales in
value, excluding inter-divisional transactions, for the first
amounted to $367,768,303, compared with $250,512,587
quarter of 1939
for the
Corp., Ltd.
46.8%.
quarter a year ago, a gain of
same
Employment—The improved level of operations during the first quarter
compared with the corresponding period of the previous year,
is reflected in the fact that there was disbursed through payrolls $97,789 568
as compared with $69,755,936 a year ago, an increase of 40.2%.
The average number of employees on the payroll during the first quarter
of 1939 was 236J60 as compared with 207,104 during the same period of the
previous year, a gain of 14.0%,
The average number of hours worked per week for all General Motors
hourly workers in the United States during the quarter was 33:1.
This
compares with an average of 23.5 hours per week for the same quarter a
year ago—40 hours per week being the standard.
This increased number of
hours of employment was reflected in an increase in the average weekly
earnings of hourly workers.
Since there was no change in the wage level,
the average weekly earnings were $30.50 during the period under review,
as compared with $21.81 for the same period a year ago, a gaih of 39.8%.
of 1939, as
Consolidated Income Account
'
31—'.
3 Months Ended March
cars
States--.-
ers—United
489,284
'
1
4
'
298,271
439,200
314,178
375,597.
—
G. M. sales to dealers—U. S—„.
Net sales—value.--.
150,000
150,000
,150,000
100,000
100,000
225,922
196,851
340,693^
337,181
$
$
*
'
(incl. div. ree'd from sub. not con¬
solidated), after all exps. incident
thereto, & after providing for depr'n
of real estate, plants & equipment-_ 66,181,821
General Motors Corp.'s equity in the
undivided profits or losses of sub.
Corp.—Earnings—
1937
1938
1939
3 Months End. March 31—
4,469,904
4,760,692
4,928,451
11,686,502
57,264,439
Net
G. M. Management
--
Amounts
63,089
$700,961
409,437
13,704
$1,996,320
$176,808
$305,228
77,546
$1,581,130
190,230
3,042,000
87,000
105,800
150.089
3,186,261
provided for empl's'bonus
r
payments by certain foreign subs.
having separate bonus plans.
Total
'
80,500
3,980,009
—
—
'
Net inc. before income & excess profits
taxes and surtaxes
66,671,716
Provision for U. S. & foreign income
'
54,078,178
11,536,413
*
#
13,465,000
3,272,000
9,214,000
period
53,206,716
G.M. Corp.'s prop'n. of net income
53,177,928
Dividends on pref.
capital stock—
$5 series (less div. applicable to
stock held in treasury)
**..—
2,294,555
8,264,413
8,234,017
44,864,178
44,814,166
2,294,555
2,294,555
stock-
50,883,3,73
5,939,462
42,519,611
No. of shs. of com. cap. stk.
outstanding during the period
—
Amt; earned per sh. of com. cap. stk-
42,942,836
$1.18
excess
profits taxes
$224,388
249,119
$382,774
$1,771,360
248,932
260,889
loss$24,731
12,811
$133,842
25,837
$1,510,471
I>r2,154
$159,679
145,430
2,850-
$1,508,317
160,964
269,471
$11,399
77,546
$1,077,882
413,183
•Dr2,007
Amount earned
Metal profit.
47,580
Depreciation.
Profit---.....
Other income, net...
..,.
/.
,
loss$ll ,920
'
137,273
contg., &c
Metal profit added to in. res___r.
on com. cap.
42.922,464 42,942,160
>
$0.14
$0.99
Note—The above earnings fof the three months ended March 31, 1939,
1938 and 1937 make no provision for any surtax which may be imposed by
the Revenue Act of 1936 on any undistributed profits accruing during the
loss$149,193
47,580
/
,
$196,773
After deducting the
■
per
$
inc. per summary of
per
consol. income 53,177,928-
394,789,742 368,081,225
8,234,017
44,814,166
•
2,344,207
32.625.000
Common
capital stock
Total cash divs. paid or
,
Less amt.
rec.
or accr.
accrued
2.344,207
10,875,000
2.344,207
10,875,000
34,969,207
Preferred capital stock—$5 series..
share of common stock.—
13,219,207
>13,219,207
by Gen. Mot.
Corp. on cap. stock held in treasury:
tinuation of the higher level of sales to consumers that prevailed during the
fourth quarter of 1938, reflecting the recovery movement which set in dur¬
ing the latter part of June of that year.
This was in turn reflected in
Net cash di vs. paid or accrued.
greater production and sales to dealers, larger payrolls, a greater number of
available hours of work and hence higher weekly earnings for the corpora¬
Earned surplus at end of period
Total
tion's
Condensed
„
_
49.652
139,780
183,864
189,432
$34,504,397 $13,035,343 $13,029,775
442,088,639 389,988,416 399,865,616
Consolidated
Balance Sheet
Mar. 31,1939
secure,
Dec. 31,1938 Mar. 31,1938
(short term)
195,575,606
80,143,709
175,609,306
65,885,868
164,536,283
202,558
2,000,278
10,149,512
1,400,146
8,526,730
2,300,162
8,968,979
1.070,649
Cash.
U. S. Govt,
„
49,652
134,212
464,810
Common capital stock...
Trend—The period under review was characterized by a con¬
„
49,652
415,158
Pref. capital stock—$5 series
Alfred P. Sloan Jr., Chairman, states in part:
workers, as well as in better profits for the stockholders, than in the
corresponding quarter of the previous year.
Although this describes the situation in general terms, nevertheless there
was in evidence during the quarter a tendency for the level of consumer sales
to decline.
During the month of January and in early February the de¬
cline was so small tnat it was quite inconclusive, but during the latter part
of February and the early part of March it became somewhat more pro¬
nounced.
During the latter part of March, however, a more than seasonal
improvement in sale3 to consumers took place.
Whether that improvement
will prove to be only temporary, or whether it indicates a more lasting re¬
versal of the downward trend, cannot be determined at the time of this
writing.
Passing from the corporation's own activities to those of industry in
general, it might be noted that during the period many important indices
of business have declined.
However, there does not appear to be economic
justification for any drastic decline at this time, unless the economic situa¬
tion is affected adversely by events from without due to political difficul¬
ties abroad.
It appears likely, therefore, that the trend of business will
be influenced by day to day occurrences.
The corporation's overseas activities during the period continued at, the
same favorable level that has prevailed for over two years.
It Is a rather
476,593,036 403,023,759 412,895,391
surplus before dividends
Cash dividends paid or accrued:
share of 7%
General Motors Corp.—Financial Statement—
1937
$
1938
$
1939
Earned surp. at beginning of period.-423,415,J08
Gen. Mot. Corp.'s proportion of net
cumulative preferred stock and $1 per share of class A stock, these earnings
equivalent to approximately 47 cents
Surplus for the 3 Months Ended March 31
'
190,230
$66,147 pfx$887,652
quarterly requirements of $1.75
,
respective years.
Earned
Net loss
,
Aver.
Summary of Consolidated
Profit...
Interest
Business
38,461
—
Corp.3,817,000
k
$548,181
383,212
11,838
sales
Selling adm. and general expense.
Other operating income, net
V. 148, p. 1642,
52,335,988
.
profit from oper. & investments 70,651,725
Less provision for:
Employees'savs. & inv. fund—net82,509
Empl's' bonus (and, in 1936, pay. to
companies not consolidated.
and
Gross profit on
are
*
6,925,810
.
Net income for the
General Cable
x
$
*
367,768,303 250,512,587 336,849,901
—-
"
—V. 148, p. 2426.
Federal income tax,
,
•
eluding Canadian sales, overseas
shipments & production by for¬
eign manufacturing subsidiaries.
Retail sales by dealers to consum¬
200*000
-
1937
1938
1939
and trucks (units):
General Motors sales to dealers, in-
Sales of
200,000
200,000
1,600,000
Mills, Spence & Co., Ltd
' " Burns Bros. & Denton, Ltd...
Ltd.750,000 Savard, Hodgson & Co., Ipc..
Bell, Gouinlock & Co., Ltd...
600,000 Greenshields & Co., Inc...
Nesbltt, Thomson & Co., Ltd,
Collier, Norris & Henderson,
$300,000
300,000
300,000
Mead & Co.. Ltd
1*000,000
Wood, Gundy & Co., Ltd
Ltd.
•
competitive position of the corporation, as measured by its percent¬
of total new car and truck registrations in the United States, as well as
its position in the other automotive markets of the world, continues to be
The
3,467,000
Series B due 1969 (Canadadian Dollars)
Weir & Co.,
Ltd
3.467,000
Dillon, Read & Co..
Kuhn, Loeb & Co.
Amount
Ltd..,
115,000
—
Putnam & Co
578,000
First Mortgage Bonds 3 %%
Name—
.........
The Milwaukee Co
578,000
Riter&Co
of 4.2%.
ing period of a year ago.—an increase
age
Profit from oper. & income from inv.
578,000
578,000
Estabrook & Co
Hallgarten & Co..
and dealer stocks in the United States showed an increase
*
578,000
578,000
578,000
Alex. Brown <fe Soils
of 39.1%.
Total factory
during the first quarter of 1939, whereas during the corresponding quarter
of 1938, following the drastic decline in retail sales which took place in
December, 1937, production was curtailed to adjust stocks to the lower
level of consumer sales.
Total factory and dealer stocks at March 31,1939,
were well in line with the current consumer sales trend, giving consideration
to the seasonal influence.
Overseas sale3, including production from all sources, for the first quarter
of 1939-were 101,239 units as compared with 97,193 units for the correspond¬
231,000
200,000
affected
international uncertainties
particular period.
Sales in Units and Value—Total sales to dealers, including Canadian
sales, overseas shipments from domestic plants and production by foreign
manufacturing subsidiaries during the first quarter of 1939 amounted to
489.284 cars and trucks, compared with 298,271 units for the corresponding
quarter of the previous year—an increase of 64.0%.
Sales by the corporation to dealers within the United 8tates during the
first quarter of 1939 amounted to 375,597 cars and trucks, compared with
196,851 units for the corresponding period of a year ago—an increase of
90.8%.
Retail sales by dealers to consumers within the United States for the first
quarter ended March 31, 1939 amounted to 314,178 cars and trucks, com¬
pared with 225,922 units for the same period of the previous year—an in¬
.231,000
231,000
231,000
231,000
231,000
Burr, Gannett & Co.
Bos worth,
1938, the sales of automotive units overseas were
negligible extent, especially considering the
which characterized an important part of that
250,000
-
Minsch, Monell & Co., Inc.—
867,000
Securities
289.000
867,000
...
......
t
McLeod, Young,
....
Hayden, Miller & Co........
Moseley & Co......
Dominion
half of the year
to a
289,000
289,000
W„ Clark & Co...........
Inc.
Stone & Webster and Blodget,
W. C. Langley &
G. Becker & Co., Inc.*.
E.
Tucker, Anthony & Co.
Chace, Whiteside & Symonds,
A. C.
Otis & Co....
Inc.
347,000
321,000
..........
1,080,000
867,000
...
347,000
Granbery Marache & Lord...
Starkweather & Co
1,080,000
.....
Kidder, Peabody & Co
Coffin & Burr, Inc
W. E. Button & Co
.
Hornblowr & Weeks.
1,155,000
White, Weld & Co..
....
Doininick & Dominick.......
—.
F. 8.
notwithstanding the drastic decline in business activ¬
ity in the United States during the latter part of the year 1937 and the first
remarkable fact that,
,
owned by subsidiaries represented less than 3%
and its subsidiaries consolidated and earn¬
ings of subsidiaries are relatively unimoprtant from the standpoint of the
enterprise as a whole.
Only four of the company's subsidiaries carry on
As of Dec. 31,1938, assets
of the total assets of the company
1939
29
April
Chronicle
64,457,242
212,767,123
878,652
68,155,441
199,871,640
1,344,729
45.622,512
241,006,985
247,385,506
242,477,567
253.596,132
14,777,556
748,965-475
8,566,372
50.322,686
17,955,399
758,830,738
8,098,056
50,322,686
16,326,329
752,356,684
4,787,172
50,322,686
Other marketable securities
(short term)
Sight drafts and C. O. D. items.
Notes
a
receivable
Accts. rec.
& trade accept's__
Inventories
Investments and miscellaneous:
Sub.
cos.
not consol. & misc._
b G. M. Corp. cap. stock held
in treas. for corp. purposes.
Real estate, plants & equipm't.
Prepaid exps. & def'd charges._
Goodwill, patents, &c
—
Total.
1.636,181,714
1,598,012.229 1.541,371,21 j
Volume
Financial
148
$
Employees' savings funds,
able within
Acer. divs.
30,089,041
3,596.322
1,529,703
4,462,715
1,529,703
4,407,159
7,469,653
3,817,000
15,937,927
3,086,396
17,607,282
16,944,441
369,588,150,
32,599,080
187,536,600
435,000,000
362,488,520
29,498,281
187,536,600
435,000,000
348,034,329
31,446.869
187,536,600
435,000,000
1,888,613
442,088,639
1,888,613
423,415.108
1,888,613
389,988,416
_
1,562,805
buted profits
Reserves—Deprec. of real est.,
plants and equipmentSundry and contingencies
.
;
Common stock ($10 par)______
Int. of min. stockholders in sub.
represented by pref. stock
of subs, in hands of public..Earned surplus..
General
new
cars
Shareholdings Corp.—Earnings—
—
$2,085,189
$1,498,380
182,900
208,816
1.700
._
$2;?68,089
$1,707,196
Mar. 31,'39 Dec. 31/38
$
$
r
Cash in banks--.-
998,585
Invest.In8ecur:.y20,572,616 20,783,252
Int. and divs. rec.
133,844
sold.
7,6$5
sec.
277,051
282,481
3,775,000
9,075,000
1,602,440
7,114,960
taxes, &C—
13,165
.
depos. for
Due tor sec. purch.
„
dividends......
Bank
6,320
985,685
932,946
45,000
75,000
170,000
Total—--.—21,711,365 21,920,264
Represented by 90,750 no par shares stated value $100. y Investments
on Dec. 31. 1936 are carried at the lower of cost or market at that
date.
Subsequent purchases are carried at cost.
Investments, based on
market quotations as at March 31, 1939, amounted to $13,437,418 or $7,135,197 less than the amount shown.—V. 148, p. 1642.
x
General Theatres
Equipment Corp.—Earnings-
Net saies
-
—
—
Year Ended Year Ended June 1 *36 to
Dec, 31 '38 Dec. 31 '37 Dec. 31 '36
—$8,326,247
$9,498,474
$5,998,159
6.267,303
6,826,943
4,188,699
1,323,335 "
1,268,257
723,905
40,000
Inc. in gen. res. against
investments:
;
1941—
owned
Cost of sales..---
1,026,234
70,383
due
Surplus....._.r__ 6,975,468
988,723
of adv. display plants.
loans
Dec. 30,
8,892
Prov. for/Fed. inc. tax_.
Prov. for contingencies.
6,449
gencies, expenses,
3,775,000
x Preferred stock.. 9,075,000
Com. stk. ($1 par) 1,602,397
Special
Period—
2,441
$
Reserves for contin¬
13,894
u
178
$120,331
136,125
Mar. 31/39 Dec. 31/38
Liabilities—±
Divs,. payable, &c.
1,109,953
$955,812
-
7,966
—_
Balance Sheet
$830,964
124,848
$1,850,024
$173,751
25,088
18,665
—
stated to be liquidating distributions.
In an economic sense, therefore, the
amount shown is not in. whole to be considered true income. >
.
180,016
notes
and mortgages-......
Prpv. for retire. & amort.
$2,094
171,657
—
Subs.)-—
$1,670,008
-
J
—
—
Includes all cash received or receivable from the sources" specified,
whether payable from earnings or otherwise, except amounts expressly
Rec. for
bonds,
on
$584,651
*
Total.........21,711,365 21,920,264
,
Total income.
Interest
$619,876
$22,548
x
—
—
$17,462
common
Net income
Cash dividend paid on $6 cumulative convertible pref. stock-.-
*•
Balance
Miscellaneous income..
$623,561
38,910
_——_
1938
■
1937
" 1936
1935
,.---$13,519,288 $13,788,903 $12,218,655 $10,612,685
Oper., selling, adm. and
general expenses, &c._ 11,849,279
11,703,713
10,720,275 - 9,781,721
.....
$658,786
38,910
Capital stock tax.
Federal income and other taxes--.—
and trricks reached 21,743
the total for the same period
Advertising Coi, Inc.
Calendar years—
Sales
3,242
Total income
General expenses-----Interest
the 159,697 sold through April 10, 1938.
'
"
Used car sales in the same period totaled 41,482 units, a gain of 4,856
over the sales one month ago, making an aggregate new and used car total
of 63,225 for the period, the announcement said.-11-V. 148, p. 2426.
x
$20,704
$25,791
3,242
-
x
.
retail sales of
Outdoor
856,238
Cash dividends.-
Asscts
Higher—
Report—'
856,238
8,043
(Formerly Electric Shareholdings Corp.]
over
General
71,353
636
Statement of Income for the Period Jan. 1 to March 31, 1939
This brings Chevrolet's year-tq-day sales total to 213,427 units, a gain
Annual
$1,853,798
373,998
361,934
"
units in the first 10 days of April, 24% above
last year, it was announced ori April 19.
38.6%
$123,177
31,119
1,885,001
29,743
2,372
Income—Interest-
'
of
$1,824,764
29,034
.
stock and surplus,-
,
Chevrolet dealers'
$1,866,605
18,396
71,353
Bal. avail, for
Contingent Liabilities—Claims in respect of back taxes, patent infringe¬
ments and other matters incident to the ordinary course of business, to¬
gether with other contingencies, involve amounts totaling approximately
$17,000,000.
There is no way of determining the amount for which these
claizps may eventually be settled but in the opinioh of the management and
counsel, amounts included in other liabilities and contingency reserves on
the books of the corporation and its consolidated
subsidiaries are adequate
to"cover all settlements that may be made.
In addition, there is the claim
of the Commissioner of Internal Revenue for $14,522,733, together with
interest from 1927, arising out of the acquisition of the assets of the Fisher
Body Corp.
No provision has been made for any possible loss in connec¬
tion with this case for the reason that It is believed to have been a tax-free
reorganization. ; This position was upheld by the United States Board of
Tax Appeals, arid the case is now pending upon appeal by the Commissioner
to the Circuit Court of Appeals.
-
Chevrolet Sales
$121,191
1,986
—V. 148, p. 2268.
above,
in connection with the operations of the General Motors Corp. bonus plan,
263,620 shares of General Motors Corp. common stock representing the
equivalent of 263,620 shares of GM Shares, Inc., class B stock owned by
:
$125,151
...
Net income
Divs. on $5 pref. stock-
—1.636,181,714 1,598,012,229 1,541,371,211
General Motors Corp.
2,316,098
222,752
532,969
522,392
82,637
$127,523
reflected in treasury stock at March 31, 1939 as shown
are
555,772
568,247
122,661
$5,505,693
4,080
bonds
Other interest
-
bonus for 1938.
There
202,010
Charges of subsidiaries-Chges. of General Public
Utilities, Inc.:
Int. on 1st mtge. and
coll.
trust
6 H%
a Less reserve
for doubtful accounts: in 1939, $2,673,086.
b In l939, 557.167 shs. common, 39,722 shs. $5 series no par preferred.
Notes—The March 31,1939 balance sheet is after giving effect to. the de¬
liveries. under the bonus plan, of General Motors common stock awarded
as
$5,710,568
2,395,272
22,880
45,147
45,066
6,856
....
Gross income
co.
....
$431,511
190,370
20,333
47,162
47,917
9,475
Net oper, income....-
^
1939—12 Mos.—1938
204,693
expenses
Non-operating income.
1938, based upon cost of stock
distributable as bonus)
Taxes, warranties & miscell
Total.......;
$454,732
Prov. for retirements
General taxes
Fed. normal inc. taxes..
Fed. surtax on undistri¬
pay¬
one year.
(&Subs.)—Earnings-
-1938
1939—Month-
M aintenance
1,934.135
4,456,153
Operating
38,332,158
on
6tock
40,827,767
38,784,079
pref. cap. stock..
Employees' savings funds pay.
subsequent to one year
Employees' bonus (at Dec. 31,
Preferred
Period End. Afar. 31
Gross oper. revenues
40,405.425
35,647,453
39,360,975
prof, taxes and surtaxes.
excess
61,355.358
59,998,473
2587
General Public Utilities, Inc.
Dec. 31,1938 Afar. 31,1938
$
$
Mar. 31,1939
r,
Liabilities—
Accounts payable
Taxes, payrolls, warranties and
sundry accrued items
XT- S. and foreign income and
Chronicle
50,000
Selling expenses-
-
-------
-
—
General & administrative expenses -
553,877
Other income.
Net profit—
Preferred
$653,612
dividends
$1,109,963
380,052
150,000
168,912
199,600
Glass A dividends..
$726,596
337.824
x
$285,100
— —
Advertising ,displayed
•coriamissions earned
on
'
Total income---
------
Other deductions
$579,911
—
-
$388,772
def$41,802
plants, commercial displays and gross
own
1938
Assets—
$
1938
•
5
mach'y
equipment. 4,772,867
Consolidated net profit———Dividends paid..
j—1. 2,458,148
rec.
735,427
Notes & accts.
Painted displ.
not
billed to cust's--
538,875
Adv. to employees
Due from affil. eo.
265,079
Prepd. lease rentals
637.052
43,494
7,677
292.053
410,980
44,588
Mat'ls & supplies.
413,063
Prepaid lnsur. and
326,047
.263,697
12,782
expenses—.:.
20,387
Invent'y of comm.
signs in process.
Empl. stk. subscr.
account
Liabilities—
77,029
$
.
87,340
«
Stock Outdoor Ad¬
'
■
628,688
...
32,750
225,917
Accrued taxes
6,172
355,611
Amt. pay. in resp't
of acquis, of stk.
'
——
income
after
depreciation
Federal income taxes-_
—
surr.
sees.
182,013
4,147,143
2>r52,633
life ins. policies.
Total
x
—
2,516
3,014,506
9,723
1,529,586
5,017,071
638,723
2
2
2,925.697
236,737
5,726,056
Inv, in & amts.due
cons.)
286,396
249,138
9
Deferred charges..
60,673
79,694
Goodwill.....
subs, (not
Represented by 100,000 no par shares.
147, p. 2426.
General Printing Ink Corp. (&
"
'
"
Represented by 642,385
y
Total income
Other deductions
Federal taxes
Net profit..
com.
stock
Shares
,
Subs.)—Earnings
1938
1937
1936
$231,016
18,891
$373,853
20,409
$394,262
49,313
53,394
$249,907
47,193
32,550
$408,201
27,029
$435,229
47,570
60,424
$225,940
.
...
$170,165
$327,235
$291,555
735,960
735,960
$0.16
735,960
a$0.37
183,990
out¬
standing (no par)
Earnings per share—..
a
1939
$310,832
18,223
$329,055
49,789
$0.23
Telephone
Registration—*
Corp.—Removed from
$1.30
Listing and
«
The corporation's common stock, par $20, has been removed from
listing
and registration on the New York
136,975
236,946
pay.
'
& accr. llabils..
79,029
85,774
Prov. for est. add'l
liab. (reorgan.).
Def'd cred, to Inc.
4,843
160,426
175,739
40,918
54,928
Capital stock.
b6 014,870 c6.010,920
Paid-in surplus... 4 751,796
4,808,605
Earned surplus...
643,977
747,126
Reserves
Total12,258,207 12,609,175
12,258,207 12.609,175
Total...
Represented by 597,887 no par shares,
c Authorized, 800,000 shs.,
value, of which 5,390 are reserved for holders of debentures of
General Theatres Equipment, Inc., who have not deposited, as of Dec. 31,
1937, under plan of reorganization; issued or irrevocably authorized to
be issued, 601,092 shs., less in treasury, 200 shs.; total, 600,892 shares.
Note—The above statements include the following subsidiary companies:
International Projector Corp., National Theatre Supply Co., Theatre
Equipment Contracts Corp., J. E. McAuley Mfg. Co., Hall & Connolly,
Inc., and the Strong Electric Corp.; but excludes the following subsidiaries:
Cinema Building Corp., and J. M. Wall Machine Co., Inc., and Zephyr
par
Shaver Corp. in 1937.
No provision
On 735,960 shares (par $1) after 4-for-l split-up.—V. 148, p. 1477.
General
—
$
484,293
&
Federal taxes...
Other, accts.
1937
•'
430.217
b
53,326
Other income
291,464
540,666
$0.54
.18,203,439 18,377,234
no
Quar. End. Mar. 31—
Operating profit
S
Accts. pay, (trade)
Prov. for State
256,861
5,555,141
Total
$0.24
1938
2,070,730
1,670,246
5,017,071
630,016
——
Capital assets-
18.203,439 18,377,2341
120,265
601,092
$0.20
597,887
Liabilities—
$
1,635,589
Notes <fc accts". rec.
Investments
par shares.—V.
no
$145,544
1937
1938
$
Assets—
Cash
(net)
1,575,375
....
1937
$2,212,067
/
--
10
Adv. dlspl. plants.
Patents and copy¬
rights
1,465,907
'
1938
$1,938,448
and
Inventories....—
82,623
of
val.
•'
...
Consolidated Balance Sheet Dec. 31
•
63,585
"
Cash
—
Shares common stock....
Earnings per share.
•
vertising, fnc...
Rea've for conting.
223,813
Surplus
4,322,050
1,294,370
92,642
fv
1939
.
Sales
Int. receivable.:—
vertising, Inc._. 1,188,973
'
.
Earnings for 3 Months Ended March 31
Net
purchase money
obligations
'
.
,
Real est. mtge. and
Ad-
'
;
Mtges., notes and
Stks,. & other
$959,509
xl,051,461
x $356,070 charged to paid-in surplus, $695,391 charged to earned surplus.
Note—The provision for depreciation amounted to $98,210 in 1938,
$100,646 in 1937 and $80,537 in 1936.
390,941
Treasury stock...I>rl 16,165
other receivables
\ 58,550
$1,199,415
715,140
$507,267.
597,283
$
2,837,825
5,000,000
4,817,887
Class A stock... 5,000,000
y Common stock.. 4,817,887
Accounts payable.
229,834
Accrued exp., &c.,
liabilities
629,527
x
of Outdoor
———
1937
6% cum. pref.stk_ 2,837,825
5,001,560
1,849,976
847,849
199,475
114,233
12,900
1937
est.,
Cash
$1,331,768
119,400
*>
'
and
.$1,610,416
278,701
business sublet.
on
Consolidated Balance Sheet Dec. 31
Real
$669;311
662,456
loss$41,802
Prov. for normal Fed. Inc. tax (est.)
Surplus—
416,242
$794,642
815,774
$925,226
114,958
78,000
225,000
-
608,633
$181,731
743,495
-
Curb Exchange.—V. 148,
p. 2427.
,
,
.
,
has been made in the above balance sheet, or in the ac~
companing statements of profit and loss and surplus, for the
represented by common stock of subsidiary companies in
minority interest
the hands of the
public, consisting of less than 1 % of the common stock of International
Projector Corp. and of National Theatre Supply Co., respectively.
All the
preferred stocks of these companies are owned by General Theatres Equip¬
ment Corp.
The accumulated dividend preference and the liquidating
preference of these preferred stocks respectively exceeded the net*profits of
such companies for the year ended Dec. 31, 1938, and their net worth at
said date.—V. 148, p. 1959,
Financial
2588
Instruments Corp. (& Subs.)Fiscal Years Ended—
Dec. 31*38
Jan. 1'38 Jan. 2 '37
General Time
Gross sales,
'
charges,
incl service
less returns.
Ac
Gross
Dec. 28 '35
$7,940,594
5,251,610
$12,314,203 $11,735,622
\
»
,-
mo
and
T oo i
2,616,914
2,181,378
$393,432
34,587
profit
Other income
$428,019
Total income—
non
7,231,239
7,935,157
2,538,666
t
4
7,173,224
Cost of sales
Sell., adver., gen.
admin, expenses
-Earnings
no r
i ct
$1,762,132
$1,965,716
$1,089,945
28,975
46,824
36,074
&
of electric
clock
Loss
on
$1,126,019
$2,012,540
$1,791,107
26,250
26,250
26,250
101.048
8,852
6.622
14,064
17,126
36,701
assets
deductions
for Fed. & Can.
of capital
240,638
47,446
276,083
43,355
160,303
income taxes....
undist. prof—
Minority interest
Decrease in pension fund
"""339
Surtax on
b159,063
$104,190
231,234
49,890
332,601
Nil
income
Net consol.
dividends
Common dividends..
Preferred
outst'g.
Common shares
share
Earnings per
232,430
a154,408
>
$851,999
541,744
$1,315,743' $1,420,357
231,234
717,540
493,966
327,784
330,071
327.789
$3.29
$3.54
.
-
2,197,191
and expenses
$155,954
.
•
2,096,765
$154,195
Other
5,045
3,170
$160,999
Net
35,723
35,927
19,158
Pension fund loss
——
Fed. and
Provision for
Canadian income taxes....
—
on
Week End.
1939
—
Oper. revs.
Georgia Power
Period End. Mar.
Oper. expenses and taxes
for deprec—_
270,000
$814,596
other fixed
6,589,308
$457,199
245,862
$256,701
245,862
$5,069,359
2,950,350
$4,499,435
2,950,350
$211,336
------
stock—i
Divs. on pref.
'
$10,838
$2,119,009
$1,549,085
.
— -
& Florida Ry.
Georgia Southern
railway
railway
Net after rents—
—V. 148, p. 2269.
,•<
(L. H.) Gilmer
&
income
increase of 17%
Fire
Insurance.
April 24 elected the following
William S. Gray Jr., E. C. Jameson,
S. McVeigh, Edwin G.
Robert C. Ream, John
Snodgrass.
Elgood M. Lufkin, Charles
Miller, Francis F. Randolph,
Matthew S. Sloan and Russell L.
Merrill, J. Bernard
R. Simpson,
•
amended to reduce the amount of its
capital stock and the number of its shares from $2,148,630 represented by
22,770 shares of first preferred stock 35,472 shares of second preferred stock,
5,000 shares of junior preferred stock and 80,000 shares of common stock
to $2,119,080 represented by 20,800 shares of first preferred stock, 35,472
shares of second preferred stock, 5,000 shares of junior preferred stock and
80,000 shares of common stock.
The 1,970 shares of first preferred stock
retired by this action had been purchased since March 9, 1938 through the
operation of the retirement fund or otherwise.
The charter
of the company was
board at its
Chairman of the
L. Brooks; ViceWatson; Sec.,
George
officers of the company were re-elected by the
annual meeting, held following the stockholders' meeting:
Executive Committee, John C. Jay; President, Olin
Pres. and Sec., J. D. Lester; Vice-Pres. and Sec., W. F.
John R. Van Home; Asst. Sec., John N. Burshingham; Compt.,
0. Bowers.—V. 148, p. 2269.
The following
Goodyear Tire &
Rubber Co.—Common
Dividend—
declared a dividend of 25 cents per share on the
stock, payable June 15 to holders of record May 15.
Similar
were made on March 15, last and on March 15, 1938.—V. 148, p.
Directors have
payments
1643.
Grand Trunk Western
RR.-—Earnings—
1939
March—
$1,883,944
353,698
159,948
Gross from railway
Net from railway
Net after rents
1938
$1,451,909
defl2,520
def215,626
From Jan. 1—
5,395,722
940,331
340,251
railway
from railway
Gross from
Net
Net after rents
—V. 148, p.
4,147,293
def46,007
def622,367
Great Northern
Ry.—Earnings—
1939
railway
railway
—
Net after rents
$5,603,075
977,173
127,363
1938
$5,093,675
870,813
def38,057
'From Jan. 1—
15,354,850
railway
railway
Gross from
Net after rents
—V. 148, p.
1936
$2,651,311
966,297
695,938
$2,018,824
6,387,978
1,770,526
5,695,693
1,296,136
912,984
2427.
ciation or
2,011,888
-
—
Gross from railway
1939
$597,799
216,184
125,219
__
Net after rents
"
1—
From Jan.
Gross from railway-
- - -
1.586,847
484,191
232,754
_
Net from railway.
after rents
Net
—V. 148, p.
—
13,807,698
1,329,457
def464,090 defl ,164,709
193 6
$5,858,964
1,553,505
16,151,402
15,025,122
2,146,306
2,430,011
579,815
744,884
182,600
78,401
$694,403
273,955
143,402
$597,732
223,320
107,140
1,649,321
1,843,137
443,630
130,139
646,990
294,778
1,646,899
534,524
240,755
Gulf Natural Gas Corp.—Registrar—
National Bank of Jersey City has been appointed
The First
preferred and no par common
company's cumulative
1939
$118,894
27,185
•
2,271
Net from railway......
Net after rents.
From Jan. 1—
>
Net from railway
1937
$177,245
56,904
28,601
1938
$143,883
32,287
2,938
•
.
Gross from railway.....
287,702
14,747
def60,780
399,700
.
69,730
defl3,474
325,931
22,862
def59,571
148, p. 1960.
—V.
1939—Month—1938
$47,181 . $48,560
32.848
32,735
2,759
2,608
7,173
7,401
Period End. Mar. 31—
1939—12 Mos.—1938
$555,061
359,090
29,550
>.
...
—
$571,046
372,546
30,726
$79,802
76
78
$4,402
2,917
$5,816
$79,279
2.917
35,000
$79,881
35,000
$2,899
$44,279
78
195
1,356
$44,881
2,207
$ 2,704
$42,923
$42,674
39,312
44,226
,
1
(net).
Balance
Reitre't reserve
$79,203
$4,401
Net oper. revenues
Non-oper. income
87,972
$5,816
$1,408
—
87,218
$1,485
Taxes--.
accruals
'
•
charges
income
declared
—V-. 148, p. 1808.
Dividends
Hershey Chocolate
Corp.—Earnings—
1939-
3 Months
1938
Ended March 31
1937
1936
$3,132,347
589,466
649,002
682,444
621,249
$3,070,732
651,113
861,745
$2,342,078
77,721
$1,860,424
69,970
$1,828,654
109,723
$1,557,875
69,920
$2,419,799
194,482
429,802
$1,930,393
218,677
321,529
$1,938,377
$1,627,795
194,046
215,063
$1,795,515
$1,390,187
$1,356,152
253,844
253,844
dividends..514,312
514,312
253,844
$1,218,687
253,844
526,312
$1,027,360
$622,031
$575,996
$438,531
701,749
.$3,618,805
$3,098,892
631,427
645.300
profit on sales
Shipping expenses
Self. & gen. adm. exps—
Operating profit
Other income
•_
Total income
discount, &c
Federal taxes.:
Cash
Net income
—
pref. dividends..
Common
Surplus...
685,749
8hs.com.stk.out.(no par)
been made for
profits, inasmuch as the company has a
previous year.—V. 148, p. 1479.
Note—No deduction has
(R.) Hoe & Co.,
$1.37
dividend paid credit from the
Only]
1939—3 Mos.—1938
$1,684,124
$600,160
Net sales
Mfg., selling cost, &c
578,194
from opers.
Other income (net)
$21,966
1,622
1,653,875
1939—6 Mos.—xl938
$1,111,536
$2,874,309
1,111,550
2,763,513
$110,796
$30,249
loss$14
Dr 13.286
Dr5,510
Dr7,709
$23,588
34,650
$16,963
loss$5.525
69,300
$102,997
67,449
66.110
Cons. prof,
Income
on
66,115
132,225
132,230
$83,061
$207,050
$96,683
6 lA%
% notes
$77,172
Adjusted.—V. 148
Hearst
701.749
$1.28
$1.21
Federal surtax on undistributed
[New York Company
bonds & 7
526,312
Inc.—Earnings—
Period End. Mar. 31—
int.
220,301
361,924
" 685,749
$1.88
Earnings per share
Accrued
1936
$160,721
53,367
26,340
*
358,643
'' 59,489
defl2,339
•
Operating revenues
Operation..
Conv.
•
Co.—Earnings-
Haverhill Gas Light
j_
Registrar for
shares,—-V. 147, p.
RR.—Earnings-—
Gulf & Ship Island
March—
Gross from railway
p.
33.910
2271.
Consolidated
Publications,
Inc.—Receivership
Asked—
Three stockholders
asked the U. S.
District Court at
Wilmington, Del.
receiver for the company.
They alleged neglect,,
An accounting also is requested. ,
that the proposed receiver "take possession
of all the moneys, assets and properties," and conserve them pending final
determination of the litigation.
April 25, to appoint a
439,868
1936
1937
1938
$589,146
2270.
Net loss
1937
$5,087
made for taxes, depre¬
------:—
Northern RR.- -Earnings
Gulf Mobile &
March—
Depreciation
$5,925,551
1,271,346
613,195
297
$14,780
allowance has been
deferred development.—V/148, p. 733.
837,999
471,012
314,499
48,998
259
Note—In the above figures no
x
March—
Net from
1937
1959.
Gross from
Net rom
common
1938
6,104
$63,481
$14,483
$4,828
Estimated total profi t—
'
Co.—Directors—
Stockholders at their annual meeting on
Earle Bailie, Olin L. Brooks,
Alfred Jaretzki Jr. John O. Jay, Alfred B. Jones,
'
Non-operating revenue
Gross
directors:
,
41.721
„
profit.
Estimated operating
Consolidated Earnings for
Capital Reduced—■
>
;
produced
Development and operating costs
Net
1939
1938
$31,329
$15,317
in sales for the first quarter of this
1939
11,508
$46,550
March 31—
milled
metals
Gross income
Co.—Earnings—
Rutgers
3 Months Ended
Net income from
Interest
1938.—V. 147, p. 1925.
Globe
612,867
102,280
42,997
"
'
Earnings before taxes on
over
$213,134
36,013
12,158
722,939
212,969
144,432
586,543
91,723
28,389
Ended March 31—
Company reports an
$257,106
77,109
48,860
655
666,418
158,784
72,466
Gross from
Guysborough Mines, Ltd.—Earnings—
Tons of ore
Maintenance.
1936
1937
$186,672
23,705
$214,985
42,212
8,711
Net from
Earnings—
millions.
a
Net after rents
1938
1939
March—
Gross from railway
Net from railway.
Net after rentsFrom Jan. 1—
year
:
1958.
rr-Y. 148, p.
3 Months
6,560.554
557,895
543,610
--------
income
$28,8547293
15,034 304
2J60i000
$11,658,667 $11,059,989
I
charges.
Balance
2,887,500
230,000
$1,000,809
Gross income
«
$2,257,072c $29,490,546
1,212,475 14,944,379
Stores of America,
These stores are
in excess of
Canadian subsidiary of H. L.
millions.
H. L. Green Co. does not contemplate any new financing as the result
of acquiring the Schulte-United Stores.
A new company is to be organized
wholly owned subsidiary of H. L. Green Co., Inc., to continue the
operation of the Schulte stores substantially as at? present.—V. 148, p. 2124.
,
1939—12 Mos —1938
1939—Month—1938
$2,482,662
1,211,853
Prov.
Interest and
h
Co.—Earnings-
31—
Gross revenue
Net
'
2427.
.$290,144
$286,046
$16,750
$17,450
(est.).'.
—V. 148, p.
382,599
91,705
50,068
32 millions.
Metroplitan Stores, Ltd., the
Green did a volume in 1938 in excess of eight
Jan. 1 to Apri 14r—
1939
1938
<
Apri 14—
1938
416.223
112,434
59,762
Inc.—Acquisition—
Net from railway
$125,276
$102,280
Note—No provision has been made in this statement for Federal surtax
undistributed net income under the Revenue Act of 1936, since it is
impossible at this time to make any calculation of such tax.—Y. 148, p. 2124
Georgia & Florida RR.—Earnings—^
;
Consolidated net income—.- —
349,386
75,797
29,326
owned.
$157,365
operating income
income, net of expense.----
31,114
$131,312
38,466
22,269
Company has purchased from Retail Department
Inc., the 19 stores that the latter company
operated under the name of Schulte-United.
The Schulte-United Stores do an annual volume of around seven
This company in 1938 did a volume in its United States stores
,
or for
49.930
1959.
—V. 148, p.
$2.24
employees for pensions and
1939. b Decrease in pension fund
representing excess of payments to or for employees for pension annuities,
group insurance, vacation payroll, &c., over income for the year 1938.
Consolidated Earnings for 3 Months Ended March 31
1939
1938
Net sales
- $2,353,145 $2,250,960
Representing excess of payments to
other benefits under income for the year
a
Operating costs
Net after rents
$155,585
30,815
13,190
410,405
128,217
65,561
Gross from railway
as
251" 434
$124,649
,
(H. L.) Green Co.,
Miscell.
Pro v.
1—
Net from railway
18.164
abandon't.
sale &
Net after rents
1936
1937
1938
1939
$138,434
41,671
20,199
Net from railway
From Jan.
70,000
motor..
& Western RR.- -Earnings—r
Green Bay
March—
Gross from railway
empl's* pen¬
benefit fund—
sion
Great Lakes Dredge & Dock Co.—Extra Dividend—
declared an extra dividend of 25 cents per share in addition
the regular quarterly dividend of like amount on the common stock,
both payable May 15 to holders of record May 2. , Similar payments were
made on Feb. 15 last.
See also V. 148, p. 582.
Directors have
to
1.599,038
Approp. for
Amort,
April 29, 1939
Chronicle
mismanagement and waste.
The bill of complaint asks
1
Volume
148
Financial
Chronicle
The suit was filed oy Hugh M. Morris and S. Samuel Arsht on behalf of
Mary S. Lankford and Iola J. Harter of
Washington, and Everett L. Mier,
2589
_
Houston Lighting & Power
whose address was
given only as Illinois.
Named as defendants are the Hearst
Consolidated Publications; American
Newspapers. Inc.; Hearst Enterprises; W. R. Hearst; members of his family
and officers of Hearst
companies.—V. 148, p. 1479.
(Henry) Holt & Co., Inc.—Accumulated
Directors have declared
Period End. Mar. 31—
Operating
Prop.retire.res.
$354,542
80,208
1938
profit
1937
$597,651
211,489
gen. exps__
1935
1936
$1,026,106
263,840
$748,514
240,598
$922,404
240,844
Operating profit..
on
bonds, &c
Depreciation
$386,162
Crl6,609
46,898
55,868
'Interest
Prov. for Federal tax
$762,266
Cr23,730
44,231
106,700
$300,005
547,057
21,400
Previous surplus
for invest
Total surplus
Dividends paid
597,343
;;
$1,232,407
624,000
43,143
66,064
No par.
.
148,
615
Selling, general & administration
z88,230
z422,373
$1,475,590
10,623.674
$805,101
10,178,157
Total surplus
Divs.
on
com.
*
from
sale
of
stock in excess of
stated value
x
From all
Net profit
Net profit per share...
$042
or
$88,607
Acer,
receivable
108,282■
99,751
147
196,335
199,688
U. S. Govt, sees..
874,671
868,367
126,960
payroll
$29,771
Invest,
$24,140
63,119
110,683
61,009
1,200,000
56,200
1,200,000
Prov.
558,442
for
y
Municipal, listed &
Fed.
Capital stock
Surplus.
misc. bds. & stk.
int. receiv..
Claims for deps. in
closed banks...
Prop.accts.(cost)
488,445
'
Goodwill
1
22,812
23,253
Period End. Mar.
31—
.
on
Operating income
1939—12 Mos.—1938
$4,564,564 $17,779,549 $17,959,397
1,967,464
8,647,851
8,341,882
294,804
309,692
$2,002,650
3,043
$2,005,692
41,862
380,320
$8,657,775
17,142
$2,292,872
65,742
$7,557,714
242,583
$8,674,917
312,932
b605,800
1,187,468
bl ,886,626
1,972
and Do¬
minion income taxes._
Other charges
int. in
before
earns,
bf sub.
$1,583,510
of a sub.
1,913
earn.
$1,621,330
2,590
$6,127,663.
3,893
$6,123,770
$6,468,529
225,000
716,916
900,000
3,604,530
899,879
Dividends—cash:
5% preferred stock
225,000
737,264
Common stock
a
4,857
3,584,951
Excluding provisions for losses
eludes Federal surtax
on
on instalment notes receivable,
undistributed profits.
1939
A. 3 SCt"
a
Instal. notes rec.53,474,283
55,781,223
sec.
empl.
1939
Liabilities—
$
8.322,352
to
Idaho Power Co.-
Oper. exp., incl. taxes..
Property retirement re¬
serve appropriations*.
on
•
others
to-former
stock
plan.
86,914
244,495
50,634
57,357
1938
.
-
•
$
pursu¬
Fed.
&
,
Dom.
267,110
244,210
1 ,660,349 c2,123,363
Dividends payable
496,559
518,324
962,264
941,916
Misc. liabilities-.*
61,994
43,586
450,000
434,000
$2,462,669
$2,333,790
832
13,125
49
$2,475,794
8,720
$166,255
*. 56,250
8,161
675,000
113,354
CV597
$2,333,839
685,161
110,417
Cr38,831
$88,450
$101,844
$1,688,037
$1,577,092
•;
"
Net income.
period, whether paid
51,406
500,000
surp. of sub. coPref.
stock
(par
d Common
Earned
27,619
18,000,000
stock_18 ,431,600
17,922,900
surplus
reserves
Total
414,342
414,342
$1,273,695
$1,162,750
—V. 148, p; 1809.
170,000 from the Reconstruction Finance Corporation.
due
The obligation falls
on May 31 and on June 1 this year, but the road
proposes extension of
the maturity date to May 31, 1944. The loan actually is
$35,175,000, but
the road proposes to pay off $5,000 on May 1.
.
.
The petition submits that the carrier cannot, under current conditions
or in part in the open market.
The
principal difficulty is described as the fact that because of the size bf the
loan it could not be handled by any single bank.
Furthermore, all of
Central's available collateral is held by the RFC.
"Difficulty in obtaining some part of the loan," the petition reads in
part, "is due to the impossibility of dividing the collateral."
694,952
9 ,197,303
1939
Gross from railway
Net from railway
295,687
for losses of
$4,503,963 in 1939 and $3,600,750 in 1938.
for depreciation and amortization of
$436,159 in 1939 and
$414,931 in 1938.
c Includes
Federal surtax on undistributed
profits,
d Represented by 737,389 no-par shares (less 125 shares in
treasury) in
1939 and 717,389 no-par shares (less 473 shares in
treasury) in 1938.—V.
148, p. 882.
1937
1936
$8,584,538 $10,954,348
2,087,827
3,351,790
1,055,715
2,227,120
$9,149,043
2,242,810
1,174,989
26,323,527
6,034,562
3,210,439
25,528.154
6,201,161
3,191,000
28,757,346
26,905,272
6,469.666
6,053,915
3,259,892
3,068,251
Earnings of Company Only
7,578,063
61,584,290 64,923,750
1938
$9,161,601
2,212,053
1.272,643
From Jan. 1—•
Gross from railway
Net from railway
Net after rents
March—
61,584,290 64,923,7501
unpaid—
Balance..
Net after rents
31,668
-18 000,000
Capital surplus
or
Earnings of System
62,049
500,000
$100).
....
Dividends applicable to preferred stocks for the
March—
realized apprec.)
Res. for conting..
Min. int. in cap. &
reserve
37,500
$165,423
Illinois
inc.
& cap. stk.taxes
fluctuations (un¬
b After
1939—12 Mos.—1938
$5,796,073
$5,552,044
2,883,404
2,784,254
$153,420
56,250
._
mortgage bonds.
Res. for Can.exch.
After
•
obtain needed funds either in whole
thrift
'plan
b Office
equip. &
improvements..
to
ant
ownership
$
pay,—Bks.ll ,715,000 17,195,000
Empl., officers &
&
Oth. receiv'les, &c.
a
•
Illinois Central RR.-—Would Extend Loan—
Notes
officers pursuant
Total
$326,228
37,500
revenues._.
Other income (net)
Int.
$254,182
$149,543
3,877
Net oper.
Gross income.
-Earnings—
1939—Month—1938
$446,294
$431,009
259,251
228,086
Operating revenues.
,
$538,392
864,621
The company filed April 24 an application with the Interstate
Commerce
Commission for permission to seek a five-year extension of its loan of
$35,-
1938
$
7,475,900
Loams
$90,365
$596,844
851,026
,
b In-
Consolidated Balance Sheet March 31
Cash & Govt.
$197,570
287,936
$502,690
35,702
$6,473,387
$1,618,740
$223,210
283,948
$563,602
33,242
Income interest bn adj. income bonds at
5%.—V. 148, p. 2271.
Int. chgd. to construct'n
$1,581,597
Min. int. in
...
Other int. & deductions.
min.
1939—3 Mos.—1938
$1,890,098
$1,868,016
1,326,496
1,365,325
$185,714
11,856
$60,739
Gross income
Income charges
x
959,739
$7,542,301
15,414
5,464.
10,469
Period End. Mar. 31—
1,589,398
$2,287,408
$212,740
Deficit.
instal¬
•
RR.—Earnings—
1939—Month—1938
$664,294
$638,862
451,553
453,148
Non-operating income..
1939—3 Mos.-^-1938
2,142,612
expenses—
loss..*.14,655,378 13,635,059
*
Corp. (& Subs.)—Earnings—
$4,440,065
ment notes receivable.
Profit and
177,747
5,000,000
5,000,000
Oper. expenses & taxes..
for
Gross income from oper.
inc.
Reserves.........
201,544
Period End. Mar. 31—
x
Net
3,935,131
38,807
Hudson & Manhattan
495,576
1
Household Finance
Interest paid
Prov. for Fed.
1,026,835
4,089,582
211,082
184,043
Gross oper. revenue
reserve
Operating
15,279
936,237
4,228,322
315,303
secure.
862,408
131,232
Total.........47,935,180 46,325,6461
Total.....
47,935,180 46,325,646
x
Represented by 1,355,668 shares <jf no par value.—V. 148,
p. 1808.
$1,947,485)
Total
....$1,912,342 $1,947,485
depreciation of $305,166 in 1939 and $294,963 in 1938.
y Par value of $2.50 a share; authorized and issued, 480,000 share3.—
V. 148, p. 1170.
a
40,874
556,462
Total ..-..-...$1,912,342
Prov, for losses
131.232
crued
Deferred credits..
Fed'l taxes (est.)..
3,908,401
„
future opera'ns.
After
1,377,886
Accts. pay. and ac¬
4,354,120
773
Pats. & goodwill..
Def'd
charges
to
x
accounts.
Pref. div. payable.
21,892
Materials & suppls, 3,826,667
in¬
tax
come
$
27,929
Finished products. 3,903,507
Deferred charges..
292,081
8,421
rec.
1938
16,945,850
9,619,400
1,577,474
securities.
Marketable
1939
Liabilities—
$
Common stock.. 16,945,850
Preferred stock... 9,619,400
x
1,577,474
Govt, securities.
and
192,212
6,080
Mar. 31 '39 Dec. 31 '38
expenses
486
Inventories
x
$
18,605,724
3,809,234
Accts.receivable..
capital stock
Accounts payable.,
$58,956
'*•
583,879
$1.12
4,631,694
3,500,837
Other assets
Customers' notes &
Acer.
1938
'
Hercules Powd.Co.
Cash..
accts.
$
9,930,228
Balance Sheet
Liabilities—
595,390
$2.29
Consolidated Balance Sheet March 31
11
Plants & property.
19,029,907
Cash
quarter of 1938.
Mar. 31 *39 Dec. 31 *38
1,316.710
$0.40
$0.73
after
1939
share earned for the first
a
1,316,710
•
x$97,980
$0.20
$57,228 profit
out¬
sources
10,203
19,000
*A.33Ct$
Sundry accts.
stock
com.
dents, depreciation, &c.
y Includes other deductions of
$6,736.
z In¬
cludes other deductions of $607
($37,821 in 1937) and undistributed profits
tax of $71,774 in
1937, none in 1938.
a includes
other deductions of
$2,709 and Federal income and capital stock taxes of
$236,566.
.$127,183
......
compares with
Cr402,885
$11,495,098 $10,392,209
deducting all expenses incident to
manufacturing
and sale, ordinary and
extraordinary repairs, maintenance of plants, acci¬
..$119,001
8,182
.
bonds and miscellaneous items.
Assets—
stock
com.
$175,805
56,805
:
This
$15,313,294 $14,292,975 $12,099,264
$10,983,258
101 ojo
101 ooo
to,
ooo
"\ro'.YX
131,232
131,232
131,232
153,140
526,684
526,684
875,819
437,909
pref. stock
on
standing (no par)
Earnings per share
expenses._
1936
$656,027
13,636,948
$3.57
.
Profit
,x
1937
$1,087,322
14.225,972
xl20,050
Provision for Federal income tax.
,
Subs.)—Earnings—
1938
Surplus at Mar. 31—$14,655,378 $13,635,059
,
315,078
$2,530,599
(est.).,
$500,306
$597,343
xl20,000
$4.79
1939
earnings-...
income tax
Divs.
$547,057
y480,000
$1.32
315,078
$7,890,314
983,869
yl78,768
Net
Shares
Depreciation
$2,845,677
*
Net profit for period..
Surp. at begin, of year..
Earnings for 3 Months Ended March 31, 1939
on
$3,028,324
1808.
p.
Proceeds
$556,462
y480,000
$0-62
;
Operating profit
$3,962,280
962,500
154,103
$7,864,128 $11,366,983
744,257
1,897,963
Fed.
$800,071
299,150
$1,167,543
569,775
425
Manufacturing profit-
Net income
157,106
962,500
$8,788,593
1,326,597
a239.274
Par $2.50.
y
$4,147,930
$2,713,246
3 Mos. End. Mar. 31—
Gross receipts.
61,350
per share
13,078
Hercules Powder Co., Inc.
(&
031,003
_
Shares capital stock
x
$429,712
300,725
69,634
„
$868,462
312,000
Surplus Dec. 31
$3,942,590
19,690
$335,993
80,208
12,812
$507,916
$575,348
500,306
91,889
$635,064
Miscell. charges
Transf. to res. for invest.
Earnings
$681,560
Cr31,999
42,941
95,270
x
Net profit
res.
$4,128,588
19,342
Balance
—V.
Adj. of
$334,742
1,251
1,335
Net income.
$261,256
$242,973
Dividends applicable to preferred stocks
for the
period, whether paid or unpaid
Hoskins Mfg. Co., Detroit-EarningsSell., adm. &
$353,207
Gross income
Int. on mortgage bonds.
Other int. & deductions-
Dividend—
a
Calendar Years—
Manufacturing
approp.
Net oper. revenues
Other income
dividend of 15 cents per share on account of
accumulations on the $1.80 cumulative
participating class A stock, no par
value, payable June 1 to holders of record
May 12.
Similar amount was
paid on March 1 last.
See also V. 148, p. 583.
Co.—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$942,141
$905,334 $11,694,817 $10,973,358
503,614
468,503
6,059,846
5,345,480
85,320
102,089
1,506,383
1,685,288
revenues
Oper. exps., incl. taxes._
Gross from
1939
railway
Net from railway
Net after-rents
1938
1937
1936
$7,890,920
1,790,464
1,033,923
$7,478,431
1,838,001
1,018,227
$9,475,391
2,771,381
1,856,183
$7,936,647
1,864,293
22,920,507
22,132,973
5,274,005
2,888,616
24,879,367
5,263,736
2,499,122
23,634,020
1,008,821
From Jan. 1—Gross from
railway
Net from railway
Net after rents
5,128,040
2,874,278
5,220,569
3,029,649
—V. 148. p. 1962.
Howey Gold Mines, Ltd.—Interim Dividend—
Directors have declared
interim dividend of three cents per share on
June 1 to holders of record May J., Dividend
of four cents was paid on Dec. 1, last and dividends of two cents
were paid
on Aug. 2. 1937, July 14. 1936 and Dec. 14. 1935.—V.
147, p. 2687.
the
common
stock, par $1,
an
on
Illuminating Shares Corp.—Liquidation Deferred—
Liquidation of the company, a holding trust formed in 1930 for shares
Illuminating Co., which controls electric lighting in New
Haven, Cbnn., and Bridgeport, was deferred April 19, at the adjourned
annual meeting of the company.
of the United
Financial
2590
Dwight Dana,
will report at
another meeting.
Intricate details, the interpretation of which cannot at
the moment he forecast, will determine a course in the problem of liquida¬
President, told stockholders that J,
is studying the situation and
Hook,
W
James
for the
Counsel
company,
tion.—V. 147, p. 3914.
—
Terminal RR. Co.
Illinois
railway.----.
from railway
Gross from
Net
-Earnings—
$588,539
235,612
164,525
145,542
86,943
1,314,510
360,527
192,037
1,618,486
1,230,026
315,874
126,613
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
-
1961.
—V. 148, p.
$479,899
177,932
119,797
Insull Utility Investments, Inc.—Liquidating Dividend
referee in bankruptcy, announced on April 24 that a
payment of 314% would be made on $50,000,000 of claims of 16,000 de¬
benture holders.
Payment is to be made early in June from a $2,000,000
fund in the hands of the trustee Harry A. Bigelow.
From the $250,000 remaining in the fund, attorneys' fees and expenses
will be paid, and another small dividend, it was indicated.
March 22,
1933, was the deadline for filing claims under the bankruptcy suit, and that
for claims under the equity suit is Dec. 31, 1942.
Persons who filed claims under both the bankruptcy and equity actions
will have received a total of 714%This will amount to $75 on a $1,000
Garfield Charles,
1.450,471
529,614
375,349
$429,628
118,176
61,361
Net after rents
1936
1937
1938
1939
$464,564
March—
618,604
413,306
April 29, 1939
Chronicle
bond.—V. 148, p. 2125.
Interchemical Corp. (& Subs.)—Earnings—
[Formerly International Printing Ink Corp.]
$4,389,510 $19,833,379
4,333,289
18,749,121
x
earnings.--
$630,197
$41,845
30,050
$971,991
179,690
$630,117
186,150
$11,795
$792,301
289,618
289,618
$1.38
$443,967
289,618
$0.15
26,104
—
$402,554
Profit
—---
$338,018
$302,603
83,840
54,188
19,183
52,119
25,961
102,461
22,500
2,848
4:006
5,921
.
------
Earnings per
$318,714
stock---
Net profit.
Shares common
$408,824
76,972
17,500
$442,151
Management fee
Taxes
_ —
.
(net)
Federal taxes_
-- -- —
-
Other deductions
$428,658
12,032
—.
Total income
Operating profit.
$394,81$
1,974
$428,188
13,962
56,256
4,931
'
received
Part of proceeds of cap.
stk. constit. payment
for partic.in undivided
Interest
$1,084,258
112,267
1936
1937
_
$19,421,150
$56,221
14.376
& disct. $5,425,949
<& deprec--*,997,291
Sales after allow.
Costs exps.
1939—12 Mos.—1938
1939—3 Mos.—1938
31
Period End. Alar.
'
Incorporated Investors—Earnings—
3 Mos. End. Mar. 31—
1939
1938
Dividends received..--$333,087
$246,347
289,618
Nil
share-$0:76
and
expenses
certlfs—
Printing stock
Undiv. earnings Jan.
1
—
of taxes applic.
prior period
Adjust,
to
2,347,712
Accounts
Dividends paid
portion
of
of record April 1, 1937, entitled to the
charged to paid-in surplus account on that date.
Condensed Statement of
On March 31,
Railroad bonds.
Common and
Interest and
preferred stocks
—
—
dividends receivable.- — —'-
260,673
368,410
20,000
50,000
500,000
500,000
ligations payable '
260,673
343,920
cum./
let mtge. 6/c
,
bds. of sub.
inc.
961,627
927,627
1,263,101
Earned surplus..-
1,140,770
16,463,564 16,134,404
Total---.
,116,463,564 16,134,404
184,368
180,123
Reserves.
Capital surplus.
Represented by 289,618 no par shares,
b Land, buildings, machinery
after deducting reserve for depreciation of $3,800,511 in
1939 and $3,684,843 in 1938.
c Includes $200,000 amount due within
one
year,
d Development expenses of subsidiary engaged in the manu¬
facture of machinery to be amortized against future operations.—V. 148,
p. 2273.
a
1939
securities.
—
—
_
2,400,000
and equipment,
Net Rtsources March 31,
1939, the company had: cash
quotations: x U. 8. Govt,
Invests, at market
10-yr. s. f. debs
Notes & contr. ob¬
—
Total.
228,200
263,864
c2,300,000
&c., taxes
Prepaid exp;, &c__
dividend ($749,084) was
94,000
157,814
Federal,,
for
Res.
45,691
36,928
—
of subsidiary
partifiation
in accrued gross
date and in
the balance in undivided earnings accounts,
y A special cash dividend
of 25 cents per share representing a distribution from net gains realized since
Jan. 1, 1937, on sales of investment securities, was declared March 23,
payable April 30, to holders of record April 1.
In accordance with the
policy of the company the amount of the dividend payable on the 2,996,336
shares
goodwill
d Develop, expense
$374,806
$908,048
$809,908
$610,218
included in price of new shares for
earnings before expenses for the quarter to
31
Representing amount
x
Divs. declared pay
of recent pur.
and
Undiv. earns. Mar.
Other curr. liabil--
formulae, patents
919,467
y
158,625
208,157
212,975
49,536
220,071
97,982
commissions
Accrued int. pay._
....
Unamort.
$1,294,273
$610,218
$809,908
$908,048
622,572
Accrued liatall. and
goodwill,
Patents,
&c_
Customers' depos.
48,862
5,955,889
5,957,068
b Fixed assets...-
payable-
833,678
45,900
Due from officers,
2.896,180
6,566,100
6.532,100
816,658
149,346
Preferred stock
4,614,956
Misc.
$303,917
990,356
$307,575
302,644
$220,297
589,611
6,129
Undivided earns, prior
to dividends
1,668,531
1,502,780
2,622,008
4,819,850
investments
874,435
Notes Aaccts.rec-
38
$
$
2,896,180
Common stock-.
a
31
Mar. 31 '39 Dec
•
.
Liabilities—
$
Mdse. inventories-
$261,700
640,219
-
Cash
Dec. 31 '38
$
Asset 8—
""*486
89
221
99
expenses.
Net income
Mar. 31 '39
5,475
4,474
"3" 604
Legal services
Miscellaneous
80
Consolidated Balance Sheet
'
Transfer against fees
18,790.953
—
$1,431,781
1,045,938
^7,500
39,936,375
127,446
Corp.—Earnings—
International Business Machines
1939
1938
1937
$2,807,817 $2,522,670 $2,361,467
x After deducting blocked foreign net profits of $237,374 in 1939, $196,408
in 1938 and $210,844 in 1937 but before providing for Federal taxes.
Net income after provision for estimated Federal normal taxes for the
first quarter of 1939 would be $2,244,817 or $2.62 a, share on 855,408
capital shares outstanding at the end of the period, compared with $2,~
080,170 or $2.55 a share on 814,674 capital shares at the end of 1938.
—V. 148, p. 1479.
'
'
, ■
'V
3 Months Ended March 31—
-$43,469,040
had liabilities of: Management fee
Making total resources of.
Against which the company
payable April 1.1939
—
—
——i.—'
.
Estimated Federal and State taxes.
Accrued expenses—
—
—
The net resources
2 885 797
of—;
Telephone Corp .—■Earnings—
1939—Month—1938
1939—3 Mos —1938
$129,803
$120,385
$393,228
$371,063
,126
117
381
361
Period End. Mar. 31—
Operating revenues
Uncollectible oper. rev__
Operating
201,685
$169,017
$194,891
$52,641
$61,070'
Net operating revs —
for lease of oper.
Rent
$370,702'
$392,847
197,956
$120,268
67,627
$129,677
68,607
revenues..
Operating expenses
*
50
150
150
14,999
60,161
$37,592
$134,580
99,410
$116,623
79,542
25,362
(& Subs.)-—Earnings
Industrial Brownhoist Corp.
$2,208,165
Profit from operations
Provision for
$3,835,910
71,363
366,337
114,133.
9,265
13,94'
145,760
/ a21,823
.___
133,722
18,335
•2,094
depreciation
Idle plant expense.*----Loss on disposition of capital assets
on gen. mtge. 20-yr. conv. 6%
Provision for Federal income tax__
Int.
Net loss
"
inc. bonds—.
______
$6,823 of additional taxo3 for
provision for Federal income tax for 1937.
Including
Earnings for 3 Months
b992
$83,780 prof$61,413
prior years, b Additional
1937
1938
1939
from
Federal income tax
:
—
14,949
37,180
$53,621
38,271
$118,705
31,991
2,129
ioss$22,231
$15,349
From Jan.
Consolidated Balance Sheet Dec.
$310,174
146,438
409,600
Wages,
Gross from railway.
Net from railway.
receivable-
Int.
Land
1,517,179
428,485
—V.
26,184
48,725
147,791
56,683
9,360
15,000
15,000
Gen. M. conv. 6s.
1,094,750
1,094,750
Drawings
100,000
100,000
fistpref. conv. stk 1,722,010
Patterns
100,000
100,000
g 2d
529,060
521,260
1
1
141,840
140,280
42,742
41,041
h888,004
def72,368
838,004
Deferred charges.
_
pref. stock
Common stock.
.
Capital surplus...
Earned surplus.--
International
[Rail and Bus
Months'Ended March 31—-
3
a
.$4,425,679 $4,708,4601
Including
balance
in
61,412
Total
$4,425,679 $4,708,460
special sinking fund reserves,
b To officers,
payable in voting trust certificates for 2d pref. and common stocks.
c Rep¬
resented by 141,840 (140,280 in 1937) no-par shares,
d After reserve for
doubtful notes and accounts of $31,083 (30,081 in 1937).
e After reserve
for depreciation of $1,183,348 in 1938 and $1,059,597 in 1937.
f 172,201
shares (no par) at stated value,
e 52,906 (52,126 in 1937) shares (no par)
at
at Jan.
p.
h Includes $50,000 appropriated from earned surplus as
1, 1938, for sinking fund reserve for retirement of bonds.—V. 147.
stated value,
2359:
Operations]
—
—
Power operation
Conducting transportation
General expenses, including accidents.
Taxes.
_
—
_
467,631
214,250
. _
183,553
xl45,125
14,127
13;928
Rentals, &c_.
316,652
___
Deficit
_
Interest accrued
—
on
—
—
—
I. R.
.
'
„
.
1938
1937
$6,794,778
5,024,632
$6,955,822
$1,770,145
».
33,795
$1,860,517
.
33,475
$1,803,940
925,000
$1,893,993
925,000
254,080
48,064
18,288
276,830
48,064
$558,509
Dec. 31. 1938
$626,307
\
,
'
Operating expenses and taxes.
from operations..
(net)
;
—
-
—
j^——-
_i
long-term debt
^
-
Miscellaneous deductions
i__
Net income.
Utility plant, incl. intangibles$34 884,920
Investments
401,286
Debt discount and expense in
Prepaid insurance and taxes.
(net)
def. charges._
844,302
25,722
51,222
287,721
Accounts receivable
886,813
Materials and supplies
stock (par $100) — $9,309,200
17,000,000
Long-term debt
Deferred liabilities
notes
260,008
and
account
payable to continental
5.151,775
& Electric Corp
Accounts payable
556,689
Accrued Interest
201,606
Accrued general taxes
201,133
9,709
464,906
Miscellaneous curr.
liabilities
of construction
Earned surplus
_____
-V. 148. p. 584.
$37,856,602
Total
198.877
39,838
3,571,509
Reserves
ContriD. In aid
Total.
Gas
Federal & State income taxes
Accounts receivable from affi¬
liated companies
Common
Demand
of amortization over
lives of related issues
MIscell.
17,791
Liabilities—
r
process
5.095,305
...
Consolidated Balance Sheet
.*1. sscts
.
Co. (& Subs.)—Earns.
Calendar Years—
Operating revenues.
Net earnings
$312,166
$206,551
-
—
C." refunding and improvement bonds at the
3%.—V. 148,'p. 2125.
on
$287,130
259,614
7,839
15,191
310,428
Interest.
x
195,861
$277,058
,
—
Amortization of discount
rate of
98,100
474,492
231,449
,
—
Net income from operations
Depreciation;
1938
$1,490,183
203,152
1939
$1,441,449
„212,723
86,234
„
Revenues.„
the qommon
2696.
(Buffalo)—Earnings—
Railway Co.
Cash
Total
393,300
def21,481
Amortization of debt discount and expense-
38,910
c
2,820,744
594,045
46,718
.
Ltd.—Initial Dividend—
Holdings,
General interest
1,722,010
Patents
409,390
defl00,655
Company paid an initial dividend of 50 cents per share on
stock, on April 17 to holders of record March 18.—V. 146, p.
Interest
Res. for conting..
1,719,355
3,305,752
3,075,387
273,598
defl96,199
148, p. 1962.
International
1937
b Add'l compensa.
1,592,533
-..2,809,766
—
$53,186
gen. mtge. bonds
Taxes accrued
82,625
Bldgs., mach'y &
equipment
155,403
def8,122
defl9,517
accrued on
82,625
Other assets..
e
a
1,531,198
432,333
Inventories
..
Net after rents
$42,290
& int. accr., &c.
d Notes, accounts,
&c.,
$984,706
283,220
79,067
—
1938
payable.
commis'ns
Accounts
$397,809
hand
$1,215,141
159,708
defll ,885
Netearnings.
31
Liabilities—
1937
Cash lu banks and
on
$1,067,590
148,667
1—
Other income
1938
1937
$1,005,081
—
.1
Net after rents
$84,585
—•
Profit available for bond interest._
Assets—
_.
Iowa-Nebraska Light & Power
Ended March 31
operations before prov.
for depreciation; interest, &c
Prov. for deprec. and idle plant exp_ Profit
1937
1938
Years Ended Dec. SI—
Net sales
a
Gross from railway.
Net from railway
-
1936
1938
Maintenance..--.
—V. 148, p. 1962.
-Earnings—
1939
March—
52,244
$40,933
28,152
Net oper. income
Net income
50
20,087
properties.
Operating taxes
.
,
$50,184,664 on the books
Indiana Associated
——
International Great Northern RR.-
company.—-V. 148, p. 2125.
of the
Net income
.
equivalent to $15.02 for each of
were
4
'*
,
carried at their cost of
shares.
60,508
4,000
.$43,350,344
.--
of $43,350,344
These investments are
x
-54,188
$118,696
Making total liabilities of.
This leaves net resources
x
- -
-
139,892
1,226,074
$37,856,602
Volume
Financial
148
Jamaica Water Supply Co.-^Redemption
NConsolidated
Agent, <fcc.—
Empire Trust Co. has been appointed redemption agent for the llA%
preferred stock of this company.
Manufacturers Trust Co. is registrar for 60.000 shares $5 cumulative
preferred stock series A, and 120.000 shares of common stock.—V. 148,
p. 2430.
(W. B.) Jar vis Co.—To Increase Stock—
authorized
capital stock to 500,000 shares from 200,000.
Directors also signified their intention that if stockholders approve the
proposed increase, the company will issue to them one additional share of
stock for each share now held. This would increase the outstanding capital
shares.—-V. 148,
Jefferson Lake Oil Co.,
1480.
p.
1938
*
Balance Sheet Dec. 31
1937
Assets—
buildings,
equipment, &c. .20,761,050 21,328,424
.Leaseholds & good¬
&
2,475,589
on
sulphur under special contract
receivable
Deductions
a
.
_
_.
_
Net income
_
-
Invest'mt
in
J
-
511,215
326,735
and common stock--
$571,747
Earnedsjurplus at March 31, 1939----------- —
a
Before providing
for U. S. Govt, and State of Louisiana income taxes.
Balance Sheet March 31,1939
Assets—Cash in banks and
on
hand, $606,127; guaranty deposit on con¬
$849,092; inventories and supplies at
Gas Co. in escrow," $45,000; fixed
$1,617,136; treasury stock (25,628^ shares of pref. and 131 shares
of common stock carried
at cost),
$152,750; deferred items, $46,352;
total, $3,760,293.
Liabilities—Notes payable,
bank, $150000; divs. on common stock,
payable April 15, 1939, $116,139; accounts, payable, $38,020; qccrued ex¬
penses, $178,099; reserved for 1938 U. S. Govt, and State of Louisiana
income taxes, $133,850; 7% cum. pref. stock (par $10), $1,813,010; common
stock (par 25 cents), $232,335; paid-in surplus $329,403; earned surplus
$571,747; reserve for depletion of sulphur dome, $197,690; total, $3,76u,293.
—V. 148,p. 1645.
*
■
$9,167; accounts receivable,
tract,
581,479
592,849
107,808
and
1,165
Serial
expenses...
bonds
and
mtge. instal. due
and other cos...
Other assets
2,424,397
,446,831
year-
136,890
232.664
250.851
268,257
Rent & other dep.
86,555
86,800
249,913
...
274,649
Deferred
within
one
accounts
10,573
26,614,286 26,880,293)
Total...
depreciation
and
20,402
15,643
12,327
667,176
8,759,855
Surplus
679,953
8.263,204
Total..26,614,286 26,880.293
amortization,
Represented
c
by
1,206,381
shares of the par value of 1 cent each.—V. 148, p. 2431.
Kansas Oklahoma & Gulf
$387,267
—
..
48,253
380,721
823
Deferred charges..
4,394
;—
—
Earned surplus Jan. 1,1939
Dividends declared or paid on preferred
10,120,657
26,624
424,134
affil.
$970,977
55,400
$1,030,771
64.5,504
—
_
9,462,892
Reserve ..1
.
»
12,064
Deferred Income..
—
—
12,064
Notes & accts.pay.
72,040
Accrued interest..
b After
Total income
Common stock..
and notes pay..
j
Cash discounts and miscellaneous income.
c
Accrued taxes, Int.
accounts
Earnings for 3 Months Ended March 31, 1939
Profit
6.430,400
Accts. pay .affil. cos
2,832,778
Inc.—Earnings—
Income—Sulphur siles.
$
$
7% pr. stk. K-A-O 6.430,400
Funded debt
will..
Notes
1937
1938
Liabilities—
$
b Land,
Cash...
Directors voted to recommend to stockholders an increase in
stock to 300,000 from 150,000
2591
Chronicle
March—
Ry.—Earnings—
1939
1938
Gross from railway
$220,106
Net from railway.94,879
58,631
...
Gross from railway
Net from railway..
after rents
—V.
148,
$191,416
94,405
52,931
591,073
302,570
195,657
536,352
263,776
160,109
297,945
200,229
1963.
p.
1936
$196,169
94,660
53,390
644,007
342,340
228,432
Net after rents.
From Jan. 1—
Net
1937
•
$212,729
106,340
65,767
'
576,095
-,
cost, $434,669; 450 shares Old Ocean
(Julius) Kayser & Co -—Dividend,—-
assets,
Directors have declared
a
dividend of 30 cents per share on
the
common
stock, par $25, payable May 15 to holders of record May 5.
A dividend of
40 cents was paid on Feb. 15, last, this latter being the first dividend paid
Feb. 15, 1938 when 25 cents per share was distributed; previously
regular quarterly dividends of 50 cents per share were paid.—V. 148, p. 2431.
since
Kimberly Clark
Corp.—Earnings-
Period End. Mar. 31—
1939—-3 Mos.—1938
1939—12 Mos.—1938
.
Jersey Central Power & Light Co. (& Subs.)—Earnings
1939—12 Mos.—1938
1939—3 Mat-1938
Period End. Mar. 31-^
Gross oper. revenue-... $2,791,302
Gross mdse. revenue.149,505
Total gross revenue..
Gen. oper. expenses
$2,944,433
1,051,015
Mdse. oper. expense-161,494
Maintenance expense—
195,586
Taxes (incl. Federal).-374,163
Retirement expense
223,098
plant
(excl. of inter-
137,091
1,132,604
1,252,734
10,820
20,839
47,122
$2,802,508 $12,960,307 $12,711,493 '
1,013,933
4,262,656
4,179,291
150,037
1,088,548
1,173,158
204,515
811,403
996,173
349,782
1,615,829
1,506,974
193,675
959,615
715,572
Cost of sales.
General &
selling
Profit from operationOther income
_•_>
Total income
/
$890,567
$4,222,255
487,812
487,812
1,951,250
Amort, debt, disct.& exp
35,633
35,633
142,534
Other misc. deductions.
14,814
11,237
67,287
62,403
Net*for dividends....
$400,817
$355,883
$2,061,184
$1,984,139
Consolidated Balance Sheet March 31, 1939
$78,336,979; cash, $2,019,654; notes receivable,
receivable, $1,630,066; unbilled income, $555,921; ma¬
$61,091; miscellaneous current
assets, $14,935; miscellaneous assets, $11,495; deferred charges, $2,826,592;
company's own preferred stock held, $132,200; total, $86,488,207.
Liabilities—7% cumulative preferred ($100 par) stock, $7,100,000;
6% cumulative preferred ($100 par) stock, $7,030,300; 5A% cumulative
preferred ($100 par) stock, $7,910,800; common stock (1,053,770 no par
shares),
$10,537,700; funded, debt, $42,225,000; discounted contracts,
$273,225; accounts payable, $136,321; consumers'
deposits, $515,692;
taxes accrued,
$619,567; interest accrued, $565,208; dividends accrued,
$338,472; miscellaneous current liabilities, $72,569; reserves, $5,668,502;
capital surplus, $769,338; earned surplus, $2,725,513; total, $86,488;207.
—V. 148, p. 1963.
Assets—Fixed capital,
$4,310;
accounts
$2,898,298
y41,500
106.000
z32.481
$584,677
$1,936,269
149,445
597,780
$2,317,030
597,780
$435,232
$1,338,489
$1,719,250
$0.92
$0.89
$2.74
$3.52
258.821
$3,222,625
233,014
,
$3,455,639
391,128
715,000
421,529
434,500,
f
Net
$4,140,326
1,951,250
142,534
int.,&c.
$907,427
106,250
175,000
$598,660
149,445
_
$2,639,477
$449,215
Federal income taxes.
Net loss of subs
$799,692
107,735
$879,935
103,275
154,500
23,500
1
Bond interest
x
$7,328,874 $26,274,676 $27,537,983
5,946,523
21,367,601
22,032,212
582,659
2.267.599
2,283,146
$827,694
52,241
-
after taxes
Prov. for divs.
$939,077
Bal. avail, for
Bond interest..
" $7,047,821
5,634,946
585,181
exps—
sales)
$2,654,596 $11,806,865 $11,411,637
3,625
Non-oper. revenue...
Net sales
pf. stk.
on
Net amount earned
common
I
on
stock
Amount earned per share
on common stock....
x Includes undistributed profits tax.
y Represents sub's, estimated loss
for the nine months ended March 31, 1938.
z Represents sub's, estimated
loss for the nine months ended March 31. 1938, less one-fourth of the profits
for the fiscal year ended
terial and supplies, $894,963; prepayments,
June 30, 1937.—V 148, p. 2275.
-
(B. F.) Keith Corp. (& Suba. )—Annual Report
.1938
Calendar Years—
admissions-.--
Theatre
1-936
$9,380,149
1937
•
$8,356,122
$9,322,067
1935
$9,033,895
and
concessions
Rents-,
r
other income
1,021.856
1,007,393
1,006,100
940,735
Total income
$9,377,977
$10,329,461
$10,386,249
$9,974,630
.4,334,959
4.733,639
4,683,796
4,876.404
3,538.616
3,760,166
3,685,916
3,576.666
552,907
585,574
$951,494
Artists'
other
salaries,
salaries & film service
Operating expenses and
theater overhead
Deprec. of cap. assets &
Jones &
-1939
3 Months Ended March 31—
y
573,284
638,139
$1,250,081
$1,443,252
$883,422
315,027
327,703
246,647
7,841
4,979
5,092
162,565
18,166
7,716
6,213
16,541
12.415
11,963
6,396
16,178
$1,294,493
Interest and discount—
383,744
Loss on sale of cap. assets
3,018
36,048
$1,600,940
415,127
4,857
6,420
13,035
783
amort, of leaseholds.-
Laughlin Steel Corp. (& Subs.)—Earnings—
Total earnings._____
$1,731,690
and depletion
—
—
Adjust, for min. int. in profits of sub. consolidated-
1,375,113
451,325
32,606
$1,147,506
Operating income
$711,538
1,540,523
564,499
3,193
$376,525
_
Provision for depreciation
Interest charges
xl938
Divs. received
in other
on
invest.
companies-.-
•
Interest earned
Recoveries
on
■
notes and
'
accounts written off in
Loss.
------
March 31, 1938, include FrickReid Supply Corp. for comparative purposes as the accounts of that com¬
pany are now included in the consolidated accounts,
y After deducting
all expenses incident to operations, including repairs and maintenance of
x
The results for the first quarter ended
prior years
Profit on investments &
capital assets—.
Sundry other income—
*
plants and estimated provision for all local, State and Federal taxes.—
V. 148, p. 2430.
,
Total incpme
.
.
,
Kanawha Bridge &
Terminal Co.—Tenders—
Prov .for loss of affil.cos.
The
Fidelity-Philadelphia Trust Co., trustee, will until 12 o'clock noon,
June 1, receive bids for the sale to it of sufficient bonds to exhaust the
sum of $11,088.—V. 147, p. 423.
'
Sundry other deductions
Prov. for income taxes. 1
Provision for surtax-
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
1938
&c
1937
1936
-.1935
$14,928,888 $15,641,950 $15,480,179
-
Operating expenses, &c.
Deprec. and amortiz-.-Operating profit.-.--
12,638,820781,167
33,069,520
795,357
$1,508,900
$1,777,074
$14,601,061
12,753,760
12,757,431
737,514
799,497
,
$1,988,875
$1,,144,133
332,228
357,260
296.254
240,858
$1,841,128
Interest and discount—
580,019
$2,134,334
609,600
$2,285,129
'
614,196
$1,284,990
6,242
21,905
24,186
17,000
34,664
27,60?
Other income
Total income—------
Loss
on
678,453
Disc't
56,104
Settlement of lease oblig.
Settlement
with
officer
under employ,
27,23t
13,187
dl91,566
986
30,192
29,620
of
Cr6,026
$1,237,141
$403,073
,675,192
$0.70
787,724
$0.65
13
Weeks Ended—
before
prov.
Apr. 1,'39
Weeks
Apr. 2/38
Apr. 3, *37
1,315,482
800,000
900,000
8,106
39,752
—-
$1,216,382
$811,861
$648,312
$367,625
$1,.88
$2.60
$2.64
$1.16
400,000
$
Notes «fc accts. rec.
Mar. 28,'36.
1,415,929
56,743
499
422
6,507,701
Bldgs. & equip.
.
3,968,567
&
—
3,190,350
3,397,290
85,007
Prov. for income taxes,.
$599,258
196,876
$803,259
196,378
$521,103
184,014
93,150
65,788
94,078
2,204.401
$327,186
7
$336,595
$512,803
and
100,000
Instalra'ts
124,452
184,493
$274,049
17,429,966
Total
5,454
9,697
5,887~666
6,420,000
560,959
561,494
8,000,000
1,146,041
811,861
123,421
209,095
4,010
Deferred notes pay
debt
Reserves
b
Capital stock
8,000,000
for
17,600,0121
1,146,041
1,216,382
Total
17,429,966 17,600,012
b Represented by 400.000 no par shares,
depreciation.
After amortization,
reserve
27,934
25,476
Capital surplus...
a
prof. aft. all chgs.
bonds
Rent & other dep_
Funded
Other invests., de¬
63,040
m
Serial
Operating surplus.
$605,930
185,593
Depreciation.
15,321
385,110
Deferred income.-
companies 2,178,169
posits, &c
Deferred charges..
21,442
358,982
companies
Accrued taxes, int.
mtge.
Invest, in affil. and
other
107,093
Accts. pay. to affil.
and
goodwill
$
11,449
80,798
.
and expenses
79,694
equipment
1937
$
127,431
Accounts payable
Leasehold impts.
Leaseholds
Liabilities—
Notes payable
6,507,701
3,692,012
Accrued interest..
Land owned
1938
1937
/
$
1,009,078
95,028
for
deprec. & income taxes
Net
$1,448,312
900,000
1938
Assets—
Nil
Including $13,875 ($63,600 in 1936) provision for surtax on undis¬
tributed profits,
b Unrealized profit of affiliated companies has not been
taken up.
c Loss on capital assets only,
d Less taxes on bond discount
charged to surplus account.
Profit
$1,730,189
stk. (nopar).
a
a
Consolidated Earnings for 13
5,500
Dr2,807
375.000
Balance at Dec. 31
shs. cap.
a
562,660
$0.45
surplus..
•
18,327.
Earns, per sh. on
c
cap
Earns, per share on com.
$464,645
784,981
63,163
13,930
10,500
20,588
account-
64,250
——
37,050
$1,056,257
367,625
9.500
25,935
24.067
Prov. for inv. in affil. cos
24,582
a298,130
$1,300,888
$1,042,628
648,312
9,160
,
Consolidated Balance Sheet Dec. 31
Applicable
$996,996
123,725
7,400
13,000
paid—i
Cash—
to
minority
interest in subs, co—
7,500
14,978
152,200
31,125
Loss on sale of cap. assets
65,826
al94,713
agree't
Sundry deductions..-.--
811,861
,14,510
15,306
.
'
$1,591,382
Balance
Dividends
_—
$752,011
1—*—
bonds retired..
/
Federal taxes
Net profit
Divs.
paid out
on
_
448,646
23,401
51,131
$1,115,284
548,281
Transfer of cap. def. of a
sub. toitaoper. Surplus
.
c3,257
_
Liquidate div. from affil
Adj. of prior year's chgs.
investments and
capital assets
bProv.for loss of affil.cos
106,635
_
Profit for year
Balance at Jan.
Consolidated Income Account for Calendar Years
_
-
$1,734,108
c
After
Profit
before
1939—Month—1938
1939—12 Mos.—1938
$353,682
$291,780 $6,478,841 $5,655,614
x Net income66,075
57,374
1,476,018
1,231,708
No provision has been made in the current year for surtax on un¬
distributed profits.—V. 148, p. 2275, 884.
Apr. 3, '37 Mar. 28. '36
Apr. 2. '38
Apr. 1, '39
deprec. & Income taxes
Depreciation
58,570
$426,751
142,275
$597,663
146,025
$376,208
140,777
$408,358
131,423
Prov. for income taxes._
x
46,150
67,775
38,785
York Supreme Court against Loft. Inc.,
Pepsi-Cola Co., by Margery K. Megargel, widow of
Roy C
Megargel, former New York Stock Exchange member, for the
recovery of 95,000 shares of Pepsi-Cola Co. stock estimated to be worth at
present $12 000,000.
The shares are part of 237,500 awarded last Septem¬
ber to the Loft company by the Chancery Court of Delaware in a litigation
with Charles G. Guth, former acting President of Loft., Inc.
The plaintiff in the present action claims the stock was obtained from her
in 1933 by fraud and misrepresentation and without any consideration to
her She also claims that she was given false statements concerning the fin¬
ancial status of the Pepsi-Cola Co. at the time she turned over the stock to
the defendants.
Mrs. Megargel also claims that the defendants, repre¬
sented to her that unless she delivered her stock to the Pepsi-Cola Co. it
Suit
1939—12 Mos.—1938
1939—3 Mos.—1938
$806,427
5,182
$819,268
From sales of gas
$3,062,759
22,241
$2,997,332
14,322
Other oper. revenues_
5,379
Total oper. revenues._
$824,647
395,545
50,985
22.585
$811,609
447,163
52,703
$3,085,000
1,578,024
$3,011,654
1,733,506
198.875
197,822
22.021
79.749
77,483
130,833
125,338
479,449
425.190
$224,699
$164,384
Dr'S'il
8.221
$748,903
Dr6,306
$577,653
40.525
$224,368
68,845
10,681
$172,605
68,845
10,886
$742,597
275,380
43,278
$618,178
275,380
44,005
6,891
6,055
$417,048
$292,738
Operating expenses
Maintenance
_
—
Deprec. (retirement exp)
(incl. income tax
Taxes
bankruptcy.
'
for return of the stock or cash payment
value.
She also asked for an injunction restraining
the defendants from disposing of the 9.5,000 shares or from paying divi¬
dends on that amount pending the outcome of the suit.
The action also
seeks an accounting of dividends and profits that have been paid on the
95 000 shares since she delivered them.
The law firm of Carter, Ledyard &
Milburn filed the action on behalf of Mrs. Megargel.
'
.
.
would be thrown into
Gross income.
—
.1..
long-term debt..
Other interest
_
Amort, of debt disct. and
Int.
on
—
exp.
1,959
1,816
$142,883
$91,058
,
its present
on
,
Court
Asks
Co.
Devoine
°
'
& misc. deduc'ns.
„
„
the plaintiff asks
In her action
based
"
Operating income.--_
Other income (net)
filed April 25 in New
was
its subsidiary,
and
Lighting Co.—Earnings—.
Kings County
Period End. Mar. 31—
Filed to Recover Pepsi-Cola Stock—
Loft, Inc.—Suit
the proposed plan of capital readjustment, at the close of
April 24, amounted to $8,514,300, or 70.69% of the total out¬
standing issue.—V. 148, p. 2431.
to
business on
Operating revenues:
three
for
the by-laws
Public Service Co.—Deposits—
>Cansas City
Recently Awarded to Loft Be
Declare
to
-
Baltimore
Declared Property of Its Subsidiary
Maryland corporation, has filed suit in Federal
against Loft, Inc., asking that 100,000 shares of stock
Cola Co. be declared the
of net
39,278
2,407
595
622
income
voine Co.
Court at
in Pepsisubsidiary of the De¬
$253,460
$414,641
$90,463
$142,261
surplus
—V. 148, p.
1481.
pany at a
complaint of the Devoine Co. asserts that Mr. Guth trans¬
Devoine Co. in 1931 in payment of debts he owed
corporation.
After the transfer of the stock the Devoine Co. had it
registered in the name of their subsidiary, the Grace Co.
At the time of the transfer the stock was valued at about $1,000,000, but
now has a value of around $10,000,000, it is claimed.
The Devoine Co; contends that conspiracy and fraudulent testimony
that
Taylor were elected directors of this com¬
They fill vacancies in the Board.
special meeting held April 25.
2275.
—V. 148, p.
La
Industries—Plan Submitted—
France
•
adversely influenced the decision
plan for the reorganization of the company, manufacturer of textiles,
and its subsidiary, Pendleton Manufacturing Co., built around a $600,000
loan from the Reconstruction Finance Corporation, has been submitted
to the U. S. District Court at Philadelphia.
Along with it was the report
A
to Loft.—V. 148, p.
and bondholders and
stockholders groups.
Co., Ltd.—Accum. Div.—
Lake-of-the-Woods Milling
dividend of $5.25 per share on account of ac¬
the 7% cum. pref. stock, par $100, payable June 1 to
holders of record May 15.
Dividends of $1.75 were paid in previous quar¬
Directors have declared a
on
Arrearages after the current payment
—V. 148, p. 884.
.
From Jan.
Int.
def46,804
1936
1937
1938
$39,750
def65,583
def46,250
def68,035
70,791
defl27,487
def202,475
Net after rents.
$1,330,222
49,876
43,872
40,831
35,644
$1,584,031
$1,532,848
$1,634,570
$1,365,867
&
amort,
1,582
131,112
225,338
197,184
174,054
146,059
563,611
489,017
575,096
501,224
148,054
120,410
148,134
119,167
$647,029
$726,237
$735,704
$468,304
964,756
$0.67
961,395
$0.76
967,070
$0.76
656,740
(incl.,
paym'ts)
of deb.
dis¬
count & expenses
Inc. taxes, cap.
stock &
franchise taxes, &c—
Prov.
for
deprec. and
depletion.
Misc. charges (incl. prov.
for doubtful accts. &
contingencies)
stk. outstdg.
com,
(no par).
$39,728
def39,041
def56,690
108,090
defl43,968
def207,577
138,035
defl03,202
defl59,483
113,284
defl23,763
defl74,038
..
....
$1,593,739
Net profit...
$51,030
def37,596
def65,866
..
.
475,950
$1,488,976
funded debt
on
taxes on int.
»
Earnings
share...
per
undistributed
Long Island Lighting Co.—Earnings—
From
of electric
sales
$2,391,508
$2,197,597
$9,147,975
$8,655,476
674,443
\610,673
14,042
2,611.630
2.441,391
59,293
143,839
From sales of gas....
Other oper. revenues.
.
Earnings—
1937
1938
Quar. End. Mar. 31-—
1939
$447,378"
$380,885
$390,001
profits after taxes __
$433,443
Shares capital stock out¬
746,371
746,371
746,371
standing (no par)
746,371
$0.51
$0.60
$0.52
Earnings per share
$0.58
Note—No provision made for Federal surtax on undistributed profits.
—V. 148/p. 1646.
'
•
Net
Lane-Wells Co.—Listing,
14,664
1936
*
&c.—„
The company's common stock, par $1, has been admitted to listing
registration on the New York Curb Exchange.—V. 148, p. 1811.
and
Total oper. revenues.
Operating expenses
Maintenance
$3,080,615
1,279,615
233,223
299,409
_
_
Deprec.- (retirem't exp.)
Taxes (incl. income tax
provision)
Operating income
Other income (net).,
•
435,822
,
Int.
$131,749
1938
$129,555
45,389
18,512
42,029
15,341
390,750
133,416
55,007
341,518
76,754
297
1939
.March—
Gross from railway.....
Net from railway
Net after rents
From Jan. 1—
«
'
1937
$145,463
49,719
„
20,489
;
1936
$112,064
24,952
1,492
392,794
122,273
268,201
98,236
45,656
26,582
Franklin, Vice-President of the Pennsylvania RR., was on
April 25 elected a\director of this railway to succeed Julien L. Eysmans,
retired.—V. 148, p. 1964.
14,599
$766,077
$2,918,287
1.499,243
310,494
$3,138,981
1,409,232
443,225
352,641
'
116,776
'
Amort, of debt, discount
4S6
1,155
6,360
982
$365,437
$295,505
$1,102,190
$1,285,542
144,000
120,000
568,000
120,000
$221,437
$175,505
$534,190
$1,165,542
& exp. & misc. ded'ns.
Net
income
income
Balance transferred to
—V. 148. p. 1812.
S.
1939
March—
$305,334
Gross from railway
91,730
75,524
Net from railway
Net after rents
From Jan.
1937
$341,610
113,040
102.062
Net from
1936
$202,771
def20,176
defl6,890
858,369
239,638
751,192
110,021
884,770
168,172
202,382
Gross from railway
100,877
140,502
901,427
176,080
143,296
1939
March—
Gross from railway
Net from railway
....
$3,637,109
940,794
499,577
1938
$3,295,990
Gross from railway
Net from railway......
1937
1936
$1,748,643
240,565
defl04,435
$2,005,206
def45,245
$1,896,199
368,423
19,953
Net after rents
From
Jan.
5,326,685
635,564
5,027.890
589.479
def371,134
5,681,580
539,651
del'406,173
5,679,197
891,802
def28,433
1—
Gross from railway.
Net from railway __
—V.
148,
P.
616,638
10,903,332
3,028,126
1,593,083
111,560
-9,992,486
1,915,908
398,501
281,552
def468,702
2127.
Louisiana & Arkansas
Ry.—Merger, &c.—
April 13 approved the acquisi¬
Louisiana Arkansas
1937
1936
$4,642,805
1,437,873
944,244
$3,564,715
522,758
163,193
12,639,204
11,523,174
2,259,862
•1,136,275
From Jan. 1—
—V. 148,P. 2431.
1938
$1,862,650
217,625
defl64,076
tion by the Louisiana & Arkansas Ry. of control of the
& Texas Ry. by acceptance of the latter's capital stock,
Lehigh Valley RR.—Earnings—
Net after rents
_
The Interstate Commerce Commission on
1964.
Net after rents
1939
railway.
Net after rents
1—
Net from railway
Net after rents
148, p.
1938
$275,483
57,927
48,954
Long Island RR.—Earnings—
March—
Gross from railway.
Lehigh & New England RR.—Earnings—
—V.
interest.'
earned surplus
New Director—
Walter
1,481,936
$3,118,032
20,949
Misc. reservations of net
•
Gross from railway.....
Net from railway
Net after rents
1,639,529
$2,903,688
$830,754
375,641
89,190
long-term debt-.
on
413,926
$759,854
6,223
Drl,792
■
Gross income
Other
$2,822,312" $11,818,898 $11,240,706
1,224,155
5,091,588
5.204,984
177,029
1,133,781
726,859
247,348 . 1,050,312
708,895
$832,546
•
'
Lehigh & Hudson River Ry.—Earnings—
1939—12 Mos,.—1938
1939—3 Mos.—1938
Period End. Mar. 31—
energy...
(& Subs.)-
$0.71
Federal corporate surtax on
profits under the Revenue Act of 1936.—V. 148, p. 1964.
Operating revenues:
—V. 148, p. 1964.
Lambert Co.
.
Note—No deduction has been made for the
1—
Net from railway
563,756
$1,534,155
____
Total income
RR.-r-Earnmgs—
1939
Gross from railway
1,830,651
2,125,344
609,507
will amount to $3.50 per share.
$23,557
March—
Net after rents
.
^
2,450,313
606,836
Miscellaneous income—
Shs.
Lake Superior & Ishpeming
Gross from railway....
Net from railway .....
i
,
of the reorganization are the cancellation of
the existing mortgage bonds of $1,000 each in exchange for new bonds of
$500 and $500 of new preferred stock.
Mr. Warthman suggested that the bondholders also be given a "bonus"
of 20 shares of common to reimburse them for the "loss" of accrued interest
of $205,000.
General creditors with claims for over $200 would receive 50%
in cash and 50% in preferred stock.t—V. 147, p. 2092,
v
*.
ters
1936
$3,636,823
2,236,809
__ —
Operating profit.
„
1937
$4,282,839
1938.
$4,548,795
,
Sell. & admin, expenses. '
Among the essential parts
cumulations
—
Mfg. & shipping costs
(excl. of deprec. and
depletion).
Spokesmen for the various creditors and security holders told Judge
Kirkpatrick, who received the plan and Warthman's report, they con¬
sidered the plan the best that could be devised so far, but that there were
some differences still to be worked out.
Judge Kirkpatrick fixed May 17
for a further hearing and suggested the parties try to work out their dif¬
ferences in the meantime.
___
-
•
-
Corp.—Earnings—
* 1939
$4,377,799
3 Mos. End. Mar. 31^—
Sales
of the Delaware court in awarding the stock
2431.
Lone Star Cement
by J. Harris Warthman, Federal Court trustee for the company, suggesting
amendments and modifications to meet objections by the Security and
Exchange Commission
of PepsiDelaware
'
ferred the stock to the
#
.
block of stock owned by Charles G.
of Loft, Inc., and later general manager
Loft under the terms of a decision by a
year.
The present
Co.—New Directors—-
(S. H.) Kress &
William L. Baker and O. A.
-
,
last
court
property of the Grace Co., a
question, together with a
The stock in
Guth, former President
Cola Co.v was awarded
Bal. transfered to earn.
Shares
100,000
the
Devoine Co., a
Net incomer..
Misc. reservations
consider amending
to provide for the election of nine directors divided into
classes of three directors each, and to extend the term of their election
more than one year.—V. 148, p. 585.
52 weeks ended
Assents
annual meeting on May 11 will
Stockholders at their
Before surtax on
For the
& Libby—To Amend By-Laws—
Libby, McNeill
after al chgs.
$218,365
x$196,646
x$383,863
$238,326
undistributed earnings.
April 1, 1939, the corporation and subsidiary
companies show a net profit of $773,730 after all charges.—V. 147 p. 2868.
Net prof,
x
28—
Period End. Feb.
Net sales
for
prov.
Inc.—Earnings—-
(R. G.) Le Tourneau,
Weeks Ended
Earnings for 13
1929
29
April
Chronicle
Financial
2592
3,275,025
1,729,508
and merger of the
of both corporations into the Louisiana & Arkansas Ry. for
ownership, management and operation.
The Commission also authorized
Louisiana & Arkansas Ry. to procure the authentication and delivery of
not exceeding $850,000 of first mortgage 5% bonds, series C, in connection
with the merger of its properties and the properties of the Louisiana Arkan¬
sas & Texas Ry., the bonds to be held in the treasury subject to further
properties
order
of
the
Commission.
»
dated Oct. 29,1938, approved the foregoing
stated conditions imposed for the protection
The Commission in its report,
transactions subject to four
Volume
Financial
148
of general office employees of the Texas company who would
Chronicle
be affected
Louisiana Arkansas & Texas
adversely by the proposed merger.
The entering of an order was withheld
pending the acceptance by the applicants of the enumerated conditions.
The applicants filed a petition for reconsideration, rehearing and reargu-
of Maintenance
Employees, and the Joint Railway Legislative Board of
Texas, agreeing and stipulating as follows:
(1) That the railways have become parties to the "Job Protective
Agreement" dated May 21,1936, between the participating carriers therein,
the Railway Labor Executives' Association, and certain other labor organ¬
izations, and as a result thereof all employees of the railways will be pro¬
tected in accordance with the provisions of said agreement;
(2) That applicant railway company hereby withdraws its petition for
rehearing before the whole Commission and agrees to accept an order of the
Commission made pursuant to the report of Division 4 dated Oct. 29,1938;
(3) That the parties mutually agree that any conditions which may be
Imposed by the Commission in any order made by it pursuant to its report
of Oct. 29, 1938 shall be interpreted and applied as to be consistent with
and to be enforced by the machinery set forth in said "Job Protective
Agreement."
'
This stipulation was accompanied by a letter addressed by counsel for
,
-the
applicants to a representative of the Joint Railway Legislative Labor
Board of Texas to. the effect that the stipulation and the so-called job agree¬
ment will be interpreted to apply to all employees of said railroads, irre¬
spective of whether such employees are parties to agreements with the
applicants relating to rates of pay, rules or working conditions, but the
stipulation and the job agreement are not to be construed as changing such
existing contracts nor creating any contractual relation with respect to
rates of pay, &c., which do not now exist.
Louisville Gas & Electric Co. (Del.)
1938
$5,815,867
111,992
55,809
.
Operation expense
Maintenance and repairs
——
Taxes
Provision for Federal and State income taxes
Net operating income
Dividends from affiliated company
Express—30,297
Switching
■____
94,617
Other
39,972
23,372
94,206
35,665
-
—
122,523
67,495
23,095
80,075
150,059
$3,931,775
226,250
$4,149,273
Interest on funded debt1,030,450
Amortization of debt discount and expense------ V 160,227
Other interest (net)
87,503
Amortization of flood and rehabilitation expense.
250,000
Amortization of contractual capital expenditures-_
37,000
Miscellaneous deductions
23,466
Dividends on preferred stock of Louisville Gas &
Electric Co, (Ky.) held by public—cash.
1,354,920
$4,158,977
1,030,450
160,003
21,272
270,833
37,000
18,522
$5,993,800
775,590
904,086
785,078
866,529
394,906
1,727,591
11,075
/
272,630
29,322
720,407
802,679
346,539
1,654,799
245,168
24,450
184,951
24,264
$3,993,917
$4,028,487
$3,754,705
$3,122,996
$2,154,637
°
511,022
$1,965,313
438,340
$1,783,113
412,880
391,541
1,648,225
'
4,134
308,252
37,911
—
.Transportation-,--Miscell. operations—
General
—
:
Transp'n for inv.-"—Cr.
Total oper. expenses
Net oper. revenues.
Railway tax accruals
tJncoll. railway revenue-
653,920
780,425
305,332
'
.
-
—
Net income._
1,851
Note—Provision made by Louisville Gas & Electric Co.
Feb.; 1937.—Y. 148, p. 2276.
$1,370,233
Freight
32,270
60,726
36,190
63,612
Gross opef. income,
Rents payable:
•
Rent for equipment- —
$1,619,969
$1,470,035
$1,351,166
$1,736,590
45.345
45,371
338,689
40,745
$1,216,265
,86,728
$1,090,601
93,936
$1,132,072
Total income
$1,435,759
$1,302,993
$1,184,537
$1,226,007
13,578
14,177
838,454
4,001
36,536
12,980
808,347
1,720
27,128
13,579
711,272
49,770
22,402
$521,836
$409,825
$334,362
180,000
180,000
on
Other
Net
862,109
.
8,144
30,092
deductions—
income-.—-J"
Dividends:
Divs. on 6 % pr. pf. stk
Divs.on pf.stk.,6% ser
.
$311,836
$428,984
$154,362
$229,825
1938
1938
1937
.1936
1935
'
4,937
4,941
4,986
5,044
Ry. oper. revenues:
Friehgt-^— ——$67,605,607 $76,863,874 $78,278,272 $63,93i;i82
Passenger6,199,037
7,208,546
6,594,986
5,772,546
Allother------.....
5,589,916
6,122,573
6,166,893
5,991,003
—-------
Total oper.
Railway
.
reVeques_$79,394,560 $90,194,993 $91,040,151 $7^,694,731
oper. expenses:
Inv.
1938
$
Miscl. phys. prop.
Inv. ip affil. cos..
Other investm'tsCash
,
Special deposits
-
_
-
9,000,000
Capital stock..
Grants
24,788
2,4,623
1,041,176
1,041,576
Fd. debt unmat'd. 17,791,178 17,220,000
Loans A bills pay88,121
13,013
67,121
678,570
1,254,906
42,775
Traffic & car-serv.
636,088
1,135,475
1,022,571
418,098
844,814
630
470
417,132
construction.
-
195,501
wages
payable.
.
Miscell. acc'ts pay.
Int. mat'd unpaid.
217,888
380,716
49,632
406,825
8,086
balances payable
Audited acc'ts and
XJnmat. int. accr'd
349,042
43,646
*
405,375
8,959
99,538
,
Net bal. rec. from
Other curr. liablls.
31,456
Other def'd liablls-
82,545
balances rec
87,872
46,597
150,962
260,751
90,288
268,728
33,537
31,359
Res.
47,197
Misc. acc'ts rec
195,004
221,163
Mat'l & supplies.
810,740
875,218
22,500
Other tax liability.
22,500
Other curr. assets-
4,213
Working fund advs
4.
assets-
Accrued deprec.:
Road
2,015
4,711
55,440
Equipment--j.--
1,685,508
Other unadj. cred.
174,961
1,558,893
175,895
475,131
Add'ns.to property
50,943
43.928
*
4,710
90,238
440,799
Oth. unadj. debits.
thr. inc. & surp.
not
specif: invested.
,
—
.36.643,010 35,5,14,567
Net after rents
1939
\
-----
From Jan. 1-—
Gross from railway
1,444,695
484,362
290,458
Net from railway
Net after rents
—V. 148, P. 1965.
to
1938
$510,056
179,842
108,817
-409,828
4,795,557-
Date
1937
Railway
$501,648
161,939
99,145
1,446,776
470,177
272,612
1939—Month—1938
$574,403
376,231
61,500
Net oper. revenues
$136,672
487
...
$111,256
2,098
on
Int.
$137,159
72,960
7,407
$113,354
72,963
4,515
$512,128
164,389
98,045
1,406,600
436,374
262,560
$474,116
176,609
110,454
Net ry. oper.,income.$ll,622,971
Non-operating income:
'
Inc. from lease of road
Dividend income
Other income—
Gross income-------
Net income$56,792
$35,876
Dividends applicable to preferred stock for the
period, whether paid
or
unpaid
Balance
—V. 148. p. 1812.
-
—-
—
$15,551,121 $19,257,364 $13,961,959
'
225,827
52,228
599,332
$12,5bo,358
——
Other
*
•
„
9,253,915
213,168
deductions------
10,098,079
26,360
419,498
10,007,950
256,619
393,570
$9,628,472
30,873
$4,128,943
18,539
—
432,742
418,516
$2,706,016
—------
227,668
52,677
544,778
633,515/
$16,772,777 $20,172,409 $14,787,082
,
,
9,148,4*2
Interest—
Separ .oper .props (loss)
»
227,671
53,859
2.27.194
67,931
926,531
$7,100,346
Miscell. approp. of inc.ItlPATHP
-—--
holotlPfi trflTIS
*
"
loss--' $2,706,016
to profit and
Dividends.
$7,100,346
$9,597,599
4,680,000
7,020,000
7,020,000
—
-
$4,110,404
2,925,000
General Balance Sheet Dec. 31
/
1937
1938
•
Assets— •'.
/ $
1938
Liabilities—
$
$
,1937
$
eq.443,687,316 442,594,650 Capital stock—117,000,000 117,000,000
Prem. oncap.stk
12,117
Impts. on leased
12,117
529,407
2,449,314
2,428,357 Govt, grants...
253,819
ry. property
Sinking funds.1,606,082
1,722,538 Fd. dt. (nmat.).220,488,530 221,648,530
Liab. of e|ou.Ry.
Deps. in lieu oi
bof bds. issued
76,259
11,364
mtg. prop.sold
Misc. phys. prop
jointly with
2,533,008
2,447,806
this company
Inv. In affil. cos. 26,064,401
26,059,106
5,913,500
5,913,500
Other invest'ts. 12,163,824
15,217,654 Non-negot. debt
to affil. cos-..
Cash--'14,782,121
92,609
17,261,117
92,624
Inv. inrd. &
Traf. A car. serv
Time drafts and
$7,199,763
4,573,547
715,500
$1,910,716
17,526
bale, payable-.
deposits-....
3.127,354
3,124,545
Special deposits-
105,816
105,755
Loans A bills rec.
7,777
20,373
wage^ payable
2,764,641
2,574,146
Misc. accts. pay
Int. mat'd unpd.
balances rec...
Net bal. rec, fr.
433,514
Aud.
accts.
411,541
425,824
4,523,375
745,891
1,695,049
82,350
5,135,808
45,000
1,434,888
50,561
108,149
4,291,628
and
Divs. mat. uppd
Funded debt ma¬
agts. & conduc
Misc. accts. rec.
508,104
1.,495,381
1,991,420
tured unpaid.
7,000
7,629,118
8,804,451
Unmat. int. accr
1,423,125
Int. A divs. rec.
96,581
73,425
266,949
tJnmat.rents
56,631
158,108
3,060,670
Rents receivable
Wkg: fund advs.
156,617
.
46,976
Unadj.
debits..
74,481 Oth. curr. liabiiis
137,*767 Deferred liabUis.
46,975 Tax liability---.
5
Ins. & oth. funds
Oth. def'd assets
,
acc
7,020,186
784,710
Accrued deprec.
6,734,749
2,015.255
Oth. unadj. cred
Add'ns to prop.
thr. inc. A sur.
Sink, fund
1,319,098
484,164
309,797
$1,986,082
22,589
$1,928,242
875,529
62,186
Cr8,881
$2,008,671
875,578
55,820
$999,408
$1,077,273
356,532
$642,876
$720,741
res._
-.529,507,915 531,744,078
Total
878,077
1,694,844
87,480
1,437,587
88,669,268
4,355,326
2,580.480
83,846,640
3,322.815
40,224
3,244,140
Approp. sur. not
specif. invest.
290,862
P. A L. balance. 75,191,931
Total
$7,665,004
4,990,422
688,500
356,532
chgd. to construct'nL
mtge. bonds
Other int. & deductions.
17,898,860
4,311,108
15,412
income$U,271,027 $14,373,525 $18,765,303 $13,572,341
(net)-Crl ,226,466 Cr2,143,291 Cr1,834,487 Crl,428,206
Dr874,522
Dr965,694 Drl ,342,426 Drl,038,588
oper.
4,838,723
39,747
296,243
77,825,253
529,507,915 531,744,078
Earnings for March and Year to Date
1939
$7,154,192
1,650,241
1,051,749
March—
Gross from railway
Net after rents
From Jan. 1—
Gross from railway
Int.
25,391,390
6,626,087
—
Hire of equipment
1939—12 Afos,—1938
$522,252
351,996
59,000
22.090,246
7,716,7.21
_--T_-
Joint facU. fenta (net)--
Net from rail way
Other income (net)
18,385,761
7,114,734
Netry. oper. revenues..
Railway tax accruals—
Oth. curr. assets
1936
Louisiana Power & Light Co,—Earnings—
Period End. Mar. 31—
Operating revenues——
Oper. exps., incl. taxes—
Prop, retire, res. approp.
5,681,193
expehses.$61,008,799 $68,104,747 $65,648,761 $57,795,870
Mat'l A supplies
473,541
4,506,866
--36,643,010 35,514,567
Total..
Earnings for March and Year
March-—
Gross from railway
Net from railway
25,453,831
26,660,846
5,939,686
Traf. & car-serv.
Approp. surp.
P. & L. cred. bal..
Total--.
29,907,450
29,801,624
5,967,237
.
Income taxes...
Int. A divs. rec__-
20,373
Federal
for
41,252
ag'ta & conduct-
31,690,500
5,426,536
___•
Total oper.
9,000,000
of
aid
in
62,960
Loans A bills rec—
30,447,010
29,345,559
-
$
65,129
Traffic & carrsefv.
Other def'd
1937
$
Liabilities—
inrd.Aequip.31,419,196 30,547,-317
Impts.'on leased
railway property
Deposits in lieu of
mtged. prp. sold
26,236,704
Transportation.
Netincome-
1937
$
,
'
— —
Comparative Income Account for Calendar Years
General Balance Sheet '
+\.S$CtS
220.1
7.60
$7,208,546
4,133,845
420,604,383
101.7
1,71
Aver, miles of road pper.
30,000
Balance, surplus
•
—
Deduct, from gross inc.:
„
45,943,060
10,113,134,801
226.1
Revenue per passenger-mile (cents)
—:
funded debtunfunded debt
on
93,935
1937
$76,863,874
8.10
$6,199,037
2,916.960
311,000,399
106.6
1.99
—
Number of passengers——
Number passengers one mile---
$428,984
180,000
—
Deductions from income:
Rent for leased roads.Int.
Int.
358,333
332,832
—
Average haul—miles--
183,314
35,780
$1,358,413
77,346
Netry. oper. inc.-Non-operating income--
—
_•
Uncollec. railway revs..
Rent for joint facil—
Report—
$67,605,607.
.36,912,679
8,346,535,227
—
Average haul—miles.
Revenue per ton-mile (mills)
Passenger revenue—
25,671
66,311
-
for Federal
'
revenue
Tons revenue freight-—
Tons revenue freight one mile
Allother
_
(ky.)
1938
$1,259,184;
$1,526,97.3
$1,265,978
Comparison of Principal Traffic Statistics for Calendar Years
Maintenance-.
Railway oper. income. $1,643,615
Rent income:
Rent from equipment
29,482
Rent from jt. facil—63,493
1,354,920
$1,205,708
____
and State income taxes for the year 1937 was reduced as a result of deduc¬
tions made for losses resulting from the flood in Louisville dining Jan. and
1.214,229
-----
-----
,,
__
$1,670,957
409,922
_
Maint. of equipment-
Traffic.
$5,537,818 .,$4,793,953
$6,148,554
952
Gross income
—
Total oper. revs—
Operating expenses:
Maint.of way &struc.
1938
$3,933,588
213,125
2,560
Miscellaneous income
1935
106,757
64,200
30,095
88,733
25,010
120,868
_
Appropriation for retirement reserve
Amortization of limited-term investments
$4,350,706
61,858
Mail—-.,.—
1937
1939
$10,917,380 $10,616,066
3,427,189
3.559.796
597,243
534,804
1,200,000
1,200,000
1,422
1,430
1,152,344
1.116.797
605,593
271,462
revenues
Louisville & Nashville RR.—<^Annual
1936
$5,223,023
$5,657,831
(& Subs. )—Earns.
Year Ended Jan. 31—
Operating
Comparative Income Account for Calendar Years
Operating revenues:
FreightPassenger j
Ry.—Merger
See Louisiana & Arkansas Ry —V. 148, p. 1965,
ment.
Before reargument was heard by the Commission, there was filed a stipu¬
lation by the Louisiana company and the Texas company, the Railway
Labor Executives' Association, the Brotherhood of Railway and Steamship
Clerks, Freight Handlers, Express and Station Employees, the Brotherhood
2593
Net from railway
Netafterrents
-^V.
— -
21,205,244
5,184,047
3,321,791
1938
$6,032,464
977,287
380,430
18,389,574
2,943,688
1.180,665
1937
$8,987,980
2,938,665
2,202,249
1936
$7,063,749
1,541,058
1,199,596
22,143,683
5,488,627
3.867,620
21,432,704
5,024,646
3,889,543
148, P. 2276.
Ludlow Valve Mfg. Co.—Merger Halted—
An injunction was issued on April 25 by Vice-Chancellor Charles M.
Egan temporarily restraining stockholders of this company, a New Jersey
corporation with offices in New York City and a plant in Troy, N. Y., from
voting on a proposed merger.
Clarence E. Armstrong of East Orange, who applied for the restraint
holds 20 shares of preferred stock.
He asserted that a plan under con
Financial
2594
iuderation
merge'the company with the L. V, Manufacturing Co.
to
April
Chronicle
of
New York was unfair to the stockholders. He said the merger plan proposed
exchange cumulative stock for non-cumulative stock, wipe out accumu¬
lated dividends of $60 a share and transfer the assets of a New Jersey corpo¬
ration to a New York corporation in violation of stockholders' rights.—V.
goods sold
, —.
Repairs, incl. the rebuilding of equipment.
Depreciation and amortizationTaxes (other than income taxes)—....
Rents and royalties.—.—...
Selling, general and administrative expenses
135. p. 308.
McKeesport Tin Plate Co,—New Directors—
Senior Vice-President of the Manufacturers Trust
Co. of New York, Georges Doriot, Assistant Dean of Harvard Business
School, and Charles E. Richardson of Bryn Mawr, Pa., have been added to
the board of directors of this company.—V. 147, p. 2869.
Horace C. Fiannigan,
Gross income—
Net income....
This left a net outgo for fictitious
transactions of $2,409,860.
Fees and
Leidersdorf
The overstatement of accounts receivable
testified.
Co.
&
amounted to $10,037,000 at the same date.
These totals are the consoli¬
dated figures for the domestic company and its Canadian subsidiary.
The overstatement of sales during the period for both companies was
$18,523,000, and the overstateemnt of purchases was $17,322,000.
In
all cases by far the largest part of the totals were on the books of the Ameri¬
can company.
Hearings nave been adjourned sine die.
x
Julian F. Thompson, 50, Treasurer of this company, whose investigation
nooks led to a receivership and the suicide of President F.
of the firm's
Donald Coster-Musica. died on April 21.—V,
Madison
148, p. 1328.
:
,
Square Garden Corp.—To Pay 60-Cent Div.—
The directors have declared a dividend of 60 cents per share on the com¬
mon
stock,
yalue, payable May 19 to holders of record
par
no
and previously quarterly divi¬
In addition, an extra dividend
paidon May 29,1936.-—V. 148, p.'2127.
1937; one of 20 cents paid on Feb. 26, 1937,
dends of 15 cents per snare were distributed.
-of 10 cents was
Central
Maine
RR.—Earnings—
1939—3 Mt)$s—1938
1939—Month—1938
Period End. Mar. 31—
$1,036,847
783,547
$3,197,144
2,291,518
$3,058,186
2,362,488
$321,411
67,166
43,910
27,470
$253,300
77,378
33,850
28,347
$905,626
201,519
112,466
73,127
$695,698
191,215
112,951
82,927
$182,865
35,366.
$113,725.
38,618
$518,514
105,127
$152,343
$623,641
$0.45
—
169,049
507,&85
.——
Net ry. oper. income.
Other income. ..i
... .
»
—.
.
"
f y Fixed assets,
at
'
.
z
752,471
a
.
Deferred charges..
Total
—
—
-$2,481,917 $2,404,206
—
248 in 1938—V. 147, p. 2691.
...$2,481,917 $2,404,206
v
Marland Oil Co. of Oklahoma— To Be
Reorganized—
E. W. Marland, former Governor of Oklahoma, is reported in dispatches
from Ponca City Okla., to be reorganizing Marland Oil Co. of Oklahoma,
a $65,000,000 corporation, and would establish offices, on his estate
there.
The Oklahoma Securities Commission is said to have granted a
permit for the sale of 200,000 shares of $5 par stock for a total capitalization
of $1,000,000 in the revamped company.—V. 133, p. 2609.
once
Martin-Parry Corp.—Bond Issue—
Subscription books on an issue of $300,000 1st conv. 5% bonds, due in
five years, will be opened to stockholders of record as of May 4.
The
purchase price will be par and the ratio will be $1.71 principal amount of
bonds for each share of stock held as of the record date.
Subscription
warrants, which will be forwarded to shareholders as of the record date, will
be exercisable up to and including the close of business May 18.
In connection with the offering, the company is ^making application to
the New York Stock Exchange for listing og 150,000 shares of stock of the
company into which the bonds are to be convertible.
Company does not
intend to make application for listing of the bonds on the New York Stock
•
,«
Exchange.—V. 148, p. 2433.
Matachewan Consolidated
Mines, Ltd.—Earnings—
3 Months Ended March 31—1939
Tons of ore milled
_■
38,645
$204,154
Development and operating costs.. —_155,212
Estimated operating profit...
552,114
v
"
$116,256
x$16,706
$49,421
Indicates deficit.—V. 148, p.
171
or
$49,113
$33,003
deferred development.—V. 148, p. 737.
X$141,578
Mead
Directors have declared an extra dividend of 10 cents per share in addi¬
cents per share on the capital
stock, par $10, both payable May 15 to holders of record May 1.
Similar
payments were made in each of the 11 preceding quartersV. 148, p. 587.
his father,
held April
tion to the regular quarterly dividend of 40
Deeds
25.—V. 148,
.
.
a director of this corporation-to succeed
Deeds, at the annual meeting of stockholders
elected
was
Colonel E. A.
1965.
p.
■
-
.
Memphis Power & Light Co.—EarningsPeriod End. Mar. 31-
539—Month—1938
$738,015
$821,220
485,441
511,953
61,132
69,539
Opera ting r eve nu es
Oper. exp8.,incl. taxesProp, retire. res. approp.
_ ...
_
Communications—
'
Corp.—New Director-—4
Charles W.
Manufacturers Casualty Insurance Co.—-Extra Div.—
Marine
$33,003
$48,942
revenue..
Note—In the above figures no allowance has been made for taxes, de¬
1965.
International
1938
36,926
$191,228
158,225
Net income from metals produced.......
preciation
Marconi
Total—
x After reserve for doubtful accounts of $17,600 in 1939 and $14,000 in
1938.
y After reserve for depreciation of $528,856 in 1939 and $512,507
in 1938.
z After reserve for amortization of $27,875 ih 1939 and $27,-
Estimated total profit-.———
«&C.)
income
18,872
1,668
expense incident
to patent applic,
Deductions (rentals, int.,
Net
.746,185
19,074
26,413
cost.
Patents and! egal
Non-operating
Gross! income...
25c. per share in first quarter of 1938.
This compares with $52,804 or
$410,536
Net oper. revenues—_
Taxes.—
Equipment rents—Dr..
Joint facility rents—Dr.
.
—x$94,277
—....
Condensed Balance Sheet
$308,605
101,931
1,68,810
. - .
$1,119,660
798,249
$218,231
•Operating revenues
Operating expenses ; .
x
.....
— ....
—
Mar. 31 ,'39 Dec. 31 ,'38
LtabUUiesMar. 31/39 Dec. 31,'38
Accts. pay., trade
$33,576
$54,426
Cash on hand and
8,292
:
in banks-11,482
$693,318
$759,395 Accts. pay., others
Accrued items....
71,056
U.
8. Govt, and
74,237
77,954
35,288
Canadian bonds
81,667
40,713 Prov. for Fed. tax
x Notes and accts,
Reserve for contlng
15,000
15,000
receivable
—
5,000
414,655
368,643 Long-term liabil..
Other accts. receiv.
2~io"r66d
1,185
2,634 Cap. stock (par $1)
210,000
Inventories (est.),
349,252
532,800
459,371 Paid-in surplus...
349,252
kOther assets......
6,713
1,639,075
6,725 Earned surplus.— 1,680,852
May 8.
This compares with 25 cents paid on Feb. 28, last and on Nov. 30 last;
20 cents paid on Aug. 31,1938; $1 on May 20, 1938; 20 cents paid in each
of the three preceding quarters; a dividend of 75 cents paid on May 20,
—.
$118,183
3,206
20,700
i—
Assets-—
Obituary—
.
...—
D. Leidersdorf & Co., testified at a
.commssions paid in handling this non-existent business amounted to $886,999 to bring the total outgo on account of these transactions up to $3,296,859
Overstatement of inventories as of Dec. 7, 1938, the date of the filing of
the reorganization petition, was $10,575,000, Nicholas Metton of S. D.
3,134
— —«——
Earnings per share
In fees over
the amount returned to the company was
,
......
,$115,049
Provision for Federal income taxes——
Company Net of $3,296,859—
Canadian company.
In addition. Mr. Seal testified that.he believed there should be credited
additional cash coming back into the company in the amount of $1,806,134.
........
....—
Income deductions—
$3,296,859, Arthur Seal, partner
hearing by the Securities and
Exchange Commission on the accounting practices followed in McKesson &
Robbins.
He added it has been impossible to check all transactions, a
lack which might alter the figure.
The total amount paid out on fictitious transactions was $22,807,816,
Mr. Seal tesitified, of Which $16,129,380 was for the domestic company and
$6,678,436 for the Canadian subsidiary.
During the same time there was
paid back to the company a total of $18,591,822, of which $12,379;924 was •
received by the domestic company and $6,193,898 was received by the
—
Net profit from operations......
Other income-.—.—
McKesson & Robbins, Inc.—Fictitious Transactions Cost
Money paid out by the company on fictitious transactions or
$787,355
447,043
51,973
17,276
20,814
1,307
133,892
Gross sales, less discounts, returns and allowances.
Cost of
to
in S.
1939
29
Earnings for 3 Months Ended March 31, 1939
1939—12.Mos.—1938
$8,803,199
$8,919,392
5,762,949
5,578,770
745,541
742,069
Final Dividend—
Net oper. revenues
$191,442
1,690
$239,728
10,374
$2,294,709
43,218
$2,598,553
52,435
on mtge. bonds.
Other int; & deductions.
$193,132
61,448
4,228.
$250,102
Interest
Directors have declared a final dividend of 24 3-5 cents per share on the
American depository receipts for common stock payable April 25 to holders
«of record April 4;—V. 147, p, 2128.
61,448
4,057
$2,337,927
737,375
* 39,394
$2,650,988
737,375
39,170
-Net income..
$127,456
$184,597
$1,561,158
$1,874,443
Other income
Co.—Earnings-
3 Months Ended March 31—
......
Non-operating revenues
...
Gross earnings.....
•Operating
expenses
1939
1938
•Operating revenues...
$764,258
$714,360
5,110
5,036
and taxes...
Net earnings....
..."
$244,834
Interest on mortgage debt.
Interest on serial 3%-5% notes, 1939 to 1947—
J
Interest on unfunded debt
Amortization of debt discount and expense.................
...
.
.....
......
...
522,381
'
$246,913
94,062
6,937
636
8,475
•
'Net income.'.j
Preferred dividend requirements.
Balance available for
common
....
:
;
i
_
$136,802
period, whether paid or unpaid..
Balance...
;
$94,602
Miami
Expenses, taxes, Ac——
Interest, .u
—
Depreciation, Ac...,
—
— —
Balance, surplus..-..def$310,640
29,506
Other income.
_
(& Subs.)—Earnings—
1938
less discts.,
returns and allowances $2 ,867,731
Cost of goods sold
1 ,599,608
1937
1936
a
1935
Includes
w
.
$5,777
Depreciation and amort.
taxes)
Rents and royalties. 1
220,523
69,496
$4,604,919
2,605,317
473,030
58,969
$3,218,704
1.759,315
334,307
47.964
$2,074,400
1,204,859
174,752
53,351
73,750
4,908
80,663
3,802
15,256
22,447
450
450
reserve for State of
"486,820
609,017
518,231
368.412
Net profit from opers.
Other income-.-
$412,627
12.807
$774,122
27,272
$543,180
42,938
$250,130
18,061
Income deductions
$425,434
5,177
$801,394
17,126
$586,118
9,580
$268,191
26,077
72,800
134,350
89,877
34,312
inc.
and
on
undistributed
Shares
48,150
_
capital stock....
Earnings per share
1935
$2,504,496
2,373,176
261,704
-
49,814
289,375.
$665,564
63,334
$188 def$207,S69
55,774
30,884
$728,897
112,067
$55,962 def$l76,984
undistributed
profits tax
and
1937
1938
Liabilities—
&c
10,621,944 10,920,075
Development
2,785,073
2,640,946
x Construction, Ac 2,927,005
3,038,309
481,315
1,681,056
365,853
Prepaid exps., Ac.
53,859
456,558
110,468
839,253
Cash
Investments
Total
x
$
3,735,580
249,818
250,000
20,322,384
After depletion,
z
471,115
2,203,600
475,595
47,549
406,191
86,373
Notes payable....
Reserves
200,000
27,765
34,773
Taxes
Rancbes and other
Ore and metals
1937
*
Capital stock
3,735,580
Acc'ts payable, Ac
213,272
152,500
161,892
due
Smelting, refining,
and freight
326,417
411,029
164,850
194,822
4,880,056
5,162,355
res. 10,621,944 10,920,075
Deferred taxes....
Surplus
Unrealiz.
but.
830,594
21,120,345)
Total
20,322,384 21,120,345
Includes instalments and interest due
on
deferred
taxes.—V. 146, p. 2699.
profits
Net income,
Dividends
«
Federal
*
Mat'ls & supplies.
excess
profits taxes..
1936
$4,975,063
4,642,140
40,081
289,597
3,057
Arizona income tax.
1938
Mining proerties,
Acc'ts receivable..
Federal
for
Assets—'
x
lands...
Belling, general and adm.
expenses
7,738,838
31,220
Balance Sheet Dec. 21
Taxes (other than income
Surtax
reserve
sales
Maintenance
$281,134
.
$1,984
1937
$8,721,657
a24,331
'Total surplus..—....
Years End. Dec. 31—•Gross
1938
$5,451,448
5,480,462
■ 20,464
261,161
Res. for Fed. taxes.—_
Dividends paid..
.
$1,479,567
Copper Co.—Earnings—
Calendar Years—
Gross earnings,
2432.
Master Electric Co
394,876.
$1,166,282
....
42,200
stock;.—.
394,876
...
—V. 148, p. 2277.
Note—Combined accounts of constituent companies shown for 1938Y •
148, p
-
Dividends applicable to preferred stocks for the
$769,294
$719,470
474,636
i.'
Gross income
,
Marion-Reserve Power
(net)
57,623
$347,458
241,500
$601,768
272,975
210,000
$1.65
210,000
$429,038
197,700
204,350
$2 10
$2.87
Midland Steel Products
$207,802
Corp,-—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
non-cumulative preferred stocks both payable July 1 to holders of
record June 16.
Like amounts were paid on April 1, last, and on Dec. 24
and
204,350
$1.01
and
April 1, 1938.—V. 148,
p.
1174.
Volume
Financial
148
Midland Valley
$108,379
48,307
$101,113
34,701
$109,838
42,365
$98,295
34,972
30,869
17,291
22,683
18,908
after rents
From Jan.
March—
1936
1937
1938
1939
Gross from railway
Net from railway
Net
Mobile & Ohio RR.
RR.—Earnings—
March—
1—
319,118
150,288
300,875
110,025
353,115
172,387
377,996
198,379
94,153
Gross from railway
Net from railway
Net after rents..,
53,611
115,023
146,837
—V. 148, p. 1965.
Minneapolis-Honeywell Regulator Co. (& Subs.)—
1937
$2,878,214
2,095,916
120,784
1,815,606
125,622
2,262,502
91.96C
SI1,934,090
1,621,388
65,445
$108,478
$17,619
$523,751
$247,257
7,073
8,909
2,422
$115,550
31,014
17,247
$26,527
27,606
16,332
Operating profit
*
Otherincome
Total income
Federal taxes.
Other deductions
4,482
$526,174
xl05,757
13,950
.
$251,739
46,467
9,996
'
loss$17,410
$406,468
$195,277
Earns.per sh.on com.stk.
Nil
$0.60
$0.27
x Includes provision for normal Federal income taxes, no provision has
been r ade for the liability of the company, if any, for surta- es on un¬
distributed net income imposed by the Federal Revenue Act of 1936 as
the amount of any such liability is not determinable until the end of the
year.—V. 148. p. 1175.
$67,289
$0.11
Net profit
1937
$1,167,200
366,725
82,209
2,783,251
504,587
94,895
2,985,891
614,942
183,260
2,873.636
Net after rents.
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V.
148,
1936
1938
$1,036,151
221,386
71,043
.
_
—
_
,
$891,181
188,517
75,459
241,664
2,327,444
385,407
97,855
642,909
292,289
1966.
p.
March—
,1936
1938
$1,958,847
Depreciation
Earnings—
1939
$1,014,981
223,784
Gross from railway
Net from railway
Monongahela Ry.—Earnings—
3 Mos. End. Mar. 31—
1939
Net sales,
$2,325,178
Cost of sales & expenses.
2595
Chronicle
170,627
73,653
$485,395
296,496
178,948
$336,893
189,988
78,340
1,025,124
593,895
288,232
From Jan. 1—
Gross from railway
Net from railway
__
Net after rents
148,
1936
1937
$281,729
719,425
378,246
89,341
1,321,948
798,307
447,971
1,216,644
741,535
384,506
Net after rents
—V.
1938
1939
$370,261
215,495
110,160
Gross from railway
Net from railway
2128.
p.
Monolith Portland Cement Co.—Accumulated Div.—
Directors have declared
dividend of 25 cents per share on account of
a
on
the 8% cumulative preferred stock, par $10, payable
May 16 to holders of record May 5.
Similar payments were made on Dec.
15, Aug. 15 and May 16, 1938.—V. 147, p. 3463.
accumulations
.
Monsanto Chemical Co.—Consolidated Balance Sheet—*■
Mar. 31*39
31'38
Dec.
31*39
Mar.
Asstes—
Liabilities—
S
$
Dec. 31*38
$
$
$701,241
133,561
,
railway......
$731,174
159,972
63,797
$706,514
122,576
34,929
78,502
Net after rents
Accts. pay. & accr.
2,168,024
2,997,746
1,000,000
1,005.177
Estimated inc. tax
857,157
889,024
4,220,544
3.913,992
Divs.
9,192,543
9.171,998
217,000
217,000
461,460
408,472
Funds
174,109
def63,602
152,165
defll0,139
57,123
131,965,
1,903,888
1,885,775
1,964,097
294,691
1,969,301
374,182
Net from railway
Net after rents
June
5,450,000
5,075,315
in
Beneficial shares &
as¬
sociated cos.—at
Patents &
Deferred
$2,059,076
347,039
59,934
702,224
702,224
5,086,909
def47,514
def963,007
5,230,038
133.600
def671,284
Net from railway......
Net after rents...
•
—V. 148, p. 2277.
Dividend
Canning Co.—Accumulated
Minnesota Valley
of record
on
$1.75 per share on account of ac¬
preferred stock, payable May 1 to holders
Similar payments were made in previous quarters.
the $7 cumulative
April 22.
148, p. 737.
See also V.
Mississippi Central RR.—Earnings—
Net from railway.
.
_
_
"
1939
$74,871
March—
Gross from railway.....
11,867
_
17,508
.
(1,328
1,449
Net after rents.
,1936
$/6,921
20,920
12,617
1937
1938
$77,832
,
$82,356
17,809
7,177
in V. 148, p.
148,
\;
1965.
p.
204,235
41,294
223,569
35,829
6,556
21,156
•
.
'
'
,
"1939—Month—1938
$618,323
$601,524
433,413
398,233
63,333
60,000
$143,291
$121,577
Net oper. revenues...
for lease of plant
1939—12 Mos—1938
$7.,353,600 $7,095,904
5,135,245
4,815,335
,
730,000
654,933
$1,488,355
$1,625,636
1,711
(net)
$1,488,355
$1,623,925
1,906
$121,577
-.126
$143,291
$143,355
$1,490,153
mtge. bonds.
$121,703
68,142
Other int. & deductions.
6,362
68,142
6,283
817,700
77,200
$47,199
$68,930
applicable to preferred stock for the
period, whether paid or unpaid
...
$595,253
403,608
Balance
$191,645
Gross income
'
64
.
.
Net income..^.
x
,
1,798
......
Int.
$5,461,961
Dr48,245
$5,997,136
Drl 1,995
March—
$321,758
Net from rail way
$459,969
161,009
44,125
33,370
Cr36,449
$5,413,716
1,922,897
416,867
Cr234,163
$5,985,141
1,937,715
529,495
424,542
Cr306,768
' $257,914
stock for the
$2,778,6*20
$3*400,157
1939
....
4,5,042
'
Net after rents....
From Jan. 1—
Net income..,.......
Netafterrents
148,
p.
*.
252,883
129,252
■
$343,697
applicable to preferred
period, whether paid or unpaid
Dividends
Balance..-.
—
$76,298
$142,727
.54,784
31,509
1939
Operating revenues
Operating expenses.
Inc. avail, for fixec chgs.
Fixed charges
3,446
53,051
,
def8,030
$1,208,607
339,874
229,784
228,537
169,499
1
3,725,893
886,756
556,156
"
3,322,810
3,852,537
516,884
199,058
710,370
432,604
,
Net after rents.l...—
148, p. 2434.
Nassau &
37.562
def3,327
•
From sales of gas
$342,704
,
$27,846
2,180,249
1
1,148
$25,848
2,014,217
935
$618,719
382,963
21,247
44,958
$550,432
346,285
18,398
44,437
$2,209,243
1,366,536
81,426
180,360
$2,044,144
1,261,526
63,977
197,172
.
$5,967
543,530
.
Total oper. revenues.
Operating expenses
.
—
Deprec. (retirem't exp.)
(inc. income tax
«
1939—3 Mos.—1938
$6,505,980
$6,498,673
5,593,554
5,468,988
def$31,152
$109,382
1,065,885
1,089,559
40,891
45,766
177,086
163,564
$128,660
$95,546
$403,835
$357,905
238
15
provision)
Operating income
Other income (net)
•
$980,178
$1,097,037
Gross income
on
Other
4,079
long-term debt..
interest
$128,898
41,956
22,647
$95,561
43,956
22,594.
577
1,207
$404,412
172,093
$359,112
177,964
91,229
91,814
Amort, of debt discount
and expense and misc.
Missouri Pacific RR.—Interest
Payments—
of $19,975.
1939
March—
Net from railway
Net after rents
1938
1937
$6,607,429
1,135,721
250,694
$6,584,274
1,076,101
214,494
$8,444,939
2,228,722
1,153,625
19,154,106
3,708,577
1,060,154
19,099,983
3,303,591
648,310
23,588,602
5,944,579
2,814,285
—V. 148, p. 1966.
34,341
$106,631
$55,578
3021.
National Automotive Fibres,
Inc.—Plans Pref. Issue—
A special stockholders meeting has been called for May 10 to vote on a
plan for obtaining additional capital.
The plan includes the sale of
shares ($10 par) preferred stock.
The new stock will have equal voting
rights with the common, be entitled to cumulative dividends of 6%
con¬
1936
$6,976,394
1.446,331
504,730
vertible into common on a
20.845,150
4,739,788
2,079,980
share for share basis.
transaction will net the company
Corporation loan
8Amendments
for
the 200,000
and
It is anticipated that
$1,900,000.
Reconstruction Finance
of $1,500,000 and to call the present outstanding preferred
Purpose of the issue
From Jan. 1—
Gross from railway
33,874
$20,489
200,000
Earnings for March and Year to Date
Gross from railway
Net income
—V. 147, p.
8,522
$56,062
A.
Thompson, trustee to pay semi-annual interest due May 1, 1939, on the
third mortgage bonds in the amount of $76,560 as well as semi-annual
interest due the same date on Pacific RR. of Missouri real estate security
mortgage bonds in amount
8,233
deductions
Louis has entered an order authorizing Guy
The Federal Court at St.
Net after rents
406,238
229.289
457
$6,514
611,748
energy
Taxes
-V. 148, p. 2434.
Net from railway
3,300,774
•'
Suffolk Lighting Co.—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
Operating revenues—
From sales of electric
Int.
$248,557
1936
$1,437,900
232,990
112,913
227,496
356,354
123,233
60,662
Earnings
Lines
1939—-Month—1938
$2,313,973
$2,258,862
1,859,530
1,908,717
$115,265
$12,975
363,822
355,679
Deficit after fixed chgs
1937
$1,200,289
Gross from railway
Net from railway.
Maintenance.
Period End. Mar. 31—
1938
$1,313,077
325,745
200,735
Net after rents._a..
From Jan. 1—
6,115
1966.
Missouri-Kansas-Texas
957,464
$2,442.693
Louis Ry .—Earnings
Nashville Chattanooga & St.
Gross from railway
—V.
957,516
......,$ 1,821,104
—.—
...
529,495
148, p. 1966.
-V.
Other oper. revenues.
483,233
215,587
Net from railway
—V.
$93,966
24,615
'9,449
«
1936
1937
«
Gross from railway
Crl96
,
Period End. Mar. 31—
1938
$175,893
83,869
....
_
chgd. to construct'n
Int.
4*
Ry.—Earnings-
'
■
Gross from railway.
mtge. bonds
Net from railway
$689,497.
stock, was
—V. 148, p.2277.
Missouri Illinois
on
SE
$579,945
159,427
44,125
32,892
...
Interest on debentures.
1,688,851
1,537,535
128,775
$461,544
Z>rl,575
March-
March 31, 1939, amounted to
Latest dividend, amounting.to $1.50 a share on $6 preferred
paid on Feb. 1, 1939.
Dividends on this stock are cumulative.
and
Subs.)—Earnings-
1,200
Gross income
.
Dividends accumulated and unpaid to
Bonds
'
133,193
Other income (net)
Dividends
x
Issue
$578,745
appropriations
Net oper. revenues..
$725,366
403,608
,
...
.
1939—Month—1938
1939—12 Mos—1938
$1,141,433 $13,517,403 $15,017,384
551,114
6,517,907
7,331,397
Period End. Mar .31-
$1,625,831
'817,700
82,765
Operating income
Other income (net)
on
-
,
Operating revenues
$1,286,911
Oper,exps., incl. taxes..
574,973
Prop, retire. & deplet.
Other int. & deductions.
Rent
Interest
■
Company applied April 26, to the Federal Power Commission for au¬
thority to issue $9,000,000 first mortgage sinking fund bonds, 4H%, due
1954, and $2,100,000 of unsecured promissory serial notes to be issued to
four banks. The notes will mature serially on March. 15, 1940 to 1945.
The notes will be issued $1,050,000 to the Northwestern National Bank
& Trust Co. of Minneapolis, $600,000 to the Harris Trust & Savings Bank,
$250,000 to Marshall and Isley Bank and $200,000 to the American National
Bank & Trust Co. of Chicago.
The proceeds will be used for redemption of $11,082,000 of the com^.
pany's outstanding obligations.
Names of underwriters, prices and other
details will be announced later.—Y. 148, p'. 1649.
reserve
Period End. Mar. 31—
•
.
ended Mareh 31 was published
Co.-—To
Utilities
Mississippi Power & Light Co.—EarningsOperating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
67,127,792 66.737,903
Total
'
•
>
Montana Power Co. (&
199,921 '
27,352
def3,480
194,231
16,894
defl2,163
Net from railway.
Netafterrents
—V.
2434.
Montana-Dakota
From Jan. 1—
Gross from railway
Earned
The income account for the three months
Notes—
Directors have declared a dividend of
cumulations
surplus...11,322,148 11,322,148
surplus...11,858,610 1.1,270,073
Paid-in
Represented by 100,000 no par shares.
x
5,797,262 " 5,460,973
496,449
349,952
def225,726 def449,785
350,453
352,839
..41,344,692 49,591,889
1
processes
1
209,199
charges. J 255,229
Total.........67,127,792 66,737,9031
1—
Gross from railway
surplus of Ameri¬
362,216
can subsidiary..
374,188
x Preferred stock .10,000,000
10,000,000
Com.stk. (par$10)12,418,160 12,418,160
,
posits, &c
Property
1,940,000
1,940,000
British sub...,.
113,854
75,888
stock, &c
Investments
....
From Jan.
.....15,511,044 14,913,065
Reserves
Preference shares of
cost or less.....
1936
.
containers.
able
Miscell. invest., de¬
[Including Wisconsin Central Ry.J
1939
1938
1937
Gross from railway.
$1,881,665
$1,853,798
$2,195,264
127,362
128,133
433,684
Net from railway..
defl26.154
defl99,356
229,211
Net after rents
1939...
Deposits for return¬
purch. of capital
Ry.—Earnings
March—
pref. capi¬
1,
and employees on
—V. 148, p. 1965.
Minneapolis St. Paul & Sault Ste. Marie
on
tal stock payable
for
approp.
property addlt.
Due from officers
From Jan. 1—
Gross from railway
res...
Inventories..,
1936
1937
54,786
railway.$717,691
158,083
Gross from
Net from
'
1938
5,229,117
Recelv., less
Minneapolis & St. Louis RR.—Earnings
1939
4,908,516
U. S. Treas. notes.
March—
Cash'............
will be to retire the present
certificate of incorporation are
shares ($10 par)-preferred stock and
to the
proposed to provide
for 425 shares of 2d
Financial
2596
Chronicle
April 29, 1939
t
■
,
National Steel Corp.—$65,000,000 Issues
preferred stock to be exchanged for the present preferred which will be
retired upon sale of the new preferred.
Common stock totaling 1,200,000
shares will be authorized of which 494,510 shares will constitute a reclassifica¬
tion of the present outstanding common, and 200,000 shares will be set aside
for conversion of the preferred.
The remaining shares will be unissued and
available for corporate purposes.—V. 147, p. 3616.
A
•
Quickly Sold—
banking group headed by Kuhn, Loeb & Co.,
Harriman
Ripley & Co., Inc., White, Weld & Co., Lee, Higginson
Corp., Smith, Barney & Co., The First Boston Corp. and
Blyth & Co., Inc., offered April 25 $65,000,000 of securities
of the corporation.
The offering consisted of $50,000,000
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
1937
1936
1935
publications, adv., &c, $8,560,116
Produc., sell., gen. and
$8,981,883
$7,970,035
$7,631,653
7,968,382
8,408,005
7,562,498
7,491,341
$591,735
21,257
$573,878
26,546
$407,536
y25,810
$140,312
y!9,144
and interest.
$612,992
48,237
$600,424
71,895
$433,346
79,057
$159,4.56
83,457
the
6,442
22,892
27,494
30,465
x68,693
10,000
18,230
Depreciation
256,732
26,000
10,000
249,291
43,281
Prov. for contingencies.
236451
235",471
1938
Calendar Years—
Gross
adminis. expenses
Operating profit
Other income
Total.
Interest paid
Amort, of bond
&
The bonds went to a premium
profit
1,805,598
(collateral) mortgage bonds 3% series are dated April 1, 1939
are due April 1,
1965.
City Bank Farmers Trust Co., trustee, and
Ralph E. Morton, co-trustee.
•
•
and
$47,364 loss$208,167
1,599,813
1,916,277
28,376
The
$15,000,000 serial notes are dated
April 1,
as
follows:
$2,028,485
26,964
$1,882,898
77,300
$1,675,5.52
13,000
$1,708,110
108,297
Maturity
1940.
1941
1942
1943
1944
$1,500,000
1,500,000
1 500,000
1,500,000
$2,001,522
Total
$1,805,598
$1,662,552
$1,599,813
1,500,000
340,000
$0.65
340,000
340,000
Earned surplus at end
of
Shs.
year
stk.
com.
340,000*
$0.65
(no par).
Earnings per share
$0.14
Cash'.'
Accounts
Accts. & notes rec.
742,917
$595,056
821,941
accts.
13,333
453,762
19,462
514,335
$708,754
.
Employees'
Inventories
and
183,741
charges.
Magazine
titles,
■
sub. lists, &c...
231,430
Prov.
2,054,703
for
series bonds through the
706,500
int.
59,772
.50,642
9,719
35,810
580,825
Common stocks
7,483
1,700,000
Capital surplus.
pany owns,
639,897
1,805,598
639,862
2,001,522
.
Company—Corporation was organized Nov. 7, 1929 in Delaware.
Com¬
directly or indirectly, all of the stock of its subsidiary com¬
panies and, with such subsidiaries, constitutes an integrated unit in the
iron and steel industry,
owning and operating iron ore properties, lake
vessels for the transportation of iron ore, coal properties and iron and
steel manufacturing plants.
These operations, with the exception of the
transportation of iron ore, are carried on by subsidiaries of the company.
The company itself operates eight lake bulk freight steamships, which are
used in the transportation of iron ore from upper lake ports to lower lake
ports and in the transportation of grain and coal, and which transport
a large portion of the ore used by the company's wholly owned subsidiaries,
Weirton Co., Great Lakes Steel Corp., and the Hanna Furnace Corp.
Company owns no physical properties, except (1) the eight lake bulk
freight steamships above referred to, seven of which, of approximately
10,000 tons capacity each, were acquired by the company upon the liquida¬
tion in 1936 of its wholly owned subsidiary, Producers Steamship Co.,
and the eighth of which, with a capacity of approximately 12,000 tons, was
purchased by the company in 1936; (2) a parcel of improved real estate in
Wilmington, Del.; and (3) a
small tract of undeveloped coal land in
605,268
1,700,666
Deferred revenues
....$6,818,984 $7,079,216
x Represented
by 340,000 no par shares,
y After deducting cost of
12,851 (12,850 in 1937) shares of treasury common stock.—V. 148, p. 2434.
Co.—Bookings-1—
The NBC Blue Network took a surge upward during the first three months
of 1939 as compared with the same period last year, a breakdown of figures
for Red and Blue, issued last week, shows.
The total of business signed on
both networks since Jan.
78.5%
signed
1 was $11,519,041, an increase of $5,067,361 or
a comparable period in 1938.
Of the total, $3,537,602 was
the Blue, an increase of $2,251,894 or 175% over the first three
over
on
months in
1938.
A breakdown of figures for
the Blue by months follows:
Pennsylvania.
428,272
332,096
$838,656
$942,880
$3,537,602
$100,496
587,553
$295,025
268,415
$34,218
$395,521
890,186
$688,049
$563,440
$34,218
$1,285,707
February
$410,384
January
$76,570 *
1,679,496
v-"
New...:
Renewal.
Total
$1,097,738
2,439,864.
$1,756,066
1939—
-
,
March
$610,784
1938—
New..
Renewal
....
—V. 148, p. 2129.
National Dairy Products
Corp.—New,Director—
Edgar N. Brawer has been elected
vacancy.—V. 148, p. 1967.
a
proceeds, together with treasury funds of the
the extent required, will be advanced to Great Lakes Steel
Corp. and applied by the latter to the discharge of a $5,000,0000 deferred
obligation representing a portion of the cost of additional facilities con¬
structed during the past two years in connection with construction program.
290,397
Mln. int. in sub...
National Broadcasting
sinking fund applicable thereto), at 105H plus
accrued interest on the bonds so re¬
Company intends to pay the
funds
The remainder of such net
& cont. res.
Total
and the serial notes
$49,350,000 of such
company to
fluctuations
$6,818,984 $7,079,2161
,
(collateral) mortgage sinking fund bonds 3 % % series to be outstanding
(after giving effect to the redemption on June 1, 1939, of $200,000 of 3 M %
Res. for for'n exch.
y
■
deemed out of its treasury
281,496
Current surplus
"
first
on
x
.
proceeds, after deducting estimated
several underwriters
exclusive of accrued interest.
706,500
patterns
Total....
$63,057,925,
74,880
return'ble unsold
Misc.
be
257,185
possible
refunds
cash
Rate
2
%
2VS%
2M%
2^%
2X%
proceeds will be.applied to redeem thb $47,000,000 of 1st (collateral) mtge.
sinking fund bonds 4% series now outstanding, at 105% plus interest.
$9,917,000 of such proceeds will be applied to redeem the $9,400,000 of
20,500
1st mtg. 5)4% bds
*
•
140,491
current).
252,482
2,036,710
$557,745
347,811
Notes payable (not
2,821,236
equipment. 2,679,766
Deferred
'
Application of Proceeds—The net
will
State taxes
$1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
expenses, to be received by the company from the
from the issuance and sale of the 3% series bonds
1937
$446,867
Notes pay., current
1
%
IH%
iy2%
l%%
Maturity
1945
1946
1947
1948
1949
Company has agreed to make application for the listing of the bonds on
and for their registration under the Securi¬
Prov. for Fed. and
Real estate, mack.
Amount
ties Act of 1934,
payable
and accrued liab
'
.
Interest
Rate
the New York Stock Exchange
in 1938,
1938
Liabilities—
1937
1938
April 1, 1939 and are due each
,
Bankers Trust Co., trustee.
def$0.61
x Includes
$30,135 foreign income taxes,
y Includes $7,483,
$6,915 in 1937 and $5,779 in 1936 for minority interest.
Consolidated Balance Sheet Dec. 31
Assets—
.
Interest
......
Amount
Miscell. deductions
The syn¬
announced the issue completely sold and
subscription books closed in the afternoon. The issue at¬
tracted a broad institutional demand, it is said.
The first
$220,346
1,662,552
$222,888
--
Previous earned surplus.
Miscellaneous credits—
almost immediately after
public offering, which was made at 10 a. m.
dicate managers
Federal &
State taxes
Net
which
note
issue comm. and exps.
Provision for
(collateral) mortgage 3% bonds due on April 1, 1965,
were priced at 99 and int., and $15,000,000 of serial
notes maturing on April 1, 1940 to 1949, and bearing interest
rates ranging from JA% to 2A%, which were priced at par
first
sale of
from
rev.
director of this company filling a
Weirton Steel Co. owns a
steel pldnt located
on
the Ohio River at Weir¬
coke ovens with an estimated annual
capacity of 700,000 net tons, 2 modern blast furnaces with an estimated
annual capacity of 666,000 gross tons of pig iron, 1 Bessemer converter
(25-ton), 12 open hearth steel furnaces with an estimated annual ingot
capacity of 1,440,000 gross tons, and rolliqg mills for the production of
slabs, billets and sheet bars, with an estimated annual capacity of 1,260,000
ton, W. Va., including 111 by-product
*
gross tons.
The finishing capacity of Weirton Steel Co. consists of con¬
tinuous and semi-continuous mills for the production of hot and cold rolled
strip steel and strip steel sheets, sheet mills for the production of galvanized
and black sheets, a structural mill and tin plate mills, all of which are
located at Weirton, W. V&., with the exception of some of the tin plate
finishing facilities which are located at Steubenville, Ohio.
The estimated
annual finishing capacity of Weirton Steel Co. is approximately 1,568,000
net tons.
National
Investors
Corp.—Earnings—
Period—
Apr, 1 to
Dec. 31, '38 Dec. 31, '37
"
Income cash dividends
Expenses....
c.
...
.
.....
....
Taxes
$503,222
175,455
v
18,956
Net income
....
...
Dividends paid
...
306,703
$125,392
49,772
10,722
....
Taxes
^
5,590
;
$989,106
148,432
67,769
$772,905
750,194
$308,812
Earnings for 3 Months Ended March 31
Income, cash dividends
...
$104,475
Expenses
.
*
42,722
mated annual
capacity of
$64,898
64,909
$56,163
Dividends declared
...
_
S.atement of Assets March 31, 1939
Assets—Cash
Dividends receivable
_•
■
Receivable on subscriptions to capital stock
Investments in com. stocks, at market value—
.
'
_
_
Federal income tax cost....
•
$613,461
54,798
3,122
-
Less—Excess of tax cost
over
'
.....$14,365,393
-
750,136
market
$13,615,257
Partic. certificate in Guardian Depositors Corp. formed to
liquidate closed bank, carried at remaining amount of
claim ($20,333) less allowance for possible loss ($20,332)--
1
771
Prepaid insurance
Total.
$14,287,411
______
Deduct—Payable
on
Reserve against
20,466
capital stock repurchased
Accrued expenses
Provision for taxes
.
_
5,875
_
Ill —.III
purchase warrants
27,085
23,332
_____
Net assets
$14,210,652
Capital stock, $1
par value—
Shares
Authorized (of which 13,248 shs.
are
outstanding purchase warrants of
Issued
or
a
reserved for exercise of
predecessor company)
10,000,000
_
issuable
Deduct—Shares held in treasury_
3,208,271
478,433
_.
Shares participating in net assets.
-V. 147, p. 3918.
2,729,838
12 Weeks Ended—
xNet loss...'.
Shs.
nearby
common
stock out-
x
"
628,250
628,250
Nil
628,250
628,250
Nil
After interest, depreciation and Federal taxes.—V,
Nil
$0.14
148,
p.
2129.
and 3 blast furnaces with an
on
the Detroit.River, at Ecorse, Detroit, Mich., including 16 open
annual ingot capacity of 1,960,000 gross
estimated annual capacity of 2,300,000 gross
merchant bar mills, a continuous hot rolled
hearth furnaces with an estimated
strip steel mill, a continuous hot and cold rolled strip steel sheet mill and,
at a nearby plant, facilities for the production of galvanized and high finish
sheets.
The estimated annual finishing capacity of Great Lakes Steel Corp.
is
approximately 2,078,000 net tons.
The Hanna
located on the water,
estimated annual capacity of 675,000 tons
Furnace Corp. owns 4 blast furnaces
Y., with
an
of foundry, malleable, high silicon and silvery pig iron, and is engaged in
the manufacture and sale of merchant pig iron in a wide range of grades.
In addition, Hanna Furnace Corp. owns 50% of the outstanding stock
of Donner-Hanna Coke Corp., which owns and operates by-product coke
ovens.
•
Weirton Coal Co. owns approximately 3,000 acres of coal lands at Isabella,
Fayette County, Pa., and is equipped for producing the present annual
coking coal requirements of Weirton Steel Co., and»ordinarily supplies the
greater part of such requirements.
'
Hanna Iron Ore Co. of Delaware is a holding company.
The properties
of its subsidiaries, and of other ore companies in which it has a stock in¬
terest, consist of developed and reserve iron ore properties on the Mesabi,
Cuyuna, Gogebic, Menominee and Marquette Ranges in Minnesota, Y\ isconsin and Michigan.
Most of these ore properties, in common with the
general practice in the iron ore industry, are held under iron mining leases.
On the basis of the proportionate ownership of the capital stock of the
various operating companies by Hanna Iron Ore Co. of Delaware, it has
a reserve estimated at over 100,000,000 tons of ore, with ample capacity for
producing the present annual iron ore requirements of the company's iron
and steel producing subsidiaries, and supplies the bulk of the ore require¬
ments of such subsidiaries.
Hanna Iron Ore Co. of Delaware is also engaged
in
buying and selling iron ore.
Steel Corp. owns
Midwest
an
undeveloped plant site of approximately
745 acres on the sourthern shore of Lake Michigan, in Indiana, near Chicago.
Funded Debt and Capitalization—The funded debt and capitalization of
the company as at Dec. 31, 1938, without giving effect to the
sale of the 3% series bonds and serial notes, was as follows:
Authorized
1st (coll.) mtge sinking fund bonds
4 series, due June 1, 1965
3% % series, due June 1, 1965.__
($25 par)
-Earnings—
Mar. 25 '39 Mar. 26 '38 Mar. 27 '37 Mar. 28 '36
$109,732
$207,096 prof$109,829
$22,632
standing (nopar)...,,
Earnings per share
gross tons,
tons, rolling mills with an
tons of semi-finished steel,
Stock
National Tea Co.-
840(000
estimated annual capacity of 770,000 gross tons of pig iron, all located on
the Detroit River at" Delray, Detroit, Mich., and a steel plant located
front at Buffalo, N.
Net income.-
130 by-product coke ovens with an esti¬
Great Lakes Steel Corp. owns
-
Year End.
issuance and
Outstanding
$100,000,000
$47,000,000
9,600,000
3,000,000 shs. x2,199,822 shs.
x Includes
1,055 shares held by a subsidiary.
In addition, there were
31,100 shares reserved for issue upon the exercise of options granted to
officers and employees of which 200 shares were issued and sold subsequent
to Dec. 31, 1938.
The subsidiaries of the company had outstanding as of Dec. 31, 1938,
other long-term debt in the amount of $6,147,591, represented by purchase
money mortgages and contracts, including a deferred obligation of Great
Volume
Lakes Steel Corp. in the amount of
Earnings for Calendar
b Net income
on
^
long-term debt
5,272,117
4,844,158
$8,987,618 $20,138,053
Deprec., depletion and amortization,
Interest
1937
$19,604,467
$14,475,603 $25,410,170
—
2,218,467
2,325,966
.
Before
_
^
$430,737
20,761
187,883
47,743
52,277
$122,072
540
$1,791,880
33,761
$2,087,319
93,117
$122,612
112,783
$167,560
115,905
$1,825,641
1,387,130
$2,180,436
1,363,456
6,782
1,140
6,991
1,406
83,395
14,882
84,401
15,428
$43,259
$340,234
$717,152
3,512
—
Other oper. expenses-__
Taxes
$163,597
3,964
$1,907
Maintenance-.
$463,552
19,779
Depreciation
Net oper. revenues
Other income
4,910
26,078
179,559
50,604
50,014
Gross income
Interest-.
.;
------
Amort, of debt discount
and expenses
Miscell. deductions
Net income
•
Company will agree to pay the interest
private debts.
1939—12 Mos.—1938
$5,498,273
$5,749,919
256,009
283,122
2,240,130
2,250,208
588,937
<568,653
577,525
604,410
1939—Month—1938
revenues
$14,760,309
2.336.160
5,487,985
depreciation, depletion, amortization and interest on longterm debt, but after estimated income taxes,
b Before interest on longterm debt, but after estimated income taxes.
The annual interest requirements of the $50,000,000 of 3% series bonds
are
$1,500,000 and of the $15,000,000 of serial notes are $258,750, or a
total of $1,758,750.
Description of the 3% Series Bonds—Authorized $50,000,000.
Coupon
bonds in denomination of $i,000, registerable as to principal only.
Interest April and Oct. in N. Y. City in such coin or currency of the
U. S. of America as at the time of payment is legal tender for public and
a
Period End. Feb. 28—
Operating
I
1937
1938
Net income.
7*1
Years .E*:
Subs.)—Earnings
Nevada-California Electric Corp. (&
$5,000,000, which is to be discharged
bonds and serial notes.
in connection with the sale of the 3% series
a
2597
Financial Chronicle
148
without deduction
the aggregate 5 mills on each dollar
year, which the company may be
required to withhold or pay with respect to such bonds under any present
or future law of Pennsylvania, or, if not required to withhold or pay any
such tax with respect thereto, to reimburse the respective owners of 3%
series bonds, resident in Pennsylvania, for any State or county personal
property taxes in Pennsylvania, not exceeding in the aggregate 5 mills on
each dollar of assessed value thereof in any year, which may be paid with
Profits
on retirement of
bonds & debs, (net)
_
Other
for any tax or taxes, not exceeding in
of the nominal value thereof in any
respect to such bonds.
debits
Earned
74,044
Dr3,800
Dr8,441
Dr41,373
I>rl2,674
$1,619
$39,728
$324,939
$778,522
avail.
surplus
for redemp. of bds.,
,
.
■
and
credits to surplus (net)
dividends, &c
—V. 148, p. 2129.
Nevada Northern
„
Sinking Fund—$1,250,000 annually, commencing Feb. 21, 1950, and
payable on Feb. 21 in each year thereafter to and incl. Feb. 21, 1964, at
option of company either in cash or in 3% series bonds at face amount,
or partly in cash and partly in bonds.
Any cash so paid is to be applied
by the trustee to the redemption on the succeeding April 1 of 3% series
bonds by lot on at least 30 days' notice, at principal amount thereof and
accrued interest, plus premiums equal to following percentages of such
principal; 1% if red. before April 1, 1954; or
if red. on or after April 1,
1954, and before April 1, 1959; or H% if red. on or after April 1, 1959,
and before April 1, 1961; and without premium if redeemed on or after
April 1, 1961.
Company will agree to pay to the trustee the premium
and accrued int. on any bonds so redeemed.
Company has the right to
anticipate any sinking fund instalment in whole or in part, but onlyrif
paid in bonds as above stated.
So long as any 3% series bonds are out¬
standing, the company will'agree to provide a sinking fund which shall
be calculated to retire annually not less than 2% of the total maximum
amount of the bonds of any other, series which may be issued.
misc.
_
Ry.—Earnings—
1939
From Jan. 1—
Gross from railway_
*
Net from railway.
Net after rents.
—V.
148,
1937
1936
$41,471
15,596
11,605
$56,351
27,318
19,535
$42,! 561
17,: 190
12,273
155,934
"71,437
48,404
Net from railway
Net after rents.
1938
$54,139
23,708
15,414
March—
Gross from railway..
120,873
38,934
26,555
160,368
72,351
51,117
135,061
56,569
42,095
1967.
p.
New England
Robert Braun
was
Public Service Co.—New Director-■—
elected
a
director of the company at a
special meeting
.
.
sinking fund, at any time
in whole or in part (but
time, in case of partial
redemption), upon at least 30 days' notice, in each case at a redemption
price equal to tne principal amount thereof and accrued int., plus premiums
equal to the following percentages of such principal: 4% if red. before
April 1, 1944; or 3% if red. on or after April 1, 1944, and before April 1,
1949; or 2% if red. on or after April 1, 1949, and before April 1, 1954;
or 1% if reel, on or after April 1, 1954, and before April 1, 1959; or
if
red. on or after April 1, 1959, and before April 1,1964; and thereafter
without premium.
In addition, the trustee shall, at the request of the
of the stockholders held
on April 26.
By-laws of the company were amended to provide that the annual meet¬
ing of the corporation shall be held on the third Wednesday in April of each
year instead of on the last Wednesday in March as in the past.'—Y. 148,
p. 2279.
Redemption—Bonds redeemable, other than for
New Orleans & Northeastern RR.—
prior to maturity, at election of company, either
amounts not less than $3,000,000 at any one
March—
in
Gross from railway
—V.
apply to the redemption (or purchase at not more, than the
redemption price) of bonds of gny series at the time outstanding, moneys
% of Stock
1,000 -($100 par)
Weir ton Steel Co
1,000 (no par)
Great Lakes Steel Corp-
Weirton Coal Co___
_
Hanna Iron Ore Co. of Delaware
Michigan Steel Corp. (inactive)
Midwest Steel Corp. (inactive)
1,000 (no par)
all,250 (no par)
Other income (net)
capital stock of Midwest Steel Corp., Weirton
10,250 shares, subject to the lien of the indentures.
all of the demand
mortgage bonds of the following companies: Weirton Steel Co., $41,434,000;
Great Lakes Steel Corp., $50,000,060; Weirton Coal Co.,, $4,216,000.
-Of the $50,000,000 of demand mortgage bonds of Great Lakes Steel Corp.,
Weirton Steel Co. presently owns,, subject to the lien of the indentures,
$24,000,000 heretofore transferred to Weirton* Steel Co. by the company.
Description of tne Serial Notes—The serial notes will be payable as to
principal and interest in N. Y. City, in such coin or currency of the United
States of America as at the time.of payment is legal tender for public and
a
on mtge. bonds
.
Other int. and deducts.
_
,
Co., Mbrrill, Turben & Co., Mitchell, Herrick &
and The First Cleveland Corp., $150,000 each; Dillon,. Read & Co.,
$3,600,000, and Morgan Stanley & Co., Inc., $5;000,000.
Underwriters of Serial Notes—Kuhn, Loeb & Co., and Harriman Ripley
& Co., Inc.. $5,100,000 each; White, Weld & Co., $2,550,000; Lee Higgin¬
son Corp.,
Smith, Barney & Co., First Boston Corp., Kidder, Peabody
& Co. and Glore, Forgan & Co., $450,000 each.
Laurence M. Marks &
Co.
Bonds Called—
Corporation is notifying holders of its first (collateral) mortgage sinking
fund bonds
4% series, due June 1, 1965, that all outstanding bonds of this
issue, aggregating $47,000,000 principal an ount, will be redeemed on June
26, 1939 at 105% of the principal amount, plus accrued interest to the
redemption date.
The 4 % series bonds should be presented for redemption
at City Bank Farmers Trust Co., 22 William St., New York City.
Holders
obtain immediately the full redemption price, with interest to June 26,
1939, after which date interest will cease to accrue.
may
$208,521
Dividends applicable to preferred
1939
x
Profit after costs & exps $5,167,355
Deprec. and depletion..
1,519,935
600,282
620,470
Interest
Federal income taxes
Net profit
Shs. cap. stock (par $25)
Earnings
x
per
share
$2,426,669
2,198,967
$1.10
Three Months Ended March 31
1938
1937
1936
$3,200,926
1,248,675
$8,596,725
1,214,965
599,343
1,086,599
$4,189,967
902,330
516,301
394,191
590,027
273,588
$1,088,636
2,167,877
$0.50
$5,695,819
2,163,277
$2.63
$2,377,145
2,156,977
$1.10
Includes income from interest and dividends.
Note—No provision has been made for
earnings,.—V. 148, p. 2435.
Federal
tax on
undistributed
15,138
$1,652,784
$193,133
stock for the
2,440,733
264,418
Cr21,478
"
$1,156,288
544,586
Balance—
—
—
544,586
$1,108,198
—
$611,702
March 31, 1939, amounted to
Dividends accumulated and unpaid to
share on $7 preferred
Dividends on this stock are
$2,722,830, after giving effect to a dividend of $1.75 a
stock declared for payment on April 1, 1939.
cumulative.—V. 148, p. 2280.
Earnings—
New Orleans Texas & Mexico Ry.*
Gross from railway
Net from railway
„
an.
$258,954
91,451
89,341
,
J
Net after rents
From
1938
1937
1936
$265,075
121,260
$308,900
161,934
136,955
$193,428
58,882
38,712
1939
March—
•
119,171
1—
railway737,204
railway.
286,329
Net from
284,451
327,213
—..
Net after rents
—V.
—
586,464
194,218
157,249-
901,813
487,075
438,037
740,051
331,43,9
Gross from
148, p. 1967.
New State Jce
Co.■^—Earnings—
'
1939
12 Months Ended March 31—
Operating revenues.
Operating expenses, &c_
N
..
. _
Gross income.
Interest
on
i
2,755
$63,722
23,884
2,946
276
216
$41,435
22,303
..
—
;
■
Taxes assumed on interest -
;
— —
;
'
T
$15,513
—
...
65
588-
L._
Net income
—V. 148, p.
$57,713
6,009
1,599
.
long-term debt
Amort. of debt discount and expense
Other interest
1938
$441,168
383,455
$39,835
'
.
<
$382,360
342,525
—
Operating income
IsTon-operating income
$36,611
2435.
New York Ambassador, Inc.—^-Earnings1—
■
,
New York Ambassador Hotel in 1938 showed net sales approximately
equal to those of 1937, and better sales than those for the year 1936. This
showing was brought about in spite of lower occupancy which averaged
66% in 1938, against 71 % in 1937. Payroll costs and taxes were, of course,
higher/but savings were made in other expense items and slightly higher
room rates were obtained.
This New York hotel is now assessed at $3,900,000 and the principal
problem before the management at the moment is the extremely large tax
arrearage.
The property was reorganized in the Federal courts a few years
ago and the reorganization permits the funding of these arrears through the
placing of a first mortgage if such action is deemed proper.—V. 148, p. 739.
New York Central
March—
Gross from railway
Net from railway
Net after rents-
RR.—Earnings—
1939
1938
1937
1936
$27,777,349 $24,202,202 $34,832,708 $29,093,943
7,033,842
10,233,302
5,966,578
3,898,379
3,398,320
6,284,476
1,822,066
def36,918
From J an. 1—
Gross from railway
Net from railway
Consolidated Income Account
2,381,296
249,520
Cr46,055
period, whether paid or unpaid
x
$3,824,823
8,132
$4,237,545 .$3,839,961
CY5.403
.
Net income
x
\
$408,834
201,326
19,778
Int. charged to construct
•
Redemption—Serial Notes will be redeemable prior to maturity as a whole,
and any maturity of the serial notes will be redeemable prior to maturity
as a wnole (in inverse order of-maturities), at the election of the company
at any time, at a redemption price equal to the princiapl amount thereof
and accrued interest'thereon to the date fixed for such redemption, plus
a premium equal to % % of such principal amount for each year or fraction
thereof, if any, from the date fixed for such redemption to the April 1 next
preceding the respective dates of maturity expressed in such serial notes,
upon not less than 30 days' published notice.
The serial notes are not to
be secured by a lien.
The note indenture will not limit the amount of
other securities, secured or unsecured, which may hereafter be issued by
the company.
Company will make the same covenants in the note in¬
denture Witn respect to the declaration of dividends on or the purchase,
redemption or retirement of its common stock, so long as any of the serial
notes are outstanding,
as are contained in the indentures under which
the 3% series bonds of the company will be issued.
Underwriters of Bonds—Kuhn, Loeb & Co. and Harriman Ripley & Co.,
Inc., $7,200,000 each; White, Weld & Co., $3,600,000; Lee Higginson
Corp., $2,300,000; Smith, Barney & Co., First Boston Corp,, Blyth &
Co., Inc., Mellon Securities Corp., $2,000,000 each; Kidder, Peabody &
Co.; Glore, Forgan & Co., Bonbright & Co., Inc., Goldman .Sachs & Co.,
and Lazard Freres & Co., $1,000,000 each; Dominick & Dominick, Hayden,
Miller & Co., Hayden, Stone & Co., Stone & Webster and Blodget, Inc.,
Union Securities Corp. and Dean Witter & Co., $500,000 each; W. E.
Hutton & Co., Ladenburg, Thalmann & Co. and E. H. Rollins & Sons, Inc.,$400,000 each; A. G. Becker & Co., Inc., Clark, Dodge & Co., Hallgarten & Co., Hemphill, Noyes & Co. and Shields & Co., $350,000 each;
G. M.-P. Murphy & Co., $300,000; Alex. Brown & Sons, First of Micgigan
Corp., Moore,, Leonard & Lynch and Singer, Dearte & Scribner, $200,000
each; Curtiss, House & Co., Eastman, Dillon & Co., Hawley, Huller & Co.,
767
$420,516
193,128
18,867
Int.
$4,229 413
$408,067
Dr675
Gross income_•
will also constitute a first lien upon
private debts.
$421,191
Net oper. revenues
Of the 11,250 shares of
Steel Co. presently owns
The indentures
1939—12 Mos.—1938
$1,587,693 $18,463,863 $18,388,379
1,002,626
12,110,450 12,439,556
177,000
2,124,000
2,124,000
Operating revenues
$1,666,893
Oper. exps.', incl. taxes..
1,068,702
Prop, retire, res. apprpps
177,000
100%
100%
100%
100%
12,300 ($100 par)
1,000 (no par)
Inc.—Earnings
1939—Month—1938
Outstanding
100% "
100%
Shares Pledged
623,217
163,124
32,627
2280.
Period End. Mar. 31—
the capital stocks
of the following
Company—•
p.
813,204
315,804
167,748
166,384
2,941
New Orleans Public Service
under various provisions of the indenture.
Security—Indentures will constitute a first lien upon
companies:
148,
$230,725
75,802
28,195
698,906
230,634 "
68,620
'
Net from "railway.
Net after rents.— ....;
27,702
703,165
,
1936
1937
36,719
From Jan, 1—
from railway....
Gross
company,
received by the trustee
...
$298,436
118,522
61,437
$269,644
86,749
$263,264
91,801
...
Net from'railway
Net after rents
-Earning s-
1938
1939
.
Net after rents
—V.
148,
p.
80,108,165
70,057,954
17,098,810
10,296,528
4,530,722 def1,798,743
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
n.
& St. Louis RR. —Earnings1938
1939
March—•
Gross from
148.
85,286,164
19,312,358
8,775,989
2280.
New York Chicago
—V.
94,024,618
24,164,609
13,183,938
1967.
1937
1936
$3,506,396
1,096,670
593,676
$2,923,459
679,711
196,.391
$4,103 433
1,561,360
957,r
$3,364,471
9,968,291
3,009,976
1.564,732
8,473,851
1,879,740
459,092
11,453,766
4,201,056
2,462,530
9,678,754
3.308,502
2,015.584
:«
'
1,183,643
739,552
Financial
2598
New York
A total of $400,000 prior lien
-V. 148. P. 2435.
New York
(fonnecting
^eSrgy-----!—
1938
1937
—
$267,202
164,951
*
Net from railway,
Net after rents
—V. 148, p. 1967.
-
-
New York Dock
$204,577
149,874
85,687
$279,403
227,897
160,893
$234,297
179,299
109.663
732,999
563,656
445,510
.
501,736
321,306
137,385
751,369
614,366
432,262
717,302
570,290
368,603
Co.—Earnings—
1938
1937
1936
1935
------ —
$3,026,990
$3,169,454
394,245
$2,814,568
360,090
270,154
833,950
686,633
$2,855,174
395,204
331,741
269,367
972,862
721,886
Maintenance-
Depreciation
-.—
Other expenses. - - — —
Taxes----•—--
$689,772
$799,783
489,400
180,359
$900,965
$774,372
489,400
241,625
$797,982
88,413
43,959
93,043
48,081
....
Gross income....
Serial gold note interest.
489,400
222,336
489,400
265,293
The plan of recapitalization as
modified
4,278,771
4,663.298
$4,478,829
14,176
13,655
$1,613 ,953
Interest on long-term dt.
300,000
Int. on advances from
associated companies.
Misceli. int., amort, of
debtdisc't&exp.,&c_ '
9,095
$1,512,144
$4,506,796
1,164,792
$96,922
Net income.
-
-
incorporation h is been amended accordingly,
changes have been carried into effect.
Capital Surplus Dec. 31, 1938
1938.
$767,429
433,075
362,199
—
a
$40,776
—
-
1937
$27,845
New York Steam
$
$
$60,344
4,546,024
•
Liabilities—
$
with trusteed
Funded
Cash.
5,288
3,080,478
71,249
1,260,638
300,000
81,624
467,167
Other sec. & invest
37,076
Accts. & notes rec.
169~966
Charges accrued,
Mat'ls & supplies.
27,548'
Interest accrued...
3,683
19,497
Special desposits..
Prepaid exps. and
deferred charges
276,668
258,889
Property
acct_.
Com. cap. stock
After
1937,
■$
Total oper. revenues—
a Operating expenses
—
Depreciation---—
$4,409,483
$9,761,515 $10,088,094
6,451,587
6,647,236
465,792
$4,371,376
2,342,098
147,673
470,291
446,621
1,591.250
336,813
1,514,684
Operating income.
$1,468,752
Nonr-oper. revenues.
18,377
Non-oper. rev. deducts.
7,471
$1,411,314
22,624
7,406
$1,272,057
72,160
32,832;
$1,589,362
.79,656
31,867
$1,479,658
244,842
$1,426,532
351,849
"$1,311*385
$1,637,151
1,425,758
1,409,754
52,520
35,507
175,734
388
l'.4§4
127,685
1,568
_
2,302,078
172,861
_
Taxes
-
Grosfsincome
Int.
on
Int.
on
long-term debt..
advs. from assoc.
companies.
— —
Miscellaneous interest—
Amort, of debt discount
,
365
57,224
44,681
25,552
other taxes-
23,288
203,917
54,588
14.585
193,987
187,026
r._
__
113,053
314,894
4,885,832
274,830
13,859
4,900
82,601
10,610
98,999
16,155
Net income..
—
-
$1,167,709
——
$1,009,176
C$384,802
c$17,010
Misceli. reservation of
b net income.
150,000
»—
<■
-
.
Indi¬
'
1938
1936
1937
$360,279
54,949
5,979
13,181
$429,218
$369,908
112,621
,55,902
72.418
26,787
942,691
58,016
def77,555
63,029
From Jan. 1—
c
Earnings—
$372,830
—.
c$17,010
$1,048,187
of bonds .or of new property,
1939
Gross from railway
Net from railway.
c$534,802
$966,179
$1,009,176
$258,527
$266,139
Norfolk Southern RR.~
150,000
—...
Tl ,017,709
Incls. maint. exps. of.
b Approp. net income for acquisition
cates deficit.—V. 148, p. 1332.
1,082,592
184,502
33,873
1,000,252
135,526
19,377
v
Gross from railway.
.
— .
_
_
...
980,537
82,904
def49,064
Norfolk & Western
270,235
Railway oper.
revs—.
Transportation rail line.
Misceli. operations
1,032,435
-
General expenses—..
—
—31,4&3,580 36,345,740
for depreciation of $7,976,660 in 1938 and $7,708,730 in
b Includes accrued expenses.—-V, 148, p. 1967.
New York & Harlem RR.—New Director—
W. F. Place has been nominated for election as a director of this company,
subsidiary of the New York Central Railroad, a»t the annual meeting to
be held on May 16.
Mr. Place is a Vice-President pf the New York Central.
—V. 144, p'. 3512.
"
'
•
1
...
Ry.—■Earnings
RR.—^Earnings-—
Period End. Mar. 31—
1939—Month—1938
1939—3 Mosl—1938
Total operating revenue- $6,772,211
$5,926,447 $19,247,839 $17,020,092
Net ry. oper. income
a646,671
xal32,126 xal,585,028
x553,462
c Net deficit after
chgs.,., b295,228
bl ,159,536
bl ,242,125
3.597,412
$6,833,593
722,522
1,488,945
140,862
$5,551,244 $20,647,729 $16,450,139
2,052,330
742,557
.
1,310,674
139,146
1,611,517'
14,280
179,641
■
1,736,584
14,368
164,481
.
2,112,646
4,397,947
410,186
5,033,100
49,336
518,989
3,872,087
422,712
4,763,789
48,551
.
,
'■
532,224
Cr2,167
Cr451
Gr9,367
Crl,817
Net ry. oper. revenues $2,567,997
Railway tax accruals
866,206
$1,553,879
847,764
$8,195,207
2,842,971
$4,699,946
2,861,820
$706,115
131,201
13,029
$5,352,236
580,938
45,604
$1,838,126
486,382
42,835
$824*286
$5,887,570
44,546
$2,281,674
201,443
$883,430
178,620
$5,932,116
535,289
$2,483,117
536,103
$704,810
$5,396,827
$1,947,013
Transp'n. for investment
Railway oper. income.
Equipment rents (net)-Joint facility rents (net)
-
Net ry. oper. income..
Other inc. items (bal.)
New York New Haven & Hartford
'
Period End. Mar. 31—;
1939—3 Mos.—1938
1939—Month—1938
Freight revenues....— $6,471,750
$5,198,953 $19,614,705 $15,439,443
289 793
808,897 :
817,773
Pass., mail & expr. revs.
287,032
Other transporta'n rev.
23,517
81,400
75,939
27,953
Incidental and joint fa¬
116,984
142,727
38,981
cility revenue.
...
46,857
-
300
deficit',
24,713
361
& expense
Misceli. deductions
Maint. of way & struct-Maint. of equipment—
Traffic expense....
258,7.18
reserve
indicates
*
"
_
a
x
'
..
Accrd. Federal and
Total
$9,708,510 $10,032,471
53,004
.55,624
2,925
_
—V. 148, p. 2436.
99,902
71,021
41,373
Total——.31,483,580 36,345.740
a
■
203,917
— —
Corp. deficit
.
Accrd.'bond Int.—
300
1939—12 Mos.—1938
10,031,692
10,464,634
4,472,051
"
$4,368,451
debt-:.—17,213,450 18,306,200
Vouch. <fc payrolls,
b Acets. payable—
114,860 Capital surplus.
t
_
2,713
Net from railway.
Net after rents
Reserves
N, Y. Dock Ry.:.
Current account
60,755
$4,406,770
5,000,000 10,000,000
3,500 000
7,000,000
Common stock—
_
80,966
„
1937
13,425 Accrued note int.
40,550 Accrd. other mort¬
gage interest
6,120
19,497 Deferred credits.
170,275
6,300
.
$3,338,320
$1,048,187
Other oper. revenues-
From sales of steam
Net after rents
1938-
Preferred stock.--
Compens. ins. Id..
$3,171,577
$1,278,600
$258,359
$3,399,075
Corp,-—Earnings—*
ofsteam(l,000lbs.)
Operating revenues:
-
Capital assets. -29 ,791,173 29,964,596
on
deposit
-
39,535
$3,256,917
85,340
1939—3 Mos.—1938
Sales
a
1936
$684,509
373,214
371,638
$19,581
,
Cash
165,740
^
147, P. 1651.
Balance—....
1937
$732,218
385,145
366.654
Consolidated Balance Sheet Dec. 31
1938
Temporary invest.
ft1Q
54,018.
9,876
$312,661
Incl. maint. expends .of
—V.
$4,479,350
875,000
31,068
■
„
$1,304,858
$1,231,736
preferred stock
March—
Assets—
51,781
'
Bal. avail, for divs. on com. stock
Earnings for 3 Months "Ended March 31
{Including New York Dock Trade Facilities Corp.]
Quar. End. Mar. 31-—1939
Keveriues.----------$703,834
Expenses.392,501
Taxes, interest, &c
352,109
a
218,750
7,608
\
Capital Surplus, Dec. 31, 1938—Capital surplus created by action of the
1938, $8,500,000; corporate deficit Dec. 31, 1937,
$1,032,435; loss for year ended Dec. 31, 1938, $2,347; loss on realization of
non-permanent investments, $209,559; net expenses arising from changes in
capitalization, $65,207; provision for legal expenses applicible to prior
years, $20,000; net loss on sale of securities, $4,191; total, $1,333,740;
deduct: refund of taxes paid in prior years j(net), $31.977; revenue previously
deferred, $16,581; other adjustments (net), $17,015; b dance, $1,268,166;
reserve for write-down of non-permanent investments, $2,346,002; balance
Dec, 31, 1938 (to be retained in part to provide for transfers to capital
account required upon exercise of conversion rights of holders of con¬
vertible 5% notes), $4,885,832.
—
;
The certifi¬
and other authorized
stockholders April 26,
—
26,194
p
j.
-
Dividends declared on
$113*820
the disposition of the resultant capital surplus of $8,500,000.
—
1,121,136
1,225,760
Period End. Mar. 31—
157.109
527,244
$4,488,210
on
cate of
Net loss..
$6,439,343 $25,130,771 S23.831.289
12,709,200
3,308,097 14,615,691
1,979,961
497,941
1,748,099
$1,512,168
3,604
3,629
•'
Dec. 29, 1937, was declared
operative on March 31, 1938.
There were outstanding on Dec. 31, 1938,
$3,193,450 of new conv. 5% notes due April 1, 1947 and $118,000 of cer¬
tificates of deposit which had not then been surrendered.
At the meeting of stockholders on April 26, 1938, actioin was taken to
reduce the capital represented by each share of stock to $50 and authorize
—
$7,000,307
3,618,755
545,339
Operating income—— $1,610,452
Non-oper. revenues-—
4,697
Non-oper. rev. deducts.
1,196
-
140,269
Net-loss.. —$2,347 prof$48,105
'
$6,311,446 $24,626183
127,897
504,388
Federal income tax)..
'
.
—
123,304,044
$6,878,134
122,173
'
~
-
Operating expenses—
Depreciation
Taxes
(incl. prov. for
a
108,210
5j4% Trade Fa¬
-
Total oper. revenues—
704,403
$663,740
110,632
68,649
cilities Bldg. mtgeOther deductions-
268,451
797,344
1
$802,382
98,583
—
Bond interest.
267,914
1,014,798
690,115
$731,134
income.—
Other income--
on
176,1,18,579 697.910,170 666,757,832
Gross income-——
{Including New York Dock Trade Facilities Corp.]
Calendar Years—
Other oper. revenues.
1936
207,018
Gross from railway.
Net from railway
Net after rents,
From Jan. 1—
Gross from railway
Int.
SaI(Sv---195,590,029
RR.~ —.Earnings-
1939
Net oper.
Period End. Mar. 31—"
Operating revenues:
*March—
Total revenue
Queens Electric Light & Power Co.—
1939—3 Mos.—1938
1939 12 Mos. 1938
York &
New
City Omnibus Corp.—Bonds Called—
bonds, series A, due July 1, 1958, have been
called for redemption on July 1, at 105 and accrued interest.
Payment
will be made at the Central Hanover Bank & Trust Co., New York City.
April 29, 1939
Chronicle
-
.
Gross income
Interest
on
funded debt.
Net income—
—V, 148,
—
——.
$1,701,791
187,674
20,065
$l ,869,401
•
59,143
3,060
$1,872 ,460
178,417
$1,694,044
'
p. 1969.
The leases of the following companies were rejected
a
dates stated below; but net railway operating income includes the results
of operations of these properties:
Old Colony RR., June 2, 1936; Hartfbrd
& Conn Western RR., July
31, 1936: Providence Warren & Bristol RR.,
Feb. 11,1937; Boston & Providence RR.
on
Corp., July 19,1938,
charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR. and Boston & Providence RR.
Corp. leases.
c Before guarantees on
separately operated properties.—V. 148, p. 1967.
b Effective as of those dates no
North Texas Co.
Period End. Mar. 31—
Operating revenues
Operation..
_
Maintenance
Taxes..
(& Subs*)—Earnings1939—Month—1938
$119,411
$121,379
63,825
a65,964
15,213
19,276
13,944
a12,883
1939—12 Mos.—1938
$1,350,106
$1,412,750
745,722
a780,613
202,049
197,311
146,798
al35,425
$299,401
March—
1938
-
—
_
_
Fromoan. 1—
Gross from railway
def66,747
1,558,417
1,668,777
44,243
243,323
def37,240
after rents
-
mi
$540,777
56,580
def24,576
1,727.817
.
92,819
def5,803
254,347
Gross from railway.
Net from railway—
Net
1939
$572,562
Ry.— -Earnings-
def204,844
def37,798
$523,062
18,665
—V. 148, p. 2280.
March—
1939
$264,512
89,031
20,105
-
Net from railway
Net after rents
Net after rents
_
—V. 148, p. 2435.
„
$255,537
4
33
4
$26,435
12,918
$23,531
11,171
$255,570
137,236
$299,405
1936
$13,517
1,034
$12,359
Equipment note interest
488
$118,334
5,795
Bal. before bond int..
Int. on bonds fixed—3 %
$12,483
3,442
$11,872
4,658
$112,538
43,480
figures
$9,041
$7,214
$69,058
43,258
parable
Retirement accruals
$676,257
116,406
22,778
2,281,433
446,512
210,168
$266,300
96,273
29,482
791,562
297,739
79,131
801,024
292,220
74,573
1938
1937
$323,995
135,500
68,327
1936
$275,232
65,428
19,037
Gross income
Prior
-
-
-
.
879,491."
327,189
136,783
976,125
303,070
164,960
not
com¬
Balance
Income interest—3 %
...
Net income after income interest
...
$25,800J
a Includes North Texas
Co. only from date of incorporation on
1938.—V. 148, p. 2130.
Northern Pipe Line Co.—15-Cent
From Jan. 1—
Gross from railway
Net from railway.
$23,526
7
Balance
Susquehanna & Western RR.—Earnings—
Gross from railway.
$26,428
year's
Net from rail way
Net after rents
New York
Net oper. revenues...
Non-oper. income (net).
New York Ontario & Western
,
March 2,
Dividend—
Directors have declared a dividend of 15 cents per share on the capital
stoclc, Par S10, payable June 1 to holders of record May 19.
Like amount
was paid on Dec.. 1 last, and
compares with 20 cents paid on June 1, 1938:
25 cents on Dec. 1,1937, and 40 cents on June 1, 1937.—Y. 148, p. 1036.
,
Volume
Financial
148
North American
applicable to bonds redeemed during the year
Co.—Earnings—
sulted in
Subsidiaries)
Consolidated Income Statement (Including
12 Mos. End. Mar. 31—
1939
1938
1937
Oper. revs.—Electric-..$95,330,817 $95,406,490 $92,738,553
Heating
2,874,435
3,215,274
3,086,302
Gas
4,372,742
4,412,329
4,173,101
Transportation
10,171,669
10,971,507
10,854,997
4,869,588
Coal
4,542,821
4,030,670
1,357,053
Miscellaneous
1,387,417
1,144,186
Total oper.
Operating
1936
$85,655,803
3,384,411
period in the adjustment of expired debt discount and expense less minority
interest applicable thereto charged to surplus in 1938.
4,166,179
10,626,885
Weekly Output—
5,039,068
1,169,074
7,488,284
44,903,299
7.833,679
42,448,305
7.085,153
Electric output of the Northern States Power Co. system for the
ended
13,301,733
3,898,366
11,872,105
5,170,594
11 ,849,041
3 ,425,917
291,890
------
15,680,255
14,231,927
13,827,806
Electric output of the Northern States Power Co. system for the week
ended April 22, 1939, totaled 26,348,663 kwh., an increase of 6.8% com¬
Taxes, other than income
13,741,206
taxes.
Prov. for income taxes..
Prov. for surtax on un¬
distributed
4,878,261
income
Approp. for deprec.
14,878,037
res.
Net oper. revenues...$33,351,921
Interest
679,295
5,710,518
69,887
40,307 '
193,502
Dividends
Net profit on mdse. sales
Net income from rentals
Other income.
Gross income
Interest
on
funded debt.
pared with the corresponding week last year.—V. 148, p. 2437,
Northern Pacific Ry.—Earnings—
Gross from railway
Net from railway.
count and expense.
From J an. 1—
Gross from railway
Net from railway
Net after rents.
-V._148,
$39,346,382
14,906,538
858,945
360,156
657,183
246,833
CV231,068
7,421,902
Cr55,409
7,888,105
Pref. divs. of subs.
6,870,548
1,390,887
1,251,428
1,344,579
875,000
Other deductions
Bal. for
Divs.
_
$13,811,004 $15,195,587 $16,242,136
Interest and dividends
.
;
.
Balance
Co.—Earnings—
"
•
1937
$1,430,334
1,266,148
_.
and taxes.
*
-
$7,582,711
on
226,125
25,845
59,090
$6,315,451
$7;523,621
Power Co.
Net income.
1938
i
revenues
^
_
Cr3,155
41,843
77,648
Crl4,183
41,843
-
preferred stock of Northern States
(Wis.).
Minority int. in net inc. of subsidiary companies___'
Dividends
*
$1,399,854.
Calendar Years—
_
-----
140,403
$6,567,421
Miscol laneous deductions
'
>
$11,218,232 $12,304,472
3,944,498
3,820,168
660,926
1
662.580
1
Interest on long-term debt
Amortization of debt discount and expense."
Other interest (net)
Amortization of sundry fixed assets
$12,458,485
1939
1938
$35,737,113 $35,818,446
13,608,540
14,314,595
1,767,180
1,509,620
3,093,157
2,881,031
4,824,185
4,560,067
1,258,924
309,083
..$11,185,126 $12,244,051
83,169
89,473
Dr57,624
Dr34,978
6,477
5,926
1,084
___.
_
Miscellaneous income
1,819,555
,
Gross income
North Shore Gas
expenses
_.___
& depreciation
res.
Net operating income.
Notes—(1) Above figures do not include the results of operations of
North American Light- & Power Co. or Capital Transit Co.
(2) The
provisions for Federal surtax on undistributed income for the 12 months
ended March 31, 1938. and for the 12 months ended March 31, 1937, were
made in December of 1937 and 1936 for the respective calendar years.
No provision has been made for the surtax for the three months ended
March 31, 1938, and no provision for the three months ended March 31,
1937, is included for the 12 months ended on that date.—V. 148, p. 2280.
Operating
Operating
....
Merchandising and jobbing (net)
stock
divs. and surplus...
(Minn.) (& Subs.)—Earns.
revenues
Taxes.
$14,278,040
817,97$
295,054
2437.
Pro vision for Federal and State income taxes.
1,819,077
1,819.077
2,141,729
common
12,173,431
Rent from leased property
divs.&surp_: $15,952,733 $17,014,664 $18,061,213
Bal. for
14,588,642
2,123,321
1,535,881
Appropriation for retirement
8,305,407
North American
on
preferred stock
11,487,046
424,166
def350,262
Operation expense
Maintenance
Minority interests in net
income of subsidiaries.
1936
$4,586,590
804,063
568,807
Northern States Power Co.
Cr225,752
1,314,335
Crl63,443
1937
$5,522,566
1,263,486
1.072,244
Year Ended Jan. 31—
Int.
during construction,
chgd. to prop. & plant
p.
Operating
641,833
188,889
980,792
223,691
1938
$4,239,032
471,314
209,175
12,524,928
980,932
165,886
_____
Net after rents
Amortization of bond dis¬
Other interest charges..
1939
$4,581,040
382,674
108,408
March—
$34,055,797 $35,979,621 $33,887,723
798,646
866,488
775,765
5,816,122
5,301,459
4,441,777
161,697
246,632
64,493
29,107
14,495
10,480
238,887
241,044
166,144
$40,045,430 $41,100,257 $42,649,739
13,961,528
14,361,321
14,460,927
week
April 15, 1939, totaled 26,062,066 kilowatt-hours, an increase of 8.4%
compared with the corresponding week last year.
40,628,735
6,422,197
262,709
43,586,809
1937, which deduction re¬
taxable income for that year.
Net income previously shown in the financial reports of the com¬
panies has been reduced by the amount of $26,763 for the year ended Jan.
31, 1938 as a result of applying there against the amounts included for that
revs...$117,924,5181119,935,839$117.079,595$110,041,420
expenses
no
(2)
__
Maintenance
2599
Chronicle
—
— —
—
-.
_
Notes—(1) For comparative purposes the figures prior to Jan. 2, 1938
included in the year ended Jan. 31, 1938 figures above have been adjusted
to include the income accounts of Northern States Power Co. (Wis.) and
1,278,737
companies and Midland Public Service Co. which became
subsidiaries of Northern States Power Co. (Minn.) effective as of Jan. 2,
1938.
(2) Northern States Power Co. (Minn.) made no provisions for
Federal and State income taxes for the year 1937, as it claimed as a de¬
duction in its income tax returns for that year unamortized discount and
expense and redemption premiums and expense and duplicate interest
applicable to bonds redeemed during the year 1937, which deduction resulted
in no taxable income for that year.
(3) Net income previously shown in
the financial reports of the companies has been reduced by the amount
of $26,763 for the year ended Jan. 31, 1938 as a result of applying there
against the amounts included for that period in the adjustment of expired
debt discount and expense less minority interest applicable thereto charged
tosurplusin 1938.—V. 148, p. 2437.
subsidiary
70,722
$234,909
199,377
30,317
1,767
on
loss$49,024
_
Gross income.
Interest
$186,627
201,839
31,088
1,899
$164,186
,
'
,
$121,117
65,510
$3,448
Operating income.
Other income
long-term debt..
Amortization of debt discount and expense.
Other interest charges.
824
Miscellaneous income deductions
Net income
,
,__...
for 1937 is restated above to con¬
of accounts prescribed
Note—The published income account
form with the classifications of the uniform system
by the Illinois Commerce Commission effective Jan. 1, 1938.
The net loss
for 1937 is affected only to the extent of $2,551 * being the profit on bonds
retired, which, under the new classification, is credited directly to surplus.
Northwest Air Lines,
m
Liabilities—
$
9.927.907
9,942,156
1,601,927
158,334
Investments
Cash
65,913
$
$
7% cum. pref. stk.
2,795,600
...
par)
>
282", 562
Accts. rec., less res
Mat'ls & supplies.
Other assets
'
320,711
Cap. stk. subscrlb.
330
94,719
90,773
Jt. 1st mtge. bds__
4,913,000
5,027,000
122,436
Accounts payable.
101,067
106,274
212,998
Consumers'
30,954
.31,519
57,689
85,718
\
Deferred charges__
71,546
183,484
330
Accrued interest
14,779
__
Reserves
Uncpllectible oper. rev..
'
Earned surplus.
29,302
i,973,779
$2,777,876
1,986,896
$8,435,953
5,801,364
$8,129,731
5,832,473
276,137
265,050
.
Net oper. revenues—
Operating taxes.____ ___
$907,921
389,269
$790,980
369,179
$2,634,589
1,163,241
$2,297,258
1,113,902
$518,652
$421,801
$1,471,348
$.1,183,356
481,179
388,464
1,334,543
Netincome
•'
March-—
$48,850
18,424
.133
5,828
/
1937
1—
•
.
....
169,077
'
71,023'
28,621.
$65,433
29,969
13,567
«
,
,
Gross from railway
Net from railway
1936
$85,655
48,603
30,364
1938
1939
20,388
Net after rents
—V.
Ry.—Earnings—
Gross from railway—$56,982
Net from railway
Net after rents—
p.
$2,881,700
28,772
147, p. 276.
148,
11,088
Total.12,334,729 12,382,910
i—12,334,729 12,382,910
Northern Alabama
—V.
__
5,739
Operating revenues—
Operating expenses
692
1,027,775
Misc. unadj. cred.
an.
1939—3 Mos.«—1938
$8,459,253
$8,163,742
23,300
34,011
1939—Month—1938
" $2,887,439
$2,788,964
Operating revenues.
14,178
692
1,115,177
Misc. curr. lfabs..
From
216,586
148.348
52,761
def3,417
185,595
84,275
35,878
104,676
.
54,208'
1969.
—
Northern States Power Co.
(Dell) (& Subs.)—Earnings
1939
Operat ing revenues
Operation expense,.
Maintenance expense—______
_
_
.
_
Aprop. for retirement
reserve
_ .
_
*
__
-$35,737 ;114 $35,818,446
13,733,162
14,396,849
1,767,180
1,509,620
3,093,157
2,881,031
_•
& depreciation
Taxes...
Prov, for Fed. & State income.taxes—...
____
Net operating income.___
4,865,327
1,342,924
4,597,688
422,383
-..$10,935,363 $12,010,875
83,169
89,473
Dr57,624
J>34,978
Rent from leased property.
Merchandise and jobbing (net)
1938
—
-
—
Norwich Pharmacal
»
Co.-—Earnings—
1939
3 Months Ended March 31—Net
profit after all charges incl. prov. for
—V. 148, p.
$165,785
inc. taxes
1
6,477
1,084
Miscellaneous income..
Gross income..
on
long-term debt..
,
5,926
Ohio Edison Co .—Earnings—
1938
Years End. Dec. 31—
—
1936
1937
*
9,460,919
2,275,000
3,429,236
3,232,377
; $3,701,982
$4,733,175
1,866,923
2,011,688
Fixed
pharges..
Net income
—
Amort, of debt discount and expense
Other interest (net)
Amortization of sundry fixed assets
Miscellaneous deductions
3,820,168
662,580
Crl4,060
41,843
140,403
3,839,884
660,926
Cr3,130
41,843
77,648
1,866,923
1,149,536
Preferred dividends
Common dividends
^
Balance
pref. stock, $5 series of Northern
States Power Co. (Minn.) held by public
Div. on pref. stock of Northern States Power Co.
(Wis.) held by public
Minority interest in net income of sub. companies.
on
$6,317,535
$7,454,126
8,588,476
1,500,000
3,511,429
7,090,473
1,350,000
4,049,650
$4,185,582
1,866,923
287,384
$3,452,051
1,866,882
718,400
S
1938
1937
%
$
Liabilities—
S6.60
&c
416,509
$7 series _____
1,375,000
1,191,667
$6 series
In sees.
405,767
spec,
deposits
Debt disc. <fe exp
funds.
secure_
Accounts,
Due
226,125
25,845
59,090
$4,690,564
from
5,991,805
b Com. stk.
5,754,766
436,920 she.).
Long-term debt.
511,619
642,232
928,353
409,600
14,499,200
78,685,000
14,499,200
(1,-
credits
78,839,000
101,572
593,707
Accrued taxes.
2,330,064
941,919
1,741,031
565,102
408,737
2,700,000
Acer. int. & pref.
2,459,339
3,299,210
Misc. curr. liab.
69,280
Cust. dep., &c__
a515,556
29,681
800,423
11,369,498
10,124,777
.
divs. payable.
affll.
168,027
companies
1,396,564
1,657,999
Reserves
Contrlb. In aid of
14,348
11,991
Surplus
5,124,408
4,422,053
Total
..143,528,937
141,490,012
construction
,Notes-^(l) ■Northern
2,349,800
1,748,761
6,400,551
$6,203,369
States Power Cov (Minn.) made no provision for
Federal and State income taxes for the year 1937, as ft claimed as a de¬
duction in its income tax returns for that year unamortized discount and
expense and redemption jjremiums and expense and duplicate interest
6,900,400
409,600
payable.
Deferred
Accts.
notes
Mat'ls & suppl's
Net income.-.
19,874,700
2,349,800
6,900,400
_
3.557,667
5,450,239
Def'd charges &
prepaid accts.
series..
$7.20 series.
and
& int. receiv..
*
136,700
$5 series..^..
fund
$
136,700
19,874,700
119,931,109
intangibles—121,598,434
Sink,
1937
b Pref. stock—
Util. plant, incl.
Market,
cum.
"
Balance Sheet as at Dec. 31
1938
Assets—
Cash 4 working
Divs.
1935
$18,564,836 $19,701,471, $17,785,487 $15,942,175
Oper. exps., incl. maintenance and taxes9,033,619
Prov. for depreciation__
2,400,000
Invests.
-..$10,968,469 $12,071,297
1938
$136,275
1486.
of various cos.,
Interest and dividends
1,070,273
148, p. 1970.
Gross earnings._____
Years Ended Jan. 31—
Interest
4
Net'oper. income....
Accrued taxes
-V.
21, to
Northwestern Bell Telephone Co.-^ -Earnings-—
Period End. Mar. 31—
meter
deposits
Total
Inc.—RFC Loan Authorized—
Authority authorized the company April
,
3,000,000
($25
Common stk.
262
2,795,600
3,000,000
($100 par)
1.641.908
Notes receivable..
Civil Aeronautics
$480,000 from the Reconstruction Finance Corporation for use
toward the purchase of new equipment costing $857,900.
The equipment will include 6 Douglas 21 passenger planes costing $120,000
each
6 engines
costing $12,300 each, various spare parts and radio
equipment.
'
The loan application is the first of its kind to be acted on by the CAA. The equipment will serve as security for the loan, which is to be repaid at
the rate of $12,400 monthly, starting in 6 months.—V. 148, p. 591.
1937
1938
1937
1938
Assets—
Fixed capital
The
borrow
Balance Sheet Dec. 31
Total...-..-143,528,937 141,490,012
a
Customers deposits
only,
.
b Stock without par value.
2600
Financial Chronicle
Earnings for Month of March and 12 Mos. March
To
Period End. Mar. 31—
1939—Month—1938
1939—12 Mos.—1938
Gross revenue-..-.
$1,654,464
$1,582,712 $18,766,882 $19,459,251
7/6,458
200.000
774,908
200,000
9,012,205
2,400.000
Gross income..
$678,006
289,445
...
Int. & other fixed chgs..
$607,805
285,121
$7,354,676
3,444,049
Net income—......
Dividends on pref. stock
$7,622,988
3,224,778
$388,560
155,577
$3,910,628
1,866,923
$167,106
$2,043,705
Pay 50-Cent Dividend—
stock, payable May 4 to holders of record April 19.
A dividend
Dec. 21, last, and one of 75 cents was paid on July 21,
p. 2446.
of $1.50 was paid on
1938.—V. 148,
Paraffine Companies,
$2,531,287
directorate by President W. H. Lowe.
The new members succeed S. W. Foreman, W. D. K. Gibson and C. E.
Green, all deceased.—V. 148, p. 1971.
—V. 148, p. 1970.
Paramount
Northwestern Pacific
March—
Gross from railway..
Net from railway....
RR.—Earnings—
1939
$251,168
def28,787
1938
def56,747
654,813
defl27,826
def205,385
493,810
def364,118
def448,342
..
Gross from railway. .
Net from railway
Net after rents.....
—V. 148, p. 1970.
..
$264,757
def2,439
def8,879
868,234
Officers—Barney, Balaban, President; M. F. Gowthrope, Vice-President
Collyer, Secretary; Edward A. Brown, Assistant
Treasurer, and Arthur Israel, Jr., Assistant Secretary.—V. 148, p. 1817.
783,302
25,060
and Treasurer; Norman
11,846
def35,369
Paramount
Oklahoma City-AdarAtoka
March—
1939
Gross from railway.
1938
1937
1936
$48,699
19,762
10,326
114,269
44,795
19,310
122,373
41,953
14,019
in Hollywood to cost
$55,971
33,905
25,106
85,553
22,598
1,601
...
$37,271
11,679
2,515
131,176
76,049
57,897
....
Oklahoma Gas & Electric
Years Ended Feb. 28—
ground one mile long and 1H miles wide, Mr. Balaban added.
The new
plant will be known as Paramount City.
.
In addition to eventual construction of 26 sound stages which will radiate
fan wise, the new location, part of which is rolling bills, affords ample facilities
for filming many types of outdoor scenes.
Permanent street sets will be
erected, while a reservoir with a four acre surface will facilitate outdoor
Co.—Earnings-
water scenes.
Paramount management
1939
1938
$13,267,138 $13,252,565
Operation expense
4,759,245
4,849,239
Maintenance and repairs
i
.;
855,712
781,300
Approprii.tion for retirement reserve
1,300,000
1,.
1,200,000
Amortization of limited-term electric investments19,197
19,181
Taxes
s.
:
■.
1,442,859 ' 1,393,432
Provision for Federal and State income taxes
465,833
417,833
Operating
,
any
—V. 148, p.
.....
Gross income
Interest on funded debt...
Amort, of debt discount and expense.....
Other interest (net)
.....
.
Miscellaneous deductions..
.....
..•
Net income..
—V. 148, p, 2281.
,
22,694
270,362
28,140
41,503
$2,567,214
w
.
Old
'
s,
.
Colony RR.—Being Confiscated—
First results of an investigation of the road's situation by Prof. William,
J. Cunningham of Harvard University indicate very plainly that the com¬
,
are
and
great, as has been shown oy the resistance by communities affected
by public authorities to the efforts of the Old Colony trustees to curtail
the least used passenger service. There has been no adequate public
recognition of the facts (1) that the properties of Old Colony are being
rapidly confiscated and (2) that the further operation of passenger service,
even
made
of
unprofitable by highway competition, threatened the continuance
essential
freight service in southeastern Massachusetts.
"It cannot be emphasized too strongly that the public interest requires
that the communities served by Old Colony and public authorities
recognize
that passenger operations cannot long be continued on their present basis
by Old Colony—and that, if the public demands its present passenger.
service, it must.be prepared to pay for it in the form of public subsidy,
public operation, coordination of rail facilities with rapid transit,operation,
or in some other manner.
Attempts to meet the problem should not be
confined to the various groups of security holders
apd to the trustees, but
should be undertaken vigorously and immediately by public authorities
as
well,"
„
-
•
Pointing out that operating losses of Old Colony are being borne by the
Jlaven and thus constitute prior liens against the Old Colony estate,
the committee says that the situation of Old
Colony in the reorganization
is and will be greatly affected
by such heavy losses incurred in its passenger
New
service.
Film
Pathe
.
muting and other passenger business of the road, particularly in the Boston
area, "is incurring large deficits which are rapidly consuming and confis¬
cating the Old Colony estate," declares the protective committee of the
shareholders of the company, in a report to holders of certificates of
deposit,
signed by Craig B. Haines, Secretary,
Professor Cunningham's study
(which makes, use of the segregation
methqd adopted by the New Haven trustees and approved by the interstate
Commerce Commission)
so far as presently available, indicates:
"
(1) That the properties owned by Old Colony are currently being oper¬
ated at losses in excess of $2,000,000 a year.
(2) That, with a moderate volume of traffic the Old Colony realizes an
operating profit from freight business but that its passenger operations' are
highly unprofitable and account for substantially all its losses.
(3) That by far the largest losses are incurred in the heavy commuting
passenger business in the region close to Boston.
"Obviously," says the committee, "a continuance of this commutingtraffic with its attendant losses will soon confiscate the whole Old Colony
property, leaving nothing for stockholders or bondholders.
"The difficulties attendant upon the elimination of these passenger losses
.
Corp.—Not Trying to Sell Film
du Pont—New Directors—
to
•
.
directors of Pathe Film.
New Directors—
O. H. Briggs, President of the corporation, said at the recent annual
meeting of stockholders that the company ha'd no
negotiations under
way With E. I. du Pont de Nemotirs & Co. looking to. the sale
of a
minority interest in the du Pont Film Mfg. Corp.
Earnings of the latter
company were $155,707 in the first two months of 1939, against $116,000
in the 1938 period, and one dividend of $10 a share has been declared so
far in 1939.
Mr. Briggs said the new laboratories company had made a
profit.in March and expected to show a profit for the year. Allen P. Kirby
and Kenneth M- Young were elected additional directors of Pathe Film.
r-V. 148, p. 2131.
*■
'
,
.
Pennroad
Corp.—Voting Trust Expires May 1—
The voting trust agreement under which all the shares of common stock
of the corporation are deposited will expiry by limitation on May 1,
No
voting trust certificates will be issued after April 30, 1939.
f,
Pursuant to the terms of the voting trust agreement, certificates for
shares of common stock (par $1 each) will be delivered, on and after May 1
to the owners of voting trust certificates upon surrender thereof to O. Bidlingmeyer, agent, voting trustees * 1400 Delaware Trust Building, Wil¬
mington, Del.
■
'
Voting trust certificates may be exchanged for common stock certifi¬
cates by sending them to the agent accompanied by letter of transmittal.
For the convenience of banks, brokers and others in the City of New
York, the transfer agent of the Pennroad Corp., 1434. Hudson' Terminal
Building, 30 Church St., New York, Will accept voting trust certificates
?>resented at thatDel., at which office to the agent of will voting trustees,
office for forwarding all exchanges the be made.—V.
Wilmington,
n
148,
p.
2282.
.
•
Period End. Mar. 31—
1939—3 Mos.—1938
Gross earnings
$1,138,707
$1,031,066
the stockholders in that
a
if that is not possible, it proposes to file
a plan of its
own, which will seek as full recognition of stockholders' interests
as is feasible."—V,
148, p. 741.
'
"
Pennsylvania Coal 8c Coke Corp,
Oper.
Loss.
.
1,190,742
1,107,401
$52,035
'5,400
8,518
$76,335
$38,117
1,002
$58,029
l;529
$255,274
2,255
$39,120
24,242
$59,559
19,658
$257,530
82,853
_;
Divs, from allied
Sundry income.
cos
Loss...;....:.
Charges to Income.
Panhandle Eastern Pipe Line Co.-—Consolidated Balance
Sheet March 31—^
depl. & deprec.
—V. 148, p. 2282.
1939
1938
$
Assets—
$
1939
accts.
receivable
Special deposits
Prepaid accts., &c.,
deferred charges
Debt disct. & exp.
228,400
21,213
Mortgages..
213,098 Accounts payable.
63,199 Pref. divs. declared
Accrued taxes
129,672
2,774,889
141,155 Accrued interest..
3,093,359 Deferred liabilities
b Res. for
Total
93,378
depl.,&c 6,247,961
532,565
5,413,323
Other reserves
Surplus
156,185
165,000
1,260,876
82,865
74,594
219,102
165,000
940,548
88,044
114,272
4,526,151
190,165
4,363,402
$325,340
48,938
28,199
$296,078
14,152
26,652
■
$248,204
4,715
_
_
Incl.
$252,919
80,320
x
3 Months Ended March 31—
Net profit
1939
$120,690
1938
$70,913
1937
$175,264
After
depreciation, depletion, interest and Federal income taxes, but
before surtax on undistributed profits.—Y. 148, p. 1971.
x
Pennsylvania Power & Light Co.—Refunding Contem~
plated—
The company is reported contemplating the filing with the Securities and
Exchange Commission in the near future of a refunding issue aggregating
around $135,000,000.
Proceeds will be used to retire $121,000,000 mort_
fage debt of the company will be applied toward premium payments on
'ower Securities.
Balance and $10,000,000 debentures held by Lehigh
the securities to be called.
Smith, Barney & Co., First Boston Corp., Bonbright & Co. and Dillon. Read & Co. are expected to be the principal under¬
148, p. 2282.
writers.—V.
....67,182,452 66,797,5801
Total..
.67,182,452 66,797,580
a
Representing gas sale and purchase contracts, Ac.
b For renewals'
replacements, retirements and amortization^ (other than amortization of
gas sales and purchase contracts).
c Represented by 728,652 (no par shs.).
n
10,516
7,790
Pennsylvania Glass Sand Corp.—Earnings—
S
...
Non-curr. notes &
1.
.
(before Fed¬
eral income taxes)
a
1938
$
Liabilities—
•
Net loss
1939—12 Mos—1938
$4,057,441
$3,890,258
4,353,520
4,215,598
& taxes..,
i
exp.
on Loan—
Stockholders at their annual meeting on May 4 will consider ratifying and
approving a loan of $4,000,000 from the Seattle-First National Bank, under
a
Beconstruction Finance Corporation deferred participation, and in
pledging the company's 1939 salmon pack and proceeds arising from the
sale thereof.—V. 148, p. 1653.
Prop., plant & eq.58,569,441 58,226,896 c Common stock.. 18,216,300 18,216,300
a Intangibles
2,585,293
2,909,003 CI. A pref. stock..10,000,000 10,000,000
Cash
1,645,264
1,307,731 CI. B pref. stock.. 1,000,000
1,000,000
Accts. & notes rec. 1,059,996
616,881 Ser. A 4% bonds..23,014,000 23,500,000
Mat'l & supplies..
168,286
226,261 Bank loans.
1,000,000
3,400,000
;•
Subs.)—Earnings
•
,
Pacific;American Fisheries, Inc.—To Vote
'
ing Co. stock, President Briggs told stockholders at the annual meeting.
lie said earnings of du Pont Film in the first two months of this year
were $155,707, against about $116,000 last year.
This company has de¬
clared one dividend of $10 a share so far this year.
Mr. Briggs said the new laboratory company made a profit in March
and he expected it to show a profit for this year.
A dividend might'be
declared on this stock some time this year, he said.
Allen P. Kirby and Kenneth M. Young have been elected additional
plan for the reorganization of Old Colony/' the protective com¬
mittee states, "is now in
process of formulation by the plan committee of
the Old Colony directors.
The protective committee has been making and
will continue to make every effort to obtain recognition of the interests of
or,
Unit Stock
•
The corporation has no negotiations under way . with E. I. du Pont
de Nemours & Co. at present for sale of Pathe's du Pont Film Manufactur¬
"A new
plan,
out.
Pari&-Orleans RR.—Bonds Called
$4,594,901
1,687,682
$2,394,338
'
*
according to
Is notifying holders of its 6% bonds, foreign
Frs. 600,000 principal amount of bonds of
3,321
$4,446,984
1,671,856
268,519
73,591
38,680
.—...
....
Ground breaking will take place,
1817.
Compagiiie du Chemin de Fer de Paris a Orleans (Paris-Orleans RR, Co.)
series, due Dec. 1, 1956 that
this issue have been drawn
for redemption at their principal amount on June 1, 1939.
The principal
amount or the drawn bonds will he payable on and after June 1, 1939, upon
presentation and surrender at the office of J. P. Morgan & Co., by check in
French francs on Paris or, at the request of the holder, at the dollar equiva¬
lent of the franc amount of the bond on the basis of J. P. Morgan & Co.'s
buying rate of exchange on Paris at the time of presentation.
Interest on
these drawn bonds will cease on June 1, 1939. The company Calls attention
to the fact that on April 20,
1939. certain bonds previously called for
redemption had not been presented for payment.—V. 148, p. 1179.
"$4,591,580
$4,424,290
_
on-the. West Coast.
Paramount officials/as soon as further engineering details are worked
.
,
Net operating income.
Other income (net)........
toward the
new
.
..
has been making Surveys looking
plant to replace its present facilities in the heart of a business section
for nearly two years.
New plant will be the largest and most modern of
revenues
.
,
President of the company just prior to his departure for the
East.
No new financing is contemplated in connection with plans for the
new studio which will centralize all of Paramount's activities on a plot of
Balaban,
From Jan. 1—
Net from railway.
Net after rents
—V. 148, P. 1970.
acquired in L^os Angeles away from the present site
$12,000,000 were announced on April 21 by Barney
150 acre tract of land
a
$27,974
6,118
defl,058
Gross from railway..
Pictures, Inc.—To Build $12,000,000 Studio
Plans for the erection of a new studio with 26 sound stages eventually on
Ry.—Earnings—
•
Corp.—Personnel—
Directors—Neil F. Agnew, Barney Balaban, Leonard H. Goldenson,
M. F. Gowthrope, Peter Grimm, Austin C. Keough, David H. Knott and
E. Paql Phillips.
>
9,835
def49,901
Broadway
Company advises us that the vacancies among the directors and officers
of this corporation have now been filled and that a complete list of the
directors and officers is as follows:1
1936
$314,203
21,406
$147,080
defl39,198
defl66,150
...
Net after rents.....
From Jan. 1—
Net from railway
Iset after rents
1937
Inc.—New Directors-
Election of three well known business leaders to the board of this com¬
pany, with the placement of Richard Hilliard, Robert Watt Miller and
Silas H. Palmer as directors was announced at the recent meeting of the
$4,398,210
1,866,923
$232,983
Balance
$322,683
155,577
1939
29
Directors on April 20 declared a dividend of 50 cents per share on the
common
9,436,262
2,400,000
Oper. expenses & taxes.
Provision for (leprec
April
The income statement for the 12 months ended March 31 was published
V. 148, p. 2440.
Pennsylvania Sugar Co.—New President—
William H. Hoodless. Executive Vice-President of the company, was on
April 20 elected President succeeding -the late John H.„McCarthy.
Samuel
F. Houston, President of the Real Estate Trust Co. of Philadelphia, was
elected Chairman of the Board.—V, 147, P. 752.
;
Volume
Financial
148
Pennsylvania RR. Regional System—-Earnings—
Philadelphia Electric Co. Common Stock
Metropolitan Edison $6 Prior Preferred Stock
United Gas Improvement $5 Preferred Stock
Philadelphia Electric $5 Preferred Stock
(Excluding Long Island BR. and Baltimore & Eastern BR.]
1939—Month—1938
1939—3 Mos.—1938
Railway oper. revenues.$33,395,616 $28,986,428 $95,905,615 $83,094,026
Railway oper. expenses- 24,672.705 21,581,981
72,118,538
65,231,620
Period End. Mar. 31—
Net
from ry. oper.
rev.
Railway taxes
Unemployment ins.taxes
Jt. facil. rents—Dr. foal-
2,353,400
469,930
425,973
334,781
171,929
Net ry. oper. income-
$4,966,898
Railroad retire,
taxes
Equip, rents—Dr. bal__
Penn Electric Switch Class "A" Stock
$7,404,447 $23,787,077 $17,862,406
5,663,004
6,054,200
2,201,338
1,274,729
415,146
1,374,553
1,150.506
1,227,513
380,047
1,675,805
577,373
1,043,983
436,387
445,693
150,332
$8,722,911
YARNALL & CO.
Members New York Stock Exchange
N. Y.
Pere
Earnings of Company Only
March-rGross from railway,
Net from railway
1939
.
1936
1937
1938
..
-
Net from railway
..
Net after rents
13,728,714
-
97,769,028
22,555,231
13,719,190
114,698,370
27,351,004
17,873,211
82,904,131
17,903,710
7,727,193
95,690,220
23,847,945
-
—V. 148, p, 1972.
1939
Net oper. revenue—
—
$342,812
def96.732
def235,257
$439,365
def23,180
defl70,357
1,028,179.
def245,890
def647,575
957,592
def317,114
def706,089
1,163,590
defl79,270
def603,064
—
-—
From Jan. 1—
Gross from railway
Net from railway
Net after rents........
—V.
148,
1,154,742
defl46,108
def551,920
1971,
p.
$194,113
153,283
$1,473,034
461,083
458,485
Operating income
Equip, rents (net)
Joint facility rents (net)
$432,114
69,819
57,321
$40,830
$1,011,951
x$188,672
253,758
47,524
206,299
74,008
$710,670
127,267
x$468,979
Calendar Years—
Net revenuefrom operations.
Gross
419,878
$421,464
5,688
$441,601
85,914
145,702
34.100
$427,152
97,039
142,462
$857,332
—
_—
—.
—
-----
--
*
-
Provision for property retirements & replacements
Provision for Federal & Pennsylvania income taxes
36,000
_____
Net income—
Dividends paid
$175,884
156,280
_—-----—
Following the requirements of the Public Utility Law enacted in 1937,
greater than the actual income applicable to .that year, said amount repre¬
senting 1938 billings of water consumption in 1937.
*
Assets—
Balance
Investments
Sheet Dec.
45,017
61,786
81,022
Cash.'Acc'ts receivable—
serv.
Accounts
5,585
224,526
to
1937
vendors
Dividends payable
9,054
12,208
62,512
Accrued taxes.*..
85,382
Invent'y of marts,
61,437
32,637
32,637
term indebt....
41,729
23,717,
Other accr'd items
&
to
liabilities
cur.
10,999
10,039
Notes pay. to trus¬
teed funds of co.
373,432
1,920,375
378,577
opera'ns.
Trusteed funds... 2,057,667
,5,860
273,799
19,300
813,408
19,873
821,295
$35,495
x$361,937
315
315
$35,180
x$362,252
.
Net income.
Inc. applied to sink, and
other reserve funds—
Inc.
to
x
bal.
(offset
(net)
profit & loss
Indicates loss
1,916,865
161,047
1,794,288
226,803
,
Pfeiffer Brewing
Blvd
100,000
2,067,667
100,000
1*930,375
3,125,600
Earned surplus,
265,694
346,301
unappropriated.
Note—Total assets and liabilities include, respectively, the notes payable
by the Pennsylvania Water Go. to the trusteed funds of the company,
amounting to $1,916,865 at Dec- 31, 1938, and $1,794,288 (net) at Dec. 31,
1937.—V. 144, p. 1295, 11200
.
Pepsi-Cola Co.—Annual Report-—,
.
———
Selling, general and administrative
expenses.
—
.......
$4,126,172
____
(incl. litigation of Loft, Inc. vs.
$117,497; less other income, net,
exps.
Guth et al),
$49,658.
_
$2,872,516
1,751,454
$2,364,890
1,241,948
$3,620,998
$1,603,232
$1,121,063
$1;122,942
$1,811,808
308.405
393,841
189,851
290,600
274,423
160,000
228,206
272,371
258,653
270,090
162,095
173,012
$711,135
$460,270
$1,110,053
13.277
$396,039
8,193
6,272
11,734
$724,412
$404,231
$466,542
1,813
2,831
$1,121,786
2,632
zl31,500
26,010
z60,934
73,714
184,800
$565,089
800,645
...
Gross profit---———
Shipping and delivery.
Seiiing and advertisingAdministrative
_
_
$340,465
$392,828
743,725
821,131
$934,354
448,933
_
-
-
Profit from operationsi
Other income-
.
"
'
1'
'
\
*
Other deductions——
and excess profits taxesi
(estimated) - on bldg. razed--
—
Loss
Net income—
Previous earned surplus
Federal
Excess
tax
.
incomet
■
.
.
,
restored
Earned surp. Dec. 31Earns, per sh. on cap. stk
3,686,621
-
"
Earned surplus, Dec. 31,1938-—--————
$6,906,954
«
.,..'$1, 870,904
aNotes & accounts receivable,
23,400
Loft, Inc
receivables,
come
Pepsi-Cola Bottling Co. of
liabilities
125,289
185,841
Calif..
bottlers
Employees
Earned surplus
$743,725
$1.00
$821,130
$2.39
$800,64i
$0.7!
'
Allowance for Federal
z
—
„
_
„
_
88,101
159,603
818,000
35,297
330,819
1,307,430
252,248
6,906,954
.
$96,310, $112,256, $125,1935, 1936, 1937 and 1938.
*
Earnings for 3 Months Ended March 31
1937
1939
1938
Net profit after deprec.
and Federal taxes
1936
$78,822
x$22,415
Shares common stock
429,453
390,412
Earnings per share——
$0.20
$0.06
x Before provision for stirtax on undistributed profits.
$82,153
x$74,381
429,453
$047
.
390,412
$0.20
Balance Sheet Dec., 31
——
A ccts. receivable.
-
$417,316
a90,685
1,147
332,679
Prepaid insurance,
53,889
taxes, &c
y
Total--
-
—
165,000
41,942
194,999
21,500
108,860
92,611
for containers--
72,387
87,627
Capital stock_z—
673,459
673,460
389,331
1,217,266
389,331
1,345,789
Capital surplus—
Earned surplus—.
Property,
plant
and equipment. 1,868,012
$74,095
depos.
Customers'
98,513
$100,732
$374,115 Accounts payable.
x71,692 Notes payable to
bank Feb. 1, '40
210,542 Contr. payable for
equipment——
50,611 Accrued expenses-
13,000
material-..
Containers---..--
1037
1938
Liabilities—
1937
1938
Assets—
Total-
...$2,875,241 $2,140,277
—
800,644
.$2,875,241 $2,140,277
.
x After allowance
for doubtful accounts of $10,780.
y After allowance
$512,936 in 1938 and $525,400 i» 1937.
x Represented
by 429,453 no par shares.
,
...
t
a After
allowance for return of containers, $15,865, and for dotffotrul
accounts, $10^288.—V. 148, P-'2440.
«
a
for depreciation of
Pharis Tire 8c Rubber Co.—Dividend—
Directors have declared a dividend of 15 cents per
-
"
share on the common
were paid
stock payable May 20 to holders of record May 5.
Like amounts
on March 20 and on Jan. 20 last, this latter being a regular
quarterly
dividend.—V. 148, p. 1336.
Philadelphia Electric Co .—Earnings—
(Earnings of the System)
Period End. Mar. 31—
1939—3 Mos.—*1938
xl939—12 Mos.—x 1938
40,605
Fixed assets..
°mmt^fnTOrne11---!$ 18.647,807
5, 144,976
Other assets.
d
curr.
Liability
Capital stock (par $5)
f Capital surplus
e
Domestic franchise & other
c
taxes on curr. earns..
Miscellaneous
at cost:
$194,215
Res. for Fed. & Canadian in¬
Other invests., advances and
.
—
183*702 Accrued
commis¬
sions, bonuses, &c
21,187
753,599 Accrued taxes
Mteceli. accounts receivable..
Merchandise Inventories
b Investment in
payaole
salaries,
x562,347
.—•
.
$1,217,266
$1.32
respectively.
$1,383,478
468,494
1,740
J
Liabilities—
Accounts
$1,213,959
$1,084,190
257,672
25,873
Includes special cash dividend of $175,685.
income tax only.
'
Note—Allowances for depreciation aggregating
20,000
Consolidated Balance Sheet Dec. 31, 1938
.
x
818,000
adjustments)
Provision for unpaid dividend declared in 1936 with respect to
10,000 shares of capital stock which were the subject of
litigation;(thelitigation was finally determined in 1939)-
«*
«.
214.727
7,580
Dep. for purcb. of
...
'
•
$1,439,572
Dividends declared
Inventories**--.-
Net profit (excl. Pepsi-Cola Bottling Co. of Calif.)—------- $3*240,332
Earned surplus, Jan. *1, 1938 (after giving effect to audit
Assets—,
190
..—-
*
73,838
;
Notes receivable.-
67,839
......
Provision for Federal & Canadian income taxes
Cash-.....*
1,809,189
Allowances for Fed. inc.
$7,342,201
3,216 *029
■
G.
$3,487,639
1.884,407
Net'sales
Cost of sales.
Cash
Operating profit—
Special legal & other
1935
$6,019,410
2,398,413
„
Consolidated Income Account Year Ended Dec. 31, 1938
Gross profit on salts
1936
$3,974,552
1,609,662
•
027 and $117,650 are included in above for
....$10,069,608 $9,854,652
Total
1937
$4,755,586
1,883,071
1938
Fed. & State excise taxes
.
Capital stock ($50
"■
par)
3,125,600
Charles
Co.—Earnings—
$5,903,471
2,415,832
Calendar Years—
Sales...
Additional Fed. tax, &c_
of Alleg.
Reserves
$10,069,608 $9,854,6521
x$14,690 x$l,195,122
deficit.—V. 148, p. 2131.
or
by
Damages aris. from
River
575
575
transferable
restored------
contra amount).
constr.
x$l4,115 x$l,194,547
Excess allow for deprec.
Deferred liabilities
....
19,345
8,033
271,187
56,494
147,755
144,381
supplies & tools.
Total
4,665
Rent for lease of roads
and equipment;
Interest on debt.
payable
Acer. int. on long-
Other assets—
charges
1938
132,128
x$336,851
16,527
\
,
18,148.
$837,937
Total income
Long-term indebt.82,238,000 $2,238,000
87,055,867
5,585
x$95,761
■
16,264
x$77,612
31
Liabilities—
1937
1938
Property <fc plant.$7,271,856
future
$3!o4,974
___
.
$321,238
6,523
$151,650
93,768
..........
—
the company as of Jan. 1, 1938 changed its method of billing consumers.
As a result, the income for the year 1938 is stated at approximately $51,000
Def'd
__
———
income.
Unbilled wat.
...
71,837
64,754
Total income.
Miscell. inc. deductions.
$852,611
431,147
$437,454
4,147
;
gen. expenses,.
revenues. (net)—
Interest and discount
x
Other income
1937
xl938
'
Operating revenues:
Operating, maintenance, admin. &
Non-operating
-
_
Pennsylvania Water Co.—Earnings-
$269,813
$588,207
156,093
—
Net ry. oper. income.
1936
$344,323
def78,138
def220,616
1937
1938
$352,346
def95,670
def236,016
1939—3 Mos.—1938
$5,721,747
$7,166,749
5,693,715
5,451,934
1939—Month—1938
$2,022,721
1,828,608
Railway tax accruals...
Pennsylvania Reading Seashore Lines—EamingsMarck—
Gross from railway
Net from railway—
Net after rents..
Philadelphia
Operating revenues
$2,553,125
Operating expenses—...
1.964,918
.-
Net after rents— J,.
From Jan. 1—
Gross from railway-
A. T. & T. Teletype: Phla 22
■
Marquette Ry.—Earnings—
Period End. Mar. 31—
w
-$33,320,958 $28,918*609 $40,706,521 $31,252,047
8,741,072
7,418,194
10,772,096
7,472,983
4,994,301
3,702.346
7*324,316
3,750,493
_.
Telephone; Whitehall 4-4923
1628 Walnut Street
$7,661,975
$13,641,135
$3,680,211
2601
Chronicle
243,166
y
Oper. rev.
$17,907,572 $69,292,849 $69,564,905
deductions. 10,782,075
10,322,213 40,554,323 40,907,336
Trade-marks, formulas and
good-will.
1, 500,000
$7,865,732
1,757,735
$7,585,359 $28,738,527 $28,657,568
1,722,679
6,840.503
7,140,429
income:
$6,107,997
preferred stock
590.072
$5,862,680 $21,898,024 $21,517,140
$5,517*924
$5,272,608 $19,537,734 $19,156,850
Gross income
Income deductions
Total
$10,092,6671
From franchise bottlers
________
Total
and others for
—.
machinery, advances, truck
rentals, &c.
b 11,700 shares at cost (market value $100,912).
c Prop¬
erty, plant and equipment, at cost, less depreciation, $4,524,384; bottles,
cases.&c., on hand and in customers' hands, at values not in excess of cost,
$620,592.
d At value placed thereon by the directors of the company in
1931, representing the par value $5 per share, of 800,000 shares of capital
stock issued therefor, of which 100,000 shares were donated to the company,
e For deposits on bottles and cases returnable by customers (an indetermin¬
able portion of which amount will probably by currently paid in cash)
f Par value $5 per share, of 100,000 shares of capital stock donated to the
company, less discount on the reissuance of some of these shares.—V. 148,
P. 1654.
a
_
$10,092,667
Net
Divs.
Balance
x
590,072
on
2,360,290
Restated and adjusted for comparative purposes,
ating expenses, depreciation
—V. 148, p. 2440.
y
2,360,290
Including oper¬
and renewals and replacements, and taxes.
Phelps Dodge Corp.—Debentures Called—•
J. P. Morgan & Co. as sinking fund agent are notifying holders of con¬
vertible 3H% debentures due June 15, 1952 that $1,142,800 principal
amount of these debentures have been
drawn by lot for redemption on
Secretary. Milton
148, p. 2131.
their principal amount, together with accrued
sinking fund. The drawn bonds will be re¬
June 15 at the redemption price upon pre¬
sentation at the office of J. P. Morgan & Co.
Any debentures drawn for
redemption may be converted on or before the redemption date into capital
stock of the corporation as provided in the indenture.—V. 148, p. 1654.
1939 at 105% of
June 15,
Philadelphia.
of the entire Philadelphia Rapid Transit
System, and of a plan for the funding of this issue to be submitted to the
holders thereof for approval, it is suggested that the Hestonville Mantua &
Fairmount Passenger RR. consolidated blA% bonds be allowed to run as
Interest
by order entered on April 24, 1939, has au¬
of the semi-annual interest due on
May 1, 1939, on the bonds and the coupons therefor will be paid on pre¬
sentation to the Girard Trust Co., the mortgage trustee, Philadelphia, at
any time on or after May 1.-—V. 148, p. 2282.
debt
Washington Ry.
payable to
note
on
Int. during constr.
4,735,168
4,005,575
4,449,0.52
$0.52
Public Service Co. of New
Operating revenues
Operating expenses
Extraordinary exp.
98,108
97,970
Net after rents
419,738
—
2,777,073
def241,395,
def23,853
•
(incl. income) taxes
22,312
$151,267
Net after rents
.
63,444
10,524
5,359
,
44,041
1,248
344
From Jan. 1—
'
Net after rents
;
Net
income—
10,621
$1,226,841
624,036
$104,075
Pref. div. requirements -
52,176
108,978
Note—Figures for all periods include operations of the former whollysubsidiary, Manchester Street Ry., which was merged with this
Dec. 1, 1937.—V. 148, p. 2441.
company as at
1936
45,394
Queens Borough Gas & Electric Co.—Earnings—
def9,444
def8,147
23,866
230,015
38,873
Period End. Mar. 31—
4,834
From
7,067.
'
_
-
_ _
------
From sales of gas
Other oper. revenues_
Pittsburgh Shawmut & Northern RR.—Earnings—
>
.
sales of electric
energy.
;
1939—12 Mos—1938
1939—3 Mos.—1938
Operating revenues;
168,842
35,617
-
8,145
$86,383
55,816
deductions-—
Other
~
def23,069
1972.
$1,987,978
672,212
020,053
$918,097
637,032
Cr 745
(net)..-.
300.733
owned
25,154
134,443
def23,563
4,853
railway-—
Net from railway
■—V. 148, P.
'
170,664
20,899
Gross from
$1,946,089
41,889
$1,712,886
695,651
Crl9,216
118,354
1,536
$169,968
56,017
430
Bond interest.--.-.
Other interest
4,262,001
589,029
773,038
1937
88,155
1938
1939
*
Net from railway
2,052
$153,319
58,361
Gross income
Pittsburgh & Shawmut RK.—EarningsMarch—
890,045
52,310
$1,686,716
26,170
$168,432
—V. 148, P. 2283.
Gross from railway-
2.916,298
275,000
914,835
64,463
270,739
5,220
22,110
Non-oper. income (net).
1936
1,166,058
75,963
6,117
Fed.
$1,349,959
147,986
218,094
6,178,695
1,133,983
$6,105,475
2,886,233
74,665
State & municipal taxes.
Social security taxes.—
'
234,861
1939—12 Mos.—19381
$6,097,986
due
Net operating income.
1937
$2,231,810
476,860
468,147
1938
$1*047,328
38,182
Hampshire—-Earnings—
to 1938 storm--
Pittsburgh & Lake Erie RR.—Earnings—
1939
1939—9 Mos—1938
1939—Month—1938
$512,679
$-507,447
257,020
237,020
Period End. Mar. 31—
$1,441,794
52,900
(& Subs.)—Earnings—
1939—3 Mos.—1938
Net profit---------
2282.
3,926.738
$4,707,981
1489.
Eearnings per
provision fof Federal surtax on un¬
of 87 A cents per share on account
of accumulations on the 7% cum. pref. stock, par $100, payable June 1
to holders of record May 18.
A similar payment has been made in each of
the 24 preceding quarters, as compared with 88^ cents paid on March 1,
3933, and 87 cents on Dec. 1,1932.—V. 148, p. 1336..
-
$4,148,629
„
$6,586,778 x$2,800,459 $17,469,039 *$12185,146
share.$1.00
$0.40
$2.79
$i.81
a After interest
depreciation and Federal taxes,
x Before provision for
surtax on undistributed profits or excess profits tax, if any, z On 6.325,087
no par shares of common stock.-—V. 148, p. 16.55.
>
\
Co.—Accumulated Dividend—
From Jan. 1—
63,2%
043,716
z
The directors have declared a dividend
Gross from railway-Net from railway
51,524
Period End. Mar. 31—
$3,156,159
4,152,836
$0.76
Note—No mention was made of any
2,722
------
050,356
a
3,834,560
$5,615,637
4,449,052
$1.26
011,412
,
— — ——-------
Procter & Gamble Co.
1936
$2,314,642
$1,485,533
par)__
4,449,052
share.
$0.33
&
-
Net income--...
-V. 148, p.
$25,468,862 $26,673,268 $23,153,144
18,419,052
17,052,056 16,162,425
Net profit
Shs. cap. stk. (no
distributed profits.—V. 148, p.
1 937
1938
1939
earnings—
$25,092,439
Expenses & Fed. taxes-. 18,903,929
Deprec., deplet., retire¬
ment & other amortiz.4,702,977
Gross
Net after rents
$5,261,440
542,569
charged to property & plant--
Other interest charges
Phillips Petroleum Co.-—Earnings—
3 Mos: End. Mar. 31—
March—
4.3,2UU
$4,788,707
650,000
011,090
debt
Interest on funded
S. District Court,
Gross from railway
Net from railway
$5,218,240
2.664
—
Amortization of premium on
thorized and instructed the payment
Phoenix Hosiery
3,426
$4,786,043
-
Electric Co., parent company
Earnings per
<
'
Gross income
overdue.
The U.
1, <
Net operating revenue
Non-operating revenue
1*143,267
691,753
1,268,981
779,577
——
-
the reorganization
•Pending
,co'^cT
1,162,751
—
for "Federal income taxes
Provision for depreciation
depreciation.
under lease to
Traction Co. of
$15,156,690 $14,808,996
5,729,045
5,986,521
.757,709
Taxes
Fairmount
All of the
.
Wrrqo siAnlfoofi
•
Provision
Hestonville Mantua & Fairmount Passenger RR. is operated
Philadelphia Rapid Transit Co., succeeding lessee of Union
property of
.
Maintenance
Bonds Due May 1 Not to Be Paid—
1, there will mature $898,200 Hestonville Mantua &
Passenger RR. consolidated 5H% extended mortgage bonds.
Power Co.—Earnings—
Potomac Electric
12 Months Ended March 31—
Operating revenue
Operating expenses.--
Philadelphia Rapid Transit Co.—Hestonville Mantua &
On May
Rosenblatt.
II. Harrison, Hamilton Pell, and William
—V.
interest, out of moneys in the
deemed and paid on and after
Fairmount Passenger RR.
1939
April 29,
Chronicle
Financial
2602
a$707,558
b500,400 :
15,485
$3,359,777
bl,971,380
88,887
$792,965
454,440
15,334
$3,419,396
1.935,668
70,112
$5,425,176
-
1937
$111,547
29,756
after rents. —12,840
1,298
15,223
Net
— —
1938
$5,420,044
2,451,078
232,500
225,000
866,175
Operating income
Other income (net)
4,361
......
$193,773
$207,668
21,147
$1,334,612
47,977
$1,151,278
94,826
$207,636
$228,815
187,172
18,937
$1,382,589
/
748,690
71,723
$1,246,104
747,690
73.020
Maintenance
(incl.
Taxes
income
-
—
291,978
.
58,407
*
272,587
50,655
23,875
229,526 '
40,362
263,566
89,480
50,864
23,476
def5,800
Pittsburgh Steel Co.—New Vice-President—
Garrett A. Conners has been elected Vice-President
'
Relations.
.
Int.
'
■
Pittsburgh & West Virginia Ry.-
Albion
.
,
—
1938
$233,499
exp.
50,301
143,349
59,775
56,430
151,212
a
1936
$279,437
1937
$417,306
73,875
From Jan. 1—
.
.
1,125,780
372,232
381,049
309,114
,
■
2,368
,
3,592
$421,802
Exclusive of approximately $138,615 to be refunded to electric con¬
b Exclusive of $30,355 estipnated excess in rates proposed and
under
rate
837,431
271,282
147,960
i
$22,454
$559,808
252
$5,767
-
Section 113
of the Public Service law pending determination
of gas
proceeding by the Commission.—Y, 148, p. 2441.
.
661,699
128,371
,
—
filed with Public Service Commission over former rates; and held in suspense
100,896
200,961
2283.
0266
& misc. deducts.
sumers.
88,577
'
.
railway._797,083
.236,726
Net from railway
Net after rents
187,172
14,963
long-term debt--
on
<
Earnings-
1939
$266,724
.
Gross from railway
Postal
827,168
■
Amort, of debt disc't &
»•
Net income
V. 148, p.
13,863
Other interest
in Charge of Industrial
Joseph H. Carter, Vice-President in Charge of Operations and
Bindley, were added to the Executive Committee.—V. 148, p. 1973.
Gross from
2,723,664
282,324
-440,742
•
437,190.
...
'
Net from railway
Net after rents
330,989
ta;x
provision).
—V. 148, p. 1972.
March-
610,600
_____
Deprec. (retirem't exp.)_
FfQm Jan. 1—
Gross from railway
Net from railway.Net after rents.
$1,223,443
Operating expenses
1936
$85,985
12,764
'
$1,262,739
648,786
78,043
103,242
Gross income..
$72,693
13,097
•
78,483
108,087
Total oper. revenues._
1939
$80,179
24,168
March—
Gross from railway.
Net from railway
Market
Quincy
Cold Storage
&
Warehouse
Co.—
Accumulated Dividend—
Directors have declared
.
a
dividend of 75 cents per share on account of
on the 5%
cumulative preferred stock, par $100, payable
May 1 to holders of record April 20.
\
Accumulations after the current payment will amount to $3.50 per share.
—V. 148, p. 1818..
accumulations
Telegraph-Cable Co.—To Move Offices—*.
Returning to the former home it occupied for 35 years,
Company will
its entire executive offices back to 253 Broadway in the City Hall
A 10-year lease has been signed with Trinity Church,
the owner of the building, covering six floors, with office space of approxi¬
move
section about June 15.
Radio-Keith-Orpheum Cor p.-^-Reorganization—
mately 60,000 square feet, in the building erected at Broadway and Murray
St. by John W. Mackay, founder of the company.—V. 141, p. 3872.
Under the plan of reorganization dated Nov. 20, 1936, as
Postal Telegraph & Cable
Further
Corp.—43 % Assents to Plan—
Deposits Urged by Committees—
'
,
Holders of the 25-yeaj* co)l. trust 5%
one
.
gold bonds and 25-year coll. trust.
,
and debenture stock must accept.
The two committees are asking holders of the securities for prompt,
acceptances to the plan in order that the acceptances be available by
May 11, 1939, when an adjourned hearing to confirm the plan is to be held
an
holders of part-paid certificates for 10-year
Reading Co.—Earnings
Period End. Mar. 31—
Railway
Railway
committee includes:
Cecil P.
Stewart,
Allan B.
$2,237,219
779,414
$873,987
$.3,675,928
215,438
988,164
Railway oper. Income.
Equip, rents (net)
Joint facility rents (net).
$952,193
Dr46,189
Drll,153
$658,549
024,407
06,407
$2,687,764
Dr9.203
021,358
Net ry. oper. income.
-V. 148, p.2442.
Paul E.
Salinger.
1939—12 Mos.—1938
1939—Month—1938
$4,005,057 $13,326,774 $11,578,816
3,131,070
9.650.846
9,341,597
$4,595,789
3,306,497
$1,289,292
337,099
$894,851
$689,363
$2,559,258
$1,581,251
Net
Cable & Radio Corp.
bondholders'
oper. revenues.
oper. exps
rev.
from ry. oper.
Railway tax accruals
Corp. common stock at the rate of 115 shares for each $1,000 principal
amount of such debentures; $20 principal amount of income
debentures,
series B, of All America Sira Corp.; and 20 shares of commo stock of New of
the protective committee includes:
be
for each share:
purchase for a
period of 10 years one share of new common stock at $15 per share, or
for a period of five years one-half of a share of new common stock at a
price of $10 per share.—V, 148, p. 2284.
by the Court, and both committees recommend its acceptance.
Under the amended plan, bondholders will receive for each $1,000 or £206
principal amount of bonds or debenture stock the following:
$40 cash;
5 shares (aggregating $300 par value) of 4% non-cumul. pref. stock and 20
shares of common stock of Postal Telegraph System, Inc.; $160 principal
amount of income debentures of Commercial Mackay Corp., with the
attached warrants to purchase, at $8.70 per share, New Cable & Radio
In adition to Robert Lehman,
preferred stock, and
6% gold debentures and common
Holders of present common stock will be entitled to receive
1-6 of a share of new common stock, and an option warrant to
feasible"
Manheim; Secretary, Walter H. Bennett, Harris Berlack, Charles V.
Howard, Charles G. Meyer, Edwin L. Weisl, and Frazar B. Wilde.
The
gold debentures and
stock may make such election with respect to the new common stock to
received in exchange for the debentures represented by the certificates.
both.
The reorganization plan has been found to be "fair, equitable and
preferred stock and five shares of new common stock.
respect of each $100 of debentures .43 of a share of new
order of the U.S. District Court for the Southern District of New
If the requisite number of bondholders accept by th it date, further
delay and expense, will be avoided, the notice says. Acceptances to the
plan, together with the bonds, should be sent to Bankers Trust Co., 16 Wall
St., N. Y. City.
After such bonds are stamped, they will be returned bo bondholders by
registered mail without charge.
Because acceptances may be revoked
until final Court confirmation of the plan, the New York Stock Exchange
has advised that on sales of the bonds on the Exchange, both stamped and
unstamped bonds will be a delivery, thus assuring but one market cjuotation
for
new
stock, will be entitled to receive, in respect of each $100 of partpaid certificates, .65 of a share of,new preferred stock, 4.875 shares of new
common stock and option warrants to purchase for a period of 10 years
9.75 shares of new common stock at $15 per share, or for a period of five
years 4.875 shares of new common stock at a price of $10 per share:
Holders of 10-year 6% gold debentures, may within 20 days after con¬
firmation of the plan, file notice in writing with the trustee of election to
receive in lieu of the five shares of new common stock to be received in
Lehman, Chairman of the protective committee, and Cecil P. Stewart,
Chairman of the bondholders' committee, that holders of 43% of the bonds
and debenture stock have already accepted the amended reorganization
plan.
Before the plan can be consummated, holders of 66.2-3% of the bonds
York.
share of
Holders of part-paid certificates for 10-year 6%
common
5% debenture stock, both due July .l, 1953 were notified April 26 by Robert
under
modified apd
confirmed by order of the U. S. District Court for the Southern District
of New York, dated April 1J, 1939, holders of 10-year 6% gold debentures,
due 1941, will be entitled to receive, in respect of each $100 of debentures,
,
Red Rock
Drll9,303
Bottlers, Inc.—-Register with SEC-
See list given on first page of this department.
$1,457,805
0102,088
Volume
148
Financial
Republic Aircraft Products Corp.—Stock Sold—Offer¬
ing of 89,000 shares common stock (par $1) was made
April 17 at $2.50 per share by, Brown, Schlessman, Owen &
Co., Denver.
The issue has been heavily oversubscribed
and the books closed.
Proceeds
will
be
used
for
expansion
and
148,
capital.—V.
working
Chronicle
To Purchase
St. Louis Southwestern
Ry.—Annual
Richmond Fredericksburg &. Potomac RR.March—
1939
1938
1937
1936
$796,892
191,905
65,598
$876,976
280,462
149,538
$726,922
180,209
79,312
2,367,320
669,130
266,812
2,192,724
451,867
123,839
From Jan. 1—
Gross from railway
Net from railway.
after rents
2,001,454
413,927
152,892
2,524,277
788,616'
392,046
—V. 148, p. 1975.
will be taken as to whether a final dividend will
■
;; ■
..•••
'
Further announcement as to the rate and date of payment of the second
interim dividend on "New York Shares" will be
given oy the Chase National
Bank at a later date.—V. 148, p. 889.
be declared.
•
Ruberoid Co. (&
,■
Avge. dist.
1938
v
,
2,748,011
3,040,949
,_
$94,427
$193,759
_.
Does not include the Ruberoid Co.'s equity in
Ruberoid Co. Ltd. (England).—Y. 148, p. 1657,
the
earnings- of the
RR.—Earnings—
March—
"
1939
1938
.
$282,194
9,243
Net after rentsdef9,608
— _
From Jan. 1—•
Gross from railway777,465
■.
.
Net from railway._____
Net after rents.
1936
$242,487
def41,494
def56,685
664,826
defl50,227
def239,312
742,315
863,508
35,777
def 12,726
def 71,381
"1939
Gross from
railway.
railway.
defl05,420
1938
1937
1936
$956,131
514,846
404,069
292,602
461,204
309,983
$567,680
197,042
116,765
2,504,847
1,250,709
930,481
'J,
$868,576
2,464,742
2,680,668
1,703,666
1,114,170
785,350
1,274,568
879,573
$972;673
f
"
Gross from rail way __
Net from railway.
Net after rents
...
,
613,427
388,616
—-V. 148, P; 1975.
Earnings Cal. Years
Subs.)—-
1938
1937
1936
$1,106,855
$1,559,191
$1,551,419
$1,248,311
981,774
1,252,160
1,196.642
1,011,212
Gross revenue-$125,082
$307,031
83,096
$354,777
147,187
$237,099
68,272
$390,127
160,380
109,139
7,000
$501,964
167,257
108,748
sales
....
Cost of sales, operating &
general expenses, &c
_
_
102,209
_________
Total income
$227,291
154,597
80,356
Int. chgs.& other deduc.
Deprec. and depletion._
Provision for taxes
x250
common
y
v
per
_
1
_
_
stock.__
share
Provision for Federal and State taxes
Par
$lo.
v
'
Par
z
$25."
,,
:
.
No.
of tons
income of
on
46,204
z92,482
Nil
,
subsidiary
company,
,
J
1939—12 Mos.—1938
$1,342,197
1,081,403
131,642
102,817
„
$25,567
def$8,758
$43,945
1937
$
S
Assets—
$26,334
"•
x308,862
.240,954
49,877
250,110
Other market, in v.
253,042
293,407
Notes & accts. rec.
120,157
131,674
Materials, supplies
& coal on hand.
105,247
123,080
5,883
"
9,777
2,454
65,112
650
652
Sinking fund dep.
for.
redemption
$
$
1,131,739
945.773
305.70
310.48
315.08
306.85
17,414,757
19,845,445
18,297.037
14,898,079
accrued
Int.
expense
bonds,
42,960
incl.
freight
3.3041
receivable
53,030
60,646
4,519,421
12,404,435
Properties, plant &
1
purch..
57,875
7,831
65,500
20,211
39,305
18,492,202
21,115,983
10,842.37
12,208.95
4.2424
4.0319
4.3959
3.9724
15,854,525
9,166.85
^.0273
13,199,346
7.470.00
10,735,734
2.9965
2.7099
5,261,458
6,164,162
5,001,750
3,042.10
3,488.53
2,796.00
1.3994
1.2625
mile of rd
train mile
5.0022
Operating expenses
13,564,474
Oper. exps. per mile of rd
7,953.14
Oper. exps. per train mile
3.1119
Net operating revenue._
4,927)728
Net oper. rev. per mile of
road
2,889.23
Net oper. rev. per train
mile_
1.1305
1.0046
.
a21,360
.2,761
.
......
1938
1937
5,418,625
13,579,849
Mail, express, &c
Incidental, &c_
Total oper. revenue..$18,492,202 $21,115,983 $19,363,508
Expenses^
»•'.♦
■
Maint. of way & struct
Maint. of equipment-._
•
Transportation
General, &e__-_._______
Tptal oper. expenses._$13,564,474
Net earnings
4,927.728
Tax accruals_-—
1,249,409
St. Louis-San Francisco
Period End. Mar. 31—
34,853
13,951
Total income
Other deductions
$48,805
7,342
Bal. avail, for int., &c.
or
$41,463
Operating income.___ $3,678,319
1,733,466
2,154,521
872,003
5.175,576
800,166
$5,037,043
$4,152,088
22,542
2,645
9,410
19,471
268,703
'
20,991
1,216
' 8,241
285,550
277,705
19,632
7,779
.'8,546
261,763
Total ry. oper. income $3,994,317
$4,570,872
$5,334,763
$4,449,498
1,275,32.5
1,023,305
2,140
30.693
4,632
"
Rent from work
Deduct from Ry.
Income—
•
>
freight cars.....
Rent for locomotives
1,214,873 '
2,019
29,102
'
Rent for pass, train cars.
Rent for work equip....
5,505
Jdint facility rent deduct
722,795
Net ry. oper. income.
Total non-oper. income.
$2,020,021
82,871
Gross income........
$2,102,892
Deduct, from Gross Inc.
•
Separately oper. pro. loss
Int.
on
unfunded debt._
invest-
3,129
•
55)121
9,470
720,470
744,410
$2,227,179
93,921
$3,271,248
"
72,659
$2,644,318
"•
78,596
$2,321,100
■
$3,343,907
$2,722,914
3,061
2,391
218
216
223
3.688
2,087,955
1,157,653
'4,056
3,358,000
21,341
4.433"
2.065,163
.
946,964
funded debt.*..
on
1,511,879
3,418
60,379
9,037
758,980
3,049
2,670
accruals..
of
5,989
'
Rent for leased R. & E_.
Miscell. rent deductions
Maintenance
3,247
'
Hire of
tax
,
•
Oper.
.
...
114
1.499
254
7,157
.'X—
$926,877
Net deficit-—
2.844
1,736
'237*
9.996
119.754
30,552
'
152
585
10,047
4,734
15,249
$944,163
1,942
$455,195
•
year gold bonds.
Reserves
L
2,315,000
Common stock
Preferred stock.
_
_
surplus
2,542,000
3,346,689
z884,500 y2,290,500
654,200
711,700
1,388,713
4,195,932
4,120
313,996
Total
5,418,625 13,579,849
Ry.—Earnings of System1939—3 Mos.—1938
$3,706,307 $10,543,383 $10,422,559
3,394,142
9,623,922
9,923,908
16,493
xl41,205
x729,949
12,635
37,435
41,876
$29,128
6,547
x$103,770
22,571
$22,581
x$126,341
System) Dec. 31
Condensed Balance Sheet (Entire
$
1937
.
Liabilities-
stock-
Common
-.122,134,372 122,283,307
Inv. in affil. cos.
4,327,444
4,408,447
Other investm'ts
7,010,045
7,010,115
Preferred stock.
Miscell
.
property....* "■
Cash.....
Special
145,370
2,303,294
,
depositsl
778,698
139,274
1,183,997
ductors'
Miscell.
.....
to affil. cos...
218",736 Loans
.
101,726
Traffic
703,231
serv.
1,919
531,998
861,310
4,000
4,000
Mat'l & supplies
1,675,074
2,174,270
641
4,503
Other curr. assets
25,649
26,307
6,358
advances
8,616,676
Other def. assets
Accts.
and
205,718
debits...
340,000
& wages.
Miscell.
Tax liability....
on
1937
accounts
to
507,948
12,362,734
2,211,744
1,156,257
10,592,869
1,504,780
842,705
come
1936
68,534
39,260
9,972,911
def53,278
def636,102
468,643
<
569,588
401,263
100,593
7,626
8,268,862
7,766,671
183,732
187,957
233,139
8,792,186
17,203,569
17,202,936
1,093,551
1,093,551
prop.
thru income..
$3,576,657
486,679
226,265
10,121,453
899,327
255,862
7,626
Accrued deprec.
tired
$4,265,027
817,252
203,565
5,609,506
funded
Funded debt
1938
2,018,237
int.
Other def. liab._
x$705,557
$3,548,234
393,928
119,557
1,239,719
8,078,643
159,418
149,754
accts..
Unmatured
Add'ns
1939
841,035
23,930,878
Other unadjusted
x$688,072
17,484
$3,558,581
429,375
18,858,335
car
Int. mat. unpaid
Prem.
*
balances
payable
debt
Other unadjusted
2,825
53,120,500
bills
accrued
fund
25,431
52,754,500
5,913,785
and
738,415
1,919
acctij!..
Working
construction..
128,465
bale.
Loans & bills rec
$
17,186,100
19,893,600
Non-negot. debt
payable
Traffic, &c., bal,
$
17,186,100
19,893,600
Grants in aid of
Bonds
physical
1937
1938
'
$
Road and equip¬
Earnings of Company Only
3,103,121
909,684
5,852,143
873,345
$4,258,569
Oper. Income
deficit.
March—
! 2.461,053
3,412,747
3,538,578
956,939
7,001,483
944,779
$15,854,525 $13,199,346 $10,735,734
5,261,458
6,164,162'
5,001,750
1,002,888
1,127,119
849,662
ment......
1939—Month—1938
Net ry. oper. income—
Other income.
$15,737,484
«*
2,561,576
2,710,248
980,355
6,410,412
901,884
expenses.....*.
Other Ry.
1935
.
Int. & divs.'rec.
Operating revenues
$3,693,921
Operating expenses.3,265.102
1936
.$17,414,757 $19,845,445 $18,297)037 $14,898,079
-304,220
354,457
•
313,310,
206,871
562,479
593,161
541,562
477,658
210,746
■322,918211,599
154,876
Assets-—
4,786
,
Net after rents.
_
Consolidated Earnings for Calendar Years
Freight revenues
Passenger
1938
_._j
x
Includes $57,850 cash in bank to meet bond interest,
y Par $25.
Par $10.
a $6,672 current and $14,688 not current.—V.
148, p. 2442;
V. 147, p. 3169.
From Jan. 1—
Gross from railway
Net from'railway
6,001.30
of tons of company freight carried (not included in
freight in this table) during year ended Dec. 31, 1938 was 759,001
tons, 1937, 1,278,503 tons, 1936, 951,549 tons, 1935, 562,655 tons.
compen.
z
Gross from railway
15,737,484
8,797.30
Note—Number
Agents and con¬
Net from railway
Net after rents.
.
8,328.07
5.0898
revenue
41,294
Deferred income..
1st mtge. 5% 50-
Capital surplus...
Indicates loss
0.0113
'
accr.—local
and Federal.'
Earned
x
3.4678
0.0109
10,354.98
5.6160
19,363,508
10,958.53
5.7267
revenues.__*•
revs, per
revs, per
3.4498
0.0101
11,474.34
.
Frt. rev. per train mile._
Oper.
Oper.
3.1479
0.0108
10,210.64
ment organization
Miscell. income charges.
un-.
presented coups,"
Dividends payable
Taxes
47,239
1st M.
accr. on
payable
bonds..*..'..
Sundry notes and
Total
736.906
amt. rec. fro each
rec. per ton per m.
Frt. rev. per mile of road
Int.
"
Accts. payable and
Accident
of
Privileges
Liabilities—
1937
*
'
...
Investments"
equipment.....
944,703
Avge.
Miscell.
1938
U. S. Govt, sees..
acc'.ts
1 mile
carr.
per mile of road
Average distance haul of
1 ton (miles)
equip..
Jpint facility rent income
$21,903
$278,518' $1,246,899
231,412 >
1,005,183
31,775
122,901
24,088
74,870
19,502
1938
expenses
$0.0181
.
107,418
7,616
Consolidated Balance Sheet Dec. 31
Prepaid
$1.1601
$0.0169
Rent forom locomotives.
Rent from pass, train car
■>'
.
$338,200
264,193
28,938
-
income..
Cash.*.
$1.3161
$0.0182
_
212,240
16,950
1939--3 Mos.—1938
Expenses, taxes, &c-__Interest, &c___.__
Deprec. & depletion.
Net
$3^5 ,371
Earnings for 3 and 12 Months Ended March 31
Period End. Mar. 31—*
Gross earnings.j._
'
1935
•
$7,91 lprof$l 13,608prof$209,010
34,866
36,854
40,575
45,018
" 91,725
184,964
y88,450
z91,620
z92,482
Nil
$0.84
,
$1.82
__
Preferred dividends!
Common dividends
x
$1.3129
$0.0188
pass.
—
Traffic
St. Louis Rocky Mountain & Pacific Co. (&
Shares
$1.3675
per
Revenues—
401,037
Net after rents..
From Jan. 1—
Earnings
63.96
$206,871
••
March—
Net loss
78.03
$313,310
•
St. Louis Brownsville & Mexico Ry.—
-Earnings-
Other income-
6,375
71,96
$354,457
.
def8,238
def76,7l7
—V. 148, p. 2284.
1937
$314,136
8,976
def6,434
$241,823
def39,021
def68,561
_
10,513
72.63
$304,220
from
No. of tons carried of frt.
earned revenue
5,270,654
6,304,401
5.303,862
4,296,139
No. of tons carr. 1 mile.
1611238,798 1957,399303 1671,162217 1318,251621
ton of
$2,847,191
'
x
Gross from railway
Net from railway.*.
11,233
(miles).
rec.
per mile
Operating
Loss for period
19,428,775
1935
178,319
11,405,120
revenue.___
Total pass,
Avge. amount
Avge.
1939
-J.. $2,653,584
'
______
Net
carr.
1936
238,066
18,576,896
269,976
9,473
Total freight revenue._.
Cost of goods sold, expenses, depreciation and Federal taxes, less other income
Net from
222,465
16,156,722
_
..
Subs.)—Earnings—
3 Months Ended March 31—
Net sales.
w
revenue
1937
1938
*
ings
No. of pass. carr. 1 mile.
No. of pass. carr. 1
mile,
per mile of road
Avge. receipts
\
closing the books decision
Rutland
xr
No. of pass, carried earn¬
each passenger
Royal Dutch Co.—Dividend—
The Chase National Bank of the
City of New York has received infor¬
mation from Royal Dutch Co. that the board of directors decided to declare
a second interim dividend of
8% payable April 25, 1939 and that after
Report-
Traffic Statistics Years Ended Dec. 31
-Earnings
$860,858
266,131
112,925
Gross from railway
Net from railway
Net after rents
x
Equipments Due May 15—
J. M. Kurn
and John G. Lonsdale, trustees announce that instalment of
principal of equipment trust certificates, series
CO, maturing May 15, 1939,
together with interest coupon (No. 22) from all
outstanding series CO certi¬
ficates, maturing May 15, 1939, will be purchased at their face value on
and after
May 15, 1939, upon tender at the office of C. W. Michel, eastern
representative, 120 Broadway, New York City.—V. 148, p. 2442.
P. 1975.
Net
2603
thru
& surpl.
Misc. fund
Other
Deficit-
140,098,468 147,996,815
-V. 148, p. 2443.
'
res..
70,914
70,914
164,980
164,980
approp'd
surplus
Total
re¬
in¬
12,031,154
10,900,051
Total....... 140,098,468
147,996,815
St. Louis-San Francisco & Texas
$121,900
12,497
def28,746
1937
$128,554
19,711
def25,197
344,404
16,063
deflO.3,898
318,473
6,177
defl24,I07
260,352
def64,420
defl70,591
$103,607
railway.def2,365
after rents..
def37,756
Gross from railway
From Jan, 1—Gross from railway
Net from railway
Net after rents
331,637
19,810
...
def87,446
$1,731,162
yl936
$920,855
1,318.204
38,277
1,553,735
37,263
933,937
35,849
831,063
34,944
$4,279prof$140,164
10,460
14,272
$48,931
14,044
$13,019
16,560
$154,436
6,568
loss$34,887
$3,541
Operating loss.
Other income
$6,181
7,628
Balance, profit
St. Maurice Power Corp.—Plan Approved—
New plans for financing the corporation's 16o,000-h. p. development on
the St. Maurice River, undertaken jointly by the Shawinigan Water &
Power Co. and the Brown Corp., have been approved by the Quebec
Electricity Board, it was announced at Montreal, April 20.
Shiwinigan
has advanced $2,200,000 and $300,000 more will be required in a few weeks.
St. Maurice Power has been authorized to create $20,000,000 of 1st mtge.
bonds.
of
Interest
Deficit..
J. A. Bower,
elected
a
Executive Vice-President of Chemical Bank & Trust Co.,
3,017
$1,131,397
121,639
Operating re venue.
Operation, maint., adminis., &c—
Taxes (other than income taxes)
,
_■
Land, buildings,
mach'y,eqpt.,&c
Goodwill
$964,438
347,544
463
on
funded debt
Other interest
.......
Provision for income taxes
1
42,414
176,569
$320,082
68,752
262,500
.......
Co.—V. 148,
San Antonio Uvalde & Gulf
,March—
78,624
_
Net income
Excludes Saguenay Electric
3,500
3,400
72,919
223,781
542,746
'
Deferred charges..
1938
def62,401
247,328
44,562
Acceptance
2,000
98,500
98" 500
11,218
20,719
Total....... ..$1,269,550 $1,422,078
Net income..:
'
.
def846
384,740
102,519
def2,548
$644,750
378,900
$472,986
$253,360
44,076
$265,851
y41,601
$209,925
30,817
$209,284
26,414
129,612
$224,250
21,954
zl80,870
$179,108
16,774
—,—
.
common
22,192
"
Earnings for 3 Months Ended March 31
1939
1938
$227,896
$238,394
Earned finance, interest, &c
74,457
Direct income charges
71,739
96,915
General operating expenses
97,868
Company is notifying holders of its 6% notes due July 15, 1937, residing
outside of Germany, of an extension to and including May 14, 1939 of the
time for the acceptance of its offer to extend the time or payment of the
principal by five years until July 15, 1942.—V. 148, p. 448.
■
•
Fixed charges on 5% debentures.....
Provision for Federal taxes.
.$1,061,542
Net profit
y
1,260,000
$0.65
Shs.cap. stk. (par $5)..
Earnings per share
x
1937
1,260,000
$0.09
$1,739,019
1,050,000
$1.46
1,260,000
$1.24
Before Federal surtax on undistributed profits,
income and
capital stock taxes and
dividends.—V. 148, p. 1657.
y After int., Federa
other charges, but before preferred
.
Balance, Dec.31._l-_
$158,048
6,780
29,310
'
Total
Dividends
on
Dividends
on common
preferred stock
stock
r
x$65,761
135,362
$0.32
x Includes
$7,117 of capital surplus not available for dividends under
restriction provided in trust indenture for 10-year 5% convertible deben¬
1939—Month—1938
exps.
•
,
,
$57,119
«
' 1939—2 Afos.—1938
•
•
$30,497
Shs. of com. stk.
Earns, per share com. stock
,
tures
&
deprec., but before
special chgs. & credits
dated June
Master
Favors $2,200,000 of $3,820,743
Total—
A
Cash in banks &
Repossessed
claim
and its subsidiaries.
.
$819,590
«.
Cash
surr.
Ids.,
on
..$3,719,000 $2,904,000
4% coll. tr. bonds
payable
15,353
6,380
10,176
Accts.
11,490
Through Jay Slonim, assistant to U. S. Attorney John T. Cahlll, the
Government had filed claims for $3,820,744, including interest up to a year
Sink, fund & treas.
The demand was based on the contention that the National Distillers
Corp., to which certain interests had been transferred by companies of
Sink, fund deposit
officer
ago.
the Schulte group, was not
been accomplished in 1933.
party to the reorganization alleged to have
Mr. Slonim contended that the so-called re^
a
organization was actually an intricate series of sales, in which taxable
profits were made. Mr. Olney disallowed $1,602,350 of the amount sought,
ruling that it was outlawed by the statute of limitations.—V. 148, p. 2133.
Seaboard Air Line
March—
'
Gross from railway
Net from railway..
►
1939
1938
$4,033,292
955,433
428,155
12,111,585
2,690,128
1,156,637
11,213,871
12,389,107
3,419,032
1,948,658
10,003,344
1,807,050
656,224
738,558
9,865
45,000
106,249
84,313
4,650
17,878
loss
credit
68,096
17,961
Deferred Income.
10-yr.
5%
.
222,369
393,000
394,500
451,981
debentures
cum.
60,018
240,003
conv.
449,540
pref. stk.
586,204
576,204
Paid-in surplus—
36,358
Earned surplus—
121,958
36,358
111,479
Com. stk.
1936
x
After
..$5,845,653 $5,075,981
reserve
Total.
for depreciation of $24,564 in
(par $4)
$5,845,653 $5,075,981
1939 and $23,803 in 1938.
—V. 147, p. 2547.
Servel, Inc.—Bonds Called—
Directors have declared
a
dividend of 40 cents per share on the capital
year 5% gold bonds
of principal amount
p.
Seversky Aircraft Corp.—New President, <fee.—
Sears, Roebuck & Co.—Sales—
Period End. Apr. 23—
W. Wallis Kellett
1939—4 Wks.—1938
1939—12 Whs.—1938
$49,159,636 $40,156,151$125,428,184$106,778,151
New Vice-President—
Vw
*
F. B. McConnell was elected Vice-President in Charge of Retail Admin¬
istration and E. P. Brooks, Vice-President in Charge of Factories at a re¬
board of directors —V
at
148, p. 1976.
a
was on
April 18 elected President of the corporation
meeting of the board of directors.
proposed changes in capitalization of the company were approved
the annual meeting of stockholders held in Wlimington, Del., on April 11,
The
at
,
on April 25 authorized the calling for redemption
July 1, 1939, of the company's remaining outstanding first mortgage 20aggregating $500,670.
The redemption price is 105%
and accrued interest to date of redemption.—V. 148,
1657.
The board of directors
on
stock, payable May 15 to holders of record April 29. Similar amounts were
paid on Dec. 30, Nov. 15 and May 16, 1938, and a special dividend of 20
cents was paid on Dec. 30, 1937.
See also V. 147, p. 3923:
7,587
used
$3,686,165
871,610
503,543
Total..
2,261,187
part,
for
(par$25)
1 937
$4,489,365
1,373,406
882,128
32,335
45,395
losses
53,212
6%
Seaboard Surety Co.—40-Cent Dividend—
cent meeting of the
66,606
Furn.A fixtures.
.
11,128
."
reserves...:—.
20§
Reserve
in business
—V. 148, 1976.
Sales
«
expenses
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents.
Dealers'
11,720
Ry.—Earnings—
$4,259,900
1,012,895
495,658
Net after rents
debentures.
66,281
misc.
&
taxes.I
Def. chgs. & prepd.
x
for in¬
14,929 Accrued Fed. inc.
14,929
Automobiles
Int.
taxes.
of
150,000
......
pay.
surance, &c._,_
Acer.
value of
life
Mar.31,'39 Dec.31,'38
,
notes
trust
payable
auto¬
mobiles, &c
Accts. receivable..
,
$658,611
4,308,540
:
Liabilities—
Coll.
°
on
...
Notes receivable... 4,881,813
recommending approval of about $2,200,000
for income and excess profit taxes against
of the
D.. A.
Schulte, Inc., of New York was filed April 21 by Peter B. Olney Jr., special
master in reorganization proceedings of the Schulte Retail Stores Corp.
Government's
1, 1936.
Mar.31/39 D^c.31,'38
hand
:
'
memorandum
Federal
$71,974
144,013
$0.35
Balance Sheet
$68,151
$163,630
Assets—
Special
$91,554
5,489
20,304
6,557
36,003
$121,958
146,551
$0.27
Balance, March 31
outstanding (par $4)
.....
Subs.)—Earnings—
[Exclusive of Schulco Co., Inc.]'
Period End. Feb. 28—
$114,534
Cr360
$46,569
111,479"
Net income.
•
•
$47,642
x43,912
...—
„
Schulte Retail Stores Corp. (&
Loss after admin,
$56,313
,58,221
11,720
Adjustment of accrual Dec. 31, 1936.
1936
x$364,712 x$l,813,272
10,709
41,392
77,862
8,022
7,451
___•—
_.
1938
1937
$182,008
.....
Schenley Distillers Corp. (& Subs.)—Earnings—
1939
17,667
79,180
57,500
—
,343,097
115,242
Works, Inc.-—Bond Extension—
far. 31—
246,287
__
stock
•
3 Mos. End.
183,767
65,900
Paid in preferred stock
$1.21
$1.42
$1~27
Earnings per share on common stock.
x Includes Securities Investment Corp., predecessor corporation,
y In¬
cludes $1,946 surtax on undistributed profits,
z includes $70,721 paid by
issuance of preferred stock, par value $25 ($0.50 per share).
.
315,254
def29,413
defl31,584
1937
$937,955'
293,205
$6,54,864
401,505
divs.—paid-in cash
Paid in
xl936
$656,753
1938
$972,844
317,980
...
Com. stock
Repre¬
Corp.—Earnings—
Preferred stock dividends—cash._
$124,629
48,536
19,767-
22,468
income taxes
Customers deps
Customers deps...
Capital surplus...
Capital surplus...,
55,567
6,437
General operating expenses.
Fixed charges on 5% debentures..
1936
1937
32,860
Federal
for
Prov.
Operating profit before Fed. taxes.
Provision for Federal taxes...
$134,735
* 35,029
Common
$444,958 in 1938 and $412,733 in 1937. y
by 122,700 no-par shares, z Notes only.-—V. 147, p. 3321.
Direct income charges
—V. 148, p. 1975.
Saxon Pubjic
613,500
136,471
y
Earned finance, int. & inspr. income.
1819»
p.
.
Net after rents..
stock.
Notes & acc'ts pay
Accrued items
.........$1,269,550 $1,422,078
Securities
$341,766
68,751
840,000
$375,000
Aftet depreciation of
sented
43,429
169,647
'■
78,188
$287,05,3
68,752
262,500
$117,927
def.3,917
def36,739
.'Gross from rail way
$123,916
Net from railway
9,656
Net after rents...def23,789
From Jan. 1—
zll,815
3,342
acc'ts receivable
Total
1937
1938
613,500
Earned surplus—
Earned surplus...
•
Long-term notes &
RR.—Earnings—
1939
Gross from railway.360,018
Net from railway.
." '
39,459
1
Inventories
.
$996,062
359,750
3,281
84,054
171,982
77,366
.
Preferred dividends..
Common dividends
$513,728
1
3,000
of expense
..
z$27,072
$375,000
Years Ended Dec. 31—
of issues of
bonds, notes and pref. stock
Provision for depreciation..
Amortization
$976,429
354,494
222
$502,582
...
3,400
75,723
250,716
418,971
x
Total income
$21,334
Loss.
z
Liabilities—
Municipal bonds..
$981,677
14,384
3,603
t
Notes & accts'rec.
$972,826
z$31,212
4,140
5,228
5% cum. pf. stock
.
Stk; in foreign corp
$1,179,581
.136,361
61,540
$946,035
18,403
Balance.
Other income.
$5,606
,
1937
1938
Cash..
$1,163,281
131,039
59;417
63,723
,
z$26,405
Assets—
x
Saguenay Power Co., Ltd. (& Sub's.)—Earnings—
1937
:
$16,105
Balance Sheet Dec. 31
will redeem by lot on June 1, 1939, at 101% and accrued
interest, through operation of the sinking fund, $827,000 principal amount
of its outstanding 10-year 4% sinking fund debentures due June 1, 1947.
I Payment of the drawn debentures will be made on June 1 upon surrender
to The Chase National Bank, 11 Broad Street, New York, trustee.—V.
148, P. 2133.
•
:
1938
y6,298
*
-
.
,•
$3,354
2,252
Includes provision for Federal income tax.
y
FCompany
xl939
-
1936
$163,616
188,'801
6,027
.$394,625
372,226
$331,873
320,202
7,327
990
z$28,276
1,871
Net profit
3,259
»
-—...
—
Other income-
i
3 Months Ended March 31—
'
Operating profits
Debentures Called—
$227,153
250,399
5,030
....
Int. on other charges—
Federal income taxes.__
16 Weeks—
_
..
Costs and expenses
Apr. 15, '39 Apr. 16, *38 Apr. 15, '39 Apr. 16, '38
$28,989,479 $27,885,792 $111165,937 $109551,349
Period Ended—
Stpres in operation
$3,525
1937
1938
1939
Net sales
Safeway Stores, Inc.—Sales—
Sales
sur$39,960
Including subsidiary,
'■
'
H. K. Williams, formerly
elected a Vice-President, and
J. H. Michaeli, formerly Assistant Secretary, was made Secretary.
He
continues as Assistant Treasurer.—V. 148, p. 2442.
-
—four Weeks—
-.
Seagrave Fire Engines, Ltd.
y Includes the
period in 1936 of Seagrave Fire Engines, Ltd., a sub¬
sidiary which discontinued its operations during February, 1936.
,*
" •
Earnings for Quarter Ended March 31
assistant to the President and Secretary was
•
$38,266
3,000
operations for a short
director of this company at the recent annual meeting of stock¬
holders, replacing Edwin M. Bulkley.
At the organization meeting or directors
x
$9,279
dividends
$525
$38,266
The first series will be limited to $10,000,000 and carry a coupon
Safety Car Heating & Lighting Co.—New Director, &c.
Interest
"""853
$4,591prof$122,338
4,687
64,000
18,378
Net loss
Common
4,065.
2.525
2,530
3,144
charges
Preferred dividends
5%, maturing on April 1, 1969.—V. 146, p. 2384.
was
$852,988
z23,000
Prov. for Fed. inc. taxes.
Other
x
•
1937
1938
andI
admin, expenses, &c__
Prov. for depreciation ._
Cost of sales, selling
—V. 148, p. 1975.
-
xl935
$1,352,203
Calendar Years—
1936
$86,522
defl9,211
def55,504
Net from
Net
Seagrave Corp.- -Earnings—
Ry.—Earnings—
1938
1939
March—
1939
April 29,
Chronicle
Financial
2604
^nd the following were elected directors for the ensuing year: Alexander P.
de Seversky, who is now in Europe; Paul Moore, Livingston Piatt, Mr.
Kellett, Joseph W. Powell, John J. Daly and Horace N. Taylor. See also
V. 148, p. 1976.
*
Volume
Financial
148
Selected
Chronicle
Company further offers to all bondholders who accept the above offer,
opportunity to purchase at face amount and accrued interest from
Jan. 1, 1939, to May 1, 1939, for delivery on May 1, any bonds of this
issue which remain unallotted for
delivery in exchange, and which are not
allotted to Barrow, Leary & Co., which firm has agreed to purchase at
Industries, Inc.—Earning
the
Income Account for Calendar Years
r
1938
$1,348,814
1936
$2,369,900
15,192
$1,765,480
3,188
$1,348,814
$2,117,106
$2,385,093
$1,768,668
90,928
161,001
257.204
62,866
Total income...:
1937
$2,103,972
93,914
230,456
192,979
62,383
12,764
101,204
237,331
71.217
62,889
182,557
Salaries
General expense
Service fee.
Interest.
Taxes..
Prior
of
1935
13,134
,
Infract & dividends
Miscellaneous income.__
Par and accrued interest to April
of the issue.
Written offers to
15, for May 1 delivery, up to $200,000
purchase and remittances to cover must
Whitney National Bank prior to April 14.
The price to Barrow, Leary & Co. of par and accrued interest to April 15,
for May 1 delivery, is
equivalent to a price of 99.76% with accrued interest
to date of delivery.
Barrow, Leary & Co.'s initial offering price to the
public of the bonds sold to it will be 103% and accrued interest.
be filed with
11,953
84,986
7,646
43,307
Offering of Bonds—Barrow, Leary & Co., Shreveport, La.,
offering $200,000 15-year 1st mtge. real estate & leasehold
over-accrual
years
capital stock tax.._
Crl 1,000
Net income
Divs. $5.50 pref. stock._
Divs. $1.50 conv. stock.
1,416,618
are
$787,815
$1,537,373
1,560,445
636,478
—
1939
Comm.
on
$323,963
75,021
^
.
1936
$42,650
350,498
company.
The bonds are dated Japi 1, 1939, due Jan. 1, 1954.
Whitney National
Bank of New Orleans, trustee.
Authorized $935,000.
Indenture will provide that upon its execution the company, after
$302,693
$393,148
48,456
56,327
16,051
$272,315
20,607,681
reserving a $5,000 operating fund, will deposit with the trustee all accumu¬
lated funds on hand less amounts required for redemption of bonds now
outstanding and expenses incurred in connection with the issue of the se¬
curities registered hereunder, and thereafter, so long as the new bonds
are outstanding, will deposit monthly with trustee all operating profits
of the company determined after payment of operating expenses of the
company (such expenses, however, not to include any iteri s not entailing
actual expenditure of money, taxes on the mortgaged property, and insur¬
ance and indemnity premiums)
such monthly deposits to be less any
amount reserved to maintain the $5,000 operating fund.
Indenture will
14,898
19,169
$432,440
51,759
67,609
13,902
$ig2,396
Balance, surplus, Dec. 31 12,237,319
$157,759
12,449,906
$299,169
20,635,249
General expenses—
Service fee-.--..
Taxes.
86.592
,
41.649
....
39,174
Net income.........
Inc. & profit & loss acct.
from Jan. 1
1936...^
3,101,811
Dr664,955
Sale of securities...
Company will receive in cash on or prior to May 1, 1939, the'gross
proceeds of all bonds sold and not exchanged.
All outstanding bonds not
exchanged will be redeemed on May 1, 1939, at 103 and interest with
funds realized from the bonds sold and with other funds
supplied by the
1937
$26,512
276,181
underwrite
Total—
1,774.912
$27,731
398,135
6,574
1938
$22,959
301,004
Dividends..
bonds at 103 and interest.
$1,438,220
$1,899,687
2.517,887
846.086
Earnings for 3 Months Ended March 31
3 Mos. End. Mar. 31—
Income—Interest
2605
3,084,753
2.394,498
Dr392,095 Cr2,086,465 Crl,850,600
,
——
provide that all rentals from all leases of record at the execution of the
Total surplus
...„.
stock
_
Divs.
350,150
on conv.
account of
The
1.053,695
440,763
more
159,119
__
3i....$14,516,421
unrealized
$4,188,124
358,675
stock (on
arrears)
Balance March
*
indenture will be paid by tenants directly to the trustee.
All amounts sp
deposited with the trustee are to be applied by the trustee for the purposes
of paying taxes, insurance and indemnity premiums, and interest on the
bonds, in accumulating a $50,000 reserve fund, in purchasing bonds for
retirement on tenders and in redeeming bonds by call.
With the trustee's
.$14,866,572 $15,300,323 $25,415,381 $22,730,595
250,000
Prov. for Ped inc. tax..
Divs. on $5.50 cum. pref.
approval, such funds also may be used for any purspses connected with the
business affairs of the company as they relate to the mortgaged property,
including, without limitation, replacements, repairs and improves ents, and
payments, compromise arid settlement of claims and lawsuits.
Such funds
may also be used by the company for the payment of dividends on the
company's capital stock within certain limits.
Indenture will provide that bonds are redeemable on any interest date
in whole or in part, upon published notice at Certain specified prices.
>
$14,941,648 $24,565,499 $21,676,900
depreciation of investments
on Dec. 31, 1938.
March
on
1939
31,
was
than
Balance Sheet
Mar. 31 '39 Dec. 31 '38
-
*1.sscts
§
Cash in banks
Invests, in
Interest
&
payable.
17,121
20,635
Due
162,489
125,852
Res.
divids'
for
383,142
.
286,217
109,724,
88,204
_
103,405'
for expenses,
taxes, &c.__...
dividends..
366,475
Bank
368,568
loan
,
due
Mar.
1,
1942
(int. 2% per an.) 10,000,000 10,000,000
$5.50
cum. pr.
($25 par)..
$1.50
cum.
Sloss-Sheffield Steel & Iron Co.
stk.
....
6,383,750
6.383,750
Calendar Years—
conv.
stock ($5
....35,784,574 36,472,459
Investments owned
x
market
or
at
on
Total...
35,784,574 36,472,459
March 31, 1931 are carried at the lower of cost
that date.
Subsequent purchases are carried at cost.
In¬
market quotations as at March 31, 1939, or, in the
absence thereof, on their then fair value in the opinion of the corporation,
junounted to $29,544,803, or $4,418,767 less than the amount shown,
vestments
based
on
850 shares"$5.50
p. 3620.
y
_
Int.
Directors have declared
readj. of pref.
dividend of 22 cents per
a
of the
further interim dividend
was
.
61,211
127",469
-
,
•.
50^892
131",683
"Shell"
98,729
$589,645
360,183
99,318
$1,474,827
bl, 113,825
148,977
$868,463
456,631
loss$25,221
$130,144
6,690,597
'Cr2,127
$212,025
6,495,150
Drl6,577
$411,832
6,083,318
def$25,221
6,108,538
$6,690,597
$6,495,150
$6,083,318
Consolidated Statement
,
a
1938
46,451,530
creditsi
or
After the deduction of all expenses
a
Gross income________$l 1,073,421
Deprec., depletion, &c.
9,567,449
771,631
Federaltaxes
256,074
Minority interest
-
...»
Earnings pershare
on
\
■„
Months
3
Ended, March 31,
$
Cash
1937
31
$478,266
),980,808 $13,849,737 $11,086,831
),826,044
8,904,791
8,336,695
547,275
577,926
"
761,437
$2,907,447
"
1,528,202
1,664,051
1,076,900
1,519,999
34,567
(less r§s.)_——.
290,110
46,603
779,420
1,784,307
•
.....
30,712
Sinking fund.
Real est., bldgs.
,
I
674,138
499
....
x
27,018
•
equipment...20,425,167 20,078,246
Deferred charges..
38,240
59,096
&
$3,674,479
Repairs
&
relinlng. I......
Insur. flre-...Work.'s
$1,681,984
are
•
being retired with funds derived from
a
five-year
bank loan recently negotiated between the company, Chase National Bank,
Continental Illinois National Bank, and the Bank of America.
The principal sum of the loan amounts to $2,300,000 retirable over a
period of five
years with interest at the rate of 3.1 %.
After deducting the
provide for the retirement of its debentures, the com¬
will have approximately $875,000 available for additional working
capital.
\
Bwsed on normal retirement and after deducting the call premium, it is
amount necessary to
pany
estimated
that
total
saving in interest amounting to approximately
$200,000 will result from the refunding of the debentures.—V. 148, p. 1182.
a
20,565
922,617
922,617
4,631
248,998
71,947
SCO
&
502,295
30,712
I_. 5,947,300
9,931,800
Earned surplus— 6,822,868
Total..........24,789,637 24,930.927
x
After deducting depletion
Total
.
64,809
21,927
con¬
tingencies......
Company has called for redemption on June 1; 1939, its $1,401,000 of
15-year 6^ % convertible debenture, series A, due May 1, 1945, at 101M
.
443,827
27", 470
comp.,
Com*, (par $100)..
.
296,739
Fed.Inc. tax...
Signal Oil & Gas Co.—Debentures Called—
The debentures
....
$
Res.:
Land rentals
,
68,082
Interest accrued..
Workmen's comp.
Pref.stock.
./
250,060
68.,231
Accounts payable.
Taxes accrued
1937
167,657
'
Unpaid wages
Inventories
Investments
1938
Liabilities—-
.
and accrued interest.
'
•
.
1937
.
Notes & accta. rec.
1936
673,377
19,163
Comparative Balance Sheet Dec. 31
Research
Net profit
,,
1939
and Federal income taxes——...—$226,444
99,318 shares of.com. stock ($100 par)
$1.39
1938
Assets—
$59,312,316 $59,643,305 $49,950,191
45,331,508
45,793,568
38,863,360
700,042
the
Earnings for
•
Other assets
Interest....
of operation, research, administra¬
b In¬
Net profit af(;er charges
ofEarnings—Quarter Ended March
$57,524,951
_
tion, repairs and renewals, taxes * other than Federal income tax.
cluding special dividend of $11.21 per share.
(& Subs.)—Earnings-—
1939
Grossoper. earnings
Expenses..--.
_
Balance surplus
This is equivalent to
V, >:
Shell Union Oil Corp.
•
Surplus at Jan. 1....
Miscell. debits
Transport & Trading Co., Ltd.,
4
-V. 148i p. 1977.
188",438
266,627
Surplus at Dec. 31-„ $6;822,868
on the common
This compares with
quarterly dividend of
Further "notice of the rate and date of payment of the dividend in New
York will be given by the Chase National Bank at a later date.—V. 148,
745.
65,303
18,750
49,770
,
share
declared at the rate of two shillings per British
ordinary share,.payable in London on May 22, 1939.
four,shillings per "American Share."
p.
33,167
23,184
Net incdme
Preferred dividends.
Common dividends.
Transport & Trading Co., Ltd.—Interim Div.—
board of directors
"
•
8,782
stk.
cap.
1935
.
$1,205,809
890,240
129,268
865,039
198,939
on
Prov. for Fed. inc. taxes
Surtax on undfs. profs.
The Chase National Bank of the City of New York has received infor¬
mation from its London office that at a meeting held on April 21, 1939 by
the
underl. liens
1936
$2,330,588
$2,976,745
897,922
230,123
prior stock in 1939 and 450 shares in 1938.—V. 147,
cum.
tock, payable May 15 to holders of record April 26.
13 cents paid on Feb. 15, last, and previously
regular
20 cents per share were distributed.—V, 148, p. 2444.
Shell
on
purch. property
—
Interest on notes
Investments written qff.
Loss on property retired^
Exps. in connect, witht
*
Shawinigan Water & Power Co.—-To Pay 22-Cent Dip.—
#
$1,726,894
849,932
146,853
Depreciation.
Depletion.
Corn. stk.
Total
Company is
-Earning
1937
1938
Gross income
a
par).: 2,121,585
2,121,585
($1 par) 2,056,940
2,056,940
Surplus.......
14,516,421 15,339,130
y Treasury stock.. Dr5l,685
Z)r27,309
1925.
engaged in the general business of owning and operating a large office
building, the Slattery Building, constructed in part on land hold in fee
and in part on land held under leasehold, and in owning and leasing other
parcels of improved commercial real estate in the City of Shreveport, La.
Company's capital stock consists of 2,100 shares of authorized common
stock (no par), all of which is issued and outstanding, and has a stated
value of $250 per share.
No part of this stock is held in the company's
treasury.—V. 148, p. 1658.
385,235
securs.
purchased
receivable, &c_.
Spec, deposits for
Company Was incorporated in Louisiana April 8,
$
Int. accrued & divs
607,318
secursx33,963,571 35,350,086
Rec.for securs'.soid
31 *39 Dec. 31 '38
Mar.
Liabilities—
§
1,274,918
190,845
24,865
6,047,3009,931,800
6,690,597
.......24,789,637 24,930.927
and, depreciation reserve of $14,837,847 in
1938 and $14,213,270 in 1937 and underlying liens on purchased property,
notassumedof $1,153,900 in 1937.—V. 148, p. 1339.
Socony-Vacuum Oil Co.—Annual Report—
John A. Brown, President, says in part:
During the first part of the year 1938 general business activity in the
United States continued the downward trend which began in the autumn
of 1937, but during the last half of the year conditions improved.
The
general average of the entire year was not as good as in 1937. Consumptioi
products increased towards the close of the year compared with 1937,
but the price levels continued their downward trend.
Our gross crude oil production all countries for the year was 70,106,527
barrels.
Refinery runs were 112,508,127 barrels of crude.
The total sales
volume of crude and products was 136,579,922 barrels.
These figures are
all in terms of barrels of 42 United States gallons and include our proportion
of 50% owned companies.
In 1938 we paid $116,475,818 in taxes.
This figure includes $71,584,397
of gasoline taxes collected for the States.
The total of all of these taxes is
equal to 129% of our payroll for the year.
Tax and payroll figures men¬
tioned do not include 50% owned companies.
Capital expenditures during 1938, including our proportion of 50% owned
companies, were $86,021,000.
Approximately 71% of this was for our
operations in the United States, and part of the remainder was spent for
material in the United States.
More than half of these expenditures was in
the production branch of the business.
Work continued in Venezuela and Colombia looking to future production
of oil
Signode Steel Strapping Co.—New Director—
a
At the recent annual stockholders meeting Aplfred Marchev was elected
director replacing H. C. Porter.—V. 147, p. 3923.
Slattery Co., Inc.—Exchange Offer and Sale of Bonds—
dated March 31 affords the following:
A prospectus
Company has outstanding $940,745 bonds dated as of May 1, 1935.
$930,000 of such bonds are of $1,000 and $500 denominations, and $10,745.40
of $179.09 denomination.
No offers are made by tne company to
are
holders of outstanding bonds of $179.09 denomination.
Company offered to each holder of outstanding $1,000 and $500 bonds in
exchange for such bonds held 15-year 1st mtge. real estate & leasehold
bonds due Jan. 1, 1954, on the basis of dollar for dollar, face amount.
Written acceptances and bonds held, with coupons from Nov. 1, 1938,
attached, must fbe filed and deposited with Whitney National Bank of
N6w Orleans, 228 St. Charles St., New Orleans, La., prior to April 14.
[A total of $735,000 old 6^s has been exchanged for the new 6Ms.\
Ex¬
change of bonds will be effected on May 1.
At the time of exchange the
company will pay interest at 6 H % Per annum from Nov. 1,1938, to Jan. 1,
1939 on the outstanding bonds exchanged.
fcqm those count irjes. No producing wells have yet been drilled on our
properties in Venezuela.
In Colombia substantial progress was inade in
constructing the 12-inch pipeline to connect the El Barco property with a
deep water port.
The pipeline, extending 255 miles, should be completed
during this year.
Wells have been drilled on the El Barco property with
Financial
2606
be
potential capacity estimated sufficient to permit pipeline operation to
economic rate upon its completion.
Our company started construction in 1938 on a program of refinery
started at an
instalations to use a
called for redemption April 26 at 110 and dividends and
the notes were exchangeable at the rate of $110 of notes for each share of
preferred stock.
See also V. 148, p. 1819.
Preferred stock was
Houdry Process Corp.,
catalytic refining process of the
Socony-Vacuum is a substantial stockholder.
One unit was com¬
pleted at Beaumont, Texas, by the end of the year and is now
satisfactorily.
Additional units should be completed during the current
believed that these plants will increase
year at various other points.
It is
the efficiency and profit possiblities of our refineries.
The funded and long-term debt (incl. our half of the
guaranteed debt of
Co.) shows an increase of $51,699,000 compared with
such debt carried in the consolidated balance sheet at Dec. 31, 1933, with
an increased annual interest charge of $617,000.
The company maintained
a strong cash position and at the end of 1938 had about $20,000,000 more
in cash and marketable securities than at the end of 1933.
The important changes in the company's business position can be ex¬
pressed in terms of crude oil production, refinery runs, and sales.
At the
end of 1933 our gross daily crude oil production world-wide was 108,363
barrels and at the end of 1938 was 188,990.
The crude oil runs to refineries
during 1933 were 212,140 barrels daily and in 1938 were 308,241barrels
daily.
The total volume of sales for the year 1933 was 96,429,661 barrels
and in 1938 the total volume of sales was 136,579,922 barrels.
Sales
Colombian Petroleum
include
figures cover both crude oil and products and
our
50% owned companies.
Our increased volume of petroleum
is in line with the growth of world demand, and we have not
share of the total business.
increased our
Years
Consolidated Income Account to Calendar
' 1938
1937
$ 1
$ '
■
Gross oper.
proportion of
product,sales
1936
$
1935
•$
,
518,560,374 472,560,181
income.....544,213,976 574,024,726
CCTtalexpemS?ff?.f.T423,672,959
431,023,418 400,961,459
Self-ins. prems. charged.
2,316,633
2,339,364
Federal and other taxes_c44,229,955 y48,038,945 y40,857,433
396,538,802
2,079,030
*9,479,918
76,741,482
Colorado Power Co.—Earnings1939
Southern
in which
operating
Apr// 29, 1939
Chronicle
Years Ended
Opera ting revenues
Operation expense.
Maintenance and repairs
—
Provision for
8,993,293
7,331,422
6,000,389
2,962,921
31,454,293
z2,387,183
30,350,097
z850,444
30.252,285
30,584,024
52,554,297
39,638,364
Net income
—
applied retroactively in
the accounts.-—V. 148, p. 2444.
Southern New England
Period End. Mar.
$423,244
i 1,342,365
12,733,188
(other
funded debt)_
Less interest paid
849,530
loss65,314
operating income.
826,163
1,300,318
1,751,041
10,717,957
9,591,324
11,016,937
"
:
discount on
63,272,254
49,229,688
3,137,561
1,928,622
&
Prem.
exp.
on
33,455,282
bonds
Misc. deduc's from ixlc.
500,362
347,521
2,522,193
1,300,000
A
—
after rents
Net
bl,045,426
,
See y
to minority.
interest (net)...
803,386
277,122
26,556,890
43,173,943
57,264,979
See y
Provision for inc. taxes.
500,000
i
4,342,162
See y
after rents
—
Cr311,164
264,580
456,716
>233,390
Ry.—Equipment Trust Certificates—
The Interstate Commerce
profit accruing to
corporation
*...40,106,917
/Dividends
paid........115,575,536
56,808,264
24,920,857
42,909,363
21,805,123
22,525,892,
9,345,442
31,206,07 1
share.....
$1.29
31,151,071
$1.82
31,151,07 1
1
$1.38
31,151,075
..
$0.72
\Shs. cap. stk. (par $15).
^Earnings
per
.
Depreciation, retirements and other amortization,
b Net adjust"
arising from conversion of foreign currency assets and liabilities,
c Taxes
included above:
Federal, State and foreign inqome taxes, $7,505,642, Federal excise taxes $20,586,953 and property and miscellaneous
taxes, $16,137*359.
In addition there was collected for States gaoline taxes
a
ment
amounting to $71,584,397.
x Taxes other than income taxes.
•
,
y Taxes included above:
Federal, State and foreign income taxes, $9,704,864 ($7,970,229 in 1936); Federal undistributed profits taxes, $1,924,946
($1,192,777) in 1936.
Federal excise taxes $21,239,355 ($20,034,262 in
1936); property and miscellaneous taxes $15,169,780
in 1936);
total as above $48,038,945 ($40,857,432 in 1936).
In addition, there was
collected for States gasoline taxes amounting to $69,131,172 ($64,422,956
in 1936).
>
z Amortization of intangible development costs capitalized after Dec. 31,
($11,660,093
1935.
*
Consolidated Balance Sheet
:
:
>
,
A Qvpfit
,
,,
'
t.
Cash.
c
.....
Marketable securities at cost
Accounts and notes
receivable
lower of cost
Crude & refined products, at
Materials and supplies at cost..,
62;393,288
38,155,521
4,326,158
and others
133,130,605
a Real estate, producing properties, pipe lines, re¬
fineries, vessels and distributing stations
— .479,173,355
Prepaid and deferred charges.....
12,083,072
Total
•
*
.....
•
Liabilities—
Accounts
payable..:
payable._
Notes and loans
Taxes
payable.
—
...
—
__________
_
Reserve for future on
'
1937
4,799,780
131,516,372
457,125,753
11,927,616
923,438,918 905,213,255
1936
1937
$
$
..
40,584,972 41,750,197
8,538,100
8,109,889
*___ 14,521,939
-17,417,716
6,000,000
5,000,000
foreign exchange. .
Oil Co.
Oil Co., Inc., 15year 3 Yi % debentures
18-year 3M% sinking fund debentures
Compagnie Industrielle des Petroles 5% serial
debentures, maturing 1938-1955
Advances from Standard-Vacuum
•V
Minority int. in cap. stock and surp.
b Capital stock (par $15)...
Capital surplus
Earned surplus..
of sub. cos..
Reserve for insurance..
17,837,736
17,491,681
50,000,000
75,000,000
50,000,000
75,000,000
927,361
2,157,973
958,807
1,396,607
5,585,551
948,591
2,919,588
3,088,546
475,626,780 475,626,780
106,694,226 106,553,515
106,970,677 83,100,761
14,700,760
14,143,420
923,438,918 905,213,255
a After reserves for
depletion, depreciation and amortization of $504557,424 in 1938 and $496,855,097 in 1937.
b Includes 461 shares still to be
issued in 1938 (511 in 1937).
c Market value $38,310,224 in 1938 and
$63,609,447 in 1937.
d 502,381 (557,381 in 1937) shares at cost.—V. 148,
Total
p.
Net from
all
before surtax
1938
1937
stock.
New 4% Notes
of $12,755,000 4% 15-year secured notes due 1955
issued to the holders of 5
% preferred stock in exchange for their
A
total
has been
holdings.
756,747
1936 .
$7,780,375
2,25.5,623
1,532,757
22,451,947
5,981,992
3,805,316
^
20,876,719,
4,343,453
1,344,841
3,751,116
•—Jan. 1 to April 21—
1939
1938
—Third Week of April—
1939
1938
(net)... $2,364,255
—V. 148, p. 2444.
Gross
earnings
$34,298,281
$2,239,303 $38,515,930
,
Spokane International
$57,882
12,578
5,402
Gross from railway
Net from railway..*...
after rents
Net
From Jan.
.
1—
Gross from railway.....
Net from railway—...
after rents-..
Net
—V.
Ry.—Earnings-
' 1939
'
March—
—...
,172,581
40,838
"
19,670
1938
*
1937
$64,504
16,767
$61,373
12,033
4,571
8,737
'
.
145,818
10,374
defl0,266 "
148, P. 1977
•
1936
$52,502
11,591
* 2,998
„
148,477
,27,852
6,250
181,717
34,046
9,557
.
(^& Subs.)—Earnings—
countries of certain subsidiaries included for similar
Standard Brands Inc.
(Operations in foreign
periods ended Jan. 31 or Feb.
.
1939—3 Mos.—1938
Period End. Mar. 31—
Gross sales,
28)
1939—12 Mos—1938
less discts.,
allowances.
Cost of goods sold
Selling, adminis., & gen.
exps.
(incl. prov. for
doubtful receivables).
returns, &
$26,828,802$26,607,557 $108,509,199
17,541,298 16,534,158 71,001,279
$117,238,468
76,089,200
27,855,552
30,142,940
7,175,676
7,440,901
$2,111,828 $2,632,498
82,599
92,536
Gross income
$9,652,368 $11,006,327
532,299
476,894
$2,194,427 $2,725,034
34,261
44,588
Net profit from opers.
Other income credits
$10,184,667 $11,483,221
377,477
526,150
315,714
1,683,506
1,608,646
$1,767,110 $2,364,731
$8,123,684
225,000
225,000
900,000
1,897,216
6,640,750
$9,348,426
85,753
862,500
1,581,177
$0.1219
Income charges
Prov. for Fed. & foreign
$0.1692
$0.5711
$0.6790
426,841
423,783
1,720,648
1,660,179
public.—V. 148, p. 1340.
393,056
income taxes.
period
Net inc. for the
Divs.—$7 cum. pref
Net income per sh.
common
Deprec.
incl.
9,486,081
of
stock
in cost &
other accts before ar¬
riving
for the
x
Solvay American Corp.—$12,755,000
Exchanged for Preferred Stock—-
1938
$7,300,873
1,749,089
23,123,277
railway..—..
6,523,148
after rents———
Net
x
1939
$57,424
$55,426
$16,348
$0.07
$0.07
$0.02
charges including provision for Federal income taxes, but
on undistributed profits.—V. 148, p. 890.
Net profit
Earnings per share on common
x
After
—-
Common
Corp.—Earnings—
March 31—
1939
From Jan. 1—
$4.50 cum. pref
Sonotone
x
railway.
after rents
Net
890.
3 Months Ended
.
f
$8,139,405
2,436,063
1,530,758
Date
1937
$9,650,664
3,338,263
2,221,561
26,422,629
8,374,500
5,407,370
Earnings for March and Year to
.
Gross from railway.
Funded debt—Socony-Vacuum
Purchase obligations
Deferred credits
.v-'.'m
March—
35,204,610
63,382,130
58,502,431 58,302,884
of mkt.124,864,,519 130,726,418
10,809,969 12,227,692
d Socony-Vacuum Corp. stock
Invest, in and advances to affiliates
indicate the change
Net from
1938
,
dividend warrants in payment, in the event of default/to the
series FF certificates heretofore issued, and (2) so as to
in the date of the equipment trust agreement and lease
from Jan. 2, 1939 to Jan. 3, 1939.
,
.
The Commission also modified its order of July 7,1938, (1) so as to permit
not exceeding $2,700,000 of equipment trust certificates, series EE, to be
amended by subordinating them and the appurtenant dividend warrants
in payment, in the event of default, to the remainder of such series EE
certificates heretofore issued, and (2) so as to indicate the change in the
designation of $13,500,000 of such certificates from Southern Ry. equip¬
ment trust, series EE, serial equipment trust certificates to Southern Ry.
equipment trust certificates, series EE.
appurtenant
remainder of such
Gross from railway
Dec. 31
its order of
of equipment
them and the
Commission on April 18 modified
8, 1938, (1) so as to permit not exceeding $1,200,000
trust certificates, series FF, to be amended by subordinating
Dec.
Net
1,272,966
def99,276
defll4,925
2,119,142
140,845
49,377
148, p. 2444.
—V.
Southern
Applicable
$470,058
13,167
2,972
.
,
Net from railway......
1936
1937
$727,568
25,598
defl4,535
1938
$503,496
def92,427
defll0,809
1,740,142
1,537,704
107,132 * defl88,155
60,127 def237,587
Gross from railway
Net
31,4.54,260
6,950,274
2,920,712
41,811,598
10,077,489
5,163,966
Lines—Earnings—
From Jan. 1—
40,340,307
•
Gross from railway.
Net from railway
2,550,000
1,000,000
■
2,793,320
1,233,615
-
1939 s$630,931
43,894
26,027
March-—
2,864,796
called for redemption_
Prov. for loss on miscell.
invest. & advances...
Res. for future loss on
foreign exchange.....
Southern Pacific SS.
.2,730,209
1936
$11,165,783
1977.
—V. 148, p.
J
*.-..4,372,528
funded debt
,
\
1938
.
1937
$11,696,675 $14,553,439
1,557,853
3,480,470
def321,935
1,773,366
1939
34,990,279 32,763,737
"7,108,261
3,928,370
1,865,308 defl ,.540,473
..
Net after rents
Interest and discount on
$922,500
704,481
Co.—Earnings—
■
Net from railway
&
fund. debt 47,258,647.
$1,252,452
364,222
$888,230
722,872
384.080
.■
.
Gross from railway.....
Income before interest
$1,306,580
;' V
■
Southern Pacific
March—
1,716,251
16,674,623
than on
1977.
148, P.
Gross from railway.....$12,904,162
Net from railway
—_
3,156,655
Net after rents
l..
1,296,569
From Jan. 1—
■
>
1,106,716
Net income-.-*.....
13,000
$4,342*081
3,089,629
$288,924
234,171
Net oper. revenues...
Operating taxes..
11,948,972
12,018,275
$299,743
277,496
$1,529,960
Net
17,500,786
123,501
12,500
$4,519,778
3,213,198
$1,460,729
1.051,337
$409,392
120,468
Operating revenues. __
Operating expenses
—v.
603,198
1,366,604
Telephone Co.—Earnings—
1939—3 Mos.—1938
$4,532,278 $1,355,081
1939—Month--1938
$1,533,960 $1,464,729
„
$4,000
$4,000
31—
Operating revenues.....
Non-oper.
9,372,563
$218,450
statement of income accounts net income for the year,
ended Feb. 28, 1938, has been reduced by $34,363, and for the year ended
Feb. 28, 1939, $5,696 to reflect adjustments applicable to the period prior
to April 30, 1938, included therein of amortization of debt discount and
expense on J st mortgage gold bonds, series A 6 %, due July 1,1947, outstand¬
ing at Feb. 28,1939, charged to surplus as of April 30,1938, which has been
«
16,737,314^ 10,927,626
\
763,448
445,915
644,734
...
664
Note1—In the above
22,438,345
inc. (net)—
Int. & divs. received.
Miscell. inc. (net)
Profit on foreign exqh.
.
and expense
(net)
Miscellaneous deductions.—
Other interest
5,151,724
6,167,661
30,704,698
Net oper. income....
$683,722
411,962
34,363
12,773
6,173
$222,486
funded debt..
Amortization of debt discount
Uncollectibleoper. rev._
73.994,531
$683,057
$683,350
409,698
34,174
11,360
5,632
—
—
Gross income
64,462,429
92,622,998
Operating income....
Reserve for depletion &
lease amortization
Intang. develop, costs..
a
Depreciation..
$682,635
715
....
Other income
Interest on
390,000
53,652
o2o,ouo
Federal and State income taxes-
operating income
Net
137,38b
12o,677
£00,000
3*i0>837
66,497
_
-
-
_
$2'f28,662
$2,341,462
835,815
Appropriation for retirement reserve
Taxes
1938
Feb. 28—
at
net
period
Based
on
income
„
12,648,108 shares in hands of
Southwestern Development Co.—Extension of Note—7
Securities and Exchange Commission a
the Holding Company Act in connection
Company has filed with the
declaration (File 43-197) under
Volume
148
Financial
with the proposed extension of
maturity and the reduction of interest on a
$2,562,298 note maturing July 1, 1941.
The declaration states that a
supplemental agreement between the company and Guaranty Trust Co.,
n,York, provides that the interest
on the note be reduced from
Chronicle
Standard Gas & Electric
p.
4% to
2548.
c
Operating
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended
April 22, 1939, totaled
106,510,248 kwh., an increase of 11.0% compared with the corresponding
week last year.—V. 148. p. 2444.
Standard Oil Co. of Nebraska—-Bids
for Shares—
A.
Newman, 80
Broad
Comparative Consolidated Income Statement
Period End. Mar. 31—
^
A further stipulation is that
deposits must be made on or before the close
of business May 4, which date may be extended at the
option of the pur¬
Should less than 107,000 shares be deposited
pursuant to his offer
Mr. Newman may, at his option, purchase all of the
chaser.
deposited shares but
in no case will he accept and pay for less than
100,000 shares.
"Funds sufficient to enable the depositaries to
pay for all of the out¬
standing shares of the company in accordance with the terms of this offer
have been made available to them," says Mr. Newman in his letter to the
stockholders.
He states that he is acting for interests outside the manage¬
ment.—V. 146, p. 3525.
Rapid Transit Ry.—Earnings—
1937
1936
$125,803
1,348
def32,559
$139,820
def282
def30,014
$133,698
3,757
def31,122
Balance
—V.
399,944
362,254
def8,909
def 110,091
398,054
def256
def 12,851
8,371
def99,962
Stewart-Warner Corp. (&
def88,679
1939
defl20,435
Profit
holders
income
—
1939
;
$1,025,353
Dr29,786
,567
154,310
$841,257
$0.67
1939
Liabilities—
$
..
4,280,795
(less res.)...
of cost
Trade
60,000
631,490
566,744
987,551
180,000
1,217,164
750,000
750,000
Taxes
prepaid
&
Patents,
841,495
828,258
equip,
and
other
losses
240,000
Res. for loss on pat.
claims and other
at
6,786,085
reservei
6,879,790
litigation
85,000
85,000
265,567
for five-year
refrigerator guar
219,444
Res.
licenses,
goodwill,
purch.
accrued liablls..
&c
used in oper
cost less
estate
money mortgage
Land & bldgs. not
Plant
58,914
60,000
Res. for cap.
7,033,106
104,630
"
Non-curr. rec' bles.
25,791
Real
5,379,296
83,343
mkt.)_
expenses,
acceptances
2,000,000
531,256
Rl. est. pur. oblig.
(lower
or
Supplies,
1,164,266
-3,668,925
'
$
400,000
550,388
Accounts and notes
rec.
1938
$
Bauk loans.......
Accounts payable.
689,354
Inventories
1
&c_._
1
•
Res.
for poss. loss
102,354
3,001,024
^•......18,678,622 19,645,079
Comparative Income Statement {Parent Corporation Only)
1939
*
Revenue from subsidiaries—Dividends.....
1938
$809,520
64,518
*
Interest...
i
Other.
$1,004,000
60,903
49,025
3.1,775
Total
$905,813
238,037
.
Other dividends, interest & miscellaneous earnings
on sales of securities
^
_N_,
$1,113,928
a506,728
8,900
•
Profit
Total
earnings.
Operating
Taxes
c
$1,143,850
b.$571,694
...
expenses
—
$1,629,556
b$640,541
38,785
107,178
J
—...
.
__
,
,
Net income
holders
'
$533,371
dividends of $250,311
Includes
a
common
received
on
stock, substantially all of which stock
Dec. 27,
1937.
b Expenses include in
by
owned
that
corporation,
Federal income taxes.
|mNote—The earnings
c
Includes
7,892,615
48,570
49,497
Unadjust.
credits.
Prepayments.....
Sink, fund, repre¬
1,024
10,839
Min.
in
under
stk.
Assets—
$
4,686,830
cos.
addition
$2,922
1938
to
fixed
Liabilities—
$
rental
1,347,500
Sundry liabilities..
4,381,645
4,210,944
hand..
3,661,452
2,845,088
Other notes, int. &
rec.,
13,640
95,209
c
12,332
17,527
Accts. receiv. from
20.732
23,059
5,000,000
8,492,827
-150,185
Capital surplus
Jan.
234,649
Capital stock...
5,000,000
5,000,000
9,183,207
8,805,301
957,651
69,818
Total .........24,151,071
24,950.545
sur.
Jan. 1,
(since
1938)
341,100
contr't
60,091;
71,341
48,523
67,932
Unadjust. debits..
58,839
85,871
24,151,071 24,956,545
....
Office buildings and real estate and depreciation reserves are stated at
31, 1937 amounts (the net representing the then assessed property
valuations), adjusted for subsequent additions and retirements and, in the
case of the reserves, for subsequent provisions for depreciation.
b Carried at written-down values as of Jan. 1, 1932 and cost of subsequent
purchases, except in the case of shares of common stock of Engineers
Public Service Co. remaining after the distribution to stockholders Dec.
27, 1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimated
fair value, of all securities carried in this account, was at March 31, 1939
approximately $6,616,000 (1938—$6,164,000).
Included herein are cer¬
tain securities deposited under a declaration or trust dated Feb. 14, 1938.
c Stone & Webster Service Corp. has an interest in the proceeds of sale
when realized of 20,000 shares of common stock of Oklahoma Natural Gas
Co. held by a trustee under a trust agreement, dated Aug. 11. 1936, such
interest having been acquired in connection with services rendered and to
be rendered during the three years ending June 30. 1939.
Since the ulti¬
mate realization from this interest cannot be determined with certainty
at this time, no part of such interest has been reflected in either consolidated
a
Dec.
d See Note
e
or
in consolidated income statements,
v
a.
Represented by 2,104,391 no par shares.—V. 148, p. 1820.
Steel Products Engineering Co.,
Springfield, Ohio—
Offering—
Wednesday, of an issue
Corp. of Detroit,
of the company's
business at the present time consists of manufacturing aircraft equipment
and parts such as propeller hubs, bomb shades, bomb racks, gun cameras,
gears and other aviation parts.
According to the registration statement, at the present time the Govern¬
ment is taking about 10% of the company's aviation products with 40%
going to private companies.
The other divisiQn of the company's business
is the manufacturing of automatic coal burners, stokers, and special ma¬
chinery for the food/rubber tire, automotive, printing and electrical in¬
probably
expected next week,
on
dustries.
Net income last year
after all charges and taxes Was $269,879 or nearly
Net in 1936 was $44,834.
double 1937 net of $134,437.
3 Months Ended March 3\—
Earnings before taxes
*
1939
1938^
—
$72,169
$27,743
orders on the company's books as at March 31, 1939, totaled
approximately $630,000.—V. 148, p. 1659.
•
_
Paper Co.-*-Ac cumulated Dividend—
Strathmore
Directors
have
declared
a
dividend of $3.50 per share on account
accumulations on the 6% cumulative preferred stock, payable April 1
holders of record
amount to
of
to
March 29.
$18 per
Supervised
Accumulations after the current payment will
share.—-V. 147, p. 4069.
Shares,
Inc,—Sale
of
Stock
England
in
Suspended—
the British Treasury have requested Lon¬
until further notice the sale in
England of shares of Supervised Shares, Inc., a United States investment
tr
Announcement of suspension of sale of the shares
followed
a
suggestion
by the Chancellor of the Exchequer, Sir John Simon, that in¬
Great Britain not buy foreign securities.
The purpose is ito
prevent export of capital from England.
Supervised Shares, Inc., explained that the British action was a routine
step taken once before.
Normally permission to buy foreign securities in
England is revised quarterly.
last
week
vestors
in
Studebaker Corp. (& Subs.)—Earnings—
Consolidated
(rince
1, 1938)...
„
Unfilled
defS3,185
20,548
Income
Account
Years Ended
Mar. 9 '35 to
Dec. 31 '38
Dec. 31 '37
Dec. 31 '36
Dec. 31 *35
domes. & for_$43,768,621 $70,683,261 $68,928,724 $33,837,891
2,231,110
4,054,088 loss909,771
Net profit from sales._loss405,787
Period—
341,100
contract
Furn. <fc equip., less
allow, for depr.
Net sales,
x
24,338
3,800
Deprec. on prop., plant
and equipment
2,699
3,012
Int. at 6% p.a.oi
debs.
846,900
395,880
Amort, of disc, on
Unadjusted debits
19,648
3,506
assets
Total
155,876
274,776
Unamort. dt. disc,
term stk. purch.
Sundry
73,747
Capital surplus...
Earned
Furn. & equip.,less
allow, for depr.
5,000,000
8,157.708
255,487
credits.
Capital stock
Earned sur.
officer und. long-
852
purch.
account
Unadjust.
less
reserve
$
8,381
Res. prov. for long-
term stk.
255,487
•«.
cap.
don & Boston Securities, Ltd., to suspend
1938
65,308
1,272,500
b Sees, of other cos
Cash in banks and
acc'ts
$
Accounts payable.
laxes accrued
from sub. cos
int.
(1938—-$26,500)
1939
4,686,830
pur.
account.."
e
long-term
pur.
term.^ stk.
stk. &sur. of sub
831
31,550
1,203,678
1,397,677
Mat'ls & supplies.
754
548,397
9,260
_
Deprec. res'ves.
Res. prov. for long-
1,915,353
The Lords Commissioners of
Inv. In sub.
502,812
accr.
.
6,473,000
2,178,789
.
$881,836
stated do not take account of the difference be¬
quoted market or estimated fair value of securities
Notes receivable
& taxes
Int.
Sundry liabilities
d
5,622,599
13,463
as
1939
Accounts
7,027,333
10,250
1,312,581
distributed to stock¬
Comparative Balance Sheet March 31 {Parent Corporation Only)
on
6,684.823
6,118,000
payable.
633,941
Notes res., less res.
Accts. & int. rec..
owned.
a
8,894,196
hand..
on
$
$
•
Bonds & mortgage
8,881,190
(Notes
lb) and (c)
1938
1939
.
Liabilities—
Cash in banks and
•
tween book amount and
:
Securides
Sierra Pacific Power Co.
was
payments for space occupied, $129,708 (1938—$143,806) paid to Stone &
Webster Realty Corp. under the terms of its lease of the Boston office build¬
ing
$
of 84,000 shares of common stock by Carlton M. Higbie
and Rawson Liazrs & Co. of Chicago.
More than half
Webster, Inc.—Earnings—
12 Months Ended March 31—
1938
'•
esta„e_____
Offering is
-V: 148, p. 1978.
Stone &
between book
estimated fair value of securities owned.
or
$
Office bldgs. and
Stock
Total
companies,
'
2,933,908
19,645,079
market
1939
5,251,992
Earned surplus...
18,678,622
i
-
.
Comparative Consolidated Balance Sheet March 31
6,209,235
5,447,834
Sierra Pacific Power Co.
•
.
amount and quoted
,88,166
6,209,235
on
on
of Stone & Webster, Inc., other than two small
the assets and net income of which are
relatively insignificant.
The earnings as stated do not take account of the difference
balance sheets
repossessions
Cap. stock ($5 par)
Capital surplus
Total
$732,989
$72,328
received
taxes.
and expense....
$146,275 loss$215,166
$0.12
!_
1938
$
$899,686
$210,708
of $250,311
stock, substantially all of which stock was distributed to stock¬
Dec. 27, 1937.
b Includes $196,801 (1938—$223,382) Federal
Acct. rec, fr. offer
Consolidated Balance Sheet March 31
...
Cr9,460
Notes—The consolidated financial statements include the accounts of all
Total
Earns.persh.on 1 ,241,847shs.cap.stk.
Cash
$723,529
60,471
subsidiaries
$2,055,577
1,030,224
$190,192 loss$214,218
43,917
948
Federal income tax.
Assets—-
i. $960,157
Cr5,441
8,815
applicable to,
by bond trustee.
1937
$923,611
1,095,154
$226,468 loss$171.543
Dr36,276
Dr42,675
...
Net profit
$66,887
5,019
senting cash held
1938
$1,234,618
1,008,150
Operating profit
Other income.
16,510
1,943
209,424
Stone & Webster...
Subs.)—Earnings—
....
Expenses.
.
399,984
148, p. 1978.
3 Months Ended March 31—
Gross profit from operation
1,388
197,793
$1,260,810
309,403
277.870
to
Includes dividends
a
common
From Jan. 1—
_.
871
49,482
minority interest...
real
1938
$137,809
5,223
def30,592
Gross from railway.
231
$215,727
Balance
;
Amount
applicable
a
1939
Net from railway
Net after rents.
!$1,446,022
49,401
Assets—
Gross from railway
Net from railway.
$197,994
76,659
4,094
Balance
Int. on bonds & mtge
Amort.of dt.disc. & exp.
Other interest
St., New York, Vice-President of the
stock, representing approximately 66% of the shares outstanding,
shall have been deposited in acceptance of the offer with the Manufacturers
Trust Co. of New York or with the United States National Bank of
Omaha, Neb.
Net after rents..
$1,379,270
1.016,556
164,721
$335,376
68,019
1,999
Taxes
such
March—
$1,503,389
1,000,883
167,130
expenses
Depreciation
Graham-Newman Corp., an investment company, has sent a letter to stock¬
holders of the company offering to buy shares Of the
capital stock of that
company at $12 a share cash.
The offer is made subject to the condition that at least
107,000 shares of
Staten island
1939—12 Mos.—1938
$5,937,002 a$6,188,023
3,842,883
4,195,803
b648,096
b731,410
1939—3 Mos.—1938
Gross earnings
Gas
Jerome
31, 1939,
$4,674,000 (1938—$3,134,000).
Included herein are cer¬
deposited under a declaration of trust dated Feb. 14, 1938.
Represented by 2,104,391 no par shares,
approximately
tain securities
3 Yi % and that the maturity shall be extended so that the indebtedness will
be payable as follows:
$600,000, July 1, 1941; $600,000, July 1, 1942;
$600,000, July 1, 1943, and $762,298. July 1, 1944—V. 147,
2607
fair value of all securities carried in this account
was, at March
debs.
114,398
14,040,612 13,480,1391
Total
13,480,139
profits and undistr b.
profit taxes
763,611
409,391
118,303
y86,989
634,662
334,739
96,449
575,000
Prov. for Fed. inc., exc.
of Jan. 1, 1932 and cost of subsequent
purchases, except in the case of the investments in subsidiary companies
owning land and office buildings which were written down on the basis of
assessed property valuations as of Dec. 31, 1937.
b Carried At written down values as of Jan. 1, 1932 and cost of subsequent
808,464
406,355
117,427
a
Carried at written-down values
14,040,612
as
in the case of shares of common stock of Engineers
Public Service Co. remaining after the distribution to stockholders Dec. 27,
1937', such remaining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimated
purchases,
except
Net loss for
period.... $ 1,762,4 65
Shs. com.stock (par $1)'.
2,212,792
Earnings per share
Nil
x
z$811,874 z$2,187,783
2,199,371
2,171.643
,$0.37
$1,975,622
2,151,729
Nil
special
Provision for Federal
*
$i.01
After deducting manufacturing cost, including amortization of
tools, dies, &c., and selling and general expenses,
income taxes only,
z Indicates profit.
y
Financial
2608
Consolidated Income Account for Calendar Years
1936
1937
1938
1939
$8,705,512 $19,308,220 $15,738,736
b409,129aloss730,324
1,149,362
431,285
1936
1935
$11,049,450 $13,292,946
24,015
39,060
revenues—
114,355
151,978
$9,656,717
$7,915,474
$11,187,820 $13,483,985
$9,777,783
$8,079,374
10.194,512
1,194.931
218,961
7,700.343
1,078,958
176,654
6,465,601
931,337
1,090
10,188
&for.$15,095,249
Net profit from sales..
Deprec. on prop
plant
and equipment
y
,
226.720
101/39
28,134
194,427
102,563
29,639
195,466
101,969
29,468
211,276
97.361
29,313
Int. at 6% p. a. on debs.
Amort, or disc, on debs.
xl23,000
Prov. for Fed. inc. tax..
$681,516
Deficit Mar. 31
$104,654
1,975,622
sur212,160
81,870,967
16,297,637
24,327
$48,317 sur$911,620
16,780,802
16,460,353
265
Capital surplus Jan. I__cl6,862,555
z Paid-in surplus
83,337
$16,732,750 $17,455,310 $14,450,997
2,199,395
2,183,243
2,155,660
Nil
$0.32
Nil
a
After deducting interest income, less other interest expense of $719b Includes $3,578 from interest income, less other interest expense,
c In¬
cludes $19,200 capital surplus, being the excests of the amount charged to
operations in respect of services rendered over the par value of the shares
issued, arising in connection with delivery of 3,000 shares under the com¬
Netsurplus Mar. 31..$16,181,0.39
Shs.com.s.ock (par$l).
2,215,792
Earnings per share..—
$0.02
pensation plan.
d Loss.
x Excluding surtax on undistributed
Other income
Other oper.
100,164
Total
'
;
of issue exp.
Amort,
21,867
Other deduc. from inc—
78,636
3,271
24,416
150,505
602,240
609,104
79,691
CY285
75,980
Cr8,464
3,271
debentures
Depreciation.
Miscellaneous expense._
$392,982
profit.——
Dividends paid—
stock out¬
standing ($5 par)
Earnings per share
Balance, Dec. 31
or
Total......
$485,005
71.969
$283,647
38,332
—
— — ——
—
—
.
.
.
$413,036
14,903
—
available at close of year.
undistrib¬
Fixed asset3
—
757,116
12,895
-
$319,843
310,477
—
—
— —
_
—L
—— -
$440,835
383,669
817,380
Other reserves
Oth. current assets
18,475
163,773
0.10,990
Other liabilities
245,543
Accrued
Other assets
255,645
350,276
_
-
't
-
_.— —
$38,332
x
z
$92,753
15,736-
;
— - — - —- -
— —
—
(excl. of gains or losses
Total
>
.—■
- —
Amount required to equalize per-share undistributed
in respect of capital stocK reacquired or sold...
a
share..
1938
in
$3,091
—
.
2,371,693
44,832
56,502
interest
-
(cost $9,349,253), $8,081,525;
Co.—Earnings—
order against
capital stock
filed May 26, 1937, and became effective
Post-effective amendments were filed March 29, June 3 and
10 and 20, 1938, and March 29 and April. 17, 1939.
The
lifting of the stop order makes these amendments effective and the original
statement reefective.
The stop order was issued Feb. 24, last.
The commission held the
company's registration included "untrue statements of material facts" and
omitted to state "material facts required" and omitted "material facts"
necessary to make statements therein not misleading."
It is believed that amendments filed after the date of the stop order
$3,026,523
$226,804
$2,784,731
918
12,456
7.568
$227,722
140,542
2,545
$2,797,187
$3,034,091
1,686,500
$43,837
$84,635
Dividends applicable to preferred stock for the
period, whether paid or unpaid-—
______
$1,079,225
$187,002
Gross income........
140,542
Int. on mtge. bonds
'Other interest—
—
2,623
-
1821.
375,678
...
1939
$1,434,466
3 Mos. End. Mar. 31—
'
par)..
share
3,840,000
$0.37
Shs. cap. stk. (no
per
After
taxes.—V.
375,678
$946,605
Sulphur Co., Inc.—Earnings—
Texas Gulf
Net income
25,308
$1,322,283
$703,547
...
-V. 148, p.
Earnings
1,686,500
31,462
—--
Balance
x
stud 00 000 w&rrsjits
1939—12 Mos.—1938
$8,354,792
$S'494,018
4,570,061
4,467,495
1,000,000
1,000,000
"
x
Lifts Stop Ofder—
;
-
742
payable for capital stock reacquired—
The Securities and Exchange Commiss'on has lifted a stop
the registration statement covering 190,000 shares ($l par)
21,791,970 21,921,252
Total...
$186,260
not yet received, $22,311; distribution payable—9c. a share,
$82,424;
liability in respect of scrip outstanding, $7,290; net assets, equivalent to
$8.96 per share on 913,499^ shares outstanding at March 31, 1939,
$8,180,664.—V... 148, p. 2445.
The registration statement was
559,982
9,890.045
expenses.
sin-plus...
1939—Month—1938
$633,066
$677,071
363,473.
366,934
83,333
83,333
Net oper. revenues. —
Net income
cash, $175,371; cash on deposit for reacquisition of scrip, $7,290; dividends
receivable, $35,952; deferred charges, $459; total, $8,300,597; deduct,
Sweet's Steel Co.—SEC
159,474
9,881,593
2,710,395
869
— ..
Balance Sheet March 31,1939
accrued expenses and taxes, $7,909;
18.600
19,909
for depreciation and other reserves of $8,399,$9,166,379 in 1937.
y Represented by $5 par shares,
contracts.—V. 147, p. 1208.
and
Operating revenues.—
Oper. exps.,incl. taxes..
Prop, retire, res. approp.
82,424
Assets—Securities, at market quotations
24,771
265,412
After deducting reserves
Other income (net)..—
net income
—
Balance, March 31,1939---——----%.-,— -
.
On account of sales
Texas Electric Service
$86,384
;
—T.
—
...
Distribution, 9c.
$77,017
9,366
.
Balance, Dec. 31, 1938—
.
Capital surplus
21,791,970 21,921,252
Period End. Mar. 31—
securities)....
on
-
—
Net income for the period
.
$9,366
for 3 Months Ended March 31, 1939
—
_
18,834
— —
.—
...
.
in subsidiaries..
911
Dividend income.
Expenses.
522,756
Earned
Minority
Includes interest.
Income Account
Res. for deb. s. f_.
of excess of
amount
Balance, Dec. 31—.
.
16,667
18,600
300,862
15,6:0
...
952,848
Total.
x
475,517
100,000
Prepayments
over
— .
$
3,599,900
4,268,480
3,823.100
Notes payable
z
1937
.
$
Deferred charges..
stock sold
1938
.
Accounts payable.
notes
&
•
Capital stock... 4,268,480
Funded debt
345,394
3,885.704
—
y
5,000
3,795,602
Covt. securities—
:
Liabilities—
3,584
4,099
Investments
Inventories
•
1937
receivable, &c__
2,136
therefrom
distributions
x
Accounts
— _
—
—
$186,104
857,896
853,696
853,696
853,696
$0.22
$0.41
$1.09
$0.46
Federal taxes on undistributed profits.
$
$
—15,754,310 16,347,482
Cash
profits*. —
Transfer from security profits account
special
x$34 9,330
—
....
Distribution.
$353,298
128,054
14,446
Including $957 provision for
Assets—,
1937
65,683
—
reacquired during year.
Cr38,692
30,188
Crl ,260
Consolidated Balance Sheet Dec. 31
income
Ainount required to equalize per share
uted net income in respect of capital
335,306
5,453
8,589
26,623
Crl,597
$934,678
298,794
16,903
Shares capital
419", 040
,
Dr5,216
a80,874
-
1938
1938
...—:
•
interest
'>
Discount on bonds pur¬
chased and retired
;
Res. for Federal taxes... y
Res. for minority
a
155,488
on
Qther interest paid
,
Years Ended Dec. 31—
Net income, exclusive of security
1,074,564
204,028
Interest
Supervised Shares, Inc.- -Earnings—
Expenses
8,713,924
except deprec.,—
Sell, and admin, exps...
exps.
Net
After deducting manufac¬
dies, &c., and selling
interest and discount
on debentures,
z Arising in connection with stock issued under the stock
compensation plan and stock issued upon conversion of 10-year convertible
y
turing cost, including amortization of special tools,
and general expenses, but before depreciation and
6% debentures..—V. 148, p. 1978.
18,470
145,430
,
.
profits.
1937
1938
Sales
Cost of sales,incl.all mfg.
$699,459'
$56,914 d$l,072,352
738.430 sur 1.024.035
Net profit
Deficit Jan. 1
Dividend
(.& Subs.)—Earnings—
Tennessee Corp.
Months Ended March 31
Consolidated Income Account for 3
Net sales, domes.
19392
April
Chronicle
,
.
.1938
$1,839,687
3,840,000
1937
$2,100,050
3,840,000
.
$0.55
Federal
$0.48
depreciation, amortization,
148, p. 1660.
•
,
1936
$2,149,018
3,840.000
and
contingency
$0.56
income
"
June 5, 1937.
17, and Dec.
.
corrected the deficiencies alleged in the
order.—V. 148,
p.
1340.
Payment will be made at the First National Bank of ©hicago, Chicago, III.,
or at the Irving Trust Co., New York City.—V.,147, p. 3924.
&c_
Profit
on
sale
of
com-
,
pany's bonds retired—*
,
—«
Financing costs
Res. for Fed. & State tax
Net prof it......
Common dividends
Tennessee Central
27,600
5,041
1,629
$7,841
11,875
15,000
12,000
15,000
12,000
loss 713
$76,572
11,030
16,500
14,196
8,219
45,890
loss$l 9,261
7,500
~7~, 500
6,000
Ry.—Earnings—
1938
Net from
railway—
$187,821
39,898
11,974
$248,052
73,075
48,219
1936
583,368
127,623
39,798
552,346
112,729
27,350
657,384
179,266
106,902
-
$196,672
43,045
25,064
602,094
163,318
108,135
1978.
Tennessee Electric Power
revenue
Oper. expenses & taxes..
Prov. for depreciation._
Co.—Earnings—
1939—Mo nth—1938
$1,370,242
796,225
105,000
Gross income
on
pref. stock
Balance
—V. 148, p. 2287.
"1
86,689
54.073
—Earnings—
railway.
Net from railway...
1937
1936
$3,423,560
935,236
465,911
12,241,810
3,566,724
1,990,059
1938
$3,700,981
965,302
427,448
.—
$4,279,182
1,204,898
630,120
2,151,081
882,1.87
'
1939
Gross from
$3,548,893
727,728
208,022
Gross from railway-
10,469,911
2,605.321
'1,021,351
Net from railway
Net after rents
—"V. 148, p. 1979,.
-•
-
Texas & Pacific
1,922,327
321,151
1939—3 Mos.—1938
>,297,746
4,517,074
■
,
458,896
231,233
13,669
Indicates deficit.—V.
Texas Power &
$1,014,390
$423,932
$1,113,695
24,719
975,995
$1,005,240
328,754
$43,580
deductions
charges
$388,795
35,137
$86,498-
$112,981
x$8,995
8,680
99,305
Light Co.—Earnings-
Period End. Mar. 31—
Operating revenues
Oper. exps., incl. taxes._
Month— 193 8
193
$836,769
458,160
1939—12 Mos.—1938
$844,332 $11,229,928 $11,316,216
434,620
5,791,894
5,481,339
Amortiz. of limited-term
investments.
on
mortgage bonds.
on
402
$4,349,552
7,097
$4,792,791
7,169
deb. bonds..
$288,504
177,708
10,000
12,411
$320,561
177,708
10,000
15,692
$4,356,649
2,132,500
120,000
163,974
$4,799,960
2,132,500
120,000
230,463
$88,385
$117,161
$1,940,175
$2,316,997
865,050
865,OoO
$1,075,125
$1,451,947
89,520
$320,159
671
Gross income
Int.
1,041,986
90,630
$287,833
Other income (net)
$2,661,832
1,550,866
Dividends applicable to preferred stocks for the 1
$1,254,408
$1,110,967
$238,514
128,756
$206,406
128,952
$2,805,274
$109,758
$77,454
2,806,181,
period, whether paid
Balance-...
—
...-
tV. 148, p. 1821.
or
—
100
2,088
1,086,394
146
res. approp.
1,550,866
$5,611,455
26,011
988.224
148, p. 2134.
Other int. & deductions.
$442,159
235,753
$896,025
109,215
$346,089
31,460
$5,473,040
2,811,208
$469,017
230,503
456,377
414,626
13,644
8,956
325,013
.
...
Total income
x
>,355,001
"4,546,813
$377,549
Net ry. oper. income-
Other income
Miscell.
9,543,581
Ry .—Earnings—
Mar. 31— 1939—Month—1938
Operating revenues
$2,266,957
$2^232,501
Operating expenses
1,644,262
1,565,290
Railway tax accruals.!.162,709
153,836
Equip, rentals (net).... 108,350
120,504
Joint fac. rents (net).—
« 5,547
4,076
Net oper. revenues
1939—12 Mos.—1938
$1,303,170 $16,975,154 $16,230,140
756,011
10,103,699
9,497,100
105,000
1,260,000
1,260,000
10,390,483
Period End.
Net income—.—
Net income.
Divs.
69,312
-
,
Texas & New Orleans RR.
Interest
Int. & other fixed charges
— _
1978.
March—
Prop, retire,
Period End. Mar. 31—
313,872
112,514
•
def4,355
219,927
35,531
9,426
—
Net income
1937
1—
Net after rents
Gross
8,041
11,875
$198,905
42,695
13,210
Gross from railway
Net from railway
p.
15*005
$11,646
1939
Net after rents
148,
18,000
360,302
163
..
From Jan. 1—
Gross from railway
Fixed
March—
—V.
.
$94,366
11,208
286,921
37,491
9.809
From Jan. 1—
1936
$77,285
747.
Gross from railway
Net from railway.
From Jan.
"
—
11,875
15,000
12,000
Class A dividends
^
11,318
18,000
15,157
8,202
26,400
5,006
2,744
19,500
15,196
8,098
25,163
4,969
2,993
u
$9,962
7H% pref. dividends
5% cum. conv. pref. divs
148, p.
$98,473
12,231
Adm. & gen. expenses..
Taxes
—V.
73
'
$98,112
'
_
Net after rents...!
.
—
Total income
Oper. & piaint. exps
Depreciation.
Interest
1938
.'1937
-$98,400
$94,366
1939
$98,112
____
1936
$112,893
33,673
22,000
1937
$94,803
$86,969
25,274
16,385
Net after rents
Tacony-Palmyra Bridge Co.—Earnings—
3 MoS. End. Mar. 31—
$135,373
47,001
32,713
1938
1939
Net after rents—
A total of $1,000,000 first mortgage s. f; 3 % % bonds due May 15, 1950,
have been called for redemption on May 15 at par and accrued interest.
Earnings—
Ry.
Gross from railway..!..
Net from railway— —__
—V. 148, p.
Swift & Co .—-Bonds Called—
Tolls,
Texas Mexican
March—
unpaid
—
.»
Volume
148
Financial
Texas Pacific Land
retired an additional 20 certificates of
proprietary interest
sub-shares, leaving the outstanding totals at 3,523 certificates of
proprietary interest and 1,298,487 sub-shares.
Total retirements this year
have amounted to 51 old certificates
and 7,000 sub-shares.—-V. 148, p. 1660
Texas
Water
Co.—Bonds Offered—Bioren & Co., Phila¬
offering at 98 and int. $64,000 1st mtge. bonds,
are
6% series B.
2609
Tri-State Telephone & Telegraph
Co.—Earnings—
Trust—Certificates Retired—
Company has
and 5,000
delphia,
Chronicle
Period End. Mar. 31—
Operating revenues
Uncollectible oper. rev..
1939—Month—1938
$542,011
$523,299
748
1,693
1939—3 Month—1938
$1,603,856
$1,537,778
3,755
5,165
Operating revenues...
Operating expenses
$541,263
387,919
$521,606
383,095
$1,600,101
1,127,549
$1,532,613
1,145,421
Net oper. revenues...
$153,344
52,857
$138,511
51,096
$472,552
158,262
$387,192
156,894
$100,487
36,744
$87,415
23,622
$314,290
127,856
$230,298
41,372
Operating
Dated Jan. 1, 1939; due Jan. 1, 1958.
Interest payable J-J. Red. as a
whole or in part on any int. date, on 30
days' notice, at 101 to and incl.
Jan. 1, 1956; thereafter at par.
Coupon bonds registerable as to principal
in denom. of $1,000.
Fort Worth National Bank, Fort Worth, Texas,
taxes
Net oper. income....
income._
trustee.
Purpose—The amount of the net proceeds of the bonds offered is for
working capital.
Capitalization After Proposed Financing
First mortgage bonds—6% series A due Jan.
1, 1958
$175,000
a 6%
series B due Jan. 1, 1958.•
64,000
b 6% series B due Jan.
1, 1958---—69,000
c 6%
non-cumulative preferred stock
!
100,000
Common stock ($1 par)
5,000
a To
be presently issued against
physical property additions already
made,
b To be presently issued under Article 6
against cash, for with¬
drawal to the extent of 60% of
existing net bondable expenditures.
c Has
no voting rights, is preferred over the
common stock as to dividends to the
extent of $1.20 per share, has preference over the common in the event of
liquidation up to $21 per share, dividends are non-cumulative, has no con¬
version or exchange rights, no
compulsory retirement provisions, but may
be called by the company at $22 per share.
Company—Company was incorp. Oct. 14, 1937, in Texas. The various
plants now owned have been in operation more than 20 years, but were
not consolidated under one management and
ownership until 1929 when the
predecessor, the Texas Consumers Water Co., was organized in Delaware.
The property owned by the
company is located, and company is qualified
to do business in Texas and
Oklahoma. Business done is that of Supplying
water to the public,
principally for domestic purposes. Is also engaged on
a small scale in
supplying water for commercial and industrial purposes.
Owns and operates eight plants
supplying water to three communities
located in central and western Texas and to one
community located in
,
Oklahoma.
•
.
,.
Principal Underwriter—Bioren & Co., Phila., is the principal underwriter
Company entered into an agreement with Bioren & Co. for the sale of
$133,000 6% series B first mortgage bonds. Under the terms of the agree¬
ment the underwriter agrees to purchase all of the bonds from the
company
to make payment for the bonds at the Fort Worth
National Bank,
and
as
follows:
Twentieth Century-Fox Film Corp. (&
Subs.)—Earns.
13 Weeks Ended—
Inc. from sales and
Apr. 1, '39 Mar. 26,'38 Mar. 27,'37 Mar. 28,'36
rent_$14,283,813 $13,515,285 $13,984,321 $11,826,900
Prop, of prof, of controll¬
ing subs, (not cons.).
_
$64,000 series B bonds within two days after the effective registration
$23,000 series B bonds 60 days after the effective registration date.
$46,000 series B bonds 90 days after the effective registration date.
If
53,756
265,048
Other income
costs
& exp. from debs
Deprec. of fixed assets.
Federal taxes
72,525
220,000
66,577
221,148
$1,224,250
1,741,986
$0.50
$1,641,538
1,741,897
$0.73
-
Net profit.
Shs. com. stk.
._
Earnings
per
.
J
(no par).
share
Twin State Gas & Electric
Period End. Mar. 31—
Operating
Operating
Period End. Mar. 31—
•
Net
1939—Month—1938
1939—9 Mos.—1938
$1,240,890
$1,206,324 $10,548,890 $10,347,993
942,193
917,048
8,074,843 V
8,020,806
revenues
expenses-
oper.
$298,698
144,827
revenue.
Taxes
$289,275
144,845
$2,474,048
1,273,112
$2,327,187
1,202,648
.
$153,871
23,226
Gross income
Deductions.-..-
$144,431
26,285
$1,200,935
215,637
$1,124,539
234,276
$177,097
220,248
_
$170,716
$1,416,573
1,957,242
$1,358,815
1,961,502
P Net loss
$43,151
—V. 148, p.
$45,891
$2,541,427
1,704,613
185,904
18,560
114,000
$2,488,847
1,663,743
169,353
14,665
117,236
$40,839
Dr39
68
$518,350
1,885
$523,850
44,052
$44,505
Fed. (incl. inc.) taxes
$40,907
11,161
7,459
$520,235
133,936
87,703
48,861
$567,902
133,936
101,096
36,392
$249,735
$296,478
249,475
Net oper. income.
Non-oper. inc. (net).
.
P -
11,161
7,468
30,058
193,938
54,914
24,817
497,235
165,289
61,290
575,046
197,501
65,075
•
\
Gross from railway
Net from rail way
Netafterrents.
1979..
-
"
..
;
^
'
'
541,585
157,802
80,632
91,062
■■■'
.
v
■
Transcontinental & Western Air, Inc.—-Stock Sold—
Lehman Brothers and associates have sold
a block of about 45,000 shares
headed by Jack Frye, President of T. W. A.
Richter, Executive Vice-Presidetn of the company.
It is believed
that the block acquired by the T. W. A. executives included not
only the
9,100 shares listed in Lehman Brothers' portfolio as of March 31, but also
36,000 shares owned by John D. Hertz, a partner in the firm.
The sale was said to have been effected to permit the T. W. A.
manage¬
ment to substantially increase its interest in the company.
The price jpaid
for the block of stock was not revealed but it is understood to have been
approximately 2 points above the market.—V. 148, p. 450.
stock to
common
a
group
and Paul
Tri-Continental
1939
247,211
divs. on
.
poration's
stock
Union Carbide & Carbon
Quar. End. Mar. 31Earnings (after prov. for
income & other taxes)
Int. on fund, debt & divs.
$8,336,713
■
341,855
124,057
on
142,480
6,574
on
$576,064
124,314
26,554
$524,235
136,255
26,132
78,885
67,424
$80,773
225,150
investments
on
$346,310
228,450
March
$
$
Assets—
31,
1939
Liabilities—
notes.
2,487,950
Deposits in foreign
currencies
int.
$294,423
389,688
1939,
was
21,368
$
payable
Due for securities
303,608
320,850
311,728
272,858
290,100
Bank loans secured
194,950
172,417
8,000,000
107,584
b
44,187,506 43,517,0951
by
2,429,318
189,898
8,000,000
2,460,000
Surplus
2,460,000
27,041,456 26,364,528
Treasury stock. Dr153,689
Total
Truscon Steel
After
selves against these charges.
As we said in a press statement made at the
time the Commission issued its order, The North American Co. has had
the integrity of the officials of Union Electrfc Co. of
occasion to question
no
Missouri
or
the validity of its accounts.
On April 20 the Prosecuting Attorney of St. Charles County brought a
suit in the Missouri Circuit Court asking forfeiture of the corporate charter
of Union Electric Co. of Missouri on allegations of violation of the State
involved in the newspaper charges originally
leading to the investigation by the SEC. This
suit will likewise be properly defended on behalf of Union Electric Co. of
Missouri and also in the interests of The North American Co.—V. 148,
2135.
'
,.
*;
Union Premier Food Stores,
Period End. Apr. 22—
no
par
shares,
c
Co.—Listing Kept—
hearing held April 20, the Committee on Stock List of the New
Exchange determined not to submit an application to the
and Exchange Commission to strike the common
stock
($10
par) from listing and registration on the Exchange.—V. 148, p 2135.
a
Stock
Securities
Inc.—Sales—
1939—4 Wks.—1938
$1,269,864'
$1,794,262
—
1939—16 Wks.—1938
$6,884,340
$5,178,952
•
.
United Aircraft Corp. (&
Subs.)—Earnings—
1936
1939.
$9,786,319
1938
"$9,209,893
1937
$6,077,105
7,807,967
189,720
7,815,950
170,339
5,184,565
152,988
Operating profit----- $1,788,632
Other income
Cr50,445
Other deductions
3,631
Fed. & Canadian inc. tax
341,805
Minor, propr'n of profs.
of sub. co
2,842
$1,223,604
Cr40,504
1,109
xl81,992
Cr79,508
2,873
xll5,305
8,707
2,030
1,803
$1,490,800
2,649,437
$0.56
$1,072,299
z2,531,482
$698,852
z2,518,722
$0.27
$350,952
y2,109,561
$0.16
3 Mos. End. Mar. 31—
Sales & oper. revenue..*-
Depreciation
_ _
Net profit for periodShs. cap'l stock outst'd.
Earnings per share
_
$739,553'
$5,198,604
4,802,107
139,977
$256,520
Crl80,906
10.453
74,217
Does not include
Federal surtax
on
$0.42
undistributed profits,
y
Which will
Transport Corp. have been effected.
This amount includes 21,779 shares of
stock issued to March 31 against subscription warrants for 417,555 shares,
which expired on April 13.
z Which will be outstanding
for common stock of United Aircraft & Transport Corp.
when all exchanges
have been effected.
—V. 148, P. 1981.
United Air Lines Transport Corp.—New Director—
J.
44,187,506 43,517,095
b Represented by 1,800
147,500 no par shares in 1939 and 150,100 in
1938.
d Market value March 31, 1939, was less than cost
by $12,371,047
and less than cost by $14,819,619 in 1938.—V.
148, p. 893.
•York
properly reflected in its accounts, and
were not
be outstanding when all exchanges for common stock of United Aircraft &
Res've for expense
and tax—
Represented
believe that Union Electric Co. of Missouri had made contributions of a
political character which
that in consequence its accounts were false and misleading.
The manage¬
ment of Union Electric Co. of Missouri have taken steps to defend them¬
x
purchased
shares preferred stock,
Investigation, &c.
3,752,500
2,429,318
Funded debt
a
$
Preferred stock- 3,687,500
a
Bank loans
Total
1938
Common stock.. 2,429,318
Int. accrued & dlv.
c
for
and divs
$7,502,393
9,000,743
$0.83
9,000,743
$1.10
$0.47
charges made during the latter
par of last year in St. Louis newspapers
concerning various alleged activities of the management of Union Electric
Co. of Missouri, a subsidiary of The North American Co.
Officials of
Union Electric Co. denied the charges and requested that the Commission
make an investigation, which was commenced last December.
On April 3
the SEC issued an order for a public investigation in relation to which the
order stated in substance that the Commission had reasonable grounds to
-----
1938
Investments..41,768,508 32,803,687
1,951,190
7,741,572
Int. & divs. receiv.
"$9,947,712
■
Union Electric Co. of Missouri—SEC
•
Dec. 31, 1938.
Cash
depos.
share
—V. 148, p. 2446.
Balance Sheet March 31
Special
X209.512
2,095,742
The quarterly report of the North American Co. had the following:
The Securities and Exchange Commission has been investigating certain
Sales....
23,519
70,750
$148,672
219,000
1939
Short-term
per
Cost of sales & oper. exps
depreciation
than
more
394,734
142,172
70,750
Net income..
Preferred divs. declared.
$5,839,751
$58,322
$317,213
14,612
debentures..
ilized
$32,275'
212,922
76,878
$340,097.
106,063
Taxes
unre
1936
$27,413
69,867
Total income
The
197,508
2,394,304
$4,209,333
9,000,743
$5,293,885
9,090,288
$0-58
...
Earnings
1936
$9,807,647
187,651
2,590,191
pref. stk. of subs.306,058
Balance
No. shs. com. outst'g.--
1937
>,987,175 $12,539,524
2,736,769
p.
held)--
on
on
1938
Deprec., &c.,chgs.. (est.)
made against that company
1937
.
cor¬
Fees for invest, service..
Comm. on underwritings
Interest
249,475
/.
Corp. (& Subs.)-—Earnings-
1939
pref.
own
Expenses
1938
$23,018
Interest received
-
2f815
$19,472
20,790
„
corrupt practices act which were
Corp.—Earnings—
3 Mos. End. Mar. 31-—
Divs. (excl
2,917
$22,959
20,790
_
—V. 148, p. 2445.
1936
203,009
72,779
22,621
,1938
189,030
,tr_.
1—
1937
169,482
46,222
18,016
490,165
155,115
65,234
Netafterrents
of
1939—12 Mos.—1938
$199,478
134,933
14,015
1,436
8,255
—V. 148, p. 1979.
RR.—Earnings'—
1939
Gross from railway.Net from railway------
—V. 148, p.
$602,687
Co.—Earnings—
x Does not include subsidiary preferred dividends.
Note—No mention was made of Federal surtax on undistributed profits.
WMarch—
From Jan.
$540,670
$1,239,760
1,226.529
$0.59
$44,544
expenses
State & munic. taxes
Social security taxes
1979.
Toledo Peoria & Western
^
216,607
1,684,075
$1.00
14,526
67,262
140,000
$204,843
132,974
15,339
1,779
10,207
.
Operating, income.
Non-operating income.
$2,067,599
1939—Month—1938
revenues
Net income
Pref. div. requirements.
System—Earnings—
5,538
67,816
337,100
x Not including depreciation of studio and
equipment absorbed in pro¬
duction costs.—V. 148, p. 1979.
Other interest (net)
Other deductions_
Operating
Operating
d
,
x
issue the $69,000 additional bonds
provided to be issued the
writers agree to accept the bonds so issued.—V.
148, p. 135.
Third Avenue Ry.
202",077
—$14,602,617 $13,850,825 $14,271,047 $12,114,705
3,463,238
3,494,137
3,480,550
2,948,183
8,476,252
6,751,686
6,743,976
6,139,522
Partic. in film rentals.
1,141,578
1,642,580
1,523,568
1,493,999
Interest
4,773
33,158
44,900
71,453
Amortization of discount
during the 90 day period after the effective registration date the company
under¬
286", 726
Total income-
Gross income
Bond interest
can
35,096
300,444
"
Expenses, &c-_
Amort, of produc'ns
•
date.
85,728
.
Dividend income
A.
director
Herlihy,
of the
Vice-President in Charge of Operations, was elected a
at the recent annual meeting of stockholder*',
Other directors were reelected.
company
increasing membership on the board to 12.
—V. 148, p. 2288.
United Biscuit Co. of America—Bonds Called—
Goldman, Sachs & Co., as fiscal agents, are notifying holders of 5%
debenture bonds, due April 1, 1950, that $150,000 principal amount of the
bonds have been drawn by lot for redemption on June 1, 1939 at 105%
together with interest accrued to,the redemption date.
The drawn bonds
will be payable at the office of the fiscal agents on June 1, 1939, after which
date interest thereon will cease.—V. 147, P. 2707.
,
Financial
2610
have declared
Directors
Oil Co., Inc. and its operating subsidiaries and
Pan-American Petroleum Corp., and Tide
Corp.—Accumulated Dividend—
United Gas
account of
stock, no par
amounts were
dividend of $1.75 per share on
a
accumulations on the $7 cumulative non-voting preferred
value, payable June 1 to holders of record May 11.
Similar
quarters.—V. 148. p. 2288.
paid in previous
92,835,806
95,160,257
(kwh.)
23/38
84,064,019
Apr. 15/39 Apr.
Apr. 22,'39
Week Ended—
Electric output of system
148, p. 2446.
—V.
Co.—New Directors—
United Illuminating
newly adopted policy of providing outside stock¬
representation on the board, Thomas G. Nee, President
of Acme Wire of New Haven; Sumner Simpson, President of RaybestosManhattan and W. Gerald Bryant, President of Read Chain Co. were
elected directors at the
adjourned annual stockholders meeting held
April 18.—V. 148, p. 1980.
accordance with
In
holder and public
United Light & Power Co.—New DirectorMcArthur was elected a director of the company, succeeding
renominated to the board of directors.—V.
Angus
Howard Bruce who was not
148,
2288.
p.
■
■
,
,
" "
(& Subs.)—-Earnings—
United Public Utilities Corp.
'
Net
and taxes
$263,682
Other income (net)
of
Bal.
14,641
$267,357
$862,823
$855,961
3,632
3.116
12,762
10,458
$280,602
$264,241
$850,060
$845,503
-
miscell.
&
int.
deductions..,
•
20,104
93,668
88,225
102,721
1,169
408,235
32,452
4,687
411,066
37,958
5,847
$131,315
22,947
$311,019
$302,406
-
Interest on funded debt:
101,481
Collateral trust bonds.
8,932
7,848,
_
;
1,174
Miscell. income deducts.
Net income.........
$147,153
,
Securities Corp.—Earnings—
1938
1937
*936^
$285,101
$391,732
$267,235
40,190
40,187
37,977
United States & Foreign
1939
$262,147
39,282
3 Mos.. End. Mar. 31—
Cash dividends received.
accrued.
Other income.
1,153
...
48,123
138,106
8,698
6,500
38,848
lossl39,990
64,103
7,392
25,200
30,829
Proceeds of cash and se¬
xCrl6,416
curities receivable....
______
Capital stock and other
Prov. for Fed. inc. taxes
11,851
14,800
Other expenses._______
22,176
4,000
41,112
taxes
"
40,383
'
Net profit for
$427,148
$379,897
received in settlement of
Reichsmark
$118,742
$314,284
3 mos-
Proceeds of cash and securities
balances.
"
,
'
Balance Sheet March 31
-
1939
•
„
A Q8/rf
»
'
1
*
2,698,209
.
108,436
97,638
2,451
(at cost)..'f31,999,476 30,911,192
not delivered...
Secur.
9
Si
etock—21,000,000 21,000,000
50,000
stock_L_
60,000
2d pref.
d General reserve.
e
Securities sold but
1938
%
-i
b 1st pref.
c
■„
— _
TAn fid J d f d p fitx
©
Divs. rec., int. ac-
crued, &c.._
1939
1938
.
©
1,589,925
Cash.
Common stock..
Securs.
4,950,000
100,000
4,950,000
100,000
purchased
but not received
21,185
Reserve for taxes &
Inv. in U.S. & int.
1
1
Securities Corp.
accrued expenses
84,850
164,500
Capital surplus—
____.T._33,678,041 33,720,289
984,459
984,459
Operating surplus.
Total.
This is not always easy until the exact rules are laid down,
country as big as the United States is a complicated
with the law.
because business in a
Now that the
matter.
Federal Trade Commission has
6,487,547
6,471,330
33,678,041 33,720,289
Total
(no par) $6 cum. div.
c 50,000 shares (no par) $6 cum.
div.
d General reserve set up out of $5,000,000 paid-in cast* by sub¬
scribers to 2d pref. stock,
e 1,000,000 shares.
• *
f Calculating the investments in the 2d pref. and common stocks of
United States & International Securities Corp., in the 2d pref. stock of
German Credit & Investment Corp., and in the 15,000 shares of the cor¬
poration's own common stock each at the nominal value of $1, securitiet
without quoted market prices at cost of $722,812, a,nd all other securities
on the basis of market quotations, securities and investments owned had
an indicated value
(which should not be construed either as the amount
for which the securities could be sold or for which they could be repurchased)
of approximately $30,054,806, which was $1,935,672 less than the above
b 210,000 shares
U. S. Rubber Reclaiming Co., Inc.—Accumulated Div.—
declared a dividend of $1 per share on account of accumu¬
prior preference stock, par $25, payable May 2 to holders
of record April 28.
Like amount was paid on Dec. 23, 1938 and 50 cents
was paid on Oct. 25,1398. Arrearages after the current payment will amount
to $11 per share.—V. 147, p. 3925.
Steel Corp.—Earnings—
reporting the earnings of the
corporation for the first quarter of
•
•
.
/
•
;
United States Pipe & Foundry Co .—Correction—Deb.en■»
'
iures Called—
.
$660,551
4,432,914 loss$1292151
Total net working assets of the corporation and the subsidiaries at
March 31, 1939, before deducting the current dividend declaration, com¬
pared with Dec. 31,1938, were as follows:
__$426,924,776
426,984,023
The above net amounts are calculated on basis of including in current
liabilities capital obligations due within one year of the dates shown and
excluding from current assets the receivables not collectible within one year,
both of which adjustments have the effect of reducing the net current asset
At March 31, 1939____
At Dec. 31,
-
1938
position from that previously shown.
During the first quarter shipments of steel products amounted to 2,235,209 tons, compared with 2,037,144 tons in the previous ouarter, and
with 1,565,244 tons in the first quarter of 1938, an increase in the first
quarter of 1939 of 9.7% over the previous quarter, and of 42.8% over the
first quarter of 1938.
Shipments of the subsidiary companies in the first
quarter of 1939 amounted to 50.2% of capacity, and production in the
same period was at the average rate of 51.7% of capacity.
Although the corporation's shipments during the first quarter exceeded
those of the last quarter of 1938, the increase was less than the normal
seasonal expectation.
This is not surprising in view of the expanding
activity in the latter part of last year and the uncertain foreign conditions
with which businessmen have recently had to contend.
There is satisfac¬
tion/however, in the fact that the greater tonnages shipped permitted
steadier employment of the mills and better working schedules.
Expenditures for construction work and plant improvements during the
quarter ended March 31, 1939/were confined principally to uncompleted
projects under way at the beginning of the year, and to classes of work
necessary in currently maintaining productive facilities at maximum effi¬
ciency.
Capital outlays for these purposes, less credit for property sold,
amounted to approximately $3,600,000. • Also, about $2,230,000 of capital
obligations maturing or retirable by sinking funds have been paid, making
a total outlay on capital account in the first quarter of 1939, of $5,830,000*
At April 1 the unexpended balances on approved appropriations for property
additions and betterments, amount to approximately $19,000,000.
The employment and payroll statistics for the first quarter of 1939 com-,
pared with the previous quarter and the corresponding quarter in 1938, are
•
follows:
as
($958,000) 10-year 3 K % convertible debentures
All of the outstanding
'
"
..'
*
May 20 at 102 (not 103 H as stated in
"Chronicle," page 2446) and accrued interest.
Payment will
be made at the City Bank Farmers Trust Co., New York City.—V. 148,
have been called for redemption on
450.
j
1938---.,
The Federal Trade Commission
of its subsidiaries, U. S.
FTC—
has ordered United States Rubber Co.
Tire Dealers Corp., both of New York,
price discriminations and payment of special commissions in
violation of the Robinson-Patman Act in the sale of automobile tires and
.
Over 1st quarter 1938
Total
Payroll
$83,065,315
79,720,866
68,315,602
4.2%
21.6%
208,898
203,822
211,883
2.5%
dec. 1.4%
1939 increase—Over 4th quarter 1938
approximately 211,000 employees were on
with 207,000 employees at the close of the
In the month of March, 1939,
the
payroll, which compares
previous quarter.
•
Months Ended March 31
1937
1936
a Total earnings_•
__$17,325,669 $11,334,085 $45,260,205 $17,664,596
Deprec., deple'n, &c__. 14.364,703
11,534,937
15,330,472 12,489,576
Consolidated Income Statement for 3
1938
Profit
$2,960,966 loss$200,852
_
$29,929,733
$5,175,020
367,123
lossll5,000
24,000
Net profit from disposal
of sundry prop.,
United States Rubber Co.—Cited by
Employees
.
j__;„
1st quarter 1939
4th quarter 1938_
1939
last week's
one
(
^
Federal income taxes.
1st quarter
•
.
Corporation has notified the New York Stock, Exchange that the option
granted to Ernest B. Tracy for the purchase of 15,000 shares of common
stock of the corporation has been extended from March 1, 1939 to March 1,
1942.—V. 148, p. 1823.
and
$21,299,511 $11,334,085
Earnings as reported—
$17,325,669
Net income applic. to capital stocks,
after all charges and allowances for
'
Avge. Number
stock of the* corporation at
of $25 per share.
This stock is under option to the President at its
price until March 1, 1942.
Option Extended—
p.
1939,
was made
by E. R. Stettinius Jr., chairman, that the
declared the regular quarterly dividend of $1.75 per share on
the preferred stock, payable to stockholders on May 20, 1939.f
.
Earnings for the first quarter were $17,325,669 and net income applicable
to capital stock amounted to $660,551*.
These results are better than those
of the first quarter of 1938, but are not equal to those of the last quarter
of 1938.
While the rate of operations during the quarter, measured by
production and shipments of finished steel products, showed a
improvement over the fourth quarter of 1938, the earnings for the quarter
reflected the generally lower average level of prices realized without pro¬
portionately compensating adjustments in labor and material costs, which
continue at the high levels of last year.
The comparative earnings results
for the respective periods stated below are:
"
1 stQuar.
4th Quar.
1 stQuar.
1939
1938
1938
announcement
Securities include 15,000 shares of common
cost
in
Directors have
book values.
cost
issued its order in
proceeding we expect as promptly as possible to make such changes
of the Dealers Corporation and in its relations with customers
as will
accomplish the intention of the Federal Trade Commission and
comply with the law as interpreted by the Commission.
This can be done
without disturbing our relations with any of our customers.—V. 148, p.2446.
this
depreciation, interest on bonds and
Net realized profit on in¬
vestments
$305,212
$433,072
$325,291
$301,529..
Total income..;.
•
F. B. Davis Jr., Chairman and President of
Co.—
We have received a copy of the Order of the Federal Trade Commission
in the proceedings brought against United States Rubber Co. and U. S.
Tire Dealers Corp.
When the complaint was issued in January we said
that it has always been our aim to operate our business in strict accordance
Statement by
United States Rubber
slight
—V. 148, p. 2136.
■
that United
selling
directors had
General exps. & taxes...
Int. received &
in the
operat¬
tires.
United States
UnitedPub. Utils. Corp.
10-year int. scrip
,
,
Findings are that United States Rubber Products, Inc., named
Commission's complaint as the United States Rubber Co.'s principal
ing subsidiary, was dissolved on or about Dec. 31, 1938, and
States Rubber Co. succeeded to its business of manufacturing and
In
to
United
Public Utils. Corp..
for
connection
customers.
earnings
net
applic.
x
Section
of the Robinson-Patman Act prohibiting payments to customers
facilities furnished by or through such customers in
with the processing, handling or sale of a commodity, unless such payments
are made available on proportionally equal terms to
all other competing
2 (d)
lations on the 8%
$284,234
General
$835,686
20,276
$848,181
3,675
$280,608
3,627
from opers_
earns,
1939—12 Mos.—1938
$4,178,816 $4,121,440
3,330,635
3,285,7o4
1939—3 Afos.—1938
$1,168,866 $1,118,451
888,258
854,769
/
Subsidiaries—
Oper. expenses
Co.;
Co.
found to apply to
the operations
Period End. Mar. 31—
Operating revenues
affiliates; American Oil
Water Associated Oil
Agreements for the payment of such commissions were
sales made by the respondents to more than 2,800 service stations.
These commissions were found to have been paid in violation of
services or
Co.—Weekly Output—
United Gas Improvement
1939
29
April
Chronicle
&c__
10,231
$2,971,197
Subsidiary bond interest
1,444,509
U. S. Steel bond interest
866,137
Total
$166,271 $29,814,733. $5,199,020
income_______
1,219,354
1,230,060
1,249,838
228,362
3,362
3,362
c$660,5511ossc$1292151 C$28561533
$3,976,304
600,000
$28,561,533
$3,376,304
6,304,919 d20,716,163
1.801,405
to discontinue
tubes.
Price discriminations
made
or
or
special commissions
were
found to have been
paid in the sale of United States Rubber Co. products in favor of
certain mail order and chain store organizations,
oil companies and other
large dealers and certain users and consumers through the respondents'
own retail outlets.
Among the companies found to be receiving benefits
of the discriminations or special commissions were Montgomery Ward &
Profit from operations
b Special
expenses
Net profit
Preferred
dividends
$660,551 loss$1292,151
6,304,919
$7,597.070sur$7,845370sur$l,574899
Earns, per sh. on com..
Nil
Nil
$2.55
Nil
After deducting all expenses incident to operations, including ordinary
Deficit..
$5,644,368
Co., Inc., Atlas Supply Co., Western Auto Supply Co., Western Auto
Supply Agency of Los Angeles, Arkanas Fuel Oil Co., Socony-Vacuum Oil
Co., Inc., American Oil Co., Pan-American Petroleum Corp., and Tide
repairs and maintenance of plants, and taxes,
Water Associated Oil Co.
eries
Findings
is
one
are
that United States Rubber Co., together with its subsidiaries,
tire manufacturers, with three principal
of the country's four largest
distributing outlets: (1) automobile manufacturers, (2) certain wholesalers,
mail order houses and retail store chains selling this company's tires under
their own private
anS r?j
brands
or
trademarks, and (3) thousands of wholesale
anc* service stations throughout the United States.
Besides U. S. Tire Dealers Corp., other operating subsidiaries are Gillette
Rubber Co., Eau Claire, Wis., and Samson Tire & Rubber Corp., Los1
Angeles.
Findings are that among the oil companies receiving the 7%% "over¬
riding" commissions, amounting to substantial sums, were Socony-Vacuum
a
&c.
the Lake Superior Iron Ore PropService, normally included in the
value of the season's production of ore carried in inventories, but which,
because of the extreme curtailment in tonnage of ore to be mined and shipped
is not so applied,
c Before provision for surtax on undistributed profits,
d Includes regular quarterly of $1.75 and $4 a share on account of arrear¬
b Proportion of overhead expenses of
and Great Lakes Transportation
ages.
New
Official—
Bengamin F. Fairless, President,
announced on April 25 that G. Cook
Vice-President of this corporation
offices now established at
Kimball has been elected an Executive
headquarters at the Chicago executive
208 South LaSalle Street.—V. 148, p. 2447.
with
Financial
Volume 148
right and equity in, or lien upon, the equipment secured by
all of the above
equipment trusts as security for loans already made to the
applicants, and tnat such right or lien is junior and inferior to the rights
and titles of the trustees under, and the rights of holders of, the above-
receivers, has
Universal Consolidated Oil Co.—Dividend Reduced—
Directors have declared a dividend of 50 cents per share on the common
stock, payable May 20 to holders of record May 5. This compares with $1
paid on Dec. 20, last, this latter being the first dividend paid since Decem¬
ber, 1936, when SI per share was also distributed.—V. 147, p. 3474.
Utah Light & Traction
Period End. Mar. 31—
_
Net oper. revenues
Bent from lease of plant-
$25,588
597,254
$25,702
600,366
$51,708
51,426
$51,817
$622,842
mortgage bonds-
51,629
Other int. & dedulctions-
608
515
619,202
7,562
$626,068
621,126
8,876
$326
"$327
S3,922
$3,934
on
Balance, deficit
.
Note—No provision has been made in the above statement for Unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $1,663,930 for the period from Jan. 1, 1934, to Dec, 31,1938.
'
'
•
—V. 148, p. 1981.
Utah Power & Light Co.
Period End. Mar. 31—
,
(& Subs.)—Earnings—
1939—12 Mos.—1938
$1,033,217 $12,738,886 $13,211,301
629,71'6
7,379,977
7,889,557
91,125 1 1,092,750
848,050
1939—rMonth—1938
Operating revenues ...... $1,074,480
Oper. exps., incl. taxes.620,933
Prop, retire, res. approp.
Net oper. revenues
Other income (net)
Gross income
on
Int.
on
-
_
_
_
$312,490
195,585
25,000
$4,270,743
15,671
16,337
2,326,488
300,000
196,376
$75,568
$1,447,879
$1,630,352
1,704,761
1,704,761
$256,882
$74,409
$362,705
192,309
_
mtge. bonds
debenture bonds
-
Other int. & deductions.
Net income
x
$4,473,694
2,722
$4,266,159
25,000
_
_
$312,376
,114
$129,725
_
Int.
91.000
$362,547
158
.
4.584
$4,476,416
2,349,311
300,000
196,753
Dividends applicable to preferred stocks for the
period, whether paid
unpaid:.
or
Balance, deficit----
.
Dividends accumulated and unpaid to March 31, 1939. amounted to
$7,103,171, after giving effect to dividends of $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6 preferred stock, declared for payment on April 1,
1939. Dividends on these stocks are cumulative.—V. 148, p. 1981.
x
Utah
Ry.^-rEarnings—
/March—'
Gross
1939
$62,636
-6,699
fromrailway.....
Net from railway—
JNet after rents.
,
-
'
1937
$134,320
34,505
1938
$55,092
4,529
defl40
def3,423
17,111
From Jan. 1—
Gross fromrailway—.
233,383
Net from railway.49,952
178,060
20*094
486,266
Net after rents
—V. 148, P.
■
129,304
56,753
defl8,879
22,929
1936
$81,834
18,681
8,371
360,796
134,375
76,176
1981.
Vanadium-Alloys Steel Co.—To Pay 25-Cent Dividend—1
v
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 2 to holders of record May 20. This, will be the first
dividend paid since March 2, 1938 when 60 cents per share was distributed.
A dividend of 75 cents was paid on Dec. 2, 1937 and previously regular
Quarterly dividends of 60 cents per share were paid.-r-V. 147, p. 1941.
Van
In
Sweringen Co.—New Directorate-^
a move
has elected
to
The
son,
give better representation to all creditor interests, company
five-man directorate which includes Robert R. Young of
William B.
Logue,
representing
bondholders;
RFC will use and (or) make available to the receivers funds for the purchase
of the outstanding equipment trust obligations of Wabash Ry. Co.
The ICC and the RFC have approved such refinancirig, and the receivers
are now in position to go forward with the acquisition of the outstanding
equipment trust obligations, as foUows:
Total
Unmatured
Issue—
*
•
Matured
$755,400
Equipment trust 6% notes of 1920
$755,400
566,000
Equipment trust 5% certificatesqf 1922.
566,000
402,000
Equipment trust 5H % ctfs., series C
402,000
498,000
Equipment trust 5% ctfs., series D_
498,000
684,000
Equipment trust 5 % ctfs., series E
513,000
$171,000
558,000
1,395,000
Equipments trust 4y%% ctfs., series.F- - 837,000
525,000
1,225,000
Equipment trust 4Yi% ctfs., series G.__ 700,000
2,025,000
1,125,000
Equipment trust "4H% ctfs., series H— . 900,000
interests of trustee
Robert C. Young,
.
of
.the company, will be started in the near future, according to officials of
the
company.—V. 147,
2105.
p.
V
Venezuelan-Mexican Oil Corp.
Additional Stock—
•Name
.
Changed—Issues
At the special meeting of
stockholders held April 10, 1939, it was voted
incorporation and by-laws of the,corporation,
change its name to Wichita River Oil Corp., which change will be
to amend the certificate of
so as to
effected in due course.
—
■
It will be in order for the holders of such obligations to
the office of the Treasurer for receivers, 33 Pine St., New York, N. Y.,
and on and after'May 1, payment for the obligations which have matured
1939
Net.f
ft
railway-..-.
Net alter rents:
From Jan. 1—
Gross from railway---.
Net from railway.
Net after rents
V.
148,
p.
_
-
$1,955,198
1,075,086
829,261
5,640,793
3,044,990
2,347,942
tions which have not yet matured, payment therefor will likewise be made on
and after
.1938
$1,560,570
720,360
559,606
4,652,343
2,178,329
1.718,668
1937
4,997,292
2,896,913
2,461,973
Net from
$1,383,200
729,878
660,036
1938
1937
1936
$3,070,366
$3,220,551
492,034
def 74,985
$4,520,683
4,231,554
718,925
$3,898,149
1,011,216
490.884
9,241,987
1,065,446
def652,478
12,252,953
3,303,829
1,714,652
11,163,014
2,725,167
1,312.516
851,496
265,005
From Jan. 1—•
.
Gross from railway..---
-
---
—V.
148, P. 1982.
,
Wahl Co. (&
Consolidated
Ry.—Receivers1 Reconstruction Loan and Financing
,
,
'
Subs.)-—Earnings—
Earnings for 2
Net sales: 1
Interstate
.
10,490,580
2,182,613
430,478
Net from railway
Net after rents
2,071,539
Commerce Commission on Apfil 25 approved, condi¬
(1) a loan of not exceeding $7,500,000 by the Reconstruction
Finance Corporation to the receivers of the company for a specified purpose,
or (2) a purchase by the RFC at a price,not exceeding par, of not exceeding
$7,500,000 of Wabash Ry. equipment-trust obligations, or (3) a loan of
part of an amount not exceeding $7,500,000 by the RFC and a purchase
at a price not exceeding par, of the remaining part of such amount of not
exceeding $7,500,000, of Wabash Ry. equipment-trust obligations.
The purpose is to effect the purchase at par arid accrued interest by either
the applicants or the Finance Corporation or by both, of all equipment
obligations on which the railway company appears as the primary obligor
or guarantor now outstanding under the following equipment-trust
agree¬
ments:
Equipment trust of 1920, 6% interest, outstanding $755,400;
equipment trust of 1922, 5% interest, outstanding $566,000; equipment
trust of 1923, series C, oH% interest, outstanding $402,000; equipment
trust of 1924, series D, 5% interest, outstanding $498,000; equipment trust
of 1924, series E, 5% interest, outstanding $684,000; equipment trust of
1925, series F, 4M% interest, outstanding $1,395,000; equipment trust of
1927, series G, 4H% interest, outstanding $1,225,000; equipment trust
of 1929, series H, 4H% interest, outstanding $2,025,000; total principal
amount outstanding, $7,550,400.
Any sum necessary for the purchase of
these obligations in excess of $7,500,000 would be furnished by the ap¬
plicants out of funds in their treasury.
Of the equipment obligations
covered by the proposal, a principal amount of $1,905,400 had matured,
but remained unpaid, on Dec. 31, 1938.
Under the proposal, the financing will be accomplished by the purchase
by the Finance Corporation of all or a part of the outstanding equipment
obligations, or by a loan to the applicants by the Finance Corporation of
funds to enable them to purchase all or a part of the obligations, the transac¬
tion in either event to be carried out in accordance with the terms of a
proposed agreement to be entered into between the applicants and the
Finance Corporation." According to the terms of this agreement, the
excecution of which has been approved by the court, it appears that some of
the above equipment obligations are in default and that the full principal
amounts of Die trusts may be declared due and payable and the equipment
sold and thereby lost to the applicants.
It further appears that the Finance
Corporation through receivers' certificates securing direct loans by it to the
—
railway-----":
Net after rents---
4,371,260
2,409,350
•
"
...
1939
Gross from railway- :
.1936
$1,736,250
1,011,032
868,335
*
Earnings for March and Year to Date
Months Endedf Feb.
7.
—
28,
1939
-------—....$352,550
expenses.-...334,235
Manufacturing, selling & administrative
tionally,
May 1, 1939, at par and accrued interest.
March—
1981..
Wabash
The
be made at par and accrued interest to May 1, 1939, after which date
Also, upon surrender of such obliga¬
will
interest thereon will cease to accrue.
Virginian Ry.- -Earnings—
March—
_--$5,171,400 $2,379,000 $7,550,400
present them at
Total-
;
„
Corporation has increased its outstanding capital stock in the hands of
the public by an additional 7,000 shares, the consideration for which was a
reduction of $61,600 in the amount of obligation under a promissory note
which was issued in connection with purchase and development of properties
in Oklahoma and $8,400 in cash.
This note, on which $130,276 was owed
at Dec. 31, 1937, has now been reduced to $36,694 which has a maturity
of April 30,1940.
The sale of these 7,000 shares increased the capital stock
in the hands of the public to 210,860 shares.—V. 148; p. 1663.
Gross from railway—;
order entered In the U. S. District Court at St.
at par
New directors include Harry B. Howells, representing
Robert W. Purcell, and J. J. Anzalone, representing equity owners.
As result of the change, intensive sales campaign to market properties
an
Louis, Mo., the receivers were authorized and directed, subject to approval
of the Interstate Commerce Commission, to enter into ari agreement with
the Reconstruction Finance Corporation, under the provisions of which the
*
New board has been approved by Special Master
banks; James G.
following announcement was made by A. K. Atkin¬
Treasurer for receivers, on April 27:
Under the terms of
a new
New York.
Woods.
desires
right, equity, or lien.
It is proposed in the agree¬
Corporation use or make available to the applicants
or both, an amount not
exceeding $7,500,000 to be used in purchasing at
par and accrued interest the above-mentioned equipment-trust notes and
certificates.
Funds made available to the applicants must be placed in a
separate account and not commingled with other funds of the applicants and
used only in discharging or purchasing for the account of the Finance
Corporation the above-mentioned obligations,
The proposed agreement further provides that such of the equipment
notes and certificates as were issued by the railway company as primary
obligor will be canceled upon satisfaction thereof by the applicants.
How¬
ever, in order to avoid extinguishing the debt, it is contemplated by the
parties to the agreement that such notes and certificates insofar as cir¬
cumstances shall wairant, be purchased directly by the Finance Corporation
and by it retained uncanceled, until surrendered to the applicants for can¬
cellation as in the agreement provided.
Such notes and certificates as were
issued by the trustees under the equipment-trust agreements and guaranteed
by the railway company will not be canceled whether purchased by the
applicants and delivered to the Finance Corporation, or purchased directly
by the Finance Corporation, but will be kept alive until the Finance Cor¬
poration shall, at its sole discretion, surrender them or the other equipmenttrust notes or certificates referred to above, to the applicants or the proper
trustee for cancellation.
However, as instalments in repayment of the funds
advanced by the Finance Corporation as a loan or by purchase of the equip-:
ment certificates or notes are paid, the Finance Corporation will surrender
notes or certificates to the applicants of a principal amount equal to the
principal amounts of such repayments, the notes or certificates to be sur¬
rendered to be selected by the Finance Corporation.
In this manner, the equipment certificates, to satisfy which funds may be
furnished by the Finance Corporation in accordance with the application,
will remain secured by a first lien for not exceeding $7,500,000 of funds.
Upon repayment by the applicants to the Finance Corporation of the entire
amount of not exceeding $7,500,000, all such equipment notes and cer¬
tificates will have been or will be canceled and the equipment securing the
notes and certificates will then become a part of the receivership estate
subject to the liens of the underlying mortgages of the old railroad company,
the lieri of the refunding and general mortgage of the present railway com¬
pany, and of the outstanding receivers' certificates now held by the Finance
Corporation as securityTor the indebtedness of the applicants to it (amountr
ing at the present time to $16,579,583, as will be hereinafter described) in
such order of priority as the court may hereafter determine.
The proposed agreement between the applicants arid the Finance Cor¬
poration further provides that the total amount of not exceeding $7,500,000
requested from the Finance Corporation as a loan or to be expended by it in
the purchase of equipment notes or certificates as above described, shall
be repaid in semi-annual instalments of at least $500,000 until the full
amount has been repaid.
If no instalments are prepaid, the last instalment
will become due in 7 H years.
Interest will be paid to the Finance Corpora¬
tion on the funds iriade available by it, at the rate of 2^ % per annum.
The agreement also provides for assignment by the applicants to the
Finance Corporation as security for performance by them of its terms, of
all the right, title, and interest of the railway company in and to the equip¬
ment covered by the equipment-trust agreements above enumerated, sub¬
ject to existing rights, titles, and equities therein or liens thereon.
The applicants state that they cannot secure the funds requested in the
application herein in whole or in part from any other source on terms more
favorable than on a 3H% per annum interest basis, if at all.
1939—12 Mos.—1938
SI,109,041
SI,131,649
1,083,453
1,105,947
$7,692
44,125
Gross income
certain
to protect such junior
ment that the Finance
$10,704
41,004
Int.
a
mentioned equipment trusts, although its priority with respect to
of the debtor s
mortgages, is in dispute.
The Finance Corporation
Co.—Earnings—
1939—Month—1938
$100,757
$99,411
90,053
'
91,719
Operating revenues—_
Oper. exps., incl. taxes.:
2611
Chronicle
$18,3141,573
Profit from operations ......—--—.
Other income-
_
-
-
.
-
-
-—
:
Total income-*.
$19,888
—
Discounts on.sales---.--
—
4,340
-
.....
43
1,922
disposal of fixed assets-..*
Expenses of property not used for-manufacturing—net
Loss on
1,843
Provision for Federal taxes on income
Net profit-
—
x$l 1,740
—
-
—
x Net loss for corresponding period in 1938 was $18,542.
Note—Included above are charges for depreciation of fixed assets of
$6,259,
Consolidated Balance Sheet Feb. 28, 1939
A. 8 sets
Cash
on
Liabilities—
-
hand & demand dep..
$469,947
317,928
less trade allowances
Accts.
.
year)
sub.
within one
Accts., receivable,
Inventories—
Contract
sundry
Land &
Fixed assets.
goodw...
Deferred charges
x
shares.
on
income.
1,843
7% cum. pref. stock (par $100) 1, 159,300
..y2 449,356
Deficit
939,389
Common stock....
105,613
13,944
After reserve for depreciation of
par
18,948
...
30,295
Accrued Fed. tax
75,750
*815,841
12,782,274
Total—-—
no
$48,434
13,487
salesmen's com¬
28,350
Building
Investments, at cost.._*
Pats., pat. rts., Ac.,
17.501
867,216
for sale of
payable—sundry..-
wages,
Accrued taxes
70,183
:■
Acer,
missions, Ac.,
from foreign
rec.
not consol. (pay.
Trade accounts payable
Accounts
Trade accts. & notes receiv'le,
"
,
Total
$982,392.
—
y
*.
.$2,782,274
Represented by 147,784
,
Financial
2612
April
Chronicle
Income Account
Proxy Committee Seeks Election of Five New Directors—
of stockholders of the company have formed a proxy committee
A group
associated
with the management, at the annual meeting May 2.
Stockholders received
April 27 a solicitation for proxies to elect as directors Frank Lyons and
Rawson Lizars of the investment banking house of Rawson Lizars & Co. of
Chicago, George C. Heberling of Bloomington, and John R. McGibbons
and Martin Crane of Chicago who compose the comjmittee.
In its letter to stockholders, the group declared it believed it essential
that steps be taken to assure changes in management.
It stated that
present directors own less than 4% of the common stock.
The committee
declared that from early 1924 until Dec. 31, 1938, the company incurred a
total operating deficit of $2,822,294.
During this period Thomas Drever,
which will seek to elect five new directors of the company, not now
American Steel Foundries Co., has been either
or President.
Directors now include: Arthur
who is also President of the
Chairman
of
Board
the
Floyd, Arthur B. Poole,
and J. H. Winston. The
entire surplus of $2,763,000, existing at the time the present management
took control, has been replaced by a deficit which on Dec. 31 last was more
than $951,000..
Last dividend paid to common stockholders was in 1924,
and the last to preferred stockholders in 1929.
The committee declared
that although in 1935 the preferred earned over $9 a share, nd dividend was
declared, but a bonus plan was inqugurated for officers.
The committee
also declares that during the past 15 years a portion of the company's
capital has been invested in ventures not related to the pen and pencil
Bentley, L. W. Brigham, Thomas Drever, C. L.
C. W. Priesing, Silas H. Strawn, Ward W. Willits
l^USlll6SS
urged to
should not be changed."—V. 148, p. 1264.
are
Total operating revenues
$13,625,664 $17,626,269 $16,298,270
Passenger
--
Mail
Express JL
Milk
-
Washington Water Power Co. (&
1939—Month—1938
$859,618
$817,913
477,163
476,934
93,238
93,315
Period End. Mar. 31—
Operating re venues
Oper. exps., incl. taxes.:
Prop, retire, res. approp.
equipment
-----
Transportation
Miscellaneous operations
General
.
Gross income ________
82,963
on
Int.
$10,243,979 $11,026,154
5,488,312
6,363,099
1,113,904
1,035,402
chgd. to construct'n
$3,627,653
28,248
$3,641,763
34.545
..
1,869
$3,655,901
995,550
57,949
'04,115
$3,676,308
995,550
68,374
Cr2,383
$218,351
$172,056
applicable to preferred stock for the
period, whether paid or unpaid
._
Net income
8,865
67,387
1,120,946
1,198,428
$3,510,472
$4,926,901
100,345
$4,635,795
148,421
$3,643,433
128,453
$5,027,246
110,954
$4,784,216
82,270
$3,771,887
$5,138,201
3,335,063
$4,866,487
3,156,373
$455,461
Non-operating income-
$1,803,137
1,241,947
$1,710,113
$455,461
$561,190
$468,166
Balance
—-•
—
______
—
132,970
3,316,426
Fixed charges
Net income
on
1st
preferred stock
Bal. transferred to profit & loss._
......—....
c
Assets
$
$
*
1st pref.
—
—.
serv.
and
85,950
construction
424,028
274,664
debt—
61,340,865
61,489,866
Equip, tr. obllg.
Non-neg.debtto
1,524,000
1,767,000
230,000
230,000
254,867
225,006
833,729
494,336
Funded
car
133,925
80,107
140,921
receivable.
119,324
Traffic
serv.
affiliated
fr."
256,288
290,735
1,662,152
2,063
1,814,012
assets
31,473
61,526
Working fd.adv.
2,010
1,600
Int.& divs.rec.
curr.
2,063
Inc.—Transfer Agent—
Webster Eisenlohr,
8,681
11,946
340,953
Other
1,026,?67
771,643
electric
1939—3 Mos.—1938
277.384,698
5605,740000,
,
of electric
.
'
.
Total oper. revenues..
$4,820,292 $18,324,292 $17,605,582
10,821,823
9,879,316
2,696,848
1,505,389
1,088,799
243,319
-$5,105,820
Operating expenses.
Depreciation...
Taxes
(incl.
prov.
for
Federal income tax)..
2,732,614
594,770
a
__
on
on
advs. from
803,278
Operating
revenqes
Maint. of way & struc—
Maint. of equipment
Traffic expenses^
_
Transportation expenses
Miscell. operations
General expenses
Transpt. for invest JJr.
-
$3,463,103
1,836,992
$3,843,579
1,566,575
18,308
98,250
$1,973,741
$1,102,439
6,042
$771,824
$300,781
$1,604,883
$1,240,511
.1
6,441
h
283,613
Western Pacific RR.-
'
"
and all taxes..
1939
$7-,444,727
293,684
-Earnings
1938
1937
$1,076,946
19,012
108,524
$900,791
def300,847
def447,469
$1-,235,548
71,912
defl05,246
1936
$1,036,910
139,714
def!5,128
3,150,465
2,641,038
3,676,909
427,995
def62,956
defl23,957
267,061
def604,670
defl46,374 defl ,076,482
$1,293,606
225,000
$269,916
Cr21,850
Drl3,177
$1,068,606
Cr68,901
Dr39,213
$763,664
GY93,404
Dr40,561
$278,589
10,839
$1,098,294
19,483
$816,507
30,487
$289,428
274,725
$1,117,777
829,323
$846,994
$14,703
Gross earnings (est
a
&
Manufacturing
258,161
Co.—New
Smith, Manager of Engineering of the company, has been
148, p. 1824.
Vice-President.—V.
No. pass,
No. pass,
car'd 1 mile
carried 1 mile
mile of road.
200,838
5,954,231
Total passenger revenue.
14,931
$103,627
rec.fr.each pass.
51.598 cts.
per
Av.
Av.
rev.
rev.
per pass.per m_
No. tons car'd of
earnings revenue
tons
per
carried
A v. rev. per
145,591
4,157,700
13,646
$95,763
8,346
$80,697
52.799 cts.
55.427 cts.
14,904
$97,19^
1.635 cts.
1.760 cts.
1.941 cts.
1
mile
17,371,993
15,772,869
14,406,323
12,779,954
1585376335 2105937,896 1865724,718 1703333,944
•
>
1,928,878
1,803,326
2,390,531
2,113,130
revenue.:_$13,072,165 $17,069,347 $15,794,012 $14,270,367
$.00838
ton per mile
$.00825'
$.00811
$.00847
mile of road
Total freight
883'.07
181,373
5,442,046
202,609
5,943,548
47.973 cts
1935
882.92
freight
No. of tons car'd 1 mile.
No.
1936
880.95
$4,116,927
75-Cent Div.—
dividend of 75 cents per shard on
Jan.
1937
1938
1939
the common
dividend of 63
.
1936
575,149
$1,132,812
269,400
176,931
3,278,891
1,005,050
2,182,373
354,352
4,189,271
1,564,502
3,346,956
785,913
799,045
225,565
1,353,210
537,090
$831,001
221,770
157,918
railway$1,155,182
railway.
337,453
Net after rents
264,459
$1,603,015
656,651
,
1—
railway
Net from railway
N et after rents
Winchendon Electric Light
Traffic Statistics for Calendar Years
1937
21
1938
$4,649,766
—V. 148, p. 1982.
Maryland Ry.—Annual Report—
879.84
$3,860,013
April
Wheeling & Lake Erie Ry.—Earnings—
March—
From
1938
to
stock, payable April 28 to holders of record April 20.
A
cents per share was paid on Jan. 31, last.—V. 145, p. 627."
Gross from
Miles of rd. oper. (avge.)
No. pass.car'd earn. rev.
1
,1939
Weymouth Light & Power Co.— To" Pay
Directors have declared
$22,537
April 14——
1938
$4,461,419
Jan.
$256,914
$186,104
110
1939
Week Ended April 21
1939
1938
Gross from
Electric
—Jan.
.$233,178
$203,595
.)
824,457
$288,454'-
.
2,790,028
1982.
Western
•
$346,537
76,621
-Week Ended April 14—
1939
1938
Gross earnings (est).
—V. 148, P. 2289.
1—
W.
348,285
793,754
116,472
1,008,842
12,586
132,884
8,443
$104,574
v
Vice-President—
a
$3,332,908
$380,312
275,738
Gross income
Fixed charges
1938
$5,847,455
I0ss254.927
1939
Marvin
1939—3 Mos.—1938
$4,015,935
436,557
928,784
119,398
1,094,173
12,741
134,955
4,279
$988,528
224,864
Net from
elected
22.818,479
$374,216
6,096
Net ry. oper. income-
-Earnings-
.
Westinghouse
449,549
22,699,149
$373,641
CV13,671
Drl3,096
Operating income^
Other income
Ended March 31—
railway
295,707
.
$448,641
75,000
Net oper. revenue.
Net income._
Net from railway
Net after rents
1,168,080
&
19,650
22,978
$031,146"*"
rents.
C.
unadjust.
,
25,705
$245,830
_
Va.
1939—Month—1938
$1,386,679
$1,125,538
123,204
154,724
247,730
317,550
37,185
38,958
331,968
377,842
3,132
3,689
40,739
45,507
232
4,957
Equipment rents
Joint facility rents (net)-
Net sales...
Net earnings after depreciation
—V. 148, p. 2289.
railway.
Net from railway
1,188,690
(equip;).
177,653,249
$1,258,912
462,737
•
March
8,840,087
i77,004,174l
Total...j... ..177,653,249 177,004,17
Earnings for March and Year to Date
Total.
Taxes
Western Auto Supply Co.-
Gross from
113,764
9,S69,813
Prof. & loss bal.
$3,866,273
16,429
39,123
'
debt disc't & exps.
83,029
property,
W.
$3,478,662
20,952
36,512
of
&c.
Net income......
148, p.
506,268
deprecia¬
P. Ry..
$1,264,044
4,701
9,832
assoc.
Incls. maint. exps. of.
—V. 148, p. 1668.
Gross from
120,886
of
2,771,194
amort,
a
From Jan.
22,501
43,545
Deprec. Adeple.
2,518,418
458,550
companies.:
Net after
211,854
tion
616,080
long-term debt..
Int.
11,833
13,682
Accr.
$1,121,842
Grossincome
Int.
522,192
500,801
accr
rents
Operating res've
$1,125,914
5,732
9,804
Operating income
int.
Unmat'd
Tax liability
652,522
Non-oper. revenues.,.__
Non-oper. rev. deducts.
1,000
unpaid
Other def.liab..
Period End. Mar. 31—
'
$2,973,395 $11,563,328 $11,148,958
1,822,777
6,670,545
6,414,494
24,119
90,418
42,130
$3,147,406
From sales of gas... 1.
1,934,481
'Other oper. revenues.
23,932
Months
231
payable..
credits
80,090,748
72,481,277 291,562,673
....2000807 900 1821348,700 5934742,900
energy..
int.,
72,749
412,525
56
Divs,
Other curr, liab.
1939—12 Mos.—1938
Operating revenues:
Miscell.
82,793
382,221
Lighting Co.—Earnings—
energy
(kw. hours)...
Sales of gas (cu. ft.)
Froin sales
Misc. accts. pay.
Other
Period End. Mar. 31—
payable
accrued.._.c.
'
Westchester
of
payable
wages
Unmat.
unadjust.
debits
Westchester Fire Insurance Co.—-To Pay Extra Div.—
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the
common stock, par $10, payable May 1
to holders of record April 21.
Similar payments were made in bach of the nine preceding quarters.—V.148,
601.
car
balance
Fund, debt mat.
debt...
)
cos.
and
Audited accts. &
350,415
pd.in advance
Disc, on funded
Company notified the New York Stock Exchange that The Chase National
Bank of the City of New York has been appointed Transfer Agent of the
common and preferred stocks of the corporation,
effective as of May 1,
1939, and that it has terminated the appointment of The Pennsylvania Co.
for Insurances on Lives and Granting Annuities as Transfer Agent or such
stocks in Philadelphia, effective as of the close of business April 29, 1939.
—V. 148, p. 1668.
.
Int. mat. unpaid
Rent & ins.pfem.
—V. 148. p. 1824,
6,138,200
Grants in aid of
125,000
91,379
balances,
Net bal. rec.
Oth.
17,742,050
6,138,200
25,000
deposits
Traffic
$
53,286,898
53,286,898
17,742,050
.
stock..
pref. stock..
2d
Time drafts and
'
$
Cash
Misc. accts. rec.
$1,983,999
Liabilities—
Common stock
171,607,561
2,179,877
1,682,293
1937
1938
1937
Property Invest-171,751,757
Mat'ls & suppl.
$1,992,249
1,241,947
General Balance Sheet Dec. 31
1938
622,518
622,518.
$5,834,224
$6,047,848
842,569
Net railway oper . income
Dividend
58,672
556,928
^.$4,353,042
Operating income
Netrental of eqpt. & jointfacil. (GY.)-
$2,606,517
$2,614,767
Dividends
—V.
12,843
64,343
555,007
$9,272,622 $11,578,422 $10,464,047
Net operating revenue
Tax accruals..
agts.&conduc
3
3,972,511
(Cr.)-_
Total operating expenses
1939—12 Mos.—1938
,
$256,980
82,963
1,961
$303,183
mtge. bonds
Other int. & deductions:
Int.
Sales
4,473,709
53,115
483,608
-
Transportation for investment
Special deposits-
page
$2,151,631
3,292,741
440,427
_ ___
_
_
_
$2,316 881
3,708,120
473,203
3,876,090
Maintenance of
Traffic
Subs.)—Earnings—
$247,664
9,316
$289,217
13,966
Net oper. revenues...
Other income (net).—„
•
$1,554,099
2,931,026
442,071
Maintenance of way & structures
Grossincome
Warner Bros. Pictures, Inc.-—Debentures Called—*
All of the oustanding optional 6% convertible debentures series due 1939
have been called for redemption on June 29 at par and interest.
Payment
will be made at the Manufacturers Trust Co.—V. 148, p. 2289.
1936
Miscellaneous
revenues—Freight
|
the showing made in recent
leading units in the industry. Stock¬
"weigh the arguments" and decide "if this management
by the company with two other
holders
for Calendar Years
1938
1937
$13,072,166 $17,069,347 $15,794,011
103,628
97,198
95.763
81.420
82,211
82,002
14,991
20,068
18,647
1.848
3,548
1,863
351,611
353,897
305,984
Operating
to stockholders also compared
The letter
years
1939
29
Directors
have
declared
a
& Power Co.—Div.—
of $1.50
dividend
per
share on the capita
stock, par $100, payable April 28 to holders of record April 20.
Similar
payment was made on Jan. 31, last, and compares with $2 paid on Dec. 28,
1938; $1, on July 29, 1938; $2 on April 29, 1938 and a dividend of $1 paid
on Jan. 31. 1938.—V. 147, p. 4071.
Yazoo &
Mississippi Valley RR.—Earnings—
1938
1939
March—
$1,270,681
421,589
Gross from railway
Net from railway
228,807
Net after rents,
1937
1936
$1,212,396
$1,106,107
249,826
$1,478,957
580,409
27,488
360,937
156,168
3,395,181
927,156
273,584
3,877,979
1,205,930
3.271,252
539,829
207,343
•
378,517
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—V. 148, p. 1982.
-
3,403.020
906,522308,422
833,346
Volume
Financial
148
Years Ended Feb. 28—
Operating
$8,945,036
3,076,162
532,070
1,000,000
1,233,270
330,600
Depreciation
Taxes.
Provision for Federal and State income taxes
Net operating income
Merchandise and jobbing (net).
Interest and dividends
_
$2,473,251
21.692
Earnings
33,687
4,716
$2,773,121
1,030,770
Maintenance
$2,533,347
992,796
159,607
166,561
50,000
12,500
8,643
Miscellaneous income
Gross income
Interest
funded debt
on
Amortization of debt discount and expense
Amortization of abandoned street railway property
Other interest (net)..
Miscellaneous deductions
1939
:
1,912
49,510
Shares
—
297,844
$1,781,166
$1,541,164
1,959,467
$0.73
1,959,467
1,959,467
$0.78
out¬
per share
2289.
p.
■V.
148,
1982.
p.
Yale & Towne Mfg. Co.—
Quar. End. Mar. 31—
e
Net earnings
'
1937
1936
$492,224
101,799
$6,605
x72,998
$5,096
x72,998
$390,425
x72,998
$170,903
x71,033
$66,393
486,656
$0.01
$67,902 sur$317.427
486,656
486,656
$0.01
$0.80
sur$99,870
486,656
$0.35
Deficit
Shs.com. out. (par $25).
Earnings per share
$271,233
100,330
Includes other income of $11,074 in 1939, $11,857 in 1938, $21,109 in
1937 and $20,772 in 1936.
x
Estimated by Editor.—V. 148, p. 1825.
Yellow Truck & Coach Mfg. Co.—Earnings—
3 Mos. End. Mar. 31—
1939
1938
/
1937
1936
...$13,325,658 $13,465,032 $17,737,543 $10,926,150
801,350
418,910
748,669
1,139,935
282,571
264,335
244,776
226,893
Prov. for Fed. inc. taxes
130,000
37,000
47,140
122,°00
Net
sales......
Profit from oper
Prov. for denrec'n..
x
Net profit
Beckley, Treasurer and Assistant Secretary of the corporation, was
director, replacing Grant L. Cook, the company's attorney,—V.
elected
a
147,
3176.
p.
1938
$116,252
111,156
Net income
e
Earnings—
1939
$126,400
119,795
Depreciation
(L. A;) Young Spring & Wire Corp.—New Director—*■
F. J.
$9.90
Includes other income of $308,929 ($229,798 in 19?7).
Note—No provision has been made for surtax on undistributed profits.
that portion of the unamortized debt discount and expense and
premium and expense on bonds redeemed in 1936 applicable to
148,
146,787
155.516
359,792
$1,433,823
x
Note—No provision was made by the corporation for State income taxes
for 1937 as the corporation claimed as a deduction in its income tax return
redemption
the taxable
year 1937 which resulted in no State income taxes for that year.
No pro¬
vision for surtax on undistributed profits during 1937, under the Revenue
Act of 1936 is included in the above statement, as no such surtax was in¬
curred by the corporation or the subsidiary company for that year.—-V.
1936
$4,694,650
2,708,855
1,959,467
$1.12
stock
standing (no par)
$1,324,503
....
cap.
-Earnings—
1937
$4,530,142
2,233.668
$2,193,356
Net profit
28,344
$1,490,322
x$5,349,838 x$4,858,973
Expenses.
2,532,f 65
2,956,608
Depreciation
15*,364
145,618
Federal taxes (est.).....
466,053
322,924
DividendsNet income
1938
Operating profits
27,519
4,628
expense
$8,524,969
3,312,737
454,218
940,833
1,138.630
205,300
$2,772,933
Dr31,958
revenues
Operation
(William) Wrigley Jr. Co. (& Subs.)
Quar. End. Mar. 31—
1938
1939
2613
Chronicle
Wisconsin Public Service Corp. (& Subs.)—Earnings—
$388,779
$117,575
$456,753
$791,042
x
Including company's proportion of net profits or losses of wholly-owned
and controlled companies not consolidated.—V. 148, p. 2138.
7 he Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
/
.
'
'
,
Coffee—On the 22d inst. futures closed 1 to 2
points net
higher for the Santos contracts, with sales totaling 35 lots.
The old Rio contract
of
only four lots.
contracts.
was
off 1 to 4 points at the close on
There
sales
nothing done in the new Rio
was
The firmness of the Santos contract
attrib¬
was
uted
largely to week-end covering. Brazilian exchange
higher. After Friday's holiday, the first change noted
an
increase of 30 reis in the open rate to 18.980.
futures market
was
The Havre
unchanged to % franc higher, with trad¬
ing reported quiet.
On the 24th inst. futures closed 2 to 4
points net lower, with transactions totaling 55 lots, of which
lower
switches.
were
1
to
1
were
in
May.
point lower.
values in
oil
The
the futures
Rio contract
new
market today,
a
bit.
both sides of the market.
unchanged, the
to the dollar.
inst.
open
on
10 lots
was
May liquidation
Trade and commission houses
without any real significance.
25th
6 points
The chief factor operating against
which forced prices off
were
were
point higher, with sales totaling eight lots, of
which 7 lots
closed
The old Rio contracts
Brazilian exchange was
While the official rate
was
rate improved 20 reis to 18.93 milreis
Havre closed 1 to
futures closed
1
to
1)4 francs lower.
2
On the
points net lower for the
Santos contract, with sales totaling 46 lots.. Rio (old) con¬
tracts
seven
2
were
lots.
There
which ended
official rate
was
no
business reported in
nominally 2 points lower.
today showed
higher.
points lower to 1 point higher, with sales of
new,
improvement of 180 reis to 18.750.
an
was
the Rio
The free dollar rate
unchanged.
Havre closed 1 to 1
On the local Exchange
more
The
francs
than half the trading
today represented May liquidation in advance of first notice
day tomorrow (Wednesday).
the 46 lots
month.
were
in
In the Santos contract 20 of
May and all of the Rio sales
On the 26th inst. futures blosed 3
were
in that
points net higher
for the Santos contract, with sales
totaling 46 lots.
Rio contracts closed 1 point down to 4
The old
points net higher,
with sales totaling 39 lots.
traded in the
new
There
were
only two contracts
Rio contract, with prices in this division
showing net losses of 3 to 4 points.
Short covering in the
May Santos position lent strength to the entire coffee list.
Only one May notice was issued. After opening 3 to 6 points
higher, the market during early afternoon was holding gains
of 4 points, with September at 5.88c.
Rio contracts were
2
points lower to 4 points higher, with May at 4.03c.
May notices
francs lower.
and the free
were
issued.
Havre futures
In Brazil spot
market
weaker at 18.8 to the dollar.
Mild coffees
were
Rio No. 7s
quotation
on
were
were
the milreis
Actuals
were
as
five
^ to
off 100 reis
was
50 reis
steady but quiet.
firm.
On the 27th inst. futures closed 8 to 5
the 'Santos contract,
with
sales
points net higher in
totaling 18 lots.
The
re¬
an
easier milreis
rate, the rise being led by covering in the spot Santos month.
Trading
was
limited to Santos contracts, which opened 3 to
9 points higher and later stood 5 to 7 points higher,
with
March at 6.02c., up 5 points.
were
stopped promptly.
were
registered.
zales quoted at
Brazil
up to 2
Havre futures gains of % to 2 francs
11% to 11 %e.
about
were
Two transferable notices
Mild coffees continued firm, with Mani-
was
was
21 lots
in coffee futures continued despite
covery
Friday Night, April 28,1939
.
Cost and Height offers from
unchanged./ Today futures closed 2 points
points net lower in the Santos contract, with sales
totaling 273 lots.
No business in the Rio contracts.
ing in coffee futures
contract.
was
Trad-^
to the Santos
quiet and limited
That division
opened 2 to 6 points higher, but
points lower, with March at 6c.,
up 2 points.
One Santos notice was issued.
Havre futures
were
134 to 2% francs higher.
In Brazil the free market!
quotation on the milreis. was 50 reis better at 18.85 to the
dollar;
Mild coffees continued firm.
Cost and freight
orders from Brazil were unchanged from last night, when
the spot price on soft Santos 4s advanced 109 reis.
later stood 2 higher to 2
Rio coffee
as follows:
4.06 December.;
1..4.16 March
prices closed
May
1.:
July......
September..
May
July...
September
•
prices closed
as
follows:
5.80 (December
....5.85 March.5.911
Cocoa—On
___.4.15
-.4.15
,—
4.13
T
Santos coffee
•
« •;
'
—5.95
—
the 22d inst, futures closed 2
6.00
;
;
points off to
range was 1 to 3 points, net lowbr.
Transactions for the short session totaled 275 lots, equal to
unchanged
The opening
London actuals were 1 %d. off while the Terminal
was unchanged to 3d. lower, with transactions
totaling only 130 tons. There was some Wall Street liquida¬
tion in the May d3livery, and considerable switching from
that month into forward positions.
Local closing: May,
4.20; July, 4.32; Sept., 4.42; Oct., 4.47; Dec., 4.57; Jan.,
4.62; March, 4:71.
On the 24th inst. futures closed 6 to 4
points net lower. As in most other commodity markets, May
liquidation was an outstanding feature on the local cocoa
exchange, the selling of this.delivery coming principally from
Wall Street interests.
The opening range was 2 to 5 points
net lower, 53 lots changing hands as the session started.
Transactions for the day totaled 797 lots, equivalent to
10,680 tons. London actuals were 1 %d. to 3d. lower, while
the Terminal Cocoa Market was 3d. to 6d. down, with 700
tons sold.
Heavy swapping for actual cocoa was witnessed
on
the local exchange today.
One large manufacturer
swapped 269 May futures for physicals, while dealer interests
snapped 75 July and 20 September options. Local closing:
May, 4.15; July, 4.27; Sept., 4.38; Oct., 4.42; Dec., 4.53;
Jan., 4.57. On the 25th inst. futures closed 1 to 4 points net
higher.
The opening range was 3 points lower to 1 point
up.
Trading was quite heavy, with transactions totaling
1,192 lots, equal to 15,973 tons. May liquidation continued
a feature, with Wall Street and dealer interests conspicuous
in this movement.
There was a heavy amount of switching
from the spot delivery to the forward positions.
The trade
was reported as swapping 79 lots of July and 34 lots of May
for the actual commodity
Tomorrow will be first notice day
for May contracts *, London actuals were unchanged to 1 %d.
3,685 tons.
Cocoa Market
.
Chronicle
Financial
2614
2 to 3 points on light buying. Whib some traders ascribed
the market's strength to the rise abroad, others thought it
off, while the Terminal Cocoa Market ruled unchanged to
up, with 2,360 tons sold.
Local closing: May, 4.16;
July, 4.30; Sept. 4.41; Oct., 4.43; Dec., 4.56; Jan., 4.61;
March, 4.70. On the 26th inst. futures closed 3 to 6 points
net higher.
Transactions totaled 976 lots. Trading in cocoa
futures continued heavy with the market making a further
recovery.
During early afternoon prices were 2 to 5 points
higher with May selling at 4.19c., up 2 points. Eighty-four
transferable notices of delivery on May were issued, but they
3d.
foreshadowed news regarding the Cuban tariff. Raws were
easier. Puerto Rico sold at 2.93c., off 2 points, and it was
believed May-June Philippines sold at 2.90c., also off 2 points,
London raw sugar sold at the equivalent of 1.40 y^e. a pound
f.o.b. Cuba, best price paid since 1930. Futures there were
1 to 3Kd. higher, closing firm.
On the 27th inst. futures closed 2 points net higher for the
domestic contracts, with sales totaling 295 lots. The world
sugar contract closed 4 points to 1 point net higher, with
sales totaling 309 lots. World sugar contracts here soared
to highest levels quoted since the trading m the No. 4 contract started on Jan. 1, 1937, as rumors of a squeeze m the
May position were circulated, Opemng advances were 2 A
to 5K points, but profit taking later erased a portion of
those gains. Spot May sold at 1.49c. Notice was given
that 159 lots will be tendered on transferable notices of
delivery on May contracts tomorrow. During early afternoon July was selling at 1.44c., while Sept. traded at l«28c.
London was 2K to 3Kd. higher, while raws there sold at
the equivalent of 1.45Kc. a pound f. o. b. Cuba, the highest
price paid since 1930 when a peak of 1.72c. was reached by <
the market. In the domestic trading prices worked up to
yesterday's top prices. In the raw sugar market two lots
of 3,000 tons each of Philippines for June shipment were
sold at 2.90c. a pound. Today futures closed 2 to 1 point ,
net lower in the domestic contract, with sales totaling 35
lots. The world sugar contract closed 2K to IK points net .
lower, with sales totaling 273 lots. The advance in the world
sugar market, which has been in progress for several weeks,
was halted by selling, with the result that prices fell several
points. The break began in London and extended to the
New York market. Whether selling was due to Hitler's
speech or to rumors of a meeting of the International Sugar.
Council did not appear immediately., World futures opened
^
promptly stopped. Switching out of May into forward
positions continued.
The size of the May cocoa position
has been a source of surprise; no one had thought it as large
as it has proved to be.
A feature of today's trading was the
fresh Wall Street speculative buying interest evinced. Warehouse stocks increased 11,100 bags.
They now total 1,328,837 bags compared with 635,822 bags a year ago.
Local
closing: May, 4.20; July; 4.36; Sept., 4.46; Dec., 4.61; Jan.,
4.66; March, 4.76.
On the 27th inst futures closed 5 to 4 points net lower,
Transactions totaled 198 lots.
Circulation of a few May
were
market when no one seemed to want
Before circulation halted May had dropped
7 points to 4.13c.
Other positions were lower in sympathy,
Trading was otherwise without feature.
Only 125 lots
changed hands to early afternoon. The London market was
steady. Warehouse stocks increased 300 bags. • They now
total 1,329,193 bags, compared with 634,913 bags a year ago.
Local closing: May, 4.15; July, 4.31; Sept., 4.42; Oct., 4.47;
Dec., 4.57; Mar., 4.72. Today futures closed 12 to 5 points
net higher.
Transactions totaled 77 lots. Trading in cocoa
futures was exceedingly dull, with only 25 lots done to eariy
afternoon.
There was a little liquidation in May, although
notices upset the cocoa
to
stop them.
notices
no
were
issued.
The
London
market
was
barely
1 to 3 points lower this afternoon.
Warehouse stocks increased 6,800 bags.
They now total
1,334,957 bags, compared with 637,445 bags a year ago.
Brazil cabled the New York Cocoa Exchange that Germany
was buying cocoa in the Bahia market and was paying the
equivalent of 4.70c. f.o.b. New York for the cocoa, probably
giving compensation marks in payment. Local closing: May,
4.27; July, 4.37; Sept., 4.47; Dec., 4.62; Jan., 4.67; Mar.,
These prices
steady.
were
4.77.
q
.
2 to 4 points lower and this afternoon stood 1K to 3
lower. Selling was attributed to nervous longs, while
No further sales of
The tone of the entire market was
futures were unchanged in dull trading.
raws were
i^*
i-na+
points
Cuban
buying provided support. Although 159 notices were issued,
they were stopped promptly. It is expected that 18 additional notices will be issued next Monday. Domestic sugar
v.
c
onj
An
a
April 29, 1939
lota*
reported.
point lower. Transactions totaled 1 io
At o™ time
registered gains of 2 to 3 points. These gains were
^
attributed to the report that action on a Cuban duty reducMay
re as ronows. ^ ^ Janu^
..-2.02
tion might be expected soon. There was considerable liquidaJulyYrJLY7!!!111II1171Z-II112*03 March.-"'*
tion in the May delivery, and some switching from this conSeptember
—--2.07
*
tract to forward months in advance of first, notice day.
The /
Lard—On the 22d inst. futures closed unchanged to 2
raw market was quiet, most buyers being away for the weekpoints higher. Trading was very quiet for the short session,
,
end.
For May-June shipment Philippines were offered at
though the undertone was fairly firm with prices showing
2.93c., while Cubas were offered at 2.05c. A purchase of
gains at one time of 2 to 5 points, most of which faded out
Cubas was effected late on Friday at 2.04c., cost and freight,
on some slight selling that developed towards the close.
The world sugar contract closed IK points higher to "K point
Liverpool lard futures were quite firm, closing 3d. to 6d.
lower on sales of 41 lots.
Raws in London were unchanged " higher.
Hog prices at Chicago were reported steady at
at 7s. 3d. and futures closed unchanged to
Kd- higher. '»Friday's finals. Western hog marketings totaled 6,900 head,
On the 24th inst. futures closed unchanged to 1 point off.
against 10,200 head for the same day a year ago. On the
Trading was very light, sales totaling only 101 lots, of which
24th inst. futures closed 7 to 10 points net lower. The market
20 lots were in May at 1.97c. and 1.98c., 30 in July at 2.02e.,
ruled heavy during most of the day with prices closing at the
and 43 in September at 2.06c.
It was first notice day forlows of the session. Bearish news on hogs did much to inMay, but no notices were issued. The outside market was
fluence selling. Export clearances of American lard from the
quiet. With refiners expecting an early change in the Cuban
Port of New York today were light and totaled only 16,875
duty, they were not interested in the raw offerings. Meanpounds, destined for Antwerp and Hamburg. Liverpool lard
while they were pushing out sugar in modest volume against
futures were unchanged to 3d. higher.* Western hog market4.40c. contracts which expire at the close on Thursday.
Ia
ings today were heavy and totaled 73,800 head,, against
the raw sugar market refiners showed no interest in offerings
68,200 head for the same day a year ago. Prices at Chicago
today. Asking prices were unchanged with Philippines held
closed 5c. to 10c. lower on account of heavy hog receipts at f
at 2.93c. to 2.95c. and a limited amount of Puerto Ricos at
the leading midwest markets. Sales were reported during the
2.95c. Cubas for May shipment were offered at 2.05c. and
day at prices ranging from $6.50 to $7.15. On the 25th inst.
for June and July shipment at 2.08c. The world sugar confutures closed 10 to 12 points net higher. The market re¬
tracts closed 2 K to K point higher, with transactions totaling
covered most of the previous day's losses as a result of active •
170 lofs.
In London raws continued firm. Parcel quanticovering of shorts, who in turn were influenced by the active
ties at 7s. 3d., equal to 1.34c. f.o.b. Cuba, with freight at
export demand, firmness in grains.
Export clearances of
17s.
London futures were lKd. higher to Kd. lower. On
lard from the Port of New York today totaled 41,200 pounds,
the 25th inst. futures closed
unchanged to 1 point off. The
destined for Southampton and Hamburg. Liverpool lard
opening range was unchanged to 1 point higher in the domesfutures were unchanged to 3d. lower. Chicago hog prices
tic futures market.
Transactions totaled 155 lots.; The
finished fairly steady, with sales ranging from $6.50 to $7.
market ruled fairly firm in today's session until announceThe late top price was $7.10. Western hog marketings were
'ment by Great Western that 4.20c. beet
contracts, which
heavy and totaled 73,900 head, against 59,000,head for the;
expire on April 27, would be redated.
That of course took
same day last year.
On the 26th inst. futures closed 5 to 7
the edge off the refined market, and in turn
spoiled prospects
points net higher. The firmness in grains, a better cash deror
an advance
in the raw sugar market.
Refiners were
mand for lard and steadier hog markets were the principal
shovung slight interest in raw offerings today and the tone
factors responsible for the firmness of lard futures. Prices
of the market, reflecting
futures, was a shade easier. In the
advanced a maximum of 7 to 10 points from the early lows,
heaviest trading since last September, world
sugar contracts
Lard exports today totaled 150,000 pounds, destined for
advancing 2 to 3K points, this market moved into new high
London and Liverpool. England has been a very large buyer
1
bSee^of IfiLtsl.far
the market
..
-
,
|p*ound for the season. Short covering and
buying
were
new speculative
largely responsible for the firmness in values.
closed 3K points to 2 points net
London today sold at 7s. 4Kd.,
equal to
Ihe world sugar contract
1.35
Ac.^f.o.b. Cuba, with freight at 17s. 3d. Futures there
closed
2
Kd. to Id. higher.
On the 26th inst. futures closed
to unchanged for the domestic contract, with
totaling 252 lots. The world sugar contract closed 4 to
points
sales
up
IK points net higher, with sales totaling 317 lots. World
sugar contracts continued to spiral upward under broad
buying by traders, with the result that during early afternoon the market was 3 to 5K points net higher.
Restrictions
on
withdrawals of refined
vanced in Java.
were
withdrawn.
Prices also ad-
In the domestic sugar market
prices
rose
of American lard since Jan. 1. Liverpool lard futures closed
Hog prices at Chicago closed 10c.
higher, sales ranging from $6.50 to $7.15.
Western hog
marketings were moderately heavy and totaled 57,900 head,
against 41,600 head for the same day a year ago.
3d. to 6d. higher per cwt.
On the 27th inst. futures closed 7 to 10
The opening
the
afternoon
was
points net higher.
unchanged to 2 points higher.
session
the
During
market firmed considerably
on
of which was for short
top levels of the day.
Lard exports yesterday totaled 30,000 pounds, destined for
Manchester, England.
Liverpool lard futures closed unchanged from the previous finals. - Hog; prices at Chicago
declined 5c. to 10c. today.
Sales ranged from $6.50 to
rather vigorous buying, part
account, and prices closed at the
some
Volume
Financial
148
lots.
Western hog receipts totaled 56,000 head, against
45,700 head for the same day a year ago.
Today futures
$7.10.
points net higher.
With grain markets firmer
favorable for continued substantial exports of
lard, the market held firmer throughout today's session.
Pork—(Export), mess, $22.87% P^r barrel (per 200
pounds); family (40-50 pieces to barrel), $17.25 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel
(200 pounds), nominal.
Cut Meats: Quiet. Pickled Hams:
Picnic, Loose, c.a.f.-^4 to 6 lbs., 13c.; 6 to 8 lbs., 12c.;
8 to 10 lbs., ll%c.
Skinned, Loose, c.a.f.—14 to 16 lbs.,
17%c.; 18 to 20 lbs., 16%c.
Bellies: Clear, f.o.b. New
York—-6 to 8 lbs., 14%c.; 8 to 10 lbs., 13%c.; 10 to 12 lbs.,
12 %c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to
18 lbs., 10%c.; 18 to 20 lbs., 10%c.; 20 to 25 lbs., 10c.; 25 to
30 lbs., 9%c.
Butter: Creamery, Firsts to Higher than Ex¬
tra and Premium. Marks:
21 %c. to 23c..
Cheese: State,
Held '37, 20c. to 23c.; Held '38, 16c. to 18c.
Eggs: Mixed
Colors, Checks to Special Packs: 15c. to 18%c.
and prospects
DAILY CLOSING PRICES
OF LARD FUTURES IN
Sat.
6.52
6.70
_
October
6.45
6.55
6.72
6.62
6.75
6.50
6.62
6.75
6.80
-
CHICAGO
Fri.
6.57
6.65
6.72
6.77
6.85
6.90
6.87
6,92
Thurs.
Wed.
Tues.
6.32
,6.45
6.60
6.70
July_
September
Mon.
6140
■
,
+1.
than last week.
tank wagons 8.2c.
bid, 8.4c. offer.
Quotations: China wood: nearby, tanks—
15.9 to 16.1.
Coconut: tanks, nearby—.03% bid; Pacific
Coast—2% bid.
Corn: crude, west, tank, nearby—.05%
bid.
Olive: Denatured, drums, carlots, shipments—82 to
83; spot 84 to 85.
Soy bean: crude, tanks, west—.04% to
.05; L. C. L. N. Y.—45.7 to 6.8.
Lard: Prime, ex. winter—
9c. offer.
Cod: crude, Norwegian, light filtered—30c. offer.
Turpentine: 30% to 32 %c.- Rosins: $4.65 to $7.90. *
Oils—Linseed oil deliveries continue better
Linseed oil in tank
cars
is quoted 8.2c. bid;
including switches, 144 contracts.
Prices closed as follows:
Cottonseed Oil sales,
Crude, S. E. 5%e.
May.
6.71
@
n
October.
Rubber—On the 22d inst. futures
1
There
—-
closed 7 points lower
Trading was light, with sales totaling
point higher.
1,030 tons, which included 520 tons
rubber.
„ —
7.08(<£ 7.09
7.0
n
7.0 9 @
__
6.94 @ 6.95 November
December..6.94
n
_
August
to
7.08@
6.71 @ 6.73 September
.
June
July___.
some
was
of exchanged for physical
switching of May into forward
positions noted; also some dealer selling.
The market was
exceedingly dull on the outside. Altogether there was very
little to be said for the futures or the outside markets, trading
was so dull.
Local closing: April, 15.72; May, 15.72; July,
Dec., 15:87.
On the 24th
points net lower.
Transactions
15.83; Sept:, 15.84; Oct., 15.85;
inst. futures closed 9 to 13
1,580 tons, of which 130 tons were exchanged for
physicals. The feature of the trading in futures was com¬
mission house liquidation in May contracts, which was not
counteracted by any appreciable support.
Spot standard No.
1 ribbed smoked sheets in the outside market declined %c.
totaled
to 15
%c.
Several dealers in the actual market
fair amount of factory business.
the Far East proved limited and
a
reported doing
Shipment offerings from
too high. Local closing:
April, 15.60; May, 15.60; July, 15.70r Sept., 15.74; Dec.,
15.77; March, 15.85.
On the 25th inst. futures closed 8 to
16
points net higher.
Transactions totaled 2,120 tons, which
included 760 tons that were
exchanged for physicals.
Factory
reported active in taking the actual com¬
modity against May and July options.
Commission houses
and trade interests were represented in the switching opera¬
tions from May to the forward positions.
Foreign interests
were reported to be selling May and buying January and
March.
Dealers in the^ outside-market reported they did a
fair amount of factory business with the Akron area.
Ship¬
ment offerings were limited, with most of the offerings taken
by the local trade.
Spot standard No. 1 ribbed smoked
sheets in the actual market advanced %c. to 16c.
Local
interests
higher with same positions selling
but following the opening the
market ran into profit taking, which erased the gains.
During early afternoon May stood at 15.78c., up 2 points,
but July at 15.84 was off 1 point.
Transactions to that time
above
closed 8 to 3
May.
were
6 points net
higher to unchanged.
had
a
steady undertone in
Hides—On
5
higher.
2 to 13
Transactions totaled 260 lots.
the rubber futures
market.
were
points lower when 90 May rubber lots, of which 32
were
switches,
tons
to
be
were
delivered
traded.
on
the first day on which
Sales of futures up to early
was
which 30 tons
were
Transferable notices for 7,000
May contracts
were
issued.
This
such notices couid be tendered.
afternoon totaled 2,280 tons, of
exchanged for physicals.
London
was
quiet at l-16d. lower to l-16d. higher.
Singapore was dull
but steady.
Local closing: May, 15.76; July, 15.85; Sept.,
15.91; Dec., 15.97; Jan., 15.98; Mar., 16.00. Today futures
closed 5 to 9 points, net higher.
Transactions totaled 171
futures
closed
unchanged to
range
opening, turned steady on buying attributed to commission
During early afternoon September new stood at
10.37, up 2 points and December hew at 10.70, also up 2
points. Sales to that time totaled 2,400,000 pounds, all on
the new contract.
In the domestic spot market sales of
12,400 hides were reported. ' They included March light
native cows at 9%c. and April light natives cows at 9%c.
In the Argentine April frigorifico steers sold at 10c.
Certifi¬
cated stocks of hides in warehouses licensed by tha exchange
increased by 3,394 hides to a total of 1,237,915 hides.
Local
dosing: New Contracts: June^ 10.11* Sept., .10.44; Dec.,
10,83; Mar., 11.15.
Today futures closed 20 to 23 points
net lower for the new contract, with sales.totaling 303 lots.
No business reported in the old contract.
Traders in hide
futures followed the stock market.
When securities sold
off, hide futures promptly declined some 30 or more points
on a turnover which to early afternoon amounted to 9,760,000 pounds.
Nervous longs were credited with selling.'
Some 120,000 pounds were exchanged for physical hides.
During early afternoon June stood at 9.80c., off 31 points.
All trades were in the new contract.
Sales in the domestic
It
Trading in May
Early prices
inst.
houses.
In London
dominated
22d
.
was
net
the
points net higher, this
.
factory interests in rubber had improved.
May sold at
15.71, off 1 point and December at 15.94, up 2 points during
midday, and closed substantially higher for all deliveries
which was unchanged at the close.
exchanged for
covering both the new and
the old contracts.
Transactions totaled 2,160,000 pounds.
The old contract opened 10 points off, while the new con¬
tract opened 5 points higher to 10 points lower.
Trading
was
relatively light, with all of the business transacted in the
new contract.
There was nothing of interest in the domestic
spot hide market. Certificated stocks of hides in warehouses
licensed by the Exchange increased by 8,173 to a total of
1,239,733 hides. Local closing: New contract—dime, 9.85;
Sept., 10.20; Dec., 10.53; March (1940), 10.90. Nominal
closing prices for the old contract were: June, 8.95; Sept.,
9.20.
On the 24th inst. futures closed 22 to 26 points net
decline, this range covering both contracts. The market
opened unchanged to 5 points up, and for a time held fairly
steady In the later trading considerable weakness developed
and prices closed at the lows of the day. There is an increas¬
ing interest reported in the domestic spot hide markets.
Sales of spot hides in the Chicago market during the past
week are reported at around 70,000 hides, while further
trading direct with the tanning interests has been rumored.
Stocks of hides in the hands of the big packers are estimated
at 500,000 pieces. There was no trading reported in the old
contract today, while transactions in the new contract totaled
6,520,000 pounds. Certificated stocks of hides in warehouses
licensed by the Exchange decreased by 982 hides to a total
of 1,238,751 hides.
Local closing: New contract—June,
9.63; Sept., 9.95; Dec., 10.30; March (1940), 10.64. On the
25th inst. futures closed 2 to 8 points net higher, this range
covering both contracts. Trading was moderately active,
with transactions totaling 5,560,000 pounds in the new con¬
tract.
No business was reported in the old contract.
The
new contract
opened 4 to 10 points higher . The market ruled
within an extremely narrow range, though the undertone
was fairly firm
throughout the session. No important de¬
velopments were reported in the domestic spot hide market.
Certificated stocks of hides in warehouses licensed by the
Exchange decreased by 2,099 hides to a total of 1,236,652
hides.
Local closing: New contract—June, 9.66; Sept.,
10.01; Dec., 10.38; March (1940), 10.70.
Old contractJune, 8.75; Sept., 9.00, both nominal.
On the 26th inst.
futures closed 34 to 27 points net higher. Transactions totaled
246 lots. The recovery in the stock market met with a sym¬
pathetic response in the hide futures market, with prices
during early afternoon registering gains of about 19 points.
Sales to that time totaled 2,440,000 pounds, all on the new
contract.
Overnight sales of spot hides, March take-off, at
a
flat price of 7%c. on the Pacific Coast for steers were
reported. In the Argentine frigorifico steers sold to Europe
at 10c.
Certificated hides in Exchange warehouses decreased
2,131 hides. The total now is 1,234,521 hides. Local closing,:
Newcontracts-^Iune, 9.96; Sept., 10.35; Dec., 10.68; March,
10.97.
;
...
^
...
.v
On the 27th inst. futures closed 9 to 18 points net higher
for the new contract.
Raw hide futures after an irregular
a
reported that factory interest in rubber had improved.
prices were steady, unchanged to 3-32d. higher.
Singapore also was steady. Local closing: May, 15.76; July,
15.86; Sept., 15.89; Dec., 15.95; March, 15.98.
On the 27th inst. futures closed 1 point dowm to 2 points
were
15.90; Dec., 16.02; Mar., 16.09.
fairly large turnover.
Commission houses and dealers
bought May, furnishing the support for selling by the trade.
The turnover to early afternoon was 2,210 tons, of which 620
tons were exchanged for actuals.
It was reported that
except September,
1,510 tons, of which 80 tons
physicals.
Tender on May notices totaled 1,620 tons,
making a grand total of 8,620 tons so far.
London closed
unchanged to %d. higher. Local closing: May, 15.82; July,
15.92;
closed
Transactions totaled 316
The rubber futures market
The market opened
the 16-cent level,
totaled
closing: May, 15.70; July, 15.82; Sept., 15.89; Dec.,
Jan., 15.95; March, 15.95. On the 26th inst. futures
lots;
2615
Chronicle
'
spot market totaled 12,600 hides. Light native cows, April
takeoff, brought 9%c.
Local closing: June, 9.90; Sept.,
10.24; Dec., 10.60.
market for charters was fairly
week.
However, some ship owners are re¬
ported to be unwilling to offer their vessels for hire pending
European political developments.
The coal strike is also
having a detrimental effect.
Charters included:
Grain
Booked:
Fifteen loads New York to Liverpool, April, 2s.
lid.
Eleven loads, Montreal to Denmark, last half May,
13c.; Copenhagen 16c., Danish outports.
Charters—Grain:
Gulf to United Kingdom—Continent; May 10-22, basis 3s.
l%d.
St. Lawrence to United Kingdom-Continent, May,
basis 2s. 9d.
St. Lawrence to United Kingdom-Continent,
Ocean
Freights—The
active the past
deadlock in the bituminous coal strike
Coal—The
The price of crack double extra silk advanced lc. in
market to $2.47 lA a pound. Yokohama
Bourse prices closed 13 to 18 yen higher, while Grade D silk
in the outside market advanced V1XA yen to 1,152 3^ yen a
bale.
Local closing: No. 1 Contract: May, 2.373^; July,
2.19; Sept., 2.02H; Oct., 1.993^; Dec.,
1.97.
Today
futures closed 2c. up to 13^c. net lower.
Transactions
totaled 65 lots.
Irregularity ruled in the raw silk trading,
but later prices firmed up on sales of 260 bales.
During
early afternoon June No. 1 sold at $2,303^, up 3c. The price
of crack double extra silk in the New York spot market ad¬
vanced lc. to $2,483^ a pound.
The price of grade D silk
in Yokohama rose 1XA yen to 1,160 yen a bale.
The Japan¬
ese market will observe a holiday tomorrow.
Local closing:
off lAc.
the New York spot
con¬
signs of a break.
With the anthracite miners
contract expiring at the end of the month, many dealers and
consumers are rushing to get as much supplies as they can
handle.
On the first of May prices at Tidewater and "on
no
respectively, on
coal will go 15c. per ton higher
at, both points.
It is reported that all types of wholesale
anthracite coal in the New York area is being bought up
briskly;
Operators here yesterday stated that they are
running from 7 to 10 days behind or deliveries.
Pea coal is
very difficult to obtain, it is said, as the railroads are taking
most of the production for their own use.
According to
figures furnished by the Association of American Railroads,
the shipments of anthracite into eastern New York and New
England for the week ended April 8fch, have amounted to
1,563 ears, as compared with 1,238 cars during the same
week in 1938, showing an increase of 325 cars, or approxi¬
mately 16,250 tons.
"
'
v';'
will advance 20c. to 15c. per ton,
the line
COTTON
;
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 12,397
bales, against 13,296 bales last week and 21,385 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,243,022 bales, against 6,885,835 bales for the same period
of 1937-38, showing a decrease since Aug. 1, 1938, of 3,-
grams
642,813 bales.
bas brightened somewhat the
past week, with markets generally reported as firmer.
It is
reported that deaiers are finding it more difficult to secure
new wool, whether fleece or territory, at prices that would
enable them to secure a profit, even if sold at tops of pre¬
vailing spot market.
It is reported that wool supplies are
smaller than a year ago, especially dealers' domestic hold¬
ings.
Prediction that the 1939 clip would come into a
general market comparatively short of supplies, is confirmed
in part by the Government quarterly stock report which
shows that total supplies of apparel wool, scoured basis,
foreign and domestic, held by ail parties as of April 1, was
about
5% less than at the same period of 1938. The latest
developments in Great Britain would seem to indicate that
a large
portion of British manufacturing equipment will be
diverted to the production of uniforms for the conscript
army, thus curtailing exports of wool to this country.
The
demand for war needs also promises firmer prices.
This
augurs well for the domestic wool situation.
Unfilled orders
of woolen mills are now reported as beginning to expand.
,
No.
Mobile
Weakness'was
nearby deliveries.
w
—
—
-
—
:
«.
~
—
-
-
mm-mimmmm.
—
mm
-
mm
m,
m,
mm
—
—
-
mi
f
m.
mm
m.
—
mm
m.'~
-
72
.
—
20
5,344
1,365
20
L
172
2
"
•:
-
—
—
-
—
mm.
—
—
mm
-
....
----
Totals this week.
—
mm
■m.
_
mm
_
154
I
1
562
562
431
2,782
12,397
„
—
mm
mm
—
mm
-
-
-
-
-
1
-
.
711
1,509
3,871
2.088
1,436
-
_
•
mmmrnmrnm.
1
3
—
-
431
^
The
following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight, compared
with last year:
,
.
Stock
1937-38
1938-39
Receipts to
This
Since Aug
This
Week
Apr. 28
1 1938
Week
795
1
938,077
1,000,101
290,382
16,678
784,928
61,889
11,354
1,892
34,198
15,987
38,760
12,796
44,045
431
_______
21,935
3,549
3
5~344
;
1,365
Pensacola,
Jacksonville.,
Savannah
pronounced in the
not, at all aggressive, but
172
...
*_
Lake Charles.
most
"20
:
Charleston
154
.
...
Wilmington;.-
1
562
Norfolk.
.
Since Aug
1
1939
1937
52,277
4,038
1,570
147,853
34,069
5,634
15,431
28,282
•
•
Totals..12,39713,243,022
768
1,989
1,153
21,376
1938-39
Houston
3,549
New
5,344
Orleans.
Mobile.
1,365
Savannah....
Brunswiek
Charleston
Wilmington.
-
5,407
6,444
29,170
1,794
•
4,607
3,982
25,847
'
,
7,094
767
963
""500
""657
641
3,132
3,828
7.290
2,037
1,247
591
172
years
seasons:
1933-34
1934-35
1935-36
1936-37
1937-38
795
1,025
other
give below the totals at leading ports for six
Galveston....
3,680
,
45,944 6,885,835 1,982,204 2,703,857
In order that comparison may be made with
Receipts at-r
,
100
100
Baltimore.
we
739,657
788,571
48,331
16,761
772,764
56,533
8,964
2,694
146,925
43,046
18,883
25,999
29,924
617,042
45,797
31,796
489,659
Boston
v.-
1938
505,517
5,407 1,862,941
6,444 1,778,695
148
398,933
11,522
29470 2,052,744
1,794
205,767
76,818
3,613
125,339
r767
500
188,151
41
78,836
641
27,435
264
53,665
New York....
33,401
7,279
27,199
2,488
.1,264
3,252
4,258
"
5,828
.
768
310
19
""154
'
562
_
.
""963
""554
296
97
1
264
351
678
904
"
*
120
353
"""455
'"957
""812
""573
""371
;
Newport News
All others....
■t
■
'
Norfolk.
v
—
404
■
New Orleans
88 notices issued
3,549
w
mm
12
154
_
Houston
Transactions totaled 780 bales, with 680 bales
88
Baltimore
.
today. Of the total
only 6 appeared on the floor and these were immediately
taken by the trade.
The total included 86 notices in the
No. 1 contract and 2 notices in the No. 2 contract.
The April
option expired at noon today. Both Japanese markets were
closed in observance of Memorial Day.
Local closing: No.
1 .contract: May, 2.39; July, 2.16; Aug., 2.05; Sept., 1.99;
Oct., 1.963^; Nov.,T,1.94Contract No. 2: June, 2.21;
Sept., 1.95; Oct., 1.91; Dec., 1.90. On the 26th inst. futures
closed 3c. to 43^c. net higher for the No. 1 contract, with
sales totaling 127 lots.
The No. 2 contract closed 4c. to 5c.
net higher, with sales totaling 4 lots.
Profit taking gave the
silk futures market an early setback of as much as 8c. a
pound, but later prices rallied under Japanese and dealer
buying, with the result that in early afternoon the market
was 1 to 4c. net
higher, with July No. 1 at $2.17 and Sep¬
tember at $2 a pound.
The price of crack double extra silk
in the uptown spot market declined 2c. to $2,463^.
The
Yokohama Bourse closed 4 to 12 yen lower, while the price
of grade D silk in the outside market declined 10 yen to
1,140 yen a bale.
Local closing: No. 1 contract: June,
2.293^; July, 2.20; Aug., 2.093^; Sept., 2.03^; Oct., 2.003^;
Nov., 2.00; Dec., 1.98. No. 2 contract: Oct., 1.95; Nov.,
1.95; Dec., 1.94.
On the 27 inst. futures closed 13^c. net higher for the May
delivery, while the balance of the list was lc. net lower.
Transactions ^totaled 22 lots. >• Prices of silk futures were
mm
"
Corpus Christi
Beaiinont
transacted in the No. 1 contract and 100 bales in the No. 2
were
1,355
212
Wilmington
.both markets totaled 500
There
387
Norfolk.
to the
contract.-
153
Lake Charles.:__
because of lack of
2c. net lower.
543
82
"
—
■
Gal ve3ton
bales, while futures totaled 7,675
bales.
Local closing: No. 1 contract: April, 2.44; June,
2.27; July, 2.17; Aug., 2.07^; Sept., 2.01; Oct., 1.96. No. 2
contract: April, 2.37; June, 2.22; July, 2.23.
On the 25th
inst. futures closed 6c. higher jbo 2 3^c: net lower for the No: 1
contract, while the No. 2 contract closed 4c. net higher to
,
795
.410
,'i'
Savannah
The selling was
appreciable support prices yielded, readily
slightest pressure.
Futures at Yokohama ruled un¬
changed to 10 yen higher, while Kobe was 4 yen lower to 28
yen higher.
Grade D declined 10 yen * at Yokohama to
1,150 yen and eased 5 yen to 1,155 at Kobe.
Spot sales in
t
744
1,034
Charleston
totaled only 670 bales, of which 650
done in the No. 1 contract and 20 bales in the
contract.
2,596
3
Jacksonville...
Transactions
2
927
385
68
r __
Christi
Mobile
were
Total
7
77
805
Houston
Corpus
142
88
158
323
151
New Orleans.
Silk—On the 24th inst. futures closed 10c. to 33^c. net
bales
Fri.
Thurs.
Wed.
'
"
lower.
.
Tues.
Mon.
Sat.
Receipts at—
150% higher than a year ago,
observers state.
Women's wear lines are being shown from
two to three weeks earlier, at the request of chains and
jobbers.
"
•
«
\
•
'
\
,
V
Galveston
wear are
,
; Friday Night, April 28, 1939
.
of the Crop, as indicated by our tele¬
Movement
The
.;Wool—The wool situation
..
2.09; Sept., 2.043^; Oct.,
June, 2.293^; July, 2.19; Aug.,
2.01; Nov., 2.00; Dec., 1.953^.
nut, stove and egg, while pea
Contracts for men's
1939
fairly steady throughout the forenoon on sales of 110 bales,
all on the No. 1 contract.
During early afternoon September
No. 1 sold at $2.04, up 3^c., and October No. 1 at $2.00,
May 5-18, basis 2s. 9d. St. Lawrence to United KingdomContinent, May-June, basis 2s. 9d.
St. Lawrence to United
Kingdom-Continent May 25-June 10, basis 2s. 9d.
Scrap:
Gulf to Japan, May 20s. 6d.
Northern range to Wast
Italy, April-May.
Charters—Time: 13^ to 3 months West
Indies trade, April-May, $1.50.
Round trip West Indies
trade, delivery New York, May, $1.30.
Round trip East
Coast South American trade, delivery West Indies, May,
95c.
Round trip, delivery Gulf, redelivery North of Hatteras, via Canada, May, $1.12^.
Three months West
Indies trading, early May, $1.45.
tinues, with
April 29,
Chronicle
Financial
2616
.
235.
~
2,326
Total this >vk_
15,791
75,235
12,397
'20,044
45,944
44,904
Since Aug. 1__ 3.243.022 8,885,835 6.015.695 6,340.725 3,856.197 6:896,498
The exports for the week
ending this evening reach a total
bq-les, of which 5,819 were to Great Britain, 468
to France, 675 to Italy, 21,750 to Japan, 4,978 to China,
and 3,638 to other destinations.
In the corresponding week
last year total exports were 65,832 bales.
For the season
to date aggregate exports have been 2,964,822 bales, against
5,080,253 bales in the same period of the previous season.
Below are the exports for the week:
of 37,328
Week Ended
Apr.
28,
Exports to—
1939
Exports from—
Great
Britain
Ger¬
France
Galveston
Houston.
many
Italy
Japan
China
11,954
353
2,216
5,447
115
2,709
Mobile
Total..
14,731
1,019
9,528
50
"675
3~,878
"984
50
7,530
841
841
l",89b
Los Anseles
San Francisco
Total
446
1,993
Corpus Christi..
New Orleans
Other
i",I6o
5,819
1938
6.881
1937
10 91°
4.QQ3
675
6.279
Total
1,999
2,649
21,750
4,978
3,638
37,328
14,409
5,103
19.402
2,615
11.143
65.832
12 MS
5.557
62.111
468
Total
""50
80
"53
1,469
,
12.759 108,184
Volume
Financial
148
From
part represent^ liquidation. Foreign interests were on both
sides of the market. Bombay sold near months, but there
Exported to—
Aug. 1 1938 to
Were
Ger¬
Apr. 28, 1939
Great
Exports from—
Britain
France
Italy
many
66,367
Houston
97,818
126,875
82,068
265,675
18,351 200,438
857.592
81,120
63,12S
28,375
114,647 106,458
194,219
46,921 177,639
2,171 57,800
8,591
836,408
Corpus Christi
Brownsville
_
27,971
2,412
.
57,561
24,376
12,606
24,351
1,240
866
173
Beaumont
111,664
77",453
54", 847
58",845
Lake Charles.
10,785
9,449
521
8,871 109,783
1,036
31,246
5,152
1,320
6,730
Mobile
Orleans.
New
810
Jacksonville
Pensacola, &c.
Savannah...-
"360
12.074
"728
2,152
4,774
228
150
9,052
468
885
1,390
500
5,400
684
110
Gulf-port-.—
511
714
New York
331
""33
,
'
Boston
155
5,902
1,511
7.471
8,468
3.472
4,565
3,798
131
600
""97
90
139
,
13
Baltimore
257,358
53,224
1,039
486,216
5,770
52,086
1,168
10,272
20,230
10,674
510
66
Norfolk,
6,670
61
336
8,435
Charleston-.1
64,753
297
9,198
513
500
""29
PhiladelphiaLos Angeles..
21,688
Francisco
15,861
229
200
170,937
4,094
4,995
228,596
71,767
18,562
1,195
1,692
93.758
3,243
San
Total
Other
China
Japan
115,404
Galveston
6,384
1,936
10.
10
Seattle
Total.-----
795,244
82,931 593,840 2964,822
796.447 466,980 570,871
667,404 319,197 1419,523
428,469 377,530
84,571 913,493 5080,253
21,791 624,905 4802,935
408,977 277,831
Total 1937-38 1524,496 723,395
Total 1936-37 1066,835 682,280
NOTE—Exports to Canada—It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion
returns
concerning the
districts
on
comes Over
and and It is impossible to give
from week to week, while reports from the customs
same
the Canadian border are always very slow in
In view,
will
coming to hand.
however, of the numerous inquiries we are receiving regarding the matter, we
that for the month of March the exports to the Dominion the present season
have been 11,246 bales.
In the corresponding month of the preceding season
say
For the seven months ended March 31, 1939, there
the exports were 21,966 bales.
were
124,090 bales exported
as
against 183,831 bales for the eight months of 1937-38.
In addition to above exports, our telegtams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
v
'
.
On
*
Shipboard Not Cleared for—
Leaving
Apr. 28 at—Ger¬
Great
Biitaiv
Galveston.
Other
Foreign
wise
100
800
_
2.350
"173
1,496
2,858
"39.
5,305
8,816
18,200
1,708
5,509
■
802
1,700
_____
Orleans.
_
Stock
Coast¬
many
"455
Houston.
New
France
Savannah
-
r
Total
279
497,717
601,857
480,438
147,853
33,915
50,280
28,282
107,505
8,800
15,185
.1,573
9,221
2,000
5,900
11,581
1,594
—
"154
154
Charleston
Mobile
1,997
1,503
Norfolk.
Other ports
Total 1939.Total 1938—
Total 1937----
5,586
2617
Chronicle
3,760
4,834
7,824
4,006
4,175
5,335
20,578
36,521
43,619
35,357 1,946,847
59,855 2,644,002
80,564 1,467,785
some
buying orders trom that source in distant deliv Ties.
Liverpool sold here at the narrow discounts under the English
market. There were reports of hedges against foreign cotton
being transferred here on the theory that if an American ex¬
port subsidy is instituted, the United States markets would
prove the most attractive hedging medium.
Further news
on the
export subsidy program was generally lacking. It is
expected that a Senate Appropriations Subcommittee will
begin discussions Friday on the plan, which is undertsood
to call for payment of a subsidy of up to 2c. a pound to sell
American cotton in foreign markets at or below a competitive
price with foreign growths in an effort to regain lost exports.
Declines of from 5 to 22 points were registered in Southern
spot cotton markets, with middling quotations ranging from
8.32c. to 8.97c. On the 26th inst. prices "closed 12 to 6 points
net higher. The cotton market displayed a firmer tone today
in
a
moderate volume of business.
feature
Speculation
week
past
in
cotton
continues
for
future
moderately
delivery
active,
during
the
with the markets
The uncer¬
displaying heaviness during most of the week.
tainty and confusion regarding
and
the
fused
sive
as
feeling
legislation at Washington,
situation
The political
course
are
On the 22d inst.
with
the
will
become
more
con¬
time goes on, accounts for the lack of real aggres¬
trading.
strike of
that
situation abroad and
having their adverse influence.
the coal
,
prices closed 3 to 9 points net higher,
thy exception of the May delivery, which closed with a
points. Additional May liquidation and covering
loss of 4
in later months caused
irregular price changes in the cotton,
Offerings of May were rather liberal
from foreign sources, especially Bombay:
Opening prices
were 3 points lower to 4
points higher. October established
a net gain of 10
points in the late trading, and was up approxi¬
mately $1 a bale from its low level of last Monday. On the
other hand, May at its low of 8.12c. today was down 13
points from its high price for the movement on Wednesday.
Washington news was featureless as far as the cotton situa¬
tion was concerned.
At Liverpool the Washington impasse
was. said to be minimizing speculative interest, according to
cables received in the trade. The English market wras
steady
on trade
calling, and Bombay buying of the far distant posi¬
tions. Commodity Credit Corporation reported that through
April 20, 4,438,817 bales of the 1938 crop had been pledged
to the loan program.
This represented an additional 13,516
bales entered by growers during the week, against 10,885 in
the preceding week. Repossessions by borrowing producers
for the, week amounted to 592 bales,"making 30,205 bales
thus far this season.
On the 24th inst. prices closed 16 to
19 points net higher.
The market showed unusual strength
today, due to reports of an agreement-by the Administration
and cotton bloc Senators on a
compromise export .subsidy
plan, which stimulated the most active demand in several
futures market
today,
months for cotton futures.
about $1.50
a
Newr crop prices at one time rose
bale and about $2.50 a bale from the recent
lows.
Profit-taking erased part of the gains and the market
closed steady at levels substantially above the
previous close.
The news which accounted for the
sharp rise in the domestic
market
had
the
opposite effect abroad, owing to fears of
a proposed sub¬
sidy of up to 2c. a pound. Liverpool was unsettled under
general liquidation, and at one time was approximately the
equivalent of 40 American points below Friday's closing
levels.
The Egyptian market in Alexandria established
minimum prices after temporarily suspending trading follow¬
ing an opening decline. Quotations at Bombay also eased.
Senator Bankhead, sponsor of the cotton bill,
predicted that
the domestic price would be stabilized at around 9c. a
pound.
On the 25th inst. prices closed 2 to 10 points net lower. The
opening range was steady at unchanged to 6 points higher.
Trading was active, but orders were mixed and for the most
increased pressure of American cotton with
A short time before the
close, active months registered gains of 3 to 10 points over
the closing levels of the previous day. Around midday prices
were 2 to 8 points net higher*
Showing gains of 5 to 8 points
in response to better than expected Liverpool cables, and
buying by the trade and spot interests in the May and July
options, futures were moderately active on the opening.
Short covering and some Wall Street absorption also was
apparent.
Contracts were supplied by the South, locals
and brokers with Bombay affiliations. Most of the activity
centered in the May, July and October positions, with the
more distant deliveries
quiet. Export subsidy plan rumors
dominated futures on the Liverpool Exchange.
Final quo¬
tations there were 1 point higher to 1 point lower. Planting
in the eastern cotton belt made a fair to good advance rather
generally, and chopping has begun in southern Georgia and
South Carolina, according to the weekly weather report
from Washington.
'
"
On tlie 27th inst. prices closed 2 to 7 points net lower.
The market developed an easier tone during early afternoon
in a moderate volume of business.
Shortly before the end
of the trading period the list was 1 to 5 points net lower.
At noon the market was 1 point higher to 4 points lower.
Futures were* slightly easier on the opening, -with initial '
prices registering no change to a decline of 3 points from
the last quotations of the preceding day?
The nature of
the trading today was practically similar in tone to the
general run of dealings in the past few sessions.
No real
was
active.
At
American
the
evidence
in
and the
moderately
turnover was
Liverpool the trade was doubtful as to whether
subsidy plan would be put through,
the futures market
today.
Local buying and some offtake from American inter¬
ests advanced prices to final gains of 10 to 13 points.
;
Today prices closed 9 to 3 points net higher.
The cotton
market turned firmer this morning in a moderate turnover.
resulting
in
export
a
scarcity of offerings in
.
,
Around
midday active positions showed advances of 3 to 6
points over the closing levels of the previous day. « Futures
'irregular
were
on
the opening, with initial prices 3 points
above to 3 points
below yesterday's last quotations.
Trad¬
ing was limited on the opening, with the old crop positions
relatively strong.
Buying in these deliveries came from
trade sources and Wall Street houses, absorbing scattered
offers from brokers with Bombay connections.
months
under
met
only limited support and
selling by commission houses, the
interests.
"
'
'
A
•
The distant
showed small losses
Soutli and foreign
•
••
The official quotation
f(or middling upland cotton in the
New York market each day for the past week has been:
Apr. 22 to Apr. 28—
Middling upland,
-
-.
Sat. * Mop.
8.83
8.90
Tues.
8.94
Wed. Thurs.
8.09
9.11
Premiums and Discounts for Grade and
Frl."
9.20
Staple—The
below; gives the premiums and' discounts for grade and*
staple in relation to the grade, Basis Middling
established
for deliveries on contract on May 4, 1939.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over J^-inch cotton at the 10 markets on Apr. 27:
'
•
\
table
15-16
Inch
1 In. &
V*
15-16
1 In. tfe
Inch
Longer.
Inch
Inch
Longer
Spotted—
Whiteon
.80 on
.94 on
Good Mid—-
St. Good Mid..
.56 on
.74 on
.88 on
St.
Good Mid
.50 on
.68 on
.82
on
Mid
.33 on
.50 on
.65
on
♦St. Low Mid.. 1.39 off 1.34 off 1.29 off
Basis
.17 on
.31 on
.59 off
.43 off
.32 off
Mid.
Fair
Mid
St.
Mid....-
St. Low Mid
Low Mid
.62
1.30 off 1.24 off 1.19 off
♦St. Good Ord. 2.02 off 1.97 off 1.96 off
♦Good Ord—- 2.62 off 2.68 off 2.58 off
Mid
St. Low Mid...
.50 on
.68 on
.82
on
.33 on
.60
on
.65
on
Even
Mid
St.
.17 on
.31
on
.59 off
.43 off
.32 off
1.30 off 1.24 off 1.19 off
Low
Mid
♦St.
Good Ord. 2.02 off 1.97 off 1.96 off
2.62 off 2.58 off 2.58 off
Ord
♦Good
on
.25
on
.37 on
♦Low Mid
.10 on
.23
.67 off
.53 off
.40 off
on
2.12 off 2.09 off 2.08 Off
Tinged—
Good Mid----.
St.
Mid
.50 off
.40 off
.30 Off
.73 off
.63 off
.54 off
1.48 off 1.43 off 1.39 off
♦Mid
♦Low Mid
2.82 off 2.81 off 2.81 off
Yel. Stainedr—
Good Mid
Mid
♦St.
♦Mid
1.12 off 1.04 off
.96 off
1.63 off 1.59 off 1.56 off
2.28 off 2.26 off 2.25 Off
Gray—
Good Mid
St.
Mid
♦Mid
*
.09
.06 off
♦St. Low Mid„ 2.16 off 2.14 off 2.14 off
Extra White—
Good Mid
Mid
.60 off
.48 off
.38 off
.81 off
.70 off
.61 off
1.36 off 1.30 off 1.26 off
Not deliverable on future contract.
Market and Sales at New York
each day during the
indicated in the following statement.
For the convenience "of the reader, we also add columns
The total sales of cotton on the spot
week at New York are
2618
Financial
which show at
closed
on
Chronicle
days.
same
April
1939
29
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States for Friday
glance how the market for spot and futures
a
only.
Futures
Spot Market
Closed
Closed
Nominal.
Saturday
Monday
Tuesday
WednesdayThursday
Friday.-
Nominal
Nominal
Nominal
__
Nominal
—
SALES
Nominal.
.
Contr'ct
Spot
Total
1,100
1,100
"200
"200
300
500
300
500
431
1937
830,000
155,000
115,000
731,000
240,000
176,000
18,000
Stock at Barcelona
431
Steady
Steady
Barely steady.Very steady.
Steady
Steady
bales
Stock at
194,000
1,255,000
178,000
241,000
162,000
291,000
Stock at
1939
1938
782,000 1,061.000
134,000
April 28—
Liverpool
Manchester
Market
Stock at Genoa
Total Great Britain
15,000
38,000
26,000
13,000
Stock at Havre
2,531
Since Aug. 1
2,531
166,755
101",000
65.755
—
Total Continental stocks
32 Years
quotations for middling upland at New York
April 28 for each of the past 32 years have been as follows:
1939—.. 9.20c.
1933-. ..8.81c.
1930
8.76c.
1929
1937_
1936
1935
—
_
1931
.13.26c.
11.60c.
1923 —.28.35c.
1922
18.35c.
1921
12.30c.
192041.35c.
9.95c.
-
16.26c.
_-_19.85c.
-
1934—1.12.20c.
1928
1927
1926
1933
7.50c.
1925
.18.85c.
24.00c.
1932.
6.15c.
1924
29.80c.
j.
21.75c.
1917 —20.65c.
1916_._--12.20c.
1908-
595,000
611,000
1,866.000
Europe
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt.
79,000
157,000
363,000
1,129,000
-1,982,204
2J95.440
3,770
— —
Stock in Bombay, India
Stock in U. S. ports
11.75c.
1911—-15.35c.
14.85c.
—
481,000
432,000
American cotton afloat for
1912
1910
72,000
10,000
5,000
74,000
Total European stocks
1,348,000
India cotton afloat for Europe—
114,000
on
1915—10.50c.
1914
13.10c.
1913
11.70c.
1919.--.-29.50c.
1918---t.26.90c.
15.35c.
18,000
10,000
8,000
—
.
Stock in U.S. interior towns
U. S. exports today.
1909
10.75c.
10.00c.
—
supply!
Total visible
186,000
182,000
194,000
179,000
92,000
118,000
99,000
383,000
242,000
291,000
1,180,000 1,206,000
863,000
2.703,857 1,548,349 1,817,291
2,289,937 1,322,016 1,779,076
8,844
11,754
3,482
111,000
161,000
7,971,414 8,795,638 6,294.119 6,539,849
—
Of the above, totals of American and other
highest, lowest and closing prices at New
York for the past week have been as follows:
Tuesday
'Apr. 22
Apr. 24
Apr. 25
Wednesday
Thursday
Apr. 26
Friday
Apr. 27
Liverpool stock
Closing.
8.13-
8.15- 8.34
8.14
8.27- 8.39
8.31- 8.38
8.36- 8.42
8.38- 8.45
8.29
8.12- 8.15
8.27
8.38
8.36- 8.37
8.45
—
—
-
695,000
133,000
are as
349,000
63,000
192,000
follows:
287,000
51,000
192,000
153,000
142,000
270,000
Other Continental stock
55,000
American afloat for Europe.79,000
161,000
U. S. port stock
1,982,204 2,703,857
U. S. interior stock..
-2,795,440 2.289,937
U. S. exports today
3,770
8,844
21,1,000
.
-
Havre stocks...
May{ 1939)
Range..
299,000
56,000
124,000
122,000
46,000
Manchester stock.
v'h;
Apr. 28
.
descriptions
American—
Bremen stock
Monday
1,466,000 1,326,000
—
Futures—The
S aturday
.
-
Stock at Trieste
New York Quotations for
The
47,000
14,000
10,000
Stock at Rotterdam
Stock at Venice and Mestre
Total week-
8,000
985,000
191,000
240,000
14,000
916,000
Stock at Bremen
__
1936
616,000
—
.
17,000
194,000
1,548.349
1,322,016
11,754
112,000
179,000
1,817,291
1,779,076
V
3,482
June—•
Total American—.——,
Range—
Closing
8.01ft.«
.
8.14ft
8.26ft
8.23ft
8.32 ft
8.01- 8.13
8.02- 8.15
8.li- 8.17
8.11- 8 20
8.14- 8.15
8.11
8.20
July—
Range..
7.88-
7.91
7.98- 8.10
Closing
7.90- 7.91
8.08- 8.10
_
*8.02
—
—
5,507,414 6,508,638 3,858,119 4,573,849
East Indian, Brazil, &c.—Liverpool stock
8.19ft
•
Bremen stock
Auq.—
366,000
61,000
40,000
46,000
;
Havre stock.
21,000
24,000
111,000
481,000
92,000
49,000
29,000
' 33,000
186,000
.182,000
92,000
383,000
118,000
242,000
99,000
291,000
—1,129,000 1,180,000 1,266,000
863,000
•
—
—
Other Continental stock
Range..
7.55 n
Closing.
Sept-—
7.84 n
7.75ft
7.86ra
7.79 ft
Indian afloat for Europe.
7.83rt
7.95-
Range..
7.95
7.93-
7.50 n
7.95
Range-_
7.48-1 7.56
7.71-7.82
7.70-
Closing
7.55-
7.74
7.70
Stock in Alexandria,
7.93
7.80ft
—
7.91ft
7.71- 7.81
7.73-
7.81 '*—-
7.74
7.88ft. "
7.84ft
157,000'
—
Egypt
363,000
Stock in Bombay, India.—
,
49,000
114,000
Egypt, Brazil, &c., afloat
Closing.
,
483,000
78,000
54,000
Manchester stock
—
.
329,000
64,000
49,000
23,000
66,000
Oct.—
.
7.56
—
7 80
—
7.72-
7.82
Total East India, &c_
Total American-
7.79
7.78ft
—
-2,464,000 2,287,000 2,436,000 1,966,000
-5,507,414 6,508,638 3,858,119 4,5/3,849
—
—
Nov.—
Total visible
Range..
7Mn
7.65 ft
7.76ft
7.69ft
Range..
7.41- 7.45
7.60- 7.76
7.60-,.7.70
7.60-7.71
7.63-
Closing..
7.45
7.62
7.60
7.71
7.64
7.50n
Closing.
,
.
7.72ft
Dec.—
Ja n A
——
—
—
——
7.70
7.67-7.68
-r—
1940)
.
Range..
7.41-
Closing
,
~r
7.61-
7.72
supply.-_.-----_7,971,414 8,795,633 6,294,119 6,539,849
Middling uplands, Liverpool
5.00d.
4.80d.
7.22d.
6.46d.
Middling uplands, New York..-.
9.20c.
8.76c.
,13.51c.
11.61c.
Egypt, good Sakel, Liverpool
8.73d.
9.02d.
12.25d.
9.34d.
Broach, fine, Liverpool,
4.Old.
4.09d.
6.04d.
5.44d.
Peruvian Tanguis, g'd fair, L'pool
5.15d:
5.95d.
8.77d.
C.P.Oomra No.l staple.s'fine.Liv
4.24d.
' 4.16d.
5.94d.
7,45«
7.62
7A8n,
7.65?i
„
7.62-
7.41
7.77
7.64-
7.68
7.60-
7.70
7.61-
7.71
7.66-
7.59ft
7.70
7,63ft
7.59ft
—r-
7.70 ft
7.62ft
,7.70
.
Feb.—
•
Range..
Closing.
Mar.—
week
7.65 ft
,
r
■
7.46-
—
7.52
7.67- 7.88
7.59-
7.69
7.51- 7.52
Closing.
7.59- 7.74
7.59
7.70ft
;
7.61- 7.71
7.65 «
—7-
bales,
loss
a
of
824,224 frobi 1938, an
a gain of 1,431,565
increase of 1,677,295 bales over 1937 and
bales over 1936.
\
7.61- 7.68
7.61
7.67
of 112,139
.
,
Range
...
Continental imports for past week have beep 76,000,bales.
The above figures for 1939 show a decrease
from last
7.66ft
■
April—
Closing.
»
Nominal,
Range for future prices at New York for the week ended
Apr. 28,1939, and since trading began on each option:
Option for—
Range for
8.12
1939..
June 1939—
May
Aug. 1939.
Dec.
Week
Apr. .28
8 "20
Apr"
~88 Apr!
22
28
_
7.93
Apr. 25
7*95 Apr*."24
Jan.
May 31 1938
Oct.
4 1938
7.60
Dec.
5 1938
Apr.
11 1939
7.30
Jan.
24 1939
3 1938
8:07 Sept. 30 1938
9.27
July
8.20
Nov. 21
120
Ala., Birm'am
7.82
Apr.
24
7.26
Jan.
10 1939
8.01
Oct.
-24 1938
7.49
Feb.
23*1939
7.49
Feb.
23 1939
7.72
Apr.
27
7.26
Jan.
26 1939
7.75
Mar. 14 1939
Selma.....
7.41
Apr. 22
7.77
Apr.
24
7.29 Jan.
27 1939
7.77
Apr. 24 1939
Ark.,Blythev.
'Eufaula
~22 "7*88 Apr"
24
7?36
A
pr." 20
7 *88
1939
A
pr."
Exchange Administration of the United States Department
Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Apr. 21 Apr. 22 Apr. 24 Apr. 25 Apr. 26 Apr. 27
Contracts
"207
44,160
74.299
29
131,518
321
159,385
38,998
39
50,207
"_47
60,249
362
51,860
38,924
'213
47,428
307
65,820
"528
115
34,607
2
524
130,274
36,508
145,014
100
"326
19,315
104,581
Rock
39
December—l.
.
11,600
18,600
98,000
58,100
82,900
30,400
16,000
10,800
7,700
48,300
24,600
17,800
34,800
21,800
21,600
1,400
20,500
5,100
6,500
3,800
53,000
4,900
27,200
9,000
4,900
8,900
52,300
500
^
82,400 •67,100
38,500
7,500
5,000
—
36,400
2,200
October.—*.
600
January (1940)
March
-
69,800
September (1939)
November
Athens
Total all futures.. 105,500
100
Contracts
Apr. 25
4,350
8,350
4,400
3,600
15,250
8,150
91,700
July
3,450
3,550
4,200
3,850
1,750
13,650
6,200
67,950
5,050
3,000
1,900
15,800
6,300
104,000
1,450
1,100
5,250
2,600
850
300
300
300
100
May
Total
*
50
"650
50
350
all futures
Includes
15,500
13,750
bales
18,850
13,700
8,600
against
1,950
150
60
which
notices
have
3", 200
MOO
15,550
53,150
24,650
233,900
1,900
been
issued,
leaving
The Visible
as
Supply of Cotton tonight,
as made up by
Foreign stocks as well
consequently all foreign
brought down to Thursday evening.
To make
and telegraph, is as follows.
afloat are this week's returns, and
figures
are
61,956
104
32,201
145
17,273
45,175
222,120
166; 636
29,150
46,435
16,717
147,149
227
17,019
33,003
180,376
135,023
"794
14,661
31,563
335
114,163
3,276
13,307
9
118.,2 93
2,559
200
10,900
200
585
27,857
565
29,200
193
15
16,813
40
32,714
15
1,203
.
La., Shrevep't
102
85,995
614
592
131,843
38
27,628
.3,172
628
198,348
2,525
759
Natchez
32,531
7,841
Vicksburg—
28,790
45,429
159,332
552
500
37,970
519
2,689
'
77,558
Miss., Clarksd
_
Jackson
City
Mo., St. Louis
4,002
*
.
430
.2,283
3,228
700
34,600
666
33,976
21,864
"777
61,625
55,517
257,938
40,016
3,402
65
81,532
245
299,624
1,389
66,978
36,653
23
65,521"
237
25,762
16,122
679
18,829
790
"211
19,771
52
51,955
120
45,964
4,092
3,183
1,804
2_, 920
371
177,931
8,135
270,360
519
69
5,454
63
31
N.C., Gr'boro
21
893
47,499
..
15 towns *
S.
.
338,525
981
C., Gr'vllle
Tenn., Mern's
Texas, Abilene
1,147
85,595
15.387 1886,946
3
21,982
15,469
»
427
32,038
10,838
537
14,785
888
28,276
2,920
4,108
.
76,028
'
149
3,774
520,471
2,923
149,818
1,828 134,976
20,958 2549,374
2,192
33,499
609,483
12
7,561
4,662
9
17,995
"69
"50
1,461
2,906
30
13,896
65
2,439
45,478
340
40,637
44
113.903
475
61
63,229
35,433
23,403
Texarkana
42,645
6,479
2,359
242
36
.....
Total, 56towns
54,455
26,082 4461,070
15,661
41,878
226
150
90,596
34,498 6402,558
Includes the combined totals of 15 towns in Oklahoma,
above
totals
show
that
the
a
452
701
a
19,206
13,939
66,732 2289,937
San Antonio.
interior
stocks
have
during the week 36,255
the
94
a—„
49
22,876
62,337 2795,440
153
a7,639
a..
35,437
29
27,529
_
93,387
729
13,306
Marcos
The
91,759
45,978
14,740
Dallas
*
12,531
""l7
._
Paris
Waco
65,139
690,885
2
210
Brenham
San
2,529
29,178
decreased
net
open contracts of 119,000 bales,
cable
21,692
68,621
1
9
22,850
1,750
.
337
1,568
40,925
Robstown..
May (1939)
—
46,320
185,231
1,034
Austin
Open
December
3
351
35,996
93,658
138,624
34.300
Yazoo
1,336
40,003
1,987 n116,257
Oklahoma—
Apr. 19 Apr. 20 Apr. 21 Apr. 22 Apr. 24 Apr. 25
March
196
35,316
24,670
24,359
90,379
40,176
Macon
3,100
96,400 360,400 206,600 114.900 109,500 1,493,300
January (1940)
100,927
Columbus..
432,600
26,731
134,888
'""■7
...
Augusta
234,500
59,259
92,840
242
48,575
Atlanta
Columbus-
100
609
1
Ga., Albany..
.583,200
•
October
12,055
51,825
69,049
170,624
60,135
1
Walnut Rge
*134,500
Inactive months—
New Orleans
8,733
211
Bluff.
Greenwood-
32,000
43,400
12,100
8,149
51,902
67,115
88
1
Little
.Apr. 27
39,053
"737
31
2,478
1
....
Rome
Open
1,873
12,843
Newport..
Pine
29
64,708
.86,036
Jonesboro.
t
— —--
329
1
City
Helena
24 1939
Commodity
of
July
35,972
Apr.
Week
Season
51
Hope
New York
Week
Stocks
ments
.28
2,834
1938
Ship¬
54
..
Montgom'y
Forest
"
Apr
Apr.
Receipts
'
■
"
Volume of Sales for Future Delivery—The
May (1939)-
70,987
Movement to Apr. 29,
Stocks
Week
Season
•
1939
ments
Week
22
"7 "46
movement—that
:
Ship¬
1938
Apr.
1940—
the
„
Receipts
22 1938
,9.05 July
8.12 Oct.
>
Towns
7 1938
7.48^ Apr. ,22
1940—
Mar. 1940..
detail below:
7.41
.
1939..
Feb.
7.81
Towns
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Range Since Beginning of Option
8.45
7.46
7
Sept. 1939..
Oct:
1939..
Nov. 1939.
Apr. 22
Interior
Movement to Apr. 28,
8.11
1939—
July
the
At
Range-.
week last year.
bales and are tonight
505,503 bales more than at the same period last year. The
receipts at all the towns have been 8,416 bales less than
same
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
Volume
148
Financial
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1938-39-
April 28-—
Week
Via St. Louis
4,092
4,075
Via Mounds, &c--___—
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
__
159,413
156,421
2,714
7,239
3,431
9,484
553,170
Total gross overland
--.21,082
Deduct Shipments—
Overland to N. Y., Boston, &c.-_
431
Between interior towns.
211
Including
29,696
768
8,039
259
8,064
347,841
5,603
378,126
6,630
646,897
23,066
978,053
movement
*....12,376
week last
El
and that for the
aggregate net overland exhibits
of 331,156 bales.
-1938-39
Sight and Spinners'
'
Takings
Week
Receipts at ports to Apr. 28
12,397
Net overland to Apr. 28....
12,376
South'n consumption to Apr.
28..120,000
the
year ago
,
Aug. 1"
3,243,022
Week
646,897
23.066
4,753,000
100,000
Aug. 1
6.885.835
978,053
4,120,000
144,773
8.642,919
169,010
11,983,88?
takings*36,255
842,547
226,557
*32,234
1,538,606
529,911
.
45,944
marketed.
Interior stocks in excess
Excess of Southern mill
_
9,712,023
North, spinn's'
1,108,167
.......
takings to Apr. 28-
....
------
Decrease.
•
'
A
Week—
'
.
Bales
|
Since Aug. 1—
Bales
--160,76411936.
—.13,411,681
,—108,293 1935——
.12.426,519
1937—April 30---.
1936—May 1...
1935—•May 3—
—
82,61511934-—
—
8,335,959
,-
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern and other
of the week:
:
principal cotton markets for each day
"
'
•
Apr. 28
Saturday
Monday
Galveston.-_-i_
8.41
New Orleans
8.67
Mobile—------
8.20
8.39
Savannah
8.81
8.99
Tuesday
Norfolk
8.59
8.85
8.53
8.65
8.62
8.71
8.77 '
8.89
8.32
8.89
8.44
8.92
HOL.
8.97
8.50
9.10
'
9.00
8.95
8.40
Little Rock
Dallas
-
Fort Worth
8.42
9.09
8.60
8.60
V 8.50
8.39
8.50
8.55
8.40
8.32
8.39
8.32
8.41,
9.01 .;
9.00
9.05
8.55
8.97
8.20
Houston.
8.58
9.19
8.30
8.20
;
Friday
8.84.
•
9.00
8.40
8.45
Montgomery—_
Augusta.Memphis..
on-
Wed'day Thursday
8.50
•
.
8.65
9.15
8.70
8.60
"8.61
8.65
8.55
8.50
8.41
8.41
8.44
8.44
9.10
84
46
86
44
65
90
54
72
92
44
68
65
92
48
70
88
40
44
64
88
66
84
48
66
84
45
65
86
46
2.07
2.66
87
48
68
82
62
72
0.08
-
_
-
.
Pensacola
42
84
44
82
50
66
1.77
1.08
1.36
0.60
0.01
_
-
82
0.32
0.22
Mississippi—-Meridian.--Vicksburg..
Alabama—Mobile
Birmingham.
Montgomery
66
80
56
70
62
84
:'v
86
62
64
■
38
,:V
50
67
88
62
84
68
75
76
68
1.04
76
0.40
86
0.30
Atlanta
88
57
0.84
82
Augusta.
46
1.12
64
Tampa.___
Georgia—Savannah
-----
58
82
52
70
77
72
81
54
68
83
54
82
42
——
—
82
0.27
0.06
0.70
0.16
Tennessee—Memphis
Chattanooga
—
82
90
0.50
1.24
...
Raleigh
Wilmington
74
72
"
0.32
Conway
North Carolina—Asheville...
Charlotte
-
62
0.18
0.62
Macon.i
South Carolina—Charleston.
-
60
v
»
•
84
84
*
62
68
•
52
..
86
68
54
84
54
1.04
81
0.64
84
82
38
70
69
;
44
0.52
--——
68
52
'
48
.
.
;:
66
64
.
60
•
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates
given:
V
'■.
April 28, 1939 April 29, 1938
Feet
—
.
Feet
New Orleans
Aoove
zero
Memphis.
Above
zero
Nashville
Above
zero
"-Above
zero
of gauge-
17.6
-Above
18.0
zero
of gauge-
39.3
40.2
Shreveport
;
of gaugeof gaugeof gauge-
15.6
16.7
36,4
14.9
29.0
;
14.9
Receipts from the Plantations—The following
indicates the actual movement each week from the
tions.
The
figures
do not include
Southern consumption;
they
are
table
planta¬
receipts nor
overland
simply
a
statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the
outports.
8.60
'
9.06
°
>
70
63
>
0.98
1.78
New Orleans
Vicksburg
Closing Quot Uions for Middling Cotton
Week Ended
65
50
0.29
Shreveport
Nashville-
Movement into sight in previous
years:
42
0.36
i
*
90
84
0.01
Louisiana-—Alexandria
14.052,405
1 067.121
50
40
0.12
Smith
Newbern-.
19,580
71
66
86
82
90
73
0.66
0.32
Little Rock
Pine Bluff.
136,776
25,238
56
54
0.62
...
—
Came into sight during
week.___.108,518
Total in sight Apr. 28
70
dry
;
Columbia.
consumption to Apr. 1
58
1.16
—
Total
82
0.14
Oklahoma—Oklahoma City..
Arkansas—Eldorado
Smce
74
0.04
Antonio
Miami.
66
64
0.06
Taylor
-1937-38-
—
Since
•
over
a
date
50
84
92
dry
.
Florida—Jacksonville..
In
>
to
-
.
season
decrease from
a
I—I,
Palestine
Paris
Fort
90
86
3.50
0.06
Paso
Kerr vi lie
San
Mean
71
68
69
1.10
Luling.
Nacogdoches.
by rail to Canada.
year,
48
Low
0.02
Amite.
foregoing shows the week's net overland movement
year has been 12,376 bales, against 23,066 bales for
the
48
Dallas
The
this
63
88
dry
Brenham
Brownsville
Corpus Christi
282,015
net overland
78
Abilene
1,260,068
22,246
deducted.,8,706
Leaving total
*
1,025,023
21,164
8,365
252,486
Inland, &c., frdxn South....
Total to be
3,862
21,134
High
0.08
-Therrriorneter-
dry
Austin
176,428
117,406
3,000
5,454
144,320
813,460
"230
146.066
Inches
Amarillo.-
Aug. 1
2,920
1,550
Rainfall
Days
Texas—Galveston
Since
Week
Aug. 1
2619
Rain
1937-38-
Since
Shipped—
Chronicle
;
Week,
Receipts at Ports
1939
8.70
.1938
8.60
-
'
8; 50
8.50
Stocks at Interior Toyms
1937
1939
1938
Receipts from, Plantations
1939
1937
1938.
1937
0
Jan.
27.
43,199 120,588
61,831
3__
35.546 104,958
54,826- 3246,532 2598,040 2001.896
10.
29,078 112,608
17.
25,681 101,785
57,820
82,257
1926,804
Nil
24.
21,337
66,019 3138,203 2543,310 1880,455
Nil
Feb.
3291,719 2628,795 2046,413
*5,798 119,744
17,573
'
New Orleans Contract Market—The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
\
-
.
.
86,337
Nil
Nil
3212,973 2575,215 1952,548
3174.825 2.570.224
74.203
135,433
8.472
96,794
56,513
59,413
19,670
Mar.
May(1939)
June——
Monday
Apr, 24
•3.
Tuesday
Apr. 22
Apr. 25
Wednesday
Apr. 26
8.29
8.43
8.42
8.19
8.12
8.23-
7.63
7.84
7.80
8.49
8.57
8,23
8.24
3096.651 2500,609 1810,771
Nil
39,957
Nil
92,663
67,954
71,853
67,994
47,032
54,793
3051.323 2479,799 1744,860
3012.260 2460,874 1685,584
Nil
32,436
21,973
2,043
Nil
49,0.69
Nil
19,979
44,5^5
8.31- 8.32
Apr.
.
7.89- 7.90
7.84
7.90- 7.91
November
December
61,190
59,427
7.565-7.57o
.
;
7.71
7.70
7 /795-7-.80a 7.736-7.74a 7.796-7.80a
Jan.(1940) 7:52^-7.53a 7.715-7.73a 7.695-7.7 la 7.786-7.80a 7.726-7.73a 7.786-7.80a
February
March.'.— 7.605-7.62a 7.785-7.79« 7.7l5-7.72a 7.795-7.81a 7.70
7.776-7.790
.
—
May
7.595-7.61a 7.775-7.79a 7.715-7.73a 7.796-7.81a
.696-7.710
7.756-7.770
Tone—
Spot
Options.—
Quiet.
Quiet.
Steady;
Steady.
Steady.
Steadv.
Quiet.
Very
stdy
Quiet.
Quiet,
Steady.
Steady:
7.
11,788
51,480
50,142
14.
September
_
82,658
21,385
13,296
26,976
42,828
21-
August
April
64,149
27,264
.
— .—
October,
25,736
10.
31-
Friday
Apr. 28
Apr. 27
8.52
8.02
Thursday
17.
24.
Saturday
July.
10,309
30,687
40,673
28.
12,397
45,944
44,904
2986,670 2431,771 1622,611
2951,233 2397,991 1569,244
Nil
2907,928 2362;621 1503,310
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
17,929
Nil
Nil
10,815
6,060
Nil
16,110
Nil
Nil
3,173
14,040
Nil
NIL
Nil
13.7J0
Nil
Nil
>' The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are
4,392,943 bales;
in 1937-38 were 8,410,924 bales and in 1936-37 were
6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 12,397 bales, the actual movement from
the plantations was nil bales, stock at interior towns
having
decreased 36,255 bales during the week.
,
Cotton Loans of CCC Through April 20
$203,321,150
Aggregated
World's Supply and Takings
4,438,817 Bales—The Commodity Credit
Corporation announced on April 21 that "Advices of Cotton
Loans" received by it through April 20, showed loans dis¬
of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton, for the week and since
bursed by the Corporation and lending
agencies of $203,321,150.25 on 4,438,817 balps of cotton.
This includes
loans of $1,373,594.72 on 30,205 bales which have been
repaid and the cotton released. 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 stored are
given
for the last two seasons from all
below:
on
•
.
.
State—
Hales
Alabama.-----Arizona
--------
:.
Arkansas
California
—
-
--
--
--
79,559
691,335
North
193,822
-
-
—
_
Bales
New Mexico
Georgia.-----—-———175,040
Louisiana-----—----:
290,157
Mississippi
744,840
Missouri.
Stale—
312,935
--------
Carolina
Oklahoma
South
184,468
Carolina
-----
Tennessee
52,078
316,649
1,226,224
Texas
Virginia..
39,143
22,139
150
-
110,278
-
by Telegraph—Telegraphic advices to us this
evening denote that moisture is adequate at present in the
lower Rio Grande
Valley and some improvement has been
Due to cold weather in the lower
Mississippi Valley, conditions are only poor to fair.
As
a whole the
nights have been too cold in the greater portion
of Texas and consequently the
progress of cotton has been
noted in crop conditions.
^
,
sources
takings
Cotton Takings,
or
from which statistics
amounts
1938-89
gone
out,of
1937-38
Week and Season
Week
Visible
supply Apr. 21.-----Visible supply Aug. 1
American in sight to Apr. 28..
Bombay receipts to Apr. 27-Other India ship'ts to Apr. 27
Alexandria receipts to Apr. 26
Other supply to Apr. 26 * b
_..
Total supply
Deduc —
Visible
Returns
poor.
Aug. 1
obtainable; also the
sight for the like period:
are
supply Apr. 28
Total takings to Apr . 28 a
Of which American
Of which other
Season
8,083,553
7,858", 941
108.518
62,000
23,000
29,000
9,000
9,712,023
1,844,000
604,000
1,428,800
378,000
Week
.
Season
8,829,068
4,339,022
136,776 14,052,405
117,000 2,005,000
29,000
495,000
18.000
1.816,200
12,000
394.000
8,315,071 21,825,764
9.141,844 23,101,627
7,971,414
8.795,638
7,971,414
343,657 13,854,350
237,657 9,668,750
106,000 4,185,600
*
Embraces
a
8,7^5,638
346.206 14,305,989
239,206
9,961,189
107,000 4.344.800
This total embraces since Aug.
receipts in Europe from Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
Southern mills, 4,753,000 bales in 1938-39 and 4,120,000 bales in 1937-38—
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 9.101.350 bales in 1938-39 and 10.185,989 b^ales in
1937-38, of which 4,9l5.750bales and 5,841.189 bales American.
*
and
b Estimated.
,
•
York, as furnished by Lambert &
follows, quotations being in cents per
Aug. 1, as cabled,
the week and for the season from
have been as follows:
ports for
Trieste
d.45c
.60c
.85c
1.00c
-60c
Piraeus
.45c
Flume
d.45c
.60c
Salonica
.85c
1.00c
d.85c
1.00c
Receipts—•
•46C
.61c
Barcelona
.45c
.60c
Japan
Rotterdam
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
.45c
Havre
.46C
.61c
Shanghai
d.55c
.60c
Bombay x
•75c
.71c
Bremen
.46c
.46c
.61c
Manchester
Since
Since
Since
.60c
Antwerp
1936-37
1937-38
1938-39
Apr. 27
Genoa
China
Conti¬
nent
China
57,000
quotation,
No
Total
Apr.
Bombay—
9,000
3,000
12,000
1938-39..
1937-38—
1936-37-
40,000
37,000
25,000
68,000
23,000
225,000
379,000
29,000
23,000
17,000
15,000
174,000
321,000
360,900
546,000
604,000
495,000
906,000
578,000
520,000
886,000 1750,000
582,000 1309,000
—
7,000
17,000
25,000
48,000
89,000
286,000
1937-38-
15,000
37.00C
69,000
1936-37-
'
15.000
20.000
25.000
207,000
428.103
60.000
.
Alexandria Receipts
imports.-.
-
spot cotton
f
12:15
1
i
Since Aug.
—
Exports (hales)—
To
To
To
This
Since
Week
Aug.
Week
1
Week
Aug.
5"666
1
154,989
147,012
12.000 593,064
23.545
173,230
(f.ooo 182,436
15,000 626.306
2.000 39.375
37,000 863,538
18,000 918,610
23,000 1021347
Total exports
1,000
pts. decline
Steady;
Steady;
j
V. M.
3 to 4
the receipts for the week ended
and the foreign shipments 37,000 bales.
-o
ings, Common
Middl'g
to Finest
d.
s.
d.
d.
d.
d.
s.
8X@
27-
io17..
24-
10...
9
8X®
5.10
10^@11K
5.13
9
@
9
\5.07
9
@ 9
5.15
9
@
9
a.18
8
9
3
5.27
IX
5.16
10
@ 9
5.40
@ 9
9
8 10H®
9X
10X®11H
10X@11X
10X@AH
5.29
@9
9
@
9H
8
9
@
9.
8-
8
9®
7...
9X
8X® 9X
8X® 9H
8X@
1421—
28-
Shipping
8
■
5.21
3
5.13
5.06
4
@10
3
10
0
@10
3
5.10
©11X 10
0
3
4.97
0
4.45
4.43
4.42
4.08
4.11
4.08
4.11
4.14
4.11
4.16
4.22
4.1-9
4.19
4.12
•»
'«•
4.14
4.16
4.30
4.32
9X@ll X
9
9
@10
-
4.21
4.11
-
-
-
«
-
4.17
4.23
4.18
4.16
4.21
4.27
4.20
4.20
4.24
4.18
3.30
-
4.21
4.23
4.21
4.20
4.32
-
4.24
4.24
4.35
4.34
4.19
,
4.12
4.28
-
_
4.15
4.19
the
grain
4.79
9^@11^
9
9
@10
4.89
higher.
9% @11H
9H@10 X
9
9
@10
4.94
an
9
9
@10.
4.80
Bales
11,954
"---
-
- —
'
2,216
277
100
15
169
23
168
434
-—
—
50
—
185
174
100
38
Maru, 2,170;
1,611
To China, April"22, Kinka
kawa Maru, 1,808
4.11
-
4.10
9
24, Aiioth, 50_
24, Alioth, 185
— —
To Enschede, April 24, Spaarndam, 174
To Riga, April 24, Spaarndam, 100...
To Tallin, April 24, Spaarndam, 38-—
To Japan, April 22, Kinka Maru, 1,666; Akiura
5,447
—
Maru, 900; Akiura Maru,
1; Kimi¬
2,709
;
-
April t0, Yoslar, 200
NEW ORLEANS—To Genoa, April 24, Nishmaha, 564
To Venice, April 24, Nishmaha, 61.To Japan, April 25, Fernglen, 688; April 20, Kinka Maru,
200
To Sydney,
April 22, Santa Marta, 235
April 25,Contessa, 400
J
Valparaiso, April 25, Contessa, 700
To Rotterdam, April 22, Edam, 100.
To Trieste, April 24, Maristella, 50---To Copenhagen, April 21, Lazaholm, 100
To Havana,
564
.
296—
—
61
984
235
400
To Arica,
700
-
100
50
100
April 21, Lazaholm, 20—
To Gothenburg, April 21, Lazaholm, 38
To Liverpool, April 18, West Cohas, 1,359
To Manchester, April 18, West Cohas, 2,134
To London, April 20, Nashaba, 385—
To Buena Ventura, April 15, Ulua, 200
To Havana, April 15, Ulua, 200
CORPUS CHR1STI—To Ghent, April 22, Meanticutt,
20
To Oslo,
April 20, Jean Lafitte, 598
To Manchester, April 20, Jean Lafitte, 243
SAN FRANCISCO—To Great Britain, (£), 1,100
To Japan, (£), 1,469
...
----_ —
(£), 80
LOS ANGELES—To Antwerp, (£), Berganger, 50
To Japan, (£), Kamakura Maru, 957; President
To China, (£>, Kamakura Maru, 53
*
38
1,359
2.134
385
200
200
50
50-..-
598
MOBILE—To Liverpool,
243
-----
1,100
1,469
80
To Canada,
4.38
4.18
9
303------
£
4.32
4.14
9X®UX
-----
—
4.36
-
-
-
«
-
„
4.23
4.26
•
-
'
4.28
4.33
28, 1939
markets
4.91
10
To Antwerp, April
To Dunkirk, Aprn
Total
4.31
showing considerable
firmness the past week, the market for flour has been dis¬
playing a firmer undertone.
However, consumers continue
to replenish their supplies only in a moderate way.
Should
grain prices show a steady upward trend, consumer buying
very likely will broaden to large-scale proportions.
With
increased- war
tension
abroad, the markets are being:
watched closely by the trade.
•
.
5.16
Kinka Maru, 300; Akiura Maru, 499;
1,267; April 26, Dengmore, 150_To Ghent, April 26, Meanticutt, 227; Alioth, 50--- —------To Havre, April 26, Meanticutt, 100
To Dunkirk, April 26, Alioth, 15- — —
;
.
To Rotterdam, April 26, Meanticutt, 169
—
HOUSTON—To Ghent, April 24. Meanticutt, 23
'———
To Havre, April 24, Meanticutt, 150"Alioth, 18--To Rotterdam, April24, Meanticutt, 131; April24, Spaarndam,
To
4.27
BREADSTUFFS
5.02
IX
24, Kinka Maru, 4,242; Akiura
Kiinikawa Maru, 2,567; April 26, Dengmore,
Kimikawa Maru,
4.29
Friday Night, April
3
News—Shipments in detail:
1,060------
„
5.64
4.25
'Flour—With
4.82
To China, April 24,
Kimikawa Maru,
,
4.65
4.15
July
GALVESTON—To Japan, April
Maru, 4,085;
4.67
Wheat—On the 22d inst.
79 10^
d.
d.
d.
4.61
4.11
@10
@10
5.00
d.
4.54
4.28
4.93
9
d.
d.
4.59
May
4.93
@10
10
'
..
Erf-
Thurs,
4.54
4.24
1940
4.92
7M@ 8 10^
Apr.
Wed.
,
d.
d.
4.12
4.99
8
9
d.'
d.
4.23
4.95
9
Tues.
March,———
V
9
pts.
Liverpool for each day are given below:
d.
IX
9
9
@10
10K@llJi
@10
IOH@HK 9 9
9 10^@10
1QX®UX
@10
10X@11°A 10
,8X® 9%
31-
10K@10
@ 9
8
@10
17—
24-
9
@ 9
8
4
Cotton
d.
s.
d.
s.
8
9H
8X@ 9X
to
decline.
Upl'ds
8
8M@
3..
Quiet;
2
4.49
Middl'g
9,
Mar..
lpt.adv.to 10 to 13 pts
1 pt. dec.
pts. adv.
1938
8
8 '9
9H
9H
8X® 9H
8X® 9K
8H@ 9h
8H®
3-
adv.to 4
decline.
st'y;
4.53
4.23
January
•
Feb.
St'y; 2 pts. Q't but st'y Very
pts. decline
5 points
advance.
4.49
December
October.—J
Twist "
Jan,
advance.
advance.
Mon.
d.
October.
to Finest
32s Cop
Upl'ds
Quiet;
4.39
July
8X Lbs. Shirt¬
ings, Common
Cotton
Lbs. Shirt¬
8H
,
Twist
5.00d.
4.96d.
4.94d.
4.63
May 1939
'
,
32s Cop
Quiet.
business
'
New contract—
cable to¬
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:
1939
Quiet.
Noon Close Noon Close Noon Close
Close Noon Close Noon Close
Apr. 28
Apr „ 26 were
night from Manchester states
"
decline:
Sat.
Apr. 22
Market—Our report received by
Manchester
pts. 6 to 12 pts
advance.
Prices of futures at
lbs.
Egyptian bales weight about 750
Note—-A cantar is 99 lbs.
This statement shows that
pts.
Friday
Thursday
Steady;
Unsettled; Q't but st'y Q't but st'y
1 to 4 pts.
20 to 23 pts unch. to 2 4 to 5 pts.
to 3
to
145,000 cantars
Wednesday
4.84d.
4.84d.
advapce.
Market,
7.000 147.127
Liverpool
12,000 149,296
Manchester, &c
544,013
Continent and India. 17,000
America.
£ 1,000 23,102
69,000
916,000
355.000
66,000
10,000
111,000
15,000
doing.
(
1
Aug.
Apr. 28
market for spots and futures
and the daily closing prices of
Quiet.
Quiet.
1
opened
Since
Q't; unoh.
{
Futures
Market
This
To
9.044,047
This
Since
Apr. 21 "
48.000
53,000
919,000 921,000"
382,000 368,000
41,000
62.000
22,000'
9,000
122,000
116,000
18,000
17,000
Apr. 14
7
A fair
4.97d.
.Upl'ds
40.000
9,137.582
i
7,162,166
1
.71c
doing.
Mid
This week—
.56c
Tuesday
Monday
business
P. M.
1936-37
90.000
145.000
.60c
Gothenburg
A fair
Market,
1
Leghorn
have been as follows:
Saturday
Spot
,
Receipts (cantars)—
.60c
.90C
.61c
the Liverpool
of the past week
each day
Apr. 26
'
American
Of which
861.000 1174.000 2463.000
1937-38
.71c
d.55c
37,000
6,000
132,000
39,000
-
American
Of which
and Shipments
1938-39
Alexandria, Egypt
.56c
d.55c
; 321,000
Bmount afloat—
The tone of
all—
1938-39-
Total
Copenhagen
Naples
49.000
823,000
—
American-
Of which
Total
16,000
12,000
8,000
7,000
1938-39..
1936-37-
Forwarded—
Total stocks.
37,000
Oth. India—
1937-38..
199,000 886,000 1146,000
199,000 582,000 814,000
315,000 1174,000 1557,000
61,000
33,000
'
•
*
d Direct steamer.
Only small lots,
x
Venice
*
*
Hamburg
.76c
*
*
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &<?-, at that port:
Japan Ac
Britain
Total
48,000
nent
Britain
*
Great
Jap'n&
Conti¬
.61c
Since August 1
For the Week
Exports
Great
•56c
Stockholm
-—
Oslo
71,000 2,647.000
62,000 1,844,001 117,000 2,005,000
ard
Density
ard
Density
ard
Density
Liverpool
From—
High
Stand¬
High
for three years,
Bombay.
New
Barrows, Inc., are as
pound:
Stand¬
High
Stand¬
Freights—Cyrrent rates for cotton from
Cotton
from All Ports—The receipts
Bombay and the shipments from all India
India Cotton Movement
of Indian cotton at
1939
29
April
Chronicle
Financial
2620
...
Hayes, 939—
—
50
1,896
53
__1 37,328
,
prices closed unchanged to
Trading was very light,
with prices moving within
Opening steady in response to
better than due Liverpool quotations, the market developed
a firmer tone on buying through houses with eastern connec¬
tions and short * covering apparently induced by reports of
dust storms in eaistern Kansas.
Partially offsetting these
bullish factors, however, were reports of generally favorable
weather in the domestic grain belt.
Clear and warmer
weather was forecast for the winter wheat belt, and the
weekly report indicated near or above normal temperatures
for most of the area.
Overnight rain was light. Liverpool
wheat, due J^c.oip to Y<?. off, closed Ytfs. off to Yg. higher
in light trading.
Rotterdam was unchanged to ^c. higher.
Winnipeg closed unchanged to He. higher, Kansas City,
Vsd. higher and Minneapolis unchanged to %c. up. On the
24th inst. prices closed unchanged to Yc. lower:
Trading
was relatively light, with the undertone heavy.
Liquidation
of May,wheat was again a feature.
The selling of May, on
which grain could be delivered a week from today, was done
by dealers who do not wish to take delivery even though they
might receive actual grain now quoted at premium prices
compared with the futures contracts.
No. 3 yellow hard
wheat, for example, sold lKc. over May wheat.
Liverpool
wheat closed unchanged to Yc. lower.
North American
export sales were estimated at 400,000 bushels, including a
cargo of American hard wheat sold from the Pacific Coast to
Shanghai and scattered sales of Canadian wheat to Europe.
Good quality of Argentine "wheat arriving in Great Britain
and increased world shipments depressed Liverpool.
On the
25th inst. prices closed %c. to 1}4g. net higher.
The sharp
upturn in wheat values today was based largely on the
bearish weather and crop reports. Definite signs of a setback
in prospects for winter wheat in some districts of the South¬
west, the first realiy pessimistic crop news since the growing
season began, gave wheat prices the sharpest upturn in weeks
during today's session.
July and September wheat rose as
much as l}4c. to the best level in almost 3 months.
While
reports of less favorable growing conditions have been coming
over commission house vires for several days, today's news
extremely harrow range.
Volume
more or
change,
business
14S
Financial
less confirmed trade
J belief that there has been some
though not radical in the winter wheat picture. Export
quiet.
was
Canadian sales
estimated at 400,000
bushels to China and
were
bushels and
Australia sold 300,000
200,000 to the United Kingdom.
Some mill buying
in
was
evidence and
a moderate flour business
was reported.
On
the 26th inst. prices closed
unchanged to %c. higher. After
the wheat market established
early top levels of 70e, a
bushel for May contracts and
69%c. for July, highest in 3
months, prices fluctuated nervously during the session. Early
gains of almost a cent reflecting crop developments in the
winter wheat belt—were reduced
slightly before the close.
Domestic export flour demand has
diminished, milling in¬
terests reported.
Some buying apparently represented cover¬
ing of dealers who had sold short, but there were indications
of
purchasing.
new
The upturn yesterday also stimulated
business, it was reported. Highs of 70c.
for May and 69 % for
July were reached soon after the
opening, and thereafter prices dipped slightly, although
maintaining much of the gains. May wheat, however, was
still under pressure of
selling prior to the delivery date.
H. C. Donovan, crop expert, said
reports from the Southwest
claimed wheat has deteriorated in
places throughout the
Oklahoma panhandle, southwestern Kansas and as far north
as Goodland, all of which is in the
best prospect section.
mill and flour
some
On
27th
the
inst.
prices
closed
%
l%c.
to
higher.
net
The entire list of wheat futures contracts sold above 70c.
bushel today, the highest since
advanced
by
inspired
tion.
lc.
in
fear
There
and
of
winter
wheat
a
good international trade,
business could be confirmed.
purchasing
stimulated
serious
more
the
by
price
Eastern
rally.
Southwest
and
Pit
brokers
no
Short cover¬
said
interests
there
were
unconfirmed
reports of the spread of crop damage: north¬
Nebraska.
Liverpool quotations rose as much,
V-yQ. early in the day, but reacted later because of. hedg¬
ward
as
into
ing of Argentine wheat.
grain,. and
flour
was
market
national
expected
for
trade
China continued to buy Australian
to be in the Pacific wheat and
some
was
time,
slow.
but
Most
,
outside
dealings
of
this
the
on
inter¬
Chicago
Board
represented the evening up of accounts
preparatory
speech, although there was some profit-taking
On the basis of
gains of more than lc. the past three days.
Today prices closed lVs to 2%c. net higher.
The speech
of Chancellor Hitler received a
calm reception in the
to the Hitler
grain
market
today,
with
quiet
selling predominant
traders
as
translated into action their belief that the
address was less
than expected.
Prices sagged as much as %c.
before renewed buying
appeared that almost wiped out
the losses at times.
Sellers operated with extreme caution
because there were
warlike
conflicting
European
moisture
and
developments,
relief
was
and
also
received
in
regarding
because
the
little
domestic
future
or
no
Southwest
none
was
promised for the immediate future/ Thus, it
believed,, the dry weather situation causing deteriora¬
was
tion
in
districts
some
of
the
aggravated, although there
tered
rains
much
overnight.
The
belt
wheat
railroad
has
reports
been
as
%c., due largely to continued good international
with better continental
demand, particularly
Spain.
Open interest in wheat totaled
60,545,000
from
bushels.
■■■;
•
,
AILYJCLQSING„ PRICES
^-4
DAILY
2
_
CLOSING
Mon.
OF 'WHEAT
Sot.
...
—
—
......
September..
Season's High and
May
k74%
July.
71%
September.... 72%
DAILY
When
July
Jan.
Jan.
69%
68%
68%
Made
OF
•,
68%
Season's
i.-.+.j
Sat.
61%
62%
October.........63%
NEW
Wed.
89%
YORK
Thurs.
89 %
Fri
90%
92%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
-69
68
WHEAT
.
IN
69%
69%
69%
Low
23, 1938 May
4,1939 July
4. 1939 September
CLOSING PRICES
May.............
July.
Mon.
'
Tues.
88%.88%
PRICES
'
May—
July..
'■'
.
OF WHEAT
Sat.
No, 2 red.
69% ■■70%
69%
70%
'70%
and
FUTURES
Mon. »Taes.
60%
61%
63%
When
62%
62%
67%
'73%
71%
72%
70%
Made
Sept. 7, 1938
5. 1938
Dec. 29, 1938
Oct.
IN
Wed.
WINNIPEG
Thurs.
61%
61%
62% ' 63
63%
64%
•
Fri.
62%
63%
64%
63',
64%
65%
Corn^-rOn the 22d inst prices closed
1/8q. to %c. net lower.
corn market
displayed an easier' tone under moderate
pressure on the September
delivery, which declined
The
j^c. at
50
Although there was a report that Argentine harvest¬
ing to date was somewhat disappointing, Buenos Aires
corn
futures closed %c. to
l^c. lower. The Commodity Credit
Corporation announced loans were made on
1,673,760 bushels
of corn during the week ended
April 20, bringing the total
under loan in the 1938-39
program to
On the 24th inst. prices closed
3^c. to
liquidation of the May delivery was
226,575,386 bushels.
net lower.
Heavy
the chief factor in
lowering corn prices today in the futures
market, and this
notwithstanding the fact that No. 2 yellow corn was
to
2Me.
take
receipts fairly large.
On the 27tli inst. prices closed
unchanged to %c. lower.
prices showed little change, with
purchasing from
industries being offset by
unusually large receipts, totaling
257 cars,
indicating an increased movement from country
farms and elevators.
Today prices closed unchanged to
V^c. net higher. Slightly lower corn prices reflected con¬
tinued liberal
^receipts, although much of the arrivals went
direct to the elevators on
previous contracts.
However,
purchases of corn in the
country have been expanded re¬
cently and a fairly liberal
delivery is expected on May
contracts next week.
Open interest in corn totaled 56,985,000 bushels.
DAILY
,T
CLOSING PRICES
DAILY
_,
:
over
May
corn.
Many traders
lj^c.
seem
reluctant
to
the actual wheat, and this is
reflected in the rather
substantial liquidation of the
May contract. On the 25th
inst. prices closed y8c. to
%c. net higher. Corn was frac¬
tionally lower at times, but firmed with wheat at the close.
Shipping demand was less active and Chicago handlers
continued to attract fair sales from the
country, with 62,000
booked to arrive in addition to further
on
ties
substantial quanti¬
bought by a large elevator concern. On the 26th inst.
prices closed unchanged to Mc. higher- Large
quantities of
CORN
Mon.
65%
CLOSING
.
OF
Sat.
•
_
No. 2 yellow.......
PRICES
•
.
May...
July..
September.
OF
•
IN
NEW
Tues.
65%
CORN
Sat.
,
Tues.
Thurs.
65%
FUTURES
Mon.
YORK
Wed.
65%
IN
Season's High and
May
60%
July....
55%
September
56%
When
48%
50
48%
50%
50%
51
Made
Season's
Low
48%
48%
50
50
51%
'
When
46%
48%
49%
Made
Apr.
3,1939
Mar. 16, 1938
Apr.
3,1939
Oats—On the 22d inst. prices closed
3^c. to %o. net
Oats again met
buying support in the cash market.
were
Fri.
51
and
July 23, 1938 May...
Sept. 24, 1938 July
Jan.
4, 1939 September
65%
CHICAGO
Thurs.
49
48%
50%. '59%
50%
Fri.
65%
Wed.
51
._..r_2
higher.
There
reports of cold and wet weather in the Central
some
West hindering
planting and growing of the new crop. The
May contract reached 313^sc., up J^c. over the
previous close
and at the best
level in more than a
year.
On the 24th inst.
prices closed %q. to Mc. net lower. May oats fell as much
as 5/io. at one time from
its 1939 high,
reflecting a sharp con¬
traction in shipping sales and
b£c. to %c. lower spot prices.
H. C.
Donovan, corporation expert, said seeding has not
only been seriously delayed in many sections, but some have
failed to germinate. On the 25th inst.
prices closed Age. to
Mc. net higher.
Trading was light, .with the undertone
fairly steady in sympathy with the firm wheat and
eprn
markets.
May oats reached
than
more
a
a high of 3134c., the best in
On the 26th inst. prices closed 34c- to
Trading was light and of a routine character,
year.
34c. net lower.
with the undertone
On
the
27th
heavy.
inst.
prices closed % to %C. net higher.
light, with short covering the principal
support to the market.
Today prices closed %"to %c. net
higher.
Trading was light in this grain, with prices more
Trading
or
was
very
less firm.
DAILY
-
There
CLOSING
was
real feature to the
trading.
no
PRICES
OF
*
May
July
28%
—
Season's High and
May.„
31%
July-29%
September— 29%
DAILY
—
-
CLOSING
When
Apr.
Jan.
Jan
30%
28%
28%
30%
28%
30%
28%
27V?
------
September
OATS
FUTURES
IN
CHICAGO
Sat. Mon.
Tues.
Wed.' Thurs.
Fri.
31
-----
27%
27%
27%
27%
PRICES
'
OF
29%
29%
29
.
__T
28%
28%
.
28%
WINNIPEG
Thurs. Fri.
29
28%
29
'28%
29
.
6,1939
18,1938
5,1939
Apr.
FUTURES IN
Mon. Tues'.
W(d.
31%
28%
27%
Made
Sept.
Oct.
OATS
j.-:
October-..
When
—
Sat.
May.-July-.
31
Made
\
Season's Low and
25, 19391May.
23%
3, 1939|July
24%
4, 19391 September
-26%
of scat¬
Liverpool market advanced1
expected
are
Corn
trade
■
D
winter
wrere
as
wheat
.
opinions
bushels,
by boat and rail for the East
the next few days.
Lake navigation is under way,
the first boats
having cleared over the week-end. Corn prices
were about
steady, with
within
a
deteriora¬
although
2621
corn, estimated as high as
1,000,000
to be moved out of
Chicago
...
January, as the market
hour,'due to increased buying
final
was
domestic export
ing
the
Chronicle
28%
29
,28%
28%
28%
28%
28%
Rye—On the 22d inst. prices closed 34c. to 34c. net
higher.
Trading was very light, though the undertone ruled "firm
during most of the session. The market seemed sensitive
to the Slightest demand. On the 24th inst.
prices closed %q.
to 34c. net lower. With all the other
grains ruling heavy and
lower, it was only natural that the rye market should register
lower prices.
There was some May liquidation evident,
with demand coming
principally from shorts. On the 25th
prices closed psd. to 34c. net higher.
Trading was
light and more or less routine, the market's firmer tone in¬
fluenced by the upward movement .in the other
grains,'
especially wheat. On the 26th inst. prices closed 34c. to
inst.
y8a. net higher. Trading was light and without particular
feature. The undertone of the market was fairly firm through¬
out most of the session.
On
the
2Jth
/
.
„
■
.
inst.
prices closed % to %c. net higher.
Trading was relatively light, though there seemed to be con¬
siderable evening up on the part of shorts
preparatory,
apparently, to the Hitler speech tomorrow.
Today prices,
closed 1% to %c. net higher.
This grain wras exceptionally
firm in sympathy with the
strength displayed in the wheat
market during the late sfession.
With continued war ten¬
sion abroad and unfavorable
crop advices from
important
Europe, considerable buying was influenced
here, in which shorts played a substantial part.
wheat
areas
DAILY
in
CLOSING
PRICES
OF
RYE
Sat.
May
July
-
September
Season's
May
High and
53%
July
49%
September
49%
DAILY
When
July
Jan.
Jan.
OF
-
IN
40%
41%
42%
44%
40%
41%
Tues.
40%
41%
42%
IN
Sat.
October-.
-
38%
<-,-37%
——
Mon.
38%
37%
37%
Tues.
38%
37%
37%
42
Fri.
44
43%
44%
45%
46
When
Apr.
Made
3,1939
Mar. 16, 1939
Apr.
5,1939
WINNIPEG
Wed.
40%
41%
42%
DAILY CLOSING PRICES OF BARLEY FUTURES
May
July-
Thurs.
41%
43%
44%
43
FUTURES
Mon.
CHICAGO
Wed.
41%
44
RYE
Sat.
October-—
Tues.
41%
42%
Made
I
Season's Low and
25, 19381 May
40%
4, 1939 July
41%
3, 19391 September— 42%
CLOSING PRICES
May
July-
FUTURES
Mon.
41%
43%
44%
*
IN
Wed.
38%
37%
37%
Thurs.
41%
42%
43%
Fri.
41%
42%
43%
WINNIPEG
Thurs.
39
38%
37%
Fri.
39%
38%
38
April 29, 1939
Chronicle
Financial
2622
65
City
St. Louis
Indianapolis
60
Peoria
Sioux
65<
Rye flour patents
3
Seminola, bbl., Nos. 1-3--5 20( >5.50
Oats
Hard winter
2
Corn
1
good
flour
Barley goods—
straights....4.55
patents..
.4.60
clears
Nora.
Hard winter
Coarse
Milwaukee.
Minneapolis
GRAIN
c.i.f., domestic..
Manitoba No. l.f.o.b.N.Y.
_
92H
aU rail—.... 6554
No. 2 yellow.
—
Buffalo
533$
.
Total
of grain
Chicago
Duluth
Milwaukee
.
9,000
857,000
193,000
18,000
156,000
2,000
3,000
282,000
Canadian
71,000
84,000
5,000
2,000
Total April
58,000
2,000
56,000
Total April
136,000
48,000
212,000
46,000
25,000
88,000
Total April
184,000
32,000
52,000
18,000
15,000
13,000
50,000
685,000
153,000
26,000
•
11,000
mm m mm
Joseph.
Wichita
mmmml-m
17,000
17,000
217,000
2,435,000
8,385,000
A,447,000
3,905,000
471,000
422,000
401,000
.
'37
Same wk
5,000
931,000
1,568,000
2,368,000
The world's
7,000
15,000
1,615,000
1,106,000
.
3,589,000
2,011,000
v
141,000
314,000
1938
....
1,108,000
Week
York.
110,000
31,000
Argentina.
Australia
14,000
New Orl'na*
Galveston j-.
m
-
•
mm
150,000
10,000
m
.
17,000
m'mrnm'mm
rn
m
m m -
«
6,000
14,000
1,000
-* -
121,000
...
4,493,000
—-
mm
rnmmm-m
mm
mmm
m
mmrnmmm
m
mm
mmm^.mm
■_/
......
mmmm
......
14,000
2,000
314,000
614,000
654,000
76,000
32,000
1,018,000
2,533,000
.
ports
through New Orleans for foreign
from the several seaboard ports
April 22, 1939, are shown in
ended Saturday,
Corn
Flour
Oats
Rye
Bushels
Barrels
Bushels
Bushels
Bushels
,
20,000
126",000
8,000
44,475
jo", 000
44,000
Houston.
499,000
.....
Orleans..
40,000
Ga veston
St. John West.
Victoria
14,000
104,475
81,650
146,000
1,085,000
1,187,000 1,556,000
1939..
1938
Total week
The destination of
14,000
8,000
these exports for the
81,000
18,000
6,000
Since
Week
July 1
Apr. 22
1939
1938
1939
July 1
1938
Barrels
Barrels
Apr.
1,845,465
671,000
Continent
14,090
624,862
397,000
So. & Cent. Amer.
14,500
558,250
West Indies
29,250
Brit, No. Am. Col.
2,000
Other countries...
7,525
4,550,116
granary
4,346,130
GRAIN
Bushels
24,000
116,666
Philadelphia
Baltimore
New Orleans
Galveston..
Fort
...
Worth
Wichita
Hutchinson
„
St. Joseph
......
Kansas City
...
236,000,
66,000
2,998,000
3,605,000
935,000
2,815,000
603,000
16,966,000
85",000
583,000
146,000 66,622,000
1,085,000 110,860,000
1,187,000 103,104,000 1,556,000 49,146,000
at principal points of
United States—
5,000
"
1,265^666
comprising the stocks in
accumulation at lake and
seaboard ports Saturday, April 22, were as
Wheat
BushielS
41,000 26,741,000
3", 000
17", 000
supply of grain,
New York
801,365.20
Ohio........
South
Dakota
2,442,142.94
55,382.46
Wisconsin—.
16,256,419
'5,884,975
.18,771,309
1;406,299
4,356.415
98,389
follows:
STOCKS
attended
Mississippi Valley
Valley, and in
the follow¬
reported st Browns¬
brought cooler
week, except
the far West
Northeast
region Monday,
Mississippi and
slightly
balance of the
from
degrees to 9 degrees
throughout the Great
Most of the country east
Rye
Barley
Bushels
Bushels
Bushels
2mm
45,000
2,000
1,000
13,000
mm
mm
"
m
m
m
m
m
m
8",000
4,000
112,000
271,000
17,000
49,666
1,000
9,000
65,000
Plains and upper mountain
______
115,000
-
—
26"666
6,000
1,000
639~66O
68",000
2,280,000
213,000
396,000
of the
Mississippi River was largely without
freezing weather, except in the extreme Northeast
lachain districts.
The minima were below freezing
and locally in Appain most of the Great
rather
Rocky Mountain regions, but elsewhere, except in
isolated localities, minimum temperatures
were generally well above
freezing.
The lowest temperature for the week, as reported from a firstorder station, was 16 degrees at Greenville, Maine, on April 25.
Precipitation in general was much lighter than for several
weeks, the amounts being mostly moderate in the Ohio Valley and por¬
tions of the lower Mississippi Valley.
Substantial precipitation was noted
in many parts of Florida and in some Gulf sections as well as rather gen¬
erally in the NortheastThroughout the greater portion of the country
West of the Mississippi Valley rainfall for the week was generally light.
Plains and upper
preceding
'
2,000
Plains
,
districts.
Oats
Bushels
120,000
plus changes of 2 degrees
Plains low during the follow¬
brought rather general showers to the Central Valleys and the
Lake region, while increasing pressure over the
was
cooler weather at most stations from the upper
„
Considerable rain fell in the Lake region, upper Ohio
portions of the Middle Atlantic and North Atlantic States
ing day, and a locally heavy rain of 3.51 inches was
ville, Tex. -The eastward progress of the Plains high
weather to east-central sections while a reaction to warmer weather was
noted from the Missouri Valley westward and southwest ward.
Little precipitation occurred during the remainder of the
for locally heavy rains in Florida, and light, scattered falls in
and Northeast.
Temperatures were somewhat lower in the
Sunday and considerably lower in portions of the Plateau
but elsewhere much warmer weather prevailed.
The week was cooler than normal in the Ohio, central
lower Missouri Valleys as well as in most Gulf States.
It was also
cool for the season in northern New England and New York as well as
locally in the upper Mississippi Valley.
Throughout the
country the week was moderately warm, the plue departures ranging
6
Corn
29,000
60,000
Mississippi Valleys 24-hour
22 degrees were reported.
northeastward progress of the southern
westward.
1938'
20,000 39,290,000
,
56,000
265,039
104,475
81,650
„
Bushels
Bushels
63,154,000
45,978,000
407,000
1,194,500
62,000
visible
Nebraska
by
July 1
22a
1939
"
Bushels
37,110
The
Amount
.
upper
Since
Week
Since
Apr. 22
Total 1939
Missouri
many as
ing 24 hours
Week
Total 1938
as
The
Corn
Wheal
Flour
Exports for Week
Kingdom.
„
$9,257,579.94
] 3,351,793.28
10,643,616.94
over
Missouri and upper
to
July 1 fo¬
Bushels
'
State—
for the Week
Weather Report
area
week and since
July 1, 1938, is as below:
and Since.
follows:
Minnesota...
warmer
17", 000
Halifax..,
Same week
are as
on
3~3~()00
202,000
121,000
$129,007,296 on
general summary of
Barley
Bushels
179,000
72,748,000
Ended April 26—The
the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended April 26, follows:
At the beginning of the week an extensive disturbance over the Central
States moved slowly northeastward, bringing rather general precipita¬
tion to most of the Atlantic States, the Lake region, middle Plains States,
the lower Missouri and upper Mississippi Valleys, and the upper Ohio
Valley; snow fell in portions of Missouri, Illinois and the upper Lake re¬
gion.
Additional rain in the Lake region and the Northeast attended
the northeastward movement of this "low" while a moderate disturbance
the Atlantic coast brought light to moderste falls to the Atlantic areas.
Cooler weather prevailed in most central and eastern districts* and much
weather in portions of the RockyK Mountain and Plateau regions.
The Atlantic coast disturbance moved rapidly northeastward during the
following 24 hours, bringing additional rain to the Northeast.
Lows over
the upper Mississippi Valley and the southern Plains and the high-pressure
the northern Plains were other features of the morning map of
the 20th.
Cooler weather prevailed in large eastern areas, with subfreezing minima reported locally in Pennsylvania and the upper Lake region',
whilei in much of the Rocky Mountain and Plateau regions and in the
for the week
the annexed
Wheat
129,482.11
Kentucky
statement:
Albany
37,117,000
3,622,000 228,162,000 304,448,000
Aggregated
Bushels
44,878
59,215,230
5,429,965
110,485,882
4,393,112
232,423
$22,953.09
Illinois....-.33,748,425.18
Indiana..
3,094,081.79
Iowa".
.62,971,297.50
Kansas
2,489,175.20
'
York..:.
stored
Amount
State
47,000
1,086,000
Include grain passing
through bills of lading.
Exports from-
Corn
on
which the corn is
r
13,843,000
24,848,0001
69,096,000
15,137,000
507,000
22,602,000
11.333,000 465,021,000 406,866.000
Loans
Bushels
49,572,000
4,276,000
129,000
2,889,000 106,812,000 177,852,000
97,000
12,864,000
29,376,000
408,000
.
1937
Bushels
Bushels
.
1",
1938
,
April 20 loans made by the Corporation and lending agencies
under the 1938-39 corn loan program aggregate $129,007,295.63 on 226,575,386 bushels.
The* loans by States in
m
'
81,000
Receipts do not
The exports
...
Since
July
1,
226,575,386 Bushels Through April 20—On April 21 the
Commodity Credit Corporation announced that, through
m
977,000
1,817,000
1
1939
Bushels
July
Apr. 21,
1,
1937
Bushels
Colorado
272,000
Week 1938.
m
7.595,000
18.843,000
4,714,000
mm
278,000
1
....
mm
......
988,000
243,000
Tot. wk. *39
m m
mm
.
CCC
'
mmmrnmm
'mm
-
mmmmmm
'
July
1,
July
'
.mmrnmmm
mm
202,000
Corn
'
■
.
Halifax....
Slnce Jan.
12,000
21,000
-
'
unded
furnished by
Since
Week
7,344,000
Total
2,000
m
'
33,000
14,000
"
Boston
Since Jan.
mm
"
Since
Since
1938
countries
mmrnrnm
*
■
mm m,
32,000
17,000
14,000
84,000
•
Barley
"
St. John W.
New
6,939,000
9,499,000 13,819,000
9,567,000 14,004,000
4,225,000 15,715,000
39,766,000 20,096,000
41,002,000 20,819,000
40,008,000 25,738,000
.
India
2,000
2,000
M
*
348,000
17,000
21,000
Baltimore..
New
6,880,000
Other
bush 56 lbs bush 48 lbs
6,000
100,000
205,000
Philadelphia
on
Black Sea-
ports for
Rye
Oats
bush 32 lbs
bush 56 lbs
bush 60 lbs
bbls 196 lbs
*"
Corn
Wheat
Flour
Receipts at—
*
7,247,000
2,252,000
Bushels
,
1938
6,880,000
6,719,000
8,151,000
149,504,000
3,501,000 194,146,000
1,424,000 80,895,000 74,418,000
70,370,000 54,793,000
4,106,000
1,894,000 82,890,000 92,685,000
No. Amer.
flour and grain at the seaboard
week ended Saturday, April 22 1939, follow:
1939
1,254,000
1939
84,216,000 21,678,000 81,652,000
90,839,000 23,325,000 83,721,000
64,140,000 14,258,000 72,152,000
Total receipts of
Victoria
2,252,000
2,191,000
8,650,000
'
Exports
17,182,000 263,187,000 206,471,000
14,548,000 241,385,000 234,263,000
15,919,000 180,557,000 128,087,000
!p36
New
72,000
2,340,000
4,468,000
9,204,000
9,152,000
.....
Wheat
.
1
Since Aug.
the
974,000
1,242,000
shipment of wheat and corn, as
Apr. 21,
1937
36,000 '
496,000
*
Bushels
Bushels
2,179,000
6,477,000
total'
Barley
York Produce Exchange, for the week
ended April 21 and since July 1, 1938, and July 1, 1937, are
shown in the following:
mmmrnmm
85,000
"
'38
Same wk
'
Rye
..
wk.'39
Tot.
mm
<
Oats-
Bushels
Bushels
22, 1939.-204,842,000
15, 1939.-208,767,000
23, 1938.. 83,154,000
mmW
214,000
4,000
39,000
Buffalo..
mmm
mm
7,247 000 6 939 000
7,376 000 7 285 000
41,002,000 11,615,000
Broomhall to the New
mmmmmrn
-
mm
mm mm
y
'•
277,000
mmm^mm
...
City.
Sioux
''mm
16~5~666
276,000
Corn,
4,000
38,000
43,000
2,000
397,000
>,
Summary—
270,000
m
5,000
91,000
257,000
Aseab'd 19,648,000
American
76,000
15,000
'
2,000
68"66O
69,981,000 39,766,000 10,944,000
134,861,000
9,152,000
152,000
143,000
40,000
Peoria
1,050,000
3,460,000
1,091,000
22, 1939.-134,861,000
15, 1939.-136,741,000
23, 1938.. 40,511,000
Total April
242,000
Omaha
20,000
2,777,000
2,446,000
Arthur 45,605,000
& other e(ev. 69,608,000
"3,000
Kansas City
6,060,000
5,159,000
& Pt.
Total April
bush 56 lbs bush 48 lbs
32,000
mrnmmmm
Louis-
St.
Other Can.
129,000
»
Toledo
Indianapolis
St.
Ft. William
357,000
17,000
204,000
2,723,000
Bushels
Lake, bay, river
2,000
mm
mmm
1,607,000
4,857,000
Wheat
Canadian-^
178,000
1,490,000
59,000
326,000
bushels in 1938.
against 2,971,000
'
536,000
202,000
...
Minneapolis
1,054,000
23, 1938..
Total April
bush 32 lbs
lbs bush 56 lbs
935,000
333,000
60
bbls.mibs bush
1,738,000
219,000
1939.. 72,026,000
April 15,
1,032.000 bushels,
Barley
Rye
Oats
Corn
Wheat
Flour
162,000
42,643,000 40,008,000 17,088,000 2,971,000 7,564,000
Note—Bonded grain not Included above: Wheat—New York. 324 000 bushelsBuffalo, 117,000; Philadelphia, 20,000; Erie,
121,000; Albany 450 000
—receipts, exports, visible,supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
,
Receipts at—
28,000
1,000
69,981,000 39,766,000 10,944,000
22, 1939..
Total April
.50-60
7,000
85,000
175,000
200,000
5,834,000
Detroit
Total April
below regarding the movement
All the statements
—
187,000
170,000
232,000
afloat
43^
6234
...
Rye, United States c.i.f—
Barley, New York—
40 lbs. feeding
Chicago, cash .*.
York—
Corn, New
Duluth
Oats, New York—
No. 2 white..
York—
Wheat, New
No. 2 red,
Bushels
61,000
13,613,000
173,000
991,000
10,719,000
12,701,000
Lakes
On
Fancy pearl
Barley
Bushels
99,000
844,000
"
-.3 25
(new) Nos.
1.2-0.3-0.2
4 ,50©5.00
_
Hard winter
„
Chicago......
afloat...
Rye
Bushels
6,043,000
825,000
1,036,000
1,689,000
2,832,000
547,000
863,000
451,000
13,000
5,227,000
Omaha
FLOUR
Spring pat. high protein.-5.05
Spring patents
..4.75
Clears, first spring
...4.25
Bushels
Oats
Bushels
Wheat
,
United States—
follows:
Closing quotations were as
Corn
"20",000
89,000
Volume
148
Financial
Chronicle
2623
except
locally, with a large portion of the immediate Southwest
having a
practically rainless week.
Although the weather continued unfavorable the early part of the week
in
planting slow progress.
Progress of corn fair; condition fairly good;
some
replanting.
Oats only fair progress and
condition; some dying in
extreme
southwest due to drought.
north-central and northwest, but
major agricultural sections, the reaction
Progress of winter wheat good in
mostly poor, with considerable deterior¬
southwest; condition poor in north-central and
northwest, but
fairly good to rather poor elsewhere.
Stock water scarce in several areas.
to warmer, drier weather the
period was very favorable, and promoted rapid soil
In the Ohio Valley, the warmth
promoted rapid
growth of vegetation and plowing and other field
operations were resumed
at the close of the week on
higher ground.
Much soil still remains too
wet in the trans-Mississippi
States, and this condition, aggravated by cool
weather, caused slow growth of vegetation, with sunshine and
dryness
badly needed.
In the Great Plains area, outside work made
good ad¬
latter
of
part
the
ation
drying in many places.
in
vance
Arkansas—Little Rock: Good progress
planting cotton in southwest,
but slow elsewhere until
last 2 days due to cold and
wet soil.
Progress fair
in south,
poor in most central and some north
portions.
Progress of corn
poor to fair first part,
good latter.
Much corn and cotton must be re¬
planted due to unfavorable weather
and flooded lowlands.
Other crops
favored.
the
northern portions, but in some southern
areas, it was too
and dryness was unfavorable.
In most of the country
Rocky Mountains westward, outdoor operations made good to
excellent advance, but in some areas rain
would be helpful.
cool
for
from
in
Early potatoes recovering from freeze.
Transplanting tomatoes.
Tennessee—Nashville: Corn planting
progressing, but soil too wet in
considerable areas.
Cotton planting begun in
south.
Progress of winter
wheat good; condition
very good.
Potatoes, truck, and pastures improv¬
ing.
Tobacco plants about
ready for setting.
Peaches damaged consid¬
erably in north; good prospects in
south.
crops,
the
Later reports on the effect of the cold
weather on fruit in the Appalachain Mountain sections and parts of the
Ohio Valley indicate that peaches
were
considerably damaged, but that apples were not seriously affected.
Some early fruit was damaged in New
Mexico and some injury is now be¬
coming apparent in localities of Oregon.
The continued wet soil
throughout central sections of
.
the country has
reporting that little progress had been
made in outdoor operations for
periods ranging from 2 weeks to a month.
However, the soil moisture will be very beneficial, with the advent of the
warm weather at the close
of the week, and additional rains in southern
sections, principally in Louisiana and Florida, were
very helpful
Dryness continues unfavorable in Oklahoma, where several duststorms
were reported in western
parts, while it is still too dry in west-central and
southwestern Texas.
Warmth and moisture Would be helpful in parts of
the northern Great
Plains, while rains are needed in parts of the Rocky
Mountains, the eastern Great Basin, and in the Pacific States.
Small Grains—The warm weather the
latter part of the week was favor¬
delayed work,
with
some
areas
able for winter wheat in the main
portions
needed in the Southwest.
In the Ohio
THE DRY GOODS TRADE
[New York, Friday Night, April 28, 1939
Favored by somewhat more seasonal
weather conditions,
retail trade during the
past week made a
although the protracted
constituted
many parts of
New
t
Iowa, but in others
.
half of this work remains to be
done, while considerable seed has
rotted in the ground.
Seeding is over three-fourths completed in Illinois,
about half up.
Seeding on high ground was resumed in other por¬
tions of the Ohio Valley at the close of the
week.
Planting is not yet
completed in Missouri, but oats and barley were coming up to good stands
in Kansas.
Condition is fair to good in Texas and
"
'
•
Corn—Preparation for
v
denim prices amounting to
He. a yard which was believed
some
quarters to be the forereunner of other
price in¬
creases.
Business in silk goods
prices showed
.
planting made
corn
very
ment
little advance in most
of the Corn Belt until the close of the week when the
warmer, drier weather
permitted the resumption of plowing in eastern parts.
Plowing has made
yarns
'
crop
t
Texas progress of cotton was
generally poor during the week as it
too cool for proper growth.
Condition of the crop ranged from fair
to good, and some improvement has been noted in the
lower Ri<? Grande
Valley where moisture is at present adequate.
Much
for
Weather Bureau
furnished the following resume
South Carolina—Columbia:
Soil
preparation
and
planting
generally
Nights too cold for germination and growth, except last few days.
Tobacco transplanting active.,
Cotton planting rapid
progress, completed in south; germination of cotton rather
poor; chop¬
ping begun; planting good advance in Piedmont.
More rain needed.
Georgia—Atlanta:
Unfavorably cold for truck and tobacco first part,
favored.
Lack of rain felt in north and middle, especially
and truck, and rain still needed.
Cotton planting fair to
progress;
north
and
sone
chopping started in south.
Planting corn in middle and
cultivated in south.
Mostly favorable for potatoes, small
grains, sugar cane and
yams.
Florida—Jacksonville:
of
ress
cotton
rather
v"
,
Favorable
poor;
warmth
condition
and
fair.
adequate
Corn
rains.
Potatoes
fair.
Prog¬
good;
harvesting in northeast.* Tobacco good growth.
Truck fair; shipments
diminishing.
Citrus improved by recent rains; considerable new
growth.
Alabama—Montgomery: More rain
needed
in
coastal
planting fairly active: progress of crop where up rather poor, due to cold
condition poor to fair.
Corn and vegetables retarded by cold.
Fruits developing nicely.
Pastures good,»but need rain in extreme south.
Setting sweet potatoes where soil moist enough.
nights;
Mississippi—Vicksburg:
Mostly
favorable
for
routine
farm
work.
Nights too cold for germination and plant growth.
Moderate frost dam¬
age in north Thursday, slight in central.
Progress of cotton rather poor;
much, replanting necessary.
Progress of corn mostly poor with color,
growth and stands poor in north and locally in central.
Fruit and truck
generally poor progress, but pastures good to excellent advance.
«
Louisiana—New
Orleans:
Unfavorably cold until near end; beneficial
and south.
Progress of cotton only fair; much to plant
replanting in extreme north and locally elsewhere.
Progress of
corn fair, except rather
poor in south.
Good progress
planting rice; stands
of early planted only fair; some fields
flooded.
Potatoes generally good,
but progress rather poor; some early
planted being dug.
rains
and
in
Texas—Houston:
Too cold for crops.
More rain needed, except in
Panhandle where soil moisture
ample.
Progress of winter
good to excellent in northeast and Panhandle, and rather
poor to
fair elsewhere: condition fair in Panhandle and
northeast and
wheat
only
northeast
where
heading nicely; poor in west-central and southwest and
fairly good else¬
where.
Progress of corn only fair, but condition
generally good,
in
except
condi¬
west-central
and southwest where poor.
Oats generally good
except west-central and southwest.
Progress of cotton generally
poor as nights too cold; condition generally good in middle
coastal plains
and fair other areas; some
improvement in lower Rio Grande
Valley where
rainfall adequate at present, but much cotton
died during long
drought:
much planting and some
replanting to be done in north where
tion,
has
.
delayed
southwest.
work.
Truck
Cattle
mostly
west-central and southwest.
wet
fair
to
good
fair
to
good.
soil
condition; feeding necessary in
Ranges improved, except in
Oklahoma—Oklahoma City: Too cold first half, favorable
warmth re¬
mainder.
High winds unfavorable, and drought being
felt, except in
southeast and
east-central; duststorms in west several
days. " Cotton
week's
manufacturers to add. to their commitments
lines.
While suitings were most
output.
While
on
the
new
fall
active, there prevailed
increased interest-in overcoatings and
topcoatings.
The
advent .of more seasonal spring weather also
resulted in a
growing call for lightweight materials.
Reports from retail
clothing centers made an improved showing as more favor¬
able weather
central
some
full
Woolen Goods—Trading in mien's weal'
fabrics broadened
perceptibly, as lessening fears of foreign competition, and a
better flow of goods in distributive
channels, caused clothing
Cotton
areas.
a
comprehensive barter agreement with Great
Britain, the
purchases was in no small measure due
supplies all around had been permitted to
drop to very low levels.
Chief buying emanated from
bag
manufacturers, although considerable orders,
mostly- for"
quick delivery, were also placed by converters and
printers.
Later in the week trading
again slowed down considerably,
pending a clarification of the foreign situation, and of the
matter of production curtailment
plans on the part of the
mills.
Business in fine goods continued
quiet, and sales
were again restricted
to small fill-in lots.
A better call
existed for voiles, and fair-sized interest was
reported for
poplins and piques., Closing prices in print cloths, were as
follows:
39-inch 80s, 5% to
5%c.; 39-inch 72-76s, ,5He.;
39-inch 68-72s, 4He.; 38H-inch
64-60s, 4He.; 38H-inch
60-48s,;3 11-16 to 3Mc.
favored.
good
than"
for the
urgency of the
to the fact that
winter wheat good.
Cotton planting good advance.
Mostly favorable for
truck: some pastures need rain.
Potatoes fair progress.
Frost probably
killed early cherries in west, but apples
apparently unhurt.
growth
more
cause
a
of
North Carolina—Raleigh:
Favorable
temperatures,
except
too
cold
20-21st.
Little rain, except too much locally in southeast.
Soil moisture
Condition and progress of corn generally good.
Condition of
pastures
considerably
the
.
ample.
then
somewhat better maintained
buying rush was the upward
trend in raw cotton prices
following the announcement of
the Government export
subsidy plan, and the proposal for
conditions in different States:
for
was
Cotton
started
the immediate
re¬
planting remain to be done in northern portions where the wet soil has de¬
cayed work.:
The
yarn
source
Goods—Trading in the gray cloths
period under review in quiet fashion.
Subsequently, however, a broad, though largely temporary,
spurt in buying developed, which, while it
lasted, accounted
markets
was
planting and
a
Domestic
already
to fair, with much planting and replanting remaining to
be done due to the cold weather and excesive soil
moisture.
In Okla¬
homa planting made only slow progress.
poor
In
was
demand from tJbiat
than heretofore.
except in the drier
Cotton—In the eastern Cotton Belt planting made fair to
good advance
rather generally and chopping has begun in
souther® Georgia and South
Carolina.
In the lower Mississippi Valley progress of the
planted is
improved moderately, and
steadier trend, partly as a result of
curtail¬
by broad silk weavers.
Trading in rayon
trifle more active as
hosiery manufacturers
a
measures
owing to the recent price advance of raw silk,
displayed moreinterest in rayon yarn
offerings.
Although operations of
the weaving plants showed a further
small decline, the
fairly good progress in the Great Plains, with some early hybrid corn
coming up in Kansas.
In more southern portions planting made good
advance, although in southern Mississippi -Valley sections the crop made
only poor progress, with color and stands poor locally.
In Texas and
Oklahoma progress and condition were fair to
good,
portions where they were only poor.
and
in
Oklahoma, except in
especially in the former State where much has been
drier portions,
York
Brooklyn stores, a decline of 25.8% was
reported, while Newark establishments registered a loss
of
28.4%.
Trading in the wholesale • dry goods markets
improved
perceptibly, as both wholesalers and retailers proceeded to
replenish their dwindling stocks of
merchandise, in antici¬
pation of an early seasonal pickup in
general business.
Buying of summer apparel and accessories was
particularly
pronounced.
A feature of the week was the
advance
in
with
burned out.
the
over,
over
"the
did
as
parts of the
apparel and
accessories.
Department store sales, the
country
for the week ended April 15,
according to the Federal
Reserve Board, were
20% below the corresponding week
of last year, when
pre-Easter buying was at its peak.
For
.
Little change has been noted in
Kansas, where the crop is nearly all
jointed in southeastern and south-central parts, while condition was im¬
proved somewhat in portions of Nebraska.
Progress of the crop was good
in north-central and northwestern
Oklahoma, as well as in the Panhandle
of Texas, but it was poor to
only fair elsewhere in these States, and con¬
ditions were very poor in west-central and southwestern
Texas as well as
extreme southwestern
Qklahoma, due to dryness.
Rain is needed in
moisture would be helpful in some
parts.
Oat seeding has been completed in
fairly good showing,
foreign situation
the
dress
.
•
Wyoming and would be helpful in the eastern Great Basin and the Northwest, but winter grains are doing well generally in these areas.
In the Spring Wheat Belt
seeding is making good advance rather gen¬
erally, with this work well along in South Dakota.*
Some of the early
crop is up to good stands and color in North Dakota, and the crop is
sprout¬
ing well in Montana.
Warmer weather would be beneficial in this area and
in
populace dependent on Government relief
payments.
Re¬
flecting the close approach of the
opening of the New York
World's Fair, more interest was
shown in travel
of the belt,
but rain is still
Valley progress and condition of
winter wheat were fair to
good, except on some lowlands, while locally
the crop was reported as much as 12 inches
high.
Progress was rather
poor in the trans-Mississippi States, but it is
furnishing pasturage locally
in Iowa.
tension
hindrance to further
expansion,
scattered reduction in
buying power of those
a
consumer
conditions
demands.
tended to further release
pent-up
Business in women's wear
goods prof¬
ited somewhat by the introduction of the
new fall
collections,
prices of which, in scattered instances, showed small advances
but, as a rule, were little changed from those of last
year.
Some initial purchases of the new lines were
reported, but
generally interest was limited to sampling activities.
Foreign Dry Goods—Trading in linens remained inactive,
were confined to small fill-in
lots, both in
the suiting and household divisions.
Reports from foreign
primary centers again stressed the scarcity of orders from
abroad, and the resultant curtailment in production activi¬
ties.
Business in burlap broadened
substantially as users
and transactions
showed
more
interest in
offerings, chiefly in consequence of
raw jute market.
Domestically lightweights were quoted at 4.55c., heavies
the
at
persistent strength in the Calcutta
6.05c.
Financial
2624
,
April 29, 1939
Chronicle
in which
municipal employees are unionized and to what unions they belong.
960 cities over 10,000 the Year Book lists the names of 12
For each of the
officials.
chief municipal
which greatly increase the utility of this issue are an index
of previous issues and a thumb index which gives immediate
access to statistical tables.
The
Municipal
Year Book, 1939.
International City Managers
Association, 1313 East 60th Street, Chicago.
1939 .
586 pages. $5.
Specialists in
Two features
to the contents
,,
Illinois & Missouri Bonds
New
Senate bill which would permit railroads to
pay $14,263,000 in settlement of back taxes totaling $34,258,000, exclusive of interest, will be held at 11 a. m. May 4
by an Aseembly committee, Speaker Herbert J. Pascoe an¬
nounced on April 24.
The decision to hold a hearing on
the bill, which was passed by the Senate a week ago, was
Stifel. Nicolaus & Co,Inc.
Founded 1890
105 W. Adams St*
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
LOUIS
voted
on
by
"This is
PUBLIC
Report on
Administrator
of
of
Harold L. Ickes on April 25 made public
Public Works Administration disbursements for the first
of
legislation/affecting the interests of all.
people of New Jersey and of transportation systems within the State
are vital to our economic welfare,"
Speaker Pascoe said.
"It is
the greatest importance that there be a full and complete understanding
all the factors involved, both the point of view of the State and of the
carriers."
'
1
•
'
>
.
_
•
-
..
York, N. Y.—First All-Municipal Housing Program
Authorized—New York City soon will embark upon the
New
During this period $114,000,000 was
counties and States which had PWA
projects in response to requisitions made by them and applied
to loans and grants made by PWA as the Federal Govern¬
quarter
of Republican members of the Assembly.
a caucus
extremely important
which
1939---Public Works
During
a
the
WORKS ADMINISTRATION
Disbursements
public
Jersey—Hearing Called on Rail Tax Bill—A
hearing
1939.
advanced to .cities,
nation's first housing program
ment's share in the
nicipality, the National Association of Housing Officials
said on April 22.
The plan, involving projects which may
total $10,000,000, will be financed by a special city tax on
rented business properties.
'
To this was added, an
construction of projects.
additional $140,000,000 by the
applicants, repre¬
senting their share of construction costs of 55%, the major share of cost in
each instance.
Thus, PWA has been responsible for releasing an average
of nearly $20,000,000 construction money per week for the first 13 weeks
of 1909 for non-Federal PWA projects.
That the current PWA program is providing a positive stimulus to the
Nation's industries and national recovery is indicated by a statement of
amendment to the city's administrative
mthority to issue bonds which, housing
liquidated over a period of time by the special tax.
expected to be started within two months, will be a
$2,000,000 development on Manhattan's lower east side, housing about
270 families.
It will be built adjacent to a 1,500-unit Federal project
costing about $9,200,000.
The. two projects will be known as Vladeck
Houses and Vladeck Federal Houses, in memory of the late city councilman
largely responsible for the development of the New York City municipal
officials say, will be
The first project,
News Record," dated April 13, 1939.
This report says,
closed its first quarter books with an overall gain over
This means a volume of $801,000,000 of which $592,000,000
was public work, the highest first quarter on record for public construc¬
tion.
Private awards, at $209,000,000 were 27% below a year ago,"
The $254,000,000 released for construction as a result of PWA nonFederal projects, going into employment rolls, orders for construction ma¬
terial and costs of transporting finished goods to construction sites, repre¬
sented approximately 40% of all public works construction for the first
quarter of 1939.
•
"Construction
1938 of 22%.
plan.
New
Louisiana—Bonded Debt of State and
new
booklet has just been
Certain Subdivisions
published by New¬
Harris & Co., Maritime Building, New Orleans, the
a series dealing with the subject, furnishing
essential information concerning the bonded debt of the
State of Louisiana, the Louisiana ^tate University, the
Charity Hospital of Louisiana, the City of New Orleans, the
Orleans Levee District, and the Orleans Parish School Board.
Detailed financial information, taken from .official and
reliable picture of the
public bodies and makes an interesting study
status of these
presents a
for dealers and investors.'.
"
>
.
.
,
Studied—At June 30,
1938, there were 16 towns which had been using Tennessee
Valley Authority power for one year or longer., There were
19 cooperatives,
or electric membership associations,
of
Municipalities Using TVA Power
.
which 14 had been distributing
TVA power for one year or
longer., The table which is presented in the current issue of
the "Southern Financial Review," published by the Equi¬
table Securities Corp., gives, the most important items in
connection with the systems of the 16 towns on June 30,"
1938. These data were taken from a report published jby the
Tennessee
Valley Authority.
,
•
,
Municipal Year Book for 1939 Published—This sixth
of the "Municipal Year Book"- devotes much more
issue
than previous issues.
For the first time the Year Book presents an entirely new
statistical section covering police, fire, utility, welfare, health,
library and recreation activities.
space
For
to individual statistics of cities
police departments are given the number of police employees, en¬
policemen, salaries of police chiefs, total
trance and maximum salaries of
salaries, total 1938 expenditures for the department,
number of police patrol
cities with one- and two-way radio, crime rates, &c.
Similar in¬
formation with regard to salaries and expenditures is given for fire depart¬
ments and in addition the per capita fire loss for 1938, average for five years,
and per building fire, together with data on the fire insurance classification
of each city over 30,000.
Another new section is one on financial data for cities over 30,000 which
cars,
presents, among other items, the adjusted tax rate, direct taxes of a typical
family, and per capita net bonded debt.
There is also a special new section
on
the intergovernmental tax exemption problems, a list of sources of
statistics on city activities, and a select list of standard references on
municipal administration.
Over 2,000 municipal officials and about 200
other authorities aided in preparing the material in this volume.
The Year Book is divided into six general divisions: Resume of municipal
activities in each of 24 fields in 1938, general governmental data, municipal
personnel, municipal finance, municipal activities and sources of informa¬
tion.
For each of the 1,809 municipalities in the United States over 5,000
population, the Year Book gives a great deal of information such as number,
salary, term and election date for city council, titles of officials elected by
the people, utilities owned, &c.
Another section of the book gives for each
of 834 cities the number of employees, total salaries and wages, Whether
a city has a classification and pay plan for employees, and a list of cities -
Total City
on
April 26
which the tax levy is based amounted to $587,518,638.
with the $.593,824,136, the total of the Mayor's executive
of Estimate.
The tax budget as
adopted is $2,461,938 less than the budget of last year, which was $589,980,576.
The result will be that the tax rate will actually,be slightly below
that of last year.
Bronx Borough President James J. Lyons asked to be
budget recently presented to the Board
Highway
fourth edition in
reliable'sources,
Board Adopts
Board of Estimate
The budget on
State
man,
other
Y.—■Estimate
This compares
on
Fund Obligations—Because of numerous requests for - an
up-to-data pamphlet on Arkansas highway fund obligations,
the Scherck, Kichter Co. of St. Louis has revised a review
it first presented in November, 1937, which is now available
upon request,
presenting current information regarding
revenues, service charges, retirement plan, &c., so as to
enable the reader to analyze the values^.
Discussed—A.
N.
adopted the 1939-40 budget of $684,396,271 at a special
S3ssion.
This includes the tax levy budget and other funds,
some of which are contributed by the State.
News Items
Prepared
York,
Budget of $684,396;271—-The
,
Survey
a mu¬
The program wis assured by an
code authorizing the city housing
"Engineering
Arkansas-1—Revised
financed entirely by
recorded
as
not voting.
-•
The budget was sent to the City
further cuts but is not permitted to
Council, which is empowered to make
increase the total.
Comptroller McGoldrick explained that the board had been able to
budget by $6,000,000, due to the fact that the collecof emergency. tax arrears bad come ip much better than had been
expected.
A reduction of about $300,000 was made through voluntary
cuts, in the salaries of city employees, including fire and department offi¬
cials, whose compensation is set at a mandatory figure.
Salaries of city employees of $5,000 up to $10,000 will be reduced 5%;
above $10,000 10%.
o
reduce the executive
1
tions
Year Trend of Bond Debts
Surveyed-^-Tlie trend pf aggregate
bonded debt and general property tax for each county in
New York State during the years 1931 to 1937, inclusive, is
shown in a tabulation prepared by Kidder, Peabody & Co.,
New York City, from State Tax Commission reports.
New York
and
Taxes
in
(State of)—Seven
Counties
year is the taxable real estate, per capita taxable
capita bonded debt, ratio of debt to taxable real estate and
capita aggregate general property tax.
.
,
.*
.
Summary, figures are included for the State as a whole as well as for the
entire State excluding New York State and New York City bonds.
Another tabulation shows the relative importahce of cities, towns and
villages in each of the 57 counties outside New York City.
Also given for each
'real estate, per
per
Legislature Approves Four-Year Terms for Senators—The
adopted on April 25, a concurrent resolution, al¬
ready adopted by the Assembly, asking for a referendum on
a
proposed constitutional amendment which would extend
the terms of State Senators from the present two years to
Senate
f;our years.
The proposed amendment, originally introduced in the lower house by
Assemblyman Harry A. Reoux, Warren County Republican, would amend
Section 2 of Article 3 of the Constitution.
It will require a repaSsage by
Legislature before it can be submitted to the voters.
adoption again next year, it will go to the polls at the gen¬
November, 1940.
*
"
"
the next session of the
In the event of
eral
election in
State;—Governor Urges Court Control of Mort¬
Cases-—Governor Lehman, in a special message to'the
Legislature on April 20, recommended that the courts be
empowered to decide individual cases on mortgages as the
best method of "tapering off" the moratorium on fore¬
closures first enacted in 1933 as a depression emergency
New York
gage
measure
and continued from year to year
The Governor also expressed the assumption
would be continued for another year.
When
Senate,
Majority Le ider Joe R.
Governor
was
so
since then.
that the present moratorium
his message was read in the
Hanley said he was surprised that the
bill to extend the moratorium
late with it, as the Nunan
1, 1940, had been reported from committee yesterday.
The
advanced to the order of final passage today.
Under the mora¬
until March
bill
was
torium there
can
be
no
foreclosure of
a
mortgage for non-payment
of prin¬
cipal instalments where interest and taxes are paid.
The Governor said that the point had been reached "where serious con¬
sideration is necessary concerning the problem of restoring normal contract
relations between mortgagee and mortgagor"; that it was "obvious that the
moratorium cannot be continued indefinitely," and that it was "equally
plain that it cannot be repealed out of hand without causing a great deal of
hardship and distress among property owners."
The Governor said that "no injustice will be done to any owner, since the
condition precedent to any release will be a demonstration that the new,
loan, whether in the full amount of the old mortgage or for part thereof, will
not be subject to conditions that are burdensome and impossible to carry out."
The Governor, in his annual message to the Legislature on Jan. 4,recom¬
mended that the moratorium be extended, with the modification wbick
<
would
compel that in addition to the interest and taxes the property owner
Volume
Financial
148
Chronicle
be required to pay "a certain fixed amortization" on principle.
Hestrongly
recommended that some provision be made for a "tapering off" of the
moratorium.
,
New York State—New Law
Local
Loxicls
Defines Bond Maturities for
powers as any other holder thereof.
fourth of the Coudert bills would
the
State
constitution voted
last
secunues of corporations in the unification
made
was
tion for the review of
National Association of
requires the first funds received by the local governments go to debt service,
expected to strengthen the fiscal position and credit ratings of the
on
local governments.
The new law provides that bonds are to mature in annual instalments
the first of which shaU be paid not more than one year after the date ofjssue,
to
is the last instalment to be
more than. 40 years, except as expressly author¬
no instalment shall be more than 50% in excess of the smallest
prior instalment.
Periods of probable usefulness have been determined as follows:
Water systems: For acquisition, construction, reconstruction or addi¬
tion, whether or not including buildings, land or original equipment—
ized and
■
Sewer systeihs: For acquisition or construction, whether or not including
purification or disposal plant or buildings—20 years.
Electric light and power Systems or gas plants: For acquisition or con¬
'
.•
-
Docks:
Construction or acquisition—50 years.
Rapid transit railroads: For acquisition or construction, whether or not
including land—50 years.
•
Bridges and tunnels, viaducts and underpasses: For construction or
acquisition; if the bonds are in excess of $5,000,000, 40 years; if bonds
total $5,000,000 or less, 20 years.
Buildings: Acquisition or construction, not included in other subdivisions
of the law, as follows:
Class A: Buildings built of incombustible materials—30 years.
Class B:
Buildings, the outer walls of which are built of fire-resisting materials20 years.
Class C: Buildings that are neither class A nor Class B, including
any such building which is rebuilt or altered so that any addition or vertical
or other extension is not fireproof or fire-resisting, as thus defined—15 years.
Additions to buildings: 15 years.
Building alterations: Installation or
reconstruction of heating, lighting, plumbing, ventilating elevator and power
plants and systems in class A and B buildings, when not in connection with
the original construction of such buildings—10 years.
Airports and airport improvements: Construction, reconstruction or
extension, but not including furnishings or equipment, 10 years.
Parks? Original improvement and embellishment of parks or playgrounds,
but not including equipment—10 years.
V
Roads, streets and
cause,
preferable.
or
ment
Illegal—Attorney
General
Legislature,
advices.
John
J.
Bennett
Jr.,
unconstitutional, according
V/■■ A'A'
is
press
to
In an opinion requested by the Governor, Mr. Bennett ruled that the
Republican Legislature is without authority to alter the Chief Executive's
appropriation bill as proposed by'the four Republican-dominated Senate
and Assembly fiscal committees.
While holding that the Legislature may strike out, reduce or increase
items, the Attorney General ruled that the Republican program in effect
calls for creation of a new budget, without constitutional sanction.
The Republican plan proposes slicing Governor Lehman's recommended
appropriations by $31?000,000, including cuts totaling $10,000,000 in State
aid for education.
' *' /,
■:•
•"
i
Governor Lehman expressed his
satisfaction with the ruling, declaring he
Legislature would pursue its economy
believed it "inconceivable" that the
in the face of the opinion.
Legislature,now has an unqualified formal opinion by the chief
law officer of the State, who not only was elected by the people, but is the
chief legal advispr of the Legislature," he said.
"
program
"The
"Republicans Decide to Adopt Reduced Budget—Republican
legislative leaders are stated to have given notice on April 27
that they were'standing firm in the budget dispute and
would adopt the reduced State budget in both houses on
Friday.
'
■
,
that the Court of Appeals will have to decide whether the
Legislature has the power to change the Governor's line-by-line item budget
a lump-sum budget during the course of reducing departmental appro¬
priations by $7,000,000. The $13,000,000 cut in the highway fund and the
$9,000,000 cut in State aid are not involved in the dispute.
The Republican stand was maintained in the face of the opinion Wednes¬
day night by Attorney General Bennett that their plan was unconstitutional,
and also in the face of a sharp attack by Governor Lehman, in the form of
another special message to the Legislature.
The Governor accused the
Republicans of attempting to destroy good government by scuttling the
budget system, of disregarding the will of the people and the
intent of the Constitution, and finally of
O.
Auburn), Ala.—
bids to be submitted for the various
building revenue bonds aggregating
$637,000 has been postponed from the original date of April 28—V. 148,
2464—up to 11 a. m. on May 19.
p.
MOBILE, Ala.-r-BOND TENDERS INVITED—It is stated by H. G.
Zeigler, City Comptroller, that in accordance with the provisions of the
bond ordinance of the city adopted Jan. 8, 1936, sealed tenders will be
received until 10 a. in. on May 10, for tbepurchase by the city for the ac¬
count of its interest and sinking funds, of bonds of the series listed below.
The tenders so made are to "be in amounts not greater than the amount"
shown as available in each
sinking fund for the purchase of bonds of that
issue, and the price at which the bonds are tendered not to exceed their
face value and acprued interest:
„
Amount
,
,
Special Sinking Funds—
•
Available
Public Works refunding or funding (coupon and (or) registered)
bonds, series O, dated Jan. 1, 1936
$997.41
Public Works refunding or fundirig (coupon and (or) registered)
bonds, series P, dated Jan. 1, 1936------?590.91
Public Works refunding bonds, series R, dated Jan. 1, 1936
746.68
Public Works refunding bonds, series S, dated Jan. 1, 1936313.8.3
Public Works refunding bonds, series T, dated Jan. 1, 1936---4,587.21
Public Works refunding or funding (coupon ahd(or) registered)
bonds, seriestU, dated Jan. 1, 1936-,.
1,252.21
Public Works refunding bonds, series V, dated Jan. 1, 1936.___
1,452.73
Public Works refunding bonds, series W, dated Jan. 1, 1936-.7,526.70
Public Works refunding or funding (coupon and (or) registered)
bonds, series X, dated<Jan. 1, 1936--- —
---—
7,479.40
Public Works refunding bonds, series Y, dated Jan. 1, 19369,267.60
Public Works refunding or funding (coupon and(or) registered),
bonds, series Z, datjed Jan. 1, 1936--- —----------------871.30
Public Works refunding or funding (coupon and (or; registered)
bonds, series AB, dated Jan. 1, 1936.
——
30,892.26
Public Works refunding or funding (coupon and (or) registered)
bonds, series CD, dated Jan. 1, 19361,803-52
Public Works refunding bonds, series EF, dated Jan. 1, 1936-2,385.93
Public Works refunding or funding (coupon and (or) registered)
bonds, series IJ, dated Jan. 1, 1936--51,424.22
Public Works refunding or funding (coupon and(or) registered)
bonds, series KL, dated Jan. 1. 1936-- —-_— — i
1,052.23
Public Works refunding bonds, series MN, dated Jan. 1, 1936-- - 24,354.57
r
seeking to weaken the executive
■
—
—
-
—
-
-
-
•
*
—
-—
—
1
— -
flPI'lPT'fll
Public Works
"717 (I
t J 47
fJ
refunding or funding (coupon and (or) registered)
bonds, dated Jan. 1, 1936, any one or more of the following
&.
O, P, R, S, T, U, V, W, X, Y, Z, AB, CD, EF, IJ,
KL and MN
General refunding and general funding (coupon and (or) regis¬
series:
—
tered), bonds, series GO, dated Jan. 1, 1936------ — ------General corporate bonds, series CI, or funding (coupon and (or)
registered) bonds, series CI, dated Jan. 1, 1936
— General corporate bonds, series IW, or funding (coupon and (or)
registered) bonds, series iW, dated Jan. 1, 1936—
General corporate Jonds, series BL, datedL Jan. 1, 1936------Bonds which have been accepted on
46,000.00
26,013.16
10,814.88
10,630.74
2,250.62
tenders by the city shall be delivered
Co.. New York, or to one of the following
First National Bank, the Merchants National
Co.
Bidders should stipulate in their tenders (1) the series and numbers of
bonds tendered (bonds delivered must be identical with bonds tendered):
12) if desired, that their tenders are for the purchase of all or none of the
bonds tendered, and (3; the place where delivery of bonds will be made.
A certified check for 1 % of the face amount of bonds tendered for purchase
must accompany each tender.
on
May 25 to the Irving Trust
banks in Mobile, viz.: The
Bank or the American National Bank & Trust
government.
Unification Bills Passed—The Assembly
completed action April 26 on New York City transit unifica¬
tion bills by Senator Frederic R. Coudert Jr., Manhattan
Republican.
One would create the transit unification sink¬
ing fund for amortizing and redeeming all corporate stock
of the city issued after Jan. 1, 1939, for transit unification,
such bonds to be excluded from provisions requiring the
several sinldng funds to purchase city bonds below par.
ALASKA
New York Transit
Another
(P.
President
into
the
POLYTECHNIC INSTITUTE
,
York State—Attorney General Declares Republican
of
"
Proposals and Negotiations
i.
■
delivered to Governor Lehman on April 26 an opinion holding
that the proposed Republican ^lump-sum" budget, pending
branch
assessor."
pass on the
and police
,
executive
as a poor
«
provisions of the bill, which takes effect immediately, supersede
provisions of any general^ special or local law limiting maturities of obliga¬
tions to a percentage of the period of probable usefulness determined by or
pursuant to the section. ,
:
means
irreparably
BOND OFFERING POSTPONED—We are now informed by
L. N, Duncan that, acting upon the advice of the Public Works Administra¬
tion Regional Counsel, the meeting of the Board of
Trustees to
years.
The
This
as
ALABAMA
apparatus and other vehicles—5 yeard; equipment, apparatus or furnishings
other subdivision—5 years.
'
Judgments: Other than for capital purposes—5 years.
Certain assess¬
able improvements—10 years.
Unspecified objects, 5 years.
Tax and revenue anticipation—5
years.
Emergency expenditures—-
.
effectively and
Bond
not included in any
the
as
ALABAMA
5 years.
Police and fire alarm,systems and signal systems—10 years: fire
Albany
day and seldom
While review agencies cannot compensate for
poor original assessment,
report points out, "a poor review agency, especially when granted
broad powers to alter the roll on its own initiative, can ruin a
good assess¬
Elimination of any grade crossing or cross¬
Sewer and water connections—10
before
Persons Who
on
less a
the
Curbs, sidewalks and gutters, not included in any other subdivision—
,
agents, in the opinion of the committee,
local boards of review; the committee found, usually receive $5
earn more than $100 a year.Members of State
reviewing agencies almost always have year-around employment at a
typical salary of $5,000.
serve
,
New
the report says.
uCompensation of the review
ings, or improvements in connection therewith, or for any part thereof—'
30 years.
•
»
Land acquisition: Acquisition of land not included in any other sub¬
division hereof—30 years.
>
A,
Dikes and bulkheads; of steel, stone or concrete—15 years: of wood or
partly of wood—-10 years.
consolidation of local review districts, which
}• iOOOinthe United States, into districts large enough
should be not less than $10 a day, in some cases not under
$25, and where
the district is large
enough, an annual salary is
durable construction—-10 years.
Grade crossing; abolition of.
Budget
a
parkways: Construction or reconstruction; if pave¬
ment is sand—5 years; more
18 months.
provide for
full-time administrative assistant. At present, almost every
^^Pi^e^ 4 Ylct has its ®wn review agency, and usually it is too small to
provide trained persons to hear taxpayers' appeals.
Local and S.tate boards of review are recommended for
most States in the
f®Pert. This type of review organization, as found in 21 States, permits
the weeding out of frivolous
appeals and the connection of simple errors"
local boards, which are
readily available and less expensive than judicial
procedure. At the same time, it guarantees full
protection to the taxpayer
rPP"UUS open a further appeal to a well-qualified State agency,
l he report also recommends that the
assessor, if not a member of the
local review agency, be
required to attend its sessions in person or by deputy.
Local assessors now are board members in
about 20% of the. county assess¬
ment districts, in about
15% of the township districts, and about 25% of
the municipal districts.
Members of review agencies should be appointed, not
elected, to office
and should be chosen on the basis of their
qualifications for the duties, the
report says. The board of review should ordinarily be composed of three or
five members,
serving five- or six-year terms, with provision for removal for
than two years after the date of certificates of indebtedness or
•
Assessment Organization and Personnel.
The report recommends the
notes issued in anticipation of the sale .of such bonds, and the last of which
shall mature not later than the expiration of the period of probable useful¬
ness of the object or purpose for which the bonds are issued.
In no event
'
property tax assessments by State and
a report made to the
Assessing Officers by its Committee
local governments is recommended in
it is
struction—20 years.
ueieatea.
United States—Revision of Assessment Review Agencies
Recommended—"Wholesale revision" of the present organiza¬
_
Purpose of the new law is to assure that bonds issued by the local govern¬
ments will not remain outstanding after the project for which they were
issued has ceased to be useful.
Together with another amendment which
<
transit rail-
sinking fund bills in the Senate,
k?. ?,assa?e
an attempt was
by Senator Jobn T. McCall, Manhattan Democrat, to include
by
amendment a provision
perpetuating the five-cent fare.
The amendment
No¬
counties, municipalities, towns and districts of New York
State.
/'■
'"■
50 years.
railroads, facilities or
plan, and would fix the period
usefulness at 50 years for acquisition of the rapid
at 40 years for street railroads and omnibus lines.
T
same
City to issue
,
vember and which stipulated that the State Legislature fix
the maturities for the various types of bonds issued by the
or not more
empower New York
s£ock or serial bonds for the acquisition of
setting the maximum maturities on various types of bonds
by loeai governments in the State, according to
Albany advices.
This newly enacted law is in accord w;th
to
New York City under unification should be delivered
custody of the Comptroller, and the city could exercise the
Units—Governor Lehman has approved the measure
amendment
tax notes in
anticipation of taxes, for payment of ex? "lird would provide that securities of a corporation owning
^duired
r
offered
the
2625
or
vtauld empower
authorize the issuance of
New York City, in the unification plan, to
fax notes, corporate stock or serial bonds instead
FAIRBANKS, Alaska—BOND SALE DETAILS—Blyth & Co., Inc.,
of Portland, in purchasing March 16 an issue of $240,000 4% school, sewer
and street bonds—V. 148, p. 2000—paid a price of 100.50, a basis of
about 3.95%.
ARIZONA
Ariz.—PRESENT FISCAL STATUS SUMMARIZED—
In common with many other municipalities during the depression years, the
above city was forced to delay the payment of bond maturities.
This con¬
dition was brought abodt by special assessment debt, abnormal tax delin¬
quencies and bank closings and was aggravated by the Arizona corporation
■
NOGALES,
Financial
2626
April 29, 1939
Chronicle
o'
CALIFORNIA, State of—WARRANT SALE—The $3,876,107 issue
general fund registered warrants offered for sale on April 21—V. 148.
p. 2464—was awarded jointly to Weeden & Co., Kaiser & Co., and Heller,
Bruce & Co., all of San Francisco, at 2%, plus a premium of $20,195.
Dated April 25, 1939.
To mature on or about Feb. 27,1940.
ARIZONA BONDS
Market$ in all
Assemblyman
All these bills were by
dating bills for similar reasons.
Ray Williamson of San Francisco.
Municipal Issuea
ANGELES, Calif.—BOND REDEMPTION
LOS
NOTICE— It is stated
by Clyde Errett, Auditor and Chief Accounting Employee, Department of
Water and Power, that the following 3% City of Los Angeles water and
REFSNES, ELY, BECK & CO.
at the plant bonds, third
Sower1 electric princiapl amount ofissue bonds plus accrued for payment on
said or 1937, are called interest to date
une
PHOENIX, ARIZONA
surrender of each bond called accompanied by all interest
if any, maturing on or after redemption date, at the Bank of
Trust & Savings Association in,.Los Angeles, or at the
National City Bank in New York City:
Nos. 501 to 600, aggregating $100,000.
Due Dec. 1, 1943.
Nos. 601 to 700, aggregating $100,000.
Due Dec. 1, 1944.
Nos. 701 to 800, aggregating $100,000.
Due Dec. 1, 1945.
Nos. 801 to 900, aggregating $100,000.
Due Dec. 1, 1946.
Nos. 901 to 1000, aggregating $100,000Due Dec. 1, 1947.
Nos. 1001 to 1100, aggregating $100,000. Due Dec. 1, 1948.
Nos. 1101 to 1200, aggregating $100,000. Due Dec. 1,1949.
All dated Dec. 2, 1937.
Interest ceases on date called.
called,
upon
coupons,
America National
ARIZONA
,
litigation which delayed tax payments by many of the larger corpora¬
Bondholders agreed to a mild interest reduction and rearrangement
of maturities, and the city increased the 1935-36 tax levy of $28,558 to
Payments of these
$53,375.50 for 1936-37, and to $83,645.41 for 1937-38.
greatly increased levies have been excellent.
The fiscal year of the city is from June 1 to May 31.
City taxes are
collected by Santa Cruz County.
The first instalment of taxes is due in
November and the second instalment in May.
Tax collection figures are
not ordinarily completed by the county until some time in June, so that the
second half tax collections are not usually reported to the city at the time
of the audit as of May 31.
It is therefore impossible to furnish complete
tax
tions.
and correct current tax
collection figures, but
ft should be noted that total
for the last three years have
total levies for the three years of $165,578.71.
The levy for the fiscal year which will end May 31, 19.39, was $62,603.10.
of which amount $25,003.11 had been collect**! through Feb., 1939.
In Oct., 1934, the city had outstanding $748,000 general obligation bonds
and $209,000 special assessment district bonds—a total of $957,000.
The
present general debt (incl. $360,400 water works bonds) is $589,000 and
the special assessment debt is $68,100, or a total of $657,100—a reduction
of $299,900 or over 31% in four and one-half years.
Santa Cruz County School District No. 1, which includes the City of
Nogales, now has a bonded debt of only $43,000.
The High School District
has no bonded indebtedness.
Santa Cruz County has a net debt of $274,725,
and the property tax situation within the City of Nogales,as well as that of the
entire county, has been greatly benefited by the Arizona law which allocates
to counties a portion of the State sales tax with the stipulation that the
county's portion of this tax be first used for the payment of principal and
of current and delinquent taxes
collections
totaled $186,028.51, against
interest on county
debt.
-
.
.
COUNTY
ANGELES
LOS
DEFEATED—It
(P.
Angeles),
Los
O.
COUNTY
MONTEREY
Calif.—BOpDS
the proposals
School District bonds at
that the voters turned down
is reported
calling for the issuance of $100,000 in Montebello
an election held on April 13.
(P.
u
BOND
he will
$5,000
not to exceed 5%.
Due $1,000 June 1,
Calif ^SCHOOL
Salinas),
O.
OFFERING—We are informed by C. F. Joy. County Clerk, that
receive sealed bids until 10 a. m. on May 15, for the purchase of a
School District bonds.
Int. rate is
Dated June 1, 1939..« Denom. $1,000.
Prin. and int. payable in lawful money at the County Treas¬
ury.
The bonds will be 3oldfor cash and at not less than par and accrued
interest'to date of delivery.
Bidders will be permitted to bid different
rates of interest for differnt maturities of the bonds.
A satisfactory legal
opinion approving the legality of the bonds will be furnished without charge
to the purchaser.
Enclose a certified check for not less than 10% of the
par value of the bonds bid for, payable to the Board of Supervisors.
issue of Prunedale
payable J-D.
1946 to 1950.
BERNARDINO COUNTY (P. O. San Bernardino), Calif.—LIST
tabulation of the bids for the $35,000
High School District bonds that were awarded on April 17,
as described in these columns—V. 148, p. 2464:
Bidder— •
■
'
Interest
Premium
Lawson, Levy & Williams_*_____________
2%%
•
$108.65
Martin-Holloway-Purceir.
L__
2%%
76.00
William R. Staats Co
2%%
36.00
Dean Witter & Cp_.__
*
3%
118.00
Kaiser & Co
,
3%
12.00
Bankajnerica Co____
^
3%
'
"
9.00
Weeden & Co
3^%
*
47.00
Redfield & Co_____
394%
• ' 187-00
SAN
OF BIDS—The following is an official
Barstow Union
,
(P. O. Higley),
is reported that
ROOSEVELT WATER CONSERVATION DISTRICT
Ariz.—SUPREME COURT HEARS DAMAGE SUIT—It
In
hearings in the State Supreme Court were begun on April 14,
a suit
the above district is seeking $628,000 damages and declaration
which
in
of
River Valley Users Association.
Interpretation
of the 1924 contract, by which the association's canals within the district
were to be concrete lined by the district in return for diverson of portion of
water from dam, is involved in the suit,
The association claims it has
rights from the Salt
water
____
_
______
.__
fulfilled its contract and
of $200,000
A.
because of the
costs.
Barcus, Kindred & Co_—
in a cross complaint asks damages
district's failure to pay certain disputed power
Purchaser.
..
SAN FRANCISCO (City
County & Town Issues
37.00
39-00
and County), Calif.—CONFIRMATION OF
confirms
will be held on
ELECTION—David A. Barry, Clerk of the Board of Supervisors,
the report given
in our issue ef April 18, that an election
May 19 to vote on the issuance of $55,000,000 in not to exceed 6% revenue
bonds, to finance the acquisition by the City-County of the distribution in
the community of electric power.
' ' ■ «
Due not later than five years from date of issuance and to be completed
in not more than 40 years.
'
.
j
SCHERCK, RICHTER COMPANY
ST. LOUIS, MO.
LANDRETH BUILDING,
J
.
SAN DIEGO, Calif.—BONDS DEFEATED—It is stated by J. M.
Ashley, City Clerk, that at the election held on April 25, the following bbnds
aggregating $2,225,000, were Rejected by the voters: $1,975,000 dam con¬
struction, and $250,000 water distribution system bonds.
ARKANSAS BONDS
Markets in all State,
3M%
4%
Huyck & Co
S.
*
CONNECTICUT
ARKANSAS
ARKANSAS, State of—BONDS TO BE PURCHASED—In connection
with the call for tenders on April 26 of highway debt obligations—V. 148,
2464—it is reported that the State Refunding Board will purchase high¬
debt obligations of $1,673,721.08 par value at $1,541,074.35.
Pur¬
chases divided as to descriptions are as follows:
Road district refunding
bonds series A-, par value $590,300. at $505,693.80; series B, $90,957.30
p.
way
par
aid certificates, par value
value at $55,625.22; municipal
city
ANSONIA, Conn.-PROPOSED BOND ISSUE— The
issue $100,000 high school building construction bonds.
plans to
Conn.-PROPOSED BOND ISSUE—-The town plans to
school bonds.
Denom. $1,000.
Due $4,000 annually.
payable in Hartford.
Legality to be approved by Dayk
Berry & Howard of Hartford.
OLD LYME,
issue
$40,000
Prin.
and
int.
$28,641.72
$26,837.55; contractors' funding notes, par value $19,558.06 at $19,highway refunding bonds series A, par value $743,000 at $735.647.45; toll bridge refunding
bonds serie? A, par value $191,000 at
$189,043.70: and Devalls Bluff Bridge refunding bonds, par value $10,264
at $8,611.77.
,
at
214.84:
BONDS
FLORIDA
'
'
;
•
*
n
'
''
'
,
O. Nashville), Ark.—BONDS SOLD—It is
stated by the County Clerk that $66,000 court house building bonds have
HOWARD COUNTY (P.
'
been sold.
•
.
Clyde C. Pierce Corporation
Barnett National
.
ROCK, Ark—MATURITY—It is now reported by Mayor
4% semi-annual sewer bonds purchased
by Cherry, Villareal & Co. of Little Rock at a price of 103.51, as noted here
ink February, are due $3,000 from Dec. 1, 1939 to 1947, giving a basis of
about 3.25%.
• 1
'
:
;
.
JACKSONVILLE
LITTLE
R. E.
Overman that the $27,000
Bank Building
....
Branch Office:
First
National
Bank
T.
Building
-
S.
FLORIDA
.
TAMPA
>
•
Pierce, Resident Manager
FLORIDA
California
LAND, Fla.—CERTIFICATES SOLD TO PWA—It is stated by
Grant Bly, City Manager, that $44,000 water revenue certificates have
been purchased by the Public Works Administration.
DE
Municipals
COUNTY
ESCAMBIA
Bankamerica Company
485 California Street,
Bell System
OFFICES
IN
OTHER
SCHOOL
DISTRICTS
Fla.—BONDS NOT SOLD—We are informed by the
Board of Public Instruction
bonds
San Francisco
(P. O. Penascola),
Superintendent of the
semi-'ann. school
that the four issues of 6%
aggregating $35,000. offered on April 20—V. 1£8, P.
received.
The issues are as follows:
2002—were
hot sold as no bids were
Teletype SF 469
PRINCIPAL CALIFORNIA CITIES
$10,000 Pleasant Grove Special Tax School District No. 11 bonds.
Dated
April 1, 1939.
Due on March 31 as follows: $500 in 1941 to 1958,
and $1,000 in 1959.
'
10,000 Gull Point Special Tax Schol District No. 21 bonds.
Dated
April 1, 1939.
Due on March 31 as follows: $500, 1941 to 1958.
and $1,000 in 1959.,
'
7,500 Ferry Pass Special Tax School District No. 6 bonds.
Dated
July 1, 1938.
Due $500 on June 30 in 1940 to 1954 incl.
7,500 Bluff Springs Special School District No. 9 bonds.
Dated July 1
1938.
Due $500 on June 30, 1940 to 1954 incl.
Denom. $500.
Prin. and int. payable at any County Depository of
School Funds, or at the Central Hanover Bank & Trust Co. in New York.
'
*
CALIFORNIA
•
.
ANDERSON-COTTONWOOD IRRIGATION
DISTRICT (P. O.
Anderson), Calif.—BONDS VOTED—At an election held on April 18 the
voters approved the issuance of $339,000 in refunding bonds, to complete
the refinancing of the district's indebtedness..
State of—CITIES SHOW EXCELLENT TAX COL¬
municipals hold an enviable record
concerned is brought out in a recent bulletin
compiled by Frederck L. Bird for the municipal service department of
Dun & Bradstreet, entitled "Trend of Tax Deliquency 1930-1938 (Cities
of Over 50,000 Population)."
It is mentioned that at least 23 cities had
the distinction of closing their fiscal year ending in 1938 with 5.4% or
less of the year's taxes uncollected, thus attaining records of less than
one-half of the median delinquency for the year.
Of the 23 cities, 10 were
in California, the others being
scattered throughout nine States.
The
list is headed by four California cities—Fresno first with a delinquency of
1.3%, then San Francisco with 1.5%, San Jose 1.5%, and Berkeley 1.8%.
Sixth on the list is Sacramento with 2.5%, and Oakland is seventh with
2.7%.
Twelfth on the list is Pasadena with 3.8%, 17th is Los Angeles
with 4.2%, 20th Long Beach with 4.6%, and 23d on the list is San Diego
with 5.4%.
In other words, all of the cities in California with 50,000 or
more population rated with the cities throughout the country which had
notably low tax delinquencies.
CALIFORNIA,
LECTION RECORDS—That California
as
far
as
tax collections are
CALIFORNIA, State of—GOVERNOR
irrigation
districts.
He declared that the measure
would allow district
authorized
bond vali¬
entirely different nature than those
He also reported that he had vetoed three other
boards to issue bonds of an
by elections.
he
by
Apalichicola), Fla.—BONDS SOLD TO
bonds approved by the voters at an
purchased by the Public Works Ad¬
according to the Clerk of the Board of County
FRANKLIN COUNTY (P. O.
PWA—A $94,000 issue of court house
election held on Sept. 20, have been
ministration, as 4s, at par,
Commissioners.
JACKSONVILLE, Fla.—PA YING AGENT APPOINTED—-The Manu¬
Trust Co. of New York has been named as paying agent for
facturers
$250,000 2.10% refunding bond*,
Third Issue of 1938.
Clearwater),
Fla.—FINANCIAL
Clerk of the County Court, has
awarded to Norman S. Taber & Co. of
New York to make a financial survey before the county takes further 3teps
to refund approximately $9,000,000 of its bonds.
It is expected that the
survey will be completed by June 1, at which time a recommendation will
be made to the County Commissioners for the completion of the refunding.
COUNTY
PINELLAS
(P.
O.
SURVEY TO BE MADE—Ray E. Green,
announced that
a
contract has been
GEORGIA
VETOES FOUR BOND VALI¬
DATING MEASURES— Governor Culbert Olson stated recently that
had vetoed a measure designed to validate bonds issued or to be issued
.
EAST
Ga.»—BONDS SOLD—It is stated by the City Clerk
$50,000, have been sold as 2Hs at
water works improvement; $17,000 library, and $12,000
POINT,
that the following bonds aggregating
par;
$21,000
incinerator bonds.
Volume
Financial
148
Chronicle
illinois
EAST
ST. LOUIS, PARK DISTRICT, 111.—BOND OFFERING—
Fraser, Secretary of Board of Park Commissioners, will receive sealed
bids until 7:30 p. m. on May 5 for the purchase of $150,000 not to exceed
3H% interest coupon, 19th issue, park bonds.
Dated May 1, 1939.
Due
$75,000 on Nov. 1 in 1956 and 1957.
Bidder to name a single rate of in¬
terest, expressed in a multiple of M or l-10th of 1 %.
Principal and interest
(M-N) payable at the District Treasurer's office.
Registerable as to
principal only.
A certified check for 2% of the issue, payable to order of
the District Treasurer, is required.
District will furnish the legal approving
opinion of Chapman & Cutler of Chicago, and the purchaser will be required
to furnish printed bonds.
Sar. Due onto 1947, as follows: $4,000 in 1940; $5,000 in 1941;
July 1 and $11,000 in 1948.
6.000, 1942
28,000 Reno
County 1H% semi-annual public works relief bonds at a
price of 100.453, a basis of about 1.40%.
Due $2,000 on Feb. 1
and Aug. 1, in 1940 to 1946.
COUNTY
$20,000
have
kentucky
CAMPBELL COUNTY (P. O. Newport)
MOLINE, III.—BONDS VOTED—SALE PREVIOUSLY MADE—1The
on April 17 a proved an issue of $175,000 airport bonds, sale of which,
2Ms, at par, to the White-Phillips Corp. of Davenport, had previously
arranged.—V. 148, p. 2002.
voters
LEITCHFIELD,
indiana
thereafter, provided the yield on
premiums, shall not exceed 6% per annum.
Bank of Evansville
City.Securities Corp.
__
_____
Harriman Ripley & Co., Inc
Bennett Bros. & Johnson
______
.___
...
Fletcher Trust Co. and Chemical Bank & Trust
Y_.
2%
2%
2%
2%
2%
2%
...
...
Old National Bank of Evansville
John Nuveen & Co____.-_
.
and subsequent
:
v
Co.,
2%
Boatmen's National Bank of St. Louis.
2%
Halsey, Stuart & Co., Inc.
2%
Indianapolis Bond & Share Corp....
-—2M%
101.189
101.16
101.08
100.789
100.72
100.29
Acadia—_.._$182,744.03
Iberville.
10,863.11
St. Helena....
1,059.20
17,804.72
_
Jackson.__
1,085.50
Avoyelles
197.85
Jefferson..
106,183.55
Beauregard
450.58
Jeff.
Bienville
Bossier.
2,397.43
21,625.68
______
Lincoln.
1,351.89
_____
69,158 36
_
365.16
t,
Claiborne.
p. m. on
Concordia.
town
106,856.70
De Soto.__i.__
the town.
East
Iowa—BOND
SALE—The $2,650
2%
was
was
7,619 74
Baton
_
878.37
_
783.33
East Feliciana.
Landry
27,248.26
4,188.05
St. Martin.._.
St. Mary
St. Tammany
62,426.48
1,640.45
.
769.86
....
978.84
Terrebonne
Union...,
Natchitoches..
36,219.38
1,688.88
13.04
Vernon..
__
Washington.
3,047.14
Tensas
_.
Livingston.'.
Madison
__
Morehouse
Orleans
37,715.52
Ouachita
Pte,
112,684.18
.
346.19
Coupee..
4,553.22
RapidesRed River....
10,419.37
Richland
4,231.21
210.96
Franklin
.
SALE—The $3,000 water works improvement
April 24—V. 148, Pi 2306—was awarded to W. D.
Hanna & Co. of Burlington, according to the Town Clerk.
0.50
116.72
St. John...
St.
Tangipahoa—
1,133.06
Evangeline
94.63
238.77
St. James
11,242.01
-
Plaquemines.
1,004.91
East Carroll
Iowa—BOND
HULL,
bonds offered for sale
832.34
___
Rquge
semi¬
bonds offered for sale on
April 24—V. 148, p. 2465—
purchased by the Ballard-Hassett Co, of Des Moines.
No other bid
received, according to Mayor. V. R. Dewey.
fund
12.28
$12.18
St. Charles..-.'
10,617.78
42,429.38
...
_.
164,839.09
Catahoula
sewer
Lafourche
LaSalie....
Cameron.
ADAIR, Iowa—BOND OFFERING—Bids will be. received until 7:30
May 1 by M. M. Carnes, Town Clerk, for the purchase of $1,600
hall bonds.
The bonds and attorney's opinion are to be furnished by
85,591.94
Lafayette
200,000.00
Calcasieu.
iowa
CORRECTIONVILLE,
Davis—
Caddo.
Caldwell.
annual
__
•99.89
Assumption
101.42
—
$1,477.61
45,823.15
St. Bernard-
Iberia
Ascension
100.266
100.229
100.104
f
Grant___
Allen...-,...;
,
...
bond, including such call
any
Section 21, Article 10, of the State of Louisiana Constitution of 1920
legislation provides that of the severance taxes collected
by the State, 20% is returned to the governing authorities (police jury,
school board) of the parish from which the revenue has been secured.
This
return to any one parish, however, is not to exceed $200,000 annually.
The following figures indicate the amount of severance taxes (totaling
$1,679,671 40) allocated to the various parishes during the year 1938:
100.104
:•
Stein
& Co. of New Orleans:
100.266
Rate Bid
'101.351
Int.Rate
2%
by
—The following information was made available in a bulletin dated April 15,
dealing entirely with oil resources in this State, issued by Brown, Corrigan
National City
and
informed
louisiana
.
:
Bank
are
LOUISIANA, State of—PARISH REVENUES FROM OIL RESOURCES
101.359
101.108
100.72
.
Bidder—
\
First Boston Corp
Harris Trust & Savings
N.
and interest
Rate Bid
Other bids:
SOLD—We
lished notice at 104 and interest for the first eight years; at 103 and interest
for the next seven years; at 102 and interest for the next five
years; at 101
prevention
bonds offered April 24—V. 148, p. 2305—were awarded to the Northern
Trust Co, of Chicago as 2s at a
price of 101.487, a basis of about 1.84%.
Dated March 15, 1939, and due $5,000 on July 1 from 1940 to 1945, incl.
Other bids, also for 2s, were as follows:
Fletcher Trust Co. and Chemical Bank & Trust Co. of New York
Halsey, Stuart & Co., Inc.
i^_
i>.
Ky —BONDS
semi-annual water works
Ind.—BOND SALE—The $100,000 flood
__
Ky.—BOND ELECTION— It
Bros. & Boyce of Louisville that they have purchased $5,000 4% coupon
revenue bonds.
Dated Dec. 1, 1938.
Due on
Dec. 1, 1963*.
Callable on any interest payment date upon 30 days' pub¬
been
Bidder—
(P. O. Wellington) Kan.—BONDS SOLD—A
1 % % semi-ann. relief, public works bonds is reported
purchased recently by the Lathrop-Hawk-Herrick Co. of
of
been
is reported that an election will be held on June 6 in order to vote on the
issuance of $100,000 in road construction bonds.
,
First Boston Corp
Harris Trust & Savings Bank
Harriman Ripley & Co., Inc
issue
to
FAIRBURY, 111.—BOND SALE NOT CONSUMMATED-—The sale of
$10,000 3%% sewage disposal plant bonds to the White-Phillips Corp. of
Davenport—V. 148, p. 1683—was not consummated, as the loan was turned
dawn by the voters at the election on April 18.
•
EVANSVILLE,
1 in 1949 to 1®51.
eo
56,000 Osborne, 2% semi-annual general obligation electric light bonds at
W. C.
as
2627
43,000 Liberal 3%% semi-annual refunding bonds at par.
Due as follows:
$5,000 on Feb. 1, 1944: $5,000. Aug. 1, 1945 to 1948, and $6,000
Sabine..
26,282.85
403.25
137,951.81
35,965.37;i
Vermillion
3,649.38
2,434.37
1,861.88
Webster...
West
60,873.01
Baton
•
Rouge
West Carroll
West
-
150.39
708.82
.
511.92
Feliciana
Winn..
3,505.89
...
is collected on the production of oi' I gas,
sulphur,
shells, salt, turpentine and timber, of the
total tax collected oil now accounts for over 80%. '
■
"
The increasing benefits to the parishes of these tax receipts from oil
production indicated by the following figures of revenues to the parishes
from the oil severance tax:
1937, $1,430,690.10; 1936, $1,147,912.70;
1935, $712,065.47; 1934, $433,095.68; 1933, $334,285.58.
The program of oil exploration in Louisiana by the major oil companies
covers practically the entire
State and new fields are constantly being
discovered.
This not only insures increased revenues for those parishes
now enjoying these tax receipts, but also additional parishes will participate
in the future.
The fact that proration is in effect will secure for the parishes
the prospect of a substantial add steady income for many years to come.
Although
severance tax
stone, sand, gravel,
on
a
*.
HUMBOLDT COUNTY (P. O. Dakota
We
City), Iowa—MATURITY—
informed by the County Treasurer that the $26,000 secondary
are now
v
road anticipation certificates awarded to the Carleton D. Beh Co. of Des
Moines as 2s, at a price of 100.1538, as noted here—V-. 148, p. 2465—are
due $13,000 on Dec.
Bidder—
31 in 1940 and 1941.
Other bids (all for 2s)
were:
$36
__
27
Co
Polk-Peterson
„
Premium
Veith, Duncan & Wood______.___.____
Jackley & Co_,____
White-Phillips <3o
!
26
15
___
___________
„___
Humboldt Trust Bank____-._^.
JOHNSON COUNTY
10
_
_
NEW
(P. O. IoWa City), Iowa—MATURITY— It is
stated by the County Treasurer that the $23,900 funding bonds sold
.to W. D. Hanna & Co. of Burlington, as 0.75s, at a price of 100.02, as noted
now
here*—V.
148, p. 2465—&re due as follows:
1940 and 1941, and $3,900
$5,000
•
,
As
Oct.
of
from
MALLARD,
Iowa—BOND
OFFERING—'Bids
will be received until
purchase of a $5,000
8 p. m. on May 1 by A. H, Steil, Town Clerk, for the
of town hall bonds.
Denom. $500.
Due on
issue
May
1
as
follows:
$500 in 1941, 1943, 1945 and 1947 to 1949, and $2,000 in 1950.
MARHSALLTOWN,
bids
were
Iowa—BONDS OFFERED—It is reported that
April 27 by Anne McMahon, City
' V
received until 7:30 p. m. on
Clerk, for the purchase of a $10,000 issue of sewer bonds.
SAC CITY INDEPENDENT SCHOOL DISTRICT (P. O. Sac
City),
District Secretary until 7:30 p. m. on May 1, for the purchase of a $30,000
'
\
V
SIDNEY,
Iowa—BOND OFFERING—It is reported that bids will be
received until 8 p.m. on May 1 by Bert Stiles, Town Clerk, for the purchase
of $3,000 fire equipment bonds.
The bonds and attorney's opinion will
be furnished by the town.
;
■ '
SIOUX CITY
INDEPENDENT SCHOOL DISTRICT
No
bid
for
follows: $5,000 in 1944; $60,000 in 1945, and $50,000 ih 1946.
less
than
and accrued interest will be acceptable.
The
district will furnish the approving opinion of Chapman & Cutler of Chicago,
the purchaser to furnish the bonds and all bids should be so conditioned.
Enclose a certified check for $5,000, payable to the district.
par
.
,
debt
'
bonds,
V
numbered variously
.
DISTRICT
(P. O. Franklin) La.—PRICE PAID—It is now reported by the
Leary & Co. of Shreveport, as 3Hb, 3M<* and 3s, as noted
May 1, 1940 to 1959.
VERMILION
;
PARISH
here—V. 148,
3.22%. A
GRAVITY
Due from
'
SUB-DRAINAGE
DISTRICT
NO, 2 (P. O. Abbeville)", La .—BOND OFFERING—It is reported that
sealed bids will "be received until 10 a. m. on May 20, by the Secretary of the
Board of Education,
for the purchase of a $22,000 issue of drainage bonds,
payable semi-annually.
Denom. $1,000.
Due in 1941 to 1964.
Interest rate is not to exceed 6%,
Dated April 1,
1939.
maine
(P. O. Sioux
bids Until May 15, at 5 p. m., for the purchaseof $115,000 building bonds;
Interest rate is not to exceed 3%, payable M-N.
Dated June 1, 1939.
floating
p. 2466—were sold at par, giving a net interest rate of about
number of other bids were submitted on various interest rates,
City), Iowai—BOND OFFERING—It is reported by H. C. Roberts, Secre¬
Directors, that he will receive both sealed and open
as
4%
1—$110,000
to 230.
ST. MARY PARISH, THIRD WARD SPECIAL SCHOOL
NO. 1
BATH
tary of the Board of
Due June 1
13
Secretary to the Superintendent, of Schools that the $92,000 school bonds
awarded on April 18 to Jac. P. Ducournau of New Orleans, and Barrow,
Iowa—BOND OFFERING—It is reported that bids will be received by the
issue of refunding bonds.
Board of Liquadation,
'
incl.
on
May 1, 1942, giving a
on
May and Nov. 1 in
basis of about 0.74%
La.—BOND CALLS—The
ORLEANS,
City Debt, through Horace P. Phillips, Secretary, is calling for payment
and accrued interest, the following bonds of the city:
July 1—$62,500 5% Audubon Park bonds, numbered 76 to 200,
at par
As of
WATER
DISTRICT,
Me.—NOTE
SALE
DETAILS—'The
$20,000 water notes purchased by the Bartlett & Clark Co. of
1.82s—V. 148, p. 2465—were sold at par and mature $4,000
from 1940 to 1944, inclusive.
as
Portland
annually
(State of)—BOND CALL—Belmont Smith. State Treasurer,
states that $75,000 State of Maine, Kennebec Bridge Loan bonds, issue of
Nov. 1,1926, Nos. 901 to 975, will be redeemed on May 1,1939. .
MAINE
(State of)—$9,000,000 BOND ISSUE RECOMMENDED—
Bighway and Bridges Committee recommended to the,State Legisla¬
April 20 the authorization of an issue of $9,000,000 bonds to finance
a five-year
highway and bridge construction program.
A constitutional
amendment increasing the State bond debt limit to $45,000,000 would be
necessary.
Should the Legislature act favorably in the matter, the pro¬
posed amendment would be submitted for approval of the voters at the
MAINE
WAPELLO COUNTY
O. Ottumwa), Iowa—BOND SALE— The
(P.
$98,000 issue of funding bonds offered for sale at public auction on April 24
—V.
148,
p.
2465—was awarded to the Union Bank & Trust Co. of Ot¬
paying a premium of $81, equal to 100.082, a basis of
Dated May 1, 1939.
Due on May 1, Nov. 1, and Dec. 1,
tumwa, as 0.75s,
about
0.68%.
1940.
-
The
ture on
September election.
kansas
HUTCHINSON,
Kan—BOND
—V.
a
price of 102.083, a basis of about 1.60%.
April 1, 1940 to 1949 incl.
Dated April 1, 1939.
Due
from
Other bids received
Name
were as
of Bidder—
Lathrop-Hawk-Herrick Co., Wichita
Callendar, Burke & McDonald, Kansas City, Mo
KANSAS,
State
Price Bid
101.892
101.810
101.765
101.645
*
of—LOCAL BOND ISSUES SOLD—'The following
purchased recently by Beecroft, Cole & Co. of
of bonds have been
Topeka:
$25,000 Brown
assistance bonds at par, plus expenses,
divided as follows:
$15,000 as IKs, due $5,000 from Aug. 1, 1940
to 1942, and $10,000 as l^s, due $5,000 on Aug. 1 in 1943 and 1944.
50,000 Ellis County l%% semi-annual bridge bonds at par, plus expenses.
Due on Aug. 1 as follows:
$7,000 in 1940 to 1945, and $8,000 in
County
public
'
1946.
»
,
25,000 Greenwood County 1M % semi-annual public assistance bonds at a
price of 100.05, a basis of about 1.23%.
Due on Aug. 1 as follows:
$5,000 in 1940. and $10,000 in 1941 and 1942.
DENTON,
Md.—BOND
SALE—The $34,000 refunding and impt.
2466—were awarded to the Mercantile
bonds offered April 21—V. 148, p.
Trust Co. and
Stein Bros. & Boyce, both of Baltimore, jointly, as
2%s,
price of 101.619, a basis of about 2.61%.
Dated May 1, 1939 and due
$2,000 on May 1 from 194.5 to 1961 incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
Alar burg, Price & Co
2% %
100.556
Alex. Brown & Sons.
3%
101.919
Baker, Watts & Co—:
3%
101.51
Mackubin, Legg&Co___
3%
101.159
W. W. Lanahan & Co
3%
100.369
at a
follows:
Soden & Co., Kansas City, Mo
Stern Bros. & Co., Kansas City, Mo
issues
maryland
ehTinsue S
Ml,678.63 A of 2%
semi-ann. internal improvement bonds offered for sale on April 14
148, p. 2306—was awarded to W. E. Davis & Co. of Topeka, paying
coupon
3%
Denton National Bank
Par
CUMBERLAND, Md.—ADDITIONAL OFFERING DETAILS—DEBT
ANALYZED—In connection with the proposed sale on May 8 of $180,000
not to
exceed 5% interest water
improvement and work relief bonds, pre¬
viously reported in V. 148, p. 2466. we learn that payment of principal and
semi-annual interest will be made at the City Treasurer's office.
Successful
if one is desired
Bonds
county and State taxes.
The $130,000 water
of Water Department and additionally secured
by unlimited taxation on all of city's taxable property in case of insufficient
bidder to furnish legal opinion at his own expense,
will
be exempt from city,
issue is secured by receipts
Financial
2628
water
Printing of bonds to be paid for by city.
receipts.
No interim
Estabrook&Co
BEVERLY, Mass.—NOTE SALE—The $200,000 revenue notes offered
of Boston at 0.10%
due on Dec. 5, 1939.
The Beverly National Bank of Boston, second high bidder, named a rate
of 0.10%.
The Beverly Trust Co. was next at 0.11%.
134%
134 %
I™
134%
101.309
1)4%
—
101.046
\Y%
—
noo
SPRINGFIELD, Mass.—NOTE SALE—An issue of $400,000 revenue
was sold privately on April 26 at 0.10% discount.
Due Nov. 22,.
City Treasurer George W. Rice says this sale brought to $3,500,000
the amount the city has borrowed on short-etrm notes this year.
The city
Council has authorized the city to borrow up to $10,000,000 during 1939
in anticipation of revenue.
All the short-term borrowing this year has been
at either 0.10% or 0.11%.
notes
1939.
m BOSTON, Mass.—NOTE SALE—The $5,000,000 notes offered April 26
were awarded to the First Boston Corp., which named an interest rate of
0.48%, plus a premium of $26.
Dated April 28, 1939 and due Nov. 7,
1939.
Halsey, Stuart & Co., Inc.. New York, only other bidder, named a
0.53%, plus $29.
rate of
STONEHAM, Mass.—NOTE SALE— The issue of $100,000 notes offered
was awarded to the Merchants National Bank of Boston at 0.12%
Due Nov. 15, 1939.
The Second National Bank of Boston,
next highest bidder, named a rate of 0.126%.
Town
April 21
Treasurer, will receive sealed bids until noon on May 1, for the purchase
$500,000 notes, dated May 1, 1939 and due Nov. 21, 1939.
discount.
at discount of
EVERETT, Mass.—NOTE SALE—The issue of $300,000 notes offered
was awarded to the First National Bank of Boston at 0.25%
$2 premium.
Dated April 27, 1939 and due on Nov. 20,
WOBURN, Mass.—BOND SALE—Bond, Judge & Co. of
on April 14 an issue of $60,000 2)4% Works Progress
project bonds at a price of 100.60.
Due in 10 years.
April 27
chased
discount plus
Boston pur¬
Administra¬
tion
Leavitt & Co. of New York, second high bidder, named a rate of
1939.
100.339
Winslow.. 1)4%
Mass .—BOND SALE—The $100,000 coupon municipal relief
bonds offered April 24—V. 148, p. 2466—were awarded to Arthur Perry
& Co
of Boston as 1Kb at a price of 101.115, a basis of about 1.04%.
Dated May 1, 1939 and due $10,000 on May 1 from 1940 to 1949. incl.
Tyler & Co. of Boston, second high bidder, offered to pay 101.09 for 1 Ms.
April 26 were awarded to the Second National Bank
discount, plus $1 premium.
Dated April 26, 1939 and
Briggs,
lOO.ob/
SALEM,
the rate of interest.
P.
100.399
134%
Bond, Judge & Co., and Perrin, West &
R. L. Day & Co
Kennedy, Spence & Co
Halsey, Stuart & Co., Inc
First Boston Corp
AMHERST, Mass.—NOTESOFFERED—Town Treasurer received sealed
bids until noon on April 28 for the purchase of $8,250 sewer extension notes
dated May 1, 1939 and due from 1940 to 1947, incl.
Bidder was required
Mass.—NOTE OFFERING—Albert
Rate Bid
1)4%
— -
-
Kidder, Peabody &
Co
MASSACHUSETTS
BROOKLINE,
Lnt. Rate
Bidder—•
Tyler & Co
Whiting, Weeks & Stubbs, and
connection with the above offering, C. C. Coliings & Co., investment bankers of Philadelphia, have prepared a compre¬
hensive report on the finances and economic conditions in the city.
DEBT ANALYSIS—In
name
1939
Other bids;
certificates to be issued.
to
April 29,
Chronicle
0.2475%.
FALL RIVER, Mass.—NOTE OFFERiNG—Eugene J. Cote,
will receive sealed bids until noon (D8T) on May 2 for the
MICHIGAN
City Treas¬
purchase at
anticipation notes, dated May 4, 1939 and
payable Feb. 27, 1940, at the National Shawmut Bank of Boston.
Notes
will be authenticated as to genuineness and validity by the National Shaw¬
mut Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins of
urer,
Boston.
Legislature (see item captioned "Michigan, State of"), the city is
empowered to issue $220,000 revenue bonds in connection with construction
of parking facilities.
„
State
.
...
REVENUE ISSUE FOR
recently enacted by the
BATTLE CREEK, Mich.—PLANS $220,000
PARKING LOT—Under the provisions of a bill
discount of $500,000 revenue
Mich.—NOTE OFFERINGr—O.
CITY,
BAY
COUNTY (P. O. Springfield), Mass.—NOTE SALE—
$200,00Q current year tax anticipation notes offered April 26—V. 148,
p. 2466—were awarded to the Third National Bank & Trust Co. of Spring¬
field at 0.081% discount.
Dated April 27, 1939 and due Nov. 8, 1939.
HAMPDEN
A. Kasemeyer, City
(EST) on May 1, for the
The
Comptroller, will receive sealed bids until 7 p. m.
The First National
purchase of $68,400 not to exceed 3% interest general obligation tax antici¬
pation notes.
Dated May 1, 1939.
Payaole at to principal and interest
od or before Nov. 27, 1939, at the City Treasurer's office.
City to furnish
Bank of Boston
bid 0.11%.
notes; buyer to furnish
of the issue is required.
LYNN, Mass.—BOND SALE—The $75,000 coupon land anu buildings
bonds offered April 27 were awarded to R. L. Day & Co. of Boston as
l)4s, at a price of 100.219, a basis of about 1.47%.
Dated May 1, 1939.
Denom. $1,000.
Due $5,000 on May 1 from 1940 to 1954, incl.
Principal
and interest (M-N) payable at the First National Bank of Boston, or at
holder's option, at the office of the City Treasurer.
Legality approved by
Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
Int. Rate
—
First National Bank of Boston.
Goldman, Sachs & Co
"
—
•-
;
1%%
100.698
101.229
l?l%
•
First Boston Corp
134 %
z
Halsey,'Stuart & Co., Inc.
Tyler & Co
^
Estabrook&Co
.
100.133
Par
100.58
follows:
to 1959 incl.
"
on or before July X, 1939.
Denom. $1,000. Rate or rates of interest
expressed in multiples of 34 of 1 %. Principal and interst (J-J) payable
City Treasurer's office.
The general obligation bonds are payable
from unlimited ad valorem taxes on all of the city's taxable property; the
Dated
to be
at the
revenue
•furnish
will receive sealed bids until noon
(EST) on April 27 for the purchase of
$160,000 coupon municipal relief bonds.
Dated May 1, 1939.
Denom.
$1,000.
Due May 1 as follows:
$20,000 in 1940 and 1941, and $15,000
from 1942 to 1949 incl.
Bidder to name the rate of interest, expressed
multiple of )4 of 1 %.
National Shjawmut Bank of
Principal and interest (M-N) payable at the
Boston, and the bonds will be engraved under
genuineness by the afore¬
Ropes, Gray, Boyden &
the supervision of and authenticated as to their
mentioned bank.
Legality to be approved by
,
MEDFORD,
Mass.—BOND SALE— The $160,000 coupon municipal
April 27 were awarded to a group composed of Kennedy,
Spence & Co.; Tyler & Co., and Frederick M. Swan & Co., all of Boston,
jointly, as l^s, at a price of 100.70, a basis of about 1.36%. Dated May 1,
1939.
Denom. $1,000.
Due May 1 as follows:
$20,000 in 1940 and 1941
and $15,000 from 1942 to 1949, incl.
Principal and interest (M-N) pay¬
able at the National Shawmut Bank of Boston.
Legality approved by
Ropes, Gray, Boyden & Perkins of Boston.
The First Boston Corp.,
second high bidder; offered a price of 100.239 for lj^s.
relief bonds offered
MIDDLESEX COUNTY
(P. O. Cambridge), Mass.-—NOTE SALE—
offered April 25—
The $400,000 tuberculosis hospital maintenance notes
V. 148, p. 2466—were awarded to the Merchants National Bank of Boston
0.106% discount.
Dated April 28, 1939, and due April 26, 1940.
The
National Shawmut Bank of Boston, second high bidder, named a rate of
0.123%.
MILTON, Mass.—NOTE SALE—Notes in the total amount of $115,000
recently sold by the municipality as follows:
«
$100,000 to the Merchants National Bank of Boston at 0.10% discount.
Due in seven months and issued for general municipal purposes
in anticipation of tax collections.
• ' •
15,000 to the First National Bank of Boston at 0.06%.
Due in two
months and issued in anticipation of bond financing.
were
NEW BEDFORD, Mass.—NOTE SALE—The $500,000 revenue antici¬
pation notes offered April 24—V. 148, p. 2466—were awarded to the First
National Bank of Boston at 0.54% discount.
Due Nov. 23, 1939. E. H.
Rollins & Sons, Inc., of Boston, next highest bidder, named a rate of 0-555%.
issue is payable solely from revenues and are not a general obli¬
City will pay for the printing of the bonds and will
approving legal opinion of Miller, Canfield, Paddock & Stone of
gation of the city.
MEDFORD, Mass.—BOND OFFERING—John J. Ward, City Treasurer,
at
Detroit.
A certified check for
2% of the bonds, payable to order of
City Treasurer, is required.
,
MARLBOROUGH, Mass.—NOTE SALE—An issue of $10,000
revenue notes
due in about
Co. of Hartford at
high bidder, named
I
NEWTON,
seven
was sold to Lincoln R. Young &
Blair & Co., Inc., New York, second
months
0.36% discount.
a rate of 0.37%.
Mass.—BOND SALE—The
$50,000
coupon
water
main
bonds offered April 25 were awarded to Estabrook & Co. of Boston as 1 Ms,
at
price of 101.139, a basis of about 1.33%.
Dated March 1, 1939.
Due March 1 as follows: $4,000 from 1940 to 1944. incl.
and $3,000 from 1945 to 1954, incl.
Principal and interest (M-S) payable
at the First National Bank of Boston.
Legality approved by Ropes,
Gray, Boyden & Perkins of Boston.
R. L. Day & Co. of Boston, second
high bidder, offered to pay 101.059 for l)4s.
a
Denom. $1,000.
NORTHAMPTON, Mass.—NOTE SALE—The issue of $125,000 revenue
offered April 24—V. 148, p. 2466—-was awarded to the Boston Safe
Deposit & Trust Co., Boston, at 0.12% discount, plus $7 premium.
Dated
April 26, 1939, and due Dec. 8, 1939.
The Second National Bank of
Boston, next highest bidder, named a rate of 0.119%.
Merchant's Na¬
tional Bank of Boston bid 0.12%.
notes
QUINCY, Mass.—BOND SALE—-The $200,000 coupop street construc¬
tion bonds offered April 25—V. 148, p. 2466—were awarded to the Second
National Bank of Boston as l)4s, at a price of 100.584. a basis of about
1.14%.
Dated May 1,
1949, inclusive.
1939, and due $20,000 on May 1 from
1940 to
the
'
*
„
DIST., Mich.—TENDERS WANTED
—May V. Smith, District Secretary, will receive sealed tenders of certifi'cates of indebtedness dated Nov. 1, 1935, and second series, dated May 1,
1937, all due on Nov. 1, 1945, until 8 p. m. (EST) on May 4.
Amount on
hand for retirement of certificates is $2,630.09.
Offerings should be firm
for five days and state complete details, including price at which certifi¬
LINCOLN
PARK
SCHOOL
cates will be sold to the district.
!PREVIOUS
TENDERS
.
ANALYZED—In
connection
with
the above
Carey, refunding agent, 2149 Union Guardian Bldg.,
Detroit, has issued a statement giving in detail nature of tenders received
at the last previous call on Oct. 6, 1938.
notice,
Matthew
MICHIGAN (State of)—CITIES
TO FINANCE PARKING
BONDS
AUTHORIZED TO ISSUE REVENUE
FACILITIES—A new Michigan law
allowing cities to issue revenue bonds to finance the purchase or construction
of municipal parking facilities is the first law of its kind to be enacted by
any State, the" American Society of Planning Officials reported April 25.
The law places the operation of parking lots or other facilities on the same
status, with regard to revenue bonds, as sewage disposal, water supply or
any other municipal activity financed by such bonds.
Bonds of this type
must be retired from earnings of the project for which they are issued.
Michigan's Legislature enacted the law at the request of the City of Battle
Creek, which had sought a Federal grant to assist in construction of a
$220,0Q0 overhead parking structure: Public Works Administration officials
doubted the legality of a revenue bond issue to finance the city's share of
the cost, and the Legislature amended an existing law to make bonds issued
for this purpose legal.
'
*
„
Mich.—BOND SALE— The issue of $18,000 sewer
April 24-^-V. 148, p. 2466—was awarded to the Farmers
State Bank of Middleviile.
Dated April 1, 1939, and due $1,000 on
April 1 from 1940 to 1957, inclusive.
The bonds were awarded as 224s at par plus $8 premium, equal to 0.00%.
MIDDLEVILLE,
bonds offered
Other bids:
Int. Rate
3%
3%
3%
Bidder—
Crouse & Co
NEW
An additional
five year period, 1939 to 1943, both incl.
'
,
of Boston.
prescribed by the State Constitution.
120,000 mortgage revenue bonds.
Due July 1 as follows: $4,000, 1942 to
1945 incl.; $5,000, 1946 and 1947; $6,000, 1948 to 1950 incl.;
$7,000 1951 and 1952; $8,000, 1953 to 1955 incl.; $9,000 in 1956
and 1957 and $10,000 in 1958 and 1959.'
\
to 1959 incl.
Perkins
(P. O-
District
Lee,
E.
OFFERING—Florence
$34,000 general obligation bonds.
Due July 1 as follows: $1,000, 1942 to
1948 incl.; $2,000 from 1949 to 1954 incl. and $3,000 from 1955
2,500,000 bonds; Chapter 459, Acts of 1938.
Due $125,000 on March 1
from 1940 to 1959 incl.
"
'
All of the bonds will be fully registered and bidder is required to name a
single rate of interest, expressed in a multiple of )4 of 1% and payable
M-S. A certified check for 2% of the amount bid for, payable to order of the
Treasurer and Receiver General, is required.
Successful bidder will be
furnished with a copy of the.opinion of the Attorney General affirming the
legality of the issue.
a
DISTRICT NO. 5
GRAYLING, Mich.—BOND OFFERING—George A. Granger, City
Clerk, will receive sealed bids until 6 p. m. (EST) on May 15 for the pur¬
chase of $154,000 not to exceed 4% interest coupon municipal light and
public works bonds, divided as follows:
•
\
$110,000 bonds; Chapter 478, Acts of 1935.
Due March 1 as follows:
$6,000 from 1940 to 1949 incl. and $5,000 from 1950 to 1959 incl.
270,000 bonds; Chapter 433, Section 8, Acts of 1937.
Due March 1 as
follows: $14,000 from 1940 to 1949 incl. and $13,000 from 1950
in
SCHOOL
Secretary, will receive sealed bids until 8 p. m. on May 1, for the purchase
of $22,000 not to exceed 5% interest coupon school bonds.
Dated May 1,
1939.
Denom. $1,000.
Due Feb. 1 as follows: $4,000 from 1940 to 1942,
incl.; $5,000 in 1943 and 1944.
Rate of rates of interest to be expressed in
multiples of 34 of 1 %. Principal and interest (A-O) payable at the Farmington State Bank, Farmington.
A certified check for 2% of the bonds, pay¬
able to order of the District Treasurer, must accompany each proposal.
within the limitation
(State
of)—BOND
OFFERING—William
E.
Hurley, Rtate Treasurer and Receiver General, will receive sealed bids until
noon (DST) on May 8 for the purchase of $2,880,000 Metropolitan Sewerage
Loan, North System bonds authorized by Acts of the Massachusetts Legis¬
as
A certified check for 2%
.
3.38 mill levy has been voted for a
MASSACHUSETTS
lature
.
Purchaser to pay the cost of printing the bonds and cost of attorney's
opinion approving the legality of the bonds.
The school district is auth¬
orized and required by law to levy upon all taxaole property therein, such
ad valorem taxes as may be necessary to pay the bonds and interest thereon
100.799
100.46
124%
2%
legal opinion if desired.
TOWNSHIP
Michu—BOND
Farmington),
Rate Bid
134,.%
Bidder—
Bond, Judge & Co_.
FARMINGTON
Channer Securities Co
John Nuveen & Co
McDonald, Moore & Hayes
Ryan, Sutherland & Co
First of Michigan Corp
MUSKEGON
SCHOOL
;
Prem.
$96.55
48.60
26.82
'
3 )4 %
3)4-334%
4%
«
42.50
13.00
21.00
Mich.—BOND SALE—The
148, p. 2154—were
premium,
will bear
1)4% interest up to May 15,1941, the callable date, and thereafter the rate
varies as follows:
$5,000 maturing May 15, 1942, 1)4%; $5,000 maturing
each year, 1943 and 1944,1 24 %; $5,000 maturing each year, 1945 and 1946,
2%; $5,000 maturing each year, 1947 to 1950, incl., 2)4%.
Crouse of Co. of Detroit, second high bidder, offered a premium of
$104.65 for the entire issue to bear 2% interest. Some of the other bids
$50,000
coupon
DISTRICT,
refunding bonds offered April 20—V.
awarded to the First of Michigan Corp., Detroit, at par plus $6.87
equal to 100.013, a net interest cost of about 2.07%.
Bonds
were
as
follows;
Braun, Bos worth & Co., Toledo: 1941 maturity, 124%; 1942-43, 2%;
1944-45, 2)4%: 1946-50, 2)4%—premium $459.
Cray, McFawn & Petter, Detroit: 1941-44 incl. maturity, 2%; 1945-47,
2)4%; 1948-50, 2)4%—premium $31.20.
Halsey, Stuart '& Co., Chicago: 1941-50 incl. maturity, 2)4%, premium
$53.50
**
McDonald, Moore & Hayes, Grand Rapids: 1941-42 incl. maturity, 2)4%;
1943-47, 2)4%; 1948-50, 224%— premium $304.50.
Volume
148
Financial
Chronicle
ST- CHARLES, Minn.—CERTIFICATE OFFERING—It is reported
that Oscar N.
Linden, City Recorder, will receive sealed bids and popular
subscriptions until May 5, at 8 p. m., for the purchase of a $15,000 issue
3% semi-annual paving certificates of indebtedness.
Dated April 1,
1939.
Due serially from 1 to 10 years from their date.
Callable at the
option of the city on any interest payment date.
Principal and interest
payable at the City Treasurer's office.
Delivery of the certificates to be
made from time to time as funds
may be required by the city.
MINNESOTA
CANTON
(P. O. Canton), Minn.—BOND OFFERING—It is stated
by Ed Evenson, Clerk of the Board of Supervisors, that he will receive
sealed and oral bids until May 5 at 7 p. m. for the
purchase of a $40,000
issue of road and bridge bonds.
Interest rate is not to exceed 3 %, payable
J-JDenom. $i,OO0.
Dated May 1, 1939.
Due on Jan. 1 as follows:
$4,000 in 1940; $3,000, 1941 to 1952 incl.
Prin. and int. payable at any
suitable bank or trust company designated by the successful bidder.
The
printed bonds and approving opinion of Fletcher, Dorsey, Barker, Colman
& Barber of Minneapolis, will be furnished to be
paid for by the purchaser
at a cost of $125.
Enclose a certified check for $1,500, payable to the
Town Treasurer.
SAUK CENTRE, Minn.—CERTIFICATES SOLD—It is stated by the
City Clerk that $4,300 Local Improvement District No. 11 certificates of
indebtedness offered for sale on March 30, as hoted here—V. 148, p. 2004-—
Purchased by the First State Bank of Sauk Centre, as 224s. at a price
of 100.11. Dated March
31,1939. Due from Jan. 1,1941 to 1945; optional
prior to maturity.
CLAY COUNTY SCHOOL DISTRICT NO. 118
(P. O. Dilworth),
Minn.—BOND OFFERING—Sealed bids only will be received until May 8,
at 8 p. m., by W. H. Houge, District
Clerk, for the purchase of an issue of
$11,588 refunding bonds.
Dated April 1, 1939.
Denom. $500, One for
S588.
Due April 1, as follows: $588 in 1940 and $1,000 in 1941 to 1951.
The
bonds
shall
bear
interest
at
the
MISSISSIPPI
CLAIBORNE COUNTY (P. O. Port Gibson), Miss.—BONDS SOLD
—It is stated by the Clerk of the Chancery Court that
$50,000 334%
semi-annual funding bonds have been purchased by Lewis & Co. of Jackson.
Dated March 1,
1939.
Legal approval by Charles & Trauernicht of
designated by the successful
bidder.
Prin. and int, payaole at any suitable bank or trust company
designated bv the successful bidder.
The bonds will be delivered as soon
as possible after the date of sale and not later than
15 days toereafter at
Moorhead. or at the option of the purchaser, at Minneapolis or St. Paul.
The District wil furnish the executed bonds and the
legal opinion of Fletcher
Dorsey, Barker, Colman & Barber, of Minneapolis.
Enclose a certified
check for $500 payable to the District.
rate
DULUTH, Minn .—BOND OFFERING—We are informed by C. D.
Jeronimus, City Clerk, that he will receive sealed bids until 10 a. m. on
May 8, for the purchase of an issue of $150,000 coupon permanent improve¬
ment, unemployment projects bonds.
Interest rate is not to exceed 6%,
payable J-J.
Dated July 1, 1939.
Denom. $1,000.
Due $10,000 April 1,
1941 to 1955.
Principal and interest payable in lawful money at the Irving
Trust Co., New York.
The bonds may be registered as to principal.
The
full faith and credit of the city shall at all times be irrevocably pledged for
the payment of the bonds, and for the payment of the current interest
thereon.
The City Council shall and will before the issuance of said bonds,
fix and determine by ordinance the amount of the tax to be levied in each
year sufficient to care" for the payment of the interest as it accrues upon such
bonds, and for the accumulating of a sinking fund for the redemption of
such bonds at maturity.
The bond forms will be furnished by the city at
its own expense, and no allowance will be made to any bidder who may,
prefer to furnish his own form3.
The approving opinion of Chapman &
Cutler of Chicago, will be furnished the purchaser.
Delivery to be made
to the purchaser at the First and American National Bank, Duluth. Enclose
a certified check for 2%
payable to the city.
*
^
2629
St. Louis.
CORINTH, Miss.—BOND OFFERING—It is reported that sealed bids
will be received until May 1, by the City Clerk, for the purchase of $57,600
Due in from one to 20 years.
refunding bonds.
SHARKEY COUNTY (P. O, Rolling Fork), Miss.—BONDS SOLD—
It is stated by R. E. Durst, Clerk Of the Chancery
Court, that $240,000
434% semi-annual refunding bonds have been purchased by the J. S. Love
Co. of Jackson.
Dated April 1, 1939.
~
WINONA, Mis.—BOND SALE DETAILS—It
is reported by the City
the $34,000, 4% semi-ann. industrial plant bonds purchased
by M. A. Saunders & Co. of Memphis, and the First National,
Bank of Memphis, as noted here—V. 148, p. 2467—were sold at a price of
100.617, and mature on Nov. 1 as follows: $1,000 in 1939 to 1942, and $1,500
in 1943 to 1962, giving a basis of about 3.94%.
■
Clerk
that
jointly
'
ELDON SCHOOL DISTRICT
(P. O. Eldon), Mo.—BONDS SOLD—
It is stated by the Secretary of the Board of Education that $28,000 con¬
struction bonds which
sold..
approved by the voters
were
on
April 14, have been
:v\
,v
.
FREDERICKTOWN,
FREEBORN COUNTY (P. O. Albert Lea), Minft.—BOND OFFERING
reported that sealed and oral bids will be received until May 8, at
—It is
1 p. m., by A. C. Hartz, County Auditor, for the purchase of a $20,000 issue
or fair grand stand bonds.
Interest rate is not to exceed 2%, payable
M-N.
Dated
May 1, 1939..
Due $4,000 from Nov. 1, 1940 to 1944, incl.
The bapk bonds
opinions of Schmitt & Moody of St. Paul, and of
Fletcher: Dorsey,
Barker, Colman & Barber of Minneapolis, will be
furnished.
Enclose a certified check for $500, payable to the County
Prin. and int. payable at the County Treasurer's office.
and the approving legal
Treasurer.
-
■
,
MINNESOTA, State of—INSURANCE COMPANIES AUTHORIZED
TO INVEST IN CERTAIN CERTIFICATES—Insurance companies may
purchase the certificates of Federal savings and loan associations, says an
opinion just handed down by Edward J. Devitt, Assistant Attorney General
of Minnesota.
In order to get the matter straightened out Insurance Commissioner Frank
Yetka asked the Attorney General's office for an opinion.
It has just been
handed down by Mr. Devitt and holds that insurance companies are entirely
within their rights by investment of their funds in such certificates.
The
opinion, addressed to Commissioner Yetka, as a whole, follows:
"In your letter of April 10, 1939, addressed to J. A. A. Burnquist,
Attorney General, and marked for my attention, you state and ask:
'"We request your opinion on whether or not insurance companies
domiciled in the State of Minnesota can invest funds in Federal savings and
loan
We
associations.
ask
particularly whether such investments are
regulated and covered by the provisions of Chapter 101, Session Laws of
1933.'
"
am of the opinion that'Laws of 1933, Chapter 101, authorizes insur¬
companies organized under the laws of Minnesota to invest funds in
Federal savings and loan associations."
Minnesota,
.
,
"I
.
Mo.—BOND
SALE DETAILS—We are now
Informed by the City Clerk that the $20,000 waterworks bonds purchased
jointly by the Mississippi Valley Trust Co. of St.. Louis, and the New
Era Bank of Fredericktown, as noted here—-V. 148, p. 2307—were sold in
conjunction with a $15,000 issue of refunding bonds, both of them being
taken as 3s, for a total premium of $350, equal to 101.00.
Coupon bonds,
dated Feb. 1,1939. Denom. $1,000. Due from 1946 to 1951 incl. Interest
payable F-A. •.
Vy;
LAKEWOOD SCHOOL DISTRICT (P. O. Clayton), Mo.—BONDS
DEFEATED—rAt an election held on April 11 the Voters rejected a pro¬
posal to issue $61,000 in sewer bonds by a wide margin, according to report.
MORLEY, Mo,-^BONDS VOTED—At
voters
an election held on April 11, the
unanimously approved the issuance of $20,000 in high school con¬
Works
struction bonds, to be issued in connection with an expected Public
Administration grant on the project.
STURGEON
SCHOOL
DISTRICT
(P.
O.
Sturgeon)
Mo.—BOND
SALE DETAILS—It is stated by the District Secretary that the $11,000
school bonds purchased by the Baum, Bernheimer Co. of Kansas City, as
324s, as noted here—V. 148, p. 2307—are dated Nov. 1, 1937, and mature
on March 1 as follows: $500 in 1940 to 1955, and $1,000 in 1956 to 1958.
UNION, Mo.—BONDS SOLD—It is stated by H. O. Maune, City
Clerk, that $16,000 234 % semi-annual water works improvement refunding
bonds were purchased recently by the Mississippi Valley Trust Co. of
St. Louis, at a price of 100.16, a basis of about 2.23%.
Denom. $1,000.
Dated April 1, 1939.
Due on April 1 as follows: $1,000 in 1940 to 1953,
and $2,000 in 1954.
*
.
« '
. >
• '
.
<
•
.
;
.
ance
MONTANA
,
MORA, Minn.—BOND OFFERING—Bids will be received until 7 p. m.
May 5, by William R. Handschu, Village Clerk, for the purchase of a
$12,000 issue of not to exceed 43£% semi-annual sewage disposal plant
revenue bonds.
Dated May 1, 1939.
Denom. $600.
Due $600 May 1,
1941 to 1960.
All bonds maturing subsequently to May 1, 1944, are subject'
to prior payment and redemption at par and accrued interest on May 1,
1944, and any subsequent interest payment date.
The bonds are to be
made payable at tiny suitable bank or trust company as designated by the
purchaser.
Legal opinion to be paid for by the purchaser. Bonds to b£
furnished by the village.
Enclose a certified check for $600.
on
NEW
JEFFERSON COUNTY SCHOOL DISTRICT NO. 47
NEW ULM, Minn.-—BOND SALE—The $125,000 issue of coupon
sewage disposal plant bonds offered for sale on April 21—V. 148, p. 2307—
was awarded at public auction jointly to C. S. Ashmun & Co. of Minneapolis,
and Maifs-Shaughnessy & Co. of St. Paul, as 2s, paying a premium, of
$2,401, equal to 101.9208, according to the City Clerk.
Other bids were officially reported as follows:
.
Bidder—
Central Republic Co., Minneapolis.
Rate Bid
Premium
$2,400
2,050
1,975
2%
2%
2%
North Western Nat. Bank & Trust Co., Minneapolis
Wells-Dickey Co., Minneapolis..
J. M. Dain & Co. and Piper, Jaffray ,& Hopwood, •
Minneapolis
—2%
First,Natipnal Bank, St. Paul.....2%
Kalman & Co., and Bigelow Webb & Co.. Minneapolis
234%
•
1,500
..
RAMSE Y
COUNTY
St.
Paul), Minn.—LIST OF BIDS—In
connection with the sale on March 15 of the $725,000 public welfare, series O
bonds to it. W. Pressprich & Co. of New York, and associates, as l%s, at
price of 100.80,
—we are now
Bidder—
a
basis of about 1.60%,
as
noted here—V. 148,
p.
Co.
1^%
Blodget, Inc., and Piper, Jaffray & Hopwood
Halsey, Stuart & Co., Inc.; Blair & Co., Inc., and
$5,118.50
1K%
4,922.75
E. H. Rollins & Sons..
\%%
4,480.50
Lazard Freres & Co.; The Boatmen's National Bank;
the Securities Co. of Milwaukee, Inc., and Allison-
1 %%
4,248.50
124%
—
4,270.25
124%
.....
Phelps, Fenn & Co. (New York): Stern Brothers &
Co. (Kansas City), and Wells Dickey Co
Harriman Ripley & Co., Inc., and Mercantile Com¬
Bank & Trust Co.
3,842.00
Smith, Barney & Co., New York City; First Natl.
Bank & Trust Co., Minneapolis; Illinois Company
of Chicago, Chicago., and First National Bank of
St. Paul...
-
,
3,625.00
•
*Y
..
Y
.
;
H.—NOTE OFFERING—City Treasurer will receive
(EST) on May 2 for the purchase of $100,000
notes, due Feb. 28, 1940.
NASHUA,
N.
sealed bids until 10 a. m.
NEW
JERSEY
HIGHLANDS, N. 3.—BOND
—Stanely F.
Sculthorp, BoroUgh Treasurer, will receive sealed bids until 8 p. m, (DST)
on May 1 for the purchase of $44,000 not to exceed 6% interest coupon or
registered harbor impt. bonds.
Dated May 1, 1939.
Denopa. $1,000.
Due $2,000 on May 1 from 1940 to 1961 incl.
Bidder to name a single rate
of interest, expressed in a multiple of 34 or l-10th of 1%.
Prin. and int.
(M.-N) payable at the Atlantic Highlands National Bank, Atlantic High¬
lands.
The oonds will be payable from unlimited ad valorem taxes and the
approving legal opinion of Caldwell & Raymond of N. Y. City will be fur¬
nished the successful bidder.
A certified check for 2 % of the bonds offered,
payable to order of the borough, must accompany each proposal.
BEACHWOOD, N. J.—REFUNDING APPROVED—Borough's pro¬
posal to issue a total of $43,500 refunding bonds was approved by the
State Funding Commission on April 20.
MADE—The private sale of $295,000 4%
Freeman & Co. of Philadelphia—V. 148, p.
I%%
*
1,261.00
*
1%%
1,160.00
1%%
1,116.50
refunding bonds to M. M.
2308—was rescinded and the
the Warren A. Tyson Co. of Philadelphia
at a price of 98.13.
The previously mentioned firm made an offer of 98.07,
the bids having been submitted to hthe city under seal on April 17.
The
bonds are dated Feb. 15, 1939 and mature Feb. 15 as follows: $15,000,1942:
$35,000 from 1943 to 1945 incl.; $40,000 in 1946 and $45,000 from 1947
to 1949 incl.
issue subsequently awarded to
Trust
/
CAPE MAY, N. J.—ORIGINAL SALE RESCINDED—NEW AWARD
1 24%
-
The First National Bank of Chicago; The Northern
Co., Chicago; First of Michigan Corp.,
Chicago., and Thrall West Co., Minneapolis—,
Blyth & Co., Inc.: Paine, Webber & Co., and Eastman, Dillon & Co_
—_—.—
The First Boston Corporation; C. S. Ashmun & Co.,
and Mairs-Shaughnessy & Co.——.—
NEW HAMPSHIRE
v
MANCHESTER, N. H.—CORRECTED BID—'The First Boston Corp.,
New York, in bidding for the $200,000 municipal improvement bonds
offered April 20, offered to pay a price of 101.288 for 234s. not'100.28 as
was inadvertently reported by the City Treasurer,
Award of the notes,
as previously detailed in V. 148, p. 2467, went to First of Michigan Corp.
and Mackey, Dunn & Co., Inc., both of New York, jointly, on a bid of
ATLANTIC
ana
merce
»
1686
Lehman Brothers; Estabrook & Co.; Stone & Webster
Williams Co
(
(P. O. Niobrara), Neb.—
of the Board
recently, as
noted here1—V. 148, p. 2308-—were purchased by Greenway & Co. of
Omaha, as 3.J4s, paying a premium of $61, equal to 100.508, and mature
on April 1 as follows:
$1,000 in 1945 to 1952, and $2,000 in 1953 and 1954.
giving a basis of about 3.44%.
Coupon bonds in $1,000 denoms.
Dated
April 1, 1939.
Interest payable A.-O.
NIOBRARA SCHOOL DISTRICT NO. 1
BOND SALE DETAILS—It is now reported by the Secretary
of Education that the $12,000 building addition bonds sold
furnished the following list of the other bids received:
Rate
Premium
Stranahan, Harris & Co., Inc.; Hemphill, Noyes &
Co.; H, C. Wainwright & Co., and Schwabacher
&
(P. O. R.yvoters approved
Due
to report.
$800 from June 1, 1940 to 1949, inclusive,
100.61 for 2s.
•
(P. O.
nolds), Neb.—BONDS VOTED—At a recent election the
the issuance of $8,000 in construction bonds, according
975
1,425
POLK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 44
(P. O. Fertile), Minn.—BOND SALE—The $11,000 issue of building
bonds offered for sale on .April 21—V. 148, p. 2307—was awarded to the
First State Bank of Fertile, as 3s, paying a price of 101, a basis of about
2.68%.
Dated March 1, 1939. Due from March 1, 1941 to 1945, incl.
The other two bidders both agreed to pay par and accrued interest for
3s.
They Were:
Justus F« Lowe Co. of Minneapolis, and the American
State Bank of Moorhead.
NEBRASKA
on
April 18, will be sold to the State.
a
,
GERMANY, Minn.—BONDS TO BE SOLD—It is stated by the
Village Clerk that $15,000 village hall bonds approved by the voters
■
MISSOULA, Mont.—BOND OFFERING—It is stated by J. I, McDon¬
ald, City Clerk, that he will receive sealed bids until 10 a.m. on May 13, for
the purchase of an issue of $91,195.84 not to exceed 6% semi-ann. refunding
bonds.
Dated May 15, 1939.
Amortization bonds will be the first choice
and serial bonds will be the second choice of the City Council.
The bonds,
whether amortization or serial bonds, will be redeemable after five years
from date.
The bonds will be sold for not less thap their phr value with
accrued interest to date of delivery.
Enclose a certified check for $500,
payable to the city.
;
;
Financial
2630
MAPLEWOOD
TOWNSHIP
(P. O. Maplewood), N. J..—
OFFERING—.Edward Ii. Arcularius, Township Clerk, will receive sealed
bids until 8:30 p. m. (DST) on May 16 for the purchase of $95,500 not to
exceed 6% Interest coupon or registered bonds, divided as follows:
$89,000 public impt. bonds.
Denom. $1,000.
Due June 1 as follows:
$3,000 from 1940 to 1942 incl. and $4,000 from 1943 to 1962 incl.
6,500 sewer bonds.
One bond for $500, others $1,000 each.
Due
June 1 as follows: $1,000 from 1940 to 1945 incl. and $500 in 1946.
1,1939.
Bidders to name a single rate
multiple of ^ of 1%.
Prin. and int. (J-D)
All of the bonds will be dated June
of interest,
expressed in
a
gayableat the Chemical Bank & Trust Co., N. Y. City. In biddinga for the
onds, bidder is required to consider the bonds as constituting
single
issue.
The price for which the bonds may be sold cannot exceed $96,500.
$1,910, payable to order of the township, must accom¬
A certified check for
pany each proposal.
Legal
N. Y. City will be furnished
opinion of Reed, Hoyt, Washburn & Clay of
the successful bidder.
N. 3.—BOND OFFERING—Joseph
MONTCLAIR,
D. McKee, Town
Clerk, will receive sealed bids until 8p.m. (DST) on May 4 for the purchase
of $255,000 not to exceed 6% interest coupon or registered bonds, divided
as
follows:
$55,000 water impt. bonds of 1939.
to 1962 incl.
91.000 impt. bonds of 1939.
Due in annual instalments from 1940
Due in annual instalments from 1940 to
1958 incl.-
.
Due in annual instalments from
45,000 impt. funding bonds of 1939.
1940 to 1962 incl.
9,000 iinpt.
issue of $121,383.69.
bonds, part of authorized
Due in
annual instalments from 1940 to 1946 incl.
55,000 water impt. bonds,, part of authorized issue of $201,015.12;
in annual instalments from 1940 to 1961 incl.
Due
All of the bonds are dated May 16, 1939.
Denom. $1,000. The com¬
bined maturities, with payments due annually on May 16, are as follows:
$12,000, 1940 to 1942 incl.; $10,000, 1943 to 1945 incl.; $12,000, 1946 to
1950 incl.; $13,000, 1951 to 1958 incl.; $8,000 in 1959 and I960; $5,000 in
1961 and $4,000 in 1962.
Bidder to name a single rate of interest, ex-
April
Chronicle
of about
Due May 1 as
Denom. $1,000.
Dated May 1, 1939.
2.04%.
1939
follows: $4,000 from 1940 to 1944 incl. and $1,000 from 1945 to 1951 incl.
Prin. and int. (M-N) payable at the Westchester County National Bank,
Peekskill.
York City.
Legality approved by Dillon,
Other bids:
Vandewater & Moore of New
Rate Bid
Int. Rate
Bidder—
Ira Haupt &
100.16
2.20
2.20%
2.20%
Co
Sherwood & Reichard
George B. Gibbons & Co. and
A. C. Allyn & Co., Inc
Manufacturers & Traders
Trust Co
2.40%
2%%
Bacon, Stevenson & Co
Mahopac National Bank,
Peekskill
100.15
100.14
100.24
100.299
100.07
100.13
'
2.70%
2.90%
Roosevelt & Weigold, Inc
CENTRAL
COLLINS
NORTH
AND
BOSTON
EVANS,
EDEN,
SCHOOL
DISTRICT NO. 1 (P. O. Eden), N. Y.—BOND SALE—The
registered school bonds offered Aptil 26—V. 148, p.
2468—were awarded to George B. Gibbons & Co., Inc. and Roosevelt &
Weigold, Inc., both of New York, in joint account, as 2.30s, at a price of
-100.30, a basis of about 2.27%.
Dated May 1, 1939 and 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.
Re-offered
by the bankers to yield from 0.40% to to 2.30%, according to maturity.
$305,000 coupon or
Other bids:
,
,
,
Rate Bid
Int. Rate
Bidder—
A. C. Allyn & Co.,Inc.,
E. H. Rollins & Sons, Inc.,
2.40%
& CO
100.66
100.339
100.30
2.40%
2.40%
2.40%
100.13
.
100.72
2.60%
r
GRANBY, N.
100.719
2.40%
Ingen & Co., Inc
■___
Manufacturers & Traders Trust Co., Adams,.McEntee & Co., Inc. and Glenny, Roth & Doolittle.__
Union Securities Corp. and Estabrook & Co
Blair & Co., Inc. and Kean, Taylor & Co
Marine Trust Co. of Buffalo and R. D. White & Co.
Halsey, Stuart & Co., Inc., and Rudder, Pea body
and B. J. Van
Y.SALE OF WEST RIVER ROAD NORTH
WATER
BONDS—The $24,000 coupon or registered water bonds
April 28—V. 148, p. 2468—were awarded to George B. Gibbons &
Sherwood & Reichard, both of New York, jointly, as 2Ms, at a
price of 100.39, a basis of about 2.22%.
Dated April 1, 1939 and due
$1,000 on April 1 from 1940 to 1963, inclusive. ' •
..
?ressed in a multiple of Trust1%. Montclair,int. at the 16) payable at the
irst National Bank & % of Co., Prin. and
or (M-N Town Treasurer's
DISTRICT
office.
The sum required to be obtained at the sale of the bonds is $255,000.
They are payable from unlimited ad valorem taxes on all of the town's
Co.
2% of the bonds offered, payable
each proposal.
Legal opinion of
Longfellow of N.'Y. City will be furnished the
taxable property.
A certified check for
order of the town, must accompany
to
Hawkins,
Delafield &
successful
bidder.
offered
and
.
GREECE (P. O. 2506 Ridge Road West, Rochester), N. Y.—BOND
SALE— The issue of $32,000 coupon or registered home relief bonds of¬
26—V. 148, p. 2468—was awarded to Sherwood & Reichard,
2.20s, at a price of 100.17, a basis of about 2.17%.
1939 and due May 1 as follows: $3,000 from 1940 to 1947
incl., and $4,000 in 1948 and 1949.
Other bids:
"^Bidder—
»+ *
"
Int. Rate,
Premium
Marine Trust Co. of Buffalo
2.70%
$70.50
R. D. White & Co
3.00%
136.96
Ira Haupt & Co.
—....
2.40%
52.00
E. H. Rollins & Sons, Inc
2.70%
67.20
Geo. B. Gibbons & Co
2.25%
48.00
Blair & Co...
—"
2.70%
44.16
Sage, Rutty & Co„._.2.70%
326.00
fered
NEWARK, N. J.—BONDS AUTHORIZED—City Council recently
adopted on final reading an ordinance providing for an issue of $510,000
bonds, proceeds of which will be applied to settlement of the State highway
claim compromised at $750,000.
NORTH
WILDWOOD,
N.
recently submitted for informal
to
J.—PROPOSED REFUNDING—The city
consideration of the State Funding Com¬
proposal calling for the issuance of $340,000 refunding bonds,
take up existing floating debt and other liabilities of the city.
mission
a
CITY, N. J.—CORRECTION—'The report published In—V.
2469—with reference to cancelation of original award and subsequent
refunding bonds should have been captioned "Cape
May, N. J." We are happy to make this correction particularly in view of
the fact that the municipality of Ocean City, N.. J., completed an award of
$650,000 bonds on April 12, as noted In detail in—V* 148, p. 2308.
OCEAN
148,
p.
re-sale of $295,000 4%
(P. O. Mercjiantville), N. J.—PLANS
ISSUE—Township Committee is scheduled to
PENNSAUKEN TOWNSHIP
$325,000 REFUNDING
ordinance providing for the issuance of $325,000 4H% refunding
bonds.
Dated April 1, 1939.
Due as follows: $50,000 from 1959 to 1964
incl. and $25,000 in 1965.
Refunding has been approved by the State
consider
an
Funding Commission, according to report.
SOUTH AMBOY,
"
as
N. J.—BOND OFFERING— George A. Kress, City
for the
bonds,
'
follows:
.
$17,000 street paving bonds.
Denom. $1,000. Due March 1 as follows:
$3,000 from 1940 to 1942„incl., and $4,000 in 1943 and 1944.
11,000 street improvement assessment bonds.
Denom. $1,000.
Due
March 1 as follows: $3,000 from 1941 to 1943, incl., and $2,000 in
1944.
•
•
4,000 street improvement bonds.
t)enom. $500.
from 1940 to 1947, inclusive.
«
Dtie $500 on March 1
-
_
-
-
JOHNSON CITY, N. Y.—BOND SALE—The Union Securities Corp. of
New York was awarded on April 25 an issue of $25,000 street improve¬
ment bonds as Is, at a price of 100.131, a basis of about 0.96%.
Dated
May 1, 1939.
Denom. $1,000. Due $5,000 on May 1 from 1940 to 1944
incl.
Principal and interest (M-N) payable at the Workers Trust Co.,
Johnson City, with New York exchange.
Legal opinion of Dillon, Vande¬
water & Moore df New York City will be furnished the successful bidder.
Other bids:
'
■
All of the bonds are dated March 1, 1939 and will be sold as constituting
single issue, with combined maturities, due each March 1 as follows:
$3,500, 1940; $6,500,1941, and 1942; $7,500,1943; $6,500 in 1944 and $500
from 1945 to 1947, incl.
Bidder to name a single rate of interest, expressed
in a multiple of ii or 1-10th of 1 %.
Bids must be made for all of the issues
in combination.
Bidder to name a single rate of interest, expressed in a
multiple of ^ or 1-10th of 1 %.
Principal and interest (M-S) payable at the
First National Bank, South Amboy, or at the South Am boy Trust Co.,
South Amboy. "The bonds are payable from unlimited ad valorem taxes
and the legal opinion of Caldwell & Raymond of New York City will be
furnished the successful bidder.
A certified check for 2% of the amount of
bonds offered, payable to order of the City Treasurer, is required.
(The above bonds were previously offered on April 4 and sale postponed,
owing to lack of a quorum.—V. 148, p. 2156.)
4
"
''
Municipals
•
_
RateBid
■
...
100.059
100.03
_
.
100.21
100.07
LOCKPORT, N. Y.—$700,000 BOND SALE SCHEDULED—H. P.
Glover, City Clerk, states that the $700,000 sewage treatment plant bonds
approved by the Common Council last December is scheduled to be sold
in the near future,
*
m k
YORK, N. Y.
M
MALONE, N. Y.—BOND OFFERING— George B. Bradish, Town Clerk*
(EST) on May 3 for the purchase of
$30,000 not to exceed 6% interest coupon or registered public welfare bonds.
Dated April 1, 1939.
Denom. $1,000.
Due $6,000 on Aprill from 1940
to 1944, incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of M or l-10th of 1%.
Prin. and int. (A-O) payabie at the Farmers
National Bank of Malone, with New York
exchange.
The bonds are
?:eneral obligations of the town, order of the town, must accompany certiied check for $600, payable to
payable from unlimited taxes. A each
proposal.
Legal opinion of Dillon, Vandweater & Moore of N. Y. City
will be furnished the successful bidder.
,
MAMARONECK, N. Y.—PLANS BOND SALE—The village wlil offer
for sale within the next few months $57,000village hall purchase and reno^
vation bonds and $15,000 garbage bonds.
1
MONROE COUNTY (P. O. Rochester), N. Y.—BOND OFFERING—
It is reported that the county will receive sealed bids until May 8 for the
purchase of $970,000 welfare and Works Progress Administration project
bonds.
Purpose of financing is to refinance notes already issued for the
aforementioned purposes.
'
„
■
Y.—SINKING FUND MAY ABSORB $236,000
five years.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
NEW YORK CITY POWER AUTHORITY (P. O. New
BILL WOULD PERMIT $50,000,000 BOND
York), N. Y.—
ISSUE—Senator Benjamin F j
house of the
State Legislature which amends the proposed public authorities law to
provide for creation of the above-mentioned Power Authority to furnish
public utility service Within the city, to operate necessary plant and facilities,
to collect charges sufficient to pay interest and principal of debts and
expenses including retirement reserves, and authorized the issuance of not
Feinber has introduced k bill (S. Int. No. 2107) in the upper
NEW
ARCADE,
N.
YORK
Y.—BOND SALE—The $40,000
offered
coupon
or
registered
26-r—V. 148, p. 2467—were awarded to the
as 2.20s, at par plus $130 premium, dqual to
100.325, a basis of about 2.17%.
Dated May 1, 1939 and due May 1 as
follows: $2,000 from 1940 to 1953 incl. and $3,000 from 1954 to 1957 incl.
sewer
bonds
April
Marine Trust Co. of Buffalo
Other bids:
,
Int. Rate
Bidder—
R. D. White & Co
A. C. Allyn & Co., Inc_
Roosevelt & Weigold, Inc
2.20%
.25%
2.25%
2.35%
2.30%
2.40%
2.40%
2.40%
2.60%
2.70%
Bacon, Stevenson &Co
2.70%
_____
___
Manufacturers & Traders Trust Co
Blair & Co., Inc.
Union Securities Corp
_
__
Ira Haupt & Co
E. H. Rollins &
Sons
Stevens, Dann & Co., Inc..,
Sherwood & Reichard
__
_
L__
Premium
$128.80
156.60
108.00
-40.00
27.00
156.00
140.40
111.60
177.60
180.00
68.00
CLAYTON, CAPE VINCENT, BROWNVILLE, LYME AND OR¬
LEANS CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Clayton), N.Y.
—BOND OFFERING—Howard E. Reed, District Clerk, will receive sealed
bids until 3 p.m. (EST) on May 3 for the purchase of $310,000 not to
exceed 5% interest coupon or registered school bonds.
Dated May 1,
1939.
Denom. $1,000.
Due May 1 as follows: $10,000 from 1940 to
1948 incl. and $11,000 from 1949 to 1968 incl.
Bidder to name a single
rate of interest, expressed in a multuple of \i or l-10th of 1%.
Principal
and interest (M.-N) payable at the First National Exchange Bank, Clayton,
with New York exchange.
The bonds are payable from unlimited ad
valorem taxes and the approving legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder
A certified
check for $6,200, payable to order of the district, is required.
CORTLANDT (P. O. Peekskill), N. Y.—BOND SALE—R. D. White
& Co. of New York obtained the award on April 26 of $27,000 coupon or
registered public works bonds, paying a price of 100.27 for 2.10s, a basis
,
BONDS—It is expected that the $236,000 bonds authorized in an ordinance
passed by the City Council on April 26 will be absorbed by Sinking Fund
No. 4. The different issues making up the grand total are as follows: $90,000
water bonds, due in 30 years; $7.5,000 home relief, due in 10 years; $65,000
highway impt., due in 20 years, and $6,000 assessment bonds, maturing in
Tilney & Company
NEW
'
Int.Rate
1.20%
of Buffalo
1.25%
Sherwood & Reichard and George B. Gibbons & Co.
1.25%
Adams, McEntee & Co., Inc.
....
1.50%
Bacon, Stevenson & Co.
;±„—
1.50%
MOUNT VERNON, N.
76 BEAVER STREET
•
"
Workers Trust Co., Johnson City
Manufacturers & Traders Trust Co.
will receive sealed bids until 2 p. m.
a
New York State
Dated May 1,
Bidder—■
•
Treasurer, will receive sealed bids until 8 p. m. (DST) on May 2
purchase of $32,000 not to exceed 6% interest coupon or registered
divided
April
Inc. of New York as
more
than $50,000,000 bonds.
4
.
.
'
.
NEW
YORK, N. Y.—BOND OFFERING—Joseph D. McGoldrick, City
Comptroller, announced April 28 that he will receive sealed bids at his office
in the Municipal Building until noon on May 2 for the purchase of $35,700,000 not to exceed 4% interest bonds, divided as follows:
$15,000,000 bonds for rapid transit, dock improvements, and water sup¬
ply.
Due $375,000 annually on May 1 for 40 years.
12,150,000 bonds for school construction, water supply and various other
municipal purposes.
Due $405,000 annually on May 1 for
30 years.
750,000 bonds for various municipal purpsoes.
Due $50,000 an¬
nually on May 1 for 15 years.
7,700,000 bonds for dock improvements, water supply, school construc¬
tion
and
various municipal purposes.
Due $770,000 an¬
nually on May 1 for 10 years.
100,000 bonds for construction of rapid transit railroads.
Due $25,000
annually on May 1 for 4 years.
All of the bonds will be dated May 1, 1939, with interest payable semi¬
annually on M-N 1.
No bid will be accetped for less than par value of the
amount paid for. Every bidder must deposit 2% of the par value of the
bonds bid for in the proposal.
Bids will be accepted in series at one rate
of interest for each series.
Bids on separate yearly maturities will not be
accepted.
Bidders must name the rate of interest in multiples of M of 1 %,
not exceeding 4%, which the bonds offered for sale are to bear.
Bids
stating a net yield but not stating a rate of interest will not be considered.
Bidders for the entire issue offering to purchase all or any part may also
bid for all or none of the entire issue.
Bids must state not more than two
rates of interest
.
,
(The last previous long-term financing operatioh by the city was con¬
on Jan. 31, when $30,800,000 bonds were sold as 3s and 3M» to the
National City Bank of New York and associates on a net interest cost basis
of 3.08%—V. 148, p. 767.)
cluded
Volume
14S
Financial
Chronicle
2631
OVER
$300,400,000 BONDS MATURE IN NEXT FIVE YEARS—In
announcing details of the May 2 offering. Comptroller McGoldrick also
issued a statement showing that the city will redeem
approximately oneeighth of the current total bonded debt of $2,497,434,777 in the period
$40,000
from Jam 1,1939 to Dec. 31,1943, inclusive.
The total debt includes both
that within as well as that outside the constitutional limitation.
Redemp¬
tion of more than $300,000,000 of debt in the next five
years will give the
city substantial leeway in future capital programs to be financed through
sale of bonds, the Comptroller said.
Funds to retire the $303,216,808.56
NORTH
Due
of bonds maturing in 1939-1943,
incl., will come from the following sources:
CAROLINA
July 1, 1947,
Highway 4s
1.75% basis
at
F. W. CRAIGIE & COMPANY
$180,462,535 from budgetary appropriations; $75,679,273 from sinking
$47,075,000 from assessments.
Of the total of $2,497,434,777
of bonds presently outstanding, investors hold
$2,055,700,406 and sinking
funds have $441,734,370.
Mr. McGoldrick issued a table showing the
principal amount of city bonds maturing during the life of the present
aggregate outstanding (the last maturing bonds will be paid off in 2147),
and also the proportion of the annual requirements to come from
sinking
funds, from budgetary appropriations and from assessments.
funds and
NEW YORK (State oi)—CITIES ACCELERATE TAX COLLECTIONS
ALLOWING
DISCOUNTS
FOR
PREPAYMENT—Discounts
for
BY
prompt tax paying are resulting in high collections for 13 cities in New York
State this year, it was reported recently to the International
City Man¬
agers' Association.
New Rochelle, one of the 13, found county taxes paid
up five months in advance of the due date, the total amount in excess of
one million dollars.
This city allows a discount of 2% per annum on the
second, third and fourth instalments from date of payment'to respective
due date.
Of the other cities, Albany, which gives a 1% discount for pay¬
ment within five weeks, and M% within two months, collected nearly
80% of the 1939 tax budget during the first discount period.
Syracuse
collected more than 45% of its total taxes within the discount period,
Utica 30% and Kingston 35%.
Collections in other cities following the
discount plan ranged from 4 to 10% in the "special rate" period.
Cities
in a number of other States allow the
discount, although authorities have
pointed out that it actually must be figured into the tax bill to start with.
ONEIDA, N. Y.—BOND OFFERING—Robert H. DeWitt, City Comp"
troller, will receive sealed bids until 4 p. m. on May 2 for the purchase of
$12,409.37 fire truck bonds.
Dated Feb. 1, 1939.
Due Feb. 1 as follows:
$3,000 from 1940 to 1942, incl., and $3,409.37 in 1943.
Bidder is required to name a single rate of interest, of not more than 5%,
expressed in a multiple of M or 1-10th of 1 %.
Prin. and int. (F-A) payable
at the Irving Trust Co., N. Y. City.
The bonds are general obligations
of the city, payable from unlimited taxes.
A certified check for $240,
payable to order of the city, must accompany each proposal.
Legal opinion
of Dillon, Vandewater & Moore of N. Y. City will be furnished the successful
bidder.
Bids for the issue will be received until 4p.m. CEST) on May 2.
PATTERSON
(JP.
O.
Patterson),
N.
Y.—BIDS RETURNED
UN¬
OPENED—Failure of the
town attorney to include a financial statement in
the notice of sale prompted the Town Board to return unopened the bids
submitted for the $9,000 certificates of indebtedness which were scheduled
to be sold on April 24.—V. 148, p. 2468.
A new offering will be made.
CERTIFICATE
OFFERING—Arthur
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
NORTH
CAROLINA
^FRANKLIN, N. C.—BOND SALE—The two issues of bonds aggregating
$35,000, offered for sale on April 25-—V. 148, p. 2469—-were awarded jointly
to Vance, Young & Hardin and the Wm. B. Greene
Co., both of WinstonSalem, as follows:
,
$12,000 street and sidewalk improvement bonds as 3 Ms, paying a price of
100.05, a basis of about 3.49%.
Due from 1940 to 1949, inclusive.
23,000 water and sewer improvement bonds for a price of 100.043, a net
interest
cost of about 3.96%
on the bonds divided as follows:
$5,000 as 3 Ms, due $500 from May 1, 1942 to 1951; the remaining
$18,000 as 4s, due $1,000 from May 1, 1952 to 1969, inciusive.
\
HICKORY, N. C.—BOND SALE—The $47,000 issue of coupon refund¬
ing bonds offered'for sale on April 25—V. 148, p. 2469—was awarded to
John Nuveen & Co. of Chicago,
paying a price of 100.06, a net interest cost
of about 3.04% on the bonds divided as follows:
$17,000 as 3Ms, due on
April 1, $1,000 in 1941 to 1951, and $2,000 in 1952 to 1954; the remaining
$30,000 as 3s, due $2,000 from April 1, 1955 to 1969, inclusive.
The following is an official tabulation of the bids received:
Bidder—
R.
'
>
Co.; Interstate Securi-flst 33,000
Corp., and Southern Invest. Co
(Balance
Lewis & Hall, Inc.
(1st 27,000
(Balance
Equitable Securities Corp., and Vancejlst 19,000
Young & Hardin
-(Balance
»'
Wm. B. Greene Co., and Crouse & Co_- / 1st 27,000
.
furnished the successful bidder.
34%,
.
&
47,017.00
3^%.
47,018.80
3%
i
3M%j
47,000.00
3M%
(Balance
.
Chas. A.
$47,000.00
3M%
3M%,
.
,
47,050.00
Hinsch & Co., and Seasongooa
Mayer.
'
;
Weil Roth & Irving, and Provident Sav¬
ings Bank & Trust Co_
John Nuveen & Co. (successful bid)".1st 17,000
3M %
3M%1
—
47,056.40
'
Scott Horner & Mason.
-
47,029.00
•3%
\ Balance
/ 1st 11,000
\ Balance
-
•
,
L.
Newcomb, Town Supervisor,
will receive sealed bids until 11 a. m. (EST) on May 3 for the purchase of
$9,000 not to exceed 6% interest highway improvement registered certif¬
icates
of
indebtedness.
Dated May 1, 1939.
Denom. $3,000.
Due
$3,000 on May 1 from 1940 to 1942 incl.
Rate of interest to be expressed
in a multiple of M or 1-10 of
1%.
Principal and interest (annually on
May 1) payable at the First National Bank of Brewster, with New York
exchange.
A certified check for $200, payable,to order of the town, is
required.
Legal opinion of Ryder & Donohoe, Esqs,, of Carmel will be
Price
Rate
.
S. Dickson &
ties
2M%1
47,239.70
3 M.,%
LEICESTER SCHOOL DISTRICT (P. O. Asheville), N. C.—BOND
SALE—The $38,500 issue of coupon building bonds offered for sale on
April 25—V. 148, p. 2469—was purchased by the Imperial Life Insurance
Co. of Asheville as 5s at par.
No other bid was received.
Dated May 1,
1939.
Due serially in
30
years.
PERQUIMANS COUNTY (P. O. Hertford), N. C.—BOND SALE—
The $463,000 issue of coupon road and bridge refunding bonds offered for
sale on April 25—V. 148, p. 2469—was awarded jointly to Blyth & Co.,
Inc. of New York, and Kirchofer & Arnold of Raleigh at a price of 100.138,
a net interest cost of about 4.22%,, on the bonds divided as follows:
$135,000
as 4s, due on May 1:
$10,000 in 1940; $12,000, 1941 to 1943; $14,000,
1944, and $15,000, 1945 to 1949; the remaining $328,000 as 4Ms, due on
May 1:
$16,000 in 1950 to 1952, and 1954 to 1962; $18,000, 1963 and
,
PEEKSKILL, N. Y.—BOND SALE—The $56,000
registered
coupon or
incinerator plant bonds offered April 26—V. 148, p. 2468—were awarded
to George B. Gibbons & Co., Inc. and Sherwood & Reichard, both of New
York, jointly, as 1.80s, at 100.074, a basis of about lv79%.
Dated
1939 and due Jan. 15 as follows: $6,000 in 1940 and $5,000 from
1941 to 1950 incl.
Re-offered to yield from 0.40%-to 1.80%, according
to maturity.
Other bids:
.
Jan. 15,
Bidder—
Int. Rate
Union Securities Corp.
Manufacturers & Traders Trust Co.
2.00%
2.20%
2.00%
2.00%
2.30%
:
.Halsey, Stuart & Co
C. F. Herb & Co
1.
Bacon, Stevenson & Co
.
...
R. D. White & Co
A. G. Becker & Co
C. F. Childs & Co
PORT
LEYDEN,
100.150
100.379
*
2.60%
2.20%
1.90%
.......
"100.098
'100.170
100.200
100.166
100.261
100.279
100.333
100.300
2.10% '
2.20%
.....
A. C. Allyn & Co..........
Roosevelt & Weigold, Inc
Rate Bid
Y.—BOND OFFERING— J.
N.
Attorney, states that the village
issue of $29,000 sewer bonds.
proposes
•
W. Singer, Village
to offer for sale about May 16 an
'
.
'
;
,
.
RAMAPO UNION FREE SCHOOL DISTRICT NO. 7 (P. O. Spring
coupon or registered school
offered April 28—V. 148, p. 2468—were awarded to Bernhard,
Bennett & Co., New York, as 2.10s, at a price of 100:629. " Dated May 1,
1939 and due May 1 as follows: $5,750, 1940: $6,000, 1941 to 1948, incl.;
$7,000 in 1949 and $6,000 from 1950 to 1954, incl.
1964, and $20,000 in 1965 to 1969.
Other bids for the bonds
follows:
were as
Bidder-
Price
Rate
R. S. Dickson & Co.* Wachovia Bank &
Trust
Co.; Lewis & Hall, Inc.; Vance 1st 263,000
Young & Hardin, Inc.t Southern In¬ Balance
vestment Co., and Fox Einhorn & Co.
Equitable Securities Corp.; First Nat'li,
Bank of St. Paul; First Nat'j Bank
of-flat 423,000
Minnespolis; Weil Roth & Irving, and Balance
Walter Woody & Heimerdinger—
NORTH
CRANVILLE
$463,047.00
464,097.31
DAKOTA
DISTRICT
SCHOOL
4M
4M
(P.
O.
Granville)
N.
Dak.—
Clerk of the Board of Education that
$12,000 4% semi-ann. auditorium and gymnasium bonds have been pur¬
chased by the State Land Department.
BONDS SOLD— It is stated by the
Valley), N. Y.—BOND SALE—The $90,750
bonds
QUEENSBURY,
N.
Y.—SALE
WEST GLENS FALLS WATER
DISTRICT BONDS—The $18,000 coupon or registered water bonds offered
April 25 were awarded to E. H. Rollins & Sons, Inc. of New York as 2.208,
at a price of 100.239, a basis of about 2.17%. D^ted March 1,1939. Denom.
$1,000.
Due $1,000 on March 1 from 1940 to 1957 incl.
Principal and
interest (M-S) payable at the Glens Falls National Bank & Trust Co.,
Glens Falls, with New York exchange.
The bonds are general obligations
of the town, payable primarily from taxes on taxable property of the district
in the town, out if not paid therefrom, all of the town's taxable
property is
subject to levy of unlimited ad valorem taxes to provide for principal and
interest requirements.
Legality approved by Dillon, Vandewater & Moore
of New York City.
Other bids:
Bidder—
Int. Rate
,
Union Securities Corp
Manufacturers & Traders Trust Co.
Ira
Haupt & Co.
Sherwood & Reichard and George B. Gibbons & Co.
R. D. White & Co__-
Roosevelt & Weigold, Inc_
Bacon, Stevenson & Co
WESTCHESTER
;
—
—
COUNTY
(P.
O.
--
and
2.40%
2.40%
2.40%'
,2.50%
2.50%
2.50%
3.20%
White
100.33
100.24
100,14
100127
100.25
100.22
1939
Bidder—
Rate Bid
N.
100.043
Chemical Bank & Trust Co.
Adams, McEntee
Co., jointly
R. W. Pressprich & Co
WHITESBORO,
N.
Shields &
Y.—
Bank,
New
100.231
Lehman Bros
100.209
100.204
and
R.
D.
White
100.357
100.279
Buffalo
Co.,
.100.185
Salomon Bros. & Hutzler
100.09
Manufacturers
and
Traders
SPRINGFIELD
J
(P.
O.
Hamilton),
Ohio— UNSUCCESSFUL
•
.
v"
>
Premium
Int. Rale
3M%
•
Saunders, Stiver & Co., Cleveland
The First Cleveland Corp., Cleveland
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M%
2M %
2M%
2M%
2M %
—
Ryan, Sutherland & Co., Tolbdo
Seasongood & Mayer, Cincinnati
Doll & Ishpording, Cincinnati
BancOhio Securities Co., Columbus
Braun, Bosworth & Co., Toledo
z
McDonald-Coolidge & Co.. Cleveland
Lansford &.Co., Chicago
Van Lahr,
Oglesby-Barnitz Bank & Trust Co., Middletown
Assel, Goetz & Moerlein, Inc., Cincinnati
Field, Richards & Shepard, Inc., Cincinnati
Granberry & Co., Cincinnati
Ohio—REFINANCING
Finance Committee on April 15 approved a
'
$831.31
912.29
709.00
687.00
665.85
695.08
32.00
113.00
380.00
135.00
643.18
711.98
627.50
353.76
APPROVED—City Council
proposal to refinance $750,000
4% Southern Railway bonds, duein 1959, and now held by the sinking fund.
Sinking Fund Trustees stated that new bonds bearing only 2% interest
could be issued.
100.087
C. F. Childs & Go
100.036
Kean, Taylor & Co
100.024
Y.—BOND
OFFERING—Harry W.
Eldredge,
Village Clerk, will receive sealed bids until 1 p. m. (EST) on May 2 for the
purchase of $15,000 not to exceed 5% interest coupon or registered public
improvement bonds.
Dated April 1, 1939.
Denom. $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 M or 1-10th of 1%. Principal and interest (A-O)
payable at the Whitestown National Bank, Whitesboro, with New York
exchange.
The bpnds are unlimited tax obligations of thd village and the
approving legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
A certified check for $300,
payable to order of the village, must accompany each proposal.
COUNTY
CINCINNATI,
&
jointly
Trust Co., Buffalo
&
BUTLER
-
100.26
Co
A. G. Becker & Co
Marine Trust
Co.,
New York
.-100.374
Union Securities Corp., New
York
100.36
Geo. B. Gibbons & Co., Inc.,
and
National
Chase
COLUMBUS
OHIO
Stranahan, Harris & Co., Toledo—
York
___100.045
BUILDING, CLEVELAND
CINCINNATI
AKRON
,
offered
For M% Bonds—
Halsey, Stuart & Co
Tucker, Anthony & Co
For 1% Bonds—
700 CUYAHOOA
CANTON
Bidder—
.
100.27
Plains),
MITCHELL, HERRICK & CO.
sewer
$135,000 coupon or registered, series No. 5, general
April 26—V. 148, p. 2468—were awarded to the
County Trust Co. of White Plains as 0.75s, at a price of 100.074, a Dasis
of about 0.71%.
Dated May 1, 1939 and due on May 1 as follows:
$35,000
in 1940 and $50,000 in 1941 and 1942.
Other bids:
of
MUNICIPALS
BIDS—Following is a list of the other bids submitted for the $60,337.60
and water supply bonds which were awarded on March 10 to a group
composed of P. E. Kline, Inc., Walter, Woody & Heimerdinger and Katz
& O'Brien, all of Cincinnati, as 2 Ms, at 101, a basis of about 2.14%—•
V.148, p. 1687:
.
Rate Bid
BOND SALE—The
bonds
OHIO
OF
CLEVELAND,
Ohio—ORDINARY
BILIZED—Ordinary
operating
OPERATING
expenses
of city
EXPENSES STA¬
departments within
the
general fund have been more or less staDilized at about $16,000,000 during
last three years, according to a study made by Mayor Harold H. Burton
covering such expenditures during 20-year period from 1919 to 1939.
Study, which includes city's usual governmental services, but omits ex¬
penses for utility services, relief, Works Progress Administration sponsor¬
ship, and payments of interest on bonded deot, reveals that ordinary operaing expenses in 1919 were about $9,000,000, rose to peak of $17,550,000 in
1928 and have since leveled off to around $16,000,000 in 1937.
Despite
increasing regular needs of growing city, and demands for increased govern¬
mental services, operating experises in recent years have been below predepression totals, although during the 20-year period the population has
increased about 18%, to 930,000 in 1939, afrom 790,000 in 1919; and city's
2632
Financial
April
Chronicle
1939
29
area has increased about 30%, to 73.3 square miles, from 56.6 square miles
Ordinary operating expenses in 1939 are estimated at $15,915,661 as coml
pared with actual expenses in 1938 of $15,953,003.
COUNTY
CLARK
*
delinquent
$53,720
(P.
O.
tax bonds
Turben &
Springfield),
Merrill,
to
2310—were
p.
Municipal Bonds Since 1892
Oklahoma City,
bond sale:
Bidder—•
Int. Rate
Premium
Assel, Goetz & Moerlein, Inc., Cincinnati
2%
BancOhio Securities Co., Columbus
124%
Braun, Bosworth & Co., Toledo....
124%
The First Cleveland Corp., Cleveland.
124%
Fullerton & Co., Columbus, and Paine, Webber &
Co., Chicago
1 24%
Charles A. Hinsch & Co., Inc., Cincinnati, and
OKLAHOMA
356 00
JACKSON COUNTY UNION
145.00
212 (P. O. Elmer), Okla.—BOND OFFERING—\t is
bids will be received until 1 p. m. on May 1, by H. D.
for the
the rate of interest.
411.11
..
A certified check for 2% of the bid is required.
(These are the bonds that were originally scheduled for award
the sale of which was postponed.)
'
,
580.00
227.00
....
EUCLID
1944,
SCHOOL
DISTRICT.
incl.
SALE—The
$36,855.75 refunding notes offered April 22—V. 148, p. 2157—were awarded
to the Huntington National Bank of Columbus, the only bidder, as 4s.
Dated March 31, 1939.
Due March 3D, 1941, although callable after
Nov. 30 in any year.
KENTON
UNION
•
Supreme Court
State
,
.
SCHOOL
DISTRICT, Ohio—BOND SALE DE¬
TAILS—The $185,000 224% school construction bonds purchased at par
by Braun, Bosworth & Co. of Toledo—V. 148, p. 2310—nature Sept. 1
follows: $8,000 from 1940 to 1960, incl.,, and $8,500 in 1961 and 1962.
created in violation of our constitution.
"I think the Court has
.
given
.
as
a" narrow and
MORELAND
HILLS
O.
(P.
R.
D.,
Chagrin
Falls),
not
NEW STRAITSVILLE, Ohio—BOND SALE—John S. Wilson, Village
Clerk, reports that an issue of $15,000 5% water works bonds was awarded
April 22 to Walter, Woody & Heimerdinger of Cincinnati.
OREGON
'
CROOK
Ohio—BOND OFFERING—City Auditor will receive
noon (Eastern Standard Time) on May .15 for the pur¬
$40,000 4% refunding bonds.
Dated March 1, 1939.
Denom.
Due $4,000 on Sept. 1 from 1490 to 1949 incl.
Bidder may name
bids until
different rate of interest provided that fractional rates are expressed in
multiple of 24 of 1 %.
Prin. and int. (M-S) payable at the First National
Bank, Norwood.
All bidders must satisfy themselves as to the legality
a
before submitting offers.
No conditional bids will be
JACKSON
con¬
sidered and the favorable opinion of Peck, Shaffer & Williams of Cincin¬
nati will be furnished the successful bidder.
A certified check for 5% of
.
COUNTY
(P.
SYCAMORE, Ohio—BOND ELECTION—The voters will be asked
bonds.
an
Dated April 1, 1939 and due Jan. 1
as
follows:
in school
Principal and
TOLEDO, Ohio—BOND SALE—The $999,000 deficiency bonds offered
25—V. 148, p. 2158—-were awarded to a syndicate composed of
Derrick & Co., McDonald-Coolidge & Co., Otis & Co., all of
Cleveland; Assel, Goetz & Moerlein, Inc., Cincinnati; Hawley, Huller &
Co. and Johnson, Kase & Co., both of Cleveland, as 3s, at a price of 101.03,
a basis of about 2.86%."
Dated April 1, 1939, and due April i as follows:
$199,000 in 1945 and $200,000 from 1946 to 1949, inclusive.
Oth^r bids:
Bidder—
•
•
int. Rate
Stranahan, Harris & Co., Inc., Ryan, Sutherland
& Co., Prudden & Co., Provident Savings Bank
& Trust Co., Weil, Roth & Irving Co. and Van
Lahr, Doll & Isphording
3%
A. C. Allyn & Co., Inc., First Cleveland Corp.,
Edward Lowber Stokes & Co., Charles A. Hinsch
& Co., Inc., Seufferle & Kountz, Nelson, Brown¬
ing & Co., Mjddendorf & Co; and Widmann &
________
Holzman
BancOhio Securities Co.
Rate Bid
•
0
100.34
»
'
324%
—
101.06
324%
.
and Fox, Einhorn &
101.04
Co.,
Inc., and associates-.--
Other members of the BancOhio group were:
P. E. Kline, Inc.!
Seasongood & Mayer; Pohl & Co.; Katz & O'Brien; McDougal & Condon,
Inc.; Ford R. Weber & Co.; W. E. Hutton & Co.; Lowry Sweney, Inc.,
and Edward Brockhaus & Co.
TROY TOWNSHIP
SCHOOL DISTRICT
(P. O. Luckey), Ohio—
BONDS SOLD—The $31.000 school bonds authorized at the primary elec¬
tion last August were sold as 3s, at a price of 101, to Ryan, Sutherland &
Co. of Toledo.
YORKVILLE, Ohio—BOND OFFERING—James Garvella, Village
Clerk, will receive sealed bids until noon on May 15, for the purchase of
$17,500 4% coupon street assessment bonds.
Dated June 1, 1939.
One
bond for $500, others $1,000 each.
Due as follows:
$1,000 on Dec. 1 in
1940 and 1941; $1,500 June 1, 1942; $2,000 on June 1 from 1943 to 1949,
incl.
Bidder may name a different rate of interest provided that fractional
rates are expressed in a multiple of 24 of 1%.
Interest J-D.
A certified
check for $250, payable to order of the village, is required.
(It was originally intended to award the above issue on April 17, but the
sale had to be postponed owing to a "legal error."—V. 148. p. 2470.)
OKLAHOMA
ATOKA,
Okla.—BOND
DETAILS—In
connection
with
the
$5,000
funding bonds which were exchanged with the holders of the old bonds, as
noted here—V. 148, p. 2470—it is now reported that the bonds bear 5%
interest, are dated Dec. 2, 1938, and mature $1,000 annually on Dec. 2
in 1943 to
1947, inclusive.
HOLLIS,
.
»
NO. 9 (P. O. Madras),
Nov. 1, 1940 to 1944, and $8,000 as 2y2», due
$2,000 from
19 the voters will pass on the proposed issuance
bonds.
of $170,000"
building
*
DISTRICT NO* 58 (P. O. Cascadia), Ore.
bids will be received until 2:30 p. m. on
May 13, by Mrs. Eugene Ellis, District Clerk, for the purchase of a $16,000
issue of school bonds.
Interest rate is not to exceed 4%, payable M-N.
Dated May 1, 1939.
Duo May 1, as follows: $1,000 in 1941, $1,500 in
1942 to 1947, and $2,000 in 1948 to 1950. / Prin. and int. payable at the
County Treasurer's office, or at the fiscal agency of the State in N. Y. City.
The bonds were authorized at an election held on March 27.
The approv¬
ing opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland,
will be furnished..
Enclose a certified fch6ck for $500.
—BOND OFFERING— Sealed
NO. 21 (P. O. Perrydale),
CONSUMMATED—It is reported by the
interest-bearing war¬
rants to the Baker, Fordyce, Tucker Co., of Portland, as 3s, at a price of
100.26, as noted here, was not consummated as the issue had not been
advertised for a sufficient period prior to the date of sale.
However, the
bonds were readvertised for sale as of March 30 and were again purchased
by the above company, as 324s, at a price of 100.05.
;
< "
WARRANT SALE HELD UP—It is also stated by the District Clerk
that the district has held up final action on the $4,000 interest-bearing
warrants that were scheduled for sale on April 14—V. 14$, p. 2311.
Due
$1,000 from June 1, 1940 to 1943, inclusive.
POLK
COUNTY
SCHOOL DISTRICT
Ore.—WARRANTS SALE NOT
District Clerk that the sale on Jan. 31 of the $5,000
SALEM, Ore.—BOND SALE
The $25,000 issue of coupon general
obligation airport refunding bonds offered for sale on April 17,—V. 148:
p'. 2158—was awarded jointly to the Baker, Fordiycq, Tucker Co., and
Tripp & McClearey, both of Portland, paying par for the bonds divided
as followrs: $5,000 as 2s, due $1,000 in 1940 to 1944; $8,000 as 2J4s, due
$1,000 in 1945 to 1949, and $1,500 in 1950 and 1951. and $12,000 as 22£s,
due $1,500 in 1952 to 1959 incl.
Other bids were:
Bidder—
Price Bid
Date
Rate Bid
E. M. Adams & Co., Portland
-
Par
100.09
J1940-44
\ 1945-50
2%
224%
1951-59
Camp & Co., Inc., Portland, and Hemphill, Fenton & Campbell, Inc., Portland-
224%
2>4%
224%
T1940-44
11945-59
PENNSYLVANIA
BELLEFONTE
SCHOOL
DISTRICT,
Pa.—BONDS VOTED—An
carried by a vote of 616 to 182 at an
issue of $55,000 construction bonds
election on April 18.
DAUPHIN COUNTY INSTITUTION DISTRICT (P. O. rfarrisburg),
Pa.—BOND OFFERING—Sealed bids will be received by J. Montgomery
Trace, County Comptroller, until 11 a. m. (EST) on May 12 for the pur¬
chase of $215,000 1, 124,
124, 2, 224, 2M, 224 or 3% coupon building
and impt. bonds.
Dated May 1, 1939.
Denom. $1,000.
Due May 1 as
follows: $21,000 from 1940 to 1944 incl. and $22,000 from 1945 to 1949 incl.
12^,
Bidder to name a single rate of interest, payable M-N.
Bonds may be
registered as to principal only and will be issued subject to approving legal
opinion of Townsend, Elliott & Munson of Philadelphia.
A certified check
3% of the bonds bids for, payable to order of the District Treasurer, is
required.
"
for
EAST
Okla.—BONDS SOLD—It is reported that $13,000 sewer,
purchased by the First State Bank
and $8,000 city hall bonds have been
& Trust Co. of Hollis.
Rogue
LINN COUNTY SCHOOL
•
$250 from 1941 to
April
(P. O.
River), Ore.—PRICE PAID—It is now reported that the $28,000 3% and
224% school bonds that were purchased by Tripp & McClearey of Portland,
as noted here last September, were sold at par. ,
to be held on June
interest
Mitchell,
35
COUNTY SCHOOL DISTRICT (P. O. Corvallia), Ore.
—BOND ELECTION—It is reported that at the regular school election
•
1944, incl.; $300 in 1945 and $500 from 1946 to 1949, incl.
payable at Village Treasurer's .office.
.
DISTRICT NO.
LINCOLN
TAYLORSVILLE (P. O. Philo), Ohio—BONDS SOLD— Fox, Einhorn
& Co., Inc. of Cincinnati
purchased $3,300 324 % municipal building bonds
at par.
SCHOOL
1945 to 1948.
on
issue of $23,000 sewer and sewage treatment plant*
COUNTY
due $2,000 from
PUBLIC INSTITUTIONAL BUILDING AUTHORITY OF OHIO
(P. O. Columbus), Ohio—NO DECISION ON FINANCING PROPOSALS
William S. Konold roported under date of April 27 that no
decision had yet been reached on the proposals for financing the Authority's
proposed $7,500,000 hospital building program.
An outline of the various
proposals submitted appeared in V. 148, p. 2470.
—Chairman
May 16 to approve
Ore.—BOND SALE—'The
#Ore.—BOND SALE NOT CONSUMMATED—It is now reported that the
sale of the $18,000 school bonds to Jaxtheimer & Co. of Portland, on Nov. 12
as noted here,
was not consummated, and the bonds were sold later to
E. M. Adams & Oo. of Portland/ at par, divided as follows: $10,000 as 3s,
O. New Lexington), Ohio—BONDS AUTH¬
ORIZED—The State Tax Commission has authorized the issuance of $16,280
bonds in anticipation of collection of delinquent taxes.
e-
:
Prineville),
O.
JEFFERSON COUNTY SCHOOL DISTRICT
the bonds, payable to order of the City Treasurer, is required.
PERRY
(P.
,
a
of the bonds
COUNTY
$95,000 issue of refunding bonds offered for sale on April 22—V. 148, p.
2311—was awarded to a group composed of Camp & Co., Atkinson, Jones
& Co.; Baker, Fordyce, Tucker & Co., and Tripp & McClearey, all of
Portland, according to the County Treasurer.
Dated May 1. 1939. Due
from May 1, 1941 to 1947, inclusive.
'
NORWOOD,
„
.
vote of the
on
$1,000.
.
these sections of our constitution
their very purpose. The
result is that we now have a
price of 100.60, a basis of about 3.39%.
Dated Jan. 1, 1939 and due
Jan. 1. as follows:
$500 in 1941 and $1,000 from 1942 to 1950, inclusive.
chase of
.
strained construction thht defeats
debt of some $25,000,000 incurred without
people for 'casual deficits or failures of revenue or for expenses
provided for,' in the face of plain language that 'such debts, direct and
contingent, singly or in aggregate shall not at any time exceed $400,000.'
Ohio—■BOND
SALE—The $9,500 coupon water main bonds offered April 15—V. 146, p.
1845—were awarded to Saunders, Stiver & Co. of Cleveland as 334s, at a
sealed
■
Monday declared valid the $18,000,000 re¬
effect next Monday, but three of the
judges warned in special opinions that they acted solely to protect the credit
of the State and did not feel that the issue complied with the constitution.
The decision overruling a protest by A. V. Boswell, Oklahoma City,
that the bond issue violated the constitutional provision that no State debt
shall be created in excess of $400,000 without a vote of the people was
based on a group of former decisions by the State Supreme Court.
Mr. Boswell was granted until 2 p. m. Tuesday to file a petition for re¬
hearing.
If the petition is not filed, the decision will become final and a
group of State officials will leave for New York City to sign the bonds
which have already been printed and sold.
■
Justice Thurman S. Hurst, in a specially concurring opinion, said,
I
concur in the copclusion.
However, I am of the opinion that, our prior
decisions should now be overruled so that in the future no debt will be
The
funding bond issue which goes into
A certified check
Ohio—NOTE
.
OKLAHOMA, State of—BOND ISSUE VALIDATED BY SUPREME
as follows from the Oklahoma City
Daily
Bidder may name a different rate of interest provided that
CITY
.
COURT—We quote in part
Oklahoman" of April 25:
DEFIANCE, Ohio—BOND OFFERING— D. £. Schultz, City Auditor,
bids until noon on May 6, for the purchase of $12,-
1942 to
incl.
MOUNDS, Okla.—BONDS EXCHANGED—We are informed by E. M.
Rucker, Town Clerk, that an issue of $43,059.39 refunding bonds has been
exchanged with the holders of the original bonds.
975.45 6% special assessment street improvement bonds.
Dated May 1,
1939.
One bond for $975.45, others $1,000 each.
Due May 1 as follows:
$3,000 ffom
1947
to
will receive sealed
$2,000 in-1941 and
on Mar. 24,
Okla .—BOND SALE—The $15,000' issue of library bonds
offered for sale on April 25—V. 148, p. 2470—was awarded to the Security
Bank & Trust Co. of Lawton, according to report.
Due $3,000 from 1943
AUTHORIZED—The
Village
Council
is
reported to have passed an ordinance earlier in the month providing for an
issue of $15,000 not to exceed 4% interest electric light plant bonds, Dated
June 1, 1939.
Denom. $1,000.
Due $1,000 on Dec. 1 from 1940 to 1954,
incl. Principal and interest (J-D) payable at the Village Treasurer's office.
expressed in a multiple of 24 of 1%.
for $130; payable to order of the city, is required.
building bonds.
Due as follows: $2,000, 1943 to
LAWTON,
339.00
108.85
102.00
145.04
Ohio—-BONDS
are
purchase of a $13,000 issue of
1949.
-
1940;
Bidders to name
1948, and $1,000 in
301.00
331.02
_
$1,975.45 in
DISTRICT NO.
reported that sealed
GRADED SCHOOL
553.31
Co., Chicago
2%
Johnson, Kase & Co., Cleveland124%
Katz & O'Brien, Cincinnati
124%
P. E. Kline, Inc., and Walter, Woody & Ileimerdinger, Cincinnati
:
1%%
Merrill,. Turben & Co., Cleveland1%%
Mitchell, Herrick & Co., Cleveland,
•
2%
Ryan, Sutherland & Co., Toledo
2%
Seasongood & Mayer. Cincinnati
124%
Stranahan, Harris & Co., Inc., Toledo.124%
Van Lahr, Doll & Isphording, Inc., Cincinnati
-2%
Interest M-N.
H°ng Distance 787
100
153 00
C. F. Childs &
fractional rates
Oklahoma
AT&T Ok Cy 19
$188 46
.
CLYDE,
EDWARDS, Inc.
R. J.
Ohio—BOND SALE—The
offered. April 22—V. 148,
Co. of Cleveland as 1 24s, at par plus a
premium of $580, equal to 101.07. a basis of about 1.58%.
Dated May 1
1939, and due as follows: $3,720 April 1 and $4,000 Oct. 1. 1942: $4 000
April 1 and Oct. 1 from 1943 to 1946, incl.; $4,000 April 1 and $3,000 Oct 1
1947 and 1948.
Following is a complete list of the bids submitted at the
awarded
Borough
May 9
bonds.
McKEESPORT,
Pa.—BOND
OFFERING—Robert
P.
Bevil,
Secretary, will receive sealed bids until 7:30 p. m. (DST) on
for the purchase of $23,000 coupon funding street and sewer
Dated March 1,
1939.
Denom. $1,000.
There bonds were
Volume
Financial
141
Chronicle
previously offered March 21 and the sale postponed—V. 148, p. 1846
Details of offering as given at that time follow:
All of the bonds are dated
March 1, 1939. Denom. $1,000.
Due March 1 as follows:
$2,000, 1944
to 1946
incl.; $3,000, 1947; $1,000, 1948 and 1949; $3,000, 1950 to 1952,
incl.; $2,000 m 1953 and $1,000 in 1954.
Bidder to name a single rate of
interest, expressed in a multiple of K of 1 %. Prin. and int. (M-S) payable
at the Union National Bank, McKeesport.
Sale of bonds is subject to
approval of proceedings by the Pennsylvania Department of Internal
Affairs.
Bonds are payable from ad valorem taxes within the tax limits
prescribed by law.
Borough will furnish favorable legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certified check for $500, payable
to order of the Borough Treasurer, is
required.
SOUTH
Jf°t1 to esceed 5%, payable semi-annually.
$1,000 in T940 to 1946; optional after four
approved by the voters on April 18.
ESTELLINE, S.
GREEN
TREE (P. O. Grafton), Pa.—BOND SALE—The $40,000
bonds offered April 25—V. 148, p. 2311—were awarded to Singer,
Scribner of Pittsburgh as 4^s.
Dated May 1, 1939 and due
May 1 as follows: $3,000 in 1940 and 1942; $2,000 in 1943 and 1944, and
$5,000 from 1951 to 1956 incl.
PENNINGTON
PAID—It is
Int. Bate
........
HarrisburgTrust Co
Glover & MacGregor
Capital Bank & Trust Co. of Harrisburg.
^
3k%
MONONGAHELA, Pa .—BOND OFFEBING—M.
Borland,
G.
Int. Bate
Leesport National Bank.
Qtydg''--
.
_
_
_
offered April 25—V. 148, p. 2311—Was sold
basis of about
from 1951 to 1954 incl.
of
coupon
PUBCHASEB—The bonds
Pittsburgh.
were
101.66.
,
.,
.
f
NEWPORT, R. I.—BOND SALE—The $200,000, coupon storm re¬
habilitation bonds offered April 20 were awarded to Foster & Co. and Wood,
Struthers & Co., both'of New York, jointly, as I2£s, at a price of 101.16, a
basis of about 1.58%.
as
follows:
Dated May 1, 1939.
Denom. $1,000.
Due May 1
Principal
$15,000 from 1940 tq 1952, incl. and $5,000 in 1953.
and interest (M-N) payable at City Treasurer's offce or at the First Na¬
tional Bank of Boston, at holder's option.
Legality approved by Ropes,
Gray, Boyden & Perkins of Boston.
All taxable, property in the city will
be subject to the levy of unlimited ad valorem taxes to pay both
principal
and interest, except that taxable intangible personal property is taxable at
the uniform rate of 40 cents for each $100 of assessed valuation.
Other bids were as follows:.
Bidder—
Int. Bate
.
1M%
154%
\%%
I 2% -
.
,
Bate Bid
100.719
100.626
100.40
100.349
WESTERLY, R. I.—NOTE OFFEBING—James M. Pendleton, Town
Treasurer, will receive bids until 11a. m. (DST) on May 3 for the purchase
$100,000 current year tax anticipation notes, dated May 3,
1939, and payable Nov. 3, 1939.
Notes will be authenticated as to genu¬
ineness and validity by the First National Bank of Boston under advice of
Storey, Thorndike, Palmer & Dodge of Boston.
at discount of
SOUTH
Tenders
bank or
for 1 % of the face amount of bonds tendered for purchase.
Bidders may stipulate, if desired, that-their tenders are for the purchase
of all or none of the bonds tendered, and shall state the time and placeror
delivery of the bonds, the interest rate and numbers of bonds offered. The
city prefers' that delivery be made at the Hamilton National Bank,
trust company
Knoxville.
McKENZIE, Tenn.—BOND SALE DETAILS—It is now reported that
the $84,000 (not $80,000) water revenue bonds purchased by Nichols &
Co. of Nashville; as noted here last December, were sold as 4s and are more
fully described as follows:
Dated Dec. 1, 1938., Denom: $1,000.
Due
Dec. I, as follows:
$2,000 in 1939 to 1944,$3,000 in 1945 to 1953, $4,000
in 1954 to 1959, $5,000 in 1960 to 1962 and $6,000 in 1963.
GREENVILLE, S. C.—BOND SALE DETAILS—It is now reported by
the City Clerk and Treasurer that the $35,000 swimming pool bonds pur¬
by McAlister, Smith & Pate of Greenville, as 4Kb, as noted here in
March, were sold for a price of 100.014 and mature on March 1 as follows:
$1,500 in 1941 to 1947; $2,000, 1948 to 1953, and $2,500, in 1954 to 1958,
giving a basis of about 4.495%.
chased
PARIS
PUBLIC SCHOOL DISTRICT NO. 9-C (P. O. Greenville)
C.—BONDS SOLD—It is stated that $15,000 school bonds were pur¬
chased on April 17 by W. F. Coley & Co. of Greenville, as 3Kb, paying a
price of 100.233 a basis of about 3.48%.
The purchaser also agreed to pay
for the printing of the bonds and the cost of the legal opinion.
Denom.
$1,000. Dated April 15, 1939. Due on April 15 as follows: $1,000 in 1947
to 1951, and $2,000 in 1952 to 1956.
SPARTANBURG
COUNTY
(P.
O.
Spartanburg),
MEMPHIS, Tenn.—BOND SALE—The two issues of coupon bonds
aggregating $300,000, offered for sale on April 25—V. 148, p. 2159—were
awarded to Smith, Barney & Co. of New York, as 2s, paying a price pf
100.05, a basis of about 1.99%. The bonds are as follows: •
$200,000 improvement bonds. Due $10,000 from April 1, .1940 to 1959,
"
100,000 Crump stadium bonds. Due $5,000 from April
SULLIVAN
-1,1940 to 1959 incl.
Tenn.—BOND SALE
DETAILS—It is now reported by the County Judge that the $12,500 school
improvement bonds which were sold as 2Kb, as noted here in February,
were sold through Minnich, Wright & Co., Inc. of Bristol.
Dated Jan. 1,
1939.
Dpe
on
COUNTY
O.
(P.
Jan. 1, 1944.
Blountsville),
-
,
■
•
TO MEBGE—
for consolidation.with Knox County,
the enactment by the. 1939 General
Assembly of the county consolidation law.
Hobart Adkins, Knoxville
attorney/filed with the Governor an application petition which carried the,,
signatures of about half the county's 1,500 voters.
If the consolidation is
approved, he said, Knox County would become the largest in the State
TENNESSEE,
State of—TWO COUNTIES DESIBE
Union County has filed application
the first application received since
legislative delegation.
.
of Union County was submerged when Norris Dam
the Knoxville man said, and explained that "taxes
are insufficient to maintain schools on a parity with other counties and to
operate county offices."
>
and will have.an increased
^
^
Forty-one per cent
reservoir was formed,
TEXAS
SCHOOL DISTRICT
Texas—BOND SALE DETAILS—It is now reported
FLORENCE
Dallas),
HILL
S.
C.—BOND
(P. O.
INDEPENDENT
by the
$10,000 construction bonds
which were sold, as noted here in February/ were purchased by the State
Permanent School Fund, as 4s,
Denom. $500.
Dated Oct. 1, 1938.
Due $500 from Oct, 1,1939 to 1958; callable on and after Oct. 1,1943.
County Superintendent of Schools that the
Kaufman), Texas
—BONDS SOLD—It is stated by Monroe Ash worth, County Judge, that
$175,000 road bonds approved by the voters at an election held oh Nov. 12,
have been sold to Callihan & Jackson of Dallas.
HAMILTON, Texas—BONDS DEFEATED—At an election held on
March 28 the voters defeated the proposed issuance of $100,000 in electric
and power system revenue bonds,
according to Mayor William
light
Lemmons.
•
•
.
Jacksboro), Texas—BONDS SOLD—An issue of
$110,000 court house and Jail bonds approved by the voters at an election
held on Sept. 17, has been purchased by the Brown-Crummer Co. of
>Vichita at par, according to the County Judge.
•
JACK COUNTY (P. O.
JEFFERSON COUNTY (P. O. Beaumont). Texas—PBICE
CAROLINA
EASLEY, S. C.—BOND SALE DETAILS—It is now reported by the
City Clerk-Treasurer that the $40,000 sewer bonds purchased by R. S.
Dickson & Co. of Charlotte, as noted here—V. 148, p. 2471—were sold as
3^s, at a. price of 101.91, and mature on Jan. 1 as follows: $2,000 in 1941
to 1958, and $4,000 in 1959, giving a basis of about 3.30%.
S.
(P. O. Manchester), Tenn .—BONDS SOLD—A
FORNEY COMMISSIONERS' PRECINCT (P. O.
•
Kennedy, Spence & Co
Halsey, Stuart & Co., Inc..
Chace, Whiteside & Symonds
R. L. Day &
C9. and Estabrook & Co
Due $ 1,000 from May 1, 1940 to
.
incl.
(DST) on May o for the purchase of
$500,000 coupon sewerage loan. Act of 1939, series A, bonds.
Dated
May 1,1939.
Denom. $1,000.
Due May 1 as follows: $17,000 from 1942
to 1970, inc
and $7,000 in 1971.
Bidder to name one rate of interest in a
multiple of K of 1%.
Registerable as to principal only, or as to both prin¬
cipal and interest.
Prin. and feemi-ann. int. payable at the First National
Bank of Boston, or, at holder's option, at the Rhode Island Hospital Trust
Co., Providence.
These bonds will be Valid general obligations of the city
and all Its taxable property will bp subject to the levy of unlimited ad
valorem taxes to pay both
principal and interest, except that taxable in¬
tangible, personal property is taxable at the uniform rate of 40 cents for
each $100 of assessed valuation.
The bonds wil be engraved Under the
supervision of and authenticated as to,genuineness by the First National
Bank of Boston.
The legality pf this issue will be approved by Ropes,
Gray, Bdyden & Perkins of Boston, a copy of whose opinion will accompany
the bonds when delivered, without charge to the purchaser.
noon
Dak.—PRICE
Sealed tenders will be received until 10 a. m, on May 9.
shall be accompanied by a certified check upon an incorporated
purchased by S. K. Cunningham & nn.
CRANSTON, R. I.—BOND OFFEBING—William M. Lee. City Treas¬
S.
same.
,
urer,will receive sealed bids until
City),
KNOXVILLE, Tenn.—BOND TENDEBS INVITED—It is stated by
P. Frierson, Director of Finance, that he will receive sealed tenders
offering for sale 25 year refunding bonds of the city, dated Jan. 1,1933, and
maturing on, Jan. L 1958, to the amount of $50,000, for the purchase by
the City's Sinking Fund Board in compliance with the law authorizing_the
bonds
ISLAND
Rapid
A.
,
RHODE
O.
-
COFFEE COUNTY
as 4s, at a price of 100.43, a
Dated April 1, 1939 and due $2,000 on April 1
Only one bid was submitted at the
3.96%.
(P.
$60,000 issue of 3% semi-ann. refunding bonds is reported ,to have been
purchased by the Nashville Securities Corp. of Nashville, at a price of
$28.50
Par
174.00
WHEATLAND, Pa.-—BOND SALE—The issue of $8,000
,
basis of about
CLEVELAND, Tenn.—BOND ELECTION—It is reported that an
on May 12 in order to vote on the proposed issuance of
$50,000 in school bonds.
•
•
Premium
3K%
3K%
-3M%.
_
254s, as noted
a
election will be held
$214.44
205.53
Par
Int. Bate
■
Dak.-PBICE
as
bonds, aggregating $164,000:
$39,000 refunding bonds. Dated July 1,1939.
Due as follows: $9,000 in
1943, and $10,000 in 1948 to 1950.
125,000 funding bonds. Dated April 1 ,„ 1939.
The amount of bonds to be
sold was to be specified on the date of sale.
These bonds are auth¬
orized under Chapter 480, Private Acts of 1939.
•
city bonds offered April 22—V. 148, p. 2007—were awarded to the
First National Bank of Freeport as 3Kb, at par plus $126 premium, equal
to 100.84, a basis of about 3.37%.
Dated Jan. 2, 1939, and due $1,000
on Jan. 1 from 1940 to 1954, incl.
Other bids:
S. K. Cunningham & Co
FoxburgBank
Singer, Deane & Scribner
S.
semi-annual
;
coupon
•
City)
TENNESSEE
P PARKER (P. O. Parkers Landing), Pa.—BOND SALE—The $15,000
u
Rapid
BRADLEY COUNTY (P. O. Cleveland), Tenn.—BOND OFFERING—
Sealed bids were received until April 29, by Marvin Kirkpatrick, County
Court Clerk, for the purchase of the following issues of not to exceed 3K%
Premium
2H%
2K%
3%
COUNTY
City
April 24—V. 148, p. 2159—were awarded to the Topton
National Bank of Topton as 2Kb at par plus $88.40 premium, equal to
100.52, a basis of about 2.44%.
Dated April 15, 1939, and due $1,000 011
April 15, from 1940 to 1956, incl.
Other bids:
__
O.
148, p. 2471—were purchased at par.
1951, inclusive.
ONTELAUNEE TOWNSHIP SCHOOL DJSTRICT (P. O. Box 106,
Leesport), Pa.—BOND SALE— The $17,000 coupon building improve-:
Bidder—
(P.
V.
ment bonds offered
Singer, Deane & Scribner.
COUNTY
reported by the County Auditor that the $310,000 funding
WASHINGTON
Clerk, will receive sealed bids until 7:30 p. m. (EST) on May 8 for the
purchase of $40,000 not to exceed 4% interest coupon bonds, of which
$12 ,000, are being issued to fund floating indebtedness and the other $28,000
to provide for permanent street and sewer
improvements.
Dated May 1,
■1939.
Denom. $1,000.
Due Nov. 1 as follows: $5,000 in 1942 and 1943
and $10,000 from 1944 to 1946, incl.
Bidder to name a single rate of in¬
terest, expressed in a multiple of K of 1 %.
Principal and interest (M-N)
payable at the City Treasurer's office.
City will print the bonds and
furnish legal opinion of B.urgwin, Scully & Churchill of Pittsburgh.
Bonds
are payable from ad valorem taxes levied
upon all of the city's taxable
property within the tax limits prescribed by law.
A certified check for
$1,000, payable to order of the City Treasurer, is required.
Bonds will be
free of all taxes, except gift, succession and inheritance taxes, levied pur¬
suant to any present or future law of the Commonwealth of Pennsylvania.
Burr & Co., Inc
by the City
approved by
No date of
PAID—It is now reported,
by the County Auditor that the $12,000 funding
bonds ^sold on April 14 to the Allison-Williams Co. of Minneapolis, as 6s
101.50
100.104
100.425
100.14
.3K%
now
here—-V. 148, p. 2471—were sold for a price of 100.0003,
2.749%. Due from May 1, 1940 to 1952 incl.
Bate Bid
3%
3%
stated
ponds purchased by Bigelow, Webb & Co. of Minneapolis,
Dated
Other bids:
April 1 from 1940 to 1951 incl.
is
McINTOSH, S. Dak.—BONDS SOLD—It is stated by the City Auditor
$3,200 5% well bonds have been purchased at par by the Security
State Bank of Mcintosh at J>ar.
Due in 10 years.
of Palmyra as 2Kb, at a price of 100.05, a basis of about
2.49%.
on
VOTED—It
Due
These bonds were
years.
that
LOWER PAXTON TOWNSHIP SCHOOL DISTRICT (P. O. Harris
biirg, R. D. No. 3), Pa .—BOND SALE—The $12,000 school bonds offered
Apjd 13—V. 148, p, 1846—were awarded to the Palmyra Bank & Trust Co.
1
Dak.—BONDS
Dated May 1, 1939.
Auditor that the issuance of $13,000 in
3K% sewer bonds was
the voters at an election held on
April 18.
Due in 15 years.
sale has been fixed as
yet.
Deane &
April 1, 1939 and due $1,000
DAKOTA
CUSTER CITY, S. Dak.—BOND OFFEBING—It is stated by J. F.
Broyles, City Auditor, that he will receive Bealed bids until May 12, for the
purchase of a $7,000 issue of water main extension bonds.
Interest rate is
coupon
Bidder—
Burr & Co
2633
It is now reported by the County Auditor that tne $200,000 3%
road and bridge refunding bonds sold to a syndicate headed by
Beane of Dallas, as noted here in
PAID—
semi-ann.
Fenner &
February, were purchased at par.
Josephine),
construction
the State School Board, as noted here
JOSEPHINE INDEPENDENT SCHOOL DIST. (P. O.
Texas—PBICE PAID— It is now reported that the $15,000
and equipment bonds purchased by
in March, were sold as 4s at par.
LA GRANGE, Texas—BONDS DEFEATED—It is stated by the City
Secretary that at an election held on April 18 the voters turned down a
proposal to issue $220,000 in electric light and water system bonds.
LLANO COUNTY (P. O. Llano), Texas—BONDS SOLD—It is
by the County Judge that $75,000 road improvement bonds approved
voters last December, have been sold.
stated
by the
LOTT, Texas—BONDS SOLD—The City Secretary states that $6,000
4% water works system bonds have been sold to local purchasers at par.
Due in 30 years.
MATAGORDA COUNTY (P. O. Bay City), Texas—BONDS SOLD—
Judge that $65,000 3K% semi-ann. hospital
approved by the voters at an election held on April 15, have been
It is stated by the County
bonds
Due serially in 20 years.
SALE—'The $156,000 issue of coupon refunding bonds offered for sale on
purchased by Rauscher, Pierce & Co. of Houston.
April 27—V. 148, p. 2471—was awarded to Halsey, Stuart & Co., Inc.,
the Peoples National Bank of Rock Hill and Hamilton & Co. of Chester,
as 2Kb, paying a premium of $1,073.28, equal to 100.688, a basis of about
2.69%.
Dated May 1,1939.
DuefromMay I ,1947'to 1957, inclusive.
TENDEBS INVITED—It is stated
sealed offerings until May 8,
at 5 p. m., of refunding bonds, series 1935, dated April 1, 1935.
All offer¬
ings should be firm for a period of 10 days.
MINERAL WELLS, Texas—BOND
by Mayor John C. Miller that he will receive
waukee, and T.
STATE TEACHERS COLLEGE (P. O. Denton),
reported that $139,000
4% semi-ann. dormitory revenue bonds have been purchased from the
Reconstruction Finance Corporation by a banking group, of which Garrett
& Co. of Dallas, was a participating member.
Dated Sept. 1, 1934.
Due
Sept. 1, as follows: $3,000 in 1939, $4,000 in 1940 to 1945, $5,000 in 1940
to 1950, $6,000 in 1951 to 1954, $7,000 in 1955 to 1958, $8,000 in 1959 to
1962 and $3,000 in 1963.
Prin. and int. payable at the Chase National
Bank, New York, or at the office of the Treasurer of the College.
The
bonds have been issued under authority of the constitution and laws of the
State, and constitute a direct special obligation of the Board of Regents of
the College, and are specifically secured solely by an exclusive first lien and
pledge of the gross revenues of Marquis Hall,
after deducting only reason¬
able operating and maintenance expense. These bonds are part of an original
issue of $163,000.
Legality approved by Fletcher, Dorsey, Barker, Colman
& Barber of Minneapolis, and by William McCraw, Attorney-General
NORTH
TEXAS
Bidder—
will be
DISTRICT (P. O. Rusk) Texas—
District Secretary that $20,000 con¬
by the State Board of Education as
at par.
Denom. $500. Due from June 2. 1939 to 1963; callable in whole
in part on any interest payment date.
'
,
RUSK INDEPENDENT SCHOOL
BONDS SOLD—It is reported by the
CALLED—GENERAL
of— WARRANTS
State
TEXAS,
KENOSHA,
FUND
and
1,1952.
of interest bid by the successful bidder, provided
that the maximum rate of interest to be borne by the bonds shall be 4%.
Bidder must pay accrued interest at the rate borne by the bonds from the
date of the bonds to the date of payment of the purchase price.
The call
for bids is on this basis:
a par bid with the rate of interest which the bidder
will accept over the period stipulated by the bonds.
Principal and interest
payable at the City Treasurer's office.
Legality approved by Chapman &
Cutler, of Chicago.
Enclose a certified check for $500, payable to the city.
bonds approved last August has
Mayor Holt.
WILSON COUNTY (P. O. Floresville), Texas—WARRANTS SOLD
$10,000 issue of right-of-way warrants has been purchased by the
LUCK,
revenue
the County Judge.
UTAH, State of—BOND OFFERING—Sealed bids will be received until
m. on May 2, by E. E. Monson, Secretary of the State Board of Loan
of an issue of $1,945,000 refunding bonds.
Dated March 1,1939.
Denom. $1,000.
Due March 1, as follows: $50,000
in 1940 to 1942, $100,000 in 1943 to 1945, $125,000 in 1946, $150,000 in
1947 to 1954, and $170,000 in 1955.
Bidders to name rate of interest in
multiples of M of 1 %.
No bid for less than par and accrued interest will
be considered.
Prin. and int. (M-S) payable at the State Treasurer's
office or at the National Ci^y Bank, New York.
The approving opinion
of Thomson, Wood & Hoffman of New York, will be furnished.
Enclose a
certified check for 2% of the bonds bid for, payable to Reese M. Reese.
'
.
-
'
■
-
.
.
.
MANITOWOC COUNTY (P. O. Manitowoc)
—It is stated
'
will receive
of $100,000
Sreliminary to the issuance of the Bond Commissioner underand examined
the Attorney General acting as bonds were submitted to and pursuant
y
to the
DISTRICT, Vt.—BOND SALE—'The $30,000
coupon refunding bonds offered April 26—Y. 148, p. 2312—were awarded
to the First Boston Corp. as 2Mb, at a price of 101.309, a basis of about
2.08%. Dated April 1, 1939 and due April 1 as follows: $2,000 from 1940 to
1949 incl. and $1,000 from 1950 to 1959 incl. Other bids:
-
Int. Rate
Rate Bid
2)4%
\
100.73
Bidder—
Wis.—BOND OFFERING
W. Tetzlaff, County Clerk, that he
8, for the purchase of an issue
3% coupon series F non-taxable highway improvement bonds. Interest
payable M-N.
Dated May 1, 1939. Denom. $1,000. Due May 1, 1945.
Prin. and int. payable in lawful money at, the County Treasurer's office.
No bid for less than par and accrued interest to date of delivery will be con¬
sidered. The bonds may be registered on option of the holder. Proceedings
SCHOOL
Vermont Securities, Inc
by Albert
sealed bids until 10 a. m. on May
VERMONT
LUDLOW
NOTE
CONTEMPLATED—A special dispatch from Milwaukee to the
"Wall Street Journal" of April 13 reported in part as follows:
"County Auditor Frank Bittner has requested the Milwaukee County
Board to approve issuing $6,700,000 notes, including $2,700,000 to finance
direct relief and $4,000,000 for deficiencies in tax collections.
The issue
has been recommended to carrry the county to Oct. 15. when the county
Auditor forecasts $2,500,000 may be necessary for relief costs.
"The proposal is to issue the notes June 15, and under the county financial
program, to have them mature July 1, 1940, but callable after March 1,
1940.
During 1938 the county issued $6,600,000 of one year obligations of
which $4,000,000 was for relief."
11a.
-
•
.
(P. O. Milwaukee). Wis.—LARGE
MILWAUKEE COUNTY
Commissioners, for the purchase
Treasurer.
$29,400 issue of water and sewer
purchased by Mairs-Shaughnessy
V
Paul.
ISSUE
OGDEN, Utah—PRICE PAID—It is now stated by the City Recorder
that the $30,000 refunding bonds purchased jointly by the First .Security
Trust Co., and Edward L. Burton & Co., both of Salt Lake City, as 2)4s,
as noted in our issue of Feb. 18—V. 148, p. 1060—were sold for a premium
of $975, equal to 103.25, a basis of about
2.23%.
Due $10,000 from
Jan. 1,1951 to 1953 incl.
State
Wis.—BONDS SOLD—A
bonds is reported to have been
& Co. of St.
.UTAH
•
■
(CST)
shall be the lowest rate
SOLD—A $53,000 issue of 4% semi-ann.
Phillip Investment Co. of Houston, according to
school, series of 1926;
$10,000 school, series of 1930 bonds.
Axtell,
registered
1st series of
$35,000 school, series of 1923,
Interest rate is not to exceed
or
4%, payable J-J. Denom. $1,000. Dated June 1,1939. Due June
The bonds will not be so.d for less than par, and the basis of determination
—A
J. R.
Wis.—BOND OFFERING—It is stated by A. E.
that he will receive sealed bids until 2 p. m.
1925: $33,000 high
$1,420,155 in State general
system revenue
and sewer
been contracted for, according to
payable to the town.
May 12, for the purchase of the following issues of coupon
refunding bonds, aggregating $108,000:
$30,000 high school
on
State
WHEELER, Texas—BONDS
waterworks
Enclose a certified check for $500,
furnished.
'
.
-
Bank & Trust Co., Minneapolis
Director of Finance,
Treasurer Charley Lockhart disclosed that the
deficit in the Texas general revenue fund, as of April 21, was $16,812,726,
compared with $17,110,005 on April 5.
The call included all warrants issued up to and including Sept. 30, 1938.
The new call number was 18,475.
•>.
.
The deficit in the Confederate pension furid was reported to be $2,956,453.
warrants,
134%
134 %
GALESVILLE, Wis.—BOND SALE DETAILS—It is now reported by
the Village Clerk that the $23,000 sewage plant bonds purchased by T. E.
Joiner & Co. of Chicago, as noted here in January, were sold as 4s and they
mature from Nov. 1, 1941 to 1967.
These bonds were sold at a price of par.
struction bonds have been purchased
revenue
134%
50
750
FOUNTAIN (P. O. New Lisbon), Wis.—BOND OFFERING—It is
stated that both sealed and oral bids will be received until May 10, at 2 p. m.
by Lloyd Pitel, Town Clerk, for the purchase of a $30,000 issue of 3% semiann. road
bonds.
Dated May 1, 1939.
Denom. $1,000.
Due $2,000
May 1, 1940 to 1954.
Prin. and int. payable at the Hustler-Camp Douglas
Bank, Hustler. - Bids will be received for not less than 95% of the par
value of the bonds, plus accrued interest to date of delivery.
The bonds,
together with the approving opinion of Chapman & Cutler, of Chicago,
N. W. National
DISTRICT (P. O. Rule), Texas—
DEFICIT REPORTED—Announging a call of
$575
700
1 H%
& Co., Chicago
Harley, Haydon & Co., Madison
Mairs-Shaughnessy & Co., St. Paul
by the Superintendent of Schools that $11,500
construction bonds have been purchased by the State Board of Education
as 4s at par.
Due in 1958.
or
Premium.
Int. Rate
-
Paine, Webber
BONDS SOLD—It is stated
4s
jointly, as Is, paying a
of about 0.98%. Due on Nov. 1,
E. Joiner & Co., Inc. of Chicago,
premium of $101, equal to 100.084, a basis
1943. The other bids were as follows:
Texas—BONDS PURCHASED FRC M RFC—It is
RULE INDEPENDENT SCHOOL
April 29, 1939
Chronicle
Financial
2634
100.27
Kennedy, Spence & Co
National Life Insurance Co...
3%
Par
*
provisions of subsection (3)
Section 14.53 of the Wisconsin
of Section 67.02 and subsection (5a)
Statutes, and such preliminary
of
proceedings
Bids are to
approved and certified by the Attorney General.
include printing of complete series of bonds and approval of bonding attor¬
neys, and said bonds shall be in the form approved by the Attorney General. ,
Enclose a certified check for 2 % of the amount of bid payable to the county. •
have been
TAYLOR COUNTY (P. O.
Medford) Wis.—BOND OFFERING—It
Hirsch, County Clerk, that he. will receive bids
May 19, for the purchase of a $50,000 issue of 3% semi-ann.
way improvement bonds.
Dated April 1, 1939. Due in four years
date.
Prin. and int. payable at the office of the County Treasurer.
stated by Mark J.
2 p. m. on
RICHFORD, Vt .—BOND OFFER! NG—B ids will be received until
noon, May 6 for $40,000 municipal bonds, payable $3,000 each year Nov. 1,
1943 to 1955 and $1,000 Nov. 1, 1956. Bidders are to name rate of interest
and premium.
is
until
high¬
from
WYOMING
Wyo —BOND ELECTION—It is stated by the Town
Clerk that an election will be held on May 31 in order to vote on the proposed
issuance of $15,000 in water main bonds.
RIVERTON,
VIRGINIA
BLACKSTONE, Va.—BOND SALE DETAILS—It is now report
by
that the $30,000 3% semi,rann. sewer and water bonds'
purchased at par by Scott, Horner & Mason of Lynchburg, as' noted here,
are divided as follows:
.
.
the Town Manager
$21,000 sewer bonds.
Due on Oct. 1 as follows: $1,000 in 1939 to
and in 1953; $2,000 in 1955, 1957 and 1959, and $1,000 in
*
9,000 water bonds.
Due on Oct. 1 as follows: $1,000 in
in 1954, 1956, 1958 and 1960.
\
1951
1960.
1952, and $2,000
Vsx.—BOND ELECTION—It is reported that
23 in order to vote on the issuance of $20,000
FREDERICKSBURG,
election will be held on May
an
in armory
bonds.
NO. 1 (P. O. High¬
INFORMATION— In connection
with the report given in our issue of April 22, that the above district is
contemplating the issuance of bonds—V. 148, p. 2472—we take the follow¬
ing information contained in a special dispatch from Richmond to the
HENRICO COUNTY SANITARY DISTRICT
land
Springs),
Va .—ADDITIONAL
Jodrnal" of April 24:
Virginia, Board of Supervisors has passed a resolu¬
sell $700,000 bonds to pay for the construction of water and sewerage
"Wall Street
The Henrico County,
tion to
systems for Sanitary
District No., 1.
Henrico,is contiguous to Richmond.
projects and the extension from the mains into the various homes
A Public Works Administration
grant of $168,750 has been given the county to supplement the bond issue.
Water and sewerage systems'are to cost $375,000 each and the extensions
into homes are estimated to cost $118.750..
The resolution further directed the immediate issuance of $220,000 in
bonds of $1,000 denominations.
The two
are
estimated to cost a total of $868,750.
SCOTT
COUNTY
(P.
O.
Gate
City),
Va.—BONDS SOLD— It is
stated by the Clerk of the Board of Supervisors that $132,000 school
refunding bonds approved by the voters at an election held on Dec. 15,
have been purchased
by the First & Peoples National Bank of Gate City.
SPENCER, Va.—BOND SALE DETAILS—It is now reported that the
$32,000 4% semi-annual sewer revenue bonds purchased by Magnus & Co.
of Cincinnati, as noted here in January, are dated July 1, 1938, and mature
on
July 1 as follows:
$1,000 in 1941 to 1968, and $2,000 in 1969 and 1970.
WASHINGTON
QUINCY, Wash—MATURITY—It is now reported by the Town Clerk
the $9,000 general obligation water bonds purchased by the Wilson
Ephrata, as 4s, at a price of 100.56, as noted here—V.
148, p. 2312—are due as follows: $200 in 1940 and 1941; $300, 1942 to
1945; $400, 1946 to 1948: $500, 1949 to 1951; $600, 1952 to 1954; $700,
1955 to 1957, and $800 in 1958, giving a net interest cost of about 3.94%.
that
Creek State Bank of
WESTPORT, Wash.—BONDS OFFERED—Sealed bids were received
until April 26, for the purchase of a $50,000 issue of 6% semi-annual water
system bonds, according to John D. Ehrhart, Town Attorney.
Dated
May 1, 1939.
Due in 1942 to 1959. These bonds were approved by the
voters on April 1.
WISCONSIN
BARRON COUNTY (P. O. Barron) Wis.—BOND
April 22—V.
.
•
BUCKINGHAM, Que.—BOND SALE—The issue of $40,000 improve¬
bonds offered April 20—V, 148, p. 2312—was awarded to Banque
Montreal at a price of 98.32.
Dated May 1,
1939 and due in 20 years.
Wood, Gundy & Co. bid a price of 96.04.
ment
Canadienne Nationale of
<sTco.
PORT ELGIN, Out .—BOND SALE—Wood, Gundy
purchased an issue of $45,000 3)4 % improvement bonds at a
a basis of about 3.25%.
Due from 1940 to 1959, incl.
QUEBEC, Que.—BONDS PUBLICLY OFFERED—A
by L. G. Beaubien & Co., Montreal, made
of Toronto
price of 102.29,
syndicate headed
public offering in Canada the
$3,297,400 non-callable serial bonds at prices to yield from
3% to 4%, according to maturity. All of the bonds are dated May 1, 1939
and thetotal consisted of $508,900 3s, due on May 1 from 1940 to 1942 incl.;
$550,800 3)4s, due on May 1 from 1943 to 1946 incl. and,$2,237,700 4s. due
on
May 1 from 1947 to 1951 incl.
Principal and interest CM-N) payable
in lawful money of Canada in Quebec, Montreal and Toronto.
Registerable
as to principal only.
Denoms. $1,000, $500 and $100. Legal opinion: J.
Alfred Nadeau, K. C.>, for thecity, and Dupre, De Billy, PrCvost & Home of
Quebec, for the selling agents.
Financing was undertaken by the city to
provide as follows:
The refunding of the unamortized balance, totaling
$2,459,400, of two4>% bond issues maturing May 1; the financing of capital
expenditures; the funding of an amount on deficit account and the funding
past week of
of direct relief and
miscellaneous expenses.
SELLING AGENTS—In addition to L.
group
included
the
following:
Banque
& Co.. the selling
Canadienne Nationale; Wood,
G. Baubien
of Canada; Savard, Hodgson &
Leclerc, Inc.; Lucien Cote, Inc.;
La Corporation de Prets de Quebec; J. C. Boulet; Dube, Leblond & Cie,
Inc.; Lagueux & DesRochers; J. E. Laflamme; Credit Anglo-Francais;
Clement, Guimont,
Inc.; Garneau, Boulanger; W. C. Pitfield & Co.;
McLeod, Young, Weir & Co.; Greenshields & Co., Inc.; Nesbitt, Thomson
& Co.; Hanson Bros., Inc.; Collier, Norris & Henderson; R. A. Daly & Co.;
McTaggart, Hannaford. Birks & Gordon; Ross Bros. & Co.; Hamel, Fugere
& Cie; Societe Generate de Finance, Inc.; Paul Gonthier & Cie; Mills, Spence
& Co.; Canadian Alliance Corp.; Jos. Morency; Bruno Jeannotte; Desjardins, Couture, Inc.
JEROME, Que.—BOND SALE— The $41,000 3)4% improvement
awarded to Banque Canadienne Nationale of
a price of 97.02, a basis of about 3.85%.
Due serially on
Aug. 1 from 1940 to 1960, incl. A. E. Ames & Co. of Montreal, second high
bidder, named a price of 95.42.
ST.
bonds offered April 24 were
Montreal at
TIMMINS, Ont.—BOND SALE—An issue of $28,713 4%
& Co. of Toronto.
1948, inclusive.
bonds was sold to Harris, MacKeen, Goss
improvement
Due serially
from 1939 to
SALE—The $120,000
highway improvement, series D bonds offered for sale on
148, p. 2312—was awarded to the Milwaukee
/;
Gundy & Co., Ltdd The Provincial Bank
Co., Inc.; Royal Securities Corp.; Rene-T.
CENTRALIA, Wash.—BOND REFUNDING CONTEMPLATED—The
City Commission is said to be planning to refund a total of $444,000 in
special light and power revenue bonds.
issue of coupon
CANADA
(Province of)—INTEREST PAYMENT— In a notice to
holders of province bonds which matured Nov. 1, 1936, Provincial Trea¬
surer 8. Low announces that the province will pay interest to debenture
holders at 3% in respect of the half year ending May 1, 1939, being at the
rate of $15 and $7.50, respectively, for each $1,000 and $500 denom.
Holders will be paid on presentation of their debentures at any branch of
"the Imperial Bank of Canada in Canada.
ALBERTA
Co. of Mil¬
VERNON, B. C.—BOND SALE—Laurence Smith &
purchased $45,000 4% improvement bonds at a price of
about 3.95%.
Due from 1940 to 1959, inclusive.
Co. of Vancouver
100.44, a basis of
@FedFRASER